Ex-MD of PMC Bank sent to police custody till Oct 17

Former managing director of Punjab and Maharashtra Cooperative (PMC) Bank, Joy Thomas, arrested in connection with the alleged Rs 4,355 crore scam at the bank, was on Saturday remanded in police custody till October 17. The economic offences wing (EOW) of Mumbai Police, which had arrested Thomas on Friday, produced him before Additional Chief Metropolitan Magistrate S G Shaikh. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/31QXQ...

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Further policy easing expected in December: DBS

Doors remain open in India for further policy easing in December and likelihood of more into 2020, possibility of which was flagged recently, accordi from Business Line - Money & Banking https://ift.tt/2OifH...

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PMC scam: ED seizes luxury cars of Wadhawans

nforcement Directorate (ED) raided various premises of HDIL promoters Rakesh Wadhawan and his son Sarang, aka Sunny, on Friday and seized around half a dozen luxury cars. ED officials are also inquiring about their Ferretti 881 yacht for seizure. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/30KWC...

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HDIL promoters sought meeting with bank on day of arrest

Two days before their arrest on Thursday in the PMC Bank case, HDIL promoters Rakesh Wadhawan and son Sarang wrote to the bank informing it that they were willing to extend additional security (assets) and a plan to settle outstanding amounts on loans. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2oT3z...

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RBI moves towards rupee convertibility

In one of the small steps towards capital account convertibility, the RBI has allowed foreign exchange-settled rupee derivatives trading in International Financial Services Centres (like the GIFT City in Gujarat). It also allowed banks to offer non-residents both rupee accounts without time limits and foreign exchange. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/33et0...

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New home loan takers to gain instantly from RBI cut

New home loan borrowers are set to immediately gain from the latest round of rate reduction by RBI but existing borrowers can get the benefit of repo-linked rates by paying legal and administrative charges, which has been waived by certain banks but others are charging as much as Rs 10,000. ​ from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/30NOB...

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No call on Lakshmi Vilas Bank-Indiabulls merger made yet: Shaktikanta Das

Placing Lakhsmi Vilas Bank under the prompt corrective action framework cannot be construed as RBI having made up its mind on the lender's merger proposal with Indiabulls Housing, governor Shaktikanta Das said Friday. He also advised the all stakeholders not to draw any inferences now based on the punitive action on the South-based mid-sized lender. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2ImdY...

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After HDIL promoters, ex-MD of PMC Bank arrested

Joy Thomas, the suspended managing director of Punjab and Maharashtra Cooperative (PMC) Bank, was arrested in the Rs 4,355-crore cheating case involving the bank on Friday. PMC Bank was placed under restrictions by the RBI on September 25 after it emerged that loans to real estate developer HDIL were not classified as bad loans through it was financially stressed. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2AKbX...

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RBI cuts repo rate to 9-year low

As expected, the Reserve Bank of India (RBI) lowered its key policy rate yet again on Friday -- the fifth successive time this year that it has done so in a bid to spur slowing economic growth. But the news was overshadowed by the RBI's announcement that it was sharply reducing India's growth forecast for the fiscal year to 6.1% from 6.9% earlier. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/31J7M...

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Is India's current banking crisis just old wine in a new bottle?

An alternative way to view the issues is as the building blocks on which any credit framework is built. from Banking/Finance-Industry-Economic Times https://ift.tt/356Gq...

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Won’t let cooperative bank to collapse: RBI Governor Shaktikanta Das

Das termed the crisis at PMC Bank as just ‘one incidence’ and assured ‘there is no reason for any unnecessary panic’ from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2LKpZ...

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‘Close and intense eye’ on NBFCs

Non-banks came under scrutiny after collapse of Infrastructure Leasing and Financial Services last year that led to intervention from the government. from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2pMBt...

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Ghost accounts at PMC routed HDIL loans

At a meeting with RBI ED, officials of the bank’s credit department turned whistleblowers exposing the nexus between the management and the promoters of HDIL. from Banking/Finance-Industry-Economic Times https://ift.tt/2LQ53...

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Won’t let cooperative bank to collapse: RBI Governor Shaktikanta Das

Das termed the crisis at PMC Bank as just ‘one incidence’ and assured ‘there is no reason for any unnecessary panic’ from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2LKpZ...

