Public sector banks are inefficient, poorly governed and beset by largescale corruption.
On Wednesday, the collector had issued an order in favour of the 17-banks consortium led by SBI to take physical possession of the villa
Lack of decisiveness and courage to deal with PSBs may turn out be the biggest impediment to the Modi government's economic initiatives, says Debashis Basu.
Finance Minister Nirmala Sitharaman on Monday presented the Budget for 2021-22 in the Lok Sabha that is expected to provide relief to the pandemic-hit common man as well as focus more on driving economic recovery through higher spending on healthcare, infrastructure and defence amid rising tensions with neighbours, As India emerges from the COVID-19 crisis, the ninth Budget under the Modi government, including an interim one, is widely expected to focus on boosting spending on job creation and rural development, generous allocations for development schemes, putting more money in the hands of the average taxpayer and easing rules to attract foreign investments.
While law-abiding customers are harassed for KYC and have to comply with endless paperwork even to open and close accounts, DHFL could easily open nearly 260,000 fake home-loan accounts, reveals Debashis Basu.
Vishal Kampani has big shoes to fill as his father is close to the Ambanis, the Wadias and the Ruias, says Dev Chatterjee.
Cases across the country against defaulters who owe over Rs 1 crore each, reveal CIBIL data.
The court also allowed Indian Banks' Association, another respondent, to file a response.
Finance minister Arun Jaitley has delivered a Arun Jaitley delivered a bold, far sighted budget
The choice clearly is between prompt corrective action and slow but sure destruction, says Tamal Bandyopadhyay.
While Arun Jaitley remains part of the decision making process, Piyush Goyal, who was given additional charge on May 14, attends cabinet meetings and takes the day-to-day decisions.
Of the Rs 4,405 crore unpaid debt of 12 companies, more than half was locked in just one Mumbai-based real estate company, Kohinoor CTNL Infrastructure.
'Infusion of fresh capital, handsome growth in deposits and focus on recovery should bring Yes Bank back on the growth path in the next financial year,' observes Tamal Bandyopodhyay.
The first quarter of 2018 saw infrastructure and real estate drive investment worth close to $8 billion across 180 deals
Recent tribunal rulings open prospects of large haircuts and barriers to auctioning of personal guarantees, among other issues
Raghuram Rajan, said, the scourge of loan losses "had a tendency to increase, get too big to ignore, too late to manage, and push the system into crisis".
India's aggregate NPA as a percentage of GDP is far lower than that in Italy, Greece.
The Bankruptcy Bill seeks to ensure predictability of outcome for creditors.
'The hour is very late, and the choice between triumph and tragedy knocks at our door,' says Ajay Shah.
Shapoorji, Kalpataru, Godrej pursuing Rs 60,000 crore opportunity in the region
The overriding objective of the National Investment and Infrastructure Fund (NIIF) must be adequate economic return, not financial return.
Mergers to create at most six state banks
Henry Kravis, co-founder of global private equity firm Kohlberg Kravis Roberts & Co, thinks India should go for a bad bank to deal with bad assets in banks. In an interaction with journalists in Delhi, he says there are plenty of opportunities in India. He was joined by India CEO Sanjay Nayar.
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.
Central KYC not in sync with Sebi's KRA system; regulator writes to finance ministry
China is keen to rebalance its economy towards higher consumption, services, technology use and value-added exports. The hope is that its currency will strengthen as the world embraces it as a global trade and reserve currency, say Abheek Barua & Bidisha Ganguly.
China's economy grew 6.7 percent in the second quarter from a year earlier.
The gross bad debt of the Indian banking system as of March was at Rs 7.11 lakh crore
While IDBI Bank's 140 million customers and 1800-odd branches will come in handy for LIC to hawk insurance, the bank can use LIC's massive agent network to sell its retail loans. But if it is run the same way it had been in the past and LIC is a proxy of the government, then it has no future, says Tamal Bandyopadhyay.
The investment limit for foreign entities in Indian stock exchanges will be enhanced from 5 per cent to 15 per cent on par with domestic institutions.
Pulbic banks have no reason to cheer Budget announcement.
'Real estate loans are given in the garb of retail loans, sourcing money cheap from the NHB refinance window.' 'This loophole is being plugged,' notes Tamal Bandyopadhyay.
The government has provided a long-term vision.
Unless the Taliban goofs up in a big way, which seems highly unlikely, we are looking at a regime that will be around for quite a long while and present a level of governance that the puppets of the richest and most advanced countries failed to provide, predicts Ambassador M K Bhadrakumar.
Official talks were held between Modi and Seikh Tamim for multi-sectoral partnership and strengthening of Indo-Qatar ties following which the agreements and Memorandums of Understanding were signed on the second day of the Prime Minister's visit.
Once these banks start showing losses, they will not be able to pay dividends to the government nor pay taxes, which will further aggravate the situation for the government as its return on investment as an investor would be very negligible for the next few years, says M V Subramanian.
As debt piles up, Anil Ambani's ability to see the asset sale plan through will be crucial
The 30-share Sensex ended in the red.
'What is critical today in India is confidence of depositors.' 'If you have these kinds of problems spreading like this, the confidence level of a lot of people in the system gets shaken.'
Finance Minister Arun Jaitley said Sebi would develop new products in the commodity derivatives space apart from taking steps to deepen the corporate bond market.
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