Public sector banks have written off loans worth Rs 6.15 lakh crore in the last five and a half years, Parliament was informed on Monday.
The Supreme Court has ruled that a bank's one-time settlement (OTS) scheme cannot be invoked as a matter of right and that borrowers must strictly comply with its mandatory conditions, including upfront payment of a specified portion of dues, to avail themselves of the benefits of the scheme.
Public sector banks (PSBs) have written off bad loans of about Rs 5.82 lakh crore in the last five financial years, Parliament was informed on Tuesday. During 2024-25, the loan write-off of PSBs was at Rs 91,260 crore, compared to Rs 1.15 lakh crore in the previous fiscal, Minister of State for Finance Pankaj Chaudhary said in a written reply to the Rajya Sabha.
The Budget assumes significance as it comes on the back of lower-than-expected growth numbers during the second quarter and geopolitical uncertainty.
From almost 60 per cent as of December 2019, the share of liquidations in the mode of closure of total Insolvency and Bankruptcy Code (IBC) cases came down to 44 per cent till September 2023, data by the Insolvency and Bankruptcy Board of India (IBBI) shows. Experts say the decreasing trend in liquidations under the IBC in India can be largely attributed to the initial economic conditions of companies entering the Corporate Insolvency Resolution Process (CIRP). IBC experts also say the trend shows a certain stabilisation in IBC with the Code now rid of legacy bankruptcy issues.
A total of 161.30 acres of land, plant, machinery and building of the Kannad Sahakari Sakhar Karkhana Limited (Kannad SSK) located in Kannad village of Aurangabad district has been provisionally attached under the Prevention of Money Laundering Act (PMLA), the ED said in a statement.
The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, allows banks and financial institutions to auction properties (residential and commercial) when borrowers fail to repay their loans.
State-owned Bank of Baroda on Monday said actor Sunny Deol has offered to settle the dues related to his bungalow in Mumbai.
The shutdown has been complete in not only major cities like Kohima, Dimapur and Mokokchung, but even smaller towns such as Tuli, Jalukie, Pfutsero, CNCCI president Khekugha Muru told PTI.
'For a responsible person like him to utter such nonsense is shameful.' 'He is not fit to be a director on the RBI central board.'
The Competition Commission of India (CCI) on Tuesday said that the proposed additional stake buy in United Breweries (UB) by Dutch major Heineken does not raise any competition concerns, effectively clearing the deal. In its order, the CCI said, "It is submitted that the proposed transaction does not give rise to competition concerns regardless of delineation of the relevant market for the purpose of this filing." UB is the country's largest beer company, while Heineken is the world's second-largest brewer after Anheuser-Busch (AB) InBev.
To minimise hardship for legal heirs, home loan borrowers must purchase additional insurance cover while taking a home loan.
Pawar said he was upset that his three sisters were dragged into this.
Armed with court order, a consortium of lenders led by SBI can now sell certain real estate properties and securities belonging to fugitive Vijay Mallya to recover loans turned bad with failure of Kingfisher Airlines. A consortium of 11 banks that gave Mallya loans, led by State Bank of India (SBI), had approached a special Prevention of Money Laundering Act (PMLA) court seeking restoration of his properties seized by the Enforcement Directorate. The special PMLA court in Mumbai on Tuesday allowed the restoration of properties worth Rs 5,646.54 crore to banks.
The change may give "secure creditors" the first right to auction an asset in order to recover the dues.
The Karnataka High Court has rejected a petition by Vijay Mallya-led Kingfisher Airlines Limited challenging the move by a consortium of banks to take possession of its "Kingfisher House" property in Mumbai to realise part of the debts due to them from the airlines.
DCHL owes the bank about Rs 200 crore (Rs 2 billion).
According to a government reply in Lok Sabha, as on June 30, 2017, there were about 109,598 cases pending across debts recovery tribunals, with recovery dues of Rs 635,500 crore.
The ministry further told banks that "it would be prudent to take steps against guarantors immediately when no sign of revival is visible".
CBI has registered a case against general secretary of Mumbai BJP Mohit Kamboj, his jewellery manufacturing firm Avyaan Overseas, its directors, few mid-level bankers and others for alleged diversion of funds by availing fraudulent foreign bills negotiation limit and export packaging credit limit, issued by lender Bank of India between 2013 and 2018.
The finance minister's meeting with chief executives and managing directors of banks ahead of the Union Budget assumes significance in view of the critical role the banking sector plays in boosting consumer demand across sectors.
Sensitive cases like the validity of the scrapping of Article 370 of the Constitution, the Citizenship Act, and states challenging perceived assault on federalism were on the back burner. An analysis of the judgments delivered in the past months would show that it was acting more like a court of appeal rather than a Constitutional court, observes M J Antony.
The finance ministry has proposed to decriminalise a host of minor offences, including those relating to cheque bounce and repayment of loans, in as many as 19 legislations to help businesses tide over the crisis caused by the coronavirus outbreak. The 19 legislations include Negotiable Instruments Act (cheque bounce), SARFAESI Act (repayment of bank loans), LIC Act, PFRDA Act, RBI Act, NHB Act, Banking Regulation Act and Chit Funds Act.
The government may exempt investments in asset reconstruction companies from income tax in the forthcoming Budget to boost the bad assets recovery business.
The J&K state and the Centre governments sought adjournment on the ground that the current situation is very sensitive.
Providing some relief to borrowers under the Securitisation Act, the Supreme Court has ruled that secured creditors cannot straightaway attach the defaulter's assets after giving the mandatory 60-day notice.
Bankers have demanded several changes in the NPA laws including a minimum deposit of 25 per cent of the outstanding loan amount by the defaulter for contesting a bank's claim over its assets.
'A strong foreign exchange reserve is the best safety net against global spillovers.'
The Dun & Bradstreet Composite Business Optimism Index stands at 81.1 during the 2nd quarter of 2016
The base price for the property was set at Rs 150 crore (Rs 1.5 billion).
'If I close my housing loan, are there any investment avenues (the investment should provide liquidity) to save tax?'
MCA blamed its financial troubles on non-receipt of payments from the Board of Control for Cricket in India for the last 10 months.
Priorities include the amendments of the Companies Act and the Motor Vehicle Act
Pulbic banks have no reason to cheer Budget announcement.
The system envisaged under the FRDI Bill, if implemented properly, would help improve the efficiency of capital allocation without harming consumers, and without risking the stability of financial firms, says Ajay Shah.
Such measures are expected to further enhance the protection of investors in the securities market
The Kingfisher House has a built-up area of over 17,000 sq ft and is located in plush Vile Parle area near domestic airport in Mumbai.
At present, Sebi norms bar wilful defaulters from issuing convertible debt instruments.
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