The opposition and the government are likely to lock horns over the PNB fraud.
The opposition and the government are likely to lock horns over the PNB fraud.
It further said that the loan application form should be suitably modified to incorporate passport details of borrowers.
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.
Ajit Mishra, vice president, research, Religare Broking, answers your queries.
While the collapse of a large financial intermediary can wreak havoc on the system because of the interconnectivity, a large business conglomerate too can play spoilsport if the banks have too much exposure to the entity, explains Tamal Bandyopadhyay.
The four officials were asked questions related to the UPA government's '20:80' gold import scheme, which was cleared by Chidambaram on May 13, 2014, barely three days before the counting of votes of the general election
The other board members will be Sunil Mehta, former non-executive chairman of Punjab National Bank, as the non executive chairman of Yes Bank, Mahesh Krishnamurthy and Atul Bheda as non-executive directors.
In a 7-page letter Choksi said, he was being threatened by the individuals with whom he has business relationship and due to the seizure of his assets, his employees, customers and creditors have started to show animosity towards him.
The five-day extradition trial of fugitive diamond merchant Nirav Modi will begin from May 11 in a part-remote setting, a UK court has ordered. Modi is fighting his extradition to India over the nearly USD 2 billion Punjab National Bank (PNB) fraud and money laundering case.
Besides the passports, Modi also possesses multiple residency cards, some of them expired, but covering countries/regions such as the UAE, Singapore and Hong Kong.
The Dominica high court has stayed the removal of Choksi from its soil and put a gag order on the developments till the matter is heard in an open court on June 2.
Government to infuse funds in cash-strapped banks.
According to RBI's circular, cases of frauds involving more than Rs 25 crore and up to Rs 50 crore should be given to the CBI's Banking Security and Fraud Cell
Lenders are likely to convert part of the airline's debt into 11.4 crore shares at a consideration of Re 1 apiece as per RBI norms.
The 20-member squad also includes goal-keepers PR Sreejesh and Krishan Bahadur Pathak; defenders Harmanpreet Singh, Amit Rohidas, Surender Kumar, Varun Kumar, Jarmanpreet Singh and Jugraj.
Banks have become more vigilant over the past two weeks, with many more officials involved in loan approval and disbursal.
The finance minister also said that the merger would not result in any retrenchment but rather improve the benefit of the employees.
Nultiple regulators are probing the nexus of scamsters with diamonds after a state-run bank got defrauded of $1.8 billion by designer jeweller Nirav Modi.
The bank had issued the notice alleging the carrier has wilfully defaulted in payment of outstanding dues of more than Rs 770 crore (Rs 7.7 billion).
In the biggest consolidation exercise in the banking space, the government on Friday announced four major mergers of public sector banks, bringing down their total number to 12 from 27 in 2017, a move aimed at making state-owned lenders global sized banks.
Dominica high court on Thursday adjourned the hearing on a habeas corpus petition filed on behalf of diamond trader Mehul Choksi, local media reported. Judge Bernie Stephenson will decide the next date of hearing after meeting both sides, Antigua News Room said. The adjournment is to allow lawyers for Choksi and the Dominica government "to agree on the language to be used with respect to the injunction filed to prevent his removal from Dominica", the media outlet reported.
A consortium of lenders led by State Bank of India (SBI) has agreed to provide loans to Tata Group for the smooth operations of loss-making Air India. Tata Group, which won the bid to acquire the national carrier along with Air India Express and 50 per cent stake in AISATS in October last year, is expected to formally takeover the airline on Thursday. Sources said the SBI-led consortium has agreed to grant both term loans and working capital loans depending on the airline's requirements. All large lenders, including Punjab National Bank, Bank of Baroda, and Union Bank of India, are part of the consortium, they added.
The capital infusion would help improve the financial health of banks. While some banks would get necessary regulatory capital while others would get it for fueling growth.
In a Bollywood-style heist, thieves dug up a 125-feet-long tunnel to a nationalised a bank in Sonepat district and broke into 77 lockers decamping with cash, jewellery and other valuables.
Insurance behemoth LIC on Tuesday said it has garnered a little over Rs 5,627 crore from anchor investors led primarily by domestic institutions ahead of its mega initial public offering (IPO). Anchor Investors' (AIs) portion (5,92,96,853 equity shares) was subscribed at Rs 949 per equity share, the insurer said in an early morning filing to exchanges. Out of the allocation of about 5.9 crore shares to AIs, 4.2 crore shares (71.12 per cent) were allocated to 15 domestic mutual funds through 99 schemes, the filing said.
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.
The country's largest lender SBI will levy charges for cash withdrawal beyond four free transactions in a month from customers holding the basic savings bank deposit (BSBD) accounts. These customers will also be levied charges for cheque book beyond 10 leaves in a year. As per the revision in service charges for BSBD accounts, State Bank of India (SBI) will levy charges ranging from Rs 15 to Rs 75 for the "additional value added services" with effect from July 1, 2021.
Analysts believe that investors should look at stocks that hit 52-week lows only if they have a dividend paying track record, are debt-free and have sound fundamentals.
The rating agency revised the outlook for EXIM, SBI, Bank of Baroda, Bank of Baroda (New Zealand), Bank of India, Canara Bank, Punjab National Bank, ICICI Bank, Axis Bank while affirming their ratings. At the same time, Fitch has affirmed IDBI Bank Ltd's (IDBI) rating, while maintaining the outlook at negative.
What was the RBI doing, what was the PNB top management doing, what were the auditors doing, asks Debashis Basu.
The cases pertain to State Bank of India, Punjab National Bank, Andhra Bank, Oriental Bank of Commerce, Indian Overseas Bank, Allahabad Bank, Canara Bank, Dena Bank, Punjab and Sind Bank, Central Bank of India, Union Bank of India, IDBI Bank, Bank of Baroda, Bank of Maharashtra and Bank of India.
Confidence had ebbed in the last few years due to default by some errant domestic retailers and exporters. Moreover, many jewellers are believed to have diverted the fund collected through monthly deposit schemes to pay 'mark-to-market' margins on various loans.
Nirav Modi, along with his wife Ami Modi, a US citizen, brother Nishal Modi, a Belgian citizen, and uncle Mehul Choksi, all accused in the CBI's FIRs in the case, left the country in the first week of January, weeks before country's biggest banking scam surfaced.
With this, India joins 60 other countries that collect PNR details of international passengers.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
India looking at bringing back Choksi under Antiguan law applicable to Commonwealth countries
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
That's the only way to convince those who have money to return to the bank fold, ditching other asset classes, says Tamal Bandyopadhyay.
"I can assure you that he will be ultimately deported after exhausting all his appeals. He will be extradited back to India to face whatever charges against him. It is just a matter of time," Gaston Browne told ANI.
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