• India’s factory recovery stumbled in November as COVID-19 fears remain 02 Dec 2020 19:44 India's manufacturing recovery faltered in November as coronavirus fears weighed on demand and output, prompting firms to cut jobs for the eighth month in a row, a survey showed. Asia's third-largest economy and the second most affected country by …
  • 11 banks face capital shortfall despite deferral provisioning facility 02 Dec 2020 17:20 11 banks face capital shortfall despite deferral provisioning facility Eleven banks have failed to meet the minimum capital requirement despite the central bank’s deferral facility on keeping their provisioning against defaulted loans. Of them, seven are …
  • India’s quest to fix its payments puzzle 02 Dec 2020 16:51 The scale and speed at which these American companies (and a few Chinese firms, now banned) have established dominance in so many businesses troubles politicians and regulators who have tried to address their fears by calling for data localisation, …
  • RBI Monetary Policy: Here's what to expect from the December meeting 02 Dec 2020 15:38 The members of the Reserve Bank of India's fifth bi-monthly monetary policy Committee began their three-day meeting today, and are expected to announce the outcome on Friday that is 4th December.The MPC is meeting at a time when the Indian economy is …
  • IDBI Trustee appeals RBI to reconsider move to write-off tier 2 bonds 02 Dec 2020 14:38 IDBI Trusteeship Services has written to the Reserve Bank of India requesting them to reconsider its decision to write-off tier 2 bonds worth Rs 318 crore. The trusteeship which manages a large portion of bonds that have been subscribed by LVB investors …
  • Indian economy to see positive growth in fourth quarter of current fiscal: Niti Aayog VC 02 Dec 2020 13:40 NEW DELHI: The Indian economy is coming out of the pandemic-induced degrowth and GDP growth will enter the positive territory in the fourth quarter of this fiscal, Niti Aayog Vice Chairman Rajiv Kumar said on Wednesday. In an interview to PTI, Kumar also …
  • Investors are dumping their bonds at a discount to avoid an LVB-like fate 02 Dec 2020 13:12 Another broker said that investors had put large sums of money in bonds of small banks but now want to sell these and park money in bonds of government owned banks and large private lenders. Brokerages ET spoke with said that they have received several …
  • Banks want RBI to extend recast window till March 31, 2021 02 Dec 2020 12:54 Indian Banks Association (IBA) has made a representation to the Reserve Bank of India (RBI) to extend the restructuring window outlined by the KV Kamath committee by another three months to March 31, 2021, two people familiar with the development said. The …
  • View: An urgent need for a cross-border insolvency framework 02 Dec 2020 12:21 Covid-19 may create stress on External Commercial Borrowings (ECB) and guarantees issued for overseas borrowings of Indian corporates. The consequences will not only be bitter for the corporates but also for the larger fraternity of creditors in India, in …
  • Investors are overlooking this one thing, major bank says as it sets 4,000 target on S&P 500 02 Dec 2020 11:38 Even in this most turbulent of years, some seasonal traditions persist — like the publishing of sell-side year-ahead outlooks. Barclays on Tuesday released a 109-page tome, but the result will look familiar — the U.K. bank expects stocks to go up. Barclays …
  • A Peek Into The Markets: US Stock Futures Down; UK Approves Pfizer's Covid-19 Vaccine 02 Dec 2020 11:11 Pre-open movers U.S. stock futures traded lower in early pre-market trade after the S&P 500 and Nasdaq index surged to record highs in the previous session. Pfizer Inc (NYSE: PFE) and its German partner BioNTech SE (NASDAQ: BNTX) said Wednesday they …
  • India's Nifty hits record closing high, Sensex slips 02 Dec 2020 10:51 By Reuters Staff BENGALURU (Reuters) - India’s Nifty 50 notched a record closing high on Wednesday, buoyed by hopes for a COVID-19 vaccine and an eventual economic recovery, even though losses in financial stocks amid a top court hearing on loans under …