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‘Close and intense eye’ on NBFCs

Non-banks came under scrutiny after collapse of Infrastructure Leasing and Financial Services last year that led to intervention from the government. from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2pMBt...

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Won’t let cooperative bank to collapse: RBI Governor Shaktikanta Das

Das termed the crisis at PMC Bank as just ‘one incidence’ and assured ‘there is no reason for any unnecessary panic’ from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2LKpZ...

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‘Close and intense eye’ on NBFCs

Non-banks came under scrutiny after collapse of Infrastructure Leasing and Financial Services last year that led to intervention from the government. from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2pMBt...

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Won’t let cooperative bank to collapse: RBI Governor Shaktikanta Das

Das termed the crisis at PMC Bank as just ‘one incidence’ and assured ‘there is no reason for any unnecessary panic’ from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2LKpZ...

Read more »

‘Close and intense eye’ on NBFCs

Non-banks came under scrutiny after collapse of Infrastructure Leasing and Financial Services last year that led to intervention from the government. from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2pMBt...

Read more »

Won’t let cooperative bank to collapse: RBI Governor Shaktikanta Das

Das termed the crisis at PMC Bank as just ‘one incidence’ and assured ‘there is no reason for any unnecessary panic’ from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2LKpZ...

Read more »

‘Close and intense eye’ on NBFCs

Non-banks came under scrutiny after collapse of Infrastructure Leasing and Financial Services last year that led to intervention from the government. from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2pMBt...

Read more »

Won’t let cooperative bank to collapse: RBI Governor Shaktikanta Das

Das termed the crisis at PMC Bank as just ‘one incidence’ and assured ‘there is no reason for any unnecessary panic’ from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2LKpZ...

Read more »

‘Close and intense eye’ on NBFCs

Non-banks came under scrutiny after collapse of Infrastructure Leasing and Financial Services last year that led to intervention from the government. from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2pMBt...

Read more »

RBI increases lending limit of MFIs to Rs 1.25L

The Reserve Bank of India (RBI) has raised the lending cap for microfinance institutions (MFIs) to Rs 1.25 lakh, against the earlier limit of Rs 1 lakh, to improve credit availability in rural and semi-urban areas. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/34YTO...

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Economic Offences Wing of Mumbai Police granted police custody of Wadhawan brothers

The Economic Offences Wing (EOW) of the Mumbai Police have been granted police custody of Rakesh Kumar Wadhawan, Chairman, Housing Development Infrast from Business Line - Money & Banking https://ift.tt/2Init...

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Loans to become cheaper after RBI cuts interest rate to a decade low

The repo rate cut aims to push consumption up during the ongoing festival season from Business Line - Money & Banking https://ift.tt/2OmOg...

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RBI revises GDP growth forecast to 6.1%

RBI pegs GDP growth to recover to 7 per cent in 2020-21 from Business Line - Money & Banking https://ift.tt/30M1J...

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RBI raises lending capacities of MFIs

RBI also announces measures to develop offshore rupee market from Business Line - Money & Banking https://ift.tt/2od0T...

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EMIs may fall further as RBI cuts repo rate by 25 bps; reverse repo rate at 4.90%

The Reserve Bank of India on Friday reduced repo rate by 25 basis points (bps) to 5.15 per cent. This is the fifth straight rate cut from the RBI and it results in an overall decline of 135 bps or 1.35 percentage point in the key lending rate. Reverse repo rate stood at 4.90 per cent. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2M7E1...

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RBI cuts repo rate by 25 bps to 5.15%

Cuts GDP forecast to 6.1% from Business Line - Money & Banking https://ift.tt/2AJ0X...

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No pressure to merge, says Yes Bank CEO Ravneet Gill

Ravneet Gill, CEO of Yes Bank, said the bank was absolutely liquid and that the recent share price movement should not be looked upon as a proxy of the bank’s health. from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2LHH2...

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Banks see ‘some growth’ in corporate loans

The government had directed public-sector banks (PSBs) to hold loan outreach programmes in 400 districts ahead of Diwali festivities to stimulate loan growth. from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/31LIz...

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No pressure to merge, says Yes Bank CEO Ravneet Gill

Ravneet Gill, CEO of Yes Bank, said the bank was absolutely liquid and that the recent share price movement should not be looked upon as a proxy of the bank’s health. from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2LHH2...

