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The ATMs of State Bank of India (SBI) and Indian Bank near the Collectorate did not work, police said. A similar situation also prevailed in other parts of the city.
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The bank claims false and exaggerated projections and balance sheets and false representations about the status of projects were made to obtain the loans.
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The interest rate for different categories of borrowers are pegged at the marginal cost of funds based lending rate (MCLR).
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NBFCs made up 12-15% of the total credit generated in fiscal 2017.
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The bank's exposure to IL&FS is Rs 1,809 crore.
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The banks expected to exit PCA include Bank of India, Bank of Maharashtra and Corporation Bank. A total of 11 state-run lenders are under the framework.
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Payments company executives estimate that card transactions in towns with populations of up to 1 million have doubled in the two years since demonetisation.
10:06 PM
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"The ED had acted on the firm based on some vital information obtained from the Income Tax Department about its financial dealings and possible indulgence into hawala transactions.
9:26 PM
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The bank reported a net loss of Rs 1,944.37 crore for the first quarter this fiscal against a net profit of Rs 28.84 crore during the same period last fiscal.
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Finance Minister Arun Jaitley spoke about the surging growth of RuPay and Unified Payment Interface (UPI), which allows swift inter-bank fund transfers
1:56 PM
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A bank which was claiming Rs 30,000 as credit card dues from a customer will have to give up this claim as it has failed to prove that the person had applied for the credit card in the first place.
9:21 AM
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Axis Banks' digital banking head Praveen Bhatt talks about the strategy to achieve customer centricity and how the bank is cracking the code for customer centricity.
8:51 AM
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After existing digital channels (mobile and online), digital assistants, social media and third-party channels are expected to be the primary channels for banking by 2022.
7:11 AM
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Liquidity squeeze and a lack of confidence in finance companies' short-term papers spark crisis.
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Farmers across the State have been protesting against the bank after it secured arrest warrants from a Kolkata court for loan defaults.
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It did not call for any relook in the report which comes amid a heated debate between the Government and the RBI over such aspects.
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ICICI Bank, Axis Bank and SBI have cleaned up their books and are poised to see better days ahead, helped by their wide reach, superior liquidity and better quality loan book.
7:51 AM
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Samit Ghosh, MD and CEO, Ujjivan Small Finance Banks, says that the NBFC liquidity crisis hasn't impacted the samll finance banks directly in terms of liquidity but has provided an opportunity to scale up the business.
7:51 AM
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Governments by nature are keen to push for easier way to prosperity. But central banks’ DNA is that of caution. In a way, one is an accelerator and the other is a brake.
7:21 AM
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For the first time in history, the government invoked the never used Section 7 of the Reserve Bank of India Act, which empowers it to consult the governor and instruct the central bank on certain issues.
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This is a little more than double the budgeted Rs 53,000-crore of capital infusion for the current fiscal year, Crisil senior director Krishnan Sitaraman said in a report Tuesday.
8:26 PM
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In a statement, HDFC Bank said the new rate interest rate on deposits below Rs 1 crore for various tenors will come into effect from Tuesday.
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A two-member NCLAT bench headed by Chairman Justice S J Mukhopadhaya has issued notice to the government.
5:50 PM
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Pitching for respecting the institutional autonomy of the RBI, Rajan said the central bank has the liberty to say no if the government pushes it to be lenient. Ahead of the November 19 meeting of RBI Board, he said the objective of the board is to protect the institution and not serve others' interests.
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Tata Consultancy Services (TCS), Yes Bank, Tata Motors, Reliance Industries and Sun Pharma were among the major gainers on the BSE index, rising as much as 2.22 per cent. On NSE, except for Nifty IT, Media and Realty, all other sub-indices closed in red.
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Commenting on whether the PCA (Prompt Corrective Action) norms be relaxed or not, Rajan said, "Basel norms are flexible for some conditions but very stringent versus other Indian rules. RBI as a professional institution must be trusted for putting 11 banks under PCA."
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On at least eight separate occasions in as many years, State Bank’s CEOs have claimed that the worst was over. Each time they were proved wrong.
10:00 AM
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On the BSE index, Tata Motors, Vedanta, Sun Pharma, Yes Bank and Tata Consultancy Services (TCS) were among the major gainers with their stocks surging as much as 4.11 per cent. On NSE, except for Nifty PSU Bank, all the sub-indices were trading in green, rising as much as 1.05 per cent.
9:45 AM
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Government said differences with the RBI had been there before and governor Urjit Patel would not be pushed out. Earlier, there were rumours that he was contemplating resignation after the government sought formal consultations with the central bank under Section 7 of the RBI Act.
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Irdai had set up a working group for standardisation of exclusions in health insurance contracts in July this year.
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The government does not want these matters to be brushed aside by being referred to a committee as has been the case of late, said people in the know.
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IndiaFirst is a joint-venture between Bank of Baroda (44 per cent), Andhra Bank (30 per cent) and UK's wealth and investment management firm Legal & General (26 per cent).
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Fino Payments Bank was asked to stop all account opening activities after the RBI found out that there were few accounts with the bank with deposits in excess of Rs 1 lakh.
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The interest rates of service sector loans will come down up to 1% from existing rates.
5:46 PM
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Responding to queries about liquidity situation, Srinivas said that basically in the NBFC segment, the issue is more pronounced with respect to housing finance companies that are facing liquidity problems.
5:16 PM
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Reuters in June reported that SBI would stop handling payments from Iran oil purchases from November, when stringent U.S. sanctions against Tehran will kick in.
5:10 PM
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SBI's net profit was Rs 1,840.43 crore in the July-September quarter of previous fiscal. The bank had reported a net loss of Rs 4,875.85 crore in the first quarter of the current fiscal due to higher provisioning for bad loans.
4:20 PM
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IndusInd Bank, NTPC, Power Grid, ONGC, Hero MotorCorp and HDFC were among the top losers on the BSE platform with their stocks sliding as much as 3.29 per cent. On NSE, sub-indices Nifty Media and Pharma tracked major losses, down as much as 1.29 per cent
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The CIC has issued a show-cause notice to RBI governor Urjit Patel, asking why penalty should not be imposed on him for "dishonouring" an apex court judgment. The SC had upheld a decision by former information commissioner Shailesh Gandhi, calling for disclosure of names of wilful defaulters who have taken bank loans of Rs 50 crore and above.
10:10 AM
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Axis Bank, ONGC, State Bank of India (SBI), Sun Pharma and Yes Bank were among the top gainer on the BSE platform, rising as much as 2.10 per cent. On NSE, sub-indices Nifty PSU Bank and Realty were leading the pack, surging the 1.42 per cent.
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The industry is awaiting final directions from the central bank regarding alternative mode of authentication now that eKYC is not acceptable
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Gupta who was in Guwahati while interacting with media persons said, “We are witnessing end of non-preforming assets (NPA) cycle. NPAs have been recognised and tackled. We hope to return to profitability very soon.”
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The transaction allowed a digital transfer of the title of goods from the seller to the buyer in the underlying trade. It further enabled the underlying trade to be fully digitised.
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SBI has put up 11 non-performing assets (NPAs) for sale to ARCs and financial companies to recover dues of nearly Rs 1,019 crore.
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