  • RBI expected to maintain rates on elevated inflation levels: Brickwork Ratings 02 Dec 2020 09:51 The Reserve Bank of India (RBI) is expected to maintain a rate pause in the upcoming Monetary Policy Committee meet, considering elevated inflation levels, Brickwork Ratings said on Wednesday. As per the agency, to support economic activity, which was …
  • Manas National Park in Assam Awarded for Doubling Tiger Population 02 Dec 2020 09:14 Assam’s Manas National Park jointly received the Tx2 Tiger Conservation Excellence Award with Royal Manas National Park, Bhutan for their contribution in increasing the tiger population. Manas has shown the world that doubling tiger numbers is possible, …
  • ATM withdrawal, Money Transaction Rules Changed, Details Inside 02 Dec 2020 07:13 Many rules pertaining to your online transactions and your ATM cash withdrawal are going to change. While there will be new timings for Real Time Gross Settlement System (RTGS), Punjab National Bank will have One Time Password (OTP) based cash withdrawal …
  • Coronavirus live news: England enters tier system after lockdown as US hospitalisations surge 02 Dec 2020 06:45 1.42am EST 01:42 Katharine Murphy Meanwhile in Australia, the economy rebounded in the September quarter, but the Reserve Bank governor is warning the recovery from the pandemic will be uneven, bumpy and protracted. Gross domestic product through the year …
  • Indian shares inch lower as banks, Reliance slip 02 Dec 2020 05:26 By Chris Thomas BENGALURU, Dec 2 (Reuters) - Indian shares pulled back on Wednesday from record closing highs hit in the last session, with banking stocks slipping ahead of a top court hearing on waiving interest on loans under moratorium. The NSE Nifty 50 …
  • Gold edges down on vaccine prospects; investors eye stimulus 02 Dec 2020 05:20 Dec 2: Gold prices edged lower on Wednesday on growing progress over a coronavirus vaccine to aid a swift global economic recovery, with investors eyeing the possibility for further U.S. stimulus. FUNDAMENTALS * Spot gold fell 0.1% to $1,813.75 per ounce …
  • Sensex drifts 140 points lower as traders book profits 02 Dec 2020 05:19 NEW DELHI: Selling in RIL, banks and major IT names kept benchmark indices suppressed on Wednesday but broader markets continued to gain as stimulus talks rejuvenated and the US unveiled vaccination plans. On the back of record FII inflows, the market has …
  • FPI flows take Sensex to new high 02 Dec 2020 03:56 Mumbai: Unabated foreign investor purchases and lower-than-expected contraction in the Indian economy are keeping the stock market humming. Key indices closed at record highs on Tuesday but simmering consumer inflation and rich valuations are keeping …
  • Indian Shares Set To Fall On Muted Asian Cues 02 Dec 2020 02:48 Indian shares are likely to open lower on Wednesday as investors react to muted cues from Asian peers and await the outcome of Reserve Bank of India (RBI) policy review scheduled for Friday. The RBI will begin its three-day deliberations today amid …
  • RBI, Sebi probe LVB share deals 02 Dec 2020 02:18 The Reserve Bank of India (RBI) and the Securities and Exchange Board of India (Sebi) are investigating whether some large shareholders of Lakshmi Vilas Bank (LVB) bought shares of the troubled lender through proxy entities beyond the regulatory cap in the …
  • Eye on high retail inflation, RBI may maintain status quo 02 Dec 2020 01:39 “We expect the RBI to retain the policy rate at 4 per cent and continue with the accommodative policy stance despite the buildup in inflationary pressures,” Care Ratings said.With retail inflation remaining persistently above its comfort level, the Reserve …
  • RBI seen holding rates; liquidity stance watched 01 Dec 2020 21:18 The Reserve Bank of India monetary policy committee is expected to leave interest rates unchanged when it meets on Friday, after data showing the economy contracting less than expected and persistently high inflation. Economists and market participants are …
  • Rupee hits one-month high on foreign fund inflows, traders wary of RBI 01 Dec 2020 19:39 The rupee strengthened on Tuesday to its highest level in 1-1/2 months, boosted by foreign fund inflows to equities, though traders remain wary of central bank intervention to prevent a sharp rally in the currency. The partially convertible rupee was …
