MONEY & BANKING


IANS 20 September 2018
Executive Directors (ED) of the nationalised banks should be considered for the post of Deputy Managing Directors (DMD) in the State Bank of India, an All India Bank Employees' Association (AIBEA) official said.   "There should be a two way traffic of executives between SBI and...

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The Abu Dhabi Investment Authority and the Tamil Nadu government are doing a due diligence on the controversial Tirupur Water Project set up by the cash-strapped Infrastructure Leasing and Financial Services (IL&FS) more than two decades ago.    Abu Dhabi Investment Authority is the...

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IANS 20 September 2018
The government has appointed Managing Directors and Chief Executives of 10 public sector banks (PSBs) including the Indian Bank and the Syndicate Bank, said an official on Wednesday.   According to the Department of Personnel and Training, the Appointments Committee of the Cabinet...

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IANS 20 September 2018
 A Japanese cryptocurrency operator revealed on Thursday that hackers had accessed its systems last week and stole about 6 billion yen (USD60 million).   Tech Bureau Corp said in a statement that the unauthorised breach from abroad took place for two hours on September 14 but it was...

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IANS 19 September 2018
The Reserve Bank of India (RBI) should intervene in both spot and forward markets to arrest Indian rupee's depreciation, suggested a State Bank of India (SBI) Ecowrap report on Tuesday.   As per the report, during the June 2008 to May 2009 period, when rupee depreciated by 13 per...

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IANS 18 September 2018
The State Bank of India (SBI) has put eight non-performing assets (NPAs), or bad loan accounts, on sale to recover over Rs 3,900 crore with the e-bidding auction process slated for later this month.   In a notification last week, SBI asked interested asset reconstruction companies...

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IANS 18 September 2018
The latest global trade protectionist measures, along with high crude oil prices, dragged the Indian rupee to a fresh low of 72.98 per US dollar on Tuesday.   At 5 p.m., the rupee closed at 72.98 per greenback from its previous close of 72.51 per dollar.    It had opened at...

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IANS 18 September 2018
The Enforcement Directorate (ED) said on Tuesday that it has registered a caee of money laundering against Karnataka Minister and Congress leader D.K. Shivakumar.   The action comes in the wake of a charge sheet filed by the Income Tax Department in a special court in Bengaluru...

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IANS 18 September 2018
Rating agency ICRA on Monday downgraded the ratings of Infrastructure Leasing & Financial Services Ltd (IL&FS) for short-term and long-term borrowing programmes.   "ICRA has revised the long-term rating for the Rs 5,225 crore non-convertible debenture programme and the Rs 350 crore...

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IANS 18 September 2018
Miracles do not happen by merger of banks but result in higher bad loans as it has happened in the case of State Bank of India (SBI), said a leader of the All India Bank Employees Association (AIBEA).   Opposing the central government's decision to merge Bank of Baroda, Dena Bank and...

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IANS 18 September 2018
In a reform measure aimed at further consolidation, the government on Monday announced the merger of three state-run banks--Dena Bank, Vijaya Bank and the Bank of Baroda--that will make it the country's third largest bank with a combined business of Rs.14.82 lakh crore.   Finance...

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The recent political storm over Vijay Mallya is unlikely to abate soon. But going after Mr Mallya alone would be a classic case of missing the wood for the trees.   One striking element continues to elude everyone’s attention. Could Mr Mallya or anyone else allegedly pull off such a...

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IANS 14 September 2018
The Supreme Court on Thursday said the National Company Law Tribunal (NCLT) and the Appellate Authority (NCLAT) should refrain from interfering in insolvency resolution proceedings by the Interim Resolution Professional (IRP) and the Committee of Creditors (CoC) of the lender banks of a sick...

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IANS 12 September 2018
The Finance Ministry on Tuesday doubled the minimum threshold for filing cases in debt recovery tribunals (DRT) to Rs20 lakh to de-clutter DRTs so that they can focus on quick recovery of high value non-performing assets (NPAs).   It also advised public sector banks (PSBs) to develop...

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IANS 12 September 2018
Continuing its downward trend, the Indian rupee hit a new low of Rs 72.91 on Wednesday morning.   The rupee has been on a down slide owing to inflationary pressure and decline among its global peers against the dollar.   On Wednesday, it opened at a low of 72.78 per dollar,...

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Anand Singh (IANS) 12 September 2018
Fugitive diamnond jeweller Mehul Choksi, wanted in the Rs 13,500-crore Punjab National Bank (PNB) fraud case, diverted over Rs 3,257 crore of the money raised from fraudently obtained letters of undertaking (LOUs) and foreign letters of credit (FLCs) to overseas dummy firms, an informed...

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IANS 11 September 2018
Inflationary risks along with broadly negative global cues depressed the Indian rupee to a new low of 72.74 to the US dollar during late afternoon session on Tuesday.   At 3.35 p.m. the rupee traded around 72.64 per dollar, against the previous close of 72.45 per dollar at the...

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Amit Kapoor (IANS) 11 September 2018
Ten years ago, on September 15, 2008, the dream run of the world economy came undone with the collapse of Lehman Brothers, revealing a rotten scaffolding of financial skulduggery beneath.   Lehman's failure had been the inevitable fallout of a systemic economy-wide pattern of...

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Raju Vernekar 10 September 2018
The registrar of cooperative societies at Mumbai has begun the process of deregistration of cooperative banks, which have remained non-functional for over 10 years, with no sign of revival, under the provisions of the Maharashtra Co-operative Societies Act, 1960.   Under section 84 of...

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IANS 10 September 2018
Interpol has issued a red corner notice (RCN) against Purvi Deepak Modi, sister of fugitive diamantaire Nirav Modi who is wanted in the Rs13,500 crore Punjab National Bank (PNB) fraud case, officials said on Monday.   According to the Enforcement Directorate (ED) the Interpol issued...

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