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Banks see ‘some growth’ in corporate loans

The government had directed public-sector banks (PSBs) to hold loan outreach programmes in 400 districts ahead of Diwali festivities to stimulate loan growth. from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/31LIz...

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RBI set to deliver fifth straight interest rate cut

The Reserve Bank of India is set to deliver a fifth straight interest rate cut on Friday, although economists are unsure of the quantum following an from Business Line - Money & Banking https://ift.tt/2ogIy...

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PMC Bank: ED raids 6 locations, slaps money-laundering charge

The ED on Friday raided six locations in Mumbai and adjoining areas and registered a money-laundering case to probe alleged fraud in the Punjab and Ma from Business Line - Money & Banking https://ift.tt/2LHxT...

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PMC Bank: ED raids six locations, slaps money laundering charge

The Enforcement Directorate (ED) on Friday raided six locations in Mumbai and adjoining areas and registered a money-laundering case to probe alleged fraud in the Punjab and Maharashtra Cooperative (PMC) Bank case, officials said. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2LJb2...

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I’m being made the fall guy; HDIL chiefs threatened to sink the bank, says Joy Thomas

In an exclusive interview with Mirror, Thomas—who was suspended on September 26, three days after the RBI imposed punitive actions against the bank for regulatory lapses and for allegedly hiding bad loans. from Banking/Finance-Industry-Economic Times https://ift.tt/2AFow...

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No pressure to merge, says Yes Bank CEO Ravneet Gill

Ravneet Gill, CEO of Yes Bank, said the bank was absolutely liquid and that the recent share price movement should not be looked upon as a proxy of the bank’s health. from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2LHH2...

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Banks see ‘some growth’ in corporate loans

The government had directed public-sector banks (PSBs) to hold loan outreach programmes in 400 districts ahead of Diwali festivities to stimulate loan growth. from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/31LIz...

Read more »

No pressure to merge, says Yes Bank CEO Ravneet Gill

Ravneet Gill, CEO of Yes Bank, said the bank was absolutely liquid and that the recent share price movement should not be looked upon as a proxy of the bank’s health. from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2LHH2...

Read more »

Banks see ‘some growth’ in corporate loans

The government had directed public-sector banks (PSBs) to hold loan outreach programmes in 400 districts ahead of Diwali festivities to stimulate loan growth. from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/31LIz...

Read more »

No pressure to merge, says Yes Bank CEO Ravneet Gill

Ravneet Gill, CEO of Yes Bank, said the bank was absolutely liquid and that the recent share price movement should not be looked upon as a proxy of the bank’s health. from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2LHH2...

Read more »

Banks see ‘some growth’ in corporate loans

The government had directed public-sector banks (PSBs) to hold loan outreach programmes in 400 districts ahead of Diwali festivities to stimulate loan growth. from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/31LIz...

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Board united on raising as much capital as needed: Ravneet Gill

Lender in talks with PE, strategic investors and Indian family offices, says YES Bank’s MD; notes that capital raising is on track from Business Line - Money & Banking https://ift.tt/31MOq...

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YES Bank floats biz app to get MSME groupings to connect

LN Revathy After on-boarding MSMEs across verticals through YES Scale, YES Bank has started to look at connecting with MSME associations with the laun from Business Line - Money & Banking https://ift.tt/2AK81...

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PMC Bank crisis: Two HDIL directors arrested

The economic offences wing (EOW) of Mumbai Police, probing the Rs 4,355 crore Punjab and Maharashtra cooperative (PMC) Bank cheating case, on Thursday arrested Rakesh Wadhwan and his son Sarang Wadhwan, directors of Housing Development and Infrastructure Limited (HDIL). from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2oKOY...

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United Bank names Gitanjali Jems, its fugitive owner Mehul Choksi as willful defaulters

Besides Choksi, his wife, Priti Choksi, and directors of Gitanjali Gems have also been given notices by the bank. United Bank had sanctioned Rs 331.85 crore in credit limit to Choksi's firm, which was into jewellery manufacturing and export. from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2o9OH...

