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Synopsis In May, banks decided to appoint Padmakumar M Nair, chief general manager in charge of stressed assets in SBI, as the MD of the NARC. According to RBI norms, an ARC should have minimum net-owned funds of not less than 15% of the total financial assets that it plans to acquire on an aggregate basis or Rs 100 crore. Agencies (This story originally appeared in on Jul 13, 2021)Public sector lenders led by Canara Bank have officially formed the bad bank — the National Asset Reconstruction Company (NARC). Their next step now is to obtain approval from the Reserve Bank of India (RBI) to...

Synopsis LIC’s IPO is expected to be the biggest in India with many analysts expecting a share sale in excess of Rs 1 lakh crore. Besides its sheer size, the corporation is seen as valuable given its share of new business and high persistency among its policyholders. Agencies According to sources, the corporation has fully provided for these loans and the sale would improve the quality of its portfolio. (This story originally appeared in on Jul 09, 2021)Mumbai: The Life Insurance Corporation of India (LIC) is cleaning up its books ahead of its initial public offering (IPO) later this year...

New bad bank expected to be launched in July Lenders have so far reviewed 101 non-performing assets (NPAs) in the first phase and now plan to transfer 22 accounts amounting to roughly Rs 89,000 crore to the bad bank. Share Via Email   |  A+A A- By Express News Service NEW DELHI:  The new bad bank is likely to be launched later this week with all the regulatory approvals in place. According to sources aware of the development, the Indian Banks Association (IBA) has already filed an application with the Registrar of Companies at the Ministry of Corporate Affairs to incorporate the N...

Markets likely to open on a flat note June 28, 2021 Consolidation phase likely to continue, say analysts Domestic markets are expected to open the new week on a positive-to-flat note amid mixed global cues. Market experts said the market would largely remain in a consolidation phase before taking a clear direction. The SGX Nifty is currently ruling at 15,900 indicates (8 am) against the July futures at 15,888, and the spot close of 15,860.95. Last week, the US markets closed with a mixed tone, with tech-focussed Nasdaq slipping marginally even as the Dow Jones Industrial Average and the bro...

Revenue minister K Rajan added that the relaxation now under consideration is based on the previous all-party meeting convened by the chief minister.