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The RBI had asked the bank to stop adding new customers about six months back in June.
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The lender posted Rs 1,136.44 crore net loss for the second quarter of FY19 against a net loss of Rs 622.56 crore for the same period of previous fiscal
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Amitabh Chaudhry will be the new managing director and CEO of the bank with effect from January 1, 2019, it said further.
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NBFCs were the largest net borrowers of funds from the financial system with gross payables of around Rs 7.46 lakh crore and gross receivables of around Rs 56,000 crore as at September-end 2018.
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The crisis had an impact on the wider financial markets as risks from possible asset liability mismatches at other NBFCs got recognised.
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RBI has placed 11 state-run banks, including Bank of India, Allahabad Bank, United Bank of India, Corporation Bank, IDBI Bank and UCO Bank, under the PCA framework.
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The top 100 large borrowers accounted for 16 per cent of the gross advances and 21.2 per cent of GNPAs of banks, according to the RBI report.
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The weaker ones among the public sector banks need to be supported through recapitalisation, the Governor said in his foreword to RBI's half-yearly financial stability report (FSR).
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RBI Governor said even though the current NPA levels are high, stress tests done by the RBI have pointed to an improvement in the ratio in future.
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The tie-up will see 3,238 branches of Allahabad Bank across the country offer SBI Life's range of protection, wealth creation and savings products to its customers.
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Addressing a press conference, Puri said he has signed the file pertaining to the extension of the CLSS under which the government provides a subsidy of up to Rs 2.67 lakh on home loans.
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On BSE, Tata Steel, Vedanta, Sun Pharma, Tata Motors, IndusInd Bank and Kotak Mahindra Bank were among the top gainers with their stocks surging as much as 1.59 per cent. On the NSE platform, apart from Nifty FMCG and Realty, all other sub-indices closed in green with Nifty Metal leading the pack, up 1.36 per cent.
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The Rs 10,086-crore capital infusion plan for BoI makes it the second bank in the latest phase of the government’s equity enhancement exercise for PSBs, under which seven of the total 21 will be covered. United Bank of India (UBI) was the first bank to announce a similar fund infusion plan by the government.
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The sectoral regulator Insurance Regulatory and Development Authority of India (Irdai) proposed to encourage companies to develop new technologies, asked insurers to make their products more attractive and customer friendly.
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RBI board recorded that it will not touch the 'unrealised gains' for dividend distribution to the govt.
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The channels through which lenders recovered bad loans include IBC, SARFAESI Act, debt recovery tribunals and Lok Adalats.
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The provision coverage ratio (PCR) gives an indication of the provision made against bad loans from the profit generated. Higher the PCR, lower is the unexposed part of the bad debts.
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The finance Ministry had informed the bank about the capital infusion on Wednesday (December 26), Bank of India said in a regulatory filing.
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The RBI’s PCA imposes restrictions on lending and some other operations for banks that have been put under this framework, some of which had become contentious issues between the central bank and the government when Urjit Patel was the governor.
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“No, madam,” Jaitley said to a question whether the government is not satisfied about the functioning of the RBI. The government and the RBI under the previous governor Urjit Patel were at loggerheads on several issues, including over appropriate size of reserves which the central bank should hold.
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RBI underscored the need to strengthen the NCLT infrastructure to accommodate the likely large number of cases that may be referred to the dedicated bankruptcy courts.
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The NPAs of PSBs have begun dropping, registering a fall of Rs 23,860 crore in the first half of this FY.
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Of the reported frauds, 22.7% were cyber related in 2013-14 while the percentage grew to 34.1% in 2017-18, indicating a hike in not just the volume of fraudulent cases but also more cyber-related crimes.
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ALM guidelines are applicable to non-deposit-taking NBFCs with asset size of Rs 100 crore and above and to those deposit-taking companies which have a deposit base of Rs 20 crore and more.
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This facility was initially available up to December 31, 2018 will now be extended to March 31, 2019.
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This makes Thrissur-based ESAF small finance bank (SFB) the fifth scheduled bank from Kerala.
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The central bank said the Indian banking system has a high proportion of nonperforming assets (NPAs) that aren’t provided for in relation to capital levels.
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Private sector peers banks' GNPA ratio stood at a much lower level of 4.7 percent as against 4.1 percent in FY17.
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In written reply, Finance Minister Arun Jaitley said that minor and major penalties have been imposed against erring officials. These include, dismissal, compulsory retirement and demotion.
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In this context, the proposed public credit registry (PCR) will aggregate information about borrowers from multiple agencies at one place and allow safe access to the data for all important stakeholders in the financial system.
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The growth of white-label ATMs has also tapered off in recent years, although the number of such ATMs crossed 15,000 -mark in FY18.
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The government on Friday said action has been taken against more than 6,000 officers of nationalised banks last fiscal in cases of lapses that led to bad loans. Finance minister Arun Jaitley said that minor and major penalties have been imposed against erring officials. These include dismissal, compulsory retirement and demotion.
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After Kochi, Fincare plans to open branches at Thiruvananthapuram and Kozhikode.
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Banks had extended loans and guarantees worth $2.74 billion to companies tied to Nirav Modi.
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As many as 9,75,806 transactions took place till December 20 this year.
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On the BSE index, Sun Pharma, Bajaj Finance, Vedanta, HDFC, Yes Bank and ICICI Bank were the top gainers, rising as much as 2.98 per cent. On NSE, all the sub-indices ended in green with Nifty Media led the pack by gaining 1.93 per cent.
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As of March 2017, banks had extended loans and guarantees worth Rs 17,632 crore ($2.74 billion) to companies tied to billionaire jeweller Nirav Modi and his uncle Mehul Choksi, the tax department said in a note seen by Reuters.
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"A sum not exceeding Rs 5,000 of total balance in every savings bank account or current account or term deposit account or any other deposit account...may be allowed to be withdrawn by depositor...," the RBI said in a release.
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The DIPAM has asked the Department of Financial Services (DFS) to get the issue of merger of three state-owned insurance companies examined and prepare a fresh roadmap.
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On the BSE index, HDFC, Sun Pharma, Yes Bank, Vedanta and HDFC Bank were among the major gainers, rising as much as 1.87 per cent. On NSE, sub-indices Nifty financial service and Pharma tracked major gains, up as much as 1.06 per cent.
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Leaders of private banks expressed concerns over liquidity deficit at their first meeting with the new governor amid apprehensions that the absence of better cash flows could dent credit growth in the fourth quarter.
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Indian Banks’ Association has now asked the 34 lenders to initiate and send the resolution proposals under the scheme.
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The Finance Ministry had informed the bank about the capital infusion on Wednesday (December 26), United Bank of India said in a regulatory filing.
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Sidbi is providing fund to Cashfor at 8% rate while it on lends at 16.98%. SKDRDP is getting fund at 5% and on lending to micro borrowers at 15.4%.
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Following default by Infrastructure Leasing & Financial Services (IL&FS) in September, liquidity situation in the system became too tight.
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There are allegations of involvement of former ICICI Bank chief Chanda Kochhar and her family members in a loan provided to Videocon Group on a quid pro quo basis.
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The finance ministry said following amendments to the Banking Regulation Act, the Reserve Bank of India directed banks to initiate insolvency proceedings.
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The company has also appointed N Srinivasan as a non-executive director of the company.
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Expert committee on economic capital framework will have to give its report within 90 days from its first meeting.
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Vigilance commissioner T M Bhasin told PTI the CVC is getting a review done of central statutory reports, concurrent auditors' reports and other auditor reports through chief vigilance officers of all public sector banks and insurance companies.
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