BUSINESS
Banking Central | A ‘Navratri’ celebration that didn’t go quite well
Senior executives at PSBs often act like feudal lords to please their bosses, and employees at lower levels often bear the brunt. This is where trade unions act as a corrective force. Though these unions have weakened over the years, they do have a significant role to play when it comes to banking sector employees’ issues.
BUSINESS
Analysis| MPC doesn’t have too many options left till COVID abates
COVID remains the key challenge for the policymakers and MPC will have to continue with a growth-supportive stance till the pandemic threat goes away.
BUSINESS
SREI founder Hemant Kanoria: Not exploring legal options, only tried for resolution outside IBC
SREI founder said the group didn’t move the Bombay High Court against the RBI decision but was only trying for a resolution outside the IBC mechanism to avoid a huge haircut to SREI’s lenders.
BUSINESS
Bombay High Court dismisses Srei Group's writ petition against RBI
Srei Group promoters, Adisri commercial private ltd, had sought a stay on initiating insolvency proceedings against Srei Infrastructure Finance Ltd (SIFL) and Srei Equipment Finance Ltd (SEFL).
BUSINESS
Exclusive Interview | HSBC bullish on India consumption story: India Commercial Banking Head Rajat Verma
For the first six months of the 2021 calendar year, the commercial banking segment in India has delivered a PBT of $146 million, up 76 percent from $83 million for the corresponding period in 2020, says HSBC India Commercial Banking Head Rajat Verma.
BUSINESS
Srei Group promoters move Bombay High Court against RBI action
Srei Group promoters have sought stay on any insolvency proceedings against the two companies.
BUSINESS
Five things to note as RBI gears up for Friday policy decision on rates
The MPC has, so far, adopted a cautious stance on rate decisions given the tricky economic scenario presented by the Covid-19 pandemic. But there is some comfort this time due to the easing inflation and recovery in economic growth.
BUSINESS
End of the road for Srei promoters?
Triggered by the liquidity crunch that accompanied the IL&FS collapse in late 2018, the Srei group’s problems worsened over time. With the RBI cracking the whip, it is probably end of the road for Srei promoters.
BUSINESS
Srei 'shocked' by RBI move, says will take all necessary legal steps
Over the last three decades, Srei has already paid Rs 30,000 crore as interest and another Rs 20,000 crore principal to banks and there has never been any delay in loan servicing before Covid-19 ravaged the country, Srei group has said
BUSINESS
Banking Central| Do we need tighter regulations for fintech?
Rise of fintech companies have helped the banking system for quicker, easier transactions yet fresh challenges have emerged that worry the reglator.
BUSINESS
Srei lenders adjust Rs 3,000 crore from SEFL’s cash flows against loan dues, talks still on for debt recast
On September 14, Moneycontrol reported that the crisis-ridden group had asked lenders to approve a much-needed debt recast and has knocked on the doors of the Reserve Bank of India to seek clearance to get a clutch of investors on board.
BUSINESS
HDFC bank denies allegations of not flagging forgery to authorities
Collection or non-collection of processing fees has no bearing on reporting to the internal & Hunter database (industry database) or attempts to report to the Police authorities, the bank said.
BUSINESS
Dhanlaxmi Bank shareholders reject appointment of statutory auditors
The Kerala High Court on September 29 passed an interim order directing Dhanlaxmi Bank to refrain from concluding the AGM . Former directors had moved the High Court seeking judicial intervention to direct the Bank to place their candidature for the directorship of the Bank in the AGM of the Bank.
BUSINESS
Explained | Indian Overseas Bank comes out of RBI’s Prompt Corrective Action Framework. What is PCA all about?
Exiting the PCA Framework means that various curbs imposed on a weak bank are lifted, enabling it to resume normal business
BUSINESS
Dhanlaxmi Board seat battle: Kerala High Court asks bank to adjourn the AGM
The petitioners and other former directors, including prominent investor Ravi Pillai and PK Vjayakumar, had sought Board seats. The nomination committee is understood to have cleared their names. However, the Board did not approve the appointments, leading the petitioners to move court.
BUSINESS
Piramal gets DHFL, lenders their money: An ‘IBC first’ and end of the road for the Wadhawans
With this, creditors of DHFL have finally got the good news they were waiting for a long time. They would recover an aggregate amount of around Rs 38,000 crore after the resolution process.
BUSINESS
SEBI fines Videocon's Venugopal Dhoot, others Rs 75 lakhs for insider trading
Dhoot has been fined Rs 25 lakhs while Sebi imposed Rs 25 lakhs each penalty on Electroparts India Pvt Ltd and Videocon Realty and Infrastructures Ltd.
BUSINESS
ICICI Bank, SBI customers complain of digital outage in internet, mobile banking channels
According to downdetector, a website that tracks digital outages, the outage happened between around 8 AM to 11 AM. Around 217 ICICI Bank customers reported problems with internet banking.
BUSINESS
Can bigger banks lead to better credit growth?
Creation of bigger banks will lead to more financial muscle to participate in bigger loan deals but whether they can lead to increased credit flow on the ground is a matter of debate.
BUSINESS
Banking Central | Dear customer, know your bank frauds
‘Updating’ KYC is the oldest trope in criminals’ busy book of tricks to steal your money. Keeping yourself informed and resisting the temptation of ‘quick returns’ is the best way to protect your hard-earned money
BUSINESS
Dhanlaxmi Board battle intensifies as former directors move court
Moneycontrol had reported earlier on NRI businessman Ravi Pillai’s plan to rejoin Dhanlaxmi Bank’s Board. Pillai had been on the board till May 2020 but had to exit on turning 70, the RBI-set age limit for directors.
BUSINESS
Analysis | Why not all cooperative bank depositors are happy with the Rs 5 lakh insurance cover
For depositors in banks placed under curbs, the promise of accessing the money in their accounts in 90 days is a big relief. But the benefit is only for those with deposits of up to Rs 5 lakh
BUSINESS
Signs of world economy emerging from Covid impact, says RBI Governor Shaktikanta Das
Covid has caused structural changes in the world economy and impacted the poor more, Das said.
BUSINESS
Evergrande seems like China’s Lehman moment, reminds of IL&FS, says Uday Kotak
There is panic in global markets over the expected collapse of the debt-ridden Chinese property giant
