MONEY & BANKING


Private lending major ICICI Bank on Monday announced the appointment of Sandeep Bakhshi as Wholetime Director and Chief Operating Officer (COO) designate as its MD and CEO Chanda Kochhar decided "to go on leave till the completion of the inquiry" in relation to the allegations levelled...

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Moneylife Digital Team 19 June 2018
Jerry, the mouse from the  famous 'Tom & Jerry' series looks nice on screen as he goes about wreaking havoc, but is still loved by everyone. However, when it comes to real world, there are number of incidents where these Jerrys have caused unpardonable destruction of food grain, cloth,...

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Rajnish Singh (IANS) 19 June 2018
Nirav Modi, the prime accused in a Rs 13,500 crore fraud at the Punjab National Bank (PNB), travelled multiple times to Britain, US, China, Cuba and France on a revoked Indian passport with additional booklets, despite his details shared on the "central database of Interpol internationally",...

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Moneylife Digital Team 18 June 2018
The Reserve Bank of India (RBI) has issued draft guidelines on loan system for delivery of bank credit with an aim to instil more discipline among the corporate borrowers with a minimum level of loan component in working capital. This proposed new norms are positive for all players, says a...

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Moneylife Digital Team  and   IANS 18 June 2018
The email ID of Rajiv Singh, Joint Director of Central Bureau of Investigation (CBI), who heads the banking fraud division and was probing the Rs13,000 crore Nirav Modi fraud case, says a report.   According to report from News18, Singh's account was found to be used for sending bulk...

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The Banks Board Bureau (BBB) has recommended 22 general managers to be promoted as Executive Directors at various state-run banks, according to an announcement by the BBB.   Tasked to improve the governance of public sector banks (PSBs), the BBB is an autonomous body that recommends...

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Moneylife Digital Team 15 June 2018
Fitch Ratings on Friday, while affirming its long-term issuer default rating (IDRs) on Axis Bank to 'bbb-' has revised outlook on the lender to 'negative' from 'stable'. "The Negative Outlook on Axis's IDR reflects rising pressure on its standalone profile relative to banks with a Viability...

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In the famous movie '3 Idiots', Aamir Khan refers to the beau of Kareena, as 'gadha' (donkey) for working in a bank after obtaining degrees in engineering and management from top ranked institutions. Angry bankers now say that they are being treated the same way by this government....

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 Lending major ICICI Bank on Wednesday said that its Board has approved the sale of up to 2 per cent in the joint venture, ICICI Prudential Life Insurance, in one or more tranches.   The bank, in a BSE filing, said that the sales can be carried out "in any manner permissible under...

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Non-banking financial companies (NFBCs) need to focus more on medium and small enterprises, the returns from which are much higher than from large corporates to whom NBFCs have much larger exposure, the Reserve Bank of India (RBI) said on Wednesday.   The RBI also asked NBFCs to meet...

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The Enforcement Directorate (ED) has requested the Interpol to issue Red Corner Notice (RCN) against absconding diamentiare Nirav Modi in connection with its probe into the Rs 13,500 crore Punjab National Bank (PNB) fraud case, agency sources said.   An ED source said that the...

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In another move to bolster the Indian banking system, the Union Cabinet on Wednesday approved a Rs 24,000 crore foreign direct investment (FDI) as additional share capital into private sector HDFC Bank, Finance Minister Piyush Goyal announced. Briefing reporters here following a cabinet...

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 State-run lender Allahabad Bank on Tuesday said the Hong Kong Monetary Authority (HKMA) has enhanced supervisory arrangements on its Hong Kong branch while "assessing implications of the capital positions" of the lender.   "..we have to inform you that the Hong Kong Monitory...

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RBI Governor Urjit Patel, who was on Tuesday grilled by parliamentarians over challenges being faced by the banking sector including the huge number and size of bad loans and frauds like the one in Punjab National Bank, sought more powers for the central bank to oversee Public Sector Banks...

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In a move to enhance credit discipline among larger borrowers, the RBI on Monday proposed a "minimum level of loan component" of 40 per cent for borrowers having an aggregate fund-based working capital limit of Rs 150 crore and above from the banking system, a condition proposed to be...

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Lending major ICICI Bank on Monday said that it has "so far not received any communication" from the US Security and Exchange Commission in relation to the allegations leveled on its Managing Director and CEO Chanda Kochhar.   "As a large and internationally active bank with...

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Moneylife Digital Team 11 June 2018
While the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) are frantically searching for Nirav Modi, the jeweller, who duped Punjab National Bank (PNB) for crores of rupees, has fled to UK and is claiming political asylum in that country, says a report.   In...

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State-run Allahabad Bank, which referred 65 stressed accounts involving around Rs 12,566 crore to the NCLT for IBC resolution during last fiscal, is focusing on recovery and rebalancing its loan book with emphasis on small, micro, agriculture and retail advances.   The lender also...

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The State Bank of India (SBI), the country's largest public sector lender, recorded its highest non-performing asset (NPAs) of Rs 1.1 lakh crore in 2017-18, almost equal to what it had registered in the decade before, according to information available through RTI and the bank's annual...

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The government has set up a committee to examine the establishment of an Asset Reconstruction Company or an Asset Management Company for faster resolution of stressed assets involving multiple public sector banks, Finance Minister Piyush Goyal announced here on Friday.   The committee...

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