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Kumar was chargesheeted in the case by the Economic Offences Wing of the Delhi police for allegedly abusing his position and conspiring with the then management of RFL, RHC Holding Ltd, and Ranchem Ltd, to misappropriate a sum of Rs 791 crore.
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In its affidavit, the finance ministry said the government has decided to maintain its tradition of handholding small borrowers and bear the burden arising from such waiver of interest on interest, or compound interest, for the banks.
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The Centre has informed the Supreme Court that accounts becoming non-performing due to bank's or any other delay need not suffer the label of non-performing assets (NPAs).
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Fin-tech startups are expecting a volume recovery in three to six months time following the pandemic hitting hard various businesses like payments, lending and neobanks. A report showed how lending startups were hit the hardest by the outbreak of Covid-19 and neo-bank have had to delay new product launches even though smaller businesses continued their digital adoption.
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A vacancy was created in March this year after the bank’s former CFO Prashant Kumar put in his papers to join Yes Bank as an RBI-appointed MD & CEO to implement a rescue package. In the interim, C Venkat Nageshwar was officiating as the CFO.
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In its affidavit, the finance ministry said the government has decided to maintain its tradition of handholding small borrowers and bear the burden arising from such waiver of interest on interest, or compound interest, for the banks.
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A group of creditors of Cox & Kings had submitted complaints to the Economic Offences Wing of the Mumbai police against the company for defrauding them. While preliminary enquiries into their complainants are under way, the Mumbai police registered a case based on Kotak Bank’s complaint, which was subsequently transferred to the EOW.
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"Blanket loan waiver does not serve any purpose at the end of the day. Whenever governments announced such a move, it's the credit flow which ultimately slowed down as lenders became wary of lending," says Bandhan Bank's founder.
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US Federal Reserve chair Jerome Powell has been working from home while also following masking and social distancing protocols when in public, and has not felt it necessary to take a coronavirus test, the central bank said on Friday in response to inquiries following the news that President Donald Trump has contracted Covid-19.
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The nationwide campaign was launched by Minister of Agriculture and Farmers Welfare Narendra Singh Tomar, PNB said in a statement. The campaign is centred on four key themes -- digital, credit, social security and financial literacy that will encapsulate various activities and prescribes the cherished theme of 'Aatmanirbhar Bharat', it said.
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All Non-Resident Indians (NRIs) and Persons of Indian Orgin (PIO) based in London, Singapore and Middle East can look forward to own their dream home in India through just a click by viting the website.
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The CBI has filed a fresh chargesheet against Gokulnath Shetty, the Punjab National Bank deputy manager who allegedly helped Nirav Modi and Mehul Choksi perpetrate Rs 13,000-crore fraud, and his wife for amassing disproportionate assets worth Rs 2.63 crore, officials said. The agency charged Shetty and his wife, a clerk in Indian Bank, for amassing assets worth over Rs 4.28 cr.
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LVB had set off FDs of Rs 750 crore as recovery for loans given to the erstwhile promoters and their private entities without authorisation, Religare Enterprises Chairperson Rashmi Saluja said.
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Dhanlaxmi Bank on Thursday said that the Reserve Bank of India (RBI) has approved a three-member interim committee of directors, headed by G Subramonia Iyer, to run the private sector bank after the shareholders voted out its MD and CEO Sunil Gurbaxani.
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The global private equity major added that the investment will be a combination of primary fundraising and secondary sales by existing shareholders True North and Bessemer Venture Partners.
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Goldman Sachs is setting up a new technology hub in Hyderabad, its second centre in India after that in Bengaluru. The US investment bank is expected to commence operations in the second half of next year and plans to hire 500 employees initially, sources told TOI.
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State Bank of India announced the appointment of Charanjit Attra as its new chief financial officer, the lender said in an exchange filing. Attra is one of SBI’s latest lateral hires and will report to J Swaminathan, deputy managing director of the finance department.
