Corporation Bank Q4 loss at ₹ 1,838 cr

Corporation Bank registered a loss of ₹ 1,838.39 crore during the fourth quarter of 2017-18 as against a net profit of ₹ 159.98 crore in the correspon

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How PNB is battling Nirav Modi and his companies in a US bankruptcy court

Citing a series of questionable actions by three of the companies that had filed for Chapter 11 protection, the bank has asked a US court to appoint a Trustee to oversee the entire bankruptcy process

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PSU general insurers told to shore up capital levels

The solvency ratio represents the ratio of the company’s own capital to the risk that it is exposed to and is equivalent to the capital adequacy ratio for banks.

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US Justice Department arm may oversee Nirav Modi firms’ bankruptcy process

After PNB appeal, US trustee’s office also seeks intervention to preserve assets

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Videocon loan case: ICICI Bank, Kochhar get notices from SEBI

Market regulator seeks response on alleged non-compliance with erstwhile listing pact

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IDBI Bank Q4 loss widens to ₹5,660 cr on higher provisioning for bad loans

Bank claims most of its outstanding NPAs have been recognised

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Lenders must be proactive in getting the maximum value for assets via IBC: Sahoo

Corporate insolvency and assets restructuring professionals believe the Insolvency and Bankruptcy Code, 2016 (IBC) could be used more effectively to

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Lakshmi Vilas Bank records ₹622-cr loss on huge rise in NPAs

Our BureauLakshmi Vilas Bank reported a net loss of ₹622 crore for fourth quarter ended March 31, 2018, against a net profit of ₹52 crore for the co

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KVB Q4 net nosedives to ₹50.56 cr

Our BureauKarur Vysya Bank has reported a sharp decline in its net profit for the quarter ended March 2018 at ₹50.56 crore against ₹217.56 crore duri

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KVGB posts ₹102-cr net profit in FY18

Our Bureau Karnataka Vikas Grameena Bank (KVGB), a regional rural bank headquartered in Dharwad, registered a net profit of ₹102.29 crore for 2017-18

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Deteriorating asset quality paints a dismal picture

Sharp rise in provisioning led to the loss

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Bank of Baroda posts ₹3,102-cr loss in Q4

Bank plans to raise additional capital of ₹10,000 crore

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Bank of Baroda posts Rs 3,102 crore loss in Q4 as bad loans surge

State-owned Bank of Baroda (BoB) today reported a net loss of Rs 3,102.34 crore for the January-March quarter of 2017-18 due to higher provisioning for mounting bad loans.

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Bank of Baroda posts Rs 3,102 crore loss in Q4 as bad loans surge

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As Indian PSU banks’ losses mount, will the Modi government increase bailout size?

Thirteen state banks have reported combined losses of $8.6 billion for the year to March - including $6.5 billion in the last quarter - and their non-performing loans have surged nearly a fifth from end-December levels.

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IDBI Bank’s net loss widens to Rs 5,663 cr in Q4

The PSU bank reported widened net loss at Rs 5,662.76 crore in the quarter ending March 2018 due to higher provisioning for non-performing assets (NPAs).

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Videocon case: Sebi notice to Chanda Kochhar

Appropriate response would be submitted to the Sebi, the country's largest private bank said in a stock exchange filing.

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IDBI Bank net loss widens to Rs 5,663 cr in Q4

State-owned IDBI Bank has reported widening of net loss to Rs 5,662.76 crore in the quarter ended March 2018 due to higher provisioning for non-perf

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IBC not being used to full extent; CoCs need to do more: Sahoo

Objective of the bankruptcy law is to resolve an insolvency and revive an asset for collective good and not to maximise value for a chosen few, Inso

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A $35 billion blunder! Deutsche Bank’s 2nd gaffe in four years

Earlier to the $35 billion payments error in March this year, Deutsche Bank AG had mistakenly sent 21 billion euros to Macquarie Group Ltd. as collateral for an over-the-counter derivatives trade in March 2014.

