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The court was deciding an appeal by the Securities and Exchange Board of India (Sebi) seeking a stay on voting by creditors because it wanted all bond holders to participate in such votes, contrary to the debenture trust deed (DTD) and central bank guidelines that expect only 75% of the bondholders to vote.
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The country's foreign exchange reserves declined by $3.007 billion to $561.046 billion in the week ended August 26, the Reserve Bank of India (RBI) data showed. In the previous week ended August 19, the reserves had dipped by $6.687 billion to $564.053 billion.
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The lower-than-estimated GDP growth in the April-June quarter has triggered a clutch of downgrades to India's growth forecast for 2022-23, with several investment banks and agencies lowering their estimates.
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RFL owes more than a dozen lenders led by Bank of Baroda a total of ₹5,344 crore. It has offered to settle these claims with a payment of ₹2,320 crore - a 57% haircut for secured creditors. The amount includes cash reserves of ₹1,700 crore in RFL parked in the escrow account with banks and the rest will be infused by parent Religare Enterprises (REL), people familiar with the plan said.
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Bank loans registered 15.1% growth in July compared with 5.1% a year earlier as large corporates came back to banks. Credit to large industry grew by 5.2% in July against a contraction of 3.8% a year earlier, as per RBI data. Medium industries recorded credit growth of 36.8%, down from 59% in July 2021, while credit growth to micro and small industries accelerated to 28.3% from 10.5% during the same period.
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The Pradhan Mantri Fasal Bima Yojana (PMFBY), launched in February 2016, aims to provide financial support to farmers suffering crop loss/damage arising out of natural calamities. Under this scheme, maximum premium payable by farmers is 2 per cent for all food and oilseeds crops grown in the kharif (summer) season, 1.5 per cent for same crops grown in rabi (winter) season and 5 per cent for commercial and horticulture crops.
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As per the Reserve Bank of India (RBI), tokenisation refers to replacement of actual card details with an alternate code called the "token", which shall be unique for a combination of card, token requestor and device.
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Data released by the National Statistical Office (NSO) showed the country's GDP rose by an annual 13.5% in the April-June quarter of the current fiscal year, higher than the 4.1% in the previous quarter, but below the 20.1% recorded in the first quarter of 2021-22. The 13.5% growth was lower than the Reserve Bank of India's estimate of 16.2% for the first quarter of 2022-23.
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Even though it the fastest pace of economic growth in a year, the Q1 GDP growth is below expectations and has fueled fears of sharp slowdown in growth amid constant rate hikes by the central bank.
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Euro zone inflation rose to another record high this month, beating expectations and solidifying the case for further big European Central Bank rate hikes even before pries peak near the turn of the year.
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Kotak Mahindra Bank said that the instances reported as fraud also include phishing, vishing, skimming and other such activities and even pointed out that 97 per cent of the 5,278 cases were card related frauds which occurred due to "customers unwittingly compromising their credentials".
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GIC Investor is a special purpose vehicle organised as a private limited company in Singapore that is part of a group of investment holding companies managed by GIC Special Investments Private Limited (GICSI).
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The Cabinet Committee on Economic Affairs had given in-principle approval for strategic disinvestment and transfer of management control in IDBI Bank in May 2021.
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Alvarez & Marsal and Grant Thornton are advising IL&FS on the bank-wise distribution of the proceeds from the recoveries. IL&FS had informed lenders last week that proceeds would be distributed in the third quarter as against the initial plan of this being done in the second quarter, said one of the persons cited above.
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The deal was announced in March this year. Despite Citi losing market share on credit cards in India, Axis Bank says attrition of employees and customers in the business it was acquiring was within manageable limits.
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The benchmark 10-year government bond yield is likely to trade in 7.20%-7.26% band, a trader with a private bank said. The yield had slumped seven basis points on Friday to end at 7.2173%.
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Currently, Axis Bank and its two subsidiaries - Axis Capital Ltd and Axis Securities Ltd - collectively own 12.99 per cent of Max Life Insurance post approval of the deal in April last year. Under the deal, the Axis entities also have the right to acquire an additional stake of up to seven per cent in Max Life, in one or more tranches, subject to regulatory approvals.
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Axis Bank is likely to raise its stake in Max Life Insurance to about 20 per cent over the next 6-9 months, the insurance company's CEO Prashant Tripathy said.
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IDBI Trusteeship Services Limited acting in its capacity as a debenture trustee on behalf of Credit Suisse, had invoked the pledge of Reliance Capital's 100 per cent shareholding in Reliance General in November 2019 and transferred the shares to its account.
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"Our overall loss is around Rs 500 crore, taking into account the amount we have spent on land and construction cost, the charges paid to authorities for various approvals, interest paid to banks over the years and the 12 per cent interest paid back to buyers of these two towers, among other costs," said, R K Arora, Supertech Chairman
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