MONEY & BANKING


Twelve luxury cars belonging to absconding diamantaires Nirav Modi and his uncle Mehul Choksi have been auctioned for Rs3.29 crore, an ED statement said here on Friday.   The ED had last year attached the vehicles under the Prevention of Money Laundering Act (PMLA).   The...

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Moneylife Digital Team 26 April 2019
While giving 'one last opportunity', the Supreme Court on Friday asked Reserve Bank of India (RBI) to reconsider its position on disclosure of annual inspection reports of banks, list of wilful defaulters and other details sought by activists under Right to Information (RTI) Act. The apex...

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In less than three years since it was promulgated, the highly touted Insolvency & Bankruptcy Act (IBC) is going the way of a dozen previous statutes that failed to fix our ‘bad loans’ problem. As always, regulators and courts have contributed to delays and confusion.    The...

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Thirteen luxury cars owned by fugitive diamantaires Nirav Modi and his uncle Mehul Choksi went on online auction by the Metals & Scrap Trading Corporation, here on Thursday.   The auction is being carried out on behalf of the Enforcement Directorate (ED) which had seized these...

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The Reserve Bank of India (RBI) on Wednesday directed banks and financial institutions to disclose their outstanding to IL&FS and its group companies including provisioning required as per income recognition and asset classification (IRAC) and actual provisioning made against...

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The Reserve Bank of India (RBI) on Wednesday said that it has divested its entire stake in the National Bank For Agriculture and Rural Development and the National Housing Bank amounting to Rs 20 crore and Rs 1,450 crore respectively   Divestment of the RBI's shareholding in NABARD...

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The Delhi High Court on Wednesday asked the Reserve Bank of India (RBI) to file reply on a plea complaining that Central Bank of India, the public sector lender, has disbursed the housing loan without linking it to the stages of construction for a under-construction greenfield housing...

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The Enforcement Directorate (ED) has issued summons to former ICICI Bank CEO Chanda Kochchar, her husband Deepak Kochchar and brother-in-law Rajiv Kochchar for questionning in a money-laundering case.   The agency has summoned Deepak and Rajiv Kochchar on April 30 while the former...

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Moneylife Digital Team 23 April 2019
In a significant ruling, the Delhi High Court has said that properties mortgaged with banks by economic offenders can be attached by the investigating agencies. The Court also clarified that in conflicts between laws such as money laundering, bankruptcy code and other legal provisions, for...

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Recently, a Moneylife reader complained about how his brother lost about Rs1 lakh through unified payments interface (UPI) when he linked his State Bank of India (SBI) account on GooglePay app. Someone hacked into his GooglePay account and transferred his money in to a Paytm account through...

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Prospective investors in the temporarily grounded Jet Airways have asked lenders to take a massive haircut or write-off around 80% outstanding debt of the airline which is more than Rs11,000 crore, document and sources revealed on Monday.   According to industry insiders, nine...

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Moneylife Digital Team 19 April 2019
Seeking immediate intervention from the government, in resolving the Jet Airways crisis, the All India Bank Employees' Association (AIBEA) has asked the government not to put pressure on banks for giving further loans to the carrier.   CH Venkatachalam, general secretary of one of the...

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Moneylife Digital Team 19 April 2019
Contending that the practice of loan waivers adversely affects the economy by increasing the fiscal deficit due to technical writing-off of non-performing assets (NPAs), one Reena N Singh has filed a public interest litigation (PIL) in the Supreme Court to restrain banks from writing off bad...

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Lenders will cite one day default clause under Insolvency and Bankruptcy Code (IBC) to defend their action against erring promoters taken to insolvency under the now defunct February 12, 2018 circular of the Reserve Bank of India (RBI).   Sources said promoters of about half a dozen...

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Jet Airways, once India’s biggest airline, has been grounded, leaving the lives of nearly 20,000 employees and lakhs of customers in disarray. Employees haven’t been paid since December-January. Customers find their holidays in chaos; funds blocked in refunds; while they are forced to book...

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Moneylife Digital Team 17 April 2019
Crying foul about lenders 'arbitrarily and unilaterally' increasing interest rates and escrow requirements, the Confederation of Real Estate Developers' Association of India (CREDAI) has requested the finance ministry to issue necessary guidelines to non-banking finance companies (NBFCs) to...

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In a decision likely to have a major impact on insolvency proceedings, the Chennai bench of the National Company Law Tribunal (NCLT) has said that any lender with vested interest in, or having relations with, a corporate debtor should not be part of the committee of creditors (CoC) in a...

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The Madras High Court has observed that the employees of Reserve Bank of India (RBI) cannot be referred to as "government servants" while identifying their employment status.   The Division Bench, comprising of Justice K.K. Sasidharan and Justice P.D. Audikesavulu, said: "The fact...

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Moneylife Digital Team 12 April 2019
The much-hyped loan in 59minutes scheme announced by prime minister Narendra Modi on Diwali last year has been found providing loans for less than 50% of applicants, reveals replies received under the Right to Information (RTI) Act. In fact, Indian Bank has rejected as many as 77% of...

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Signalling credit offtake, Reserve Bank of India data have shown banks have ended the 2018-2019 with record double digit disbursals for the second year consecutively after the under-5 per cent in FY17, which was the lowest in five decades.   According to the RBI data released on...

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