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Karur Vysya Bank Q4 net falls 77% to ₹50.56 cr

The bank’s net profit for the financial year March 31, 2018, fell by 42.95 per cent

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PNB tries to block Nirav in US

Proceedings in the US bankruptcy court in the Southern District of New York are shining a tiny light on a tiny part of the ₹14,000-crore fraud played

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City Union Bank Q4 profit up 18% at ₹152.12 crore

 Kumbakonam-based City Union Bank reported an 18 per cent increase in net profit to ₹152 crore for the fourth quarter ended March 31, 2018, against ₹1

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India Inc’s external borrowing to remain flat in FY19

A third of the ECBs were used for refinancing earlier borrowings, while 18 per cent for on-lending

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Airtel Payments Bank appoints Anubrata Biswas as MD and CEO

Airtel Payments Bank on Thursday said that it has appointed Anubrata Biswas as its Managing Director and Chief Executive Officer. Biswas fills the pos

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Non-life insurers gross premium up 14% at Rs 13,881 crore in April

Of the 33 non-life insurance firms, 25 are general insurers, six are standalone private players and two are specialised public sector undertakings.

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ECBs seen slightly lower at $25-30 billion in FY19

A third of the ECBs were used for refinancing earlier borrowings, while 18 per cent for on-lending

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ESAF Small Finance Bank posts ₹27 cr profit for FY18

Kerala-based ESAF Small Finance Bank has posted a profit of ₹27 crore in the first full year of operations ending March 2018. The bank had earned a

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United Forum of Bank Unions demands better wage offer

Bank unions call for 2-day nationwide strike from May 30

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Airtel Payment names Anubrata Biswas as CEO

Airtel Payments Bank on Thursday said that it has appointed Anubrata Biswas as its Managing Director and Chief Executive Officer.Biswas fills the posi

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Muthoot Fincorp plans scale-up

Muthoot Fincorp, the flagship company of the Muthoot Pappachan group, plans to open 200 retail branches to add to the 3,500 it already runs, Chairman

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Sundaram Finance Holdings logs ₹15.16 cr profit in Q4

In its first year of operations after de-merger of Sundaram Finance’s non-financial services investments into Sundaram Finance Holdings, the latter r

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CSC, SIDBI ink pact for financial support to village level entrepreneurs

Small Industries Development Bank of India (SIDBI) will provide financial support to village level entrepreneurs who operate the Common Service Cent

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Bank unions call for two-day nationwide strike from May 30

Employees and officers of various state-run banks have called for a two-day nationwide strike from May 30 to protest a nominal 2 per cent wage hike offered by the Indian Banks' Association (IBA).

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Bank unions call for two-day nationwide strike from May 30

Bank employees and officials are protesting the nominal 2 percent wage hike offered by the Indian Banks' Association.

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Airtel Payments Bank appoints ex-ICICI executive Anubrata Biswas as MD, CEO

Prior to joining Airtel Payments Bank, Biswas was the joint general manager and retail business head - South India, for ICICI Bank and was responsible for managing the retail banking business across over 550 branches of the bank.

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Bank unions call for two-day nationwide strike from May 30

Employees and officers of various state-run banks have called for a two-day nationwide strike from May 30 to protest a nominal 2 per cent wage hike

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Banks to offer basic SB deposit accounts to all customers under financial inclusion initiative

The RBI has directed all the banks to offer Basic Savings Bank Deposit accounts as part of its efforts to further its financial inclusion objectives.

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PNB fraud: ED files charge sheet against Nirav Modi, associates

The ED today filed its first charge sheet in the over USD 2 billion PNB fraud case involving diamantaire Nirav Modi and his associates, officials said.

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Paytm Bank to fan out 1 lakh ‘mobile bankers’ across India in a year

Remember the humble postman who was the single-point contact of remote villages of Bharat with the rest of the world in the pre-globalization India,

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PNB fraud: ED files chargesheet against Nirav Modi, associates

The Enforcement Directorate today filed its first chargesheet in the over $2-billion PNB fraud case involving diamantaire Nirav Modi and his associa

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PNB fraud: ED files charge sheet against Nirav Modi, associates

The charge sheet also details the attachments made by the agency against Modi and his associates in the last few months after it first registered an FIR in this case on February 14.

