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The Maharashtra government will explore possibility of merging crisis-hit PMC Bank with other bank, chief minister Devendra Fadnavis has said. "Unfortunately, a revival package for PMC bank is not in jurisdiction of the state government, but with the RBI. But, the state government can facilitate merger of the bank with other bank," Fadnavis said.
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In a report by The Economic Times, the troubled mortgage lender's links with Sunblink Real Estate have come to the fore. The ED has not named DHFL but documents reviewed by this paper showed Sunblink exposure adds up to Rs 2,186 crore.
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HDIL promoters Rakesh and Sarang Wadhawan were arrested on Friday after PMLA court sent them to Enforcement Directorate custody till October 22. The Economic Offence Wing tracked the prima facie execution of illegal transactions by the said persons.
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In what comes as a blow to lenders, the RBI has declined a proposal by banks that would have granted them relief from making provisions for the troubled mortgage lender DHFL to which banks have an exposure of Rs 40,000 crore.
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Services may be hampered, while SBI said impact would be minimum as most of its employees are not members of the participating unions. Other banks such as Bank of Maharashtra and Syndicate Bank have expressed concerns over providing customer services.
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A new revelation has added big twist to PMC fraud. The bank learned of the missing Rs 10.5 crore cash only while the internal inquiry into the bank's financial transactions was being conducted on the orders of an RBI-appointed administrator.
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PMC Bank's internal investigation team has made a startling revelation: A total of Rs 10.5 crore cash is missing from the bank's records. The team has found multiple cheques issued by HDIL and its related entities which were never deposited with the bank and yet cash was handed over to them.
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Not only is opportunistic behaviour going to worsen India’s $200 billion-plus bad loan crisis, but now that everyone from the government’s sleuths to the courts are joining the melee, the ensuing chaos will limit the recovery.
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NGO Sahakar Bharti has written to the Finance Minister, urging the government to amend the Banking Regulation Act to provide full regulatory powers to Reserve Bank of India to regulate all UCBs — scheduled as non-scheduled banks.
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The country's largest lender and Insurance Australia Group (IAG) currently own 7O per cent and 26 per cent, respectively, in SBI General Insurance. The transactions are subject to regulatory processes and approvals.
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Promoters of real estate group HDIL, Rakesh and Sarang Wadhawan, who are the prime accused in the PMC Bank scam, have requested the RBI and investigation agencies to sell off their assets, including a yacht, a Rolls Royce and an aircraft, to pay off the bank's dues.
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Altico Capital, a non-banking finance company has proposed to repay their dues in full in a staggered manner over next five years to lenders after the steering committee led by SBI met the management.
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Saving is something we learn at a very young age, and investing is something we pick up along the way. It’s also something that most of us shy away from, due...
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The Wadhawans, who are the promoters of HDIL, have been accused of orchestrating the fraud at the Punjab and Maharashtra Cooperative Bank along with the bank's top management. The scam at the PMC Bank is worth Rs 4,355 crore.
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State-run banks are set to implement doorstep banking for consumers - including the facility to deposit and withdraw cash -making life easier for senior citizens and disabled. Initially, the facility will be available to senior citizens and the disabled. It will then be extended to other consumers who may have to pay a nominal fee in case they want to avoid a branch visit.
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PMC bank depositors are in line to be classified as defaulters by credit information bureau if they fail to make payments towards their credit cards or loan repayments. In the past, RBI has relaxed rules around the classification of borrowers.
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Troubled NBFC, DHFL has emerged as the lender that funded Sunblink Real Estate, a company that is at the centre of a probe into the financial operations of late gangster Iqbal Memon. However, ED hasn’t named troubled the financier yet.
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Arundhati Bhattacharya's comments come at a time when banks' lending practices have been repeatedly put to question in many alleged scams, an increased attention from the regulator and investigating agencies and very high quantum of dud loans.
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The Finance Minister while delivering a lecture at Columbia University's SIPA said that she respects former RBI governor Raghuram Rajan for his work but pointed out that loans were given based on phone calls during his tenure.
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Finance minister Nirmala Sitharaman has said that the Indian public sector banks had the "worst phase" under the combination of former Prime Minister Manmohan Singh and Reserve Bank of India (RBI) governor Raghuram Rajan.
