A jeweller has been arrested in Haryana in connection with a Rs 590 crore fraud at IDFC First Bank. The investigation revealed that over Rs 250 crore was routed to the jeweller's firm from companies linked to the accused.
The CBI has conducted searches across Chandigarh, Panchkula, and Delhi-NCR in connection with an alleged Rs 661 crore fraud involving the siphoning of government funds from Haryana government departments and the Chandigarh administration. The probe targets public servants, bank officials, and a private consultancy, with a chargesheet already filed against some accused.
Haryana State Vigilance and Anti-Corruption Bureau arrests 11 individuals, including bank employees and a government official, in connection with a fraud case involving IDFC First Bank and the illegal diversion of government funds.
The Enforcement Directorate has frozen 90 bank accounts following searches related to the alleged siphoning of Rs 590 crore of Haryana government funds through IDFC First Bank, involving shell companies and bogus billing for gold purchases.
The asymmetry in deposit and credit growth is the biggest challenge before the Indian banking industry. For every 100 deposit that a bank mobilises, it needs to keep 3 with the banking regulator in the form of cash reserve ratio on which it doesn't earn any interest. Another 18 is used for buying government bonds (statutory liquidity ratio). This means, a bank is left with 79 for giving credit. Add to this, its capital which can be used for giving loans. Most banks are facing a fund crunch. They need to find ways to attract deposits if they want to sustain credit growth, explains Tamal Bandyopadhyay.
The Enforcement Directorate (ED) has arrested a real estate businessman in connection with the alleged embezzlement of Rs 645 crore from bank accounts linked to the Haryana government, Chandigarh administration, and private schools.
The CBI has registered an FIR to investigate the alleged embezzlement of 550 crore from Haryana government accounts held with IDFC First Bank, following a referral from the state government.
The previous largest weekly decline was recorded in the week ended November 15, 2024.
But selectively, with regulatory scrutiny and special approval, points out Tamal Bandyopadhyay.
Private-sector lender Federal Bank on Friday announced that New York-based Blackstone will invest Rs 6,196.51 crore in the bank through its affiliate Asia II Topco XIII Pte Ltd via a preferential issue on a private placement basis.
Net NPAs increased to Rs 36,260 crore in the December quarter from Rs 34,843 crore in September and Rs 33,116 crore in December 2023, observes Tamal Bandyopadhyay.
Telecom Watchdog, a Delhi-based NGO, has alleged that IDFC misused funds from the India Development Fund to fund transactions in Hutch Essar Ltd.
Private sector lender Bandhan Bank on Friday said its founder, managing director and CEO Chandra Shekhar Ghosh has tendered his resignation. Ghosh would retire from the services of the bank as MD and CEO upon completion of his current tenure on July 9, 2024, the bank said in a regulatory filing. "After leading the bank for almost a decade, including three consecutive tenures as MD & CEO, I feel that the time has now come for me to assume a larger strategic role at Bandhan group level," Ghosh said in a letter addressed to the board.
Privately, many bankers admit their immediate goal is not growth but slowing the erosion of Casa deposits, reveals Tamal Bandyopadhyay.
Corporate India is busy restructuring - through mergers, demergers and splits. That seems to be the new normal as CXOs and boards brainstorm on how to create assets and value. The pitch rose significantly during the third quarter of this financial year (FY24), translating into $32.9-billion worth of such deals - the highest quarterly total since the HDFC Bank-HDFC merger announced in FY22 Q2.
As the fight for deposits intensifies, the cost of money will rise and the margin will be under further pressure, points out Tamal Bandyopadhyay.
Infrastructure Development Finance Company Ltd managing director and chief executive officer Rajiv B Lall has sold 4.50 lakh (450,000) shares of the company for over Rs 6.3 crore (Rs 63 million) in an open market transaction.
Gautam Adani-owned Adani Ports and Special Economic Zone (APSEZ) will replace IT major Wipro in the 30-share BSE Sensex from June 24, according to an official announcement on Friday. This marks the first inclusion of any Adani Group firm in Sensex. The group has 10 listed firms with a combined market valuation surpassing Rs 17 lakh crore.
The cost of deposits is on the rise, but banks can't raise interest rate on close to 60% of their loan books, points out Tamal Bandyopadhyay.
>It's not easy to predict the market. But there are at least two positive factors to back the PSU banks, explains Tamal Bandyopadhyay.
AIBEA said that on April 19 its officer bearers would meet in Punjab to decide the next course of action.
On Wednesday, the court approved revision in toll rates at the gate in Manesar. Subsequently, the road ministry gave a nod to an 80 per cent rise in toll rates.
FIPB has deferred 18 proposals.
It won't be easy for the banking sector to better its performance every quarter, predicts Tamal Bandyopadhyay.
Ajit Mishra, vice president, research, Religare Broking, answers your stockmarket queries.
'Is it advisable to have more number of scrips in small quantities or a few scrips in big quantities?'
It may be a 'no-go' for banking licences to large industrial houses.
Unlike any other business, banking is a turf where the captain's role is the most critical. Often a bank is defined by the personality of the CEO who runs it. Both HDFC Bank and Kotak Mahindra Bank are the creation of their CEOs, notes Tamal Bandyopadhyay.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
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.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Licence winners are expected to be announced by the first quarter of 2014.
Market participants attribute the stability to the Reserve Bank of India's timely intervention in the foreign exchange market, both in terms of selling and buying dollars.
The drop in net interest margin will separate the men from the boys, explains Tamal Bandyopadhyay.
If the banks throw caution to the winds for building loan books, the hydra-headed bad loans may resurface and spoil the party, warns Tamal Bandyopadhyay.
The Securities and Exchange Board of India on Thursday said it has unearthed yet another IPO scam in the public issue of shares of Infrastructure Development Finance Company Ltd.
We'll need to wait a couple of years to see how many restructured loans turn bad and whether some banks fall victim to their obsession for growth, explains Tamal Bandyopadhyay.
The resistance to Lodha panel reforms remains deep rooted in the Board of Control for Cricket in India.
Standard and Poor's raised the outlook for India's "BBB-minus" rating back to "stable" from 'negative,' saying Prime Minister Narendra Modi government's 'strong' mandate would allow it to implement fiscal and economic reforms.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
