About 50 per cent of the accounts that availed of the EMI moratorium amid the pandemic, which made things worse in an already slowing economy, are expected to be restructured, and of these accounts that would undergo restructuring, one-third, or Rs 6-9 trillion, could turn into NPAs.
The economy can grow by 8.0 per cent if the government improves the public administration and delivery systems, carry forward legal reforms and implement policies promptly
Mired in corruption, politics and with a history of suicides by its hapless depositors, PMC Bank's revival is a challenge very different from Yes Bank and LVB, both for the regulator and the rescuer, observes Tamal Bandyopadhyay.
YES Bank said that it has not paid any bonus to Kapoor for FY17 and FY18. He drew a salary of Rs 6.48 crore for the ten months he served as MD & CEO, before his tenure ended in January.
In the aftermath of the PMC Bank mess which was in the RBI's highest rating of 'A' category, trustworthiness of these ratings may be up for a review.
the three investors that have submitted their final bids are not commercial banks. Among the three, one is a non-banking financial company. Another distinctive feature of the revival is that PMC may lose its cooperative bank characteristic after its reconstruction.
If Maratha activist Manoj Jarange Patil drops a hint of supporting or opposing a particular coalition on the eve of polling on November 20, things may change overnight.
LVB had faced some serious flak in terms of bad loans, earnings and credit rating downgrades, since 2016.
Former Reserve Bank of India Governor Bimal Jalan on Thursday ruled out the possibility of his becoming the next finance minister, saying he did not belong to any political party.
RRBs were formed under an Act to provide credit to small farmers, agricultural labourers and businesses in rural areas.
Of the three major Budget announcements related to the banking sector, privatisation of PSBs is the most audacious, says Tamal Bandyopadhyay.
Madhabi Puri Buch, the first female chairperson of Sebi, doesn't plan to rest on her laurels in her third and final year in office and has set out an ambitious goal, such as moving towards a same-day and instantaneous settlement cycle for the secondary market.
An executive director of a bank could, for example, be elevated to the post of chairman of a different bank.
'We can't have the best of both worlds -- large, efficient, world class government-owned banks, doing social banking and making profits. 'Why not set them free from the shackles of such obligations and run them as business units?' says Tamal Bandyopadhyay.
Invest with a 5 to 7 year horizon so that you are able to ride out price volatility and benefit from the long-term trends of demand and macroeconomic shifts.
Nowadays, our politics is habituated to sitting on a high pedestal, hobnobbing with world leaders, generating impressions of a superpower and returning to earth for the purpose of winning elections. In contrast, the yatra never left earth, observes Shyam G Menon.
IndusInd Bank had moved NCLT claiming default of Rs 83.08 crore against the media & entertainment firm. The petition, to initiate insolvency proceedings against ZEEL, has been filed under section 7 of the Insolvency & Bankruptcy Code (IBC).
The economy is slated to grow by 6.9 per cent in this fiscal backed by a robust 9.0 per cent growth in farm output, credit rating agency ICRA said on Monday.
EC received the RBI proposal in the first week of this month, soon after the model code of conduct came into force on March 5.
Jalan has unquestionably left an indelible mark on Mint Street.
Subsequent data revisions revealed that growth had not slowed that sharply.
Sources say given the complexity involved in the process of creating a holding company, which will ultimately be the parent company of banking and other businesses, banks are going slow in acquiring stakes in insurance arms or mutual funds of other lenders.
Prime Minister Narendra Modi on Friday claimed that the Congress and Samajwadi Party will run a bulldozer over the Ram temple if elected to power, and asked them to take 'tuition' from Uttar Pradesh Chief Minister Yogi Adityanath 'where to run bulldozers'.
'There are occasions when the prices of individual items like food raise inflation; then supply-side measures must be taken.' 'But if there is continued inflation, it means liquidity is aggravating the situation.'
Banks are allowed to invest up to 10 per cent of the paid-up or unit capital in Category-I or Category-II Alternative Investment Funds
Delhi faces a severe financial crunch and the deficit is largely due to numerous welfare schemes without adequate revenue flowing in. The success of welfare schemes and electoral promises will need careful financial planning and out of the box thinking to whip up additional revenue, notes Ramesh Menon.
Former RBI Governor Subbarao blamed Chidambaram for undermining the autonomy of RBI and putting pressure on him to cut interest rates.
India seamer Bhuvneshwar Kumar fetched a winning bid of Rs 10.75 crore from Royal Challengers Bengaluru on a largely predictable second day of the mega auction, in Jeddah on Monday.
Discussion paper fixes Rs 1,000 cr as minimum capital for these specialised banks
The RBI's reluctance to cut rates should be seen as a case of inability in the face of inflation.
RBI staff tell Governor Urjit Patel that the central bank's image of efficiency and independence has 'gone into smithereens in no time.'
Do not go for riskier options like co-operative bank only for the higher return. Even if you go for them, park only a small portion of your capital there, say Tinesh Bhasin and Sanjay Kumar Singh.
For all its claims to economic glory, the majority of India's population lives vulnerable lives, a situation that has only worsened over the past 15 years, to the extent that the government now fears to release economic data or even conduct a proper Census, notes Rathin Roy.
These businessmen represent the top five firms that have taken loans from the crisis-hit Yes Bank and these debts were either in the red or were stressed, officials said.
The panel will include Economic Affairs Secretary Subhash Chandra Garg and RBI Deputy Governor N S Vishwanathan.
Under Urjit Patel, the then RBI Governor, the central bank had a habit of making complete about-turns on various issues, including electoral bonds and digital payments, former finance secretary Subash Chandra Garg said in his book titled 'We Also Make Policy: An Insider's Account of How the Finance Ministry Functions.' Citing some instances of about-turns by the then RBI Governor Patel, Garg in his book said, RBI had done so on the electoral bond issue and it had so in case of setting up of Payments Regulatory Board (PRB). RBI also made unilateral decisions like ordering complete data localization for participation in the payment system, Garg wrote in the book which will hit the stands on October 1.
India is in a much better position to deal with the challenges related to growth and inflation, said Sanjiv Bajaj, president of industry body CII. According to official figures, India's retail inflation continues to remain above the Reserve Bank's tolerance level of 6 per cent since January, while the economic growth in the first quarter of the fiscal was 13.5 per cent, lower than the central bank's estimate of 16.2 per cent. "I don't want to say we don't have our own challenges with growth, with inflation but we are in a much better position and credit must go to everybody including the central and state governments.
Even as lenders are getting ready to send more companies to bankruptcy courts from this week, several old cases are still awaiting resolution with no clarity on the completion of the process. This includes some high profile cases from the first list of 40 companies including Videocon Industries, Bhushan Power and Steel and Lavasa Corporation, sent by the Reserve Bank of India (RBI) for resolution. The delay is mainly due to litigation and late clarifications by various government agencies including the Reserve Bank of India and litigation by the Enforcement Directorate.
