For non-banks, the IL&FS crisis was nothing short of India's Lehman moment, which has for a foreseeable future reset the sector on multiple grounds.
The CAG has suggested canceling nationwide broadband spectrum allocated to Infotel Broadband Services, now a Reliance Industries company, for allegedly rigging the auction and violating rules.
The National Company Law Tribunal has admitted an Indusind Bank plea for insolvency proceedings against Zee Entertainment Enterprises Limited (ZEEL). The division bench of judicial member H V Subba Rao and technical member Madhu Sinha on Wednesday also appointed Sanjeev Kumar Jalan as the resolution professional in the matter. The matter pertains to a default of Rs 89 crore by Zee Group's multisystem operator arm Siti Networks claimed by Indusind Bank, for which ZEEL was a guarantor.
Former IPL commissioner Lalit Modi has again fired a salvo at BCCI bigwigs Sashank Manohar and president N Srinivasan for the "mess" created due to the termination of IPL franchise Kochi Tuskers Kerala.
Cracking the whip, the BCCI terminated the contract of IPL franchise Kochi Tuskers Kerala for non-payment of bank guarantee, thus abruptly ending the controversial Kerala team's association with the cash-rich league after just one year.
'Check every SMS you get. Many people ignore them.' 'Remember if there is an activity in your account, your financial institution will send you an SMS, not a WhatsApp message.'
In a written reply to the Rajya Sabha, Civil Aviation Minister Vayalar Ravi said Vijay Mallya-promoted Kingfisher Airlines along with Paramount Airways did not settle dues on a regular fortnightly basis.
'We may bite the bullet and draw up plans for privatisation.' 'If that is done now, the sale of the government stake will fetch money; a delay will see erosion in whatever value is left in these banks,' says Tamal Bandyopadhyay.
"Air India is unable to pay even after a 90-day credit period. They owe us about Rs 300 crore without interest. There is also no bank guarantee from Air India to any of the oil marketing companies. We do not know when will the company honour its dues," said a BPCL official on condition of anonymity.
The National Company Law Tribunal (NCLT) on Thursday reserved its order on crisis-hit airline Go First's plea seeking voluntary insolvency resolution proceedings and interim moratorium on financial obligations while aircraft lessors vehemently opposed the petition. Amid the airline facing severe financial crunch and cancelling flights, a two-member NCLT bench comprising Justice Ramalingam Sudhakar and Member L N Gupta heard the arguments for and against the petition for nearly four hours. As aircraft lessors opposed the plea, the counsels for Go First said the petition was not a malicious one to avoid payment of dues to its creditors but to save the company.
'The ICC would put in place a process through which any member can access the withheld money upon an unconditional and irrevocable undertaking, perhaps a bank guarantee,' ICC president Ehsan Mani said.
The Dubai branch of Bank of Baroda has been directed by courts in Dubai to pay a sum of over $103,869 to an Indian company in a bank guarantee case.
The former Satyam Computer's founder, Ramalinga Raju, had confessed in early 2009 to having falsified the company's accounts for years.
Despite sanctioning the loans, bankers are worried whether to disburse the loan because of absence of an investment grade rating.
The approved proposals included "procurement of night sight (image intensifier), light vehicles GS 4X4, air defence fire control radar (light) and GSAT-7B satellite," it mentioned.
'There is no scope for any doubt. This was a scheme designed to enrich the ruling party.'
The franchise owners Kochi Tuskers Kerala are planning to take legal action against the BCCI after the BCCI terminated the Indian Premier League side's contract at its Annual General Meeting on Monday.
India's first digital rupee pilot project will commence on Tuesday with nine banks, including SBI, HDFC Bank and ICICI Bank, issuing the virtual currency for transactions in government securities. "...the first pilot in the digital rupee - Wholesale segment shall commence on November 1, 2022," the RBI said in a statement on 'Operationalisation of Central Bank Digital Currency-Wholesale (e?-W) Pilot'. It also announced that the first pilot in digital rupee - Retail segment is planned for launch within a month in select locations in closed user groups comprising customers and merchants.
