Banks and select financial institutions have reported 44,016 cases of fraud in the last 11 years beginning 2008-09 involving amount of Rs 1,85,624 crore, Rajya Sabha was informed today. The year 2016-17 witnessed reporting of 3,927 cases of fraud involving amount of Rs 25,883.99 crore, which was the highest in the last 11 years, Minister of State for Finance Anurag Singh Thakur said in a written reply to the Rajya Sabha.
The RBI said it is keeping a close watch on NBFCs based on their size and payment behaviour after unveiling a liquidity window complementing the Government’s budget package for the sector that has been under stress for some time.
Only the biggest PSBs such as SBI and Bank of Baroda may be able to buy portfolios from NBFCs since most other peers may not be equipped to evaluate such securities amid a series of rating downgrades. Also, a 6-month cover offered in the budget may not be much of a cushion since delinquencies peak in 24-30 months.
SBI has reduced its MCLR by 5 bps across all tenors with 1-year MCLR coming down from 8.45% p.a to 8.40% p.a.
ICICI Bank’s brokerage arm, ICICI Securities, will generate retail loan demand for its parent, which will help it grow the bottomline with distribution fee and commission. The brokerage will be distributing products like home, auto and personal loans and loan against property online and through offline presence through 200 branches, it said in a statement today.
Max Financial Services today said that it has not approached IRDAI with any proposal to sell 10% stake in its insurance subsidiary Max Life to Axis Bank.
Deutsche Bank India said the decision of the German parent to lay off as many as 18,000 employees globally will have an impact here as well, but declined to quantify the number of employees who will be hit.
Banks in the Asia-Pacific region must reinvent themselves and brace for possible consolidation amid weakening macroeconomic expansion, says a McKinsey report which also noted that less efficient lenders will disappear.
The Delhi High Court today refused to allow Jet Airways founder Naresh Goyal to leave India and sought response of the Centre Govt on his plea challenging a look out circular issued against him. The Court said no interim relief can be granted to Goyal at this stage and added that he may deposit Rs 18,000 crore guarantee if he wants to travel to a foreign country now.
The country’s largest software services firm Tata Consultancy Services (TCS) today reported 10.8% growth in consolidated net profit to Rs 8,131 crore for the quarter-ended June 30.
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