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Special PMLA Judge AA Nandgoankar took cognisance of the complaint filed by ED on Saturday and directed all the accused to remain present before it on February 12.
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Amara is a veteran banker, with a successful career spanning over 29 years at State Bank of India (SBI). Prior to taking charge at SBI Card, he was the Chief General Manager, SBI Bhopal Circle, where he managed two key states, Madhya Pradesh and Chhattisgarh.
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With the cancellation of licence and commencement of liquidation proceedings, the process of paying the depositors of Shivam Sahakari Bank as per the DICGC Act, 1961 will be set in motion.
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The economic survey went on to add the audits conducted by the RBI failed to capture the evergreening at Yes Bank and LVB. Yes Bank had to be rescued by a consortium led by State Bank of India in March 2020 while LVB was force-merged with DBS Bank India at the end of last calendar year.
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Even as India’s insurance penetration grew from 2.71% in 2001 to 3.76% in 2019, when compared with the penetration recorded in comparable Asian economies such as Malaysia, Thailand and China at 4.72, 4.99 and 4.30 % respectively, was found to be much lower, the survey stated.
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Although six officials have been booked, the complaint from the Indian Overseas Bank shows that it was Veepuri who received over Rs 2.64 crore into his accounts while remaining five officials did not receive a single penny from the misappropriated funds in their accounts.
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Addressing the joint sitting of Parliament on the first day of the Budget session, Kovind said the trinity of Jan Dhan Accounts, Aadhaar and Mobile (JAM) has helped safeguard the rights of people and Rs 1.8 lakh crore have been saved from falling into wrong hands.
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Severe under-capitalisation of Indian banks was the inevitable outcome of prolonged forbearance. This triggered a distortion in bank's potential incentives, eventually emboldening them to indulge in risky lending. Such twisted incentives made banks go wrong on calculations, and as an end result, the quality of investment in the economy suffered badly.
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The Securities and Exchange Board of India (Sebi) has also said that it has constituted a Market Data Advisory Committee "to recommend appropriate policy for access to securities market data, identify segment wise data perimeters, data needs and gaps, recommend data privacy and data access regulations, etc".
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He is the deputy managing director and group CFO of Mahindra and Mahindra (M&M) Ltd and is designated to take over as the managing director and CEO of the company from April 2, 2021, Mahindra Finance said in a release.
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Credit card EMI options are useful if you are low on money and don't want to default
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The loans can be availed by customers who are seeking to purchase homes in regularised colonies of Delhi-NCR, including Laxmi Nagar, Uttam Nagar, Krishna Nagar and Pitampura, it said in a release.
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One of the primary grievance in the complaint filed by the Automotive Tyres Manufacturers Association was about alleged increase in reinsurance premium charged to general insurance companies.
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In its order passed on Wednesday, the regulator said the allegations of abuse of dominance specifically relate to arbitrary increase in interest rate on home loan and increase in tenure of home loan by the bank on the basis of one-sided conditions in the loan agreement.
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"Company's focus on customers' needs and meeting the needs of their agents and sales force throughout the tough time helped the company become the fastest growing life insurer in December 2020 with 41 per cent growth in retail new business," it said in a release.
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In October last year, the Banks Board Bureau (BBB) had recommended both the names for the two posts of managing directors at the bank. It had interviewed 16 candidates from various nationalised banks and SBI last year, according to the information available on BBB's website.
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It can be noted that in the bi-annual Financial Stability Report (FSR) released last month, the RBI had expected banks' non-performing assets to deteriorate further because of the pandemic and asked them to be cautious.
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Banking sources added that Capri Global and Kotak Special Situation Fund have bid for retail assets.
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From the lender’s perspective, a loan that is classified as a non-performing asset (NPA) would mean that the bank would have to take a hit on its earnings.
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A major objective of the restructuring exercise was to relook at the operating model. “During Covid, the number of people visiting branches had gone down. The prognosis is that habits once acquired will not go away easily and we must be prepared for a world where branches are less central to the BoB network,” MD & CEO Sanjiv Chadha said. Instead of branches, the bank would focus on customer touchpoints or outlets, which numbered 25,000.
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"He will also cease to be the MD&CEO of the company from the said date," said the pure-play card company promoted by the country's largest lender SBI.
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Only two of the bidders, Acre ARC and Authum have bid for the whole company. Acre has bid in association with its largest shareholder Aries-SSG Capital. The other three bidders have bid only to buy out the retail loan portfolio of the company, these people said.
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The move will likely help banks from operational hazards for accounting, which would have arisen due to any such structural change.
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"There may be some know unknowns in the retail and SME books which are not stress tested unlike the corporate book for which we have a fair bit of visibility. We are seeing some unprecedented stress and some of it may not be anticipated," Chadha said.
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From doing yoga to charitable causes, how to lead a fulfilling life post-retirement
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As the CKYCR is now fully operational for individual customers, it has been decided to extend the CKYCR to Legal Entities (LEs), regulator IRDAI said in a circular to life and general insurers (including standalone health insurers).
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HDFC Bank, which was earlier offering customers the option to obtain bank account balances through WhatsApp banking, has discontinued the facility. Customers seeking balance inquiry are asked to use the bank’s mobile banking app, net banking or other offline methods.
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Indian life insurance market currently has several individual immediate annuity products marketed by life insurers, with each product having its own features, terms and conditions and annuity options.
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The Central Bank of the United Arab Emirates has imposed a financial sanction of AED 6,833,333 (amounting to Rs 13.56 crore) on Bank of Baroda, GCC Operations, Dubai for deficiencies in compliance of Federal Decree Law of 2018 on Anti Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations, the bank said in a release.
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"Private digital currencies (PDCs) / virtual currencies (VCs) / crypto currencies (CCs) have gained popularity in recent years. In India, the regulators and governments have been sceptical about these currencies and are apprehensive about the associated risks. Nevertheless, RBI is exploring the possibility as to whether there is a need for a digital version of fiat currency and in case there is, then how to operationalise it," the central bank said.
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While announcing the issuance of new Rs 100 denomination banknotes with base colour Lavender in July 2018, RBI had said banknotes in the denomination of Rs 100 issued by it in the earlier series will continue to be legal tender.
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The entire migration has been completed at record time with least inconvenience to customers i.e. without affecting any change in their account numbers, debit cards or net banking credentials, the bank said.
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The central agency is conducting an investigation against Kapoor, his wife, and their three daughters over a sum of Rs 600 crore received by a firm allegedly controlled by them from an entity linked to scam-hit Dewan Housing Finance Limited (DHFL).
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Each time a person without adequate balance in his/her account tries to withdraw cash from an ATM or uses debit cards to make a payment, the bank penalises him/her Rs 25 plus GST as ‘transaction decline’ charge. This can be termed as the digital version of a charge for bouncing a cheque.
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Banking sources told TOI that the RBI too will file a petition in the coming days as the NCLT had stopped all government or regulatory authorities from taking any coercive steps against the non-bank finance company, “including reporting in any form and/or changing the account status of the company from being a standard asset”.
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The Insurance Regulatory and Development Authority of India (Irdai) had issued MISP guidelines in 2017 with the intention of streamlining the process and bringing the practices of vehicle insurance, being sold by automotive dealers under the provisions of the Insurance Act, 1938.
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Demand for health insurance has helped non-life insurers tide over the tough times while motor insurance is still struggling due to a fall in automobile sales
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