• Letter to BS: Deposit insurance cover needs to be hiked to Rs 10,00,000 22 Oct 2019 17:36 This refers to “Running for cover” (October 22). This is the appropriate time to consider both a higher deposit insurance cover as well as a risk-based premium for deposit insurance. First, the present deposit insurance cover is too little. It needs to be …
  • Sebi issues framework for listing of commercial paper 22 Oct 2019 15:46 Markets regulator Sebi on Tuesday came out with a framework for listing of commercial papers on stock exchanges in order to broaden investor participation in such securities. To enable listing of commercial papers (CPs) and to ensure investor protection, …
  • PMC Bank despositors’ woes mount as RBI Governor abroad 22 Oct 2019 14:56 Mumbai, Oct 22 (IANS) The aggrieved depositors of the scam-hit Punjab & Maharashtra Cooperative Bank Ltd found no solution at a meeting with Reserve Bank of India (RBI) officials as the apex bank Governor Shaktikanta Das is currently touring abroad …
  • India's Financial Systems Crippled as Bank Employees Observe 24 Hour Shutdown 22 Oct 2019 14:05 Asia & Pacific 17:01 22.10.2019Get short URL New Delhi (Sputnik): On 30 August, India’s Finance Minister Nirmala Sitharaman announced the amalgamation of ten public sector banks into four big banks. Banking services across India were partially …
  • Netizens Mock 'the Real Reason' for India's Economic Slowdown with Satirical Video 22 Oct 2019 13:44 Asia & Pacific 16:28 22.10.2019Get short URL New Delhi (Sputnik) Last month, Indian Finance Minister Nirmala Sitharaman quoted a study which found that millennials’ preference for Ola and Uber over buying cars had affected the Indian automobile …
  • Negative rates have consequences we don't fully understand, Jamie Dimon says 22 Oct 2019 11:54 Jamie Dimon, chief executive officer of U.S. banking giant J.P. Morgan Chase, told CNBC-TV18 that lowering interest rates is not a game-changer in driving up borrowing and lifting economic growth. "I think when they did it earlier on, there was a …
  • A Peek Into The Markets: US Stock Futures Flat Ahead Of Earnings 22 Oct 2019 11:11 Pre-open movers U.S. stock futures traded mostly flat in early pre-market trade, ahead of earnings from several companies. Data on existing home sales for September will be released at 10:00 a.m. ET. Dallas Federal Reserve Bank President Robert Kaplan is …
  • AU Bank appoints Prof. Mr. M.S. Sriram, Inclusive Finance Expert and Mr. Pushpinder Singh, Banking Technology Expert as Independent Director 22 Oct 2019 10:03 Taking a strategic move, AU Small Finance Bank, today appointed Prof. M S Sriram, an inclusive finance expert, and Mr. Pushpinder Singh, a banking technology expert, as Independent Directors. These appointments earmark AU Bank 's transition to next …
  • Kotak Mahindra Bank Q2 profit beats estimates 22 Oct 2019 09:50 Kotak Mahindra Bank Ltd reported a bigger-than-expected 51% jump in its second-quarter net profit on Tuesday, boosted by higher interest income and lower tax expenses. Kotak's stellar results come at a time when Indian banks, already saddled with …
  • Kotak Mahindra Bank quarterly profit surges 51% 22 Oct 2019 09:50 BENGALURU: Private-sector lender Kotak Mahindra Bank Ltd reported a bigger-than-expected 51% jump in its second-quarter net profit on Tuesday, boosted by higher interest income and lower tax expenses. Kotak's stellar results come at a time when Indian …
  • Muthoot Finance raises $450 million through maiden offshore bond issue 22 Oct 2019 09:18 Gold loan financier Muthoot Finance Ltd has raised $450 million through its maiden offshore bond issue from investors across the US, Asia and Europe, the company said in a statement on Tuesday. The bonds will mature in three years and have a coupon rate of …
  • India's Kotak Mahindra Bank quarterly profit beats estimates 22 Oct 2019 09:10 (Adds industry context, operational metrics) BENGALURU, Oct 22 (Reuters) - India’s Kotak Mahindra Bank Ltd reported a bigger-than-expected 51% jump in its second-quarter net profit on Tuesday, boosted by higher interest income and lower tax expenses. Kotak …
