MONEY & BANKING


The government’s handling of bad loans and bank frauds is likely to be a powerful campaign tool in the 2019 election and this alone should ensure that it is handled well.    The government has done well in putting in place a strong Insolvency and Bankruptcy Code (IBC) that has already...

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The Indian rupee touched an all-time low and breached the 69 per dollar mark on Thursday due to high crude oil prices and weak macro-economic fundamentals.   At 2.44 p.m., rupee was at 68.92 against the previous closing level of 68.61 per greenback. The rupee's last record low was...

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Public sector Indian Bank on Thursday said the Board of Directors have decided to annul their earlier decision to declare dividend at Rs 6 per equity share as it has not provided fully for the mark-to-market (MTM) loss.   In a regulatory filing in BSE, Indian Bank said the Reserve...

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The gross non-performing assets (GNPAs), or bad loans, ratio in the Indian banking system is likely to rise from 11.6 per cent in March 2018 to 12.2 per cent by the end of March next year, the Reserve Bank of India said on Tuesday.   Referring to the 11 state-owned banks under prompt...

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Moneylife Digital Team 26 June 2018
Vijay Mallya, Chairman of UB Group, who has been declared 'fugitive' by Indian investigative agencies, has offered to settled dues he owes to public sector banks (PSBs) by selling available assets worth Rs13,900 crore.    Mallya, in his five-page statement released on Twitter, says,...

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EAS Sarma (IANS) 25 June 2018
The government's announcement to soon tender out 100 GW of solar power in one go is somewhat an ambitious step towards transition to clean energy, compared to the previous largest tender of 10 GW -- which is likely to be opened in July.   The new tender has provisions for boosting...

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Senior officials of 11 public sector banks (PSBs) will appear before the Parliamentary Standing Committee on Finance on Tuesday on the issue of the banks' massive non-performing assets (NPAs), or bad loans, and increasing number of fraud cases, according to official sources...

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Moneylife Digital Team 22 June 2018
Being a well-known real estate developer, Deepak Sakharam Kulkarni alias DSK and his family along with the DSK Group had business relations with many lenders, including banks and non-banking finance companies (NBFCs). Many of them have provided loans to various companies in the DSK Group....

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Amit Kapoor  and   Chirag Yadav (IANS) 21 June 2018
India's banking sector has been hogging the headlines for all the wrong reasons. It started with the mounting problem of non-performing assets (NPAs) across banks; then came a revelation of systemic fraud in the second-largest state-owned bank; and most recently, topping it all off are...

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In a move to ensure that credit flow to domestic industry is not hindered by the massive non-performing assets (NPAs), or bad loans, accumulated in the Indian banking system, state-run banks on Tuesday decided to take up the genuine credit needs of companies through a two-stage...

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Moneylife Digital Team 19 June 2018
Handling social media, especially for corporates is a big responsibility and if the job is not done properly, then there could be eggs all over your face. HDFC Bank learned this hard lesson recently, when one of its executive inadvertently posted directions issued by seniors on...

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Private lending major ICICI Bank on Monday announced the appointment of Sandeep Bakhshi as Wholetime Director and Chief Operating Officer (COO) designate as its MD and CEO Chanda Kochhar decided "to go on leave till the completion of the inquiry" in relation to the allegations levelled...

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Moneylife Digital Team 19 June 2018
Jerry, the mouse from the  famous 'Tom & Jerry' series looks nice on screen as he goes about wreaking havoc, but is still loved by everyone. However, when it comes to real world, there are number of incidents where these Jerrys have caused unpardonable destruction of food grain, cloth,...

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Rajnish Singh (IANS) 19 June 2018
Nirav Modi, the prime accused in a Rs 13,500 crore fraud at the Punjab National Bank (PNB), travelled multiple times to Britain, US, China, Cuba and France on a revoked Indian passport with additional booklets, despite his details shared on the "central database of Interpol internationally",...

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Moneylife Digital Team 18 June 2018
The Reserve Bank of India (RBI) has issued draft guidelines on loan system for delivery of bank credit with an aim to instil more discipline among the corporate borrowers with a minimum level of loan component in working capital. This proposed new norms are positive for all players, says a...

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Moneylife Digital Team  and   IANS 18 June 2018
The email ID of Rajiv Singh, Joint Director of Central Bureau of Investigation (CBI), who heads the banking fraud division and was probing the Rs13,000 crore Nirav Modi fraud case, says a report.   According to report from News18, Singh's account was found to be used for sending bulk...

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The Banks Board Bureau (BBB) has recommended 22 general managers to be promoted as Executive Directors at various state-run banks, according to an announcement by the BBB.   Tasked to improve the governance of public sector banks (PSBs), the BBB is an autonomous body that recommends...

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Moneylife Digital Team 15 June 2018
Fitch Ratings on Friday, while affirming its long-term issuer default rating (IDRs) on Axis Bank to 'bbb-' has revised outlook on the lender to 'negative' from 'stable'. "The Negative Outlook on Axis's IDR reflects rising pressure on its standalone profile relative to banks with a Viability...

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In the famous movie '3 Idiots', Aamir Khan refers to the beau of Kareena, as 'gadha' (donkey) for working in a bank after obtaining degrees in engineering and management from top ranked institutions. Angry bankers now say that they are being treated the same way by this government....

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 Lending major ICICI Bank on Wednesday said that its Board has approved the sale of up to 2 per cent in the joint venture, ICICI Prudential Life Insurance, in one or more tranches.   The bank, in a BSE filing, said that the sales can be carried out "in any manner permissible under...

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