FIPB unit ignored irregularities in INX Media case but red-flagged similar irregularities in half a dozen cases, said Agencies. The Unit was in "apparent haste" to process INX Media application thereby making fundamental calculation mistakes.
Mortgage is the safest piece in lending. But financial engineering for better returns made it vulnerable to liquidity risks. Both the govt and the RBI have taken measures to boost liquidity. But will it help in reviving the sector?
DHFL’s total debt stands at about Rs 84,000 cr and MFs own a small portion of it.
Though RBI officials said they would be making a media announcement in the matter soon, the agitating depositors served an ultimatum till Oct. 30 to the RBI after which they would intensify their agitation, Utagi said.
Credit-funded buys touch a record of about 75% for consumer durables, 55-60% for smartphones.
The regulatory decision is aimed at reducing data theft and minimising operational risk for banks
Here’s breaking down the pre-market actions.
Issuers must make appropriate disclosures at the time of listing and on a continuous basis.
A police personnel says around 100 depositors, including women, raised placards and chanted slogans against PMC Bank and the RBI today during a protest outside the Reserve Bank headquarters in Mumbai demanding the return of their funds.
Surjit Singh Arora was last week arrested by Mumbai Police's Economic Offences Wing (EOW) in connection with the alleged Rs 4,355 crore scam. The EOW found out the alleged HDIL group fraud was sheltered by him.
RBI declines the proposal by banks to grant relief from provisioning for the troubled mortgage lender.
During festival season, banks come out with various special loan offers. These loan offers are usually in the form of a waiver of processing fees, lower interest rates and so on. However, the question arises should you avail these loan offers?
Buy State Bank of India at a price target of Rs 284.0 and a stoploss at Rs 262 from entry point.
All six MPC members voted to retain the accommodative stance at the October meeting.
RBI slashed the policy repo rate by 25 basis points in the latest review.
The central government had an outstanding loan of 465.29 billion rupees in the week earlier .State governments had loans worth 51.79 billion rupees from the RBI in the week ended October 11, compared with 78.86 billion rupees in the previous week.
We know that children often mimic their parents’ behaviour when it comes to money and financial discipline imbibed young stays forever. Efficient money manag...
The actor expressed concerns over 'racketeering' in the country.
The plea had sought directions to protect the interests of around 15 lakh customers whose money is blocked in the Punjab and Maharashtra Co-operative Bank scam. The RBI had put the initial cap on withdrawal at Rs. 1,000 and later increased to Rs. 40,000.
Muthoot Finance plans to use the proceeds for both refinancing and other business purposes.
Losses suffered by PNB, irregularities by IL&FS, PMC bank were some of the issues Das was confronted with.
Total NPAs in the banking system are pegged at ₹9.3 lakh crore.
Investor would get a 2.50 per cent interest on the amount of initial investment.
The department for promotion of industry and internal trade (DPIIT) has initiated an in-house exercise to identify additional sectors for easier FDI rules before it takes them up with the ministries concerned, sources said.
A scrutiny was carried out by RBI to examine the implementation of SWIFT related operational controls in SBM Bank (Mauritius) at its Indian operations, and it was observed that it failed to comply with certain provisions, the RBI said.
Assets worth Rs 40,000 crore are up for sale in sectors such as power, roads, telecom in the first half of FY20. 34% of cases under IBC delayed as of June, up from 26% a year ago. The code is one of the signature reforms of the Modi govt.
PMC Bank's administrator meeting with Shaktikanta Das came after police authorities confirmed the death of one more depositor after Sanjay Gulati's death. The bank also assured of recasting its balance sheet to present a true and fair picture.
Even if the bankers agree on a deal under the ICA, it is not binding on funds.
Credit growth of Indian banks hit a near two-year low in September because of lacklustre demand.
Kolhe has admitted to 70 deals in which he received money from external parties.
The central bank in the notification has told banks to lend to these funds ‘without prejudice to generality’.
For entities desirous to function, operate, or provide platforms for BBPOU, the RBI said they should have a Rs 100 crore net worth and should be maintained at all times.
The Wadhawans, who are the promoters of HDIL, have been accused of orchestrating the fraud at the Punjab and Maharashtra Cooperative Bank along with the bank's top management. The scam at the PMC Bank is worth Rs 4,355 crore.
Bank of America Merrill Lynch's economists said the sudden spurt in inflation is "temporary".
If you buy quality companies run by good managers, there are better days ahead.
The government plans to sell 2.68 trillion rupees of debt in the six months that began Oct. 1.
