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Justice Rekha Palli issued a notice to the Delhi government, the Insurance Regulatory and Development Authority (IRDA), the National Insurance Company Ltd and Fortis Hospital at Shalimar Bagh, where the woman's husband died during treatment last year.
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The bankruptcy proceedings were initiated by construction company Techno Electric and Engineering Company in 2019 over a default on interest payments towards a Rs 100-crore loan, according to a court order reviewed by ET.
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According to the CBI’s first chargesheet, in June 2018, Kapoor, the then head of Yes Bank’s management credit committee, sanctioned a loan of `750 crore on an application by the promoters of DHFL in the name of Belief Realtors Pvt Ltd to develop the Bandra Reclamation Project.
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Visa and Mastercard dominate the leaked database with 48% and 47% of the cards, respectively. Around 4%, or 39,000 cards, are attached to RuPay, the card-payment network of the National Payments Corporation of India.
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NSRCEL is known for bringing up start-ups, industry mentors and eminent academicians from the parent institution, IIM Bangalore and researchers who thrive on continuous interaction of theory and practice. IIMB also nurtures technology and knowledge-based ventures, Indian Bank said in a press release.
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Replying to a question on the large haircuts that creditors have taken in some cases recently Das pointed out that the present National Company Law Tribunal (NCLT) system has given better returns.
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In the last six months, the platform has clocked 10X revenue growth and has already established a wide-ranging network of over 15,000 uStores in Uttar Pradesh, Maharashtra, Bihar, and Haryana.
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“With regard to any kind of movement of stress in the retail and MSME sector we are very closely monitoring, yes there is a visibility of little bit stress from the past data but it is not alarming,” Jain said in the post monetary policy conference while interacting with reporters. “We are constantly engaged with the regulated entities, particularly the outlier banks and NBFCs.”
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Indiabulls Housing Finance on Thursday reported a marginal increase in its consolidated net profit at Rs 282 crore for the first quarter ended June 30. The housing financier had posted a net profit of Rs 273 crore a year ago.
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“Go for the Indian FMCG companies. The valuations are attractive, their growth rates are higher than MNC FMCG companies and there is good scope for earnings to move up.”
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GIFT SEZ (special economic zone) Development Authority considered nearly two dozen applications for setting up IFSC business in GIFT IFSC on Wednesday.
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The bank's executive director Hemant Tamta said with the 'Retail Bonanza-Monsoon Dhamaka' offer, the customers will be benefit from lower rates and waiver of processing fee offer.
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Soni is a seasoned asset management professional with over 25 years of experience spanning across investment and business management. He has worked with start-ups as well as global giants and across retail as well as institutional clients.
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The trend is the same for both large and small banks. For example State Bank of India (SBI) reported a 24% rise other income to Rs 11,803 crore led by a 21% rise in fees and a Rs 1,692 crore recovery from the written off Kingfisher Airlines' account which has increased the proportion of other income to 15% of total income from 11% last year.
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The agency said the collections in retail pools securitised post the first wave (i.e. September 2020), especially for the more affected unsecured lending sector, have fared better than the pools originated prior to the same.
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There could be a situation in the current pandemic where one of the holders is hospitalised and the other needs to draw the funds immediately for funding the medical expenses. So investors should be aware that some banks have started offering a solution.
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The lender has already pulled back Rs 4700 crore from its fresh slippages in July. The stress list for the loans due between 30-90 days or SMA 1 and 2 accounts stood at Rs 11,303 crore.
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"Banks will be permitted time till October 31, 2021 to implement the provisions of the circular. This extended time line shall be utilised by banks to engage with their borrowers to arrive at mutually satisfactory resolutions within the ambit of the circular," RBI said.
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“We will have to wait and watch till the final verdict comes but nevertheless we have to ensure that we adopt all possible steps to insulate the balance sheet from any potential threat,” said Dinesh Khara, chairman, State Bank of India.
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The board of Punjab National Bank, the principal promoter of the mortgage lender, had earlier told the home financier to consider repricing the initial transaction.
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The RBI has not authorised any institution/ firm/ person to collect charges/ commission on its behalf in such transactions.The central bank suggested, citizens should not fall prey to elements using the name of Reserve Bank of India to extract money through such fictitious/ fraudulent offers.
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I would not say that you have to go overboard, but this is a time to grow rather than be cautious, if I have to choose one, I will say we put our strategy on growth and not on caution, said Nirmal Jain, Founder and Chairman of IIFL Group.
