Free Press Journal
  • Yes Bank shares crash 29%, loses over Rs 22k-cr in market-cap

    Mumbai : Private sector lender Yes Bank’s shares tumbled nearly a third on Friday, wiping around Rs 22,374 crore ($3.1 billion) off its market value, after the Reserve Bank of India (RBI) reduced charismatic CEO Rana Kapoor’s term, creating uncertainty about its outlook. The RBI said late on Wednesday Kapoor can serve as the lender’s chief executive only till January 31, 2019, after shareholders voted in June to extend his term for

  • SBI looks to drag Videocon oil subsidiary to NCLT

    Mumbai : State Bank of India (SBI) may refer overseas oil and gas subsidiary of Videocon Group for insolvency proceedings at National Company Law Tribunal (NCLT), and is seeking a legal view before filing the petition, according to sources close to the development.

  • IL&FS and accountability: Not getting along

    As an earlier article showed, the roots of the IL&FS financial crisis lie in its limited accountability. It was not under the full and continuous scrutiny of the Reserve Bank of India (RBI) as banks are. And it was not under the continuous rigorous scrutiny of Securities and Exchange Board of India (Sebi) either as listed companies and their managements generally are. Only the listed entities reported to Sebi.  The parent’s books,

  • RBI trims Rana Kapoor’s term as Yes Bank CEO

    Mumbai : The Reserve Bank of India (RBI) has curtailed the term of Yes Bank’s founding CEO Rana Kapoor and asked the private sector lender to look for his replacement by January 2019.

  • IMF estimates ‘real’ depreciation of Indian rupee as 6 to 7 percent

    Washington: Compared to December 2017, the real effective depreciation of Indian rupee is between six and seven per cent, says an IMF estimate. Broadly since the beginning of the year, Indian rupee “has lost about 11 per cent of its value in nominal terms vis a vis the US dollar”, said IMF spokesperson Gerry Rice, responding to a question on the fall of the Indian currency in the last few months. He,

  • RBI to stay out of panel to resolve power sector NPAs

    New Delhi : The Reserve Bank of India (RBI) has refused to be part of a high-level committee headed by the Cabinet Secretary which was constituted to resolve stress in the power sector as it is not willing to relax norms to deal with bad loans, according to a source.

  • editorial, R N Bhaskar, RBI, crucial chinks, Reserve Bank Of India, Demonetisation, digital payments

    The RBI points to very crucial chinks

    The latest annual report of the Reserve Bank of India (RBI) is quite candid about its assessment of demonetisation. More cash has come back into the system than had been envisaged earlier. The pace of increase in digital payments has slowed down. And while the RBI does not mention it, the absurdity of having e-commerce and digital payments under the IT ministry and not under the finance ministry continues to baffle experts.

  • RBI approves Amitabh Chaudhry’s appointment as Axis Bank CEO

    Mumbai: The Reserve Bank of India (RBI) on Monday approved the appointment of Amitabh Chaudhry as the new Managing Director and CEO of Axis Bank for a period of three years, starting January next year.

  • RBI likely to conduct OMO this week to ease liquidity

    Mumbai : The Reserve Bank of India (RBI) is likely to conduct an open market operation (OMO) purchase this week to infuse liquidity into the banking system, which is further going to tighten on account of advance tax payments, say bankers.

  • IL&FS books come under RBI scanner

    Mumbai : The Reserve Bank of India (RBI) has started a special audit on Infrastructure Leasing & Financial Services (IL&FS).

  • Services activity loses sheen on weak orders in August

    New Delhi : India’s services sector activity fell in August from July’s 21-month peak as new business orders declined, following which firms raised their staffing levels at a modest pace amid rising input cost inflation, a monthly survey said on Wednesday.