The finance minister asked lenders to identify eligible borrowers and reach out to them and urged for quick implementation of a sustained resolution plan for the revival of every viable business.
Justice Bhushan, who was elevated as an apex court judge on May 13, 2016, was part of several landmark judgements including the November 2019 verdict by a five-judge Constitution bench which cleared the way for construction of Ram Temple at the disputed site at Ayodhya and directed the Centre to allot a five-acre plot to Sunni Waqf Board for building a mosque.
Arcil acquires non-performing loans from banks and financial institutions along with the underlying securities mortgaged or hypothecated by borrowers to the lenders.
Although demonetisation and improper implementation of GST along with falling prices are being blamed for much of the distress in rural India for some time, experts believe those may not be the only reason.
Kaushik Khona's second innings at GoAir will be more challenging than the first. Globally, the aviation industry is in deep distress because of the pandemic, reports Aneesh Phadnis.
The infra-major going belly up cracked open some major flaws in the system - the most evident being weak corporate governance and how layers of corporate structures could be formed adding to the opaqueness of the group.
'In May 2020-2021, nearly 10 crores (100 million) lost jobs. 'Covid is not the reason for the present crisis. It aggravated the crisis.'
The new circular provides for a framework for early recognition, reporting and time-bound resolution of bad loans.
'His main problem was the lack of work opportunities.'
The Bad Boy Billionaires series has a lot in common: The three billionaires' hefty ambition, dangerous arrogance and untrammeled power, observes Dhruv Munjal.
There will be pressure on the fiscal situation, especially at a time when the monsoon can also disappoint. More populist expenditure is on cards if the mandate is a hung Parliament or a coalition government.
Patna-resident Gaurav Rai has helped save the lives of over 1,100 patients in home isolation in the state capital and other parts of Bihar so far by providing oxygen cylinders free of cost.
Systemically important banks are subjected to higher levels of supervision to prevent disruption to financial services in the event of any failure.
India's likely medium-term potential growth will almost certainly be markedly lower than that experienced in pre-pandemic years, warns Shankar Acharya, former chief economic advisor to the Government of India.
Strengthening the portfolios of the home minister and the finance minister is a message that should not be missed, points out A K Bhattacharya.
In India, it is not easy to fight it out with the large banks which are nimble-footed and technology-savvy and are continuously innovating on the retail turf with newer products for customer acquisition.
A lack of adequate disclosures raises the financing costs of corporate firms, especially sub-investment grade ones, and keeps the capital markets small, believes RBI deputy governor Viral Acharya.
The bank wanted to run a background check on some Indian promoters.
The standard operating procedure is likely to be put in place, that needs to be followed at temples once opened for public.
Kishore Singh draws up a list of terms he never wants to hear or read again.
Once the Chief Minister had given a solemn assurance, a duty was cast on the Delhi government to take a stand as to whether to enforce the promise or not, the court said.
A 43-year-old woman's SOS to UK Prime Minister Boris Johnson made the Indian embassy in London, the ministry of external affairs in New Delhi and the Delhi police swing into action and prevent her from killing herself.
The central bank can directly print money and finance the government, but it should avoid doing so unless there is absolutely no alternative, former RBI governor D Subbarao on Wednesday said while pointing out that India is 'nowhere' near such a scenario. In an interview with PTI, Subbarao suggested that to deal with the second wave of COVID-19 induced slowdown in the economy, the government can consider Covid bonds as an option to raise borrowing, not in addition to budgeted borrowing, but as a part of that.
Warren Buffett defended his plan to appoint his son, Howard, who has little investing experience, as non executive chairman, saying the younger man's role would be to ensure that Berkshire had the right CEO in place.
After Air India, Britain's Cairn Energy PLC plans to target assets of state-owned firms and banks in countries from the US to Singapore as it looks to ramp up efforts to recover the amount due from the Indian government after winning an arbitration against levy of retrospective taxes. A lawyer representing the company said Cairn will bring lawsuits in several countries to make state-owned firms liable to pay the $1.2 billion plus interest and penalties that are due from the Indian government. Last month, Cairn brought a lawsuit in the US District Court for the Southern District of New York pleading that Air India is controlled by the Indian government so much that they are 'alter egos' and the airline should be held liable for the arbitration award.
The account turned bad before Chaudhari took over as SBI chairman and the asset was sold to AARC following an open bidding process, months after Chaudhari retired, explains Tamal Bandyopadhyay.
Gandhi also called upon the government to immediately put money into the hands of the poor and provide a financial package to the industry to help revive the economy.
Prices of two-wheelers, passenger and commercial vehicles are set to rise 15-25%
Stressed MSME borrowers would be eligible for restructuring of debt, if their accounts were classified standard.
are in the process of building one at the Jio Center in Bandra Kurla Complex where the Maker Maxity building used to be. "This theatre will be on the top of the mall and should be able to accommodate 300 cars, and is expected to open sometime in January or February next year.
'Just because there is some misunderstanding, you cannot recall the chief secretary.' 'This is not a good development. This is an assault on federalism.'
'There is no need to do anything, let your SIPs get deducted every month, and stick to your allocation between equity, fixed income and emergency funds and your risk covers.'
Besides urging the Centre for extension of loan moratorium, the hotel and travel industries have also demanded deferment of GST and advance tax payments and waiver of fees for all forthcoming licences and permits.
Governments make budgets to retain and consolidate their hold on power, not to please opponents or economists. They do so by trying to gratify as many as possible without causing harm to the others, says Shreekant Sambrani.
'Dear PM, INC supports the salary cut for MPs. Please note that MPLAD is meant to execute developmental works in the constituency. Suspending it is a huge disservice to the constituents and will undermine the role and functions of MP,' Congress chief spokesperson Randeep Surjewala said on Twitter.
If banks cannot charge interest from borrowers during the moratorium, who will bear that cost? Should the depositors subsidise the borrowers by foregoing interest on deposits? In that case, we will turn banking on its head! notes Tamal Bandyopadhyay.
India has the lowest prevalence of elder abuse in Asian countries, according to a new global review which found that 14 per cent older adults in the country may face psychological, physical, and sexual abuse and financial exploitation compared to 36 per cent in China.
While sales momentum from rural areas may last another three to six months, sales growth in urban areas could stage a comeback by next year's June quarter as people learn to live with the coronavirus and economic activity gradually improves in the cities.
Lenders have reported a surge in their bad loans in the six months to March after an asset quality review ordered by the central bank.
Shares of SpiceJet zoomed almost 20 per cent on Friday on expectations of revival of the distressed air carrier.
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