The NCLAT said the RBI cannot restrict it from prohibiting banks from 'asset classfication' and observed that any change in this order would upset the entire resolution process of the IL&FS
The Union home ministry has cancelled the Foreign Contribution Regulation Act (FCRA) registration of the Centre for Policy Research (CPR) for alleged violation of laws, a move the public think-tank termed "incomprehensible and disproportionate" and vowed to seek legal recourse against.
'Just the amount of work which is there just to become more and more successful in banking. For this to happen you need to have leaders who understand technology.'
The US Trade Representative noted that India's average applied tariff rate stood at 17% per cent, the highest of any major world economy.
The Securities Appellate Tribunal (SAT) has granted an interim stay on a Sebi order that slapped a penalty of Rs 2 crore on Yes Bank's former MD Rana Kapoor in a case of mis-selling the private sector lender's AT1 bonds. Kapoor has been in jail since March 2020 in connection with the DHFL money laundering case. The interim relief came after capital markets regulator Sebi in July issued a demand notice to Kapoor, warning arrest and attachment of his assets over non-payment of the fine of Rs 2 crore, along with the interest.
A special court here on Thursday rejected Videocon founder Venugopal Dhoot's plea which claimed that his arrest by the Central Bureau of Investigation in the alleged loan fraud involving former ICICI Bank CEO and MD Chanda Kochhar was illegal. The CBI court also rejected applications of Chanda Kochhar and her husband Deepak Kochhar for home food, beds, mattresses and chairs. The court directed jail authorities to provide them diet food in consultation with the medical officer.
Front-running is a fraudulent practice where traders exploit advance knowledge of large client orders for personal profit.
Will allowing business correspondents to hawk insurance products help in reviving 5-lakh strong field agents as a viable channel?
The court will now decide whether to accept the report or direct the agency to continue the investigation and file a chargesheet.
Here's what you must know about the new rule, its implications, and whether it affects taxpayers' rights and privacy.
'The banks cannot pass on the hike in premiums to its customers, according to the norms. The premium won't go up substantially in any case and may be hiked to 12-13 paise (per deposit of Rs 100 a year),' Finance Secretary Rajiv Kumar said.
The Indian insurance industry is set to focus on customer-centric technological adoption and expansion into rural areas to drive growth in 2025.
Seasoned bureaucrat and a stickler for rules Finance Secretary Tuhin Kanta Pandey will be at the helm of capital market regulator, Securities and Exchange Board of India (SEBI), for three years. The 1987-batch Odisha-cadre Indian Administrative Service (IAS) officer, Pandey, would replace Madhabi Puri Buch, whose three-year term ends on Friday.
The banking regulator was uncomfortable with the runaway pace at which consumer credit was growing.
The Telecom Regulatory Authority of India (Trai) may extend the deadline to whitelist URLs (Uniform Resource Locators), APKs (Android Package Kit), or OTT (Over The Top) links - through which it intends to curb their misuse -is likely to be extended by 30 days as only over 3,000 registered senders (businesses) have complied, officials indicated. According to Trai officials, over 3,000 registered senders have whitelisted more than 70,000 links, but many more (thousands of others) are yet to comply with the directive as the mandatory norms are set to come into effect from October 1.
At present, bank depositors get an insurance cover of Rs 1 lakh on their amount by the Deposit Insurance and credit Guarantee Corporation.
Has Vijay Shekhar Sharma given up on the bank? For now, he seems to be on a save-OCL mission. The bank will face its logical end, observes Tamal Bandopadhyay.
While the capital spending is being maintained at 3.1 per cent of the GDP, a little more would have boosted economic growth even further, suggests Rajiv Memani.
Jaitley slammed lack of ethics in certain sections of businesses and said multiple layers of auditing system chose to either look the other way or did a casual job.
The CBI has filed a charge sheet against former MD and CEO of ICICI Bank Chanda Kochhar, her husband Deepak Kochhar and Videocon Group founder Venugopal Dhoot in a Rs 3,250 crore loan fraud case, officials said on Saturday. The agency has filed the charge sheet under sections 120-B (criminal conspiracy) and 409 (criminal breach of trust) of the Indian Penal Code (IPC) and provisions of the Prevention of Corruption Act, among others, they said. The Central Bureau of Investigation (CBI) has named nine entities, including companies and individuals, according to the officials.
Currently, most crowdfunding platforms neither operate with proper authorisation nor are governed under any law.
