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IL&FS arm IL&FS Transportation Networks (ITNL) had acquired Elsamex SA of Spain, a road maintenance, operation and management company.
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The bank recently recovered Rs 60 crore from disposing some of Modi's assets in the US, they said.
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"Since the time of independence, there were around 1.3 lakh bank branches, we are going to provide more bank branches than that," Sinha said.
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The ruling upheld fledgling bankruptcy and insolvency rules and is expected to pave the way for banks to recover billions of dollars from bankrupt firms mired in litigation, lawyers said.
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The CBI’s charge is that ICICI Bank sanctioned credit facilities of Rs 3,250 crore to Videocon group companies. On September 7, 2009, the bank disbursed Rs 300 cr to Videocon International and the next day a company originally floated by Dhoot, transferred Rs 64 crore into NuPower Energy a company floated by Chanda Kochhar’s spouse Deepak Kochhar
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The agency turned its preliminary enquiry (PE), registered in December 2017, into an FIR after it concluded that Kochhar had indeed connived with her husband and Dhoot.
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Being the head of ICICI Bank, CBI says, Chanda Kochhar approved six loans to Venugopal N Dhoot's Videocon group between June 2009 and October 2011. One such loan - a rupee term loan (RTL) worth Rs 300 crore was given to Videocon International Electronics Ltd (VIEL), in which Kochhars got the bribe instantly.
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After allegations of quid pro quo surfaced in 2016, law firm Cyril Amarchand Mangaldas had given a report regarding the role of Kochhar in the matter.
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The High Court, England, on Thursday dismissed a $45 million fraud claim by the UK subsidiary of Punjab National Bank (PNB) against seven individuals and two companies based in India and the US.
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The Videocon loan issue was first raised by whistle-blower Arvind Gupta in 2016 when he wrote about it on a blog. He accused Chanda Kochhar of conflict of interest and corporate misconduct while sanctioning loans to Videocon.
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New YES Bank CEO Ravneet Gill has played competitive cricket and also knows many Indian cricketers.
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Mukherjee will he at the helm for another two years from January 25. The decision was taken by the board Wednesday. Reserve Bank of India has approved his reappointment.
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Net profit fell to Rs 1,002 crore ($140.73 million) in the three months to December 31 from Rs 1,077 crore a year earlier. That missed analysts' average estimate of Rs 1,060 crore, according to I/B/E/S data from Refinitiv.
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The Central Bureau of Investigation (CBI) has named former ICICI Bank chief Chanda Kochhar, her husband Deepak Kochhar and Videocon chairman Venugopal Dhoot in its FIR. Ten months after it filed a preliminary enquiry (PE) to probe Kochhars' dealings with Videocon chief, CBI has registered a case in the matter.
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Searchers were conducted at various places after the filing of the FIRs. These include Videocon and NuPower offices in Mumbai and Aurangabad.
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It is alleged that Videocon promoter Venugopal Dhoot allegedly invested crores of Rupees in Nupower months after the Videocon group got Rs 3,250 crore as loan from the ICICI Bank in 2012, CBI officials said. The agency had registered a preliminary enquiry against Videocon promoter Venugopal Dhoot, Deepak Kochhar and unidentified others in March last year.
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Home Credit has taken the NBFC loans segment by storm and expects India to become a core market soon.
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Officials from six banks have been questioned so far and the agency is expected to reach out to others in the next few days.
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He said non-banking financial companies (NBFCs) have always seen lighter regulations though they have been doing 70 per cent of the work done by a bank.
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According to the report, close to 40 per cent of the gross credit exposure of Indian banks is in sectors where water risks are significant.
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At a time when the banking sector is grappling with mounting NPAs, the World Wildlife Fund (WWF) report released Wednesday said water risks could pose further "liquidity constraints" on the strained balance sheets of banks.
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On the BSE index, ITC, PowerGrid, Infosys, Mahindra & Mahindra, NTPC and SBI were among the worst performers, sliding as much as 4.16 per cent. On NSE, sub-indices Nifty FMCG and PSU Bank tracked heavy losses, down as much as 1.69 per cent.
