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IDBI Bank had initiated bankruptcy proceedings against Siva Industries in 2019. The loans were availed by a group company that later merged with Siva Industries.
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The surge in cases and the subsequent capacity constraints are forcing the middle-class to avail of private healthcare services they cannot afford.
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The new government has already set the ball rolling to fulfil its election promise of waiving microfinance loans. A committee has been formed to look into issues related to loan waiver.
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In an e-auction sale notice, Yes Bank said it took physical possession of the immovable properties mortgaged to it on August 29, 2020 pursuant to a demand notice issued to the borrower and mortgagor in January 2020. The e-auction will take place under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Sarfaesi) Act.
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The government has nominated Vandita Kaul, Additional Secretary, Ministry of Finance, Department of Financial Services as government nominee director on the board of directors of Bank of India with immediate effect, the lender said in a regulatory filing.
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The head of the Wall Street major Jamie Dimon had on April 30 had committed an upfront USD 2 million financial aid along with an appeal to its over 2.5 lakh employees globally to chip in which would be matched by an equal amount by the company.
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Rising Covid cases in India has hit the operations of global banks like Morgan Stanley, Goldman Sachs, HSBC , Deutsche Bank and Standard Chartered. However, they say their robust business continuity plans have prevented any significant damage.
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The meeting, to be held virtually on June 12, is in accordance with the order passed by the Kolkata bench of the National Company Law Tribunal (NCLT) in December last year proposing a scheme of arrangement by SEFL.
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The bank ceases to carry on banking business with effect from the On liquidation, every depositor is entitled to receive deposit insurance claims up to Rs 5 lakh.
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The special court had in December 2019 declared Nirav Modi a fugitive economic offender, on a plea of the Enforcement Directorate (ED), which is conducting a probe into the case.
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Last week, the Cabinet had approved strategic disinvestment in the transfer of management control in IDBI Bank. Even as the government has announced its stake sale, IDBI Bank is going ahead with obtaining shareholder approval for raising capital.
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India’s micro finance institutions are expected to expand their loans by 18-38 percent by this year’s end, show an estimate by Singapore-based Robocash, a global fintech group of companies focused on providing alternative lending services.
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Both the entities signed an agreement to offer a “three-in-one account”, which will combine savings and demat accounts of the bank with the non-bank’s trading account. “This will help clients diversify their investments and manage it all through one account,” said Satish Menon, Executive Director of Geojit Financial Services.
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The government has been repeatedly tapping into SBI’s talent pool for key appointments in the public sector. Last year, in the aftermath of the Yes Bank failure, SBI’s chief financial officer Prashant Kumar was chosen to head the reconstructed bank.
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The provision will be more than a quarter of the consolidated profit of Rs 1,861 crore PNB posted for the first nine months of FY21. It has already provided Rs 341.59 crore in the second quarter ended September 30. The bank is yet to report fourth-quarter and FY21 results.
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"There may be further impact on our income, EPS (earnings per share) and growth rates in the coming quarters. However, such impact cannot be ascertained at present," it said in the filing intended to give a picture of how the pandemic can impact its businesses.
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The NARC will aggregate the bad loans and transfer them to a step-down asset management company (AMC) which will manage the assets for sale. A separate CEO is likely to be appointed for the AMC.
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"RBI timely intervention for the sector and its recent announcement of special long-term repo operations (SLTRO) of Rs 10,000 crore for Small Finance Banks and categorization of lending by SFBs to MFIs under Priority Sector Lending has been of immense help," Sa-Dhan executive director P Satish said.
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Pan and his team will provide strategic and policy-level inputs for the bank, based on macroeconomic developments at global and national level, a statement said.
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The allocation of the account number chosen by the customer will be subject to availability of the requested number, the bank said.
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The meeting of the board of directors of the bank scheduled for Wednesday, May 12, 2021 to consider/discuss the proposal of capital infusion by the government of Jammu & Kashmir to the tune of Rs 500 crore in the bank stands postponed, the bank said in a regulatory filing.
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Industry association Sa-Dhan has sought an emergency credit line for their members of up to 25% of their outstanding loans with lending Banks.
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"Scheduled private sector banks, not having agency banking agreement with RBI, but intend to handle government agency business, may be appointed as agents of RBI upon execution of an agreement with RBI.
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LIC will now allow policyholders to refurbish discharge or death summary issued by hospitals, government or armed forces in relevant cases, counter signed by any Class 1 officer at the insurer as a relevant proof. Earlier death certificates were mandatory for claims process.
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As ED Kattoor will look after human resource management, corporate strategy, budget and rajbhasha departments at the central bank. Kattoor spent three decades in the central bank in various departments, namely communication, human resource management, financial inclusion, supervision, currency management among other.
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“NBFCs can be enabled to participate more freely in the payment ecosystem through specific measures, such as issuance of credit cards and allowing for OTP based mandates, e-KYC and other services to be provided similar to banks,” it said in a report titled ‘Connected Commerce: Creating a Roadmap for a Digitally Inclusive Bharat’ and jointly released with Mastercard.
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This is the second listed firm promoted by Ajay Kerkar to be admitted under the Corporate Insolvency Resolution Process (CIRP) since the flagship firm and travel company Cox & Kings Ltd is also going through an insolvency resolution process.
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He has more than 25 years of experience in international trade and investment finance, project finance, structured lending, small and medium enterprises lending including cluster financing, and trade finance, a release said.
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The Association of ARCs in India recently responded to the RBI’s call for suggestions to overhaul their structure in the country. ARCs were created under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI), 2002, which allowed lenders to seize assets.
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RBI rolled out last Wednesday a slew of measures including a loan restructuring scheme to help lenders tide over mounting bad loans and give some borrowers more time for debt repayment.
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India is now considering setting up a fund worth at least Rs 1 lakh crore to support the uninsured, media reports said last week. Helping the population through a third wave is the obvious priority. But now is the time for policy makers to get serious about a minimum — and rising — standard of care for everyone.
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"At Max Bupa we have paid Covid claims to total of 14,500 customers. In the year 2020 it was around 10,000 in a span of eight months whereas in 2021 we have witnessed 4,500 claims in a span of just three months. We have settled Covid claims of more than Rs 150 crore with an average claims size of Rs 1.45 lakh," Bhabatosh Mishra, Director Underwriting, Products and Claims, Max Bupa told .
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Sivarama Krishnan, Partner & Leader, Cybersecurity, PwC India, pitched for a three-level governance model to deal with the security issues concerning open banking, stressing that with open API (application programming interface) and disruptive innovations regulated entities will integrate even deeper with the external world.
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NARCL, name coined for the bad bank, refers to a financial institution that takes over bad assets of lenders and undertakes resolution.
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