  • Tech platforms acting as a catalyst in the adoption of cashless payments 22 Oct 2019 09:07 In a developing nation like India, the benefits of going cashless are immense. Since time immemorial, civilizations have devised numerous payment systems in return for the commodities and services availed. The primordial barter system was replaced in time …
  • Big brother cashing in on China’s Crypto plans 22 Oct 2019 08:37 BEIJING: When Facebook announced plans this year for a cryptocurrency called Libra, it said its goal was to reinvent money for the internet age. What the company probably didn’t imagine was that its efforts might spur China to get there first. China wants …
  • Police custody of former PMC Bank director extended till Oct 24 22 Oct 2019 08:35 Mumbai: A Mumbai court on Tuesday extended the police custody of the former director of PMC Bank, S Surjit Singh Arora till October 22 in alleged connection with a scam case. Arora was arrested by the Economic Offence Wing (EOW) of Mumbai Police on October …
  • LIC to participate in PTC India Financial Services Ltd's bonds issue 22 Oct 2019 08:14 PTC India Financial Services Limited ( PFS) pleased to inform that Life Insurance Corporate (LIC) has agreed to participate upto Rs.250 crore in its first tranche of bonds of Rs.580 crore which would be backed by partial credit enhancement (PCE) of State …
  • PMC Bank former director's police custody extended 22 Oct 2019 08:05 Arora was last week arrested by Mumbai Police''s Economic Offences Wing (EOW) in connection with the alleged Rs 4,355 crore scam. Mumbai: A Mumbai court on Tuesday extended till October 24 the police remand of Punjab and Maharashtra Cooperative ( …
  • Vreedhi Financial Services receives an NBFC licence 22 Oct 2019 07:59 Bengaluru: Vreedhi Financial Services (VFS) has secured a non banking finance company licence from the Reserve Bank of India and aims to offer credit and other services to micro enterprises operating in tier two three cities and small towns. “Addressing …
  • Rupee depreciation could aggravate the current slowdown 22 Oct 2019 06:53 August was a particularly bad month for the rupee. From ₹68.9 to the dollar at the end of July, the currency depreciated to cross the ₹72-mark by the end of the month (Chart 1). While India’s perennial current account deficit underlay the currency’s …
  • Samvat 2076: Markets to remain choppy as slowdown, global sentiment weigh 22 Oct 2019 05:46 After a gain of 12 per cent in the S&P BSE Sensex and 10 per cent in the Nifty50 indices during Samvat 2075 – the Hindu calendar year – analysts have ruled out a runway market rally in Samvat 2076 on the back of several domestic and global headwinds, …
  • RBI banks use of agents to chase loans 22 Oct 2019 05:22 Banks will have to change the way they chase retail loans. The Reserve Bank of India (RBI) has banned the use of direct selling agents (DSAs) to source retail loans and carry out physical verification of documents of borrowers. This was communicated by the …
  • Resolution delay forces banks to put NPAs on sale 22 Oct 2019 05:22 Banks have been forced to put nonperforming assets (NPAs) worth ₹40,000 crore up for sale in sectors such as power, roadways and telecom in the first half of the fiscal year to September because of delays in the resolution process under the Insolvency and …
  • Loans offers 22 Oct 2019 04:41 Due to five consecutive rate cuts by the Reserve Bank of India (RBI), taking new loans from banks has become cheaper. In addition to that, as per RBI's circular dated September 4, 2019, banks are required to link interest rates on loans to an external …
  • Singh brothers ran 7 shady firms as one entity to defraud RFL (IANS Exclusive-3) 22 Oct 2019 04:20 New Delhi, Oct 22 (IANS) The Economic Offences Wing FIR against the Singh Brothers in the Religare Group fraud case shows their chicanery and duplicity. It points out to how Modland, Platinum, Prius and ANR — entities controlled by Shivinder Mohan Singh ( …
  • Indians Vote in First Regional Elections since PM Modi’s Victory 22 Oct 2019 03:58 NEW DELHI – More than 100 million people were registered to vote in Monday’s regional elections in India’s Haryana and Maharashtra states, marking the first provincial polls since the country’s prime minister was re-elected in May. Narendra Modi and his …
