Categories
Business

PNB reports $ 492 m fraud owing to Rs 3,688 crore loan to DHFL

Two years after the scam by diamantaire Nirav Modi hit PNB with by a massive Rs 13,000 crore NPA, the bank has declared DHFL cheated it too

Categories
Economy

Economy will shrink 5% in FY21, stimulus not enough: S&P

Fitch and Crisil had projected a 5% contraction of the Indian economy too; Moody’s forecast a shrink by 4% and the World Bank by 3.2%

Categories
World

Vijay Mallya: Extradition delay due to ‘confidential issue’

Vijay Mallya is accused of defrauding a consortium of Indian banks by close to Rs 9,000 crore and faces charges of money laundering

Categories
Crime

Vijay Mallya loses case to India in England

UK High Court rejects the plea of Vijay Mallya for permission to appeal against his extradition in the UK Supreme Court

Categories
Business

SBI complains to CBI after 4 years a loan defaulter fled without paying up Rs 411 crore

SBI has known not only that the loans to Ram Dev International had turned NPA in 2016 but also that the owners of the firm had fled that year

Categories
Business

Yes Bank wrecked by high interest rates, arbitrary deals & 2008 slowdown

The strict measures of banking regulator RBI against Yes Bank, the plan to restructure the bank and the board of the country’s largest bank SBI giving in-principle approval for the acquisition of 49% stake in it are making news these days. Why did things come to such a pass? In the last two days, everybody […]

Categories
Business

Sitharaman steps in to sort out Yes Bank mess

Sitharaman said that the government wanted the RBI to ensure a proper legal process with a sense of urgency

Categories
Business

Yes Bank customer can’t withdraw > ₹ 50K until reconstruction

Due to the high NPA of Yes Bank, it is short of cash, now trying to raise capital, but the SBI chairman’s hopes on it until January were high

Categories
Economy

RBI governor warns against political culture of loan-waivers

At the same time, RBI Governor Shaktikanta Das is confident that the banks and NBFCs can do well if they are efficient and properly governed

Categories
Economy

Sitharaman: Our govt turned banks healthy

The finance minister dealt with issues ranging from NPA to NBFCs while also telling Sansad that the government mitigated the fear of lending among bankers