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IDBI Bank on Friday reported its 12th successive quarterly loss of Rs 3,458 crore for the quarter ended September 2019, marginally lower than the loss of Rs 3,602 crore in the corresponding quarter of the previous year, and a loss of Rs 3,800 crore in the preceding quarter ended June 2019.
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The government may stop urban co-operative banks (UCBs), registered under the Multi-state Co-operative Societies Act, from calling themselves banks as part of a revamp exercise for these entities that have failed to convert themselves into small finance banks and come under the Reserve Bank of India’s regulatory regime.
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In a bid to boost digital payments, the Reserve Bank of India (RBI) has mandated banks to offer free account-to-account transfers using the National Electronic Funds Transfer (NEFT) platform from January 2020.
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Three Chinese banks are suing Reliance Group chairman Anil Ambani in a London court for failing to pay back $680 million in defaulted loans. The Mumbai branch of ICBC, China Development Bank and the Export-Import Bank of China agreed to loan $925 million to Anil Ambani’s firm RCom in 2012 on the condition that he provide a personal guarantee, ICBC’s lawyer Bankim Thanki told the court.
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Indian banks wrote off more than $30 billion worth of bad debt in the year to June 30, helping to lower stressed loans on their books by 8.5%, according to central bank data reviewed by Reuters.
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The Reserve Bank of India (RBI) on Friday mandated banks "not to charge savings bank account customers for online transactions in the NEFT (National Electronic Funds Transfer) system with effect from January 2020.
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Soaring bad debt levels, especially on the books of state-run lenders, have choked the Indian banking system and crippled its ability to generate fresh lending and revive economic growth that has slumped to a six-year low. The frail growth has put the brakes on sectors like autos and real estate, causing fresh heartburn for banks.
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The country's largest lender State Bank of India on Friday reduced its marginal cost of fund based lending rate (MCLR) by 5 basis points across all tenors, effective November 10, and sharply slashed the deposits pricing between 15 and 75 basis points.
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Edelweiss Infra has launched the road show for fundraising for its infrastructure fund Edelweiss Infrastructure Yield Plus Fund, and is likely to close the fund at $750 million by early next year
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In September, CEO R A Sankara Narayanan said the bank had received 12 EoIs and was expecting Rs 1,000 crore for its entire stake. JM Financial and Kotak Mahindra are advising the lenders in the sale process. Can Fin Homes has a market cap of Rs 5,440 crore. At current price, a 30% stake would have fetched Rs 1,632 cr.
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As WhatsApp battles the Israeli spygate (Pegasus) controversy in India, the Reserve Bank of India has told the Supreme Court that the messaging platform, owned by Facebook, is non-compliant with data localisation norms and that it has directed National Payments Corporation of India (NPCI) to not allow a full-scale launch of a payments business by WhatsApp on the Unified Payments Interface (UPI).
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Higher premiums will likely apply to Delhi residents seeking fresh policies. Insurance industry professionals said there has been an increase in claims from Delhi residents and costs of settlements have also risen. Capital residents who are deemed high risk given air pollution levels will likely pay the highest premiums.
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Persisting liquidity issues in the NBFC space as well as the financial woes of some groups in this sector have raised concerns about the health of the overall financial system. Troubles at Dewan Housing Finance Corporation Ltd (DHFL) and scam perpetrated at Punjab and Maharashtra Co-operative (PMC) Bank have added to the woes.
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In a meeting of Allahabad Bank and Indian Bank in the city on Wednesday, she told executives, staffs and officers of both the banks that the amalgamation of two banks is aimed at bringing about "scale of operations and qualitative exposure in different areas for employees and improvement in economy and country at large".
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The government has no plans to participate in the rescue of Dewan Housing Finance Corporation Ltd (DHFL), according to two sources involved in talks on how to restructure the shadow bank’s near Rs 1 lakh crore ($14 billion) debt.
