MONEY & BANKING


HSBC has reportedly suspended a senior executive who accused central bankers and other officials of exaggerating the financial risks of climate change.   Last week, Stuart Kirk, a leader in the Bank's responsible investing team, said: "There's always some nut job telling me about the...

Read More



Against the backdrop of more than 33 lakh cheque bounce cases which burdens the judicial docket, the Supreme Court on Thursday gave green signal to a pilot study to set up special courts headed by retired judicial officers exclusively to deal with these cases.   A bench of Justices L....

Read More



Bank employees are again on the warpath with several major unions of different banks threatening to go on a one- or two-day strike in May-end, activists said here on Thursday.   For starters, Central Bank of India staffers shall strike work on 30-31 May to protest against large-scale...

Read More



India is one of the largest markets for smartphones in the world; however, lack of digital literacy is causing many people, including highly educated persons, to fall victim to fraud. The latest modus operandi in the series of frauds is to persuade people to download apps that give full access...

Read More



Banks have got accustomed to swallow the bitter pill in bad loan cases and the level of recoveries is no reflection on the avenue availed, whether it is the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest (SAFAESI) Act, 2002 or corporate insolvency...

Read More



As Bitcoin hovers in the range of US$38,000-US$40,000 per digital coin, billionaire Warren Buffett has said that he will not even pay US$25 for all the Bitcoin in the world.   Addressing Berkshire Hathaway's annual shareholder meeting, the ace investor said Bitcoin is not a productive...

Read More



The central bureau of investigation (CBI) on Monday said that they have lodged a new case against fugitive businessman Mehul Choksi and his company Gitanjali Gems for allegedly defrauding the Industrial Finance Corporation of India (IFCI) to the tune Rs22 crore between 2014 and...

Read More



The Enforcement Directorate's (ED) investigation has revealed that the Ambience Group had not made the obligatory contribution of Rs 462 crore for the construction of Rs 1,272 crore luxury hotel project at Shahdara in the national capital, violating the loan conditions of a consortium of...

Read More



In relief for several thousands of Amrapali home-buyers, who booked their flats under subvention scheme, the Supreme Court on Monday directed the banks not to impose penalties on default of EMI (equated monthly instalment) payment.   A bench of justices UU Lalit and Bela M Trivedi...

Read More



The ration shops or public distribution outlets in Kerala will henceforth double up to provide banking services from May 2022 onwards.   Sources in the state public distribution department told IANS that of more than 14,000 ration shops in the state, around 800 shops with facilities...

Read More



Walmart and Flipkart-owned PhonePe, homegrown Indus OS, Affle Global Pte Ltd (AGPL) and Ventureast Proactive Fund II (VPF) on Wednesday announced they have settled the dispute involving VPF shares in Bengaluru-based start-up Indus OS, clearing the way for its acquisition by...

Read More



Moneylife Digital Team 12 April 2022
The recently announced merger between India's second-largest lender, HDFC Bank Ltd, and its shareholder HDFC Ltd, the country's largest housing finance company, may have long-term implications for the nation's banking and non-bank financial institution (NBFI) sectors, says Fitch...

Read More



Moneylife Digital Team 09 April 2022
On 4 April 2022, HDFC Ltd, India's largest housing finance company (HFC) announced a merger with HDFC Bank Ltd, the country's largest private sector bank. Shareholders of HDFC will get 42 shares of HDFC Bank for 25 shares of HDFC held by them. Upon completion of the merger, HDFC will cease to...

Read More



R Balakrishnan R Balakrishnan 07 April 2022
India’s finest professionally-run business entity is soon going to be history. Housing Development Finance Corporation Ltd (HDFC Ltd), created by Hashmukh T Parekh and nurtured by his nephew Deepak Parekh, will soon become a ‘part’ of the bank it created. Hasmukhbhai Deepakbhai Finance...

Read More



Moneylife Digital Team 06 April 2022
All scheduled commercial banks (SCB) operating in India have cumulatively written off loans of Rs2,02,781 crore in FY20-21. As expected, public sector banks (PSBs) lead the pack and have written off bad loans worth Rs1,31,894 during FY20-21, the Rajya Sabha was informed.    In a...

Read More



Moneylife Digital Team 04 April 2022
India's largest housing finance company, HDFC Ltd has decided to merge with HDFC Bank Ltd, the country's largest private sector bank. In a statement, HDFC says, "The proposed transaction is to create a large balance sheet and net-worth that would allow a greater flow of credit into the...

Read More



Lending major Axis Bank will acquire Citibank's consumer businesses in India, subject to regulatory approvals.   The boards of Axis Bank and Citibank have approved the deal, comprising the sale of the consumer businesses of Citibank India, which includes credit cards, retail banking,...

Read More



Moneylife Digital Team 30 March 2022
While emphasising on governance structures and practices for prioritising protection of the interests of depositors in banks, the Reserve Bank of India (RBI) found compliance, risk management and internal audit as common weaknesses among financial institutions (FIs), including banks, in the...

Read More



Moneylife Digital Team 29 March 2022
All public sector banks (PSBs) have been posting aggregate operating profits since FY16; however, due to the provisions on account of non-performing assets (NPAs), some PSBs reported net losses. Notwithstanding the NPA provisions, during the first nine months of FY22, all PSBs have reported net...

Read More



Moneylife Digital Team 28 March 2022
The Congress party has asked for a comprehensive white paper on the bankruptcy proceedings while accusing the government of protecting defaulters through huge write-offs through the insolvency process via the Insolvency and Bankruptcy Board of India (IBBI).   Addressing a press...

Read More

Free Helpline
Legal Credit
Feedback