• Indiabulls’ insurance foray may be delayed 18 Jul 2019 20:23 Indiabulls Group’s foray into the insurance sector is likely to get delayed as the insurance regulator is scrutinising the merger proposal of its housing finance arm and Lakshmi Vilas Bank (LVB) to understand its implications on the capital position of the …
  • More than 50 major companies, from Apple to Nintendo, pull production from China because of the trade war 18 Jul 2019 19:46 Throughout the trade war, President Trump has frequently claimed the conflict would force companies to pull their production out of China and move it to the United States. More than a year into it, he’s been proved half-right. More than 50 multinational …
  • ADB cuts India’s FY2020 GDP growth forecast to 7% 18 Jul 2019 19:36 New Delhi, July 18 (IANS) The Asian Development Bank (ADB) on Thursday revised downwards its outlook for India’s GDP growth for the financial year 2019-20 to 7 per cent from its previous forecast of 7.2 per cent due to shortfall in the previous fiscal. …
  • Tweaks in Companies Act to make fundraising easier 18 Jul 2019 19:35 NEW DELHI: Fundraising through various financial instruments may get easier for companies in the days to come with the Union government trying to reduce compliance rigours as part of its 100-day agenda, a person familiar with the development said. The …
  • Letter to BS: Sebi chief must be praised for seeking review of Budget plan 18 Jul 2019 17:06 This refers to “Sebi chief questions Budget plan for transfer of surplus funds to govt” (July 18). Securities and Exchange Board of India (Sebi) Chairman Ajay Tyagi must be praised for seeking a review of the proposal that mandates transferring 75 per cent …
  • Budget does little to provide growth impetus 18 Jul 2019 16:17 'Alas, there is no “big bang” reforms package in this Budget. 'Yes, there are quite a few small improvements proposed across a wide range of sectors and areas, but nothing that would cumulate to a game-changing boost to “animal spirits” that would …
  • Bimal Jalan report: Govt may put more pressure on RBI for cash to meet budget target 18 Jul 2019 15:53 The Bimal Jalan panel has reportedly take a dovish approach to the transfer of Reserve Bank of India's (RBI) 'excess' cash reserves to the government. Reuters Prime Minister Narendra Modi's government may put more pressure on the Reserve …
  • Allahabad Bank report on Rs 688 crore fraud triggers fear of more irregularities 18 Jul 2019 15:53 Allahabad Bank has reported another fraud of Rs 688 crore by a Ludhiana-based textile company on the heels of its admission of Rs 1,775-crore fraud by Bhushan Steel Ltd.twitter The Indian banking sector continues to reel under banking frauds with Allahabad …
  • New amendments to IBC will protect interest of homebuyers: Centre to SC 18 Jul 2019 14:31 New Delhi, Jul 18 () The Centre informed the Supreme Court on Thursday that amendments to the Insolvency and Bankruptcy Code (IBC) give appropriate weightage to homebuyers to protect their interest. The Cabinet on Wednesday cleared the amendments that seek …
  • Nirmala Sitharaman seeks to allay fears on surcharge on super rich 18 Jul 2019 14:05 Indicating no roll back of the income tax surcharge on the super-rich imposed in the budget, Finance Minister Nirmala Sitharaman on Thursday ruled out any adverse impact of it on investor confidence and said the fears of flight of capital are unfounded. …
  • Sebi tweaks disclosure norms for listed banks 18 Jul 2019 14:05 New Delhi: Markets regulator Sebi has revised the disclosure requirements for listed banks regarding divergence in provisioning of assets. The changes made in the disclosure norms are "in line with the revised RBI requirements," the regulator …
  • New Delhi must reform, instead of picking Mumbai’s pocket 18 Jul 2019 13:10 The geographical distance between New Delhi and Mumbai is little more than 1,450 km; but the gap in attitude, priorities and economic thinking is much wider. And drifting farther apart every day. On Thursday, near-identical reports in this newspaper and …
