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"The overall objective of the LFAR should be to identify and assess the gaps and vulnerable areas in the business operations, risk management, compliance and the efficacy of internal audit and provide an independent opinion on the same to the Board of the bank and provide their observations," the RBI said.
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The progress of the case between State Bank of India (SBI) vs Anil Ambani (Respondent) is expected to lay the groundwork for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors (IRPPG).
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This approach has so far delivered three projects - instant account opening, biometric know your customer (KYC) and fixed deposit renewals over a call, the sources told PTI, adding over 10 other projects are already in the works.
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Public and private sector lenders have sanctioned the loans under the Centre's Emergency Credit Line Guarantee Scheme (ECLGS). At the national level, the amount stood at around Rs 1.60 lakh crore.
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While retaining the overall priority sector lending target of 40 per cent for local commercial banks, the target for lending to small farmers is increased from 8 per cent their lending in 2020-21 to 10 per cent by 2023-24 of and the target for lending to weaker sections has gone up from 10 to 12 per cent.
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Lall in his communication further mentioned that in view of his prolonged health issues the bank had thought through a succession plan for the role that he is vacating. The new appointment is subject to RBI approval and will facilitate a smooth transition.
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Moody's Investors Service on Friday downgraded various instruments of five Indian banks: Bank of Baroda (BOB), Bank of India (BOI), Canara Bank, Punjab National Bank and Union Bank of India. Moody's has downgraded the long-term local and foreign currency deposit ratings of BOB, BOI, Canara and UBI to Ba1 from Baa3 and their baseline credit assessments (BCAs) to b1 from ba3. The outlook on the ratings of the four banks is negative.
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"At this time, I don't see any issue of availability of money, which is available in plenty. Banks are ready to lend for vehicles if there is a demand for that. So at this stage, I don't see there is any issue either on the rate of interest or the availability of money (for vehicle finance)," he said.
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Giving the example of SBI, he said, 91 per cent of jobs are being done digitally now, which was unthinkable 35 years ago.
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The Reserve Bank of India (RBI) on Friday issued revised guidelines for priority sector lending to enable better credit penetration to credit deficient areas and increase lending to small and marginal farmers besides weaker sections.
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Indian companies have raised a record $31 billion in equity capital in 2020, Refinitiv data showed, as banks strengthen their balance sheets to prepare for future economic uncertainty and corporates tap into the elevated global liquidity levels.
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FM Sitharaman tells banks that Covid-related distress must not impact the lenders’ assessment of their credit-worthiness. Banks have also been asked to be proactive and reach out to stressed borrowers who are eligible for restructuring.
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In a major relief to individual and commercial borrowers, the Supreme Court on Thursday asked banks not to declare any loan account as non-performing asset (NPA) till it passed further orders on a bunch of petitions questioning levying of interest on loans during the six-month repayment freeze that ended on August 31.
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The decision to shut operations by the Aditya Birla Idea Payments Bank was taken due to unanticipated developments in the business landscape which have made the economic model unviable, a regulatory filing by the Vodafone Idea Limited had said in July last year.
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Finance minister Nirmala Sitharaman on Thursday asked banks and NBFCs to roll out loan restructuring scheme for COVID-19 related stress by September 15, and provide adequate support to the borrowers following the lifting of moratorium on repayment of debts.
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The finance ministry has also been in touch with the RBI to ensure that the lenders are assisted by the central bank during the resolution process, the statement said.
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RBL Bank customers can withdraw cash without their debit cards from 389 IMT-enabled automated teller machines (ATMs) of the bank or more than 40,000 other bank ATMs across the country, it said in a release.
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PNB Housing Finance’s decision came Wednesday, barely within a month of Hardayal Prasad taking over as chief executive replacing interim head Neeraj Vyas.
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"After hearing both the sides and on perusal of records, this bench is of the view that the initiation of bankruptcy proceedings is the best option in the given scenario. The same is recorded as prayed for. In the circumstances, the proposal of the applicant for initiation of insolvency proceedings of IIDL and IIDMCC is taken on record," the NCLT said.
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Private banks' enhanced capital bases during the pandemic have now further strengthened their ability to recognise losses up-front with less disruption in their efforts to accelerate market-share gains.
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Ramakrishnan had retired from ICICI Bank as Senior General Manager at Strategic Project Group on May 30, 2020, and joined the South Indian Bank as an advisor on July 1, 2020.
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Last year, the Mumbai bench of the National Company Law Tribunal (NCLT) had admitted the company for insolvency resolution. It had appointed Indian Overseas Bank's former managing director and CEO R Subramaniakumar as the company's administrator.
