The Centre also overruled financial advisers' recommendations for making payments through an escrow account, an important safeguard in the absence of a sovereign or bank guarantee, The Hindu has reported.
Overall Indian companies issued guarantees worth $1.21 billion, extended loans worth $291 million and pumped in equities worth $319 million.
Tata Motors on Tuesday said it expects to meet the funding requirement for the British marquees Land Rover without the loan guarantees from the UK government, which welcomed the development.
S&P Global Ratings on Monday said systemic risk in Indian banks is likely to remain high in the wake of the second wave of COVID-19 and high proportion of weak loans. S&P estimates the weak loans in banks at 11-12 per cent of gross loans.
Former Spanish tennis star Arantxa Sanchez Vicario has been given a suspended jail term for fraud, a court in Barcelona said on Wednesday.
Department of financial services secretary Sanjay Malhotra held a meeting with heads of PSBs, insurance companies and financial institutions for identifying ways to support Agniveers on completion of their tenure of duty.
Conservative investors and those in the lower tax bracket should opt for these, experts tell Sanjay Kumar Singh
'The banks cannot pass on the hike in premiums to its customers, according to the norms. The premium won't go up substantially in any case and may be hiked to 12-13 paise (per deposit of Rs 100 a year),' Finance Secretary Rajiv Kumar said.
The overarching talking point will be the reluctance on the part of private banks to loosen their purse strings and increase lending substantially, even as the central bank believes there is adequate liquidity within the system.
This is part of the first batch of Supplementary Demands for Grants for 2020-21 moved by Finance Minister Nirmala Sitharaman in the Lok Sabha.
The Securities and Exchange Board of India (Sebi) has proposed measures mandating daily upstreaming of all investor funds from stockbrokers to clearing corporations (CCs). The step, aimed at reducing risk on client funds, will further deplete brokers' revenues as they will lose interest income with transfers being done daily. At present, stockbrokers convert the surplus funds into bank guarantees (BG) or fixed deposit (FD) receipts which earns them extra income.
The aircraft has accumulated these dues off route navigation, landing and parking at its airports.
He also said a total of Rs 38.75 crore, deposited by people in the Karavannur Cooperative bank in this district, which is now facing charges, had already been returned.
'Corporates who donated to political parties were guaranteed by the electoral bond scheme that their names and to who they were donating funds will be not disclosed.'
Banks are in the process of getting a board-approved restructuring framework in line with the RBI's framework and eligibility defined by the central bank.
He said the then prime minister Manmohan Singh had given a speech in which he had said Muslims have the first right to the country's resources.
The Chinese financial giant, which had invested in One 97 Communications since 2015, has seen a sharp decline of 45 per cent, or Rs 2,125 crore, in its stake value since the Reserve Bank of India (RBI) took action against Paytm Payments Bank on January 31. One 97 shares closed at Rs 422.6 a share on Monday. The Chinese company, however, had sold its stake worth Rs 8,293 crore in three tranches over one year.
P V Subramanyam clears some misconceptions about debt funds.
the three investors that have submitted their final bids are not commercial banks. Among the three, one is a non-banking financial company. Another distinctive feature of the revival is that PMC may lose its cooperative bank characteristic after its reconstruction.
The disagreement over liability further complicates any early conclusion of the Rafale contract.
A joint forum of central trade unions has given a call for a nationwide strike on March 28 and 29 to protest against the government policies affecting workers, farmers, and people.
Mired in corruption, politics and with a history of suicides by its hapless depositors, PMC Bank's revival is a challenge very different from Yes Bank and LVB, both for the regulator and the rescuer, observes Tamal Bandyopadhyay.
Conversion of debt of the stressed telecom player Vodafone Idea Ltd (VIL) into equity could be an option to emerge out of the crisis, lenders led by State Bank of India (SBI) have suggested to Department of Telecommunications (DoT). DoT had called senior bank officials on Friday to discuss the stress in the telecom sector arising out of the Supreme Court order last month on the adjusted gross revenue (AGR)-related dues payable by telecom majors, including Vodafone Idea and Bharti Airtel, sources said. The top court has given a time period of 10 years to telecom service providers struggling to pay Rs 93,520 crore of AGR-related dues to clear their outstanding amount to the government.
Such cold-shoulder by banks also indicates a credit freeze that is hard to overcome, unless the government comes out with credit guarantee schemes for loans given by banks. Since that is not happening, and there is no indication of that too, banks are not willing to listen to RBI prodding.
Bank credit is likely to grow at a four-year high of 11-12 per cent in fiscal 2023, on the back of better economic growth and budgetary support from the government, according to a report. In the fiscal ended March 2022, bank advances have likely grown at 9-10 per cent. "Healthy economic growth and budgetary support from the government should lift bank credit growth by 200-300 basis points to 11-12 per cent this fiscal," Crisil Ratings said in the report. The higher credit growth expectation is also supported by the improved resilience of the banking system, it added.
Max Life Insurance plans to hire 30,000 agents and open 50 to 100 new offices in the financial year 2024-25 (FY25) to drive premium growth, said Prashant Tripathy, managing director and chief executive officer of the company. The private insurer's total agent count will rise to 1,30,000 in FY25. It added 47,957 agents in FY24, 54 per cent more than the year before.
'The moment a new election comes, new guarantees are announced.' 'The BJP is adept at diverting people's attention.'
Recent tribunal rulings open prospects of large haircuts and barriers to auctioning of personal guarantees, among other issues
Banks have started refunding borrowers the compound interest charged on specified loan accounts during the moratorium period. Last week, the Reserve Bank of India (RBI) had asked all lending institutions, including non-banking financial companies, to ensure that the scheme of waiver of interest on interest for loans up to Rs 2 crore for the six-month moratorium period is implemented by November 5.
There was such a rush that more counters were opened outside the GPO building, under the open sky, he added.
'There will be 200 ITIs developed as hubs, while 800 will be developed as spoke, connected with five National Skill Training Institutes.'
'The prime minister's comment on 'revdi culture' was welcome. But I am disappointed he did not follow up on that.' 'All political parties, including the BJP, have been guilty of this.' 'Now, Modi's guarantees, the Congress's 'nyay' path and both ruling and Opposition parties are vying with each other for freebies in my home state Andhra Pradesh.'
Thackeray had addressed the audience as his deshbhakt and deshpremi brothers and sisters" instead of the traditional invocation of "Hindu brothers and sisters" at the Shivaji Park gathering in Mumbai.
The US President also discussed the ongoing efforts to secure the release of all remaining hostages under Hamas captivity and reviewed the situation in Gaza.
Large urban co-operative banks may come to be solely under the provisions of the Banking Regulation Act, even as the smaller among them are to remain within the exclusive fold of the Registrar of Co-operative Societies. The upcoming changes will bring the curtains down on the vexed issue of dual control of UCBs, which has been in vogue for 54 years. The new framework will affect 1,551 UCBs in the country, which had a total business of Rs 7.36 trillion.
SpiceJet owes around Rs 240 crore (Rs 2.40 billion) to the Airports Authority of India (AAI) for using its airports in the country.
Commenting that running a country is not a play for those born with a golden spoon, Modi said, "They have gone from Amethi and will go even from Rae Bareli."
Reflecting subdued global economic growth, India's outward foreign direct investment (FDI) fell by 33.3 per cent sequentially to $1.21 billion in August, compared to over $1.82 billion in July.
Australian players who were part of the Pune Warriors squad in the Indian Premier League have received only 65 per cent of the total amount due to them by the now defunct franchise.
