MONEY & BANKING


IANS 02 December 2019
The notes in circulation (NIC) in the economy have increased to Rs 22,420 billion in November 2019, as compared to Rs 17,741 billion on November 4, 2016, just before Prime Minister Narendra Modi announced the demonetisation measure, according to latest data.   While this implies an...

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IANS 29 November 2019
The RBI on Friday filed an application in the National Company Law Tribunal's Mumbai bench for initiation of corporate insolvency resolution process against the cash-strapped Dewan Housing Finance Corporation Ltd (DHFL).   There would be a debt moratorium on DHFL as long as the...

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It is three decades since the CRISIL Rating has commenced its operations and a decade since Brickworks did the same. We also see the frequent sovereign ratings of Standard & Poor's (S&P), India Ratings and Research (Ind-Ra) from the Fitch Group and Moody’s. Very recently, finance minister...

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IANS 29 November 2019
With recurring NBFC fiascos like IL&FS and the recent case of DHFL, the government has asked the Reserve Bank of India (RBI) to consider several proposals to de-stress the NBFC sector including the creation of a special fund by the central bank to buy out stressed assets of the top...

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IANS 29 November 2019
The Ministry of Corporate Affairs (MCA) has informed the Delhi High Court that it is examining the inspection reports of Indiabulls Housing Finance (IBHFL) and Indiabulls Venture Ltd and did not find irregularity in loans given to the five companies as alleged by a PIL.   The...

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Moneylife Digital Team 27 November 2019
The giant State Bank of India (SBI), a public sector undertaking, is fast earning the distinction of coming up with a myriad ways of extracting penal charges from customers.    After experimenting with levying charges for cheque payments on credit card dues below Rs2,000, SBI Card, a...

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Moneylife Digital Team 27 November 2019
The ministry of corporate affairs (MCA) has ordered an investigation by serious fraud investigation office (SFIO) into affairs of Dewan Housing Finance Corp Ltd (DHFL) and five other companies, says Anurag Singh Thakur, minister of state for finance and corporate affairs.   In his...

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IANS 27 November 2019
Even as mutual funds have been impatient regarding their dues from crisis-hit DHFL, which will soon go the insolvency way, legal experts say that it is unlikely that the funds would be the first in the list of creditors to get back their dues.   They are also of the view that the fund...

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IANS 26 November 2019
The Reserve Bank of India (RBI) on Tuesday penalised three cooperative banks—Nesargi Urban Co-operative Bank Limited, Krishna Pattana Sahakar Bank Niyamitha and Ron Taluka Primary Teachers' Cooperative Credit Bank Limited—for non-submission of returns under Section 27 (2) of the Banking...

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IANS 26 November 2019
In a bid to help the real estate companies access hurdle free funding without having the NPA tag and complete the unfinished projects, RBI is likely to consider proposals from finance ministry and Prime Minister's Office to let the banks take the decisions of not classifying them as default...

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IANS 26 November 2019
The Mumbai bench of National Company Law Tribunal (NCLT) has directed the chief executive officers (CEOs) of Axis Bank and Standard Chartered Bank to be present at the next hearing of the IL&FS matter on 16th December.   Hearing a contempt petition against Amitabh Chaudhry and Zarin...

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Moneylife Digital Team 25 November 2019
The gross non-performing assets (NPAs) of scheduled commercial banks (SCBs) have fallen by nearly Rs 98,000 crore to Rs 9.38 lakh crore by June end this year, Minister of State for Finance Anurag Thakur informed the Lok Sabha today.    According to Reserve Bank of India (RBI)...

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Moneylife Digital Team 23 November 2019
Investigation into the Punjab and Maharashtra Cooperative (PMC) Bank fraud have revealed another borrower — the Abchal Group — that concealed its identity through password-protected accounts, much in the manner of Housing Development and Infrastructure Ltd (HDIL), says a...

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The Rajya Sabha was informed on the 19th November  by the  minister of state for finance that as on 30 September 2019, the Enforcement Directorate  (ED) was conducting investigations in 963 cases under the Prevention of Money Laundering Act, 2002 (PMLA)  and 7,393 cases under the Foreign...

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Moneylife Digital Team 22 November 2019
The Reserve Bank of India (RBI) on Friday constituted a three-member advisory committee to assist the administrator of Dewan Housing Finance Corporation Ltd (DHFL). The members on the advisory panel are Dr Rajiv Lall, non-executive chairman of IDFC First Bank Ltd, NS Kannan, managing director...

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Finance Minister (FM) Nirmala Sitharaman’s announcement on 15th November -- that the government plans to increase the deposit guarantee limit -- has triggered an important debate over the safety of bank deposits and who will pay the price for deposit insurance.   The announcement may...

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Moneylife Digital Team 20 November 2019
The Reserve Bank of India (RBI) has decided to supersede the board of directors of Dewan Housing Finance Corp Ltd (DHFL) due to governance concerns and defaults by DHFL.   "The Reserve Bank also intends to shortly initiate the process of resolution of the company under the Insolvency...

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IANS 20 November 2019
The Kingfisher House -- the erstwhile headquarters of the defunct Kingfisher Airlines Ltd. (KAL) - owned by absconding liquor baron Vijay Mallya, will be up for auction again. The 8th time in barely three years.   The Debts Recovery Tribunal (DRT), Bengaluru, has announced a new...

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Moneylife Digital Team 20 November 2019
The Reserve Bank of India (RBI) has virtually admitted that it was 'cheated' by the management of the scam-hit Punjab & Maharashtra Cooperative (PMC) Bank.   Especially, RBI says PMC Bank had submitted fraudulently manipulated data to the central bank for sample checks, but the sample...

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Moneylife Digital Team 19 November 2019
The Reserve Bank of India (RBI) on Tuesday informed the Bombay High Court that it has been progressively relaxing withdrawal limits for depositors of Punjab and Maharashtra Cooperative Bank (PMC Bank), and those having medical emergencies, marriages and other hardships, can approach the...

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