RBI to transfer 73 per cent higher surplus to the government in FY21

After setting aside all the prescribed provision, the RBI board approved the transfer of Rs 99,122 crore as surplus to the Central Government for the accounting period of nine months ended March 31, 2021, while deciding to maintain the Contingency Risk Buffer at 5.50% at the lower end of the range of 5.5-6 per cent prescribed by the Jalan committee which reviewed RBI's economic capital framework. This is 73.5 higher than Rs 57128 crore surplus transfer made in FY'20.

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Supreme Court's order on defaulter tycoons plugs an important bankruptcy loophole

Bankers are also hoping that the apex court's order clarifies important points like permission to attach personal assets of promoters even after a company has gone into liquidation.

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Supreme Court upholds IBC rules allowing personal bankruptcy cases on tycoons

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Supreme Court allows personal bankruptcy cases on tycoons

The top court upheld the legal validity of the country’s law that allowed lenders to drag them into bankruptcy court. The two-judge panel headed by Justice L. Nageswara Rao said petitions challenging the law are dismissed.

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PSU bank employees to get small windfall as incentive

Unions had strongly opposed linking their salaries to the performance of the bank. Their position was that the financial performance depends on the government policies over which they have no control.

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Government notifies rules with regard to amended insurance laws

"Total foreign investment in an Indian insurance company shall mean the sum total of direct and indirect foreign investment by foreign investors in such company, calculated in such manner as is specified in regulations made by the Authority (IRDAI) with regard to registration of Indian insurance companies," it said.

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RBI imposes penalty on City Union Bank, 3 other lenders

A penalty of Rs 1 crore has been imposed on City Union Bank Limited for contravention of/non-compliance with certain provisions contained in the RBI (Lending to Micro, Small & Medium Enterprises (MSME) Sector) Directions, 2017 and the circulars on Educational Loan Scheme and Credit Flow to Agriculture – Agricultural Loans – Waiver of Margin/Security Requirements.

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Ensure FCRA accounts opened for NGOs within 10 days of MHA approval: Delhi HC to SBI

The Delhi High Court on Thursday directed the State Bank of India (SBI) to ensure it opens FCRA accounts for NGOs within 10 days of receiving approval from the Centre.

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Banks likely to transfer about 80 large NPA accounts to NARCL

Last year, the Indian Banks' Association (IBA) had made a proposal for the creation of a bad bank for swift resolution of non-performing assets (NPAs). The government accepted the proposal and decided to go for asset reconstruction company (ARC) and asset management company (AMC) model for this.

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Bajaj Allianz Life to offer up to Rs 1 cr financial support to COVID impacted employees' families

Bajaj Allianz Life on Wednesday said it will offer financial support of up to Rs 1 crore to the family of its employees impacted by COVID-19. It will also extend the educational assistance to children, among others, to help the impacted families navigate through the pandemic.

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PSU banks ask for second restructuring window, lower provisions

In a video conference with RBI governor Shaktikanta Das CEOs of all 12 public sector banks were unanimous in their request for a second round of restructuring as the second wave of the Covid 19 pandemic has hit both lives and livelihoods more severely.

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Shaktikanta Das asks PSBs to quickly implement measures announced by RBI

"He impressed upon the banks to quickly implement the measures announced by RBI recently in the right earnest. He also urged the banks to continue focussing on steps to enhance the resilience of their balance sheets," the RBI said in a statement post the meeting held over video conference.

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Kotak Mahindra Bk arm buys 74% stake in HKR Roadways for 715 crore

The USD 1 billion KSSF is managed by Kotak Investment Advisors, which focuses on alternate assets business, and this funding and resolution of debt is the fund's first bet on the road sector.

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