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Every time a crisis such as PMC surfaces, there’s some sympathy over the plight of depositors, and debates around the need to regulate cooperative banks better.
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The central probe agency said it has attached land, building, plant and machinery of the firm located in Odisha under the provision of the Prevention of Money Laundering Act (PMLA). .
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The Enforcement Directorate (ED) on Saturday said it has attached assets worth over Rs 4,025 crore of Bhushan Power and Steel Limited (BPSL) in connection with its money laundering probe linked to an alleged bank loan fraud.
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The bank was put under "directions" by RBI last month due to weak financial health, wherein the central bank has capped the deposit withdrawals at Rs 25,000.
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Assuring account holders of troubled Punjab and Maharashtra Co-operative (PMC) Bank of support, finance minister Nirmala Sitharaman on Saturday said that she has spoken to the Reserve Bank of India (RBI) governor, who assured that customers' concerns will be taken on top priority.
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This is the first time the 111-year-old bank has come clean on the default perpetrated by Choksi, who has now settled as a citizen of Antigua & Barbados, the West Indies.
1:18 PM
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The industrial output data for August, which showed 1.1% contraction, adds to the string of other numbers, such as slumping vehicle sales, which are testimony to the slowdown that has gripped Asia’s third-largest economy, leading to a rash of growth downgrades by several economists, rating agencies and the central bank.
12:08 PM
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Reflecting the deepening economic crisis arising from both structural and cyclical issues and a massive fall in consumption demand, bank credit growth rate, for the first time this fiscal, slowed to single digit at 8.8 per cent to Rs 97.71 lakh crore during the fortnight to September 27, according the Reserve Bank of India (RBI) data.
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ED has traced around 2,100 acres of land controlled by HDIL and its promoter Rakesh Wadhawan and his son Sarang aka Sunny. These land parcels are located in seven different villages in the Vasai-Palghar belt. The land, believed to be worth about Rs 3,500 crore, will be attached by the ED. The Wadhawans along with their company obtained loans from the Punjab and Maharashtra Cooperative Bank fraudulently.
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ED officials are examining the documents to ascertain if these lands were purchased on individual name of Wadhawans or in the name of HDIL.
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Should a new crisis erupt on world markets, non-US banks will struggle to cover their debts, which have increased since the global financial crisis, the International Monetary Fund (IMF) warned on Friday.
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The country's foreign exchange reserves surged by $4.24 billion to touch a record high of $437.83 billion in the week to October 4, according to the latest data from the Reserve Bank of India (RBI). In the previous week, the reserves had surged by massive $5.02 billion to $433.59 billion.
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The meeting of the central board, held in Chandigarh, came a day after Finance Minister Nirmala Sitharaman announced setting up of a panel to recommend legislative changes to ensure better governance at cooperative banks.
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Captains at MFI firms believe that said that the slowdown is not felt in their sector as they finance making of goods for conspicuous consumption.
6:46 PM
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The benchmark one-year MCLR, against which most of the consumer loans are priced, will now stand at 8.35 per cent from the earlier rate of 8.40 per cent.
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The memorandum of understanding (MoU) will facilitate a cashless, paperless and transparent payment system on the portal and will create an efficient procurement system for government entities
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Extending full support to the new management, Yes Bank's single-largest shareholder and co-promoter, the late Ashok Kapur's daughter Shagun Gogia on Thursday said the issues of governance and transparency are fully dealt with now.
11:46 AM
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Investigations have revealed that the board of directors was aware of the loans sanctioned to the promoters of Housing Development and Infrastructure (HDIL), he said, speaking on the condition of anonymity.
11:21 AM
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Parekh said the country needs two things from the world—capital and oil.
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The income tax department sought to reopen the accounts of NuPower last year to examine the genuineness of investments of about Rs 50 crore by Firstland Holdings in 2011.
8:26 AM
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The company, which operates in the country under its registered name of Kisetsu Saison Finance India, has also received $30 million from the Tokyo Stock Exchange-listed parent entity.
1:11 PM
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The company has approached the court through its asset management subsidiary.
1:11 PM
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With its formation, the proposed "Kerala Bank" will be largest banking network in the state.
