The ED said that the investigation further revealed that there are 78 companies owned by the accused and his family members and it needed to probe whether the money went into these companies.
Edelweiss ARC, in a statement, denied that any undue pressure was brought to bear on Desai for loan recovery.
Benchmark BSE Sensex and NSE Nifty closed marginally down in a volatile trade on Wednesday due to profit taking by investors after two straight days of gains amid mixed global trends and foreign fund outflows. The 30-share Sensex dipped 17.15 points or 0.03 per cent to settle at 60,910.28. During the day, it declined 213.66 points or 0.35 per cent to 60,713.77.
In the current economic scenario, most banks around the world have experienced some jitters and felt the jolt. However, some banks have managed to steer away from the storm and stay resistant to the troubles whirling around the sector.
Group term insurance is far more cost-effective than an individual cover.
India appears poised to sustain its growth in a more durable way than before with the economy carrying the momentum from FY23 into the current fiscal year, the Annual Economic Review for 2022-23 released by the finance ministry on Thursday said. However, the report cautioned that escalation of geopolitical stress, enhanced volatility in global financial systems, sharp price correction in global stock markets, a high magnitude of El-Nino impact, and modest trade activity and FDI inflows, are factors that could constrain the pace of growth. "Should these developments deepen and dampen growth in the subsequent quarters, the external sector may challenge India's growth outlook for FY24," the finance ministry said.
The 55 basis point (bps) spike in the US 10-year bond yield, triggered by a combination of FOMC's hawkish commentary and BOJ's relaxation of the yield control curve (YCC) has made analysts cautious on Asian equities and expect them to trade sideways in the short-to-medium term.
Though Kishore Biyani is selling stakes in group companies to pay off debt, a significant share price crash since January this year is making his task difficult.
Benchmark BSE Sensex rose by 319 points on Monday on gains in IT and financial stocks after positive quarterly results amid supportive global cues. The 30-share BSE barometer rose by 319.90 or 0.53 per cent to close at 60,941.67. The index opened higher and gained more than 400 points to scale the 61,000 level. It touched a high of 61,113.27 and a low of 60,761.88 in the day.
The court noted that despite repeated orders, Mallya did not appear in the court and it was inevitable for the state machinery to intervene and ensure his presence.
Coffee Day Enterprises Ltd has reported a total default of Rs 465.66 crore on payments of interest and repayment of principal amount on loans from banks, financial institutions and Unlisted Debt Securities as NCDs and NCRPS, for the quarter ended September 30, 2022. Coffee Day Enterprises Ltd (CDEL) which is paring its debts through asset resolution, has a total debt of Rs 490.66 crore, including short-term and long-term debt. "The delay in debt servicing is due to liquidity crisis," said Coffee Day Enterprises Ltd (CDEL) in a regulatory update.
Mergers to create at most six state banks
Only when the RBI inspection started on September 19 did they realise that their game was up and one of them had sent a letter to the central bank, leading to the RBI crackdown, report Anup Roy and Subrata Panda.
The government must set up a Bank Investment Company to shrink its role in PSBs, if we are serious about tackling the two persistent issues - lax corporate governance practices and discretionary decision-making, says Shyamal Majumdar.
Though Indian banks' exposure to the troubled euro zone is negligible, funding pressure could impact them, Economic Survey 2011-12 said.
Many stalled projects are about to get going again, providing potential relief to banks, says T N Ninan.
Banks will remain open for the public even on the weekend
Enjoying the backing of the regulator, Gill has identified the core problems, ring-fenced the banks from "influencers" and is in the process of building a new team. Now, he needs to play a Vikram Pandit for YES Bank, says Tamal Bandyopadhyay.
Collectively, the pack of 12 has posted a 50 per cent rise in profits -- Rs 25,685 crore. On a quarter-on-quarter basis (that is, September over June), the rise is 68 per cent. Public sector banks have never had such a stellar performance, explains Tamal Bandyopadhyay.
Debates on changing the name of India to Bharat continue to spark a crisis of identity without answering moot questions that stare us in the face. Ramesh Menon asks a few of those questions that do not have easy answers.
What is more surprising is that a surge in Russian oil supplies has come after the G7 imposed stringent sanctions on Moscow.
The decision was taken at the State Bank of India headquarters in Mumbai on Monday when the top managements of the lenders met.
At the end of October, Sri Lanka President Maithripala Sirisena handed over the deeds for the transfer of 116 hectares in Colombo Port City to China Harbour Engineering Company on a 99-year lease to build a financial centre.
'The reason is that you may not enter the branch but you want to see it near you as it establishes trust.'
Israel needs to come terms with the new reality that they are no longer invincible or the dominant power in the West Asian region, observes Ambassador M K Bhadrakumar.
Do central banks also suffer from moral hazard? Are they part of the problem or the solution?
'What is critical today in India is confidence of depositors.' 'If you have these kinds of problems spreading like this, the confidence level of a lot of people in the system gets shaken.'
The market could be influenced by events elsewhere in the world and regardless of what happens to India's economy
As per the Reserve Bank of India's new KYC norms, customers need not provide separate ID proofs to open a new account. Read on to know the new changes will benefit you.
Some banks have seen gross non-performing assets as high as 15 per cent in their education loan portfolios.
The ICICI board is looking to the retired petroleum secretary to provide 'maturity and sagacity'.
Bankers pay a small price for their misdeeds, no matter how large the cost to their banks or to the economy at large, says TT Ram Mohan.
Admitting that there are governance issues in the public sector banks, RBI Governor Raghuram Rajan underlined the need for improving transparency in sanction of loans.
Jet Airways HQ owner wants resolution professional to vacate premises. The licence for occupying the place has been terminated, on account of the airline having not paid the rent after March.
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.
No comments could be obtained from either ICICI Bank or Bank of Rajasthan. Pravin Tayal, the key promoter of the Bank of Rajasthan, could not be contacted for comments.
Directing the Centre, states and Union Territories (UTs) to ensure the queer community is not discriminated against, the CJI, who is heading the constitution bench, said queer is a natural phenomenon known for ages and is neither urban nor elitist.
In one of these clips or voice notes, he is heard stating that his company could not come out of the financial crisis it was facing because of the procedure adopted by the financial services firm.
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