  • IBC amendments will ensure Jaypee stakeholders' interests, Centre tells SC 18 Jul 2019 12:35 The Centre informed the Supreme Court that amendments to the Insolvency and Bankruptcy Code (IBC) would ensure the interest of all stakeholders of embattled real estate firm Jaypee Infratech. This was stated at the hearing on July 18, to the bench of  …
  • Punjab & Sind Bank shares fall over 3 pc after lender flags Rs 238-cr fraud 18 Jul 2019 11:52 New Delhi, Jul 18 () Shares of Punjab & Sind Bank Thursday fell over 3 per cent after the lender reported over Rs 238-crore fraud by Bhushan Power and Steel (BPSL). The scrip declined 3.10 per cent to close at Rs 25 on the BSE. During the day, it fell …
  • Gold eases from two-week high on profit-taking after Fed-driven rally 18 Jul 2019 11:21 Gold fell on Thursday as investors booked profits after the metal hit a two-week high earlier in the session on increased expectations of a dovish monetary policy stance from the US Federal Reserve. Spot gold slipped by 0.4 per cent to $1,421.06 an ounce …
  • Global Stocks Lower on Trade War Fears 18 Jul 2019 11:00 On Wall Street, futures for the Standard & Poor's 500 index and the Dow Jones Industrial Average were down 0.3%. In Asia, the Shanghai Composite Index lost 1% to 2,901.18 and Tokyo's Nikkei 225 tumbled 1.9% to 21,046.24. Hong Kong's Hang …
  • A Peek Into The Markets: US Stock Futures Fall Ahead Of Morgan Stanley Earnings 18 Jul 2019 10:49 Pre-open movers U.S. stock futures traded lower in early pre-market trade, ahead of earnings from Morgan Stanley (NYSE: MS), Honeywell International Inc. (NYSE: HON) and Philip Morris International Inc. (NYSE: PM). Microsoft Corporation (NASDAQ: MSFT) will …
  • WhatsApp payments is close to its launch in India 18 Jul 2019 10:46 WhatsApp is now reportedly in the process of preparing a report to be submitted to the Reserve Bank of India. Facebook is close to launching a payment gateway for the immensely popular WhatsApp application. The company recently wrapped up an audit on its …
  • Global stocks follow Wall Street lower on trade war fears 18 Jul 2019 10:40 BEIJING (AP) — Global stock markets followed Wall Street lower Thursday after President Donald Trump said he could impose more tariffs on Chinese goods and Japan's exports tumbled. Benchmarks in London, Frankfurt, Shanghai and Tokyo all declined. Trump …
  • Yes Bank stabilised in Q1 in terms of asset quality: Ravneet Gill 18 Jul 2019 08:54 We set very clearly defined quantitative goals for ourselves whether it is on the revenue side, the cost side or the asset quality side, says Ravneet Gill, MD & CEO, Yes Bank. Excerpts from an interview with ETNOW. We must acknowledge the fact that the …
  • CARE Ratings sends MD Rajesh Mokashi on leave 18 Jul 2019 08:37 New Delhi, Jul 18 () After ICRA, CARE Ratings has sent its MD and CEO Rajesh Mokashi on leave, pending completion of the examination of an anonymous complaint received by the Securities and Exchange Board of India (Sebi). The company has decided to appoint …
  • Punjab & Sind Bank shares drop over 6% after lender flags Rs 238-cr fraud 18 Jul 2019 07:52 Shares of Punjab & Sind Bank Thursday fell over 6 per cent after the lender reported over Rs 238-crore fraud by Bhushan Power and Steel (BPSL). The scrip sank 6.20 per cent to Rs 24.20 on the BSE. On the NSE, shares cracked 6.39 per cent to Rs 24.15. …
  • Shares of Punjab & Sind Bank, Allahabad Bank drop after lenders report fraud 18 Jul 2019 06:57 The shares of Punjab & Sind Bank and Allahabad Bank on Thursday dropped as much as between 2.7 per cent and 6.4 per cent respectively. Punjab & Sind Bank on Wednesday reported a ₹238 crore ₹ ($34.61 million) fraud to the Reserve Bank of India, …
  • Bank of Korea Unleashes Surprise Rate Cut as Trade Risks Grow 18 Jul 2019 06:53 (Bloomberg) -- The Bank of Korea unexpectedly lowered its benchmark interest rate as the nation’s export slump drags on, joining a growing number of central banks acting to shore up cooling economies. The BOK cut the seven-day repurchase rate to 1.5% from …
  • Yes Bank Tumbles After Profit Misses Estimates on Bad Loans 18 Jul 2019 06:46 (Bloomberg) -- Yes Bank Ltd. shares tumbled as much as 20% after the Indian lender’s profit missed estimates, bad-loan provisions swelled and capital buffers weakened. While the Mumbai-based lender returned to profit in the three months ended June, its …
