FE Online | March 12, 2018 9:56 AM
The multi-crore fraud at the second largest public sector lender of the country has exposed the vulnerabilities in the banking and corporate sectors of the country.
PTI | March 11, 2018 1:01 PM
State owned lenders SBI and UCO Bank are looking for buyers to sell non-performing accounts (NPAs) worth Rs 1,245 crore and have invited bids from ARCs, banks, NBFCs and FIs to clean their books of such dud assets
PTI | March 10, 2018 11:06 PM
SBI Life Insurance Company today said Sanjeev Nautiyal has taken over as the company’s Managing Director and CEO.
FE Online | March 10, 2018 9:13 AM
As the PNB fraud continues to unravel with new twists and turns, alongside some other smaller frauds and loans defaults, here are five movies on financial frauds that you must watch, some based on real stories.
FE Bureau | March 10, 2018 12:54 AM
State Bank of India (SBI) on Friday put on sale two non-performing assets (NPAs) worth Rs 787 crore and sought bids from asset reconstruction companies (ARCs) on a cash basis, or through a mix of cash and security receipts (SRs), according to a sale document.
FE Bureau | March 10, 2018 12:49 AM
The resolution of Bhushan Steel will particularly benefit State Bank of India (SBI), the leader of the consortium of lenders to the beleaguered steel-maker, Moody’s Investors Service said on Friday.
FE Bureau | March 10, 2018 12:42 AM
Bank of Baroda (BoB) on Friday became the second large public-sector bank (PSB) to raise interest rates on retail deposits. Term deposits of under Rs 1 crore will now earn 10-35 basis points (bps) more than earlier.
Jefferies | March 10, 2018 12:01 AM
It can’t get better for private banks—every day as a new scam or fraud gets unearthed, SOE Banks are put on greater scrutiny, slowing down decision-making and losing business to their private sector peers.
PTI | March 9, 2018 6:05 PM
The gross non-performing assets (NPAs) of all the banks in the country amounted to Rs 8,40,958 crore in December, led by industry loans followed by services and agriculture sectors, government said today.
Pragya Srivastava | March 9, 2018 7:05 PM
The Reserve Bank of India (RBI) has slapped Sunil Mittal’s Airtel Payments Bank with a fine of Rs 5 crore for breaching Know Your Customer (KYC) norms.
PTI | March 9, 2018 5:47 PM
The Serious Fraud Investigation Office (SFIO) is probing 107 companies and seven Limited Liability Partnerships linked to Nirav Modi and Mehul Choksi groups with regard to the nearly Rs 12,700 crore Punjab National Bank scam, the government said today.
PTI | March 9, 2018 5:13 PM
The Enforcement Directorate (ED) had seized assets worth over Rs 7,100 crore and conducted 234 searches in the first two months of 2018 in connection with bank scam cases, the government told Parliament today.
PNB scam reflects how certain individuals can manipulate such ‘gigantic bank’, says parliamentary panelFE Online | March 9, 2018 5:09 PM
Extremely concerned about the recent multi-crore fraud at Brady House branch of the state-run bank, parliamentary panel said that the scam reflects how certain individuals and small group of companies can easily manipulate such a ‘gigantic bank.’
Reuters | March 9, 2018 4:14 PM
Union Bank of India has direct credit exposure of about 1.2 billion rupees ($18.4 million) to companies controlled by jeweller Nirav Modi, and another 1.75 billion rupees ($26.9 million) to Gitanjali group of companies, its chief executive told Reuters on Friday.
PTI | March 9, 2018 3:36 PM
The number of wilful defaulters, who did not repay loans to public sector banks (PSBs) despite the capacity to do so, rose by 1.66 per cent to 9,063 in the April-December period of the current fiscal, government said today.
PTI | March 9, 2018 2:46 PM
The Indian banking system is in “stasis” and we need an efficient financial system which does not get impacted frequently, banker Uday Kotak said today. Amid the discovery of the nearly Rs 13,000-crore fraud at PNB, Uday Kotak also said there is a case for trimming the number of state-run lenders.
FE Online | March 9, 2018 1:54 PM
In the latest, Punjab National Bank (PNB) scam accused Nirav Modi has been accused of misusing even the legitimate loans and guarantees issued to him.
S Srinivasan | March 9, 2018 2:14 AM
Television and print media have exhaustively covered the imbroglio at the Punjab National Bank. The cause is traceable to a coterie which misused passwords to directly enter and send Letters of Undertakings to other banks through the SWIFT system.
FE Bureau | March 9, 2018 1:09 AM
With at least four public sector banks, which have been placed under prompt corrective action (PCA) by the Reserve Bank of India (RBI), deciding to recall their respective additional tier-1 bonds (AT-1), trading in these instruments has almost ceased.
PTI | March 8, 2018 10:59 PM
Over a dozen public sector banks (PSBs) will get Rs 46,101 crore as part of capital infusion in the current fiscal ending this month to allot shares to the government in lieu of equity capital.
PTI | March 8, 2018 10:01 PM
The Reserve Bank may provide four quarters to Punjab National Bank (PNB) for making provisions against the country’s biggest ever banking fraud of Rs 12,646 crore allegedly masterminded by billionaire diamantaire Nirav Modi.
IANS | March 8, 2018 9:19 PM
In the wake of the series of bank frauds that have come to light in February 2018, the findings of a survey show concern among citizens on “various aspects of business-banker nexus and the gaps” that exist.
FE Online | March 8, 2018 5:52 PM
Amid the ongoing efforts for bank clean-up, stressed power companies, with about Rs 37,941 crore as NPA, are becoming a worry for the country.
Pragya Srivastava | March 8, 2018 3:44 PM
It was the winter session in 2015 when Finance Minister Arun Jaitley introduced the Insolvency and Bankruptcy Code (IBC) in the Lok Sabha. Two years later, it seems that the insolvency process could resolve at least Rs 1 lakh crore NPA soon. Here’s the full story
Pragya Srivastava | March 7, 2018 5:57 PM
After imposing a penalty on Axis Bank and Indian Overseas Bank (IOB) for non-compliance, the Reserve Bank of India on Wednesday said that it has imposed a monetary fine of Rs 40 lakh on the country’s biggest lender the State Bank of India over counterfeit notes.
Last mile access points for public: Government to set up all 650 India Post Payments Bank branches by AprilPTI | March 7, 2018 5:05 PM
Government aims to set up all 650 India Post Payments Bank branches by April this year, communications minister Manoj Sinha informed Parliament today.
PTI | March 7, 2018 4:23 PM
Country’s largest lender SBI has put up for sale 15 NPA accounts worth over Rs 988 crore, including UP-based Simbhaoli Sugars which owes Rs 158.57 crore to the lender.
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