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9:03 PM
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Banks need to have stronger knowledge on the lending practices of non-bank lenders that borrow from them, said C S Setty, a managing director at India's largest lender SBI. Non-bank finance companies should follow the same risk underwriting and credit monitoring principles as those used by major banks to monitor risk.
4:09 PM
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3:09 PM
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2:03 AM
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The State Bank of India had asked the court to clarify that the ruling would only apply prospectively and not affect past decisions. However, the court refused and clarified that a personal hearing meant a defaulter should be given adequate notice and an opportunity to make a representation.
12:03 AM
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Uday Kotak, CEO of Kotak Mahindra Bank, stated that India needs to fix its judiciary system related to the bankruptcy law to ensure that banks are able to recover money from borrowers. Speaking at the launch of his book 'Made in India' in the presence of RBI Governor Shaktikanta Das, Kotak also highlighted the need for a well-coordinated system to support audacious corporate moves.
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