MONEY & BANKING


Moneylife Digital Team 04 April 2019
It now appears that as much as 90% of the loans advanced by IL&FS Financial Services Ltd (IFIN), the lending arm of the infrastructure conglomerate, Infrastructure Leasing and Financial Services Ltd (IL&FS) have turned bad. This again underlines the deep corruption and culpability of the...

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Moneylife Digital Team 04 April 2019
In its first monetary policy review of the current fiscal, the Reserve Bank of India (RBI) on Thursday lowered its key lending rate for commercial banks by 25 basis points (bps) to 6%.   "On the basis of an assessment of the current and evolving macroeconomic situation, the Monetary...

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The Supreme Court's judgment voiding the Reserve Bank of India's (RBI) circular issued on February 12, 2018, is "credit negative" for Indian banks as it will delay the resolution of non-performing loans, rating agency Moody's said Wednesday.   "This is credit negative for Indian banks...

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Moneylife Digital Team 03 April 2019
The Supreme Court’s ruling to quash the Reserve Bank of India’s (RBI) 12 February 2018 circular on resolution of stressed assets provides the banking system with more flexibility and time in resolving stressed assets. Also banks’ asset quality has not materially impacted as bulk of stress is...

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Moneylife Digital Team 03 April 2019
The Supreme Court decision voiding the RBI (Reserve Bank of India) circular on resolution of loan default could push banks into resolving such cases on the basis of an inter-creditor agreement (ICA) reached by 35 banks last year, senior officials here said.   Under a framework named...

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The State Bank of India (SBI) has sold electoral bonds worth Rs 1,716 crore in January and March this year against the Rs 1,056 crore of bonds sold in six months in 2018, signalling the maximum amount of political donations are being made through this route.   The SBI made the...

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Moneylife Digital Team 02 April 2019
The Supreme Court on Tuesday struck down as ultra vires, the controversial circular issued by Reserve Bank of India (RBI) that mandated resolution of loans of Rs2,000 crore and above even for a default of a single day within the window of 180 days.    The RBI circular had said that in...

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Moneylife Digital Team 02 April 2019
As if taking a clue from the loan melas organised during Congress regime, public sector banks (PSBs) have doled out crores of rupees under the Pradhan Mantri Mudra Yojana (PMMY), reveals a reply received under Right to Information (RTI). State Bank of India (SBI) has sanctioned loans...

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As many as 34 power companies have accumulated Rs 1.4 lakh crore of NPA for Indian banks while 41 corporates across sectors, including those from infrastructure, textile, telecom, sugar, steel, energy, power and fertilisers have Rs 84,000 crore piled up NPAs which have taken the bad loan...

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The delay in actual realisation from the resolution of the big-ticket cases like Essar Steel has put the non-performing assets (NPAs), or bad loans, recovery target by banks of Rs 1.8 lakh crore in jeopardy.   A section of the Finance Ministry, however, believes the target of Rs 1.8...

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Corporates opposing the RBI's February 12 circular on loans resolutions have submitted to the Supreme Court that the Inter-Creditor Agreement (ICA) among banks as a possible debt resolution framework has failed to take off as the relevant institutions like LIC, HUDCO, IFCI, IIFCL, NIACL,...

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Ship-building companies have petitioned the Supreme Court that the industry can survive only if the 12th February circular of the Reserve Bank of India (RBI) is quashed and set aside.   The Shipyards Association of India (SAI) has told the apex court that, in case the order is not...

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This week, the government seems to have nudged public sector banks (PSBs) to bail out the bankrupt Jet Airways, yet again. Was this a good idea? No; but there was no alternative either.    Jet Airways needed a quick solution to get the planes back in service. Air travel is no longer...

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Starved for foreign funds due to UN sanctions, North Korea carried out a $13.5 million cyber heist of Cosmos Bank using a network across 28 countries by breaking its internal safety measures, according to the world body.   The Security Council's panel of experts that monitors the...

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Financially troubled Jet Airways on Thursday said that the repayment of the External Commercial Borrowing (ECB) availed by the company for working capital purposes has been delayed.   In a regulatory filing to the BSE, Jet Airways said: "This is to inform you that the repayment of the...

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The Supreme Court on Thursday dismissed petitions seeking stay on the merger of three public sector banks -- Dena Bank, Vijaya Bank and Bank of Baroda. The merger is set to take effect on April 1.   Rejecting the plea by the staff and officers of two merging banks and their...

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The National Company Law Tribunal (NCLT) in the Sterling Biotech case for the second time has questioned the motive of lenders, led by Andhra Bank to withdraw their bankruptcy application and to choose a one-time settlement with the absconding promoters of Sterling Biotech.   The...

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Ahead of its merged entity operation, Bank of Baroda will receive Rs5,042 crore fund infusion from the government.   The Ministry of Finance has conveyed its decision to infuse the capital in Bank of Baroda. The infusion will be by way of preferential allotment of equity shares...

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Reserve Bank of India has submitted to the Supreme Court that its circular of last February removes the old norms for resolutions of stressed assets while allowing flexibility to lenders to choose their loan recovery plan individually or jointly.   The Supreme Court has heard a bunch...

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A Delhi Court has issued summons to former Managing Director and Chief Executive Officer (CEO) of Punjab National Bank Usha Ananthasubramanian and 11 other PNB officials in a case related to violations of of the Banking Regulation Act.   Metropolitan Magistrate Dharmender Singh in his...

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