State Bank of India, HDFC Bank, Kotak Mahindra Bank, and IDFC Bank have filed a petition against the notice, in a last-ditch attempt by the banking system to keep the information confidential. The notice was given to the lenders under Section 11(1) of the RTI Act, seeking third-party disclosure requirements. While the apex court's original directive in 2015 applied to the full report, it was subsequently agreed that not the entire report but only relevant portions, such as those on bad debts and borrowers, would be made public.
The diamond merchant wanted in India on charges of fraud and money laundering in the estimated $2-billion Punjab National Bank scam case, lost his legal battle against extradition as a UK judge ruled that he does have a case to answer before the Indian courts.
Sebi orders attachment of bank, demat accounts of Mehul Choksi and Gitanjali Gems after they failed to pay fine imposed on them.
Currently, the enforcement officers are making seizures of assets directly and indirectly connected to offenders, including jewelers Nirav Modi and Mehul Choksi in the Punjab National Bank fraud and Vijay Mallya in the Rs 9,000-crore IDBI loan case.
Ajit Mishra, vice president, research, Religare Broking, answers your queries.
Many from this small lender have made it to other bank boards over the past 5 years
'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 banking sector's credibility is on thin ice. Unless the government takes strict steps, things could get worse.
Although the Haryana police claim to have solved the sensational Rs 100 crore bank heist case in Gohana town of Sonipat, the family of the robbery's alleged mastermind refuse to believe the cops. The family of Mahipal Banwala, the alleged mastermind who was found dead in his car, refuse to believe that a strong self-made man like him could never have committed suicide.
Despite Nirav Modi win, in the last five years, India managed to bring only about 20 fugitive offenders.
The imapsse continues over issues like bank scams and special status demand for Andhra Pradesh.
The opposition has been protesting over various issues, including the Punjab National Bank scam, since Monday when Parliament had reconvened after a month-long recess in the Budget session.
The BJP chief said the ED and the CBI have taken prompt action in the Nirav Modi case.
The government, on its part, is seeking to counter the opposition's offensive by bringing the Fugitive Economic Offenders Bill.
The legal procedure of extradition of an accused takes its own time and Indian investigators, both from the CBI and ED, are tracking the case.
The branch managers have come out of their glass cabins and the sellers' market has transformed into a buyers' market, but there is no end to the harassment of customers, asserts Tamal Bandyopadhyay.
Equity markets will look for directions from global trends, ongoing quarterly earnings and investment patterns of foreign institutional investors (FIIs) in a holiday-shortened week ahead and may encounter volatility amid the scheduled monthly derivatives expiry, according to analysts. Equity markets will remain closed on Wednesday on account of 'Republic Day'. "This week is a holiday-shortened one and it's going to be critical due to the list of events and data that are lined up.
From hitting the 1,000-mark on July 25, 1990 to reaching the 60,000-mark for the first time on Friday, it has been a historic and memorable journey for the benchmark index Sensex. It has taken a little over 31 years for the Sensex to traverse from 1,000 level to the famed 60,000 level now. Over the years, the frontline index has climbed several record levels. The index had reached the 10,000-mark for the first time on February 6, 2006.
The attached properties include three commercial assets based in Dubai, a Mercedes Benz car and a number of fixed deposits in bank accounts in the country and outside, the agency said.
Govt renews search for five PSU bank chiefs; norms relaxed.
Currently, Choksi has got interim relief from immediate repatriation to India by the Dominican court.
'The snakes and ladders game will continue till the consolidation process is complete simply because we don't know how bad the scene is, with some of the banks being merged,' says Tamal Bandyopadhyay.
The race to get a New Umbrella Entity (NUE) licence for digital payments may get crowded. As many as six consortiums are said to be in the fray to apply for an NUE licence, which would create a for-profit National Payments Corporation of India (NPCI)-like body for retail payments. A consortium led by Financial Software and Systems (FSS), a leading provider of payment products and payment processor, is in talks and may file an application to the RBI for an NUE license, said sources aware of the development. The other constituents of this group include Indian Bank, Central Bank of India, India Post Payments Bank, National Bank for Agriculture and Rural Development (Nabard), and a few small finance banks.
"He is expected to be produced before the court for a second bail application hearing on March 29," a court official in London confirmed on Tuesday.
The finance ministry on Wednesday allowed all private sector banks to participate in government-related business, like collection of taxes. pension payments and small savings schemes. At the moment, only few large private sector are allowed to conduct government-related business.
Switching to a damage-control mode, bankers and government officials claimed that Jet Airways wouldn't fall even if Etihad refuses to back the resolution plan and exits.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Choksi has appealed to the Interpol to not issue an RCN against him as the charges are politically motivated, officials said
One thing is for sure: It smacks of the regulator's lack of confidence in the bank's board, points out Tamal Bandyopadhyay.
The RBI also looked into the effectiveness of systems and processes for implementation of KYC norms
Officials said the Enforcement Directorate along with the Central Bureau of Investigation launched fresh searches on March 22 at the Samudra Mahal luxury residential flats of Modi in Mumbai's Worli area which resulted in the recovery of fresh valuables.
The bench also said there was merit in ED's contention that while the "driving force behind the companies" (Modi) was not submitting to the agency's jurisdiction, his companies cannot be given any discretionary relief.
Diamantaire Mehul Choksi will "only" return to Dominica to face trial for illegal entry into that country when a doctor "certifies" that he is fit to stand trial, the media there reported citing conditions laid down by the Dominica high court while granting him bail. In a major setback to Indian efforts to bring him from the Caribbean country, Dominica high court Judge Bernie Stephenson allowed the businessman to return to Antigua and Barbuda, where he has been living as a citizen since 2018 after leaving India, to seek medical advice from neurologist Hayden Osborne at the Mount St. John's Medical Centre, Dominica News Online reported. Choksi is having a clot in brain besides other health issues such as diabetes and hypertension, his legal team has submitted.
The government must set up a Bank Investment Company to shrink its role in PSBs, if we are serious about tackling the two persistent issues - lax corporate governance practices and discretionary decision-making, says Shyamal Majumdar.
External Affairs Minister Sushma Swaraj met Foreign Minister of Antigua and Barbuda E P Chet Greene on the sidelines of the 73rd session of the United Nations General Assembly and raised the extradition issue of Choksi, who is currently in the Caribbean island.
The proposed amalgamation will make Bank of Baroda, which will merge the other two lenders with itself, the second largest public sector bank after State Bank of India in place of Punjab National Bank.
The recapitalisation, the finance minister said, will enhance the lending capacity of state-owned banks and help them come out of RBI's Prompt Corrective Action framework.
As many as 17 locations in Delhi, Mumbai, Hyderabad, Jaipur and Surat were raided by the ED.
Amendments would be required in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 for privatisation, sources said.
Why are investors gung-ho about State Bank? asks Tamal Bandyopadhyay.
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