MONEY & BANKING


IANS 01 August 2018
A Bill to amend the Insolvency and Bankruptcy Code (IBC), 2016, allowing home buyers to be treated as financial creditors, was passed in the Lok Sabha on Tuesday amid allegations from opposition parties that some changes were intended to "help just one industry".   Finance Minister...

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Yutika Lohia 31 July 2018
In order to cure the repayment cycle of borrowers post demonetization and goods and services tax (GST), the Reserve Bank of India (RBI) has intended to change classification of non-performing assets (NPA) for Micro, Small & Medium Enterprises (MSMEs). This will bring a relief to the economy...

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India has asked Antigua and Barbuda to detain Mehul Choksi, an accused in the Punjab National Bank (PNB) fraud case, and to prevent him from leaving the country.   Informed sources here said on Monday that the External Affairs Ministry had asked the Antigua and Barbuda government to...

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Moneylife Digital Team 27 July 2018
ICICI Bank reported a net loss of Rs119.55 crore in the June quarter due to higher provisions for bad loans and treasury losses. The bank had reported a profit of Rs2,049 crore in the same quarter of the previous year. ICICI Bank's gross non-performing customer assets stood at Rs53,464.94...

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The Rajya Sabha on Wednesday passed the Fugitive Economic Offenders Bill, 2018 that provides for measures to deter absconding economic outlaws from evading prosecution by staying outside the jurisdiction of Indian courts.   The Bill says a person can be declared a fugitive economic...

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Rajeev Jhawar 25 July 2018
A startup requires funding in order to uplift itself from the nascent stage to a mature one. To help them, the government of India has put forward an overture of hybrid instruments, deviating from the traditional way of funding that was mainly either through pure equity or pure debt. Hybrid...

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The CBI on Wednesday said it had written to the Antiguan authorities seeking details of Mehul Choksi's whereabouts in connection with the Rs13,500 crore Punjab National Bank fraud case.   A Central Bureau of Investigation (CBI) source told IANS that on Tuesday evening the agency wrote...

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Moneylife Digital Team 25 July 2018
Many a times, most senior citizens (70 years and above) and persons with disabilities find it difficult to visit ATMs or bank branches for their banking requirements. Banks also discourage and turn away such people instead of empathising with their difficulties or helping them avail of...

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In what could end up as one of the biggest bailouts in the financial sector, without portraying it as such, Life Insurance Corporation of India (LIC) is stepping in to 'take charge of' Infrastructure Leasing & Financial Services (IL&FS), an unlisted infrastructure behemoth with scores of...

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Rajeev Jhawar 24 July 2018
The financial year 2017-18 witnessed one of the major reforms in the country, that is, Goods and Services Tax (GST). GST replaced the erstwhile central excise duty, sales tax and service tax laws, thereby changing the indirect tax regime entirely. This had large-scale implications as the...

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Rajeev Jhawar 24 July 2018
The financial year 2017-18 witnessed one of the major reforms in the country, that is, Goods and Services Tax (GST). GST replaced the erstwhile central excise duty, sales tax and service tax laws, thereby changing the indirect tax regime entirely. This had large-scale implications as the...

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Indian banks and financial institutions (FIs) on Monday entered into an inter-creditor agreement (ICA) to expedite the resolution of banks' non-performing assets (NPAs), or bad loans, and ensure smooth credit flow, acting Finance Minister Piyush Goyal said.   The agreement, as...

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Moneylife Digital Team 21 July 2018
Digital Lending will be a $1 trillion opportunity in India over the next five years, says a Boston Consulting Group’s report. As per the report, digital retail lending has seen explosive growth both globally and in India.    The report lists four fundamental drivers that have come...

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Moneylife Digital Team 20 July 2018
The Reserve Bank of India (RBI) is shortly issuing new notes of Rs100 denomination in the Mahatma Gandhi (New) Series with lavender as base colour. The dimensions of the note at 66mm × 142mm are smaller than the one in circulation at present with a size of 73mm X 157mm. This, dimension...

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Moneylife Digital Team 20 July 2018
The National Payments Corporation of India (NPCI) has asked banks to discontinue Aadhar-based payments through the Unified Payments Interface (UPI) and Immediate Payment System (IMPS) channels. Pay to Aadhaar is an additional functionality in UPI and IMPS where the payer can transfer funds to...

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The Reserve Bank of India (RBI) on Thursday said it will soon issue Rs100 denomination bank notes.   According to the RBI, the new bank notes will be in the "Mahatma Gandhi (New) Series".   "The new denomination has motif of 'RANI KI VAV' on the reverse, depicting the...

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Thomas Franco 18 July 2018
On 19 July 1969, VV Giri, the then President of India, promulgated an ordinance nationalising 14 private banks on the recommendation of the then Prime Minister Indira Gandhi.  Mrs Gandhi declared through All India Radio (AIR) the objectives of nationalisation of these banks: wider territorial...

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The government is likely to recapitalise some state-run banks in urgent need by up to Rs10,000 crore within a few days to help them meet regulatory capital requirements, official sources said on Tuesday.   According to the Finance Ministry sources here, these banks, which include the...

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On 19 July 1969, the Indira Gandhi-led Congress government nationalised 14 commercial banks of the country. A few days before the 50th anniversary of that important decision, the current Union Minister of State for Home Affairs Hansraj Ahir wrote to the district collector, Chandrapur,...

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The board of state-run Life Insurance Corporation (LIC) on Monday approved the acquisition of up to 51 per cent stake in the government-owned IDBI Bank, Economic Affairs Secretary S.C. Garg said.   Briefing reporters following the board meeting here, Garg said the sale process is...

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