Finance Minister Nirmala Sitharaman's Rs 30,600 crore government guarantee for the bad bank has changed the body language of bankers for the better, observes Tamal Bandyopadhyay.
'There's a huge need for advancements in current security incident logging and monitoring practices.'
The Delhi high court on Monday sought the Centre and SBI's reply to former RCom chairman Anil Ambani's plea to include the Chinese banks, which have got a decree of $717 million against him from a court in United Kingdom, in the proceedings related to recovery of Rs 1200 crore loan granted to two of his companies. The high court also said that the moratorium on recoveries from sale of Ambani's assets, as provided under section 96 of the Insolvency and Bankruptcy Code (IBC), would remain in operation for now. This direction came on the application moved by the State Bank of India (SBI) seeking a declaration that the moratorium shall continue to be in effect.
The amount of loans that carry a high risk of slippage into the NPA category over the next few quarters is about Rs 2.8 trillion.
The interest offered is mostly 0.5 to 1 per cent more than what other banks offer. Moreover, customer service and long-term association spanning generations are also other reasons for the popularity.
Private banks are sitting on unclaimed amount of Rs. 195.9 crore.
The decision assumes significance in the wake of a scam in the PMC Bank affecting lakhs of customers who are facing difficulties in withdrawing their money due to restrictions imposed by the Reserve Bank of India.
Banks say they themselves red-flagged the transactions to RBI. It must be noted that these transactions are not outright evidence of fraud or proof of nefarious activities.
Move to increase 90-day window to 120 days to give more time to borrowers to service loans.
North Block is concerned that when India is trying to attract more investment, putting up restrictions on audit firms could create an avoidable bad advertisement.
As many as 6,801 cases of fraud were reported by scheduled commercial banks and select financial institutions involving an amount of Rs 71,542.93 crore in the last fiscal.
Cox & Kings is currently going through the corporate insolvency resolution process. Around 2,500 operational creditors have submitted claims of over Rs 631 crore, 2,440 employees and workman have claimed dues of over Rs 94 crore and other creditors have submitted claims of over Rs 3 crore.
The financial sector has been deeply troubled since 2013. It is now in a full-blown crisis, warns Devangshu Datta.
Credit cards debt 180 days past the due repayment date stood at 7.92 billion yuan ($1.19 billion) by the end of the third quarter, up 8.5 per cent from the second quarter, the People's Bank of China said.
In the start-up world, hitting the $1-billion mark, which accords the "Unicorn" tag, is a milestone. Enterprises typically reach the milestone only by series C or series D, or three to four funding rounds later. Zeta achieved it at the first one. On May 25, the six-year-old banking tech firm raised $250 million from Japanese conglomerate SoftBank, at a post-money valuation of $1.45 billion. "This is the first time we have raised institutional money," Zeta co-founder Bhavin Turakhia beamed on the conference call. This trajectory is uncommon in start-ups.
The cheque truncation system, which is currently operational at the major clearing houses of the country, has stabilised well and it has made large efficiency gains: RBI
But, will help Indian funds get more deals
With banks staying out of the bond market, and foreign investors exhausting their investment limit, the question is: Who will buy the Rs 4.6 trillion bonds that will be issued from April.
It will be better for Reserve Bank of India and People's Bank of China to establish banks in each other's countries to avoid trilateral involvement.
Based on a complaint by the legal head of the company Abhishek Parsheera, a case under various IPC sections including criminal breach of trust and cheating was registered against the two.
Lenders can now initiate recovery proceedings since the SC has lifted the standstill on asset classification, which protected stressed accounts from slipping into NPAs.
Subbarao pointed out that the non-banking financial companies could also play a significant role in deepening the process of financial inclusion. NBFCs can reach out where banks cannot, he added.
CII said working capital limit enhancement should be accompanied by relaxing norms related to collaterals.
Food inflation in April stood at 6.08 per cent, while the overall WPI inflation fell to a three-year low of 4.89 per cent.
He, however, seemed to indicate that he did give a personal guarantee to India's largest lender SBI, which has moved the NCLT to recover Rs 1,200 crore.
Barclays customers would now be able to access all the information about the bank and its products and services besides downloading account opening forms in seven languages -- English, Hindi, Marathi, Gujarati, Tamil, Telugu and Kannada. Barclays Bank Plc's Global Retail and Commercial Banking, managing director, India and Indian Ocean, Samir Bhatia, said: "Barclays is committed to offering services that make banking easy and accessible to all."
The Reserve Bank on Wednesday said the amalgamation of Lakshmi Vilas Bank with DBS Bank India will come into force from November 27 and the moratorium imposed on the crisis-ridden lender will be removed on that day. The RBI issued the statement within hours of the Cabinet clearing the Scheme of Amalgamation of Lakshmi Vilas Bank Limited (LVB) with DBS Bank India Limited (DBIL).
The Indian regulatory framework forced Citi to hibernate -- contrary to the claim that it never sleeps!
Commercial banks have not yet reduced their lending rates.
The Royal Bank of Scotland (RBS) on Thursday said that it will sell its retail and commercial banking business along with a part of its global banking and markets (GBM) division in India as part of the global restructuring exercise aimed at focusing on core markets such as the United Kingdom, the United States and Ireland.
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.
Uttar Pradesh and Punjab have announced loan waivers for farmers, while Maharashtra has not despite Opposition pressure. Sanjeeb Mukherjee reports.
'The new ceiling will cover around 93 per cent of all deposit accounts, up from 90 per cent earlier,' notes Tamal Bandyopadhyay.
The unidentified hackers had executed money transfers on two separate occasions - August 11 and August 13 - which raises the question of why pro-active measures were not taken on the first night itself
Work on a dozen decisions to start by next week.
In what is in effect a deposit to be paid into court pending a full trial in the case, Judge David Waksman has set a six-week timeline for Anil to pay $100 million to three Chinese banks as he concluded that he did not accept Ambani's defence that his net worth was nearly zero or that his family would not step in to assist him when "push came to shove".
If indeed the gate opens for big industrial houses, the RBI needs to be smarter than them and demonstrate it through action, not reaction, observes Tamal Bandyopadhyay.
The balance sheet of the Reserve Bank plays a critical role in the functioning of the country's economy.
The 30-share Sensex ended down 211 points at 20,091 and the 50-share Nifty slipped 87 points to close at 5,991.
While banks are not as exposed as the corporate sector during the initial stage of the pandemic, the strain on lenders could ultimately be profound. Banks face a second-order hit compared with the corporate and household sectors.
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