Indias services exports likely to triple by 2030: HSBC
The Dollar Business Bureau Services exports from India are likely to grow more than three-fold by 2030, increasing the country’s share to 4% in global services exports, according to a report by a leading international bank. Though the speedy growth rates of double-digit during 2001-08 are not expected to resume, exports of services are estimated to grow at a healthy rate of 8-9% year-on-year (y-o-y) basis in the coming 15 years, said HSBC in a report on India trade. While China and the US will remain the dominant export partners of India, we expect a shift towards the emerging markets. In the short-term, services exports to Turkey are expected to increase at a strong pace, led by increasing demand for exports of financial ...
No financial loss to bank in money laundering case
Source: PTI Oriental Bank of Commerce on Friday said it has not suffered any financial loss with regard to the alleged Rs.557 crore money laundering case reported by Enforcement Directorate. “All these transactions are old between 2006-10 and accounts of 11 entities were closed during 2009-10. Since these were current accounts and there was no lending done against these so there is no financial implication on the bank,” OBC executive director Suresh N Patel told PTI. The bank had informed the Reserve Bank of India about the issue, he said. On Thursday, the Enforcement Directorate reported yet another trade-based money laundering case worth over Rs.550 crore perpetrated by allegedly using banking channels of nine major national and international banks, with illegal ...