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A live issue requiring government and regulator intervention is the liquidity crisis being faced by NBFCs.
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This is the first time the country's biggest bank's exposure has been revealed in the case involving Choksi
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In December, the National Compact Law Appellate Tribunal had said that a sum of Rs 2 lakh per month can be withdrawn from bank accounts after intimating the tribunal.
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BankBazaar CEO Adhil Shetty said the higher loan amount when a woman applies could indicate it’s a household with two incomes, unlike when a male applies, where he could be the only breadwinner. Banks also have special loan offers for women, with interest rates many basis points (100bps = 1 percentage point) lower than for men.
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An immediate order to IL&FS’s new board to honor securitized debt is the need of the hour.
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Many countries have found that UBI does not address the structural problems and is at best a solution in interregnum.
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Under the partnership, Yes Bank will empower more than 20,000 ration shops which can offer last mile basic banking services to more than seven lakh beneficiaries.
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IL&FS' business model was predicated on creating SPVs to conduct business and the majority of such entities are in a financial disarray. In Maharashtra alone, IL&FS Group has 88 such SPVs like Khambhat Port Ltd, Charminar Robopark Ltd, East Hyderabad Expressway, etc.
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"By preventing merchants from shopping around for better conditions offered by banks in other member states, Mastercard's rules artificially raised the costs of card payments, harming consumers and retailers in the EU," European Competition Commissioner Margrethe Vestager said in a statement.
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The BSE 30-share barometer dropped 134.05 points, or 0.37 per cent, to 36,444.91 in early trade as index major Reliance Industries, Tata Steel, Tata Motors, ICICI Bank and Maruti Suzuki declined.
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All participants of the code are also unanimous in their view that the new law has improved credit discipline among large borrowers.
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The company will de-merge the equipment finance business through a three-stepped amalgamation scheme.
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A savings account in a bank or liquid funds are the best places to park an emergency fund. The yield is low, but the aim is not to generate an income or get a good rate of return. “A liquid fund or low duration fund is better than a savings account,” says Sanjiv Singhal, founder and COO, Scripbox.
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Banking is one sector that has seen major changes after the NDA government came to power in May 2014.
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Nepal Rastra Bank on Sunday issued a circular prohibiting Nepali travellers, banks and financial institutions from holding or carrying and trading Indian bank notes higher than Rs 100, the Kathmandu Post reported.
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Insurance giant LIC has completed acquisition of 51 per cent controlling in the bank, IDBI Bank said in a regulatory filing on Monday.
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Choksi and his nephew Nirav Modi, in connivance with certain bank officials, allegedly cheated Punjab National Bank (PNB) of about Rs 14,000 crore through issuance of fraudulent letters of undertaking. A Mumbai branch of PNB had fraudulently issued LoUs for the group of companies belonging to Nirav Modi since March 2011.
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"The deal, conceptualised in June 2018, is envisaged as a win-win situation for both IDBI Bank and LIC with an opportunity to create enormous value for shareholders, customers & employees of both entities through mutual synergies," IDBI Bank said in a BSE filing.
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Reliance Industries, Sun Pharma, Infosys, Bajaj Finance, HDFC Bank and Bharti Airtel were among the top trading stocks on the BSE platform with their stocks rising as much as 2,75 per cent. On NSE, except for Nifty Realty, all other sub-indices were trading in green with Nifty Pharma leading the pack, up 1.13 per cent.
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The billionaire Ruia brothers have used every trick in the book to ensure their prized asset stays in the family, despite owing financial creditors 508 billion rupees ($6.3 billion) in unpaid dues.
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The government has called a meeting on Monday with the resolution professionals and lenders of the dozen cases, three people familiar with the matter.
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Eleven out of the total 21 public sector banks are under the central bank's PCA framework, which imposes lending restrictions and prevents them from expanding, among other curbs.
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The government then fired two executives because "they failed to use global payments network SWIFT to detect the fraud", the sources said, declining to be identified because the reasons for the sacking have not been made public.
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A three member bench of the appellate tribunal in a judgement said that corporate guarantors are also financial creditors.
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