The Governor had submitted his report to the Public Accounts Committee and put the blame on 'overall economic downturn'
According to the complaint filed by SBI, the account had become non-performing asset on January 27, 2016.
It will bear fruit in the next five years, which is why FDI is so strong. The foreigners clearly know what Indians don't, asserts T C A Srinivasa-Raghavan.
Embattled retailer Future Retail Ltd (FRL) on Tuesday moved the Supreme Court to avert insolvency proceedings over missing a loan repayment deadline, even as its independent directors rejected an Amazon-supported offer to sell the company businesses at less than a third of what Mukesh Ambani's Reliance is offering. India's second-largest retailer, which operates multi-brand retail chains such as Big Bazaar, Easyday and Heritage, failed to pay Rs 3,494.56 crore to lenders by the due date of December-end and sought a 30-day grace period to resolve the situation. Unable to find money, it moved the apex court seeking to restrain its lenders from declaring the company a defaulter, which can invite initiation of insolvency proceedings.
The three options are - a one-time settlement, restructuring of loans and of course go to IBC.
The top court granted two weeks to the Centre and RBI to file the affidavit and place before it the decisions taken in this regard.
'Mostly, the relief, if needed, would be for housing loans where a person has lost a job and is unable to pay his EMI or there has been a temporary salary cut.'
A summary of sports events and sports persons, who made news on Monday
The BJP member also sought to put the LVB-DBS merger on hold in order to facilitate a forensic audit of the takeover of the assets of both banks.
The South African prosecution authority confirmed on Tuesday it would file an appeal against the culpable homicide verdict and five-year jail sentence handed down to paralympian Oscar Pistorius last month.
Bharti Airtel was the top loser in the Sensex pack, dropping 4.34 per cent, followed by PowerGrid (2.26 per cent), Sun Pharma (1.75 per cent), M&M (1.67 per cent) and TCS (1.60 per cent).
South Africa's state prosecutors will appeal the culpable homicide conviction and five-year jail sentence handed down last week on Olympic and Paralympic track star Oscar Pistorius, the National Prosecuting Authority (NPA) said on Monday.
It has Rs 20,500 crore of standard stressed pool outstanding as of June 2018. Thus, the entire stressed book (net NPAs and standard stressed pool) is nearly two times its net worth.
'We are at $2.7 trillion and 2024 is not far away.' 'The country will need to grow by 9% every year for 5 years continuously and raise the aggregate investment rate to 38% of GDP to achieve the government's target of turning India into a $5 trillion economy.' 'Given the fact that we are only growing at about 5% and our investment rates are only about 30%, it may take a number of years before we can reach that targeted level.'
The stimulus package announced by Finance Minister Nirmala Sitharaman "fails to involve" banks in the economic revival process, a member of the Reserve Bank of India's central board said on Wednesday. The stimulus package is "imaginative and forward looking, yet fails to involve banks as frontline warriors in revival of economy," Satish Marathe, a member of RBI's central board, said in a social media post.
SBI's gross NPA figures have shown a decline for three consecutive quarters.
The indebtedness of Indian companies has had an adverse impact on the economy's investment climate apart from weakening their performance and seriously impairing the financial health of the banking sector. Unless both the problems are resolved, there is little chance of reviving investment and boosting growth on a sustainable basis, says A K Bhattacharya.
Generally, the central bank grants its approval by mid-March, or latest by March 31, but most banks have not received RBI approval on bonus packages this year.
For FY21, CSB is looking at growth of around 25 per cent and is confident of doubling it in two years. And it is also exploring options to acquire a mid-size bank with a good client base and branches in the north to acquire an all-India presence.
Amid uncertainties arising out of the second wave of COVID-19, the Reserve Bank on Thursday said that a durable revival of private consumption and investment would be critical for sustaining economic growth post-pandemic. Observing that 2020-21 has left a scar on the economy, RBI in its annual report said, "in the midst of the second wave as 2021-22 commences, pervasive despair is being lifted by cautious optimism built up by vaccination drives." The second wave of the pandemic has prompted revision of growth projections for the current fiscal and the consensus appears to be gravitating towards RBI's forecast of 10.5 per cent, the report added.
National Police Academy, the Hyderabad-based alma mater for Indian Police Services officers in the country, could soon get a woman chief for the first time in its history.
New norms are in place to strengthen regulations for this set of lenders which has been playing a critical role in Asia's third largest economy, notes Tamal Bandyopadhyay.
IMF's Chief Economist Gita Gopinath on Thursday said it would be damaging for India to start tightening policy support in the midst of the COVID-19 pandemic and also stressed on reducing wasteful expenditures in the upcoming Budget. Delivering NCAER's '9th C D Deshmukh Lecture' virtually, Gopinath said there is scope for the Indian government to provide more direct support to people.
'When an institution believes its knowledge and capability is superior to everyone, it behaves like a frog in the well.' 'And this is precisely the cause for the mess,' says J N Gupta.
In addition, he will have to move swiftly to control any damage that may have been caused to the bank's image and investor confidence due to the loan controversy
'The government has just scratched the tip of the surface with the recent announcement. They are not realising the gravity of the situation.'
Available data obscures the true stress in bank books, and the pandemic will result in balance sheet impairments and capital shortfalls at lenders, RBI Governor Shaktikanta Das said on Monday. Balance sheet impairment and capital shortfalls will be more evident once the regulatory reliefs are rolled back, Das said in the bi-annual Financial Stability Report, asking lenders to augment capital.
Banks are in the process of getting a board-approved restructuring framework in line with the RBI's framework and eligibility defined by the central bank.
'Companies with a strong business case and healthy balance-sheet should sail through and emerge more robust in the future.'
Hudco had in 2006 given a loan of Rs 62.38 crore to Bakshi's private venture, Ascot Hotels and Resorts, for a commercial project in Noida. The loan, however, turned NPA in 2011.
Observing that the economic recovery was not yet fully entrenched, the RBI Governor said recovery is likely to be gradual.
The government will not bring down its ownership in public banks.
Banks given 180-day time for NPA resolution, matter to be referred to Insolvency Board within 15 days.
Total income of the bank improved to Rs 13,852.1 crore (Rs 138.52 billion).
The focus of the meeting will be on enabling businesses and households to avail of the revival framework on the basis of viability, necessary steps like finalising bank policies and identifying borrowers, and discussing issues that require addressing for smooth and speedy implementation.
The state will argue that six years in jail is too lenient a sentence for the murder by Pistorius of Reeva Steenkamp, his girlfriend, in 2013.
Banks have reduced their base rate or the minimum lending rate in the range of 0.1-0.5 per cent till April 15.
Banks have been struggling hard to recover dues from grounded Kingfisher Air.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances