MONEY & BANKING


Lenders of the debt-ridden Jet Airways on Wednesday tweaked the terms for stake sale in the airline and also extended the submission deadline for "expression of interest" bids from prospective buyers.   As per a clarification document issued by investment banking major SBI Capital...

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Moneylife Digital Team 10 April 2019
The Delhi High Court on Wednesday asked Reserve Bank of India (RBI) and Google India Digital Services Pvt Ltd to file their replies on a plea alleging Google Pay is not listed as an authorised operator in RBI's list of the 'payment system operators'. The petitioner has sought direction to the...

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Moneylife Digital Team 09 April 2019
State Bank of India (SBI) has decided to reduce its marginal cost of funds-based lending rate (MCLR) by five basis points (bps) across all tenors from 10 April 2019.    The new one year MCLR will coming down to 8.50% from 8.55% per annum. As a result, interest rates on all loans...

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India has retained its spot as the world's top remittance recipient with its diaspora sending $79 billion back home in 2018, the World Bank has said in a report.   India was followed by China ($67 billion), Mexico ($36 billion), the Philippines ($34 billion) and Egypt ($29 billion),...

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In another setback for fugitive Indian businessman Vijay Mallya, the United Kingdom High Court has rejected his appeal against his extradition.   Mallya, who is facing charges of defaulting on bank loans to the tune of Rs 9,000 crore, fraud and money-laundering, had moved the High...

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Global private equity firm TPG Capital and international airline such as Lufthansa are among six entities who are believed to have shown interest in the "expression of interest" stake sale process of the debt-ridden Jet Airways, sources said.   The development comes as lenders of the...

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Moneylife Digital Team 08 April 2019
The Reserve Bank of India (RBI), now headed by bureaucrat Shaktikanta Das, seems to have succumbed to pressure from banks and has delayed its plan to link floating interest rates for retail loans to external benchmark.    Just in December last year, the central bank, then headed by Dr...

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Moneylife Digital Team 08 April 2019
C Sivasankaran, mentor of Siva Group of companies will be settling dues to IL&FS Financial Services Ltd (IFIN), says a report. IFIN had given a loan to Siva group, which are under the probe by Serious Fraud Investigation Office (SFIO). But more about it later.    According to the...

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Moneylife Digital Team 08 April 2019
Jet Airways (India) Ltd lenders led by State Bank of India (SBI) on Monday invited expression of interest (EoI) for a 75% in the debt-ridden carrier. The new buyer will also have to settle all existing debt of Jet Airways, as per a notice for inviting EoI.   In the notice on its...

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Citing the Rs 30,000 crore public deposits in Lakshmi Vilas Bank (LVB), the All India Bank Employees' Association (AIBEA) has demanded its merger with a public sector bank (PSU) than be acquired by Indiabulls Housing Finance Ltd (IBH).   In a letter to the Governor of Reserve Bank of...

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Moneylife Digital Team 05 April 2019
Private sector lender Lakshmi Vilas Bank Ltd on Friday said its board of directors have approves merger with Indiabulls Housing Finance Ltd. This merger, according to the lender, will give Indiabulls Housing Finance access to low cost deposits, and provide geographical diversification and...

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The Reserve Bank of India (RBI) on Thursday said it would set up a task force to study the international best practices and develop a "thriving" secondary market for corporate loans.   In its statement of developmental and regulatory policies released by the RBI after its first...

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The beleaguered Videocon group has admitted to stupendous outstandings to various lenders—public and private—amounting to over Rs90,000 crore, making it perhaps the biggest corporate bankruptcy case in Indian banking history, official sources said on Thursday.   The two main group...

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Moneylife Digital Team 04 April 2019
It now appears that as much as 90% of the loans advanced by IL&FS Financial Services Ltd (IFIN), the lending arm of the infrastructure conglomerate, Infrastructure Leasing and Financial Services Ltd (IL&FS) have turned bad. This again underlines the deep corruption and culpability of the...

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Moneylife Digital Team 04 April 2019
In its first monetary policy review of the current fiscal, the Reserve Bank of India (RBI) on Thursday lowered its key lending rate for commercial banks by 25 basis points (bps) to 6%.   "On the basis of an assessment of the current and evolving macroeconomic situation, the Monetary...

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The Supreme Court's judgment voiding the Reserve Bank of India's (RBI) circular issued on February 12, 2018, is "credit negative" for Indian banks as it will delay the resolution of non-performing loans, rating agency Moody's said Wednesday.   "This is credit negative for Indian banks...

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Moneylife Digital Team 03 April 2019
The Supreme Court’s ruling to quash the Reserve Bank of India’s (RBI) 12 February 2018 circular on resolution of stressed assets provides the banking system with more flexibility and time in resolving stressed assets. Also banks’ asset quality has not materially impacted as bulk of stress is...

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Moneylife Digital Team 03 April 2019
The Supreme Court decision voiding the RBI (Reserve Bank of India) circular on resolution of loan default could push banks into resolving such cases on the basis of an inter-creditor agreement (ICA) reached by 35 banks last year, senior officials here said.   Under a framework named...

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The State Bank of India (SBI) has sold electoral bonds worth Rs 1,716 crore in January and March this year against the Rs 1,056 crore of bonds sold in six months in 2018, signalling the maximum amount of political donations are being made through this route.   The SBI made the...

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Moneylife Digital Team 02 April 2019
The Supreme Court on Tuesday struck down as ultra vires, the controversial circular issued by Reserve Bank of India (RBI) that mandated resolution of loans of Rs2,000 crore and above even for a default of a single day within the window of 180 days.    The RBI circular had said that in...

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