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BusinessToday.In
New Delhi, July 19, 2018
The union has demanded an unconditional apology from Kalyan Jewellers and has said that if the ad is not withdrawn suitable \"organisational action, including dharnas and litigation\" would be initiated.


BusinessToday.In
July 19, 2018
The FRDI Bill, introduced in the Lok Sabha last August, had drawn protests from the Opposition, the bank unions and the public alike over its 'bail-in' clause, which was feared as harming the interest of depositors.


PTI
July 19, 2018
Growth in Asia and the Pacific's developing economies for 2018 and 2019 will remain solid as it continues apace across the region, despite rising tensions between the US and its trading partners, said a supplement to the Asian Development Outlook (ADO).


BusinessToday.In
New Delhi, July 18, 2018
The second largest public bank charged Rs 31.99 crore as a penalty in the first quarter of FY18, Rs 29.43 crore in the second, Rs 37.27 crore in the third and Rs 52.97 crore in the fourth quarter.


PTI
New Delhi, July 15, 2018
The list of over 3,500 dormant accounts continues to have at least six withIndian links since December 2015, as no successful claimant has come forward for them. Recent data shows that Indians have about Rs 7,000 crore in Swiss banks.


PTI
July 15, 2018
Last financial year, PNB made recovery of about Rs 5,400 crore. However, in the first quarter of current fiscal, the bank has done recovery of over Rs 7,700 crore.


B.S. Srinivasalu Reddy
New Delhi, July 9, 2018
A new breed of fintech lenders is creating a niche segment.


PTI
New Delhi, July 8, 2018
Over Rs 29.41 crore was spent on using the Indian Air Force's ultra-modern transport aircraft -- the C-17 and the C-130J Super Hercules -- to ferry the newly-issued Rs 2,000 and Rs 500 currency notes post-demonetisation.


BusinessToday.In
July 7, 2018
The RBI had in April directed all the banks to stop dealing with individuals and businesses dealing in virtual currencies in next three months - the deadline ended on July 5.


BusinessToday.In
New Delhi, July 5, 2018
Punjab National Bank CEO Sunil Mehta-led panel's 5-point formula to resolve NPAs in the banking system has come up with some outrageous recommendations that are largely aimed at deferring the inevitable, rather than resolving the NPA mess. The panel comprised only PSU bankers. SBI Chairman Rajnish Kumar and Bank of Baroda's BS Jayakumar are the other members of the panel. Watch BusinessToday.In Editor Rajeev Dubey talk about Mehta Panel's 5-point strategy to deal with NPAs.