  • Trade war isn't stopping emerging markets, where one analyst sees 'patches of growth stabilization' 22 Oct 2019 00:37 Emerging market equities remain attractive despite trade tensions, and the sector is seeing "patches of growth stabilization," according to one analyst. The escalation in U.S.-China trade war and concerns of a global growth slowdown over the last …
  • Banking services to be affected on October 22 21 Oct 2019 20:18 NET Bureau Banking services across the country are likely to be partially disrupted on October 22 as two bank unions will go on a 24-hour strike on the day. The strike has been called by All India Bank Employees’ Association (AIBEA) and the Bank Employees …
  • Securitized loans help non-bank lenders to beat liquidity crunch 21 Oct 2019 20:14 MUMBAI : Shadow lenders may be gasping for cash, but their securitized loans are selling like hot cakes, even in the midst of a raging liquidity crisis. Non-banking financial companies (NBFCs) and housing finance companies (HFCs) raised ₹2.36 trillion …
  • Non-bailable warrants against MDs of 32 firms for 'ignoring' SC order 21 Oct 2019 19:30 The Supreme Court (SC) has issued non-bailable warrants (NBWs) against the managing directors (MDs) of 32 companies, including the erstwhile promoters of Bank of Rajasthan (BoR), for repeated failure to deposit the penalty of Rs 5 lakh imposed on them by …
  • Oberoi Realty Q2 revenue falls to Rs 505 crore 21 Oct 2019 17:11 Mumbai (Maharashtra) [India], Oct 21 (ANI): Oberoi Realty Ltd has recorded a consolidated revenue of Rs 505 crore during the second quarter of current fiscal as against Rs 618 crore in Q1 FY20. The consolidated profit before tax was Rs 192 crore as against …
  • Overseas firms looking to invest in Ujjivan Small Finance Bank via IPO 21 Oct 2019 16:01 Overseas investment firms such as Elevar Equity Mauritius and NewQuest Asia Investments may be looking to invest in Ujjivan Small Finance Bank through its Rs 1,200-crore initial public offering, which is likely before November. The two are existing …
  • DHFL lenders say securitisation deals done under prescribed guidelines 21 Oct 2019 06:16 Mumbai: Even as mutual funds object to securitisation deals between banks and Dewan Housing Finance Corp. Ltd (DHFL), lenders to the company said they have followed norms set by the Reserve Bank of India (RBI) for such transactions. A senior public sector …
  • MFs object to securitisation deals by DHFL 21 Oct 2019 06:02 Negotiations on the Dewan Housing Finance Corp. Ltd (DHFL) debt resolution plan seem to have hit a roadblock. Mutual funds have objected to securitisation deals undertaken by DHFL since the company’s repayments woes began, said three people with knowledge …
  • Implications of Kangchup-Tamenglong Road :: Jiten & Christina 21 Oct 2019 04:40 Implications of ADB Financed Kangchup - Tamenglong Road, Manipur Jiten Yumnam & Christina Lalremdik * ADB road passing through agri land of bhalok The Kangchup to Tamenglong Road project financed by the Manila based Asian Development Bank (ADB), …
  • Bank strike, holidays- Banks closed for 4 days in Mumbai, Pune, other cities this week 21 Oct 2019 04:33 NEW DELHI : If you are in Mumbai, Pune, Nagpur or anywhere in Maharashtra and Haryana, keep in mind that bank branches could be open only for three days this week due to assembly elections, bank strike and other bank holidays. In other parts of India, …
  • Rishi Kapoor compares PMC crisis to father's 'Shree 420', urges government to punish cheats 21 Oct 2019 03:27 NEW DELHI: With each passing day, the situation of crisis-hit Punjab and Maharashtra Cooperative (PMC) Bank is taking a severe turn. After the fifth case of bank account holder in Mumbai's suburban Mulund on Saturday came to the fore, actor Rishi …
  • Q2 results: Tax cut boosts profit, but revenue crawls 21 Oct 2019 03:04 MUMBAI: Early trends in quarterly results show resilient double-digit growth in aggregate net profit aided by the recent corporate tax cut. However, lacklustre single-digit revenue growth reveals lower demand. A sample of 69 companies that declared results …