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unjab & Maharashtra Cooperative Bank (PMC Bank), among the top 10 urban cooperative banks in the country, was placed under an RBI administrator on September 23 for six months due to massive under-reporting of dud loans. "PMC Bank situation is being closely monitored. Forensic audit is underway in PMC Bank case," Das told reporters.
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Lenders have agreed to sell the company’s debt to a consortium comprising Hong Kong’s alternative investment fund SSG Capital and the distressed debt unit of Deutsche Bank. A 55% haircut works out to an upfront cash payment of Rs 2,925 crore, which the lenders will receive in lieu of debt. They have also been offered a 15% equity in the firm.
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The government on Wednesday cleared a fund with an initial corpus of Rs 25,000 crore to revive up to 4.6 lakh housing units in 1,600 projects with “positive net worth”, including those that have been classified by banks as non-performing assets or are facing insolvency resolution action.
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A London court has denied bail to fugitive diamond merchant Nirav Modi on Wednesday in connection with nearly $2 billion Punjab National Bank (PNB) fraud and money laundering case.
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IDBI Bank NPA Management Group in Mumbai issued a public notice about wilful defaulter with the now defunct Kingfisher Airlines as the borrower and Vijay Mallya as the director and guarantor. Vijay Mallya is currently in London and the Indian government has initiated legal proceedings to seek his extradition.
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Credit keeps an economy well-oiled. But despite the government’s push, banks, which burnt their fingers lending to mega projects, have now shut the tap for small businesses for no fault of theirs. Pendulum swinging to other end is dragging the economy.
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The Economic Offences Wing (EOW) of Mumbai Police has arrested five persons in the Rs 4,355 crore PMC Bank scam, including promoters of realty group HDIL and top bank officials. Narang (71) has filed an anticipatory bail application before additional sessions judge S T Soor.
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Finance minister Nirmala Sitharaman on Tuesday said the government and Reserve Bank of India (RBI) are working to resolve the issues being faced by realty sector. Admitting that realty sector has been left out of the booster measures announced earlier, she said the sector has a spillover effect on many sectors, especially the core sector.
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Timely completion of corporate insolvency resolution process initiated under the Insolvency and Bankruptcy Code (IBC) continues to remain a challenge, according to Icra. Of the 2,542 cases admitted under IBC till date, 1,497 CIRPs or 59% of total admitted cases are still on-going in the courts.
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The Inter-Creditor Agreement (ICA) is in place for the resolution of the account and banks are looking at it, the senior banker said. The resolution would be reached by December 31, the banker expressed hope amidst SFIO probe of alleged financial irregularities committed by DHFL.
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The protesters gathered at the spot at 11 am and started raising slogans demanding they be allowed to withdraw money from their accounts above the limit prescribed by the apex bank. At least nine protesters were taken into custody, the police official said.
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The Reserve Bank of India (RBI) on Tuesday further raised the withdrawal limit for customers of the crisis-hit Punjab and Maharashtra Co-operative (PMC) Bank to Rs 50,000 from Rs 40,000 per accountholder.
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The Reserve Bank of India has increased the withdrawal limit to Rs 50,000.
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Investors, who have a mutual fund portfolio, must have a good understanding of how their returns are taxed. The illustration above gives a quick summary of a...
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Last month, ED had carried out raids at eight locations including DHFL headquarters in connection with the Rs 2,186 crore loan given by the NBFC to Sunblink Real Estate, a company under probe for its dealing with erstwhile gangster Iqbal Memon alias Iqbal Mirchi. Earlier based on ED’s request, a look out circular (LoC) has been opened against, Wadhawan.
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Punjab National Bank (PNB) on Tuesday reported a profit of Rs 507.06 crore for the second quarter ended September 30. The state-owned lender had posted a loss of Rs 4,532.35 crore during the same quarter a year ago.
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Rakesh Jhunjhunwala, the billionaire investor known for his nifty stock-picking skills, on Monday bought nearly 1.3 crore shares of troubled lender Yes Bank, or about 0.5% of its equity, at Rs 67 apiece for Rs 87 crore in total.
