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Kotak Bank had moved the court on December 2018, challenging RBI’s August 2018 directive.
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RBI on Friday notified a draft liquidity risk management framework for NBFCs to protect the interest of lenders and depositors of non-bank finance companies. In its move, the apex bank plans to get large NBFCs to invest in government bonds or deposits to ensure that they have enough to make repayments for one month if funds dry up due to a liquidity crisis.
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Proposals such as mandatory investments in government bonds and maintenance of cash thresholds to help tide over liquidity issues.
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During the first half of the previous fiscal, banks recovered Rs 60,713 crore from bad loans.
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The draft proposes to introduce Liquidity Coverage Ratio (LCR) for all deposit taking NBFCs; and non-deposit taking NBFCs with an asset size of Rs 5000 crore and above.
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The 'Mega Customer Meet', to be held on Tuesday, is expected to engage with 1 lakh bank customers across 500 locations through 17 local head offices across the country.
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Under the initiative, the lender is looking to engage with over 1 lakh customers at over 500 locations through 17 of its local head offices (LHOs).
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Despite all delays and difficulties, some still hope GIFT will one day flourish, especially with Modi's return to power.
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Over-leveraging, excessive concentration and massive asset-liability mismatch have deepened problems for NBFCs, and in turn clogged the credit pipeline.
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Despite challenges, the economic outlook looks positive for the second term of the Modi-led BJP government, with GDP growth forecast to average around 7 per cent per year over the 2019-2023 period.
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The government is banking on gains from goods and services tax (GST) and higher recovery from bad debt that is now subject to insolvency resolution to move up the World Bank’s Ease of Doing Business rankings.
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Besides raising funds through sale of stock-backed debt securities to mutual funds, some of the Essel Group companies have drawn loans from Yes Bank on the back of comfort letters or guarantees from promoters.
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PSBs have already been asked to carry out an internal assessment for shortlisting ideal candidates for possible mergers or acquisitions.
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The report comes against the backdrop of the Reserve Bank of India's decision to create a specialised cadre to supervise and regulate the financial sector, including banks and NBFCs.
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The central agency had first carried out searches in this case in February after it filed a criminal case under the Prevention of Money Laundering Act (PMLA).
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In the Essel and IL&FS cases, mutual funds have sought leniency to ensure the net asset values of their units don’t plunge.
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Banks clean up books as NPA additions slow over the past year.
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The review of the norms may immediately benefit Equitas Small Finance Bank and Ujjivan Small Finance Bank, which are desperately trying to abide by the listing rule by way of share-transfer schemes.
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Grant Thornton India LLP has been appointed as the Claims Management Advisor for overseeing and executing the process.
7:40 PM
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A specialized cadre will be created within the Reserve Bank for supervision and regulation of financial institutions, including banks and NBFCs, the RBI said on Tuesday. This move assumes significance at a time when non-banking financial companies (NBFCs) are facing severe liquidity crunch in the wake of IL&FS crisis.
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Under this, Muthoot Finance will give unsecured loans of Rs 1-10 lakh at an interest rate of 13.5-23 per cent to salaried class only, the company said at an event here.
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The government is seeking to consolidate the nation's debt-burdened state banking sector.
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The RBI, which has already held discussions with NBFCs, is of the view that not all of them are stressed and it is only a few that are highly leveraged due to aggressive lending in the past.
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{image_1} Online Trading has witnessed significant growth in recent years, with many new users keen to improve their financial situation. Platforms such as ...
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The number of ATMs around the world fell for the first time last year as banks closed branches and redirected resources toward digital payments.
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The mobile phones of senior executives and former directors of group companies will be examined, along with servers.
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In the fiscal year ended March 2013, loans to infrastructure sector had grown by 15.83 per cent to Rs 7.29 lakh crore.
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According to the release, the bank will provide, free of cost, an insurance coverage of up to Rs 50,000 against chain snatching, theft and burglary for women employees falling in the top category of the salary scheme.
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Normally, the TP rates are revised from April 1. However, this time, the Irdai had decided to continue with the old rates until further order.
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To get a better grip on the situation, the RBI is thoroughly looking at the bad asset data made available by NBFCs.
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Tracking significant gains in the broader market on Monday, as many as 40 stocks touched their 52-week high levels on BSE. Some of the stocks that touched 52-week highs include Bajaj Finance, DCB Bank, Federal Bank, HDFC Bank, ICICI Bank, SRF, Titan, Kotak Mahindra and PVR.
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It does not make sense to have branches of Dena and Vijaya at the same location when both have been merged into BoB, a senior bank official said.
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JSW Steel had revised its offer for Bhushan Power & Steel from Rs 11,000 crore to Rs18,000 crore and later to over Rs 19,000 crore which the CoC had approved.
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CEA Subramanian said a global bank benefits savings across the world.
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The problem with the Indian loan against property is more to do with the lenders than the borrowers.
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Still, the process has chugged on, albeit at a slower pace than envisioned. Till the close of the financial year 2018-19 on March 31, a total of 715 cases of defaulting corporate debtors had been closed under the IBC.
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