Schemes among the six wound up by the fund house had given a loan of Rs 518 crore against non-convertible debentures to the firm in March 2019, according to ED's chargesheet.
Nearly two million e-mandates for recurring payments have been registered with banks and card networks after the Reserve Bank of India (RBI) made it mandatory from October 1 to take prior consent of a customer before debiting her account, sources in know of the matter said. Industry estimates peg the recurring transactions at approximately 2.5 per cent of the total volume of transactions, and about 1.5 per cent in terms of value. Of these, around 75 per cent of domestic recurring transactions, and about 85 per cent international recurring payments are below Rs 5,000.
One thing is for sure: It smacks of the regulator's lack of confidence in the bank's board, points out Tamal Bandyopadhyay.
Lenders can now initiate recovery proceedings since the SC has lifted the standstill on asset classification, which protected stressed accounts from slipping into NPAs.
MMID is a seven-digit number issued by your bank for transactions through mobile banking.
RBI had asked banks to price fixed rate loans of up to three years based on marginal cost of funds from April 1
Banking stocks led by SBI, ICICI Bank, Bank of Baroda, PNB, Kotak Bank, HDFC Bank, Axis Bank, Federal Bank and Yes Bank fell as much as 2.77 per cent.
'I wanted to go for the heart, and at the same time, open the audience's mind.'
'There are tall personalities who have utilised Mumbai and Maharashtra for their career growth, but they never thought it is their responsibility to learn Marathi.'
Their return on assets and fee income could be hit as the Reserve Bank might tighten other norms.
RBL Bank's interim chief executive officer (CEO) and managing director (MD) Rajeev Ahuja on Sunday tried to allay concerns around the health of the bank. He said events during the weekend are not linked to RBL's asset quality. The bank said Vishwavir Ahuja, its managing director (MD) and chief executive officer (CEO), had on Saturday proceeded on leave with immediate effect on medical grounds.
Bahrain has of late emerged as a regional hub for banking because of low tax rates and easy regulations. At present, 409 banks and financial institutions have operations there.
NTPC was the top gainer in the Sensex pack, rallying 3.44 per cent. Bharti Airtel, Bajaj Finance, TCS, HDFC twins, Yes Bank and RIL too gained up to 2.33 per cent.
rediffGURU Dr Ganesh Natarajan tells you how to upskill and upgrade yourself in order to future-proof your career.
'India has the potential to grow at more than 7%, with the monetary policy providing a supportive hand.'
Parliament on Tuesday passed amendments to the Banking Regulation Act to bring cooperative banks under the supervision of the RBI, a move aimed at protecting the interest of depositors.
Yes Securities, the broking and investment arm of Yes Bank, on Wednesday said the Supreme Court directive on loan moratorium due to pandemic has brought the much needed clarity and there will not be any financial impact on the banks as the compound interest waiver is to be reimbursed by the government. On its verdict on a batch of pleas seeking moratorium extension beyond August 31, 2020, the apex court on Tuesday said it is a policy decision, refusing to interfere with the Centre's and RBI's decision to not extend the loan moratorium beyond the limit. However, it observed that the benefit of moratorium should go to all set of borrowers irrespective of the loan amount and asked to refund any amount collected as penal interest and compound interest during March-August 2020.
Yes Bank was the biggest gainer in the Sensex pack, rallying 3.79 per cent. It was followed by PowerGrid, Maruti Suzuki, IndusInd Bank and Axis Bank -- rising up to 2.85 per cent.
'On the evening of the 17th, the RBI said the bank was put on moratorium.' 'Within an hour, the RBI said it would be merged with DBS.' 'How did DBS come to know within an hour that LVB was in trouble?' 'It means, what happened was match-fixing.'
Yes Bank was the top gainer in the Sensex pack, soaring 24.03 per cent, after the lender said it had received a binding offer for $ 1.2 billion funding from an overseas investor. SBI, Infosys, Tata Motors, Bharti Airtel, HCL Tech and HDFC too rallied up to 7.69 per cent.
Shares of state-owned bank stocks were under pressure on Monday due to muted deposit and credit growth numbers reported by these lenders in the October-December quarter (Q3) of 2024-25 (FY25). The Nifty PSU Bank index was down 4 per cent, with Union Bank of India emerging as the biggest loser as its shares fell 7.5 per cent to close at Rs 114.7, followed by a 5.7 per cent drop in shares of Bank of Baroda (BoB) to Rs 228 and a 4.7 per cent slide in shares of Bank of India to Rs 99.8 on the National Stock Exchange.
Observers say more banks, especially public sector entities, which have a 70 per cent market share, will also join the battle to get more cheap deposits.
Borrowers haven't heard the last of interest rate hikes, as more banks are preparing to raise lending rates in the days ahead to offset increase in their cost of funds.
Banking shares are down up to 11% after the Reserve Bank of India has increased the policy repo rate by 25 basis points from 7.25% to 7.5% with immediate effect.
Yes Bank was the biggest loser in the Sensex pack in absolute terms, cracking 12.85 per cent, after the company reported a massive 92.44 per cent slump in consolidated net profit to Rs 95.56 crore. ONGC, Tata Motors, M&M, Maruti, Vedanta, Bajaj Auto, TCS, SBI and HCL Tech lost up to 4.24 per cent.
Technology is rapidly reshaping industries that have long been rooted in tradition, driving a wave of innovation that is transforming everything from finance, banking, steel to manufacturing.
Top gainers in the Sensex pack included Sun Pharma, TechM, Axis Bank, L&T, Reliance Industries and ICICI Bank, which rose up to 2.66 per cent.
Top gainers in the Sensex pack included Yes Bank, TechM, Bajaj Finance, Bharti Airtel, Maruti, Asian Paints and Hero MotoCorp - rising up to 5.30 per cent. The 50-share Nifty ended 85.65 points, or 0.79 per cent, higher at 10,948.25 points.
Reserve Bank of India should introduce interest rate options based on Indian rupee benchmark, a financial derivative instrument, to meet future financing requirements of clients, according to the representatives of leading private banks.
'Maharashtrians are facing a dual battle -- numerical battle with North Indians and financial battle with Gujaratis and Marwaris.' 'This has created anxiety about survival and ownership over Mumbai and Maharashtra.'
For the banking system a new cycle starts in FY2024. It's fraught with fresh challenges on asset quality and profitability, warns Tamal Bandyopadhyay.
Digitisation is changing the banking business. This shift has resulted in a change in banking job profiles.
A profile of B Sudershan Reddy, former Supreme Court judge and Opposition's vice presidential candidate, highlighting his career, judgments, and contributions to constitutional law.
The Reserve Bank of India's move to raise ceiling on NRE rupee deposits have prompted IDBI, Union Bank of India and Yes Bank to increase interest rates on fixed deposits of non-resident Indians.\n\n
The bank was worth over Rs 80,000 crore as recently as September 2017. The lender had grown at breakneck speed, helped perhaps by Rana Kapoor's reputation as a banker, willing to aggressively write checks.
LVB had faced some serious flak in terms of bad loans, earnings and credit rating downgrades, since 2016.
'Dayanand never needed an occasion to be present -- just a reason. And I've never had to look far when I needed a shoulder,' says Arun Khanna.
