Gold of 995 purity (24 carat), which hit a record high of Rs 50,392.75 per 10 gm on Wednesday including taxes, could rally another 10% in the next six-nine months, said Shekhar Bhandari, global transaction banking head, Kotak Mahindra Bank. "Rising US-China trade tensions, negative real rates by central bankers and fallout from Covid would drive gold prices which are already up 41% year on year," said Bhandari. He added that demand for jewellery had improved in states like Karnataka, Tamil Nadu ex-Chennai, Kerala, West Bengal and Punjab post the national lockdown relaxation from June. Even Titan said that demand revival for its jewellery division was better than envisaged in May and June in its latest quarterly update. Bhandari added that jewellery clients of his bank who had availed of metal loans were "sitting pretty" as they had priced the gold prior to the lockdown in March -April and had opted for the moratorium that's been extended for three months through August end. Since … [Read more...] about Gold could rally 10% from Wednesday record high of Rs 50,000 plus: Kotak Bank official
Last week, a Fitch report estimated that Indian banks need around $15 billion of capital to meet a 10% weighted-average common equity Tier 1 (CET1) ratio. And if this doesn’t happen soon, the gap could rise to about $58 billion in FY22 given the high-stress scenario posed by the pandemic and the subsequent nationwide lockdown. “We expect the bulk of the stress to come through in FY22 due to the 180-day regulatory moratorium on the recognition of impaired loans, which will delay the full recognition of stress in the current financial year. State banks are likely to account for the bulk of the capital shortfall, as large private banks should stay above the minimum requirements, despite some capital erosion in a high-stress scenario,” said Fitch Ratings. But does the government have enough reserves to sail the PSBs across the pandemic-sea successfully? NDA’s bank recapitalisation A recapitalisation plan worth Rs 2.11 lakh crore was announced in October 2017. Of the … [Read more...] about Will FM write another cheque for public sector lenders?
NEW DELHI: Enforcement Directorate (ED) investigators on Tuesday began the second round of questioning of senior Congress leader Ahmed Patel at his house here in connection with the Sandesara brothers bank fraud and money laundering case probe, officials said. A three-member team of the central agency along with few other officials reached Patel's 23, Mother Teresa Crescent home in the Lutyens' zone of central Delhi around 10:30 am. The team members were seen carrying files and wearing masks and gloves as a precautionary measure in view of the coronavirus pandemic. Agency sleuths had questioned Patel, 70, for the first time for about eight hours at his residence on June 27 in this case. He was allowed questioning at home by the agency after the Congress Rajya Sabha MP from Gujarat refused to visit the ED office citing prevailing COVID-19 guidelines that discourage senior citizens from going out. Officials said Patel's statement is being recorded under the Prevention of Money … [Read more...] about ED begins second round of questioning of Ahmed Patel in PMLA case
NEW DELHI: A team of Enforcement Directorate (ED) officials today quizzed senior Congress leader Ahmed Patel at his residence in connection with its ongoing money laundering probe against Gujarat based pharmaceutical company Sterling Biotech. Earlier this month, ED had summoned Patel to join the investigation. But citing COVID-19 guidelines and his old age, Patel had refused to visit the ED office for questioning. The agency has already questioned Patel's son and son-in-law in connection with its bank fraud and money laundering investigation . As per agency sources, a witness in the case had revealed about the alleged proximity between Chetan Sandesara, Ahmed Patel, his son Faisal Patel and son-in-law Irfan Siddiqui. It is alleged that Siddiqui was close to Chetan Sandesara, Director of the Sandesara group and often used to visit him. According to a witness whose statement has been recorded by ED, Chetan and co-accused Gagan Dhawan used to carry huge amounts of cash in bags to … [Read more...] about ED questions Ahmed Patel at his residence
New Delhi: A team of Enforcement Directorate (ED) officials today quizzed senior Congress leader Ahmed Patel at his residence in connection with its ongoing money laundering probe against Gujarat based pharmaceutical company Sterling Biotech. Patel was questioned for over eight and a half hours. Patel will be questioned again by ED on Tuesday. Earlier this month, ED had summoned Patel to join the investigation. But citing COVID-19 guidelines and his old age, Patel had refused to visit the ED office for questioning. The agency has already questioned Patel's son and son-in-law in connection with its bank fraud and money laundering investigation . Patel after the questioning told the media "friends of Narender Modi & Amit Shah came to my house. I replied to all questions that were asked". Patel added " I feel sorry for these officials that they are being used to divert attention, at a time when China has taken our land and instead of getting our land back, they are going after … [Read more...] about Congress leader Ahmed Patel grilled by ED for over 8 hours