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EOW arrests HDIL Directors Sarang Wadhawan, Rakesh Wadhawan in connection with PMC Bank case

The Mumbai Police on Monday filed a case against the former bank management and promoters of HDIL in the Punjab and Maharashtra Cooperative (PMC) Bank case and said a special investigation team will be probing the case. from Banking/Finance-Industry-Economic Times https://ift.tt/2nbi5...

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United Bank names Gitanjali Jems, its fugitive owner Mehul Choksi as willful defaulters

Besides Choksi, his wife, Priti Choksi, and directors of Gitanjali Gems have also been given notices by the bank. United Bank had sanctioned Rs 331.85 crore in credit limit to Choksi's firm, which was into jewellery manufacturing and export. from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2o9OH...

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Syndicate Bank to host customer outreach programmes in 3 districts in Karnataka

Programmes will cover Dakshina Kannada, Udupi and Belagavi from Business Line - Money & Banking https://ift.tt/2oNmB...

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Rana Kapoor's man Friday Rajat Monga quits Yes Bank

Monga was the senior group president and former chief financial officer at the troubled lender. from Banking/Finance-Industry-Economic Times https://ift.tt/2nS6F...

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SBI not open to takeovers, says chairman Rajnish Kumar

The SBI is not open for acquisitions. SBI chairman Rajnish Kumar has said that the lender is not considering any acquisition, has not been sounded out for one, nor is it in a situation to take over another bank. Responding to a query on whether SBI was likely to be port of call for authorities looking to merge distressed lenders, Kumar said that there was no such move. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2oJnl...

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Yes Bank’s group president Rajat Monga quits

Yes Bank’s CEO Ravneet Gill, during a concall said, “For the past two years he has been carrying a lot of load and needed some time off so has decided to leave” from Business Line - Money & Banking https://ift.tt/2oGq0...

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World's largest banks lagging in sustainable finance: Report

Despite pressure from activists, investors and governments, the majority of world's 50 largest banks have not made sustainable finance commitments to from Business Line - Money & Banking https://ift.tt/2psij...

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Number of bankrupt real estate developers doubles after collapse of IL&FS

As many as 421 real estate developers entered bankruptcy court by the end of June from Business Line - Money & Banking https://ift.tt/2n6DB...

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Bank holidays this month may spoil your festivities

Plan accordingly else you may face cash crunch or worse (if you have things that need to be done at bank branches only). from Banking/Finance-Industry-Economic Times https://ift.tt/2pzzF...

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SBI not open to takeovers, says Rajnish Kumar

According to the SBI chairman, the bulk of the bad loan provisioning of nearly Rs 1 lakh crore took place in FY18 and has been declining since then. from Banking/Finance-Industry-Economic Times https://ift.tt/2nRXJ...

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Yes Bank 'very stable', says CEO; shares rebound

The recent drop in Indian lender Yes Bank Ltd's stock price does not reflect the bank's performance and it remains on a solid financial footing, chief executive Ravneet Gill said on a conference call on Thursday. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2pAzi...

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PMC Bank jitter may trigger second round of crisis

The trouble in Punjab and Maharashtra Cooperative Bank, one of the top five in the segment, is threatening to trigger a second round of crisis of confidence in the sector. Many depositors are playing it safe and choosing to spread their investments and several cooperative societies are reviewing their decision to keep a bulk of deposits with cooperative banks. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2o0Os...

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Another rate-cut may not help India

The arguments for a reduction in rates are manifold from Business Line - Money & Banking https://ift.tt/2o3gD...

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YES Bank ‘very stable’, CEO Gill says after stock slide

 The recent drop in private sector lender YES Bank’s stock price does not reflect the bank’s performance and it remains on solid financial footing, sa from Business Line - Money & Banking https://ift.tt/2oJWB...

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DHFL lenders may have to take up to 30% haircut

A haircut on loan is a partial loss incurred by a creditor on the advances or deposits. from Banking/Finance-Industry-Economic Times https://ift.tt/2o2Br...

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‘We recognise customers now reside in digital ecosystems’

  Citibank India has been enjoying pole position among foreign banks in the Indian credit card space. In an interaction with BusinessLine, Arjun Chowd from Business Line - Money & Banking https://ift.tt/2pxfA...

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SBI, Bank of Baroda squeeze micro-ATM transactions of other banks

While Bank of Baroda is allowing users to do 4 transactions a day, SBI has limited it to just one. from Banking/Finance-Industry-Economic Times https://ift.tt/2oKri...

