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IL&FS is sitting on a debt pile of around Rs 91,000 crore and had been downgraded to junk status by rating agencies following the default.
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Although the situation seemed to have improved a little during the June quarter when the stock of NPAs declined marginally from Rs 10.25 lakh crore to just a shade above Rs 10 lakh crore, banks are not completely out of the woods yet, given the stiffer asset quality review and the provisioning requirements being imposed by RBI.
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The non-banking finance company is looking to raise funds through a rights issue to shore up capital, reduce debt and recapitalise group companies.
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The comments by SBI came after reports suggested that the bank, which was the lead lender to Kingfisher Airlines, was in February 2016 advised to move the Supreme Court to stop Mallya from fleeing the nation but the lenders moved the apex court only after the tycoon had left the country four days later.
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The official said over 60 lakh cheque bounce cases are pending in the country and HDFC Bank has taken a lead by requesting the courts to use digital means to issue summons.
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Allegedly SBI did not approach Supreme Court in time to prevent Mallya from fleeing the country.
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The rupee Friday strengthened by 50 paise to 71.68 against the dollar in early trade in the forex market. Dollar selling by exporters and banks, the greenback's weakness against other currencies overseas, helped the domestic currency recover, forex dealers said.
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The government has done away with the requirement for public companies to seek approval for salaries beyond a threshold to their managerial personnel. However, it has stipulated that public companies that have defaulted in payment of dues to a bank, other secured creditors or non-convertible debenture holders, will need the nod.
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The Reserve Bank of India (RBI) governor will deliver the lecture on September 20 at the CVC office here, the officials said, adding that it will be a first-of-its-kind interaction with the select senior central government officers.
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PNB said the submission of financial bids will be only through e-auction method which will take place on the bank's portal on September 20.
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The rupee has set one record low after another amid a selloff in emerging-market currencies and concern about India’s widening current-account deficit. The currency’s persistent weakness has prompted authorities to ask the central bank to intervene more aggressively to stem the slide.
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The same vulnerabilities that were exposed by the Lehman crisis are now on display in India a decade later.
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Wednesday's data shows that for the first time in ten months, retail inflation has met Reserve Bank of India's mid-term target of 4 per cent. The target was last met in October 2017, when CPI inflation had come in at 3.58 per cent.
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The private sector lender backed out at the last minute and did not submit the non-binding offer.
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In the reporting period, the growth in advances was higher than the previous fortnight ended August 17, 2018, when it had grown at 12.94 per cent to Rs 86,75,129 crore.
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After the exit of Amitabh Chaudhary, who joined Axis Bank, Padalkar, who is on the board of HDFC life, was the front runner for the top job.
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The LGBT community can expect to see businesses lining up to offer a range of tailored products, in fashion, health and other industries, providing a massive boost to Asia's third-biggest economy. World Bank said in a 2014 report that homophobic attitudes and a reluctance to hire LGBT people hampered India's economic growth by up to 1.7 per cent annually.
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Soon, banks may show photographs of properties that they put up for auction, along with relevant documents to improve the e-auction process.
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Although the RBI granted 11 applicants in-principle approval to set up payments banks, three applicants dropped out as they had doubts of the business model.
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The bids, which are likely to be opened later this week, may have come at a 10-12% premium to prevailing share price.
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Pressure is mounting on the RBI to take stronger action to stem the currency’s slide. The central bank has already raised interest rates twice since June and depleted billions of dollars to bolster the currency, but with little success.
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The global financial crisis hit the bank so badly that Infy founder Murthy, once an ICICI Bank board member, withdrew Rs 1,000 cr.
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The National Company Law Tribunal recently said that Numetal, a Russian bank led consortium that initially had a member of the Ruia family that owned Essar Steel but dropped him subsequently.
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The order is expected to encourage more borrowers to seek judicial relief against the Feb 12 circular.
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Kant said the current system of using biometric Aadhaar-authentication for small ticket loans will increase already high operating expenses of digital lenders.
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The agency, which is probing the $2 billion (about Rs 13,000 crore) alleged bank fraud that also involved his nephew Nirav Modi, said Choksi was "using several dummy companies" to rotate funds and to divert money for his personal use.
