MONEY & BANKING


Moneylife Digital Team 08 August 2022
The directorate of enforcement (ED) has recorded around 515 cases of bank fraud in public and private sector banks, under the provisions of the Prevention of Money Laundering Act (PMLA), from 2014 to 2022. Further, it has attached properties worth Rs47,099 crore in bank fraud cases and has...

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Moneylife Digital Team 08 August 2022
The Deposit Insurance and Credit Guarantee Corporation (DICGC), a wholly-owned subsidiary of the Reserve Bank of India (RBI), has insured 49% of assessable deposits out of total bank deposits of Rs1.65 lakh crore, the Union government informed the Lok Sabha.    In a written reply, the...

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Masayoshi Son, Founder and CEO of Japanese investment group Softbank, on Monday warned unicorns and startups to prepare for a harsh and longer funding winter ahead, as the company posted disastrous results for the second straight quarter this year.   In the earnings call after...

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Yogesh Sapkale Yogesh Sapkale 05 August 2022
Scheduled commercial banks (SCBs) have written off non-performing assets (NPAs) worth over Rs9.92 lakh crore during the past five financial years (FYs), the Rajya Sabha was informed. While public sector banks (PSBs) have refused to share with citizens the names of big defaulters under the...

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Moneylife Digital Team 04 August 2022
Launched amidst much fanfare in 2014 with a catchy slogan of "Mera Khata, Bhagya Vidhata" (my account, fate restorer), the Pradhan Mantri Jan-Dhan Yojana (PMJDY) still has nearly 18% of bank accounts that are inoperative, the Rajya Sabha was informed.   In a written reply, Dr Bhagwat...

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The enforcement directorate (ED) on Wednesday attached assets totalling Rs415 crore in Yes Bank-DHFL Fraud case.   The agency attached the assets worth Rs251 crore of Sanjay Chhabria and the assets worth Rs164 crore of Avinash Bhosale.   The attached assets of Sanjay Chhabria...

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The Enforcement Directorate (ED) on Tuesday said it has attached 75 immovable properties including 67 windmills valued at Rs 113.32 crore belonging to the Chennai-based Surana Group of Companies in connection with three cases of Rs 3,986 crore bank fraud.   The ED had initiated money...

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The Chennai-based public sector Indian Bank has admitted to a major loan default of Rs279 crore by the realty group, Housing Development & Infrastructure Ltd (HDIL) Mumbai, and its suspended directors—Rakesh Kumar Wadhawan and son Sarang Wadhawan.   HIDL and the Wadhawans are already...

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Moneylife Digital Team 26 July 2022
During the past five years, public sector banks (PSBs) have reported 32,839 cases of fraud worth Rs87,284 crore, the Rajya Sabha was informed.    In a written reply, minister of state for finance Dr Bhagwat Karad says, “As per Reserve Bank of India (RBI) data, PSBs reported 2,369...

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The central bureau of investigation (CBI) on Monday filed its supplementary charge-sheet in connection with the Rs3,700 crore Yes Bank-DHFL (Dewan Housing Finance Corporation Limited) loan fraud case.   "A supplementary charge sheet has been filed today against Avinash N. Bhosale,...

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Yogesh Sapkale Yogesh Sapkale 22 July 2022
State Bank of India (SBI) has again refused to share the names of borrowers who owe Rs100 crore or more, even with its shareholder. Over the past nine years, from FY13-14 up to FY21-22, SBI has written off bad loans of over Rs145,248 crore of big defaulters, while recovering just over 13%...

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Moneylife Digital Team 19 July 2022
The Indian government holds just a 57.6% stake in the country's largest lender State Bank of India (SBI), and the highest 98.25% stake in Punjab & Sind Bank as of March 2022, the Rajya Sabha was informed. Ten years ago, the government's stake in SBI was 61.58%, which has come down to 57.59%...

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Moneylife Digital Team 14 July 2022
Mounting repayment pressure for some borrowers amid India's interest rate hikes, particularly for micro-, small- and medium-sized enterprises (MSMEs), will test banks' loan underwriting quality. However, asset-quality risks from higher rates should generally be moderate for most banks, says a...

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Moneylife Digital Team 12 July 2022
The Reserve Bank of India (RBI) on Monday said it has imposed penalty on three cooperative banks, including Maharashtra-based The Nasik Merchant's Co-operative Bank, for deficiencies in regulatory compliance. In a statement, RBI said a penalty of Rs37.50 lakh has been imposed on The...

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Moneylife Digital Team 12 July 2022
The Reserve Bank of India (RBI) has imposed various restrictions on on four cooperative banks. The restrictions have been imposed for six months and it includes cap on withdrawals for the depositors. The central bank has imposed restrictions keeping in view the deteriorating financial...

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The Supreme Court on Monday awarded four months' jail to fugitive businessman Vijay Mallya and imposed a fine of Rs2,000 under contempt charge and added that adequate punishment is must to uphold the majesty of the law.   In March, the top court had reserved the order on sentence to...

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Moneylife Digital Team 05 July 2022
The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs1.05 crore on Kotak Mahindra Bank and Rs1 crore on IndusInd Bank for violating the provisions of its regulations.   Kotak Mahindra Bank was fined for non-compliance with directions on limiting liability of customers...

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Moneylife Digital Team / IANS 04 July 2022
Indian government-owned banks saw a reduction of 2,044 branches and about 13,000 employees in 2022 over the previous year, a major bank employees union said in Sunday.   On the other hand, the number of branches of private banks went up by 4,023 to 34,342 branches in 2022 compared to...

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Over the past few months, we, in India, are witnessing an interesting set of economic and policy circumstances repeating themselves, with one key exception. This set of circumstances was the proximate cause of the great bad loan crisis of the Indian banking sector in the past decade. Are we...

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Moneylife Digital Team 04 July 2022
Enhanced flexibility to set lending rates will be one of the drivers supporting a revival in the profitability of non-banking financial company-microfinance institutions (NBFC-MFIs) this fiscal. This emanates from the Reserve Bank of India's (RBI) removal of the interest margin cap on lending...

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