Banks to be permitted to raise long-term funds for lending to infrastructure sector with minimum regulatory pre-emption such as CRR, SLR and Priority Sector Lending.
With this, India joins 60 other countries that collect PNR details of international passengers.
Of the Rs 4,405 crore unpaid debt of 12 companies, more than half was locked in just one Mumbai-based real estate company, Kohinoor CTNL Infrastructure.
The time-bound nature of the bankruptcy code, envisaging resolution within 180 to 270 days, would put enormous pressure on the existing judicial infrastructure.
RBI may be inclined to impose severe restrictions on lending in the coming quarters.
Nearly 700 of the 1,500 employees, who still claim to be on the payroll of the defunct airline, are women.
'Everyone knows that you including your son won't be able to spend all the wealth that you have earned then why not at least pay the salaries of your employees,' the letter said.
Vijay Mallya on Wednesday gave a proposal to the Supreme Court to repay around Rs 4,000 crore (Rs 40 billion) loan to banks by September this year.
The origin of the challenge is the so-called "fresh start" process. Many in the MFI industry apprehend that such a law in India will encourage small unsecured borrowers to default and destroy the credit culture. So, while'Fresh start' is a welcome step as it will free up the debtors from the archaic laws of the colonial era, debtors need handholding and counselling to prevent any misuse, says Tamal Bandyopadhyay.
The judge said the assets of the respondent company cannot be left under the control of UBHL and could be handed over to official liquidator to achieve the winding up process s per the law.
Some measures announced in Indradhanush -- a 7-point Modi plan to revamp State-owned banks but not completed -- may be taken up again.
A total of 4,452 cases have been disposed at pre-admission stage and 66 have been resolved after adjudication. 260 cases have been ordered for liquidation.
The insolvency and bankruptcy code will strengthen the hands of lenders to recover outstanding debts by setting a deadline of 180 days for companies to pay or face liquidation
The association also wondered how the brand value of Kingfisher was considered as a collateral while sanctioning a loan, and alleged that even when RBI knew that this was a "deliberate default", no action was taken by the banks.
The company contented before the tribunal that the amount was paid outside India.
Diageo may not be able to recover $135 mn loan from Mallya firm
The former liquor baron owes several banks a total of as much as Rs 9,000 crore
Only 40 per cent of the forensic information required was made available by PNB and as such, there is no way that one can put a cap on the total value of LoUs issued. He is the second Indian to be declared a fugitive economic offender, after liquor baron Vijay Mallya.
The scheme offers waiver of interest, penalty, and prosecution for settling tax disputes.
At a hearing before Master David Cook at the Queen's Bench Division of the court, Mallya's legal team sought a dismissal of the interim order.
In March this year, the banks tried to sell the Kingfisher House in Mumbai to recover a part of their dues.
The meeting will be attended by all heads and EDs of public sector banks
The summons was issued to Mallya under provisions of the Prevention of Money Laundering Act in connection with the IDBI case.
There are NPAs on account of the industrial downturn in sectors like steel, infrastructure and power.
Airbus recently bagged large orders from Indian airlines such as Indigo and Go Air.
The objections were filed after Airbus failed to repay Rs 196 crore, availed by the aircraft-making company on behalf of Mallya-controlled Kingfisher Airlines
Delhi-based Nilesh Sharma, among the first IPs, said while the framework is in the initial stage and might have teething trouble, the opportunity is immense in the long run.
The bankers also alleged that the Rs 594-crore claim at this point of time is a clear-cut tactics of UBHL to delay the process of justice, knowing fully well that the case is on the verge of disposal.
SBI has the highest exposure of Rs 1,600 crore to the beleaguered Kingfisher Airlines.
SBI approaches Karnataka HC to arrest Mallya, impound passport, disclose full assets
Lenders can now review a borrower account within 30 days of default. Earlier, the banks had to start resolution within one day of default.
India improved its rank on six out of the 10 parameters relating to starting and doing business in a country.
Judge Andrew Henshaw refused to overturn a worldwide order freezing Mallya's assets and upheld an Indian court's ruling that a consortium of 13 Indian banks were entitled to recover funds amounting to nearly $1.55 billion.
Embattled liquor baron Vijay Mallya, who lost his UK high court appeal against an extradition order to India, has said that he is "disappointed" with the ruling but will continue to seek legal remedies as advised by his legal team. The 64-year-old former Kingfisher Airlines boss reiterated that he has repeatedly offered to pay the Indian banks the loan amount owed by his now-defunct airline, an offer which the banks have rejected.
Vijay Mallya left India on March 2, presumably for London.
The ministry further told banks that "it would be prudent to take steps against guarantors immediately when no sign of revival is visible".
Nothing has ever been done to make bank officers accountable, except for the rare actions when there is a public controversy, argues Debashis Basu.
A roadmap for the consolidation of public sector banks will be outlined during the year.
The final hearing in the case at the London magistrate's court to extradite Mallya to India is scheduled later this month.
The court ruled that an interim debt order in favour of SBI and other banks seeking access to funds in the Mallya's ICICI UK bank account "should remain in force" but the application to make it final should be adjourned until after the hearing of his pending bankruptcy petition.
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