The investigation under FEMA was taken up by ED based on a reference received from RBI to investigate advance remittances received by certain entities for the purchase of the shares of Tamil Nadu Mercantile Bank through escrow mechanism maintained with Standard Chartered Bank, Mumbai.
The Reserve Bank on Wednesday said the amalgamation of Lakshmi Vilas Bank with DBS Bank India will come into force from November 27 and the moratorium imposed on the crisis-ridden lender will be removed on that day. The RBI issued the statement within hours of the Cabinet clearing the Scheme of Amalgamation of Lakshmi Vilas Bank Limited (LVB) with DBS Bank India Limited (DBIL).
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Kapoor, 62, and the Wadhawans were arrested by the agency in this case early this year and they are in judicial custody at present.
India's five leading wilful defaulters are Winsome Diamonds & Jewellery Ltd and associate Forever Precious Jewellery & Diamonds, Zoom Developers, Kingfisher Airlines, Beta Naphthol and Raza Textiles
Vijay Mallya on Wednesday gave a proposal to the Supreme Court to repay around Rs 4,000 crore (Rs 40 billion) loan to banks by September this year.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Moody's Investors Service on Friday slashed its estimate of India's GDP growth during the 2020 calendar year to 2.5 per cent from an earlier estimate of 5.3 per cent, on account of the rising economic cost of the coronavirus pandemic.
Rediff readers tell us how they spent their first salaries.
Chanda Kochhar, became ICICI's first female CEO in May of 2009 - right in the thick of the global financial crisis - not an easy time to be the boss of a bank.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Ajit Mishra, vice president, Research, Religare Broking, answers your stock market queries.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Telecom operator Reliance Jio Infocomm has arranged credit facilities worth $1.5 billion with lenders, including Bank of America and Barclays, to refinance existing loans.
The rupee plunged to nearly 33-month low of sub-52 level after losing a whopping 81 paise against the United States currency on sustained dollar demand amid weak trends in stock markets and deepening euro-debt crisis.
Of the total 53,334 cases of frauds reported during 2008-09 and 2018-19 fiscal years, involving a whopping Rs 2.05 lakh crore, a highest of 6,811 cases were reported by the ICICI Bank.
India's current economic growth would continue for at least 15-20 years and Rural India would be the new engine for a double digit growth, Chairman of the ICICI Bank Limited, K V Kamath said.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Biggest challenge is to control fiscal deficit
'When growth is ignited, as it has been in India it continues for a long time, as long as 20 to 25 years! The last case was China, and before that Japan. I do hope this happens with us, says ICIC Bank chief executive officer K V Kamath.
The banking star will appear on Rediff Chat on August 8 at 10.30 a.m.
Union Finance Minister P Chidambaram said in the Lok Sabha the Reserve Bank of India and the Securities and Exchange Board of India have taken up corrective measures in the IPO scam.
IndusInd Bank Limited has applied to the Reserve Bank of India for floating an insurance broking subsidiary as an area of diversification, a top bank official said.
Shah Rukh Khan's image and popularity with the Non-Resident Indian segment will further reinforce ICICI Bank's global identity, the bank said in a statement.\n
What was recovered from Bhajiawala family: Rs 1.45 crore cash, of which about Rs 1.05 crore was in new currency notes, bullion worth Rs 1.49 crore, gold jewellery valued at Rs 4.92 crore, other ornaments worth Rs 1.39 crore and silver ingots priced at Rs 1.28 crore.
Rajneesh Gupta gives us a list of noteworthy statistics from first-class and Ranji Trophy
The firm chooses UP for payments bank launch in February. Karan Choudhury reports.
The partially convertible rupee closed at 61.5350/5450 per dollar compared to 61.54/55 on Wednesday.
Citigroup's Citibank arm is expanding keenly in India but is wary of taking stakes in local banks because of a cap on foreign equity and limits on voting rights, company officials said
As unified payments interface gets popular, cash transactions will come down as most small payments will be routed through this.
Jifi is a zero-interest current account with no minimum balance conditions, and can be opened with an initial payment of Rs 5,000.
'It is not just a loss for India or UC Berkeley, it is a loss for the world.'
CBI has also summoned a senior official of Reliance Industries Limited and a noted chartered accountant.
Kotak Mahindra Bank to have a 19.9% stake in the proposed banking venture.
Life Insurance Corporation of India has over Rs 7,000 crore in tax demand pending against it, the biggest across various categories.
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