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Justice Shalini Phansalkar Joshi, who presided over a bunch of cases related to the 1992 scam, convicted R Lakshminarayanan and S Srinivasan of Financial Fairgrowth Services Limited (FFSL), and Tharian Chacko, Y Sundara Babu and R Kalyana Raman of Andhra Bank Financial Services Ltd (ABFSL), a subsidiary of Andhra Bank.
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Mastercard is making a case for allowing payment companies to transfer system data outside India to enable international fraud prevention. The company is seeking a dilution of the Reserve Bank of India (RBI) guidelines on storage of payment system data, which comes into effect from October 15, 2018.
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This may be over and above the additional funds that banks would need to set aside for potential losses from loans that are classified as non-performing.
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Arcil, the first ARC set up in the country, was the third-largest player at the end of March with assets under management (AUM) of around Rs 12,000 crore.
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The government is looking to place restrictions on companies raising fixed deposits from the public, which often offer two-three percentage points higher interest rate than banks, but are seen to be riskier.
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The Central Bureau of Investigation on Friday arrested a retired general manager and a deputy general manager of Bank of India in its probe related to a Rs 2,654-crore bank fraud by Gujarat-based Diamond Power Infrastructure Ltd (DPIL).
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The agency in an FIR had said that the DPIL, which manufactures electric cables and equipment, is promoted by Suresh Narain Bhatnagar and his sons Amit and Sumit, who are also the directors of the firm.
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Altogether 40 cases were referred to the NCLT of which Rs 580 crore had already been recovered by the bank, Bajaj told shareholders at the annual general meeting .
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"We are very happy with the court order and with this kind of order we have we should be able to go after Mallya's assets," SBI MD Arijit Basu said
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The three bad loans are Gwalior Jhansi Expressways with an outstanding of Rs 55 cr; SVS Buildcon Pvt Ltd Rs 50 cr and Shiva Texfabs Ltd Rs 31.06 cr.
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VG Kannan, IBA’s CEO and a former State Bank of India official had told ET on June 21 that the association had already taken up the matter with the DoFS in Delhi and the Maharashtra government.
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Banks will now take inter-creditor agreement to their respective boards for approval and it’s expected to go live later this month, Punjab National Bank chairman Sunil Mehta said.
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The meeting called by Indian Banks Association was also attended by Finance Minister Piyush Goyal, who had accepted the report of the Sunil Mehta Committee earlier this week.
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The central bank on June 29 came out with a framework for statutory auditors and what actions could be taken against the audit firms in case of a lapse.
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The growth in advances was slightly higher than the growth registered in the previous fortnight ended Jun 8. It had risen by 12.67 per cent to Rs 85,98,703 crore.
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We look to continuously evolve our products and have been partnering with fintechs, recognising that they bring nimbleness, agility and access to new technologies, says Citi's global head of payments business Manish Kohli.
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Hit by the Nirav Modi-Mehul Choksi fraud, Punjab National Bank (PNB) has decided to restructure its lending operations and has designated 60 systemically important branches to undertake lending of over Rs 50 crore.
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UPI 2.0 will be a major upgrade, especially the doubling of the payment limit to Rs 2 lakh will bring in a host of new use cases, one banker said.
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Sebi-registered foreign portfolio funds invest in India through 56 countries. Of these, 25 are now considered ‘high risk’.
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With barely nine months to go before the Lok Sabha election, how serious is the crisis in our banking system? Put simply, it is not going to be resolved any time soon.
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Customers can communicate with ELA in conversational language, enabling easy interface along with prompt query resolution, SBI Card managing director Hardayal Prasad said.
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The lender suffered huge losses on account of over USD 2 billion fraud perpetrated by diamond jeweller Nirav Modi in connivance with a few bank officials.
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Parekh, however, made it clear that at HDFC Ltd, the board and its present VC and CEO have agreed that he will continue in this role for a period of 3 years.
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Under the partnership, the village level entreprenuers (VLE) of the CSC will work as Banking Correspondent of HDFC Bank.
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India and China have been focusing on expanding their economic ties notwithstanding differences on several sticky issues including on the boundary dispute.
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The identification of RRBs which require recapitalisation will be decided in consultation with the National Bank For Agriculture And Rural Development.
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Prime Minister Narendra Modi had made a commitment to Chinese President Xi Jinping to allow Bank of China to set up branches in India when they met on the sidelines of the SCO summit in Chinese city of Qingdao last month.
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The Indian banking industry for the first time in decades is seeing some of its top executives being charged with corruption and mala fide intentions in granting loans.
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Executive director Anup Bagchi said that it has digitised a large part of the mortgage loan eco-system to push seamless growth.
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The scheme started in 2010-11 and was extended twice in 2012-13 and 2015-16. The last extension was up to March, 2017.
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Unsecured loans are the loans where individual exposures are smaller and more distributed and given without any collaterals but banks get higher margins.
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We have seen potential and have already started offering it in Kerala and Karnataka," Muthoot Finance, Executive Director, George M Alexander said.
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Watsa said that governance and management more than shareholding were key issues holding up efficient management of public sector banks.
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Bankers also stressed the fact that the provisioning war chest created by Indian banks was also downplayed.
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There will be business failures but there have also been situations where loans have been diverted.
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The Indian Banks’ Association has condemned the spate of charge-sheets and arrests and called for an independent panel to scrutinise such allegations.
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In an act of reconciliation with the Reserve Bank of India (RBI), officiating finance minister Piyush Goyal has indicated that the government was open to addressing the RBI’s grouse of not having powers to regulate public sector banks.
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Banks may seek an extension of the 180-day deadline to resolve stressed assets as the proposed structure to set up asset management companies (AMCs) and stressed asset funds may not be in place by the time rules stipulated in RBI’s February 12 circular kick in.
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A new breed of financiers, mostly financial technology companies that have obtained licences from the central bank to operate as non-banking finance companies (NBFCs), is turbo charging the job market.
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" I hope the people of India give Modi a majority government in 2019 and one more term later."
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A good asset management company, an investment fund, whoever is willing to invest and ARC — the combination of the three on the buyers’ side has to happen so that the asset gets consolidated.
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Conflict of interest occurs when an entity is in a position to exploit its official or personal capacity in some way for personal or corporate benefit.
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“The board will be reconvened, and it is up to LIC to induct new board members if it so decides, but Sriram will continue to be at helm,” an official with knowledge of internal discussions said.
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State-run banks are expected to take the lead in setting up the AMC for the resolution of loans above Rs 500 crore under the five-pronged plan presented by the committee.
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The deal is expected to be partly in share-swap, and partly in cash for the micro lender backed by private equity firm Elevar Equity Mauritius.
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The governor had also spoken critically of the ownership structure of PSBs saying regulatory powers are not ownership neutral.
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Since it is going to be a financial deal as per the LIC Act, the legislation would not require amendment, sources said.
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Nirav Modi and his uncle Mehul Choksi, in connivance with certain bank officials, allegedly cheated PNB of about Rs 14,000 crore through issuance of fraudulent Letters of Undertaking (LoUs).
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