Banking & Finance

IL&FS in more trouble: 7 defaults in last 15 days; fails to service yet another short-term deposit today

Cash-strapped Infrastructure Leasing and Finance Services (IL&FS) on Thursday defaulted on Rs 52.43 crore worth of short-term deposits, while the total number of defaults reached seven in last 15 days

RBI cancels meeting with IL&FS shareholders ahead of AGM, next date remains unknown

Sources said RBI wants details of the plan for future or corrective action which are to be taken by debt-laden Infrastructure Leasing and Finance Services (IL&FS).

IL&FS default scare could derail India growth story as banks, lenders pare exposure to NBFCs

IL&FS defaults have highlighted the risk of a sharp growth slowdown in Indian economy, as lenders pare exposure to non-banking finance companies, or shadow banks, in India.

Four PSBs seek to raise at least Rs100 cr via non-core asset sales

Four public sector banks (PSBs) on Wednesday put on sale their stakes in various companies to collectively raise at least Rs 100 crore, days ahead of the close of the September quarter.

SBI approves 4 pct stake sale in insurance arm for Rs 482 crore

State Bank of India (SBI) on Wednesday decided to offload 4% of its stake in SBI General Insurance, its general insurance arm, for Rs 482 crore to an alternative investment fund promoted by Axis AMC a

Aadhaar very convenient for opening bank accounts: SBI chief Rajnish Kumar

State Bank of India's chairman Rajnish Kumar Wednesday termed the government's flagship Aadhaar scheme a 'great facility' as it has made the process of opening of bank accounts very convenient.

Punjab National Bank, Indian Bank to offload entire stakes in credit info firm Experian

Punjab National Bank and Indian Bank will offload their entire stakes in information services and data analytics firm Experian, according to a bid document released Wednesday.

Loans up to Rs 1 crore to MSMEs in just 59 minutes: FM Jaitley launches credit portal; check key features here

In a bid to boost credit availability to Micro, Small and Medium Enterprises (MSMEs), Finance Minister Arun Jaitley has launched a web portal through which one can avail loans up to Rs 1 crore in just

Deutsche Bank mulls merger scenario with UBS, says Handelsblatt report

Deutsche Bank has looked at a theoretical scenario of merging with UBS, the German business daily Handelsblatt reported on Wednesday, citing people familiar with the matter.

Uncertainty looms at Yes Bank after board meet, will RBI change decision on Rana Kapoor’s tenure?

After Yes Bank’s board sought extension on CEO Rana Kapoor’s term to September 30th 2019 for completion of statutory AGM process, the RBI is unlikely to change its initial decision.

IL&FS debt: Not just Indian, nearly 25 foreign arms of group also booked losses in FY18; check details

Not just in India, IL&FS is facing financial troubles outside the country as well with nearly 25 of its 53 foreign arms have booked losses for FY18, according to its latest annual report.

RBI to conduct OMO purchase worth $40 billion by March-end, says Bank of America Merrill Lynch

Reserve Bank of India (RBI) is like to conduct additional open market operation (OMO) purchase worth USD 40 billion by March end to provide durable liquidity and contain rising government bond yields,

Bad debts on a decline, loan recovery picking up of PSU banks, says Finance Minister Arun Jaitley

Finance Minister Arun Jaitley Tuesday said bad debts or NPAs in the banking system are on the decline as recoveries of unpaid loans have picked up.

Yes Bank board meeting ends; seeks more time for CEO Rana Kapoor beyond January 2019

The much-awaited Yes Bank board meeting ended with the board seeking the extension of CEO and MD Rana Kapoor beyond January 31, 2019.

RBI needs to cut CRR to improve liquidity, says government official

The RBI should consider lowering Cash Reserve Ratio (CRR) in addition to buying government bonds to ensure adequate liquidity, an official said Tuesday.

Videocon goes to bankruptcy! Bids invited for Venugopal Dhoot’s company under IBC

Once a household name and successful brand, Videocon Industries is going into bankruptcy for defaulting on debt worth Rs 20,000 crore.

Another LIC bailout in offing? IL&FS will not be allowed to collapse, all options open, says LIC chief

State-owned insurer LIC Tuesday said it will not allow debt-ridden IL&FS to collapse and explore options to revive it.

Yes Bank: Who after Rana Kapoor? Bank board meets today to discuss; stock crashes 9%

Yes Bank's board will meet today to discuss the "future course of action" following the Reserve Bank of India (RBI) decision to not grant an extension to CEO Rana Kapoor.

Time to restore ethics in banking, says former Union finance secretary Ashok Lavasa

It is time for the banking sector in India to re-introduce ethics in banking, election commissioner and former Union finance secretary Ashok Lavasa has said.

Seeks insolvency process: ICICI Bank moves NCLT against Essar Power MP

ICICI Bank has moved the National Company Law Tribunal (NCLT) seeking initiation of insolvency proceedings against Ruias-promoted Essar Power MP that runs the 1,200-MW Mahan plant.

RBI to buy Rs 10k-cr G-secs via OMO

The yield on the benchmark bond rose four basis points to 8.1220 even as the Reserve Bank of India (RBI) on Monday announced another round of open market operations (OMO) for Rs 10,000 crore.

Padmaja Chunduru assumes charge as MD & CEO of Indian Bank

Padmaja Chunduru has assumed charge as managing director & CEO of Chennai-based public sector lender Indian Bank. Prior to this, she was deputy MD (global markets) of State Bank of India.

Dena Bank approves merger with Bank of Baroda along with Vijaya Bank

The board of state-run Dena Bank Monday approved its merger with Bank of Baroda along with another state-run lender Vijaya Bank.

Indian Bank new MD-cum-CEO Padmaja Chunduru takes charge

Public sector Indian Bank Monday said Padmaja Chunduru has assumed charge as its managing director and CEO with immediate effect.

FM Arun Jaitley to meet PSU banks chiefs tomorrow; to review financial performance

Finance Minister Arun Jaitley will meet the heads of public sectors banks (PSBs) tomorrow as part of the annual financial performance review exercise.

Rana Kapoor exit: At Yes Bank’s board meet tomorrow, CEO search to assume top focus

Amid rising uncertainty in the future prospects of Yes bank, especially after RBI curtailed the tenure of Rana Kapoor to January 31st 2019, steps to find the new head will assume top focus in Yes Bank

IL&FS not a big concern, can be resolved, says SBI Chairman; why SBI’s exposure is protected

Even as rising liquidity worries at ailing IL&FS are creating worries for banks, debt, and stock markets, SBI Chairman says there is no cause for concern.

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