According to the revised plan, promoter Naresh Goyal, his wife Anita Goyal and the directors nominated by the promoter would be asked to step down from the board, and the lenders, as part of the resolution process, will infuse around Rs 1,200 crore into the airline as emergency funding.
One incident should not be used to generalise the health of all cooperative banks, says RBI governor Shaktikanta Das.
Switching to a damage-control mode, bankers and government officials claimed that Jet Airways wouldn't fall even if Etihad refuses to back the resolution plan and exits.
The new rates will be effective from May 9.
It has also attached fresh 66 banks accounts, holding deposits of Rs 80.07 crore, of the Gitanjali group, owned by Modi's uncle Mehul Choksi.
Despite the rating agency CARE withdrawing the ratings assigned to the bank facilities of FIPL "with immediate effect" following the receipt of a no-objection certificate (NOC) from the banks, Modi's company received uninterrupted letters of undertaking (LoUs) from PNB, which were honoured by other banks until a few weeks ago.
In all, 292 allegedly fraudulent LoUs and 224 foreign letters of credit were generated and money sanctioned to Nirav Modi's companies since 2011
The 50-stock NSE barometer Nifty finished 14.75 points, or 0.14 per cent, down at 10,382.70 after shuttling between 10,340.65 and 10,393.15.
United Bank of India has already declared Kingfisher a wilful defaulter while State Bank of India, Punjab National Bank and IDBI have initiated such a move.
The Indian Post Payments Bank will be a boon to Indians who live in rural areas. India has 154,000 post offices, of which 139,000 are rural.
Once a stock market darling, the jewellery chain heads for liquidation.
Rajneesh Gupta lists some amazing coincidences in cricket -- a feature guaranteed to amuse you in these anxious times.
During 2012, the Indians' money in Swiss banks had fallen by over one-third to a record low level.
An executive director of a bank could, for example, be elevated to the post of chairman of a different bank.
Rising bad loans continued to haunt public sector banks (PSBs) in the March 2016 quarter.
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.
"Fitch Ratings has placed Punjab National Bank's (PNB) Viability Rating of 'bb' on Rating Watch Negative (RWN), following the large fraud reported by PNB," the US-based agency said in a statement.
And will sell its 50 per cent stake to State Bank of India in Russia as part of rationalisation of overseas branch network.
Greece will extend a bank holiday that has been in effect since June 29 for two more days.
While PNB did not name the other lenders, Union Bank of India, Allahabad Bank and Axis Bank are said to have offered credit based on letters of undertaking (LOUs) issued by PNB. Foreign bank branches too are under investigation.
As many as 142 stocks from the S&P BSE500 index are currently trading below their level of May 12, 2014
Business is down to such an extent that last year these firms could not even meet RBI's capital norm of Rs 50 million for partnerships and Rs 100 million for public and private firms in this line of business.
The challenge before the management is ensuring simultaneous disclosure of key information to stock exchanges and investigating agencies.
Tax sleuths have detected over Rs 52 crore of unexplained cash in jewellers' bank accounts
The diamond merchant, who has been behind bars at HMP Wandsworth in south-west London ever since his first bail application was rejected on March 20, can apply for a high court bail appeal at any time until his next remand hearing on April 26.
Reserve Bank of India Deputy Governor Viral Acharya is the eighth economist to quit since the Modi government took office.
Clare Montgomery, Modi's barrister, made a series of offers to try and convince the judge to grant bail.
A second vote will be held on Wednesday, on measures including justice and banking reforms, when a similar outcome is expected.
Mid-cap information technology (IT) stocks dominate the list of companies that are trading significantly above their 200-DMA
'We can't have the best of both worlds -- large, efficient, world class government-owned banks, doing social banking and making profits. 'Why not set them free from the shackles of such obligations and run them as business units?' says Tamal Bandyopadhyay.
Modi, a diamond jeweller whose designs have been worn by Hollywood stars, is now believed to be running a new business, which describes itself on the UK's Companies House register as a wholesale trader in watches and jewellery and a retailer of watches and jewellery in specialised stores.
The youth have to turn into entrepreneurs if India's massive demographic dividend is to be taken advantage of: Smriti Irani.
Justice Ingrid Simler at the Royal Courts of Justice in London concluded the hearing and said as the matter was of "some importance", she would take some time to consider it and hand down her ruling on Wednesday.
Govt tells PSBs to integrate banking systems, rotate staff as a policy
The IPPB, which is currently running pilot services in Raipur and Ranchi, needs a go-ahead from RBI for the software used for system integration
The bank will be responsible for taking the mixed gold to mint and getting it purified.
Vikram Kothari took a loan of Rs 485 crore from Mumbai-based Union Bank of India and a loan of Rs 352 crore from Kolkata-based Allahabad Bank. A year later, Kothari has reportedly not paid back either the interest or the loan.
Bank, bankruptcy reforms, Nabard Bill amendment on agenda.
'We were number one in commodity, currency, electricity, bonds, spot and everything. 'The purpose was to create an accident and then exploit it to eliminate the group. There were so many vested interests and therefore they did this," said Shah.
The year 2013 saw the Reserve Bank of India nudge banks to not only improve customer services and reduce bad loans but also look at plugging loopholes in the regulatory system ahead of the entry of new banks.
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