MONEY & BANKING


A CBI court on Thursday sentenced the then manager of a Bank of Baroda branch and another person to four years rigorous imprisonment in connection with a bank fraud of Rs 2.74 crore.   A CBI spokesperson said that the Special Judge, CBI cases, in Delhi sentenced V.B. Katoria, then...

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Moneylife Digital Team 22 July 2021
The global banking sector is clawing its way back to normalcy. Authorities' strong support for households and corporates over the course of COVID-19 has clearly helped banks. Lenders were also well-positioned going into the pandemic, after banks bolstered their capital, provisioning,...

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Moneylife Digital Team 20 July 2021
The recent second wave of coronavirus (COVID) cases will continue to exert near-term pressure on India's non-bank financial institutions (NBFI), says Fitch Ratings in a report, adding this is despite less stringent activity restrictions than in 2020, and cases of infection subsiding rapidly,...

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Moneylife Digital Team 15 July 2021
Securitisation deals gained traction in June after a subdued April and May, boosting the volume for the first quarter of this fiscal by nearly three times year-on-year (y-o-y) to Rs20,000 crore.   Nevertheless, this was still only half of the pre-pandemic average as volumes in first...

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Several banks have started moving the National Company Law Tribunal (NCLT) to invoke the personal guarantees given by promoters of defaulting companies.   According to banking sources, leading banks, including State Bank of India (SBI), Bank of Baroda (BOB), and Union Bank of India...

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Moneylife Digital Team 13 July 2021
The crisis-hit Infrastructure Leasing and Finance Limited (IL&FS) group has addressed a debt of about Rs43,000 crore and is confident of addressing an additional debt of Rs14,400 crore, taking its total debt recovery to Rs58,000 crore by March next year.    In a presentation, IL&FS...

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Moneylife Digital Team 12 July 2021
An officer on special duty (OSD) to the Maharashtra chief minister (CM) has been blocking the transfer of a property for over a year, even after the bidder has won and officially paid the full due amount after the formal auction of the property held by Bhandari Cooperative Bank (BCB), alleges...

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Moneylife Digital Team 09 July 2021
Last month the Reserve Bank of India (RBI) released a consultative document on regulation of microfinance, aimed at harmonising MFI rules across various classes of microfinance lenders i.e. for banks, small finance banks (SFBs), and non-banking finance company - microfinance institutions...

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Moneylife Digital Team 07 July 2021
The Reserve Bank of India (RBI) has imposed a penalty of Rs 25 lakh on Punjab & Sind Bank for non-compliance with certain provisions of cyber security framework for banks issued by the banking regulator in 2016.   The Punjab & Sind Bank had reported a few cyber incidents to RBI on 16...

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Moneylife Digital Team 07 July 2021
Indian banks' improved performance for the financial year ended March 2021 (FY20-21) contrasts with the stress evident from the extension of COVID-19 related relief measures to borrowers, says Fitch Ratings in a new report.    According to the ratings agency, private banks'...

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The Cubbon Park police of Bengaluru, looking into Rs 712 crore fraud allegations against Nitesh group of companies, one of the top real estate group in Karnataka, have secured crucial documents in connection with 'project diversion', 'refinancing' and 'not showing timely progress of projects'...

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The Reserve Bank of India (RBI) has said that exposure of banks to better-rated large borrowers is declining, while signs of stress are being witnessed in the MSME (micro, small and medium enterprises) and retail sectors.   Within the domestic financial system, credit flow from banks...

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Moneylife Digital Team 03 July 2021
The State Bank of India (SBI) has announced that its banking services will not be operational for 2 hours and 25 minutes on Sunday (4th July). SBI's internet banking, United Payments Interface (UPI), YONO and YONO Lite services will remain affected during this period.   The country’s...

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As economies around the world witness ultra-low interest rates and rising public debt amid the pandemic, the Reserve Bank of India (RBI) has said that the combination would pose challenges.   The pandemic response saw a tight interaction of monetary and fiscal policy. As monetary...

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Moneylife Digital Team 02 July 2021
The gross non-performing assets (GNPAs) of banks may rise to 9.8% by March 2022 under the baseline scenario from 7.48% in March 2021, according to the financial stability report (FSR) of Reserve Bank of India (RBI).    As per the report, the central bank anticipates that, going...

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State-run lender Bank of Maharashtra (BoM) has written off bad loans of over Rs3,002.85 crore in FY20-21 belonging to big defaulters, taking its total of written off loans to Rs10,405.43 crore over the past 10 years. The Bank could recover just 9.96% or Rs931.98 crore from these big...

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In more trouble for Maharashtra Deputy Chief Minister and Nationalist Congress Party (NCP) leader Ajit Pawar, the Enforcement Directorate on Thursday said that it has attached properties to the tune of Rs 65 crore of Jarandeshwar Sahkari Sugar Karkhana, in connection with the alleged fraud at...

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Moneylife Digital Team 30 June 2021
Indian banks face systemic risk as the country sorts through the aftermath of the COVID second wave. Lenders struggled with a high level of weak loans well before the pandemic struck and, clearly, conditions have deteriorated. S&P Global Ratings says it expects the second wave to impair the...

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Moneylife Digital Team 29 June 2021
India’s largest state-run lender State Bank of India (SBI) has revised service charges for cash withdrawals from automated teller machines (ATMs) and bank branches. "Charges will be recovered beyond four free cash withdrawal transaction (including ATM and branch)," SBI...

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Moneylife Digital Team 28 June 2021
According to its new guidelines on educational qualifications and 'fit and proper' criteria for managing directors (MDs) and whole-time directors (WTDs) of primary urban cooperative banks, the Reserve Bank of India (RBI) has barred MPs (member of parliament) and MLAs (member of legislative...

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