MONEY & BANKING


Moneylife Digital Team 08 May 2019
Just last month, the Supreme Court gave a stern warning and final opportunity to the Reserve Bank of India (RBI) on the central bank’s position on the disclosure of annual inspection reports of banks, list of wilful defaulters and other details sought by activists under the Right to...

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The pilots' union of grounded Jet Airways on Tuesday approached the Supreme Court to direct the consortium of lenders for release of funds to restart operations.   In its petition, the National Aviators' Guild (NAG) asked the Supreme Court to direct the airlines' lenders to release...

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Moneylife Digital Team 07 May 2019
As elaborated in our three parts series, the Reserve Bank of India (RBI) indeed seems to have helped the promoter of a defaulting company to get a licence to start a non-banking finance company (NBFC) through the takeover route. The defaults of RattanIndia Power Ltd worth Rs12,000 crore were...

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The Committee of Creditors (CoC) of a non-performing asset (NPA or bad loan) account must provide all relevant information and share its vision for the company under resolution with the prospective resolution applicants in order to come up with a rescue plan, the insolvency regualtor has...

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British entrepreneur Jason Unsworth, who has evinced interest in investing in the now grounded Jet Airways, has claimed that the lenders' consortium leader State Bank of India (SBI) has asked him to formally submit a bid for the airline.   Unsworth is the Chief Executive Officer (CEO)...

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Public sector Air India's New York office transferred $300,000 to a bank account in Nigeria instead of remitting the sum to a US-based firm Pratt & Whitney for supplying spare parts.   The incident is learnt to have taken place in June, 2017 but the airline has failed to get the...

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In a major relief for state-run construction major NBCC, the Allahabad bench of the National Company Law Tribunal (NCLT) on Monday asked the Committee of Creditors (CoC) of Jaypee Infratech (JIL) to consider NBCC's revised bid to acquire the insolvent realty company.   The bench...

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The Insolvency and Bankruptcy Board of India (IBBI) has filed a criminal complaint against UK-based Liberty House Group for withdrawing after successfully bidding for Amtek Auto.   The IBBI, the regulator for overseeing insolvency proceedings in the country, filed the complaint on...

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In a trail-blazing judgement, a Special CBI Court here has imprisoned a former Andhra Bank manager and four others to varying prison terms and imposed a total fine on them which is considerably higher than the fraud amount of Rs 2.30 crore they perpetrated on the bank, almost 10 years...

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The NCLAT on Thursday reversed its own interim order to allow lenders with exposure to IL&FS and its group companies to classify them as non-performing assets (NPAs), in line with RBI norms, but restrained them from moving to recover any dues from the beleagured group or group companies till...

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The 12 large non-performing assets (NPAs or bad loans) accounts directed by the RBI for resolution through insolvency process had total outstandings of Rs 3.45 lakh crore against their liquidation value of Rs 73,220.23 crore, while haircuts taken by creditors in case of the resolved accounts...

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Thirty six posts of directors in public sector banks (PSB) haven't been filled for a long time, said a top leader of a major bank union.   According to C.H.Venkatachalam, General Secretary, All India Bank Employees' Association (AIBEA), the Bank Nationalisation Act/Banking Companies...

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Public sector lender State Bank of India (SBI) on Wednesday became the first Indian bank to link its saving and loan interest rates to the Reserve Bank of India (RBI)'s repo rate.   The move assumes significance as the effective interest rate from May 1 on savings deposit above Rs 1...

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IDBI Bank, the prime lender of Jaypee Infratech (JIL), has approached the Delhi bench of National Company Law Tribunal (NCLT) seeking extension of the 270-day deadline for the resolution of the company, sources said.   The deadline ends on May 6 and the Committee of Creditors (CoC) is...

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Sensing that the options to revive the grounded Jet Airways are fast running out, a group of airline employees has written to SBI seeking permission to allow a consortium of employees and external investors to bid for the company's management control.   The employee representatives...

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In view of the recent ruling of the Supreme Court, the government has to amend the Reserve Bank of India (RBI) Act sooner or later and publish the names of loan defaulters periodically, a top official of the All India Bank Employees' Association (AIBEA) said on Monday.   Welcoming the...

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The SBI on Monday filed recovery suit against Prashant and Ravi Ruia, before the Debt Recovery Tribunal (DRT) in Ahmedabad.   The Essar Steel Lenders led by SBI are saddled with dues of over Rs 63,000 crore, including overdue interest and penalties.    The SBI will receive...

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The Reserve Bank of India (RBI) on Friday extended the "ombudsman scheme" for non-banking financial companies (NBFCs) to non deposit-taking NBFCs with asset size of at least Rs 100 crore.   The decision comes after the central bank in its "Statement on Developmental and Regulatory...

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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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