A trainer aircraft crashed in Seoni district, Madhya Pradesh, after hitting a power line, injuring the pilot and flight instructor. The aircraft belonged to Redbird Flight Training Academy.
Rising inflation and stagnant wages are forcing a number of salaried professionals to venture into the bike taxi service as part-time riders.
The Reserve Bank of India (RBI) has approved IndusInd Bank's request to form an executive committee to discharge the duties and responsibilities of the chief executive officer (CEO) for a period of maximum three months or till a new CEO takes charge, whichever is earlier.
Eying benefits from digital banking, lenders are now looking at building Unified Recovery Interface (URI) for enhancing efficiency, reducing costs, and getting good prices for properties of defaulters. This would be managed by PSB Alliance Ltd, a company set up by all public sector banks in the country. M V Rao, chairman, Indian Banks' Association (IBA), said: "Till now we had Unified Payments Interface (UPI), a product developed by National Payments Corporation Ltd (NPCI).
The other board members will be Sunil Mehta, former non-executive chairman of Punjab National Bank, as the non executive chairman of Yes Bank, Mahesh Krishnamurthy and Atul Bheda as non-executive directors.
The bank has one of the highest current account savings account share, stable credit quality, robust credit growth, adequate capital and low cost-to-income ratio, said PNB chief Sunil Mehta.
Over 8.5 lakh employees, majorly from public sector banks (PSBs), will get a 15 per cent hike in pay, with the conclusion of the 11th Bipartite Wage Negotiations on Wednesday. After three years of intense negotiations, the UFBU, which represents four bank officer associations and five workman unions, and the IBA on July 22 entered into a memorandum of understanding (MoU) for an annual wage hike of 15 per cent.
The Yes Bank Reconstruction Scheme 2020, shall come into force on March 13, the gazette notification said.
Public sector banks, including the country's largest lender State Bank of India (SBI), have come out with a templated approach for restructuring retail and small business loans of up to Rs 25 crore under the Reserve Bank of India's (RBI) Covid restructuring package 2.0. They have also come out with standardised products to make funds available to business entities for improving healthcare infrastructure and to individuals for meeting Covid treatment expenses. Business loans have been divided into three categories.
According to ED sources Sunil Mehta said the fraud took place due to "systemic failure" and "procedural lapses", owing to lack of interface or proper links between the core banking software and the SWIFT interbank messaging system.
PNB is fully committed to its clean banking policy. That is why we are the first one to detect and report this to the various law enforcement agencies," PNB's CMD Sunil Mehta said on Thursday.
FinMin finally sacked executive directors K V Brahmaji Rao and Sanjiv Sharan on January 18. The bank's board, however, had felt they had no criminal intent and it was a case of 'casual oversight'
Cinevistaas is planning to build an IT Park, on a 2 acre plot in Kanjurmarg, Mumbai, next to the company's film studios. It is likey to invest Rs 200 cr in this project.
In an attempt to tap the growing market for lifestyle products, the Videocon group plans to come out with laptop computers, mobile phones and gaming solutions by the last quarter of 2008.
As many as 8.5 lakh bank employees are set to benefit from the wage hike, which will be effective from November 2017.
The National Association of Software and Service Companies is planning to set up a consultative panel comprising immigration experts from abroad to advise its small and medium enterprises (SMEs) members on visa issues.
Private sector lenders have been communicating to their customers about their strong capital positions but it has not put depositors at ease.
National Association of Software and Service Companies said on Tuesday that it has enlisted the help of certain American law firms in drawing up an industry approach paper on the concept of professional services visa.
Nasscom is exploring the possibility of establishing a 'nearshore community software development centre' for small and medium enterprises to enable them to have access to global development offices.
The finance minister also said that the merger would not result in any retrenchment but rather improve the benefit of the employees.
It's not necessary to use only external benchmarks, there are multiple avenues to meet the requirement that the RBI wants, the bank said.
Government suspects that many of these bank accounts were used to launder money, especially after the demonetisation in November 2016.
Lenders are likely to convert part of the airline's debt into 11.4 crore shares at a consideration of Re 1 apiece as per RBI norms.
Under the watchful eyes of five wise men, who know the industry well, banks will not find it easy to hoodwink the system, says Tamal Bandyopadhyay.
The meeting is expected to chart a road map for cleaning up their balance sheets and boost credit flows, reports Somesh Jha.
The ED on Monday also examined the state-owned bank's executive director K V Brahmaji Rao to understand how the alleged fraud was detected and other banking procedures.
'If there is a technical issue and the borrowers can resolve it within 30 days, you don't have to go through the bankruptcy court.' 'If the borrower is expecting a large disbursal of a facility or expecting a payment or receivables, in such cases it becomes practical to give a window for taking care of such circumstances. 'If banks had aggregated the assets and benefited with a long relationship with borrowers and now when assets get into a trouble, it is incumbent on banks to find resolution and take responsibility.'
The sector faces many challenges and calls for prompt corrective action.
The money is expected to be disbursed by the lenders consortium led by SBI after the Jet management submits an operational plan on how it intends to use the money till May 7.
Bankers say there is palpable fear among erring promoters that the banking system just cannot be taken for granted, and any delay in loan repayment could mean promoters losing business
The heartburn is over six sensitive issues
The resolution plan has to be put to work this month itself. Jet has a debt of over Rs 8,000 crore and needs to make repayments of up to Rs 1,700 crore by the end of March.
The 'bad bank' -- which will help banks clear their balance sheets by transferring the NPAs to special purpose vehicles -- has been one of the most debated ideas for stressed asset resolution.
Govt reconstitutes body, says will not interfere in senior PSB appointments
It's not as easy to know how the funds were deployed and gauge the impact.
The Rs 11,400 crore PNB fraud saga unfolded after a bribery complaint by the Hong Kong branch of an Indian bank.
The cut-off date the RBI chose was March 1, 2018. This meant that by the end of August if these accounts were not resolved, then they would have to proceed through insolvency.
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