Stock Market Updates Today: Sectorally, except for IT and pharma index, all the other indices ended with decent gains. Private, PSU Bank and financial indices closed 3% higher today.

India faces a fresh threat of NPAs with RBI warning dramatic rise in loan default rate from 8.5% in FY20 to 14.7% in FY21. A global study shows the Indian corporate sector was most debt-stressed with 43% of long-term loans vulnerable to default even before the COVID-19 pandemic hit

With the relaxation in withdrawal limit, more than 84 per cent of the PMC Bank's depositors will be able to withdraw their entire account balance

Coronavirus Highlights: West Bengal recorded 153 fresh COVID-19 cases and 14 deaths in last 24 hours, its highest single-day deaths and spike in the number of new cases

Budget 2020 wishlist: The first big measure regarding banking sector that many are expecting Finance Minister Nirmala Sitharaman to announce in her second Budget speech is a hike in deposit insurance cover

Manjit Kaur Ishwar Singh, who was Joint General Manager (Credit) in PMC Bank, told ED during the probe that HDIL had around total 44 loan accounts which included personal accounts of HDIL's promoters Rakesh Wadhawan and Sarang Wadhawan

The Wadhawans have been booked under various provisions of the PMLA. The two were initially arrested by Mumbai Police's Economic Offences Wing (EOW), which was probing the scam, and later taken into custody by the ED in October this year

The RBI has already created a unified department of supervision and a unified department of regulation from November 1 this year

Relief for Delhi-NCR as air quality improves to 'very poor' category, WhatsApp downloads plunge 80% as hacking row intensifies in India and other news on News Blast.

Next wave of reforms soon; pain points in manufacturing to be resolved: FM SitharamanFinance Minister Nirmala Sitharaman on Tuesday said the government will soon use its strong electoral mandate to usher in the next wave of reforms, and not to miss the bus this time. Without naming the reform measures unsuccessfully attempted by the Modi government in its first term, and in an apparent hint at land acquisition reform attempts by NDA1, she said the government's efforts last time we...

The Mumbai Police's Economic Offences Wing has served summons to Daljit Singh Bal for questioning at his address but till date he remains on the run

The police had filed an FIR against Thomas for misrepresenting the bank's loan books and not revealing the bad loans of HDIL

While the priority for the Economic Offences Wing of the Mumbai Police is to interrogate the arrested parties involved in the Rs 4,355 crore loan fraud at the Punjab and Maharashtra Co-operative (PMC) Bank, the buzz is that the findings of the auditors submitted in past financial reports may also be scrutinised as part of the investigations

With this, all the accused named in the PMC Bank scam have been arrested. On Friday, suspended PMC Bank managing director Joy Thomas was arrested, whereas the Wadhawan duo were detained on Thursday

The Economic Offences Wing (EOW) of Mumbai Police on Friday arrested the suspended managing director of Punjab and Maharashtra Cooperative (PMC) Bank Joy Thomas

Defending the RBI's action in the PMC case, Shaktikanta Das said the central bank acted very swiftly and promptly after it was brought to its notice

Rakesh is the executive chairman of HDIL, whereas Sarang is the managing director of the company. The government had issued a look-out circular to stop them from leaving the country

The RBI has appointed Jai Bhagwan Bhoria as the administrator of the PMC Bank with all the powers of the board

Thomas, in the letter to the RBI, admitted that the exposure to HDIL Group was over Rs 6,500 crore, which is nearly 73 per cent of its total loan book of Rs 8,880 crore as of September 19, 2019