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The government, through Solicitor General Tushar Mehta, told a bench led by Justice Ashok Bhushan that it had already extended the loan moratorium scheme for small borrowers and waived interest on interest. “Any such relief sector-wise would be a problem under Article 32,” he said.
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The Delhi High Court on Friday stayed a Reserve Bank of India notice warning of possible cancellation of UV Asset Reconstruction Company Ltd’s (UVARCL) registration, over what the central bank termed an illegal bankruptcy resolution proposal moved by the ARC for telecom firm Aircel.
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Marking a major consolidation move in the insurance space, the proposed deal was announced in August this year. Bharti Enterprises currently owns 51 per cent stake in Bharti AXA General Insurance, while French insurer AXA has 49 per cent.
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The debt-ridden 94-year old old bank's fate was sealed with Union Cabinet headed by Prime Minister Narendra Modi approving Scheme of Amalagamation on Wednesday.
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With the addition, the total workforce strength rose to about 15,000. Hiring was done across diverse verticals such as agency, bancassurance, and internal operations.
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Adani Group, which had initially bid only for DHFL's wholesale and Slum Rehabilitation Authority (SRA) portfolio, in the revised offer submitted on November 17 bid for the entire book, offering a total of Rs 30,000 crore plus interest of Rs 3,000 crore, a lending source said.
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During the Yes Bank rescue earlier this year also, there was an over Rs 7,000-crore bond write-off, but that involved a different instrument called additional tier-I bonds.
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Sathvik Vishwanath and Harish BV, cofounders of a then five-year-old startup, were arrested in late 2018. No, they hadn’t pulled off a shady initial coin offering. Their “crime” was that they put up a kiosk in a mall in Bangalore where customers could swap Bitcoin, Ether or Ripple for cash or vice versa. That was the whole point of Unocoin, their crypto token exchange. But the police were suspicious of the new-fangled “ATM.”
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A court here on Thursday rejected the Enforcement Directorate's plea seeking to intervene in the hearing on a closure report of Mumbai Police in the alleged Rs 25,000 crore Maharashtra State Co-operative Bank scam.
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The point of sale (PoS) business now contributes to 25 per cent of the annualised transaction value, according to a statement.
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"We are refusing the interim relief sought by the petitioners to stay the amalgamation. The petitions shall be placed for hearing on December 14 when the respondents (Reserve Bank of India, LVB and DBS Bank India) shall file their affidavits in reply," the court said.
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In a letter to Finance Minister Nirmala Sitharaman on Wednesday, the All India Bank Employees Association (AIBEA) said the approach of merger of the Tamil Nadu-based lender with Indian subsidiary of a Singapore-based bank is opposite to the policy of Aatmanirbhar Bharat professed by the government.
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The funds raised from the event will go towards setting up a second Udbhav RBL School for girl child education.
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Basu further said that there is a good reason why all successful economies have a clear dividing line between industries and corporations on the one hand, and banks and lending organizations on the other.
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Cash transaction including deposits and withdrawal at branches, forex and government transactions have been impacted in many public sector banks where participating unions are strong.
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Ten central trade unions except Bharatiya Mazdoor Sangh are observing one-day general strike on Thursday to protest against various government policies.
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Many lenders, including IDBI Bank and Bank of Maharashtra, in regulatory filings on Wednesday said their normal working could be affected at the branches and offices. The All India Bank Employees' Association (AIBEA), All India Bank Officers Association (AIBOA) and Bank Employees Federation of India (BEFI) are participating in the strike.
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A bulk of these schemes need the customer to visit crowded post offices to carry out transactions, since only limited operations can be done online. While banks have issued ATM cards to most of their customers, just 10-15% of India Post’s savings account holders have an ATM card.
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The deceleration in bank credit growth was seen across all the population groups – rural (11.2 per cent vs 14.8 per cent), semi-urban (9.4 per cent vs 12.3 per cent), urban (8.7 per cent vs 9.9 per cent) and metropolitan (3.6 per cent vs 7.2 per cent), the data showed.
