SBI, ICICI, Axis are UBS’ top banking picks

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Mumbai: UBS expects banks to report muted loan growth and a 25-50 basis point increase in non-performing loans in the first quarter. Ahead of the start of the earnings season, the brokerage said unsecured loans and loans against property are the most important segments for the private sector players. The brokerage prefers banks with greater … Read more

Contrary to wife’s claims, Mehul Choksi approached and ‘befriended’ me: Barbara Jabarica

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Barbara Jabarica, fugitive diamantaire Mehul Choksi‘s alleged girlfriend, on Wednesday said that contrary to claims made by his wife Priti, the businessman had been the first to approach and ‘befriend’ her. Speaking to ANI, Barbara said: “Raj (Mehul Choksi) was the one who approached me, asked my number and ‘befriended me’, totally the opposite of … Read more

Vodafone Idea lenders may have to make more provisions

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Vi has ₹50,400 crore of AGR dues payable to the government over 10 annual instalments through March 31, 2031, starting in March 2022. Synopsis Vi has been in fundraising talks with potential investors such as an Oak Hill-led consortium, US private equity firms including KKR, besides Canada Pension Plan Investment Board, Caisse de Dépôt et … Read more

Mehul Choksi’s pictures from Dominica surface, show him with injury marks

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Days after he was found and later arrested in Dominica, the first pictures of India-born fugitive diamantaire Mehul Choksi surfaced on Saturday showing him sustaining several injuries. The pictures, supplied by the AntiguaNewsRoom, is showing him sustaining several injuries on his hands and the left eye which appeared bruised and swollen. Posting the picture, the … Read more

Govt to bring amendments to two Acts to enable privatisation of PSU banks

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To facilitate privatisation of public sector banks, the government is likely to bring amendments to two legislations later this year. Amendments would be required in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 for privatisation, sources said. These Acts led to nationalisation … Read more

PNB Bank fraud: ED further attaches properties of Mehul Choksi

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NEW DELHI: The Enforcement Directorate (ED) has attached assets to the tune of Rs 14.45 crores of Gitanjali Group of companies and its director Mehul Choksi, a key accused in the (PNB) bank fraud. The attached assets are in the form of immovable properties comprising of a flat admeasuring 1460 sq. ft at O2 Tower, … Read more

Andhra Pradesh faces debt burden of Rs 3.73 lakh crore: CAG

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Amaravati: The Andhra Pradesh government’s gross debt burden has increased to Rs 3,73,140 crore by the end of November 2020. CAG’s latest accounts revealed that from April to November 2020 alone Rs 73,811.85 crore was borrowed from different sources as against the annual target of Rs 48,295.59 crore for the whole year. In the month … Read more

Banks sanctioned Rs 5,350 cr to cos in West Bengal as emergency loans: Official

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KOLKATA: Banks in West Bengal have sanctioned Rs 5,350 crore of loans till the last week of August to businesses to tide over liquidity woes amid the COVID-19 crisis, an official said on Friday. Public and private sector lenders have sanctioned the loans under the Centre’s Emergency Credit Line Guarantee Scheme (ECLGS). At the national … Read more

Nirav Modi case: PNB receives $3.25 million as part of recovery from liquidating Modi’s assets

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Punjab National Bank (PNB) received $3.25 million (Rs 24.33 crore) in the first tranche of recoveries from the liquidation of wilful defaulter Nirav Modi’s assets in an ongoing case in the United States. Further recoveries from the total liquidated amount of $11.04 million (Rs 82.66 crore) realised by the US Chapter 11 trustee will depend … Read more

Won’t lay off employees due to merger with OBC, UBI; manpower to grow as business grows: PNB MD & CEO

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PNB has a strength of 1.03 lakh employees and as the business grows, the employee strength will further grow. Punjab National Bank’s MD and CEO, S. S. Mallikarjuna Rao today said that there will be no retrenchment of employees following the merger of the Oriental Bank of Commerce and Union Bank of India with PNB. … Read more