Private equity (PE) is set to play a bigger role in banks. Of 21 recommendations accepted by the Reserve Bank of India (RBI) out of 31 made by its Internal Working Group (IWG), its stance on non-promoter holdings in private banks is seen with excitement, though it doesn't refer to PEs explicitly. On non-promoter holdings in these banks, the RBI said this will be capped at 10 per cent of the paid-up voting equity share capital in the case "of natural persons and non-financial institutions and entities"; and "at 15 per cent for all categories of financial institutions, entities, supranational institutions, public sector undertaking, or the government." While this is a modification of the IWG's stance for the non-promoter holding in banks at up to 15 per cent, it does open up a huge window for PEs, all the same. This is because, while the RBI has remained silent on the eligibility of industrial houses for bank licences, fresh high-quality capital in large amounts can only come from PEs.
The Parliament session is set to start today, with various issues slated to be discussed, including the Waqf Act (Amendment) Bill.
The Reserve Bank on Friday superseded the board of the city-based Abhyudaya Cooperative Bank on concerns emanating from "poor governance" and appointed an administrator to manage the affairs of the lender. In what can be seen as a step that should allay depositors' concerns, the central bank did not put any restrictions or moratorium on deposit withdrawals because of the comfort it gets on the bank's finances, according to people in the know. "(The) action is necessitated due to certain material concerns emanating from poor governance standards observed in the bank.
S&P Global Ratings on Monday expressed scepticism over allowing corporate ownership in banks given India's weak corporate governance amid large corporate defaults over the past few years. It also said that the Reserve Bank of India (RBI) will face challenges in supervising non-financial sector entities at a time when the health of financial sector is weak. Last week, a RBI panel had proposed that large corporate may be permitted to promote banks, as well as raising the cap on promoters' stake in private sector banks to 26 per cent, from15 per cent at present.
The corporate affairs ministry and the Institute of Chartered Accountants of India (ICAI) are confident of meeting the April 2011 deadline to shift to International Financial Reporting Standards (IFRS).
'Some of the astounding proposals, if translated into statutory provisions, would be suicidal.' 'This would not be a wonder cure for increasing insurance penetration and only result in mushrooming growth of players like paan kiosks with deleterious consequences.'
Breaking silence over the Rs 12,967 crore scam at Punjab National Bank, he said: "I have chosen to speak today to convey that we at the Reserve Bank of India also feel the anger, hurt and pain at the banking sector frauds and irregularities."
The government is considering giving more teeth to Reserve Bank to deal with banking sector problems before permitting private sector entities to float commercial banks.
RBI may revise remuneration for banks.
Former ICICI Bank CEO and MD Chanda Kochhar and her husband Deepak Kochhar on Tuesday approached the Bombay high court, calling their arrest by the Central Bureau of Investigation in a loan fraud case illegal. The high court, however, refused to grant an urgent hearing and directed the Kochhars to mention the matter before the regular bench once it resumes after vacation. A lawyer representing the Kocchars said that no prior sanction, as required under the law, was obtained by the CBI before their arrest.
Credit report is a record of an individual's or company's past borrowing and repaying, including information about late payments and bankruptcy. The central bank said it has been receiving complaints, including under RTI Act, that customers are unable to get their own credit report from banks despite the fact that the banks, under Credit Information Companies Act, are required to build a database and be in readiness for effective exchange of credit information.
US President Donald Trump on Thursday addressed the World Economic Forum where he offered business leaders low taxes if they manufacture their products in the US, while threatening them with tariffs if they don't. Addressing the forum's Annual Meeting in Davos through video conferencing, Trump also said he is going to ask Saudi Arabia and OPEC to bring down oil prices and asserted that if prices come down Russia-Ukraine war will end immediately.
NBFCs with a proven track record, supported by the brand values of reputed corporate, can play a key role in bringing the benefits of banking and economy to the underserved and newer segments of India.
The word 'balancing' seems to be a favourite of Reserve Bank of India Governor D Subbarao.
The Reserve Bank of India (RBI) is likely to clamp down on gold coin sales by banks, amid rising bullion imports adding pressure to the current account deficit and weakening the rupee.
Banks should start looking for ways to generate more internal capital as the leeway to get additional funds from the government would be limited due to the ongoing fiscal consolidation process, Mundra said.
The RBI said it has come to its notice that some Indian banks have committed certain lapses while buying or selling real estate and taking or letting out property on lease or rentals in some places in foreign countries, it said in a notification on Thursday.
Let's wait for the monetary policy on February 8 -- to see how it complements the fiscal commitments, points out Tamal Bandyopadhyay.
India's flexible (flex) office segment, having breached pre-pandemic levels, is thriving as corporates, startups, multinational corporations, and global capability centres (GCCs) expand in India, seeking low-capital yet Grade A plug-and-play facilities. In the first quarter (Q1) of 2025, the flex office segment continued to grow, with flex space leasing rising by 22 per cent to 2.2 million square feet (msf), according to Colliers.
