SC paves way for Mittal entry in Essar Steel

The Supreme Court on Friday cleared the takeover of Essar Steel by global metals magnate LN Mittal’s ArcelorMittal after a protracted legal battle, which will pave the way for banks to recover Rs 42,000 crore in dues and oust the Ruias, once among the most powerful business families in the country.

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PMC effect! Govt to change law to bolster regulation of cooperatives

On the response to the Rs 25,000-crore housing fund (to start with) to bail out stuck projects, the minister said four of them in three cities — Mumbai, Hyderabad and Bengaluru — have approached the government to avail of funding, and more are expected to follow suit.

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Syndicate Bank: Net NPA may come down to 5%

“However, the recovery rate has improved drastically. During the first quarter, we were recovering around Rs 18 crore daily, which has gone up to Rs 26-28 crore per day, now,” he said.

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After PSBs, ICICI Bank launches carnival to provide instant loans

Anup Bagchi, executive director, ICICI Bank, said, “We are taking our unique proposition of instant loans and on-the-spot-approvals to the doorstep of potential customers... We believe that we are offering an unparalleled experience of a unique combination of easy access to finance, exclusive deals on vehicles from manufacturers and an array of further benefits.”

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Govt to provide higher deposit cover: FM

Finance minister Nirmala Sitharaman on Friday said the Centre is set to raise the insurance cover for bank deposits beyond the current level of Rs 1 lakh, while amending the law to improve RBI’s oversight on multi-state cooperative banks.

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