PMC BANK
Unity Small Finance Bank Q2 Results: Profit rises 35% to Rs 187 crore, NPA down to 4.3%
Centrum group promoted Unity Small Finance Bank said it earned a net profit of Rs 187 crore in the September quarter as compared with Rs 138 crore in the year ago period, (up 35% YoY) backed by Rs 18 crore recovery from written off accounts.
Q2 results this week: ICICI Bank, ITC, Bajaj Housing Finance, Zomato among 182 companies to announce earnings
This week, 182 companies, including ICICI Bank, HUL and Zomato, will report Q2 earnings. Key dates feature multiple significant announcements, impacting market sentiment and stock performance.
NBCC's three-phase plan to complete 50,000 Supertech homes offers hope for stranded home buyers amid insolvency proceedings
The state-owned NBCC has put forward a three-year construction schedule to provide reassurance to numerous homebuyers. The objective of the plan is to finalize the construction of 50,000 apartments across 17 projects of Supertech, which is currently being managed by an insolvency professional. The company's main stakeholder is confronting several allegations, such as fund diversion and money laundering.
Kotak crackdown: The 'Regulatory Bank of India' is taking no chances
Kotak Mahindra Bank: The Reserve Bank of India (RBI) is cracking down on regulatory compliance in the banking industry, issuing strict penalties for non-compliance. Recent actions, including barring Kotak Mahindra Bank from new customer sign-ups, highlight the RBI's serious approach to enforcing regulations. The central bank's tougher stance aims to improve governance and transparency in the financial sector, despite potential impacts on growth and capital costs. The RBI's increased vigilance follows high-profile banking collapses and aims to prevent systemic risks while promoting a more robust and transparent financial system.
From kid gloves to sucker punch: What recent RBI crackdowns on JM Financial, IIFL and Paytm Payments Bank show
The Reserve Bank of India (RBI) has been increasingly imposing penalties on banks and non-banking finance companies for violating its rules. The move from a consultative approach to monetary policy and forming regulations has led to a paradigm shift in its approach to addressing regulatory breaches. The RBI has ordered Paytm Payments Bank to shut down its business for not complying with rules regarding know your customer (KYC) and prevention of money laundering, eroding its market value by nearly half in a matter of days.
PMC Bank case: ED attaches shops worth over Rs 13 crore in Pune mall
The Enforcement Directorate attached shops worth more than Rs 13 crore in Pune's SGS Mall in the Punjab and Maharashtra Cooperative (PMC) Bank loan fraud-linked money laundering case. The fraud is alleged to have been perpetrated by HDIL and its promoters Rakesh Kumar Wadhawan and Sarang Wadhawan. HDIL, ex-chairman Waryam Singh, and ex-managing director Joy Thomas are also involved.
Indian banks continue to stand healthy, strong and resilient: FM Sitharaman
Finance Minister Nirmala Sitharaman stated that Indian banks remain healthy, strong, and resilient despite global banking turmoil. She highlighted the recovery of Rs 33,801 crore from wilful defaulters by March 31, 2023, and efforts to combat defaults. Sitharaman emphasized the decline in NPAs and rising profit margins in Indian banks, contrasting with bank collapses in other countries.
Abhyudaya Cooperative Bank net NPA at 12%; professional team can clean up balance sheet: Sources
The RBI order on Friday had superseded the board for 12 months on material concerns emanating from poor governance standards observed in the bank" but refrained from putting any business restrictions.
RBI supersedes Abhudaya Co-operative Bank Board
¡° The bank has been showing some financial stress for some time. One of the indicators is fall in profits¡± said a consultant to cooperative banks requesting anonymity. A long term analysis of financial data shows that profits started falling steeply from 2016 onwards. Net profits fell from a peak of Rs 98 crore in March 2014 to Rs 16.2 crore in March 2020, according to the figures posted on the bank¡¯s website.
SC grants 3 months interim bail to HDIL promoter Rakesh Wadhawan
After the Bombay High Court refused to grant bail to Housing Development Infrastructure Ltd (HDIL) promoter Rakesh Wadhawan, has been granted interim bail of three months by the Supreme Court of India on medical grounds. He is said to be involved in a Rs 4,300-crore Punjab and Maharashtra Cooperative (PMC) Bank scam case. The apex court has directed that if need be, Wadhawan may be taken to JJ Hospital in Mumbai.
Engineers India looks at new sectors, overseas for new phase of growth
EIL is working with GAIL and BPCL on blending green hydrogen with natural gas, she said. It's also working on identifying the electrolyzer technology suited to produce green hydrogen in India and on integrating the electrolyzer with the refinery.
NCLT admits HDIL firm Privilege Power and Infrastructure under insolvency process
The Mumbai bench of the National Company Law Tribunal (NCLT) has appointed Anurag Kumar Sinha the insolvency resolution professional. This came on a petition filed by Unity Small Finance Bank, which had approached the court after the company allegedly failed to repay over Rs 138 crore in dues.
CBI books HDIL promoters Rakesh and Sarang Wadhawan in fresh case of Rs 140 crore bank fraud
The fresh action was initiated on a complaint from the Union Bank of India against the businessmen who are embroiled in a Rs-4,300 crore Punjab and Maharashtra Cooperative (PMC) Bank scam case, they said.
Delhi HC dismisses challenge to restrictions on withdrawal from PMC Bank
"Despite sympathising with the position in which the petitioners find themselves, I am unable to grant the relief sought in this petition. The petition, along with the pending application, is therefore dismissed, but without any orders as to costs," the court said in its order dated November 30.
Unity Small Finance Bank pays Rs 3,800 crore to 8.5 lakh PMC Bank depositors
¡°Unity SFB received from DICGC a certified list of erstwhile PMC Bank depositors who are eligible to receive up to Rs5 lakh of their deposits, post banking hours today,¡± Jaspal Bindra, executive chairman, Centrum Group told ET.
96 pc PMC Bank depositors to be paid upfront: Unity SFB
Unity Small Finance Bank, which has taken over the failed cooperative lender PMC Bank, on Thursday said all small depositors with under Rs 5 lakh of deposits -- who form 96 per cent of the customer base -- can take their entire money out now or keep it in the new bank and earn 7 per cent interest annually.
PMC Resolution: Large depositors can expect faster payout
According to the draft scheme, the first pay-out for retail depositors above Rs 5 lakh will start from year one, faster than the second year pay out as per the draft scheme. Instititutional depositors can also expect a preference shares alloted to them in case recoveries from the major fraud account of HDIL Group exceed the principal.
Government approves PMC Bank amalgamation plan
¡°The scheme of amalgamation envisages takeover of the assets and liabilities of PMC Bank, including deposits, by the USFBL in terms of the provisions of the scheme,¡± the Reserve Bank of India said citing the government's sanction on the amalgamation plan.
Government approves PMC Bank merger with Unity Small Finance Bank
"The amalgamation will come into force with effect from the date of the notification of the scheme i.e. January 25, 2022. All the branches of the PMC Bank will function as branches of Unity Small Finance Bank Ltd. with effect from this date," read the circular in the official site of the Reserve Bank of India.
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