A bench comprising Justices S A Bobde and A M Sapre also said that they will appoint three more members to the CoA and the orders to this effect would be passed in chambers.
As lobbying and counter-lobbying intensify, right now, it looks like a T20 match, discovers Tamal Bandyopadhyay.
After the August 10 deadline, South American conglomerate Synergy Group Corp reportedly evinced interest in the airline, forcing the RP to seek lenders' nod to extend the deadline to August 31. The Synergy Group owns a majority in Colombian carrier Avianca Holdings, which has a codeshare partnership with the state-run Air India.
Vinod Rai, former Comptroller and Auditor General of India, former India women's captain Diana Edulji and banker Vikram Limaye were present at the meeting held at the IDFC Bank's premises in suburban Bandra-Kurla Complex.
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.
'Put the assets of PMC Bank and the personal assets of the HDIL promoters and head of PMC Bank in an escrow account and ring-fence it from the ad hoc action of the revenue departments and creditors,' recommends Debashis Basu.
Linking all new floating rate loans to an external benchmark won't impact existing borrowers, so customers who have taken long-term home loans recently should watch things carefully, say Joydeep Ghosh and Sanjay Kumar Singh.
If indeed the gate opens for big industrial houses, the RBI needs to be smarter than them and demonstrate it through action, not reaction, observes Tamal Bandyopadhyay.
The PNB fiasco falls into a family line that involves non-fund limits - read contingent liabilities which are off-books. Harshad Mehta did it with bankers' receipts in 1992. Ketan Parekh exploited the ignorance of bankers who did not know the difference between a cheque and a pay-order. And the RBI blinked when it failed to insist the SWIFT platform be linked to the core banking solution. Raghu Mohan & Abhijit Lele trace the banking mess that was just waiting to happen.
The heartburn is over six sensitive issues
Banks are also weighing the option of hiring experts for help in specialised areas.
Amid slowdown blues, the government has unveiled a raft of measures over the past few months aimed at improving liquidity in the system, moderating interest rates as well as credit growth apart from addressing stress in the NBFC sector.
Patra, as executive director of the central bank, was the principal advisor to the Monetary Policy Department since July 2012.
All transfers and promotions for next financial year will be decided by respective banks, not by the merged entity.
Raghuram Rajan has appointed him as head of several committees soon after taking charge.
The finance minister asked lenders to identify eligible borrowers and reach out to them and urged for quick implementation of a sustained resolution plan for the revival of every viable business.
Guha declined a payment of Rs 40 lakh along with another former CoA member, banker Vikram Limaye, who was to be paid Rs 50.5 lakh.
Chidambaram in his Budget speech on February 28 proposed setting up of country's first all-women bank and had earmarked Rs 1,000 crore (Rs 10 billion) for this.
The pick-up in credit demand in coming months looks uncertain.
The BCCI selection committee meeting for the one off Test against Bangladesh was delayed by four hours after joint secretary Amitabh Chaudhary was found ineligible to convene the meeting.
Of the three major Budget announcements related to the banking sector, privatisation of PSBs is the most audacious, says Tamal Bandyopadhyay.
Banks seems to be upset over RBI's move over rate cut.
The rally followed the govt's plan to bolster state-owned lenders.
For development finance institution to succeed now, the government must stand like a rock behind it and be patient.
Banks want lower provisioning burden on recast debt, interest on cash reserve ratio deposits.
Before the pandemic hit the world and led to shutdowns, the company had received nearly half a dozen offers. But bidders are now withdrawing. They want to reassess the situation. They want to conserve cash and avoid acquisition.
Carrier will use the money to clear dues of oil marketing companies, which had stopped supplies to it, leading to cancellation of flights.
Bankers said fear of loan losses impairing their careers could make officers wary of sanctioning new loan proposals on their own.
"The Monetary Policy Committee recognises that there is monetary policy space for future action. However, given the evolving growth-inflation dynamics, the MPC felt it appropriate to take a pause at this juncture," the RBI said in its fifth bi-monthly monetary policy for this fiscal.
The cut-off date the RBI chose was March 1, 2018. This meant that by the end of August if these accounts were not resolved, then they would have to proceed through insolvency.
An estimated 223 people have lost their lives since August 8 in Kerala's worst floods in decades that has caused damage worth more than Rs 20,000 crore.
Gaurav Garg, head of research at CapitalVia Global Research Limited will answer your stock market queries.
'Three external members of the first MPC are respected researchers with excellent academic background, but there is no harm in considering academicians with diverse backgrounds such as finance and labour along with economists for this body,' recommends Tamal Bandyopadhyay.
'Banking is a business of trust.'
The Garhwal region collectively has deposits worth Rs 2,100 crore and advances worth Rs 1,000 crore.
The BJP had not filed till May the expenses statement for the Karnataka Assembly elections held last year in July.
The prime minister's directive comes in the wake of telecom minister A Raja seeking his intervention for early resolution of BSNL's tender controversy.
Banking is a boring business but still the banker should enjoy it as fancy awards and cozy relationships with politicians, Bollywood stars and corporate honchos cannot save them if the job is not done properly. In the concluding part of the series Tamal Bandyopadhyay wonders how long Kochhar would need to wait for her redemption or downfall and atonement.
Heading to the third year, will Urjit Patel be busy firefighting a currency crisis? Almost no governor of the RBI managed to evade it and Patel perhaps knows it.
Historically, the RBI has tried to keep the crooks at bay by issuing a circular a day. What it needs is more onsite supervision. Merely checking high-frequency data with the help of technology is insufficient, notes Tamal Bandyopadhyay.
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