  • RBI wants audit firm partners under lens to stay off banks 18 Jul 2019 06:43 Mumbai: Audit firm partners who are in the midst of any disciplinary proceedings will be barred from signing the balance sheet of any bank or even engage in the audit process. This is the latest directive to banks from the Reserve Bank of India (RBI) which …
  • YES Bank tanks 15% as June quarter net profit slumps, bad loans mount 18 Jul 2019 05:50 Shares of YES Bank plunged up to 15 per cent to Rs 84 per share iin early morning deals on the BSE on Thursday after the private sector lender reported 91 per cent YoY decline in net profit in the April-June quarter of financial year 2019-20. The stock was …
  • One of the World’s Most Stubborn Central Banks Gives In 18 Jul 2019 05:32 July 18 at 12:49 AM Asia’s most stubborn central bank just reversed course.  With the Federal Reserve all but certain to renew its easing cycle at the end of the month, the Bank of Korea preemptively cut its benchmark interest rate to 1.5% from 1.75%, in a …
  • Jalan panel proposes 'nominal' transfer of RBI funds to govt over 3-5 years 18 Jul 2019 05:24 The Union government may not get the windfall gain it was expecting from the Reserve Bank of India (RBI) reserves as the Bimal Jalan committee, tasked with reviewing the central bank’s economic capital framework, has proposed a “nominal” transfer of …
  • Jalan Panel wants transfer of RBI’s surplus reserves over 3-5 years 18 Jul 2019 04:24 NEW DELHI: A high-level committee set up by the Reserve Bank of India (RBI) on its economic capital framework (ECF) has recommended that surplus reserves held by the central bank be transferred to the government in tranches over three to five years. The …
  • Nearly 30 new car, 20 two-wheeler launches lined up till March 2020 18 Jul 2019 04:14 Passenger vehicle (PV) and two-wheeler sales in the country have been bleak in the past few months, despite inquiries being good, due to poor consumer sentiment. To create excitement among consumers, especially during festivals, car manufacturers have …
  • Allahabad Bank reports about 18 Jul 2019 04:12 New Delhi: State-owned Allahabad Bank on Wednesday said the bank has been hit by a fraud of ₹688.27 crore by SEL Manufacturing and the matter is before the NCLT. "We have to inform that a fully provided non-performing account, SEL Manufacturing Ltd ( …
  • India’s current account balance deficit grew to $68bn in 2018-19: IMF 18 Jul 2019 04:06 United Nations, July 18 (IANS) India’s current account (CA) balance deficit grew to $68 billion in 2018-19 from $49 billion the previous year, according to the International Monetary Fund (IMF), which said the deficit was justified by development needs. …
  • Market pricing in a 50-bps interest rate cut by RBI 18 Jul 2019 04:06 Reuters The fall in India’s bond yield reflects higher probability of interest rate cuts in the near term by the Reserve Bank of India. ET Intelligence group: With the benchmark 10-year bond yield at 20-month low, the Indian bond market has emerged as the …
  • BoB-led lenders, JBF Industries to sign inter-creditor pact 18 Jul 2019 03:11 Mumbai: Lenders led by Bank of Baroda have decided to sign an inter-creditor agreement with Kohlberg Kravis Roberts & Cobacked JBF Industries under a June 7 circular issued by the Reserve Bank of India, said two people familiar with the development. …
  • Best of BS Opinion: Have our institutions responded adequately to frauds? 18 Jul 2019 03:04 Fraud and repayment failures appear to be the flavour of the financial news these days. The system is still reeling from the IL&FS and Dewan Housing mega-failures only for wind power major Suzlon to default on a $172 million bond issue and Punjab and …
  • A new mandi tax 18 Jul 2019 01:19 Pulses growth could mean India may have to import less by 2030. (Express) One of the 2019-20 Union Budget’s less-discussed proposals, having significant implications for agricultural trade, is the levy of a 2% TDS (tax deducted at source) on cash …
  • IMF to start selecting new leader as Lagarde formally submits resignation 18 Jul 2019 01:17 WASHINGTON, July 17, (Xinhua/GNA) - International Monetary Fund (IMF) Executive Board said Tuesday that it will initiate promptly the process of selecting the next managing director, after Christine Lagarde announced her resignation from the IMF …
