On October 31, Chaudhuri was arrested from his Delhi home by the Jaisalmer police for his alleged role in crippled Rs 200 crore Garh Rajwada hotel project in the city which was sold for Rs 25 crore to Alchemist ARC in March 2014. The project was financed by the bank in 2007.
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.
HDFC and HUL are the latest entrants in the club
ICICI bank waives ATM charges.
Hospitality firm OYO is planning to raise up to $1.2 billion (around Rs 8,000 crore) through an initial public offering and is expected to file the draft red herring prospectus with Sebi next week, sources told PTI on Thursday. OYO has appointed investment banks like JPMorgan, Citi and Kotak Mahindra Capital to manage its public issue, they added. Comments from OYO could not be obtained at the time of filing the story. The proposed initial public offer (IPO) plan of the hospitality firm follows the spectacular success of Zomato's IPO that ended with a bumper oversubscription on July 16, and was biggest since March 2020.
Asian Paints dropped the most by 1.33 per cent. IndusInd bank fell 1.2 per cent, Axis Bank by 1.19 per cent, SBI by 1.12 per cent, Bajaj Finance by 1.07 per cent, Nestle by 1.04 per cent, and TCS by 0.97 per cent. Hindustan Unilever, Reliance Industries, Power Grid and Kotak Bank also retreated. Maruti Suzuki was the lead gainer, rising by 2.22 per cent.
But the 30-share Sensex rose by 141.52 points, or 0.41 per cent, to close at 34,297.47. The broader NSE Nifty gained 44.60- points, or 0.42 per cent, to end at 10,545.50 after touching a high of 10,618.10.
Shares of ING Vysya Bank and Kotak Mahindra Bank rallied by up to 6% on the BSE on reports that Kotak Mahindra Bank in final stages to buy the bank.
IndiGo has a fleet of 98 aircraft and about 75 of them are on operating lease.
The US Fed interest rate decision, domestic macroeconomic data announcements and ongoing quarterly earnings are some of the major factors that will drive the stock markets in a holiday-shortened week, analysts said. Besides, monthly auto sales numbers and the LIC IPO will also remain in focus, they added. Equity markets will remain closed on Tuesday for Id-Ul-Fitr (Ramzan Id). "The market is likely to kick off this week on a sombre note after a sharp fall in the US market then the focus will shift to the outcome of the US FOMC meeting, which is crucial amid record inflation and growth worries.
Omkeshwar Singh, head, Rank MF, a mutual fund investment platform, answers your queries.
The IMPS platform has 28 banks under it and account holders of any of these banks can use the newly launched service, Sharma said, adding that there will be no charges for either sending or receiving the money.
Payments banks will mainly deal in remittance services and accept deposits of up to Rs 1 lakh.
The reserves rose to $501.70 billion helped by a whopping rise in foreign currency assets, the latest data from the Reserve Bank of India.
Market breadth depicted strength. There were almost 3 gainers against every loser on BSE
As many as 142 stocks from the S&P BSE500 index are currently trading below their level of May 12, 2014
The 30-share Sensex ended higher by 177.46 points at 28,885.21 and the Nifty gained 63.90 points at 8,778.30.
Investors' wealth climbed Rs 3.20 lakh crore as markets staged a smart comeback on Wednesday after falling in the last eight trading sessions. The BSE Sensex rallied 448.96 points or 0.76 per cent to settle at 59,411.08. During the day, it jumped 513.33 points or 0.87 per cent to 59,475.45.
Subdued prices of food items like vegetables pulled down retail inflation for the third month in a row to 5.3 per cent in August, within the RBI's comfort zone. While the Consumer Price Index (CPI)-based retail inflation declined to 5.3 per cent in August from 6.69 per cent in the same month a year ago, food inflation dipped at a much faster pace to 3.11 per cent from 9.05 per cent in August 2020. The food inflation was also lower than 3.96 per cent in preceding month of July.
The outstanding credit card base dropped to 77.99 million in August from over 80 million in July, mainly on account of the new norms of the Reserve Bank of India (RBI) that warrant the deactivation of cards that are inactive for a year. While there was a 2.8 per cent decline in net card additions on a month-on-month (MoM) basis in August, a first in many months, credit card spends slipped 3 per cent on a high base. Still, spends topped the Rs 1-trillion mark for the sixth consecutive month.
