MONEY & BANKING


Moneylife Digital Team 09 March 2019
In a significant move, State Bank of India (SBI), has decided to link savings bank (SB) deposits with balances of more than Rs1 lakh and all cash credit (CC) accounts and overdrafts (OD) with limits of over Rs1 lakh with the repo rate as decided by Reserve Bank of India. This change will take...

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Moneylife Digital Team  and   IANS 08 March 2019
The Ahmedabad bench of the National Company Law Tribunal (NCLT) on Friday approved AreclorMittal's Rs 45,000 crore resolution plan for the insolvent Essar Steel.   The committee of creditors of bankrupt Essar Steel had chosen ArcelorMittal as the highest bidder and submitted the...

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The city bench of the National Company Law Tribunal (NCLT) on Thursday clarified that a 51 per cent vote of the Committee of Creditors (CoC) was enough to initiate a forensic audit of an insolvent company.   Citing Section 21(8) of the Insolvency and Bankruptcy Code (IBC), the NCLT...

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The Enforcement Directorate (ED) has extended its probe to find out if there was an illegal fund trail between Mauritius-based Firstland Holdings and NuPower Renewables Pvt Ltd owned by Deepak Kochhar, husband of former ICICI Bank CEO Chanda Kochhar, in a multi-crore money laundering...

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Moneylife Digital Team 05 March 2019
Financial services providers like banks and insurers are lagging behind in digital transformation compared to other industry sectors.   Financial services providers report falling confidence in their digital capabilities, and a shortage of the skills, leadership and collective vision...

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Moneylife Digital Team 05 March 2019
The Reserve Bank of India (RBI) has levied a penalty of Rs1 crore on ICICI Bank for delay in compliance to RBI's directives on swift related operational controls.   The swift system is a messaging network used by banks and other financial institutions globally to send and receive...

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Moneylife Digital Team 05 March 2019
State Bank of India (SBI) and Hitachi Payment Services Pvt Ltd, unit of Japanese Hitachi Ltd have launched a merchant acquiring joint venture (JV), SBI Payment Services Pvt Ltd (SBIPSPL). This JV will establish a state-of-the-art digital payments platform for India and other countries in the...

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After the Serious Fraud Investigation Office (SFIO) pointed fingers at top executives for siphoning off the welfare fund for personal gain, an interim audit report has found 'potential conflict of interest' since the directors of the IL&FS ( Infrastructure Leasing & Financial Service) group...

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The directors of the embattled IL&FS (Infrastructure Leasing & Financial Services) group ignored its own credit risk management team's advice and went on extending loans worth nearly Rs2,000 crore to companies facing acute financial stress, an audit report has said.   In a damning...

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Moneylife Digital Team 04 March 2019
The Reserve Bank of India's (RBI's) move to align risk weights of banks' exposure to non-banking finance companies (NBFCs) with their respective credit ratings would be beneficial for both banks and NBFCs. This rating-based risk weightage is likely to provide some funding respite to NBFCs,...

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The Reserve Bank of India (RBI) has levied a penalty of Rs4 crore on Karnataka Bank for delayed implementation of four "Swift" related operational controls, the lender said on Monday.   The Swift system is a messaging network used by banks and other financial institutions globally to...

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Ravi Dutta Mishra (IANS) 04 March 2019
India's GDP growth slowed to 6.6% in the October-December quarter of 2018-19, the lowest rate in five quarters, primarily due to the stress among the non-banking finance companies (NBFCs).   A direct correlation can be seen as many NBFCs have been facing liquidity challenges resulting...

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The Enforcement Directorate (ED) on Monday questioned former ICICI Bank CEO Chanda Kochhar for the fourth consecutive day in the ongoing probe into the alleged irregularities and corrupt practices in sanctioning a Rs 1,875-crore loan by the bank to the Videocon Group.   Chanda...

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The Enforcement Directorate (ED) on Friday carried simultaneous raids at the residences of former ICICI Bank CEO Chanda Kochhar and Videocon Group promoter Venugopal Dhoot in connection with an ongoing probe into alleged irregularities and corrupt practices in sanctioning of Rs 1,875 crore...

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Moneylife Digital Team 02 March 2019
State Bank of India (SBI) has said the fraud worth Rs7,951.29 crore during first nine months of FY2019 was reported mainly due to declaration of frauds in a few large value advances.   In a regulatory filing, the state-run lender, says, "All these accounts became non-performing assets...

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Market Regulator SEBI on Friday came out with rules for providing exemption from open offer requirements for corporate debt restructuring, which will now be restricted to scheduled commercial banks and all-India financial institutions.   The decision could help the cash-strapped Jet...

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The Centre on Friday appointed former Finance Secretary Hasmukh Adhia as the Non-Executive Chairman of Bank of Baroda for a period of three years.   Adhia would also be the part-time Non-Official Director of the public sector lender, according to an order issued by the Department of...

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Moneylife Digital Team 01 March 2019
The Enforcement Directorate (ED) is conducting searches at the premises of Chanda Kochhar, former chairman of ICICI Bank, and Venugopal Dhoot who heads the Videocon group.   The searches were in connection with an ongoing probe into alleged irregularities and corrupt practices in...

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IANS 28 February 2019
In a bid to promote digital transactions, the Indian Rail Catering and Tourism Corporation (IRCTC) on Thursday launched its much awaited payment aggregator system 'IRCTC iPay'.   The exclusive digital payment gateway will provide better digital experience and improved online digital...

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IANS 27 February 2019
Congress leader and Rajya Sabha MP Jairam Ramesh on Wednesday moved the Delhi High Court alleging that amendments made to the Prevention of Money Laundering Act (PMLA) were illegally passed under the Money Bill provisions.   Ramesh's counsel and senior advocate P. Chidambaram told a...

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