MONEY & BANKING


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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IANS 10 September 2018
The ongoing free fall of the rupee against the US dollar is credit negative for Indian companies, especially for those that generate revenue in rupees but rely on dollar debt to fund their operations and have substantial dollar-based expenses, Moody's Investors Service said on...

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IANS 10 September 2018
Continuing its slide, the Indian rupee touched another fresh low of 72.35 on Monday, weakening by 62 paise from its previous close of 71.73 per US dollar.   Around 10.30 a.m., the rupee traded at 72.32 per greenback. It had opened at 72.18 per dollar.   Along with decline in...

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The government is caught in a Catch-22 situation. On the one hand, banks appear to have been the biggest laundry for unaccounted cash, with 99.3% of demonetised currency having returned to the banking system. But, on the other, it now turns out that the Pradhan Mantri Jan-Dhan Yojana (PMJDY),...

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Central information commissioner (CIC), Prof Sridhar Acharyulu has directed the finance ministry, the ministry of statistics & implementation and the Reserve Bank of India (RBI) to make public, the names of those bank loan defaulters whose unpaid loans amount to Rs50 crore and...

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Moneylife Digital Team 06 September 2018
The Indian rupee on Thursday breached the 72 per US dollar mark for the first time. The depreciation in Indian rupee is largely in consonance with US dollar strengthening against all currencies. Since the Indian rupee could not have been immune to such pressure, the current depreciation was...

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IANS 06 September 2018
The Indian rupee breached the 72 per US dollar mark for the first time on Thursday.   Around 1 p.m., the rupee traded around 72.05 per dollar, against Wednesday's closing of 71.76 per greenback.   According to analysts, the fall in the rupee is due to the Sino-US trade...

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Moneylife Digital Team 05 September 2018
The blatant misuse of bank accounts opened under Pradhan Mantri Jan Dhan Yojana (Jan Dhan) now stands exposed through the Right to Information (RTI) Act application filed by Moneylife. This information is sadly restricted to public sector banks (PSBs). So far, United Bank of India (UBI) has...

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IANS 05 September 2018
The rupee plunged to a fresh record low of 71.79 to a dollar during the morning trade session on Wednesday.   Around 11.40 a.m. the rupee traded at 71.76 to a dollar before it touched 71.79 -- the lowest ever mark -- against the greenback.   The rupee had earlier touched 71.75...

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IANS 05 September 2018
Investment by Indian companies in their overseas ventures fell year-on-year for 16 months in a row resulting in a cumulative fall of 53 per cent to $25 billion from $54 billion in the year-ago period, as per the Reserve Bank data.   The total investment by domestic companies in their...

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Infrastructure Leasing & Financial Services (IL&FS) has reportedly defaulted on a short-term loan worth hundreds of crores from Small Industries Development Bank of India (SIDBI). Since this was termed as bad debt or non-performing asset (NPA), SIDBI has reportedly asked one of its senior...

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Sucheta Dalal, Yogesh Sapkale, Srikrishna Kachave  and   Aravind Natarajan 04 September 2018
A single account opened in United Bank of India, under the Pradhan Mantri Jan Dhan Yojana (PMJDY), or the ‘no frills’ or Basic Savings Bank Deposit Account (BSBDA) had a whopping Rs93.82 crore deposited. This was revealed in a Right to Information (RTI) query.   Remember, the Jan Dhan...

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Amit Kapoor (IANS) 04 September 2018
It is no secret that the international monetary system is not perfect. The capital flow dynamics over the last decade stands testimony to this.   In response to the economic crisis of 2008, the US Federal Reserve began practicing an unconventional form of monetary policy known as...

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