MONEY & BANKING


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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IANS 03 October 2018
High crude oil prices and fears over a hike in key domestic lending rates pulled the Indian rupee to a new record low of over 73 per US dollar on Wednesday.   The Indian rupee opened at a record low of 73.25 per US dollar surpassing the previous low of 72.98 per dollar, which it had...

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Moneylife Digital Team 03 October 2018
The Infrastructure Leasing & Financial Services Ltd (IL&FS) group, which has defaulted on several short-term obligations, raising a scare of contagion across the financial and real economy, may force its lenders to write off Rs30,000 crore of their loans, according to numbers crunched by REDD...

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IANS 01 October 2018
The Enforcement Directorate (ED) said on Monday it has attached foreign properties of fugitive diamond jeweller Nirav Modi worth Rs 637 crore in its ongoing investigation into the Punjab National Bank (PNB) fraud.   A senior ED official said that the financial probe agency has been...

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Moneylife Digital Team 28 September 2018
The Reserve Bank of India (RBI) on Friday allowed voluntary transition of primary (urban) cooperative banks (UCBs) into small finance banks (SFBs).   "In keeping with the fast paced changes in the banking space and in order to facilitate growth, a scheme for voluntary transition of...

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Moneylife Digital Team 28 September 2018
After acting tough with Yes Bank by refusing to extend tenure of Rana Kapoor as managing director (MD) and CEO and asking him to step down by the end of January 2019, the Reserve Bank of India (RBI) has frozen compensation of Bandhan Bank's chief executive Chandra Shekhar...

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IANS 28 September 2018
IL&FS Financial Service (IFIN) has defaulted in payment obligations of bank loans (including interest), term and short-term deposits.   According to a BSE filing, the bank loan (including interest) obligations were worth Rs 284.5 crore.   As per the filing, the obligations on...

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IANS 28 September 2018
The CBI on Thursday said it has a registered a case against a Hyderabad-based telecom equipment manufacturing company VMC Systems and its directors over an alleged bank fraud case to the tune of Rs 1,700, on the complaint of Punjab National Bank (PNB).   The Central Bureau of...

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Moneylife Digital Team 27 September 2018
In a shocking incident, Dr Ajay Sood, a non-resident Indian (NRI) settled in the US, found Rs1.33 crore withdrawn from his account in Bank of India, that too when the original cheques are with him even today. He also found that his registered mobile number was changed and an Aadhaar number,...

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IANS 27 September 2018
The Reserve Bank of India will ease the Statutory Liquidity Ratio (SLR) norms from October to induce liquidity into the financial system, amid concerns of a credit crunch.   SLR is a reserve requirement that commercial banks must maintain.   According to the RBI, "the increase...

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IANS 26 September 2018
Lending major State Bank of India (SBI) will divest four per cent stake in SBI General Insurance company for Rs 481.73 crore post regulatory approvals.   According to a BSE filing, the bank's Executive Committee of Central Board (ECCB) on Wednesday approved the divestment of...

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IANS 26 September 2018
The Supreme Court order on Wednesday striking down the compulsory linking of Aadhaar card to bank accounts is welcome, said a top leader of the All India Bank Employees Association (AIBEA).   AIBEA General Secretary C.H. Venkatachalam also said that banks should stop issuing Aadhaar...

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IANS 26 September 2018
Yes Bank on Tuesday said it has set up a committee to select a new MD and CEO, but added that it would seek more time for Rana Kapoor in the post, at least till April 30, 2019.   The bank's board in its meeting on Tuesday also decided to recommend to the Reserve Bank of India (RBI),...

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IANS 25 September 2018
New Delhi, Amid media reports that Chetan and Nitin Sandesara, both directors of Gujarat based pharma company Sterling Biotech and wanted in an over Rs 5,000 crore bank fraud case may have fled the country, the Central Bureau of Investigation (CBI) on Monday said that it has "no information"...

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IANS 25 September 2018
Mumbai, Private lender Yes Bank's board will meet on September 25 to discuss the future course of action after its MD and CEO Rana Kapoor demits office on January 31, under the direction of the Reserve Bank of India (RBI).   The board meeting comes days after the RBI decided against...

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IANS 24 September 2018
Dewan Housing Finance Corporation (DHFL) on Monday said it has not defaulted on any bonds or repayment of its financial obligations.   The statement comes after concerns of a liquidity crisis across the financial sector.   "DHFL, today reiterated that the company has neither...

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Moneylife Digital Team 21 September 2018
There is intense speculation among banking experts whether the war between Rana Kapoor and the family of co-founder late Ashok Kapoor would escalate and create a vacuum at the top. Well, the fact is that Reserve Bank of India (RBI) has adequate powers to keep the warring factions at bay and...

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