  • PMC Bank depositors in dire straits 20 Oct 2019 17:04 Nearly a month after the RBI clamped down on the operations of scam-hit PMC Bank, the depositors say their woes have only worsened, with some unable to pay school fees of their wards, while others finding it difficult to meet medical expenses. Many fear …
  • Money stuck for over a month, PMC Bank depositors stare at uncertain future 20 Oct 2019 11:49 NEW DELHI/ MUMBAI : Nearly a month after the RBI clamped down on the operations of scam-hit PMC Bank, the depositors say their woes have only worsened, with some unable to pay school fees of their wards, while others finding it difficult to meet …
  • India to beat US in global economic growth share by 2024; China to remain at top 20 Oct 2019 10:42 International Monetary Fund office in Washington, DC.Credit: Reuters India will be the second-largest contributor to global growth by 2024, overtaking the share of the US economy, according to a report based on the International Monetary Fund (IMF) data. …
  • ACB Raid Residence Of J&K Bank Manager  20 Oct 2019 06:54 File Pic SRINAGAR – Anti-Corruption Bureau (ACB) on Saturday raided the residence of a Jammu and Kashmir Bank manager in south Kashmir district of Pulwama, official source said. They said the ACB sleuths raided the house of the manager, presently posted at …
  • PMC Bank crisis claims 5th victim; RBI move likely 19 Oct 2019 16:11 Mumbai: The ongoing crisis over the Punjab & Maharashtra Cooperative Bank claimed its fifth victim in a week on Saturday amidst speculation that the Reserve Bank of India (RBI) is likely to take some major decisions in the matter on Tuesday, a day …
  • Transcript of G-24 Press Conference 19 Oct 2019 14:36 WASHINGTON, Oct 19, 2019 /PR Newswire Africa via COMTEX/ -- Mr. Vilkas - Good afternoon and welcome to 2019 IMF, World Bank Annual Meetings. I am Gediminas Vilkas with the IMF Communications Department. This is a Press Conference of the G-24 group, …
  • PMC Bank depositors hold protest outside RBI headquarters 19 Oct 2019 08:55 By PTI MUMBAI: Depositors of the scam-hit Punjab and Maharashtra Cooperative (PMC) Bank held a protest outside the Reserve Bank of India (RBI) headquarters in south Mumbai on Saturday. The depositors gathered outside the RBI around 11.45 am and held …
  • PMC Bank scam: Depositors stage protest in Mumbai 19 Oct 2019 08:20 Mumbai: Scores of depositors of the scam-hit Punjab and Maharashtra Cooperative (PMC) Bank staged a protest here on Saturday demanding the removal of restriction on cash withdrawal imposed by the Reserve Bank of India (RBI), which is currently capped at Rs …
  • HDFC Bank: Likely To Outperform Peers, But Valuation Seems High 19 Oct 2019 04:44 Several Indian banks saw their stock prices decline in recent weeks amidst rising concerns over credit quality and exposure to shadow banking. In this time, certain banks such as HDFC Bank (HDB) have remained resilient and continued to see strong stock …
  • India must shun nativism to progress; it needs both hard work and Harvard 19 Oct 2019 04:05 What message should New Delhi take from a person of Indian origin winning the Nobel Prize for economics? In a nation increasingly characterized by bristly nativism, the ruling Bharatiya Janata Party ought to embrace, rather than reject, India’s …
  • Slowdown in consumption and downturn top of MPC’s mind 19 Oct 2019 03:32 KOLKATA: The likelihood of more repo-rate cuts in the face of a consumption slowdown and an extended downturn before a broader economic revival were the key deliberation points at the latest meeting of central bank policymakers, who had gathered in Mumbai …
  • RBI feels bank rates will drop after benchmarking 18 Oct 2019 21:13 All the six members of the MPC had voted in favour of a rate cut. Mumbai: The members of the Reserve Bank of India’s (RBI) Monetary Policy Committee were of the view that monetary transmission continues to remain staggered and incomplete but were hopeful …
  • Can India tide over economic crisis that may be worse than the 2008 recession? 18 Oct 2019 18:24 Goldman Sachs economists think the present Indian slowdown could be worse than during the 2008 global recession because of a host of negative factors. (Representational Image.)Reuters Only stringent measures, including structural reforms, can ease the …
