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The court, however, said that dissenting debenture holders should be given the option to accept the terms of the resolution plan or they can pursue other legal remedies to recover their dues.
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As part of the changes, the company will launch a new brand and name in May this year. It also plans to merge its seven subsidiaries into the housing finance company to ensure a single-minded focus on mortgages for which it will seek court approvals in the first half of next fiscal.
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In a move to safeguard customers from fraudulent payment of cheques, state-owned Punjab National Bank (PNB) has made the Positive Pay System (PPS) compulsory for cheque payments worth Rs 5 lakh and above. Earlier, the mandatory submission of cheque details in PPS was set at Rs 10 lakh and above.
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Mutual funds are an investment option that come with a certain amount of risk. Mutual funds are known to be one of the most preferred investment instruments. They are both great investment options and come with a certain amount of risk. Both risk and return are two sides of the same coin.
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Last year, general insurance companies led by state-run reinsurer GIC Re had set up a cargo pool for fertiliser imports with a net capacity of over ₹500 crore. That pool did not generate any losses, which has encouraged insurers to explore more capacity and better rates.
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Analysts say that since the lender would also have a post-integration expense of ₹1,500 crore expensed over 18 months, the deal will only be profit accretive at the end of the calendar year 2024.
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A two-member bench of the NCLAT said the sale of the property is as per the revised resolution framework approved by the appellate tribunal in March 2020 and it cannot operate as any fetter to proceed with the approval of the proposal. Housing Development Finance Corporation Ltd had made an offer to sanction a loan of Rs 400 crore to IL&FS as a lease rental discounting transaction.
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SBI, India's largest bank, does not want to permanently retain a stake in Yes Bank and would want to trim its holdings, albeit in phases, one of the sources told Reuters on condition of anonymity. SBI held a 26.14% stake in Yes Bank as of December 31, stock exchange data showed, and is the largest single shareholder in the rescued lender
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The division bench of Justice Ashok Bhushan and Barun Mitra in its oral order, set aside the Mumbai bench of the National Company Law Tribunal order that favoured Torrent Investments in its plea challenging lenders’ decision to hold a second auction for the sale of Reliance Capital and a late improved offer from the Hinduja Group after the auction for the bankrupt company concluded on December 21.
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The National Company Law Appellate Tribunal (NCLAT) on Thursday allowed a petition filed by Reliance Capital lenders seeking another round of auction for the debt-ridden firm. A two-member bench set aside an order passed by NCLT and said the Committee of Creditors (CoC) has the power to negotiate and call for a higher bid.
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From the Sensex pack, Tata Consultancy Services, Infosys, Maruti, Axis Bank, Mahindra & Mahindra, Tech Mahindra, Tata Motors, Nestle, Asian Paints and Bajaj Finance were the major laggards.
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Equity funds generally invest in equity shares of publicly traded firms from various industries and market capitalization ranges. One of the long-term investing options is equity funds.
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Mutual funds are a great way to invest your money, but they are also risky. It is important to be aware of the risks involved and to make informed decisions about which fund to invest in.
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Moody's has maintained a stable outlook for India's banking system citing strong fundamentals of the local economy which will support credit growth and prevent deterioration in asset quality. The rating agency has however flagged loans to small and medium-size enterprises (SMEs) which it said could pose risks to banks' asset quality because this segment is the most vulnerable to rises in interest rates.
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The transaction, announced in March 2022, has been closed for a cash consideration of 116.03 billion rupees ($1.41 billion).
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With this fund infusion, existing financial partner Morgan Stanley has been provided an exit, the company said, without disclosing the name of the private equity firm.
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Personal loans remained the dominant product accounting for 96% of the volume. However, given the difference in ticket size across products, it accounted for 66% of the value. Andhra Pradesh, Tamil Nadu, Telangana, Maharashtra and Karnataka accounted for 54% of the total digital lending loans.
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Indian banks are not prepared to adopt environmental, social and governance (ESG) norms as part of their lending models due to reasons including a lack of clarity on how they apply to lenders, a survey showed. The RBI will likely use the findings to frame the first set of guidelines to boost green finance
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The Reserve Bank of India is set to lift its benchmark interest rate by another quarter-point to tame inflation that accelerated faster than expected last month, according to a Bloomberg survey of economists.
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The government had infused ₹5,000 crore in FY22 into three state-run general insurers, and so far it has pumped in around ₹18,000 crore into these loss-making firms. A large part of this capital was allocated to wage revisions.
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As banks' chase for customers to collect cheap deposits is not fructifying, they are forced to offer inflation-beating real interest rates on fixed deposits now, and state-run banks led by Punjab & Sind Bank top the chart offering a cool 8-8.50 per cent per annum.
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Punjab National Bank is offering retail and senior citizens, respectively, at 7.25 per cent and 7.75 per cent on its 666 days bucket, Bank of Baroda's new pricing comes at 7.05 per cent and 7.755 per cent for 399 days; Bank of India is offering the same rate as that of Bank of Baroda for 444 days, while Bank of Maharashtra's new rate is 7 per cent and 7.50 per cent for 200 days.
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Under the new policy that was finalised a few weeks ago, the public-sector bank would give working capital as well as term loans to manufacturers of lab-grown stones against 100% collateral security and high internal rating of the borrower, said a person familiar with the bank's internal circular.
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The digital economy -- the digital infrastructure, e-commerce and other digital payments and services segments--can be the country's biggest growth-driver and can contribute as much as 25 per cent of the incremental GDP by the time India becomes a USD 7-trillion economy by FY29. Currently, the share is a low 4 per cent, Kamath told PTI in an interaction over the weekend.
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