BUSINESS
Spandana Sphoorty founder-board battle intensifies as Reddy questions long list of consultants, collection efficiency figures
Earlier in an interview with Moneycontrol, Reddy had said she was forced to quit after differences on the valuation at which the majority investor wanted to sell the firm to Axis Bank. Reddy also said she didn’t have any plan to return to the company.
BUSINESS
Explainer| Why Kerala is upset with the RBI on regulation of cooperative banks
The banking regulator has been tightening rules on such lenders. It has cancelled the permits of at least six cooperative banks and issued over 200 directives against wrongdoers. Now a fresh rule issued on cooperative societies has stirred a controversy.
BUSINESS
RBI wage settlement issue: Negotiations resume, resolution may happen soon
RBI staff wages are decided through a bipartite settlement once in five years through negotiations between management and employee unions. The current round of wage revision is pending since November 2017. The RBI has different unions for lower-level employees (mainly class 3 and 4 employees) and officers.
BUSINESS
Banking Central| Kotak & Hindujas all smiles with new RBI guidelines on promoters' stake
In the case of Kotak Mahindra Bank, the RBI has already agreed to hike Uday Kotak’s stake in the bank to 26% while in the case of Hindujas, the road is now clear to acquire additional stake.
BUSINESS
Analysis | No RBI red carpet for corporate houses to set up banks
An internal working group had recommended allowing corporates in the banking sector but the 'bombshell' proposal doesn't find a mention in the list of suggestions accepted by the RBI on November 26
BUSINESS
Exclusive Interview| I don’t think there is any value left in Spandana: Padmaja Reddy
Padmaja Reddy, founder and former managing director of microlending institution Spandana Sphoorty, resigned recently from the company after the board refused to renew her contract. With Reddy’s exit, an era is ending at Spandana.
BUSINESS
Exclusive | Spandana Sphoorty founder Padmaja Reddy to float new NBFC with former colleagues
The new NBFC will focus on secured loans. In early November, Padmaja Reddy quit Spandana saying she was not stepping down by choice but because the Board’ did not extend her contract.
BUSINESS
Analysis | An unfair wait for some PMC Bank depositors?
PMC Bank-Unity SFB draft amalgamation scheme suggests long wait for some depositors. Depositors will get their money back, but only over a period of time.
BUSINESS
Banking Central | A new start for digital lenders
Among the rules proposed by an RBI panel, the most critical is framing a separate law to prevent illegal digital lending
BUSINESS
Do not ignore Shaktikanta Das’ repeated warnings on crypto - here is why
The Reserve Bank of India governor Shaktikanta Das voiced his concern over cryptocurrencies, as he has on multiple occasions. Is this the RBI’s way of warning the government which is in the process of framing a crypto law?
BUSINESS
Cryptocurrency: Far deeper issues involved, RBI has serious concerns, says Shaktikanta Das
Das says he is yet to see any serious discussions on cryptocurrency. The blockchain technology is ten-year-old and can grow even without cryptocurrencies
BUSINESS
Consumption demand making a comeback, says RBI Governor Shaktikanta Das
The recent cut in excise duty and value added tax by states will augment purchasing power of people, the Governor said.
BUSINESS
Banking Central | Education loans grapple with rising bad debt
The feedback from bankers, both at senior level and middle level, is that there is an issue developing at education loans and an eventual asset quality shock is likely.
BUSINESS
Wage settlement issue: RBI employees to go for agitations; mass casual leave on November 30
RBI staff wages are decided through a bipartite settlement once in five years through negotiations between management and employee unions. The current round of wage revision is pending since November 2017.
BUSINESS
Exclusive | In hindsight, there were some errors in judgment from our side too, says Hemant Kanoria of Srei
The way some very unresearched reports have surfaced sullying the Srei brand name and dragging the family name into it, we cannot rule it (conspiracy campaign to malign Srei’s image) out completely, says Kanoria, the erstwhile promoter of Srei Infra and Srei Equipment Finance.
BUSINESS
Exclusive | Bank of Baroda MD Sanjiv Chadha: Worst is behind us
Over the next few years, the rate of growth of retail loans will be higher than corporate books. Even then, the rebalancing will happen at a slower pace, Bank of Baroda MD and CEO Sanjiv Chadha says.
BUSINESS
After 5 years of demonetisation, black money is very much around
The Narendra Modi government expected demonetisation to extinguish at least Rs 3-4 lakh crore of black money. However, RBI data show that 99% of the money that was invalidated came into the banking system. Meanwhile fresh seizures of black money continue.
BUSINESS
Banking Central | RBI ko gussa kyon aata hai?
The government will have to engage with the RBI and the market regulator, Securities and exchange board of India (Sebi) to reach a consensus on crypto regulations and decide on a national law at the earliest. Lack of clarity is not helping anyone.
BUSINESS
SBI unlikely to challenge case against Chaudhuri legally 'as of now'
Going by the dates given in a clarification issued by The State Bank of India, following Chaudhuri’s arrest, the approvals for sale of Godawan properties to Alchemist Asset Reconstruction Company (ARC) were taken in January 2014 and the assignment to the ARC was completed in March 2014.
BUSINESS
SBI says 'factual inaccuracies' in compliant lodged against former chief Pratip Chaudhuri
The clarification comes a day after former SBI Chairman Rajnish Kumar called Pratip Chaudhuri’s arrest a motivated action
BUSINESS
Pratip Chaudhuri arrest: Former SBI Chairman Rajnish Kumar calls the move a motivated, high-handed action
On November 1, Jaisalmer Police arrested former State Bank of India (SBI) Chairman Pratip Chaudhuri in an alleged loan scam.
BUSINESS
Banking Central l Pratip Chaudhuri’s arrest and its potential ramifications
Former SBI Chairman and Cahduhduri’s successor in SBI, Rajnish Kumar, calls this arrest a motivated, unfair action. Other top bankers agree with him.
BUSINESS
Shaktikanta Das gets 3-year extension: Why the Centre loves the DeMon spearhead
A liberal inflation target, absence of public spats with the government, and an impressive Covid response all helped Das get another term.
BUSINESS
Government reappoints Shaktikanta Das as RBI Governor for 3-years
Shaktikanta Das also served as India’s Alternate Governor in the World Bank, Asian Development Bank (ADB), New Development Bank (NDB) and Asian Infrastructure Investment Bank (AIIB)
