Pawan Kumar Soni, a 55-year-old farmer based in Sri Ganganagar City in Rajasthan, became a victim of a cyber fraud when his 26-year-old son Harsh Vardhan opened a link from a phishing message that flashed on his mobile phone.
After due deliberations, the lenders have decided to seek resolution for Jet Airways under the bankruptcy code since only a conditional bid was received.
Among bank groups, PSBs, which constitute the largest market share in bank lending, have accounted for the bulk of frauds reported in 2018-19.
The central bank says interest on card balance should not be levied till next bill.
According to bond dealers, the spike in CD issuance could indicate that liquidity won't remain as comfortable by the end of the financial year (March 31) as it now is.
HDFC Chairman said a rock-bottom level of investment cycle in the country has indeed taken a toll on banking sector.
Move comes after the country's monetary authority tightened credit norms
Compared to other emerging markets, accelerated growth in the domestic economy provided greater business opportunities to foreign banks in India, resulting in higher profitability.
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.
The Reserve Bank of India (RBI) on Wednesday gave banks time till October 31 to comply with its guidelines on current account and overdraft facilities. The central bank indicated that it was in no mood to change the proposed rules, but would only allow for stretching the timeline for smoother implementation. The initial deadline had ended on July 31, leading to thousands of current accounts being closed or frozen by banks. Lenders had requested the RBI for some more time to resolve the operational issues in implementing the provisions of the August 2020 circular in letter and spirit.
Modi also reiterated that he cannot return to India due to safety concerns and also because his case has been politicised.
The company agrees to give interim funding till the airline gets an equity partner
Sreejita De has named her brand #sreejitadeSupremacy.
Banks and financial institutions are seeking more flexibility in dealing with commercial and industrial loan accounts, which are seeing pressure due to cash flows and repayment.
Unlike in the past, when old private banks compromised upon underwriting standards to take on the bulk, they've now realised that scaling up at the cost of quality isn't worth the while. These banks have also readjusted growth targets when required, and rebalanced books to preserve capital and asset quality.
'For years, the RBI has been warning banks on probable frauds in bank guarantees and advised them to exercise due care.' 'PSB staffers feel their jobs are secured, hence there is no need to be vigilant and exercise financial prudence.'
Loans for Indian airlines have dried up as banks have become cautious to lend to the sector.
The company's IPO -- the first by a private bank in a decade -- was oversubscribed a staggering 69.62 times.
Insolvency professionals feel the bankruptcy code will deter defaulters, but NPAs will not cease unless banks are sensitised on credit appraisal and experts are hired by banks to inspect what is happening with their loans.
Currently, foreign lenders are present in India only through branches or representative offices.
Being distributed through a fake Flash Player app, the malware is designed for stealing login credentials, hijacking SMSs, uploading contact lists and SMSs to malicious servers, reports Romita Majumdar.
Conditions attached by RBI ensure it won't take off, contend experts.
'These are interesting days for watchers of English cricket and central banking,' points out Amol Agrawal.
Lenders are not enthused because, as brokers, their responsibility towards policyholders will be higher than corporate agents.
Reserve Bank of India Governor D Subbarao on Wednesday contested the idea of "making banking boring" to bring back economic stability, mooted by Nobel laureate Paul Krugman in the wake of global financial meltdown.
Govt reconstitutes body, says will not interfere in senior PSB appointments
The country's top bankers met RBI deputy governor Subir Gokarn on Thursday for the customary pre-policy meeting, where bankers pitched for a cut in savings bank rate, which will help them improve their net interest margins.
Voices from the Treasury are clamouring for lowering rates as this would boost demand.
Lenders send 'SOS' to the finance ministry on the tardy decision making and pile-up of cases at the Debt Recovery Tribunals and its appellate forum the Debt Recovery Appellate Tribunal.
To discuss ways of increasing lending to optimise stimulus package impact.
Banks are busy advertising attractive deposit rates that are on offer, lining up roadshows and door-to-door campaigns. Some of them are even offering incentives to their employees to woo depositors. As a result, they expect to mop up more than 20 per cent of what they usually do during November. Banks have also stepped up the deposit-mobilisation drive because they will be reducing interest rates from December.
Bankers say amid the uncertain macroeconomic environment, their greatest worry is the stress on asset quality.
The report concluded that she failed to discharge her fiduciary functions to rescue herself to avoid any conflict of interest.
The deadly terror attacks, which crippled Mumbai on Thursday also, will not be able to dent the confidence of India's banking and financial system, which, bankers feel, will bounce back to normal soon.
The speed at which he led the central bank in different areas -- ranging from internal reorganisation to inflation fighting, stabilising the currency, taking on rogue corporations, cleaning up bank balance sheets, and opening the sector -- makes one believe that Rajan knew he had only three years to do his job. A fascinating excerpt from Tamal Bandyopadhyay's MUST-READ Roller Coaster: An Affair with Banking.
The Swiss banks' proposal to levy a withholding tax on the income generated from assets of Indian nationals and held in Swiss banks, is not worth treating seriously.
'The RBI has not allowed any commercial bank to fail in the past three decades.' 'It has always played the role of a matchmaker, but this is the best deal it has stitched,' notes Tamal Bandyopadhyay.
Bankers made this demand at a meeting with RBI Governor Y V Reddy, ahead of the 2007-8 monetary policy announcement on April 24.
Lenders feel temples still have a few apprehensions.
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