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The committee of directors (CoD) will be constituted with Iyer as chairman and G Rajagopalan Nair and P K Vijayakumar as its members, RBI said.
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Sitharaman asserted that there is no point in banks claiming that they have pan-India presence when in some pockets, where Hindi does not work, their executives still need to learn native language to serve the customers.
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Initially, the company started participating in tenders of Rs 25 crore and gradually started getting orders from various state electricity boards. The company has been doing business with State Bank of India since 2006 with an initial credit limit of Rs seven crore, which was increased to Rs 243 crore within four years.
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Auto majors Maruti Suzuki, Hyundai Motor led the recovery march of passenger vehicle (PV) sales in the domestic market during September, posting high double-digit growth as manufacturers bank on festive season demand to carry forward the momentum.
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“With the code in place, non-repayment of loan is no more an option and ownership of the firm is no more a divine right and equity is no more the only route to own a firm,” Murmu said, during an event commemorating the fourth annual day of the Insolvency and Bankruptcy Board of India (IBBI).
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The bank attained a total customer base 3.6 crore and completed over Rs 38,500 crore financial transactions cumulatively until September 15, the bank said in a release. IPPB launched its operations just two years ago. In August last year, it had crossed the milestone of one crore customers.
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In an attempt to reduce banking-related fraud cases, the Reserve Bank of India (RBI) has issued fresh guidelines to secure debit and credit cards transactions. The new norms for securing debit and credit cards will be effective from October 1.
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The agency also shared collection data for NBFCs for April-August, which showed collections for wholesale segment at under 40 per cent, while the same for home loans and gold loans was highest at around 90 per cent each.
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Chairman Rajnish Kumar said the new approach involves giving solutions to a variety of needs of the corporates and their stakeholders like supply chain vendors, distributors and employees.
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Public sector banks face a hit of close to Rs 6,000 crore on account of their exposure to Sintex Industries which has been classified as a fraud by Punjab National Bank, the large lender to the company. Although banks have already classified the account as a non-performing asset, they will now have to make full provision for the loan within four quarters which is the requirement for fraud accounts.
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Shareholders of Thrissur-based Dhanlaxmi Bank have voted out the Reserve Bank of India (RBI)-approved MD & CEO Sunil Gurbaxani at its annual general meeting on Wednesday. A filing by the bank said that 90.5% of the shareholders voted against the appointment.
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IECC comes under the ‘red’ category of subsidiaries, which means that the beneficiaries of the resolution process will be its largest lenders. These include SBI, ICICI Bank and IL&FS Group. The company has an outstanding debt of Rs 4,700 crore, part of which is owed to the promoter group.
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Public sector Punjab National Bank (PNB) on Wednesday declared its Rs 1,203.26 crore exposure to Sintex Industries Ltd as fraud.Pursuant to the applicable provisions of Sebi's Listing Obligations and Disclosure Requirements (LODR) and the bank's policy, "we inform reporting of borrowal fraud of Rs 1,203.26 crore in NPA account of Sintex Industries Ltd (SIL)," PNB said in a regulatory filing.
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The six banks are Syndicate Bank, Oriental Bank of Commerce (OBC), United Bank of India, Andhra Bank, Corporation Bank, and Allahabad Bank.
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India's current account balance recorded a surplus of $19.8 billion (3.9 per cent of GDP) in the first quarter (Q1) ended June 2020 as against a deficit of $15 billion (2.1 per cent of GDP) recorded a year ago, data released by the Reserve Bank of India (RBI) showed on Wednesday.
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“Very important to change sentiment right now, we have to move on in life with the requisite social distancing norms, we are optimistic about the future, HDFC Bank is back to pre-Covid levels there is no strain on our balance sheet,” said Aditya Puri.
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The Reserve Bank of India’s decision to reschedule this week’s interest-rate meeting makes it difficult for lenders to price loans and deposits because they usually track the monetary policy’s outlook for liquidity and interest rates.
