Finance Minister Nirmala Sitharaman's Rs 30,600 crore government guarantee for the bad bank has changed the body language of bankers for the better, observes Tamal Bandyopadhyay.
The government has merged the Department of Public Enterprises (DPE) with the finance ministry to give it a better control over state-owned firms and facilitate its ambitious privatisation programme. Finance ministry will now have six departments while DPE's hereto parent ministry, the ministry of heavy industries and public enterprises will now be called the ministry of heavy industries. Previously, the disinvestment ministry - created under the Atal Bihari Vajpayee government - was merged with the finance ministry and is now a department under it. Also, Foreign Investment Promotion Board (FIPB) was abolished and administration of foreign investments was given to the finance ministry (FinMin).
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.
The divestment process, however, will not be an easy affair as there are multiple stakeholders, including the employee unions, whose concerns will have to be addressed.
The time is ripe for a merger of eight fund houses indirectly owned and controlled by the central government, says N Sundaresha Subramanian.
First case filed after new norms come into force, NCLT admits plea.
Seed and early-stage start-ups are high-risk businesses, rarely have collateral and only 1 in 10 of them makes it to becoming a viable company.
Despite gold prices hitting record highs, analysts aren't gung-ho about the outlook for gold financiers Muthoot Finance and Manappuram Finance. This, they said, was due to intense competition from banks, coupled with stagnating loan books and likely pressure on margins.
Mallya has lived on the edge for long enough to know that his extradition from UK is not a given, says N Sundaresha Subramanian.
Bankers have hailed the Prime Minister's call to end "financial untouchability" and opened millions of accounts on the inaugural day itself.
'Like doctors, health workers, police, bankers are also COVID warriors,' notes Tamal Bandyopadhyay.
The government on Wednesday announced the appointment of veteran banker K V Kamath as chairperson of the newly set up Rs 20,000 crore development finance institution NaBFID to catalyse investment in the funds-starved infrastructure sector. Parliament had in March cleared the National Bank for Financing Infrastructure and Development (NaBFID) Bill 2021 to support the development of long-term non-recourse infrastructure financing in India, including the development of the bonds and derivatives markets necessary for infrastructure financing.
Over 25,600 cases of banking fraud reported up to December 21, 2017, says Minister RS Prasad.
'The 5.7% growth in the April-June period is an aberration because of GST.' 'Business activity in the last 15 days of the quarter was minimal or zero.'
Sundararaman Ramamurthy has been an interesting choice for the publicly-listed BSE, which has seen its chief move to bigger rival -- the National Stock Exchange (NSE) -- in July. Having spent nearly two decades at the country's largest bourse, Ramamurthy is among the early architects of NSE and understands all the cogs of the exchange wheel like only a few others in the country. Just like NSE's core team, which includes its founder RH Patil, the 59-year-old Ramamurthy has worked at the Industrial Development Bank of India (IDBI) before moving to NSE in 1995.
The value of transactions through debit and credit cards used at the PoS fell to Rs 64,200 cr in February
Once these banks start showing losses, they will not be able to pay dividends to the government nor pay taxes, which will further aggravate the situation for the government as its return on investment as an investor would be very negligible for the next few years, says M V Subramanian.
Heads of various public and private sector banks on Thursday sought to present a counter-narrative on RBI Governor Shaktikanta Das warning lenders about the perils of extreme risk aversion in the pandemic-stricken environment where credit demand is on the wane.
Infosys, Bharti Airtel and ICICI Bank are the only companies who have managed to score 100% on a Composite Disclosure Index
If there were an Olympics for bank frauds in India, Rishi Agarwal, founder and former chairman of ABG Shipyard Ltd, a nephew of the Ruia brothers of the Essar group, would bag the gold, pushing Nirav Modi to his right, says Tamal Bandyopadhyay.
With huge liquidity in the money market, partly contributed by capital flows, the interest rates are expected to soften in the short term, according to Industrial Development Bank of India chairman V P Shetty.
'I'm pitching India for the strengths we offer, including the English language, engineers, doctors, nurses, professionals, innovative talent of startups.'
BoB now has over 9,500 branches, 13,400 ATMs, 85,000 employees to serve 12 crore customers.
HDFC Bank, the country's second-largest private sector bank, has cut its base rate by 15 basis points (bps) to 9.70 per cent.
India's five leading wilful defaulters are Winsome Diamonds & Jewellery Ltd and associate Forever Precious Jewellery & Diamonds, Zoom Developers, Kingfisher Airlines, Beta Naphthol and Raza Textiles
Given the pressure from India Inc and the banking fraternity, it is surmised that the portfolio rejig will take place before April.
To provide exporters/importers greater flexibility in risk management, RBI enhanced the limit available to exporters to 50 per cent
Financial shares were the top losers.
Prime Minister Narendra Modi on Wednesday said the government has no business to be in business and his administration is committed to privatising all PSUs barring the bare minimum in four strategic sectors. "It is government's duty to support enterprises and businesses. But it is not essential that it should own and run enterprises," he said. Modi also said the Centre's policy is to either monetise or modernise public sector enterprises, with the intent that the government has "no business to be in business".
In his first comments after resigning as RBI governor on December 10 last year amid sharp differences with the government, Patel said banks indulged in over-lending, while the government did not "fully play" its role, and also conceded that the regulator should have acted earlier.
Following are certain important things that lenders consider while processing loans to self-employed...
'SBI is already too big. Too big to fail.' 'It already is a moral hazard. What will it do with 20,000 branches that it cannot do with 14,000, especially in these days of online and mobile banking?'
You can gift your sister a Women Special Credit Card, which is not only loaded with exciting rewards for women, but they are also your sister's first step towards a better credit management.
Top 5 losers include Lupin, Cipla, Sun Pharma, Dr Reddy's Lab and GAIL down 1.6%-11%.
Traders believe the RBI will step in more strongly, if the rupee starts falling towards 65
RBI's steps will prevent rupee from slipping, even if OMCs meet entire $ demand from market
With the lockdown being eased gradually, providing more and more digital solutions, for service delivery and procurement of new policies, is what the corporation is focussing on.
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