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"Institutions like banks should understand their core strengths and offer benefits to people like providing value- added features like phone banking facilities or rolling out of chat bots to serve customers and should not take up unnecessary scaling up of operations", Finance Minister Nirmala Sitharaman said.
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ED said that “the money trail which is found during interrogation is required to be confronted and further investigated”. The agency also told the Court that it has recovered voluminous “email dump” of accused and “key management persons” which is being looked into. The agency claimed that emails has data connected with proceeds of crime.
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A court here on Saturday granted seven days' custody of former Bhushan Power and Steel Ltd CMD Sanjay Singal to the Enforcement Directorate (ED) for interrogation in its probe in a multi-crore money laundering case linked to an alleged bank loan fraud.
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Tata Motors, Yes Bank and Vedanta will be dropped from the BSE's benchmark sensex from December 23. In their places, UltraTech Cement, Titan Co Ltd and Nestle India will be added in the index, Asia Index, a joint venture between S&P Dow Jones Indices and the BSE, said in a statement on Friday.
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The Reserve Bank India is looking to introduce new rules on corporate governance for banks in sync with global ones, and would also like lenders to disclose more, deputy governor N S Vishwanathan said on Friday.
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These ‘ghost accounts’ are suspected to have been operated by entities with the knowledge of arrested bank officials, sources said. These accounts allegedly belonged to the Abchal Group, loans to which have turned bad, saddling the bank with a Rs 300 crore liability. Not much information seems to be publicly available on the Abchal Group or its promoters.
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"When things are delayed, it only continues to fester in the system, " N S Vishwanathan said.
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IDFC First Bank's Non-Executive Chairman Rajiv Lall, ICICI Prudential Life Insurance's Managing Director and Chief Executive N S Kannan, and mutual funds' association AMFI's Chief Executive N S Venkatesh would be part of the three-member panel which will advise the administrator of DHFL, an official statement said.
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The RBI on Friday constituted a three-member panel to advise the administrator of DHFL, ahead of formally moving for resolution of the troubled mortgage lender under the insolvency law. IDFC First Bank's non-executive chairman Rajiv Lall, ICICI Prudential Life Insurance's MD and chief executive N S Kannan, and AMFI's chief executive N S Venkatesh are on the panel.
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Kerala-based lender CSB Bank, previously known as Catholic Syrian Bank, opened for subscription on Friday. CSB Bank raised Rs 184 crore from anchor investors and aims to raise up to Rs 410 crore. The lender has fixed a price of Rs 193-195 per share for the initial public offer (IPO).
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Bank of Baroda has denied allegations by a British lawmaker that the bank had facilitated corruption in South Africa under the regime of former president Jacob Zuma.
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Public sector banks disbursed Rs 1.1 lakh crore as new term loan, while Rs 46,800 crore was disbursed towards new working capital loans. They conducted customer outreach programmes in collaboration with other banks and NBFCs in 226 districts in Phase I and 148 districts in Phase II.
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Have you ever thought of getting reasonable returns without compromising too much on how quickly we could get our hands on the cash? Financial planners recom...
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Wealth managers, insurance brokers, merchant bankers and share transfer agents may soon be under the ambit of Insolvency and Bankruptcy Code (IBC). So, far only non-bank finance firms with assets of over Rs 500 crore have been brought within the scope of IBC.
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As a part of its outreach programme, the public sector banks have disbursed Rs 2.53 lakh crore in loans in October. Loans to corporates accounted for Rs 1.23 lakh crore while NBFCs received disbursements of Rs 19627 crore. Finance Minister Nirmala Sitharaman had announced that PSBs would extend credit to farmers, MSMEs and prospective customers
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Public sector banks disbursed a record Rs 2.52 lakh crore of loans during the festive month of October, the finance ministry said on Thursday. An amount of Rs 1.05 lakh crore was fresh lending, the department of financial services said in a statement.
