MONEY & BANKING


Moneylife Digital Team 13 March 2019
The National Company Law Tribunal (NCLT) has not accepted the attempt of bankers to let of the Sandesara group of Sterling Biotech by accepting a sharp haircut and a one time settlement (OTS). Instead, the Mumbai division bench of the NCLT  slammed Andhra Bank and other lenders for not...

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Shaifali Sharma 12 March 2019
With an aim to further fortify the deposits-taking activities, the President, on 21 February 2019, promulgated the Banning of Unregulated Deposit Scheme Ordinance, 2019 (BUDs Ordinance), which will interdict the illicit schemes that are used to dupe the financially illiterate and poor people....

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Public sector banks (PSBs) are in no hurry to follow big brother State Bank of India (SBI) in linking their deposit and lending rates to the repo rate of the Reserve Bank of India (RBI) , which may further irk RBI for not transmitting the lower interest rates to the customers.   While...

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Moneylife Digital Team 12 March 2019
There has been a steady decline in the number of transactions on the government-owned Aadhaar Bharat Interface for Money (BHIM) app that is based on the unified payments interface (UPI). During the past five months, retail payments of BHIM fell almost 30% to 12.83 million transactions, shows...

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Essar Steel promoters and the Standard Chartered Bank on Monday moved the National Company Law Appellate Tribunal (NCLAT) challenging the ArcelorMittal's resolution plan for bankrupt Essar Steel, which was approved on Friday.   Three directors of the erstwhile Essar Steel board...

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Swiss Bank accounts of Mumbai-based software services firm Geodesic Ltd, new owners of decades-old children's magazine Chandamama, is to come under scrutiny of Indian investigating authorities in an ongoing money laundering and financial irregularities case.   The development comes...

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Moneylife Digital Team 11 March 2019
It has been more than two years since prime minister Narendra Modi announced to withdraw currency notes of Rs1,000 and Rs500 from circulation. However, the aftershocks of demonetisation and information about what happened in the days leading up to it is still being revealed. The latest...

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The Insurance Regulatory and Development Authority (Irdai) is examining the possibility of enforcing a directive on insurance companies to protect policy holders' funds stuck in the now downgraded bonds of IL&FS, but provisioning for such investments is a must, the Irdai chairman said on...

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New guidelines by the National Housing Bank (NHB) for India's housing finance companies (HFCs) will not address the major challenges of credit risk for these companies, a Moody's report said on Monday.   The NHB last week proposed to increase the capital adequacy ratio (CAR) for HFCs...

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When the Union government promulgated The Banning of Unregulated Deposit Schemes Ordinance, 2019 (the Ordinance) a few days ago, the immediate reaction was one of dismay.    There is no denying the fact that unscrupulous people dupe the greedy and gullible by soliciting loans and...

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The the Infrastructure Leasing and Financial Services (IL&FS) contagion continues to spread aggressively, the latest casualty being the Indian armed forces. Several lakhs of salaried workers across public sector undertakings and Postal Life Insurance have already been infected with these...

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The IDBI Bank on Sunday said it has started aligning its businesses with that of its new owner LIC, appointing the life insurer as a corporate agent under bancassurance besides setting up a joint task force to chart out their roadmap for the future.   Both the partners have identified...

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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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