'MIB which is a part of retail, will grow in the range of 20 per cent.'
The Enforcement Directorate on Thursday conducted simultaneous raids as part of a money laundering investigation linked to an alleged bank loan fraud of Rs 3,000 crore against Anil Ambani group companies and Yes Bank, official sources said.
Reliance Group chairman Anil Ambani did not appear before the Enforcement Directorate for questioning in a money laundering case linked to an alleged bank fraud. The ED is investigating loan fraud allegations against multiple Anil Ambani group companies.
Months after picking up 24.21 per cent stake in private sector lender Yes Bank, Japan's Sumitomo Mitsui Banking Corporation (SMBC) has received the Reserve Bank of India's (RBI's) in-principle approval for setting up a wholly owned subsidiary (WOS) in India.
'Now we have one of the best asset qualities in the industry.'
But selectively, with regulatory scrutiny and special approval, points out Tamal Bandyopadhyay.
Yes Bank has taken over the headquarters of Anil Ambani's group in suburban Santacruz in Mumbai for failure to repay dues worth Rs 2,892 crore. The private sector lender has also taken possession of two flats in South Mumbai for the non-payment of dues by Reliance Infrastructure, according to a notice published by Yes Bank in a newspaper on Wednesday.
'Marathi-speaking people of Mumbai have now emerged as a consolidated vote bank standing firmly behind the Thackerays.'
The Reliance Centre, a guesthouse and some residential assets in Mumbai, apart from 231 plots of land in Chennai, are among the fresh assets worth Rs 1,120 crore attached by the ED as part of its ongoing money-laundering probe against the companies of Reliance Group chairman Anil Ambani.
The Supreme Court has sought responses from the Centre, the CBI and others on a plea filed by a 78-year-old retired banker who was duped of Rs 23 crore after allegedly being put under "digital arrest" for nearly a month.
A special PMLA court here on Wednesday granted bail to Yes Bank founder Rana Kapoor, businessman Gautam Thapar and seven others in a case pertaining to the sale of a property at a prime location in Delhi. Kapoor and Thapar, however, will not walk out of jail as they are in judicial custody in connection with some other cases. The present case pertains to allegations in the sale of a property situated on Amrita Shergill Marg in Delhi to a company owned by Rana Kapoor's wife, Bindu Kapoor, for which a separate FIR had been registered by the Central Bureau of Investigation (CBI) in Mumbai last year.
The central agency is probing Kapoor's role in connection with the disbursal of a loan to a corporate entity and the subsequent alleged kickbacks that were reportedly received in his wife's accounts.
The National Company Law Tribunal (NCLT) has directed to initiate insolvency proceedings against Zee Learn, following a petition filed by private sector lender Yes Bank Ltd. Yes Bank Ltd (YBL) had claimed a default of Rs 468.99 crore by the Essel Group company. Out of the default amount of Rs 468.99 crore, the principal amount was Rs 410.67 crore and Rs 58.32 was interest.
Defending the timing of Yes Bank's moratorium, Reserve Bank of India governor Shaktikanta Das on Friday assured swift resolution to the issues concerning the beleaguered lender. "The resolution (to Yes Bank) will be done very swiftly, it will be done very fast. 30 days which we have given is the outer limit. You will see a very swift action from RBI," Das told reportters in Mumbai.
Ambani's group companies are stated to have taken loans of about Rs 12,800 crore from the bank that turned NPAs.
'LIC will reduce but not fully exit its stake in IDBI Bank, which remains an important bancassurance partner,' says LIC of India' MD and CEO R Doraiswamy.
We can't leave a question in exam because it is out of syllabus: SKY on Pak spinner Usman Tariq
CBI has alleged that Rana Kapoor entered into a criminal conspiracy with Kapil Wadhawan, DHFL director-promoter for round-tripping of funds where loans from Yes Bank to DHFL landed in companies owned by Kapoor's daughters, DoIT Urban Ventures.
The entire proceeds from the sale of Reliance Centre will be utilised only to service YES Bank debt.
Thapar, 60, was arrested under the Prevention of Money Laundering Act (PMLA) on Tuesday night after the agency carried out raids against him and his linked businesses in Delhi and Mumbai, they said. He is expected to be produced before a court on Wednesday where the ED will seek his custody, they added. The ED has been probing an alleged transaction between his company Avantha Realty, Yes Bank co-founder Rana Kapoor and his wife, who are already being investigated under the PMLA by the agency.
