Reserve bank of india

All of us are aware that money in a savings or fixed deposit account is a liability owed by the bank to its customer. The bank promises to repay the money when demanded by the customer. Since the customer has not taken any security from the bank when handing over his money, legally, the customer is an unsecured creditor of the bank. With a ‘bail-in’, the bank simply refuses repayment of a customer’s money or instead issues securities such as preference shares (with no guarantee of fixed dividends) to a customer. This is in lieu of his deposits which are then used for recapitalisation of the bank. … [Read more...] about Banking on legislation

India has been reporting over 20,000 fresh coronavirus cases on a daily basis for the past few weeks. As many as 27,114 new infections were reported in the last 24 hours taking the national tally to 820,916. India’s active Covid-19 cases stand at 283,407 as 515,385 have recovered from the disease and 22,123 have succumbed to death. Read more … [Read more...] about News updates from Hindustan Times: Covid-19 is the worst health and economic crisis in last 100 years, says RBI guv and all the latest news

New Delhi: Punjab & Sind Bank on Friday reported fraud of Rs 112.42 crore in two NPA accounts of Maha Associated Hotels and Edyar Zinc. The bank has reported the fraud to the Reserve Bank of India and is in the process of filing complaints with the Central Bureau of Investigation, according to regulatory filings. The Delhi-headquartered lender in a filing said that "an NPA account Maha Associated Hotels Pvt Ltd with outstanding dues of Rs 71.18 crore having provisioning of Rs 44.40 crore has been declared as fraud and reported to RBI as per regulatory requirement". At present, the case of Maha Associated Hotels is pending at NCLT, it added. In a separate filing, the bank said that the NPA account of Edyar Zinc with outstanding dues of Rs 41.24 crore has been declared as fraud and reported to RBI as per regulatory requirement. "Further, the account has been fully provided for as per existing RBI norms," it added. Earlier in April this year, the lender had declared the … [Read more...] about Punjab & Sind Bank reports fraud of Rs 112 cr in 2 accounts

“The nature of the bonds will be decided in due course,” Mr. Jaitley said. “They will increase the lending capacity of the banks. The effect on the fiscal deficit will depend on the nature of the bonds and also how they are dealt with. Globally, the practice is to not include bonds in the fiscal deficit calculation. In India, we do include it … [Read more...] about ₹2.11 lakh crore for public sector banks banks to boost lending

NEW DELHI: The Indian economy has started showing signs of normalcy with ease in lockdown restrictions across the country, RBI Governor Shaktikanta Das said on Saturday. He added that post containment of COVID-19, a very careful trajectory has to be followed in orderly unwinding of countercyclical regulatory measures. The financial sector should return to normal functioning without relying on regulatory relaxation as the new norm, he added. "Indian economy has started showing signs of going back to normalcy after easing of restrictions," Governor Das said at the 7th SBI Banking and Economics Conclave. While the multi-pronged approach of the Reserve Bank has provided a cushion from the immediate impact of the pandemic on banks, the medium-term outlook is uncertain and depends on the COVID-19 curve, he said. "Policy action in medium-term would require a careful assessment of how the crisis unfolds," he said, adding that building buffers and raising capital will be crucial not only to … [Read more...] about Indian economy showing signs of returning to normalcy: RBI Governor