Banking

A Special Court on Wednesday granted bail to Ravindra Marathe, managing director (MD) and chief executive officer (CEO) of Bank of Maharashtra (BoM). Last week, Marathe, along with five others were arrested by the Pune Police in the DS Kulkarni fraud and cheating case.   SN Sardesai,...
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Lenders to Alok Industries Ltd took a haircut of 84% in approving Reliance Industries Ltd (RIL)-JM Financial Asset Reconstruction Company (ARC)’s resolution plan to take over the bankrupted textile company. However, in a statement, DT Franco, General Secretary of All India Bank Officers'...
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Every day for the past two months, even existing customers of Axis Bank have received a promotional mailer captioned - "Get Your Zero Balance AXIS ASAP Savings Account in 3 Easy Steps”. For the first time in its history, the Reserve Bank of India’s (RBI) has also woken up to the need to...
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Last week a consortium of Reliance Industries Ltd (RIL) and JM Financial Asset Reconstruction Co (ARC) succeeded in their bid for Alok Industries Ltd. This may appear as a great success of a bad loan resolution attempt but it is in fact a sad day in the history of Indian banking. The...
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According to news reports, the Life Insurance Corp of India (LIC) will now buy shares in IDBI Bank from the government of India. Logically the price should not exceed one rupee for the entire lot (one rupee so that there is some accounting entry possible). Of course, if wound down, the...
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