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Cleaning up political funding is a necessary part of cleaning up state-owned banking.
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Private lender HDFC Bank on Saturday posted a net profit of Rs 5,568.16 crore for the first quarter, ended June 30, 2019, up 21 per cent against Rs 4,601.44 crore posted in the same period last year.
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Gadkari also listed ensuring transparency and giving returns on deposits as challenges before the banking sector.
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Under the Aspirational District programme, mandates corporates to adopt a district each under their respective CSR schemes and improve on the developmental indicators.
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Non-food credit rose 494.3 billion rupees to 96.27 trillion rupees, while food credit fell 6.5 billion rupees to 707.7 billion rupees.
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A 36% higher net interest income helped the lender offset the impact of higher provisions on account of bad loans. Net interest margin remained higher at 10.45% for the first quarter.
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On July 20, 1969 then Prime Minister, Indira Gandhi, nationalised 14 major banks - a move that was as politically motivated as it was economically motivated.
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One day before Neil Armstrong took the famous “giant leap for mankind” on the surface of the moon, Indira Gandhi took her own giant step towards consolidating her image as a pro-poor leader by nationalising 14 major private banks.
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Reliance Communications (RCom) has been asked to compensate for an over Rs 12.2-lakh bank fraud after issuing a duplicate SIM card to a third party, which enabled the crime online. The complainant, however, faces fresh challenges as the telecom company is facing insolvency proceedings.
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Too little has changed in 50 years. A banking sector that should be stimulating growth and investment remains inefficient and wasteful.
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Screening committee set up, will directly talk to resolution professionals bypassing bankers to initiate prompt action.
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PSBs cite high compliance costs and rising operational expenses as reasons.
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The latest move to implead 22 parties includes leading auditors - Deloitte and BSR & Associates, an affiliate of KPMG.
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Standard Chartered has received in-principle regulatory approvals to set up its IFSC Banking Unit in Gujarat International Finance Tec-City (GIFT City), it said in a release.
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A 78% drop in Yes Bank Ltd shares since August has left founder and former chief executive officer Rana Kapoor some $1 billion poorer. The lender, which late on Wednesday reported earnings that showed its capital buffers had weakened and bad loan ratio widened, plunged as much as 20% (intra-day) on Thursday.
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Equity indices on Thursday fell sharply dragged by losses in Yes Bank, amid weak cues from global markets and unabated foreign fund outflow. The benchmark BSE sensex fell 318.18 points or 0.81 per cent to close at 38,897. While, the broader NSE Nifty fell 90.60 points or 0.78 per cent to finish at 11,596.90.
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However, the outcome is that banks are inundated with queries from auditors while they go through the books.
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Bank of Baroda had filed an insolvency resolution petition against the maker of polyester-based products at the Ahmedabad bench of the National Company Law Tribunal in September.
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State-owned Punjab & Sind Bank on Wednesday reported over Rs 238 crore fraud by Bhushan Power and Steel, a third such instance after similar disclosures made by Punjab National Bank and Allahabad Bank recently.
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State-run Punjab National Bank Ltd and Punjab & Sind Bank Ltd have also reported similar frauds amounting to more than 40 billion rupees by the steelmaker.
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The case is currently with the country's company law tribunal and the bank expects good recovery, it added.
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Amar Kumar Sundram, the national director for legal and general counsel at EY, will join the RBS Group subsidiary.
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Private sector lender Yes Bank on Wednesday witnessed nearly 91 per cent fall in its net profit for the first quarter, ended June 30, due to higher provisioning of non-performing assests (NPAs) or bad loans.
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Securitisation has become the tool to transform illiquid assets into tradeable securities.
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In the 50 years since banks were nationalised, the recapitalisation bill from FY18 to FY20 at Rs 2.69 lakh crore has been higher than in the first 45 years — estimated to be less than Rs 1.5 lakh crore. In the last 10 years, the government has been consistently capitalising public sector banks (PSBs) with Rs 3.8 lakh crore between FY11 and FY20.
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A group of homebuyers has approached the Supreme Court challenging the National Company Law Appellate Tribunal (NCLAT) order allowing NBCC and creditor bank to thrash out resolution plan to take over Jaypee Infratech, even after the plan was rejected by a committee of creditors (CoC) which included homebuyers.
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ArcelorMittal’s offer would have made secured financial lenders more than 90% whole, meaning unsecured operational lenders should have had to go empty-handed.
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In letters to finmin, MeitY and RBI, industry body seeks 25 bps margin to stay afloat.
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SFIO, spearheading the investigation, may issue notices in the coming weeks.
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This optimism can be seen in their spending outlook with 83% CFOs looking at moderate to aggressive increase in spending and investment this year to support topline growth, according to a release.
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CSC Academy -- part of CSC-- joined hands with Facebook to start ‘Digital Beti’ initiative to train women rural entrepreneurs in more than 3,000 villages across 10 states in India.
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Personalised cards were handed out to a few women entrepreneurs during the occasion, the statement said.
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When someone tries to forge a signature, there are minute fissures, blots or anomalies that may not be visible to the human eye, but will become glaringly obvious to a trained bot (software robot).
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The Reserve Bank of India (RBI) has fined State Bank of India (SBI) and Union Bank of India Rs 7 crore and Rs 10 lakh respectively for non-compliance with directions.
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The Nandan Nilekani-headed committee for deepening digital payments also favoured a ‘central fraud registry’ to ‘ensure a systematic response to fraud.’
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IDFC First Bank is expected to use Madhivanan Balakrishnan’s tech know-how to build a strong tech team.
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These accounts had an exposure of Rs 100 crore or more with state-run banks, MoS for finance tells Lok Sabha.
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The auditors have sought additional information on the company's financials under Section 143 of the Companies Act, 2013.
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This penalty has been imposed in exercise of powers vested in RBI under the provisions of section 47A (1)(c) read with sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949 (the Act), read a statement by the central bank.
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The total value of specified bank notes returned from circulation during 2016-17 was Rs 15,31,073 crore, minister of state for finance Anurag Thakur informed the Lok Sabha in a written reply on Monday. On November 8, 2016, the Centre had invalidated Rs 500 and Rs 1,000 notes and introduced new Rs 500 and Rs 2,000 notes in a bid to fight terror funding and money laundering.
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This move is in line with the current management's efforts to monetise assets and would also help in repaying debt to mutual funds.
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State Bank of India (SBI) has said in a report that a sovereign borrowing of $10 billion is manageable and will not have a major impact on India’s liabilities. The bank has also said that such a borrowing will reduce bond yields, which will benefit both banks and the government.
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Lending is dominated by intercreditor issues pertaining to charge and security particulars. Resolution skillsets and approach to resolution, too, vary across public and private sectors and foreign banks.
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The offer by the Piramal Group for IL&FS failed because LIC expected a higher price, according to statements made to the Serious Fraud Investigation Office
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An environment of tight liquidity, slow demand in Q1; analysts, however, believe HDFC, Bajaj Fin and M&M Fin could post strong.
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The investments will be made in the various verticals such as pipes, EPC, water treatment pumps and valves, cement, among others, according to the report.
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DHFL said it was talking to bankers and other lenders on restructuring its borrowings.
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The proposed mobile app would be able to identify the denomination of notes of Mahatma Gandhi Series and Mahatma Gandhi (New) series by capturing the image of the notes placed in front of mobile camera, the Reserve Bank of India (RBI) said while inviting bids from tech firms to develop the app.
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The country's largest life insurer LIC witnessed more than two-fold rise in its new premium collection to Rs 26,030.16 crore in June.
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