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About 17 results for "foreign lender rsquo"

2 Kochhar firms had combined loss of Rs 162.25m in FY17
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2 Kochhar firms had combined loss of Rs 162.25m in FY17

This was the companies’ highest loss in two years. Two India-registered companies belonging to Rajiv Kochhar, brother of ICICI Bank managing director and chief executive Chanda Kochhar's husband, Deepak Kochhar, suffered combined losses of Rs 16.25 million in 2016-17, their highest in four years. The Avista Advisory group, a Singapore-based company owned by Rajiv Kochhar, is said to have helped ICICI clients in restructuring their foreign loans. On Thursday, the Central Bureau of ... Rediff.com, 2 weeks ago
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PNB reports Rs 11,400 cr fraud involving jeweller Nirav Modi, suspends 10

While PNB did not name the other lenders, Union Bank of India, Allahabad Bank and Axis Bank are said to have offered credit based on letters of undertaking (LOUs) issued by PNB. Foreign bank branches too are under investigation.  State-owned Punjab National Bank on Wednesday said it has detected a USD 1.77 billion (about Rs 11,400 crore) scam where billionaire jeweller Nirav Modi allegedly acquired fraudulent letters of undertaking from a branch in Mumbai to secure overseas credit from ...
 Rediff.com2 months ago PNB scam: Senior Nirav Modi official Vipul Ambani arrested  Rediff.com2 months ago
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Banks don't want changes in MCLR calculation: RBI

Banks argued that loans of most lenders are funded primarily by retail deposits and not from the wholesale market as was the practice abroad Banks are opposed to the move to link marginal cost-based lending rate (MCLR) to an external, market-linked benchmark, the Reserve Bank of India (RBI) has revealed in a rare dissemination of feedback on its website.   While it is standard practice for RBI-appointed committees to prepare their reports and seek feedback, those are not publicly ...
 Rediff.com2 months ago
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Has bull market entered the last lap?

After the peak of the rally, the ‘champion sectors’ tend to underperform or perform in line with the market The Indian market has been adding to last year’s stellar gains but the frenzy may not last long, said Ambit Capital in a report titled Here comes the final frenzy.   The domestic brokerage has spotted three tell-tale signs that signal an end to the rally - the pause in the rally seen at the fag-end of 2016; further spike in financial stocks, the torch-bearers of ...
 Rediff.com2 months ago
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Canara Bank to shut three overseas branches

And will sell its 50 per cent stake to State Bank of India in Russia as part of rationalisation of overseas branch network. Canara Bank will close its three foreign branches - Leicester (UK), Bahrain, and Shanghai - and sell its 50 per cent stake to State Bank of India (SBI) in Russia as part of rationalisation of overseas branch network.   Rakesh Sharma, bank’s managing director and chief executive officer, told Business Standard that the board of directors had given a nod for ...
 Rediff.com1 week ago
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India Inc will find it difficult to raise loans above Rs 250 cr from PSBs

Public sector banks have decided to improve their risk-management systems Illustration: Uttam Ghosh/Rediff.com Public sector banks (PSBs) will discourage multiple banking arrangements for companies with exposure of more than Rs 250 crore in the banking system and will move all such loans under the consortium of banks for better monitoring.   “In case of multiple banking arrangements there is no discipline. There will, preferably, be consortium lending for loans above Rs 250 ...
 Rediff.com1 month ago
Rediff.com

PNB fraud hits banks' loan disbursal to India Inc

With the management of most State-owned banks hardly having time to concentrate on big-ticket business, growing the business of loan disbursals has been pushed down the priority order. Loan disbursals to India Inc are taking a hit at this crucial time of fiscal year end, as banks, especially public sector lenders, have turned defensive in the aftermath of the Punjab National Bank fraud. The assessment of the impact of the new framework for restructuring of stressed assets is also taking ...
 Rediff.com1 month ago
Rediff.com

PNB to provide for Rs 60 bn loss this quarter for NiMo scam

'The due date for LoUs amounting to Rs 60 billion is falling in the present quarter. This will be a contingent liability for the bank,' said a senior executive, on condition of anonymity. Punjab National Bank may have to provide for around Rs 60 billion in losses in this quarter due to the Rs 127 billion scam related to the fraudulent Letters of Undertaking (LoUs). “Our preliminary estimates show we may have to provide for around Rs 60 billion in the balance sheet for the quarter ending ...
 Rediff.com1 month ago
Rediff.com

Narendra Murkumbi quits as vice chairman, MD of Shree Renuka Sugars

IMAGE: Narendra Murkumbi. Photograph: Courtesy, Shree Renuka Sugars' website. Murkumbi will continue to retain his post till the stipulated notice period of 90 days or completion of open offer by Wilmar, whichever is later. Narendra Murkumbi, founder promoter of Shree Renuka Sugars Ltd, has resigned as vice-chairman and managing director after foreign partner Wilmar International increased its stake in the company to 39 per cent from 27 per cent. Wilmar will now have to make an open ...
 Rediff.com1 month ago
Rediff.com

Employees colluded in LoU scam, PNB chief admits to ED

According to ED sources Sunil Mehta said the fraud took place due to “systemic failure” and “procedural lapses”, owing to lack of interface or proper links between the core banking software and the SWIFT interbank messaging system.  Forward Bloc’s youth wing members protest in front of the Punjab National Bank zonal office in Kolkata. Photograph: Swapan Mahapatra/PTI Photo. Punjab National Bank’s managing director and chief executive, Sunil Mehta, ...
 Rediff.com1 month ago
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