  • Jalan panel to recommend transfer of surplus RBI reserves to govt in tranches 17 Jul 2019 19:36 New Delhi: The Bimal Jalan panel that was set up to review the economic capital framework of the Reserve Bank of India (RBI) has decided to recommend transfer of surplus reserves to the government in a staggered manner over three-five years based on a …
  • Letter to BS: Reinvent the financial sector, no use lamenting the past 17 Jul 2019 18:28 This refers to “Not home alone” by Anup Roy (July 17). The article has raised relevant questions on the duality of control over financial institutions including banks and non-banking financial corporations (NBFCs) at the ground level and answered them …
  • Singapore based First Degree to buy Essel para banks 17 Jul 2019 18:16 MUMBAI: Singapore-based First Degree Global Asset Management is said to have signed a binding agreement to buy two financial services firms owned by Essel Group promoter Subhash Chandra, two people with direct knowledge of the deal told ET. The asset …
  • Allahabad Bank reports SEL Manufacturing's $100 million fraud 17 Jul 2019 18:14 Reuters| Updated: Jul 17, 2019, 08.49 PM IST BCCL Earlier this month, Allahabad Bank had flagged a $259 million fraud by bankrupt steelmaker Bhushan Power & Steel Ltd. BENGALURU: India's Allahabad Bank Ltd on Wednesday reported a 6.89 billion …
  • Postal deposits may not be as big a threat for banks as perceived 17 Jul 2019 18:14 KOLKATA: While established banks fear flight of deposit to small savings if they lower deposit rates, India Post that now operates as a bank is actually struggling to garner small savings. Although fresh mobilisation of small savings was 30% higher in FY19 …
  • Govt floats idea for Aadhaar-like database for mapping citizen health 17 Jul 2019 18:04 The government has proposed mapping health data of citizens and building a National Digital Health Mission (NDHM) on the lines of the Aadhaar database, and set up ‘digital health’ as public infrastructure. In a detailed National Digital Health Blueprint, …
  • After PNB, Punjab & Sind Bank detects Rs-238 cr fraud by Bhushan Power 17 Jul 2019 16:40 Punjab & Sind Bank (PSB) said on Wednesday it has reported a Rs 238 crore ($34.58 million) fraud to the country's central bank, relating to allegations of diversion of funds by the indebted Bhushan Power & Steel Ltd. Earlier this month, Punjab …
  • YES Bank reports 91% decline in net profit in Q1FY20 at Rs 114 cr 17 Jul 2019 16:40 YES Bank reported a 91 per cent decline in its net profit at Rs 113.8 crore in the April-June quarter (Q1) of 2019-20 (FY20) because of a mark-to-market provisioning of Rs 1,109 crore for bad loans and decline in non-interest income. In the same quarter of …
  • Punjab & Sind Bank flags fraud in Bhushan Power account 17 Jul 2019 15:46 BENGALURU: Punjab & Sind Bank (PSB) said on Wednesday it has reported a 2.38 billion rupee ($34.58 million) fraud to the country's central bank, relating to allegations of diversion of funds by the indebted Bhushan Power & Steel Ltd. Earlier …
  • Here is why RSS economic wing is opposing PM Modi's plan for foreign currency bonds 17 Jul 2019 15:30 India's plan to borrow from overseas currency market by issuing foreign currency bonds has run into nationalist hurdle with the Rashtriya Swayamsevak Sangh (RSS) economic wing Swadeshi Jagran Manch (SJM) voicing its objections to the move.Reuters …
  • India's Allahabad Bank reports SEL Manufacturing's $100 mln fraud 17 Jul 2019 14:59 BENGALURU, July 17 (Reuters) - India’s Allahabad Bank Ltd on Wednesday reported a 6.89 billion rupees ($100.1 million) fraud related to textile company SEL Manufacturing Ltd to the Reserve Bank of India. The fraud is already being heard by the country' …
  • India's Punjab & Sind Bank flags fraud in Bhushan Power account 17 Jul 2019 13:43 (Adds background, details on provisioning) BENGALURU, July 17 (Reuters) - India’s Punjab & Sind Bank (PSB) said on Wednesday it has reported a 2.38 billion rupee ($34.58 million) fraud to the country’s central bank, relating to allegations of diversion …
