Siva group defaulted on payment in 2016 and is also facing CBI investigation
The S&P BSE Sensex shed 42 points to close at 25,838 and the Nifty50 lost 13 points to end at 7,899.
The government can also individually exempt the PSBs, that are to be privatisated from the two Bank Nationalisation Acts. This will bring such lenders under Banking Regulation Act, and make them companies, reports Nikunj Ohri.
Financials were the top losers after sharp gains in the previous session along with ITC
Reports have suggested Rs 400-650 as the possible IPO price
The stimulus measures include extension of the 90-day moratorium on recognition of impaired loans to 180 days, in addition to several relaxations in bank lending limits, including allowing banks to fund interest on working capital loans.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Since 2014, the public sector banks' branch network in rural and semi urban has grown by a mere 4,000 while for private sector banks, it doubled from 9,673 to 18,437.
Global cues lift Sensex 364 points; Nifty ends above 8,650.
While a DFI will help banks derisk their loan portfolios, creation of a bad bank will clean up their balance sheets.
The regulatory actions, undertaken by the RBI and the government, came hours after finance ministry sources confirmed that SBI was directed to bail out the troubled lender. For the next month, Yes Bank will led by the RBI-appointed administrator Prashant Kumar, an ex-chief financial officer of SBI.
After removing three PSBs - BoI, Mahabank and OBC from the framework, RBI, on Tuesday, took out three commercial banks - Allahabad, Corporation and Dhanlaxmi from the said list.
For development finance institution to succeed now, the government must stand like a rock behind it and be patient.
Sources say given the complexity involved in the process of creating a holding company, which will ultimately be the parent company of banking and other businesses, banks are going slow in acquiring stakes in insurance arms or mutual funds of other lenders.
Sensex surged 486 points or 1.9%.
The rot is is not limited to Chitra Ramkrishna and the yogi, observed Debashis Basu.
Though the developments are positive, analysts say the benefits will accrue only in the long run
BSE Auto was the top sectoral loser with a 4.6% fall followed by realty sector down 3.7% and consumer durables 3.6% post disappointing IIP numbers
Analysts expect the indices to dip further if the global macros do not stabilise
The Sensex has hit its lowest level since August 29, 2016 whereas the Nifty hit its lowest level since Sep 12, 2016
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
Investors in LIC's insurance and other schemes are receiving a lower rate of return because LIC is subsidising incompetence at best and malfeasance at worst in institutions such as IDBI Bank and IL&FS, says Jaimini Bhagwati.
Auto stocks are weighing on the indices.
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.
Out of these seven PSBs, Bank of India is likely to get the highest amount of Rs 10,086 crore, followed by Oriental Bank of Commerce, which might get Rs 5,500 crore through recapitalisation bonds
Participants will watch out for the Brexit poll outcome in the late morning trades tomorrow.
PSU divestment, LIC IPO, fiscal deficit: Budget 2021 marks a clear change in the Modi government's stance from fiscal conservatism to growth orientation.
Tata Steel and Tata Chemicals under investor watch
'The snakes and ladders game will continue till the consolidation process is complete simply because we don't know how bad the scene is, with some of the banks being merged,' says Tamal Bandyopadhyay.
The S&P BSE Sensex ended up 28 points at 25,844 and the Nifty50 ended flat at 7,915.
The S&P BSE Sensex ended down 371 points at 24,966 and the Nifty50 closed 101 points lower at 7,615.
The outcome is beyond the market's expectation and will be a sentimental boost, say analysts.
The banks also received a warning from the rating agency Care, in February 2016, after Firestar's financials deteriorated.
Country's largest insurer LIC and four leading banks, including the IDBI Bank, may invest around Rs 161 crore (Rs 1.6 billion) in Videocon Industries to fuel its expansion programme.
The choice clearly is between prompt corrective action and slow but sure destruction, says Tamal Bandyopadhyay.
The BSE Midcap ended up 0.5% while the Smallcap index ended nearly 1% higher
'Today, bankers don't want to take risks as the good decisions taken by them were not protected.' 'There is risk involved in all decisions, like businessmen taking risks in their businesses.' 'A banker must have taken a decision when the economic condition was different, and you cannot question him on the basis of the present situation in hindsight.' 'Naturally, this has affected the morale of bankers.'
Nifty 50 firms' net profit estimated to grow by a modest 3.1% in Q2, reports Krishna Kant.
Move to help India Inc access funds in the absence of foreign funds.
Liquor tycoon Vijay Mallya on Friday made an urgent application before the UK High Court seeking access to millions of pounds to cover his living expenses and legal fees from funds held with the Court Funds Office as part of bankruptcy proceedings, initiated by a consortium of Indian banks led by the State Bank of India. Deputy Insolvency and Companies Court Judge Robert Schaffer declined to allow a draw down from the court-held funds of an estimated amount of around 1.5 million pounds, accrued from the sale of Mallya's French luxury property Le Grand Jardin earlier this year, until further arguments in the case. However, he did allow the release of 240,000 pounds plus VAT to cover the legal costs of a substantive hearing in the bankruptcy proceedings scheduled for next Friday.
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