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Bank credit grows at 12.64%, deposits at 7.61%

Banks’ credit grew by 12.64 per cent year-on-year to ₹85,51,099 crore in the fortnight ended May 11, 2018, according to an RBI data. In the similar

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Government move to clear IBC amendments to expedite NPA cases: Ficci

Enabling MSME promoters to bid for their companies under the IBC resolution process will help in speedy resolution in a large number of cases, said Rashesh Shah, President, Ficci.

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City Union Bank posts 18% rise in net profit at ₹ 152.12 cr

Private sector lender City Union Bank has reported an 18.04 per cent rise in net profit at ₹152.12 crore for the quarter ended March 31, 2018. The T

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Massive! Deutsche Bank said to mull 10,000 job cuts and retreating from equities markets across the world

Deutsche Bank AG is considering 10,000 job cuts and retreating from equities markets across the world as part of a sweeping overhaul by Chief Executive Officer Christian Sewing, people familiar with the matter said.

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HDFC Bank clocking Rs 1,000 cr in digital loan sales; launches online loans against mutual funds

The digital alternative will reduce time taken to pass a loan to a up to three minutes as against the current time of up to six days, he said, adding that even getting the money through redemption takes up to three days.

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DHFL upbeat on affordable housing segment

Even as banks shy away from lending to the real estate sector for fear of mounting non-performing assets, Dewan Housing Finance Corporation (DHFL) has

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Core group on Ind AS for NBFCs to meet on Friday

NBFCs keen on deferring the plan by 1 year

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HDFC Bank clocking Rs 1,000 cr in digital loan sales; launches online loans against MFs

The private sector lender launched the new product offering today in association with CAMS, which controls 65 per cent of the market share.

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Worst for PSBs over; 'pain' for couple of quarters okay: Financial services secretary Rajiv Kumar

Financial services secretary Rajiv Kumar said the government will provide capital support to public sector banks (PSBs) and not allow any one of them to default.

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Paytm Bank to create 1 lakh ‘mobile bankers’ in a year

Remember the humble postman who was the single-point contact of remote villages of Bharat with the rest of the world in the pre-globalisation India,

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New India Assurance to offer cover for Indian ships

A first in Protection & Indemnity insurance

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Worst for PSBs over; ‘pain’ for couple of quarters okay, says Financial services secretary Rajiv Kumar

Scam-hit Punjab National Bank had posted a net loss of Rs 13,416.91 crore for the March quarter. In private sector, ICICI Bank last month reported halving of income in the quarter, while Axis Bank posted its first-ever loss.

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Gunit Chadha gets NHB's approval for housing finance business

APAC Housing Finance, as part of APAC Financial Services, will be headed by Harpreet Singh, who had experience in setting up housing finance business in India.

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India's banking system witness bad loan pain as NPAs rose to more than Rs 7.31 lakh crore

For private banks too NPAs have spiked in March 2018 after moderating in December 2017.

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Usha Financial Services posts 4-fold growth in revenue

Usha Financial Services, trading under the name Cash Suvidha, has witnessed a four-fold growth in revenue for the financial year 2017-18.  In Q4, the

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HDFC Bank to offer Digital Loans against mutual funds

Customers can now pledge mutual fund assets online and get overdraft limit set in their account in under 3 minutes, the bank claimed.

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Andhra Bank posts Rs 2,636 cr loss on higher provisioning for bad loans

Total income down by six per cent at Rs 5,093 crore

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India to ensure state banks meet minimum capital requirements: Government official

New Delhi will not allow lenders to default under any circumstances, Kumar said even though he maintained that the amount of capitalisation sanctioned by government for banks was sufficient.

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Bigger say for home buyers in Modi government's bankruptcy code tweak

A 14-member Insolvency Law Committee had made suggestions to the Ministry of Corporate Affairs, including addressing woes of home buyers and making recoveries easier for lenders.

