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
Explained | CARE rating action puts spotlight on stress on Shapoorji Pallonji’s cash flows
Timely resolution of ongoing dispute with Tata Sons Private Limited will be critical for SPCPL, says CARE.
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.
BUSINESS
What next for Lakshmi Vilas Bank?
After rejection of 7 directors and statutory auditors, a Committee of Directors have taken charge to run the show in LVB following RBI directive. But, this arrangement can’t go on for long. LVB needs a suitor with good capital strength
BUSINESS
Banking Central | Don’t expect fireworks from MPC this week
The MPC is in a tight spot. It cannot cut rates at this stage when the retail inflation continues to be high. At the same time, ignoring signs of a deepening growth contraction will be a mistake
BUSINESS
LVB says RBI approves committee of directors to run day-to-day affairs
Earlier, the shareholders of the bank had rejected appointment of seven directors including the MD and CEO and auditors at the annual general meeting on September 25.
BUSINESS
Lakshmi Vilas Bank says liquidity position strong, have a fully functional board
Shareholders of LVB have rejected proposals to appoint seven directors to the board, including the Managing Director and CEO S Sundar, the lender said in an exchange communication to exchanges on September 26
BUSINESS
Lakshmi Vilas Bank shareholders reject proposal to appoint 7 directors, auditors
Moneycontrol first reported on Saturday evening that a section of shareholders has voted against the appointment of seven directors including the CEO and the statutory auditors
BUSINESS
Lakshmi Vilas Bank AGM | Section of shareholders vote against re-appointment of 7 directors and auditors
LVB shareholders are unhappy with the way bank is managed and the sharp deterioration in finances. Opposition against appointment of directors, including CEO S Sundar, comes as lender is in talks with Clix Capital for a merger and secure much -needed capital
BUSINESS
Those who repaid loans despite COVID difficulties must be rueing their decision, says Brickwork Ratings
The financial sector will witness severe stress with the extension of the moratorium and restructuring being planned, says Brickwork Ratings
BUSINESS
Analysis | IBC suspension gives firms a breather but bad asset resolution takes a backseat
A major reform for Indian banking, the IBC is aimed at helping lenders in a time-bound bad asset resolution process. That mechanism will be in suspension for nine straight months now.
BUSINESS
Explainer | RBI rejects all bids in OMO: What does it mean?
The RBI's idea is to help the government contain borrowing costs for remainder of the fiscal year
BUSINESS
What is the actual COVID impact on bank NPAs?
Indian banks may be looking at a prolonged period of uncertainty on asset quality front for about two years on account of significant restructuring exercise for COVID-linked loans.
BUSINESS
RBI says no resolution plan yet for PMC Bank, appoints new administrator
The RBI appointed former Union Bank of India executive, A K Dixit as the new administrator of PMC Bank in the place of the present Administrator J.B. Bhoria who is stepping down on September 22, 2020 due to health reasons.
