Enforcement Directorate quizzes Rajiv Kochhar for third day in row

ICICI loans case: Probe follows anonymous letter alleging kickbacks received by Rajiv’s 2 Singapore-based firms.

from Banking/Finance-Industry-Economic Times http://bit.ly/2IRh8a2

IL&FS board seeks punitive action against Deloitte, BSR

The board said it had found the two firms failed to issue warnings about shortcomings while auditing the books of IL&FS Financial Services, a subsidiary of IL&FS.

from Banking/Finance-Industry-Economic Times http://bit.ly/2UUrc3v

NBFCs aim to tap overseas loan market raising $200-400 million each

L&T Finance, Piramal Capital Housing, Bajaj Finance declined to comment on the matter. An email sent to Hero FinCorp remained unanswered.

from Banking/Finance-Industry-Economic Times http://bit.ly/2GTldsb

Uday Kotak on challenges in financial sector, liquidity stress, IL&FS and more

Next six months are going to be very crucial in how India handles the challenges in financial sector.

from Banking/Finance-Industry-Economic Times http://bit.ly/2PCR5Ec

Bharti AXA General to sell two-wheeler policies via WhatsApp

Bharti AXA General Insurance, a joint venture between Bharti Enterprises and global insurance firm AXA, will sell the policies on the website of Wishfin's insurance arm Wishpolicy.

from Banking/Finance-Industry-Economic Times http://bit.ly/2PATmjj

Banks may get just a quarter of claims from 12 debt cases

In the March quarter, the realisation by banks was 24% of their claims, in comparison to 43% overall.

from Banking/Finance-Industry-Economic Times http://bit.ly/2PHqrdq

NCLT rejects maintainability plea filed by Kirloskar Bros

Maintainability petition decides whether a case can be tried in a court of law.

from Banking/Finance-Industry-Economic Times http://bit.ly/2Y0gyul

Axis Bank refers two more Lanco group companies to NCLT

Files insolvency petitions against Kondapalli Power and Lanco Solar.

from Banking/Finance-Industry-Economic Times http://bit.ly/2UJZJlf

New age technology-led NBFC InCred raises Rs 600 crore

New age technology-led NBFC InCred has raised Rs 600 crore from a group of global investors in a move that will raise its equity capital.

from Banking/Finance-Industry-Economic Times http://bit.ly/2GRdHOg

Round 2 of PSB merger: PNB, Union Bank & BoI may get a call

Finmin likely to hold discussions soon; consolidation expected in second or third quarter of this fiscal year.

from Banking/Finance-Industry-Economic Times http://bit.ly/2vp4KWb

Merely 24% recovery from corporate insolvency cases in March quarter

The lenders will receive merely 17% of the Rs 29500 crore dues from Alok Industries, raising doubts over the future realization.

from Banking/Finance-Industry-Economic Times http://bit.ly/2PAnKdr

Indian cyber insurance market grows 40%

Data from the DSCI report showed that 350 cyber insurance policies were bought by Indian corporates in 2018 as against 250 in 2017 marking a 40 per cent increase in the sale of these products.

from Banking/Finance-Industry-Economic Times http://bit.ly/2XS5XRR

Visa committed to RBI's new data localisation rules: President Ryan McInerney

Visa, which is one of the largest card schemes globally, has been bringing in innovation to help India in its cashless journey.

from Banking/Finance-Industry-Economic Times http://bit.ly/2WcZYXk

Realtors in a fix as lenders get more demanding

Financiers undertake more due diligence; seek RoI, capital safety assurance.

from Banking/Finance-Industry-Economic Times http://bit.ly/2vtUlZ2

RBI moves to tighten current account operating norms to check fund diversion

Draft circular suggests current accounts to be opened and operated only with lead bank in consortium.

from Banking/Finance-Industry-Economic Times http://bit.ly/2V4uzde

How bankruptcy regulator hard sells stressed assets to global funds

Insolvency and Bankruptcy Board of India (IBBI) chairman MS Sahoo earlier this week led a 10-member team to Hong Kong to individually meet over a dozen investors.

from Banking/Finance-Industry-Economic Times http://bit.ly/2GDa3Xa

IDBI Bank opens processing in 3 cities for Iran trade

IDBI received the nod to handle import-export transactions with Iran in early March.

from Banking/Finance-Industry-Economic Times http://bit.ly/2J1dGZW

Yes Bank clean-up to continue, as Ravneet Gill shifts focus to get onto right side of regulator