It will take over large non-performing assets of banks and help in revive companies ridden with bad debts.
Experts hail 2014 as the worst year for banks.
Ajit Mishra, vice president, research, Religare Broking, answers your queries.
Bandhan Bank is the first bank to be launched in eastern India post Independence.
FSN E-Commerce Ventures, which runs online marketplace for beauty and wellness products Nykaa, has filed preliminary papers with markets regulator Sebi to raise Rs 3,500-4,000 crore through an initial share-sale.
On February 11, 2009, Subhiksha announced that it was closing down all its 1,600 outlets till May 2009.
Telecom Regulatory Authority of India Chairman Rahul Khullar said insurance companies have asked for 4-6 weeks to deal with unsolicited commercial call or SMS.
The issue will comprise a secondary share sale worth Rs 600 crore by private equity major Everstone Capital and fresh fundraising worth Rs 400 crore.
Bajaj Finance was the top laggard in the Sensex pack, skidding over 2 per cent, followed by Kotak Bank, Nestle India, HDFC, M&M and ICICI Bank. ONGC was the top gainer, rallying around 8 per cent. NTPC, Asian Paints, Tech Mahindra, PowerGrid and IndusInd Bank were among the other winners.
Investors' wealth has eroded by over Rs 6.15 lakh crore in three days of market decline amid weak global cues and persistent selling by foreign funds. The BSE benchmark Sensex tumbled for the third straight session on Friday to close at 59,306.93, down 677.77 points or 1.13 per cent. In three days, the 30-share index has lost 2,043.33 points or 3.33 per cent.
Investors' wealth eroded by over Rs 4.90 lakh crore on Friday amid a sharp fall in equities. The 30-share BSE Sensex tanked 1,020.80 points or 1.73 per cent to settle at 58,098.92. During the day, it tumbled 1,137.77 points or 1.92 per cent to 57,981.95. The market capitalisation of the BSE-listed firms plummeted by Rs 4,90,162.55 crore to Rs 2,76,64,566.79 crore on Friday.
A balance transfer to another lender entails substantial cost and time.
In India, it is not easy to fight it out with the large banks which are nimble-footed and technology-savvy and are continuously innovating on the retail turf with newer products for customer acquisition.
'SBI is already too big. Too big to fail.' 'It already is a moral hazard. What will it do with 20,000 branches that it cannot do with 14,000, especially in these days of online and mobile banking?'
Equity benchmark Sensex tumbled over 273 points on Tuesday, tracking losses in index majors Reliance Industries, Dr Reddy's and Axis Bank amid a massive selloff in Chinese markets. Despite opening on a positive note, the 30-share BSE index turned red to end 273.51 points or 0.52 per cent lower at 52,578.76, while the broader NSE Nifty fell 78 points or 0.49 per cent to 15,746.45. Dr Reddy's was the top loser in the Sensex pack, plunging over 10 per cent, after the company reported s 36 per cent decline in consolidated net profit at Rs 380.4 crore for the quarter ended June 30, 2021, on account of higher expenses.
Benchmark stock indices Sensex and Nifty tumbled nearly 1 per cent on Wednesday due to profit booking in banking, financial and IT stocks after a recent rally. The 30-share BSE Sensex plunged 537.22 points or 0.94 per cent to end at 56,819.39 as 24 of its stocks declined. During the day, it tanked 772.57 points or 1.34 per cent to touch a low of 56,584.04. The broader NSE Nifty declined by 162.40 points or 0.94 per cent to 17,038.40 with 39 of its constituents ending in the red. Bajaj Finance was the biggest loser among Sensex stocks, dropping by 7.24 per cent.
'No commercial bank will be allowed to fail. There is nothing to worry about.'
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Even as the returns of mutual fund (MF) schemes have improved considerably in the past three months, addition of new investors has remained in the slow lane for the MF industry. According to industry data, during the first six months of CY 2023, MFs onboarded only 1.6 million new unique investors, in stark contrast to the 4.7 million investors added during the same period last CY and the 2.4 million in 2021. It is noteworthy, however, that the current additions for this year have doubled in comparison to the figure of 800,000 seen in 2020.
Banks have Rs 10 trillion in stressed assets - Rs 7.8 trillion of bad loans and Rs 2.2 trillion of restructured ones.