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‘India to ensure state banks meet minimum capital requirements’

India will ensure that all its State-run lenders meet their minimum capital requirements as mandated by the country’s central bank, a top government

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Aegon ‘iTerm' plan offers life cover up to 100 years

Aegon Life Insurance recently launched the ‘iTerm' plan offering insurance cover up to 100 years. According to Aegon, the product was launched keepin

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Barclays exploring possible merger with Standard Chartered

Barclays Plc has been exploring a potential merger with rival banks including Standard Chartered Plc, as part of wide-ranging contingency plans being weighed by senior board members following pressure from an activist investor, the Financial Times reported.

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SBI net loss widens to over ₹7,700 crore in Q4

Hit by higher loan loss provisions and wage arrears

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SBI to sell stake in SBI General Insurance, SBI Card and SBI Capital Market soon, says State Bank of India’s chairman Rajnish Kumar

State Bank of India's chairman Rajnish Kumar today said the lender is looking at selling stakes in some of its subsidiaries over the next two years.

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India Inc foreign borrowing jumps over 2-fold to $3.92 bn in April

India Inc raised USD 3.92 billion from overseas markets in the first month of the current financial year, up more than two-times from a year-ago period.

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SBI to sell stake in SBI Gen, SBI Card and SBI Caps soon: Chairman Rajnish Kumar

The bank is planning to sell its stake in SBI General Insurance, SBI Card and SBI Capital Market, State Bank of India's chairman Rajnish Kumar said today.

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More days of pain ahead for SBI

The long watch-list to the tune of ₹25,800 cr opens the possibility of more slippages in the coming quarters

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United India Insurance posts ₹1,003-crore profit in FY18

Cuts underwriting losses by almost half

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SBI to rope in strategic partner for capital market arm

Bank plans to rejig overseas operations

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SBI chief says RBI bad loan directive will discipline state and central government

The RBI on February 12 directed banks to refer defaulting companies to bankruptcy court if a resolution is not put in place within 180 days of default.

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State Bank of India sees rebound after record $1.1 billion Q4 loss

SBI, which accounts for more than a fifth of India's banking assets, said it aims to grow loans at an annual average of 12 percent through March 2020.

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How surging bad loans have forced banks to keep increasing provisions

In value terms, the NPAs of these 26 banks were Rs 7.31 lakh crore and have increased by Rs 2.5 lakh , says rorIn value terms, the NPAs of these 26 banks were Rs 7.31 lakh crore and have increased by Rs 2.5 lakh crore this year over March 2017,e this year over March 2017,

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Record $1 billion loss signals ‘Happy Year’ for SBI

State Bank of India, the country’s largest lender by assets, joined its private peers in shrugging off losses as investors believe the lenders have finally got a handle on bad loans.

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Rupee reverses two-day fall against US dollar, up 8 paise

The rupee today staged a mild recovery after two sessions of decline and edged higher by 8 paise to end at 68.04 against the US dollar on fresh selli

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CII-IBA financial conditions index for Q1FY19 declines to 51.2

Overall decline attributed to fall in external financial linkages index and funding liquidity index

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SBI biggest beneficiary of Bhushan Steel sale to Tatas

The other banks which will get major share of the sales proceeds include Punjab National Bank (Rs 700 crore), Canara Bank (Rs 600 crore) and Bank of India (Rs 500 crore).

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SBI’s Q4 net provisioning is six times than HDFC Bank’s Q4 net profit

India's largest lender by assets SBI on Tuesday reported its highest-ever quarterly loss of Rs  7,718.17 crore for the January-March period of the financial year finished 31 March 2018 as compared to a standalone net profit of Rs 2,814.82 crore in the same period of the previous fiscal.

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HSBC black money list: ED seizes Rs 20.87 crore assets of Dabur’s Pradip Burman

The ED today said it has seized assets worth Rs 20.87 crore of Dabur group Director Pradip Burman in connection with its FEMA probe in the HSBC bank black money list unearthed few years ago.