  • Formalising microfinance in India 18 Oct 2019 15:07 Author: Tara Nair, Gujarat Institute of Development Research Microfinance in India has traversed a long history since it debuted in the late 1980s as a social banking innovation anchored in informal self-help groups (SHGs). It was mainstreamed as the self- …
  • Farhan Akhtar's cryptic tweet a dig at PMC Bank scam? 18 Oct 2019 14:31 While the entire nation is concerned over the Punjab and Maharashtra Co-operative (PMC) bank scam and many account holders have embraced death, Bollywood actor-filmmaker Farhan Akhtar's latest tweet seems to be a dig at the issue. "The fact that …
  • India Policy Makers’ Worries About Growth Signal More Rate Cuts 18 Oct 2019 14:14 (Bloomberg) -- India’s Monetary Policy Committee was unanimous in its view that a deepening economic slowdown is worrying enough to keep interest rates low for longer, the minutes of its latest meeting show. The concern explains Governor Shaktikanta Das’s …
  • PMC Bank imbroglio claims 4th life 18 Oct 2019 13:53 Mumbai, Oct 18 (IANS) Unable to withdraw money for his treatment, a senior depositor with the scam-hit Punjab & Maharashtra Cooperative (PMC) Bank died here on Friday, family sources said. The victim has been identified as Murlidhar Dhara, a …
  • A Peek Into The Markets: US Stock Futures Edge Higher Ahead Of Fed Speakers 18 Oct 2019 12:20 Pre-open movers U.S. stock futures traded slightly higher in early pre-market trade. The index of leading economic indicators for September is schedule for release at 10:00 a.m. ET. Dallas Federal Reserve Bank President Robert Kaplan is set to speak in …
  • State of the economy: How did we get here and how do we get out of it? 18 Oct 2019 11:41 Earlier in October, the Monetary Policy Committee of the Reserve Bank of India announced its bimonthly monetary policy. It cut the key lending rate, repo rate by 25 basis points to 5.15%. The MPC also maintained an accomodative stance. What is repo rate …
  • SC refuses to entertain plea seeking relief from RBI's money withdrawal limit for PMC bank depositors 18 Oct 2019 08:42 NEW DELHI: In another setback to PMC bank account holders, the Supreme Court on Friday refused to entertain a petition which sought direction to Reserve Bank of India (RBI) against putting a restriction on withdrawal of money. A bench of Chief Justice …
  • SC rejects plea by PMC Bank customers for easing curbs 18 Oct 2019 07:39 The Supreme court on Friday refused to entertain a plea filed on behalf of scam-hit PMC Bank account holders seeking lifting of restrictions imposed by the Reserve Bank of India on cash withdrawals.  IMAGE: PMC Bank depositors staging a protest outside the …
  • SC refuses to entertain plea on ensuring PMC Bank customers 18 Oct 2019 07:39 New Delhi: The Supreme Court on Friday refused to entertain a plea seeking directions for redressal of certain aspects, including ensuring around 15 lakh people whose money is blocked in the scam-hit Punjab & Maharashtra Co-operative Bank (PMC Bank). A …
  • Sitharaman fires next round against Manmohan Singh; says India on par with China in growth rate 18 Oct 2019 05:57 Washington: Finance Minister Nirmala Sitharaman sternly pushed back against former Prime Minister Manmohan Singh, saying the number of corruption cases under the UPA government tells its own story. She was responding to a question about Singh’s comment …
  • Are data localisation norms in sync with India’s Cloud vision? 18 Oct 2019 05:04 New Delhi, Oct 18 (IANS) As companies, as well as governments, around the world embrace Cloud computing, the growing demand for data localisation has put the service providers in a fix. To think of it, the demand for data localisation, or asking companies …
  • Grab What You Can in India’s Bad-Loan Melee 18 Oct 2019 01:07 Rajnish Kumar, chairman of State Bank of India, sat down for a chat with me at the Bloomberg Equality Summit in Mumbai this week. He had highlighted the problem last month by blaming what he called the selfishness of one bank for a default by Altico …
  • Social media scare prompts HDFC Bank to clarify on deposit insurance programme 17 Oct 2019 21:26 HDFC Bank has clarified that the stamp on a passbook page whose image has been circulating on social media is an old clarification issued under a 2017 directive of the Reserve Bank of India (RBI).Reuters Top private lender, HDFC Bank has clarified that a …
