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Foreign card payment companies may have to shell out more taxes once data servers are set up

Foreign card payment companies may have to shell out more taxes once data servers are set up
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Why did Citibank exit India consumer business?

Why did Citibank exit India consumer business?
© Dinesh Unnikrishnan
Why did Citibank exit India consumer business?
On 16 April, global banking behemoth Citibank said it will exit consumer/retail operations in 13 countries across Asia and Europe, including India.
The other markets are Australia, Bahrain, China, Indonesia, Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand, and Vietnam.
Although Citi s exit from consumer business is part of a global decision, it had its own – and good - reasons to review retail operations in India as well.
Over the years, Citibank has been facing challenges from local competitors in India. The lender has been steadily losing market share. If you are not among the top three players in a market, then the question is whether you want to be in that market at all, said Sanjiv Bhasin, former India head of DBS Bank and a veteran Indian banker who has spent long years abroad in the business. ....

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MSMEs: Resolution framework for MSMEs under IBC would save a lot of time and resources: Ashvin Parekh

The government is looking at a pre-packed mechanism for small and medium enterprises. The idea is to provide protection to the small enterprises but also to not have the courts jam packed and provide an out-of-court solution to the banks and the creditors. as well. Do you see this being a success in India?
There are several facets to this. If this were to be implemented, it would be a big step on the part of the government. One thing is pretty clear. Right from the emergency credit line - -the first stimulus programme which was followed by second and then RBI which stepped in on Covid-19 stress alleviation, the government has been taking a lot of steps. When initially it was determined that if the financial lenders have to follow the normal course of IBC, then it will be flooded with many cases as a lot of MSEs were facing a lot of stress on account of economic cycles or Covid. ....

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