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Top executives in banks will have to receive half their salary in the form of variable pay which will be linked to their bank’s performance, according to new rules announced by the RBI on Monday. The variable pay itself will be capped at 300% of the fixed pay and will include equity compensation.
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Counsel for DHFL challenged the maintainability of the petition, arguing that the trustees of the bondholders had already moved an application in the Pune bench of the Debt Recovery Tribunal (DRT) for the recovery of dues on behalf of the debenture holders and hence this plea could not be entertained.
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The centre will start functioning from next month, and train financial institutions in India and overseas to help them introduce exclusive cleantech energy lending portfolios.
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The new norms will be applicable to all non-deposit taking NBFCs with an asset size of Rs 10,000 crore and above, and all deposit-taking NBFCs irrespective of their asset size and mandate them to maintain a liquidity buffer in terms their liquidity coverage ratio.
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“The objective has also been to better align the guidelines to address misconduct risk,” the RBI said.
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Icra has forecast that non-food credit growth will slow down to 8 to 8.5 per cent during FY'20 from 13.3 per cent in FY’19, as fresh loans during the year have been very low. The ratings firm also expects bond market to grow at a slower pace as they remain risk averse towards NBFCs.
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Ajay Piramal said he plans to resign as chairman of Shriram Capital Ltd, the Indian non-bank finance company backed by South Africa’s Sanlam Group, as he works to sell his stake in Shriram’s parent group.
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The innovative products/services which, among others, will be considered for inclusion under RS, like mobile payments including feature phone based payment services, offline payment solutions (as internet connectivity issues remain unresolved in large areas), and contactless payments.
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The life insurance cover, available to all customers aged 18-54 years, requires no paperwork or medical examination and the certificate of insurance will be instantaneously delivered digitally. A physical copy of the insurance will be delivered to customer’s doorstep on request. The entire process is to be delivered digitally to the customer.
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The Bombay high court on Monday sought to know from the Reserve Bank of India (RBI) what steps it has taken to protect the interests of depositors of the crisis-hit Punjab and Maharashtra Co-operative (PMC) Bank. A division bench of Justices S C Dharmadhikari and R I Chagla was hearing a bunch of petitions filed by the bank depositors, challenging restrictions imposed by the RBI on withdrawals.
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On September 23, the RBI imposed regulatory restrictions on the PMC Bank for six months over alleged financial irregularities. The withdrawal limit for account holders was initially Rs 1,000 per each customer for six months, which was later raised to Rs 10,000 and then to Rs 40,000.
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Yes Bank reported a September quarter loss of almost $85 million, 50% more than expected by analysts.
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In the aftermath of a KPMG forensic audit report that highlighted likely cases of fund diversion and related party transactions at DHFL, the SFIO ordered probe, likely halting the current process to restructure Rs 83,873 crore in outstanding debt. Bankers said the probe might prompt some potential buyers to stay away, as would the suggested capital structure in the current plan.
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This distinction is not a matter of semantics, but a key pillar on which entire modern banking rests.
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This clarification has come a day after Congress General Secretary Priyanka Gandhi termed the company a defaulter and slammed the UP government for investing the employee provident fund money in such a firm. Priyanka had asked that whose interest was being served by investing Rs 2,000 crore of the employees' hard-earned money in such a company.
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To a query under the Right to Information (RTI) Act, the Reserve Bank of India (RBI) informed that 26 PSBs of the country either closed or merged 90 branches during FY 2014-15, 126 branches in 2015-16, 253 branches in 2016-17, 2,083 branches in 2017-18 and 875 branches during 2018-19. Of this, 75 per cent of the affected branches belong to SBI.
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Emkay said that Yes Bank's fresh NPAs "were sky-high at Rs 59 billion", adding that the bank's "current aggression in retail without proper risk management systems in place could be risky."
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Hanung Toys and Textile Ltd owes Rs 2,300 crore from a consortium of 15 lenders led by state-owned PNB, which alone has exposure of Rs 599 crore.
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