Banking & Finance News

ED raids Vadodara firm, directors in Rs 2600-cr bank loan fraud
PTI | April 9, 2018 2:43 PM
The Enforcement Directorate (ED) today conducted multiple searches in connection with a money laundering case against a Vadodara-based company for allegedly cheating various banks to the tune of Rs 2,654 crore.
Bad loans crisis: PNB to sell NPAs worth Rs 215 crore in these 3 companies for recovery
FE Online | April 9, 2018 12:20 PM
Amid the bad loan crisis which is ailing the public sector banks, India’s second-largest lender Punjab National Bank (PNB) will sell non-performing assets (NPA) worth Rs 215 crore in three companies.
SIT probe into PNB scam? Supreme Court to hear plea today
FE Online | April 9, 2018 11:07 AM
The Supreme Court will hear petition filed by a lawyer seeking SIT investigation into the alleged Rs 13,000 crore Punjab National Bank (PNB) scam on Monday.
ICICI Bank board is said to be divided over CEO Chanda Kochhar’s future
Bloomberg | April 9, 2018 10:09 AM
The board of India’s ICICI Bank Ltd., which less than two weeks earlier expressed full faith in Chief Executive Officer Chanda Kochhar, is divided over whether to ask her to step down as federal authorities investigate allegations of impropriety over loans made to Videocon group.
NPA crisis: 11 public sector banks under RBI scanner; check full list
FE Online | April 9, 2018 9:23 AM
Eleven public sector banks are under the radar of the Reserve Bank of India (RBI) over the issue of non-performing assets. These banks have been brought under the central bank’s Prompt Corrective Action (PCA) framework with an aim to check NPAs
Deutsche Bank’s CEO John Cryan replaced by Christian Sewing
Associated Press | April 9, 2018 5:01 AM
Deutsche Bank’s supervisory board on Sunday appointed Christian Sewing as chief executive officer. Sewing, who had been a member of the German bank’s management board since January 2015 and was appointed as president in March 2017, succeeds John Cryan, who’ll leave at the end of April.
Nirav Modi case: PNB hires lawyers for bankruptcy proceedings of diamantaire’s firm in US
PTI | April 8, 2018 4:42 PM
Different investigating agencies, including CBI and Enforcement Directorate, are probing the fraud, dubbed as the biggest banking scam in the country.
Why Public Sector Banks should not be privatised in India: Nobel Laueate Muhammad Yunus says this
PTI | April 8, 2018 1:49 PM
The Bangladesh-based champion of micro-finance Yunus also said that ways have to be found to stop frauds in the banking sector.
Deutsche Bank board to discuss CEO and make decision on Sunday
Reuters | April 8, 2018 4:52 AM
Deutsche Bank’s supervisory board intends to “take a decision” on Sunday after discussing John Cryan’s job at the helm of the bank, the German lender said late on Saturday.
Despite fraud, PNB’s 2017-18 domestic business up 7.9%
IANS | April 7, 2018 5:11 AM
Despite a major fraud, state-run Punjab National Bank (PNB) on Friday reported a 7.9 per cent growth in its domestic business which crossed the Rs 10 lakh crore mark during 2017-18.
Liquidity concern: Bank of Baroda increases MCLR by 10 basis points
FE Bureau | April 7, 2018 12:35 AM
Bank of Baroda (BoB) raised its marginal cost of funds-based lending rates (MCLRs) by 10 basis points (bps) across tenures, a day after the Reserve Bank of India (RBI) chose to stay put on the repo rate and lowered its inflation forecast for the year ahead.
Some PSBs can be privatised, though time is not right now, says SBI Chairman Rajnish Kumar
IANS | April 6, 2018 6:57 PM
The time is not right for privatisation of public sector banks (PSBs), though some of them could be divested by the government after making them financially attractive, according to a top banker.
Bank of Baroda raises benchmark lending rate by 0.1% to 8.4%
PTI | April 6, 2018 6:49 PM
A day after RBI opted for status quo in its monetary policy, state-owned Bank of Baroda (BoB) hiked benchmark lending rate by 0.1 per cent or 10 basis points, making loans expensive.
Nirav Modi, Mehul Choksi fraud case: CBI quizzes ex-deputy governor of RBI H R Khan in PNB scam
PTI | April 6, 2018 5:46 PM
The CBI today questioned a former Deputy Governor of the Reserve Bank, H R Khan, in connection with alleged bank fraud cases involving diamond traders Nirav Modi and Mehul Choksi and relaxation of gold import policy by the erstwhile UPA government, sources said today.
ICICI Bank first to get Swift’s new cross-border payment service