From the appointed date, the authorised capital of the private sector bank would stand altered to Rs 5,000 crore and the number of equity shares at 2,400 crore having face value of Rs 2 each.
Yes Bank, the new private sector banking entity, has filed a draft Red Herring Prospectus with the Securities and Exchange Board of India for its initial public offering of seven crore equity shares.
The CBI has filed a charge sheet against former Chief Executive and Managing Director of Yes Bank Rana Kapoor as well as Avantha Group promoter Gautam Thapar in the Rs 466.51 crore alleged fraud in the bank, officials said. Kapoor was not named a suspect in the FIR registered on June 2 last year in the case. His role, however, surfaced during the investigation, they said.
'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.
Reliance group chairman Anil Ambani on Thursday appeared before the Enforcement Directorate in Mumbai in connection with a money-laundering probe against Yes Bank promoter Rana Kapoor and others, officials said. The agency is expected to record the statement of Ambani under the Prevention of Money Laundering Act. The 60-year-old businessman arrived at the ED office in Ballard Estate around 9.30 am.
The government has given a go-ahead to State Bank of India and other financial institutions to take over capital-starved Yes Bank, and an announcement is likely to be made soon, highly places sources said on Thursday. The board of SBI, the country's largest lender, is meeting in Mumbai on Thursday, but it could not be immediately ascertained whether the takeover of Yes Bank is on the agenda. Yes Bank, which is grappling with bad loans, is looking to raise fresh capital but the plans are facing uncertainties.
These businessmen represent the top five firms that have taken loans from the crisis-hit Yes Bank and these debts were either in the red or were stressed, officials said.
The Central Bureau of Investigation has booked HDIL promoters Rakesh Wadhawan and Sarang Wadhawan, along with other directors and auditors in the firm, in an alleged Rs 200-crore loan fraud in Yes Bank involving Mack Star, officials said Friday.
Reliance Group Chairman Anil Ambani on Tuesday appeared before the Enforcement Directorate here for questioning in a money laundering case linked to alleged multiple bank loan fraud cases worth crores of rupees against his group companies, official sources said.
Harried Yes Bank depositors rushed to ATMs to withdraw cash but faced multitude of problems including closed down machines and long queues, after the RBI placed the bank under a moratorium, capping maximum withdrawals at Rs 50,000 per account for a month. Aggravating the problems of depositors were difficulties accessing the internet banking channel, which ensured that they can't transfer the funds online as well.
Assuming the private bank issues 20 billion shares at Rs 10 apiece (with face value of Rs 2 each), the total capital raise will be Rs 20,000 crore. And for the 49 per cent stake, SBI will need to put in about Rs 10,000 crore.
Bengaluru police recovered Rs 14 lakh lost by BJP MP's wife in a cyber fraud through 'digital arrest'.
'RBI was focusing on public sector banks perhaps thinking that private sector banks are managed efficiently while PSU banks are not.' 'Now, RBI has to focus on private sector banks too.'
BJP spokesperson G V L Narasimhra Rao noted that Priyanka's husband Robert Vadra is accused of using "shady methods to make windfall profits from dubious real estate transactions" and said the report of her receiving Rs 2 crore from Kapoor for a painting which was not her own shows that the powerful couple have leveraged their political power to make "private gains".
Yes Bank chairman Ashok Kapur was on Friday found dead in Mumbai's Oberoi (Trident) Hotel, which was under terrorists' siege for several hours since late Wednesday evening.
Bombay High Court upholds rejection of Shagun Gogia as board member, terms two director appointments invalid.
Yes Bank would open 28 branches by March-end giving it a national footprint, H Srikrishnan, executive director said on Wednesday.
The Enforcement Directorate (ED) on Tuesday arrested the former CFO and internal auditor of the Cox and Kings Group in connection with its money laundering probe in the Yes Bank alleged loan default case. The agency said ex-chief financial officer Anil Khandelwal and internal auditor Naresh Jain were arrested under the provision of the Prevention of Money Laundering Act
Shagun Kapur Gogia might not have convinced her uncle Rana Kapoor, managing director and chief executive of YES Bank, to appoint her as a board member of the bank, but it appears she has successfully carved out her own space in the financial world.
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