'We will see a kind of disaster which the country has not seen in the last 100 years.'
The IL&FS group has a complicated structure, with the holding company owning stakes in its financial services arm as well as the subsidiaries that operate its infrastructure assets.
Fraud-hit Punjab and Maharashtra Cooperative (PMC) Bank on Tuesday invited expression of interest (EoI) from potential investors for investment or equity participation in the bank for its reconstruction. Subsequent to commencement of the normal day-to-day operations, it will be open for the investors to convert the bank into a small finance bank by making an application to the RBI, the lender said.
Japan's Orix Corporation, which was in talks with Reliance Industries (RIL) to sell its 23.87 per cent stake in Infrastructure Leasing and Finance Company (IL&FS), has bowled a googly.
Ahead of Reserve Bank of India's 's slack season Credit and Monetary Policy, Life Insurance Corporation, one of the biggest players in the financial sector
General Insurance Corporation plans to tap professional institutions like Indian Institute of Technology and Indian Institute of Management for young managers after cutting flab through a voluntary retirement scheme in the next fiscal.
'The shadow banks are currently facing a liquidity and solvency crisis.' 'The danger is that it could potentially engulf the entire financial system because shadow banks have borrowed huge amount of money from banks, mutual funds, pension funds, and insurance companies.'
The ripples from November 8 may be seen in next year's state budgets.
With the Reserve Bank of India's (RBI's) draft reconstruction scheme for the troubled lender suggesting a permanent write-down of these bonds outstanding as of March 5, bondholders who have invested RS 10,800 crores are up in arms, reports Hamsini Karthik.
In a bid to gain a bigger share of the customer's wallet, banks are ramping up their cross-selling initiatives.
Ramesh Vangal and foreign investors backing him have decided to exit the Nadar community-controlled Tamilnad Mercantile Bank (TMB).
Here's the full text of President's Ram Nath Kovind's address to the joint sitting of both houses of Parliament on the first of Budget Session 2022.
Experts said many firms had unbilled assets on their books.
Indian market has been plagued by negative sentiment and triggers
'We have already sanctioned loans worth over Rs 3,000 crore to around 120,000 customers.'
IHMCL implemented the FASTag electronic tolling of national highways, but due to technical glitches, road ministry is mulling the option of offering this job to a Korean company
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India's share of 2015 emerging market allocations will be driven by FII perceptions on likely growth and reform.
India's biggest life insurer and financial institution has turned to its 'turnaround man' to restore credibility to prime subsidiary LIC Housing Finance (LICHF). Vijay Kumar Sharma, 52, formally took over as its CEO on Wednesday. Sharma comes from Chennai, where over the past one year he turned LIC's south zone into the best performer after a 20-month slowdown.
Exuding confidence in setting up a profitable banking venture, industrialist Anil Ambani on Tuesday said the proposed bank will help lower Reliance Capital's debt to one-fourth of current levels and would be listed as a separate entity in three years.
Using buyback as a divestment tool is not new, the amount raised this year is phenomenally high.
There is no escaping the paperwork while investing in financial products. Be it, opening a new bank account, demat account or buying insurance, filling the Know Your Client (KYC) documents is a mandatory procedure today.
Belying all expectations, the Trinamool Congress registreted a landslide victory in West Bengal assembly elections, overcoming the might of the Bharatiya Janata Party after a bitter campaign that had turned into a virtual duel between Chief Minister Mamata Banerjee and Prime Minister Narendra Modi.
A day after global brokerage firm Macquarie painted a rosy picture of the Indian economy and raised its target level for the stock indices for the next 12 months, Goldman Sachs said India is set to overtake China and become the fastest-growing emerging market during 2016-18.
If India has more billionaires than before, it is because the Indian economy began to look more attractive to FIIs, notes T N Ninan.
Weakness in the broader markets, along with expensive valuations that these companies had commanded during their IPOs, has led to this fall
The State Bank of India, ICICI Bank, HDFC Bank, IndusInd Bank, ABN Amro and others are all set to hardsell themselves to pravasis in the Gulf at the two-day 'NRI Money Show 2003' beginning June 27 in Dubai.
In the changed scenario of Indian private equity, where institutions and individuals are busy with fund raising, the fund houses are exploring untapped markets.
The current valuation is 38 per cent higher than the 10-year average of 22x and over 50 per cent higher than the 20-year average of around 20x.
The government has been taking steps to promote cashless or digital transactions to take India towards a less-cash economy
India and the US inked a tax information sharing agreement under FATCA which will enable automatic exchange of financial information.
Cairn, which is sitting on a cash pile of about $3 billion, in a statement said its board has approved buying 17.09 crore shares or 8.9 per cent of the total shareholding, from open market at no more than Rs 335 apiece.
An alternative approach has been demonstrated by IIT Bombay, which has been transmitting live, through Edusat and webcast, about 1,000 hours of its own classroom teaching free of cost every semester.
'Everyone wants that doctors should fight from the frontlines of the pandemic, but there's no reaction from the government when they fall ill or even die because of it.'
Government planning to slash the number of days required to start a business in Mumbai, Delhi from the current 26.
Seven public sector entities including the Life Insurance Corporation and State Bank of India on Friday submitted expressions of interest to the Pension Fund Regulatory and Development Authority
In a time of tight credit, the facility will support grants to bank and non-bank institutions for activities to increase access to financial services, such as savings, credit, payments and insurance, in rural areas in developing countries as profitable business lines, the World Bank said.
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