Borrowers can move civil courts to stall recovery proceedings as they have few other choices.
We tried our best to recover money from Vijay Mallya: Arundhati Bhattacharya
'You suddenly realise that in this entire big scheme of things, you're just one speck.'
India Inc's debt-to-equity ratio has fallen, from 0.92 in FY15 to 0.88 in FY16.
Analysts were expecting the government to propose higher capital infusion for banks.
Prime Minister Narendra Modi on Thursday said his government is using all channels including diplomatic to bring back high-profile economic offenders, leaving them with no option but to return to the country. Speaking at a symposium on credit flow and economic growth, he asked banks to support wealth and job creators with proactive lending while promising to stand by any loans given in right earnest. "In our attempt to bring back fugitive (economic offenders), we relied on policies and law and also used diplomatic channels.
The IMF on Tuesday projected a growth rate of 6.1 per cent for India in 2023, which is a 0.2 percentage point upward revision compared with the April projection. This is reflective of the "momentum" from stronger-than-expected growth in the fourth quarter of 2022 as a result of stronger domestic investment, the International Monetary Fund (IMF) said. "Growth in India is projected at 6.1 per cent in 2023, a 0.2 percentage point upward revision compared with the April projection," it said in its latest update of the World Economic Outlook.
Shonkh Technologies International said on Tuesday its dealings with erstwhile Global Trust Bank did not involve any criminality on its part.
Stock markets would be largely driven by macroeconomic data, auto sales numbers, FII inflows and global trends this week, analysts said. The US debt ceiling negotiations and institutional flows will also be watched by investors. "This week, market participants will closely monitor institutional flows, as there is a historical observation that when both FIIs and DIIs become net buyers simultaneously, there is a likelihood of some profit-booking in the market," said Santosh Meena, head of research, Swastika Investmart Ltd.
Lenders of debt-ridden Reliance Capital have voted in favour of a resolution plan submitted by Hinduja Group firm IndusInd International Holdings Ltd (IIHL) which made the highest cash offer of Rs 9,661 crore in the second round of bidding. As much as 99 per cent votes were in favour of IIHL as lenders expected to recover cash upfront of Rs 9,661 crore from the Hinduja Group entity, sources said. Besides, sources said cash balance with Reliance Capital (RCAP) of over Rs 500 crore would also go to lenders. So, in all lenders are expected to receive about Rs 10,200 crore for distribution as against Rs 16,000 crore principal secured debt, resulting in 65 per cent recovery for the lenders, sources said.
State Bank of India has appointed valuer to assess the value of assets of Mallya.
Prompt measures and legal actions taken by the Indian government and PNB helped in securing the extradition of diamantaire Nirav Modi by the UK on Friday, a senior official said. UK Home Secretary Priti Patel on Friday signed off on the order to extradite Nirav Modi, wanted in India on fraud and money laundering charges related to the estimated USD 2-billion Punjab National Bank (PNB) scam case. According to the government official, a scam of this magnitude had potential to create instability in the financial sector but the deft handling saved the entire public sector banking space from the crisis and litigation.
Numerous things could jeopardise your loan repayment. Debt can become a noose around your neck. How do you deal with it, and the related dangers?
'Like every Budget, this time, too, there is chatter around tinkering with the long-term capital gains tax.' 'Investors may not want to jump into the markets until there is clarity on this front.'
Novelis' results for the January-March quarter of the 2022-23 financial year (Q4FY23) disappointed investors and as a result, the share price of Hindalco (Novelis is a 100 per cent subsidiary of Hindalco) has slid. The non-ferrous metals major is suffering from the impact of a down-cycle in aluminium and copper, as well as the slowdown imposed in Europe by the Russia-Ukraine war. Prospects for the firm look gloomy, at least for the first half (H1) of FY24.
In May 2014, FIIs were net buyers by Rs 20,225 crore (Rs 202.25 billion).
Streedhan refers to gifts, money or property that a woman receives before her marriage, at the time of her marriage, during childbirth or widowhood, primarily from her parents, relatives or in-laws.
The agency is looking at alleged "diversion of funds and financial reporting frauds".
Banks have the right to file a suit with the debt recovery tribunal and possess the security.
There is no impediment to normal operations as Tata Motors puts in place the demerger process of its commercial and passenger vehicles businesses. Instead, the demerger would provide greater manoeuvrability for both new entities to operate independently, according to Tata Motors management. While there may not be immediate value unlocking, it will give investors clarity about future growth and the financials across different segments.
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.
The legal counsel for Coimbatore-based Rajshree Sugars and Chemicals (RSCL) said the company would appeal against the Madras High Court order, which held that the company's derivatives contract with Axis Bank is valid.
The apex court also put forth questions why loans were given to Mallya when he was a defaulter.
The domestic aviation industry is expected to report a net loss of Rs 25,000-26,000 crore this fiscal with elevated jet fuel prices and fare caps continuing to pose a major challenge for the airlines' profitability, domestic rating agency ICRA Ltd said on Thursday. The domestic airlines, however, are likely to post a reduced net loss of Rs 14,000-16,000 crore in the next financial year on the back of a "notable recovery" in air passenger traffic and lower level of debt, ICRA said. The ratings agency also estimates that the industry will require an additional funding in the range of Rs 20,000-22,000 crore during FY22-FY24.
The spike at private sector lenders like ICICI Bank and Axis Bank follows a push to grab market share from India's dominant state banks.
The policymaker said the RBI had not reached the point where specific actions were under consideration.
Banks are seeking an order that Mallya should appear in person before the court.
Mallya offered to pay Rs 4,000 crore (Rs 40 billion) as settlement.
India's aviation industry could return to profitability in 2023-24 for the first time since the pandemic. The industry may pare aggregated net loss by 75-80 per cent year-on-year (YoY) to between Rs 3,500 crore and Rs 4,500 crore in 2022-23 (FY23), compared with Rs 17,500 crore of net losses in 2021-22 (FY22). A combination of recovery in passenger volumes and easing cost pressures due to stable fuel and foreign exchange (forex) costs could spark a turnaround. CRISIL says domestic and international passenger traffic recovered to 90 per cent and 98 per cent, respectively, of pre-pandemic traffic (2019-20, or FY20), in April-December 2022, compared with April-December 2019.
Balanced advantage funds have the potential to earn superior risk-adjusted returns for the investor and offer a smoother investment journey.
Report points out corporate vulnerability indicators remain elevated.
Even if no statistical jugglery is afoot, only to warn that the 'noise' in the numbers should be eliminated in order to hear the underlying music, without distortion, warns T N Ninan.
The credit card user base is expected to reach 50 million by 2010. Incidentally, the number of people unhappy with their credit card companies are also increasing. Tell us if you are happy with your credit card company.
The rupee resumed lower at 64.20 per dollar.
