The fall was led by L&T, IndusInd Bank, PowerGrid, NTPC, TCS, ICICI Bank, Axis Bank, Hero MotoCorp, Bharti Airtel and SBI, declining up to 2.64 per cent.
According to ED sources Sunil Mehta said the fraud took place due to "systemic failure" and "procedural lapses", owing to lack of interface or proper links between the core banking software and the SWIFT interbank messaging system.
Over 25,600 cases of banking fraud reported up to December 21, 2017, says Minister RS Prasad.
Opinions vary, but fund managers remain bullish.
Share rises further to 73 per cent from 66 per cent last year; Some overseas i-banks seen scaling down operations
Manufacturers have implemented learnings from the past, but there's still a worrying macro-micro disconnect.
Companies, which missed out on listing earlier, are giving it another shot but with significantly-reduced issue sizes. In the recent past, companies such as TVS Supply Chain Solutions, Suraj Estate Developers, and ESAF Small Finance Bank have re-filed their draft red herring prospectuses (DRHPs) with the Securities and Exchange Board of India (Sebi). This came after they slashed their issue sizes by 20-60 per cent.
Other losers were Tata Motors, Bharti Airtel, HCL Tech and Bajaj Finance, shedding up to 3.51 per cent. The broader NSE Nifty too tumbled 73.50 points, or 0.63 per cent, to settle at 11,588.35.
Fraudsters duplicate SIM cards to hack into bank accounts.
In HDFC Life, the company has to pare 1.43 per cent, and in HDFC Ergo, it has to pare only 0.58 per cent.
The Covid winter seems to be finally ending for debt-oriented mutual fund (MF) schemes as interest rates peak, especially for those that invest in shorter-maturity papers. In the past two months, shorter-horizon debt schemes - ultra-short, low-duration, and money-market - have together raked in net inflows of Rs 48,000 crore, the highest for two months since April-May 2021. These schemes invest in shorter-maturity papers ranging from three months to a year.
The RBI wants to include shares and options within the variable salary of the CEOs, proposed to be capped at 200 per cent of their fixed salary; the floor for it is 50 per cent.
Apart from SBI, UPI 2.0 partner banks are HDFC Bank, Axis Bank, ICICI Bank, IDBI Bank, RBL Bank, YES Bank, Kotak Mahindra Bank, IndusInd Bank, Federal Bank and HSBC.
25,600 cases of banking fraud totalling Rs 1.79 billion were reported up to December 2017. 'There is an inherent legacy when it comes to insuring crime.' 'Generally, most banks are uncomfortable in sharing data about employee fraud.'
'If the RBI had done the right things, these mistakes would not have happened in banks, public or private,' says Ajay Shah.
Experts hail 2014 as the worst year for banks.
It makes sense to shift to a home loan provider offering a lower interest rate or make occasional prepayments by using bonuses or other windfalls, says Sanjay Kumar Singh.
In a career spanning over 29 years, Sharma has had a wide exposure across the entire spectrum of financial services and has held several leadership positions across various market-leading businesses, the bank said in a statement. Axis Bank is the third-largest private sector bank in India and its network spans across more than 840 offices and over 3,600 ATMs.
Backed by their strong physical presence across the country, UTI Mutual Fund and SBI Mutual Fund (MF) have managed to mobilise a higher proportion of their total assets under management (AUM) from towns and villages than their peers. Data compiled by Nuvama Institutional Equities shows that UTI MF and SBI MF are the only two major fund houses with over a fifth of their AUM coming from areas beyond the top 30 cities (referred to as B-30). UTI MF tops the chart with 23.8 per cent of its assets belonging to B-30 centres, followed by SBI MF with 21.2 per cent B-30 assets. The industry average stands at 17 per cent.
After months of negotiations, an entity owned by Pune-based property developer Panchshil Realty and US-based private equity (PE) company Blackstone has bought a majority stake in Express Towers.
The venue for Saturday's meeting was shifted at the last minute from the headquarters of the India Banks' Association in Cuffe Parade to avoid media glare.
AirAsia will expand its network across ASEAN.
Experts say the move will make matters worse for buyers, reports Karan Choudhury.
The meeting will be attended by all heads and EDs of public sector banks
Across Yes Bank branches, the busiest people were the relationship managers, trying to soothe nerves. Many were seen advising clients the situation was only temporary and that their money was safe.
PNB issued a formal appointment letter to Belgium-based consultancy firm BDO
Indian companies are now more confident about the execution skills of local banks.
The government is planning to extend the electronic modes of tax payment to its own payments platform, Unified Payments Interface (UPI), credit cards of banks, or even a mobile wallet like Paytm.
The payouts were 22 per cent lower than the previous year's tally of Rs 7,938 crore.
Tech Mahindra was the top gainer in the Sensex pack, jumping over 5 per cent, followed by Bajaj Finance, Bharti Airtel, Bajaj Finserv, L&T, Tata Steel and Infosys. NSE Nifty surged 191.95 points to 15,824.05.
Banks have issues with their balance sheet profiles, say PSB executives.
Rush to offload bad loans indicates a revival in asset-sale market
'I find the RBI edict to the Kotak Mahindra Bank to reduce Uday Kotak's shareholding very unreasonable,' says Sudhir Bisht.
Chanda Kochhar is among the three Indians in Time's Most Influential list.
It is to keep labour unions away and make the employees feel important.
She pocketed Rs 9.12 crore as remuneration in FY16
R C Bhargava, Kiran Mazumdar-Shaw & Dinesh K Sarraf are other members of the business delegation
A 2019 investigation of Bombay Dyeing by market regulator Sebi has put a brake on the initial public offering process of sister company Go Air. The Wadia group-owned low cost airline had earlier planned to launch the IPO to raise Rs 3,600 crore by August, but may be forced to postpone it by a month or two as Sebi completes its investigation.
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