Bank crisis – Nioga http://nioga.net/ Wed, 29 Dec 2021 04:45:28 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://nioga.net/wp-content/uploads/2021/10/icon-120x120.jpg Bank crisis – Nioga http://nioga.net/ 32 32 Rs 4,828 crore, over 82% of operating profit spent on bad debt settlement https://nioga.net/rs-4828-crore-over-82-of-operating-profit-spent-on-bad-debt-settlement/ Tue, 28 Dec 2021 10:25:33 +0000 https://nioga.net/rs-4828-crore-over-82-of-operating-profit-spent-on-bad-debt-settlement/ The Reserve Bank of India (RBI) appointed Yogesh Dayal as the director of the board of directors of the RBL bank for 2 years, which is seen by analysts as “government intervention to save the private bank”. Following this, the All-India Bank Employees Association (AIBEA) – the largest banking union in India wrote a letter […]]]>

The Reserve Bank of India (RBI) appointed Yogesh Dayal as the director of the board of directors of the RBL bank for 2 years, which is seen by analysts as “government intervention to save the private bank”.

Following this, the All-India Bank Employees Association (AIBEA) – the largest banking union in India wrote a letter to Finance Minister Nirmala Sitharaman asking him to merge the RBL with a public sector bank.

“It is observed that the total advances from this bank have doubled in recent years. From around 29,000 crore rupees in 2017, it has crossed 58,000 rupees at present. There are also reports that the Bank has abused retail credit, micro finance and credit cards and as a result has burned its finger, which has weakened the financial position of the Bank. Against the background of the problems faced by private banks like Yes Bank and Lakshmi Vilas Bank last year, we urge to immediately intervene in the matter in the Interest of the depositors of this private sector bank and consider the necessary measures, in particular a merger of this bank with a public sector bank ” , indicates the letter.

Speaking to the National Herald, Secretary General of AIBEA, CH Ventakchalam said that “bad debts and gross non-performing assets (GNPA) of the bank have increased in recent years”.

“In 2017, the bank’s gross NPA was only Rs 357 crore and today it is over Rs. 2,600 crore,” Ventakchalam said.

After the analysis, AIBEA calculated: In 2020 and 2021, operating profits were Rs 2,752 crore and Rs 3,091 crore respectively. According to the data, Rs 2,246 crore and Rs 2,583 crore were spent on bad debt settlement after which the net profit for the two years was Rs 506 crore and Rs 508 crore respectively.


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Banking crisis threatens expats over 60 in Kuwait https://nioga.net/banking-crisis-threatens-expats-over-60-in-kuwait/ Tue, 14 Dec 2021 13:20:02 +0000 https://nioga.net/banking-crisis-threatens-expats-over-60-in-kuwait/ Under Kuwaiti laws, banks and money changers are prohibited from making money transfers without a valid civil identity card. Image credit: archive photo Cairo: With a contested ban on renewing work permits for them not ultimately lifted, expats in Kuwait over the age of 60 who do not hold a college degree risk not having […]]]>

Under Kuwaiti laws, banks and money changers are prohibited from making money transfers without a valid civil identity card.
Image credit: archive photo

Cairo: With a contested ban on renewing work permits for them not ultimately lifted, expats in Kuwait over the age of 60 who do not hold a college degree risk not having access to their bank accounts, according to a report by local media.

Access to these accounts is linked to the possession of a valid civilian identity card. That said, Kuwaiti banks will be forced to suspend the bank cards of these customers once the validity of their ID cards has expired, the Al Rai newspaper said.

Consequently, the customer belonging to this category will not have access to the personal bank account and as such will not be able to carry out deposit or withdrawal operations, the newspaper said.

Therefore, they will not be able to transfer money to their families outside of Kuwait.

The newspaper warned that freezing the ability of these expatriates to transfer money could play into the hands of black traders and encourage them to turn to illegal methods, thereby thwarting efforts to fight money laundering and theft. financing of terrorism.

Under Kuwaiti laws, banks and money changers are prohibited from making money transfers without a valid civil identity card.

Last October, the Kuwaiti Department of Legal Advice and Legislation overturned the ban on employing expatriates over 60, saying it had no legal basis.

The cabinet-affiliated department said the ban was pronounced by WFP’s executive director without permission.

WFP’s board of directors, chaired by Minister of Trade and Industry Abdullah Al Salman, approved the revocation of the ban and approved a new system of renewal.

