Banks have been struggling hard to recover dues from grounded Kingfisher Air.
While Raghunathan is a named accused in the CBI's case registered in October last year, Nedungadi had resigned recently from the post of CFO of the UB group.
Never before has the need for creating an ambience for economic policy reforms been as critical as it is now, points out A K Bhattacharya.
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.
Chinese foreign ministry spokesperson Mao Ning told the media in Beijing on Monday that the two sides held an in-depth exchange of views on expediting the resolution of relevant issues.
The charges of aiding tax fraud, to which Credit Suisse has admitted, are serious and reflect the deep malaise that afflicts the Swiss banking system.
Alleging that Sanatana Dharma is against equality and social justice, Dravida Munnetra Kazhagam youth wing secretary and Tamil Nadu Youth Welfare Minister Udhayanidhi Stalin has said it should be eradicated.
Byju's, India's most-valued startup, has decided to put two of its key assets -- Epic and Great Learning -- on the block to generate $800 million-$1 billion in cash, with an aim to meet the edtech firm's various commitments, including repaying the entire $1.2 billion term loan B (TLB) within six months, according to sources. The cash-strapped company has proposed repaying $300 million of the $1.2 billion loan in the next three months, depending on whether the lenders accept Byju's amendment proposal, said the people familiar with the development. "This loan repayment proposal has been submitted to the lenders and conversations are going in the right direction," said a person in the know.
Diversified business house Trident Group would become the first corporate to use Aadhaar Payment Bridge (APB) for disbursal of salaries to its employees.
If there were an Olympics for bank frauds in India, Rishi Agarwal, founder and former chairman of ABG Shipyard Ltd, a nephew of the Ruia brothers of the Essar group, would bag the gold, pushing Nirav Modi to his right, says Tamal Bandyopadhyay.
The move will have cascading effects for lot of related sectors
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
Business is down to such an extent that last year these firms could not even meet RBI's capital norm of Rs 50 million for partnerships and Rs 100 million for public and private firms in this line of business.
Environmental campaigners say they hope two outstanding court cases can still stop India's Adani Enterprises Ltd from developing a A$10 billion ($7.6 billion) coal project.
New regime on loans to one party to kick in by Apr 2019.
Observing that there is liquidity overhand of Rs 13 lakh crore in the system, RBI Governor Shaktikanta Das said on Friday that the exceptional measures undertaken during pandemic will be dealt in sync with macroeconomic developments to preserve financial stability. Since the onset of the pandemic, the Reserve Bank has maintained ample surplus liquidity to support a speedy and durable economic recovery, he said while announcing the outcome of the Monetary Policy Committee (MPC) meeting. The level of surplus liquidity in the banking system increased further during September 2021, with absorption under fixed rate reverse repo, variable rate reverse repo (VRRR) of 14 days and fine-tuning operations under the liquidity adjustment facility (LAF) averaging Rs 9 lakh crore per day as against Rs 7 lakh crore during June to August 2021, he said.
Indian companies are planning to increase investments in the new year to expand capacity, acquire companies, and go on a hiring spree, a survey of top executives showed. They, however, cited rising costs, weak consumer demand, and increasing interest rates as major concerns for 2023 which may impact their plans.
All the existing microfinance businesses of the company and clients will be transferred to the bank
India's GDP expanded 13.5 per cent in the April-June quarter, the quickest pace in a year, to retain the world's fastest growing economy tag but rising interest costs and the looming threat of a recession in major world economies could slow the momentum in the coming quarters.
Kolkata-based United Bank of India, which had earlier declared Kingfisher Airlines and its four directors, including Mallya as wilful defaulters, on Tuesday identified UBHL, the guarantor of the grounded Kingfisher Airlines, also a wilful defaulter.
'Put the assets of PMC Bank and the personal assets of the HDIL promoters and head of PMC Bank in an escrow account and ring-fence it from the ad hoc action of the revenue departments and creditors,' recommends Debashis Basu.
Eleven companies have launched their initial public offerings (IPOs) in December 2023, making this month the second-best December for public offerings since 1996. Collectively, they are raising Rs 8,182.7 crore this month. In December 2021, 11 companies raised Rs 9,534 crore. However, excluding December 2021, this month marks the best December for IPOs since 1996.
Tata remains India's powerful brand with its value ring over $15 billion for the first time.
The country's largest lender State Bank of India on Friday recorded a 99.6 per cent dip in consolidated net profit at Rs 20.7 crore for the September quarter on account of a 3-fold jump in bad loan provisioning.
The Board of Control for Cricket in India will bear the entire cost of the cash-strapped North Eastern states' Ranji Trophy debut, which has been mandated by the Supreme Court-appointed Lodha Committee, a couple of whom will play their home games at neutral venues due to lack of infrastructure.
'Isn't it obvious? Do you have a doubt? There is so much data that shows that there is quid pro quo.' 'There are many instances of donations being given after the raids, donations being given before the award of a contract and many other permutations and combinations.'
On the controversial AFSPA, the home minister said, "We will also think of revoking AFSPA."
ICICI's board has denied any wrongdoing, highlighting that the loan was underwritten in accordance with the bank's credit standards and was extended as part of a consortium involving over 20 banks.
In her first address to a joint sitting of the two Houses in the new Parliament building in which she touched on varied issues ranging from insurgency to inflation, Murmu said a country can progress at a fast pace only when it defeats the challenges of the past and puts maximum energy into building the future.
The PFI is alleged to have been continuously involved in anti-government propaganda and spreading the narrative that Muslims were being persecuted in India.
Brokerage firms on Wednesday appeared divided in their calls on Larsen & Toubro (L&T) after the company's 2023-24 (FY24) October-December quarter (third quarter, or Q3) performance and guidance for the quarters ahead. While few stayed optimistic about the stock over future order inflow prospects, others saw increasing exposure to West Asia and fixed price contracts as a concern. In Wednesday's trade, L&T's share price closed at Rs 3,480 per piece, 4.22 per cent down from its previous day's close.
Say their aggregate borrowings were "well within the norms"
One of the reasons why the TMC decided not to demand a JPC is that the chairperson and most of its members would be from the BJP, he said, adding JPC means putting the issue under the carpet.
The Reserve Bank of India collects credit information from banks under the CRILC reporting system for borrowers with the credit exposure greater than Rs 5 crore.
'Inter-ministerial coordination, information on the proposed PSUs, and due diligence are taking longer than expected to conclude the process.'
El-Sisi welcomed Modi, who is on a two-day state visit to Egypt, at the Presidential Palace where the two leaders were closeted for one-on-one meeting after which the two sides signed a memorandum of understandng.
More than a dozen corporates, including big names such as Aditya Birla Group, M&M, L&T, as well as state-owned PFC, LIC and India Post, are likely to apply to the Reserve Bank for licence to open banks.
BMS, a union affiliated to RSS, plans rally at Delhi's Ramlila Ground on Nov 17; SJM to protest on Oct 29.
The oil industry experienced three upheavals between 1973 and 1991, which seem to be etched in the memory of the industry's decision makers. Naturally, at the sign of a new crisis, the decision makers like to dip into those tumultuous decades to find ways to deal with the new shock, in addition, of course, to expert reports and forecasts. So, the industry bigwigs turned the pages of history to get a peek into the future of oil price movements after Russia invaded Ukraine in 2022, Israel attacked Gaza in 2023, Iran-linked Houthi rebels pounded tankers crossing the Red Sea in support of Palestine the same year, and Iran rained missiles on Israel in 2024.
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.
