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The Nirav Modi scam-hit bank is also rated as the sixth overall amongst all banks in India for digital performance, PNB said in a statement.
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Banks will have to initiate bankruptcy proceedings against dozens of corporate defaulters next week as the six-month deadline set by the RBI on February 12 ends on Monday. The action will be required where the lenders have been unsuccessful in achieving resolution.
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National Stock Exchange (NSE) MD and CEO Vikram Limaye has spent most of his life working for banks. But of late, he has been busy fire-fighting, first at BCCI, where he was appointed as a member of the committee of administrators.
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Domestic banks have gained some of the brightest talent at the expense of foreign entities.
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On August 11 and 13, unidentified hackers targeted the bank's ATM switch server and stole details of VISA and Rupay ATM cards. They also attacked the interbank SWIFT system, and syphoned off Rs 94 crore in total.
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"Indian banking sector is expected to see substantial write-backs by the end of this financial year on account of resolution of stressed assets," State Bank of India's (SBI) Group Economic Adviser Soumya Kanti Ghosh said.
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Since the fall of the Madhavpura Cooperative Bank scam of 2002, urban cooperative banks (UCBs) have been witnessing a steady fall in their market share.
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The Reserve Bank of India (RBI), in a circular in February, mandated banks to identify projects with even a day's default as stressed asset and conclude the resolution proceedings in 180 days. The circular came into effect on March 1 and the 180-day deadline concludes on August 27. On provisions against non-performing assets (NPAs) or bad loans, Basu said that some guidance has been given and the bank has already provided for them significantly in the first quarter and will continue to provide as per the norms.
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New Delhi, Aug 24 () State Bank of India managing director Arijit Basu said today that about 7-8 power sector projects worth Rs 17,000 crore are expected to be resolved soon as lenders are nearing consensus on these.
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Most of the problems in the banking sector are due to operational issues rather than ownership issues, he said at the banking conclave organised by the Centre for Economic Policy Research (CEPR).
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SBI has urged the account holders, who have magstripe debit cards to shift to EMV chip debit cards by December 31st.
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In the past, the central bank had granted forbearance for loans to small businesses during demonetisation. More recently, relief was granted to small borrowers impacted by the GST.
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Data hints that Chaudhry sold 1,162,044 shares between April 26 and August 20 on the NSE.
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The RBI regulates both governance and prudential norms of private banks. For public banks, the government exercises the powers relating to governance while leaving prudential regulation to RBI.
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The recalibration is a process, in which the cassettes in the ATMs that hold cash are modified to suit the size of the currency.
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The former Supreme Court Judge is heading the panel which is probing the allegations of quid pro quo by Kochhar in sanctioning of a loan by ICICI Bank.
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There are eight members on the board of ICICI Securities of which four are independent directors, two are non-executive non-independent directors who are nominated from ICICI Bank and two are whole time directors.
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"In terms of section 152 of the Act and Articles of Association of the Company, Chanda Kochhar would retire by rotation at the forthcoming AGM and is eligible for re-appointment. The annual general meeting (AGM) of ICICI securities is on August 30. Chanda Kochhar has offered herself for re-appointment," said the annual report for 2017-18 of ICICI Securities. Kochhar is the Chairperson of the bank's subsidiary.
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More than 1,200 manufacturing firms -- both small and large -- polled by the Reserve Bank of India (RBI) reported input price pressures and an increase in selling prices. The central bank raised interest rate twice since June to the highest in two years to curb price pressures and support the rupee amid a sell-off in emerging market currencies.
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The bank is planning to use biometrics for various mobile banking products including the mobile wallet and Unified Payment Interface (UPI) transactions.
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Earlier this month, Reliance Communications had reinstated bank guarantees worth Rs 774 crore with the telecom department ahead of the timeline set by the telecom tribunal, and had said that its Rs 25,000 crore asset sale plans are "on track".
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All customers having finger print embedded smart phone will in future be able to authenticate transactions using this feature. However, in order to use the finger print authentication feature, the customer would have to register their finger print at the server through the bank’s existing mobile banking application.
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Although PNB Housing Finance shares are on the block, the govt is keeping close tabs on the share price, which it believes was hammered by some of the potential suitors to acquire the stake at a lower value.
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India’s dedicated bankruptcy court has sought to remove legal impediments to liquidation or loan-recovery proceedings.
