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In a board meeting held Saturday, Axis Bank approved the appointment of Chaudhry as additional director. The board also gave its nod for the reappointment of Samir Barua, Som Mittal and Rohit Bhagat as independent directors.
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Chaudhry, 54 years, will take over from Shikha Sharma after she demits office on December 31, 2018.
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Pamnani objected to bank’s action, claiming that he had not given his wife the authority to carry out any transaction.
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India is followed by China ($67 billion), Mexico and the Philippines ($34 billion each) and Egypt ($26 billion), according to the global lender. With this, India has retained its top spot on remittances, according to the latest edition of the World Bank's Migration and Development Brief.
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Many financial technology companies were entirely dependent on Aadhaar-based electronic KYC, which was a quick, cheap and secure way to verify customers.
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The BSE Sensex rallied 361 points, or 1.02 per cent, to close at 35,673. Similarly, the broader NSE Nifty jumped 93 points, or 0.87 per cent, to 10,694. Top losers were Sun Pharma, Coal India, Yes Bank, PowerGrid and NTPC, sliding up to 2 per cent.
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Berkshire Hathaway may invest in the lender by buying promoter stake or through a preferential allotment, the report said. Kotak shares rose as much as 10.2 per cent to Rs 1,302, their highest since September 4. The stock posted its biggest intraday gain since November 2014.
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Forex traders said, increased selling of the American currency by exporters and banks and sustained foreign fund inflows also supported the domestic currency. At the interbank forex market, the rupee opened higher at 70.58 and rose further to quote at 70.44, showing a rise of 46 paise over its previous close.
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The group’s renewable energy business, which will have about 1,300 MW of capacity once all projects are developed, is being valued at about Rs 2,500 crore.
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The alleged conflict of interest pertains to the daily’s ownership by the Kotak family, which also owns Kotak Mahindra Bank, which is a rival to Yes Bank.
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In a strongly worded order, the tribunal questioned the group’s bona fides, further highlighting its problems in establishing its credentials in India.
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The RBI did not address the prompt corrective action (PCA) plan despite intense pressure from the government.
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Consumers are increasingly cutting down on spending amid rising fears about job prospects, a Reserve Bank of India survey shows, foreboding a slowdown in Asia’s third-largest economy. Consumer sentiment has taken a knock on the back of increasing worries about the economy and rising concerns about jobs, the survey showed.
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On the BSE platform, Maruti, Tata Motors, Yes Bank, Reliance Industries, Adani Ports and Bharti Airtel were among the mojor losers, sliding as much as 4.89 per cent. The index dropped 929 points in three days. On NSE, all the sub-indices closed in red with Nifty Metal cracking the most, down as much as 2.40 per cent.
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Consumers are increasingly cutting down on spending amid rising fears about job prospects, a Reserve Bank of India survey shows.
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Mallya had offered to pay back 100 per cent of "public money" to various Indian banks and urged the government to accept his offer on Wednesday. This comes days ahead of a UK court's decision on his plea not to extradite him to India.
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Nand Kishore and Kaushik Modak have been appointed to the board in the capacity of nominee directors of Infrastructure Leasing & Financial Service.
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The RBI said from April 2019, it will be mandatory for banks to link all floating rate loans, which are extended to individuals and small business, to an external benchmark. Citibank is the only lender in India that uses external benchmark for home loans.
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Vedanta, Bharti Airtel, Yes Bank, Maruti and Tata Steel were among the major losers, sliding as much as 3.15 per cent. On NSE, all the sub-indices were in red with Nifty Metal losing the most, down as much as 2.26 per cent.
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The central bank clarified that it would issue final guidelines only licencing of new UCBs only after they receives appropriate plans from it stake holders.
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SFIO said the IL&FS Employee Welfare Trust (EWT), an unregistered entity, was dominated by former senior directors of the company to implement their decisions and to enrich themselves at the cost of group companies.
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Even as liquidity returns to the markets after the IL&FS scare, ET India Leadership Council members discuss how India could anticipate such crises.
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Accelerating investments and credit growth rate, which is higher than the nominal economic growth rate, are signs of strength rather than weakness that warrants bailout schemes, said governor Viral Acharya.
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In respect of borrowers having aggregate fund based working capital limit of Rs 150 crore and above, a minimum level of 'loan component' of 40 per cent will be effective from April 1, 2019, said the guidelines.
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The central bank is guided by the principle of addressing system-wide liquidity requirements, RBI deputy governor Viral Acharya said, enlisting the measures undertaken since problems started with the non-banking finance companies (NBFCs).
