However, despite the surge, the average income of banking correspondents has taken a beating due to the low value of transactions.
Liquor tycoon Vijay Mallya on Friday made an urgent application before the UK High Court seeking access to millions of pounds to cover his living expenses and legal fees from funds held with the Court Funds Office as part of bankruptcy proceedings, initiated by a consortium of Indian banks led by the State Bank of India. Deputy Insolvency and Companies Court Judge Robert Schaffer declined to allow a draw down from the court-held funds of an estimated amount of around 1.5 million pounds, accrued from the sale of Mallya's French luxury property Le Grand Jardin earlier this year, until further arguments in the case. However, he did allow the release of 240,000 pounds plus VAT to cover the legal costs of a substantive hearing in the bankruptcy proceedings scheduled for next Friday.
A British court on Monday granted a bankruptcy order against Vijay Mallya, paving the way for a consortium of Indian banks led by the State Bank of India (SBI) to pursue a worldwide freezing order to seek repayment of debt owed by the now-defunct Kingfisher Airlines. "As at 15.42 [UK time], I shall adjudicate Dr Mallya bankrupt," Chief Insolvencies and Companies Court (ICC) Judge Michael Briggs said in his ruling during a virtual hearing of the Chancery Division of the high court. "I have to decide if there is a real prospect of payment of petition debt in full within a reasonable period of time... there is insufficient evidence that [Mallya's asset realisations in India] will pay the debt in full within a reasonable period of time," Judge Briggs noted, in reference to defence arguments pointing to a restoration process in India following a Prevention of Money Laundering Act (PMLA) court order for the attachment of Mallya's assets.
'How can so many misfortunes fall on one beautiful family?'
They need money as Rs 100,000 cr deposits will mature by December.
In the biggest consolidation exercise in the banking space, the government on Friday announced four major mergers of public sector banks, bringing down their total number to 12 from 27 in 2017, a move aimed at making state-owned lenders global sized banks.
A consortium of Indian banks led by the State Bank of India (SBI) on Tuesday moved a step closer in their attempt to recover debt from loans paid out to Vijay Mallya's now-defunct Kingfisher Airlines after the high court in London upheld an application to amend their bankruptcy petition, in favour of waiving their security over the embattled businessman's assets in India. Chief Insolvencies and Companies Court (ICC) Judge Michael Briggs handed down his judgment in favour of the banks to declare there is no public policy that prevents a waiver of security rights, as argued by Mallya's lawyers. At a virtual hearing, July 26 was set as the date for final arguments for and against granting a bankruptcy order against the 65-year-old Mallya after the banks accused him of trying to "kick matters into the long grass" and called on the "bankruptcy petition to be brought to its inevitable end".
Property buyers fund the project cost and the entire debt and entire equity servicing, and yet, have no locus standi in the IBC process, points out Debashis Basu.
A week after the Reserve Bank of India (RBI) raised key policy rates and asked banks to restrain loan growth as deposit mobilisation remains slow, three state-owned banks responded on Monday by increasing their benchmark lending rates and deposit rates.
With the addition of the seven banks - South Indian Bank, Karur Vysya, State Bank of Hyderabad, State Bank of Bikaner, State Bank of Travancore, State Bank of Mysore, and Punjab and Sind Bank - the number of banks allowed to import the precious metals now stands at 30.
Punjab & Sind Bank plans to offer 5% each to top institutions
PSB may get its first non-Sikh at the helm, vigilance clearances are awaited.
Gitanjali Gurbaxani, whose family has known Ram Jethmalani since their Pre-Partition days in Sind, recalls the legal luminary and 'the pride of the Sindhi community'.
Guru Gobind Singh Indraprastha University (GGSIPU) invites applications for its undergradaute and postgraduate courses for the academic year of 2008-09.
'By convention, the prime minister is technically kept in the loop for the DG, ISI's appointment.' 'It remains to be seen if Prime Minister Imran Khan is able to indicate any preference by then,' says Rana Banerji, who headed the Pakistan Desk at the Research and Analysis Wing, India's external intelligence agency.
'With the extension issue settled clearly in his favour, Gen Bajwa would be free to fashion a more hardline policy against India. 'We could, therefore, expect a raising of the ante in Kashmir,' says Rana Banerji.
The company's IPO -- the first by a private bank in a decade -- was oversubscribed a staggering 69.62 times.
The country's largest lender State Bank of India will get the largest sum of Rs 8,800 crore as government's capital infusion.
A 71-year-old man, whose dream of starting a business with his life savings got shattered as a bank negligently transferred his money to a stranger, has now been provided relief with the National Consumer Commission asking the Punjab and Sind Bank to pay him Rs 15.5 lakh.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
In the semi-finals, Indian Airlines beat Punjab and Sind Bank via the tie-breaker, while BSF got the better of Indian Oil.
Punjab and Sind Bank will lock horns with Indian Oil in the final of the Surjit hockey tournament.
The former beat Railways 1-0 while PSB blanked Chandigarh 2-0 in the Super League of the National hockey championship.
Punjab and Sind Bank will take on Services in the first Super League match of the 62nd Senior\nNational Hockey Championship at the Surjit hockey stadium in Jalandhar on Saturday.
At a hearing before Master David Cook at the Queen's Bench Division of the court, Mallya's legal team sought a dismissal of the interim order.
Sandeep Singh 's brace from penalty-corners gave Airlines a 2-0 victory over Punjab and Sing Bank in the final
Punjab and Sind Bank beat Indian Oil 2-0 in the final to win the Major Rangaswamy Trophy.
Like everything else, the structure of banks may change, and banks may depend more on digital technologies and artificial intelligence for dealing with both their customers and employees.
The Punjab and Sind Bank scraped past Border Security Force 1-0 to win the 111th All India Beighton Cup hockey
The Mumbai Police on Wednesday arrested Ashok Advani, publisher of Business India and former director of the Mumbai-based Jai Hind Cooperative Bank, on charges of embezzling Rs 27 crore from a savings account held by a trust.
In another match in the Maharaja Ranjit Singh Hockey Tournament, Indian Airlines beat Punjab Sind Bank 2-0.
Western Railway pipped holders Punjab and Sind Bank 4-3 in a thrilling final of the Bombay Gold Cup hockey tournament
IOC beat defending champions Indian Airlines 4-1, while PSB edged past Services 2-1 in the 61st Senior National Hockey Championship.
