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Piyush Goyal calls Insolvency and Bankruptcy Code ‘gamechanger reform’

Union minister Piyush Goyal said the IBC has brought about a marked shift in attitudes of lenders and borrowers, acting as an effective deterrent against unscrupulous borrowers and imparted banks the tool to follow due diligence and confidence about recovery. 
Union minister Piyush Goyal listed out five guiding principles for insolvency professionals. (File photo)
Union minister Piyush Goyal listed out five guiding principles for insolvency professionals. (File photo)
Published on Nov 25, 2021 08:52 PM IST
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By, New Delhi

Non-performing loans in banking sector to rise in next 12-18 months: Report

It said forbearance is “masking” problem assets for Indian banks arising from COVID-19 and the financial institutions will likely have trouble maintaining momentum after the proportion of Non-performing loans (NPL) to total loans declined consistently so far this year.
In its report titled “The Stress Fractures In Indian Financial Institutions”, S&P said with loan repayment moratoriums having ended on August 31, 2020, NPLs in the banking sector will likely shoot up to 10-11 per cent of gross loans in the next 12-18 months.
In its report titled “The Stress Fractures In Indian Financial Institutions”, S&P said with loan repayment moratoriums having ended on August 31, 2020, NPLs in the banking sector will likely shoot up to 10-11 per cent of gross loans in the next 12-18 months.
Updated on Nov 24, 2020 01:26 PM IST
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New Delhi | ByPress Trust of India | Posted by Shankhyaneel Sarkar

Fintech lending company CASHe partners with WebEngage to power their user engagement

CASHe, India’s fastest growing app-based lending platform that provides financing to working millennials, has tied-up with marketing automation platform WebEngage to power their user engagement across web and mobile.
Updated on Oct 20, 2020 04:47 PM IST
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Lenders question RBI’s loan exposure definition

Senior bankers said PSBs, which collectively are the biggest lenders of working capital and term loans to corporates, tend to lose out to private peers both in domestic and foreign cash management business.
RBI’s August 6 circular says borrowers with more than Rs 50 crore exposure to the banking system need to have an escrow mechanism and only banks managing such escrow can open current accounts.(REUTERS)
RBI’s August 6 circular says borrowers with more than Rs 50 crore exposure to the banking system need to have an escrow mechanism and only banks managing such escrow can open current accounts.(REUTERS)
Published on Aug 13, 2020 06:17 AM IST
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Hindustan Times, Mumbai | ByGopika Gopakumar and, Mumbai

PM Modi meets stakeholders from banks, NBFCs to discuss roadmap for future

The meeting discussed the crucial role of the financial and banking system of supporting growth, the Prime Minister’s Office (PMO) said
Prime Minister Narendra Modi ‘s meeting with bankers focused on a roadmap for the future to ensure stable credit growth.(PTI)
Prime Minister Narendra Modi ‘s meeting with bankers focused on a roadmap for the future to ensure stable credit growth.(PTI)
Published on Jul 29, 2020 10:55 PM IST
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Hinduistan Times, New Delhi | ByHT Correspondent

SC refuses to change Cheque validity period for lockdown

In a suo moto petition, the court took up the period of limitation expiring under various laws that could possibly be hit due to the present Covid-19 situation across the country which had forced several parts of the country to come under lockdown.
The court agreed to grant concessions under other statutes.(Biplov Bhuyan/HT PHOTO)
The court agreed to grant concessions under other statutes.(Biplov Bhuyan/HT PHOTO)
Published on Jul 11, 2020 04:45 AM IST
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Hindustan Times, New Delhi | ByAbraham Thomas, New Delhi

‘PMC officials hid fraud loans’: RBI to Bombay HC

The banking regulator said access codes were given to “problematic accounts” to ensure “restricted visibility”, and these accounts could be accessed only by 25 of the bank’s 800 employees.
An annual inspection of crisis-hit Punjab and Maharashtra Co-operative (PMC) Bank has revealed that some bank officials had tampered with the lender’s core banking system to hide fraudulent loan accounts of real estate developer Housing Development and Infrastructure Limited (HDIL), the Reserve Bank of India (RBI) told the Bombay high court.(Reuters image)
An annual inspection of crisis-hit Punjab and Maharashtra Co-operative (PMC) Bank has revealed that some bank officials had tampered with the lender’s core banking system to hide fraudulent loan accounts of real estate developer Housing Development and Infrastructure Limited (HDIL), the Reserve Bank of India (RBI) told the Bombay high court.(Reuters image)
Updated on Nov 20, 2019 05:26 AM IST
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Hindustan Times, Mumbai | ByKanchan Chaudhari, Mumbai