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Mathur, a former director with US fund KKR & Co. L.P, has joined with ADIA's Abu Dhabi office as Head- India & South East Asia, Private Equities.
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The lender has already had preliminary management meetings with the PNB Housing top brass led by MD, Sanjaya Gupta. Goldman Sachs is believed to be its advisor.
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Bandhan Bank is considering a potential bid to acquire PNB Housing Finance, and is likely to submit an expression of interest later this week, people familiar with the matter said.
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Divestment is part of a broader Larsen &Toubro effort to trim its wholesale lending business and to concentrate instead on retail and housing segments.
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The gross premium collection of all the 33 non-life insurers rose by 14 per cent to Rs 49,067.47 crore in April-June 2018-19 compared to Rs 43,076.26 crore in the same period of 2017-18, according to the Irdai data.
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This missive comes in the light of arrest of Bhushan Steel's erstwhile promoter Neeraj Singal by the Serious Fraud Investigation Office (SFIO) for allegedly siphoning off funds. The sources said that bankers could be held accountable under Section 120B of Indian Penal Code if they fail to report fraud in an account which is later unearthed by investigating agencies, sources said.
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To say that Venezuela's economy is in doldrums, will be an understatement. The country's inflation rate is currently the world's highest. Venezuela's Central Bank has not published inflation figures since 2015, but earlier this year the International Monetary Fund (IMF) predicted that the it will hit 1 million per cent by the end of 2018.
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The Reserve Bank of India (RBI) has directed rating firms to scan bank account details in assessing its ability to repay loans.
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The Sunil Mehta committee has also backed the government plan for a bad bank to deal with stressed loans by setting up an asset management company (AMC). Chalasani said the committee is in advanced discussions for the same.
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Assessment of claims will take place with situation moving to normal, a senior official of an insurance firm said, adding clear picture will emerge in the next 4-5 days when claims are received.
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Most of these are taken in the name of the proprietor and family, and then channelled to support business needs.
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There’s immense potential in the mid-market segment.
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State Bank of India (SBI) chairman Rajnish Kumar said on Monday that all players — including lenders, industry, government and courts — had a role to play in the build-up of stressed loans in the banking sector.
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SBI has waived charges on late EMI payment for one month, as also charges on remittance to CMDRF and charges for issuing duplicate passbook, ATM card and cheque book for those who have lost the same in the floods.
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Apportioning the blame for bad loans, which has almost touched 12 per cent of the system, on the government, the judiciary, banks and slimy borrowers, he said, "instead of lessening credit risk, consortium lending has mostly increased the pain as inordinate delay in loan appraisal, has most of the time, killed projects."
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Primary insurers though need IRDA's nod before raising premium rates for the policyholders.
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The companies have also been asked to nominate one senior officer to act as nodal officer who would be coordinating/expediting the settlement of all eligible claims in Karnataka.
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"Consortium banking is increasing risks because of delays in decision making,’’ Rajnish Kumar said.
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Earlier this month, the court had taken cognisance of the sanction granted by the President to prosecute Ananthasubramanian in the case.
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Three months ago, she was divested of her powers as MD and CEO of the Allahabad Bank following the country's biggest bank fraud allegedly carried out by diamond jeweller Nirav Modi and associates at the PNB.
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The European Union, the European Central Bank and the International Monetary Fund loaned debt-wracked Greece a total of 289 billion euros ($330 billion) in three successive programmes in 2010, 2012 and 2015.
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Lending an impetus to financial inclusion A recent report by BCG indicates that over the next five years, digital lending is an unmissable 1 trillion-dollar ...
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The European Union, the European Central Bank and the International Monetary Fund loaned debt-wracked Greece a total of 289 billion euros ($330 billion) in three successive programmes in 2010, 2012 and 2015.
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With bad loans at over 30 per cent of assets, IDBI Bank is one of the weakest lenders to be rated by S&P given its standalone credit profile of B-. The bank has reported a loss of Rs 8,100 crore in FY18 and Rs 2,410 crore in first quarter of FY19.
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The funds will be used to expand the eyecare chain run by publicly traded unit Dr Agarwal’s Eye Hospital Ltd into new geographies.
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Insurers are expected to take losses mainly under householders’ policies and life and motor claims.
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