Loan Recovery

Gensol Engineering says its loan accounts declared as fraud by Ireda

Gensol Engineering on Tuesday said the company's loan accounts have been declared as 'fraud' by the state-owned finance institution IREDA. The company filed its clarification before stock exchanges following reports that IREDA has declared the loan accounts of Rs 673 crore of Gensol as 'fraud' and reported the matter to the Reserve Bank of India. "The contents of the said reports are factually correct and are based on the aforesaid order issued by IREDA," Gensol Engineering said. Indian Renewable Energy Development Agency Limited (IREDA) is a non-banking financial institution under the Ministry of New and Renewable Energy (MNRE), which has been engaged in promoting, developing and extending financial assistance for setting up projects related to new and renewable energy.

Indian Bank aims to recover up to ₹5,500 crore from bad loan in FY27: MD

Public sector lender Indian Bank is targeting up to Rs 5,500 crore from the recovery of bad loans during the current financial year. "The recovery made during the first quarter was Rs 1,885 crore, and the aim is to garner Rs 4,500 crore to Rs 5,500 crore under this head in FY27," Indian Bank MD and CEO Binod Kumar told PTI in an interaction. Of this, the Chennai-based bank hopes to realise Rs 500 crore during the ongoing financial year from cases listed before NCLT. Asked about the foreign currency deposit mobilisation drive started last month, he said the bank has collected USD 140 million till July 9. "My plan is to raise around USD 2 billion in FCNR (B) deposits till September. It may seem high, but I already have a pipeline of USD 1 billion," he said. Indian Bank currently offers interest rates varying from 5.5-6.5 per cent on FCNR (B) deposits depending on tenure and amount. In a bid to attract foreign currency deposits by Non-Resident Indians (NRIs), Overseas Citizens of In

NCLT declares Congress' Naseer Ahmed insolvent over ₹1,455 cr loan default

Naseer and his family argued that they had not provided a direct guarantee to the banks, and insolvency proceedings could not be initiated against them

Loan recovery norms: Tough to get agents in small towns, say NBFCs

The NBFC self-regulatory organisation said the limited availability of certified recovery agents in smaller towns could affect the viability of small-ticket lending operations

RBI allows lenders to disable financed mobiles in loan default cases

The RBI has proposed allowing lenders to restrict financed mobile devices in loan default cases, while mandating safeguards, borrower notices and compensation for wrongful action

Draft norms for recovery agents seek higher accountability for banks

The earlier defence that misconduct was the agent's independent act may not work in the future

Rate cuts may impact margins by up to 5-10 bps: PNB MD Ashok Chandra

PNB expects to recover over ₹400 crore from MTNL and up to ₹500 crore through NPA sales this quarter, as the bank sharpens its focus on asset recovery and balance-sheet strength

Smartphone loan defaults rise after RBI stops remote locking of devices

At the October 2025 Monetary Policy Committee meeting, RBI Governor Sanjay Malhotra said the central bank was still studying the mechanism and checking its advantages and disadvantages

Trump admin relents, to resume student loan forgiveness for millions

The White House reached an agreement with the AFT last week to restart student loan forgiveness for eligible borrowers under 'Income-contingent' and 'Pay as you earn' plans

'Centre has failed people of Kerala': HC on Wayanad disaster loan refusal

The Kerala High Court slammed the Centre for refusing to waive loans for Wayanad landslide victims and ordered banks to stop recovery until further notice

RBI likely to grant lenders greater authority for small loan recovery

Last year, the Reserve Bank of India asked lenders to halt locking phones of defaulting borrowers

No Sarfaesi protection for tenants without proof of tenancy before mortgage

The Supreme Court rules that tenants cannot claim Sarfaesi Act protection unless they can show tenancy began before the property was mortgaged

'I'm not a chor, I didn't run': Vijay Mallya defends himself after 9 years

Breaking his silence after nine years, Vijay Mallya apologised to Kingfisher staff, denied being a 'chor', and said he may return to India if assured a fair trial

Dealing with recovery agents: Know your rights, study RBI guidelines

Escalate complaint to bank grievance officer, ombudsman, and finally consumer court

HDFC Bank to sell Rs 10k cr in loan portfolios via pass-through certificate

HDFC Bank will use a rare debt instrument known as pass-through certificates to sell loan portfolios worth up to Rs 10,000 crore ($1.2 billion)

Climate events influence actions of central banks, says RBI DG Rao

Rao said that such events can destroy assets funded by institutional finance, thereby harming the financial health of these institutions

Allahabad HC summons ICICI Bank chairman over employing recovery agent

Allahabad High Court has asked ICICI Bank chairman to personally appear before the court and file an affidavit to explain why the bank used collection agents despite a Supreme Court prohibition

Corporate affairs ministry probing Chinese cos linked to mobile loan apps

The corporate affairs ministry is probing various Chinese companies, especially those with links to loan apps, for alleged violations and some of the investigations are at an advanced stage, according to a senior official. In recent times, Indian authorities have been cracking down on entities that are operating loan apps illegally and the ministry has also been acting against companies and related individuals for hiding beneficial ownership. The senior official told PTI that enquiries by the ministry are going on against various Chinese companies, especially those linked to loan apps, and some of the enquiries are at an advanced stage. The ministry, which is implementing the companies law, is mainly looking at whether frauds have been committed at these companies and some of the cases are being probed by the Serious Fraud Investigation Office (SFIO), the official said. Further, the official said that the ministry receives complaints from the Reserve Bank of India (RBI) and the ...

JM Financial Q3 results: Profit rises 46% to Rs 278 cr, NPAs stand at 4.5%

JM Financial on Monday posted a 46 per cent rise in net profit to Rs 278 crore in the December quarter on the back of robust revenue growth. In a statement, the company said both its topline at Rs 1,261 crore, which is more than 33 per cent over the same period last fiscal, and the bottomline at Rs 278 crore are the highest quarterly numbers. A large contributor to the topline was equity broking where average daily turnover jumped 50 per cent to Rs 42,644 crore. From the credit side, the loan book expanded 49 per cent year-on-year to Rs 1,759 crore. The overall loan book declined to Rs 15,111 crore from Rs 15,234 crore year-on-year and from Rs 15,808 crore sequentially. During the quarter, recoveries stood at Rs 405 crore, the company said, adding that gross Non-Performing Assets (NPAs) stood at 4.5 per cent as against 3.6 per cent in the year-ago period, while net NPAs were flat at 2.2 per cent.

BoB withdraws Sunny Deol's villa auction notice, cites technical reasons

Reversal in decision comes within a day of the initial auction notice for the actor's Juhu property