Deposits are at riskAccording to the Financial Stability Board (FSB) Peer Review Report August 2016, 63% of the financial investments ordinary Indians make are within the banking system; PSBs account for 63% of the market share while private banks control 18%. Given the shaky financial condition of most public banks, deposits in these banks are very much at risk. In the best case scenario, there could be a government bailout. Other possibilities are the transfer of their assets and liabilities to a bridge service provider, a merger with an existing bank, or even liquidation. But none of these options guarantees safety of customer money. … [Read more...] about Banking on legislation
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Data also shows the total number of electronic transactions up 81.32% in volume and 145.32% in value in the first 3 months of 2020. More notably, interbank transaction values up 8.85% year-on-year in the first 20 days of April 2020, when social distancing policies were in place. … [Read more...] about Coronavirus, Industry 4.0 boost online banking
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 coaches are ready to do this in a proper manner, with the safeguards necessary of hand sanitizer, scanners,” said Clavin. “They want to do the right protocols and we should give them the ability. But most importantly, we should give should give our kids the ability to enjoy themselves again.” … [Read more...] about Not All Youth Sports Will Be Back July 6, And That Has Many On Long Island Wondering Why
SBI and a clutch of other private sector banks bailed out Yes Bank early in 2020 after the government and RBI had jointly formulated a Yes Bank reconstruction scheme. Yes Bank failed on account of alleged financial irregularities perpetrated by the founder and former CEO Rana Kapoor and a massive spike in bad loans. As a part of the bail-out, the RBI appointed former SBI executive Prashant Kumar as administrator of the bank, who took charge as CEO later. … [Read more...] about After Yes Bank fiasco, RBI governor sees merit in creating resolution corporation: How critical is the idea?