In a strange turn of events, the State Bank of India (SBI) on Wednesday chose to withdraw the fraud tag against RComs tower and fibre company Reliance Infratel Ltd by filing an affidavit in NCLT Mumbai, stating that it wanted to remove the fraud tag on the company.   Reliance Projects...

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The board members of Punjab National Bank (PNB) including its independent directors may seek more clarity on the PNB Housing Finance fund raising deal.   The Rs 4,000 crore transfer of control deal in PNB Housing Finance to a private equity led consortium led by Carlyle Group has...

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In order to to make the claim settlement process easier and faster for dependents of its deceased customers, public sector bank (PSB) Central Bank of India on Tuesday announced that it has introduced an online process for the same. Central Bank of India is the first bank to recognise the need...

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India Ratings and Research (Ind-Ra) says it witnessed a drop in April 2021 collections or in the May 2021 pay-outs, in the rated securitisation transactions across asset classes. As per early signals, the ratings agency says the second COVID wave is expected to significantly affect May 2021...

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The US Justice Department announced that federal law enforcement officials have seized $2.3 million in cryptocurrency of the ransom paid to hackers who shut down the key Colonial Pipeline last month.   "Following the money remains one of the most basic, yet powerful tools we have,"...

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The Mumbai bench of the National Company Law Tribunal (NCLT) has approved the Piramal group’s resolution plan for Dewan Housing Finance Limited (DHFL). The order is, however, subject to the outcome of the appeal in the National Company Law Appellate Tribunal (NCLAT) and the Supreme Court...

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The on-tap liquidity window of contact-intensive sectors including travel and tourism, hotels, parlours and event organisers, announced by the Reserve Bank of India (RBI), will be operational from Monday.   The facility will be open till March 31, 2022, said an RBI...

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The All India Bank Officers' Confederation (AIBOC) has requested Debashish Panda, secretary in the department of financial services (DFS) in the Union ministry of finance, to immediately deploy guards or caretakers at all automated teller machine (ATM) kiosks across the...

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The Reserve Bank of India (RBI) has cancelled licence of Pune-based Shivajirao Bhosale Sahakari Bank, since the lender does not have adequate capital and earning prospects. More than 98% of the depositors of the cooperative bank will receive full amount of their deposits from the Deposit...

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The Central Bureau of Investigation (CBI) on Tuesday said that it has registered a case against Guwahati-based Ghosh Brothers Automobiles and its promoters and directors in a bank fraud case worth Rs 168 crore.   A CBI spokesperson here said that the agency has booked Pranab Kumar...

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Kapil Wadhawan, former promoter of the beleaguered Dewan Housing Finance Ltd (DHFL), has filed a plea in the Supreme Court (SC) challenging the stay granted by the National Company Law Appellate Tribunal (NCLAT). On 25th May, the NCLAT had stayed the National Company Law Tribunal (NCLT) ...

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The Enforcement Directorate has attached 20 immovable properties, located in Mumbai, Pune and Ratnagiri and worth Rs 166 crore, in connection with a case of bank fraud case involving the Maharashtra-based Varron group of Industries.   An ED official said that the financial probe...

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Reliance Jio has moved the NCLT against the Committee of Creditors (CoC) of Reliance Infratel Ltd (RITL).   According to sources, Reliance Jio, through Reliance Project and Property Management Services Ltd, has filed an application in the NCLT Mumbai against the CoC of Reliance...

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The second COVID wave will have a material impact on vehicle financers’ asset quality as borrowers are grappling with reduced capacity utilisation and increased operating costs due to a rising fuel cost, which would reduce their ability to service debt, says a research note.   In the...

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Collections of the microfinance sector are likely to witness a shortfall of 10%-15% on a consolidated basis in May 2021. The variation among microfinance institutions (MFIs) could be wider, depending on their level of concentration in regions where lifting of restrictions could be slow, says...

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Kapil Wadhawan is the face of an unapologetic, brazen, corporate fraudsters-ridden crony capitalism in India. He is supposed to be in jail presently, having been apprehended in the alleged swindle of well over Rs30,000 crore in the company managed by him, Dewan Housing Finance Ltd (DHFL). (

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In a major relief for the Piramal group, the Reserve Bank of India (RBI) appointed DHFL administrator and the lenders, the National Company Law Appellate Tribunal (NCLAT) has stayed the earlier order issued by Mumbai bench of National Company Law Tribunal (NCLT). The Mumbai bench NCLT  had...

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The banking sector is becoming more exposed to cybercrime after the COVID-19 pandemic accelerated digitalisation and remote working, says S&P Global Ratings in a report titled "Cyber Risk In A New Era: The Effect On Bank Ratings".   Cyber attacks can harm credit ratings, mainly...

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Fugitive diamantaire Mehul Choksi, who is wanted by the central bureau of investigation (CBI) and the enforcement directorate (ED) in connection with the Punjab National Bank fraud case, has reportedly gone missing in Antigua and Barbuda, media reports said.   The Commissioner of the...

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The Supreme Court (SC) on Friday upheld the Centre's notification of 15 November 2019, which allowed financial institutions to proceed against individual corporate guarantors for recovery of loans of a company under Insolvency and Bankruptcy Code (IBC) proceedings.   A batch of 75...

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