The report states that the new framework has the potential to bring about a big change in the approach of banks to monitor their exposures and resolution of NPAs.
Gross non-performing assets (NPAs) of banks declined marginally to 9.8 percent at the end of September 30 over the previous quarter, government said.
Public sector Andhra Bank reported a net loss of Rs 532.02 crore in the third quarter ended December of this fiscal due to higher bad loan provisioning.
Bank of Maharashtra reported over three-fold jump in net loss to Rs 596.70 crore during the quarter ended December 2017 on spike in provisions due to higher NPA ratio.
The IMF welcomed the fiscal targets set by Jaitley in budget proposals and noted that the economic survey released this wk strikes a good balance with realistic forecast.
The insolvency law might be amended depending on recommendations of the panel reviewing issues related to the legislation, a govt official said.
Finance Minister Arun Jaitley assured that the positive impact of the economic measures being taken by the government would be seen in medium to long term.
Finance Minister Arun Jaitley said the government is bringing all possible resources to bear in order to resolve the issue of banks' bad loans.
Debt-ridden Jaypee group is targeting to complete the construction of pending 24,000 flats in Noida by 2020 at a cost of about Rs 8,000 cr and deliver it to home buyers.
Kumar said the objective of the Insolvency and Bankruptcy Code (IBC) is to find appropriate solution for stressed assets and liquidation would be the last resort.
US dollar ends higher against rupee
Mumbai: The US dollar ended sharply higher against the rupee at 64.21/22 per dollar and the pound sterling also finished higher at Rs 90.34/36 per pound at the close of the Interbank Foreign Exchange (forex) market here today.
Following are the Interbank forex and RBI rates: (In Rs per unit) Unit Interbank RBI Reference US Dollar 64.21/22 US Dollar Rs 63.9097 Pound Sterling 90.34/36 Euro Rs 80.1683 Euro 80.18/20 Japanese Yen (100) 60.50/52
Approves Allotment Of 24.9 Mn Shares On Preferential Basis To 8 Investors
Approves Allotment Of 24.9 Mn Shares At Rs 1,726.05/Share
MAHINDRA & MAHINDRA
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To invest Rs 176 cr in Zoomcar India
Initial investment in Zoomcar India likely to be completed by Feb 20
Additional investment in Zoomcar India expected to be completed by Aug 31
Co’s stake to increase to 16%
RBI inspection had found diversion of funds within group firms
Funds to the tune of Rs 525 cr given to intermediary borrowing cos
Religare Finvest increased corporate loan book against RBI’s directions
RBI has asked for clarity on rollover of fixed deposits with a bank
Findings suggested continued weakness of internal controls
Economic Times Reports
SC Allows Sale Of Fortis Health Shares Pledged With Lenders
SC allows Axis Bank, Yes Bank to sell, transfer pledged share of Fortis
Earlier, SC had restrained financial institutions from selling pledged shares
Business Standard Reports
Granted European GMP certification from Hungarian regulators for Mfg plant at Goa