Metropolitan Magistrate Anuradha Shukla handed down the sentence after finding Arun Kumar Goenka guilty under Section 138 of the Negotiable Instruments Act.
The Bombay Stock Exchange will shift 22 scrips, including Canara Bank, Dena Bank and i-flex from the 'B1' to the 'A' group, from November 3.
Parekh was held guilty in the case related to the 1992 stock scam, in which Canbank Financial Services was duped of over Rs 47 crore (Rs 470 million). On April 1, a special court in Mumbai had sentenced Parekh, Hiten Dalal and four others to one year in jail for siphoning off funds from Canbank Financial Services Ltd, a unit of Canara Bank.
Bank CFOs may meet next week to discuss minimum public shareholding and takeover rule issues.
'The India which was all about glamour and razzmatazz through which he could earn the trust of people of the other India, which was Bharat.'
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Bank stocks have underperformed in the second quarter of FY'14 with the BSE Bankex declining 18 per cent compared to fall of 1 per cent in the BSE 30-stock index, Sensex, during this period.
Bankers and economists agree rates will soften, though the quantum would depend on banks' asset-liability profile
The government would ensure that in the next two or three years, no student would have to stop education because of financial constraints.\n
The increasing involvement of Big Tech in the financial system could give rise to concentration risk and there are potential spillovers, which call for closer attention, Reserve Bank of India (RBI) Governor Shaktikanta Das said on Tuesday. "...enormous amounts of consumer data is being generated and leveraged upon by a few entities (the so-called Big Tech) by virtue of their huge customer base. "Such developments raise concerns on concentration risk and potential spillovers as their level of engagement with the financial system strengthens in the years to come," Das said at the Global Fintech Fest 2022.
The sale of Daewoo assets in Surajpur to Crosslinks, a company floated by former Hyundai executive B V R Subbu and Spicejet promoter Ajay Singh, has hit a legal quagmire with a slew of new players staking a claim for the 205-acre land.
Popat was taken the distance by B R Meenakshi while Saina Nehwal easily beat Trupti Murgunde in the semi-finals of the Senior National badminton championships.
'The snakes and ladders game will continue till the consolidation process is complete simply because we don't know how bad the scene is, with some of the banks being merged,' says Tamal Bandyopadhyay.
In the domestic market, the cost is a third but in the international market, we are finding it difficult to price it accordingly.
rediffGURU Jinal Mehta answers readers' financial planning and health insurance queries
Andhra Pradesh's J B S Vidyadhar beat the national champion in the semi-finals of the Senior ranking badminton tournament.
From India, Reliance Industries is the only one in the overall top-200 list and is followed by HDFC Bank at 209th, ONGC at 220th, Indian Oil at 288th and HDFC Ltd at 332nd place.
Union Bank of India, Canara Bank, Andhra Bank, Saraswat Co-operative Bank and YES Bank have come together to allow inter-bank fund transfers through debit cards.
On government's last week's announcement of revamping of PSU banks, Fitch Ratings said the move is "credit positive, but risks remain".
With the July 1 deadline to apply for bank licence fast approaching, aspirants are scrambling to meet the Reserve Bank of India's (RBI) eligibility criteria to apply.
ICICI Bank has the largest proportion of SDR loans as a percentage of its total, followed by state-run United Bank of India and Canara Bank.
All transfers and promotions for next financial year will be decided by respective banks, not by the merged entity.
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 agency on Monday questioned three general managers of the Punjab National Bank who have handled the -International Banking Division and Treasury department of the bank, officials said without revealing their identity.
Bankers seem to be pleased with the government for keeping its promise of not interfering in operational matters, but are apprehensive about the intense scrutiny of their functioning.
The rally followed the govt's plan to bolster state-owned lenders.
India borrows ideas that we don't need, like the FRDI Bill, and ignores the ones we need, like rewarding whistleblowers such as the ones who want to save Bombay Mercantile Bank, says Debashis Basu.
Rating agency Fitch on upgraded outlook of 10 financial institutionals, including SBI, ICICI Bank and EXIM Bank of India to 'stable' from 'negative' earlier following revision in the country's outlook.
Sensex catapults 1,241 points and Nifty vaults 382 points in two sessions in a row.
Banks have taken this aggressive posture even as liquidity has become comfortable on the back of increased government spending.
RBI policy, macro data, company earnings to decide market course this week: Experts
To begin with, there would be the immediate integration of various technology stacks. This would create more business for global consulting and IT services entities such as KPMG, PwC, EY, Accenture and IBM, among others. Indian service providers - Infosys, Tata Consultancy Services (TCS), and Wipro, for instance - would also cash in.
Of the total, the financial creditors - banks, bond holders and other financial institutions - have claimed Rs 86,892 crore.
The talk of governance reforms at public-sector banks seems to remain on paper, as a majority of them continue to be working with just a handful board members. Half of the board seat at these banks have been vacant. Ten of the 12 public-sector banks, even large ones like Punjab National Bank, Canara Bank and Union Bank of India - all except State Bank of India (SBI) and Bank of Baroda - don't even have a chairman. In 2014, while splitting the post of chairman & managing director (CMD), the government had decided to appoint non-executive chairmen at these banks. SBI, which has an executive chairman and four managing directors, was an exception.
The government is planning to extend the electronic modes of tax payment to its own payments platform, Unified Payments Interface (UPI), credit cards of banks, or even a mobile wallet like Paytm.
Over 25,600 cases of banking fraud reported up to December 21, 2017, says Minister RS Prasad.
The entire amount is to be provided for four quarters.
Experts attribute the lower target to increased allocation under the credit guarantee scheme for small businesses. Out of the Rs 3.21 trillion worth loans sanctioned under the Pradhan Mantri Mudra Yojana (PMMY) in the last financial year, Rs 3.12 trillion were disbursed to entrepreneurs, according to official data.
While the government has infused huge capital into PSBs, the same has largely been used to mitigate losses and has failed to contribute meaningfully to credit growth.
The bank also issued 234 LoUs worth Rs 1,880 crore to another group of companies promoted by Mehul Choksi in 2015 and 2016
'I find the RBI edict to the Kotak Mahindra Bank to reduce Uday Kotak's shareholding very unreasonable,' says Sudhir Bisht.
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