For the baning sector, 2018 was a 'Year of Exits' - borrowers fled from the country as loans went kaput and many bank CEOs were forced to leave
IFCI, a state-run financial institution, today sold Rs 51.7 crore worth shares of Unitech, the nation's second-biggest property developer, as the promoters of the company failed to repay loans raised against pledged shares.
In a bid to gain a bigger share of the customer's wallet, banks are ramping up their cross-selling initiatives.
To shed more light on how GST will affect the individual as well as the nation, Rediff Chat has lined up experts to field your queries.
While a coordinated aggressive monetary easing from the central banks is most likely to offer some respite in the near-term, it is unlikely to improve the sentiments.
'Tax dodging through tax havens is one of the ways multinational corporations and the super-rich in India are using to evade taxes.'
With car penetration of around 22 per 1,000 population, India continues to be a big opportunity to sell cars, especially in rural areas.
Without bringing sound governance and technical capabilities into the RBI's work, injecting new money sets the stage for a next wave of bad behaviour by banks, warns Ajay Shah.
Regulations ensure only PGs from Indian universities qualify.
Will Covid-19 permanently change higher education, asks Ajit Balakrishnan.
There is ample fuel in the computer revolution to do many useful things.
Property buyers fund the project cost and the entire debt and entire equity servicing, and yet, have no locus standi in the IBC process, points out Debashis Basu.
'The competition between the two is definitely going to be of great interest to the Indian market.'
ICAI intends to investigate the chartered accountants of PNB but the bank allegedly refuses to give the information sought.
Reports suggest state-owned banks have lapped up Rs 40,000 crore, so far, using both bonds and equity instruments. The question, though, is whether there will be a perceptional change for PSB stocks.
The Modi government has handled inflation far better than any government in the past two decades. Both the stock market and currency indices have begun to show confidence in the economy, despite the mounting global headwinds of trade.
Tamil Nadu, the best-performing state, managed to do this in 63 days. Land allotment took 156 days nationally and 28 days in Himachal Pradesh. Environmental approval took 91 days nationally and 25 days in Chhattisgarh.
This survey also shows how things have moved forward since the last large-scale sample survey conducted by NSSO in 2012-13
PwC one of the big four audit firms, has expressed disappointment at the conviction of two former partners in the Satyam scam.
An astrologer told Ramesh Menon that he was increasingly having worried parents asking him about the future of their children who were showing serious behavioural changes like lack of tolerance towards others, shunning social interaction, and even violent behaviour. They were worried because they had never ever seen such traits in their children before the pandemic.
Based on a feedback, the exchange could cap a sector's weight at 25 per cent, or align with the broader market.
After allowing FDI by foreign carriers in their Indian counterparts, the government has put in place provisions to prevent Indian airlines from being controlled and managed by the foreign investor.
Raghuram Rajan optimistic about passage of GST
Lukewarm response from private investors and turf battles between government agencies have resulted in delaying Modi's ambitions. Sahil Makkar reports.
The sentiment in the real estate industry turned optimistic during October-December 2020 and the outlook for the next six months is positive on the back of revival in demand for both residential and office properties, according to a survey by Knight Frank India-FICCI-Naredco. The 27th edition of 'Real Estate Sentiment Index Q4 2020 survey' of developers, banks, financial institutions and private equity players operating in the sector was released on Monday in a video-conference. As per the report, the 'Current Sentiments Score', for the first time in 2020, entered the optimistic zone at 54 points in Q4 (October-December) 2020, a significant jump of 14 points over the previous quarter.
We are in this mess as the machinery of the government in a market economy is broken. We need technically sound banking regulation, so that capital is not misallocated, and the landscape does not get littered with zombie firms kept alive through evergreening, says Ajay Shah.
These recommendations are based on interactions held by the Banks Board Bureau with eligible candidates from PSBs towards appointment against vacancies in PSBs for the period 2018-19
Is the RBI unable to accept with grace that beyond 55, one can have the ability to head the compliance functions in a bank, asks Tamal Bandyopadhyay.
The IL&FS management is also talking to its second-largest shareholder, Orix Corporation of Japan, to infuse more funds into the company - in case any shareholder backs out during the rights issue.
The shares - close to 30% of the total holding - are expected to list on rival National Stock Exchange on or around February 3.
As per the mega consolidation plan, Oriental Bank of Commerce and United Bank of India will merge into Punjab National Bank (PNB); Syndicate Bank into Canara Bank; Andhra Bank and Corporation Bank into Union Bank of India; and Allahabad Bank into Indian Bank. Following this merger, PNB will become second largest after the SBI, Canara Bank fourth, Union Bank of India fifth and Indian Bank seventh biggest public sector lender.
The Reserve Bank of India on Monday directed all banks and financial institutions to provide information and documents sought by the Special Investigation Team (SIT) set up to unearth black money.
Piramal will join the JSW, Vedanta and Tata groups, which are bidding aggressively for distressed assets, especially in the infrastructure and steel sectors.
The initiative is being called lateral recruitment to senior positions in the government.
While seven companies bagged orders worth Rs 42,000 crore, industry experts said most of this new order activity was a spillover, and fresh project finalisation remains weak.
Gautam Adani, who is diversifying into many businesses, saw a 48 per cent rise in his wealth to Rs 1.40 lakh crore and moved up two places in rankings to being the fourth richest Indian. Hinduja Brothers and HCL's Shiv Nadar were ranked 2nd and 3rd. Wipro's Azim Premji slipped two places to fifth place.
"Fitch Ratings has placed Punjab National Bank's (PNB) Viability Rating of 'bb' on Rating Watch Negative (RWN), following the large fraud reported by PNB," the US-based agency said in a statement.
'It is easy to dramatise the events of today, but it is far more important to focus on the fact that we have a radically overvalued financial sector. It is a house of cards.'
'The RBI is something like a seat belt. As a driver, the driver being the government, it has the possibility of not putting on a seat belt but of course if you do not put on your seat belt you get into an accident and the accident can be quite severe,' Raghuram Rajan told CNBC TV18. 'The aim of the board is to be Rahul Dravid -- sensible, thoughtful and not, with due respect, Navjot Sidhu,' he added.
'Clearly, the depositors of cooperative banks need the maximum protection.'
