BUSINESS
Five years since liquor King Vijay Mallya flew to UK: Four mistakes banks made in the Kingfisher case
Banks made the mistake of acting late in the Kingfisher case and paid the price for the laxity.
BUSINESS
DHFL administrator moves tribunal challenging NCLT order on Wadhawan offer; lenders may follow suit
DHFL’s lenders too are likely to move NCLAT challenging order to consider payment plan by former promoter Kapil Wadhwan.
BUSINESS
Banking Central | Is Section 29A being abused, hobbling IBC?
Recent developments show promoters still have the option to make a claim for their companies admitted under IBC. Doesn't that weaken the spirit of the law that intends to keep former promoters away from the bidding process?
BUSINESS
Why RBI surplus has gone up sharply this year?
Higher income from forex operations, expansion of G-Sec holdings due to large OMOs, TLTROs could have contributed to the spike in income, say economists.
BUSINESS
Why government shouldn’t delay cryptocurrency regulations
Cryptocurrencies, with no underlying asset, pose high risk to investors. According to data from crypto exchanges, there are approximately 1.5 crore Indians who have invested in cryptocurrencies holding Rs 15,000 crore. There are 350 startups who operate in blockchain and crypto.
BUSINESS
SC empowers banks to chase defaulting promoters invoking personal guarantees: 5 questions answered
With this ruling, the SC has affirmed the November 2019, notification issued under the Insolvency and Bankruptcy Code (IBC) that permitted lenders to invoke personal insolvency proceedings against promoter guarantors
BUSINESS
Elon Musk’s ‘Diamond’ tweet on Bitcoin revives memories of Rana Kapoor’s YES Bank share sale
Rana Kapoor, the co-founder of YES Bank, had once equated his promoter shares in the bank to Diamonds, only to sell most of the shares a year later, shocking retail shareholders.
BUSINESS
Siva group-IDBI Bank deal divides bankers, triggers debate on weakening bankruptcy law
Under the agreed one-time settlement with Sivasankaran’s SIHL, banks will get 10 percent of their money owed which they say is better than liquidation value. Some eperts say defaulting promoters could use this way to take back control of their companies at a pittance.
BUSINESS
RBI imposes monetary penalty on Priyadarshini Mahila Nagari Sahakari Bank for rule violations
The action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers, the RBI said.
BUSINESS
Banking Central | 2021 is no different for co-operative banks, where is the end to this mess?
The RBI crackdown on co-operative banks continues. In most of these cases, the findings point to poor governance and dubious deals. The RBI will have to prepare a roadmap to address the deep rot in this industry and restore customer faith.
BUSINESS
COVID-19 | Finance Ministry asks states, UTs to prioritise vaccination of bank employees
Moneycontrol had on May 13 reported on the plight of bank employees suffering from COVID-19 infection. The government has now responded, issuing an advisory to states to priortise vaccination of all employees in the banking and financial services industries.
BUSINESS
IDFC First Bank MD&CEO V Vaidyanathan gifts 1.5 lakh shares each to three persons to buy homes
At Thursday's share price of Rs 55.30 rupees apiece, the shares are worth a total of approximately Rs 2.5 crores.
BUSINESS
Exclusive | CARE cuts Deepak Kochhar-promoted NuPower Renewables ratings to junk following delay in debt servicing
CARE has cut the long term rating on Rs 180 crore bank loan facilities of NuPower Renewables to ‘CARE D’ reflectinga below investment grade rating or 'junk rating' from ‘CARE BB (CWN) (Double B) and removed the firm from under credit watch with negative Implications.
BUSINESS
COVID takes a toll on bank employees as nearly 1.5 lakh get infected, about 1,200 lose lives
Not all banks are forthcoming in sharing the updated details of Covid data of their employees. Most PSU banks have announced Rs20 lakh compensation for the families of the deceased.
BUSINESS
Smaller private banks look for recession-proof assets to cut COVID risks
Pandemic concerns have heightened the caution among smaller private banks. To avoid risky bets, these banks are now focusing on retail loans with a special focus on gold.
BUSINESS
SBI's Padmakumar M Nair named as CEO of proposed bad bank
Unlike Arcil, which is essentially a private company, the proposed bad bank will have a public sector character since the idea is mooted by the government and majority ownership is likely to rest with state-owned banks.
BUSINESS
MFIs seek emergency credit line, partial credit guarantee scheme from RBI to fight COVID-19 second wave
MFIs have sought a special liquidity facility of at least Rs 15,000 crore through NABARD and SIDBI.
POLITICS
K R Gouri Amma, 102, no more; Kerala loses a true rebel
Gouri Amma was imprisoned during the emergency. Police tortured her brutally and even inserted ‘lathi’ in her private parts. About the Police Raj, Gouri Amma later said: “If ‘lathi’ had semen, I would have given birth to a thousand lathi babies”.
BUSINESS
Interview | Gold loans will continue to be our focus; won't do unsecured loans: CSB Bank MD and CEO CVR Rajendran
Rajendran, a veteran banker, is on a mission to change the course of the Kerala-based bank, focusing more on retail loans and within that, gold loans.
BUSINESS
Banking Central | What makes a ‘rockstar’ RBI governor?
Das and his team have been proactive in responding to the challenges posed by the coronavirus pandemic but there is no drama attached to what they do—his pressers are just an official reading out of the central bank’s response and there are no headline-making off-the-cuff remarks.
BUSINESS
Analysis | Bandhan Bank Q4 numbers mirror the stress on its books; the worst isn't over
Bandhan Bank could see stress at an elevated level in the next two quarters before things improve, considering the impact of COVID second wave on small borrowers, who form a significant part of the bank's customer base.
BUSINESS
Can RBI's COVID-19 measures help smaller lenders survive the second wave?
The industry has welcome the RBI measures but there is a fear that if lockdowns do not end soon, the sector may face a deeper crisis. In fact, lockdowns have already started hitting MFI operations.
BUSINESS
MFIs welcome RBI decision to give priority tag for SFB loans to smaller microlenders, but want more
Many MFIs reported normal collection levels in the early part of April but it was slowing down as livelihoods of borrowers were getting hit and they were conserving cash
BUSINESS
Explained | Did RBI governor announce a new loan moratorium and other questions answered
The RBI has not announced a blanket moratorium like it did in 2020 but has allowed borrowers time to repay and restructure loans. Read on
