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SC upholds Centre's notification permitting banks to proceed against personal guarantors under bankruptcy code
Business

SC upholds Centre's notification permitting banks to proceed against personal guarantors under bankruptcy code

The top court ruled that initiation of an insolvency resolution plan for a company does not absolve corporate guarantees given by individuals from paying up the dues to financial institutions

Reforms unleashed by Narendra Modi govt will make country very competitive; India's story has just begun: NITI Aayog CEO Amitabh Kant
Business

Reforms unleashed by Narendra Modi govt will make country very competitive; India's story has just begun: NITI Aayog CEO Amitabh Kant

India, under Prime Minister Narendra Modi, was moving fast on the track of ease of doing business, the NITI Aayog CEO said

Corporate tax cut a signal to structural reforms, govt should focus on non-tax revenues to offset deficit: CEA
Business

Corporate tax cut a signal to structural reforms, govt should focus on non-tax revenues to offset deficit: CEA

On 20 September, Finance Minister Nirmala Sitharaman had announced a reduction in the base corporate tax rate to 22% from 30% as part of stimulus measures to revive the slowing economic growth.

Supreme Court squashes RBI's NPA circular: Rating agencies say negative for banks, to delay debt resolution process
Business

Supreme Court squashes RBI's NPA circular: Rating agencies say negative for banks, to delay debt resolution process

Supreme Court quashed the RBI circular of 12 February, 2018 dealing with loan defaults by making it mandatory on banks to recognize even a day's default

How can absconding promoters make one-time settlement offers,  NCLT asks Sterling Biotech lenders
Business

How can absconding promoters make one-time settlement offers, NCLT asks Sterling Biotech lenders

The four promoters of Sterling Biotech--Nitin Sandesara, Chetankumar Sandesara, Dipti Chetan Sandesara and Hiteshkumar Patel, are absconding and are facing extradition orders.

Over Rs 2 lakh crore bad loans settled, fresh NPA additions come down, says govt official
Business

Over Rs 2 lakh crore bad loans settled, fresh NPA additions come down, says govt official

Over Rs 2 lakh crore worth of loan defaults have been settled and fresh addition of non-performing assets of financial institutions has also come down after the Insolvency and Bankruptcy Code (IBC) came into being in 2016

Political expediencies can't dictate capital buffer for banks, says senior Reserve Bank of India official
Business

Political expediencies can't dictate capital buffer for banks, says senior Reserve Bank of India official

In the comments that come amid repeated demands from key finance ministry mandarins to lower the core capital requirements and align it to the global levels, the RBI official suggested that the debate over capital buffers itself is irrelevant, and the numbers 8 or 9% does not matter

At IBBI-FICCI huddle in New York, Arun Jaitley says bankruptcy code-led stressed assets sale 'great opportunity for foreign investors'
Business

At IBBI-FICCI huddle in New York, Arun Jaitley says bankruptcy code-led stressed assets sale 'great opportunity for foreign investors'

India’s finance minister Arun Jaitley, principal economic advisor Sanjeev Sanyal and Chairman of the Insolvency and Bankruptcy Board of India (IBBI) M S Sahoo made a strong pitch for turbocharging foreign investment in Indian companies' stressed assets that will be going up for sale in the coming months.

Does IMF's take on Indian economy offer the best answer to Nitin Gadkari’s 'where are the jobs' question?
Business

Does IMF's take on Indian economy offer the best answer to Nitin Gadkari’s 'where are the jobs' question?

India needs to grow much faster, particularly labour-intensive sectors such as manufacturing and construction to generate enough jobs for millions of new job aspirants

One way to remove irritants from India-US relationship is to get rid of tariffs: USISPF CEO and president Mukesh Aghi
India

One way to remove irritants from India-US relationship is to get rid of tariffs: USISPF CEO and president Mukesh Aghi

The US-India Strategic Partnership Forum (USISPF) is an organisation that for years has played an important role in creating a strong strategic partnership between the two countries

State-run banks not under PCA framework expected to retain loan market share at 51% medium-term
Business

State-run banks not under PCA framework expected to retain loan market share at 51% medium-term

Private sector banks are expected to increase it from 30.9 percent in March 2018 to 38-40 percent in the foreseeable future and stabilise at that levels

Quick resolution to bank NPAs problem unlikely: Industrialist Rahul Bajaj
Business

Quick resolution to bank NPAs problem unlikely: Industrialist Rahul Bajaj

Indian banks are unlikely to see a quick resolution to their 'terrible state' of being saddled by a huge overhang of NPAs despite the new bankruptcy process in the country, according to Bajaj Auto Chairman Rahul Bajaj

Vedanta to buy 90% of Electrosteel: IBC is a big winner for ailing banks but the judiciary can still spoil party
Business

Vedanta to buy 90% of Electrosteel: IBC is a big winner for ailing banks but the judiciary can still spoil party

India's judiciary would do well to stay out of bankruptcy proceedings, critical for the survival of the NPA-ridden banking sector.

IBC: Cabinet approves amendments to bankruptcy code, proposes to classify home buyers at par with lenders
Business

IBC: Cabinet approves amendments to bankruptcy code, proposes to classify home buyers at par with lenders

The present amendment is based on recommendations of a 14-member government appointed committee that had last month suggested a slew of measures, including addressing woes of home buyers and making recoveries easier for lenders

Aircel files for bankruptcy due to high debt, mounting losses triggered by price war
Business

Aircel files for bankruptcy due to high debt, mounting losses triggered by price war

Talks between Aircel, 74 percent owned by Malaysia’s Maxis Communications Bhd, and Reliance Communications Ltd (RCom) to combine their wireless business was called off in late 2017

PSB recapitalisation: Narendra Modi govt’s move can keep zombie banks alive for now, but rot runs deep
Business

PSB recapitalisation: Narendra Modi govt’s move can keep zombie banks alive for now, but rot runs deep

The problem runs lot deeper and even several rounds of capital infusion cannot come as a panacea to cure the ills of state-run banks unless fundamental flaws are addressed

From Moody's rating upgrade to Fitch's GDP cut: Why Narendra Modi govt needn't take rating agencies too seriously
Business

From Moody's rating upgrade to Fitch's GDP cut: Why Narendra Modi govt needn't take rating agencies too seriously

Quite clearly, there is no real conviction among rating agencies about India’s state of the economy

Axis Bank net jumps 38% on lower base; asset quality worsens with Rs 8,936 cr fresh slippages
Business

Axis Bank net jumps 38% on lower base; asset quality worsens with Rs 8,936 cr fresh slippages

The third largest private sector lender also warned of more pressure on the asset quality side in the remaining quarter of the fiscal saying the second half will continue to be challenging.

Jaypee Infratech insolvency: IDBI Bank moves SC against stay, says bank's money is public money
Business

Jaypee Infratech insolvency: IDBI Bank moves SC against stay, says bank's money is public money

Senior advocate Ajit Sinha, appearing for one of the home buyers, vehemently opposed the contention of the bank and said home buyers were happy because of the apex court order

Bank NPAs: RBI's second list of defaulters include Videocon, JP Associates, says report
Business

Bank NPAs: RBI's second list of defaulters include Videocon, JP Associates, says report

Others that figure in the defaulters list are East Coast Energy, SEL Manufacturing, Shakti Bhog, Nagarjuna Oil, Jai Balaji Industries, Uttam Galva, Monnet Power, Orchid Chemicals, among others