MONEY & BANKING


IANS 15 October 2018
The All India Bank Employees' Association (AIBEA) has denied issuing any circular calling for five days of bank strike in November-end demanding wage hike, said a top official on Monday.   He also said the bank unions have rejected the Indian Banks' Association's (IBA) proposal to...

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IANS 12 October 2018
The State Bank of Mauritius (India) on Friday said it has recovered around 90 per cent of the approximately Rs190 crore that was lost in a major cyberattack on October 2.   An official spokesperson said that the SBM lost the amount through fraudulent SWIFT payments.   "Based...

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IANS 12 October 2018
The State Bank of Mauritius' (SBM) Mumbai branch has been cheated of nearly Rs143 crore after unknown fraudsters hacked into its accounts here, an official said on Friday.   The incident occurred at the SBM Nariman Point Branch according to the bank's complaint with the Mumbai Police...

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IANS 12 October 2018
Australia's ANZ Bank has fired 200 employees, including senior executives, for bad banking behaviour, including irregularities, bank CEO Shayne Elliot said on Friday.   Elliot, who heads of one of the four major banks of Australia, was testifying at a parliamentary committee hearing...

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Moneylife Digital Team 12 October 2018
The Delhi High Court has issued notice and agreed to hear the plea of the All India Bank Officers' Confederation (AIBOC) challenging the proposal by the Central Government to amalgamate Vijaya Bank and Dena Bank with Bank of Baroda.    AIBOC, with membership of more than three lakh...

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Moneylife Digital Team 11 October 2018
The risk of a counterparty's failure causing jump-to-default in Indian asset-backed security (ABS) transactions has been highlighted by the recent default of Infrastructure Leasing and Financial Services (IL&FS), a large Indian non-bank financial institution (NBFI), says a ratings...

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IANS 11 October 2018
The Indian rupee slipped to a fresh record low of 74.46 to a US dollar during the morning session on Thursday.   Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is...

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Taponeel Mukherjee (IANS) 10 October 2018
Access to financing of the right quality and quantity is critical for the growth of companies, industries and economies. In benign financial markets, the aphorism 'A rising tide lifts all boats' holds. It is only when market volatility appears that the quality of various businesses can be...

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Dr Rakesh Goyal 10 October 2018
There is a lot of pressure on people from the government, banks and various service-providers to go cashless. In a cashless world, the government prints fewer currency notes and saves on the cost of printing and high security distribution logistics. There is an expectation that the...

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IANS 09 October 2018
The Indian rupee slipped to a new low of 74.27 to a US dollar during the mid-afternoon session on Tuesday.   Around 1.25 p.m., the Indian rupee traded at 74.27 to a dollar -- the lowest ever against the greenback.   The Indian currency made a slight recovery at 1.35 p.m. to...

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Moneylife Digital Team 09 October 2018
The Supreme Court on Monday directed Reserve Bank of India to respond within six weeks to representations made by Moneylife Foundation on the unfair practice of banks regarding floating loans.   The bench of Chief Justice Ranjan Gogoi, Justice SK Kaul and Justice KM Joseph, said,...

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IANS 05 October 2018
The Indian rupee plunged to a fresh record low of over 74 to a US dollar on Friday late afternoon, after the Reserve Bank of India (RBI) maintained its key benchmark lending rates.   Just after the RBI announced its decision, post 2.30 p.m., the rupee plunged to over 74 a US dollar --...

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On reading the unfolding new drama of another big loan fraud on the Indian banking sector, I recalled the Aesop’s fable about a boy who became a big thief.   He was to be executed for his crime. In deference to his last wish his mother was produced before him. He told her that he...

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Moneylife Digital Team 05 October 2018
The Reserve Bank of India (RBI) on Friday maintained status quo on repo rate (short-term lending) at 6.5% in its fourth monetary policy review for 2018-19.   Following the move, the reverse repo rate (short-term borrowing) stands at 6.25%. Subsequently, the marginal standing facility...

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Moneylife Digital Team 04 October 2018
Chanda Kochhar has quit ICICI Bank with immediate effect, says a regulatory filing from the bank. The board of ICICI Bank has decided to appoint Sandeep Bakshi as managing director and chief executive for next five years.    "The board of directors of ICICI Bank, accepted the request...

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Moneylife Digital Team 04 October 2018
Hotel Leelaventure Ltd has defaulted in payment of principal redemption of Rs22.50 crore that was due on 30 September 2018.   In a regulatory filing, Hotel Leelaventure says, "The Company's operating cash flows are not sufficient to service its term loans and non-convertible...

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IANS 04 October 2018
The Supreme Court on Thursday gave two weeks time to NuMetal and ArcelorMittal to clear their corporate dues and become eligible to bid for the insolvency-hit Essar Steel.   A bench of Justice Rohinton Fali Nariman and Justice Indu Malhotra said the two companies should submit their...

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IANS 04 October 2018
The Indian rupee plunged to a fresh record low of 73.77 to a US dollar on Thursday morning.   It stood at 73.77 (73.7688) to a dollar -- the lowest ever mark -- it has touched against the greenback.   It opened the day's trade at the Inter-Bank Foreign Exchange Market at 73.67...

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IANS 03 October 2018
Bankruptcy court NCLAT Chairperson Justice Sudhansu Jyoti Mukhopadhaya on Wednesday said there should be rules "to regulate the conduct of the Committee of Creditors (CoC) and its members".   Mukhopadhaya also stressed on the need for more powers to the Insolvency and Bankruptcy Board...

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IANS 03 October 2018
Public sector bank (PSB), Bank of Maharashtra (BoM) has announced the closure of 51 branches across the country as part of cost-cutting measures being implemented in the banking industry, an official said on Wednesday.   All the branches were in urban centres and have been identified...

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