Recently, United Bank of India declared Kingfisher Airlines as well as some three of its directors as wilful defaulters.
The choice clearly is between prompt corrective action and slow but sure destruction, says Tamal Bandyopadhyay.
The United Bank of India has decided to reduce by 25 to 50 basis points the interest rates on domestic term deposits of various tenures which would come into effect from December 8.
United Bank of India has denied having defaulted to the tune of Rs 800 crore. It also dismissed any merger talk.
A bench of Chief Justice G Rohini and Justice Rajiv Sahai Endlaw issued notice to the airline and the central government seeking their replies within a week on PNB's plea.
United Bank of India on Friday said it had decided to bring down interest rates on domestic term deposits of various tenures by 25 to 50 basis points with effect from Saturday.
Bank claims it wasn't quizzed by CBI, only financial information was sought.
Business houses expect rate cut in next RBI policy.
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The repo rate continues to be at 8 per cent while the cash reserve ratio has also been retained at 4 per cent despite inflation based on the Wholesale Price Index coming down to a 5-year low of 1.77 per cent in October.
UCO Bank will not allow Kingfisher Airlines to be represented by lawyers in the wilful default case hearing.
UB Group Chairman Vijay Mallya is no longer a member of India's 100 Richest club, even as fortunes of the country's uber-rich have seen a significant growth since last year.
12 out of 21 public sector banks reported declines in their loan books in the last financial year against seven such banks in 2015-16 and none in 2013-14.
SBI approaches Karnataka HC to arrest Mallya, impound passport, disclose full assets
The move to make the appointment process more robust comes after last month's arrest of S K Jain, chairman and managing director of Syndicate Bank last month, over graft charges.
Mallya, once known as the "King of Good Times" for his flamboyant lifestyle, has until Friday to appear before an IDBI committee to explain why he should not be declared a "wilful defaulter".
Poddar-Mallya agreement on running MCF likely to be re-worked.
During the first quarter ended June, 2014-15 fiscal, LIC earned a total premium of Rs 14,016 crore.
An administrative enquiry is under way to find out why United Bank's non-performing assets had been under-reported.
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.
The Union finance ministry is planning to make rules regarding wilful defaulters more stringent, so that criminal charges can be pressed against such entities.
Force India co-owner Vijay Mallya has rejected speculation about his Formula One team's finances, saying they will be racing for years to come.
At the beginning of this year, his stake in the airline stood at 30.14%.
The other two companies were Spanco Limited (Rs 37 crore or Rs 370 million) and Arch Pharma (Rs 56 crore or Rs 560 million).
The airline, part of Vijay Mallya-led UB Group, has been grounded since October 2012, after being bogged down by huge and mounting losses.
Several of his lenders have a lot to answer for.
The finance minister has said that United Bank has managed to reduce its non-performing assets.
Bad loans of PSU banks rose by 28.5 per cent.
At a hurriedly convened press conference, the former Uttar Pradesh said, "All deposits are as per norms and party rules and the money was collected before note ban. Should we have thrown it?"
Within hours of rate cut announced by RBI, United Bank has reduced the benchmark lending rate by 0.25 per cent, while other banks including market leader SBI have indicated that they would follow suit.
Sources said a few other lenders were also contemplating a move to declare both Kingfisher Airlines and UBHL wilful defaulters.
Companies think they are too big to bow before regulators.
Union Bank of India, United Bank of India reduced base rates.
RBI rule, applicable prospectively, also for non-group guarantors.
ICICI Bank has the largest proportion of SDR loans as a percentage of its total, followed by state-run United Bank of India and Canara Bank.
State Bank of India is also expected to tap the markets this year
Financial inclusion has been on the top of the govt's top agenda.
Bank CFOs may meet next week to discuss minimum public shareholding and takeover rule issues.
The Finance Ministry has asked top rung exectives of United bank of India to furnish bad loan recovery report on daily basis.
Mulls ways to improve the bank's earnings, cut bad loans and step up credit recovery efforts
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