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From arranging “a romantic spot” on the Great Wall of China for a besotted entrepreneur to procuring a limited edition Louis Vuitton clutch for a South Mumbai socialite, placing a huge “will you marry me” billboard on behalf of a smitten heir to arranging life-sized ‘statuette’ wedding cakes – the supplications of banks on behalf of their rich clients are endless and often bordering varied oddities.
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Indian Non - Banking Financial companies could face solvency strain in the new year as funding would remain a constraint despite surplus system liquidity, according to global ratings firm Moody’s. Funding difficulties are forcing NBFC to reduce lending, resulting in funding constraints for borrowers relying on non-bank lenders.
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State Bank of India was first to announce 10 bps cut in MCLR last week after Reserve Bank of India Governor Shaktikanta Das exuded confidence that previous policy rate cuts would translate into banks lowering lending rates even as the central bank kept repo rate unchanged in the last monetary policy.
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The transaction involves acquisition of 16.01 per cent paid-up share capital of SBI General Insurance by Napean Opportunities and 9.99 per cent by Honey Wheat Investment Ltd, the CCI said in two separate statements.
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We all have shortcomings when it comes to managing finances. There is a whole host of mistakes people make with their finances. It will be better off if we f...
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Chief economic advisor Krishnamurthy Subramanian said that the government's economic reforms are showing its impact. He said the evidence can be seen in the record FDI inflows - $35 billion in the first half of 2019-20 as against $31 billion during the same period last year. He also announced capitalisation of public sector banks and funding to realty projects.
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Binomo is an innovative trading platform that enables people to earn money online. Anyone familiar with trading knows the ever-so-common situation when tra...
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Do you know why your spouse never tells you about the money she spends or saves in her bank account? Beware, as this habit of financial infidelity can be more or as dangerous as sexual infidelity and may lead to divorce faster than you ever thought.
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RBI Governor Shaktikanta Das was in the city to attend a central board meeting. He also met Chief Minister Naveen Patnaik in the state capital.
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The NFRA has issued Audit Quality Review (AQR) report of statutory audit conducted for IFIN for 2017-18 period. The statutory audit was carried out by Deloitte Haskins and Sells LLP (DHS).
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Divergence in gross NPA is the difference in gross bad loans reported by banks and the assessment done by Reserve Bank of India. Allahabad Bank had reported Rs 28705 crore gross NPA as on March 2019 while RBI assessed its gross NPA at Rs 28772 crore.
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BoB Trinidad & Tobago started its operations in October 2007 as a wholly-owned overseas subsidiary. "We have had a long and successful tenure in Trinidad & Tobago and will look forward to a disruption-free service to our valued customers of in that market," executive director Murali Ramaswami, said in a statement.
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Singh's brother Malvinder (46), also a former Fortis Healthcare promoter, Sunil Godhwani (58), Kavi Arora (48) and Anil Saxena were arrested by the Economic Offences Wing (EOW) of Delhi Police for allegedly diverting RFL's money and investing in other companies.
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Punjab and Maharashtra Cooperative (PMC) Bank, over a long period of time, had given more than Rs 6,700 crore in loans to the Housing Development and Infrastructure Ltd, which is 73% of its total advances, and which turned sour with the bankruptcy of the company. Its total loans stand at around 9,000 crore and the deposits at over Rs 11,610 crore.
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"I am not worried over the slow rate of GDP growth in the country. Certain things happening will have its impact," the former president said while addressing an event at the Indian Statistical Institute (ISI) in Kolkata. He further said there is nothing wrong in public sector banks needing capital infusion.
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DHFL is in the process of finding a resolution after a recent proposal of lenders was rejected by the RBI. ET was first to report on October 19 that the RBI had rejected a proposal by banks that would have allowed them provisioning relief to the tune of Rs 6,000 crore on borrowings by DHFL. Most banks will have to now take this into account for the December quarter.
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The government had earlier this year announced it would partially guarantee state banks' purchase of as much as 1 trillion rupees of performing assets of these non-bank financial companies.
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With the headwinds unlikely to dissipate soon, non- banks, especially the wholesale-focused ones without strong parentage, would need to make structural changes and reorient their business models, leading to a recalibration of their asset under management mix, Crisil said on Wednesday.
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Axis Bank managing director and chief executive Amitabh Chaudhry said the bank has studied the market but has not found a perfect match yet. "We are evaluating opportunities all the time," he said, adding that the microfinance firms, which are doing well and can be a good fit, are mostly overvalued. "Nothing is on the cards at present."
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The issue of lack of monetary transmission hasn't cropped up suddenly and is something that has been a matter of concern for the RBI in ensuring the pass-through of its policy decisions. The matter snowballed in the last few months after the RBI observed that the effects of its rate cuts are not being felt in terms of interest rates coming down.
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The numbers of ATM frauds in public sector banks were, however, more revealing. While State Bank of India, with over 58,000 ATMs across India at the end of March 2019, accounted for over 25% of the over 2 lakh cash dispensers, one in five frauds were reported at its ATMs. The second-placed IDBI Bank saw close to 1,800 frauds being reported.
