Some of the banking as well as housing finance companies stocks saw severe beating today which dragged the markets down. Among housing finance companies, Dewan Housing Finance (DHFL) stock was the worst performing.

The strategy which the government has adopted is merging one weak bank with its stronger counterparts.  In this case, the weaker bank is Mumbai-based Dena Bank. The lender came under prompt corrective action of the RBI in May 2017 in view of high Net NPA and negative RoA (return on assets) and now faces restrictions on lending and several other bank operations.

Out of the 10 appointments, 5 are from the country's biggest lender, State Bank of India.

While the Bank of Baroda stock was trading 2.07% higher at 115.80 on the BSE, the Dena Bank stock fell 1.31% to trade at 18.85 level against the previous close of 19.10 level. On Tuesday, the Bank of Baroda stock closed 17.04% or 23 points lower on the NSE. On the BSE, the stock closed 16.03% or 21 points lower at 113 level.

Dena Bank was on RBI's Prompt Corrective Action (PCA) list and other two banks have the strength to subsume a weaker bank, Finance Minister Arun Jaitley said on Monday. 

The Mittal-owned company told the SC it would lift the escrow on Rs 7,000 crore and pay the money owed by Uttam Galva and KSS Petron -- the defaulting companies in which the steel tycoon is classified as promoter -- if it gets to bid successfully for Essar Steel.

The controversy-hit lender has invited bids for the e-auction to be held through the bank's portal on September 20.

There are hundreds of private and government banks in India, but how much do they have in assets? Watch BusinessToday.In video on the 10 largest banks in India by assets and market capitalisation.

Defaulting companies in the power sector as well as some sugar, shipping and textile companies that had seemed destined for bankruptcy court under the RBI's new norms on stressed assets got a last-minute breather from the Supreme Court yesterday.

Raghuram Rajan explained that loans under Modi government's popular flagship scheme Pradhan Mantri Mudra Yojana and the Kisan Credit Card needed to be examined \"more closely\" for potential credit risk.

Interpol issues red-corner notice against Nirav Modi's sister Purvi ModiAfter the Interpol issued a red-corner notice (RCN) against a close aide of diamantaire fugitive Nirav Modi, Mihir Bhansali, it has issued another notice against Purvi Modi, who is a Belgian national and the sister of Nirav Modi. The RCN has been issued on the request of the Enforcement Directorate to the Interpol, as the ED seeks to interrogate her on the alleged charges of 'money laundering'.After Bharat Ban...

\"I also sent a list of high profile cases to the PMO urging that we coordinate action to bring at least one or two to book. I am not aware of progress on this front. This is a matter that should be addressed with urgency,\" says the former RBI governor in a 17-page letter.

Axis Bank has been in news for all the wrong reasons in the last one year from deteriorating asset quality, leak of financial results, non-compliance with its asset classification norms, to falling stock price.

The former RBI governor reportedly said that banks extended more loans to prevent 'zombie' loans from turning non-performing assets.

According to Kochi-based Federal Bank, there are signs of a spurt in remittances already, with the banks remittance handling go up to Rs 1,000 crore per week last fortnight, as against the usual average of Rs 700-800 crore.

Chaudhry, who resigned from the post of MD and CEO of HDFC Standard Life Insurance Company on Saturday, has been appointed as MD and CEO for a period of 3 years, with effect from January 1, 2019 up to December 31, 2021.

\"We will look at their (LIC's) business plan (post acquisition of 51 per cent stake in IDBI Bank) and then decide on reduction of its stake in IDBI Bank (to 15 per cent),\" says IRDAI Chairman SC Khuntia

The weakening rupee against the US dollar and high crude-oil prices in the international market have swelled the current account deficit in the first quarter. The domestic currency has been Asia's worst performing currency so far this year

Money is laundered through a web of companies located in different geographies, making it difficult to check such transactions. To fight this, the Reserve Bank of India (RBI) has introduced Legal Entity Identifier or LEI. Its key aim is to check and prevent banking frauds.

Niti Aayog vice chairman Rajiv Kumar today said that it wasn't demonetisation but deleveraging of credit under former RBI governor Raghuram Rajan that led to economic slowdown.