Certain categories of people will be exempt from paying renewal fees, Kuwaiti media reported at the time. They are the children of Kuwaiti women and their husbands, holders of Palestinian nationality, and born in Kuwait. No precise date has been set for the application of the new system which also includes compulsory health insurance.

The controversial ban, which went into effect earlier this year, sparked an uproar among human rights activists, who argued that it affected thousands of expats and their families who had long lived in the country. Kuwait.

About 4,013 of these expatriates were forced out of the Kuwait labor market in the first six months of the ban’s application, the Al Qabas newspaper recently reported.

Critics also said the restriction also caused damage to many employers and destabilized the job market, depriving it of experienced workers.


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UN report: Afghanistan faces major banking crisis https://nioga.net/un-report-afghanistan-faces-major-banking-crisis/ Tue, 23 Nov 2021 04:53:07 +0000 https://nioga.net/un-report-afghanistan-faces-major-banking-crisis/ Afghan economists and money exchangers have warned of a looming shortage of available foreign exchange in Afghanistan as the country grapples with a severe economic crisis following the fall of the West-backed government of President Ashraf Ghani. In addition, on Monday, UNDP released a report stating that without help to prevent the crisis, the economy […]]]>

Afghan economists and money exchangers have warned of a looming shortage of available foreign exchange in Afghanistan as the country grapples with a severe economic crisis following the fall of the West-backed government of President Ashraf Ghani.

In addition, on Monday, UNDP released a report stating that without help to prevent the crisis, the economy will go into free fall.

The UNDP report said that with current trends and withdrawal restrictions, around 40% of Afghanistan’s deposit base will be lost by the end of the year. He said banks had stopped providing new credit and non-performing loans nearly doubled to 57% in September from the end of 2020.

“If this NPL rate persists, the banks may have no chance of surviving for the next six months. And I am optimistic, ”said Abdallah al Dardari, head of UNDP in Afghanistan.

The UNDP report and Afghan economists who spoke to TOLOnews said the suspension of aid and the freezing of Afghan assets are the main reasons for the cash flow crisis.

“The demands on the government are increasing. The government sought to release US $ 350 million, but the US denied it. This meant that the government was running out of the $ 350 million it needed. I think when the Taliban came to power they faced an empty treasure, ”said Sayed Masoud, an economist.

In early October, Reuters cited a confidential assessment prepared by analysts for Afghanistan’s international donors. The report questioned a decision by the central bank to transfer part of its reserves to provincial branches. “It (the report) states that approximately $ 202 million was kept in those branches at the end of 2020, up from $ 12.9 million in 2019, and that the money was not moved while the provinces began to fall … “

The report said: “Money was reportedly lost (stolen) from ‘some’ of the provincial branches,” the report said, without specifying how much.

When the Islamic Emirate came to power, the US Treasury Department froze Afghanistan’s international bank assets, which stood at around $ 9 billion.


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New post office opens to ease Hatfield bank crisis https://nioga.net/new-post-office-opens-to-ease-hatfield-bank-crisis/ https://nioga.net/new-post-office-opens-to-ease-hatfield-bank-crisis/#respond Tue, 02 Nov 2021 10:47:00 +0000 https://nioga.net/new-post-office-opens-to-ease-hatfield-bank-crisis/ Posted: 10:47 a.m. November 2, 2021 Hatfield’s banking crisis is expected to ease after the new post office finally opens. The permanent post office at 36 Town Center opened on Friday, with its now crucial banking services, with Lloyds shutting down next March, leaving the city with one bank. Postmaster Manish Badiani was joined by […]]]>

Posted:
10:47 a.m. November 2, 2021



Hatfield’s banking crisis is expected to ease after the new post office finally opens.

The permanent post office at 36 Town Center opened on Friday, with its now crucial banking services, with Lloyds shutting down next March, leaving the city with one bank.

Postmaster Manish Badiani was joined by Welwyn Hatfield Borough Council Head Tony Kingsbury and Mayor Peter Hebden at the opening, and he looks forward to welcoming customers.

“We are extremely happy to officially open our doors and welcome the Hatfield community,” said Manish.


There were a lot of smiles when the post office opened.
– Credit: Welwyn Hatfield Borough Council

“We are committed to providing the best service for postal services, digital photography, travel money, as well as our line of stationery, cards and gifts. We look forward to meeting you, the members of this vibrant community.


