HT Image
HT Image

Sahara to accept deposits maturing till June 2011

In a major relief to Sahara group, RBI permits the para-banking entity Sahara India Financial Corp Ltd to accept new deposits maturing till June 2011.
By HT Correspondent | PTI, New Delhi
UPDATED ON JUN 17, 2008 10:09 PM IST

In a major relief to Sahara group, RBI today allowed the para-banking entity Sahara India Financial Corp Ltd to accept new deposits maturing till June 2011.

"SIFCL is hereby directed not to accept any new deposit which matures beyond June 30, 2011 and to stop accepting installments of existing deposit accounts also with effect from that date," RBI said in an order which followed two meetings between Sahara group and RBI officials.

In its earlier order on June 4, RBI had barred SIFCL from accepting fresh deposits from the public and had directed the company to repay the depositors on maturity.

RBI said that the fresh order is being given after taking into consideration all the oral and written submission made by SIFCL and to protect the interests of depositors.

The Reserve Bank in its order also directed SIFCL to ensure 100 per cent compliance with the KYC (Know Your Customer) norms for all new deposits.

RBI said it has incorporated in its new order the offer made during personal hearing by SIFCL officials, which include reconstitution of the board within 30 days from June 16 with 50 per cent of independent directors acceptable to the central bank.

SIFCL also offered to get the board appointments ratified at its ensuing AGM and to continue with the arrangement till all the depositors are repaid in full.
While directing SIFCL not to accept deposits maturing beyond June 2011, RBI also told the company to limit its Aggregate Liability to Depositors (ALD) at Rs 15,000 crore by June 30, 2009, Rs 12,600 crore by June 30, 2010 and Rs 9,000 crore by June 30, 2011.

"SIFCL shall repay the deposits as and when they mature and bring the ALD to zero on or before June 30, 2015," the release said.

RBI also directed SIFCL not to consider as default the non-payment of installments under daily deposits or recurring deposit schemes by depositors after June 2011. SIFCL would be liable to pay the agreed rate of interest on amounts actually held by it for the entire term of the deposit as if there was no default.

The company also promised to appoint statutory auditors from the panel suggested by RBI at the ensuing AGM of the company to be held by August 31, 2008 and to continue to appoint statutory auditors each year from such panel till all depositors are repaid in full.

The Reserve Bank has also directed SIFCL to submit a comprehensive business plan by August 16 and carry out its activities "in accordance with the law."

The company, according to the order, will "strictly comply with the requirement of all the applicable provision of the RBI Act, the direction, guidelines, instructions and circulars issued by RBI thereunder from time to time until such time as all the deposits are repaid with interest in full."

The RBI in its earlier order on June 4 prohibited the SIFCL from accepting fresh deposits and asked the company to repay the depositors.

The company, however, moved the Lucknow Bench of Allahabad High Court and obtained a stay order against the decision of the RBI.

Following the stay, RBI approached the Supreme Court which directed the central bank to provide a personal hearing to SIFCL functionaries and pass a fresh order.

In pursuance of the Supreme Court order, the RBI invited senior SIFCL officials, including Chairman Subroto Roy, for discussions on June 12 and June 16.

The present order follows discussions between the RBI and the SIFCL.

SHARE THIS ARTICLE ON
app
Close
WhatsApp users received a notification this month that it was preparing a new privacy policy and terms, and it reserved the right to share some user data with the Facebook app.(REUTERS)
WhatsApp users received a notification this month that it was preparing a new privacy policy and terms, and it reserved the right to share some user data with the Facebook app.(REUTERS)

WhatsApp defers new policy on info sharing

By HT Correspondent, New Delhi
PUBLISHED ON JAN 16, 2021 11:38 PM IST
WhatsApp cancelled its February 8 deadline for accepting the tweak to its terms of service, involving sharing data with Facebook servers. The platform said it would instead “go to people gradually to review the policy at their own pace before new business options are available on May 15.”
Close
A bitcoin sculpture made from scrap metal is installed outside the BitCluster cryptocurrency mining farm in Norilsk, Russia.(Bloomberg)
A bitcoin sculpture made from scrap metal is installed outside the BitCluster cryptocurrency mining farm in Norilsk, Russia.(Bloomberg)

