Bank CFOs may meet next week to discuss minimum public shareholding and takeover rule issues.
Human memory about policy issues is short. That alone can explain why many are deliriously happy with his latest slogans and ignore seven years of poor 'doing business' climate, taxtortion, extortionate oil prices, and high dependence on babus and the big State that has kept the enterprise system stifled, observes Debashis Basu.
The problem of stressed assets needs to be addressed with effective recovery.
'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.'
The CBI later clarified that Rajiv Kochhar was only called for questioning and has not been apprehended yet.
investors will look to the new governor to continue the banking sector clean-up with the same urgency as Mr Rajan, who was targeting fully cleaned-up and provisioned balance sheets by March 2017
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 Director told his team of officers to expedite the probe as it involved the trust of common people as well as the Supreme Court in CBI.
While GST and insolvency laws are among the major achievements of the Modi government, the list of failures include demonetisation, toxic banks, manufacturing hiccups and most prominently bizarre job creation figures. Mihir S Sharma takes a look at the four years of Modi government.
The probe into selections for banks such as Bank of Baroda and Canara Bank followed the arrest of Syndicate Bank CMD S K Jain for alleged graft.
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At the retreat, PSBs had suggested the government cut its stake in these entities to less than 51 per cent over a period of time and empower the boards of individual banks.
Once these banks start showing losses, they will not be able to pay dividends to the government nor pay taxes, which will further aggravate the situation for the government as its return on investment as an investor would be very negligible for the next few years, says M V Subramanian.
Based on this screening, the committee may weed out applications that do not meet the eligibility yardstick or the 'fit and proper' criteria for securing a licence.
Eleven companies, which owe the bank Rs 843 crore, are untraceable.
The Central Bureau of Investigation on Wednesday challenged before the Delhi high court the trial court order directing the withdrawal of the lookout circular against Amnesty International India Board chair Aakar Patel in connection with a case for the alleged violation of the Foreign Contribution (Regulation) Act.
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.
The Bharatiya Janata Party regime will have to make good on this election slogan to restore state-owned banks to health, says Rajiv Lall.
The statement of Sunny Marwah, an accused in the Delhi excise policy case, has been recorded and he has given important information about the modus operandi of those named in the first information report (FIR) in connection with the liquor 'scam', Central Bureau of Investigation (CBI) officials said on Monday.
Ashok Leyland, ITD Cementation India have more than doubled.
The clean-up process begun by the Reserve Bank of India runs the risk of spiralling out of control.
The CBI filed a charge sheet against its four officials in a bribe-for-relief case involving the investigation against Frost International for allegedly committed a bank fraud of over Rs 4,300 crore, officials said.
The Delhi high court on Monday allowed journalist Rana Ayyub to travel abroad while questioning the Enforcement Directorate over a Look Out Circular (LOC) issued against her barring her from travelling abroad.
Women dominate Indian banks's clerical and officer rolls, but few make it to the executive office these days, notes Tamal Bandyopadhyay.
An amendment carried out in the over 30-year-old Prevention of Corruption (PC) Act, 1988 in July 2018 bars a police officer from conducting 'any enquiry or inquiry or investigation into any offence alleged to have been committed by a public servant' without 'the previous approval' of the authorities.
The RBI has also been asked to consider displaying this information on its website.
The account turned bad before Chaudhari took over as SBI chairman and the asset was sold to AARC following an open bidding process, months after Chaudhari retired, explains Tamal Bandyopadhyay.
The panel is believed to have examined each financial transaction between the Kochhar family and Videocon group, and the suspected trail of properties and assets that the family acquired since Chanda Kochar became ICICI Bank's MD.
As many as 10 public sector banks could be out of the infusion plan because of Sebi's minimum public shareholding norms.
SBI Caps readies plan, identifies 4 assets; bankers say there are enough bidders.
When was the last time we heard this government speaking of the disaster in primary education, rather than Ganga cruises and cheetahs? Less money -- Rs 88,000 crore -- was spent by the Union government on education in its last Budget than has been allocated to the Bullet train, notes Aakar Patel.
The principal challenge for Rajan's successor is to work with the Bank Board Bureau and the finance ministry to complete these processes of banking reform.
The Supreme Court on Monday allowed Congress MP Karti Chidambaram, who is facing criminal cases that are being probed by the Enforcement Directorate and the Central Bureau of Investigation, to travel abroad.
CBI officials booked for graft by the central probe agency were not only receiving regular kickbacks for compromising investigation, but were also acting as conduits to bribe their peers on behalf of companies accused of siphoning off crores of public money from banks, the FIR against them alleges.
The SIT was created by Supreme Court and notified by the government last year to curb black money.
In the first of a two-part series, Tamal Bandyopadhyay explains why the ICICI Bank's board first rushed to deny all allegations against Kochhar and then took the extreme steps against her.
The auditor of ABG Shipyard, which is being probed by the Central Bureau of Investigation (CBI) for the Rs 23,000-crore default to banks, had settled an investigation by the Securities and Exchange Board of India (Sebi) by paying a small settlement fee in 2019. The regulator had initiated an investigation into the fund diversion from ABG Shipyard and had asked the auditor to explain why it failed to detect fund diversion in time. In his settlement application, auditor MN Ahmed, partner of Nisar & Kumar, a chartered accountant firm, said he ceased to be an Indian citizen and has retired from the profession.
Avista helped some companies restructure their debt in such a way that overseas investors had to take a steep haircut
Samajwadi Party leader Tej Narayan Pandey on Sunday accused Shri Ram Janmbhoomi Teerth Kshetra Trust of committing corruption in a land deal and sought a Central Bureau of Investigation probe into the matter.
Will Arundhati Bhattacharya be the RBI's first woman governor? Or will Urjit Patel succeed Raghuram Rajanas RBI governor when his term ends on September 4?
'And who sold this belief?' 'Public-spirited individuals' like Subramanian Swamy.' 'Independent public servants' like Vinod Rai. 'Anti-corruption activists' like Kiran Bedi. And 'outspoken television anchors' like Arnab Goswami,' says Mihir S Sharma.
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