THE APEX BANK
SC to consider listing PIL for court-monitored SIT probe into electoral bond scheme
Magicpin, an offline fashion discovery and savings platform, has seen a 100% year-on-year increase in brand on-boarding, adding 1000 brands across fashion, QSR, and fine dine categories. The platform has also added over 75,000 local merchants in the last 12 months, bringing the total to 2,75,000 merchants and 3,000 brands.
TFCILTD in focus: Adani Group advisor and former MD & CEO of Karnataka Bank join TFCILTD
TFCILTD, an NBFC, appoints Deepak Amitabh and Dr Mahabaleshwara MS, boosting strategic capabilities. Amitabh, an Adani Group advisor, is strong in financial strategy. Dr. Mahabaleshwara, ex-MD & CEO of Karnataka Bank, enhanced digital footprint, key for financial planning, management, governance, and exploring growth avenues.
RBI penalizes PNB, four other banks for regulatory non-compliance in first week of July
The Reserve Bank of India (RBI) has penalized five banks, including Punjab National Bank (PNB), for non-compliance with RBI directions. PNB became the fifth bank to be penalized, with a penalty of Rs 1.31 crore. The penalty was imposed for non-compliance with RBI directions regarding 'Loans and Advances: Statutory and Other Restrictions' and the 'Reserve Bank of India (Know Your Customer (KYC) Direction, 2016'.
RBI following the US Fed? Guv Das says "we play according to local weather, pitch conditions"
The Reserve Bank of India (RBI) has emphasized its independence from global influences and prioritizing domestic economic conditions over distant horizons. The RBI's actions are primarily determined by domestic growth-inflation conditions and the outlook. India has maintained its stance of 'withdrawal of accommodation' since February 2023 and has not changed its stance of 'withdrawal of accommodation' since February 2023.
RBI approves a Committee of Executives (CoE) in Tamilnad Mercantile Bank as an interim arrangement
RBI approves Committee of Executives in Tamilnad Mercantile Bank as an interim arrangement. CoE comprises S Narayanan, D Ramesh, PR Ashok Kumar. Bank selecting suitable candidates for top post, unclear why Krishnan's successor not selected after 8 months. TMB had only one whole time director.
No tax exemption on concessional or interest free loan from the employer, not even for bank employees, says SC
Tax on concessional interest rate loan: The Supreme Court of India has stated that bank employees have to have income tax if they have availed loan from their employers at concessional interest rate or interest free rate. However as per our calculations, even if bank employees pay income tax on this loan, they will still have some savings.
Frauds by bank employees: Take these steps to ensure branch manager or any other employee does not run away with your money
Fraud by bank employees: Many reports of bank employees defrauding customers of the bank. These are the cases where the bank and its customers both are the victims of fraud by the employee(s). In a recent judgement by the SC, it was said that banks would be held liable for criminal misconduct by its employees.
Banks want to regain power to issue lookout notices, to move Finance ministry
Banks primarily issued LOCs to fraudulent borrowers and wilful defaulters - who they suspected could run off to take the residency or even citizenship of another country. However, last month, the Bombay High Court struck down the powers of chairmen, managing directors and CEOs of all public sector banks to issue LOCs on the grounds that the 'right to travel abroad' cannot be taken away by an executive action and the powers given to bank chiefs is arbitrary and unreasonable.
Bank liable for wrong done by its employees: SC orders bank to compensate man
Supreme Court holds District Cooperative Bank liable for employee actions, orders compensation of Rs 25,000 to a man after three decades. Bank failed to release fixed deposit receipts worth Rs 1,60,000 in Varanasi. Petitioner awarded refund with interest and damages by district consumer forum in 1997. Apex court overturns NCDRC's ruling, emphasizing bank's vicarious liability for employee conduct.
Nabard clarifies it does not extend loan directly to farmers
Nabard clarified that it doesn't provide loans directly to individual farmers but supports financial institutions and cooperatives in rural development. It urged stakeholders to be cautious of misinformation, which can lead to financial risks. Nabard remains committed to promoting rural development and agriculture through official channels for accurate information. Contact Nabard for inquiries.
Our shoulders broad enough: SC on social media commentary after Electoral Bonds order
As an institution, our shoulders are "broad enough", the Supreme Court said on Monday as the Centre flagged social media posts against the court intended to embarrass it after its orders in Electoral Bonds cases. Chief Justice D Y Chandrachud, who was heading a five-judge Constitution bench hearing the electoral bonds case, said once the court delivers a judgement, it becomes nation's property, open for debate.
'Cannot be selective in disclosure': SC asks SBI for unique number, ‘every detail’ on poll bonds
The Supreme Court has directed the State Bank of India (SBI) to disclose all details of electoral bonds purchased and encashed since April 12, 2019, including their unique numbers, to the Election Commission of India. The court criticized SBI for withholding information and emphasized that the bank must be transparent in disclosing all details. SBI was the sole issuer of electoral bonds, which were recently deemed unconstitutional by the Supreme Court. The court also rejected a plea to disclose information from before 2019, stating that it would amount to a substantial modification of its judgment.
"Don't be selective, disclose all details": SC asks SBI to share electoral bonds' serial numbers
ELECTORAL BONDS CASE: The Supreme Court directed the State Bank of India to fully disclose details of electoral bonds, including alphanumeric codes linking donors to political parties, emphasizing transparency. The Court also instructed the bank to file an affidavit confirming no information suppression. The Central government defended the bonds as a measure to counter black money.
Sales of listed private non-financial cos rose 5.5 pc in Q3: RBI data
Information Technology (IT) sector witnessed further deceleration in sales growth (y-o-y) to 3.2 per cent from 5.9 per cent in the previous quarter and 19.4 per cent a year ago. Non-IT services companies remained on high growth trajectory with sales rising 12.9 per cent (y-o-y) in the 2023 December quarter over and above 19.9 per cent growth in the corresponding quarter of last year.
ECI to follow apex court order on electoral bonds issue: Poll panel chief Rajiv Kumar
Chief Election Commissioner Rajiv Kumar stated that the Election Commission will abide by the directives of the Supreme Court regarding the electoral bonds scheme, emphasizing transparency in information dissemination and involvement. Kumar mentioned that the commission's affidavit to the Supreme Court expressed support for transparency, and it will take action as directed by the court once the order is issued.
SC ruling on electoral bond scheme in favour of transparency, people's interest: Petitioner
The Supreme Court has struck down the electoral bond scheme in India, stating it violates the right to information and freedom of speech and expression. Congress leader Jaya Thakur, who challenged the scheme, said the verdict will protect the interest of people and bring transparency in political funding. The court ordered the State Bank of India to disclose the names of contributors to the six-year-old scheme.
Apex PE-VC body seeks govt's help to ease AIF curbs
The industry is concerned about the close-ended nature of AIFs, where institutions with existing lending relationships with investee portfolio entities face a tight 30-day timeline from December 19, 2023, to liquidate investments, failing which they must provision 100% for such investments.
Apex court to examine JKC's resolution plan for Jet Airways
The Supreme Court will review the resolution plan submitted by the Jalan-Kalrock consortium for the takeover of bankrupt Jet Airways. The consortium has requested a reconsideration of its decision to acquire the grounded carrier. The court has asked for responses from Punjab National Bank, the airline's resolution professional, and its committee of creditors.
India's forex reserves up by $1.23 bn to $596.2 bn
India's foreign exchange reserves saw an uptick of $1.23 billion, taking the overall level to $596.2 billion as on July 7, Reserve Bank of India data showed Friday.
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