Over 25,600 cases of banking fraud reported up to December 21, 2017, says Minister RS Prasad.
UBI's exposure to Kingfisher Airlines was around Rs 350 crore (Rs 3.50 billion) as part of consortium led by State Bank of India.
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
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.
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.
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 impact of the banking crisis in the US was visible in IT bellwether Tata Consultancy Services' (TCS) weak performance in the March quarter of fiscal 2023 (Q4FY23). The firm witnessed slower revenue growth in Q4FY23 and failed to meet its FY23 exit Ebit margin of 25 per cent as some clients, especially in the North American region, took to pausing projects and rising onsite costs offset utilisation gains. Sequentially, the company's revenue grew by just 0.6 per cent on a constant currency basis, which was one of the slowest paces in over 11 quarters.
First case filed after new norms come into force, NCLT admits plea.
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.
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.
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.
RBI had asked banks to price fixed rate loans of up to three years based on marginal cost of funds from April 1
The consortium led by SBI has also initiated the process of recovery.
The share of listed public sector undertakings (PSUs) in the overall market capitalisation has hit a three-year high of 11.4 per cent. This comes on the back of the sharp outperformance of the PSU pack over the past two years. In 2021 and 2022, the BSE PSU index gained 41 per cent and 23 per cent, respectively. Market participants said a combination of factors like value buying and bullishness, particularly in public sector banks (PSBs), were the reason for the improved prospects.
Ratnagiri Gas & Power Pvt Ltd, in charge of Dabhol assets since 2005, has admitted it is passing through a difficult phase in the absence of gas allocation and low recovery of dues from the Maharashtra State Electricity Distribution Company.
The 17-lender consortium, led by State Bank of India had put on auction the property with a reserve price of Rs 115 crore, which was 15% less than the second auction of the property held in August
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.
'I'm pitching India for the strengths we offer, including the English language, engineers, doctors, nurses, professionals, innovative talent of startups.'
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.
Half a dozen stocks from the large-cap universe and over two dozen from the mid-cap universe have been replaced.
Bankers have hailed the Prime Minister's call to end "financial untouchability" and opened millions of accounts on the inaugural day itself.
After the August 10 deadline, South American conglomerate Synergy Group Corp reportedly evinced interest in the airline, forcing the RP to seek lenders' nod to extend the deadline to August 31. The Synergy Group owns a majority in Colombian carrier Avianca Holdings, which has a codeshare partnership with the state-run Air India.
The Ethics Committee of Rajya Sabha headed by veteran Congress leader Karan Singh, decided to give Mallya one week time to explain his conduct.
Valuers have found almost no assets to pay for their claims against the Videocon group that entered the insolvency process in 2018. But the dissenters suggest that the money is elsewhere, possibly in the group's oil and gas assets, which are not part of the group's bankruptcy case.
The value of transactions through debit and credit cards used at the PoS fell to Rs 64,200 cr in February
SBI has the highest exposure of Rs 1,600 crore to the beleaguered Kingfisher Airlines.
Naresh Goyal-owned group companies, including the airline's general sales agent in India and abroad, and a car rental firm, are among those who have filed claims.
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.
UB Group Chairman Vijay Mallya is no longer a member of India's 100 Richest club, even as fortunes of the country's uber-rich have seen a significant growth since last year.
Vijay Mallya left India on March 2, presumably for London.
'Flush with funds, lending became a cash management exercise.' 'Road projects, power generation plants, airports etc were financed left and right with apparently no regard for the projects' ability to repay,' explains S Muralidharan, former managing director, BNP Paribas.
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.
Given the pressure from India Inc and the banking fraternity, it is surmised that the portfolio rejig will take place before April.
Mallya has lived on the edge for long enough to know that his extradition from UK is not a given, says N Sundaresha Subramanian.
Industrial Development Bank of India will hire about 1,000 finance professionals over the next few months to meet business expansion needs and also bridge the skills and experience gaps resulting from attrition.
Probe agency to set up special software to probe money trail in the case.
The finance ministry is not in favour of providing further budgetary support to ailing IFCI, but is considering a proposal to restructure the oldest financial institution and then merge it with a major bank or FI other than IDBI.
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.
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