Ashok Kapur family backs Yes Bank’s new management

Extending full support to the new management, Yes Bank’s single-largest shareholder and co-promoter, the late Ashok Kapur’s daughter Shagun Gogia said the issues of governance and transparency are fully dealt with now. Gogia, who was recently inducted to the board of the troubled private sector lender, also said her family was fine with lowering their shareholding below the present 8.33 per cent in case a big investor comes on board at the end of the ongoing capital-raising exercise. Continue Reading

NT compiles a list of major financial crimes that shocked India

Ever since Punjab and Maharashtra Cooperative Bank (PMC Bank) crisis unfolded, citizens across India are worried by the mounting financial stumbles that have plagued our nation as our economy continues to stumble downward. In this article, News Today compiles a list of major white-collar crimes that rocked our country. Continue Reading

SBI lowers rates on non-repo-linked loans

State Bank of India (SBI) announced reduction in its marginal cost of fund based lending (MCLR) rate by 10 basis points across all tenors, effective 10 October. This is the sixth time that the country’s largest lender has cut its MCLR or minimum lending rate in the current financial year. The rate reduction is not applicable to the repo-linked loans. Continue Reading

RBI forms working group to assess regulatory framework for CICs

The central bank said there is a need to strengthen the corporate governance framework of CICs. The six-member working group is to be headed by non-executive chairman, Central Bank of India, and former secretary, Ministry of Corporate Affairs, Tapan Ray. Continue Reading

Moody’s finds hurdles in RBI’s new framework for stressed asset resolution

Moody’s Investors Service Monday said the Reserve Bank’s new prudential framework for stressed asset resolution is ‘credit positive’, but flagged the slower-than-expected progress of resolution under Insolvency and Bankruptcy Code as a key hurdle. Continue Reading

Bank credit to infra sector grows 18.5% to Rs 10.55L crore

Outstanding bank credit to the sector was Rs 8.91 lakh crore as at March 2018. In the fiscal year ended March 2013, loans to infrastructure sector had grown by 15.83 per cent to Rs 7.29 lakh crore. Continue Reading

Complete de-duplication of Indian data by year end: Mastercard

Global payments giant Mastercard has started to delete transactions data of Indian consumers from US-based servers, and saving the same in India, from this month and expects to complete the de-duplication exercise by this year-end, a top official said. Continue Reading

Second tranche of forex swap sees RBI raise $5bn

The Reserve Bank has said it has raised $5 billion through the second tranche of the forex swap auctions, which saw an increased response – nearly over three-times the offer of $5 billion at $18.65 billion – from banks compared to the maiden auctions on held on 26 March. Continue Reading

RBI for allowing fintechs to test regulatory sandbox

A regulatory sandbox (RS) usually refers to live-testing of new products or services in a controlled and test regulatory environment for which regulators may or may not permit certain regulatory relaxations for the limited purpose of the testing. Continue Reading

RBI to examine Indiabulls, LVB merger proposal

The statement comes amidst report that the presence of two nominee directors of the Reserve Bank of India (RBI) on the board of Lakshmi Vilas Bank implies the central bank’s indirect approval of the proposal. Continue Reading