MONEY & BANKING


Moneylife Digital Team 03 July 2019
The Central Bureau of Investigation (CBI) had conducted searches in more than 50 locations in 12 states and union territories (UTs) in connection with bank losses totalling over Rs1,134.58 crore, say reports.   An official from CBI told IANS that said several teams carried out the...

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Moneylife Digital Team 01 July 2019
The liquidity challenges that followed the debt default by Infrastructure Leasing & Financial Services (IL&FS) in September 2018 pulled down growth in assets under management (AUM) of housing finance companies (HFCs) in the second half of fiscal 2019, says a research note.   In its...

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Terming timely recognition an important aspect that can reduce the economic costs of frauds, the Reserve Bank of India on Thursday said that the country has seen a "significant" gap between occurrence and detection of bank frauds.   "The amount involved in frauds that occurred between...

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The RBI's Financial Stability Report on Thursday warned that the failure of large housing finance companies (HFCs) and non-banking finance companies (NBFCs) can cause more and higher losses comparable to the banks, underlining the need for greater surveillance and monitoring as the need of...

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The Enforcement Directorate on Thursday said it has attached four Swiss bank accounts of fugitive businessman Nirav Modi and his sister Purvi with a balance of Rs 283 crore in its investigation into the Rs 13,500 crore Punjab National Bank (PNB) fraud.   A senior ED official told...

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In a fresh hit for the lending major IL&FS, Hongkong and Shanghai Banking Corporation (HSBC) has issued a notice to the former's arm ITNL Offshore Private Ltd asking it to pay 1 billion Chinese Yuan ($145 million).   A trust deed was signed by ITNL Offshore, IL&FS Transportation...

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Now that the general elections are done and dusted and the National Democratic Alliance (NDA) is back in the saddle with a huge majority, it is time go about fixing some of its good initiatives that have been floundering seriously.   One of these is the Insolvency and Bankruptcy Code...

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It has been a few years since the Reserve Bank of India (RBI) had allowed financial institutions and merchants to use contactless credit or debit cards for transactions. However, several customers are still apprehensive about using such contactless cards, especially about payment being...

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The Indian government has urged Antigua to accelerate the legal process associated with the extradition of diamond trader Mehul Choksi, wanted in India in the Rs 13,500 crore Punjab National Bank scam, said sources familiar with the development.   Reportedly, Antigua and Barbuda Prime...

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Moneylife Digital Team 24 June 2019
The Reserve Bank of India (RBI) issued a strange ‘‘statement on media reports” about the resignation of Dr Viral V Acharaya, Deputy Governor of the RBI.     The RBI statement, issued by Chief General Manager Yogesh Dalal says, “A few weeks ago, Dr. Acharya submitted a letter to the...

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The Competition Commission of India (CCI) has approved the merger of housing finance company Indiabulls Housing Finance and the Lakshmi Vilas Bank.   Following the announcement of the approval, the bank's scrips hit the upper circuit of 10 per cent on the BSE, as the lender,...

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Properties worth about Rs 100 crore owned by actor-turned politician A. Vijayakanth, his wife V. Premalatha and his educational trust has been put on auction by the Indian Overseas Bank (IOB) for non-payment of a Rs 5.52 crore loan.   The loan was availed by actor's Andal Azhagar...

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Moneylife Digital Team 20 June 2019
The Insolvency and Bankruptcy Code (IBC) has made good progress by resolving the cases of about 94 companies with stressed liability of Rs1.7 lakh crore as of March 2019. The recovery amounted to Rs70,000 crore, translating into a haircut of 58% for financial and operational creditors and...

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One sentence, in an article published in LiveMint, indicates why there are no suitors for Jet Airways, leading to bankers, mainly unaccountable public sector banks (PSBs), finally, opting for bankruptcy proceedings on 17th June. It says, “A senior banker involved in the discussions said one...

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Moneylife Digital Team 17 June 2019
UCO Bank has declared industrialist and Page3 regular Yashovardhan (Yash) Birla as a wilful defaulter after Birla Surya Ltd failed to repay loans of Rs67.65 crore. Mr Birla is chairman of the Yash Birla Group. This is a rare incident where a lender has published a photo of a well-known...

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Earlier this month, the monetary policy breathed a fresh air and for once customers felt that some comfort existed for them too. Post-liberalisation, banks went on investing in technology and realising the costs of such investments through various types of charges imposed on the...

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Last week, when Parvez Ahmad, chairman and managing director (CMD) of Jammu & Kashmir Bank (J&K Bank) was sacked, there was a general air of jubilation in the state as he was allegedly involved in various financial irregularities in loan dispersals, among other issues. While activists are...

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At the Nikkei Future of Asia Conference in Japan last month, the Malaysian prime minister Dr Mahathir Mohamad floated the idea of creating a gold-backed common trading currency for all of East Asia. He opined that “if we have a common currency for East Asia, a common trading currency that...

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Krishna Nair 12 June 2019
Financial year 2018-19 marked a rather unsettling year for Yes Bank even more so for its board of directors.   Ever since Rana Kapoor was not permitted by the RBI to continue to be on the Board of Directors of Yes Bank, the bank has suffered an exodus of directors. Only two members of...

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A British court on Wednesday extended, till June 27, the judicial custody of Nirav Modi, while rejecting his bail plea as it suspected that he could "interfere" with witnesses.   The Westminster Magistrates' Court ordered the Metropolitan Police to put him under its custody till the...

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