Various steps taken by the government has helped the banks significantly and as a result three banks are out of the PCA framework, he said while presenting the Interim Budget for 2019-20.
Chanda Kochhar, the former bank CEO wasn’t allowed to present her case before the panel.
ICICI bank's decision said to be based on a report by Cyril Amarchand Mangaldas, and did not cover loans in CBI’s FIR.
According to a senior bank official ET spoke with, there is cause for concern because of the lengthy chain in a transaction set.
The move follows improvements in their asset quality and capital ratios and a ruling by the RBI on Thursday, said the source, who asked not to be identified as the discussions are private.
The IL&FS group with a debt of over Rs 94,000 crore, has been defaulting on its financial obligations since August and has also borrowed from insurance companies, even though the exact exposure of the industry is not immediately known.
ICICI directors shouldn’t get a free pass from regulators. Otherwise, they’ll just show up at other boards.
Recent bankruptcy proceedings that wrested prominent companies from their owners were a wake up call for India’s business community, previously used to walking away from debts without major consequences.
Designations at the bank will now be indicative of the function or the job that a person is expected to perfo
Another person said the CBI is scrutinising the evidence collected so far and plans to summon the accused shortly for questioning.
Lender says Kochhar flouted guidelines on disclosure of conflict of interest.
The Srikrishna panel has found that Chanda Kochhar indeed violated the banks code of conduct.
Justice Srikrishna panel indicted Chanda Kochhar and found her in violation of the bank's code of conduct.
Reportedly, Dewan diverted funds to shell companies to buy assets, and that firms linked to Dewan's controlling shareholders - the Wadhawan group - made political donations beyond mandated levels.
ICICI Bank undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof.
Sinha said IPPB has rolled out 1.26 lakh access points over the last five months and over the next week or 10 days the number is expected to rise to 1.36 lakh.
Banks now have tow options - either pay the tax demanded or litigate within next two months.
IDFC PE’s infrastructure business was acquired by Global Investment Partners or GIP last year.
When the IL&FS-promoted Jharkhand Road Projects Implementation Co failed to pay investors their dues this month, it not only dented investor sentiment but also exposed the huge gap in the country’s fledgling bankruptcy law.
The bank in November had said that efforts were underway for mutual resolution and truce between Rana Kapoor group and Madhu Kapur and her family, the two co-promoters groups of the private sector lender.
Logins and biometrics of Aadhaar operators have been misused to generate unauthorised Aadhaar cards, said SBI.
The bank has received about Rs 8,300 crore of capital from the government last year in two separate tranches following the fraud-related loss.
The CBI is probing alleged quid pro quo in the loan granted to Videocon by ICICI Bank when Kochhar was at the helm.
The documents are prepared by the staff of RBI and Centre for Advanced Financial Research & Learning (CAFRAL), an independent body set up by the central bank.
The Home Ministry has also authorised the Serious Fraud Investigation Office (SFIO), a statutory corporate fraud investigation agency, to request LOCs if it feels the suspect may escape from India.
The full-day meeting is likely to be attended by Reserve Bank of India Governor Shaktikanta Das, who is going to announce his first monetary policy review on February 7.
According to sources, the Department of Financial Services sought Rs 4,000 crore in the Budget for fund infusion in three PSU insurance companies.
IL&FS arm IL&FS Transportation Networks (ITNL) had acquired Elsamex SA of Spain, a road maintenance, operation and management company.
The bank recently recovered Rs 60 crore from disposing some of Modi's assets in the US, they said.
"Since the time of independence, there were around 1.3 lakh bank branches, we are going to provide more bank branches than that," Sinha said.
The agency turned its preliminary enquiry (PE), registered in December 2017, into an FIR after it concluded that Kochhar had indeed connived with her husband and Dhoot.
After allegations of quid pro quo surfaced in 2016, law firm Cyril Amarchand Mangaldas had given a report regarding the role of Kochhar in the matter.
The High Court, England, on Thursday dismissed a $45 million fraud claim by the UK subsidiary of Punjab National Bank (PNB) against seven individuals and two companies based in India and the US.
The Videocon loan issue was first raised by whistle-blower Arvind Gupta in 2016 when he wrote about it on a blog. He accused Chanda Kochhar of conflict of interest and corporate misconduct while sanctioning loans to Videocon.
New YES Bank CEO Ravneet Gill has played competitive cricket and also knows many Indian cricketers.
Mukherjee will he at the helm for another two years from January 25. The decision was taken by the board Wednesday. Reserve Bank of India has approved his reappointment.
Searchers were conducted at various places after the filing of the FIRs. These include Videocon and NuPower offices in Mumbai and Aurangabad.
Home Credit has taken the NBFC loans segment by storm and expects India to become a core market soon.
Officials from six banks have been questioned so far and the agency is expected to reach out to others in the next few days.
He said non-banking financial companies (NBFCs) have always seen lighter regulations though they have been doing 70 per cent of the work done by a bank.
According to the report, close to 40 per cent of the gross credit exposure of Indian banks is in sectors where water risks are significant.
A live issue requiring government and regulator intervention is the liquidity crisis being faced by NBFCs.
This is the first time the country's biggest bank's exposure has been revealed in the case involving Choksi
In December, the National Compact Law Appellate Tribunal had said that a sum of Rs 2 lakh per month can be withdrawn from bank accounts after intimating the tribunal.
An immediate order to IL&FS’s new board to honor securitized debt is the need of the hour.
Many countries have found that UBI does not address the structural problems and is at best a solution in interregnum.
Under the partnership, Yes Bank will empower more than 20,000 ration shops which can offer last mile basic banking services to more than seven lakh beneficiaries.
IL&FS' business model was predicated on creating SPVs to conduct business and the majority of such entities are in a financial disarray. In Maharashtra alone, IL&FS Group has 88 such SPVs like Khambhat Port Ltd, Charminar Robopark Ltd, East Hyderabad Expressway, etc.
All participants of the code are also unanimous in their view that the new law has improved credit discipline among large borrowers.
The company will de-merge the equipment finance business through a three-stepped amalgamation scheme.