  • End of LIBOR: Indian banks, companies need to be guided by policymakers 17 Oct 2019 18:47 As companies that borrow in overseas markets get ready for a new era post-2020, one in which the London Interbank Offered Rate no longer exists, policymakers need to gear up too, to smoothen the process. This transition is not likely to be easy, as …
  • CSB Bank may launch share sale next month 17 Oct 2019 16:47 MUMBAI : Kerala-based private sector lender CSB Bank, formerly The Catholic Syrian Bank, is planning to launch its initial public offering (IPO) in November, said two people aware of the development, requesting anonymity. Last year, Canadian billionaire …
  • Indian court jails former MD of PMC Bank as fraud probe deepens 17 Oct 2019 12:52 MUMBAI, Oct 17 (Reuters) - An Indian court on Thursday sent the former managing director of Punjab and Maharashtra Co-operative (PMC) Bank, Joy Thomas, to jail as a probe into an alleged 43.55 billion rupees ($610 million) fraud intensifies. Thomas stands …
  • Sell assets to repay PMC Bank loans: HDIL promoters to ED 17 Oct 2019 11:06 New Delhi, Oct 17 (IANS) Facing imminent threat of more properties being attached by the Enforcement Directorate (ED) in the Rs 4,335 crore Punjab and Maharashtra Cooperative (PMC) Bank fraud case, the Housing Development and Infrastructure Limited (HDIL) …
  • 'India may miss fiscal deficit target by 30-50 bps' 17 Oct 2019 09:41 NEW DELHI: India is likely to miss its fiscal deficit target of 3.3% of gross domestic product for the current financial year by 30-50 basis points (bps), two sources said, due to sharp slowdown in the economy that has severely crimped tax collection goals …
  • Mumbai Police to investigate omission of irregularities with PMC Bank 17 Oct 2019 08:38 Various irregularities with the PMC Bank will now be investigated by the Mumbai Police. According to the metropolis, the Mumbai Police will now investigate how the Reserve Bank of India audit missed various discrepancies with the transactions of the bank. …
  • PMC Bank scam: Ex-director sent in police custody till Oct 22 17 Oct 2019 08:04 Mumbai, Oct 17 () A Mumbai court on Thursday remanded in police custody till October 22 Punjab and Maharashtra Cooperative (PMC) Bank's former director Surjit Singh Arora in connection with the multi-crore scam at the bank. Arora has been arrested by …
  • PMC bank scam: Depositors demand Rs 5000 crore bailout from PM Modi 17 Oct 2019 07:56 Depositors protesting outside RBI's office in Mumbai(File Photo)Credit: Reuters Depositors of scam-ridden Punjab and Maharashtra Cooperative (PMC) Bank have demanded an immediate bailout package of Rs 5000 crore from Prime Minister Narendra Modi. The …
  • Around 50 PMC bank customers stage protest outside RBI 17 Oct 2019 06:50 Image Source : PTI (FILE) Depositors and employees are protesting against PMC Bank (Not the actual image of protest outside RBI) Around 50 depositories of the scam-hit Punjab and Maharashtra Cooperative Bank staged a protest outside the RBI demanding …
  • Why India should reject Facebook's Libra 17 Oct 2019 04:29 India is the biggest open market for global tech and finance firms. They can't be allowed a free run especially because of their terrible record on fair play and monopolistic behaviour, says Pranjal Sharma. IMAGE: A 3D-printed Facebook Libra …
  • SC to hear plea seeking protective measures for PMC Bank customers 17 Oct 2019 02:59 Image Source : PTI SC to hear plea seeking interim protective measures for insuring PMC Bank customers on Friday  The Supreme Court on Wednesday agreed to hear on October 18 a plea seeking directions for interim protective measures for insuring around 15 …
  • Former PMC Bank director arrested 17 Oct 2019 02:44 The Economic Offences Wing (EOW) of the Mumbai Police on Wednesday arrested Surjit Singh Arora, a former director of the Punjab and Maharashtra Cooperative (PMC) Bank, in connection with its ongoing investigation into the alleged fraudulent loans issued to …
