MONEY & BANKING


The All India Bank Employees' Association (AIBEA) has demanded the Reserve Bank of India (RBI) to reconsider its decision to categorise IDBI Bank as a private entity.   In a letter to the RBI on Wednesday, AIBEA's General Secretary C.H. Venkatachalam conveyed the union's opposition to...

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Moneylife Digital Team 19 March 2019
The National Company Law Appellate Tribunal (NCLAT), on Tuesday, reportedly asked Reserve Bank of India (RBI) to clarify whether the central bank's norms and powers under the non-performing assets (NPAs) hampers successful resolution.   RBI had moved to the Tribunal seeking to modify...

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Moneylife Digital Team 19 March 2019
The Indian government has reportedly asked public sector banks (PSBs) to save private carrier Jet Airways from bankruptcy ahead of elections, says an international wire agency.   After grounding a large part of its fleet (78 out of 119), the carrier has been cancelling flights on a...

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Moneylife Digital Team 19 March 2019
Indian National Bank Employees' Federation (INBEF), the banking wing of Indian National Trade Union Congress (INTUC) has asked the government to remove disparity in pay scales, pension or other terminal benefits amongst employees of public sector banks (PSBs) and those of the union...

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Moneylife Digital Team 19 March 2019
The Reliance Anil Dhirubhai Ambani (ADA) group company, Reliance Communication Ltd (RCom), on Monday, paid Rs462 crore to Ericsson India in accordance with Supreme Court orders. Details of the nature of funding and how it was routed are not known, except for Anil Ambani’s statement thanking...

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A UK court has issued an arrest warrant against fugitive Indian diamantaire Nirav Modi, wanted in the Rs 13,500 crore PNB fraud case, confirmed the Enforcement Directorate (ED) on Monday.   According to the ED, the Westminster Court issued the arrest warrant on March...

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Moneylife Digital Team 18 March 2019
Debt-ridden Infrastructure Leasing & Financial Services (IL&FS) group will receive first set of bids for its renewable energy business under asset monetisation process Monday as part of resolution process proposed by Uday Kotak-led new board, say media reports.   According to a report...

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After more than a year, the long-drawn resolution process of Essar Steel seems to be finally moving towards closure with the Corporate Affairs Ministry ready to order a change in the management of the insolvent steel maker.   The move comes even as a fresh petition was filed before...

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First the good news. One must congratulate the Mumbai bench of the National Company Law Tribunal’s (NCLT) for restoring our faith in the system. NCLT refused to accept at face value the outrageous proposal by 90% of the committee of creditors (CoC) to accept a one-time settlement (OTS) offer...

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Moneylife Digital Team 13 March 2019
The National Company Law Tribunal (NCLT) has not accepted the attempt of bankers to let of the Sandesara group of Sterling Biotech by accepting a sharp haircut and a one time settlement (OTS). Instead, the Mumbai division bench of the NCLT  slammed Andhra Bank and other lenders for not...

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Shaifali Sharma 12 March 2019
With an aim to further fortify the deposits-taking activities, the President, on 21 February 2019, promulgated the Banning of Unregulated Deposit Scheme Ordinance, 2019 (BUDs Ordinance), which will interdict the illicit schemes that are used to dupe the financially illiterate and poor people....

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Public sector banks (PSBs) are in no hurry to follow big brother State Bank of India (SBI) in linking their deposit and lending rates to the repo rate of the Reserve Bank of India (RBI) , which may further irk RBI for not transmitting the lower interest rates to the customers.   While...

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Moneylife Digital Team 12 March 2019
There has been a steady decline in the number of transactions on the government-owned Aadhaar Bharat Interface for Money (BHIM) app that is based on the unified payments interface (UPI). During the past five months, retail payments of BHIM fell almost 30% to 12.83 million transactions, shows...

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Essar Steel promoters and the Standard Chartered Bank on Monday moved the National Company Law Appellate Tribunal (NCLAT) challenging the ArcelorMittal's resolution plan for bankrupt Essar Steel, which was approved on Friday.   Three directors of the erstwhile Essar Steel board...

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Swiss Bank accounts of Mumbai-based software services firm Geodesic Ltd, new owners of decades-old children's magazine Chandamama, is to come under scrutiny of Indian investigating authorities in an ongoing money laundering and financial irregularities case.   The development comes...

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Moneylife Digital Team 11 March 2019
It has been more than two years since prime minister Narendra Modi announced to withdraw currency notes of Rs1,000 and Rs500 from circulation. However, the aftershocks of demonetisation and information about what happened in the days leading up to it is still being revealed. The latest...

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The Insurance Regulatory and Development Authority (Irdai) is examining the possibility of enforcing a directive on insurance companies to protect policy holders' funds stuck in the now downgraded bonds of IL&FS, but provisioning for such investments is a must, the Irdai chairman said on...

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New guidelines by the National Housing Bank (NHB) for India's housing finance companies (HFCs) will not address the major challenges of credit risk for these companies, a Moody's report said on Monday.   The NHB last week proposed to increase the capital adequacy ratio (CAR) for HFCs...

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When the Union government promulgated The Banning of Unregulated Deposit Schemes Ordinance, 2019 (the Ordinance) a few days ago, the immediate reaction was one of dismay.    There is no denying the fact that unscrupulous people dupe the greedy and gullible by soliciting loans and...

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The the Infrastructure Leasing and Financial Services (IL&FS) contagion continues to spread aggressively, the latest casualty being the Indian armed forces. Several lakhs of salaried workers across public sector undertakings and Postal Life Insurance have already been infected with these...

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