MONEY & BANKING


Moneylife Digital Team 23 March 2022
While both the Union government and Reserve Bank of India (RBI) emphasise providing education loans to every needy and deserving student, a much more prudent question is: Are the loans reaching the poor, as per the mandate of the education-loan policy to benefit poor students, that has been...

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Moneylife Digital Team 23 March 2022
While asking the central registrar of multi-state co-operative societies to furnish a report after examination of applications of Sahara group investors claiming that they have not received their money even after maturity, the Delhi High Court (HC) has restrained Sahara group societies from...

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Moneylife Digital Team 22 March 2022
Primarily due to transparent recognition of stressed assets as non-performing assets (NPAs), the gross NPAs of public sector banks (PSBs) rose to Rs8.96 lakh crore as of 31 March 2018 from Rs2.79 lakh crore as of 31 March 2015.   As a result of the Union government's strategy of...

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The Supreme Court was informed on Monday that seven nationalised banks will infuse Rs 1,500 crore into the stalled Amrapali housing projects.   A bench of Justices U.U. Lalit and Bela M. Trivedi was informed by the consortium of banks that all documentation in connection with funding...

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As the Reserve Bank of India (RBI) barred Paytm from taking on new customers for its payments bank, a new report on Thursday said that fin-tech platforms' dominance in digital payments may not result in a significant data advantage over banks.   According to Moody's Investors Service,...

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Moneylife Digital Team/IANS 16 March 2022
Fixed deposit (FD)-holders as well as banks, which are part of the committee of creditors (CoC) in the resolution of Dewan Housing Finance Ltd (DHFL), have approached the Supreme Court challenging an order passed by the National Company Law Appellate Tribunal (NCLAT). Interestingly, the move...

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Moneylife Digital Team 15 March 2022
State-run Punjab National Bank (PNB) on Tuesday reported a fraud worth Rs2,060 crore in the non-performing asset (NPA) account of IL&FS Tamil Nadu Power Company Ltd (ITPCL) at its extra-large corporate branch at Delhi.    In a regulatory filing, PNB says, "A fraud of Rs2,060.14 crore...

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Moneylife Digital Team 15 March 2022
Monthly collection ratios (MCRs) of securitised pools rated by CRISIL Ratings have remained stable through the third wave. This was because the localised administrative restrictions, introduced in December 2021 and January 2022 to mitigate the effect of the omicron variant of COVID-19, had a...

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A special CBI court in Hyderabad has sentenced 12 accused, including an ex-branch manager of Central Bank of India, to varying jail terms for causing loss to the bank.   The court, while awarding rigorous imprisonments to the accused, noted that all were hand in gloves and slapped a...

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The Supreme Court on Thursday reserved the order on sentence of fugitive businessman Vijay Mallya, found guilty of contempt in 2017 for disobeying the Court's order for not disclosing full particulars of assets in case between the SBI and Kingfisher Airlines.   A bench headed by...

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In another blow to Russia's financial system, Visa and Mastercard have announced to suspend all operations in the country in the wake of Ukraine invasion.   Visa said that it will work with its clients and partners within Russia to cease all Visa transactions over the coming...

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Moneylife Digital Team 03 March 2022
To help vulnerable and first-time customers overcome their fears of adopting digital payments and guide them to pursue safe payments on the unified payments interface (UPI) platform, the National Payments Corporation of India (NPCI) has started #SafetyShield campaign. The top four mobile...

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Moneylife Digital Team 02 March 2022
While maintaining a neutral sector outlook and a stable rating outlook for non-banking finance companies (NBFCs) for FY22-23, India Ratings and Research (Ind-Ra) says in the absence of any adverse event, NBFCs would see normalisation of business activities. NBFCs have faced challenges in the...

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Ranganathan V Ranganathan V 01 March 2022
The independent directors of Shriram Transport Finance Company Ltd (STFC) and Shriram City Union Finance Ltd (SCUF), the two listed companies of the Chennai-based Shriram group, with a cumulative asset size of approximately US$20bn (billion), themselves under the scanner in recommending a...

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IANS 24 February 2022
Amid the thickening Ashneer Grover-BharatPe saga, Chairman of the board of directors Rajnish Kumar said on Wednesday that Grover is only spreading lies and there is no substance in his allegations of the probe being biased.   BharatPe co-founder and Managing Director Grover, in a...

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Moneylife Digital Team 23 February 2022
The gold loan auctions by non-bank finance companies (NBFCs) rose during the first nine months of FY21-22 (9MFY21-22), perhaps the highest since FY13-14 when gold saw enormous volatility in its prices. NBFCs offering gold loans faced higher auction pressures in 9MFY21-22, mainly due to the...

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IANS 23 February 2022
Solicitor general Tushar Mehta on Wednesday informed the Supreme Court that Rs18,000 crore have been returned to the banks in the case of Vijay Mallya, Nirav Modi and Mehul Choksi.   Mr Mehta, representing the Centre, submitted before a bench headed by justice AM Khanwilkar that the...

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Moneylife Digital Team 22 February 2022
The Reserve Bank of India (RBI) has cautioned people against the car pooling app called sRide, citing that the firm was operating a semi-closed (non-closed) pre-paid instrument (wallet) without required authorisation from the central bank.   “It has come to the notice of Reserve Bank...

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IANS 14 February 2022
The State Bank of India on Sunday said that the consortium of banks, which had made loans to ABG Shipyard, had tried to revive its operations but all efforts failed as it was going through a downturn.   It said that the fraud was mainly attributed to diversion of funds,...

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IANS 12 February 2022
The Central Bureau of Investigation (CBI), on Saturday filed an FIR against ABG Shipyards and its directors for allegedly cheating a consortium of Banks to the tune of Rs 22,842 crore.   A complaint against them was lodged by the State Bank of India (SBI). Acting on the SBI's...

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