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Following the approval, DBS Group Holdings — Singapore's biggest bank — will take over Lakshmi Vilas Bank in a deal pushed by the RBI. This also marks the first instance when India has turned to a foreign entity to bail out a struggling domestic bank.
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IDBI Bank, which was planning to sell its mutual fund business for Rs 215 crore to comply with regulations, will now have to find a new buyer. IDBI Bank, which is a subsidiary of Life Insurance Corporation, has to divest its share in the AMC since LIC already has a mutual fund unit.
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The association represents the majority of the banks except State Bank of India and Indian Overseas Bank. It has four lakh bank employees from various public and old private sector and a few foreign banks as its members.
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The report forecasted that nearly 420 billion transactions worth USD 7 trillion, globally are expected to shift from cash to cards and digital payments by 2023 - and increase to USD 48 trillion by 2030. "In India, 66.6 billion transactions worth USD 270.7 billion are expected to shift from cash to cards and digital payments by 2023 - and increase to USD 856.6 billion by 2030," it said.
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The incidents happened at the erstwhile United Bank of India branches "The bizarre development came to my notice last night," said Abhijit Sen, a resident of Salt Lake who withdrew Rs 30,000 from a branch in his locality on Monday morning. He got a message later in the day saying the bank deducted Rs 6,000 as TDS.
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In its report titled "The Stress Fractures In Indian Financial Institutions", S&P said with loan repayment moratoriums having ended on August 31, 2020, NPLs in the banking sector will likely shoot up to 10-11 per cent of gross loans in the next 12-18 months, from 8 per cent on June 30, 2020.
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The RBI’s internal working group in its report had said that well-run NBFCs, with an asset size of above Rs 50,000 crore, including those which are owned by a corporate house, may be considered for conversion into banks.
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Hitachi's aggressive expansion is interesting as the white label ATM business has been in losses since the beginning primarily because of the lower inter-change charges which the banking industry and the regulator has not been able to revise to a profitable level for the operators, forcing many of them to withdraw from the business.
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During the pandemic, Axis Bank, HDFC Bank and State Bank of India were most helpful in helping their clients mitigate the impact of COVID-19 on trade finance, according to a survey by Greenwich Associates, the analytics arm of ratings firm Crisil. "Battered by the COVID-19 crisis, large Indian companies are looking to their banks for digital solutions that can make their supply chains more resilient to pandemic-related disruptions" said the report released by Crisil.
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The policy provides insurance coverage of gold jewellery for individuals. This is designed to provide insurance coverage of gold jewellery articles for customers of the company at the time of closure of gold loan and release of gold ornaments. It will provide insurance coverage to the customers of Muthoot Finance as a loyalty product.
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The policy provides insurance coverage of gold jewellery for individuals. This is designed to provide insurance coverage of gold jewellery articles for customers of the company at the time of closure of gold loan and release of gold ornaments. It will provide insurance coverage to the customers of Muthoot Finance as a loyalty product.
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A working group at the Reserve Bank of India recommended a series of changes, details of which were made public last week, that include allowing industrial houses to act as so-called bank promoters, meaning they could take a major stake in a lender.
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Rajan and Acharya have argued that allowing corporate houses entry into the banking system could intensify the concentration of political and economic power in the hands of a few business houses.
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“The Covid-19 has definitely affected the cash flow of our clients, who are primarily contractors and infrastructure companies. In view of the present situation, many of our customers have sought to align repayments with their cash flows. Our liquidity is similarly aligned to those of the clients, which has been in accordance thereof,” A Srei spokesperson said.
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The lender had earlier estimated around Rs 3,000-4,000 crore from its moratorium book to come under one-time restructuring. However, over a period of time the moratorium book itself came down drastically from 27 per cent in March to 15-16 per cent (Rs 14,000-15,000 crore) as of end August.
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Power was later restored and banking services were functioning normally, sources said. According to sources, banking operations are now up and running.
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The Chennai-based bank is hoping to come out of the prompt corrective action (PCA) framework of the Reserve Bank of India (RBI) next fiscal.
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