Government may do a Satyam-like rescue op for IL&FS

The development comes as shareholders of the company have voted in favour of raising Rs 15,000 crore in the form of debt.

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Companies pay up Rs 1.1 lakh crore for fear of insolvency action

Data for the June quarter, released a few days ago, also showed that in three of the 12 cases where resolution took place, lenders managed to realise their entire claims.

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IFC invests $100 million in Piramal-Bain joint venture

The consortium had backed JSW to bid for Bhushan Steel. Finally, Tata Steel took over Bhushan Steel by settling about Rs 35,200 crore of the loans of the bankrupt steelmaker.

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Nachiket Mor’s 2nd tenure on RBI board cut short

Mor had been re-nominated by the central government as a director of the RBI central board of directors in August 2017 for a second term.

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SBI halves daily ATM cash withdrawal limit to Rs 20,000

The cash limits have been announced for SBI's most used Classic and Maestro debit cards.

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IL&FS lenders seek resolution plan before mulling more loans

While IL&FS shareholders have voted in favour of raising Rs 15,000 cr, its trustee had barred it from distributing any dividends.

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Private Equity is all about growth now, not cost-cutting: Stephen Pagliuca

During his recent trip to mark the fund’s tenth anniversary in India, Pagliuca spoke to ET’s Arijit Barman about his outlook for India and the world.

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View: Time for RBI to take control of regulation & supervision

The regulator should start looking beyond rate action and take charge of regulation and supervision.

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Irdai allows PoS to distribute all micro-insurance products

A micro-insurance policy is a general or life insurance policy with a sum assured of Rs 50,000 or less.

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IL&FS appoints Alvarez & Marsal for restructuring

Addressing the media post the AGM, he said that the board took four important decisions today.

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Bandhan Bank to explore strategic acquisitions to pare promoter stake

Bank management told them that promoters may also sell their holdings directly in the secondary market if inorganic route does not work out fast

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Vijaya Bank board approves merger proposal with Bank of Baroda, Dena Bank

Govt announced the merger of Bank of Baroda, Vijaya Bank and Dena Bank to create the country's second-largest PSU lender by assets and branches.

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An aggressive RBI is giving India's errant banks a hard time

Shape up or ship out. That's the stern message the RBI is sending to those who refuse to play by rules.

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Help IL&FS avoid more defaults, RBI tells two of its largest investors

While RBI met LIC and ORIX Corp officials, it cancelled a meet with other shareholders.

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Worried regulator tells insurance firms to declare exposure to IL&FS

IRDAI wants early assessment of both debt and equity exposure to prevent contagion risk.

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Curbs on Bandhan Bank for not cutting owner's holding

Under the new guidelines issued in 2013, Bandhan Bank was to achieve public listing of shares and bring down the promoter shareholding to 40% within three years of starting operations.

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RBI slaps Rs 5 crore penalty on Karur Vysya Bank

The Reserve Bank of India has imposed a penalty of Rs 5 crore on Karur Vysya Bank for non-compliance of its directives.

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RBI bars Bandhan Bank from opening new branches, freezes CEO's compensation

The central bank went ahead with the move after the bank failed to adhere to a key licensing condition.

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Ananya Birla acquires micro housing finance corporation

Svatantra Microfin has Rs 652 crore portfolio at the end of June while Mumbai-based MHFC has a portfolio of close to Rs 500 crore.

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NPA woes: SBI to review sectors of exposure

The bank's corporate exposure stood at 40 per cent, while it was 57 per cent for retail, he said.

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India's shadow banking sector likely to face shake-up after default

Regulators may cancel the licences of as many as 1,500 smaller NBFCs because they don't have adequate capital.

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Banks not too keen on funding HAM projects as NPAs swell

Also, high debt, weak traffic and slow pace of execution meant that it would take a long time for these players to repay the debt to banks. Given this experience, in this cycle, banks are only selectively funding road projects.

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Aadhaar Pay faces uncertain future

AePS allows consumers without smartphones or debit cards to withdraw or transfer funds and check account balances using biometric authentication through microATMs.

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Top management rejig likely at IDFC bank

Sources said the exits stem from the duplication of several roles following the merger with Capital First.

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More bad news for renewables; no priority lending

This had been one of the key demands of the renewable energy companies like Suzlon, ReNew Powet and Inox Wind that met with the Power Minister RK Singh on September 19 in New Delhi.

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Punjab National Bank board approves proposal to raise Rs 5,431 crore fund from government

The finance minister Tuesday committed capital support to banks after meeting heads of public sector lenders.

