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The report showed that of all such fake Indian numbers, 80% are still valid and operational, and SIM cards from all private telecom operators are used to create these fake customer care numbers.
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The offer from ACRE, an asset reconstruction company, is at the reserve price set by the bank and equates to a recovery of 33 paise on outstanding loans for the country's largest state-run lender by assets, the people said.
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On Wednesday, NCLT admitted a insolvency plea against ZEEL by private sector lender IndusInd Bank and also appointed Sanjeev Kumar Jalan as the resolution professional in the matter.
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This is the first meeting of the finance ministers and central bank governors of G20 -- a grouping of developing and developed nations -- under the India Presidency.
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In the Sensex pack, Bajaj Finserv, Kotak Mahindra Bank, State Bank of India, Infosys, IndusInd Bank, Asian Paints, Bharti Airtel, Reliance Industries and UltraTech Cement were among the gainers.
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PSU banks have taken the lead in raising deposit rates, offering as high as 8.5% to senior citizens for specific tenures. State Bank of India now offers 7.1% for a 400-day deposit, with senior citizens earning 7.6%. Among other nationalised banks offering attractive rates are Union Bank of India -7.3% for an 800-day deposit, and Central Bank 7.25% - for a 444-day deposit. Punjab and Sind Bank offers 8% for a 221-day deposit if done online, with senior citizens earning 8.5%.
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Indian banks could see an increase in bad loans in the retail and small business segments from its recent low levels, an official with the country's largest lender said on Thursday. While loans to this segment have been growing fast, defaults have thus far been few.
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Zee provided commitments for funding shortfalls in debt service reserve account related to certain financial facilities availed from banks by Siti, multiple exchange filings show.
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The Mumbai-based non-banking finance company (NBFC) has also offered an additional upfront payment of ₹250 crore over and above its original amount of ₹3,240 crore in a petition filed before the court. The next date for the hearing is set for February 28.
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The UPI linkage with Singapore's PayNow for faster and cheaper cross-border fund transfers through mobile apps is a step in that direction. The cost of international money transfer is nearly 5%, which the India-Singapore linkage can cut to less than half.
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Through this initiative, the insurance service provider, risk manager and reinsurance broker is providing insurance protection to almost 20,000 delivery partners, insured on a daily basis, while they are active on the platform.
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The settlement terms are unknown but Peninsula Land will have to meet certain payment milestones as the withdrawal of the insolvency petition is conditional. Peninsula Land and ICICI Prudential did not respond to queries until press time.
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About 98.4 per cent of the depositors of the co-operative bank are entitled to receive full amount of their deposits from Deposit Insurance and Credit Guarantee Corporation (DICGC), the RBI said in a statement. Consequent to the cancellation of its licence, the bank is prohibited from conducting various activities, including acceptance of deposits and repayment of deposits with immediate effect.
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The value erosion is surprising because lenders always make sure there is a margin or promoter's contribution before granting a loan. If a bank extends a loan for a Rs 1,000 crore investment, it ensures a promoter contribution of Rs 200 crore.
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Net interest income of banks grew by a record 25.5 per cent to Rs 1.78 lakh crore in the December 2022 quarter on-year, driven by a healthy credit off-take and higher yield on advances, according to an analysis. The quarter saw banks booking higher yields on advances as the system-wide core profitability metric net interest margin (NIM) rose by 17 basis points (bps) to 3.28 per cent.
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The bank has maintained the top slot in credit growth in percentage terms consistently for the past 10 quarters despite COVID-19 pressures.
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