BUSINESS
What next for banks post the Kingfisher loan recovery?
In fact, the recovery in the Kingfisher-Vijay Mallya case may be the best deal Indian banks may have got in a long time, with lenders recovering almost the entire principal amount by selling Mallya's shares.
BUSINESS
Analysis | Under Sashidhar Jagdishan, HDFC Bank is fighting two enemies simultaneously
At this point, the country's biggest private bank is fighting two battles — the COVID-19 impact and its own internal issues, under the new team headed by Sashidhar Jagdishan. The approaching quarters will tell us how successful the outcome will be.
BUSINESS
Interview | Employment generation is receiving alarmingly-little concerted policy attention: Crisil’s D K Joshi
Reforms have not benefitted the agriculture sector much, even as a disproportionate share of population continues to depend on it. Share of agriculture in GDP has nosedived from 35% in fiscal 1991 to 15% in fiscal 2020, yet the sector continues to employ over 40% of the population.
BUSINESS
Banking Central | Are 'haircuts' turning too costly for bankers?
While IBC cannot guarantee the quantum of recovery for banks but it can ensure that the platform is not misused by influential promoters to get back control of their companies through the backdoor.
BUSINESS
Pew Research: Devoted "all our attention and resources” for India religion survey
Worked with Indian survey companies and their interviewing teams to conduct interviews, says US-based PEW Research after doubts raised about methodology.
BUSINESS
RBI FSR Report | COVID second wave impact on financial institutions less than projected before: RBI Governor Shaktikanta Das
Capital and liquidity buffers are reasonably resilient to withstand future shocks for Indian banks, the RBI report said.
BUSINESS
Exclusive Interview: Pew survey bias in non-US countries cannot be ruled out, says former chief statistician Pronab Sen
For any national survey in India, there needs to be a sample size of minimum 70,000. For a survey that talks about states, sample size needs to be 1,20,000 and for district level surveys, sample needs to be 5.5 lakh to 6 lakh, Sen has said.
BUSINESS
30 years of economic reforms | Bottom 10% of population still do not live a dignified life: Senior economist Madan Sabnavis
This, unfortunately, is the result of market economics or economic Darwinism. The governments have worked to give freebies but have not been able to provide a sustainable living for them, he says.
BUSINESS
Whistleblower’s early alarms to RBI and a dubious audit rating: How the PMC Bank scam festered until it was too late
Eight years before the PMC Bank scam was unearthed, a whistle-blower warned RBI about a gigantic fraud. What did the RBI do? It asked the then CEO to investigate. That man is in the dock facing charges of fraud.
BUSINESS
Banking Central | Insulating co-operative banks from politicians
The collapse of corporate governance at many co-operative banks, which triggered a crackdown by the RBI, has shaken the trust of depositors. The regulator needs to restore the faith of people who have seen a series of crises such as the recent one at the PMC Bank that has left thousands waiting to get back their hard-earned money
BUSINESS
SBI, others have the last laugh in Kingfisher-Vijay Mallya saga
Why didn't banks go ahead and sell the shares before? That's because there was a court stay that prohibited banks from selling the securities in Mallya's name. Also, there was ED attachment on these assets.
BUSINESS
RBI's third party audit of HDFC Bank's IT systems over, await regulator's decision, says MD&CEO Sashidhar Jagdishan
In December last year, the RBI had banned HDFC Bank from new digital launches, including issuing new credit cards and proceeding with the so-called Digital 2.0 plan following a series of technical glitches reported over the last two years.
BUSINESS
Can Tamil Nadu’s dream team of economists make a difference?
Populist politicians rarely listen to their hired economists. To be sure, Tamil Nadu isn’t the first state to appoint global economists as advisers. That credit goes to Kerala, which appointed Gita Gopinath, now Chief Economist IMF, as adviser in 2016. It was an experiment, which had turned out to be a farce
BUSINESS
Explainer| Swiss Bank accounts: What's attracting the rich to these banks?
Swiss Banks are known for their unwavering commitment to client confidentiality and the secrecy of transactions. Why do the global rich prefer these banks over others? What makes these entities different? Here's an explainer.
BUSINESS
Banking Central | A tough task awaits Centrum-BharatPe at PMC Bank
PMC Bank's failure isn’t just another case of a co-operative bank going bust because inefficient management left finances weak, the problems run deep and are manifold.
BUSINESS
PMC Bank depositors plan to move Bombay High Court seeking early refund, merger with a running bank
Several PMC Bank depositors Moneycontrol spoke to also said the RBI move is welcome for the depositors but expressed concerns over the lack of clarity on a time frame to refund the depositors.
BUSINESS
RBI in-principle nod for Centrum: PMC Bank depositors relieved, but ask by when will they get their money back
PMC Bank has faced a trust deficit over the last one-and-a-half years and has been struggling with weak financials. For the new owners, regaining customer trust will be the main challenge.
BUSINESS
MPC comments suggest continuation of 'dovish' stance; growth remains a worry
The MPC retained the repo rate at 4 percent at its recent policy meeting and said the growth-supportive accommodative stance will continue as long as necessary till growth is revived.
BUSINESS
Exclusive| Ramdev’s brother, Balkrishna gave personal guarantees to SBI, others for loan to fund Patanjali's Ruchi Soya acquisition
If Ruchi Soya fails to repay the loan, lenders can invoke the personal guarantees and LoCs issued by Patanjali promoters, including Balkrishna. Ruchi Soya has to pay back around Rs 824 crore by the financial year 2025 and Rs 1,553 crore by 2029.
BUSINESS
NCLT examining Siva group-IDBI Bank loan settlement deal, next hearing likely on Friday
While it is not clear what exactly is the clarification sought by the NCLT from the lenders, there has been a debate of late on whether former promotes getting back control of their companies through out-of-court settlements will lead to dilution of the spirit of the Section 29 A.
BUSINESS
Exclusive | HDFC Bank refunding GPS device commission to auto loan customers following RBI direction
This brings an end to a controversy surrounding alleged misselling of GPS devices to HDFC Bank's auto loan customers during the term of former CEO, Aditya Puri.
BUSINESS
Analysis | Will high retail inflation force RBI to change its policy stance?
Former World bank chief economist Kaushik Basu calls it stagflation, others don't agree. But there is a consensus among majority that if inflation threats persists, the MPC may have to take a relook at the accommodative stance
BUSINESS
Analysis | New RBI proposals for MFIs: By scrapping interest rate cap, is the regulator taking undue risk?
MFIs are elated by the prospect of getting a level playing field with banks, but some questions arise at this point.
BUSINESS
HDFC Bank says faced temporary glitch in app, issue now resolved
HDFC Bank has said the issues in its mobile banking app have now been fixed. Earlier today, the bank had asked customers to switch to net banking for transactions as the app was facing some technical glitch.