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Councilor Stephen Boulton, Executive Member of Environment, Planning, Estates and Development, was delighted to see the post office open as the project was part of Hatfield’s regeneration plans.

“It’s wonderful to see the regeneration of downtown Hatfield continue to grow,” he said.

“The agents have worked so hard to keep a post office in the city center and I am very happy to see that we are able to work with Mr. Badiani to open a permanent post office in 36 Center-ville, including a retail unit is owned by the council.

“I am sure residents will be delighted with the wide range of facilities available at the branch. “


Hatfield Post Office

The post office opened at 36 Town Center last Friday.
– Credit: Welwyn Hatfield Borough Council

The council hopes the new post office will mitigate the loss of downtown banks, with HSBC, Santander and Barclays having closed branches in Hatfield last year, and Lloyds getting ready to leave next year.

Only Halifax remains, but with rumors circulating around its closure, the post office may be the only place left for in-person banking.

“We are disappointed to hear that Lloyds Bank will close its branch in downtown Hatfield next year,” said a WHBC spokesperson.

“We understand how frustrating any bank branch closure is for our residents, but we hope that the new permanent post office, which has been relocated to one of the council units in the city center and provides personal banking services. , will help mitigate the impact of the bank closures in Hatfield.

To find out more about banking services at La Poste, visit www.postoffice.co.uk/everydaybanking.


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Two years after PMC Bank crisis, troubled bank depositors are expected to reach 5 lakh by December https://nioga.net/two-years-after-pmc-bank-crisis-troubled-bank-depositors-are-expected-to-reach-5-lakh-by-december/ https://nioga.net/two-years-after-pmc-bank-crisis-troubled-bank-depositors-are-expected-to-reach-5-lakh-by-december/#respond Wed, 22 Sep 2021 07:00:00 +0000 https://nioga.net/two-years-after-pmc-bank-crisis-troubled-bank-depositors-are-expected-to-reach-5-lakh-by-december/ Depositors at 21 troubled Indian banks can withdraw funds up to 5 lakh by December.In accordance with the instructions of the DICGC, banks will have to prepare a list of depositors willing to claim deposit insurance before November 29 and submit all claims to the authority within 45 days or before October 15. The move […]]]>
  • Depositors at 21 troubled Indian banks can withdraw funds up to 5 lakh by December.
    In accordance with the instructions of the DICGC, banks will have to prepare a list of depositors willing to claim deposit insurance before November 29 and submit all claims to the authority within 45 days or before October 15.
  • The move will help troubled Indian bank depositors recover their funds under the government’s deposit insurance and credit guarantee program.

Depositors from 21 troubled Indian banks, including the besieged Punjab & Maharashtra Co-Op. Bank Ltd., can breathe a sigh of relief as the Deposit Insurance and Credit Guarantee Corporation (DICGC) has said it will be able to withdraw overdue funds up to 5 lakh by December.

“Accordingly, DICGC will pay depositors of insured banks (as listed) under AID (with restrictions on withdrawal of deposits) an amount equivalent to overdue deposits (up to a maximum of ₹ 5 lakh ) within a period not exceeding 90 days. Complaints will be settled in accordance with article 18A of the ibid law and the company’s complaints settlement procedure, ”he said in a press notification on Wednesday.

In accordance with the instructions of the DICGC, banks will have to prepare a list of depositors willing to claim deposit insurance before November 29 and submit all claims to the authority within 45 days or before October 15. “These banks must submit a list of claims by October 15, 2021 and update the position to November 29, 2021 (with principal and interest), in an updated final list (second) to allow the DICGC to settle the claim. claim and fully discharge its insurance liability in accordance with the standards, ”he said.

The move will help troubled Indian bank depositors recover their funds under the government’s deposit insurance and credit guarantee program. In September 2019, after the collapse of PMC Bank, the Reserve Bank of India imposed deposit withdrawal restrictions of up to 50,000 on the bank. Even though the limit was increased to ₹ 1 lakh in June of last year, many depositors who had larger amounts parked at the bank were unable to get their money back.

