For the fiscal ended 2021, the group has made a loss of Rs 5,943 crore on sales of Rs 11,723 crore, a drop of 66 per cent over fiscal 2020. The group's total debt was up by 7 per cent to Rs 20,742 crore.
Say 30 days not enough to resolve stress; want higher provision norms deferred till economy picks up
Sources said the major criteria for review will be the minimum paid-up capital of the bank, nature of new entities to be allowed in the banking sector, promoters' contribution in the paid-up capital, nature of promoters and corporate governance norms in the current scenario.
Banks have raised concerns over the new international trade settlement in rupee, fearing that facilitation of such a mechanism could result in them facing the ire of economic sanctions by the West, people aware of the matter said. Large banks with overseas operations have sought clarity and assurance from the Reserve Bank of India (RBI) that they will not be targeted with sanctions for facilitating rupee trade with a sanction-hit country such as Russia. The present payment mechanism is a shift from earlier such arrangements, like the one with sanction-hit Iran, which involved banks facilitating settlement of international trade that did not have business in the sanctioned nation.
Cos ask US treasury to discuss data localisation norms with Indian officials at all platforms the two countries would meet, including G-20, US-India Strategic Dialogue, and IMF Annual Meet.
The central bank had in July last year imposed curbs such as doubling of margin requirement and a ceiling on position limits on exchange-traded currency derivatives.
The RBI has issued new guidelines doubling the ceiling to 10 crore for settling non-performing assets of public sector banks.
The RBI in November released a framework for large foreign banks with more than 20 branches to convert into wholly owned subsidiaries.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
With the economy growing at its slowest rate in a decade, India's banking system is facing rising levels of stressed loans, with $100 billion, or about 10 percent of the total, categorised as bad or restructured.
Publicly traded banks in India added Rs 1 trillion in bad loans for the quarter ending December 31, 2015.
Earlier, the RBI had imposed similar restrictions on commercial banks and NBFCs.
The Union government will soon make amendments to the foreign trade policy (FTP) to enable exporters to claim export benefits for settling trade in rupees. These benefits are, so far, available for export payments received in foreign currencies. After the Reserve Bank of India (RBI) unveiled a mechanism to settle international trade transactions in the local currency on Monday, exporters have been demanding that the Ministry of Commerce and Industry come up with a clarification on the matter.
Kingfisher Airlines has objected to being identified as a 'wilful defaulter' by state-run UCO Bank.
Come October 1, merchants, payment aggregators and acquiring banks can no longer store the card details of customers.
'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.'
'Space out when raising funds; Sebi mulls securitisation platform'
The central bank may classify them as foreign-owned Indian banks.
The Reserve Bank of India (RBI) is likely to reiterate its view that it would be comfortable only with holding companies at the top in financial services groups when it releases final guidelines on setting up bank holding companies or financial holding companies by November 15.
Earlier this month, RBI told the Delhi high court that Google Pay is a third party app provider and does not operate any payment systems. Therefore, its operations are not in violation of the Payment and Settlement System Act of 2007.
Many of India's fintech entities and banks have stored all their customer data in India; however, many do use foreign servers, for operations, providing services and for data analytics.
Banks seems to be upset over RBI's move over rate cut.
Aditya Birla Nuvo gets board's nod, Videocon submits application.
What is expected to change is the level of transparency in the retail and corporate lending market with banks expected to announce the rate changes as and when they happen and also display them at their respective websites.
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State oil refiners, who are the biggest buyers of US dollars, agreed to implement the RBI order with immediate effect, sources with direct knowledge of the development said.
Reserve Bank of India will soon review the progress made by banks in implementing "Know Your Customer" guidelines at branch level to strengthen the mechanism to keep a check on money laundering activities.
The NDA government will be following the footsteps of its predecessor, the UPA, which had introduced the concept of "loan mela" to boost credit by directing banks to lend to people through public meetings.
Central bank likely to keep tabs on large wilful defaulters; policy likely by month-end.
The discussion paper is released at a time when the central bank is sifting through 26 applications seeking an entry into the fray.
The 12,000-page charge sheet further claimed that a similar fraud was detected in 2016 following which the RBI took up the issue and issued circulars to all banks.
The accused were allegedly complicit in causing losses to the tune of Rs 1,000 crore to MSCB between 2007 and 2011.
Linking all new floating rate loans to an external benchmark won't impact existing borrowers, so customers who have taken long-term home loans recently should watch things carefully, say Joydeep Ghosh and Sanjay Kumar Singh.
The Enforcement Directorate has stepped up its probe into a foreign exchange violation case against former Indian Premier League boss Lalit Modi.
India has 26 public sector banks, 22 private sector banks and 56 regional rural banks.
The relaxation shall be available till March 31, 2021.
The Election Commission has asked the Reserve Bank of India to inquire into the conduct of Allahabad Bank and United Bank of India which made drafts of Rs 1.33 crore for Trinamool Congress in poll-bound West Bengal, allegedly violating its guidelines on election expenditure.
Lack of decisiveness and courage to deal with PSBs may turn out be the biggest impediment to the Modi government's economic initiatives, says Debashis Basu.
The Reserve Bank of India will soon initiate discussions with Indian banking entities to introduce Basel-II accord, prudential norms including risk management and capital adequacy guidelines, for smooth transition to the new regulatory framework.
While law-abiding customers are harassed for KYC and have to comply with endless paperwork even to open and close accounts, DHFL could easily open nearly 260,000 fake home-loan accounts, reveals Debashis Basu.
