SBI said the financial assets were showcased on Oct 12 and the e-auction will take place on Nov 7. The auction for the accounts will be held under the 'Swiss Challenge Method', based on an existing offer in hand, who will have the right to match the highest bid.
The mortgage lender said that the website content is now also available in Hindi, Marathi, Tamil, Telugu, Malayalam and Kannada, even as English continues to be a widely used language on digital platforms in India, HDFC said.
The insurance regulator issued a circular laying out guidelines for dos and don'ts for insurance companies to comply with. It also laid out the structure for communications made through internet for clarity of prospective customers.
In a report by The Economic Times, the troubled mortgage lender's links with Sunblink Real Estate have come to the fore. The ED has not named DHFL but documents reviewed by this paper showed Sunblink exposure adds up to Rs 2,186 crore.
HDIL promoters Rakesh and Sarang Wadhawan were arrested on Friday after PMLA court sent them to Enforcement Directorate custody till October 22. The Economic Offence Wing tracked the prima facie execution of illegal transactions by the said persons.
In what comes as a blow to lenders, the RBI has declined a proposal by banks that would have granted them relief from making provisions for the troubled mortgage lender DHFL to which banks have an exposure of Rs 40,000 crore.
SBI's head Rajnish Kumar has been elected as the chairman of Indian Banks Association for fiscal 2019-20. UBI's G Rajkiran Rai, S S Mallikarjuna Rao of PNB and Madhav Kalyan JP Morgan Chase Bank have been appointed deputy chairmen.
FM Nirmala Sitharaman had said business establishments with annual turnover of more than 50 crore should offer low cost digital modes of payment to their customers and the RBI and banks should absorb cost of transactions.
Services may be hampered, while SBI said impact would be minimum as most of its employees are not members of the participating unions. Other banks such as Bank of Maharashtra and Syndicate Bank have expressed concerns over providing customer services.
A new revelation has added big twist to PMC fraud. The bank learned of the missing Rs 10.5 crore cash only while the internal inquiry into the bank's financial transactions was being conducted on the orders of an RBI-appointed administrator.
Not only is opportunistic behaviour going to worsen India’s $200 billion-plus bad loan crisis, but now that everyone from the government’s sleuths to the courts are joining the melee, the ensuing chaos will limit the recovery.
NGO Sahakar Bharti has written to the Finance Minister, urging the government to amend the Banking Regulation Act to provide full regulatory powers to Reserve Bank of India to regulate all UCBs — scheduled as non-scheduled banks.
The beleaguered DHFL owes Rs 83,873 crore as of July 6, 2019 to banks, the National Housing Board, MFs and bondholders, including retail bondholders. The company has been facing liquidity issues since last September.