Amid slowdown blues, the government has unveiled a raft of measures over the past few months aimed at improving liquidity in the system, moderating interest rates as well as credit growth apart from addressing stress in the NBFC sector.
The Centre has advised banks to make a 20 per cent reduction in expenditure related to non-core business activities, along with deferring "avoidable expenditure" on "purchase of staff cars", "refurbishment of guest houses" and on the interior decoration of administrative and back offices.
Finance secretary Rajiv Kumar was positive in formation of a committee consisting all concerned to address the issues arising out of the proposed merger of 10 banks including preserving the identity of all the banks.
In the biggest consolidation exercise in the banking space, the government on Friday announced four major mergers of public sector banks, bringing down their total number to 12 from 27 in 2017, a move aimed at making state-owned lenders global sized banks.
While a serious damage to the banking system and the economy has been averted, the episode brings in front the hollowness of the reporting structure in banking.
Embattled liquor baron Vijay Mallya, who lost his UK high court appeal against an extradition order to India, has said that he is "disappointed" with the ruling but will continue to seek legal remedies as advised by his legal team. The 64-year-old former Kingfisher Airlines boss reiterated that he has repeatedly offered to pay the Indian banks the loan amount owed by his now-defunct airline, an offer which the banks have rejected.
Among other demands, the unions are also seeking immediate introduction of five-day week in full and reduction of cash transaction hours and regulated working hours.
Grounded Kingfisher Airlines has written to UCO Bank wanting to know the basis of attaching the 'wilful defaulter' tag on the carrier.
Bankruptcy proceedings are going at a slower pace than what the bankers had envisaged and many cases have gone beyond the 270-day timeline set under the IBC mainly because of litigation.
Banks are also weighing the option of hiring experts for help in specialised areas.
The 30-share Sensex closed after shedding 470 points to 26,371.
After removing three PSBs - BoI, Mahabank and OBC from the framework, RBI, on Tuesday, took out three commercial banks - Allahabad, Corporation and Dhanlaxmi from the said list.
Corporation Bank is the biggest beneficiary of this round of capital infusion with Rs 9,086 crore of funding, followed by Allahabad Bank with Rs 6,896 crore.
Over the past one-and-half years, the number of stocks trading below their respective face value has increased 29 per cent after a sharp correction in stocks of small-cap companies.
To begin with, there would be the immediate integration of various technology stacks. This would create more business for global consulting and IT services entities such as KPMG, PwC, EY, Accenture and IBM, among others. Indian service providers - Infosys, Tata Consultancy Services (TCS), and Wipro, for instance - would also cash in.
'We have already sanctioned loans worth over Rs 3,000 crore to around 120,000 customers.'
Bank unions - officers and workmen - had buried their differences and sat across the table on August 29 to work out a fresh deal with the IBA involving a 20 per cent wage hike.
Vijay Mallya, the embattled chairman of the UB Group, is not likely to be immediately named a wilful defaulter by the United Bank of India.
The review will help all the banks find if there is any loophole.
Joy Thomas stated that one large account -- HDIL -- was the sole reason for the present crisis that led to the regulatory action on Tuesday when Reserve Bank of India superseded its management and placed it under an administrator for the next six months.
Tata Motors was the biggest gainer in the Sensex pack, rallying 2.94 per cent. It was followed by Vedanta, Bajaj Finance, Sun Pharma, ONGC, ICICI Bank, Bajaj Auto, Tata Steel, RIL, HDFC duo, L&T and SBI, rising up to 2.78 per cent.
At a hearing before Master David Cook at the Queen's Bench Division of the court, Mallya's legal team sought a dismissal of the interim order.
Interest rate and tenure are not the only two factors to consider.
A tribunal on Monday halted a $75-million settlement due to be paid by Diageo Plc to Mallya.
With the revised interest rates, the one-year fixed deposit will attract an interest rate of 6.75 per cent as against the 7 per cent earlier
The amount you can raise via a gold loan is higher than you can get via a personal loan.
The court ruled that an interim debt order in favour of SBI and other banks seeking access to funds in the Mallya's ICICI UK bank account "should remain in force" but the application to make it final should be adjourned until after the hearing of his pending bankruptcy petition.
UV Asset Reconstruction Company Ltd has made the highest bid of Rs 16,000 crore to buy Anil Ambani group's Reliance Communications and Reliance Telecom, which are in the National Company Law Tribunal (NCLT). Last year it was the highest bidder for taking over Aircel's assets for an upfront payment of Rs 150 crore. Surajeet Das Gupta and Dev Chatterjee dig deeper to find out more about this little known company.
The country's largest lender State Bank of India will get the largest sum of Rs 8,800 crore as government's capital infusion.
Mallya, whose Kingfisher Airlines owes money to several banks, had on Thursday said he will challenge UBI's decision to declare him a willful defaulter.
'The snakes and ladders game will continue till the consolidation process is complete simply because we don't know how bad the scene is, with some of the banks being merged,' says Tamal Bandyopadhyay.
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.
In a ruling in May, a UK high court judge had refused to overturn a worldwide order freezing Mallya's assets and upheld an Indian court's ruling that the consortium of 13 Indian banks were entitled to recover funds amounting to nearly 1.145 billion pounds.
PSBs were required to bring down government shareholding to at least 75 per cent, to comply with the amended Securities Contract (Regulations) Rules by August 2017.
In fresh trouble for liquor baron Vijay Mallya, United Bank of India has identified United Breweries Holdings, the guarantor of grounded airline Kingfisher, as wilful defaulter.
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.
Analysts attribute this fall to the recent moderation in energy (mainly crude oil) and commodity prices, lowering of input costs for companies in sectors such as FMCG, consumer durables, and automobiles, reports Krishna Kant.
Mallya said he was being advised by lawyer Harish Salve.
The ambiguity arose after notices were sent to lenders for non-payment of service tax under the pre-GST regime
UBI's exposure to Kingfisher Airlines was around Rs 350 crore (Rs 3.50 billion) as part of consortium led by State Bank of India.
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