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To ensure filing of return by these persons and to keep track on cash withdrawals by non-filers, and to curb black money, the Finance Act, 2020 with effect from July 1, 2020, further amended I-T Act, 1961, to lower the threshold of cash withdrawal to Rs 20 lakh for the applicability of TDS for non-filers.
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In the period of less than 5 years, Central Depository Services Ltd (CDSL) has added 1.5 crore demat accounts.
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"On hearing the Counsel for the applicant and upon going through the pleadings and the documents attached to the application, we are of the view that the sale of education assets has been done within the Resolution Framework and the same is approved and recorded," the NCLT's Mumbai bench said.
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A bench headed by Justice Ashok Bhushan, which commenced final hearing on a batch of pleas raising the issue of interest on instalments deferred under the scheme during the moratorium period, was told that paying interest on interest is a "double whammy" for borrowers.
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Bankers say those with 20-year loans, who have availed the moratorium, will see their home loans term extended by 24 months if the dues for the last six months are amortised. This would not leave them with any scope for further restructuring.
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Big borrowers are turning out to be safer for lenders. According to banks, there are only a small number of large companies where they may need to make a sacrifice after referring to the K V Kamath committee for restructuring.
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Lenders have sought clarification from RBI on whether the maximum two-year extension of loan tenure that has been allowed is inclusive of the time for repayment of dues during the moratorium.
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The Reserve Bank of India (RBI) appears to have stopped trying to rein in the rupee to help exports, letting the currency drift to a six-month high and raising expectations it will gain further, analysts and market participants said.
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As per the latest RBI guidelines, a bank opening a dedicated current account of any company with Rs 50 crore or more in debt must have at least 10 per cent loan exposure in the concerned business entity.
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India’s record contraction last quarter sets back economic progress by several years and puts PM Modi’s ambitious targets of doubling the economy’s size to $5 trillion almost out of reach. The 23.9% decline in GDP in the June quarter -- the biggest of major economies tracked by Bloomberg -- also shifts the focus back to the govt and central bank to spur growth.
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An affidavit filed by the finance ministry comes across as a last ditch attempt to convince the court that borrowers will get a chance with concessions and loan rescheduling, and banks, no matter how big and bad, will fail to serve the interest of hapless depositors in the absence of interest income from loans -- that balance has to be preserved.
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Industry experts said that while the surge in UPI-based micro-transactions could help India achieve its stated objective of transforming into a cashless economy, banks would be nervously monitoring the rising volumes of low-ticket fund transfers.
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In a public notice, the bank said AC Muthiah and Farouk Irani, promoter director of First Leasing Company of India, defaulted on Rs 508.40 crore plus other expenses as on August 27.
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The move comes at a time when regulators across the board are easing compliance processes during the ongoing coronavirus pandemic to minimize physical contact in line with the new hygiene and social protocols.
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In further escalation in the ongoing military confrontation in eastern Ladakh since early-May, fresh clashes erupted between Indian and Chinese troops on the southern bank of Pangong Tso during the intervening night of Saturday and Sunday. There was no immediate official word on whether there were any casualties in the latest clashes
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The income tax department on Sunday hit out at banks levying fee on electronic transactions or payments via tools such as UPI, warning them of penal action for violating the law. On August 25, TOI had reported that almost all large private banks had introduced charges, ranging from Rs 2.50 to Rs 5, on person-to-person payments made via Unified Payment Interface (UPI) beyond 20 times a month.
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"Our marketing initiatives helped us grow individual first-year premium by 2.8% end July compared to -11.5% for private insurers. We hope to grow to pre-Covid level by Q3 end and close the fiscal with strong growth," said M R Kumar, Chairman, LIC.
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Central Board of Direct Taxes has also directed banks to refund charges since January 1, 2020, collected on transactions carried out using electronic modes including UPI by businesses having turnover of over Rs 50 crore.
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Private banks such as ICICI Bank, Axis Bank, Kotak Mahindra Bank and HDFC Bank have recently started charging customers on UPI transactions beyond a prescribed limit for free transactions.
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The Reserve Bank in its latest annual report revealed that bank frauds, both in terms of numbers and volume, have gone up substantially during 2019-20.
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The private sector lender has initiated the process to categorise Goyal and his wife Anitia as `wilful defaulters’. A ‘wilful defaulter’ tag by banks may stain the reputation of persons and restrict their ability to borrow and hold board positions in companies.
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Ahead of the roll out of one-time debt recast for resolution of Covid-19 related stress in bank loans, Finance Minister Nirmala Sitharaman will hold a review meeting with bankers and heads of non-banking financial companies (NBFCs) on September 3 for smooth and speedy implementation of the scheme.
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