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The consultation paper is seeking comments and suggestions on five aspects that mar independence of auditors. As per the consultancy paper there are certain aspects which “worsened the independence of the auditors.”
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State Bank of India (SBI) and three other public sector banks have reduced interest rates on loans as well as deposits after the Reserve Bank of India (RBI) reduced the cost of funds for banks in its monetary policy. Following the rate cut, the maximum return on SBI’s fixed deposits stands at 6%.
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Three Chinese banks — Industrial and Commercial Bank of China Ltd (ICBC), China Development Bank and the Export-Import Bank of China — are suing Ambani in the high court here for more than $700 million (over Rs 5,000 crore) , including interest, for defaulting on a loan they gave Reliance Communications (RCom) — now in insolvency proceedings — in February 2012, which RCom defaulted on.
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Recently, Facebook said it expects to roll out WhatsApp Pay in a number of countries, in the next six months. CEO Mark Zuckerberg said commerce and payments are areas that will be important for private social platforms such as WhatsApp and Messenger.
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Rathor has over 20 years of experience and graduated from IIT Kharagpur and IIM-Calcutta. He had started his career from Citi Bank.
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While most of the cases involve corporate loans taken by Dubaior Abu Dhabi-based subsidiaries of Indian companies, action is also being planned against individuals, two people with direct knowledge of the matter said.
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The bank's operating profit, which is calculated before provisions and contingencies, trebled at Rs 1,211 crore against Rs 381 crore in the year-ago period. The lender had reported a net loss of Rs 892 crore for the September quarter and Rs 999 crore for the December 2018 quarter, the bank said in a filing with stock exchanges.
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In the new role, Rath will oversee strategy and processes related to building and retaining talent, including reskilling and mult-iskilling of employees. She will be reporting to Vineet Arora, CEO of Aegon Life Insurance.
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A bench comprising Chief Justice S A Bobe and justices B R Gavai and Surya Kant took note of the appeal of the Reserve Bank of India against the Bombay High Court order.
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The ministry of corporate affairs is ready to launch Spice+, the new company incorporation form, with at least five new formalities — EPFO, ESIC & professional tax registration, opening of bank account and GST registration — as part of a comprehensive package to make life easier for someone starting a business.
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The five-fold increase in deposit insurance will not have a significant impact on banks’ balance sheets. The RBI has increased the premium on bank deposits by only 20% to 12 paise from 10 paise for every Rs 100.
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The RBI offered to inject as much as $14 billion cash through one- and three-year funding operations, akin to the long-term repos put in place by the European Central Bank under Mario Draghi. Draghi is credited with rescuing the euro from disaster at the height of its debt crisis.
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The situation in Mumbai, whose budget is bigger than several states, bodes ill for India’s economic revival.
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The country's largest lender State Bank of India (SBI) on Friday announced a 5 basis points (bps) reduction in its marginal cost of fund-based rate (MCLR) across tenors, effective February 10.
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This means that in the case of stressed borrowers, banks can give them more time to repay without classifying the developer as a defaulter, or the loan as a non-performing asset (NPA).
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Loans for housing, auto and small businesses are likely to get cheaper even without the Reserve Bank of India's monetary policy committee reducing interest rates.
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Kumar said banks that are in the middle of the merger process need to be careful on information technology integration. "One of the challenges before public sector banks in the near future is the merger of the bank...IT merger needs to be handled very carefully," Kumar said at an event organised by Indian Banks' Association.
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The platform will offer private credit solutions to companies across various industries in India, including manufacturing, consumer, industrial, healthcare, pharmaceuticals, logistics, among others, the company said in a release.
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Reserve Bank of Indai (RBI) governor Shaktikanta Das on Thursday said the central bank has no plans to monetise the rising fiscal deficit. This is the third consecutive year that the government has revised its fiscal deficit target.
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The Union Cabinet on Wednesday cleared amendments to the Banking Regulation Act to strengthen the regulation of co-operative banks after the massive fraud at PMC Bank, which went unnoticed and exposed several gaps in the legal framework.
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The RBI kept repo rate unchanged for the second consecutive time at 5.15 per cent and reverse repo rate at 4.90 per cent in its sixth bi-monthly monetary policy meet. It also decided to continue with its accommodative stance. The central bank has pegged GDP growth for 2020-21 at 6 per cent. It also anticipates inflation to remain elevated in short-run.
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The move is likely to hit both global investment inflow into these assets and local retail investors’ participation, they said.
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The cabinet approval is in line with the Budget announcement made by FM Sitharaman on Saturday. She proposed in the Budget to raise the insurance cover on saving deposits five times to Rs 5 lakh. The decision assumes significance in the wake of a scam in the PMC Bank affecting lakhs of customers who are facing difficulties in withdrawing their money due to restrictions imposed by the RBI.
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"The company intends to recruit close to 346 employees and 2,058 distributors in the current year, and is hopeful of further increasing these numbers in the next two years," a Future Generali India Life Insurance spokesperson said. FGILI has been focusing on expansion of agency channels by ramping up the recruiting process of agents and opening new branches in India, she said.
