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.
Bank credit growth declined to 8.5 per cent in January from 13.5 per cent in the year-ago period.
Unlike the race to buy airwaves by telecom companies, airports by infrastructure companies and city gas networks by energy companies, the race to develop super apps by consumer-facing companies in India has not brushed up against any regulatory issues. Officials at the ministry of electronics and information technology and at other regulators are happy they do not have to meddle in who among the Tata group, Reliance Industries Ltd, Flipkart or Paytm will manage to build an app that sweeps in customers. Unlike separate apps a customer uses on her mobile to order groceries, buy food or airline tickets or just make payments, a super app can perform all these functions.
'The response to savagery and mass injustice is never a persistent howl.' 'There will be, among the victims, those who choose to forget the scars, those who go on living, those who challenge the overall environment of sentimentality.' 'And the more effort you put into including these other voices, into assimilating these spoilsports, the more balanced your depiction of the tragedy in question will be,' observes Sreehari Nair.
Violations of the act, made operational from November 1 last year, attract a heavy penalty and rigorous jail term up to seven years.
Banks have been reluctant to transmit the entire policy rate cut by RBI to borrowers.
'We are all in a tizzy about NBFCs in the aftermath of the IL&FS default.' 'We tend to jump to the notion that an NBFC is like a bank. But banks make a promise that deposits are liquid and have an assured return.' 'NBFCs make no such promises,' points out Ajay Shah.
The Delhi Police has launched action against alleged 'fake posts' on social media platforms related to the violence that broke out on Republic Day during the farmers' tractor protest and has registered four cases in the matter, officials said on Wednesday.
Most public sector banks, flush with deposits now, offer 3-4% interest on savings deposits, while a few private sector banks go up to 6%.
Noted banker Uday Kotak said the country's financial system is currently in a Darwinian mode as only the fittest lenders are able to survive. Kotak also said that historically, whenever there has been a problem with a private sector lender, it has been merged with a state-run bank.
To overcome your fear of the property being taken over, draw an ironclad agreement with a good lawyer's help, recommends Sanjay Kumar Singh.
The theory that all banned notes will come back into the system may not be true. Anup Roy finds out.
No Republican supported the resolution, while Independent Justin Amash of Michigan, who left the Republican party earlier this year, voted in favour.
Reacting sharply to the Global Hunger Report 2021, the Women and Child Development Ministry said it is 'shocking' to find that it has lowered the rank of India on the basis of FAO estimate on proportion of undernourished population which is found to be 'devoid of ground reality and facts, and suffers from serious methodological issues'.
Gold deposited by households to gold savings accounts will be used for auctioning, replenishment of RBI's gold reserves.
"A very easy solution to suggest is tax-payers must pay because the private sector has defaulted," Jaitley said, adding that bank recapitalisation, where the government puts in more capital in public sector banks to shore up their books, effectively amounted to that. "Therefore, I think let's try and make the private sector pay for their debts or allow somebody else to step in."
Observing that MSME sector plays an important role in the growth of the Indian economy, RBI said the restructuring of the borrower account has been extended by further one year to March 31, 2021.
PNB has rich experience in the integration of commercial banks.
The I-T dept has issued 87 notices under section 24 of the said Act
If the earnings in the first quarter of the current financial year are an indication, most banks, particularly those majority-owned by the government, have fared well, reveals Tamal Bandyopadhyay.
Not all public sector banks are back in the black, but their collective net profit for the year is Rs 32,346 crore against a Rs 9,013 crore loss in the previous year, points out Tamal Bandyopadhyay.
Banks' gross non-performing assets (NPAs) and net NPAs are expected to rise to 10.1-10.6 per cent and 3.1-3.2 per cent, respectively by March 2021, Icra said on Monday. The agency also expects net NPA to decline to 2.4-2.6 per cent by March 2022. "As moratorium on loan repayments is over and though we await the Honourable Supreme Court directive on asset classification, the GNPAs and NNPAs for banks are likely to rise in near term to 10.1-10.6 per cent and 3.1-3.2 per cent, respectively by March 2021 from 7.9 per cent and 2.2 per cent, respectively as of September 2020," the rating agency said in a report.
The change in ownership is expected to give a fresh lease of life to the company that has often been dragged by financial stress in its close to three-decade journey under the Khaitans, reports Ishita Ayan Dutt.
The man, son of retired SBI employees, had readied fake seals and challans of the public sector lender, and had other paraphernalia like a cash counting machine needed 'to run a bank branch', on an upper floor of his residence at Panruti, about 25 km from Cuddalore.
Banks are in need of government support to manage the stressed assets
Only when we are part of the same family, which will happen down the line, then, of course, we will give them (PMC depositors) all the assurance and the comfort.'
The ED has attached seven sugar mills worth over Rs 1,097 crore in a money laundering case against former Uttar Pradesh BSP MLC Mohammed Iqbal and his family, officials said.
Such a move will help bring clarity to the Centre's estimates of the demonetised amount
According to ICRA, even in a high-growth scenario, wherein the second half of FY20 sees the incremental bank credit rise to Rs 6.5-7 trn, there will still be a 40-45% year-on-year decline.
Senior bankers are trying to impress upon the central bank that the shift to external benchmark-linked lending be postponed to April 1, 2020.
In a statement, the EC said the presiding officer and three other officials have been placed under suspension.
While its deposits from Iran accounts have come down from a peak of around Rs 25,000 crore to Rs 2,200 crore, it's been offset by the bank receiving almost Rs 24,000 crore in deposits post note ban.
The agency said that since all the applicants, except one, were public banks, the money sought to be recovered was public money, restoration of assets in their favour was in public interest.
'In the total of black wealth, only 1% or less than 1% constitute cash.' 'So, even if cash is completely weaned out, it impacts only 1% of the black wealth.'
The medical devices, which have been in high demand during the Covid-19 pandemic, will now see a drop in prices, as the earlier margins were up to 709 per cent for some of these products.
Commercial banks have not yet reduced their lending rates.
Providing comfort to the government on the revenue front amid fiscal stress, direct tax collection is moving closer to the revised Budget target for 2021-21 and may get a further thrust from the last instalment of the advance tax payment, the deadline for which ended on Monday. The contraction in net direct tax collection narrowed to 5 per cent year-on-year as on March 15 compared to a 9 per cent decline seen in January. In absolute terms, net collection stood at Rs 8.2 trillion against Rs 8.67 trillion in the same period last year, according to the provisional numbers shared by a government official.
'...Rs 137 lakh crores of people's money?' 'It is not the government's money, it is people's money.'
While Governor Das was sanguine on government walking the fiscal prudence path--which was missed three out of the five budgets of the Modi government--Acharya pointed to the fiscal slippages as a worry.
'The Insolvency and Bankruptcy Code is neither beneficial to banks nor helpful for the borrower.' 'Genuine people who are caught in economic stagnation will lose everything and thousands will lose jobs.'
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