BUSINESS
Lakshmi Vilas Bank board to meet on October 15 to consider rights issue
Moneycontrol first reported on October 1 that LVB has engaged with some of its existing institutional investors informally to understand if they will participate in a rights issue should the bank pursue the plan.
BUSINESS
Yes Bank AT1 Bond case: Bombay High Court’s interim orders to continue till October 31
In mid-March, the court had passed the interim order that said any action taken by the respondents “shall be subject to further orders” passed by the court
BUSINESS
Explainer: What does RBI's latest consumer surveys tell us?
To support the economy, the RBI has been announcing a series of liquidity measures to make money available for lending institutions so that credit flow to productive sectors continues. But, in a low demand scenario, banks have been struggling to push credit to customers.
BUSINESS
Banking Central | Lessons for investors from Popular Finance scam
Popular Finance episode is the latest in the long-running sordid saga of finance firms cheating customers. The most important lesson for investors: don’t put all your eggs in one basket.
BUSINESS
CARE downgrades various debt instruments of Lakshmi Vilas Bank, outlook negative
The ratings are constrained by LVB's regional nature of operations, weak asset quality parameters, weak capitalisation levels and continuation of losses in Q 1FY21, CARE said
BUSINESS
RBI MPC meet | 'Doves' or 'hawks'; who will put up a good show?
Can a slowdown-hit, COVID-ravaged economy withstand a tighter monetary policy? Can we afford rate hikes, if that happens, when growth is projected to contract as much as 9 percent in FY21? The answer is obvious.
BUSINESS
Good news for smaller NBFC-MFIs as NABARD sets easier terms for Rs 5,000 crore refinance scheme
When it comes to funding, smaller MFIs have been largely left out so far. This is because banks have played safe by lending to bigger NBFCs with top ratings on account of high risk-aversion
BUSINESS
Lakshmi Vilas Bank says received an ‘indicative non-binding offer’ from Clix Group
Lakshmi Vilas Bank on September 15 said the mutual due diligence process for merger with Clix Group is substantially complete and both parties are in discussions on the next steps.
BUSINESS
'Bad bank' idea finds more takers amid pandemic blues
Time may be ripe to create a ‘bad bank’ as the net book value of NPAs have fallen sharply and another round of bad loan shock is round the corner in the backdrop of Covid-19, say experts
BUSINESS
EXCLUSIVE: SBI needs to be watchful about corporate NPAs, COVID-19 impact, says Rajnish Kumar
Outgoing SBI chairman says without the State Bank, the implications of the Yes Bank saga could have been serious to the stability of the banking system in the country. Corporate NPAs, he says, are what causes the biggest problem.
BUSINESS
Rajnish Kumar hangs up his boots as SBI Chairman; cutting down bank’s gross NPA, Yes Bank bailout major achievements
Rajnish Kumar worked at SBI for 40 years, after joining as a Probationary Officer in 1980. As he hands over the baton to his successor, SBI is in a much stabler position, financially. However, unseen shocks from COVID-19 can escalate bad loans. But as Kumar says: “A leader is only as good as his team. I always believe that a good team is essential to make things happen. Fortunately, SBI has no dearth of talent.”
BUSINESS
Three new members on board, MPC meet to begin on October 7: Five critical points
The three new members will have to hit the ground running from the day one as the RBI has announced that the next MPC meeting would start from tomorrow (October 7 to 9), giving very little time to the new entrants to prepare for a very crucial MPC meeting.
BUSINESS
RBI's MPC gets three new members: Here's a peek into their policy views
Among the new MPC members, the most notable one is that of PMEAC member, Ashima Goyal, who has a strong pro-growth stance. Goyal has defended the government’s Rs 20 lkh cr economic package and has argued for sharper rate cuts in the past.
BUSINESS
Microlenders see light at end of tunnel; collection rates inch back to pre-COVID levels
Collection rates are picking up, so are disbursements of small loans. Rural entrepreneurs, who suffered most due to COVID, are tweaking their small business strategies to adjust to the new normal.
BUSINESS
Banking Central | Why is the RBI silent on LVB and Dhanlaxmi Bank?
The CEOs of both the banks were ousted by shareholders within days of each other in unprecedented moves. Both CEOs were appointed by the RBI. Should the regulator make the consent of shareholders mandatory before issuing appointment orders?
BUSINESS
Exclusive | Ousted Dhanlaxmi CEO Sunil Gurbaxani says probe is warranted into issues leading to his exit
Sunil Gurbaxani says allegations of supporting the ‘north lobby’ are baseless and far from the truth. “No such lobby exists,” he tells Moneycontrol in an interview.
BUSINESS
RBI appoints three-member committee of directors in Dhanlaxmi Bank
Moneycontrol first reported on Thursday morning that Dhanlaxmi Board has recommended a three-member committee of directors to the RBI.
BUSINESS
Crisis-ridden LVB may look at a rights issue to raise capital
LVB has already engaged informally with some of its existing investors to understand their willingness to participate in the issue. Rights issue is an active option on the table.
BUSINESS
Dhanlaxmi Bank’s board recommends 3-member committee of directors to RBI
The RBI is understood to have hinted that Sunil Gurbaxani should continue as a caretaker CEO but the board is not in favour of this suggestion.
BUSINESS
Will wait for RBI directions before resigning, says Dhanlaxmi Bank’s ousted CEO Sunil Gurbaxani
Over 90 percent of the shareholders voted against Gurbaxani’s appointment on Wednesday while a tad above 9 percent voted in favour.
BUSINESS
LVB redux: Dhanlaxmi Bank shareholders oust MD and CEO Sunil Gurbaxani
After last week's ouster of directors, including the interim CEO and statutory auditors, by shareholders of Lakshmi Vilas Bank, a similar event plays out at Kerala-based Dhanlaxmi Bank.
BUSINESS
LVB Bank: Following AGM drama, RBI pushes for an early merger
Pressure mounts on Clix Group and Lakshmi Vilas Bank to seal merger quickly. RBI concerned about the situation at LVB after the ouster of most directors from the Board by shareholders last week. The bank is currently run by a three-member committee of independent directors. If the Clix deal fails, the regulator may look at other options
BUSINESS
RBI appoints additional director on Dhanlaxmi Bank board
Dhanlaxmi Bank recently witnessed a series of exits from the Board including Chairman.
BUSINESS
Rift at the top may reflect in Dhanlaxmi Bank’s AGM tomorrow
There is speculation that a section of Dhanlaxmi Bank shareholders could vote against the appointment of the CEO. Recently, a series of exits from the board had alerted RBI about the infighting at the top. The AGM could turn out to be quite a lively affair, a la Lakshmi Vilas Bank.
