MONEY & BANKING


Private lender, Yes Bank on Tuesday logged sharp gain on the BSE over reports that the company is set to get capital infusion from a US-based private equity investor, however, the company termed it "speculative".   Yes Bank scrips gained 11.48 per cent to Rs 103.90 apeice after...

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The Reserve Bank of India on Monday said that it has imposed a penalty of Rs 7 crore on State Bank of India for non-compliance of several norms.   "This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or...

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After Punjab National Bank, Allahabad Bank on Saturday said that it has been defrauded by Bhushan Power & Steel Ltd (BPSL) to the tune of Rs 1,774.82 crore.   The bank said in a regulatory filing that "on the basis of forensic audit investigation findings and CBI filing FIR, on suo...

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Moneylife Digital Team 15 July 2019
Home financer Dewan Housing Finance Corp Ltd (DHFL) shares hit a 52-week low on Monday due to a warning about its financial stress issued by the lender in notes accompanying its financial results on Saturday. Since the past few months, the company is unable to raise funds and its disbursement...

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ANJANA DAS (IANS) 12 July 2019
State-run lenders currently under the RBI's Prompt Corrective Action (PCA) framework on account of bad loans and heavily loss making banks may not be allowed to buy the pooled retail assets of non-banking finance companies (NBFCs) under the scheme announced in the Budget, official sources...

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Abhinandan  and   Debashis Basu 12 July 2019
In the fourth and last instalment in our series on inspection reports of the Reserve Bank of India (RBI), called risk assessment reports (RARs), we take a look at the HDFC Bank. Our previous reports were focused on State Bank of India, Axis Bank and ICICI Bank. These reports were procured by...

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The Reserve Bank of India (RBI) failed to do any credit analysis of the top-20 borrowers of ICICI Bank, even as their share had grown to 20.30% and had exposed the Bank to increased risk. Research undertaken by Moneylife, on the other hand, indicates that RBI deliberately concealed data that...

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Moneylife Digital Team 10 July 2019
India's public sector banks (PSBs) are losing valuable lead banking relationships with the country's largest companies while attempting to rid their balance sheets of huge volumes of non-performing assets (NPAs), says a report.   In its 2019 study, Greenwich Associates, a market...

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On 4th July, instead of a celebratory statement at successfully navigating the penultimate hurdle in its bid to acquire Essar Steel, Arcelor Mittal issued a cryptic one-line press release: “We note today’s ruling by the NCLAT (National Company Law Appellate Tribunal). We need to review the...

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The Delhi High Court on Tuesday asked Jet Airways promoter Naresh Goyal to submit Rs 18,000 crore in bank guarantees in order to be allowed to travel abroad.   "If you can give Rs 18,000 crore as bank guarantee, then you can go," said Justice Suresh Kait while refusing to grant...

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Moneylife Digital Team 09 July 2019
Raising concerns over the zero merchant discount rates (MDRs) the Payments Council of India (PCI), which represents more than 100 players in the payments and settlement systems, says this move will lead to a collapse of payment acquiring industry.   Vishwas Patel, chairman, PCI, and...

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Hemindra Hazari 09 July 2019
On 26 June 2019, confronted with a contempt petition filed in the Supreme Court of India by Right to Information Act, 2005 (RTI) activist, Girish Mittal, the Reserve Bank of India (RBI) finally disclosed the hitherto confidential annual inspection reports, called risk assessment reports...

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Moneylife Digital Team 08 July 2019
The Reserve Bank of India (RBI) after getting strictures and strict warning from the Supreme Court, has finally shared inspection reports of four banks under the Right to Information (RTI) Act with activist Girish Mittal about a fortnight ago.     RBI, in a letter on 26 June 2019,...

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After a long battle with the Reserve Bank of India (RBI) from 2016 (Finally, RBI Shares Inspection Reports of SBI, ICICI Bank, Axis Bank and HDFC Bank under RTI), Girish Mittal, a dogged Right to Information (RTI) activist, was finally granted access to bank inspection reports for four years...

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Moneylife Digital Team 08 July 2019
Private sector lender YES Bank Ltd on Monday has clarified that, contrary to certain reports, its financial position is sound and stable and is liquidity and operating performance continue to be robust.   In a regulatory filing, the lender, says, "Over the past few weeks, there has...

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Another fraud, this time amounting to Rs 3,805.15 crore has been reported at the state-run Punjab National Bank (PNB), this time by the now-insolvent Bhushan Power and Steel Ltd (BPSL).   In February 2018, the Rs 13,500-crore scam involving diamantaires Nirav Modi and Mehul Choksi had...

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Giving relief to the Punjab National Bank, the Debt Recovery Tribunal (DRT), Pune has ordered absconding diamantaire and his group companies to pay Rs 7,200 crore to the PNB and others with interest, official sources said here on Saturday.   The DRT's final order came on a plea filed...

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In a bid to promote digital payments and curb black money, Union Finance Minister Nirmala Sitharaman on Friday proposed tax deduction at source (TDS) of two per cent on cash withdrawals exceeding Rs 1 crore in a year from a bank account.   "Our Government has taken a number of...

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Presenting her first Union Budget, Finance Minister Nirmala Sitharaman proposed to transfer the regulatory authority over housing finance sector to the Reserve Bank of India (RBI) from the National Housing Bank (NHB).   Sitharaman told the Lok Sabha that the housing sector needs...

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Modi Sarkar 1.0 ended its term with a lot of unfulfilled promises and a sense of outrage that large industrialists were getting away with defaults again, the promise of good administration had been forgotten and bad loans, which had spiralled past Rs10 lakh crore, were threatening to sink...

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