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.
Tag for defaults on nearly Rs 7,000 cr loans to long-grounded Kingfisher Airlines
High interest rate, policy uncertainty in the year of elections, along with risk aversion led to slow takeoff in credit demand on the corporate front.
Industrial Development Bank of India Ltd on Monday said it will enter into a memorandum of understanding with Netherlands-based Fortis Insurance International NV for setting up a joint venture company. \n
The next phase is when factors such as prison conditions in India are likely to take centre-stage.
It is understood that Vijay Mallya left the country for UK on March 2 using a diplomatic passport issued to him by virtue of him being a sitting Rajya Sabha Member of Parliament.
Banks have been struggling hard to recover dues from grounded Kingfisher Air.
Promising swift action on the debit card data compromise issue, Economic Affairs Secretary Shaktikanta Das on Friday said there was no need to panic over the feared security breach that affected over 32 lakh cards.
Financial shares were the top losers.
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.
The return of investor confidence in the equity markets is bringing some of the large companies back to the fund-raising table.
The banks used for the fraud include ING Vysya Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank, IndusInd Bank, Dhanlaxmi Bank, YES Bank and DCB Bank.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
The proclamation was issued by a special anti-money laundering court on June 14 under Section 82 of the Criminal Procedure Code
The enforcement agency had received queries from the Interpol to this effect in May last week.
RBI may also be open to injecting liquidity through open market purchases of bonds but is resisting relaxing capital buffers for banks.
The Bharatiya Janata Party regime will have to make good on this election slogan to restore state-owned banks to health, says Rajiv Lall.
The recent weakness of the rupee has been due to yuan's devaluation.
However, in the last few sessions, the stock of Mukesh Ambani-controlled Reliance Industries Limited (RIL), hit its 52-week low level of Rs 2269.75, and has been one of the worst performers among the Sensex pack thus far in calendar year 2023 (CY23). Thus far in CY23, RIL has tanked nearly 11 per cent as compared to a fall of around 5 per cent in the S&P BSE Sensex. The fall in the stock, according to Gaurang Shah, senior vice-president at Geojit Financial Services is mostly due to the overall dip in the market sentiment, which in turn has impacted large-caps, including RIL.
Infosys, Bharti Airtel and ICICI Bank are the only companies who have managed to score 100% on a Composite Disclosure Index
Beleaguered businessman Vijay Mallya had made at least four trips abroad before his controversial March 2 departure since a look-out notice was issued by CBI on October 16 last to know his movements.
Mixed global cues and decline in crude oil prices further dent the sentiments.
The company is pursuing the early scheduling of gas with the Centre to restart generation.
Why doesn't anybody ask the PSU State Bank of India under RTI on how much they are spending on legal fees trying to recover money from me in the UK when I have offered 100 per cent payback in India, asked Mallya.
With the disruption caused by the second wave of Covid-19 pandemic, the 'fear of unknown' is looming over the government's privatisation drive. Although there is a lot of uncertainty and unpredictability on how things will unfold, the government is hopeful of completing the transactions listed in the Budget with a delay of one to two months, said a top government official. However, "there are many unknown factors now, and we do not know whether there could be a third wave. But we are trying to carry on with our work", the official said." Since there is a lot of uncertainty, the estimates will have to be revised as rating agencies are revising their outlook for growth.
Analysts attribute this fall to the recent moderation in energy (mainly crude oil) and commodity prices, lowering of input costs for companies in sectors such as FMCG, consumer durables, and automobiles, reports Krishna Kant.
ED had earlier issued summons to Mallya for "personal appearance" on March 18 under the provisions of the Prevention of Money Laundering Act (PMLA).
The brand new bankruptcy process is being brazenly gamed by those with connections and money. The touts and fixers of the previous regime have been replaced by a new set close to this one, observes Debashis Basu.
Following are certain important things that lenders consider while processing loans to self-employed...
Bank of India, Canara Bank, Dena Bank, Corporation Bank and Andhra Bank are among the lenders that received capital infusion from the government.
The challenges before the government, he said, is to put public sector banks back on track and continue to operationalise stalled infrastructure projects
'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?'
The sharp correction in equity markets has taken a toll on mid-and-small cap stocks that have underperformed their large-cap peers. Thus far in calendar year 2022 (CY22), the mid-and-small cap indexes on the BSE have slipped over 8 per cent and 7 per cent respectively, as compared to a fall of around 6 per cent in the S&P BSE Sensex. While investors dumped mid-and small-cap stocks as the markets remained choppy over the past few weeks, analysts still expect these two segments to see good investor interest from a medium-to-long term perspective.
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".
Top 5 losers include Lupin, Cipla, Sun Pharma, Dr Reddy's Lab and GAIL down 1.6%-11%.
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.
The judge, during arguments, said it was "blindingly obvious" that "rules were broken by the bank" and that they had "gone against their own guidelines" in extending a loan to the business tycoon's now defunct Kingfisher Airlines.
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