Ulhas Joshi, Head -- Sales, 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.
Before the start of each of the four races at the Jawaharlal Nehru Stadium, Tendulkar did 10 push-ups as part of the #KeepMoving Push-up Challenge and urged the runners to join him in the exercise.
Having missed touring India during his cricket career, former Australian fast bowler Jeff Thomson arrived in Mumbai early this morning to impart his knowledge to Mumbai pace bowlers through a joint initiative by MCA and IDBI Federal Life Insurance.
After a hiatus of nearly two decades, the government's programme to privatise state-owned firms restarted with the handing over of debt-laden national carrier Air India to the Tata Group. With the new owner shelling out Rs 18,000 crore for the buyout of the 'Maharaja', this would be the highest-ever amount garnered through privatisation, and is even more than the cumulative sum mopped up through strategic sales from 1999-00 to 2003-04. The government had in October last year inked the share purchase agreement with the Tata Group for sale of national carrier Air India for Rs 18,000 crore. Tatas would pay Rs 2,700 crore cash and take over Rs 15,300 crore of the airline's debt.
Industrial Development Bank of India has posted a net profit of Rs 400 million for the quarter ended December 31, 2002 as compared to a net profit of Rs 350 million in the quarter ended December 31,2001.
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.
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.
'The business continuity clause will mean the Tatas will have to keep running the airline for three years, and cannot exit the flying business.'
The cases pertain to State Bank of India, Punjab National Bank, Andhra Bank, Oriental Bank of Commerce, Indian Overseas Bank, Allahabad Bank, Canara Bank, Dena Bank, Punjab and Sind Bank, Central Bank of India, Union Bank of India, IDBI Bank, Bank of Baroda, Bank of Maharashtra and Bank of India.
With the new owner shelling out Rs 18,000 crore for the buyout of 'Maharaja' this would be the highest ever amount garnered through privatisation or even the cumulative sum garnered through strategic sale in 1999-00 to 2003-04. The government had garnered roughly over Rs 5,000 crore during that five-year period by privatising 10 CPSEs.
State-run IDBI Bank is one of Kingfisher's more than a dozen creditor banks.
The finance ministry has asked public sector banks (PSBs) to postpone the annual exercise of promoting and transferring their staff in the wake of the Covid-19 pandemic. The advisory issued by the Department of Financial Services (DFS) states that the promotion process has coincided with a spike in Covid-19 cases across the country along with localised lockdowns and an increase in micro-containment zones. As there are cases of bank employees or their family members being hospitalised due to Covid-19, bank, insurance companies and financial institutions must take cognizance of the issue, the advisory issued by DFS said.
While Raghunathan is a named accused in the CBI's case registered in October last year, Nedungadi had resigned recently from the post of CFO of the UB group.
Piramal Enterprises' bid for debt-ridden DHFL received the most votes from lenders at the close of the voting process on Friday, sources said. Piramal Enterprises' bid received 94 per cent votes as compared to 45 per cent for the US-based Oaktree Capital. Voting was done on various parameters, including qualitative and quantitative.
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.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Bankruptcy proceedings are going at a slower pace than what the bankers had envisaged and many cases have gone beyond the 270-day timeline set under the IBC mainly because of litigation.
'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.
Industrial Development Bank of India has posted a net profit of Rs 621.30 million (Rs 62.1 crore) for the quarter ended December 31, 2004 whereas the same was Rs 465.50 million (Rs 46.5 crore) for the quarter ended December 31, 2003.
Loans for Indian airlines have dried up as banks have become cautious to lend to the sector.
Currently, the enforcement officers are making seizures of assets directly and indirectly connected to offenders, including jewelers Nirav Modi and Mehul Choksi in the Punjab National Bank fraud and Vijay Mallya in the Rs 9,000-crore IDBI loan case.
Low home loan rates by banks could put large players in an advantageous position over smaller non-bank players, believe analysts.
Nationalisation has served its purpose. It's time to move ahead, keeping majority ownership of the government in a few banks to serve the people, argues Tamal Bandyopadhyay.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
Customers will not be able to conduct transactions in banks for 4 days in a row as they will be closed from Thursday in many states.
Late 'big bull' Harshad Mehta, largest car maker Maruti and liquor major Shaw Wallace are among top 20 corporate and individual income tax defaulters, Lok Sabha was informed on Friday.
This correction has given a good entry for long-term investors. One should buy quality stocks and those with growth potential.
SBI is likely to register more FIRs to bring into the ambit of probe the additional Rs 3,100 crore loans from 10 other nationalised banks on which the company has allegedly defaulted.
Stocks of public sector companies, especially the oil refining and marketing companies (OMCs) - Bharat Petroleum Corporation Limited (BPCL), Hindustan Petroleum Corporation Limited (HPCL) and Indian Oil Corporation Limited (IOC) - logged gains on Tuesday in a weak market. While the Nifty lost nearly 1 per cent in trade on Tuesday, the Nifty CPSE index - a gauge of performance of central public sector enterprises on the National Stock Exchange (NSE) - gained over 3 per cent in intra-day trade. The rally in PSU stocks comes on the back of the BPCL chairman, Arun Kumar Singh suggesting in the company's annual general meeting (AGM) on Monday that the government intends to complete the divestment process in the OMC by March 2022.
The opposition party questioned why the government took five years after the liquidation proceedings of ABG Shipyard to lodge an FIR in connection with the alleged duping of 28 banks.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Amendments would be required in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 for privatisation, sources said.
Armed with court order, a consortium of lenders led by SBI can now sell certain real estate properties and securities belonging to fugitive Vijay Mallya to recover loans turned bad with failure of Kingfisher Airlines. A consortium of 11 banks that gave Mallya loans, led by State Bank of India (SBI), had approached a special Prevention of Money Laundering Act (PMLA) court seeking restoration of his properties seized by the Enforcement Directorate. The special PMLA court in Mumbai on Tuesday allowed the restoration of properties worth Rs 5,646.54 crore to banks.
Embattled liquor baron Vijay Mallya, who lost his UK high court appeal against an extradition order to India, has said that he is "disappointed" with the ruling but will continue to seek legal remedies as advised by his legal team. The 64-year-old former Kingfisher Airlines boss reiterated that he has repeatedly offered to pay the Indian banks the loan amount owed by his now-defunct airline, an offer which the banks have rejected.
The airline had raised Rs 700 crore from the debt market through a non-convertible debenture issue and the same was up for interest payment or redemption on Thursday.
With the rise in interest rates, bond yields have been on the rise; this will dent banks' treasury profits. Also, many retail borrowers may find it difficult to service their loans when the loan rates rise, points out Tamal Bandyopadhyay.