  • NPA troubles continue for Yes Bank; June net down 92 pc 17 Jul 2019 13:40 The bank's fresh slippages at Rs 6,232 crore nearly doubled if compared to the Rs 3,408 crore in the previous quarter. Mumbai: Private lender Yes Bank's June quarter net plummeted 92.44 per cent to Rs 95.56 crore on a consolidated basis due to a Rs …
  • India's Punjab & Sind Bank flags $34.6 mln fraud 17 Jul 2019 13:30 BENGALURU, July 17 (Reuters) - India’s Punjab & Sind Bank said on Wednesday it has reported a 2.38 billion rupee ($34.58 million) fraud to the Reserve Bank of India, relating to allegations of diversion of funds by the indebted Bhushan Power & …
  • After Market: DCB Bank cracks 16%, YES Bank 5%; 94 stocks ready to rise 17 Jul 2019 13:24 NEW DELHI: Indian equity benchmarks extended their winning run into the third consecutive session on Wednesday, supported by gains in shares of bank, IT and NBFC firms. Analysts said bank stocks jumped on the expectation of possible transfer of RBI reserve …
  • A Peek Into The Markets: US Stock Futures Edge Higher; Bank of America Posts Mixed Q2 Results 17 Jul 2019 11:44 Pre-open movers U.S. stock futures traded slightly higher in early pre-market trade, ahead of earnings from Citigroup Inc. (NYSE: C) and Wells Fargo & Co. (NYSE: WFC). Data on housing starts and permits for June will be released at 8:30 a.m. ET. Kansas …
  • ‘Budget ensures vigilance, short-term liquidity for NBFCs’ 17 Jul 2019 10:49 Mumbai, July 17 (IANS) The proposed full Budget 2019-20 ensures strong vigilance and short-term liquidity for non-bank finance companies (NBFCs) and housing finance companies (HFCs), ratings firm India Ratings and Research said on Wednesday. Accordingly, …
  • Transfer of RBI reserves to Govt: Jalan panel to submit its report soon 17 Jul 2019 09:40 The Bimal Jalan Committee on Economic Capital Framework will soon submit its report to the Reserve Bank of India Governor, Shaktikanta Das. Based on the recommendations, it will be decided what share of RBI’s reserves should be transferred to the …
  • Bimal Jalan panel favours transfer of excess RBI reserves to government 17 Jul 2019 09:22 New Delhi: The Bimal Jalan panel set up to review the economic capital framework of the Reserve Bank of India has decided to recommend transfer of excess reserves to the government over a period of three to five years based on a pre-determined formula. …
  • Is it a turning point for Yes Bank? 17 Jul 2019 07:13 Mumbai: It has mostly been downhill for the country's fourth largest private lender Yes Bank since April 26, when it reported its first-ever financial loss in the March quarter. Since the quarterly results, bank's shares have declined over 50 per …
  • Polycab India, RVNL: 6 out of 7 IPOs listed in 2019 trade above issue price 17 Jul 2019 07:13 At a time when the mid-and small-cap counters are struggling to find their feet and the fund mobilisation via the initial public offer (IPO) route hit a four-year low in the first half of calendar year 2019 (H1CY19), stocks of six out of the seven …
  • Facebook moves closer to launching WhatsApp payment service in India 17 Jul 2019 04:45 BANGALORE: Facebook Inc. is moving a step closer to launching its long-delayed WhatsApp payments service in India after wrapping up an audit of related data practices, according to people familiar with the matter. The payments offering has been in beta …
  • Digital payment companies seek compensation from govt for losses due to zero merchant fee 17 Jul 2019 04:30 BENGALURU: The Payments Council of India, an industry body that represents nonbanking payments service providers (PSPs), is seeking compensation from the government for losses incurred while processing online payments, in its attempt to escalate the debate …
  • 'Several problems about India borrowing overseas' 17 Jul 2019 04:26 'The most important thing is that the psychological signal it is giving to the markets and international markets,' says former finance secretary Arvind Mayaram. IMAGE: India's ministry of finance in New Delhi. Photograph: ANI Photo One of the …
  • RBI rejects appointment of Ashwani, Ashok Mehta 17 Jul 2019 03:24 By Express News Service NEW DELHI:  The RBI has rejected Religare Enterprises’ proposal to appoint Ashok Mehta and Ashwani Mehta to its board, the company informed the stock exchanges on Tuesday.  “The Reserve Bank of India vide its letter dated July 15, …
