IIRF defaulted in repayment of Rs 108 crore. BSE-listed developer is one of the largest domestic realty-focused funds with investments in firms like Wadhwa Group, Noida Trade Towers and Aparna Infra Housing. IIRF is a part of the IL&FS Investment Managers (IIML), which has raised and managed over $3.5 billion.
Sales increased towards the end as shoppers saved for the best deals. Sales also jumped in tier-II locations compared to the Diwali season last year, according to data shared by Innoviti Payments. The company saw a 64% jump in the number of transactions reported from such locations during Diwali, compared to last year.
PSBs have been accorded sanction to purchase Rs 21,580 crore worth of pooled assets as on October 16, the ministry said in a status report of various stimulus measures announced since August 23 to boost sagging economic growth which hit a six-year low of 5 per cent during the first quarter of the current fiscal.
It might be tempting to try to time the market, but the illustration above shows it's just not worth it to play that game. Studies have shown that a regular ...
It is believed that the data dump could have been obtained by skimming details from the magnetic stripe on the cards. Researchers at Group-IB found card details being sold at $100 each, total value of the card database is at over $130 million.
The city police will soon seek court approval to hand over the assets to the RBI. The planned auction will be carried out under provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002.
The debit and credit cards belong to multiple Indian banks and are being sold for $100 each, in what security researchers have dubbed one of the biggest card dumps in recent years.
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The Ministry of Electronics and Information Technology (MeitY) has also redistributed individual targets for banks and payments firms for the same period.
Though jewellery spending was flat, banks like Axis Bank saw an increase in the total value of purchases in electronics and travel during the festive season. Axis saw a 100 per cent increase in electronics purchases.
With Regional Comprehensive Economic Partnership & trade deals, banks realise the future lies in the region and are preparing to grab opportunities. India is looking to reduce its dependence on traditional trading partners to diversify markets.
It is learnt that the mortgage lender will opt for 'limited preference' route whereby a maximum of five investors can participate. The company has hired Kotak Mahindra Capital Co and JM Financial to manage the issue.
Around 200 customers gathered outside the RBI's office in the Bandra-Kurla Complex on Tuesday and said they want their accounts with the PMC Bank be made operational.
The central government may order an SFIO probe on financial irregularities at DHFL. The RoC has said after submitting its report on DHFL to MCA that There is good enough reason to refer the matter of DHFL to SFIO.
The coverage limit is required to be reviewed periodically, as the economic and financial landscape changes.
Due to "serious irregularities" in functioning of the cooperative lender, its board was dismissed earlier this month by the RBI, which subsequently appointed an administrator to run the bank, promoted by NCP MLC Anil Shivajirao Bhosale.
Insurance sector regulator Irdai has imposed a fine of Rs 4 lakh on SBI Life Insurance Company Ltd for violating norms on advertisement and protection of policyholders' interest.
Islamic finance, including its interest-free and equity-based banking system, can complement the existing Indian banking and finance system, said Hazik, who has spent the last decade researching financial systems.
The bank has been penalised for non-compliance with certain provisions of directions issued by RBI on frauds classification and reporting.
The recruitment process for Laxmi Vilas Bank's top executives is currently underway as the entity stays headless and grappled by mounting losses. Senior executives from leading private sector banks have applied for the posts.
The UPI platform, which was launched before demonetisation in 2016, enables users to send money from their account to any account without entering bank details by using an email-like handle or scanning a QR code.
In her anticipatory bail plea, Parmeet Sodhi, says she had recently deposited Rs 10 lakh of her own money in the bank. And, she fears arrest on her arrival in India, on October 28, since there is a look-out notice issued against her.
The city police discussed the matter with JB Bhoria, the RBI-appointed administrator of the bank, saying the proceeds raised from the auctions could be infused in the bank and be made available to the beleaguered depositors.
Aggregate loans disbursed by the commercial banks in the country rose Rs 21,645 crore during the fortnight ended October 11, to Rs 97.9 lakh crore, according to the latest data released by the Reserve Bank of India.
As per the decision, the Centre will own a 50 per cent stake in the GST Network and the remainder will be held by the states on a pro-rata basis in the new structure.
Regulatory Sandbox (RS) usually refers to live testing of new products or services in a controlled/test regulatory environment for which regulators may permit certain relaxations for the limited purpose of testing.
The ED produced Housing Development Infrastructure Ltd's chairman and managing director Rakesh and his son before special Prevention of Money Laundering Act (PMLA) court judge P Rajvaidya, after their remand ended.
The auditor has found instances where the mortgage lender has extended loans to entities that are linked to the promoters and in some cases repayments worth Rs 12,541 crores by 28 such entities are not traceable.
UPI, an interbank fund transfer mechanism run by the National Payments Corporation of India, will be available for use around the world starting with UAE &Singapore in the next six months. UPI recorded 955 million transactions in September
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Lakshmi Vilas Bank had unsuccessfully applied to the RBI to merge mortgage lender Indianbulls Housing Finance, which would have given it the required capital. Now the bank has complained
The study found that younger consumers preferred digital payments (42 per cent for Gen Z and 48 per cent for Millennials), but their adoption was consistent across age groups.
The competent authority in these two banks have issued instructions to distribute the Diwali gifts well ahead of the festival and that cash should not be given as gift in lieu of sweets/dry fruits/chocolates.
Women employees can now claim reimbursement for day-care expenses until the child turns six. This is up to Rs 18,000 per month in Mumbai, Rs 13,500 per month in National Capital Region, Bengaluru and Pune and Rs 10,000 in other cities.
Given the seriousness of such risks, S&P expects the government to support systemically important institutions that get into trouble. The support is more likely to be available to banks rather than any finance company, the report said.
Sources said the model for the payments bank was flawed from the beginning as “too much money” was poured into technology, which is estimated at up to Rs 1,000 crore for setting up the core banking system (CSB) and other related technology.
The growth across the country is driven by increased demand from tier-I and tier-II cities where American Express Card members want to spend, the premium credit card and payment platform company said in a release.
Mortgage is the safest piece in lending. But financial engineering for better returns made it vulnerable to liquidity risks. Both the govt and the RBI have taken measures to boost liquidity. But will it help in reviving the sector?
Credit-funded buys touch a record of about 75% for consumer durables, 55-60% for smartphones. Amazon India said around 40% of total sales during the festive season was driven by consumer finance and credit card purchases.
Though RBI officials said they would be making a media announcement in the matter soon, the agitating depositors served an ultimatum till Oct. 30 to the RBI after which they would intensify their agitation, Utagi said.
The McKinsey's Global Banking Annual Review launched on Tuesday, warned that the bottom third of banks need to rapidly reinvent their business models in the face of continued threat posed by fintechs and big technology companies that are taking stakes in banking businesses.
Vreedhi Financial Services have received an NBFC licence. While starting with a strong physical leg in the distribution business, the company will create a digital lending model by the next financial year.
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The strike call was given by two unions - All India Bank Employees' Association and Bank Employees Federation of India - in protest of the closedown of six nationalized banks.
Assets worth Rs 40,000 crore are up for sale in sectors such as power, roads, telecom in the first half of FY20. 34% of cases under IBC delayed as of June, up from 26% a year ago. The code is one of the signature reforms of the Modi govt.
In a letter to the finance ministry, SBI has sought an immediate policy intervention to revive gas-based plants worth about Rs 1 lakh crore from becoming non-performing assets. The bank has also sought bringing natural gas under the ambit of GST.
The company has 15,000 people in India across tech and ops — about a third of total headcount. The transformation seems to be at variance with the trend of slowdown in revenue from the banking and financial services sector for IT services firms.