MONEY & BANKING


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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Moneylife Digital Team 02 April 2019
As if taking a clue from the loan melas organised during Congress regime, public sector banks (PSBs) have doled out crores of rupees under the Pradhan Mantri Mudra Yojana (PMMY), reveals a reply received under Right to Information (RTI). State Bank of India (SBI) has sanctioned loans...

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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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