Dubai is flouting biggest taboo of an economy without brakes

Some developers are already holding off on planned projects. Two of Dubai’s homegrown billionaires are now calling for a pause to new development. Khalaf Al Habtoor, who once added 1,600 hotel rooms to the city through one project, said the market is saturated.
Two of Dubai’s homegrown billionaires are now calling for a pause to new development.(Bloomberg)
Two of Dubai’s homegrown billionaires are now calling for a pause to new development.(Bloomberg)
Updated on Nov 10, 2019 08:41 AM IST
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Bloomberg | ByZainab Fattah

No proposal to launch gold amnesty scheme: Report

The clarification comes amidst media report indicating the government move to launch amnesty scheme that will allow individuals and entities to declare their unaccounted gold holding without risk of being prosecuted.
Reports indicated that scheme would try to overcome limited success of an earlier amnesty scheme Pradhan Mantri Garib Kalyan Yojana (PMGKY), also known as IDS-II, launched in 2017, post-the demonetisation exercise.(PTI)
Reports indicated that scheme would try to overcome limited success of an earlier amnesty scheme Pradhan Mantri Garib Kalyan Yojana (PMGKY), also known as IDS-II, launched in 2017, post-the demonetisation exercise.(PTI)
Updated on Oct 31, 2019 04:29 PM IST
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New Delhi | ByPress Trust of India

Haven’t heard about liquidity as a problem from anybody: Nirmala Sitharaman

India’s economic growth is expected to recover in the last two quarters of the current financial year since consumer demand is expected to pick up during the festive season, the finance minister added.
Private sector lenders have said there is no liquidity crisis in the banking system and they are willing to participate in loan festivals meant to boost consumption ahead of the festival season, Union finance minister Nirmala Sitharaman said on Thursday.(ANI Photo)
Private sector lenders have said there is no liquidity crisis in the banking system and they are willing to participate in loan festivals meant to boost consumption ahead of the festival season, Union finance minister Nirmala Sitharaman said on Thursday.(ANI Photo)
Updated on Sep 27, 2019 02:03 AM IST
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New Delhi | ByRajeev Jayaswal

World’s worst bad-loan mess set to worsen on India’s cash crunch

More than 2.4% of total loans in India’s banking system may be under stress on top of the 9.6% bad debt ratio as of June, the highest among major economies, Credit Suisse estimates shows.
India has announced a slew of measures including merging weak state-run banks with stronger ones in recent weeks to reverse the economic slowdown and avoid a surge in bad loans.(PTI)
India has announced a slew of measures including merging weak state-run banks with stronger ones in recent weeks to reverse the economic slowdown and avoid a surge in bad loans.(PTI)
Updated on Sep 09, 2019 12:24 PM IST
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Bloomberg | ByRahul Satija and PR Sanjai

Strategy a must to meet 5-tn target: Manmohan Singh

The Rajya Sabha MP from Rajasthan said the country needs principled, knowledgeable and visionary leaders in times to come to strengthen democracy.
Former PM Manmohan Singh(HT image)
Former PM Manmohan Singh(HT image)
Updated on Sep 08, 2019 06:07 AM IST
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Jaipur | ByPress Trust of India

Care Ratings says 17 banks have bad loan ratio above 10%

Three private banks had NPA of less than 2% and eight had between 2-5% and five between 5-10%. IDBI Bank, UCO Bank and Indian Overseas Bank had NPA ratio of above 20% and one was very near at 19.9%.
Gross NPAs of a set of 36 banks increased to <span class='webrupee'>₹</span>8.97 lakh crore in June 2019.(Hemant Mishra/Mint)
Gross NPAs of a set of 36 banks increased to 8.97 lakh crore in June 2019.(Hemant Mishra/Mint)
Updated on Sep 04, 2019 01:43 PM IST
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livemint, Mumbai | ByShayan Ghosh

India’s sick economy needs Nyay medication

The BJP government should not reject a good and timely idea purely on the basis of who came up with it
The poorest 50 million Indian families still earn a meagre <span class='webrupee'>₹</span>6,000 a month(REUTERS)
The poorest 50 million Indian families still earn a meagre 6,000 a month(REUTERS)
Published on Aug 19, 2019 09:08 PM IST
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ByPraveen Chakravarty

How to track your unclaimed deposit

All banks are supposed to list on their websites unclaimed deposits and accounts that are inactive for more than 10 years.
you will have to submit an application to the branch where the account is maintained.(Illustration: Unikrishnan AV)
you will have to submit an application to the branch where the account is maintained.(Illustration: Unikrishnan AV)
Published on Jul 30, 2019 02:08 PM IST
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Hindustan Times, Mumbai | By, Mumbai