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Urban cooperative Bank promoter will have to set up a public Ltd Company before transitioning into small finance banks: RBI

RBI has said that the promoters will have to incorporate a public limited company under the Companies Act, 2013 having the word ‘bank’ in its name after receiving the in-principle approval from RB and its board should meet RBI’s ‘fit and proper’ criteria.

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New banks stare at high costs, bigger turnaround time

Bankers said they would now have to find a new way to do a KYC for customers refusing to share Aadhaar details.

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Bank credit rose by 13.46%; deposits by 8.58%

In the year-ago fortnight, bank advances stood at Rs 77,54,406 crore.

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Aadhaar very convenient for opening bank accounts: SBI chief Rajnish Kumar

"Everybody will have to honour the Supreme Court's judgement, but I believe from services point of view it (Aadhaar) is a great facility," SBI chairman Rajnish Kumar said.

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No proposal yet from IL&FS for additional funds: SBI chairman Rajnish Kumar

SBI holds 6.42 per cent in the IL&FS group that is facing serious liquidity crisis and has defaulted on interest payment on various debt repayments since August 27. The group has over Rs 91,000 crore in debt.

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IIT Madras to devise AI solutions for financial inclusion

The IIT researchers will develop algorithms which, when combined with observations by subject matter experts, will recommend financial products.

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Punjab National Bank to seek Rs 5,431-crore capital infusion from government

The finance minister Tuesday committed capital support to banks after meeting heads of public sector lenders.

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Households are reducing their reliance on banks

Coming with an unsaid sovereign guarantee of sorts, fixed deposits (FDs) seemingly offered investors liquidity — and safety — as nationalisation sought, in part, to arrest the 40-odd bank failures a year.

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Big private investment yet to start flowing: Kaizad Bharucha

As executive director at HDFC Bank, Kaizad Bharucha is in charge of wholesale banking which includes loans to companies, agriculture and also to capital markets.

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Will ensure IL&FS does not collapse, all options open, says LIC chairman

"We will not allow contagion to spread from IL&FS,”LIC chairman VK Sharma said, adding that all options were open.

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RBI report twice said IL&FS Financial Services' net-owned funds were wiped out

The top management of the finance company declined to take corrective measures, two senior officials from the banking circles told ET.

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Yes Bank board seeks extension for Rana Kapoor

In an unprecedented move, it has also requested the RBI to grant an extension to Kapoor at least till April 2019 and if possible till September 2019.

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IL&FS moves NCLT for direct line with creditors

To file an application under Section 230 of Companies Act with an aim to propose a plan for settlement of dues.

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Bank of Baroda board to meet on September 29 to consider merger proposal

Earlier this month, the government announced plans to merge Bank of Baroda, Vijaya Bank and Dena Bank to create the country's third largest lender as part of efforts to revive credit and economic growth.

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YES Bank board seeks extension for Rana Kapoor, forms search panel

The Reserve Bank of India had refused to extend Yes Bank's current CEO Rana Kapoor's tenure.

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NPAs on the decline, recoveries rising, says Arun Jaitley after key review meet with PSBs

The rise in recoveries is not only on the back of resolution in NCLT but also because debtors are compelled to pay up for fear of NCLT proceedings.

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Finance minister Arun Jaitley asks PSU banks to take effective action against frauds, wilful defaults

Reviewing the performance of state-owned lenders, he exuded confidence that formalisation of the economy would help India achieve sustainable growth of 8 per cent.

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India LIC chairman says all options open to revive IL&FS

IL&FS has revealed a series of delays and defaults on its debt obligations and inter-corporate deposits in recent days.

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NHAI owes only Rs 425 crore to IL&FS: Officials

The company has also claimed about Rs 4,000 crore for issues related to four national highway (NH) projects it is implementing, the official said.

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No more commission for PSB staff for cross-selling products

A letter from the dept of financial services to bank chiefs says that commission should instead be paid to the bank as income.

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Rana Kapoor mustn't influence board in its new CEO search: Madhu Kapur

In a letter addressed to the board on Monday, a day before the bank’s board meet, Madhu Kapur asked the board to send Rana Kapoor on leave till January 31 and called for a forensic audit on loans sanctioned by Rana Kapoor.

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RBI's appointments division okayed Rana Kapoor's extension for 3 years

This view was later rejected by toplevel RBI officials, including the deputy governor and the governor, and Kapoor got only a short extension till January 2019.

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Sidbi may take IL&FS to National Company Law Tribunal

Such a move could exacerbate the chaos in the markets sparked by IL&FS defaulting on repayments and having its debt rating downgraded.

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Canara Bank drags GTL, GTL infrastructure to insolvency court

The infrastructure company said that Canara Bank’s allegations are “illegal” and “unjustifiable” .

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