The RBI's move to clean up bank balance sheets has made close to half a dozen banks nearly dysfunctional. There is little hope of their recovery in the near term.

The UBI head office will take action against the agency that fed the cash in the ATM.

Five Indian banks are now under the scanner of the Enforcement Directorate for helping Nirav Modi round trip over Rs 6,000 crore of loans extended to his companies by the Punjab National Bank.

The report referred to a data from Clearing Corp of India which showed that on March 28, dollar purchases reached as high as USD 122 billion as opposed to USD 20-30 billion a day.

Before the end of the current fiscal, the Punjab National Bank (PNB) has paid back Rs 6,600 crore to eight banks defrauded in the Rs 13,700 crore LoU fraud involving fugitive diamantaires Nirav Modi and Mehul Choksi.

Shares of state-run Union Bank of India plunged to 11-year low a day after the Central Bureau of Investigation (CBI) registered a case against the Hyderabad-based Totem Infrastructure.

Among the banks which have exposure to mega PNB fraud are: SBI, UCO Bank, Allahabad Bank, Union Bank of India and Bank of Baroda. UCO Bank has the highest exposure of about Rs 2,635 crore followed by Allahabad Bank which has an exposure of Rs 2,400 crore.

In what can impact the exim trade, the Rs 12,700-crore Nirav Modi scam at Punjab National Bank has affected trade finance activities as lenders have become extra cautious, while the premium on Indian paper has shot up by 10-50 bps, say bankers.

The agency has alleged that during her tenure at various banks in senior positions between 2004 and 2014, Bhargava amassed assets worth Rs 4.89 crore and incurred an additional expenditure of Rs 1.47 crore against the income of Rs 2.73 crore.

Agency sources say it'll be \"very difficult\" for these 31 banks to recover the additional Rs 5,280-crore loan offered to Gitanjali. The Mehul Choksi-owned company, along with Nirav Modi's Firestar Diamond, is already being investigated for the biggest banking fraud in India.

Auto stocks lead gains; Maruti (5.82%), Hero MotoCorp (4.51%), Tata Motors (3.56%), Bajaj Auto (2.8%) top Sensex gainers.

Populism is uncritical and unthinking and may cause governments to make poor decisions. We must educate our children better - but can we survive populism?

In May 2016, the Prime Minister's Office (PMO) asked the government's top think tank, National Institution for Transforming India (NITI) Aayog, to prepare three documents - a 15-year vision document, a seven-year strategy, and a three-year action agenda.

The Reserve Bank of India (RBI) is likely to put a hold on United Bank of India's branch expansion on the back of rising bad loans even as the state-run lender posted a Rs 74 crore net profit in the fourth quarter.

The strong performance expected in the current fiscal may help India retain the title of the fastest growing major economy in the world, ahead of China.