Forensic audit detects 38 billion rupee fraud, says Punjab National Bank

PNB has been defrauded of over $2 billion in a separate scam that came to light last year.
Bhushan Power and Steel, one of India’s most indebted companies, was among the first 12 companies referred by the RBI India to a bankruptcy court for a debt resolution process under India’s new insolvency law.(PTI)
Bhushan Power and Steel, one of India’s most indebted companies, was among the first 12 companies referred by the RBI India to a bankruptcy court for a debt resolution process under India’s new insolvency law.(PTI)
Updated on Jul 07, 2019 10:33 AM IST
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Mumbai | ByReuters

Time to raise women’s share in economy: Economic Survey

In addition, the Survey highlights several positive changes in the social and health sectors such as an increase in the participation of women in the banking system, the declining maternal mortality ratio (MMR), among others.
The Survey also says that the proportion of women having a bank or savings account that they themselves use have increased from 15.5% in 2005-06 to 53% in 2015-16.(HT Photo)
The Survey also says that the proportion of women having a bank or savings account that they themselves use have increased from 15.5% in 2005-06 to 53% in 2015-16.(HT Photo)
Updated on May 28, 2020 06:23 PM IST
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New Delhi | By

‘NBFCs need scrutiny, failure can cause losses’: RBI

Non-bank lenders have seen their source of funds suddenly dry up after a series of defaults by Infrastructure Leasing & Financial Services Ltd that triggered a liquidity crisis.
Banks and mutual funds reduced lending to NBFCs and HFCs, creating a cash crunch and forcing the shadow lenders to sell assets and cut back on new loans. (Photo by Aniruddha Chowdhury/Mint)
Banks and mutual funds reduced lending to NBFCs and HFCs, creating a cash crunch and forcing the shadow lenders to sell assets and cut back on new loans. (Photo by Aniruddha Chowdhury/Mint)
Published on Jun 28, 2019 07:13 AM IST
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Hindustan Times, Mumbai | ByShayan Ghosh

With no official nod for halal funds, money scams arise

Some finance experts have been campaigning for the formal recognition of Islamic banking, arguing that it will bring more Muslims into the financial mainstream
Investors register their complaints against IMA (I Monetary Advisory) jewellery fraud at a temporary police post set up at Shivajinagar, in Bengaluru on June 12.(PTI)
Investors register their complaints against IMA (I Monetary Advisory) jewellery fraud at a temporary police post set up at Shivajinagar, in Bengaluru on June 12.(PTI)
Updated on Jun 23, 2019 11:57 PM IST
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Hindustan Times | By

The Union budget must incentivise long-term household savings

The main challenge is not the unavailability of savings but the composition of savings and the intermediation to channel savings into investment. There is a deep link between tax incentives and household savings in pension and insurance.
Man counting college savings fund, tuition fee or student loan with calculator. Education price and expenses concept. Money and papers on table. Calculating budget and planning finance.(Getty Images/iStockphoto)
Man counting college savings fund, tuition fee or student loan with calculator. Education price and expenses concept. Money and papers on table. Calculating budget and planning finance.(Getty Images/iStockphoto)
Published on Jun 14, 2019 08:40 AM IST
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ByIla Patnaik

Absconding diamond merchant Mehul Choksi says failure of banking system led to crisis in his firm

In May, Choksi had alleged in a statement that Gitanjali Gems was “cynically destroyed by the PNB in a diabolical manoeuver to divert attention from its own wrongdoings.”
The bank in question is Punjab National Bank (PNB), which has alleged Choksi and diamantaire Nirav Modi committed fraud amounting to <span class='webrupee'>₹</span>13,500 crore.(PTI File)
The bank in question is Punjab National Bank (PNB), which has alleged Choksi and diamantaire Nirav Modi committed fraud amounting to 13,500 crore.(PTI File)
Published on Jun 04, 2019 01:43 PM IST
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Hindustan Times, Mumbai | By, Mumbai

Credit growth doesn’t reflect the health of the banking system

The overall picture emerging from the latest data on bank credit highlights the lack of fundamental reform in the banking sector
When the RBI had attempted to clean up bank balance sheets, push pushed for recognition of bad assets and put weak banks under the prompt corrective action (PCA) framework, there resulted a sharp slowdown in bank credit growth(Aniruddha Chowdhury/Mint)
When the RBI had attempted to clean up bank balance sheets, push pushed for recognition of bad assets and put weak banks under the prompt corrective action (PCA) framework, there resulted a sharp slowdown in bank credit growth(Aniruddha Chowdhury/Mint)
Updated on May 05, 2019 10:27 AM IST
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ByIla Patnaik