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NHB asked the players to have a focused approach in boosting demand for rural masses so that the government's Housing for All scheme is achieved by 2022.
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The Parliamentary Committee on Estimates had invited Raghuram Rajan to brief it on the matter after former chief economic advisor (CEA) Arvind Subramanian praised him for identifying the NPA crisis and trying to resolve it.
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In the note to Chairman of Estimates Committee Murli Manohar Joshi, Rajan said that the size of frauds in the public sector banking system has been increasing
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While Samurai loans still make up only a small portion of Indian firms’ total foreign-currency facilities, coming to more than 6 per cent this year, they are growing in importance for borrowers. Highly rated Indian companies are turning to Samurai loans as overseas banks become more reluctant to extend dollar funds
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IRDAI last year had set up a 10-member steering committee to help implement the new risk-based capital regime by March 2021.
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Heavy speculative dollar demand along with panic among importers sent the Indian rupee tumbling by a sharp 94 paise to hit a historic low of 72.67 in mid-morning trade, triggering the central bank intervention to defend the currency.
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Rajan said credit targets were sometimes achieved by abandoning appropriate due diligence.
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In a note to Parliamentary panel, ex-RBI governor Raghuram Rajan stated a number of bad loans originated in the 2006-08 period, when banks encouraged by strong economic growth, went optimistic on lending, but hit a roadblock when this period was followed by a global financial crisis.
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"We expect that mostly vegetable sellers or similar small shop owners will use this facility for their daily businesses," said an official.
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Banks across the board have restricted lending to jewellers after the Rs 13,700-crore Punjab National Bank scam involving diamond merchant Nirav Modi erupted early this year.
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Citing an example, Rajan said "one promoter told me about how he was pursued then by banks waving chequebooks, asking him to name the amount he wanted".
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Moreover, all such documents are only required for office records and won’t be pasted on the consignments, the postal dept said.
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Simbhaoli Sugars Limited, one of the largest sugar mills in the country, has sugar units in Uttar Pradesh and Gujarat.
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NuPower Renewables and NuPower Wind Farms are among the six companies whose books are being inspected by the ministry.
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Amid concern around data security, the Reserve Bank of India is learnt to have asked payment services firms to provide an update on action taken by them to store transaction data in the country in every fortnight.
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Heavy speculative dollar demand along with panic among importers sent the domestic currency tumbling by a sharp 94 paise to hit a historic low of 72.67 in mid-morning trade, triggering the central bank intervention to defend the currency.
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Societe Generale, French financial services major, has appointed Sunil Shah as chief executive officer of the company’s solution global solution centres in India and Romania.
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From the Sensex basket, 26 stocks ended with losses led by Sun Pharma, Mahindra & Mahindra, Vedanta and IndusInd Bank. Among sectoral indices, the BSE auto fell the most by 1.75 per cent, followed by metal 1.74 per cent, energy 1.67 per cent and FMCG 1.65 per cent.
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Mehul Choksi is a diamond jewellery businessman and maternal uncle of Nirav Modi, the main accused in India's biggest financial scam running into over $2 billion in Punjab National Bank.
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An official, on conditions of anonimity, said India’s reserves position was comfortable and authorities could take measures such as tapping overseas and other moves to plug the current account gap. In 2013, the central bank lured inflows of about $34 billion through discounted foreign-currency swaps, helping lift the rupee from a record low.
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Sebi may soon summon ICICI Bank's on-leave CEO Chanda Kochhar and her husband Deepak with regards to a probe into alleged regulatory lapses in his business dealings, officials said on Sunday.
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Axis had to hire a new CEO after the Reserve Bank of India turned down its proposal for another term for Shikha Sharma, the current chief of Axis.
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The cases under scanner include the significant loan exposure of the bank to Videocon way back in 2012 and the alleged involvement of Kochhar's family members in the restructuring of that loan.
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The Indian insurance industry is expected to grow to $280 billion by 2019-20, aided by the Centre's Ayushman Bharat health insurance scheme.
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