Free Press Journal
  • Gave list of NPA fraud cases to PMO but not aware of progress: Former RBI Governor Raghuram Rajan

    New Delhi: A larger number of bad loans or NPAs originated in 2006-2008 when Indian economic growth was strong as the banks made mistakes, former RBI Governor Raghuram Rajan has said. He said that global slowdown, project cost overruns and government decision-making were among the factors that contributed to the process. “A larger number of bad loans originated in 2006-2008 when economic growth was strong, and previous infrastructure projects such as power plants had

  • Banker, scamster and hidden hand make merry

    There is a sense of disquiet among India’s policy-watchers. Such anxieties were confirmed when they saw the data presented before the Lok Sabha on 3 August 2018 (see chart).  The government pointed out that in 2017-18 alone, there were 5,897 instances of bank-fraud that had come to light and were being investigated. Together, they involve a sum of Rs 32,048.65 crore. As can be seen, the number of instances of frauds and

  • RBI faces panel flak over failure to tackle NPA mess

    New Delhi : A Parliamentary committee has questioned RBI for failing to take pre-emptive action in checking bad loans in the banking system prior to the Asset Quality Review undertaken in December 2015.

  • NPA: Missing sense of urgency

    The largest public sector bank and the largest private sector bank have announced losses for the first quarter (Q1) of the financial year 2018-19. The results have shocked many, particularly in the case of the State Bank of India, where the Q1 (April-June 2018) loss stood at Rs4,876 crore, the third straight quarterly loss. ICICI Bank, where the CEO has gone on leave pending an inquiry into allegations of conflict of interest

  • RBI needs more powers to oversee public sector banks: Governor to panel

    New Delhi: The Reserve Bank needs more powers to oversee public sector banks (PSBs), Governor Urjit Patel told a parliamentary panel today amid mounting bad loans in state-run lenders. The RBI governor, who appeared before the Parliamentary Standing Committee of Finance, faced tough questions from lawmakers on bad loans, bank frauds, cash crunch and other issues, according to sources. Sources said the governor assured the members that steps were being taken to strengthen the system.

  • IFCI recovers Rs 280 cr from Bhushan Steel, allotted over 5.79 lakh shares

    New Delhi, Infrastructure lender IFCI has recovered Rs 280.30 crore and has been allotted over 5.79 lakh equity shares of debt-ridden Bhushan Steel (BSL), which has been acquired by Tata Steel, under the insolvency process. “IFCI as one of the financial creditors to BSL had filed its claim with the resolution professional which was duly accepted. Under the resolution plan (RP) envisaging payment of Rs 35,200 crore to all the financial creditors,

  • finmin, finance ministry, capital influsion, business, PNB, PSU Banks, lenders

    FinMin expects banks to get back over Rs 1 lakh crore with resolution of 12 major NPAs

    New Delhi: Enthused by successful conclusion of the Bhushan Steel case, the Finance Ministry expects banks to write back more than Rs 1 lakh crore after the resolution of all 12 NPA cases referred to insolvency proceedings by the RBI it its first list. Last week, the Tata Group acquired controlling stake of 72.65 per cent in the debt-ridden Bhushan Steel Ltd for around Rs 36,000 crore, which will help in cleansing the

  • US tops medal tally

    Pyeongchang : The United States on Saturday got off to a good start on the opening day of the 2018 Paralympic Winter Games, topping the medals tally with three gold, one silver and one bronze medals.

  • Ravi Shankar Prasad

    Congress spreading lies against the Modi government to unnecessarily create confusion, fear: Ravi Shankar Prasad

    New Delhi: Union Law Minister Ravi Shankar Prasad on Monday mounted a blistering attack on Congress of daily inventing and spreading lies against the Modi government to unnecessarily create confusion and fear. Soon after Parliament was adjourned for the day on the issue of the Opposition’s demand for a probe into Punjab National Bank’s scam, he told a press conference at BJP headquarters here that defrauding of the bank by Nirav Modi began

  • Rotomac loan turned NPA in FY16; made full provision: Bank of India

    New Delhi: State-owned Bank of India today said it had sanctioned some loan to Rotomac group companies as a consortium lender and that had turned into a non-performing asset (NPA) or bad loan in the 2015-16 fiscal for which it has already made 100 per cent provisioning.

  • Government to push ahead with banking reforms in new year

    New Delhi: The government is likely to push ahead with banking sector reforms alongside infusion of fresh capital in state-owned lenders in the new year as it looks to lift banks out of NPA crisis and revive lending growth from a 25-year low.

  • Don’t allow promoters with NPAs to return

    IN sorting out a crisis of this order, a few first principles should be clear and the one that says a promoter with NPAs is barred is not only desirable but an imperative for the message to sink in. It is equally important that every single case brought under the IBC is investigated under a fast track mode so it is clear that the nation does not take lightly the game of

  • GST to be simple for everyone by March: Shiv Pratap Shukla

    Kolkata: Union Minister of State for Finance Shiv Pratap Shukla on Wednesday said the Goods and Services Tax (GST) should smoothen out by March 2018 as the government has been addressing the concerns and it would become so simple that people would not have any issues.

  • Indore: No write-offs, recovery from big giants must: Venkatachalam

    Indore: Rs 110 lakh crore that belongs to the hard earn money of common depositors of the banks, is under serious threat due to mounting amount of bad loans or non-performing assets (NPA). If the restructured loans are added, total NPA will go beyond Rs 15 lakh crore. This can be checked only when central government comes out with stringent measures against the big corporate defaulters, said general secretary of Federation of

  • NPAs in Banks – June 2017: This is how things stand

    One of the major challenges for the Indian banking system is to address the NPA issue which has also affected the profitability of banks besides coming in the way of future bank lending as banks have been cautious while lending especially for long term purposes. Various measures have been attempted to address this issue with the IBC being the latest one where some of the larger NPAs have been identified for speedy

  • NPA resolution to spur credit expansion, growth: Arvind Panagariya

    New Delhi: Resolution of bad loans in the banking system is on ‘right track’ and will ‘open the door’ to rapid credit expansion and growth, Niti Aayog Vice Chairman Arvind Panagariya has said. Terming the non-performing assets (NPAs) or bad loans problem as a ‘legacy issue’, he said that even after three years of the NDA government taking charge, it has not gone away. . “Now we are on absolutely right track.

  • NITI Aayog to submit report on PSU banks consolidation

    New Delhi : The finance ministry has sought help of the government think-tank NITI Aayog and other global consultancy firms to examine the possibility of next round of consolidation of PSU banks with an aim to create only a few lenders of global size and scale.

  • A novel way to resolve the bank-NPA issue

    Sometimes, it is important for finance ministers to consider the valuation approach in order to resolve the non-performing assets (NPA) crisis afflicting Indian public sector banks.