Private-sector lender IndusInd Bank had said the Serious Fraud Investigation Office (SFIO) interacted with its officials this week and would send a written communication seeking specific details related to the accounting discrepancies identified at the bank.
The sales of company shares by 5 senior executives have come under scrutiny as IndusInd shares declined over 30 per cent due to losses incurred by from its derivatives exposure.
Private sector banks slipped in market capitalisation (mcap) during the July-September quarter, underperforming their government-owned peers as trade uncertainties dragged market sentiment, said S&P Global Market Intelligence. According to its analysis, HDFC Bank shed 4.8 per cent in mcap during the third quarter, while ICICI Bank's dropped 6.7 per cent.
IndusInd Bank had moved NCLT claiming default of Rs 83.08 crore against the media & entertainment firm. The petition, to initiate insolvency proceedings against ZEEL, has been filed under section 7 of the Insolvency & Bankruptcy Code (IBC).
IndusInd International Holdings chairman Ashok Hinduja on Tuesday announced the acquisition of Reliance Capital, completing the three-year-long resolution process of the debt-ridden company. IndusInd International Holdings Ltd (IIHL) has transferred the bid amount to the escrow account of the lender, and the takeover of the management from the Administrator will happen on Wednesday.
IndusInd Bank on Monday announced the launch of Indus Easy Savings Account, a no-frills account with an allowed balance of Re 1.
Mahindra & Mahindra, Bharti Airtel, Infosys, Tata Motors, Titan, Tata Consultancy Services, Nestle and Maruti were also among the major laggards. HDFC Bank emerged as the only gainer from the pack.
'We never waste a crisis. There will be learning and the supervisory tools will get better with each episode.'
Citibank on Wednesday joined the list of foreign banks that have exited retail banking business in India. Mumbai-based Axis Bank completed acquisition of Citigroup's consumer business for Rs 11,603 crore. Under the deal, Axis acquired consumer banking businesses of Citibank India, which includes credit cards, retail banking, wealth management and consumer loans.
The income tax department on Wednesday conducted a survey operation at Hinduja Global Solutions, an entity of the Hinduja Group, in Mumbai and some other cities, official sources said.
Mauritius-based Hinduja group firm IndusInd International Holdings (IIHL) has informed the administrator of Reliance Capital that it is ready with its equity contribution of Rs 2,750 crore in cash to acquire the bankrupt firm, but it wants certain conditions to be met in accordance with the resolution plan before transferring the amount. IIHL has also filed an application with the Mumbai Bench of the National Company Law Tribunal (NCLT), seeking directions for the administrator and the committee of creditors (CoC) to complete all pending activities to close the transaction and not let the lenders invoke the bank guarantees provided by the firm earlier.
Citi Bank on Wednesday joined the list of foreign banks that have exited the retail banking business in India as the US-based banking giant announced selling its consumer banking portfolio to Axis Bank for an estimated Rs 12,325 crore. Global banking majors such as ANZ Grindlays, RBS, Commonwealth Bank of Australia have scaled down their operations in India. In a mega-deal announcement on Wednesday, Axis Bank and Citibank said their boards have approved acquisition of Citibank's consumer businesses in India by Axis Bank.
That's the only way to convince those who have money to return to the bank fold, ditching other asset classes, says Tamal Bandyopadhyay.
In a major relief to media major Zee Entertainment Enterprises Ltd (ZEEL), the National Company Law Appellate Tribunal (NCLAT) on Friday stayed the insolvency proceedings initiated against it earlier this week. Admitting a petition filed by ZEEL Managing Director and chief executive Punit Goenka, the appellate tribunal issued notices to private sector lender IndusInd bank and the interim resolution professional directing them to file a reply in two weeks. NCLAT said the submissions made by both sides need a detailed hearing.
India's leading banks are seizing opportunities in an emerging low-carbon economy.
Lenders of debt-ridden Reliance Capital have voted in favour of a resolution plan submitted by Hinduja Group firm IndusInd International Holdings Ltd (IIHL) which made the highest cash offer of Rs 9,661 crore in the second round of bidding. As much as 99 per cent votes were in favour of IIHL as lenders expected to recover cash upfront of Rs 9,661 crore from the Hinduja Group entity, sources said. Besides, sources said cash balance with Reliance Capital (RCAP) of over Rs 500 crore would also go to lenders. So, in all lenders are expected to receive about Rs 10,200 crore for distribution as against Rs 16,000 crore principal secured debt, resulting in 65 per cent recovery for the lenders, sources said.
Other major laggards were IndusInd Bank, SBI, Bharti Airtel, ONGC, Tata Steel and Reliance Industries -- falling as much as 6.30 per cent.
Puri gave up the comforts of Citibank to set up a new-age bank from a rat-infested room in the Kamala Mills Compound in Worli, Mumbai and build a marquee brand. A look at his 26-year stint as HDFC Bank's boss.
Cox & Kings is currently going through the corporate insolvency resolution process. Around 2,500 operational creditors have submitted claims of over Rs 631 crore, 2,440 employees and workman have claimed dues of over Rs 94 crore and other creditors have submitted claims of over Rs 3 crore.