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Religare to sell its stake in NBFC arm to TCG Advisory for Rs 330 crore

The companies signed a share purchase agreement on Tuesday, it said. The parties had signed a binding term sheet on July 10. from Banking/Finance-Industry-Economic Times https://ift.tt/2nXLY...

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Lenders voice concerns over maturing letters of credit by PMC Bank

One of the largest urban cooperative banks in the country, PMCB has been active in issuance of LCs. Among its regular clients was a Mumbai-headquartered steel company with which it shared a long relationship. from Banking/Finance-Industry-Economic Times https://ift.tt/2nMZh...

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PMC Bank crisis: ICAI to probe auditors’ role

Under this, the ICAI has written to the bank and the regulatory agencies, including the vigilance department of the Reserve Bank of India and the commissioner of Maharashtra co-operative societies, requesting them to provide requisite details of their findings along with details of any member/firm allegedly involved. from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2oEYL...

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NBFCs will no longer be asset-heavy, longer-tenure entities: Edelweiss Group’s Rashesh Shah

A supply crunch in real estate and slower execution of projects are responsible for the sector’s problems, Rashesh Shah, chairman and CEO, Edelweiss Group, told Shritama Bose and Malini Bhupta. from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2nK3n...

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Bank of Baroda signs MoU with Indian Army for customised services

Bank of Baroda (BoB) has signed a Memorandum of Understanding (MoU) with Indian Army under which the bank would offer customised services along with from Business Line - Money & Banking https://ift.tt/2pgPD...

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‘Forced sale’ of pledged shares behind Tuesday’s price fall: Yes Bank

Private sector lender Yes Bank on Wednesday attributed the sharp fall of nearly 23 per cent in its share price on October 1 to the “forced sale” of 10 from Business Line - Money & Banking https://ift.tt/2p8nk...

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Credit Guarantee Fund Trust includes SUCBs as Member Lending Institutions

Recognising the significant role they play in financing micro and small enterprises (MSEs), the Credit Guarantee Fund Trust for MSEs (CGTMSE) has incl from Business Line - Money & Banking https://ift.tt/2pfoZ...

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PMC's suspended MD Joy Thomas blames 'superficial auditing' for mess

The shallow auditing of the books of PMC by its statutory auditors was done as the 'bank was growing', Thomas claimed in a letter to RBI. from Banking/Finance-Industry-Economic Times https://ift.tt/2nI1J...

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IL&FS expects 50 per cent debt recovery by March 2020, says board chief Uday Kotak

As of October 1, 2019, the total debt getting addressed is Rs 36,400 crore. Of this, the conservative estimate of debt recovery is around Rs 30,000 crore. from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2pciK...

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IL&FS expects 50 per cent debt recovery by March 2020, says board chief Uday Kotak

As of October 1, 2019, the total debt getting addressed is Rs 36,400 crore. Of this, the conservative estimate of debt recovery is around Rs 30,000 crore. from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2pciK...

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PMC Bank crisis: ICAI initiates disciplinary proceedings

ICAI writes to statutory auditor, PMC Bank and RBI from Business Line - Money & Banking https://ift.tt/2oto7...

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PMC Bank created over 21,000 fake accounts to hide loans: Report

The PMC Bank used more than 21,000 fictitious accounts to hide loans it made, according to a police complaint lodged by officials, in the latest banking fraud case to spook the country’s depositors and investors. The complaint accuses the bank’s management of concealing non-performing assets and disbursing loans leading to a loss of at least Rs 4,355 crore. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2mNtB...

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ICICI Bank UK PLC launches digital account opening on mobile for Indians migrating to UK

The account is equivalent to a savings account in India from Business Line - Money & Banking https://ift.tt/2olRP...

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Yes Bank bonds slump following stock crash

Yes Bank slumped by a record in the bond market on Wednesday, as concerns mount over the health of the finance sector amid a shadow banking crisis.Dol from Business Line - Money & Banking https://ift.tt/2nKYy...

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34 functional teams to smoothen merger of UBI, PNB, OBC

A team comprises two members each from the three banks from different functional areas. from Banking/Finance-Industry-Economic Times https://ift.tt/2pcEw...

