Property of Rs 3,500 crore belonging to the company was seized by the EOW, a police official said.
With the Swiss government showing eagerness to help India trace suspected black money hoarders, banks based in Switzerland appear to be losing traction among the wealthy Indian clients and could not get much business commitments during the just-ended WEF summit.
India may adopt norms similar to the US Federal Reserve model, which regulates conglomerate-led banks in the country.
Restoring the bank to its former glory will be the top priority for Vijayalakshmi Iyer, the seasoned banker who took over as chairperson and managing director of the Mumbai-based bank last month.
While appreciating the role of public sector banks (PSBs) in protecting the economy against the global economic turmoil, Finance Minister Pranab Mukherjee today assured them that the government would continue to support them.
The bank wanted to run a background check on some Indian promoters.
The RBI wants to include shares and options within the variable salary of the CEOs, proposed to be capped at 200 per cent of their fixed salary; the floor for it is 50 per cent.
Banks will also consider requests from MSMEs for restructuring their stressed standard assets. So far, only 25 per cent of the around 1 million eligible MSMEs have taken benefit of the RBI's special dispensation.
The CBI and ED are keeping a close eye on several bank accounts.
Foreign flows into Indian equities are expected to pause in the short to medium term, say analysts. The outlook is influenced by multiple factors, including rising oil prices, actions from global central banks, climbing bond yields, and the dollar index gaining prominence. "Valuations appear rich with the markets at record highs.
The central bank may hike CRR by 50 bps; some economists expect a rise in policy rates too.
Those involved in the discussions say the guidelines for selection of bidders in insolvency cases need to be transparent, otherwise anyone who loses out could take legal recourse, leading to wastage of time and derailing the whole process.
The gross bad debt of the Indian banking system as of March was at Rs 7.11 lakh crore
With the spate of businesses turning their attention to Ayodhya, land rates have shot up, in some pockets by as much as 10 times. Whether one walks into a hotel lobby or sits down for a meal, land deals are being discussed at every other table -- one on one or among groups.
RBI seeks detailed report on what happened between 2011 and now; bankers to recall loans to Nirav Modi entities.
The central bank gave 11 entities licences to start payments banks.
A common feature in India is the lag between the occurrence of frauds and the time they are actually reported.
The central bank has nine executive directors, and one of them -- S Karuppasamy -- retired recently. R Gandhi, who was executive director, has now been promoted to the post of deputy governor.
Ahmedabad-based Nirma group and leading private equity firms have joined the race to acquire BSE-listed Glenmark Life Sciences. The acquisition by chemicals-to-cement major Nirma, if successful, would be a major boost for the health-care segment of the group, on the lines of its successful entry into the cement sector following its purchase of Lafarge India's assets for about Rs 9,400 crore in July 2016. It later followed up by buying Emami cement assets for Rs 5,500 crore in February 2020.
The RBI has been critical of banks for using restructuring schemes to hide the stress.
By piling more pressure on governments, central banks risk not accomplishing much and yet provoking a political backlash that could threaten their independence.
Telecom department says spectrum can't be used as collateral because it's government property
The accused were allegedly complicit in causing losses to the tune of Rs 1,000 crore to MSCB between 2007 and 2011.
Bankers have suggested that the Reserve Bank of India lower the statutory liquidity ratio and the cash reserve ratio as the present liquidity crunch is affecting their business. During the mid-term resource management discussion with the RBI team led by Deputy Governor Rakesh Mohan, the country's top bankers said the tight liquidity condition was pushing up the cost of funds and putting further pressure on margins.
HSBC is likely to raise up to Rs 2,450 crore (Rs 24.50 billion) by selling its stake in Axis Bank and YES Bank, said senior bankers familiar with the development.
Bankers said the SC verdict might prolong the resolution process and force lenders to bring back cases to the drawing board.
In fact, some private sector lenders have decided to skip advertising these altogether.
The expected interest rate hike in the US and the resultant volatility in the domestic secondary market could play a dampener to the over Rs 2-trillion initial public offering (IPO) pipeline in 2022. IPOs in 2022 look promising, with as many as 35 companies holding the Securities and Exchange Board of India's approval to raise roughly Rs 50,000 crore. Another 33 companies are waiting for the regulator's nod to raise around Rs 60,000 crore next year.
Kamath also served on the board of Infosys.
IPO market hopes to come out of slump in festive season, reports Sundar Sethuraman.
Past two years have witnessed a churn, mainly in the area of mergers and acquisitions.
The Tata Tech IPO will be the first from the Tata group since TCS listed its shares in 2004.
Reserve Bank of India (RBI) Governor Raghuram Rajan on Tuesday cautioned against extrapolating the issue of alleged graft charges in a public-sector bank to the entire public sector banking system.
Chidambaram also asks these not to rush for bulk deposits to bloat balance sheets.
These cash shortages increase banks' funding costs, making it harder for them to lower lending rates
If true then it would be a major disruption in the industry
The three years at the Reserve Bank have mostly been a string of success stories for Rajan, gaining him common man's adulation even as the free-thinker in him made a few foes who matter more in the corridors of power
There is not much bank employees can do, but some words of encouragement from the management would have helped. Stretched working hours and the tense atmosphere is taking a toll on their health.
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