The city civil court in Mumbai has temporarily restrained Future Enterprises Ltd from selling its stake in Future Generali India Insurance Company Ltd to its joint venture partner Generali Group until further orders.
According to the report, which is replete with caveats and assumptions, the Srei companies had lent about Rs 8158 crore to “connected parties”, “refinanced” loans to “evergreen” them, and disbursed low-interest loans of long moratorium to multiple borrowers “without adequate justification,” two persons familiar with the findings told ET.
BoB is the third biggest public sector lender after State Bank of India and Punjab National Bank. Adhia retired as Revenue-cum-Finance Secretary in November 2018. It was during his tenure as Financial Services Secretary that the decision to split the post of Chairman and Managing Director of public sector banks was taken to foster greater transparency in decision making.
Jain will take over from Samrat Khosla, who is moving to a new role within the bank.
Financial planners, investment advisers and distributors of financial products said that the best strategy for any taxpayer to save on tax is to invest regularly, through the year, and not just during the last few months of the fiscal.
The government hasn't given any official instructions on blocking the banks, said a person familiar with the matter. It will be business as usual till the government orders otherwise. The official added that the sanctions imposed by the US and its allies will not impact trade flows between India and Russia.
The insurance cover of more than ₹43,200 crore is sought for the under-construction units 3 and 4 of the Kudankulam Nuclear Power Plant. The annual premium is more than ₹150 crore.
The TPG-IndusInd combination is competing with three other such groups that have got formed ahead of the mid-March binding bid deadline. It is after a long time that each of the shortlisted contenders - home-grown banks and global asset management firms - in the fray has tied up with a private equity firm.
These special securities with tenure of 10-15 years are non-interest bearing and valued at par. Such bonds usually are non-interest bearing and issued at a deep discount to the face value. So, the effective Tier 1 capital levels for the banks could be lower than the regulatory requirement.
The homegrown NPCI is an umbrella organisation for facilitating retail payments and settlement in India through the RuPay gateway. It is an initiative of the Reserve Bank of India (RBI) and the Indian Banks' Association (IBA) to create a robust payment and settlement system.
In December, the RP of a Faridabad-based firm that owns a shopping mall and has a debt of over Rs 300 crore, raised interim finance to run the day-to-day operations even as the company was going through the corporate insolvency resolution process (CIRP).
The Indian union cabinet has approved a policy amendment allowing foreign direct investment of up to 20% in Life Insurance Corp of India (LIC), a government source said. This move is aimed at easing the much anticipated listing of the state-run insurer.
Russia invaded Ukraine by land, air and sea on Thursday in the biggest attack on a European state since World War Two, prompting tens of thousands of people to flee their homes.
Last December, IL&FS proposed a debt recast for Chenani Nashri Tunnelway Ltd (CTNL), after a ₹3,900 crore deal to sell the special purpose vehicle to I Squared Capital's Cube Highways did not fructify, the people said. IL&FS wanted Cube to improve the offer after signing the agreement, they said.
Ignoring inflation means you will save much less than what you will need years down the line. You have to invest in such a way that you beat inflation, that is, earn returns that are at least a couple of percentage points above the inflation rate.
People sometimes act like there’s no limit to the company’s success and no price is too high. Historically that’s been dangerous in most cases.
The Commercial Indo Bank, a joint venture between public-sector State Bank of India (SBI) and Canara Bank, is the only Indian bank with a presence in Russia with a small balance sheet of $100 million. Trade between India and Russia is also miniscule at just above $8 billion. All these factors are helping bankers relax even as the crisis in Ukraine has turned worse.
Kochhar submitted in the Bombay High Court that ICICI Bank reneged from its contractual commitments and cannot terminate a person who has already retired. As per people in the know, the stock options due to Kochhar could run into over Rs 1,000 crore at current market value.
"The CoR of the company has been cancelled on account of supervisory concerns such as gross violations of RBI directions on outsourcing and Know Your Customer norms," the central bank said in a statement.
The transaction will involve the takeover of the microfinance portfolio of S.M.I.L.E., along with its extensive network of nearly 150 branches catering to over two hundred thousand customers. Around 850 employees of S.M.I.L.E. will move to the rolls of the Northern Arc group.
This rebranding will form the bedrock on which the two joint venture partners (Mahindra Finance and Ideal Group) will build the vision of making Mahindra Ideal Finance one of the leading licensed finance companies (LFC) in Sri Lanka, the company said in statement.