BusinessToday.in
New Delhi, July 5, 2018
Arun Jaitley calls for amendments in graft law, says it's anarchic and hurts decision makingUnion Minister Arun Jaitley on Tuesday called for amendments in the Prevention of Corruption Act -- a graft law that the Minister described as anarchic and one of the most badly drafted pieces of legislations. His statement came weeks after the Pune police on June 21 arrested the entire top management of the state-run Bank of Maharashtra for a loan of Rs 94.5 crore to the scam-tainted developer DSK Group allegedly in violation of its lending rules. Coming down heavily on the Pune Police for the arrest, the Minister said that nobody should overlook the federal structure of the nation. Jaitley further said that if the country wants an effective decision making process, it needs to put this entire relationship between investigation, who to investigate, when to investigate, what constitutes a crime, really in its place.NCLT verdict in Tata-Mistry case to be pronounced on July 9The Mumbai bench of NCLT (National Company Law Tribunal) on Wednesday deferred its judgement on ousted Tata Sons chairman Cyrus Mistry's petitions against the Tata Group. The NCLT order in the Tata-Mistry case will now be pronounced on July 9 at 10:30 am. Ahead of the verdict, Mistry had filed fresh salvo at Tata Sons management. The former chairman questioned the rationale behind some actions like the free sale of its telecom arm to Airtel, and massive debt-driven acquisitions by Tata Steel. Mistry has sought accountability and information from the board of Tata Sons in which his family owns 18.34 per cent.MSP hike draws mixed reaction from agri-experts, farm bodies  Agri experts and farm bodies today said the hike in the minimum support price (MSP) of 2018-19 kharif crops would lead to inflation, widen fiscal deficit and hit badly the export of commodities like cotton, while others felt the raise in support price was insufficient. In absolute numbers, the paddy MSP hike by Rs 200/quintal to Rs 1,750 for this year is a record but not in percentage terms, said agriculture expert Ashok Gulati . Gulati cautioned that the sharp rise in cotton and rice MSP will hit exports badly and lead to increase in government procurement. Merkel warns Trump against trade war  German Chancellor Angela Merkel today warned US President Donald Trump against unleashing an all-out trade war after he threatened to impose steep tariffs on cars from the European Union. Merkel said both sides were effectively locked in a \"trade conflict\" since Trump's decision to slap punitive tariffs on steel and aluminium imports. \"It is worthwhile to prevent this conflict from becoming a real war,\" she said. Trump charged that Europe is \"possibly as bad as China\" on trade, as he reiterated that he is mulling import taxes of 20 percent on EU cars. The EU has slapped tariffs on iconic US products including bourbon, jeans and Harley-Davidson motorcycles, as a symbolic tit-for-tat response to the metals duties.FM to meet heads of banks today to discuss NPA resolution structure  Finance Minister Piyush Goyal will meet heads of banks today to discuss an inter-lender structure suggested under the 'Project Sashakat' that intends to fastrack resolution of stressed assets in the banking system. The meeting is likely to formalise the inter-creditor agreement structure as suggested in the five-pronged 'Project Sashakat', sources said. The meeting has been organised by Indian Banks Association (IBA) and inter creditor agreement would be the framework under which the consortium would take up NPA cases.SBI Card launches AI powered virtual assistant ELA  SBI Card, the country's second largest credit card issuer, today announced the launch of 'ELA' (Electronic Live Assistant), a virtual assistant for customer support and services. Driven by Artificial Intelligence and Machine Learning, ELA is designed to enhance customer experience by providing relevant and instant responses to customer queries, SBI Card said. Customers can communicate with ELA in conversational language, enabling easy interface along with prompt query resolution, SBI Card managing director Hardayal Prasad said. The virtual assistant is currently hosted on the SBI Card website and will soon be integrated on the mobile app as well.


Rajeev Dubey
New Delhi, July 4, 2018
The recommendations submitted by the committee are truly uni-dimensional as the panel only looks at the bankers' perspective, which is hardly surprising considering it comprised only PSU bankers.


BusinessToday.In
July 4, 2018
All the banks and financial entities after tomorrow will stop operating accounts that are in any way linked to virtual currency trade. So, if you are still invested in Bitcoin or any other cryptocurrencies, it's time to think about the options in front of you.


BusinessToday.In
July 3, 2018
The apex bank had in April directed all the banks to stop dealing with individuals and businesses dabbling in virtual currencies in next three months - the deadline ends on July 5.


BusinessToday.In
July 3, 2018
The panel, which was set up to study the feasibility of an ARC/AMC for faster resolution of bad loans, has suggested a five-pronged strategy that includes -- SME resolution approach, bank-led resolution approach, AMC/AIF led resolution approach, NCLT/IBC approach, and asset-trading platform.


PTI
July 1, 2018
Punjab National Bank MD Sunil Mehta has said there are \"positive developments\" in favour of the lender pertaining to bankruptcy case filed in the US by Nirav Modi's firm Firestar Diamond Inc.


Rahul Shrivastava
June 30, 2018
In 2016, funds stashed by Indians in Swiss banks had fallen by 45 per cent to Rs 4,500 crore. The drop was the highest since the Swiss banks shed their secrecy clauses that shielded depositors in 1987. The latest data shows that the money parked directly with the banks is now pegged at Rs 6,891 crore and another Rs 112 crore through fiduciaries.


PTI
New Delhi, June 29, 2018
Puri termed the ongoing troubles in the system as a period of transition, and that there is nothing to worry at the systemic level as most of the lenders are either well-capitalised or have the assurance of government support.


BusinessToday.In
New Delhi, June 29, 2018
The proposal, still at a nascent stage, envisages borrowers filling in relevant details online, based on which they will subsequently receive competitive offers from interested lenders.


BusinessToday.In
June 28, 2018
Evergreening is a practice whereby banks extend even more loans to debt-laden companies to help them repay previous loans and hopefully earn enough revenue along the way to get out of trouble.


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