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The government in September had asked state-run banks to step up lending and hold outreach programmes or loans melas in 400 districts to lend to desirable shadow banks and retail borrowers. An amount of Rs 1.05 lakh crore was fresh lending, the Department Financial Services said in a statement.
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In August, the government announced its plan to merge 10 public sector lenders into four to create fewer and stronger global-sized ban.
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Public deposits contribute 7% of the overall borrowing mix of Rs 83,900 crore. Debenture holders have 37% exposure followed by 31% bank term. DHFL being the first financial services provider to be taken to bankruptcy code, it is to be seen how the resolution of a non-bank entity is undertaken under the IBC with large number of fixed deposit holders.
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For lenders to pretend that they were going to restructure Dewan’s $12 bn in liabilities out of court was just a Bollywood fantasy. The problem is that India’s 2016 insolvency law, modeled on the UK system, is set up for nonfinancial firms. Using the same law to put a financier like Dewan out of its misery has some advantages but many shortcomings.
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Paytm founder Vijay Shekhar Sharma took to Twitter to plead with customers to maintain caution. “Pls (please) don’t trust any SMS sent on blocking your Paytm account or suggestion to do a KYC. These are fraudsters…” Sharma tweeted. These tweets come after hundreds of Paytm customers over past three months have registered complaints with the company’s cyber cell.
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Maharashtra Metro Rail Corp had approached the top court seeking to encash bank guarantees after IL&FS Engineering & Construction Co failed to fulfil its contracts. However, the apex court has upheald the NCLAT order dated October 15, 2018 disallowing any such move. SBI alone has given bank guarantees worth around Rs 700 crore on behalf of IL&FS companies.
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The Reserve Bank of India (RBI) on Wednesday said it will initiate bankruptcy proceedings against shadow lender Dewan Housing Finance Ltd (DHFL). The central bank has superseded the board of DHFL and appointed an administrator owing to governance concerns and defaults in meeting various payment obligations, it said.
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The 56-year-old Jhaveri had joined the Wall Street major as a management associate in 1987, and had a steady rise to become vice-chairman of banking, capital markets and advisory for Asia Pacific earlier this year, after heading the India operations for almost a decade between 2010 and 2019.
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DBS Bank has extended financial debt amounting to USD 50 million (around Rs 243 crore) to Ruchi Soya and had secured as a sole first charge on fixed assets of the debt-ridden firm at Baran, Guna, Daloda, Gadarwara, Mumbai and Kandla. During the insolvency proceedings, RP had admitted claims of Rs 242.96 crore of DBS Bank.
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India’s insolvency resolution framework has truly arrived after a tortuous journey of three years. Banks will finally be able to keep out unscrupulous promoters with the law establishing the primacy of financial lenders on asset proceeds.
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The referral, which will happen after the RBI informs the government and a notification is issued, will help ease DHFL’s troubles that began in September 2018 with the credit crunch caused by the collapse of IL&FS. RBI has already informed the department of financial services about referring DHFL and two other NBFCs to the NCLT.
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The affidavit, filed by Rajlaxmi Sethi, Assistant General Manager, Department of Co-operative Bank Supervision, RBI, states that PMC Bank had submitted fraudulently manipulated data to the central bank for sample checks, but "the sample of accounts picked for inspection did not contain undisclosed HDIL accounts."
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"According to RBI, frauds as per year of reporting, as reported by PSBs, during the period from April 1, 2019 to Sep 30, 2019 is 5,743 involving a total amount of Rs 95,760.49 cr," FM said in Rajya Sabha. She further said that comprehensive measures have been taken to curb the incidence of frauds in banks, including freezing bank accounts of 3.38 lakh inoperative cos.
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"According to Reserve Bank of India (RBI), frauds as per year of reporting, as reported by Public Sector Banks (PSBs), during the period from April 1, 2019 to September 30, 2019 is 5,743 involving a total amount of Rs 95,760.49 crore," finance minister Nirmala Sitharaman said in the Rajya Sabha.
