Page 92 - Banking Sector

SBI to sell two NPA accounts next month to recover dues of Rs 60 cr

SBI has invited bids for two NPA accounts with outstanding dues of nearly Rs 60 crore. "In terms of the bank's policy on sale of financial assets, in line with the regulatory guidelines, we place these accounts for sale to ARCs/ banks/ NBFCs/ FIs, on the terms and conditions indicated there against," SBI said in a sale notice. The bank has put up for sale the accounts of N S Engineering Projects, with loan outstanding of Rs 36.98 crore, and Chinteshwar Steels Pvt Ltd, which owes Rs 22.72 crore to SBI. The reserve price for these non-performing assets (NPAs) for the purpose of sale has been fixed at Rs 17.19 crore and Rs 10.50 crore, respectively. The e-auction for these two accounts will take place on July 7, 2021. The interested asset reconstruction companies (ARCs)/ banks/ non-banking financial companies (NBFCs) / financial institutions (FIs) can conduct due diligence of these assets with immediate effect, after submitting expression of interest and executing a non-disclosure ..

HDFC Bank says working with RBI for restarting banned services

In December 2020, the RBI took the unprecedented step of stopping the largest private sector lender from selling any new credit cards and also launching new digital services

CBI books Ruchi Global, its directors for Rs 188 crore bank fraud

The CBI has filed an FIR against Ruchi Global Limited and its directors for allegedly cheating a consortium of banks led by Bank of Baroda to the tune of Rs 188.35 crore, officials said on Wednesday. The agency carried out searches at the premises of the accused at six locations in Indore, Mumbai and Bangalore, they said. The agency has booked Ruchi Global Limited and its directors Umesh Shahra, Saket Barodia and Ashutosh Mishra in the case pertaining to the alleged fraud between January 1, 2016 and December 31, 2017. It is alleged that the accused fraudulently indulged in diversion of funds, speculation transactions, non-routing of sale proceeds in consortium bank accounts, transactions with related parties/sister concerns, etc., the CBI spokesperson said in a statement. The company was doing business with related entities having a common address with directors being employees of the accused company, Bank of Baroda alleged in its complaint, which is now part of the CBI FIR. It is

Total haircut of 95.85% to all the creditors in Videocon resolution plan

VIL shares have been rising on the exchanges for the past few days after the announcement of Anil Agarwal's resolution plan.

Canara Bank to be lead sponsor of bad bank, to pick up 12% stake

Bad bank refers to a financial institution that takes over bad assets of lenders and undertakes resolution.

BoB to offer flexible working model to employees; focus on mobile banking

This is aimed at striking a work-life balance and productivity enhancement in the long run.

Indian Overseas Bank fourth quarter profit rises over 2-folds to Rs 350 cr

The bank had posted a net profit of Rs 143.79 crore in the same period a year ago.

Bank of India allots shares to govt for Rs 3,000 crore capital infusion

State-owned Bank of India on Friday said it has allotted preference shares to the government for Rs 3,000 crore capital infusion. The bank has allotted 42,11,70,854 fresh equity shares of Rs 10 each to the government (promoter) at Rs 71.23 per share, amounting to Rs 3,000 crore through preference issue, Bank of India said in a regulatory filing. Shares of the bank closed 0.37 per cent up at Rs 80.45 apiece on BSE.

'Not an expert': SC declines to pass order on loan moratorium amid Covid

The top court said the courts are not experts in financial matters

Global bank regulators plot toughest capital regulation for bitcoin

Bitcoin and other cryptocurrencies are currently worth around $1.6 trillion globally

SBI-controlled RRBs see four-fold jump in net profit at Rs 1,004 cr in FY21

As a planned strategy to diversify the portfolio, RRBs expanded their housing loans by 20.35 per cent, while gold loans grew 91.73 per cent

India offers huge potential for digital challenger banks, says report

But currency depreciation and local regulations are concerns for foreign investors: Report

Bank of Baroda to sell 46 NPA accounts to recover Rs 597 crore

State-owned Bank of Baroda will conduct an e-auction of as many as 46 NPA accounts later this month to recover dues of Rs 597.41 crore. The lender, in a notification, said it intends to sell these NPA accounts to asset reconstruction companies (ARCs) / banks / NBFCs or other financial institutions (FIs) on 100 per cent cash basis, for which the e-auction will take place on June 21, 2021. The major NPA accounts put up for sale include Meena Jewels Export & Meena Jewellers Export (Rs 60.76 crore); Crystal Cable Industries (Rs 57.49 crore); J R Foods Ltd (Rs 41.60 crore); Shree Raghuvanshi Fibres (Rs 27.38 crore); Kaneri Agro Industries (Rs 24.69 crore); Man Tubinox (Rs 24.28 crore) and Aryans Educational and Charitable Trust (Rs 20.79 crore). The last date for submission of expression of interest is June 19, the bank said, adding the completion of due diligence will take place on the same day. "E-bidding timings will be from 11.30 AM to 12.30 PM with unlimited extension of 5 minutes

State-owned banks getting ready for privatisation may come out with VRS

VRS is not forced exit but option for those who would like to take early retirement

Equities offer best risk-reward in current environment: Validus Wealth CIO

He tells Ashley Coutinho, in an interview, that a quicker-than-expected reversal in easy monetary conditions could sap the liquidity that has elevated asset price valuations

Reserve Bank imposes penalty on Bank of India, PNB totalling Rs 6 crore

The RBI on Monday imposed penalty aggregating to Rs 6 crore on Bank of India and Punjab National Bank for contravention of norms

Hopeful to come out of PCA framework very soon, says UCO Bank MD

The government in the last round had infused Rs 14,500 crore of equity in Central Bank of India, Indian Overseas Bank, Bank of India, and UCO Bank

With borrowers unable to service loans, shadow banks are in for more pain

The bulk of the NBFC business is cornered by the top ten players, and they include several state-run entities.

Expect Rs 6K-cr loans to be restructured: PNB MD & CEO Mallikarjuna Rao

Under restructuring 1.0, PNB received requests for restructuring Rs 11,000 crore in corporate, retail, and MSME loans.

Taxation of startup exits needs a revisit: 3one4 Capital's Pranav Pai

The taxation policy disincentivises Indian capital from investing in local startups in two ways