MONEY & BANKING


The 12 large non-performing assets (NPAs or bad loans) accounts directed by the RBI for resolution through insolvency process had total outstandings of Rs 3.45 lakh crore against their liquidation value of Rs 73,220.23 crore, while haircuts taken by creditors in case of the resolved accounts...

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Thirty six posts of directors in public sector banks (PSB) haven't been filled for a long time, said a top leader of a major bank union.   According to C.H.Venkatachalam, General Secretary, All India Bank Employees' Association (AIBEA), the Bank Nationalisation Act/Banking Companies...

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Public sector lender State Bank of India (SBI) on Wednesday became the first Indian bank to link its saving and loan interest rates to the Reserve Bank of India (RBI)'s repo rate.   The move assumes significance as the effective interest rate from May 1 on savings deposit above Rs 1...

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IDBI Bank, the prime lender of Jaypee Infratech (JIL), has approached the Delhi bench of National Company Law Tribunal (NCLT) seeking extension of the 270-day deadline for the resolution of the company, sources said.   The deadline ends on May 6 and the Committee of Creditors (CoC) is...

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Sensing that the options to revive the grounded Jet Airways are fast running out, a group of airline employees has written to SBI seeking permission to allow a consortium of employees and external investors to bid for the company's management control.   The employee representatives...

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In view of the recent ruling of the Supreme Court, the government has to amend the Reserve Bank of India (RBI) Act sooner or later and publish the names of loan defaulters periodically, a top official of the All India Bank Employees' Association (AIBEA) said on Monday.   Welcoming the...

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The SBI on Monday filed recovery suit against Prashant and Ravi Ruia, before the Debt Recovery Tribunal (DRT) in Ahmedabad.   The Essar Steel Lenders led by SBI are saddled with dues of over Rs 63,000 crore, including overdue interest and penalties.    The SBI will receive...

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The Reserve Bank of India (RBI) on Friday extended the "ombudsman scheme" for non-banking financial companies (NBFCs) to non deposit-taking NBFCs with asset size of at least Rs 100 crore.   The decision comes after the central bank in its "Statement on Developmental and Regulatory...

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Twelve luxury cars belonging to absconding diamantaires Nirav Modi and his uncle Mehul Choksi have been auctioned for Rs3.29 crore, an ED statement said here on Friday.   The ED had last year attached the vehicles under the Prevention of Money Laundering Act (PMLA).   The...

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Moneylife Digital Team 26 April 2019
While giving 'one last opportunity', the Supreme Court on Friday asked Reserve Bank of India (RBI) to reconsider its position on disclosure of annual inspection reports of banks, list of wilful defaulters and other details sought by activists under Right to Information (RTI) Act. The apex...

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In less than three years since it was promulgated, the highly touted Insolvency & Bankruptcy Act (IBC) is going the way of a dozen previous statutes that failed to fix our ‘bad loans’ problem. As always, regulators and courts have contributed to delays and confusion.    The...

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Thirteen luxury cars owned by fugitive diamantaires Nirav Modi and his uncle Mehul Choksi went on online auction by the Metals & Scrap Trading Corporation, here on Thursday.   The auction is being carried out on behalf of the Enforcement Directorate (ED) which had seized these...

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The Reserve Bank of India (RBI) on Wednesday directed banks and financial institutions to disclose their outstanding to IL&FS and its group companies including provisioning required as per income recognition and asset classification (IRAC) and actual provisioning made against...

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The Reserve Bank of India (RBI) on Wednesday said that it has divested its entire stake in the National Bank For Agriculture and Rural Development and the National Housing Bank amounting to Rs 20 crore and Rs 1,450 crore respectively   Divestment of the RBI's shareholding in NABARD...

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The Delhi High Court on Wednesday asked the Reserve Bank of India (RBI) to file reply on a plea complaining that Central Bank of India, the public sector lender, has disbursed the housing loan without linking it to the stages of construction for a under-construction greenfield housing...

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The Enforcement Directorate (ED) has issued summons to former ICICI Bank CEO Chanda Kochchar, her husband Deepak Kochchar and brother-in-law Rajiv Kochchar for questionning in a money-laundering case.   The agency has summoned Deepak and Rajiv Kochchar on April 30 while the former...

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Moneylife Digital Team 23 April 2019
In a significant ruling, the Delhi High Court has said that properties mortgaged with banks by economic offenders can be attached by the investigating agencies. The Court also clarified that in conflicts between laws such as money laundering, bankruptcy code and other legal provisions, for...

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Recently, a Moneylife reader complained about how his brother lost about Rs1 lakh through unified payments interface (UPI) when he linked his State Bank of India (SBI) account on GooglePay app. Someone hacked into his GooglePay account and transferred his money in to a Paytm account through...

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Prospective investors in the temporarily grounded Jet Airways have asked lenders to take a massive haircut or write-off around 80% outstanding debt of the airline which is more than Rs11,000 crore, document and sources revealed on Monday.   According to industry insiders, nine...

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Moneylife Digital Team 19 April 2019
Seeking immediate intervention from the government, in resolving the Jet Airways crisis, the All India Bank Employees' Association (AIBEA) has asked the government not to put pressure on banks for giving further loans to the carrier.   CH Venkatachalam, general secretary of one of the...

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