The insolvency process of debt-ridden Reliance Capital Ltd (RCL) on Tuesday hit a roadblock as the NCLT Mumbai has stayed the resolution process on the plea of Torrent Group. The stay order was issued by the National Company Law Tribunal (NCLT) as the Ahmedabad-based Torrent Group challenged the revised bid from Hinduja Group, sources said. Torrent Group, which emerged as the highest bidder with an Rs 8,640 crore offer, had moved the NCLT-Mumbai against Hinduja Group's late revised bid, which it had submitted after the completion of the e-auction process on December 21.
A Hinduja Group firm on Wednesday emerged as the highest bidder with an offer of Rs 9,650 crore to take over debt-ridden Reliance Capital in the second round of auction, sources said. The bid by IndusInd International Holdings Ltd (IIHL) is higher than Rs 8,640 crore offer made by Torrent Investments in the first round of auction held in December last year. The other two suitors -- Torrent Investments and Oaktree -- did not participate in the second round of auction, sources said.
'He's at best a holding-CEO. Not one who will re-imagine the bank,' a senior banker and former colleague tells Raghu Mohan about HDFC Bank CEO & MD Sashidhar Jagdishan.
Equity benchmark indices Sensex and Nifty buckled under selling pressure after a nine-session rally on Monday, as massive sell-off in IT, tech and telecom counters unnerved investors.
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.
It has been a decade since Shyam Srinivasan took over as managing director and chief executive officer at Federal Bank. He wants to ramp up the bank's unsecured lending going ahead even as it homes into the space vacated by competition. Reappointed for a fresh three-year term as the bank's helmsman, he spoke to Hamsini Karthik on the plot ahead.
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
The Central Bureau of Investigation on Thursday night arrested a Mumbai-based chartered accountant and two government officials for allegedly selling confidential documents related to foreign investment policy to corporate groups after it carried out searches in offices of Finance and Commerce Ministries in New Delhi and in Mumbai.
Thomas Ninad's bank account was defrauded of Rs 14 lakh under mysterious circumstances.
The RBI, which has no interest or mechanism to get feedback from bank customers, is unaware of this. If made aware, it remains silent, proving that it has no problem in allowing lenders to short-change its customers, says Debashis Basu.
Budget 2015 has blessed the banking sector.
India has been relatively insulated from the severe headwinds in the West. However, with a third of the global economy expected to slip into recession in calendar year 2023, the impact will strongly be felt on India's exports and trade economy, leading economists said in a panel discussion at the Business Standard BFSI Insight Summit in Mumbai on Wednesday. The panel comprised former Reserve Bank of India executive director and former Monetary Policy Committee member Mridul Saggar, State Bank of India Chief Economic Advisor Soumya Kanti Ghosh, Citibank India Chief Economist Samiran Chakraborty, ICRA Chief Economist Aditi Nayar, and IndusInd Bank Chief Economist Gaurav Kapoor. The topic of the panel discussion was No recession in sight: Is India decoupled from developed economies?
Tata AIG, ICICI Lombard and Nippon Life have evinced interest for the profit-making insurance arm of Reliance Capital (RCap), joining several prominent financial companies from India and abroad in the race for RCap's assets. The final day to submit an expression of interest (EoI) was March 25 and the bidders will now get access to the latest information about RCap before they make financial bids.
6 locations in New Delhi and 2 in Mumbai were raided.
Most adult Indians should have access to bank deposits, credit and remittance facilities as well as insurance and mutual fund products in the next decade, and technology will play a big role in this transformation, says Tamal Bandyopadhyay.
Four Hinduja brothers -- Srichand, Gopichand, Prakash and Ashok -- had in 2014 signed on a document saying the assets held by one brother belong to all, and that each of them will appoint the others as their executors. But now family patriarch Srichand Hinduja, 84, and his daughter Vinoo want the letter to be declared of "no legal effect" and the family's assets be separated as per his wish of 2016.
Either drivers were blissfully unaware of the requirement or they hadn't bothered to get one installed in their vehicle.
In the start-up world, hitting the $1-billion mark, which accords the "Unicorn" tag, is a milestone. Enterprises typically reach the milestone only by series C or series D, or three to four funding rounds later. Zeta achieved it at the first one. On May 25, the six-year-old banking tech firm raised $250 million from Japanese conglomerate SoftBank, at a post-money valuation of $1.45 billion. "This is the first time we have raised institutional money," Zeta co-founder Bhavin Turakhia beamed on the conference call. This trajectory is uncommon in start-ups.
Investor wealth plummeted by nearly Rs 5 lakh crore in early trade on Monday as equity markets crashed tracking global equity selloff amid rising uncertainty over the economic impact of coronavirus outbreak. Market capitalisation (m-cap) of BSE-listed companies saw a massive decline after the 30-share index plunged 1515.01 points, or 4.03 per cent, to 36,061.61. The NSE Nifty too cracked 417.05 points, or 3.80 per cent, to 10,572.40.
Stock markets squandered early gains but managed to end in the green on Friday, propped up by heavyweight Reliance Industries which announced another stake sale deal for its digital platform. A strengthening rupee and firm global cues also supported the domestic bourses, traders said.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances