Money & Banking

Indian banks are likely to take significantly more loan write-offs against a backdrop of rising provisions and weak recovery prospects, says Fitch Ratings.    In a report, the ratings agency says, "Resolution delays coupled with rising provision cover on large legacy bad loans,...
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The Reserve Bank of India (RBI) will introduce a new type of prepaid payment instrument (PPI) which could be used only for purchase of goods and services up to a limit of Rs 10,000.   Accordingly, the loading of such PPI will be only through a bank account and it could be used for...
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Crisis-ridden IL&FS on Wednesday reported a net standalone loss of Rs 22,527 crore for the financial year 2018-19, compared to a net profit of Rs 333 crore during the previous year.   In a statement, the cash strapped lending major said: "The Board adopted prudent provisioning on...
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In a big boost for Indian investigating agencies, a special PMLA court has proclaimed absconding diamantaire Nirav Modi, one of the prime accused in the Rs 13,500 crore Punjab National Bank scam of 2017, as a 'fugitive economic offender' here on Thursday.   "With this, he becomes only...
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Over the past few days, customers of HDFC Bank are unable to access its net banking facility. Many of the stormed social media, like Twitter with complaints that its online banking site and the app were not operational or working properly.   HDFC Bank says it has rectified the...
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