  • Daily Rupee call: INR rallies past 74; likely to be bullish 01 Dec 2020 19:15 The rupee (INR) last week ended marginally higher at 74.04 versus its preceding week’s close of 74.14 against the dollar (USD). Nevertheless, it remained below the key level of 74. Today, the local currency opened higher at 73.94 and rallied to 73.6, …
  • Supreme Court dismisses Chanda Kochhar's plea against termination by ICICI Bank 01 Dec 2020 18:40 NEW DELHI: The Supreme Court on Tuesday dismissed Chanda Kochhar’s plea against her termination from ICICI Bank where she was managing director and chief executive, calling it a “contractual matter” between a private bank and its employee. Kochhar had …
  • Mid-Day Market Update: Crude Oil Down Over 1%; BlackBerry Shares Jump On Amazon Partnership 01 Dec 2020 18:36 Midway through trading Tuesday, the Dow traded up 0.98% to 29,928.08 while the NASDAQ rose 1.21% to 12,345.95. The S&P also rose, gaining 1.28% to 3,668.13. The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total …
  • LVB bondholders file petition in Madras HC against tier 2 write-off 01 Dec 2020 18:20 Mumbai: Bond holders of Lakshmi Vilas Bank (LVB) have filed a writ petition in the Madras High Court, challenging the banking regulator’s decision to extinguish tier 2 bonds worth Rs 320 crore. They have argued that the Centre-approved merger scheme was …
  • RBI likely to keep policy rates unchanged, liquidity stance awaited 01 Dec 2020 17:03 By Swati Bhat MUMBAI (Reuters) - The Reserve Bank of India monetary policy committee is expected to leave interest rates unchanged when it meets on Friday, after data showing the economy contracting less than expected and persistently high inflation. …
  • HC pulls up RBI for letting PMC Bank decide on depositors requests for money 01 Dec 2020 16:02 The Delhi High Court on Tuesday pulled up the RBI for leaving it to scam-hit PMC Bank to decide which emergencies cited by its depositors were to be considered for the disbursal of ₹5 lakh to them, saying since the central bank imposed the restrictions it …
  • Mid-Morning Market Update: Markets Open Higher; Nio November Deliveries Surge 109% 01 Dec 2020 15:27 Following the market opening Tuesday, the Dow traded up 1.42% to 30,059.85 while the NASDAQ rose 1.21% to 12,346.48. The S&P also rose, gaining 1.44% to 3,673.85. The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a …
  • OECD cuts India's FY21 GDP contraction rate to 9.9% from 10.2% earlier 01 Dec 2020 14:45 The Organisation for Economic Co-operation and Development (OECD) has raised the prospects for India's economy a bit by pegging GDP contraction at 9.9 per cent against 10.2 per cent it projected in September. It forecast that the economy would rebound …
  • Investors repose faith in India's growth story despite Covid: Govt 01 Dec 2020 14:45 The finance ministry on Tuesday said investors continue to trust the Indian growth story despite Covid-19, and rolled out statistics on foreign portfolio investment (FPI), foreign direct investment (FDI), and corporate bond markets to buttress its claims. …
  • Hedge fund revises bid for Indian shadow lender to skirt RBI delay 01 Dec 2020 14:37 Ares Management Corp.-backed hedge fund SSG Capital Management has revised the structure of its bid for an Indian shadow lender to help sidestep delays in regulatory approval. SSG tweaked its 27.5 billion rupee ($374 million) cash bid for Altico Capital …
  • A Peek Into The Markets: US Stock Futures Surge On Economic Recovery Hopes 01 Dec 2020 11:39 Pre-open movers U.S. stock futures traded higher in early pre-market trade after major global indices recorded historic gains for the November month despite declining on the last day. Investors are awaiting earnings from Hewlett Packard Enterprise Co (NYSE …
  • YES Bank trades at its highest level since August 31; zooms 26% in 1 month 01 Dec 2020 10:18 Shares of YES Bank were locked in the 5 per cent upper circuit band at Rs 15.38, its highest level since August 31, 2020, on the BSE on Tuesday. Till 01:15 pm, a nearly 400 million shares had changed hands on the BSE and NSE, and buy orders for 22 million …
  • Global Markets Rise, Dollar Weakens On Signs Of Robust Economic Recovery 01 Dec 2020 09:56 November was a month of historic gains across all markets, despite the last day fumble. Major global indices are higher on Tuesday after strong economic data raised hopes of a robust economic recovery.  The Dow futures are trading higher by 0.75%, and the …