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India’s largest bank is said to have become apprehensive over a systemic risk if ongoing efforts to finalise the resolution plan for the indebted home financier do not go through.
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The govt dropped a law aimed at dealing with the blow-up of financial services cos due to a misplaced campaign that depositors’ money would be used to bail out failed banks, but now is it time to bring it back to fire up the economic engine.
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The external directors raised the issue at a time when the banking regulator is facing flak on social media, and facing the ire of depositors and financial market commentators. Questions have cropped up on the efficacy of its inspection.
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The All India Bank Employees' Association (AIBEA) has written to Finance Minister Nirmala Sitharaman stating that the Central government does not want its representatives on the boards of public sector banks.
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With cases piling up in the National Company Law Tribunal, the government on Monday suggested to banks that smaller cases may be settled outside the ambit of the Insolvency and Bankruptcy Code while indicating that other options, including class-action suits, may be considered to prevent a single homebuyer or a debenture-holder from dragging a company into a resolution process.
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Entire amount of over Rs 6,500 crore was withdrawn fraudulently using this modus operandi, said sources.
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The volume grew to Rs 1 lakh crore as both established and new originators flocked to the securitization market to raise resources profile in a challenging financing environment, rating company Crisil said in report.
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Any investment decision has to be part of a holistic asset allocation framework. Our best one is to talk of fixed income allocations under three buckets of l...
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"Banks have purchased assets to the tune of Rs 17,000 crore from the NBFCs under the direct pooled buy-out so that NBFCs also get the liquidity.
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Retail inflation based on consumer price index accelerated to 3.99 per cent in September against 3.28 per cent in August, government data showed on Monday. The figure came marginally below the Reserve Bank of India's (RBI's) 4 per cent target.
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PMC is in bad health allegedly due to its exposure to near-bankrupt realty player HDIL, to which it has loaned over 70 per cent of its Rs 9,000 crore in advances.
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Finance minister Nirmala Sitharaman on Monday said she is closely monitoring the developments at Punjab and Maharashtra Co-operative (PMC) Bank, and the RBI governor has assured that customers' interest will be protected.
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Indian Bank would be amalgamated with Allahabad Bank under the Centre's move to merge various public sector banks.
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Cooperative Banks of Punjab in sound financial condition, says MD SK Batish.
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A Mumbai court on Monday extended till October 16 the police custody of two top officials of HDIL and Punjab and Maharashtra Cooperative (PMC) Bank's former chairman in connection with the multi-crore scam at the bank.
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Union finance minister Nirmala Sitharaman on Monday said that the process of state-run banks' mega merger "is going smoothly". Addressing the media after a meeting with chief managing directors of public sector banks (PSBs), the finance minister assured that the step is in right direction and "everything is going smoothly".
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On 1 October, all banks shifted to the Reserve Bank of India-mandated external benchmarks for pricing their new home loans. While banks have chosen to keep it a low-key affair, for retail borrowers, a shift to loans linked to an external benchmark holds more potential than any other benchmarking mechanism.
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The secretary was addressing the media after the finance minister Nirmala Sitharaman met the heads of state-run banks for measures to boost the economy.
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Altico’s asset sales could immediately fetch at least Rs 2,000 crore, market sources said.
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Cap of Rs 25,000 on withdrawals from PMC Bank may rise as FM tweets 'clients and their concerns will be kept on top priority’.
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Lenders to vote on company’s resolution plan, including proposal to convert part debt into 51% equity, in November.
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Citing the example of PMC scam, Piyush Goyal said some "bad apples" ruin the reputation of such an important sector.
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LIC, the largest life insurer, recorded a 18.37% rise in its new premium during the month at Rs 12,759.24 crore as against Rs 10,778.81 crore in the same month a year earlier.
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"The new name and logo of the merged entity will be decided after inviting suggestions from all and sundry," a top UBI official told.
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A slump in the residential property market is leaving many builders struggling to repay loans to shadow lenders.
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While the group deleveraged some of its assets, its flagship Essar Steel was dragged to bankruptcy proceedings by lenders over unpaid loans.
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