Insurance companies are going all out to grab eyeballs.
District Judge Marie Mallon said there were substantial grounds to believe that Nirav Modi would fail to surrender if granted bail.
CBI said it had shared the information about revocation of his passport in the 'diffusion' notice issued through the Interpol on February 15.
The country's largest lender State Bank of India will get the largest sum of Rs 8,800 crore as government's capital infusion.
The issue of extradition of Vijay Mallya and Nirav Modi figured in a virtual summit between India and the UK on Tuesday, with Prime Minister Narendra Modi asserting that economic offenders should be sent back to the country at the earliest for trial. India has been pressing the United Kingdom to extradite Mallya and Modi to face trial in India for their alleged involvement in cases relating to financial fraud. At a media briefing, joint secretary in the Europe West division in the ministry of external affairs (MEA) Sandeep Chakravorty said British Prime Minister Boris Johnson has mentioned that the authorities in the UK will do whatever possible to make sure that the economic offenders are extradited.
The issue of extradition of Vijay Mallya and Nirav Modi figured in a virtual summit between India and the United Kingdom on Tuesday, with Prime Minister Narendra Modi asserting that economic offenders should be sent back to the country at the earliest for trial.
The plea also sought a directive for the constitution of a committee of experts who would find the details of bad debt cases in the country.
The broader Nifty declined by 73.90 points, or 0.71 per cent, to end at 10,378.40.
The charges against the diamond merchant centre around his firms Diamonds R Us, Solar Exports and Stellar Diamonds making fraudulent use of a credit facility offered by the Punjab National Bank, known as 'letters of undertaking'.
The Enforcement Directorate has alleged that this is a bigger bank scam in volume than that of the Punjab National Bank fraud by fugitive diamantaires Nirav Modi and Mehul Choksi, as it involves fraud to the tune of about Rs 16,000 crore.
A local civil court in Hyderabad has issued an interim stay restraining Netflix from airing its web series Bad Boy Billionaires-India on a petition filed by B Ramalinga Raju who was convicted in the multi-crore accounting scandal of Satyam Computer Services Limited. The XXV Additional Chief Judge B Prathima, while issuing notices to Netflix Inc in USA, Netflix Entertainment Services India LLP and the nodal officer, department of electronics and information technology, posted the matter for further hearing on November 18 when the plea came up on Tuesday.
Eleven companies, which owe the bank Rs 843 crore, are untraceable.
After taking action against 226,000 shell companies last year, the ministry of corporate affairs has now zeroed in on a fresh batch of suspected shell companies.
If lodged in the barrack, Modi is likely to get three square metre personal space and he will be provided a cotton mat, pillow, bed-sheet and blanket.
However, the Indian capital markets regulator rejected the claim saying it neither received any such request, nor provided any such information to the concerned department in Antigua.
The new rates vary from 8.80 to 9.05 per cent on various slabs of loans.
The chief of the country's second largest public-sector lender said interest rates should fall as and when inflation eases, but pointed out the need to lower deposit rates first.
It has also attached fresh 66 banks accounts, holding deposits of Rs 80.07 crore, of the Gitanjali group, owned by Modi's uncle Mehul Choksi.
Modi wanted in India for an alleged Rs 13,500 crore Punjab National Bank fraud arrived in London earlier this year on an Indian passport.
'Four weeks have passed after the scam was exposed, yet no big guy has been arrested.' 'This gives the impression that he wants to be soft on the biggies.'
The move takes the process of extraditing and bringing back Nirav Modi to face the law in India to the next stage, the sources said.
Niti Aayog will prepare the next list of central public sector companies for disinvestment in the next few weeks, its vice chairman Rajiv Kumar said on Thursday and expressed hope that the proposed asset reconstruction and management companies to address banks' bad loan woes will do a good job like the UTI. Days after Finance Minister Nirmala Sitharaman announced the Union Budget for 2021-22 laying out various measures (including disinvestment proposals) to bolster the pandemic-hit economy, Kumar also emphasised that the Modi government has shown consistent commitment for the welfare of farmers and for the improvement of the agriculture sector. "Now the process has begun... We will complete preparation of the next list in the next few weeks, we have got the marching order," Kumar said about the list of public sector companies for the next round of stake sales.
The Government of Dominica has told a court there to reject the habeas corpus petition filed on behalf of businessman Mehul Choksi who had claimed that he was abducted and forcefully brought to the Caribbean island nation, local media reported. The high court of Dominica ordered that the businessman be produced in a magistrate court to answer charges of his illegal entry into the country and adjourned the hearing on the habeas corpus petition till Thursday, according to local media. Rejecting the submission of Choksi who is wanted in India in an alleged Rs 13,500 crore loan fraud case in Punjab National Bank, the prosecution said the habeas corpus petition does not stand as he had illegally entered the country and was subsequently detained.
Life insurance companies are balancing the increasing use of celebrity endorsers by limiting the association to short, event-led campaigns.
Sources say given the complexity involved in the process of creating a holding company, which will ultimately be the parent company of banking and other businesses, banks are going slow in acquiring stakes in insurance arms or mutual funds of other lenders.
The Industrial Finance Corporation of India is likely to be merged with the Punjab National Bank or the Bank of Baroda and a final decision is expected to be taken shortly.
The lawyer also claimed "there is no evidence to prove any of the charges levelled against my client."
A total of 254 millionaires from India have used the so-called "golden visa" to settle down in the UK through a large investment into the country since the route opened in 2008, according to a new report released by a UK-based anti-corruption charity on Monday. Spotlight on Corruption said that Indians ranked as the seventh nationality of super-rich to have availed of the Tier 1 (Investor) Visa, adding up to 254 between 2008 and 2020. China topped the list at 4,106, followed by Russia (2,526), Hong Kong (692), the United States (685), Pakistan (283) and Kazakhstan (278) ahead of India.
The NSE Nifty settled the day 93.20 points or 0.88 per cent lower at 10,452.30 after shuttling between 10,612.90 and 10,434.05.
"The Reserve Bank of India... has levied an aggregate penalty of Rs 10 million (Rs 1 crore) on the bank for non-compliance of regulatory directions observed during assessment of implementation of SWIFT-related operational controls," Yes Bank said in a regulatory filing.
Official sources said while the accounts of Nirav Modi, the diamantaire under arrest in this case in London, have deposits of $3,74,11,596 (Rs 258 crore) while the accounts in the name of his sister Purvi Modi has deposits of 27,38,136 (Rs 24 crore).
Choksi, who was allegedly the partner-in-crime of his nephew Nirav Modi in the banking fraud, refused to say anything further on the issue, on the advice of his lawyers.
PNB has slashed the floating home loan rates to 8.5 per cent from February 10.
The valuables include polished diamonds, pearls and silver jewellery and are worth Rs 1,350 crore.
The UK judge who handed down his judgment on Thursday in favour of the extradition of Nirav Modi to face charges of fraud and money laundering in India said he had found no evidence of adverse political influence in the case, as claimed by the diamond merchant's legal team.
Some of the public banks showed improvement; much more still needs to be done
Chief Magistrate Emma Arbuthnot at Westminster Magistrates' Court in London concluded that she remains unconvinced that he would not interfere with witnesses or fail to surrender before the court for his trial in May 2020.
Punjab National Bank, Bank of Baroda, Bank of India and Canara Bank already charge their customers a levy for failing to maintain a minimum balance for a quarter or a month.
Naresh Goyal only gave an undertaking not to sell any of his 51% stake in return for raising working capital debt from PNB.
