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The Kolkata-based lender thus become a corporate agent of the health insurer.
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On January 16, these former directors had approached NCLT seeking clarification on its earlier order that restrained them from disposing of or creating any third-party rights on their properties.
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Following the merger, the board of IDFC First Bank approved the appointment of Vaidyanathan as MD and CEO of the new entity.
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Commenting on the reasons behind the constant growth witnessed in the economy, the governor said, India's growth story is backed by strong domestic fundamentals.
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On the BSE index, Reliance Industries, Kotak Mahindra Bank, HCL Tech, ONGC, Asian Paints and Vedanta were among the major gainers with their stocks surging as much as 4.34 per cent. On NSE, except for Nifty IT, all other sub-indices finished in red with Nifty Pharma losing the most, down 2.70 per cent.
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At present, a committee within banks decides the cases in which financial support is provided.
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State Bank of India (SBI) on Thursday said that lenders are considering a restructuring plan — an acknowledgement that the loan is not viable in the present form.
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Races around the world court sponsors like Bank of America, Virgin Money, TCS or BMW claiming that they cater to an upper-income demographic.
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"The company would be unable to service its obligation in respect of the interest of non-convertible debenture due on January 19," the company said in a BSE filing.
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Section 29 (A) of the IBC deals with related-party provisioning and aims to prevent defaulting promoters from taking back their companies.
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The court was ruling in the case of HSBC Bank (Mauritius) and the income tax department. The bank was assessed for 2011/12.
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"India is becoming a laboratory for US companies, not only to explain their presence there but also to reinvent themselves in sustainability and disruptive-technology," Djordjija Petkosk, lecturer and senior fellow at Wharton Legal Studies & Business Ethics, University of Pennsylvania and advisor to World Bank, said.
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Jet said the resolution plan ontemplates options on the debt-equity mix, proportion of equity infusion by stakeholders and change in the airline's board.
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This time, Shroff had also swung blue-chip backers such as TPG Capital and the Abu Dhabi Investment Authority, armed with an equity cheque of $1.2 billion.
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This penalty has been imposed taking into account the failure of the bank to adhere to directions issued by the RBI, the central bank said in a statement.
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The order had restrained the former directors from mortgaging, or third-party interests or in any way alienating movable or immovable or jointly held properties.
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The Union Cabinet, chaired by Prime Minister Narendra Modi, also approved an increase in the bank's authorised capital from Rs 10,000 crore to Rs 20,000 crore.
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The SBI plans to sell over Rs 15,000 crore worth bad loans belonging to Essar Steel to recover its dues from the debt-laden steel maker. SBI said the resolution plan for the recovery of non-performing asset (NPA) has been approved and filed in NCLT Ahmedabad, according to which the minimum recovery to the bank is Rs 11,313.42 crore.
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The rules require a bank to cut the promoter stake to 40 per cent within 3 years, 20 per cent within 10 years and then to 15 per cent within 15 years.
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A notice on its auction website says the sale is open for ARCs and non-banking finance firms.
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The full service carrier, which has been grappling with financial woes, defaulted on loan repayment to a consortium of Indian banks led by SBI on December 31, 2018.
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What had raised expectations for Hari and his three colleagues was Exim Bank's move to lift the freeze on ITNL's bank account. But Ethiopian Commercial Bank executives have refused to lift the freeze, further delaying the departure of the employees who are now left with no money to even buy food and are living without electricity as their employer is refusing to transfer any funds.
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Etihad chief executive Tony Douglas has written to State Bank of India (SBI) on the restructuring plan for the airline, the report said. Etihad, which owns 24 per cent of Jet, wants exemption from the market regulator on preference pricing and open offer guidelines to invest more for the bailout, the report added.
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Life insurance penetration (premium as a percentage of GDP) in the country increased to 2.8% from 2.5% over the same period.
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A new health cover by Bajaj Allianz General Insurance covers major infections spread by all types of vectors. It remains operative even during international travel.
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The finance ministry is pushing state-run banks to bridge the gap between proposals that receive preliminary approval and final sanction.
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The trio of names surfaced a day after officials said President Donald Trump’s daughter Ivanka Trump was helping lead the search for a new World Bank president to succeed Jim Yong Kim, who is stepping down on February 1.
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In morning session on Wednesday, the biggest gainers in the Sensex pack were IndusInd Bank, NTPC, SBI, Reliance Industries, ICICI Bank, Vedanta, Axis Bank, Tata Steel, PowerGrid, ONGC and Infosys, rising up to 1.35 per cent. While, ITC, TCS, Hero MotoCorp, HCL Tech, HUL and Sun Pharma were among the top losers, shedding up to 0.66 per cent.
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Since its formal launch by PM Narendra Modi a little over two months ago, around 60% of the preliminary approvals done online have been converted into formal sanctions, with the total loan amount adding up to over Rs 24,000 crore, said sources.
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While slowing investments are worrying some, there is enough hope that retail could surprise in aiding both the economy as well as lenders.
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The central agency will seek to know if the bank verified KYC details of the credit society, if there were any transaction of suspicious nature, and whether any alerts were raised and the accounts into which monies were credited were checked.
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The banks contended that the attached assets were “amenable to market fluctuations and any delay in liquidating those assets may reduce their value”.
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IFCI’s net non-performing assets were Rs 5,127 crore, or 29.54%, at the end of March 2018, compared with Rs 5,882 crore, or 27%, a year earlier.
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While there are no precise numbers available, experts say that the amount could be as high as Rs. 20,000 crores
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The senior official said the PSU bank is now focusing more on giving loans to MSME and retail sector rather than large corporates.
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Centrum Broking said in a report that with the current slowdown in the NBFC segment and non-performing assets (NPAs or bad loans) issues stabilising for banks, the latter are expected to report higher credit growth, resulting in a further boost to overall credit growth.
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According to reports, Ivanka Trump and Washington's former UN ambassador Nikki Haley were among possible US candidates to replace Jim Yong Kim. Through an unwritten post-war pact with Europe, the World Bank has always been led by an American while a European has always been in charge of the IMF.
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These two names have gone to the RBI and Gill, by virtue of being an outsider along with his experience as CEO of a bank, is the frontrunner.
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Small borrowers more responsible; most loans backed by assets, says financial services secretary.
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Both were appointed for 5 years, subject to the approval of shareholders, ICICI Bank said in a regulatory filing on stock exchanges.
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Bajaj Finance is into businesses such as consumer finance, SME finance and commercial lending.
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Yes Bank was the biggest gainer on Sensex, rallying up to 6.22 per cent, on reports that the lender had shortlisted its executive Rajat Monga and a CEO of a foreign bank to succeed long-serving Managing Director and Chief Executive Officer Rana Kapoor.
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The government will slowly reduce its stake in PSBs to 52% in the coming months after a series of recapitalisation pushed up its shareholding.
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During 2017, life insurance premium in India increased 8 per cent (inflation adjusted) when global life insurance premium rose by 0.5 per cent.
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The regulatory guidance that exists today is a general directive on the remuneration of senior officials in broad functions like ‘business’, ‘control’ and ‘risk’.
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SBM had alleged then that its SWIFT payment gateway had been hacked on October 2 in an attempt to transfer Rs 147 crore.
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With this, the total amount raised through securitisation by the IPO-bound Muthoot Microfin has crossed Rs 1,300 crore during the first nine months of the fiscal.
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A bulk 70 percent of the revenue accrue from the payments front, while the rest come from the legacy core banking systems for retail banks.
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