US-based Oaktree on Monday pipped Piramal Enterprises and Adani Group to emerge as the highest bidder for DHFL after fresh bids were invited under the insolvency process, according to sources. The committee of creditors had fixed December 14 as the last for submission of revised bids. According to the sources, Oaktree raised the bid to Rs 36,646 crore, including Rs 1,000 crore for insurance and Rs 3,000 crore of interest earned, while Piramal Enterprises offered Rs 35,550 crore, including Rs 300 for insurance and Rs 3,000 of interest earned.
The US, in coordination with allies and partners, continued to forcefully respond to Russia's "unjustified, unprovoked and premeditated" invasion of Ukraine by imposing sanctions on Putin and Lavrov.
The most common complaint of financial consumers is cumbersome processes, complicated products, usurious charges, and mis-selling of products, which finally don't deliver what is promised or as expect, notes Debashis Basu.
After a tumultuous past few days that almost halved value of the Adani group, embattled tycoon Gautam Adani-led conglomerate had some pressure eased on Friday as two global rating firms stuck with their calls on its credit profile and its French partner backed its investments in the group firms. Also for the first time since January 24, shares of the group's flagship firm Adani Enterprises ended in positive territory after erasing an intraday loss of 35 per cent. Adani Ports and SEZ also ended 8 per cent higher. This is after a over $100-billion rout in value of group stock since the US short seller Hindenburg Research accused Adani group of stock manipulation and accounting fraud.
Amid mass layoffs in the tech sector, the federal agency for immigration services has said it is wrong to assume that sacked workers holding the much-sought-after H-1B visas have to leave the country within 60 days, asserting they have multiple options to stay in the US. The H-1B visa is a non-immigrant visa that allows US companies to employ foreign workers in speciality occupations that require theoretical or technical expertise. Technology companies depend on it to hire tens of thousands of employees each year from countries like India and China.
The Gujarat International Finance Tech-City, or Gift City, is expected to be spread over 886 acres and will have a special economic zone on 261 acres.
The central government has agreed in-principle to Air India employees' main demands. It fears an industrial dissension now could impede the process of privatisation. It has agreed to bear the cost of liquidation loss on account of transfer to the Employees' Provident Fund Organisation (EPFO) from company-owned trusts, inclusion of employees in the central government health scheme (CGHS), and encashment of leaves. The template of the Air India process will be followed for other public sector undertakings up for privatisation at a later date.
DFS writes to departments that haven't responded to RBI's request for information.
We can learn much from China with regards to making civil service recruitment more efficient, says former diplomat Kishan S Rana.
Maharashtra deputy Chief Minister Devendra Fadnavis, who also holds the energy portfolio, held a meeting with trade union representatives and later said the government had no intention to privatise state-run power utilities.
"I never think it's helpful for anybody to speculate on what is an ongoing investigation," May said.
Payments banks will mainly deal in remittance services and accept deposits of up to Rs 1 lakh.
In a landmark overhaul of colonial-era criminal laws, the Centre on Friday introduced in the Lok Sabha three bills to replace the IPC, CrPC and the Indian Evidence Act, proposing among other things repeal of the sedition law and introducing a new provision with a wider definition of the offence.
As per the bank sources, senior-most MDs -- A Krishna kumar and Hemant Contractor -- are part of the committee.
Amitabh Chaudhry, who will now head the merged entity, will manage assets under management of about Rs 1.10 lakh crore and an employee base of 23,620 after the completion of the deal
'Banking is a business of trust.'
The Congress needs to reorganise itself at the grassroots, infuse younger blood, and have more boots on the ground. Just offering freebies is not the answer anymore. Leadership matters, asserts Ramesh Menon.
'We get to know secrets such as some of India's top-rated firms do not always make payments when due and many State-owned, listed, enterprises that borrow in bond markets default regularly.' 'Without naming the bank, he says that ever-greening of poor loans by a part of India's shadow banking lay at the doorstep of India's banking, notably 'one private bank'.' Viral Acharya's Quest for Restoring Financial Stability in India won't be music to many ears, observes Tamal Bandyopadhyay.