In India, there are no automatic stabilisers that can propel economy when domestic and global demand are down.
The firm reported 8% rise in its net profit at Rs 530 crore in the April-June quarter this year.
Nifty50 gained on Friday to enter the key resistance zone between 11,630 and 11,690 levels.
Altico Capital had early last month said it defaulted on an interest payment to Mashreq Bank.
There were no buyers for the stock and pending orders accumulated to about 3 lakh shares.
With its formation, the proposed "Kerala Bank" will be largest banking network in the state.
The alleged scam to the tune of Rs 4,355 crore scam at the bank is attributed to loans given to realty firm HDIL, which were allegedly hidden from regulators' scrutiny, turning non-performing assets.
Allegations of price distortion were long being levelled at ecomm. That war is now becoming serious.
The bank was put under 'directions' by RBI last month due to weak financial health, wherein the central bank has capped the deposit withdrawals at Rs 25,000.
In a similarly worded release, it said a monetary penalty of Rs 75 lakh has been imposed on Syndicate Bank for non-compliance with the directions issued by RBI on frauds classification and reporting.
The Reserve Bank of India (RBI) has enhanced the withdrawal limit for depositors of Punjab and Maharashtra Cooperative (PMC) Bank Ltd to Rs 40,000. On October 3, the RBI had permitted the depositors of the bank to withdraw up to Rs 25,000 of the total balance in their accounts. With the relaxation, about 77 per cent of the depositors of the bank will be able to withdraw their entire account balance, the statement said.PMC Bank mess: RBI hikes withdrawal limits for depositors to Rs 40,000
The apex bank, in its monetary policy report, said the forward-looking indicators suggest that world trade is likely to slow down further this year.
The economic offences wing of Mumbai Police jaarrested Rakesh Wadhwan and his son Sarang Wadhwan, directors of HDIL.
The economic offences wing of Mumbai Police jaarrested Rakesh Wadhwan and his son Sarang Wadhwan, directors of HDIL.
MPC members are concerned over the lack of monetary transmission despite surplus liquidity in the inter-bank system. They expect that the linking of lending rate to an external benchmark such as repo rate would start yielding better results.
The FIR against the duo along with erstwhile CEO Sunil Godhwani provides details of the modus operandi of the systematic asset stripping.
The central bank had purchased $615 million and sold $4.687 billion in the spot market.
The forex reserves had increased by a higher USD 4.24 billion to a new high of USD 437.83 billion in the previous reporting week.
Murlidhar Dharra (83) died at his home in suburban Mulund on Friday. The family had a total of Rs 80 lakh in deposits with the bank, which was placed under restrictions since September 24.
The underlying factors for slowdown in India are very different from that in China.
The company, which operates in the country under its registered name of Kisetsu Saison Finance India, has also received $30 million from the Tokyo Stock Exchange-listed parent entity.
The bottomline is that we need to move on. Postmortems serve no purpose. They result in a blame-game.
In the last four days, four people have lost their lives due to the stress.
She stated that in pursuing investment-led growth, one should not neglect sustainability, efficiency and transparency in debt and tax policies. She said IMF should provide solutions that are specific to important growth geographies.
Economists in a Reuters poll said the central bank was not yet done with interest rate cuts.
RBI’s “no” to Indiabulls will undoubtedly augment the panic situation in India’s financial industry.
During a media briefing, Piyush Goyal dubbed 2019 Economics Nobel prize winner Abhijit Banerjee, as Left-Learning. Goyal said, "Banerjee supported 'NYAY' (poverty alleviation scheme of Congress) and people of India rejected his ideology.
Gagan Banga, Indiabulls Housing Finance (IHF) vice chairman, said it appears that the RBI saw the move as a backdoor entry into banking.
NGO Sahakar Bharti has written to the Finance Minister, urging the government to amend the Banking Regulation Act to provide full regulatory powers to Reserve Bank of India to regulate all UCBs — scheduled as non-scheduled banks.
Lakshmi Vilas Bank on Wednesday said the Reserve Bank of India has rejected the proposed merger between the lender and Indiabulls Housing Finance “RBI vide their letter dated October 09, informed that the application for voluntary amalgamation of lndiabulls Housing Finance and lndiabulls Commercial Credit Limited with Lakshmi Vilas Bank Limited cannot be approved,” the bank said in a regulatory filing.RBI rejects proposed Lakshmi Vilas Bank-Indiabulls merger
Ajit Mittal, ED, Indiabulls Group says he doesn't see any negative reaction from investors.
The spokesperson for Equitas declined to comment due to the silent period.
