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This time, Punjab National Bank is likely to report India's biggest bank profit by selling some assets.
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Employee unions from General Insurance Corporation of India (GIC Re), New India Assurance and United India Insurance are also participating.
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In his role, Amitabh will lead the Investment Banking and Equity Capital Markets (ECM) business, a company release said.
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In a bid to curb money laundering using anonymous demand drafts (DDs), the Reserve Bank of India (RBI) has made it mandatory to incorporate the name of the purchaser on the face of the financial instrument.
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The National Company Law Tribunal (NCLT) asked the company, RHC Holding Pvt, on June 14 to state why insolvency proceedings should not be initiated against it and decided to take up the matter on July 25.
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Temasek Holdings invested on average about $1 billion per year in the country over the last five years and also announced over $1.5 billion of investments since April 2018.
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As many as 56 lenders are set to sign the inter-creditor agreement by next week. It will prohibit creditors who don’t agree to a majority-approved debt resolution plan from making an easy exit.
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In the format given by the regulator, a senior company official will have to sign a declaration stating, “foreign investment received and reported now will be utilised in compliance with the provision of PMLA and UAPA”.
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The Stock Exchange Board of India has already approved norms for listing SRs issued by ARCs. ARCs currently need to pay lenders at least 15% in cash for taking over an asset.
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The Reserve Bank of India (RBI) has once again come out strongly against farm loan waivers, stating that it bloats fiscal deficits and increases inflation. In its report on state finances released on Thursday, the RBI has raised concerns that states due for elections might spend more on loan waivers.
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Allowing the government's appeal, the tribunal set aside the NCLT Mumbai order observing that they had exposure with the PNB and are found to be beneficiaries of the fraud.
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This is the third consecutive year where the states have failed to meet their gross fiscal deficit (GFD) target, the central bank said, adding this comes despite expectations of an improvement on higher devolution from the Centre.
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It comes nearly 7 months after Airtel along with Airtel Payments Bank came under fire for allegedly opening payments bank accounts of its mobile subscribers without their consent
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Under the new norms, lenders must ensure that they engage service providers and their sub-contractors with a net worth of at least Rs 100 crore
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The most damaging aspect is that the genuinely corrupt and the honest who may have only deviated from procedure are clubbed together.
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It is not looking for any immediate acquisition of fintech companies in India like what it did in a few Asian markets, bank chief executive Piyush Gupta said
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"Punjab National Bank and Carlyle Group intend to jointly initiate a strategic stake sale process to offer minimum 51 per cent stake in PNB Housing Finance," PNB said in a regulatory filing.
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While July 16 has been fixed as the last date for receipt of expression of interest from consultants, the government is yet to announce the date for final presentation.
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A bankruptcy court had given the Hyderabad-based company’s resolution professional (RP) time till July 10 (Tuesday) to submit a resolution plan.
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The agreement — based on a recommendation by the Sunil Mehta committee that looked into resolution of stressed assets — aims to deal with bad loans that banks must resolve before next month end
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Financial services has long been institution-driven due to strict regulations. But many former bankers have taken the plunge. Here’s what Jaspal Bindra, Gunit Chadha, Bhupinder Singh and R Sridhar want to do.
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"If I give a tractor loan to and one day the govt announces a farm loan waiver. Then the farmer thinks what is the point in paying back and stops payment," Ashok said.
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he second case was registered against Maheep Marketing Pvt. Ltd, its Directors Gajendra Sandim, Hemant Sanghvi and the three SBI officials for allegedly causing loss of Rs 49.99 crore.
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Punjab National Bank (PNB) said it is taking steps against erring employees, legal action against the fraud perpetrators and closely cooperating with the regulators and law enforcement agencies.
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After the merger, only two rural banks- Uttar Bihar and Madhya Bihar- will be left in the state, said Modi, who is also Bihar's Finance Minister.
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Shikha Sharma’s third three-year term was coming to a close on June 30, 2018, and the board had approved another three-year extension last year.
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The report further said over the past few years, non-banks have benefited from benign interest rates stemming from excessive liquidity, which turned into a deluge after demonetisation.
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Indian residents, who are customers of any bank in India, can now initiate an online remittance to make fee payments to an Australian university at a fixed exchange rate.
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Partner firm KB Financial Group is keen to work on areas such as consumer finance, loans to small and medium enterprises and infrastructure financing.
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The Federation of LIC Class-I Officers Association said that the LIC has been forced to participate in the bank recapitalisation of PSBs and that the acquisition of a majority stake in IDBI has to be viewed with concern in this context.
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The second version of UPI is likely to include new features like doubling of the transaction limit to Rs 2 lakh and buyer-to-merchant payment facility that will promote merchant payments.
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Public sector banks (PSBs) are planning to tap the markets to raise more than Rs 50,000 crore this fiscal to shore up their capital base for business growth and meeting regulatory global risk norms.
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Indian banks are working closely with UK authorities to recover the maximum out of the assets owned by Mallya, after a British court allowed them to search and seize his properties.
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A committee of bankers on resolution of stressed assets has said that the fear of investigation has resulted in the best people in the banks preferring to avoid credit roles, while calling for a revamp of governance and credit structures in state-run lenders.
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The suggestion comes at a time when the country's banking system is grappling with mounting sour loans.
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The second largest credit card issuer promoted by SBI, with 74 per cent stake, also intends to grow the number of card-holders.
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The Deputy Governor of Nepal Rastra Bank said that there is no objection on the part of the central bank if foreign capital is brought to the country for investment.
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For financial year ended March 2018, the bank's balance sheet had closed with big wilful defaults owing Rs 15,171.91 crore.
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IMPS offers an instant, round-the-clock interbank electronic fund transfer service that can be accessed through multiple channels like mobile, internet etc.
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Among the prominent ones is the over Rs 13,000-crore fraud in the PNB allegedly committed by jeweller Nirav Modi and his uncle Mehul Choksi, the promoter of Gitanjali Gems.
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