MONEY & BANKING


Moneylife Digital Team 07 June 2019
Liquidity problems at Dewan Housing Finance Corporation Ltd (DHFL) and its reported failure this week to pay coupons highlight the funding challenges faced by India's non-banking finance sector, Fitch Ratings says.   "Issues in the non-banking financial companies (NBFCs) were already...

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HDFC Bank has dropped the firm of S.R. Batliboi from its panel of auditors following the Reserve Bank of India's (RBI) refusal to approve the appointment and has, instead, appointed MSKA and Associates as their Statutory Auditors, the bank said on Friday.   HDFC Bank said in a stock...

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For the first time ever, a government investigator has had the courage to call out to the Reserve Bank of India’s (RBI) weak supervision. The Serious Frauds Investigation Office (SFIO) has blamed RBI for its failure to detect what turned into a massive systemic scandal at Infrastructure...

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Moneylife Digital Team 06 June 2019
The Reserve Bank of India (RBI) has decided to do away with its charges levied on transactions processed in the real time gross settlement system (RTGS) and national electronic funds transfer (NEFT) systems. The Central bank has also asked banks to pass the benefits to their customers who use...

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Moneylife Digital Team 06 June 2019
Home and auto loans are set to become cheaper as the Reserve Bank of India (RBI) on Thursday lowered its key lending rate for commercial banks by 25 basis points (bps) to 5.75%. The central bank also changed its monetary policy stance to accommodate from neutral.   The decision to...

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Aditya Joby 06 June 2019
While Bank of Baroda (BoB) has declared the chairman and managing director of Dighi Port Ltd, Vijay Kalantri, his son and one of the company directors, Vishal, as defaulters, a Moneylife search of digital land records has discovered large tracts of land in the name of Mr Kalantri and his...

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A rate cut, which is almost certain in the second bi-monthly monetary policy statement for 2019-20, is unlikely to stimulate demand in the near term due to the absence of quick resonance in the financial market, India Ratings and Research said on Wednesday.   Despite the RBI cutting...

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Moneylife Digital Team 05 June 2019
Ratings agencies CRISIL and ICRA on Wednesday downgraded their ratings on Dewan Housing Finance Corp Ltd (DHFL)’s Rs850 crore commercial paper (CP) mainly due to delay in servicing of the debt by the company.    CRISIL has downgraded its rating on CP of DHFL to 'D' from 'A4+' and also...

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Moneylife Digital Team 05 June 2019
Dewan Housing Finance Corp Ltd (DHFL) has missed its interest payment deadline of 4 June 2019 on a set of outstanding bonds owing to fund shortage but may pay the over Rs1,000 crore over next seven days, say media reports. The non-banking finance company (NBFC) has delayed payment of interest...

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The Reserve Bank of India (RBI), on Wednesday, constituted a task force on development of secondary market for corporate loans.   The six-member task force will have TN Manoharan, chairman of Canara Bank, as its chairperson and will submit its report by the end of August...

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The Reserve Bank of India (RBI) on Wednesday announced the setting-up of a committee to work for the development of housing finance securitisation market in the country under the chairmanship of Harsh Vardhan, Senior Advisor with Bain & Co.   An RBI notification said that the...

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The Reserve Bank of India has decided to extend the usage timings for 'Real Time Gross Settlement' (RTGS) system from June 1.   A notification to this effect was issued on Tuesday.   RTGS is a financial transaction system, where there is continuous and real-time settlement of...

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Anjana Das (IANS) 29 May 2019
The government proposes to bring down its holding in state-owned banks by launching an exclusive PSU Banks ETF (Exchange Traded Fund), sometime at the end of the third quarter period of the current financial year, sources said.   Official sources said that a proposal to set up PSU...

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Moneylife Digital Team 27 May 2019
The Reserve Bank of India (RBI) is working on an electronic spot trading platform for retail customers who need to buy or sell foreign currency like the US dollar.   RBI is now open to allow retail customers to exchange any amount on this platform being developed by Clearing Corp of...

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Moneylife Digital Team 20 May 2019
Housing finance companies (HFCs) have slowed down their loan disbursements which can have a spill-over impact on retail home loan borrowers and property developers, says a research note.   According to the report from India Ratings and Research (Ind-Ra), over the years, funding to...

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This story has been updated with new information. A suicide note recovered on Wednesday from the home of the 41-year-old mother and her 19-year-old daughter, who set themselves ablaze a day before, has revealed that family issues were behind the extreme step, and was not provoked by the...

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NBCC India Ltd's offer for the debt-laden realty firm Jaypee Infratech Ltd (JIL) will be put to vote by a committee of creditors (CoC) later this week with the National Company Law Appellate Tribunal (NCLAT) on Tuesday refusing to stay the proceedings.   ICICI Bank and a few other...

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The National Company Law Appellate Tribunal (NCLAT) hearing the Essar Steel bankruptcy proceedings said it would decide on the powers of the Committee of Creditors (CoC).   The development came on Tuesday as senior advocate Kapil Sibal argued that "distribution of the financial...

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Twice over the course of the ongoing all-encompassing multi-disciplinary Chanda Kochhar-Videocon Industries probe has chairman Venugopal Dhoot accepted complicity in the dirty deal.   Dhoot reported to the CBI vide letter dated 25.4.2018 that "With reference to the captioned...

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Paytm Mall on Tuesday said it has been hit by a cashback fraud which could be in the range of Rs 5-10 crore.   The fraud was detected through a tool that the company developed in partnership with global professional services firm EY (formerly Ernst and Young), said a Paytm Mall...

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