  • HC pulls up RBI for leaving it to PMC bank to decide depositors requests for money in emergencies 01 Dec 2020 09:35 The Delhi High Court Tuesday pulled up the RBI for leaving it to scam-hit PMC Bank to decide which emergencies cited by its depositors were to be considered for disbursal of Rs 5 lakh to them, saying since the central bank imposed the restrictions it …
  • LVB bond write-down credit positive for creditors, depositors: Moody's 01 Dec 2020 08:12 The decision to write down tier-II bonds of Lakshmi Vilas Bank before its merger with DBS Bank India Ltd is credit positive for depositors and senior creditors due to loss-absorption capacity of such instrument. However, the move is credit negative for …
  • LVB bond write down negative for investors, positive for depositors: Moody's 01 Dec 2020 07:16 MUMBAI: The Reserve Bank of India’s (RBI) decision to write off Basel III-compliant tier 2 bonds of Lakshmi Vilas Bank (LVB) is credit negative for its holders, but is credit positive for bank depositors and senior creditors, rating agency Moody’s said on …
  • Delayed payments to rejection: MGNREGS workers spend money to collect wages 01 Dec 2020 06:10 Workers in India’s rural jobs programme, the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS), faced numerous delays and hurdles in accessing their wages, a three-state survey by transparency project LibTech India has found. Delayed …
  • India's factory activity falters in November as Covid-19 fears persist: PMI 01 Dec 2020 06:10 India’s manufacturing recovery faltered in November as coronavirus fears weighed on demand and output, prompting firms to cut jobs for the eighth month in a row, a survey showed. Asia’s third-largest economy and the second most affected country by the …
  • Negative real rates push savers to overheated stocks 01 Dec 2020 03:33 For its negative real rate experiment to work, RBI would be less worried about asset-price inflation compared to real inflation. Savers ploughing money into shares hitherto ignored by the markets, and even into out-of-favour residential properties Mumbai: …
  • Cred raises $80 million in Series B funding as valuation almost doubles 01 Dec 2020 02:42 Credit card repayment platform Cred has raised $80 million in a round led by existing investor DST Global. The round also saw the participation of other existing investors Ribbit Capital, Sequoia Capital and Tiger Global, said a person privy of the …
  • Ebix Is Listening; Shares Are A Strong Buy On Analysis Of Q3 Results 30 Nov 2020 23:41 Synopsis Readers familiar with Ebix (NASDAQ:EBIX) will know my transition from enthusiasm to utter dismay at the rise and fall of the company. The glory years (from '12 to '17) depicted a disciplined approach to becoming a leading Insurance …
  • RBI stares at lower returns as most reserves deployed in low yielding treasury bonds 30 Nov 2020 18:09 The Reserve Bank of India is staring at lower returns from its operations this year as its investment of as it has almost entirely parked the reserves accumulated this year into low yielding treasuries between April and September this year. The share of …
  • Sidbi to handhold MSMEs for free in formulating restructuring plans 30 Nov 2020 13:29 Sidbi is tying up with banks to consider MSME restructuring proposals sent through its newly launched hand-holding help-line. Punjab National Bank (PNB) and Indian Bank have agreed to accept restructuring proposals generated by Sidbi's MSME customers …
  • Amalgamation of LVB with DBS Bank completed, Rs 2,500 cr fund injection soon (Ld) 30 Nov 2020 13:12 Nov 30, 2020 (MENAFN via COMTEX) -- (MENAFN - IANS) New Delhi, Nov 30 (IANS) Lakshmi Vilas Bank (LVB) is now amalgamated with DBS Bank India Limited (DBIL), the wholly owned subsidiary of Singapore-based DBS Group Holdings Ltd. In a statement on Monday, …
  • S&P retains India's GDP forecast at 9% contraction for current fiscal 30 Nov 2020 12:25 S&P Global Ratings on Monday retained its forecast of 9 per cent contraction in the Indian economy for the current fiscal, saying even though there are now upside risks to growth but it will wait for more signs that COVID infections have stabilised or …
