Last week, Team India roared into the final of the inaugural edition of the ICC World Test Championship (WTC) following an emphatic 3-1 series win over England.
The Reserve Bank on Monday superseded the boards of Srei Infrastructure Finance as well as Srei Equipment Finance, citing concerns over governance and payment defaults, and decided to refer the two NBFCs for resolution under the insolvency law. This is only the second time in as many years that the Reserve Bank of India (RBI) is referring entities for the resolution process under the Insolvency and Bankruptcy Code (IBC) after taking first ever such step in the case of DHFL back in 2019. Superseding the boards of the crisis-hit Srei Infrastructure Finance Limited (SIFL) and Srei Equipment Finance Limited (SEFL), the RBI has appointed Rajneesh Sharma, former Chief General Manager of Bank of Baroda as the administrator to manage the affairs of the two companies.
According to a complaint from Bank of Baroda, the conspirators allegedly cheated a consortium of bank loans of Rs 3,695 crore. The scam was earlier estimated at around Rs 800 crore.
The cases pertain to State Bank of India, Punjab National Bank, Andhra Bank, Oriental Bank of Commerce, Indian Overseas Bank, Allahabad Bank, Canara Bank, Dena Bank, Punjab and Sind Bank, Central Bank of India, Union Bank of India, IDBI Bank, Bank of Baroda, Bank of Maharashtra and Bank of India.
Mumbai Indians Director of Cricket Operations, Zaheer Khan on Saturday exuded confidence that star all-rounder Hardik Pandya would be fit to play in their next game against Royal Challengers Bangalore after missing the title holder's first two games in the second leg of the ongoing Indian Premier League.
17 scorers have appealed in unison to BCCI president Sourav Ganguly, seeking some sort of 'retirement benefits'
The finance ministry on Wednesday allowed all private sector banks to participate in government-related business, like collection of taxes. pension payments and small savings schemes. At the moment, only few large private sector are allowed to conduct government-related business.
Uttar Pradesh clinched their maiden Mushtaq Ali T20 Trophy with a thumping 38-run win over two-time champions Baroda in the final under flood-lights at the Wankhede Stadium in Mumbai on Wednesday.
Former India all-rounder Irfan Pathan on Monday said he hasn't confirmed his availability in any franchise-based T20 league at this stage, refuting reports that he could participate in the inaugural Lanka Premier League, starting on August 28.
Why are investors gung-ho about State Bank? asks Tamal Bandyopadhyay.
'Hardik is also set to go the United Kingdom to consult the same doctor, who had treated him during the first injury post Asia Cup. He is certainly not playing the Bangladesh series but how long he will be out is still not clear. We will know after he comes back from the United Kingdom'
Armed with court order, a consortium of lenders led by SBI can now sell certain real estate properties and securities belonging to fugitive Vijay Mallya to recover loans turned bad with failure of Kingfisher Airlines. A consortium of 11 banks that gave Mallya loans, led by State Bank of India (SBI), had approached a special Prevention of Money Laundering Act (PMLA) court seeking restoration of his properties seized by the Enforcement Directorate. The special PMLA court in Mumbai on Tuesday allowed the restoration of properties worth Rs 5,646.54 crore to banks.
"Convict him or acquit him," an anguished Supreme Court observed on non-framing of charges on an accused jailed for 11 years over serial blasts in multiple Rajdhani Express and other trains in 1993.
Embattled retailer Future Retail Ltd (FRL) on Tuesday moved the Supreme Court to avert insolvency proceedings over missing a loan repayment deadline, even as its independent directors rejected an Amazon-supported offer to sell the company businesses at less than a third of what Mukesh Ambani's Reliance is offering. India's second-largest retailer, which operates multi-brand retail chains such as Big Bazaar, Easyday and Heritage, failed to pay Rs 3,494.56 crore to lenders by the due date of December-end and sought a 30-day grace period to resolve the situation. Unable to find money, it moved the apex court seeking to restrain its lenders from declaring the company a defaulter, which can invite initiation of insolvency proceedings.
Nearly two million e-mandates for recurring payments have been registered with banks and card networks after the Reserve Bank of India (RBI) made it mandatory from October 1 to take prior consent of a customer before debiting her account, sources in know of the matter said. Industry estimates peg the recurring transactions at approximately 2.5 per cent of the total volume of transactions, and about 1.5 per cent in terms of value. Of these, around 75 per cent of domestic recurring transactions, and about 85 per cent international recurring payments are below Rs 5,000.
Hardik Pandya has been on the road to recovery after going under the knife following a lower-back injury five months ago. Hardik slammed eight fours and 10 sixes in his sizzling innings
Amendments would be required in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 for privatisation, sources said.
Ajit Mishra, vice president, research, Religare Broking, answers your stockmarket queries.
After being plagued by injury, Baroda captain Irfan Pathan returned to lead the team to the Ranji Trophy quarters. Now that Baroda's season is all but over Yusuf's stint as captain could, at best, be described as bittersweet, writes Bikash Mohapatra.