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Shapoorji Pallonji and Company, the SP Group flagship, has formally written to banks for a restructuring of its loan obligations under the special Covid scheme announced by the Reserve Bank of India (RBI). This is the first large account of over Rs 1,500 crore to come up for restructuring and is likely to be referred to the K V Kamath-led committee, which will vet all restructuring proposals of over Rs 1,500 crore.
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Indiabulls Housing Finance, one of the leading private sector mortgage lenders, on Tuesday said it has raised another Rs 630 crore by diluting part of its stake in UK-based bank Oak North.
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In a case covering several financial years, the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has struck down the action of the I-T officer in treating $3 million — with which a Swiss bank account was opened — as “unaccounted income” in the hands of an individual, who at that point of time was a non-resident.
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In a regulatory filing, Dhanlaxmi Bank said the banking sector regulator through a letter dated September 28, 2020, has appointed D K Kashyap, General Manager, Reserve Bank of India, Bengaluru Regional Office as Additional Director on the board of the bank.
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"The 9.7 (per cent) was the number as of June 30. Obviously over a period of time some more customers do ask for moratorium, so I can definitely say that the number has gone up a little bit rather than coming down, which has happened for everyone," Chaudhry told in an interview
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In a letter written to RBI Governor Shaktikanta Das, All India Bank Officers' Confederation (AIBOC) said it is a well-known fact in the banking industry that misplaced priorities and supervisory laxities had wreaked havoc on Dhanlaxmi Bank a decade ago.
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It has appointed former Bajaj Capital chief executive Rahul Parikh as the bank's digital head as the bank broadens its digital presence to improve customer services. Earlier in the month, the bank hired ICICI Bank veteran Kumar Ashish as head for “emerging entrepreneurs business" vertical.
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This insurance compensates for direct financial loss (up to the sum insured) due to unauthorised digital financial transactions as a result of identity theft arising out of cyber-attacks, phishing/spoofing and SIM-jacking, a joint statement said.
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The coronavirus pandemic is expected to lead to the slowest growth in more than 50 years in East Asia and the Pacific as well as China, while up to 38 million people are set to be pushed back into poverty, the World Bank said in an economic update on Monday.
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As the chief marketing & digital officer, Parikh will be responsible for the digital banking business and for building a strong digital backbone to support the bank's growth.
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The three-member committee comprising Lakshmi Vilas Bank (LVB) directors is working on a rights issue, which is expected in a couple of months, while pursuing Clix Capital’s proposal for acquiring a stake in the southern lender.
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The Reserve Bank of India (RBI) on Monday said that the three-day monetary policy committee (MPC) meeting scheduled to commence from September 29 to review the central bank’s benchmark repo rate has been postponed. Without attributing any reason for the rescheduling, the RBI said that the new dates will be announced soon.
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Shareholders of Lakshmi Vilas Bank, led by institutions, unexpectedly voted against the appointment of Sundar as chief executive as well as the reappointment of six other directors on Friday. Shareholders alleged that part of the accountability for the bank’s deteriorating performance over the past few years rested with them.
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Amid the ongoing economic woes created by the coronavirus pandemic, the Reserve Bank has decided to extend by six months the enhanced borrowing facility provided to banks to meet liquidity shortage till March 31, 2021.
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"With a view to providing comfort to banks on their liquidity requirements as also to enable to continue to meet LCR requirements, it has been decided to continue with the MSF relaxation for a further period of six months, i.e., up to March 31, 2021," RBI said in a statement.
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"As per the Transaction Auditor's report shared with the Administrator, the monetary impact of the above transactions covered under the Application amount to Rs 12,705.53 cr (which includes principal of Rs 10,979.50 cr and accrued interest of Rs 1,726.03 cr), being the amount outstanding in the books of the company as on November 30, 2019," DHFL said.
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