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IL&FS expects 50 per cent debt recovery by March 2020, says board chief Uday Kotak

As of October 1, 2019, the total debt getting addressed is Rs 36,400 crore. Of this, the conservative estimate of debt recovery is around Rs 30,000 crore. from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2pciK...

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IL&FS expects 50 per cent debt recovery by March 2020, says board chief Uday Kotak

As of October 1, 2019, the total debt getting addressed is Rs 36,400 crore. Of this, the conservative estimate of debt recovery is around Rs 30,000 crore. from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2pciK...

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Mega bank merger: PNB convenes EGM on Nov 4

Punjab National Bank (PNB) has convened an extraordinary general meeting (EGM) of its shareholders on November 4 to consider approval of the amalgama from Business Line - Money & Banking https://ift.tt/2mPg7...

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IL&FS expects 50 per cent debt recovery by March 2020, says board chief Uday Kotak

As of October 1, 2019, the total debt getting addressed is Rs 36,400 crore. Of this, the conservative estimate of debt recovery is around Rs 30,000 crore. from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2pciK...

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PMC Bank crisis: Statutory auditors’ role in forefront again

There will be more clarity when the inspection at the PMC bank is over in the next few days, say sources from Business Line - Money & Banking https://ift.tt/2mMZV...

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Cooperative insurance: Novel financing model aims to deliver healthcare to the middle-class segment

A group of hospitals in Karnataka is exploring a financing model to address gaps in healthcare that do not get covered by private and government-run i from Business Line - Money & Banking https://ift.tt/2mJbX...

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Rumours fly as online bank transactions fail

Videos of the plight of PMC Bank victims went viral, creating panic -- further exacerbated by failed online transactions at private banks such as Yes Bank, HDFC Bank, Kotak Mahindra Bank and IDFC First Bank. Bank users kept reporting that they were unable to pay rent, school fees and other dues on the first of the month. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2mMi0...

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Mallikarjuna Rao appointed Punjab National Bank’s new MD

He will be at the helm of PNB till September 18, 2021 from Business Line - Money & Banking https://ift.tt/2nEGl...

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At 95.5 cr, UPI transactions at a new high in September

The Unified Payments Interface, or UPI, gained more traction in September, to touch a record high of 95.5 crore transactions amounting to ₹1.61-lakh c from Business Line - Money & Banking https://ift.tt/2nmD1...

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The collapse of PMC exposes the fault lines in the financial system

Co-operative banks cater to a larger swathe of population than commercial banks & yet largely escape active supervision of the central bank. from Banking/Finance-Industry-Economic Times https://ift.tt/2nE5i...

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Yes Bank in talks to raise capital: CEO, Ravneet Gill

Sept quarter performance shows ability to overcome operational challenges and boost growth, said Bank CEO. from Banking/Finance-Industry-Economic Times https://ift.tt/2mHM8...

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A chunk of PMC’s loans under probe linked to HDIL promoters, states FIR

NEARLY HALF of Rs 4,635 cr loans likely to have been transferred to Rakesh and Sarang Wadhawans’ accounts, with rest borrowed by 7 entities linked to group, finds probe from Banking/Finance-Industry-Economic Times https://ift.tt/2nHtj...

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Sensex plunges over 550 points; Nifty below 11,300

Equity indices crashed in a seesaw trade on Tuesday with the benchmark BSE sensex down over 550 points amid poor show by the banking heavyweights. Sensex dived 563 points or 1.45 per cent to 38,105 in the late afternoon deals; while the broader NSE Nifty moved 177 points or 1.55 per cent lower to 11,297. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2o5S0...

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PMC Bank crisis: HDIL says loans taken after giving 'adequate security' cover

Housing Development and Infrastructure Ltd (HDIL) said its books of accounts are audited and reflect true and fair picture of the company's business. from Banking/Finance-Industry-Economic Times https://ift.tt/2naLj...

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Ex-PMC Bank MD Joy Thomas' letter to RBI: Full text

Suspended managing director of the crisis-hit Punjab and Maharashtra Cooperative (PMC) Bank Joy Thomas has admitted to the Reserve Bank of India (RBI) that the bank’s actual exposure to the bankrupt HDIL is over Rs 6,500 crore—four times the regulatory cap or 73 per cent of its entire assets of Rs 8,880 crore. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2mzLz...

