Over 100 Indian immigrants, including 33 each from Haryana and Gujarat, 30 from Punjab, and several from other states, were deported from the US after undertaking perilous journeys filled with extortion and hardship. The returnees landed in Amritsar in a US military plane and are now back home, facing huge debts and emotional trauma. Many of them were lured by promises of a better life in the US but fell victim to human trafficking and extortion rings. The families of the deportees are demanding strict action against the travel agents who facilitated their illegal journeys.
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Prior RBI permission a hurdle, given its views; business interest needs to be clearer.
The draft amalgamation scheme of Punjab and Maharashtra Co-operative (PMC) Bank with Unity Small Finance Bank (SFB) allowed quick relief to depositors with savings of up to Rs 5 lakh, but a long wait for those who had their nest egg with the scam-tainted bank. If the scheme gets approved, 96 per cent (or 880,000 of 924,000) depositors will get their full money straightaway after PMC is merged with Unity SFB. According to the draft scheme, retail investors may get up to Rs 5 lakh from the Deposit Insurance and Credit Guarantee Corporation (DICGC) instantly, and then some more in phases till they can recall their full deposits after 10 years.
Over 25,600 cases of banking fraud reported up to December 21, 2017, says Minister RS Prasad.
A freebie once granted can hardly be discontinued. All that can happen is to substitute it with a bigger freebie, notes A K Bhattacharya.
The Maharashtra Assembly elections are taking place today, with the ruling BJP-led Mahayuti alliance seeking to retain power and the Maha Vikas Aghadi (MVA) hoping for a comeback. The campaign saw prominent leaders like Narendra Modi, Amit Shah, Rahul Gandhi, and Priyanka Gandhi Vadra crisscrossing the state to garner votes. The Mahayuti is banking on popular schemes while the MVA focuses on issues like caste-based census and social justice. The elections have also seen a significant rise in the number of candidates and voters.
The crisis at the bank is attributed to loans made to realty player Housing Development Infrastructure Ltd, which were allegedly hidden from regulators' scrutiny, turning non-performing assets.
An advisory body of EPFO has rejected a proposal to engage private banks -- ICICI, Axis and HDFC Bank -- for collection of PF contribution from employers.
Police FIR reveals the bank had replaced 44 loan accounts of HDIL with 21,049 fictitious loan accounts. These 21,049 were actually not created in the core banking solution of the bank, but were mere entities in the advances master indent submitted to RBI for conducting its inspection for the year ended March 2018.
The unions also suggested banks can extend special and exclusive loans to the airline to pay the salary dues or some subsistence payments to them against proper collateral.
'We are going to need more technical people in government.' 'You can't expect a generalist to understand the complicated world of financial engineering.' 'I regret to say that most of our politicians have no competence to deal with these things. Nor is there a willingness to learn.'
Voters, it is said, get the government they deserve. We will soon see what voters in Maharashtra choose. Till then, a sense of helplessness and scepticism hangs in the air, notes Ramesh Menon.
The primary market is expected to remain vibrant, with at least 10 companies, including supermart major Vishal Mega Mart and Blackstone-owned diamond grading firm International Gemmological Institute (India) Ltd expected to raise a combined Rs 20,000 crore in the next month, merchant bankers said. Education-focused NBFC Avanse Financial Services, TPG Capital-backed Sai Life Sciences, hospital chain operator Paras Healthcare, and investment bank DAM Capital Advisors are also among the companies planning to launch their IPOs in December, they added. The companies aim to raise a total of Rs 20,000 crore through their public offerings.
Beneficiaries of kerosene, LPG and fertiliser subsidies will be able to get direct cash transfers through banks, ATMs or even mobile banking after the UIDAI's recommendations to plug leakages in the system are implemented.
Nuclear Power Corporation of India has said that a large number of International Banks have given commitment to finance the proposed Jaitapur nuclear power project in coastal Maharashtra.
The All India Majlis-e-Ittehadul Muslimeen (AIMIM) is keen to join hands with the opposition Maha Vikas Aghadi (MVA) alliance in Maharashtra with an aim to defeat the Bharatiya Janata Party (BJP) that is currently ruling the state along with two other parties, former MP Imtiaz Jaleel has said.
