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While inspection reports even point to minute deviations from the prescribed norms — which are usually rectified by banks once the regulator brings it to their attention — the central bank fears that making these reports public may cause panic among depositors and shareholders as minor violations may be blown out of proportion, creating the possibility of a run on a bank.
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The Mumbai bench of NCLT issued contempt notices to Axis Bank CEO Amitabh Chaudhry, Standard Chartered Bank India CEO Zarin Daruwala and Bawa after the corporate affairs ministry alleged that the banks facilitated Bawa to withdraw/transfer money from their accounts to his wife Ashakiran and daughter Akansha, apart from letting him access the lockers.
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The bank on Friday also announced the appointment of Shagun Kapur Gogia and Ravindra Kumar Khanna as additional directors (non-executive, non-independent), subject to the approval of shareholders at the next annual general meeting. The appointments are based on joint recommendations from two promoter groups.
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The RBI has announced that it will shortly issue Rs 20 denomination banknotes, in the Mahatma Gandhi (New) series, bearing the signature of the central bank's governor Shaktikanta Das. "The Rs 20 note will be greenish-yellow in colour. The new banknote has a motif of Ellora Caves on the reverse, depicting the country's cultural heritage," RBI said.
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The SC has directed RBI to disclose names of loan defaulters under the RTI Act and also asked it to make public the inspection reports containing critical assessment of functioning of banks and financial institutions. The bench held that RBI committed contempt of court, it, however, did not pass any punitive order and let the regulator off with a warning.
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Both banks as well as Bawa’s wife and daughter have been given 14 days time to reply to the notice.
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On the BSE index, top gainers include Tata Steel, ICICI Bank, Axis Bank, TCS, SBI, Reliance Industries and Infosys with their shares surging as much as 7.11 per cent. 19 out of 30 stocks finished in green on the BSE platform.
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Earlier, the apex court and the Central Information Commission, both had held that the RBI cannot deny information to an information seeker under the transparency law unless the material is exempted from disclosure under the law.
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The number was more than 24,000 for issues around debit cards and ATMs and 12,000 regarding issues around credit cards.
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The retail payments body has asked banks to implement both the emandate measures by June 30.
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Thus becoming India’s first provincial government to launch such an investment vehicle that would raise money even overseas for private projects.
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NCLT to hear MCA plea alleging duo failed to stop IFIN ex-MD from selling assets, violating court order.
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The group has appointed global investment bank Credit Suisse to look for investors and is in talks with leading private equity players to raise $100 million.
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Against the backdrop of the Supreme Court quashing an RBI circular, issued on February 12, 2018, a revised set of rules is under works and would be released soon.
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However, the dollar's weakness against some currencies overseas and a higher opening of the domestic equity markets capped the rupee's losses, foprex dealer said. Fresh dollar demand from banks and importers weighed on the Indian currency, they added
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REL said that as part of its revival plan, it has reduced overall borrowings of the group to Rs 5,852 crore from Rs 9,801 crore, as of March 2019.
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Earlier this month, SFIO had questioned another audit partner of Deloitte Haskins & Sells
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{image_1} Bombay Stock Exchange BSE like all other exchanges in the world strives to attract foreign portfolio investors FPIs . For this, access to the I...
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The country's largest lender SBI led the complaint list with close to 47,000 plaints, while HDFC Bank led among the private sector lenders with over 12,000 complaints, and American lender Citibank had 1,450 complaints.
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SBI is also in the process of identifying about 15 executives who would fill vacant positions as chief general managers, sources said.
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Earlier this month, during a hearing in the NCLAT, RBI's counsel Gopal Jain said that true reflection in the books of the banks is important for fair accounting because it has early warning signals.
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The Reserve Bank has divested its entire stake in National Housing Bank (NHB) and the National Bank for Agriculture and Rural Development (Nabard) for Rs 1,450 crore and Rs 20 crore, respectively.
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According to the same sources, the channel reported that the agency has sought the bank account details along with list of assets by Chanda Kochhar, Deepak Kochhar and Rajiv Kochhar.
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On the 30-share BSE index, top gainers include HCL Tech, IndusInd Bank, ONGC, Bharti Airtel, Yes Bank, HDFC twin (HDFC and HDFC Bank) and Reliance Industries with their shares climbing as much as 3.45 per cent. 23 out of 30 stocks on the BSE platform closed in the upper circuit.
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Under this newly launched liquidity infusion mechanism, banks sell dollars to the RBI and get rupee funds from it with the guarantee that the central bank will return the dollars after three years. So in effect, banks get rupee funds at a time when they are short on liquidity while the dollars that the RBI buys from the banks add up to the country’s foreign exchange (forex) reserves, thus boosting the rupee’s strength against the greenback.
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Data analytics has become the key determinant in matters pertaining to core BFSI operations.
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According to IBBI report, out of the 1,484 cases admitted for the CIRP, 586 have been closed till December 2018.
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The Investor Education and Protection Fund (IEPF), set up under the Companies Act, 2013, primarily focuses on protecting the interest of investors.
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The increase in authorised capital will help enable the bank to raise further fund up to a maximum ceiling of Rs 8,000 crore.
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The central bank is expected to retain the main contours of its February 12, 2018, circular.
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A statement issued by the bank said that this was in keeping with the government’s objective to ensure that 30% vehicles on the road run on electricity by 2030. SBI has already announced 100% migration towards electric vehicles by 2030 to reduce the institution’s carbon footprints.
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Seven banks have gone live on the NPCI’s platform, allowing customers to provide e-mandate through net banking,
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Top laggards on the sensex pack include Yes Bank, IndusInd Bank, Reliance Industries, ICICI Bank, HDFC, Hero MotorCorp and Vedanta with their stocks down as much as 6.62 per cent. 25 out of 30 stocks on the BSE barometer finished with losses. On the NSE index, except for Nifty IT, all other sub-indices finished in red, sliding as much as 2.48 per cent.
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On the BSE index, Yes Bank, Reliance Industries, Bharti Airtel, IndusInd Bank, Asian Paints were among the top losers with their stocks down as much as 2.31 per cent. On NSE, except for Nifty IT, all other sub-indices were trading in red, sliding as much as 2.05 per cent.
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For much of the past two years, distributors and retailers of consumer products have been warning of a growing lack of liquidity.
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This will encourage professionals who find huge career opportunity in this new-age profession that plays a crucial role in the fight against bad loans.
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Insurers focus on high-ticket savings business as core profitability remains under pressure due to competition.
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They are up against domestic pharma companies Dr Reddy's Labs, Mankind & Goldman Sachs which have also made offers.
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The total balance in the Jan Dhan accounts, which has been steadily rising, was at Rs 97,665.66 crore as on April 3.
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HDFC Bank has reported a net profit of Rs 5,885 crore for the quarter ended March 31, 2019 - an increase of 22.6% over Rs 4,799 crore in the corresponding quarter last year.
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