RBI had reportedly found serious lapses in governance and poor compliance culture at Yes Bank under Kapoor.

from Banking/Finance-Industry-Economic Times http://bit.ly/2Vv0lQ6

NCLT issues notices to Axis, StanC, Ramesh Bawa kin

Both banks as well as Bawa’s wife and daughter have been given 14 days time to reply to the notice.

from Banking/Finance-Industry-Economic Times http://bit.ly/2voMs7r

28% of consumer complaints to RBI are about digital and card payments

The number was more than 24,000 for issues around debit cards and ATMs and 12,000 regarding issues around credit cards.

from Banking/Finance-Industry-Economic Times http://bit.ly/2VyTq8J

RBI eMandate nod paves way for auto-debits by fintech firms

The retail payments body has asked banks to implement both the emandate measures by June 30.

from Banking/Finance-Industry-Economic Times http://bit.ly/2IT1TNb

Kerala government’s infrastructure fund to raise up to Rs 2000 cr in PE

Thus becoming India’s first provincial government to launch such an investment vehicle that would raise money even overseas for private projects.

from Banking/Finance-Industry-Economic Times http://bit.ly/2UYb06u

CEOs of Axis Bank, Standard Chartered face contempt plea

NCLT to hear MCA plea alleging duo failed to stop IFIN ex-MD from selling assets, violating court order.

from Banking/Finance-Industry-Economic Times http://bit.ly/2ZAfPRT

Manappuram keen to get private equity on board for small loans business

The group has appointed global investment bank Credit Suisse to look for investors and is in talks with leading private equity players to raise $100 million.

from Banking/Finance-Industry-Economic Times http://bit.ly/2VwxydM

Stressed assets resolution: RBI mulls giving up to 60 days additional time for repayments

Against the backdrop of the Supreme Court quashing an RBI circular, issued on February 12, 2018, a revised set of rules is under works and would be released soon.

from Banking/Finance-Industry-Economic Times http://bit.ly/2IXx4GT

New management works on reviving Religare Enterprises

REL said that as part of its revival plan, it has reduced overall borrowings of the group to Rs 5,852 crore from Rs 9,801 crore, as of March 2019.

from Banking/Finance-Industry-Economic Times http://bit.ly/2Vrm7UW

SFIO questions Deloitte partner in IL&FS case

Earlier this month, SFIO had questioned another audit partner of Deloitte Haskins & Sells

from Banking/Finance-Industry-Economic Times http://bit.ly/2LavQv0

BSE partners with India's translation solutions leader, Ulatus, to attract foreign investors for its "Ease of Doing Business in India" Initiative

{image_1} Bombay Stock Exchange BSE like all other exchanges in the world strives to attract foreign portfolio investors FPIs . For this, access to the I...

from Banking/Finance-Industry-Economic Times http://bit.ly/2IU79A4

Customer complaints against banks surge 25% to 1.63 L in FY18

The country's largest lender SBI led the complaint list with close to 47,000 plaints, while HDFC Bank led among the private sector lenders with over 12,000 complaints, and American lender Citibank had 1,450 complaints.

from Banking/Finance-Industry-Economic Times http://bit.ly/2L1kyJ9

SBI appoints eight new DMDs and many other CGMs

SBI is also in the process of identifying about 15 executives who would fill vacant positions as chief general managers, sources said.

from Banking/Finance-Industry-Economic Times http://bit.ly/2L2zt5S

Disclose exposure to IL&FS, RBI tells banks

Earlier this month, during a hearing in the NCLAT, RBI's counsel Gopal Jain said that true reflection in the books of the banks is important for fair accounting because it has early warning signals.

from Banking/Finance-Industry-Economic Times http://bit.ly/2Gzy29P

ED writes to investigative bodies in Singapore, Hong Kong on Chanda Kochhar quid pro quo case

According to the same sources, the channel reported that the agency has sought the bank account details along with list of assets by Chanda Kochhar, Deepak Kochhar and Rajiv Kochhar.

from Banking/Finance-Industry-Economic Times http://bit.ly/2PtmUiH

Financial service companies are now betting big on data

Data analytics has become the key determinant in matters pertaining to core BFSI operations.

