NEW DELHI: In yet another case of restitution of assets to victims of a scam, the Enforcement Directorate has allowed the sale and refund of 185 crore worth of attached property of Jammu-based Surya Pharmaceuticals to SBI in a money laundering case against the company and its directors.The attached assets include a building and superstructure…
HYDERABAD: A family in Miryalaguda lost 6 lakh tuition fees when they mistakenly sent it to a wrong US bank account over 2 months ago. Despite efforts, they’ve been unable to recover the funds from the bank. Dongari Pavan, hailing from Miryalaguda in Nalgonda told TOI that his younger brother, Dongari Chakravarthi, was pursuing a…
NEW DELHI: State Bank of India has declared loan accounts of debt-ridden state-owned MTNL as sub-standard non-performing assets due to non-payment of instalments and interest since June 30, the telecom firm said in a filing.The total outstanding on the MTNL loan account was Rs 326 crore as of Sept 30, according to the SBI letter…
BHOPAL: A CBI special court on Monday convicted a retired bank officer, five members of his family and a CA in a 19-year-old disproportionate assets case. Judge Arvind Kumar Sharma sentenced former assistant general manager of SBI Jitendra Pratap Singh to three years of rigorous imprisonment and fined him Rs 32,22,250. If he fails to…
State Bank of India (SBI) Chairman CS Setty has warned of growing cybersecurity challenges and the need for improved digital literacy in the banking sector. While investments in cybersecurity are on the rise, the availability of professional support for these activities remains limited, posing a significant hurdle for banks as they roll out digital systems.Speaking…
MUMBAI: Adani Enterprises, the flagship of the Adani Group, plans to launch a $1-billion share sale by mid-Sept, Reuters reported.The offering of existing shares will mark Adani Enterprises’ return to the capital market after it withdrew a $2.5-billion follow-on offering in Feb last year after US short seller Hindenburg Research accused the conglomerate of improper…
Mumbai: PC Jeweller has reached a one-time settlement (OTS) with a consortium of lenders led by State Bank of India (SBI) to settle its debt by offering banks a mix of cash and equity in the Delhi-based company. The ₹2,250-crore offer represents about a 20% haircut to lenders’ principal amount, estimated at ₹2,900 crore, and…
Banks offer special FD rates to attract deposits: In an effort to attract retail deposits, banks have launched special schemes offering savers an additional 25-30 basis points for term deposits above current commitments for similar tenures. This move suggests that policy interest rates are likely to remain high in the near future.According to an ET…
MUMBAI: Gen Z and millennials are driving high growth in digital loans. The Gen Z cohort comprises youngsters in the 18-25 age group, many of whom entered adulthood during the pandemic. Millennials fall between the age group 26-38.According to a report by Redseer Strategy Consultants, digital lending in India is on the rise and set…
MUMBAI: SBI has started watching the weather more intently from the current financial year. The country’s largest lender is incorporating climate change risks into its lending framework and has set up a Climate Change Risk Management Committee to enhance governance and resilience to climate-related risks. The climate change panel will provide strategic guidance and oversight…
