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IMA invited customers to invest money in multiples of Rs 50,000. They were promised monthly returns of 2-3%, and were told this was the dividend from trading in bullion and jewels.
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The obligations in all other contracts have been duly settled in the normal course on the appointed settlement date, NSE Clearing said.
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With an annual growth rate of 150% since 2016, the Aadhar-Enabled Payments Channel (AEPS), which falls under the broader category of micro-ATMs, has emerged as one of the fastest growing payments systems in the country.
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RBI calls for supervising shadow lenders, says banking system’s risks have decreased.
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As a fallout of this, the RBI is now reviewing its master direction on frauds and considering additional measures for timely recognition of frauds and enforcement action against violations.
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Money parked by Indian individuals and enterprises in Swiss banks, including through India-based branches, fell by nearly 6 per cent in 2018 to 955 million Swiss francs (about Rs 6,757 crore) to hit its second-lowest level in over two decades, Swiss National Bank data showed on Thursday.
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MSME sector has been a focus of the Narendra Modi government as it plays a critical role in promoting economic growth.
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The appointment comes 9 months after Sriram Kalyanaraman's forced resignation amid allegations of irregularities and misconduct against him.
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A UK court on Thursday extended till July 25 the remand of fugitive diamond merchant Nirav Modi, who is wanted in India in connection with the nearly $2 billion Punjab National Bank (PNB) fraud and money laundering case.
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Technology is shattering a long held need to talk to someone before you take a financial decision or before you apply for a personal loan, gold loan or an au...
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Four Swiss bank accounts of fugitive diamond merchant Nirav Modi and his sister Purvi frozen by Switzerland authorities as part of money laundering probe, news agency PTI reported citing Enforcement Directorate (ED) sources.
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IDBI had reported a loss of Rs 4,918 crore in the last quarter of FY19 and Rs 15,116 crore for the full year.
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An apppellate tribunal had set July 12 as deadline for the IL&FS group to reach an agreement with creditors of these 13 companies to begin releasing payments.
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Pension currently contributes mere one per cent now in the total first premium income.
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The Reserve Bank of India (RBI) on Wednesday asked the public, casting aside their doubts, to continue accepting coins of various denominations pumped into circulation regularly. The RBI puts into circulation coins minted by the central government.
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Bite-sized insurance offerings, which are essentially easy to buy, over the counter health insurance products, are picking up pace in India.
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The Reserve Bank on Wednesday said all data related to payments must be stored only in India and data processed abroad will have to be brought back to the country within 24 hours.
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Earlier this month the Reserve Bank of India (RBI) had announced a 25 basis points or 0.25% rate cut for a third time in a row.
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"We set a target of at least Rs 2,000 crore of recovery per quarter and by this, we aim at recovering Rs 8,000 crore in the entire year," the bank's MD and CEO A.K. Goel said.
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The CBDT has directed the Income Tax (I-T) department to share in "public interest" details of assets and accounts of all such loan defaulters against whom a public sector bank has made a plea to it.
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A panel constituted by the Reserve Bank of India (RBI) to suggest measures to develop micro, small and medium enterprises (MSMEs) has proposed a Rs 10,000-crore government fund. The idea is that this will support venture capital and private equity funds investing in the MSME sector.
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IL&FS group companies have an outstanding debt of over Rs 91,000 crore.
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There's a realisation in the RBI that its liquidity framework needs a revamp, so there comes a new panel. ET explains why the time has come to effect a change.
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IL&FS’ audit panel closely monitoring preparation of financial statements of 3 group cos- IL&FS, IL&FS Financial Services (IFIN) and IL&FS Transportation Network (ITNL).
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The total business of the bank stood at Rs 3,74,530 crore as of March 2019 as against Rs 3,67,831 crore as of FY 2018.
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Banks and select financial institutions reported to RBI that frauds of Rs 1 lakh and above amounting to Rs 25,884 crore occurred during 2016-17 .
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The amount lost in bank frauds of Rs 1 lakh and above has been on a decline since 2016-17, Parliament was informed on Tuesday. Banks and select financial institutions reported to RBI that frauds of Rs 1 lakh and above amounting to Rs 25,884 crore occurred during 2016-17.
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Higher recoveries and slowdown in fresh bad loans are likely to reduce banks non-performing loans (NPAs) to nearly 8 per cent by March 2020, says a report.
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Though one-third of the share of consumer loans is accounted by tier1 cities, the demand is growing rapidly in tier 2 and 3 cities.
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NPA in the banking system had peaked at 11.5 per cent in March 2018 and then declined to 9.3 per cent in March 2019.
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Bank fraud fugitive Mehul Choksi may be extradited to India after Antigua's Prime Minister Gaston Browne said the citizenship of the billionaire diamond trader will be revoked by the Caribbean country after he exhausts all his legal options, according to a media report.
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The Reserve Bank of India (RBI) has introduced a complaint management system (CMS) on its website through which customers can obtain redressal of their grievances against all financial service providers regulated by the central bank.
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ATM transactions were just 66% of total debit card use in April; lowest was 60% in December 2016.
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Under the current circumstances, any Indian company with a fair share of builder loans has to walk the extra mile to raise overseas credit.
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JM Financial is raising 1,000 crore for its second private equity fund, a sector-agnostic investment vehicle.
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Customers can lodge complaints against any regulated entity with public interface such as commercial banks, urban cooperative banks, NBFCs.
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The number of wilful defaulters in nationalised banks has increased by over 60% to 8,582 in five years to March 2019, the government said. By the end of 2014-15 fiscal, the figure stood at 5,349, finance minister Nirmala Sitharaman said in a written reply in LS. A wilful defaulter is an entity or a person that has not paid the loan back despite the ability to repay it.
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In 2013, the company had initially picked up 9.9 per cent stake Shriram Capital for Rs 1,636 crore and later in the next year increased it to effectively 20 per cent with an outlay of Rs 2,014 crore.
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Reserve Bank of India (RBI) deputy governor Viral Acharya has decided to step down six months before the scheduled end of his three-year term. This is the second high-profile exit in the past seven months after former RBI chief Urjit Patel resigned abruptly in December last year. Speculation about Acharya's exit had started on the day of Patel's resignation, forcing the RBI to deny it then.
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A Reserve Bank of India (RBI) panel deciding on guidelines for transfer of the central bank’s surplus funds to the government has further delayed submitting its report, an official said on Monday.
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The Hindujas will pump another Rs 2,700 crore into IndusInd Bank through a warrant issue to ramp up the promoter holding after the merger of Bharat Financial, a senior executive from the private lender has said.
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Kotak Mahindra Bank vice-chairman and managing director Uday Kotak has said that concerns of solvency of some institutions are weighing on markets. There is, however, no systemic risk yet, he added.
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Reserve Bank of India (RBI) deputy governor Viral Acharya has put in his papers six months before his term ends on January 20, 2020. Acharya, who joined RBI from New York University’s Stern School of Business, was a close aide of former governor Urjit Patel and it was his fiery speech in October 2018 that brought out the differences between RBI and the government.
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The stake sale by Insurance Australia Group (IAG) will value SBI General Insurance at Rs 12,000 crore.
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Consequently, the issuance of bundled policies for cars and two-wheelers will not be compulsory from September 1, the Insurance Regulatory and Development Authority of India (Irdai) said.
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FinMin earlier considered merging three public sector general insurance firms to create one large and strong entity.
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