  • India’s Central Bank Ignores Panel of Experts, Proposes Allowing Corporate Banks 30 Nov 2020 11:37 Kolkata —  Despite objections by a majority of the panel members, a committee of the Reserve Bank of India has recommended that large corporate entities be allowed to set up banks. The recommendations drew immediate criticism, with the former governor of …
  • S&P retains India's growth forecast at -9% this fiscal 30 Nov 2020 11:15 (Representative image)NEW DELHI: S&P Global Ratings on Monday retained its forecast of 9 per cent contraction in the Indian economy for the current fiscal, saying even though there are now upside risks to growth but it will wait for more signs that …
  • Lakshmi Vilas Bank customers can access all services: DBS Bank 30 Nov 2020 10:24 DBS Bank India on Monday said customers of Lakshmi Vilas Bank, which has now been merged with it, can continue to access all banking services, and interest rates on savings and fixed deposits are unchanged as of now. Lakshmi Vilas Bank (LVB) has now been …
  • Amalgamation of LVB with DBS Bank completed, Rs 2,500 cr fund injection soon 30 Nov 2020 09:18 Nov 30, 2020 (MENAFN via COMTEX) -- (MENAFN - IANS) New Delhi, Nov 30 (IANS) Lakshmi Vilas Bank (LVB) is now amalgamated with DBS Bank India Limited (DBIL), the wholly owned subsidiary of Singapore-based DBS Group Holdings Ltd. In a statement on Monday, …
  • Singapore's DBS says it has completed takeover of distressed Lakshmi Vilas Bank 30 Nov 2020 09:14 MUMBAI: Singapore's DBS Group said on Monday it had completed its takeover of distressed Lakshmi Vilas Bank, helping it shift from a largely digital presence in India to having hundreds of branches. The 94-year old Chennai-based private bank was folded …
  • Lakshmi Vilas Bank customers can access all services; no change in interest rates as of now: DBS 30 Nov 2020 08:37 By PTI NEW DELHI: DBS Bank India on Monday said customers of Lakshmi Vilas Bank, which has now been merged with it, can continue to access all banking services, and interest rates on savings and fixed deposits are unchanged as of now. Lakshmi Vilas Bank ( …
  • Singapore's DBS says has completed takeover of Lakshmi Vilas Bank 30 Nov 2020 08:33 By Nupur Anand FILE PHOTO: People walk past a Lakshmi Vilas Bank branch in Mumbai, India, November 18, 2020. REUTERS/Abhirup Roy/File PhotoMUMBAI (Reuters) - Singapore’s DBS Group said on Monday it had completed its takeover of distressed Lakshmi …
  • Bank holiday today 30 Nov 2020 04:25 It is a bank holiday today on account of Guru Nanak Jayanti. All banks across the country are closed. As per Reserve Bank of India rules, banks in the country are closed on all public holidays. November this year saw a substantial number of bank holidays. …
  • KT edit: Not all doom and gloom for India 29 Nov 2020 20:13 It is not all doom and gloom for India despite economy entering technical recession in the last quarter for the first time since independence. After contracting 7.5 per cent between July and September this year, the Asian economy has been put among the …
  • Madras HC tells DBS Bank to create reserve fund for LVB shareholders 29 Nov 2020 17:53 The Madras High Court has asked DBS Bank India (DBIL) to create a reserve fund if it (the court) orders that the Lakshmi Vilas Bank (LVB) shareholders be compensated for the loss they have suffered in the process of amalgamation with DBIL. The court’s …
  • Can improve DHFL offer, forfeit deposit of those against recovery of public money: Adani 29 Nov 2020 07:15 New Delhi: Billionaire Gautam Adani's roads-to-mining group has indicated that it can improve on its Rs 33,000 crore takeover offer for collapsed housing lender DHFL and has sought forfeiture of deposits of bidders seeking to vitiate auction by …
  • Struggles of dairy farmers battling wastage, poor value chain amid huge milk imports 29 Nov 2020 02:57 Afeez Hanafi By 7am last Thursday in Bodinga, an agrarian community known for dairy farming in Sokoto State, Hussein Adamu had already milked six cows into a bucket of about 10 litres. He was on the seventh when our correspondent arrived at a dung-ridden …
