The stakeholders want protection from any litigation which might arise due to fresh claims against the company, especially after PE funds have bought stake in the company and the resolution plan has been cleared by the bankers.
American banking major Citibank on Thursday announced that it will exit from the consumer banking business in India as part of a global strategy. The business comprises credit cards, retail banking, home loans and wealth management.
'But we are much better than what we all had expected and planned, and what all the prophets of doom had predicted.'
Nearly three-fourths of the debt money, as of April 30, 2019, was invested in securities with duration of less than three years.
From the enactment of the capital control Act to the recognition of the BSE as a stock exchange and the infamous Harshad Mehta scam, here are the 18 biggest events for stock markets from 1947 to 1993.
Young investors could allocate in the proportion of 70:20:10 to equity, debt and gold.
Within IIP, the capital goods sub-index has contracted for seven continuous months, suggesting investment demand continues to be weak.
Lenders had filed 1,251 cases to recover Rs 24,765.5 crore. Wilful defaulters are the entities that do not pay back money despite the ability to do so. Defaulters above Rs 1 crore were considered for this exercise.
If you don't have a specific goal, but want intermittent liquidity, then ladder your FDs, that is, invest in FDs of varying maturities, such as one, two, three, five or even 10 years. Laddering ensures FDs mature at regular intervals.
Private sector lender Kotak Mahindra Bank will handle the salary account of the Indian army personnel, the bank said on Thursday. The bank has signed a memorandum of understanding (MoU) with the Indian Army for salary account. The MoU enables Kotak to offer its salary account proposition, combined with exclusive benefits for the Indian Army, to all army personnel - both active and retired, Kotak said in a release.
US e-commerce giant Amazon has written to Ajay Tyagi, chairman of market regulator Securities and Exchange Board of India (Sebi), to take action as is necessary to comply with the Supreme Court Judgment, related to the $3.4-billion merger deal between Future Group and Reliance. Amazon has requested Sebi to direct the Indian stock exchanges to withdraw the Observation Letters related to this deal with immediate effect. In January this year, Sebi had given a go-ahead onto Future Group's scheme of arrangement and sale of assets to Reliance, based on which the Bombay Stock Exchange also granted its "no adverse observation" report to the Rs 24,713-crore ($3.4 billion) deal.
'The money is readily available to the depositors.'
Banks feel happy shifting their toxic assets from loan books to investment books while the ARCs enjoy the management fees with a smile, observes Tamal Bandyopadhyay.
'In times of recovery, we may see a rural-urban divide with the urban pockets affected more by COVID-19, but the MFI business model should encourage banks to handhold them in this hour of crisis,' notes Tamal Bandyopadhyay.
Private equity investments in Indian companies grew 38 per cent to $62.2 billion last year, with inflows into Reliance Industries' telecom and retail ventures contributing nearly 40 per cent of the total value of the deals, a report said on Wednesday. Barring investments into Jio Platforms and Reliance Retail, the total deal value was down by 20 per cent over 2019 as the volume of large deals of more than $100 million dipped by a fourth, as per the report by Bain & Company and India Venture Capital Association. Overall investment activity remained muted from March to May last year due to COVID-led uncertainties and investor confidence recovered strongly in the second half to pre-COVID levels with late-stage and buyout deals witnessing increased traction, it said.
'Infusion of fresh capital, handsome growth in deposits and focus on recovery should bring Yes Bank back on the growth path in the next financial year,' observes Tamal Bandyopodhyay.
The stimulus measures include extension of the 90-day moratorium on recognition of impaired loans to 180 days, in addition to several relaxations in bank lending limits, including allowing banks to fund interest on working capital loans.
'The digital trust level has drastically gone up due to Covid, not only in tier-I and II cities, but also in tier-III, IV and V geographies,'
The incremental stress is mainly from sectors including power, infrastructure, constructions, hospitality, iron and steel, telecom, and realty.
Gautam Adani was the world's third and Asia's richest man a month back but a damning report by a US firm triggered a massive sell-off in shares of his apples-to-airport group, plunging his own wealth by $80 billion and the tycoon slipping to No.30 on the world billionaire index. Adani's sprawling conglomerate, which spans from sea ports to airports, edible oil and commodities, energy, cement and data centres, is under attack by US short-seller Hindenburg Research, which successfully deflated electric-vehicle maker Nikola Motors in 2020. Hindenburg, which held short positions in unidentified shares of Adani Group firms through its US-traded debt and offshore derivatives, on January 24 accused the conglomerate of "brazen stock manipulation and accounting fraud" and using a number of offshore shell companies to inflate stock prices.