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Reserve Bank governor Urjit Patel on Wednesday refused comments on the friction with the government, including the invocation of the never-before-used Section 7 or the proposed economic capital framework for the central bank.
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The move has come under widespread criticism. A delegation of Jammu and Kashmir Bank employees met Malik on Tuesday, following which he agreed to rethink the decision.
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In its 'Statement on Developmental and Regulatory Policies' issued today, the RBI has announced setting up of ombudsman for digital transactions.
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Lalit Kumar who is at present an Economic Advisor in the department of financial services of the finance ministry will replace Lok Ranjan.
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The All India Bank Officers Confederation (AIBOC) said the strike call on December 21 against Indian Banks' Associations move to leave officers in scale IV and above out of the bipartite wage settlement ambit.
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Orix, the second-largest shareholder of IL&FS, bought a 49% stake in the clean power assets at the earlier-mentioned valuation in 2016 and has right of first refusal.
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A technical glitch had made HDFC Bank’s new mobile app non-functional for six days. Why was the HDFC Bank mobile app blackout such a major issue? The reason is the sheer volume of transactions that take place through this channel. HDFC Bank’s mobile app accounted for Rs 34,335 crore of transactions in August, which is almost twice the Rs 18,597 crore that its customers conducted through ATMs.
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Tata Motors, IndusInd Bank, Tata Steel, Mahindra and Mahindra and Vedanta were among the major losers on the BSE index, sliding as much as 2.11 per cent. On NSE, all the sub-indices were trading in red with Nifty Metal and Auto losing the most, down as much as 1.38 per cent.
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Reforms are easier said than done. Three men at the head of state-run banks are in an unenviable position to show that a merger of these three could be successful. There are many hurdles which if crossed could well become a case study.
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The company would sell IL&FS Education, IL&FS Technologies, ONGC Tripura Power Company and IL&FS Paradip Refinery Water Limited in the coming weeks.
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GeBBS is a leading provider of revenue cycle management (RCM) solutions for the healthcare industry in the US.
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The bank also said it has elevated Salil Pitale and Chirag Negandhi as Joint Managing Directors and Co-Chief Executive Officer.
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IL&FS Group and its various subsidiaries, including ITNL, are facing liquidity crisis and have defaulted on various debt payments.
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The commentary comes amid concerns on the state of small businesses sector post-GST, which also led the Reserve Bank of India (RBI) board to decide on a special dispensation on asset quality.
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PE major Warburg Pincus is in talks to acquire a significant minority stake in a Fusion Microfinance in a deal estimated at $80-100 million, ET reported on August 2.
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Sun Pharma, Mahindra and Mahindra, HDFC, State Bank of India (SBI) and NTPC were among the major losers with their stocks sliding as much as 2.75 per cent. On NSE, sub-indices Nifty PSU Bank and Financial Service were among the worst performers, down as much as 1.34 per cent.
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Having resisted any temptation to jack up rates in October when the rupee was sliding to a record low against the dollar, the Reserve Bank of India (RBI) has been vindicated by the currency's subsequent recovery, and by waning inflationary pressures thanks to falling food and oil prices.
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In October, LIC announced an open offer for acquiring 26 per cent of equity in IDBI Bank at a price of Rs 61.73 per share, entailing total payout of over Rs 12,602 crore.
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The new board of the group also said it will soon initiate the process to divest its stake in IL&FS Education, IL&FS Technologies, ONGC Tripura Power Company and IL&FS Paradip Refinery Water.
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There was an urgent need to modernise the way changes to prices are being calculated by the government as well as the way inflation expectations are being surveyed by the Reserve Bank of India (RBI), Ravindra Dholakia, a dovish member of the panel, wrote recently in the Economic and Political Weekly.
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Mahindra and Mahindra, HDFC, NTPC, Bharti Airtel and Kotak Mahindra Bank were among the major losers on the BSE platform, with their stocks falling as much as 1.85 per cent. On NSE, sub-indices Nifty Realty and Financial Services were the worst performers, sliding as much as 0.74 per cent.
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These people have also been restrained from mortgaging, or third-party interests or in any way alienating movable or immovable or jointly held properties.
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The bank has about 4.3 crore customers, of which about 6.5 lakh were unable to use the mobile banking app services due to a technical issue in its new app.
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Sivaraman will be responsible for day-to-day operations and provide hands on leadership and oversight to the groups asset monetisation efforts, the company said in a statement.
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