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Union Bank, Bank of Maharashtra introduce repo rate linked loans

Union Bank of India and Bank of Maharashtra on Tuesday introduced repo rate linked floating rate loans for the retail and micro & small enterprise from Business Line - Money & Banking https://ift.tt/2o8HY...

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PMC Bank scandal points to larger problems in the system

The problem at PMC Bank only became apparent when the Reserve Bank of India last week banned depositors from taking out more than 1,000 rupees ($14) for six months without offering any explanation. from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2n6S0...

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HDIL to meet PMC Bank administrator in-charge

The Housing Development and Infrastructure Limited (HDIL) has sought a meeting with Jai Bhagwan Bhoria, the Administrator in-charge of the crisis-hit from Business Line - Money & Banking https://ift.tt/2ni5R...

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PMC Bank crisis: RBI taking action, Nirmala Sitharaman appeals to worried user

In an effort to calm down a worried Punjab & Maharashtra Cooperative (PMC) Bank user, Union finance minister Nirmala Sitharaman has assured that the Reserve Bank of India (RBI) -- the crisis-hit lender's regulator -- is taking action. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2na4w...

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PMC Bank scandal points to larger problems in the system

The problem at PMC Bank only became apparent when the Reserve Bank of India last week banned depositors from taking out more than 1,000 rupees ($14) for six months without offering any explanation. from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2n6S0...

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Axis Bank launches short-term online fixed deposits

This launch is in line with the bank’s proposition for new-to-banking customers, to offer them a quick and convenient way to save money for short-term goals. from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2mZ57...

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PMC Bank scandal points to larger problems in the system

The problem at PMC Bank only became apparent when the Reserve Bank of India last week banned depositors from taking out more than 1,000 rupees ($14) for six months without offering any explanation. from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2n6S0...

Read more »

Axis Bank launches short-term online fixed deposits

This launch is in line with the bank’s proposition for new-to-banking customers, to offer them a quick and convenient way to save money for short-term goals. from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2mZ57...

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IRDAI cuts down exclusions in health insurance, more illnesses to be covered

Says travel insurance can not be pre-selected option on websites, apps from Business Line - Money & Banking https://ift.tt/2niBg...

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Customers can get cheaper home, auto loans from October 1

PSU banks announce details of repo-linked lending rates; private banks likely to roll out schemes as well from Business Line - Money & Banking https://ift.tt/2mt7e...

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PMC Bank’s illegal loans to realtors began in '08

The Economic Offences Wing (EOW) on Monday registered an FIR against more than 10 people, including Joy Thomas, former MD of Punjab & Maharashtra Cooperative Bank, Waryam Singh, ex-chairman of Punjab & Maharashtra Co-operative Bank, and HDIL promoters Rakesh and Sarang Wadhawan. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2o1Dg...

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PMC Bank scandal points to larger problems in the system

The problem at PMC Bank only became apparent when the Reserve Bank of India last week banned depositors from taking out more than 1,000 rupees ($14) for six months without offering any explanation. from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2n6S0...

Read more »

Axis Bank launches short-term online fixed deposits

This launch is in line with the bank’s proposition for new-to-banking customers, to offer them a quick and convenient way to save money for short-term goals. from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2mZ57...

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Reliance Nippon AMC moves to HC to recover Rs 478 crore from DHFL

The counsel for DHFL said the company defaulted on the payment of about Rs 200 crore in the month of May. from Banking/Finance-Industry-Economic Times https://ift.tt/2nilM...

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How the PMC Bank scam was kept hidden for many years

The disclosures made by Joy Thomas, former Managing Director at PMC Bank, shows how various dubious transactions in the bank were kept hidden since 20 from Business Line - Money & Banking https://ift.tt/2njRg...

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Good news for customers! Axis Bank launches short-term online fixed deposits

This launch is in line with the bank’s proposition for new-to-banking customers, to offer them a quick and convenient way to save money for short-term goals. from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2mZ57...

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HDFC Bank, ICICI, others in MeitY’s digital good books

Government looks to achieve 40 billion digital transactions in the current financial year. from Banking/Finance-Industry-Economic Times https://ift.tt/2nhzG...

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Good news for customers! Axis Bank launches short-term online fixed deposits

This launch is in line with the bank’s proposition for new-to-banking customers, to offer them a quick and convenient way to save money for short-term goals. from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2mZ57...

