Page 812 - Finance News

Ban on LoUs by RBI will have disruptive impact, raise cost of credit: CII

PHD Chamber President Anil Khaitan said banning of these instruments is not a solution to curb malpractices or scandals

RBI bars banks from issuing LoUs after Nirav Modi, Choksi fraud at PNB

Letters of credit (LCs) and guarantees would continue to be issued like before if they meet certain criteria

Axis Bank to be able to process payments over WhatsApp soon

The bank also termed Unified Payments Interface (UPI) as a huge opportunity

PNB issued 1,213 fake LoUs to Nirav Modi's firms since March 2011: Jaitley

Executives at PNB's Brady House branch in Mumbai had started issuing LoUs to foreign branches of Indian banks from March 5, 2011

'Name & shame' defaulters by making their pictures public: Govt to banks

Lending institutions shall formulate a policy with the approval of their board of directors which clearly set out the criteria for publication of photographs of wilful defaulters

What advance tax PNB will pay on March 15? Concern for I-T dept

I-T officials have questioned PNB Manging Director and Chief Executive Sunil Mehta and other officials to determine how the LoUs were recorded in the bank's books

Objective criteria followed in liberalising 80:20 gold import scheme: Rajan

Earlier, only banks and PSUs like MMTC and STC were allowed to import gold for domestic use under the 80:20 scheme

Uncertain times in bond market casting shadow on economy

Yields on the 10-year bond rose about 70 basis points in the December quarter, causing nominal losses of at least Rs 150 billion to banks

SBI slashes charges for non-maintenance of average minimum balance

SBI has reduced the penal charges for non- maintenance of AMB in the metros and urban centres from a maximum of Rs 50 per month

Public sector banks agree to govt terms for Rs 800-billion recap bonds

The Rs 800-billion recapitalisation bonds will have a tenure of 10-15 years and would carry a coupon rate in the range of 7.35-7.68%

SBI shuts 4.11 mn savings accounts for not keeping average monthly balance

SBI has reduced the penal charges for non- maintenance of AMB in the metros and urban centres from a maximum of Rs 50 per month

RBI says no objection, clears IndusInd Bank-Bharat Financial merger

The merger will be effected through an all-stock transaction of BFIL into IndusInd through a Composite Scheme of Arrangement

PNB fraud swells to well above $2 bn; RBI bans LoUs: Top 10 developments

In a major decision, RBI on Tuesday banned banks from issuing Letters of Undertaking (LoUs)

HDFC bank blocks all its cards to buy or trade in cryptocurrencies

The move comes after multiple warnings by the RBI and the finance ministry on the non-fiat virtual currencies

PNB discloses Rs 9.42 bn additional exposure in Nirav Modi, Choksi fraud

The new disclosure takes PNB's overall exposure in the still unravelling fraud case to well over the $2 billion mark

PNB fraud fallout: RBI stops use of LoUs for trade credit for imports

The RBI said the decision to discontinue the practice of LoUs and Letters of Comfort (LoCs) for trade finance comes into force with immediate effect

Why RBI may not cut key policy rates in 2018 despite dip in inflation

SBI said that the 'best is yet to come' and the RBI's inflation targets will be undershot by up to 0.50 percentage points

RBI to keep rates on hold as CPI inflation to rise 4.7% in FY19: Report

Following easing of retail inflation in Feb, there's industry clamour for rate cut next month to maintain growth momentum

SBI slashes penalty for not maintaining minimum balance from Rs 50 to Rs 15

The charges for non-maintenance of AMB for customers in metro and urban centres have been reduced from a maximum of Rs 50 per month to Rs 15, excluding GST

PNB will pay lenders Rs 60 bn that Nirav Modi owes, but with conditions

Nirav Modi and his uncle Mehul Choksi have allegedly defrauded the PNB and other banks of Rs 127 billion