  • India is in midst of a major transformative shift in its energy sector: Pradhan 28 Nov 2020 17:56 The Minister of Petroleum & Natural Gas and Steel Dharmendra Pradhan on Saturday invited investors, developers and businesses to be a part of India’s renewable energy journey, assuring them that it will be a highly rewarding and mutually beneficial …
  • MHC nods for merger of Lakshmi Vilas Bank with DBS Bank 28 Nov 2020 08:50 The Centre and the Reserve Bank of India are free to proceed with the merger of Lakshmi Vilas Bank with DBS Bank India, said Madras High Court while refusing to stay the merger. A division bench consisting of Justice Vineet Kothari and Justice MS Ramesh …
  • Stock market tries to make a fool of you, and how! Investing gems from Bernard Baruch 28 Nov 2020 08:47 Few of the 20th Century investors stand out as much as Bernard Baruch does for his incredible investment prowess. Regarded as one of the legends in the history of investing, Baruch’s belief in the fundamental importance of supply and demand, and his …
  • India's economy rebounds at faster pace than expected in Q2 as GDP contraction slows to 7.5% 28 Nov 2020 03:13 New Delhi: India’s economy contracted at a slower pace than expected in the September quarter, marking a rebound from the dismal June quarter, as manufacturing rode a festival season boost. The Indian economy is technically in recession for the first time …
  • India Enters Technical Recession as Its GDP Contracts 7.5% 28 Nov 2020 01:27 India 00:47 GMT 28.11.2020Get short URL NEW DELHI (Sputnik) - India has entered a technical recession, as the country's GDP has contracted 7.5 percent in the second quarter of the 2020-2021 financial year, following a 23.9 decline recorded in the first …
  • GDP -7.5% In Second Quarter, Shows A Glimmer Of Hope 28 Nov 2020 00:54 India's economy recovered faster than expected in the September quarter as a pick-up in manufacturing helped the Gross Domestic Product (GDP) clock a lower contraction of 7.5 per cent and held out hopes for further improvement on consumer demand …
  • Let Us Protect The Spirit Of The Constitution 28 Nov 2020 00:53 On 25 November, 1949, Dr B R Ambedkar, speaking in the Constituent Assembly, had said, “however bad a Constitution may be, it may turn out to be good if those who are called to work it, happen to be a good lot. The working of a Constitution does not depend …
  • Rupee Bank licence gets extension till Feb-end 28 Nov 2020 00:31 Pune: The administrators of the Rupee Cooperative Bank on Friday said the Reserve Bank of India (RBI) had extended its banking licence till February-end, with its pending merger with the Maharashtra State Cooperative Bank (MSCB) still under consideration. …
  • National Payments Corporation of India to Issue its Equity Shares to Fintechs and Payment System Providers 27 Nov 2020 23:30 November 27, 2020 @ 6:00 pm By Omar Faridi The National Payments Corporation of India (NPCI), an umbrella organization for handling retail payments and settlement systems in India, has decided to issue an additional 4.63% of its equity shares to 19 new …
  • How the Kerala-based CSB Bank made a dramatic turnaround 27 Nov 2020 23:13 For FY21, CSB is looking at growth of around 25 per cent and is confident of doubling it in two years. And it is also exploring options to acquire a mid-size bank with a good client base and branches in the north to acquire an all-India presence. T E …
  • LVB now DBS Bank India; Madras HC refuses to grant stay on merger 27 Nov 2020 20:47 All the branches of Lakshmi Vilas Bank (LVB) began to function as branches of DBS Bank India’s branches with normal business transactions through the day. But, without any sign of new identity under DBS wings. The moratorium on LVB was also lifted on …
  • Moratorium: Forego interest on 8 categories of loans, SC tells govt 27 Nov 2020 20:47 The Supreme Court Friday directed the government to ensure that all steps be taken to implement its decision to forego interest on eight specified categories of loans paid upto Rs two crore in view of the coronavirus pandemic. A bench headed by Justice …
  • India GDP Contraction Slows, Economy Enters Recession 27 Nov 2020 16:33 India's economic contraction slowed sharply in the September quarter, but the economy entered a technical recession due to the impact of the harsh lockdown imposed to curb the spread of the coronavirus, or Covid-19, pandemic. Gross domestic product …