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"The Reserve Bank of India in exercise of powers conferred under the Banking Regulation Act, 1949, has imposed a penalty aggregating to Rs 2.50 crore on the bank for non-compliance with the directions issued by the RBI in various accounts of Srijan Mahila Vikas Sahyog Samiti Ltd at Bhagalpur Branch," Bank of Baroda said in a regulatory filing.
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In an affidavit filed in the HC in response to petitions challenging the fund withdrawal restrictions, the RBI has mentioned the withdrawal ceiling at Rs 50,000 for scenarios like marriage, education, livelihood and "other hardships". On Sept 23, the RBI had imposed regulatory restrictions on the PMC Bank for six months over alleged financial irregularities.
1:28 PM
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Yes Bank has acquired 20.61% stake in Tulip Star Hotels by invoking a pledge on the company’s shares. The stake was pledged by Ezeego One Travel – a part of the Cox & Kings group which collapsed earlier this year.
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The government is likely to approve three proposals this week to improve NHAI’s fund flow for taking up highway stretches. While the proposal to tweak conditions for auctioning of completed highway stretches to make them attractive for investors and allowing NHAI to securitise the future flow of toll revenue of already operational stretches with banks and financial institutions to get upfront lump sum amount would be considered by the cabinet.
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The report also said that the merchandise exports from the eastern state in 2017-18 were valued at USD 1.35 billion which was a "remarkable improvement" over the USD 0.4 billion of exports recorded during 2012-13.
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With some respite after the curtains were drawn on the Essar Steel case, banks are still not breathing easy. Troubled Airtel and Vodafone-Idea posted record losses after the AGR ruling, which might keep profits of banks under check. RBI data show that banks have a Rs 1.15 lakh crore exposure to telecommunications as of Sept 2019, up 25% from a year ago.
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Bandhan Bank is the winner of the ET Emerging Company of the Year Award in 2019. The founder Chandra Shekhar Ghosh bagged the ET Entrepreneur of the Year Award in 2014.
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In a notification on November 15, the ministry of corporate affairs (MCA) included personal guarantees on corporate loans under the bankruptcy code effective from December 1. The promoters who have given personal guarantees include Jet Airways founder Naresh Goyal & The Ruia family which just last week lost its Rs 42,000 crore battle to keep Essar Steel.
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This is a major shift from managements’ insistence on variable pay, or performance-linked pay, which was earlier proposed as part of wage increase. Variable pay is well-accepted across industries including private banks, but not in public sector banks.
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Economic growth has fallen to a six-year-low of 5 percent in the June quarter and is widely expected to slip further with almost all key components of the economy contracting or falling since the first three months. The RBI has responded by cutting rates by 110 basis to a nine-year-low of 5.40 percent since April courtesy low inflation.
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"Non-banking finance companies (which include housing finance companies) with asset size of Rs 500 crore or more, as per last audited balance sheet," can be taken up for insolvency resolution and liquidation proceedings under the Code, the ministry said in a notification.
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Earlier, Aditya Birla Idea Payments Bank had announced winding up its biz due to unanticipated developments.
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How often do we come across our friends/ relatives who have planned a vacation or other similar short term financial goal over the next 5-6 months but end up...
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HDFC Banking & PSU Debt Fund “the Scheme” , with an AUM of Rs. 3,888 Cr as of 31st October 2019 focuses on generating income/capital appreciation by investi...
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Rahul, 22, was at lunch with his friends. The conversation was intense- with long hours at work, how does one balance work and life? So how does one do somet...
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India’s largest lender SBI and its arm SBI Capital Markets, which is playing a key role in setting up the fund, have started reaching out to other banks and financial institutions to participate in the AIF — a regulatory parlance for privately pooled vehicles such as venture capital, private equity, and real estate funds. A bank can invest up to 10% of the corpus of an AIF.
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