The banking regulator noted that continuance of the bank is prejudicial to the interests of its depositors, and it would be unable to pay its present depositors in full in its present financial position

Three NBFCs whose registrations were cancelled are UP-based Abhinav Hire Purchase, Gurugram-based Jupiter Management Services and Assam-based NE Leasing and Finance

The RBI said that the public interest would be adversely affected Subhadra Local Area Bank is allowed to continue to do the business in the manner in which it is functioning

\"We need larger institutions for sure,\" said Kamath. \"As a first step, the aspiration is to get to $5 trillion, but if you look at $10 trillion in the next 10 years, there is a step change that is required\"

The net non-performing asset (NPA) ratio of the NBFCs should be less than 6 per cent in each of the last three years, including the accounting year for which it proposes to declare dividend

Allowing big industrial houses in the banking sector has its own set of challenges

Following the cancellation of its licence, The Karad Janata Sahakari Bank has been prohibited from conducting the business of 'banking' which includes acceptance of deposits and repayment of deposits with immediate effect

The IBA co-ordination committee had been holding regular feedback meetings with the Kamath committee members in light of the pandemic proceedings, and had unanimously expressed their desire to extend timelines.

RBI panel's proposal to allow big corporates/industrial houses to own and run banks and NBFCs is contrary to RBI's own earlier stand, economic logic and historical evidence of multiple economic crises caused by reckless private financial sector players

For corporate houses, their ability to work under a stringent regulatory watch and to have detailed disclosures and proactive communication will be a test of the toughest order

Former Reserve Bank of India's (RBI) governor Raghuram Rajan and deputy governor Viral Acharya in an article he posted on LinkedIn, stated that it is important to stick to the tried and tested limits on corporate involvement in banking

In order to allow them to run full-fledged operations, the apex bank may make norms tighter as proposed by deputy governor M Rajeshwar Rao recently.

Large industrial houses like Aditya Birla group, Bajaj group, Mahindra and Mahindra, and Tata Sons already have large NBFCs with more than a decade of operations. In fact, these NBFCs are bigger than many mid-sized banks in the country

India Stock Market Highlights Today: UltraTech Cement, followed by Bharti Airtel, Asian Paints, Titan, ITC, Kotak Bank and L&T wer among the top gainers on Sensex. On the other hand, ICICI Bank, IndusInd Bank, SBI, Axis Bank and Bajaj Finserv were among the laggards

RBI's new guidelines for credit and debit card companies will come into effect on October 1; Centre has said maintenance of vehicular documents, including driving licences and e-challans, will also be done online from tomorrow

In July last year, Aditya Birla Idea Payments Bank had announced it would wind up banking business over \"unanticipated developments\" that made its economic model \"unviable\"

Sachin Bansal's financial services startup Navi Technologies is likely to acquire Future Generali Life Insurance for Rs 1,400-1,500 crore

Apart from rise in financial frauds in private companies in India, recent years have also witnessed a rise in the role of shell companies and tax havens in their operations, raising further concerns about illicit operations

Domestic indices traded lower, in line with weak Asian cues, as investor sentiments were cautious amid escalating US-China tensions and rising numbers of coronavirus cases worldwide

Bansal says that his new venture Navi will stay away from payments business, but he has plans to take his financial products to a billion Indians over the next few years