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In the morning of May 19, 2014, three days after the Lok Sabha poll results were announced, and with a government not quite in place, chaos reigned at the debt recovery tribunal (DRT) in Ballard Estate, the old commercial district of Mumbai. A lawyer, his juniors and his clients were shouting slogans against the presiding officer of what is known…

MUMBAI: State-run banks are selling the second-biggest tranche of bad loans in a quarter in an effort to clean up badly strained books and meet government-stipulated performance targets for the year. Loans worth Rs 30,000 crore are being offered to asset restructuring companies (ARCs). Lilliput Kidswear, Corporate Power, S Kumars Nationwide and Essar Bulk Terminal are among a dozen companies…

A new numbering system and seven new security features will be incorporated in all currency notes, especially in high denomination Rs 1,000 and Rs 500 notes, in order to check the menace of Fake Indian Currency Notes (FICN). The Bhartiya Reserve Bank Note Mudran Pvt Limited (BRBNMPL) and Security Printing and Minting Corporation of India Limited (SPMCIL) have initiated steps…

MUMBAI, SEPTEMBER 8:   Diversion of funds to unrelated business or fraud, lapses in initial borrower due diligence, and inefficiencies in the post-disbursement monitoring process are the main reasons for the bad loans predicament of banks, according to an EY report. Around 87 per cent of the more than 110 respondents from the banking sector believe that the rise in NPAs/stressed…

KOLKATA: State-owned Bank of MaharashtraBSE -2.06 % is looking to sell stressed assets worth Rs 500 crore in an auction in September. "We are putting up loans worth Rs 500 crore for auctions in September. If that is successful then we might sell another Rs 1,000-1,500 crore bad loans to ARCs in the second half of the fiscal," said the bank's…

MUMBAI: India's private sector banks have seen their loan books deteriorate at a faster pace than state-owned peers over the past three quarters, raising concerns that a slower economic recovery could mean writedowns estimated at around $1.5 billion. The spike at private sector lenders like ICICI BankBSE 0.24 % and Axis BankBSE 1.59 % follows a push to grab market share…

MUMBAI: ICICI BankBSE 1.83 % chief Chanda Kochhar today said rather than blaming banks for shoddy diligence, predictable policies and "unshackling" stuck projects are the key to tackle the problem of bad loans.  "Rather than questioning the due-diligence processes of banks, I think it is important to say that let us make things clear and predictable," she said, speaking at…

After granting approval to 11 entities for payments banks,RBI today said it will announce small finance bank licences next month and allayed concerns that these new entities can pose any threat to existing banks. RBI Governor Raghuram Rajan said that new payments banks would not pose any competitive threat to the existing banks and these new entities would rather serve as ‘feeder’ for…