Bitcoin swings undermine CFO case for converting cash to cryptocurrency

Bloomberg
PUBLISHED ON JAN 16, 2021 09:16 PM IST
Chief financial officers, not generally known as a risk-loving bunch, watched Bitcoin sink more than 25% in a 24-hour period starting Sunday.
Close
Jimmy Tata, the chief credit officer, sold 1,400 shares of the bank held by him in what the lender termed as an "inadvertent trade".(Reuters)
Jimmy Tata, the chief credit officer, sold 1,400 shares of the bank held by him in what the lender termed as an "inadvertent trade".(Reuters)

HDFC Bank penalises its executive for inadvertently selling shares

PTI, Mumbai
PUBLISHED ON JAN 16, 2021 09:01 PM IST
The panel has determined that there was a violation of the Bank's Code and PIT Regulations and imposed a penalty of 10.20 lakh on Tata.
Close
Adani Group chairman Gautam Adani.(Reuters)
Adani Group chairman Gautam Adani.(Reuters)

Adani Group rebuts allegations, says no loan to it turned NPA

PTI, New Delhi
PUBLISHED ON JAN 16, 2021 08:43 PM IST
The ports-to-energy conglomerate said it has built stellar infrastructure assets in the nation adopting prudent corporate governance.
Close
The Mumbai-headquartered startup filed initial public offering documents with India’s market regulator on Friday.(AFP/For Representational Purposes Only)
The Mumbai-headquartered startup filed initial public offering documents with India’s market regulator on Friday.(AFP/For Representational Purposes Only)

Billionaire Jhunjhunwala-backed game startup Nazara starts India's tech IPO rush

Bloomberg
UPDATED ON JAN 16, 2021 08:23 PM IST
  • Founded by gamer Nitish Mittersain in 2000, when he was a college undergrad, Nazara is among the firms that have benefited from a global boom in smartphone gaming that began even before the pandemic drove millions online.
Close
Reserve Bank of India (RBI) governor Shaktikanta Das also said that the current COVID-19 pandemic-related shock will place greater pressure on the balance sheets of banks in terms of non-performing assets, leading to erosion of capital.
Reserve Bank of India (RBI) governor Shaktikanta Das also said that the current COVID-19 pandemic-related shock will place greater pressure on the balance sheets of banks in terms of non-performing assets, leading to erosion of capital.

RBI policies helped ease severity of economic impact of Covid-19: RBI Guv

PTI, New Delhi
PUBLISHED ON JAN 16, 2021 02:50 PM IST
With the principal objective during the pandemic to support economic activity, Das said, "looking back, it is evident that our policies have helped in easing the severity of the economic impact of the pandemic".
Close
Reserve Bank of India (RBI) governor Shaktikanta Das also said that the current COVID-19 pandemic-related shock will place greater pressure on the balance sheets of banks in terms of non-performing assets, leading to erosion of capital.
Reserve Bank of India (RBI) governor Shaktikanta Das also said that the current COVID-19 pandemic-related shock will place greater pressure on the balance sheets of banks in terms of non-performing assets, leading to erosion of capital.

Open to examine proposal on bad banks: RBI governor Shaktikanta Das

ANI, New Delhi
PUBLISHED ON JAN 16, 2021 02:27 PM IST
Talking about the governance reforms Das said integrity and quality of governance are keys to good health and robustness of banks and non-banking financial companies (NBFCs).
Close
RBI Governor Shaktikanta Das addresses media conference, in Mumbai on Friday. (ANI Photo)
RBI Governor Shaktikanta Das addresses media conference, in Mumbai on Friday. (ANI Photo)

Need to support economic revival, financial stability: RBI Governor

PTI, Chennai
PUBLISHED ON JAN 16, 2021 02:23 PM IST
The regulated entities on their part need to strengthen their internal defences to identify emerging risks early and manage them effectively.
Close
RBI Governor Shaktikanta Das addresses media conference, in Mumbai on Friday. (ANI Photo)
RBI Governor Shaktikanta Das addresses media conference, in Mumbai on Friday. (ANI Photo)

