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In December, the NCLT had observed that operational creditors should have voting rights to have a bigger say in any resolution process.
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With the capital expenditure cycle unlikely to revive anytime soon, it's headwinds for one and all.
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“I believe India should have 6-8 big banks with big balance sheets instead of 25 public sector banks. Our banks are pygmies in front of banks of the world." Chidambaram said at his book launch
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SBI Chairman said loans and deposits below Rs 1 lakh will continue to be linked to the present MCLR to protect retail customers from market vagaries.
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Nirav Modi, who is the prime accused in over $2 billion (around Rs 14,000 crore) Punjab National Bank (PNB) scam, can be seen "walking (with) his small dog each day between his apartment and the diamond company's office."
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Nirav Modi is the prime accused in multi-billion fraud that took place at a Mumbai branch of Punjab National Bank (PNB). This is believed to be the country's biggest scam and his uncle Mehul Choksi is also allegedly involved in it.
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Citi India’s balance sheet is considered among the best-performing in Indian banking, with net bad loans of 0.55% as of March 31, 2018.
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The Chennai-based bank has been evaluating the merger option as it needs to augment long-term capital.
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The former ICICI boss is being investigated over allegations of a quid pro quo for loans to companies linked to Videocon and Essar Group with which her husband had a business relationship.
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The findings are contrary to the official and other industry data which show that there was massive job losses since the the note-bank and GST implementation in this very sector. While private sector economic think-tank has found that as many as 13 million jobs were lost in 2018 alone, the official NSSO data show that unemployment rate touched a 46-year high in 2018.
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A whopping 84% of over 2,000 respondents said they felt life is now extremely uncertain compared to 79% who held the view in 2017 and 75% in 2013.
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Smaller banks, with low-cost liabilities, are attractive bets for bigger para banks, and a successful deal involving Lakshmi Vilas could act as the template for Indian financiers.
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“We are in the final stages of approval with SBI and we hope to announce the partnership soon,” said Kiran Shetty, CEO Swift India.
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It can be noted that the modus operandi of over Rs 13,000 crore fraud at state-run PNB, allegedly perpetrated by Nirav Modi and Mehul Choksi, rested on the abuse of the Swift system.
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Historically, private banks have been more successful in building their asset side and are now increasingly focusing on their liability franchise,” Kotak said.
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Among the Sensex constituents, Larsen and Toubro emerged as the top performer with a gain of 2.76 per cent after the company announced winning large contracts from domestic clients. Other gainers in the 30-share Sensex pack were Mahindra and Mahindra, Axis Bank, ITC, SBI, HDFC, PowerGrid, Tata Motors, TCS, Tata Steel and Reliance, rising up to 1.77 per cent.
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The High Court London heard on Tuesday that ICICI Bank UK Plc gave $63 million worth of loans to Assam Oil Company on December 21, 2007 in order to “help it proceed with its investment strategy”. Assam Oil, registered in England, is the holding company of Assam Company India (Assam India), registered in India, the first tea company in the world. Assam Oil owns 38% of Assam India and has no other business other than this shareholding.
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More than a fifth of these cases have gone for liquidation, while the rest are either under insolvency resolution process or resolved.
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Money received as loans by NuPower from Videocon and Firstland being seen as alleged kickbacks paid to Kochhars.
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The partnership between CRIF High Mark and CreditVidya envisages value added reports even if a customer has taken a loan or a credit card in the past.
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In January this year, online news portal Cobrapost had alleged that its promoters have siphoned off over Rs 31,000 crore of public funds.
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"We are looking anywhere between 600-800 people for our branch expansion over the next 12-18 months, including people at our technology development centre in Hyderabad," Shantanu Sengupta, head (consumer banking group), DBS Bank India, said at the inauguration of the Gurugram branch.
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Supreme Court is poised to begin hearing arguments on whether the regulator’s diktat applies across industries.