Ajay Banga is one of the nine members of the Commission on Enhancing National Cyber Security.
The Index of Industrial Production (IIP) grew by 1.4 per cent in November as most components like manufacturing, electricity, mining, primary goods, and consumer durables witnessed a slowdown, according to data released by the National Statistical Office (NSO) on Wednesday. This is on the base of a decline of 1.7 per cent in November 2020 and before the new Covid variant started impacting economic activity. IIP growth was lower than the 4 per cent expansion recorded in the previous month but was better than a 1.6 per cent contraction seen in November 2020. Separately, rising prices of kitchen staples pushed retail inflation, or rate of price increase, to 5.59 per cent in December 2021, bringing it close to the upper band of Reserve Bank's comfort zone.
Merely bringing down the government stake below 51% may not find any taker for the PSBs. The government must bring down its holding to at least 26%, recommends Tamal Bandyopadhyay.
Historically, the RBI has tried to keep the crooks at bay by issuing a circular a day. What it needs is more onsite supervision. Merely checking high-frequency data with the help of technology is insufficient, notes Tamal Bandyopadhyay.
Shankar Prajapati, a 57-year-old potter in Dharavi, has given up hope of getting a bigger house for his family. He lives cheek by jowl in a hutment measuring 200 square (sq.) feet (ft) in the nondescript shanty town. "We have surrendered to our fate. We cannot wait forever for better accommodation. "Perhaps we are not meant to dream big," despairs Prajapati. Raju Korde, president, Dharavi Redevelopment Committee, and a local resident, agrees with Prajapati.
A parliamentary panel on Friday opposed the new bank licences to corporate houses and voiced concerns over the discretionary power vested with RBI for applying 'fit and proper' criteria for deciding on applications.
AIBEA said that on April 19 its officer bearers would meet in Punjab to decide the next course of action.
'Most importantly, marking a departure from the past, the RBI has made it clear that it is not overtly worried about the level of the local currency,' notes Tamal Bandyopadhyay.
GIFT is a financial centre almost entirely devoid of bankers and, indeed, of people.
The issue of lynchings resonated in the Rajya Sabha; while in the Lok Sabha, the Opposition accused the government of not being sensitive towards farmers' issues.
'Modi had not discussed demonetization with me prior to his announcement on 8 November 2016. 'I learnt of it along with the rest of the country. 'I was not surprised when he did not discuss the issue with me prior to making the public announcement. 'It fitted in with his style of making dramatic announcements.' A fascinating excerpt from Pranab Mukherjee's The Presidential Years: 2012-2017.
The finance minister asked lenders to identify eligible borrowers and reach out to them and urged for quick implementation of a sustained resolution plan for the revival of every viable business.
Thackeray said lockdown has been partially eased because economic activities need to continue as 'now we have to learn to live with the virus'.
The RBI working group's proposal to allow corporate houses to set up banks is a "bombshell" and at this juncture, it is more important to stick to the tried and tested limits on involvement of business houses in the banking sector, according to an article jointly written by former RBI Governor Raghuram Rajan and ex-Deputy Governor Viral Acharya. They also said that the proposal is "best left on the shelf".
As the petition points out, new medical colleges entail adjunct government hospitals, thus making specialised medical care that much more accessible to the vast majority of population that otherwise could not afford high-cost medical care in the private sector, N Sathiya Moorthy points out.
After Chanda and Deepak Kochchar, the Kudvas are the second power couple in the financial world to come under the regulatory glare.
The finance ministry is not only keen to split the roles of CMD, but also wants to appoint them for a fixed tenure of five years.
Issuance of new bank licences proves that the apex bank wants the financial sector to flourish.
Since becoming the president of the UAE, Sheikh Khalifa has presided over a major restructuring of both the Federal Government and the government of Abu Dhabi.
In the broader market, the S&P BSE Midcap and the S&P BSE Smallcap indices gained 0.5% and 0.4%, respectively.
While passing the scrutiny of courts is a tough challenge, with eight proposed amendments to the insolvency law, the government has sought to turn the focus back on at least some of the functions of the bankruptcy law.
'Clearly, the depositors of cooperative banks need the maximum protection.'
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