  • For no fault of theirs, PMC depositors may be in default 17 Oct 2019 02:27 MUMBAI: Thousands who service their loans through accounts at Punjab & Maharashtra Co-operative (PMC) Bank are staring at the risk of getting shut out of credit markets or increased cost of borrowings for no fault of theirs. These depositors at PMC …
  • India International Exchange plans to waive fee to lure rupee trade home 17 Oct 2019 02:01 As India works to bring some of the burgeoning offshore rupee trading back home, the exchange that will likely spearhead the move says it’s prepared to cut trading fees to zero to take on overseas rivals. The India International Exchange (IFSC) Ltd., also …
  • Omission Of Irregularities In PMC Bank Working Will Be Probed: Mumbai Police 17 Oct 2019 00:33 Police said they will not spare any independent auditors, cooperative auditors, RBI auditors. Mumbai: The Mumbai Police will investigate how the Reserve Bank of India audit missed various irregularities in the PMC bank transactions, the metropolis police …
  • Former director of PMC bank fifth arrest in multicrore scam 16 Oct 2019 22:17 Mumbai: Depositors of Punjab and Maharashtra Cooperative (PMC) bank display placards during a protest over the bank’s crisis, outside the Reserve Bank of India building, in Mumbai, Sunday, Oct. 6, 2019. (PTI Photo) (PTI10_6_2019_000136A) THE ECONOMIC …
  • Bank of America's (BAC) CEO Brian Moynihan on Q3 2019 Results - Earnings Call Transcript 16 Oct 2019 21:38 Bank of America Corporation (NYSE:BAC) Q3 2019 Earnings Conference Call October 16, 2019 8:30 AM ET Company Participants Lee McEntire – Senior Vice President-Investor Relations Brian Moynihan – Chairman and Chief Executive Officer Paul Donofrio – Chief …
  • Mastercard says it will meet Dec-end target for data localisation in India 16 Oct 2019 21:06 Mastercard is confident of completing its data localisation requirements in India by the end of this year. However, says the card payments major, restricting data flows in digital transactions will affect the quality of fraud detection and assessment. “We …
  • Sell our assets to pay off PMC Bank's dues: Wadhawans write to RBI, agencies 16 Oct 2019 20:56 By PTI MUMBAI: Promoters of real estate group HDIL, Rakesh and Sarang Wadhawan, who are the prime accused in the PMC Bank scam, have requested the RBI and investigation agencies to sell off their assets, including a yacht, a Rolls Royce and an aircraft, to …
  • CRISIL changes rating outlook of Indiabulls cos to 'Negative' 16 Oct 2019 20:42 MUMBAI: CRISIL, the local arm of S&P Global, changed ratings outlook of Indiabulls Housing Finance (IBHF) and its wholly owned subsidiary - Indiabulls Commercial Credit (ICCL) to "Negative" from "Watch Developing" citing fund …
  • PMC Bank scam accused custody extended, Singh non-cooperative 16 Oct 2019 20:07 Mumbai, Oct 17 (IANS) The Mumbai Police’s Economic Offences Wing (EOW) on Wednesday said Punjab & Maharashtra Cooperative Bank Ltd scam prime accused and its ex-chairman S. Waryam Singh is not cooperating with the probey. In its application seeking …
  • PMC bank scam: ED identifies more assets (IANS Exclusive) 16 Oct 2019 18:50 New Delhi, Oct 16 (IANS) A day after the Enforcement Directorate (ED) revealed that former Union Minister and Nationalist Congress leader (NCP) Praful Patel used private jets of Punjab and Maharashtra (PMC) Bank fraud accused Wadhawans, the agency on …
  • Govt to bring back FRDI Bill, may hike insurance cover of customers 16 Oct 2019 17:29 The finance ministry has started work on reviving the contentious Financial Resolution and Deposit Insurance (FRDI) Bill, a year after the proposed law for ushering insolvency of financial institutions was withdrawn by the Union government. “The Department …
  • Will safeguard depositors' interests, PMC Bank management assures RBI 16 Oct 2019 17:29 At a time when a few deaths have been linked to the deposit withdrawal restrictions put on PMC Bank, the administrator and members of the advisory committee of the bank assured the Reserve Bank of India (RBI) governor that all efforts would be undertaken …
  • PMC scam: Economic Offence Wing arrests bank’s former director 16 Oct 2019 17:00 Mumbai: Depositors of Punjab and Maharashtra Cooperative (PMC) bank display placards during a protest over the bank’s crisis, outside the Reserve Bank of India building. The Economic Offence Wing (EOW) of the Mumbai police on Wednesday arrested Surjit …
