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Says bank had already accepted her request for an early retirement.
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Topping the list at $1.2 billion is SPGP Holdings backed by Canadian family office of Erwin Singh Braich — Canada’s first Sikh billionaire. It is not clear whether Yes Bank has received any in-principle nod from the RBI for SPGP Holdings. SPGP was in the news in India for failing to make a Rs 2-crore earnest money deposit after it put in a bid for bankrupt apparel company Reid and Taylor.
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Chanda Kochhar, the former CEO of ICICI Bank, has approached the Bombay high court challenging the validity of the bank’s termination letter issued early this year. She has sought from the court a declaration upholding the validity of an earlier letter in October 2018 wherein ICICI Bank had accepted her early retirement.
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A dedicated bankruptcy court has accepted the resolution plan for the revival of Ricoh India, the largest player in printing and document solutions.
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Foreign exchange reserves continued the upward move, gaining by a modest $347 million to touch a new high of $448.6 billion in the week to November 22, according to the weekly data released by the Reserve Bank on Friday.
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MFIN wanted a heavyweight for this CRL project, which is a self-regulatory step for a diverse set of lenders engaged in microfinance such as banks, small finance banks, non-banking financial companies (NBFC), NBFC-MFIs and not-for-profit firms.
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Indian finance and leasing companies are likely to grow at a slower pace in the year 2020 than in prior years, amid weaker economic growth and liquidity constraints, the rating agency said. Fitch added that its 2020 sector outlook is underpinned by challenging operating environments, lower growth prospects, and rising funding pressure.
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Rangarajan comments assume significance as Finance minister Nirmala Sitharaman, in August, announced upfront capital infusion of Rs 70,000 crore into public sector banks, a move aimed at boosting lending and improving liquidity situation.
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The Reserve Bank on Friday sent the crippled Dewan Housing Finance Corporation (DHFL) to the bankruptcy tribunal, making it the first NBFC/HFC to be resolved under the insolvency and bankruptcy code.
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Members of the steering committee include Harsh Shrivastava of MFIN, P Satish of Sa-Dhan, Srinivas Bonam of IndusInd Bank and Sonia Krishnankutty of L&T Finance among others.
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Data disclosed in the initial public offering (IPO) document of SBI Cards showed that largeticket corporate frauds worth Rs 26,757 crore were reported to regulators between April and November this year by SBI, compared with Rs 10,725 crore were reported in FY19. The comparison appears even starker when FY18 disclosures, at only Rs 146 crore, are considered.
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Lenders need to come up with a plan by January 7, failing which they would be required to make 20% provisions or refer the cases to court under IBC within 30 days, under the new RBI rule. “Many cases will be referred to NCLT whereever banks fail to put together a resolution plan,” said a senior bank executive with a public sector bank.
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HDFC Bank on Thursday said it has formed a six-member committee to find a successor to managing director Aditya Puri who is set to retire in October next year. India's largest private sector lender HDFC Bank is on a global search to find a successor to the founding-chief executive Aditya Puri, as he would turn 70 next year.
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"The board of directors of the bank at its meeting held today has constituted a search committee to identify a successor to Aditya Puri, the current managing director of the bank, whose tenure ends on October 26, 2020. The search committee shall evaluate internal and external candidates to ensure smooth transition," the bank said.
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We disbursed close to Rs 27,000 crore last fiscal with over 90 per cent towards gold loan," COO Muthoot Fincorp Limited, Vasudevan Ramaswami said in a press conference. Presently, Muthoot Fincorp has over 3,600 branches in India, with seventy percent in southern markets.
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The stock market is just like the weather - it's unpredictable. Volatility is a part and parcel of capital markets and investment journey. Market volatility ...
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The finance ministry wants the Reserve Bank of India (RBI) to set up a fund to buy out stressed assets of the country's top 25 shadow lenders, a government source told reporters on Thursday.
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The notification said the the government had after consultations with the National Bank for Agriculture and Rural Development (NABARD) and the sponsor banks of the concerned regional rural banks decided that it was necessary in public interest and the interest of the three regional rural banks that they be amalgamated.
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The problem came to light due to a complaint by a whistleblower, a source aware of the developments told ET. The issue has been taken up through an internal enquiry and four of FIS’ top executives who were managing the ATM and allied services business in India have been asked to step down till the enquiry is complete, the source added.
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The government has notified amalgamation of regional rural public sector banks — Baroda Uttar Pradesh Grameen Bank, Kashi Gomti Samyut Gramin Bank and Purvanchal Bank — into a single regional rural bank, Baroda UP Bank.