Depositors fear they may lose their lifetime earnings. Three have died so far, apparently due to the crisis.
RBI has asked all cooperative banks to replace the existing system of email-based reporting.
So, if the RBI feels it is helpless to do anything much to boost growth, can nothing be done?
The meeting of the central board, held in Chandigarh, came a day after Finance Minister Nirmala Sitharaman announced setting up of a panel to recommend legislative changes to ensure better governance at cooperative banks.
The central bank also allowed rupee derivatives (with settlement in foreign currency) to be traded in International Financial Services Centres (IFSCs).
"Reserve Bank's position is that there is adequate liquidity in the system", said RBI deputy Governor N. S. Vishwanathan.
While the principal loan on these assets is around Rs 2,200 crore, PMC Bank has been accused of fraudulently extending Rs 4,500 crore to HDIL on the back of security of these properties. Knight Frank will have to submit its report in 7-10 days.
Analysts said while the company has attempted to talk up sentiment, investors are cautious.
FM Nirmala Sitharaman had said business establishments with annual turnover of more than 50 crore should offer low cost digital modes of payment to their customers and the RBI and banks should absorb cost of transactions.
The Department for Promotion of Industry and Internal Trade (DPIIT), the finance ministry’s department of revenue and the home ministry are holding discussions on the matter, with plans for heightened oversight in the works.
HDIL promoters Rakesh and Sarang Wadhawan were arrested on Friday after PMLA court sent them to Enforcement Directorate custody till October 22. The Economic Offence Wing tracked the prima facie execution of illegal transactions by the said persons.
This will include providing the necessary infrastructure and literacy to handle such transactions, it said.
Manmohan Singh suggested use of Prime Minister's National Relief Fund for PMC depositors who need funds for urgent medical treatment. He said that the issue of protecting depositors should figure in the coming parliament session.
For the fifth consecutive time this calendar year, the Reserve Bank of India (RBI) slashed the repo rate by 25 bps and the reverse repo by 25 bps. This cut is sweeter for new borrowers as banks are supposed to link all new floating rate loans to any of the four external benchmarks specified by the RBI from October 1. Tune in as ET Online's Shambhavi Mehrotra brings you personal finance takeaways from the central bank's October monetary policy.Personal finance takeaways from RBI's monetary policy
As per SARFAESI Act, a bank can decide the liability and does not have to approach a court or tribunal to enforce any security interest created in its favour.
In the Independence Day speech, Prime Minister Narendra Modi had called for an end to single-use plastic to protect the environment.
The comment comes amid growth slowing down to a six- year low of 5 per cent in the June quarter, which has been followed by a rash of downward revision in growth estimates.
Finance Minister Nirmala Sitharaman addressing a press conference on Thursday assured depositors of crisis-hit Punjab and Maharashtra Co-operative Bank of speedy resolution as the RBI is looking into the matter and will take appropriate action as needed.FM Nirmala Sitharaman on PMC Bank scam: RBI taking action, assures depositors speedy resolution
The repo rate now stands at 5.15 per cent, the lowest since March 2010.
Merger with Lakshmi Vilas Bank was one of the possibility that co explored. We are okay with RBI's decision on the merger, says Ajit Kumar Mittal, ED, Indiabulls Group. Excerpts from an interview with ETNOW.Merger process will not go ahead with LVB post RBI rejection: Ajit Kumar Mittal, Indiabulls Group
In the wake of the Andhra Pradesh micro finance crisis in 2010, a Sub-Committee of the Central Board of the Reserve Bank was constituted to study issues in the MFI sector.
RBI should now do its inspections in a much greater detail than what they have done in the past.
Indiabulls Housing Finance stock dipped as much as 20 per cent to Rs 192.65.
IRCTC rallied 143.5 per cent for the week to close at Rs 779.20
Depositors could be tagged as defaulters if they fail to make repayments on loans.
RBI has lowered borrowing costs to a nine-year low of 5.4% through 110 basis points easing so far in 2019.
RBI's Monetary Policy Committee (MPC) reduced repo rate by 25 bps to 5.15% on Friday.
PMAC panel also has representatives from Sebi, RBI and finance and corporate affairs ministries.
The petition has sought a direction for issuance of "exhaustive and comprehensive guideline" to safeguard the banking and co-operative deposits to mitigate panic and distress among the depositors in the scam-hit PMC Bank.
On the overall economic situation, almost half (47.9%) of the households surveyed felt it had worsened.
Bank of Maharashtra shares closed 2 per cent down at Rs 10.80 on BSE. KPM MR.
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