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Markets stall five-day losing streak as state-run banks outperform

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SBI Q4 Results 2018: Net loss widens to Rs 7,718 crore as NPA provisions surge two-fold; shares rally 6%

SBI Q4 Results 2018: India's largest bank by assets and third-largest by market capitalisation State Bank of India (SBI) on Tuesday reported a standalone net loss of Rs 7,718.17 crore for the quarter ended 31 March 2018 as bad loan provisioning surge more than two-fold as compared to same quarter last year.

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India’s Bankruptcy Board chief does not want IBC to be used at all; here’s why

Days after the successful Rs 36,400 crore buyout of debt-ridden Bhushan Steel by a Tata Group company, Bankruptcy Board chief MS Sahoo said that the best use of the Insolvency and Bankruptcy Code (IBC) is not to use it at all.

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SBI net loss widens to Rs 7,718 cr in Q4

State Bank of India's net loss widened to Rs 7,718 core in the fourth quarter ended March 31, 2018 against Rs 3,442 core in the year-ago quarter. Tot

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IDBI Bank appoints Addl Directors

 IDBI Bank’s board has approved the appointment of Samaresh Parida and N Jambunathan as Additional Directors with immediate effect. Parida, a qualifie

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Services to be impacted on May 30-31 if bank unions go on strike, says SBI

The country's largest lender SBI today said its services may be impacted on May 30-31 if the proposed strike by various bank employees' unions take place.

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Moody’s downgrades PNB’s deposit ratings

Concludes review of public sector bank post Nirav Modi-led fraud announcement

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BOB launches SME loan facility in NCR

Our Bureau To cater to the needs of the MSME segment in the National Capital Region, Bank of Baroda on Monday launched its first ‘Integrated SME Loan

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Goldman Sachs expects RBI to keep policy rates on hold at June meeting

KR Srivats Goldman Sachs Research expects the RBI to keep policy rates on hold at its meeting on June 4-6, but shift to a hawkish tone.The central ba

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Rupee remains vulnerable to new lows; strong dollar keeps it under pressure

Gurumurthy K The rupee has been volatile in the past week. The outcome of the Karnataka elections dragged the rupee to 68.14 last Tuesday. However

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Services to be impacted on May 30-31 if bank unions go on strike: SBI

The bank unions have been pressing for various demands, including wage revision in the wake of the proposal for a 2 per cent hike in salary.

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AU Small Finance Bank to raise ₹1000 cr from Temasek firm Camas

Our Bureau The board of Jaipur-headquartered AU Small Finance Bank has approved the issuance of 43,30,441 fully paid-up equity shares of face value of

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‘Cash is not going to go away; its use has risen post demonetisation’

But the payment landscape is expanding, says chief of payment solutions firm AGS

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First big bankruptcy success hands Rs 35,200 crore to banks

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PNB scam: Ex MD of bank was aware of fraud, says CBI

Former MD and CEO of the Punjab National Bank Usha Ananthasubramanian and some other senior bank officials were aware of the "fraudulent" dealings with diamond merchant Nirav Modi but kept "misleading" the RBI, the CBI has alleged in its charge sheet.

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Former MD of PNB was aware of Nirav Modi fraud, says CBI

A special CBI court today permitted the CBI to issue fresh non-bailable warrants against Nirav Modi, his brother Nishal and an executive of the Nirav Modi Group Subhash Parab.

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Finmin not seeking relaxation of RBI’s PCA framework, PSBs told to focus on core biz

The finance ministry is not seeking any relaxation from RBI in its prompt corrective action (PCA) framework and has instead asked banks to adopt dif

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DHFL eyes 30 per cent growth in disbursements in FY’19

DHFL eyes 30% growth in disbursements New Delhi, May 21 Dewan Housing Finance Corporation Ltd (DHFL) is eyeing 30 per cent growth in disbursements thi

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Dhanlaxmi Bank board suggests names for CEO post, RBI yet to respond

The bank’s board is against extending a fresh term to current incumbent Sreeram, who is said to be not on the best of terms with the other board members.

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Nirav Modi faces fresh action in PNB fraud case: ED attaches assets worth Rs 170 cr of absconding diamantaire

The Enforcement Directorate took fresh action against Nirav Modi and attached assets worth Rs 170 crore of the absconding diamantaire in connection with its money laundering probe in the over USD 2 billion PNB fraud case, officials said today.