from Banking/Finance-Industry-Economic Times http://bit.ly/2UDf7zX

Changes, challenges and interpretation of bankruptcy law

According to IBBI report, out of the 1,484 cases admitted for the CIRP, 586 have been closed till December 2018.

from Banking/Finance-Industry-Economic Times http://bit.ly/2DsWdWI

Pending for over 15 years, co transfers investor money worth Rs 1,514 cr to IEPF

The Investor Education and Protection Fund (IEPF), set up under the Companies Act, 2013, primarily focuses on protecting the interest of investors.

from Banking/Finance-Industry-Economic Times http://bit.ly/2XDjcGa

Govt raises authorised capital of Allahabad Bank to Rs 8,000 cr

The increase in authorised capital will help enable the bank to raise further fund up to a maximum ceiling of Rs 8,000 crore.

from Banking/Finance-Industry-Economic Times http://bit.ly/2PoyUlq

RBI may offer more time for bank-led resolution of NPAs

The central bank is expected to retain the main contours of its February 12, 2018, circular.

from Banking/Finance-Industry-Economic Times http://bit.ly/2KWZtQ0

Standing instructions to banks go online

Seven banks have gone live on the NPCI’s platform, allowing customers to provide e-mandate through net banking,

from Banking/Finance-Industry-Economic Times http://bit.ly/2Gs74Rp

View: The next government needs to ax the banks

For much of the past two years, distributors and retailers of consumer products have been warning of a growing lack of liquidity.

from Banking/Finance-Industry-Economic Times http://bit.ly/2GpN1Tu

IBBI is the competent body to act against resolution professionals: NCLAT

This will encourage professionals who find huge career opportunity in this new-age profession that plays a crucial role in the fight against bad loans.

from Banking/Finance-Industry-Economic Times http://bit.ly/2Gsd3pi

Life cover sales grow flat, ticket sizes rise

Insurers focus on high-ticket savings business as core profitability remains under pressure due to competition.

from Banking/Finance-Industry-Economic Times http://bit.ly/2UORUQa

Carlyle-Zydus and Advent join race to acquire Bharat Serums and Vaccines Ltd

They are up against domestic pharma companies Dr Reddy's Labs, Mankind & Goldman Sachs which have also made offers.

from Banking/Finance-Industry-Economic Times http://bit.ly/2UxEWkG

Deposits in Jan Dhan accounts fast inching towards Rs 1 lakh crore mark

The total balance in the Jan Dhan accounts, which has been steadily rising, was at Rs 97,665.66 crore as on April 3.

from Banking/Finance-Industry-Economic Times http://bit.ly/2PoJ7P0

View: Balanced approach essential on foreign currency debt

It is essential to realise that severe foreign exchange rate fluctuations can severely impact the debt servicing capacity of a company that relies excessively on foreign borrowings.

from Banking/Finance-Industry-Economic Times http://bit.ly/2GzfYxM

Banking system faces Rs 70,000 crore liquidity deficit

High poll spending has also added to more-than-normal deficit in system liquidity.

from Banking/Finance-Industry-Economic Times http://bit.ly/2KTGfeb

New management committed to ensure good governance, says Religare Enterprises

The company said allegations are being made by Godhwani to divert attention from the fraudulent transactions carried out in a listed company and the perpetrators need to brought to book.

from Banking/Finance-Industry-Economic Times http://bit.ly/2IGyWUx

Airtel Payments Bank partners with Bharti AXA General Insurance for two-wheeler insurance

In a statement, Airtel Payments Bank said the product is available on MyAirtel App and at over 40,000 Airtel Payments Bank points across India during the first phase of launch.

from Banking/Finance-Industry-Economic Times http://bit.ly/2UKxRSJ

Non-life insurers witness 13 per cent rise in premium in FY19

The 34 non-life insurers had a gross premium of Rs 1.51 lakh crore in 2017-18.

from Banking/Finance-Industry-Economic Times http://bit.ly/2KLWHwV

Lenders invoke IBC norms to keep stressed assets in NCLT

Sources said promoters of some stressed power entities referred to NCLT have approached the bankruptcy court to quash insolvency proceedings.

from Banking/Finance-Industry-Economic Times http://bit.ly/2XwO6jx

BBB identifies 75 senior officers for leadership roles in PSBs

BBB, headed by former DoPT secretary B P Sharma, also suggested revamping credit governance architecture in nationalised banks.

from Banking/Finance-Industry-Economic Times http://bit.ly/2IqwaTW