But that will change as PMC bank depositors, along with a few others, can now submit higher withdrawal requests. This decision will benefit the depositors of the following banks:

Bank State
Punjab and Maharashtra cooperative. Bank SA Maharashtra
Adoor Co-Operative Urban Bank Ltd Kerala
Bidar Mahila urban cooperative. Bank SA Karnataka
City Co-Operative Bank Ltd Maharashtra
Hindu cooperative. Bank Ltd, Pathankot Punjab
Kapol Co-Operative Bank Ltd. Maharashtra
Maratha Sahakari Bank Ltd., Bombay. Maharashtra
Millath Co-Operative Bank Ltd Karnataka
Needs of Life Co-Operative Bank Ltd. Maharashtra
Padmashree Dr Vithal Rao Vikhe Patil Maharashtra
People’s Cooperative Bank Ltd., Kanpur Uttar pradesh
Rupee Co-Operative Bank Ltd. Maharashtra
Shri Anand Coop. Bank Ltd., Pune Maharashtra
Sikar urban cooperative. Bank SA Rajasthan
Sri Gururaghvendra Sahakara Niyamitha Bank Karnataka
Mudhol Cooperative Bank Ltd Karnataka
Mantha Urban Cooperative Bank Ltd. Maharashtra
Sarjeraodada Naik Shirala Sahakari Bank Ltd. Maharashtra
Independence Cooperative Bank Ltd, Nashik Maharashtra
Deccan Urban Co-Operative Bank Ltd., Vijayapur Karnataka
Garha Co-Operative Bank Ltd., Guna Madhya Pradesh


“Depositors are advised to contact said banks and submit the declaration of will and also update any other document / information, if the bank needs it, so that their claims can be included by the bank in the list before October 15, 2021, ”the notification reads.

Last month, the government raised the limit on deposit withdrawals to ₹ 5 lakh from ₹ 1 lakh previously, by amending the DICGC law. The move allows depositors to withdraw funds up to ₹ 5 lakh within 90 days of a bank being placed under moratorium by the regulator.

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Monte rally reveals problems with EU banking crisis rules https://nioga.net/monte-rally-reveals-problems-with-eu-banking-crisis-rules/ https://nioga.net/monte-rally-reveals-problems-with-eu-banking-crisis-rules/#respond Thu, 05 Aug 2021 07:00:00 +0000 https://nioga.net/monte-rally-reveals-problems-with-eu-banking-crisis-rules/ UniCredit revealed last week that it is looking to buy some of the good parts of Monte dei Paschi, which is majority owned by the Italian state. Two-thirds of Monte have reacted in a volatile manner, but overall their valuations have risen since the announcement. The movements will have meaning if the capital instruments are […]]]>

UniCredit revealed last week that it is looking to buy some of the good parts of Monte dei Paschi, which is majority owned by the Italian state.

Two-thirds of Monte have reacted in a volatile manner, but overall their valuations have risen since the announcement.

The movements will have meaning if the capital instruments are transferred to UniCredit as part of a business combination.

But there’s a good chance the bonds will suffer losses if a merger goes on UniCredit’s terms.

Indeed, the European Commission would surely determine that state aid took place if the Treasury footed the bill for Monte’s bad assets – including legal risks and non-performing exposures.

EU state aid rules clearly state that holders of subordinated bonds must be involved in “burden sharing” before a government grants public support to banks.

Is the market underestimating the risk of burden sharing? Or does she think Italy can find a way to marry UniCredit and Monte without triggering state aid rules?

In any event, these are worrying signs for the integrity of the European crisis management framework.

After seven years under the Bank Reconstruction and Resolution Directive (BRRD), it seems investors misunderstand the rules or are convinced they will not be enforced properly.

Of course, many pieces of the puzzle of the merger between Monte and UniCredit are still missing.

But with the picture emerging now, the alarm bells would ring in a market that had a clear idea of ​​the real rules of engagement.


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Business News | Stock market and stock market news | Financial news https://nioga.net/business-news-stock-market-and-stock-market-news-financial-news/ Mon, 21 Jun 2021 07:00:00 +0000 https://nioga.net/business-news-stock-market-and-stock-market-news-financial-news/ Search for quotes, news, net asset values ​​of mutual funds Vodafone idea INE669E01016, IDEA, 532822 TataTeleservice INE517B01013, TTML, 532371 IEX INE022Q01020, IEX, 540750 Indiabulls Hsg INE148I01020, IBULHSGFIN, 535789 Travel Fares INE0CLI01024, RATEGAIN, 543417 Search for quotes, news, net asset values ​​of mutual funds Vodafone idea INE669E01016, IDEA, 532822 TataTeleservice INE517B01013, TTML, 532371 IEX INE022Q01020, IEX, […]]]>














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