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BNPM gets green nod to increase bank note paper production

The approval is subject to compliance of certain conditions including developing greenbelt in 33 per cent of the project area.

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PNB fraud: ED attaches Rs 170-crore assets of Nirav Modi

Last week, the agency had seized over 34,000 pieces of jewellery worth Rs 85 crore from Gitanjali Group, owned by Nirav Modi's uncle and jeweller Mehul Choksi, also wanted in this case.

from Banking/Finance-Industry-The Economic Times https://ift.tt/2IymVBQ

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Just a third of credit-worthy consumers tapped by banks: Report

Even after the increased focus on retail lending for a decade, banks and other lending institutions have been able to tap only into a third of the e

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Banks can lend to 15 crore more people: Report

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Just a third of credit-worthy consumers tapped by banks: Report

This leaves financiers with 150 million consumers who are eligible for credit but are untapped, credit information company Transunion Cibil said in its report today.

from Banking/Finance-Industry-The Economic Times https://ift.tt/2wXAaq2

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1st big bankruptcy success hands $5.2 billion to bankers

More than $15 billion of steel assets are up for auction, according to S&P, part of the $210 billion of stressed assets estimated to be held by Indian banks.

from Banking/Finance-Industry-The Economic Times https://ift.tt/2GCkRml

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Moody’s downgrades PNB rating

Moody’s has downgraded PNB’s rating following the assessment of the negative impact of frauds on its capital.

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Faircent.com receives NBFC-P2P certification from RBI

P2P lending platform Faircent.com has received NBFC-P2P certification from the Reserve Bank of India. The accreditation makes Faircent.com the first P

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Adani Group makes investment of Rs 500 crore in lending arm

Privately funded by the promoter group, the company has started full-fledged operations with 200 employees in 19 branches spread across Gujarat and Maharashtra.

from Banking/Finance-Industry-The Economic Times https://ift.tt/2IQw9sr

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IDBI Bank appoints two independent directors on its board

IDBI Bank said its board has approved appointment of two new independent directors following the resignation of two board members last week. The boa

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Rs 13,000 crore PNB Scam update: Punjab National Bank refuses to disclose details under RTI

The bank was asked to provide details of inspection that resulted in detection of the fraud and provide copy of inspection reports.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2rZcj3s

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CBI may approach Interpol for red corner notice against Nirav Modi

The CBI is likely to approach Interpol for a Red Corner Notice against absconding billionaire jewellers Nirav Modi and Mehul Choksi who are allegedly the brains behind the over $2 billion scam in Punjab National Bank, agency sources said.

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Bank of Baroda consolidates operational activities at GIFT City

Operational services such as retail loan processing, deposit account opening, forex transactions, call center, among others have been migrated to the SSC.

from Banking/Finance-Industry-The Economic Times https://ift.tt/2rTPFKC

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PNB refuses to disclose details on over Rs 13,000 cr scam

In reply to an RTI query, the state-owned bank also declined to share copy of inspection reports related to the scam.

from Banking/Finance-Industry-The Economic Times https://ift.tt/2IxwroH

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Wilful defaults by PNB's big borrowers jump to Rs 15,200cr by April-end

The bank which posted a record loss of more than Rs 13,400 crore for the last quarter of 2017-18 closed the fiscal with big wilful defaults of Rs 15,171.91 crore.

from Banking/Finance-Industry-The Economic Times https://ift.tt/2Lhebxy

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Punjab National Bank’s trouble: Wilful defaults by big borrowers slip further to Rs 15,200 crore

State-run Punjab National Bank (PNB) saw wilful defaults by big borrowers slipping further to Rs 15,199.57 crore in April this year over the previous month, soon after suffering a record loss of more than Rs 13,400 crore for January-March due to frauds and bad loans.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2kedvwp

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Wilful defaults by PNB’s big borrowers slip further to Rs 15,200 cr by April

State-run Punjab National Bank (PNB) saw wilful defaults by big borrowers slipping further to Rs 15,199.57 crore in April this year over the previou

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