MONEY & BANKING


As many as 34 power companies have accumulated Rs 1.4 lakh crore of NPA for Indian banks while 41 corporates across sectors, including those from infrastructure, textile, telecom, sugar, steel, energy, power and fertilisers have Rs 84,000 crore piled up NPAs which have taken the bad loan...

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The delay in actual realisation from the resolution of the big-ticket cases like Essar Steel has put the non-performing assets (NPAs), or bad loans, recovery target by banks of Rs 1.8 lakh crore in jeopardy.   A section of the Finance Ministry, however, believes the target of Rs 1.8...

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Corporates opposing the RBI's February 12 circular on loans resolutions have submitted to the Supreme Court that the Inter-Creditor Agreement (ICA) among banks as a possible debt resolution framework has failed to take off as the relevant institutions like LIC, HUDCO, IFCI, IIFCL, NIACL,...

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Ship-building companies have petitioned the Supreme Court that the industry can survive only if the 12th February circular of the Reserve Bank of India (RBI) is quashed and set aside.   The Shipyards Association of India (SAI) has told the apex court that, in case the order is not...

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This week, the government seems to have nudged public sector banks (PSBs) to bail out the bankrupt Jet Airways, yet again. Was this a good idea? No; but there was no alternative either.    Jet Airways needed a quick solution to get the planes back in service. Air travel is no longer...

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Starved for foreign funds due to UN sanctions, North Korea carried out a $13.5 million cyber heist of Cosmos Bank using a network across 28 countries by breaking its internal safety measures, according to the world body.   The Security Council's panel of experts that monitors the...

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Financially troubled Jet Airways on Thursday said that the repayment of the External Commercial Borrowing (ECB) availed by the company for working capital purposes has been delayed.   In a regulatory filing to the BSE, Jet Airways said: "This is to inform you that the repayment of the...

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The Supreme Court on Thursday dismissed petitions seeking stay on the merger of three public sector banks -- Dena Bank, Vijaya Bank and Bank of Baroda. The merger is set to take effect on April 1.   Rejecting the plea by the staff and officers of two merging banks and their...

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Ahead of its merged entity operation, Bank of Baroda will receive Rs5,042 crore fund infusion from the government.   The Ministry of Finance has conveyed its decision to infuse the capital in Bank of Baroda. The infusion will be by way of preferential allotment of equity shares...

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Reserve Bank of India has submitted to the Supreme Court that its circular of last February removes the old norms for resolutions of stressed assets while allowing flexibility to lenders to choose their loan recovery plan individually or jointly.   The Supreme Court has heard a bunch...

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A Delhi Court has issued summons to former Managing Director and Chief Executive Officer (CEO) of Punjab National Bank Usha Ananthasubramanian and 11 other PNB officials in a case related to violations of of the Banking Regulation Act.   Metropolitan Magistrate Dharmender Singh in his...

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Moneylife Digital Team 26 March 2019
The Reserve Bank of India (RBI) has imposed a penalty of Rs2 crore on state-run Punjab National Bank (PNB) for non-compliance of regulatory directions about SWIFT operations.   In a regulatory filing, the lender says, it has received a letter from the central bank informing about the...

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Moneylife Digital Team 26 March 2019
The Jet Airways deal has naturally evoked a strong reaction from fugitive industrialist Vijay Mallya, whose flight to the UK has made him the poster boy of industrialists who flee the country after duping banks. Mr Mallya has taken to Twitter to voice his views.    Alleging double...

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Moneylife Digital Team 26 March 2019
The Supreme Court on Tuesday threatened the Reserve Bank of India (RBI) with contempt proceeding for not disclosing banks' annual inspection reports under the Right to Information (RTI) Act. In January this year, the apex court had issued a notice to the central bank on a contempt...

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The National Company Law Tribunal's (NCLT) New Delhi bench has ruled that the dues of provident fund (PF), pension and gratuity do not form the part of liquidation estate of corporate debtors.   According to the NCLT, such dues cannot be included in the assets to be liquidated for...

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Terming the political parties' assurance in their manifestos to waive off education loans as undesirable, an apex banking body has urged the Election Commission to get an undertaking from poll candidates that they are not bank loan defaulters.   A top official of the All India Bank...

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Moneylife Digital Team 20 March 2019
State Bank of India (SBI), the country's largest lender, has reportedly asked Jet Airways' chief Naresh Goyal and his wife Anita to step down from the carrier's board of directors.   Quoting sources, a report from ET Now says, the lender has asked the Goyals and their nominees,...

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Moneylife Digital Team 20 March 2019
The National Company Law Appellate Tribunal (NCLAT) on Wednesday asked creditors of Essar Steel Ltd to reconsider distribution of funds received from ArcelorMittal under the resolution plan. The Tribunal asked resolution professional of Essar Steel to call a fresh meeting of committee of...

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Moneylife Digital Team 20 March 2019
While the number of fraudulent withdrawals from banks have declined, in value terms, it has more than doubled to Rs109.56 core in FY17-18, the Rajya Sabha was informed.   Last month, replying to a question asked by Sukhram Singh Yadav, the then finance minister Piyush Goyal, said, "As...

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Moneylife Digital Team 20 March 2019
Fugitive Indian diamantaire Nirav Modi, wanted in the Rs13,500 crore Punjab National Bank (PNB) fraud case, is arrested in the UK. His bail plea was rejected when he was produced in the local court at London. The next hearing in this matter would take place on 29 March 2019 before the chief...

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