This issue was discussed at the Gyan Sangam addressed by Prime Minister.
In a proposal to FinMin, the Banks Board Bureau suggests asset sales to PSUs within a deadline to recover bad loans.
It will be headed by Secretary, Department of Financial Services.
Govt reconstitutes body, says will not interfere in senior PSB appointments
The case pertains to a tender awarded to Ms Euroteck Environmental Private Limited when Jain was the Delhi water minister.
The CBI has registered a case against Reliance Capital Limited (RCAP), its former chairman Anil Ambani, and others for an alleged Rs 2,684.57-crore fraud involving investments made by the Life Insurance Corporation of India (LIC). Anil Ambani has denied any wrongdoing. The LIC alleges criminal conspiracy, misrepresentation, and fraudulent diversion of funds.
The Supreme Court has directed the Central Bureau of Investigation (CBI) to examine all six allegations of financial irregularities levelled by the Enforcement Directorate against Sameer Gehlaut, former chairperson of Indiabulls Housing Finance (IHFL), and five corporate groups, following repeated criticism of investigating agencies for lack of progress.
A training aircraft operated by Garg Aviation crashed in Kanpur, Uttar Pradesh, killing a trainee pilot and an instructor. The Tecnam aircraft went down near Nathapurwa village shortly after take-off. Authorities, including the DGCA, are investigating the cause of the fatal accident.
Used-car financing has seen significant growth, but borrowers must be aware of higher interest rates, conservative loan-to-value ratios, shorter tenures, and the risk of owing more than the car's depreciated value. Understanding these factors is crucial for making informed decisions.
The Anti-Corruption Branch has sought judicial custody for former Delhi minister Satyendar Jain, ex-Delhi Jal Board CEO Udit Prakash Rai, and three others in a corruption case related to alleged irregularities in the tendering process for Delhi Jal Board's sewage treatment plant projects. The accused's counsels have challenged the arrests, with Jain's lawyer planning a bail plea.
Khara will replace SBI Chairman Rajnish Kumar, whose three-year term comes to an end on October 7.
The Haryana government has suspended two IAS officers, Ram Kumar Singh and Pardeep Kumar, in connection with an ongoing investigation into a Rs 590-crore fraud case involving IDFC First Bank.
The Central Bureau of Investigation (CBI) on Wednesday told a special court here that it received a sanction from the ICICI Bank's board to prosecute Chanda Kochhar, the former CEO and MD of the bank, in connection with a case of alleged cheating and irregularities in loans sanctioned by the bank to Videocon Group companies. The probe agency, represented by special public prosecutor A Limosin, told the court that the board of ICICI Bank in a resolution passed on April 22 this year gave its sanction to the prosecution (against Kochhar), accepting that there seemed to be quid pro-quo.
The Central Bureau of Investigation has filed a case against Reliance Communications and its promoter-director Anil Ambani, for an alleged bank fraud that caused a loss of over Rs 2,000 crore to State Bank of India, officials said on Saturday. The agency is carrying out searches at the residence of Anil Ambani and premises linked to RCOM in connection with the case, they said.
A corporate lawyer said that this is the biggest failure of corporate governance in this country. He pointed out that American investors can even take the bank to court for giving false statements to stock exchanges and even file class action suits. Some even questioned how RBI overlooked Kochhar's misdeed.
The UK High Court has rejected Nirav Modi's attempt to reopen his extradition case, citing the Indian government's comprehensive assurances against torture as sufficient to allow his transfer to India.
The Enforcement Directorate (ED) is seeking an expedited trial against Congress leader P Chidambaram in the Aircel-Maxis and INX Media money laundering cases, having submitted the required prosecution sanction to the court.
'Global uncertainty is something which definitely occupies the minds of officials when we are preparing for the Budget.'
These recommendations are based on interactions held by the Banks Board Bureau with eligible candidates from PSBs towards appointment against vacancies in PSBs for the period 2018-19
'In any aviation emergency, the first rule is aviate -- fly the aircraft.' 'The fact that the commander's voice is not on the recording simply means he was focused entirely on flying. It does not imply anything more than that.'
Religare Enterprises, a financial services firm, has disclosed that the Reserve Bank of India (RBI) turned down its application to appoint Rakesh Asthana as its whole-time director in May this year without citing any reasons. Asthana is a former top official of the Central Bureau of Investigation (CBI). In a notice to the stock exchanges, Religare said that while the company and Asthana were weighing the options of dealing with the letter of refusal by the RBI, it was also busy in preparing for the "herculean task" of making ready multiple applications to regulators.
'Vigilance' is a dreaded term for PSB employees and there are instances where this fear is misused by the higher authorities to tame their subordinate officials. This fear always deters PSB executives from making decisions -- the fewer the decisions, the less the chance of falling into trouble, points out Tamal Bandyopadhyay.
The government is considering a proposal to privatise some state-owned banks in phases.
Bank reforms positive but implementation a risk, says Fitch.
The rally followed the govt's plan to bolster state-owned lenders.
Members of Parliament, state legislatures, and local governments not eligible to be members of PSB boards
'This helps the consumers secure more favourable terms from CIs.'
While the formation of a holding company will not outright privatise State-owned banks, officials believe it will help the Centre deflect criticism arising out of the latest banking scams.
The CBI successfully managed to get Monika Kapoor extradited from the United States, ending her 25-year flight from justice. She is accused of economic offenses including forgery and fraud.
'Revolving credit without full repayment causes interest to outpace repayment capacity, and leads to financial distress.'
Indradhanush-II is likely to chart out the process for resolution of non-performing assets.
Pulbic banks have no reason to cheer Budget announcement.
Mergers to create at most six state banks
Former CAG Vinod Rai said he will not take a single rupee in remuneration from the government for his work.
Banks Board Bureau chief Vinod Rai has proposed performance-linked incentives for bank employees, but the staff unions are dead against the idea.
The Union finance ministry will meet CEOs of public sector banks to discuss issues related to cybersecurity in the wake of the Rs 820 crore (Rs 8.2 billion) fraud that hit Kolkata-based UCO Bank last month.
The government is open to providing more capital than that announced in the Budget.
'In multi-pilot operations, no critical switch can be moved without the other pilot's consent.'
The Centre should privatise all public sector banks (PSBs), except the State Bank of India (SBI). This is because private banks have emerged as a credible alternative to PSBs with substantial market share. Also, government ownership hinders the ability of the Reserve Bank of India (RBI) to regulate the sector, according to a report by the National Council of Applied Economic Research (NCAER).
The strike call is over privatisation, mergers, and also due to write-off of corporate NPAs, criminalisation of willful default