12:31 PM
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The central bank’s “no” to Indiabulls will undoubtedly worsen the climate of fear in India’s financial industry.
11:55 AM
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Mortgage lender Indiabulls Housing Finance's plans to turn into a bank by merging with Chennai-based Lakshmi Vilas Bank received a setback on Wednesday, with the banking regulator rejecting the proposal.
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On Wednesday, along with a cut in lending rates, banking major SBI also cut the FD rates for senior citizens for 1-2 years bracket to 6.9% from 7% while savings bank rate was cut to 3.25% from 3.5% for deposits of up to Rs 1 lakh. Other banks are expected to follow. Financial planners say senior citizens will have to take some risks and invest in debt funds.
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One credit tap is starting to gurgle, giving some cause for optimism. Pocket-sized loans are feeding online consumption.
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Gagan Banga, Indiabulls Housing Finance (IHF) vice chairman, said it appears that the RBI saw the move as a backdoor entry into banking.
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Under the new external benchmarking regime, Bank of Baroda, for instance, will be using three credit score slabs from the Credit Information Bureau (India) Ltd (Cibil) to price new home loans.
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In a letter last month, Iffco-Tokio has written to the Insurance Regulatory and Development Authority (Irda) seeking to “dispel any misinformation.”
7:36 AM
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Mumbai Police says HDIL settled outstanding dues with Bank of India.
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Depositors of Punjab and Maharashtra Cooperative (PMC) Bank protested outside a court on Wednesday, demanding stringent action against the culprits.
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Bank of Maharashtra shares closed 2 per cent down at Rs 10.80 on BSE. KPM MR.
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A court here on Wednesday extended till October 14 the police custody of a former chairman of the Punjab and Maharashtra Cooperative (PMC) Bank and two directors of HDIL, arrested in connection with the alleged Rs 4,355 crore scam at the bank.
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Last year, LIC made Rs 23,000-cr profit from equity and have crossed Rs 11,500-cr profit on equity this year.
11:55 AM
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State Bank of India (SBI) on Wednesday announced reduction in its marginal cost of fund based lending (MCLR) rate by 10 basis points across all tenors, effective October 10.
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Today we need more money in the hands of corporates if investment must pick up: Rajnish Kumar
8:06 AM
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Customer security programme of SWIFT needs to be implemented by the banking system as small retail accounts are getting hacked, says global body’s India chair Arundhati Bhattacharya.
8:01 AM
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Today we need more money in the hands of corporates if investment must pick up: Rajnish Kumar
8:01 AM
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Agency demands info for past 10 years from consultants as well; law firms seek co’s consent.
8:01 AM
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As per the latest Reserve Bank of India (RBI) data, an unprecedented 6,801 frauds, totalling Rs 71,500 crore, were detected in FY19.
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"Reserve Bank's position is that there is adequate liquidity in the system", said RBI deputy Governor N. S. Vishwanathan.
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According to a report by State Bank of India’s research department, while 75% of bank deposits were covered under insurance in fiscal year 1982, this dropped to 28% in 2018.
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He said his bank, which is back in the black, is expected to remain profitable before its merger with Punjab National Bank and Oriental Bank of Commerce.
9:55 PM
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Sebi had placed trading restrictions on the promoters/ directors of the company.
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The new rates will be applicable on home loans, mortgage loans, car loans, education loans, personal loans and all other retail loan products linked to repo rate.
7:40 PM
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This will include providing the necessary infrastructure and literacy to handle such transactions, it said.
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The 30-share BSE Sensex settled at 37,531.98 points, down by 141.33 points or 0.38 per cent as 24 of its components posted losses. The barometer oscillated between the day's high of 37,919.47 and the low of 37,480.53. Broader NSE Nifty dropped by 48.35 points or 0.43 per cent to close at 11,126.40 as leading IT, pharma, financials, and oil stocks retreated due to profit booking. As many as 32 of Nifty components declined.
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The Punjab & Maharashtra Cooperative Bank (PMC) scam points to the urgent need to massively increase the depositor insurance cover from the present Rs 1 lakh, says a report.
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Real estate developer HDIL is currently in default to various banks and has been admitted for proceedings under the Insolvency and Bankruptcy Code.
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