Dubai-based billionaire BR Shetty has sued Bank of Baroda (BoB) and audit firm Ernst & Young (EY) in a New York court, accusing them of ignoring fictitious and fraudulent transactions that resulted in NMC Healthcare going bankrupt. Shetty is seeking $8 billion in damages in the suit that also names the top management of NMC Healthcare, and Netherlands-based Credit Europe Bank. A top NMC Healthcare official confirmed the development to Business Standard and said despite several meetings, senior BoB officials in India did not take remedial steps for fear of getting involved in an international ponzi scheme perpetrated by then senior management officials.
The Reserve Bank has rejected applications of Flipkart co-founder Sachin Bansal-backed company Chaitanya India Fin Credit Private Limited, and five others for setting up banks as these were "not found" suitable, an official statement said on Tuesday. The RBI in a statement said the examination of six applications has now been completed as per the procedure laid down under the guidelines. "Based on the assessment of the applications, (six) applicants were not found suitable for granting of in-principle approval to set up banks," it said.
Dena Bank entered into rupee drawing arrangement with UAE Exchange Centre LLC, Abu Dhabi, the largest Exchange Houses in UAE.
UAE Exchange partners ElectraCard Services to launch 'gocash', which enables cardholders to use appropriate currency loaded on the card.
Remittances by non-resident Indians (NRIs) saw a 27 per cent jump at $ 6.5 billion (Rs 39,991.9 crore in present valuations) between January and September this year, as against 7 per cent growth during the same period last year.
The UAE exchange will launch an innovative remittance facility called wallet telephone software in Dubai on January 10 and later extend it to other Gulf countries and India.
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SBI will hold 30 per cent in RIL joint venture
Two suspects arrested for allegedly plotting terror strikes on ONCG headquarters and two markets in prime areas in Mumbai had received money from a Pakistani national based in Dubai through a UAE financial firm, says the chargesheet filed by Maharashtra Anti-Terrorism Squad (ATS) in a local court.
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Reliance, Birla Group, Airtel eye small finance banks.
The Department of Post, Tech Mahindra, Videocon Group and stock exchange NSE have joined big corporates like Ambanis and Birlas to seek entry into banking business through newly created niche category of Payments and Small Finance Banks.
A senior official with Muthoot Finance said the group would also want to apply for a universal licence.
Criterion for corporates will effectively rule out entry for business houses.
India received $70 billion in remittances during 2014.
BK Modi-promoted group registers company 10 days before the deadline
Remittance into India from foreign countries has already seen a jump of 25% in the last two months
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The RBI has accepted the application withdrawal request, according to the statement.
Licence winners are expected to be announced by the first quarter of 2014.
Exuding confidence in setting up a profitable banking venture, industrialist Anil Ambani on Tuesday said the proposed bank will help lower Reliance Capital's debt to one-fourth of current levels and would be listed as a separate entity in three years.
Abu Dhabi-based serial entrepreneur BR Shetty walks us through his life and career and shares the imminent lessons he's learned.
Walee Bukhatir and Mazhar Khan, the men who drive cricket in the UAE, tell Harish Kotian/Rediff.com what the game is missing by India and Pakistan not playing at the Sharjah Cricket Stadium.
While Indians are increasingly using mobile platforms and technology for various financial transactions and purchases like bill payments, ticket bookings, entertainment, travel and banking transactions, cross border mobile remittance is yet to see the light of the day.
Happy at the clear mandate given by voters to the BJP-led NDA, India Inc on Friday exuded confidence that Narendra Modi will initiate bold and decisive policy reforms to promote economic growth.
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