In the past three-and-a-half years, SFBs have delivered robust 42 per cent compound annual growth rate (CAGR) followed by private banks at 13 per cent and foreign banks 8 per cent while loan growth for public sector banks was the lowest at 2 per cent during the same period.
The company said this credit card is 'highly secure', offers various advanced money management features, and relieves overseas travellers from paying mark-up on forex conversions.
Interest paid up to a total of Rs 3.5 lakh can be claimed as a deduction from gross total income of the borrower thereby reducing his/her taxable income and consequently the tax payable on it. Here's how.
The company targets an AUM of USD 1 billion in the next 3 years, with a focus on providing end-to-end financial solutions and strategic advisory services to High Net worth Individuals (HNI), ultra HNIs, emerging businesses, and startups.
Most people have realised the significance of digital banks. In today’s time, when people have found a balance with a hybrid way of working, such a system makes more and more sense.
The launch of the Central Bank Digital Currency (CBDC) will also fuel the move by banks to take up decentralised finance in a big way.
The agency was carrying out searches in connection with a 2021 money laundering case registered by the agency in connection with a plot in Palghar on the outskirts of Mumbai. While the restraining order from the Delhi High Court was in connection with a different case, the officials insisted that no coercive action be taken until the Bombay High Court hears its matter.
Under the Insolvency and Bankruptcy Code (IBC) framework, only the RBI can refer a finance company for insolvency proceedings. Lenders are of the view that a resolution under IBC will be a transparent process thus generate interest among prospective buyers, the people said.
The government had sought Insurance Regulatory and Development Authority of India's (Irdai) approval to appoint Anjan Dey as acting chairman of New India Assurance, a charge he already holds at New Delhi-based Oriental Insurance.
Understanding of capital gains tax and incorporating it into investment planning is hindered because few investors even know that there is something called capital gains tax.
During the CIRP period, to keep the bankrupt company a 'going-concern', the RP has to make payments such as professional fees, payments to workmen and towards the maintenance of the plant and machinery, among others. In most cases, such expenses are taken care of by the lenders.
The regulatory direction comes after an assessment showed that valuing these instruments at face value could create a misleading picture of the banks’ financial strength and set a precedent that could be exploited in future by others and weaken the banking system.
Artivatic.AI is valued at $10 million while acquisition is done by a combination of cash payment and share-swap deals. Promoters of the AI-based start-up have received shares of RenewBuy, according to the chief executives of both the firms. The deal was closed in the first week of February.
The funding comprises a direct ADB loan of $58 million and another $10 million concessional loan from the Canadian Climate Fund. The Canadian fund will also be routed through ADB.
The govt said that the media report related to LIC IPO has mentioned the details of policies and claims settled by the insurer to make a “speculative and biased" interpretation that Covid-related mortalities could be more than those recorded officially.
Average monthly total credit card spend in the country in January and February is expected to be in the range of ₹84,000 crore to ₹88,000 crore, down from ₹94,700 crore in the December quarter, ICICI Securities has said in a note.
Jaimini Bhagwati's appointment is for a period of three years with effect from February 18, 2022, subject to approval of shareholders.
"In the spirit of highest corporate governance principles of the bank, I would like to step down as director of the bank in order to preclude any instances of potential conflict of interest which may arise on account of such transactions/arrangements as regards my directorship with the bank," Srikanth Nadhamuni said in his resignation letter.
In November 2019, the centre had announced a Rs 25,000-crore fund -- Special Window for Affordable & Mid-Income Housing (SWAMIH)-- to help complete over 1,500 stalled housing projects comprising 4.58 lakh housing units across the country.
IDRCL is an asset management company set up by the government with an authorized capital of Rs 50 crore. It will work in tandem with the National Asset Reconstruction Company Ltd (NARCL) to clean up the banking sector's bad loans. IDRCL will provide management and resolution of assets acquired by NARCL.
Pralay Mondal, who has three decades of banking experience with several top lenders such as Axis Bank, HDFC Bank and YES Bank, has been with CSB since September 23, 2020 as president (retail, SME, operations and IT).
NBFCs auction mortgaged gold if customers fail to repay the loans in time. Many small businesses had taken gold loans soon after the withdrawal of the nationwide lockdown in 2020 to restart their businesses. However, before their businesses could recover fully, the second wave of the pandemic hit them. This forced many to falter on loan repayment. The spike in auction by gold loan companies shows that many small businesses are yet to recover from the impact of the pandemic.