Recent rates cuts by most banks may not have a significant impact on margins, say analysts.
It said banks' asset quality will deteriorate across the corporate, small and medium enterprises and retail segments, leading to pressure on profitability and capital.
Prices of food items like cereals, pulses, and edible oils rose or remained steady in May, a Reserve Bank of India (RBI) report said, indicating there could be another higher inflation print. However, it observed that the Monetary Policy Committee's (MPC's) surprise move to increase interest rates bodes well for its credibility. The RBI's monthly State of the Economy report, released on Tuesday, citing high frequency food price data from the Ministry of Consumer Affairs for the period May 1-12, said the increase in the prices of cereals was primarily because of the surge in wheat prices.
When he didn't respond (Mr Saver has lost count of how many relationship managers he has had in the past few years!), the gentleman landed up at his doorstep and started pleading with him to open fixed deposits with the bank, observes Tamal Bandyopadhyay.
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.
In such frauds customers get calls asking them to share their OTP in order to postpone their loan EMIs. Once the OTP is shared the amount is immediately siphoned away by fraudsters.
Byju's is set to promote its chief operating officer (COO) Mrinal Mohit to a bigger role, including leading the India operations, according to people familiar with the matter. This is because Byju Raveendran, founder and chief executive officer (CEO) of the edtech giant - which is valued at $22 billion - is planning to focus on global expansion and acquisitions. Among the global regions, Raveendran may look at markets such as the US and the Middle East.
The government kept its nerve in the face of a massive shock. It chose not to resort to a massive fiscal stimulus. It focused instead on providing liquidity support and easing restrictions on movement in stages, observes T T Ram Mohan.
'They have started becoming an important player, but not at the same level as they were in the earlier part of the decade.'
Your social media profile may soon be your ticket to a loan or a credit card, says Abhishek Agarwal
'Overtightening of monetary policy by central banks and the spread of new Covid variants, which may force governments to restart lockdowns or restrict mobility.'
Investors need to evaluate how they stack up against other high credit quality fixed-income options before putting money in them.
The country's largest lender State Bank of India (SBI) will revamp its banking application (app) YONO and position it as a complete digital bank (DB) under a new rubric 'Only YONO' for enhancing customer experience and ease of use. The bank plans to bring in a consultant to help draw up the project plan, keeping in mind business goals for the next five years. With 54 million monthly active users (MAUs), SBI YONO has seen growth of over 35 per cent in MAUs in 2021.
About 50 per cent of the accounts that availed of the EMI moratorium amid the pandemic, which made things worse in an already slowing economy, are expected to be restructured, and of these accounts that would undergo restructuring, one-third, or Rs 6-9 trillion, could turn into NPAs.
Inching closer to resolving the Punjab and Maharashtra Cooperative (PMC) Bank issue, the Reserve Bank on Monday came out with a draft scheme for takeover of the crisis-hit bank by the Delhi-based Unity Small Finance Bank (USFB). The draft scheme of amalgamation envisages takeover of the assets and liabilities of PMC Bank, including deposits, by USFB, thus giving a greater degree of protection for the depositors, the RBI said. In September 2019, the RBI had superseded the board of PMC Bank and placed it under regulatory restrictions, including cap on withdrawals by its customers, after detection of certain financial irregularities, hiding and misreporting of loans given to real estate developer HDIL.
The cost of food has constantly been on the rise.
The chairman of mortgage giant HDFC Ltd in his annual letter to shareholders, also suggested a one-time restructuring of real estate loans, easing of external commercial borrowing rules and immediate changes in regulations to allow end-to-end execution of housing loans online.
With this lending rate reduction, the bank has lowered 40 bps so far this fiscal year in five successive rate cuts beginning April.
The bosses of SBI, Union Bank and Central Bank have been driving down to their offices everyday to take stock of the biggest loan drive ever undertaken for MSMEs, discovers Tamal Bandyopadhyay.
Most NBFCs will have to slow down their loan growth. Some of the most leveraged will have to sell a part of their assets (or loan book) to banks to raise incremental capital. Others may have to knock on the door of their deep-pocketed parents.
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