George Mathew

Payment firms like Visa and MasterCard which currently store and process Indian transactions outside the country fear that shifting the data storage to India will cost them millions of dollars.

According to top-level government sources, out of about 78 payment firms, around 62 have complied with the RBI directive and set up local data storage systems in India.

The board decided to appoint Sandeep Bakshi as Managing Director & Chief Executive Officer. His appointment will be for a period of five years until October 3, 2023, subject to regulatory and other approvals.

Bakhshi has extensive experience of leading both corporate and retail businesses across the ICICI Group.

Before the story of Chanda’s conflict of interest and quid pro quo broke, pressure had also started building with the divergence in its numbers following the asset quality review by the RBI and build up of bad loans.

The ousted board, in a last-ditch attempt, planned a special audit of the group to ascertain the real assets being held by group companies in the wake of a series of defaults.

On Monday, the government said there is deep-rooted mismatch in the debt-equity ratio because of excessive leveraging which has put a question mark on its ability to continue in the hands of the present management.

On September 24 and 26, IL&FS Financial Services had defaulted on repayment of commercial papers. Over Rs 5,700-crore worth of debt is due for repayment over the next one year.

When contacted, the top official of a financial institution said: “We have escaped (from bailing out IL&FS) for the time being. It was a good decision by the government to reconstitute the IL&FS board.”

Revamp plan on cards; no concrete plan on funding by institutions; shareholders express concern.

The panic in the fixed income market due to the IL&FS default has led to a liquidity freeze, and fund managers say it is putting pressure on the equity markets too, especially on HFC and NBFC stocks.

There’s no cause for concern. Some solution will have to be found out. We have much bigger problems in other sectors. Resolution will happen in the IL&FS. IL&FS will have to come out with a package.

With the rupee hitting an all-time low of 72.98 against the US dollar on September 18, The Indian Express examines what a weak currency means for the national economy — and personal finance.

The promoters and shareholders are expected to reveal their funding plan by September 29. IL&FS has indicated that it was open to the idea of bringing in a strategic investor to put the group back on track.

Vijaya Bank posted a 43.3 per cent decline in net profit at Rs 144.34 crore for June quarter even though NPA ratio improved. In absolute terms, gross NPAs however rose to Rs 7,579.11 crore as on June 30, 2018 against Rs 6,812.21 crore a year ago.

Claims due to floods are just 7.5% of the losses, showing the poor insurance penetration in the country.

Chanda Kochhar is on leave pending an independent investigation by retired Supreme Court judge, Justice B N Srikrishna, into various allegations against her and the bank.

Two years after the launch of the PMFBY, majority of farmers are still not aware of the scheme.

The maximum impact was witnessed by the businesses that have been physically damaged. Also, people who have Rs 100 to spend will spend Rs 90 on building back, said Shyam Srinivasan.