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
BUSINESS
Exclusive Interview | Bad bank a step in the right direction, says Morgan Stanley’s Sumeet Kariwala
The incorporation of a bad bank with a sovereign guarantee on security receipts is a positive and will impart credibility plus a likely floor on asset recoveries, says Kariwala
BUSINESS
Banking Central | Should political parties meddle in a banker’s job?
If banks need to operate professionally, politicians have to stay away from loan 'mediation', 'facilitation' or whatever else they call it
BUSINESS
Analysis | What the Bad Bank deal really means for Indian lenders
The price at which the asset transfer happens will be key. Banks will have to invest around Rs 5,000- Rs 6,000 crore in the NARCL which is approximately what they are likely to get back with the 15 percent upfront cash transfer during asset transfer. Rest will depend on a resolution within five years. That’s the trickiest part.
BUSINESS
Exclusive Interview | At HDFC Bank we are a play on the GDP. We don't chase a particular mix, says Kaizad M Bharucha, Executive Director
Kaizad Bharucha speaks about the HDFC Bank’s business focus, expansion plans, industry trends, competition from state-run rivals, and the new crop of fintechs, which he says are an opportunity, not a threat.
BUSINESS
Moratorium on AGR dues: Banks may have some relief on telecom exposure for now
The moratorium on AGR dues would instantly avert a default risk for banks. This is good news.
BUSINESS
Srei seeks debt recast by lenders, RBI approval to get investors on board
The Kolkata-based group is in the middle of a severe financial crisis and hopes to get much-needed survival capital. Lenders have tightened the screws on its cashflows and are waiting for the outcome of an ongoing forensic audit.
BUSINESS
Srei Infra CEO Rakesh Bhutoria resigns
Prior to joining Srei, Bhutoria was the Group EVP & Head – Commercial Banking & Strategic Initiatives at IDFC Bank
BUSINESS
Banking Central| How are state-run banks treating their young bankers?
PSB managers blindly follow instructions from bureaucrats and target junior officers at the slightest hint of trouble. It is time to shun this ham-fisted approach and carve an independent path
