Chanda Kochhar Allays Fear of Competition from Niche Banking System

Ruling out any competition to full-service banks from payments and small finance banks, top banker Chanda Kochhar has said they can actually complement the existing banking system and that ICICI Bank will explore opportunities for mutually beneficial partnerships.

Switzerland is "extremely keen" on greater cooperation in India's fight against suspected black money stashed in Swiss banks and is putting in place a new law on automatic information exchange that will take about a year to come into force, Finance Minister Arun Jaitley has said.

As the five-day talkfest of the world's elite draws to a close here, business and government leaders from India are cautiously optimistic about India consolidating its position as the 'bright spot' of global economy continuing its reform process and making it easier to do business in the country.

World Bank President Jim Yong Kim and Salesforce CEO Marc Benioff have been elected to the World Economic Forum's Board of Trustees, whose members include Reliance Industries chairman Mukesh Ambani and PepsiCo chief Indra Nooyi.

As headwinds from China and the US turn the mood gloomy here at the elite World Economic Forum (WEF) annual meeting, top NRI industrialist G P Hinduja on Saturday asked corporate leaders to diversify their businesses across sectors and countries to sail through such turbulences.

With high non-performing assets (NPAs) weighing down on the books of several banks, ICICI Bank has adopted a strategy of proactive action on its corporate portfolio and is focusing on higher-rated clients, its chief Chanda Kochhar said here.

The US is not asking countries like India and Vietnam to take sides in the Asia Pacific region, but steps Beijing is taking in the disputed South China Sea are "self-isolating" and driving countries towards America, US Defense Secretary Ashton Carter has said.

As India is growing fast at over 7 per cent, the nature of BRICS bloc has undergone a major change with each member showing an economic performance very different from the other, IMF chief Christine Lagarde said today.

Confident of pushing GDP growth higher and continuing the reforms agenda, Finance Minister Arun Jaitley today said one main reform which is still work in progress is 'ease of doing business' in India and steps are under way on that front.

Confident of pushing GDP growth higher and continuing the reforms agenda, Finance Minister Arun Jaitley on Saturday said one main reform still work in progress was 'ease of doing business' in India and steps were underway on that front.

Senior Saudi and Iranian figures clashed behind closed doors at a private meeting convened by the World Economic Forum in Davos this week to try to promote peace in Syria, participants said.

A rare note of optimism at Davos this year comes from the trade ministers, who are gathering on Saturday for the first time since the World Trade Organization (WTO) closed the lid on 14 years of increasingly toxic stalemate.

The United States is not looking for conflict with China but steps it is taking in the South China Sea are self-isolating and prompting other countries to seek help from Washington, US Defense Secretary Ashton Carter said on Friday.

Colourful lions adorn a salon on the main street of Davos, inviting visiting business leaders to "Make in India".

Refugee crisis in Europe presents both challenges and opportunities, ECB President Mario Draghi on Friday said, while emphasising that expenditure in this regard could be a great stimulus for growth.

Infosys CEO Vishal Sikka said through automation, more and more manual tasks are possible to be done automatically.

Emphasising that India is taking steps to address problems in the infrastructure sector, Finance Minister Arun Jaitley today said multiple institutions are required to meet the funding requirements in this space.

Asserting that the world is not witnessing a global gridlock, US Secretary of State John Kerry on Friday said the fight against violent extremism is the "challenge of our generation".

The deployment of autonomous weapons would represent a dangerous new era in warfare, scientists said.

Reducing commercial friction and investment uncertainty are among the measures that can boost global trade as well as help reintegrate the world's "spaghetti bowl" of regional free trade and investment agreements, says a report.