  • RBI imposes Rs 3 cr penalty on SBM Bank 16 Oct 2019 16:25 Mumbai, Oct 16 () The Reserve Bank on Wednesday imposed a Rs 3 crore penalty on SBM Bank (India) for non-compliance of regulatory norms by SBM Bank (Mauritius), which amalgamated with the former in November 2018. The penalty has been imposed for non- …
  • SC to hear plea seeking interim measures to safeguard deposits in PMC Bank on October 18 16 Oct 2019 16:25 NEW DELHI/MUMBAI: As crisis-hit PMC bank depositors intensified their protests, the Supreme Court has agreed to hear on Friday an urgent plea seeking directions for interim measures to safeguard the money of customers blocked in the bank. The plea on …
  • PMC Bank assures to protect depositors interest; meets RBI 16 Oct 2019 13:15 MUMBAI: Amid instances of deaths and also a suicide, of depositors, troubled PMC Bank's administrator met RBI brass including Governor Shaktikanta Das on Wednesday. "It was assured that the bank will make all efforts to safeguard the interests of …
  • Bank of Korea warns of weaker growth after cutting rates again 16 Oct 2019 12:21 SEOUL – South Korea’s central bank warned Wednesday that economic growth would be weaker than forecast after cutting its policy rate for the second time this year as a global downturn pummels exports and weighs on prices. Wednesday’s rate cut comes amid a …
  • A Peek Into The Markets: US Stock Futures Down; Bank of America Profit Tops Estimates 16 Oct 2019 11:17 Pre-open movers U.S. stock futures traded lower in early pre-market trade. Data on retail sales for September will be released at 8:30 a.m. ET. Data on business inventories for August and the housing market index for October will be released at 10:00 a.m. …
  • SC to hear plea seeking interim protective measures for insuring PMC Bank customers 16 Oct 2019 10:22 NEW DELHI: The Supreme Court on Wednesday agreed to an urgent hearing on a plea seeking directions for interim protective measures for insuring around 15 lakh people whose money is blocked in the scam-hit PMC Bank. The Punjab & Maharashtra Co-operative …
  • Rana Kapoor’s YES Bank stake falls from 12% to near zero; FIIs, LIC too offloaded it in Q2 16 Oct 2019 09:00 Individual investors emerged the biggest stakeholders in YES Bank at the end of September quarter, even as promoters offloaded nearly half their stake in the private sector lender. Latest shareholding data available with BSE revealed that individual …
  • Another PMC Bank depositer dies, family alleges he was under stress 16 Oct 2019 08:01 Mumbai:  A depositor of the troubled Punjab and Maharashtra Co-operative (PMC) Bank died of a cardiac arrest on Tuesday due to stress, his family in Mumbai has said. Fattomal Punjabi is reportedly the second customer of PMC Bank to die in less than 24 …
  • Bank of Maharashtra files police complaint against spreading rumours 15 Oct 2019 21:42 By PTI NEW DELHI: Bank of Maharashtra on Tuesday said it has lodged a complaint with Pune Police and cyber cell against the circulation of fake news and spreading of rumours about its financial health on WhatsApp, a news site and other social media …
  • All-India Reserve Bank Employees Association wants all cooperative banks under full control of RBI 15 Oct 2019 12:51 By PTI MUMBAI: In the wake of the scam at Punjab & Maharashtra Cooperative (PMC) Bank, the All-India Reserve Bank Employees Association on Wednesday suggested ending the dual jurisdiction of urban cooperatives and bringing them under RBI jurisdiction. …
  • World Bank says India faces severe slowdown, cuts GDP forecast 13 Oct 2019 12:30 By Bloomberg The World Bank cut India’s economic growth forecast by the most among South Asian nations on Sunday, below the outlook pegged by the nation’s central bank for this year, mainly because of a deceleration in domestic demand. India’s gross …
  • Central Bank of India reduces repo-based lending rate by 25 bps 10 Oct 2019 18:54 ET Online| Oct 10, 2019, 06.16 PM IST Getty Images The Central Bank of India announced Thursday that it has reduced the repo-based lending rate on its loans by 25 bps with effect October 10. According to a press release issued by the bank, the interest …