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How to put India's shadow banks on firmer ground

An institution that uses public funds to buy stalled projects from builders could halt this crisis of confidence. from Banking/Finance-Industry-Economic Times https://ift.tt/2n7nm...

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Good news for customers! Axis Bank launches short-term online fixed deposits

This launch is in line with the bank’s proposition for new-to-banking customers, to offer them a quick and convenient way to save money for short-term goals. from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2mZ57...

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SBI becomes first Indian bank to have office in Australia’s Victoria

Press Trust of India from Business Line - Money & Banking https://ift.tt/2mjIs...

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SBI becomes first Indian bank to have office in Australia's Victoria

The Melbourne office will assist the growing trade and investment relations between Victoria and India. from Banking/Finance-Industry-Economic Times https://ift.tt/2n4C5...

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Keep it simple with SIPs

It’s a universal truth that stock markets are dynamic and nonlinear. Unfortunately, most investors get carried away by bullish market sentiments and expect i... from Banking/Finance-Industry-Economic Times https://ift.tt/2mgva...

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PMC crisis: This tiny bank in Maharashtra is a canary in India’s coalmine

How did PMC’s board, its auditors and the central bank remain clueless for so long? from Banking/Finance-Industry-Economic Times https://ift.tt/2nKUp...

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How SIP in mutual funds may help recoup interest on your home loan

‘He is not a full man who does not own a piece of land’ – goes a Hebrew proverb. Almost all Indians are conditioned to own at least 1 house of their own. It ... from Banking/Finance-Industry-Economic Times https://ift.tt/2mgbp...

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SIPs: A way to keep emotions away

In the world of investments, there is a well-researched theory of how human emotions play strongly at the wrong time. We all know that the markets are cyclic... from Banking/Finance-Industry-Economic Times https://ift.tt/2nRKp...

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Reliance Capital hopes to shutter two lending arms by December

Reliance Capital has two credit verticals -- Reliance Commercial Finance and Reliance Home Finance -- with a cumulative asset of over Rs 25,000 crore. from Banking/Finance-Industry-Economic Times https://ift.tt/2md4V...

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Did RBI miss an early sign that PMC Bank was in trouble

Annual reports show a sharp drop in bank’s PSL portfolio between March 2015-March 2019 from Business Line - Money & Banking https://ift.tt/2mddO...

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Government to look at all aspects of PMC bank crisis: MoS Finance Anurag Thakur

Auditors, bank directors are equally responsible as the regulator for the incident from Business Line - Money & Banking https://ift.tt/2mY6q...

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Why has Lakshmi Vilas Bank fallen by more than 50 per cent over the past year?

Deteriorating finances and the RBI placing it under PCA suggest more pain ahead for the bank from Business Line - Money & Banking https://ift.tt/2mfEj...

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YES Bank gets RBI approval to raise capital, but scrip down 12 per cent

YES Bank on Monday said it has received a go-ahead from the Reserve Bank of India for its capital raising plans."The bank is pleased to inform you tha from Business Line - Money & Banking https://ift.tt/2nLvn...

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Satin Creditcare eyes 25% overall AUM growth in next five years: CMD

Keen to increase share of non-microfinance book to one-third in next five years from Business Line - Money & Banking https://ift.tt/2mX4p...

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Is Equity Investing an Art or a Science?

Human beings have a peculiar habit of categorizing anything and everything around them. This makes the oft-heard debate about categorization of a stream/ fie... from Banking/Finance-Industry-Economic Times https://ift.tt/2nL60...

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Cricket and Investing

May 2019 was an action packed month for India as 2 of India’s 3 biggest obsessions Politics, Cricket and Bollywood kept everyone hooked to their television... from Banking/Finance-Industry-Economic Times https://ift.tt/2mb9A...

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PMC Bank has over Rs 6,500 crore exposure to HDIL: Ex-MD Thomas

Suspended MD of the crisis-hit Punjab and Maharashtra Cooperative Bank (PMC) Joy Thomas has reportedly admitted to the RBI that the bank’s actual exposure to the bankrupt HDIL is over Rs 6,500 crore—four times the regulatory cap or 73% of its entire assets of Rs 8,880 crore. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2nIm6...

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