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Braich, the Canadian suitor, said he loves the logo: "If it was called 'No Bank', I wouldn’t have been interested." Even if a joke, this is serious. The shock to India’s broken financial system risks being even bigger than the collapse of IL&FS in September 2018. The regulator must act before Yes Bank becomes, for all practical purposes, no bank at all.
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Besides SBI, the 13 Indian banks include Bank of Baroda, Corporation bank, Federal Bank Ltd, IDBI Bank, Indian Overseas Bank, Jammu & Kashmir Bank, Punjab & Sind Bank, Punjab National Bank, State Bank of Mysore, UCO Bank, United Bank of India and JM Financial Asset Reconstruction Co. Pvt Ltd.
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Under the new framework, statutory auditors, in verifying whether an NPA has been correctly identified by the bank, should not confine to the objective tests laid down but “display a greater degree of scepticism and independence” in scrutinising banks’ exposure to big borrowers.
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The country's largest lender State Bank of India (SBI) on Tuesday reported about Rs 12,000 crore divergence in their bad loans for the last fiscal. As per the assessment done by the RBI, the gross NPA of the SBI was 11,932 crore more at Rs 1,84,682 as against Rs 1,72,750 reported by the bank for 2018-19, SBI said in a regulatory filing.
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Market volatility can hit you anytime, every time Here are a few ways to help reduce its impact and protect your goals: 1. Learn to prioritize Whenever the m...
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Whenever a bureaucrat takes charge as governor at the Reserve Bank of India, there is speculation among bankers on how long it takes for the appointee to get “baptised”. A term they use for the switch in mindset from the bureaucracy to that of the central bank.
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The Bombay high court on Monday issued a notice to the RBI, making it a party in a petition filed by Chanda Kochhar, former MD and CEO of ICICI Bank, who has challenged her termination and its approval given by the central bank.
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There are two starkly contrasting narratives about the man who barged into media headlines with his bid for the troubled bank. The Yes Bank board will decide today which version of Braich it supports at a meeting to approve a $2 billion preferential share sale, 60% of which would be taken up by Braich and his partner, Hong Kong-based SPGP Holdings.
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The RBI has urged the government to move forward on reducing interest rates on small savings schemes such as public provident fund (PPF) and post office deposits, to help banks pare rates on deposits and loans and lead to a better transmission of the central bank’s rate cuts.
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The Insurance Regulatory and Development Authority of India (IRDAI) sought the views of various stakeholders on the matter in a December 2 letter at the direction of the government, they said. The letter to insurance companies and others has called for suggestions on raising the foreign direct investment (FDI) limit.
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This makes the SBI rates the cheapest and this is the eighth consecutive lending rate reduction by the largest lender since the beginning of the fiscal.
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"Under the Pradhan Mantri Mudra Yojana (PMMY), 20.84 crore loan accounts totalling an amount of Rs 10.24 lac crore have been sanctioned up to November 1, 2019," Minister of State (IC) for Labour and Employment Santosh Kumar Gangwar said in a written reply to the Lok Sabha.
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Country's largest lender State Bank of India (SBI) on Monday announced the reduction in its marginal cost of fund based lending rate (MCLR) by 10 basis points (bps) across one-year tenor, effective from Tuesday (December 10).
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In July this year, Yes Bank acquired 19% in Cox & Kings by invoking pledged shares. It also picked up 30% in Ezeego One Travel & Tours, a company promoted by Cox & Kings. Three months later, it acquired 21% in Tulip Star Hotel (earlier known as Centaur) in Mumbai.
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Private sector lender Yes Bank plans to declare former promoters of the bankrupt Cox & Kings, Peter Kerkar and his sister Urrshila Kerkar, wilful defaulters after the travel services firm failed to repay loans. The wilful defaulters’ tag will make it tough for the Kerkars to borrow from banks and financial institutions.
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RIL is in talks with State Bank of India, HDFC Bank and ICICI Bank for financing. RIL won the right to buy Alok Industries in the Insolvency and Bankruptcy Code process in March this year. The Ahmedabad bench of the NCLT had approved the sole RIL bid, made together with JM Financial Asset Reconstruction Co, which had promised to pay Rs 5,050 crore to take over Alok.
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The Cabinet is likely to approve relevant changes to the three-year-old Insolvency and Bankruptcy Code at the earliest. This will bring much-needed confidence to buyers of distressed assets, acquirers who were otherwise wary about the over-reach of the investigative authorities. Amendments to the IBC, which came into effect in December 2016, will require eventual parliamentary approval.
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Former Reserve Bank of India (RBI) governor Raghuram Rajan said India is in the midst of a "growth recession" with signs of deep malaise in the Indian economy that is being run through extreme centralisation of power in Prime Minister's Office and powerless ministers.
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The NBFC is moving into financing consumer durables and personal loans that its customers might need. It has decided to evolve its business model, offer new products for new customers along with building a digital access layer. M&M’s digital platform will allow a customer to seek loans from his own home through an app or through the website.
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