Emerging markets need reserves as shock buffers, says RBI governor Das

Bloomberg
PUBLISHED ON JAN 16, 2021 01:03 PM IST
India’s rupee was Asia’s worst performer last year, as the central bank countered relentless foreign investment inflows with dollar purchases.
Close
Nomura said that in sync with the ongoing growth upcycle, the economy will enter a Goldilocks period in the coming months as inflation continues to moderate.(AP)
Nomura said that in sync with the ongoing growth upcycle, the economy will enter a Goldilocks period in the coming months as inflation continues to moderate.(AP)

Virus fears return to haunt markets

By Nasrin Sultana, Mumbai
PUBLISHED ON JAN 16, 2021 08:56 AM IST
The BSE Sensex fell 549.49 points, or 1.11%, to 49,034.67, while the Nifty shed 161.90 points to 14,433.70. Shares in other Asia-Pacific regions were mostly lower. South Korea’s Kospi fell the most at 2.03%, while Japan’s Nikkei shed 0.62% and the Topix index 0.89%.
Close
India’s third-largest software services company by revenue posted a profit of Rs.3,982 crore in the three months ended December 31, a 26.7% increase from the previous quarter,(Pradeep Gaur/Mint File Photo)
India’s third-largest software services company by revenue posted a profit of Rs.3,982 crore in the three months ended December 31, a 26.7% increase from the previous quarter,(Pradeep Gaur/Mint File Photo)

HCL Tech Dec qtr profit jumps 27% to Rs.3,982 crore

By Nandita Mathur, New Delhi
PUBLISHED ON JAN 16, 2021 08:55 AM IST
The strong performance prompted HCL Tech to lift its revenue forecast for the March quarter. It expects revenue during the quarter to grow 2-3% in constant currency terms, up from its previous estimate of 1.5-2.5%.
Close
Imports expanded 7.56% last month, the first time in 10 months, while exports grew 0.14%—leaving a trade deficit of $15.44 billion, according to data released by the commerce ministry on Friday.(Bloomberg)
Imports expanded 7.56% last month, the first time in 10 months, while exports grew 0.14%—leaving a trade deficit of $15.44 billion, according to data released by the commerce ministry on Friday.(Bloomberg)

India’s trade deficit at 25-month high in Dec

By HT Correspondent | Livemint, New Delhi
UPDATED ON JAN 16, 2021 04:33 AM IST
India’s merchandise trade had been weakening even before the pandemic hit the economy and external demand. Since March 2020, both exports and imports started declining in high double digits, even temporarily leading to a trade surplus in June for the first time in 18 years.
Close
Refunds issued are received within 20-45 days from the date of completion of processing of ITR by the Centralized Processing Centre (CPC).(HT FILE PHOTO )
Refunds issued are received within 20-45 days from the date of completion of processing of ITR by the Centralized Processing Centre (CPC).(HT FILE PHOTO )

How to check income tax refund status online. Read here

By hindustantimes.com | Edited by Shankhyaneel Sarkar, Hindustan Times, New Delhi
PUBLISHED ON JAN 15, 2021 11:37 PM IST
  • Income tax refund (ITR) status can be checked on the National Securities Depository Limited (NSDL) website as well as on the income tax department’s e-filing site.
Close
U.S. industry operated at 74.5per cent of capacity in December, still below the pre-pandemic rate of 76.9per cent in February.(Representative image)
U.S. industry operated at 74.5per cent of capacity in December, still below the pre-pandemic rate of 76.9per cent in February.(Representative image)

US industrial production jumps 1.6 per cent in December

AP
UPDATED ON JAN 15, 2021 11:19 PM IST
The December gain in industrial output followed a 0.5per cent increase in November and a 1 per cent increase in October, the Federal Reserve reported Friday.
Close
The Signal messaging app logo is seen on a smartphone, in front of the same displayed same logo, in this illustration. (REUTERS)
The Signal messaging app logo is seen on a smartphone, in front of the same displayed same logo, in this illustration. (REUTERS)

Signal sees global outage, company says 'working hard to restore service'

Written by Meenakshi Ray
UPDATED ON JAN 15, 2021 11:18 PM IST
Site status tracker DownDetector showed there were 2,167 reports about the issue as users reported they could open the app and send messages but were being delivered later.
Close
SHARE
Story Saved
OPEN APP