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.
BUSINESS
NBFC-MFI loan disbursements plummet during COVID; industry hopeful of early recovery
MFIs are institutions that borrow from banks and lend to small borrowers at a margin. The COVID lockdown had severely impacted the operations of these institutions as collection process took a hit.
BUSINESS
Privatise select PSBs, overhaul bad loan management, says new paper by Raghuram Rajan and Viral Acharya
Suggesting ways to change ownership structure of public sector banks, the paper said state-linked banks can be a first step in altering the ownership structure of some PSBs, where the government brings down its stakes to below 50 percent.
BUSINESS
Dhanlaxmi Bank sacks senior executive after RBI directive
Banking regulator cites failure to adhere to good corporate governance practices. The Kerala-based bank has been in a state of flux due to a raft of exits from the board.
BUSINESS
Banking Central | An ‘Aatmanirbhar’ interest waiver solution on the cards?
The loan moratorium scheme, which was pitched as an emergency relief measure by the RBI in the wake of the pandemic, has now become a burden for borrowers who opted for it. Will they get a relief? If they do, who will bear the cost?
BUSINESS
Another US-based law firm Pomerantz announces class action suit against HDFC Bank on ‘false and misleading’ statements about its business
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Bank's business, operational and compliance policies. HDFC Bank had inadequate disclosure controls and procedures and internal control over financial reporting, it said.
BUSINESS
Rosen Law, Schall file class-action suits against HDFC Bank in US, allege lack of disclosure
The lawsuits have been filed in the US District Court Eastern District of New York and names HDFC Bank’s outgoing managing director Aditya Puri and CEO-designate Sashidhar Jagdishan along with other officials.
BUSINESS
Is the Banking Regulation (Amendment) Bill a panacea to co-operative banking mess?
While more powers to RBI is good news for UCBs, questions arise on why rural co-operative banks have been left out of the regulatory overhaul.
BUSINESS
PMC Bank crisis one year on: No resolution in sight yet
During investigations, it was found that the bank had been allegedly running fraudulent transactions for several years to facilitate lending to HDIL through fictitious accounts and violating single-party lending rules.
BUSINESS
Lakshmi Vilas Bank finally finds a savior in Clix
There has been a steady decline in Lakshmi Vilas Bank's deposit base since September 2019 and increase in the NPA ratios. The bank's Tier l Capital ratio has turned negative, at -0.88 per cent, as compared to the minimum requirement of 8.875 per cent
BUSINESS
Microlenders seek e-KYC authentication for client on-boarding
Currently, NBFC-MFIs are not permitted to do e-KYC for their customers. Only those MFIs which are operating as banking correspondents of commercial banks can do e-KYC for that category of customers.
BUSINESS
Analysis | With CPI inflation at 6.7% in August, CEA Subramanian has got his 'expectation' wrong; MPC has a big dilemma ahead
As the August print shows, the CEA’s “expectation” has clearly gone wrong on the course of retail inflation.
BUSINESS
Banking Central l Dear depositor, be very, very careful when you are offered extra returns
Popular Finance, Fashion Gold, PMC, Yes AT1—the lure of higher returns, loose regulations trap gullible investors. Surprisingly, investors keep returning to such firms, ignoring repeated warnings.
BUSINESS
Loan Moratorium | Don’t sideline the RBI
Interest waiver and loan moratorium started as an RBI scheme — and not as a government scheme to provide relief to borrowers. Ironically, now the RBI is a mute spectator
BUSINESS
Coming, a mega loan recast: What does this mean for banking industry?
According to rating agency Crisil, nearly two-thirds of the companies rated by it would be eligible for one-time debt restructuring based on the parameters proposed by the K V Kamath Committee. That’s a big number.
BUSINESS
Kerala's private banks hire top talent, tweak gameplan to gain national focus
Private banks based in Kerala were largely region-focused. They were happy with that kind of business presence and often depended on local business communities for growth. That isn’t the case any longer. These banks are realigning their focus.