All-rounder Krunal Pandya in all likelihood will make his senior India debut after being named in the final 12 for Sunday's first T20 International against West Indies.
The FPI holding in India's top 100 companies, which are part of the Nifty 100 index, declined to 24.23 per cent on average at the end of March this year, from a high of 27.5 per cent at the end of March 2021. This is the lowest FPI holdings in India's top listed companies in at least three years. A general sell-off by FPIs has weighed on stock prices and the benchmark S&P BSE Sensex is down 8.5 per cent, from its 52-week high made in October 2021. Most analysts expect FPI flows to remain weak in FY23 as well, given rising bond yields in the US and an expected earnings slowdown in India due to high inflation and commodity prices.
India's cricketing great Sachin Tendulkar on Friday donated Rs 50 lakh to fight the COVID-19 pandemic, which has so far claimed 17 Indian lives and wreaked havoc globally. Tendulkar's donation is so far the biggest contribution among India's leading sportspersons, some of whom have pledged their salaries while a few others have donated medical equipment to fight the dreaded outbreak, which has caused more than 24,000 deaths globally.
Since its launch in April, helpline 155260 has been able to prevent more than Rs 18.5 million of defrauded money from reaching the hands of fraudsters.
England batter Liam Livingstone fetched a staggering Rs 11.50 crore deal from Punjab Kings, who also roped in West Indies fast bowler Odean Smith, for Rs 6 crore, on Sunday, Day 2 of the TATA Indian Premier League 2022 Player Auction, in Bengaluru.
Former Indian women cricket team coach Tushar Arothe was arrested in Vadodara in connection with Indian Premier League betting.
'He is getting better and a player like him is probably just one game away from getting his natural way and we have seen it in the past. If I have to put everything together, I am confident of his ability and there is no doubt he will be a valuable asset.'
Not all public sector banks are back in the black, but their collective net profit for the year is Rs 32,346 crore against a Rs 9,013 crore loss in the previous year, points out Tamal Bandyopadhyay.
Team India will have to choose between experimenting and continuing the winning combination
Indian captain Virat Kohli is also backing Hardik Pandya to play purely as a batsman at the T20 WC, saying: 'We understand the value he brings to the team as a number six batter and in world cricket, if you look around, there are specialists who do that job.'
'He has got the range and not too many bowlers can keep him quiet.'
'My fight against the dictatorship was born out of the conviction that evil should be fought, but it never entitled killing or what the prosecution say 'criminal force'
Named among probables for Syed Mushtaq Ali tournament.
Hardik Pandya bowling during an intra-squad game is a 'good sign', feels dashing India batsman Suryakumar Yadav, who believes that the bowler and the team management would take a call on his workload during the upcoming limited-overs series against Sri Lanka from July 13.
After outperforming the broader market and their public sector peers for the better part of the post-Lehman period, private sector banks - such as HDFC Bank, ICICI Bank, Axis Bank, and Kotak Mahindra Bank - are now underperforming. Last week, the Nifty Private Bank index was up just 6 per cent year-to-date in the calendar year 2021, against nearly 13 per cent rally in the Bank Nifty and a 15 per cent rise in the benchmark Nifty50. Public sector (PSU) banks, such as State bank of India, Bank of Baroda, and Punjab National Bank, are now rally leaders and outperforming the broader market. The Nifty PSU Bank index was up 42 per cent since the beginning of this calendar year. But on a longer term, the Nifty Private Bank index is up 101 per cent since March 2016, against a 118 per cent rally in the Bank Nifty and just 2 per cent rise in the Nifty PSU Bank index in the period.
The interest rate offered by PSBs like SBI, BoB and BoI hover around 8.9 per cent-10.50 per cent. For private banks, the range is between 10.49 per cent and 12 per cent.
The talk of governance reforms at public-sector banks seems to remain on paper, as a majority of them continue to be working with just a handful board members. Half of the board seat at these banks have been vacant. Ten of the 12 public-sector banks, even large ones like Punjab National Bank, Canara Bank and Union Bank of India - all except State Bank of India (SBI) and Bank of Baroda - don't even have a chairman. In 2014, while splitting the post of chairman & managing director (CMD), the government had decided to appoint non-executive chairmen at these banks. SBI, which has an executive chairman and four managing directors, was an exception.
Reserve Bank carried out the investigation and noted the deficiencies which were reflective of weaknesses and failures in internal control mechanisms
Ajit Mishra, vice president, research, Religare Broking, answers your queries.
Experts attribute the lower target to increased allocation under the credit guarantee scheme for small businesses. Out of the Rs 3.21 trillion worth loans sanctioned under the Pradhan Mantri Mudra Yojana (PMMY) in the last financial year, Rs 3.12 trillion were disbursed to entrepreneurs, according to official data.
Who would you pick in India's playing XI for Tuesday's first One-Day International against England?
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