Bankers pay a small price for their misdeeds, no matter how large the cost to their banks or to the economy at large, says TT Ram Mohan.
Standard Chartered cuts base rate by 0.25%
Public sector entities Life Insurance Corporation, UTI AMC, State Bank of India and Punjab National Bank are among the front-runners to become pension fund managers under the new pension system.
UTI Asset Management Company will float an initial public offer by March-end 2008 to help its sponsors State Bank of India, Life Insurance Corporation, Punjab National Bank and Bank of Baroda -- offload up to 50 per cent stake.
The heartburn is over six sensitive issues
Meet to review progress on lending, impact of recent rate cuts and what is being done on NPAs, among other things
Modi, 46, who had figured in the Forbes' list of richest Indians, has been named in the cheating case on a complaint from the PNB, which alleged that the jewellery firm owner, his brother, wife and Choksi entered into a criminal conspiracy with the officials of the bank and cheated it, causing a "wrongful loss".
Breaking silence over the Rs 12,967 crore scam at Punjab National Bank, he said: "I have chosen to speak today to convey that we at the Reserve Bank of India also feel the anger, hurt and pain at the banking sector frauds and irregularities."
The total number of arrests by the CBI has risen to six -- four PNB officials, a retired employee of the bank, and an authorsied signatory of Nirav Modi's company -- after Monday's development.
Banks might hold on to lending rates for the time being.
Banks do extensive investigation before declaring an account fraud; they owe it to us as they deal with our money. Why would they try to fix an innocent borrower? asks Tamal Bandyopadhyay.
Choksi filed the affidavit in connection with two petitions submitted by him in the HC seeking dismissal of an application filed by the ED in a special court for declaring him a fugitive economic offender.
State Bank of India is also expected to tap the markets this year
ED team managed to get several bank statements from Barbados, Dubai, Hong Kong etc. which prove vital overseas link and money trail relating to Nirav Modi and his aides.
A slowing economy needs stimulus packages to bring back growth on the track. It is my belief that while the government has to do its bit in areas like infrastructure, hard and soft, the private sector is yet to do enough this time around.
In the domestic market, the cost is a third but in the international market, we are finding it difficult to price it accordingly.
The government on Thursday cleared the long-awaited sale of the UTI Asset Management Company to three state-owned banks and the LIC at a price of Rs 1,237 crore.
PNB Housing Finance on Wednesday said it will disclose the outcome of shareholders' meeting held a day earlier -- on Rs 4,000 crore capital infusion led by Carlyle Group -- in accordance with the order of the Securities Appellate Tribunal next month. The company moved the tribunal on Monday after the capital markets regulator asked it on June 18 not to go ahead with the proposed capital raise plan by allotting preference shares to the investors until it carried out a valuation of shares from an independent registered valuer. The SAT in an order dated June 21 allowed the company to go ahead with the EGM, but restricted it not to announce the voting results by the shareholders, as the matter is pending before the court.
The strike notices were given by workers' unions of various sectors such as coal, steel, oil, telecom, postal, income tax, copper, banks and insurance.
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.
Summary of sports events and persons who made news on Tuesday
Is it is necessary to play divisive politics to succeed in the next general elections? asks Dr Sudhir Bisht.
As per norms, sanction for prosecution of government employees accused of corruption has to be given within four months' stipulated time.
Public sector Punjab National Bank on Friday said it had no plans to raise the rate of interest on home loans, after two leading private sector banks hiked interest rates by 0.5 per cent across the board.
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.
Bank CFOs may meet next week to discuss minimum public shareholding and takeover rule issues.
Vipul Chitalia was apprehended at Mumbai airport and brought to the CBI office at the Bandra-Kurla Complex in Mumbai for questioning, he said, but did not divulge any other details about Chitalia's alleged role in the PNB fraud.
Leading US-based money changer Western Union on Wednesday announced a strategic tie-up with Indian Overseas Bank to provide money transfer service to Indian diaspora.
'The PSBs ended up recording Rs 7,709 crore losses in the March quarter compared to the Rs 11,688 crore profits of their private peers,' reveals Tamal Bandyopadhyay.
The government on Friday said interest rates will remain attractive to depositors as well as borrowers and the Reserve Bank of India would address the issue of shortage of lendable money in the system.
Six decades and more later, we are now captives of our identities. Every poll is based on elaborate calculations of electability of candidates on the basis of their castes and other narrow definers. That, along with voter promiscuity, is what defines our political culture, which remains stubbornly resistant to any change, asserts Shreekant Sambrani.
The revised rates will come into effect from April 16.
The NSE Nifty settled the day 38.85 points or 0.37 per cent lower at 10,500.90 after shuttling between 10,590.55 and 10,456.65, intra-day.
The judge also asked the Indian government to provide within 14 days the information on which prison he will be held at.
It is high time the Indian government signalled discomfort with the UK providing refuge to those accused of financial crimes in India, states Jaimini Bhagwati.
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).
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