Rupee rises 9 paise against US dollar in early trade

The currency was also buoyed on reports that India has lined up alternate sources to make up for likely shortfall in crude supplies, forex dealers said.
Rupee rises 9 paise against US dollar in early trade(Sonu Mehta/HT PHOTO)
Rupee rises 9 paise against US dollar in early trade(Sonu Mehta/HT PHOTO)
Updated on Apr 23, 2019 10:36 AM IST
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Mumbai | ByPress Trust of India

Dalit leader Prakash Ambedkar wants tie up with Congress

Ambedkar, incidentally, is being wooed by the Congress-NCP alliance and has been offered four seats. However, he has been demanding 12 seats which the alliance is unlikely to accept.
Dalit leader Prakash Ambedkar on Saturday launched an attack on the Congress, but stressed that he is still open for an alliance with it to defeat the BJP-Shiv Sena bloc. (Photo by Anshuman Poyrekar/Hindustan Times)(Anshuman Poyrekar/HT Photo)
Dalit leader Prakash Ambedkar on Saturday launched an attack on the Congress, but stressed that he is still open for an alliance with it to defeat the BJP-Shiv Sena bloc. (Photo by Anshuman Poyrekar/Hindustan Times)(Anshuman Poyrekar/HT Photo)
Published on Feb 23, 2019 11:51 PM IST
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Mumbai | By

Detecting the movement of illegitimate funds is a challenging task

Illegitimate money has many forms. It is black money if it comes from tax-evasion, pink money if its source is drugs and red money if it’s crime.
Detecting the movement of illegitimate funds in the banking system is a challenging task. However, it is not an impossible one.(Reuters / File)
Detecting the movement of illegitimate funds in the banking system is a challenging task. However, it is not an impossible one.(Reuters / File)
Updated on Jan 21, 2019 07:50 AM IST
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ByKarnal Singh

Intolerance, anger reign supreme in India, says Rahul Gandhi

Gandhi, who is in the United Arab Emirates (UAE) on the second day of his maiden visit to the country, said India did not force one idea on the people and can absorb multiple ideas.
File photo of Congress president Rahul Gandhi.(PTI)
File photo of Congress president Rahul Gandhi.(PTI)
Updated on Jan 12, 2019 11:17 PM IST
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Dubai | ByPress Trust of India

SBI selects banks for 10,000 crore share sale

SBI’s sale will help bolster its capital buffers as it attempts to grow loans at a faster pace.
A man speaks on a mobile phone outside the State Bank of India building in Mumbai, India. Photographer: ADEEL HALIM(BLOOMBERG NEWS)
A man speaks on a mobile phone outside the State Bank of India building in Mumbai, India. Photographer: ADEEL HALIM(BLOOMBERG NEWS)
Published on Jan 10, 2019 06:03 PM IST
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Bloomberg | ByCrystal Tse and Anto Antony

Mallya repaid loans for 40 yrs, can we call him willful defaulter: Gadkari

Indirectly blaming the bankers for the NPA mess, Gadkari said our banking system is such that it does not support sick companies.
Transport Minister Nitin Gadkari speaks during the India Economic Summit 2014 at the World Economic Forum in New Delhi November 5, 2014. REUTERS/Anindito Mukherjee(Reuters)
Transport Minister Nitin Gadkari speaks during the India Economic Summit 2014 at the World Economic Forum in New Delhi November 5, 2014. REUTERS/Anindito Mukherjee(Reuters)
Updated on Dec 14, 2018 11:46 AM IST
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New Delhi | ByPress Trust of India

India’s growth under PM Narendra Modi ‘very solid’, says IMF chief economist

Noting that there has long been a legacy of corporate debt associated with bad infrastructure projects in India, Obstfeld said it has been very concentrated in banking system.
IMF’s Chief Economist Maurice Obstfeld has said India’s growth under Prime Minister Narendra Modi has been “very solid” over the past four years.(HT File Photo)
IMF’s Chief Economist Maurice Obstfeld has said India’s growth under Prime Minister Narendra Modi has been “very solid” over the past four years.(HT File Photo)
Updated on Dec 10, 2018 07:47 AM IST
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Washington | ByPress Trust of India

RBI governor Urjit Patel appears before parliamentary panel

The RBI governor appeared before the panel days after the central bank’s face-off with the finance ministry over issues ranging from appropriate size of reserves to be maintained by RBI to easing of lending norms for small and medium enterprises.
RBI governor Urjit Patel Tuesday appeared before a parliamentary panel to brief on demonetisation and NPA situation.(REUTERS)
RBI governor Urjit Patel Tuesday appeared before a parliamentary panel to brief on demonetisation and NPA situation.(REUTERS)
Updated on Nov 27, 2018 02:36 PM IST
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New Delhi | ByPress Trust of India
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