Banks' gross non-performing assets (NPAs) and net NPAs are expected to rise to 10.1-10.6 per cent and 3.1-3.2 per cent, respectively by March 2021, Icra said on Monday. The agency also expects net NPA to decline to 2.4-2.6 per cent by March 2022. "As moratorium on loan repayments is over and though we await the Honourable Supreme Court directive on asset classification, the GNPAs and NNPAs for banks are likely to rise in near term to 10.1-10.6 per cent and 3.1-3.2 per cent, respectively by March 2021 from 7.9 per cent and 2.2 per cent, respectively as of September 2020," the rating agency said in a report.
The problem here is that internal auditors are good at accounts, but they are not trained to track foreign exchange transactions
In the aftermath of the PMC Bank mess which was in the RBI's highest rating of 'A' category, trustworthiness of these ratings may be up for a review.
Whether it was the MGNREGS or the NFSA or the Aadhaar-based DBT scheme for cash transfer, the Modi government has built on the basic architecture created by the Singh government. Policy makers in the Modi government, instead of discarding them as products of the previous political regime, worked on them, expanded their scope and reach, and used new tools to improve their performance, explains A K Bhattacharya.
'Try to buy a policy with a lower sum assured or one with a deductible.' 'Those whose spouses work for companies must get themselves enrolled into the employer's group health cover.' 'Some public sector banks also offer group health covers to those who open a savings account with them.'
'LIC's proposed investment will come out of what is technically called the 'policyholders funds'.' 'As the name implies, these monies belong to policyholders; that is, you, me and 25 crore others who have taken a total of 30 crore policies from LIC.' 'It is not the government's or LIC's money to play poker with,' says S Muralidharan, former managing director, BNP Paribas.
The government has exhausted only 39 per cent of its fiscal deficit target in the first half of FY24.
In a relief to liquor baron Vijay Mallya, the high court in London has deferred hearings on a plea by the SBI-led consortium of Indian banks, seeking the indebted tycoon to be declared bankrupt to enable them recover a loan of around 1.145 billion pounds from him. Justice Michael Briggs of the insolvency division of the high court granted relief to Mallya, ruling that he should be given time till his petitions to the Supreme Court of India and his settlement proposal before the Karnataka high court be determined, allowing him time to repay his debts to the banks in full.
The Supreme Court on Monday refused to interfere with a Mumbai high court's order under which Times Now news channel has been asked to deposit Rs 20 crore in cash and to give a bank guarantee of Rs 80 crore, before its appeal against a trial court award of damages of Rs 100 crore to former apex court judge P B Sawant, could be heard.Justice Sawant had sued the news channel for displaying his photo wrongly during the telecast of a news bulletin on September 10, 2008.
If the EC decides to put on hold a gas price revision for RIL, it would set a precedent for pricing decisions of the government and policy decisions taken but undergoing procedural delays.
HPCL is Kingfisher Airline's largest aviation turbine fuel supplier.
New regime on loans to one party to kick in by Apr 2019.
Advice to the new finance minister from former RBI governor Raghuram Rajan: 1. Clean up banks by reviving projects that can be revived after restructuring debt. 2. Improve governance and management at public sector banks. 3. De-risk banking by encouraging risk transfers to non-banks and the market. 4. Reduce the number and weight of government mandates for public sector banks, and for banks more generally.
In a bid to promote competition in resale of bandwidth, the Telecom Regulatory Authority of India in its recommendations submitted to Department of Telecom has favoured not fixing any ceiling on the number of players in the segment.
Could the MPCE survey results be used as a basis of reconstructing the Consumer Price Index with new weights, asks Madan Sabnavis.
'If through growth and serving the customer we become number one, we will be very happy and very proud.'
The court, however, reserved its order on a fresh plea of Roy seeking modification of an earlier order by which he was asked to pay Rs 5,000 in cash besides a bank guarantee of an equivalent amount.
Your money is protected by the Deposit Insurance and Credit Guarantee Corporation.
The rift between the Congress Party and Nationalist Congress Party seems to have found a new battleground Maharashtra State Cooperative (MSC) Bank.
The major beneficiaries of loan recasting will be sub-Rs 500 crore corporate exposures and retail exposures, which were earlier expected to see the highest increase in NPAs in percentage terms.