  • Facebook may soon open debut WhatsApp payment service in India 17 Jul 2019 02:53 Social media giant Facebook is close to opening a new WhatsApp payment system in India after dealing with an audit problem, local media reported. The debut of the Facebook-owned cross-platform messaging application in the nation was reportedly delayed by …
  • JSW Steel seeks immunity from litigation against Bhushan Power 17 Jul 2019 02:29 Kolkata | Mumbai: JSW Steel has sought immunity from future litigations against Bhushan Power & Steel for any illegal activity under the previous management amid reports of alleged bank fraud by former promoters of the troubled company undergoing debt …
  • Facebook May Soon Open Debut WhatsApp Payment Service in India - Reports 16 Jul 2019 23:11 Asia & Pacific 01:34 17.07.2019(updated 01:37 17.07.2019) Get short URL MOSCOW (Sputnik) - Social media giant Facebook is close to opening a new WhatsApp payment system in India after dealing with an audit problem, local media reported. The debut of …
  • We hope to come out of PCA this year: Indian Overseas Bank CEO Karnam Sekar 16 Jul 2019 20:15 Indian Overseas Bank (IOB) has been under Prompt Corrective Action (PCA) for almost four years from 2015, since when it has been suffering losses. The bank is trying to return to profit and come out of PCA. Karnam Sekar, who took over as managing director …
  • RBI rejects proposed appointment of ex-interim CEO, other on Religare's board 16 Jul 2019 16:40 New Delhi, Jul 16 () Religare Enterprises said Tuesday that the Reserve Bank of India has rejected proposed appointment of two persons to the company's board of directors. "The Reserve Bank of India vide its letter dated July 15, 2019 has …
  • Sensex closes above 39,000 mark, Yes Bank gains 14 pc 16 Jul 2019 14:45 Mumbai (Maharashtra) [India], July 16 (ANI): Equity traded with a positive bias on Tuesday as investors shrugged off trade data release a day earlier while hoping for an additional interest rate cut by the Reserve Bank of India (RBI) next month. The BSE SP …
  • Rate cut expectations, foreign demand boost India bonds to 2016 highs 16 Jul 2019 13:32 Sovereign Indian debt streaked ahead, sending benchmark yields to 30-month lows, amid growing expectations of deeper rate cuts by the Reserve Bank of India and increased foreign demand. The yield on 10-year bonds declined nine basis points to 6.34 per cent …
  • A Peek Into The Markets: US Stock Futures Edge Lower Ahead Of Citigroup, Wells Fargo Earnings 16 Jul 2019 11:36 Pre-open movers U.S. stock futures traded slightly lower in early pre-market trade, ahead of earnings from Citigroup Inc. (NYSE: C) and Wells Fargo & Co. (NYSE: WFC). Data on retail sales for June and import prices for June will be released at 8:30 a.m …
  • Central bankers are sick of rescuing the world economy alone 16 Jul 2019 11:29 By William Horobin and Simon Kennedy Global central bankers are again in the driving seat when it comes to propping up the world economy, but many are demanding governments join them in the rescue effort. Amid slowing global growth, the Federal Reserve, …
  • EM assets edge higher ahead of U.S. data 16 Jul 2019 09:12 Emerging markets assets crept higher on Tuesday as investors stayed on the sidelines ahead of U.S. economic data that could provide clues for future monetary policy. MSCI’s emerging market index tracking equities was marginally higher, lifted by gains in …
  • Did you know American Express was the pioneer of metal credit card? 16 Jul 2019 07:19 Debt can be dangerous, warns William Shakespeare in his play ‘The Merchant of Venice’. The perils of succumbing to the wiles of easy capital are manifold. Loans can go sour. The cost of repayment can exceed the amount borrowed. But four centuries since his …
  • Mercator Ltd completes restructuring of revised terms of $16 mn FCCBs 16 Jul 2019 06:50 Mercator Ltd had earlier announced about the receipt of Reserve Bank of India (RBI) approval for the restructuring of US$ 16 Million Foreign Currency Convertible Bonds ('FCCBs') which was related to the outcome of the Postal Ballot convened …