  • ET Wealth Wisdom Ep 97: How to ensure your financial life is not disrupted when there is a crisis at your bank 27 Nov 2020 14:48 Hi everyone and welcome to episode 97 of the ET Wealth Wisdom podcast I am Tania Jaleel Last week it was announced that the Reserve Bank of India has placed Lakshmi Vilas Bank under a one-month moratorium till December 16, 2020 During the moratorium period …
  • India's economic contraction slows as vaccines boost recovery hopes 27 Nov 2020 14:38 By Manoj Kumar * Economy contracts 7.5% in Sept qtr vs 23.9% in June qtr * Manufacturing grows 0.6% in Sept qtr vs 39.3% fall in June qtr * Economists see recovery early next year on launch of vaccines (Recasts, adds India’s chief economist comments) NEW …
  • India Enters Recession In Sep Qtr 27 Nov 2020 14:17 India's economy entered a recession in the September quarter though the pace of contraction slowed markedly due to the relaxation of lockdown measures, official data revealed Friday. Gross domestic product fell 7.5 percent year-on-year, slower than the …
  • Indian economy shrinks for second quarter in a row, shows signs of pick-up 27 Nov 2020 13:54 The Indian economy shrank for the second straight quarter through September, although it showed signs of a pick-up after the easing of pandemic restrictions that triggered a record contraction in the previous quarter. India's gross domestic product in …
  • Lakshmi Vilas Bank becomes DBS India; 94-year old bank part of history now 27 Nov 2020 13:38 The debt-ridden 94-year old old bank's fate was sealed with Union Cabinet headed by Prime Minister Narendra Modi approving Scheme of Amalagamation on Wednesday. The Reserve Bank of India had announced November 27 as the effective date of merger for LVB …
  • Madras HC refuses to stay LVB-DBS Bank merger, adjourns AUM Capital plea 27 Nov 2020 13:22 The Madras High Court has refused to stay the merger of Lakshmi Vilas Bank (LVB) with DBS Bank India. The court adjourned the plea moved by AUM Capital Market Pvt Ltd challenging the merger to January 21. It may be noted, on Thursday, the Bombay High Court …
  • Adani tops DHFL bid, says its bid gives maximum to lenders; rivals want it out of race 27 Nov 2020 12:25 NEW DELHI: Billionaire Gautam Adani's roads-to-mining group outbid US-based Oaktree with a Rs 33,000 crore bid for collapsed housing lender, DHFL, but rival bidders want it out of the race for allegedly missing the deadline - a charge Adani Group …
  • Huge gap in demand, supply of organs for transplant in country: AIIMS chief 27 Nov 2020 12:25 NEW DELHI: There is a "huge gap" in the demand and supply of human organs and tissues for transplant in the country and the myths prevalent in this domain must be busted to ensure that lives are saved by timely availability of vital body parts, …
  • SC directs govt to implement its decision to forego interest on eight categories of loans 27 Nov 2020 11:53 NEW DELHI: The Supreme Court Friday directed the government to ensure that all steps be taken to implement its decision to forego interest on eight specified categories of loans paid upto Rs two crore in view of the coronavirus pandemic. A bench headed by …
  • Small lenders to pay the price as RBI writes off debt of Lakshmi Vilas Bank 27 Nov 2020 07:03 India’s smaller banks will likely face higher funding costs and reduced investor appetite for their bonds just as non-performing loans spread, after the central bank moved to write off debt of an ailing lender. The Reserve Bank of India on late Thursday …
  • Write-off of Lakshmi Vilas Bank's debt to sting small lenders 27 Nov 2020 06:37 India’s smaller banks will likely face higher funding costs and reduced investor appetite for their bonds just as non-performing loans spread, after the central bank moved to write off debt of an ailing lender. The Reserve Bank of India on late Thursday …
  • Concern being replaced by optimism as economy shows signs of recovery 27 Nov 2020 03:33 Concern about the depth of India’s recession is slowly being replaced by optimism that a recovery is taking hold. A slew of indicators from car sales to services sector activity notched higher last month, while alternative data signal robust demand in an …
