Bank credit and deposits grew 12.02% and 10.32% to Rs 96.975 trillion and Rs 126.746 trillion, respectively in the fortnight to July 5, according to the latest RBI data. In the year-ago fortnight, bank credit was at Rs 86.566 trillion, while deposits were at Rs 114.883 trillion. -Economic Times
Audit firm partners who are in the midst of any disciplinary proceedings will be barred from signing the balance sheet of any bank or even engage in the audit process. This is the latest directive to banks from the RBI which over the last one year has placed significant responsibility on statutory auditors of
commercial banks. -Economic Times
SEBI has revised the disclosure requirements for listed banks regarding divergence in provisioning of assets. The changes made in the disclosure norms are "in line with the revised RBI requirements,", the regulator SEBI said in a circular dated July 17. As per the circular, listed banks will have to disclose to the stock exchanges divergences in the asset classification and provisioning if "the additional provisioning for NPAs assessed by RBI exceeds 10% of the reported profit before provisions and contingencies for the reference period." Earlier, this threshold was 15%.
The ED today said it has attached assets worth Rs 200 crore of a Kolkata-based Co under the AML law for allegedly perpetrating a multi-crore ponzi scam that duped investors in various states. -Economic Times
A 78% drop in Yes Bank’s shares since August has left founder and former CEO Rana Kapoor some $1 billion poorer. The bank , which late Wednesday reported earnings that showed its capital buffers had weakened and bad loan ratio widened, plunged as much as 20% today. That’s contributed to a drop in Kapoor’s net worth to $377 million from $1.4 billion on Aug. 20, according to the Bloomberg Billionaires Index. -Business Line
The ED today said it has attached assets worth Rs 200 crore of a Kolkata-based Co under the anti-money laundering law for allegedly perpetrating a multi-crore ponzi scam that duped investors in various states. -Economic Times
The market valuation of HDFC has crossed the ₹4-lakh crore mark today after a rally in its share price. At the close of trade, the market capitalisation (m-cap) of HDFC was at ₹4,04,384.68 crore on the BSE. Shares of HDFC rose by 2.52% to close at ₹2,343.85 apiece on the BSE. During the day, it gained 3% to ₹2,357 -- its record high. -Business Line