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Yes Bank is doing all it takes the raise the funds. According to ETBFSI sources, the bank has appointed Anshu Jain from Cantor Fitzgerald to raise the fund for the banks. After making many efforts to raise the funds Yes bank has now appointed the Global expert to speed up the fund raising process.
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Majority shareholders planning to buy out minority investors from an unlisted public or private company will now have to deposit 50% of the acquisition price in a separate bank account, according to a February 3 notification by the ministry of corporate affairs (MCA) on amendments to the Companies Act.
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Srei Infrastructure Finance Ltd. plans to stop financing Indian infrastructure projects after three decades in the business, as a slowing economy and crisis in the shadow bank sector dries up funding lines.
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An estimated over 200 million mobile wallets ran the risk of being cancelled by the regulators, once the deadline to upgrade their non-compliant accounts to ‘full KYC’ accounts expires on February 29. These are mostly the accounts whose KYC authentications through Aadhaar were ruled invalid by the Supreme Court by its landmark 2018 verdict.
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The budget has drawn mixed responses from the industry, with a section of industry leaders saying “big bold” reforms needed to kickstart economic growth were missing while others saying she had little room to manoeuvre.
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In a written statement, Agriculture Minister Narendra Singh Tomar said the government had received some complaints against insurance firms about non-payment and delayed payment of claims during the implementation stage of the scheme.
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Union Minister of State for Home G Kishan Reddy said with the rapid increase in use of cyber space, the number of cyber crimes is also increasing. "As per data maintained by the National Crime Records Bureau, 3,466 and 3,353 cases of online frauds were registered in 2017 and 2018, respectively," he said replying to a written question.
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Maharashtra State Co-operative (MSC) Bank has written to Union Finance Minister Nirmala Sitharaman seeking merger of branches of PMC Bank, in case of a takeover of the troubled lender.
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Bank frauds have sharply come down on an annual basis to Rs 5,244 crore in the first three quarters of this fiscal on account of improved detection and reporting, Minister of State for Finance Anurag Thakur said in Rajya Sabha on Tuesday.
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Punjab National Bank (PNB) on Tuesday reported a standalone net loss of Rs 492.28 crore for December quarter 2019-20 due to substantial increase in bad loan provisioning.
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MDR is a fee that is levied by banks on merchants for the payment infrastructure that is provided.
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Reserve Bank of India (RBI) governor Shaktikanta Das’s moves to regulate non-banking finance companies (NBFCs) without hand-outs has won him the title of Asia-Pacific’s central banker of the year.
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Every time you fill up a form for an investment, whether it’s a Fixed Deposit or Insurance, Shares or a Mutual Fund or even if you’re opening a new bank acco...
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Over the years, Mutual Funds have evolved to become a household name in investments. A Mutual Fund, as the name suggests, collects funds from investors with ...
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While this is mainly an accounting entry, not allowing carry forward in mergers could pose huge tax burden for PSU banks and insurance companies as many of the entities being merged have substantial depreciation and losses in their books.
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Oriental Bank of Commerce (OBC) currently holds 23% stake in Canara HSBC OBC Life Insurance. Besides, another public sector lender Canara Bank has 51% stake and HSBC Insurance (Asia Pacific) Holdings Limited as foreign partner owns 26%. Already, PNB is a promoter of PNB Metlife Insurance with highest stake of 30 per cent.
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She said systematic and comprehensive checking, including legacy stock of PSBs' non-banking assets (NPAs), for frauds under the framework has been taken note of by the Reserve Bank of India (RBI) in its Financial Stability Report in December 2019, where it has observed that this has helped unearth frauds perpetrated over a number of years.
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According to Credit Suisse, the estimated increase in deposit insurance premium would be around Rs 28,400 crore ($4 billion) for the system.
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The government has finally moved to control the rising debt of National Highways Authority of India (NHAI) while allowing tax sops to foreign investors in the budget
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The budget presented by Finance Minister Nirmala Sitharaman on Saturday has proposed to construct a medical college in every district, besides taking up other infrastructure developmental projects, said BJP MP Jayant Sinha. To a query on the fate of policy-holders, he said all of them will get every benefit assured in their policies.
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The fund managed by Morgan Stanley Private Equity Asia will be the first external institutional investor in CHFL, which is promoted by Centrum Capital Limited, Centrum said in an exchange notification.
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15th FC has suggested that states be given 41% of the Centre’s net tax receipts during the next financial year, as against 42% for 2015-16 to 2019-20.
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To be fair to the disinvestment department, it was in July that I announced it (the targets) and by February, they had done all the necessary leg work … and it is going to happen in a couple of months, said Sitharaman.
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“The Deposit Insurance and Credit Guarantee Corporation has been permitted to increase deposit insurance coverage for a depositor, which is now Rs 1L, to Rs 5L per depositor,” said FM. “I wish to inform this august house that the robust mechanism is in place to monitor the health of all scheduled commercial banks & that depositors’ money is safe."
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