  • Bhushan Power fraud: Allahabad Bank stocks end 7% lower 16 Jul 2019 06:10 New Delhi: The shares of Allahabad Bank closed 7.74 per cent lower on Monday after the bank during the weekend reported a Rs 1,774.82 crore fraud by the now-insolvent Bhushan Power & Steel Ltd (BPSL). The stocks, however, somewhat recovered after it …
  • RBI levies Rs 7 crore fine on SBI for non-compliance of norms 16 Jul 2019 06:10 Mumbai: The Reserve Bank of India on Monday said that it has imposed a penalty of Rs 7 crore on State Bank of India for non-compliance of several norms. "This action is based on deficiencies in regulatory compliance and is not intended to pronounce …
  • RBI fines SBI Rs 7 crore, Union Bank Rs 10 lakh for violations 16 Jul 2019 04:48 MUMBAI: The Reserve Bank of India (RBI) has fined State Bank of India (SBI) and Union Bank of India Rs 7 crore and Rs 10 lakh respectively for non-compliance with directions. SBI has been penalised for non-compliance with directions issued by the RBI on …
  • India's five most influential and successful women in finance 16 Jul 2019 03:06 (MENAFN - NewsBytes) India's five most influential and successful women in finance 16 Jul 2019 The world of finance used to be seen as an industry only for men for the longest time. However, that has changed in the last few years. Today, there are a …
  • India's sovereign bond yields may drop to lowest since 2009: Deutsche Bank 15 Jul 2019 20:20 Deutsche Bank AG is predicting a big decline in India’s sovereign bond yields to levels last seen in 2009. The yield curve is pricing in a deeper trough on policy, with expectations of more rate cuts from the Reserve Bank of India and a change in the way …
  • The tortuous path of corporate finance in India 15 Jul 2019 19:11 With India’s development strategy relying increasingly on private investors across industrial and infrastructural categories, the question of how private investment would be financed has moved to centre stage. This question has gained in significance not …
  • India's services receipt in May rises 15.5% to $18.68 billion 15 Jul 2019 17:03 PTI| Jul 15, 2019, 08.52 PM IST BCCL On a month-on-month basis, the services imports in May rose by 9.6 per cent from $11.4 billion in April 2019. Mumbai: India's receipts from exports of services rose 15.5 per cent to $18.68 billion in May this year, …
  • Capital re-flows into EMs starting Q1 of 2019, 11 months after fleeing: CBE 15 Jul 2019 16:47 Capital flows to emerging markets (EMs) has resumed since the first quarter (Q1) of 2019, 11 months after its outflow from these markets, the Central Bank of Egypt (CBE) announced in its Monetary Policy Report. The direction of capital flows depends on the …
  • Allahabad Bank tanks 15% after reporting Rs 1,775 cr fraud by Bhushan Power 15 Jul 2019 16:25 Shares of Allahabad Bank tanked 15 per cent to Rs 40 on the BSE on Monday's early morning trade after the state-owned lender on Saturday reported fraud of Rs 1,775 crore by Bhushan Power and Steel to the Reserve Bank of India (RBI). “On the basis of …
  • PTC India Financial Services Ltd updates on CRISIL rating 15 Jul 2019 16:18 CRISIL has assigned its 'Provisional CRISIL AA+(SO)/Stable' rating to Non-Convertible Debentures (NCDs) to be issued by PTC India Financial Services Limited (PFS; rated 'CRISIL A+/Stable/CRISIL A1+'). This is the first rated …
  • MDR waiver to boost UPI payments, may hit earnings of banks, PoS providers 15 Jul 2019 15:15 The waiver of merchant discount rate (MDR), a charge borne by merchants on digital payments, has left the industry divided. Experts and industry participants Business Standard spoke to are of the opinion that the move incentivises a pocket of customers ( …
  • RBI imposes penalty of Rs 7 crore on State Bank of India 15 Jul 2019 14:42 This penalty has been imposed in exercise of powers vested in RBI under the provisions of section 47A (1)(c) read with sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949 (the Act), read a statement by the central bank. ET Online| Jul 15, 2019, …
  • RBI imposes Rs 10 lakh penalty on Union Bank of India 15 Jul 2019 14:24 By PTI MUMBAI: The Reserve Bank of India (RBI) on Monday said it has imposed a penalty of Rs 10 lakh on Union Bank of India for non-compliance with the directions on cybersecurity framework. The penalty was imposed on July 9, 2019, according to an RBI …
