MONEY & BANKING


The ED on Wednesday approached a special court here seeking its order to declare diamond merchants Nirav Modi and his uncle Mehul Choksi -- both accused in over Rs 13,500 crore Punjab National Bank (PNB) loan fraud case -- as fugitives because they fled from India a month before they were...

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The CBI on Tuesday registered three cases against three companies, certain officials of the State Bank of India (SBI) and others for alleged fraud in the SBI totally worth Rs 136.93 crore, an official said here.   The cases followed searches conducted at 17 places in Mumbai, Raigad,...

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Commercial banks in the country will no longer be able to transact in cryptocurrencies like Bitcoin from Friday in view of a Reserve Bank of India (RBI) directive in April.   In a bid to protect consumers and curb money laundering and other financial irregularities, the RBI had, on...

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Moneylife Digital Team 05 July 2018
A High Court in London has ordered seizure of beleaguered liquor baron Vijay Mallya's assets in Hertfordshire in UK. The Judge issued enforcement order in favour of a consortium of 13 Indian banks who were seeking recovery of loans given to Mallya and his companies.   The Court order...

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The government on Wednesday notified the Insolvency and Bankruptcy Board of India (IBBI) "Insolvency Resolution Process for Corporate Persons" regulations, 2018.   "The regulations provide that wherever the corporate debtor has classes of creditors having at least ten creditors in the...

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 Independent asset management companies (AMCs) and steering committees will be set up for faster resolution of the non-performing assets (NPAs), or bad loans, of state-run banks, Interim Finance Minister Piyush Goyal said on Monday.   He was briefing reporters here on the government...

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Interpol has issued a red corner notice (RCN) against fugitive diamond jeweller Nirav Modi after the CBI requested this in connection with the Rs13,500 crore fraud on Punjab National Bank (PNB), officials said here on Monday.   "Interpol has accepted our request to issue RCN against...

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The Central government should not shirk its responsibility of providing additional capital to IDBI Bank while burdening LIC with the task of bailing out the loss-making bank, said a top leader of a banking employees' union on Friday.   Referring to the news of the Life Insurance...

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The Board of Directors of ICICI Bank has approved the appointment of Girish Chandra Chaturvedi as non-executive part-time Chairman effective from July 1, 2018 subejct to regulatory approvals, in the vacancy caused by cessation of term of M.K. Sharma (Independent Director &...

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Should the government accept or not accept Vijay Mallya's latest offer of settlement with the banks. This issue is being hotly debated after Mallya's recent change of heart.    A consortium of 17 banks, led by the State Bank of India (SBI), had sanctioned loans of Rs5,500 crore over a...

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The Enforcement Directorate (ED) on Thursday said that Gitanjali Group chief Mehul Choksi siphoned off funds received as LOUs from banks to his overseas companies through alleged foreign suppliers.   "Funds of LOUs (Letter of Undertaking) obtained fraudulently were siphoned off...

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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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