The government plans to transfer all subsidies including food, fertiliser and kerosene, potentially taking direct payments to more than $60 billion.
Punjab National Bank on Saturday increased the interest rate on Foreign Currency Non-Resident (B) Deposit Scheme for dollar, British pound, euro and Canadian and Australian dollar with effect from June 1.
Mallya has denied that he had fled India and said he would comply with laws.
A land-owning class, the Jats are a powerful community and account for 28 per cent of Haryana's population. The time, they believe, has now come for them to take revenge.
Many from this small lender have made it to other bank boards over the past 5 years
Diamond merchant Nirav Modi on Wednesday lost his appeal against extradition on mental health grounds as the high court in London ruled that his risk of suicide is not such that it would be either unjust or oppressive to extradite him to India to face charges of fraud and money laundering. Lord Justice Jeremy Stuart-Smith and Justice Robert Jay, who presided over the appeal hearing at the Royal Courts of Justice earlier this year, said in their verdict that District Judge Sam Goozee's Westminster Magistrates' Court order from last year in favour of extradition was "sound". The leave to appeal in the high court had been granted on two grounds - under Article 3 of the European Convention of Human Rights (ECHR) to hear arguments if it would "unjust or oppressive" to extradite 51-year-old Modi due to his mental state and Section 91 of the Extradition Act 2003, also related to mental health.
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With new private banks in the play, the going could become more difficult for the old-school state-run banks, already losing business and market position, forcing them to think hard towards consolidating and forming larger entities to garner big-ticket deals.
Notwithstanding the recent sharp decline in the stocks of public sector companies, analysts at Jefferies remain bullish on this segment. State Bank of India, Coal India, and NTPC are their top picks in this space, they said in a recent note. The public sector undertaking (PSU) or state-owned enterprise (SOE) index, with a 70-percentage-point outperformance versus the National Stock Exchange Nifty50 over the past 12 months, comes after a decade of underperformance before 2020.
'FDs should hold your emergency funds, equivalent to around 6-12 times your monthly expenses.'
Only traces of rainfall were recorded in a few areas of the national capital on Thursday which continued to experience sultry weather.
'So far as supervision is concerned, there are enough powers but to take action on public sector banks, consultation with the government is needed.'
For the baning sector, 2018 was a 'Year of Exits' - borrowers fled from the country as loans went kaput and many bank CEOs were forced to leave
Fresh buying by domestic institutional investors and better-than-expected June quarter results from some blue-chip companies boosted investor sentiment
Punjab National Bank on Monday reduced the interest rates on housing loans. Under the floating option, 8% interest will be charged on loans repayable in 5 years, 8.75% for 5-10 years, 9.25% for 10-20 years and 9.75% for 20-25 years.
India's five leading wilful defaulters are Winsome Diamonds & Jewellery Ltd and associate Forever Precious Jewellery & Diamonds, Zoom Developers, Kingfisher Airlines, Beta Naphthol and Raza Textiles
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.
Since its launch in April, helpline 155260 has been able to prevent more than Rs 18.5 million of defrauded money from reaching the hands of fraudsters.
Why are investors gung-ho about State Bank? asks Tamal Bandyopadhyay.
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.
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.
Vijay Mallya on Wednesday gave a proposal to the Supreme Court to repay around Rs 4,000 crore (Rs 40 billion) loan to banks by September this year.
Women dominate Indian banks's clerical and officer rolls, but few make it to the executive office these days, notes Tamal Bandyopadhyay.
A joint forum of central trade unions has given a call for a nationwide strike on March 28 and 29 to protest against the government policies affecting workers, farmers, and people.
Collectively, the pack of 12 has posted a 50 per cent rise in profits -- Rs 25,685 crore. On a quarter-on-quarter basis (that is, September over June), the rise is 68 per cent. Public sector banks have never had such a stellar performance, explains Tamal Bandyopadhyay.
Punjab National Bank joined hands with the Infrastructure Leasing and Financial Services for setting up a private equity fund for investing in domestic companies mainly in telecom, oil and gas, ports, water supply and surface transport segments.
The assets have been attached as part of five separate orders issued by the central probe agency under the Prevention of Money Laundering Act, it said.
The banking sector's credibility is on thin ice. Unless the government takes strict steps, things could get worse.
Choksi is wanted in India by the CBI and the Enforcement Directorate, which are probing the PNB fraud, the biggest banking scam in the country. India continues to pursue Choksi's return with the government of Antigua through diplomatic and legal channels.
Alleging that his arrest in Dominica for illegal entry was "dictated" by representatives of the Indian government, absconding diamantaire Mehul Choksi has filed a case in the high court of Roseau, seeking to quash the proceedings against him, local media there reported. The case was filed against the immigration minister of the Caribbean nation, its police chief and the investigating officer of the case. Choksi, who went missing from Antigua and Barbuda where he had been living since 2018 after his escape from India, was arrested on May 23 in neighbouring Dominica for illegal entry. He was declared a prohibited immigrant by the Ministry of Immigration in Dominica.
India borrows ideas that we don't need, like the FRDI Bill, and ignores the ones we need, like rewarding whistleblowers such as the ones who want to save Bombay Mercantile Bank, says Debashis Basu.
The Sydney Flight Training Centre invites aspiring pilots for a free seminar on pilot training for its Diploma of Aviation (Professional Pilot) programme.
A look at the performance of the eight IPOs since January 2005, which got listed reveals that the IPO dream may have turned sour for some investors.
The second public offering of Punjab National Bank was oversubscribed by two times within minutes of its opening on Monday.
The PNB fiasco falls into a family line that involves non-fund limits - read contingent liabilities which are off-books. Harshad Mehta did it with bankers' receipts in 1992. Ketan Parekh exploited the ignorance of bankers who did not know the difference between a cheque and a pay-order. And the RBI blinked when it failed to insist the SWIFT platform be linked to the core banking solution. Raghu Mohan & Abhijit Lele trace the banking mess that was just waiting to happen.
