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.
Accusing the Centre of setting a new trend of playing "dirty politics" for votes through the budget, an editorial in Sena mouthpiece 'Saamana' said the allocation of more funds to poll-bound states is a kind of "bribery".
Prime Minister Narendra Modi on Tuesday asserted that there is a "huge difference" between pre- and post-2014 India, saying the country is now moving ahead at an "unprecedented speed and scale" as he showcased the achievements of his term in power to the Indian diaspora in Indonesia.
A total of 25 companies raised Rs 28,220 crore during the financial year.
If the interest rate on bank deposits is linked to any external benchmark, it would jeopardise the banks' fund-raising ability. Interest rates on small savings schemes are likely to be reduced very shortly, to maintain parity. All these steps would indeed affect retired people, and particularly those dependent on interest income, says Arindam Gupta.
In absolute terms, the outstanding book value of NPAs of LIC in the debt portfolio across life, pension and unit-linked funds is to the tune of Rs 32,685.39 crore at the end of December 2019.
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As home deals are down to a trickle, most are looking at life beyond broking.
Some initial reactions to Prime Minister Narendra Modi's announcement of demonetisation of Rs 1,000 and Rs 500 notes with effect from midnight.
For the wealthy, post-tax returns of debt funds would work out better
After a hiatus of nearly two decades, the government's programme to privatise state-owned firms restarted with the handing over of debt-laden national carrier Air India to the Tata Group. With the new owner shelling out Rs 18,000 crore for the buyout of the 'Maharaja', this would be the highest-ever amount garnered through privatisation, and is even more than the cumulative sum mopped up through strategic sales from 1999-00 to 2003-04. The government had in October last year inked the share purchase agreement with the Tata Group for sale of national carrier Air India for Rs 18,000 crore. Tatas would pay Rs 2,700 crore cash and take over Rs 15,300 crore of the airline's debt.
Sri Lanka's former finance minister Basil Rajapaksa, who is the youngest brother of President Gotabaya Rajapaksa, was stopped from boarding a flight to Dubai on Monday evening, local media reported.
Isn't it time to review the 'fit and proper' criteria for banking licence, particularly with reference to individuals applying for it, asks Tamal Bandyopadhyay?
With the new owner shelling out Rs 18,000 crore for the buyout of 'Maharaja' this would be the highest ever amount garnered through privatisation or even the cumulative sum garnered through strategic sale in 1999-00 to 2003-04. The government had garnered roughly over Rs 5,000 crore during that five-year period by privatising 10 CPSEs.
Lenders have lined up a number of home loan products that can fit every aspirant's annual income.
The services sector, which plays the biggest role in shaping the economy, is facing loads of issues currently. The largest segments, financial and real estate, are struggling to cope with bad debts and low demand for houses.
Their number is dwindling, but single-screens believe they have a place in the entertainment space
The three main regulators have different approaches to grievance redressal and different standards to stop harmful from coming pitched at the consumer.
The RBI on Friday said it will give banks Rs 1 trillion through targeted long-term repo operations (TLTROs), of up to three-year maturity, to deploy in "investment-grade corporate bonds, commercial paper, and non-convertible debentures over and above the outstanding level of their investments in these bonds as of March 27, 2020."
The government on Friday notified the rules for insolvency and liquidation proceedings of financial service providers (FSPs). These rules, notified by the ministry of corporate affairs, will not be applicable to banks, reports Ruchika Chitravanshi.
According to the report, financial assets of the Indian households are predominantly in the form of bank deposits, followed by life insurance - a pattern that got disrupted after note ban
The repo rate has been left unchanged at 4 per cent, Governor Shaktikanta Das said while announcing the decisions taken by the central bank's MPC.
Do you aspire to purchase a house? Are you depending upon a bank or housing finance company to fund your needs? Is the same rate of interest charged by two different lenders confusing you? You are at the right place.
As a consensus remains elusive on key economic policies like foreign investment norms, industry leader Deepak Parekh has said India's FDI policy is akin to 'inviting guests over to our house, but not opening the door'.
'Defence and aerospace show huge potential thanks to the government's Make in India push.'
A well-run non-banking company has better margins than a bank, but the objective of setting up Ujjivan was to provide comprehensive financial inclusion, Ujjivan Small Finance Bank MD & CEO Samit Ghosh tells Anup Roy in an interview.
'The government is encouraging consumption through fiscal spending in a bid to push up economic growth in the face of a slowdown in corporate investment and exports.'
Investors booked profits at higher levels after the Sensex and Nifty hit all-time highs in the previous session.
Delivering a public speech hours after the RBI launched a rescue act for Yes Bank on March 6, Governor Shaktikanta Das reiterated the RBI's affirmation to do whatever was needed to combat the coronavirus impact. On that day, India had only one confirmed COVID-19 infection, the World Health Organisation was five days off from declaring it as a pandemic and the financially debilitating lockdowns were not even on the horizon. Das' promise on efforts to mitigate COVID-19 impact appeared as a footnote in news reports from the event.
'India is still a cash economy.' 'For a common household, almost everything from grocery to maid services is paid in cash.' 'The demonetised notes account for 85 per cent of the currency in circulation.' 'Until fresh notes flow back into the economy, day-to-day transactions ordinarily done in cash will be impacted.'
With a loan book of $268 billion, India's retail banking is now ahead of Russia, Malaysia and Mexico but behind China, Brazil and Thailand
When an NRI returns to India, he should be aware of his tax residency status.
Navratri and Onam saw flat sales, but industry hopes to turn the corner with a cracker of a Diwali.
Wipro, Steel Authority of India, HDFC Bank, Mahanagar Telephone Nigam, Bharat Heavy Electricals and Reliance Commnications among companies reporting a decline in headcount in FY17.
To help the country emerge as a true welfare State, political parties must put the country's interests first before strategising to win elections and short-term goals, argues Ramesh Menon.
If convicted, each defendant faces a maximum penalty of 30 years.
'MFs have a combined exposure of Rs 3.2 lakh crore to NBFCs, out of which Rs 1.1 lakh crore matures by September 2019.'
Indians face COVID-19 with record debt, stalled income.
Private equity (PE) is set to play a bigger role in banks. Of 21 recommendations accepted by the Reserve Bank of India (RBI) out of 31 made by its Internal Working Group (IWG), its stance on non-promoter holdings in private banks is seen with excitement, though it doesn't refer to PEs explicitly. On non-promoter holdings in these banks, the RBI said this will be capped at 10 per cent of the paid-up voting equity share capital in the case "of natural persons and non-financial institutions and entities"; and "at 15 per cent for all categories of financial institutions, entities, supranational institutions, public sector undertaking, or the government." While this is a modification of the IWG's stance for the non-promoter holding in banks at up to 15 per cent, it does open up a huge window for PEs, all the same. This is because, while the RBI has remained silent on the eligibility of industrial houses for bank licences, fresh high-quality capital in large amounts can only come from PEs.
Asked to comment on the raids, Sitharaman spoke of the 2013 raids not being an issue and they suddenly become one now.
About 11 entities may be charged in the first charge sheet in the case, the sources said without elaborating on the issue.
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