MONEY & BANKING


Moneylife Digital Team 22 November 2021
Critical financial and personal information of 180 million Punjab National Bank (PNB) customers was at risk for around seven months due to a vulnerability in the Bank’s servers, according to  cybersecurity firm CyberX9.   The vulnerability provided access to the entire digital banking...

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IANS 09 November 2021
The Enforcement Directorate (ED) said on Tuesday that it has attached assets worth Rs 61.38 crore in connection with its ongoing money laundering probe into siphoning of public funds from Bhushan Steel Limited (BSL), Bhushan Energy Limited (BEL) and others.   According to the ED, the...

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IANS 08 November 2021
Scammers have used Google Ads to steal crypto currencies worth $500,000 in a matter of days, a new report showed on Monday, even as cryptocurrencies witness rapid adoption across the world, especially in India.   According to the report by Check Point Research (CPR), scammers are...

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IANS 03 November 2021
Multiple factors have led to sub-optimal performance of the asset reconstruction companies (ARCs) in the country, said the Reserve Bank of India (RBI) Committee.   The ARC framework was designed to allow originators to focus on their core function of lending, by removing sticky...

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Moneylife Digital Team 01 November 2021
The first meeting of the committee of creditors (CoC) of Srei Equipment Finance Ltd (SEFL) is scheduled to be held on 2nd November at Marriott in  Kolkata under regulation 19 of the Insolvency and Bankruptcy Rules (IBC) 2019.    The CoC is expected to discuss and update on the...

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Moneylife Digital Team/ IANS 01 November 2021
The Jaisalmer police have arrested State Bank of India (SBI)'s former chairman Pratip Chaudhuri from Delhi, based on arrest orders issued by the chief judicial magistrate (CJM) to sell a hotel property at a low price after declaring it a non-performing asset (NPA). Mr Chaudhuri was arrested...

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IANS 01 November 2021
With the window for restructuring under the Resolution Framework 2.0 of the Reserve Bank of India closing on September 30, there was minimal utilisation of it as anticipated.   Less than 1 per cent of the eligible companies opted to restructure their debt through the...

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Indians paid over Rs263 billion on foreign exchange fees in 2020, of which roughly Rs97 billion were hidden as exchange rate markups on currency conversions, payments, and card purchases and the remaining Rs166 billion were spent on transaction fees, a new report showed on...

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Dr Rajendra M Ganatra Dr Rajendra M Ganatra 23 October 2021
In the first part, we saw how bankruptcy could occur due to market forces for a carefully crafted project and financing by the banks after requisite due diligence. That said, bankruptcies in project financed entities are relatively fewer since these are based on proven technologies and...

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Dr Rajendra M Ganatra Dr Rajendra M Ganatra 22 October 2021
Project finance is a structure in which financing for the project is secured and serviced by the project’s assets and cash-flows. A typical project finance structure entails no recourse to the promoter’s existing business except that the promoter undertakes to set up the project as planned...

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Sharpening the attack on Facebook, a group of US Democrats has asked Facebook CEO Mark Zuckerberg to end his digital wallet and cryptocurrency project, adding that the social network can't be trusted to manage cryptocurrency.   In a letter, Senators Brian Schatz (D-Hawaii), Sherrod...

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Moneylife Digital Team 19 October 2021
Gross non-performing assets (NPAs) of Indian banks will rise to 8%-9% this fiscal, well below the peak of 11.2% seen at the end of fiscal 2018. COVID-19 relief measures such as the restructuring dispensation, and the emergency credit line guarantee scheme (ECLGS) will help limit the rise,...

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Moody's has revised the outlook for the Indian banking system to stable from negative suggesting that the deterioration of asset quality since the onset of the coronavirus pandemic has been moderate and an improving operating environment will support asset quality.   In its banking...

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The Central Bureau of Investigation (CBI) has raided at least nine official and residential premises in Mumbai and other parts of Maharashtra in connection with a case for allegedly defrauding the State Bank of India (SBI) and seven other consortium banks to the tune of over Rs862 crore, an...

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Moneylife Digital Team 11 October 2021
A bizarre circular issued by public sector lender, Union Bank of India had made it mandatory for “all staff and vendor partners working on-site” to adhere to a special ‘Navratri’ dress code or be ready to cough up a steep penalty of Rs 200. The bank was forced to withdraw the circular on...

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In order to promote digital transactions, the Reserve Bank of India (RBI) on Friday enhanced the transaction limit using immediate payment service (IMPS) of banks to Rs5 lakh.   RBI governor Shaktikanta Das said that the limit has been raised in view of importance of the IMPS system...

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Moneylife Digital Team / IANS 08 October 2021
The Reserve Bank of India (RBI) has reduced the retail inflation projection for the ongoing financial year to 5.3 per cent from the previous estimate of 5.7 per cent.   In a virtual address post the monetary policy meet, RBI Governor Shaktikanta Das said on Friday that consumer price...

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People looking forward to watching their favourite shows on OTT platforms such as Netflix, Amazon and others would not face any disruption in service over non-payment or delayed payment of subscription fee owing to new payment security feature made mandatory by the Reserve bank of India from...

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The Supreme Court on Thursday granted interim bail to Yes Bank founder Rana Kapoor's wife Bindu Kapoor and two daughters - Radha and Roshni Kapoor in the Rs 4,000 crore Yes Bank-DHFL scam.   A bench comprising Justices S.K. Kaul and M.M. Sundresh said: "In the meantime, the...

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The Reserve Bank of India (RBI) retained its key short-term lending rates during the October monetary policy review of FY21-22.   Besides, the growth-oriented accommodative stance was retained to give a push to economic activity.   Accordingly, the monetary policy committee...

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