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The unions have given a call for one-day strike against the passage of the General Insurance Business (Nationalisation) Amendment Bill 2021 in the Lok Sabha, General Insurance Employees All India Association general secretary K Govindan said.
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Pradeep Bhasin is a business leader with a diverse experience of 19 years in the financial services industry, and has scaled businesses both in physical distribution and the digital space. He has worked with asset management companies like HDFC and Sundaram for 11 years and managed their B2B distribution channels.
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With Nexus, it’ll be possible before hitting “Send” to establish if the payment will succeed. For instance, by validating that the recipient’s bank account is operational and checking for compliance with anti-money-laundering rules. The uncertainty associated with traditional one-way communication will become history.
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Last year the CBI had registered an FIR against Gautam Thapar and Avantha Group. The said FIR, registered in March last year, alleged criminal conspiracy, cheating, and obtaining illegal gratification against Rana Kapoor, former Managing Director of YES Bank and his kin.
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The central bank’s fresh guidelines come at a time when India’s tech ecosystem has seen several high-profile cyber attacks such as those at Juspay, Upstox and Mobikwik over last year targeting customers’ payments data.
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With the abatement of the pandemic and the resumption in business activity, the collections are improving and will offer some succour to the financiers as the fiscal year progresses, it said, adding that it has a "negative" outlook on the sector.
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“The impact on collection efficiency was lower during the June quarter compared to what was witnessed in the same period last year and initial feedbacks indicate a further improvement in the metric in July 2021,” said AM Karthik, Vice President, Financial Sector Ratings, ICRA Limited.
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In the first quarter of the current fiscal, the lender's total income was down at Rs 11,698.13 crore. In the year-ago period, it stood at 11,941.52 crore, according to a regulatory filing.
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Under the deal announced on May 31, the US-based Carlyle, alongside other investors, is slated to infuse Rs 4,000 crore capital into PNB Housing Finance through the issuance of preference shares and warrants.
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With this, IndusInd Bank joins ranks with few other private banks of the country to carry out general banking business on behalf of the central and state government, while also offering customers - the convenience of undertaking routine financial transactions through its banking platform, the bank said in a release.
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NACH is a bulk payment system operated by the NPCI which facilitates one-to-many credit transfers such as payment of dividend, interest, salary, pension, as also collection of payments pertaining to electricity, gas, telephone, water bills, periodic installments towards loans, investments in mutual funds, insurance premium etc.
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New Delhi, Aug 2 (PTI) A bill to amend the general insurance law to allow the government to pare its stake in state-owned insurers was passed on Monday by Lok Sabha without a debate amid continuing protests by opposition parties on the Pegasus snooping and other issues.
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e-RUPI is a QR code or SMS string-based e-Voucher, which is delivered to the mobile of the beneficiaries. The users of this seamless one-time payment mechanism will be able to redeem the voucher without a card, digital payments app or internet banking access, at the service provider.
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As per the statement of objects and reasons of The General Insurance Business (Nationalisation) Amendment Bill, 2021, it seeks to remove the requirement that the central government should hold not less than 51 percent of the equity capital in a specified insurer.
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e-RUPI is the Indian government’s move towards introducing digital currency in the country, developed by the National Payments Corporation of India (NCPI), the minds behind the Unified Payments Interface (UPI) currently gaining popularity across India.
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The government could still go ahead with other asset sales, including Life Insurance Corp. of India’s initial public offer, that could help the country’s efforts to raise funds to make up for any fall in tax revenues this year.
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The government plans to privatise public general insurer United India Insurance Company in the first instance as well as sell-off Life Insurance Corporation (LIC), considered to be the fulcrum of financial security for most of the Indians, Mitra said.
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We will continue to keep looking for opportunities to disburse whenever the market is conducive. In terms of credit growth, I think last year we had a 15% credit growth, this year should probably be slightly better than that.
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The new digital payments system has been developed over the existing Unified Payments Interface (UPI) rails by the National Payments Corporation of India (NPCI) in association with the Department of Financial Services, Ministry of Health and Family Welfare and the National Health Authority.
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e-RUPI connects the sponsors of the services with the beneficiaries and service providers in a digital manner without any physical interface. It also ensures that the payment to the service provider is made only after the transaction is completed. Being pre-paid in nature, it assures timely payment to the service provider without involvement of any intermediary.
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RBI had directed all banks to give up such current accounts by July 30. The regulator, according to media reports, had even frozen accounts after some banks failed to meet the deadline.
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