  • Low inflation in India may be a sign of something far worse 15 Jul 2019 14:10 By Anirban Nag India’s policy makers are hailed for slaying the inflation dragon. But there’s a dark side to that success. After posting double-digit inflation rates at the start of the decade, consumer-price growth has steadily declined over time to hover …
  • Citi opens bank earnings season; SEC ponders authority over Libra 15 Jul 2019 12:40 Breaking News ... Citi earnings Citigroup's income was up 7% in the second quarter, compared to the same period a year ago, while profit was $4.8 billion, up from $4.49 billion a year ago. Per-share earnings of $1.95, beat the $1.81 analysts had …
  • S R Batliboi & Co resigns as statutory auditor for IndusInd Bank 15 Jul 2019 12:03 Chartered accountancy firm S R Batliboi & Co has resigned as statutory auditor of the private sector lender IndusInd Bank. IndusInd Bank has appointed Haribhakti & Co as statutory auditor for the financial year 2019-20, subject to approval from the …
  • A Peek Into The Markets: US Stock Futures Up Ahead Of Empire State Index 15 Jul 2019 11:26 Pre-open movers U.S. stock futures traded higher in early pre-market trade. The Empire State manufacturing index for July is schedule for release at 8:30 a.m. ET. New York Federal Reserve Bank President John Williams is set to speak in New York at 8:50 a.m …
  • Allahabad Bank updates on CBI action against Bhushan Power and Steel Ltd 15 Jul 2019 10:17 On the basis of Forensic Audit Investigation findings and CBI filing FIR, on suo moto basis, against the Company and its Directors, alleging diversion of funds from banking system by the Bank's borrower namely Bhushan Power and Steel Ltd. (BPSL), a …
  • RBI's new app will read out the denomination of currency notes 15 Jul 2019 07:27 NEW DELHI: The Reserve Bank of India (RBI) will soon come out with a mobile app that will read out the denomination of currency notes for the visually-challenged population. The central bank has started the process of scouting for a vendor that can develop …
  • Bhushan Power fraud: Allahabad Bank down 11% 15 Jul 2019 07:09 Mumbai: In reaction to the Rs 1,774.82 crore Bhushan Power & Steel Ltd (BPSL) fraud that Allahabad Bank reported in the weekend, its scrips fell by over 11 per cent during the early trade on Monday. At 9.22 a.m., the state-run Allahabad Bank was …
  • Allahabad Bank plunges 15% on reporting Rs 1,775 crore fraud 15 Jul 2019 05:52 Shares of Allahabad Bank declined nearly 15 per cent on Monday after the lender on Saturday reported a fraud of over Rs 1,774 crore by Bhushan Power and Steel to the Reserve Bank of India. The scrip slipped as much as 14.52 per cent to Rs 40.30 in early …
  • Quarterly AUM of mutual fund industry at Rs 25.51 lakh crore at Q1-end 15 Jul 2019 05:16 The quarterly average assets under management (AUMs) of Indian mutual fund industry totalled Rs 25.51 lakh crore at the end of Q1 FY20 (April to June) as against Rs 24.48 lakh crore at the end of Q4 FY19 (January to March), according to the Association of …
  • Allahabad Bank slumps; reports alleged fraud by bankrupt steelmaker 15 Jul 2019 05:12 Shares of state-run Allahabad Bank slump as much as Rs 14.4 per cent to Rs 40.35. This has been their biggest intra-day percentage loss since November 13, 2018. The bank, on Saturday, became the second state-owned bank to report a major alleged fraud by …
  • India’s June inflation hits eight-month high but rate cut still possible 14 Jul 2019 20:15 India’s retail inflation hit a eight-month high in June on higher food prices, but stayed below the central bank’s target, potentially giving it room for a further interest rate easing to boost slowing growth. Annual retail inflation in June was 3.18 …
  • Thomas Cook refutes allegations of a forex enquiry 14 Jul 2019 13:14 Travel services provider Thomas Cook has refuted allegations that an investigation is underway concerning its forex business breaching the Rs 14.7 crore foreign exchange reserve mark at the Cochin International Airport. As per vernacular media reports, the …