Fair trade regulator CCI has approved private sector lender Ratnakar Bank' proposal to buy Royal Bank of Scotland's credit card business, mortgage portfolio and banking operation in the country, saying the deal will not have an adverse impact on competition.
The country's largest lender State Bank of India will get the largest sum of Rs 8,800 crore as government's capital infusion.
RBI may be inclined to impose severe restrictions on lending in the coming quarters.
As a fallout of the dissolution of the administrative board of Maharashtra State Co-operative Bank by the Reserve Bank of India, the Nationalist Congress Party is eager to teach its ally, Congress, a lesson.
Wilful defaulters owe SBI Rs 80,000 crore. 10 nationalised banks are owed another Rs 1.5 trillion.
Vijaya Bank assured employees that the service conditions 'will remain unaffected and staff benefits retained'
According to RBI sources, some banks had extended credit to existing borrowers to repay their debt, known as evergreening of loans in banking parlance.
The juggernaut of the Bharatiya Janata Party-led National Democratic Alliance, which triumphed in three of the four east and north-eastern states that went for assembly bypolls on Saturday, was halted yet again in West Bengal where Mamata Banerjee's Trinamool Congress registered a six-on-six clean sweep.
Joy Thomas stated that one large account -- HDIL -- was the sole reason for the present crisis that led to the regulatory action on Tuesday when Reserve Bank of India superseded its management and placed it under an administrator for the next six months.
'It is human nature to get angry and annoyed when you are inconvenienced.' 'But we were able to enroll a few of our customers as 'bank mitras', who with my staff made sure that the queues were orderly and coupons were given to all the customers who wanted to withdraw or deposit money.'
With US-based electric vehicle (EV) maker Tesla scouting for a suitable location for its foray in India, Rajasthan has joined the fray with a host of offers to woo the Elon Musk-led company. Other challengers include Gujarat, Tamil Nadu, and Maharashtra. Sources privy to the development said that an initial meeting between the senior executives of Tesla and the government of Rajasthan, which was held last week, turned out to be "quite positive." Tesla would now carry out a survey and is expected to share the survey details with the state's investment promotion department soon.
'Probably revised guidelines will come, and then the real picture will emerge.'
'The temple's construction is the result of collective wisdom of some of the best brains in the country. Water and sacred soil from almost all pilgrimage sites in India, including Gangotri, Yamunotri, Kailash Mansarovar, Prayags (there are seven Prayags) and all 'puris' (seven holy towns in India, besides Ayodhya) have been used in the making of the temple'
While some states like Kerala and Telangana were badly hit by the strike, the impact was partial in Punjab, Haryana and Maharashtra
The government is likely to infuse Rs 3,000 crore in seven public sector banks to shore up their Capital Adequacy Ratio (CAR) to 12 per cent to improve the market confidence in the banking sector.
Banks cannot shirk their responsibility in cases of frauds.
In the months immediately following the 2024 tragedy, reporting on the landslide per se had been a straightforward affair. On one side was death and destruction. On the other side, survivors and the business of survival. It was black and white. What direction to take was clear. Rehabilitation in comparison, felt like a complex situation. One that is fraught with shades of grey. As grey as human life, explains Shyam G Menon.
Congress wants to change the Constitution and rob Dalits, OBCs of quota benefits for religion-based reservation, Modi said.
Tamil Nadu's finances most stressed, with gross fiscal deficit estimated at Rs 31,830 crore.
'Currently, our individual first premium would be in the Rs 3,000-Rs 3,200 crore range. We want to take that to about Rs 6,000 crore in three years.'
Non-performing assets of banks have been on the rise for past several months due to slowdown in the economy.
They were arrested with the 'cooperation of district authorities of Satara on the strength of Non-bailable Warrant of Arrest issued by the Court of Special Judge, CBI Cases, City Sessions Court, Mumbai', CBI spokesperson R K Gaur said in New Delhi.
Thomas Ninad's bank account was defrauded of Rs 14 lakh under mysterious circumstances.
NBFCs are allowed to include registration, stamp duty
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