PTI | April 6, 2018 5:13 PM
Global financial messaging cooperative Swift today said Icici Bank has become its first Indian client to go live with an improved cross-border payments service.
These 3 banks have exposure of Rs 1,300 crore in Rs 2,654 crore Vadodara loan fraud case
FE Online | April 6, 2018 4:51 PM
Banking fraud seems to have no end as the frequency of scams have been escalated to such a level that as many as seven banks have been named in the loan scandals after the nation’s biggest bank scam unravelled at India’s second largest PSU bank PNB.
CBI questions ICICI Bank MD Chanda Kochhar’s brother-in-law Rajiv in connection with Rs 3,250 crore Videocon loan
PTI | April 6, 2018 2:51 PM
The CBI questioned Rajiv Kochhar, ICICI Bank MD and CEO Chanda Kochhar’s brother-in-law, for the second day today in connection with the bank’s Rs 3,250 crore loan to Videocon Group in 2012, officials here said.
PNB fraud: In a first, RBI officials examined by CBI
FE Online | April 6, 2018 11:31 AM
In a first, the Central Bureau of Investigation (CBI) examined four officers of the Reserve Bank of India (RBI) in relation with the Rs 13,000 crore fraud at the Punjab National Bank (PNB).
‘Separation of roles of non-executive chairperson, MD to create confusion’
FE Bureau | April 6, 2018 12:03 AM
The proposed separation of the roles of non-executive chairperson and managing director will create confusion and conflicting situations for public-sector enterprises (PSEs) which may lead to delay in decision-making.
IOB revises fixed deposit rates across various tenures by 10-80 basis points with immediate effect
PTI | April 5, 2018 7:54 PM
Public sector Indian Overseas Bank has revised interest rates on fixed deposits across various tenures by 10-80 basis points with immediate effect.
Chanda Kochhar’s brother-in-law detained at Mumbai airport, being quizzed by CBI
PTI | April 5, 2018 7:45 PM
Rajiv Kochhar, the brother-in-law of ICICI Bank MD & CEO Chanda Kochhar, was detained by immigration authorities at Mumbai airport when he was to leave for a Southeast Asian country and handed over to CBI sleuths, who questioned him in connection with the bank’s dealing with Videocon Group.
No end to bank scams; CBI books Gujarat-based firm for whopping Rs 2,700 crore fraud
PTI | April 5, 2018 7:08 PM
The CBI today said it had registered a criminal case against a Vadodara-based company dealing in electric cable and equipment and its directors for allegedly cheating various banks to the tune of Rs 2,654 crore.
RBI tightens noose on data security; asks payment banks to store user data only in India
Pragya Srivastava | April 5, 2018 3:30 PM
The Reserve Bank of India on Thursday asked payments banks to store user data only in India, saying that public’s confidence in the system is key to its success.
CBI probing 292 fraud cases in 44 banks: Govt
Shritama Bose | April 5, 2018 12:58 AM
The Central Bureau of Investigation (CBI) is probing 292 cases of scams and frauds involving 44 banks, according to a reply by minister of state for finance Shiv Pratap Shukla to a Rajya Sabha question.
Banks stare at whopping Rs 2.5 lakh crore dud loans from power sector, says Merrill Lynch
PTI | April 4, 2018 7:41 PM
The banking sector, which is already reeling under a mammoth pile of bad loans, is looking at potential dud assets of USD 38 billion from the power sector, as USD 53 billion of the USD 178 billion bank loans to the sector are already stressed.
Outraged over loan write-offs? RBI data show they declined to 13% of gross NPAs in FY17 from 25% in FY11
PTI | April 4, 2018 7:15 PM
Loan write-offs as a percentage of gross non-performing assets (NPAs) declined to 13 per cent as on March 2017 from a high of 25 per cent in March 2011, according to RBI data.
Banks already reeling under mammoth pile of bad loans, now stare at $38 bn new dud loans from power sector
PTI | April 4, 2018 6:53 PM
The banking sector, which is already reeling under a mammoth pile of bad loans, is looking at potential dud assets of USD 38 billion from the power sector, as USD 53 billion of the USD 178 billion bank loans to the sector are already stressed, said a report.

Budget 2018

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SAGITTARIUS Your creative energy should now be at a peak, but not perhaps because the stars are all on your side. On the contrary, challenging romantic stars remind us of the cliché that all great art stems from… read more

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