  • The worst may be over for India's economy 27 Nov 2020 03:19 Concern about the depth of India’s recession is slowly being replaced by optimism that a recovery is taking hold. A slew of indicators from car sales to services sector activity notched higher last month, while alternative data signal robust demand in an …
  • Narendra Modi threatens to turn India into a one-party state 27 Nov 2020 01:14 IN EARLY NOVEMBER justices at India’s Supreme Court turned their attention to an urgent plea. Arnab Goswami, a prominent journalist, had been dragged from his home and hurled into jail. Government ministers decried the arrest as an assault on free speech, …
  • Bombay HC refuses to stay merger of Lakshmi Vilas Bank and DBS 26 Nov 2020 22:59 A Lakshmi Vilas Bank ATM in Mumbai on Wednesday. (Express Photo: Narendra Vaskar)The Bombay High Court on Thursday refused an interim stay on the Union Cabinet approved merger of the crisis-ridden Lakshmi Vilas Bank Limited with the DBS Bank, which will …
  • Bombay HC denies stay on merger of Lakshmi Vilas Bank, DBS Bank India 26 Nov 2020 21:04 The decks have been cleared for the merger of troubled Lakshmi Vilas Bank (LVB) with DBS Bank India (DBIL) after the Bombay High Court refused to grant an interim relief (stay) to the shareholders’ petitions challenging the scheme of amalgamation by the …
  • 'Reason to believe effective vaccine for general public in India to be available by Apr 2021' 26 Nov 2020 20:50 MUMBAI: State Bank of India Chairman Dinesh Kumar Khara on Thursday said there is a "reason to believe" that an "effective vaccine" to prevent COVID-19 may be available by April next year. "There is a reason to believe that an …
  • Lakshmi Vilas Bank writes down tier 2 bonds worth Rs 320 crore 26 Nov 2020 20:18 Kolkata: A majority of bond holders of Lakshmi Vilas Bank have lost the value of their investment as the bank has written down Basel III-compliant tier 2 bonds worth Rs 320 crore under Reserve Bank of India direction. The development took place Thursday, a …
  • State Bank of India expects RBI to hold interest rate, says Dinesh Khara 26 Nov 2020 19:45 MUMBAI (Reuters) - State Bank of India expects the country's central bank to hold interest rates as inflation remains elevated, the chairman of India's largest lender Dinesh Kumar Khara said. "The stance will continue to remain accommodative …
  • Bombay HC refuses to stay merger of Lakshmi Vilas Bank, DBS 26 Nov 2020 17:01 Kolkata/Mumbai: The Bombay High Court rejected a plea by the promoters of Lakshmi Vilas Bank (LVB) against its takeover by DBS India Ltd, allowing the Reserve Bank of India (RBI) rescue plan to proceed as scheduled. The acquisition takes effect today. …
  • RBI's culpability in Lakshmi Vilas Bank's failure needs to be looked into: AIBEA 26 Nov 2020 12:05 Bank employees' union AIBEA has said that the Reserve Bank's culpability in the failure of the 94-year-old Lakshmi Vilas Bank needs to be looked into and that the proposed merger of the lender with DBS Bank India Ltd (DBIL) will provide a back-door …
  • NBFCs weigh benefits of being banks 26 Nov 2020 05:54 Bajaj Finserve, one of the largest non-bank lenders, said they are still evaluating the proposals. A Reserve Bank of India working group, set up for reviewing private bank ownership, said that well run large NBFCs with minimum asset size of Rs 50,000 crore …
  • Short-term rates crash in India with funds overflowing with cash 26 Nov 2020 05:54 By Subhadip Sircar A glut of cash chasing assets in India has caused short-term rates to plunge. A three-month treasury bill was sold at a record low yield Wednesday, while the market repo clocked a trade at 0.01%. Key borrowing costs like the weighted …
  • Reserve Bank of India reaches one-million Twitter followers 23 Nov 2020 13:00 Mumbai — The Reserve Bank of India became the world’s only major central bank to gain one-million followers on Twitter, boosting efforts to foster financial literacy in a society that is traditionally underbanked and vulnerable to frauds. The bank’s …
  • Bank of Maharashtra expects only Rs 1,000-1,500 crore loan book to be restructured 22 Nov 2020 10:25 MUMBAI: State-run Bank of Maharashtra is expecting only Rs 1,000 to 1,500 crore of its total advances to come up for one-time restructuring under the Reserve Bank of India's scheme before December 31, its managing director and CEO A S Rajeev said. The …