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A court has allowed the RBI- appointed administrator for PMC Bank to sell two airplanes and a yacht belonging to HDIL group promoters Rakesh Wadhawan and his son Sarang.
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Aviva Life Insurance on Wednesday said the insolvency case filed against the company, in a matter involving commercial dispute of Rs 27 lakh, has been settled.
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The Reserve Bank of India (RBI) has asked banks to monitor loans under the Mudra scheme over concerns of growing levels of non-performing assets (NPAs) in that category. The warning comes a few months after RBI governor Shaktikanta Das, in a meeting with banks, pulled them up for loose monitoring of these loans in the light of rising defaults.
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The Insurance Regulatory and Development Authority has said that group insurance schemes should show collection of premium, issue of certificate of insurance and reimbursement of expenses. Also, interest rates declared under group savings products should be in such a way that there is no discrimination among identical policyholders on fund size.
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Financial institutions’ meltdown could be quicker than wax. Unlike manufacturing cos, which affect only a small set of suppliers and customers, troubles in a financial institution could lead to risk aversion and their inter connectedness could lead to even sound companies finding it difficult to access credit and meet their obligations.
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Reserve Bank deputy governor MK Jain on Tuesday warned bankers about the growing stress in Mudra loans, which has crossed more than Rs 3.21 lakh system- wide, and asked them to monitor such loans closely as unsustainable credit growth in the sector can risk the system.
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The Reserve Bank of India (RBI) will cut interest rates in December for a sixth time this year, and again before July, according to economists in a Reuters poll who forecast those reductions would either marginally boost the economy or have no impact.
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The companies owe solar and wind power generators including Goldman Sachs-backed ReNew Power and Softbank-backed SB Energy over 97 billion rupees ($1.35 billion), according to the Central Electricity Authority, an arm of the federal power ministry. Commercial banks are unwilling to lend to these firms because of their high outstanding debt.
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The Mudra loan scheme was launched by Prime Minister Narendra Modi in 2015 to help the highly under-funded small and medium industries with cheap bank loans. Raising concerns over growing number of NPAs under the Mudra loans, Reserve bnak if India Deputy Governor MK Jain asked asked banks to focus on repayment capacity at the appraisal stage itself.
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The foreign investor has offered to put in around Rs 900 crore to revive the company, which owed more than Rs 7,700 crore to its financial and operational creditors. The company’s lenders had approved the plan earlier this year, with 73% of them based on the outstanding debt voting in favour of Royale Partners.
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Gross NPAs of SCBs, which stood at Rs 10,36,187 crore on March 31, 2018, declined by Rs 97, 996 crore to Rs 9,38,191 crore as on June 30, 2019, Anurag Thakur said during question hour in Lok Sabha. The gross NPAs stood at Rs 3,23,464 crore as on March 31, 2015 and increased to over Rs 10.36 lakh crore figure by the end of 2017-18 fiscal on March 31.
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Yes Bank on Monday sold over 16 lakh shares of Reliance Capital for around Rs 3 crore through an open market transaction. According to bulk deal data available with the National Stock Exchange (NSE), the private sector lender sold 16,78,900 shares at an average price of Rs 16.26 apiece. This took the total transaction value to Rs 2.72 crore.
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The company has inked an MoU with lClCl Bank to enter into a strategic financing partnership for two years, the Hinduja group flagship said in a regulatory filing. The agreement will enable both the partners to offer customised financial solution to customers across the country with focus on semi-urban and rural geographies, it added.
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The bank sources said they have never been directed by the tribunal to be present for the hearing.
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In the second quarter ended September 2019, the total number of microfinance loan accounts were at 9.79 crore as compared to 7.43 crore account in the year-ago period, according to a quarterly report by Microfinance Institutions Network (MFIN). Since March 2017, an estimated 1.83 crore unique borrowers have been added, which is an average of 0.73 crore per year.
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India's economic growth is expected to slow further in the second half of the year. "Real GDP is likely to print 4.3% YoY in 3Q vs 2Q's 5%, nearing the trough for this cycle," Singapore's DBS Bank said in its daily economic report. Weakness in the crucial consumption sector is likely to be extended into the quarter along with tepid private sector activity.
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These institutional lenders want Wadhawans, the promoter group, to arrange funds in the light of the findings of the forensic audit conducted by a Big4 firm. The MFs will soon raise the issue in the three-member committee formed by the Reserve Bank of India (RBI) to help the administrator in recovering about Rs 84,000 crore that DHFL owes to the system.
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