MONEY & BANKING


IANS 27 February 2019
Hotel Leelaventure on Tuesday said that JM Financial Asset Reconstruction Company Ltd (JMFARC) has filed an insolvency petition against it with the National Company Law Tribunal's Mumbai bench.   In a regulatory filling, the company said that the JMFARC has filed an application...

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Shaifali Sharma 26 February 2019
With an aim to further fortify the deposits-taking activities, the President of India, on 21 February 2019, promulgated the Banning of Unregulated Deposit Scheme Ordinance, 2019 (BUDs Ordinance) which will prohibit the illicit schemes used to dupe the financially illiterate and poor...

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IANS 26 February 2019
The Enforcement Directorate (ED) on Tuesday said it has attached properties of absconding diamantaire Nirav Modi and his associate companies to the tune of Rs 147 crore in connection with its ongoing probe into the Punjab National Bank (PNB) fraud case.   The agency in a statement...

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IANS 25 February 2019
The State Bank of India (SBI) on Monday said no decision has been taken on moving the National Company Law Tribunal (NCLT) to recover loans from private carrier Jet Airways and called media reports in this regard "speculative".   "Reports have been appearing in the media about an SBI...

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IANS 25 February 2019
The IL&FS bond toxicity contagion is spreading rapidly. The virus has now spread to a rather large body of savers, in this case insured, which coming as it does just before the general election is not good news for the government. With a concerned Trinamool Congress top gun and West Bengal...

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CS Vinita Nair 22 February 2019
In 2015, the Banning of Unregulated Deposit Schemes and Protection of Depositors’ Interests Bill, 2015 was introduced along with a report of the inter-ministerial group (IMG) for identifying gaps in the existing regulatory framework for deposit-taking activities and to suggest administrative/...

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IANS 22 February 2019
The CBI and the ED are likely to issue summons for questioning former ICICI Bank CEO and MD Chanda Kochhar, her husband Deepak Kochhar and industrialist V.N. Dhoot in connection with the Rs 3,250-crore loan case involving the Videocon Group and ICICI Bank, CBI sources said on...

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Moneylife Digital Team 22 February 2019
Taking a serious view of the recent cases of ‘standstill agreements’ by companies with lenders to delay selling pledged shares, the Reserve Bank of India (RBI) aims to tighten norms on such deals between promoters and lenders, says a report.   According to a report from Business...

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Moneylife Digital Team 22 February 2019
The Reserve Bank of India (RBI) has asked non-banking finance companies (NBFCs) to disclose the moratorium or grace period given to borrowers, says a report.   According to the report from Economic Times, the recent communique from the central bank assumes significance with the...

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IANS 22 February 2019
Reserve Bank of India (RBI) Governor Shaktikanta Das on Thursday met PSU and private sector banks CEOs and MDs to discuss rate transmission and persuade them to pass on the advantages after taking note of the non-passing of the benefits of lower interest rates to the consumers following a key...

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IANS 22 February 2019
Weak growth impulses along with expectations of lower food and fuel prices led the Reserve Bank of India to cut its key lending rate earlier this month and change its monetary policy stance to "neutral," showed the minutes of the latest Monetary Policy Committee (MPC) meeting released here on...

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Moneylife Digital Team 21 February 2019
While the effort at extraditing Vijay Mallya is being pursued with all earnestness, there seems to be no urgency to go after the three major daimantaires who have together caused far bigger losses to the Indian banking system.   The only visible effort is that of tracking the residual...

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Sumit Sharma 21 February 2019
Non-bank finance companies (NBFCs), which along with housing finance companies (HFCs) faced a liquidity shortage through the second half of last year, can now breathe easy as they get easier access to credit at more affordable rates.    “The overall picture seen from the analysis of...

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IANS 21 February 2019
The government has approved a Rs 48,239 crore recapitalisation plan for 12 public sector banks (PSBs), including the fraud-hit Punjab National Bank (PNB), to help them avoid and come out of the prompt corrective action (PCA) framework.   The move also intends to help the non-PCA banks...

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IANS 19 February 2019
The Reserve Bank of India (RBI) board on Monday approved transfer Rs 28,000-crore interim dividend to the government ahead of the general elections to meet the welfare expenditures and the fiscal deficit breach.   This is the second straight year that the RBI has announced an advance...

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Sumit Sharma 18 February 2019
The cost of borrowing for housing finance companies (HFCs) through the commercial paper (CP) route surged since the beginning of the financial year in April on tight liquidity, CARE Ratings said in a study.    The cost of borrowing through CPs for HFCs rose by 82 basis points during...

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A major shortcoming of banking reforms was exclusion of a significant section of the population from the formal financial services. The united progressive alliance (UPA) government tried to address the problem by introducing the ‘no-frills’, basic savings bank deposit accounts (BSBDA) scheme....

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Moneylife Digital Team 18 February 2019
State Bank of India (SBI) has announced a special initiative for the Central Reserve Police Force (CRPF) soldiers who martyred in a dreadful terrorist attack in Pulwama in Jammu & Kashmir (J&K). This includes expediting release of insurance money to next kin of the martyred soldiers and...

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IANS 15 February 2019
The Reserve Bank of India (RBI) has imposed separate monetary penalties on three lenders -- Bank of India, Oriental Bank of Commerce and Punjab National Bank -- over deficiencies in complying with regulatory norms.   A penalty of Rs 1 crore each has been slapped on the Bank of India...

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IANS 14 February 2019
The Board of the beleaguered airline Jet Airways on Thursday approved a Bank-Led Provisional Resolution Plan (BLPRP) to relieve the financial strain on the passenger carrier.   "The BLPRP currently estimates a funding gap of Rs 8,500 crore (including proposed repayment of aircraft...

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