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The majority of the claims are from severely-affected West Bengal and nominal from Odisha, she said, adding, a bulk of those have been received from business enterprises, shops and factories.
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The regulator said the penalty on Citibank was for not adhering to the directions related to customer credentials.
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Dhillon's appointment as Chairman and Managing Director will be with effect from the date of assumption of charge of the post on or after June 2020. He would hold the post till the date of his superannuation (May 31, 2023) or until further orders,
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The number of PSBs has come down after amalgamation of several lenders, and their ability to lend has increased manifold, Union Bank of India MD and CEO Rajkiran Rai G said.
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The appointment comes after the Bank Boards Bureau (BBB), the headhunter for state-run banks and financial institutions, recommended Jaishankar on March 15. The post lied vacant for three years before the appointment.
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"The unprecedented coronavirus pandemic has affected every aspect of our life. It has impacted each one of us, our families, our customers, partners and businesses. These trying circumstances have compelled us to revisit and re calibrate our business strategy keeping sustainability and business continuity in mind," the company said in a statement.
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Legal experts and some of the resolution professionals are learnt to have sent feelers to senior government officials that deferring the admission of cases under the Insolvency and Bankruptcy Code (IBC) would not only prevent orderly resolution in the banking system, but could also be viewed as a retrograde step, two senior bankers told ET.
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The lender had sent a notice to the Bombay Stock Exchange listed developer in February, demanding repayment of the loan given against its project Aarohan Residences in Gurgaon.
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The impact of forced lending on banks' impaired-loan ratios can be anywhere between 200 and 600 basis points (bps), depending on the severity of stress and banks' individual risk exposures and the higher regulatory provisions, Fitch Ratings said in the report on Thursday.
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At least 49 million people across the world are expected to plunge into “extreme poverty” -- those living on less than $1.90 per day -- as a direct result of the pandemic’s economic destruction and India leads that projection, with the World Bank estimating some 12 million of its citizens will be pushed to the very margins this year.
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Although economic activity has come to a near standstill due to the lockdown, there is no let-up in online crime. Fraudsters have managed to steal from hundreds of bank accounts by either impersonating acquaintances of account holders, tricking tipplers desperate to buy liquor online, or deceiving those searching for service providers.
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The zero-contact method completely does away with paper work or biometric verification, thereby removing physical interaction between the bank and customer from the know your customer (KYC) process, IDFC First Bank said in a release.
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Active Investing and Execution Why do investors put their hard-earned money in the stock markets? To make good returns over a period. There has been debate o...
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Despite the government announcement of Covid-related delinquencies not being treated as a default, it would be impractical to provide a blanket protection against recovery action to all borrowers, bankers have said.
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On February 27, the Securities Appellate Tribunal allowed lenders Nippon India Mutual Fund and Credit Suisse to invoke shares of Reliance General Insurance pledged by Anil Ambani group firms. Lenders including Credit Suisse, Nippon Life, Life Insurance Corporation of India. Other banks and institutions own non-convertible debentures of Reliance General Insurance.
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India may need to inject up to Rs 1.5 lakh crore ($19.81 billion) into its state-owned lenders as their pile of soured assets is expected to double during the coronavirus pandemic, three government and banking sources told Reuters.
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A pent-up demand for vehicles and social distancing needs, coupled with the introduction of digital inputs to manage customer journey by banks will lead to a faster uptick in auto sales, which were sagging before the lockdown and came to a standstill in the last two months, the bank's country head for retail lending Arvind Kapil said.
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The order said that IL&FS had sought that an amount of Rs 61.84 lakh is excluded as resolution process costs incurred for meeting various expenditures, other applicable taxes from the sale proceeds of the applicant's shareholding in GIFTCL to the Gujarat government.
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India's largest lender by assets State Bank of India (SBI) on Wedesday said following the Reserve Bank of India's (RBI's) extension on EMI moratorium by another 3 months - it has decided to extend moratorium for all eligible customers without waiting for their request.
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The insurance will help cover the expenses related to COVID-19 hospitalization and treatment as well as ambulance assistance and ICU charges of up to INR 50,000, and it will be valid for one year after activation, the company said in a statement.
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Equity indices finished higher on Wednesday with the benchmark BSE Sensex rising nearly 1,000 points led by gains in banking and financial stocks. The 30-share BSE index rose 996 points or 3.25% to close at 31,605; while the broader NSE Nifty finished 286 points or 3.17% higher at 9,315. Axis Bank was the biggest gainer in the Sensex pack with its shares rising as much as 14.15%.
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Unstable cashflows and low reserves, coupled with a restricted ability to seek additional debt or equity financing, can create immense pressure on businesses to divert funds between entities for non-permissible or surreptitious purposes, said the PwC report titled ‘Rethinking Fraud and Economic Crime.’
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The Centre is likely to look at the option of the Reserve Bank of India (RBI) monetising the deficit in the second half of the financial year, a senior government official has said, asserting that the Centre is seriously examining the issue.
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Reliance Industries Ltd is working with banks on early preparations for an overseas listing of its digital and wireless business, people with knowledge of the matter said, after the unit attracted more than $10 billion of investment in a month.
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The counsel argued that borrowers should not be penalised like this and banks should not add interest on the loan amount during the moratorium period.
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Bankers say that the RBI may have to tweak rules that demand provisioning if the existing promoters are retained after a loan restructuring. They say the existing promoters have the best chance of keeping the business going instead of going for a new one who would find it difficult to run a medium-sized firm.
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The prime concern expressed by microfinance leaders now is that the extended moratorium might increase stress and derail the robust credit discipline that they nurtured over the years.
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Nehal Modi's name figured as the accused number 27 in the supplementary chargesheet filed by the CBI, which charged him for destroying evidence in Dubai to cover the tracks of the alleged crime, the officials said.
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IDFC FIRST Bank MD & CEO V Vaidyanathan has voluntarily offered to take a pay cut of 30 per cent in his compensation including fixed compensation as well as all allowances, the bank said.
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It can be noted that deposit rates across the system are dipping due to a combination of an interest rate lowering by the Reserve Bank of India and also a lack of loan growth where the money can be deployed.
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The immediate reaction from Institutional Investor Advisory Services (IiAS) is the invite that SBI has sent out to shareholders for an EGM on June 17 amidst the pandemic, as the State Bank of India Act of 1955, which created it, does not envisage or allow it to hold the extra-ordinary general meeting digitally/electronically or even an e-voting.
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"Each bank had its own employee benefit schemes. The scheme that is most beneficial to the employees were extended to all the employees of the amalgamated entity. This way heartburns were not created," a top official of All India Bank Employees' Association said.
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"We have sanctioned loans amounting to Rs 2,789 crore under agriculture, SHGs, Retail, MSMEs with almost one lakh beneficiaries between March 2020 and May 2020," the lender said in a statement.
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A team of officers and technical experts was moved into a hotel in Mumbai and another team was stationed in Khargar on the outskirts of Mumbai to work remotely and ensure that the wheels of the economy keep moving.
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While paring deposit rates-to ensure that all borrowers benefit from the lower rate regime-bankers have been asked to ensure widespread implementation of the Pradhan Mantri Vaya Vandana Yojana, which has been extended by three years up to March 2023. Under the scheme, senior citizens will be paid 7.4% interest during the current financial year with the rate to be reset next year.
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