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The most common among fraudsters is to promote a deposit scheme in an informal way among communities where people are looking for a plan to park savings.
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Vibha Padalkar became the public face of the company when she succeeded Amitabh Chaudhry as the CEO after serving the company for nearly two decades in various capacities.
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Coaching co valued at Rs 1,100 cr, must repay Rs 800 crore to KKR.
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RBI has imposed the fines over the past four days, according to stock exchange filings by the banks, though specifics of the non-compliance were not disclosed.
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The draft amendments has proposed raising the CAR to 15% in a staggered manner by March 2022, while suggested a higher cap on borrowing.
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"A key focus of the project will be to promote women-owned and women-led farm and non-farm enterprises across value chains; enable them to build businesses that help them access finance, markets and networks; and generate employment," Wold Bank said in a statement.
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State-owned Bank of Baroda (BoB) Tuesday cut benchmark lending rate by 0.1 percentage points, a move that would make home, auto and other loans cheaper.
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After nearly tripling in the past decade and rising for many years at double-digit rates, house price gains have slowed over the past two years, according to Reuters calculations based on the Reserve Bank of India’s All-India House Price Index.
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The amount of penalty is not material considering the size of the bank, and necessary measures for compliance with the said RBI directions have been taken, Allahabad Bank added.
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RBI has levied an aggregate penalty of Rs 10 million (Rs 1 crore) on the bank for non-compliance of regulatory directions.
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There are more than 10,000 NBFCs and around 100 are allowed to accept public deposits. NBFCs with assets of at least Rs 500 crore are considered systemically important.
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"The exchanges are hereby informed that Reserve Bank of India..., has imposed an aggregate penalty of Rs 3 crore on the Bank to be deposited within 14 days, for non-compliance with, and contraventions of, directions contained in the RBI circular on time-bound implementation and strengthening of Swift-related operational controls," United Bank said in a separate filing.
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Currently, there are two DMDs at the bank - KP Nair and GM Yadwadkar who are due for retirement soon.
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Last week, the Reserve Bank had approved the Singaporean lender's proposal to become a wholly-owned subsidiary (WoS) and on Monday it announced the official launch of its locally incorporated unit - DBS Bank India.
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Karur Vysya said that the RBI has imposed a monetary penalty of Rs 1 crore on the bank for non-compliance with the directions issued on Swift operations.
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According to the bid document, Bhushan Power & Steel has an outstanding of Rs 1,550.07 crore towards the bank.
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According to sources, IDBI Bank has been identified to route the payments. UCO Bank had in the previous round of sanctions handled rupee payments.
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The Reserve Bank of India has levied an aggregate penalty of Rs 40 million on the bank for delayed implementation of four of the Swift related operational controls.
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The company is aiming to process 20-25 per cent of its total vehicle insurance claims in the first year through the service.
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Of the total borrowings during the month, $2.27 billion was raised through the automatic route of the ECBs. The remaining $150 million was taken through the approval route, as per the Reserve Bank data on ECB for January 2019.
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The loan can be availed via online or offline modes. Application process involves marking of lien on the mutual fund units in favour of the bank/financing institution. Once lien is marked, the units cannot be sold or redeemed by the investor.
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The platform has “approved” loans worth more than Rs 30,000 crore since the November launch, according to the March 1 report.
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Interim report details 10 major anomalies while grouping transactions and sums involved.
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“After the amendment, Section 74 of the insolvency code prescribes stringent punishment to resolution applicant if it fails to implement a plan,” said Shiju Veetil, senior partner at IndiaLaw.
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The custodians are required to give an official undertaking that none of the holders qualify as Significant Beneficial Owners.
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Bank to sell Rs 3,325 crore bad loan accounts, including Essar Steel and Bhushan Power and Steel, to keep provisions low.
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Ambit of probe expanded: Matrix Group chairman & Ruia’s son-in-law Nishant Kanodia also questioned.
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