Sunny Verma


Sunny Verma is an Assistant Editor with The Indian Express and writes on economy and finance.

Nirav Modi scam: Government lets CBI move against two former PNB officials
Tue, Aug 14, 2018

In May, while probing the alleged fraud involving diamantaires Modi and his uncle Mehul Choksi, the CBI had named 25 accused, including Ananthasubramanian and Sharan, and Nirav Modi’s three firms Stellar Diamonds, Solar Exports and Diamond R’ US, in its charge sheet.

Rs 2000 crore fraud: Former Bhushan Steel MD Neeraj Singal arrested by SFIO
Fri, Aug 10, 2018

Neeraj Singal was sent to judicial custody until August 14. Bhushan Steel has been acquired by a Tata Group company under the Insolvency and Bankruptcy Code.

Stressed assets: ‘MSMEs worse-placed than power projects’
Thu, Aug 09, 2018

On February 12 this year, the RBI had issued a ‘Revised Framework for Resolution of Stressed Assets’ that stipulates that default of even a single day in payment of interest or principal amount would trigger a formulation of resolution plan by the committee of creditors.

Urban Co-op Banks: Violations seen across 621 lenders during note ban, reveals RBI
Wed, Aug 01, 2018

While UCBs are registered as cooperative societies supervised by the Registrar of Cooperative Societies, the RBI regulates and supervises the banking functions of UCBs under the provisions of Banking Regulation Act, 1949.

SBI issues 980 electoral bonds worth Rs 438 crore; political parties redeem Rs 427 crore
Tue, Jul 24, 2018

These bonds have a life of 15 days from the date of issue and no payment is made to any payee political party depositing them after expiry of the validity period.

Piyush Goyal introduces insolvency amendment Bill in Lok Sabha
Tue, Jul 24, 2018

The Bill replaced the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018, which was approved by President Ram Nath Kovind last month. A total of Rs 4 lakh crore worth of stressed assets are currently undergoing resolution under the IBC.

Public sector banks set to close 1/3rd of branches outside India
Mon, Jul 23, 2018

State Bank of India, Punjab National Bank, Indian Overseas Bank, IDBI Bank and Bank of India are among the state-owned banks leading the process of scaling down overseas operations.

Railways: Bullet train load increases, told to get funds from market
Sun, Jul 22, 2018

While the Finance Ministry is learnt to have said that it will pay the principal, the Railways has communicated that it will not be able to bear the yearly interest and associated charges.

Don’t see problem in getting RBI nod for LIC-IDBI Bank deal, says official
Thu, Jul 19, 2018

LIC meets the RBI requirements of acquiring a banking company and it should pass through the “filter tests” of the RBI, said a senior government official.

Govt gives nod to Iran bank in Mumbai before US sanctions
Sat, Jul 14, 2018

In the wake of US sanctions, India may explore the possibility of reviving the rupee-rial arrangement to import oil from Iran that it has used in the past.

Buyout by LIC might lead to capital infusion in IDBI Bank
Wed, Jul 11, 2018

Preferential allotment is a process by which allotment of shares is done in bulk by the company to a select group of investors.

Home Ministry flags Chinese bank eyeing second branch in India
Mon, Jul 09, 2018

Sources said the MHA has voiced concerns that ICBC — the world’s largest bank by total assets — has employed more than the authorised number of Chinese nationals at its existing Mumbai branch.

Nomura exits, Citibank enters and domestic MFs stay put
Mon, Jul 09, 2018

On May 27, 2018 through a filing with the stock exchanges, Manpasand Beverages Ltd informed that the company’s statutory auditors have resigned with effect from May 26 and that the company has appointed a new auditor.

Hasmukh Adhia: ‘Stable e-way bill system, new IT infra, small changes in GST law to be priorities in 2nd year’
Wed, Jun 27, 2018

He said natural gas and ATF are “two easier candidates for inclusion” under GST, but the timing will have to be determined by the GST Council. Edited excerpts:

When an insurer buys a bank
Wed, Jun 27, 2018

State-owned LIC plans to buy a controlling stake in IDBI Bank. While LIC will get the bank that it has been wanting and the government will have completed a disinvestment, should an insurer be using policyholders’ money to buy a controlling stake in a troubled bank?

PNB may sell entire stake in housing finance arm; deal by September-end
Tue, Jun 26, 2018

In a clarification to stock exchanges on Monday, HDFC said it “had no meeting with the management of PNB Housing Finance Limited and is not looking to acquire any stake” in the company.

Stung by Nirav Modi scam, PNB sets up 6,900 loan recovery cells
Mon, Jun 25, 2018

PNB’s Gross NPAs ratio jumped to 18.38 per cent of gross advances at the end of March 2018, up from 12.53 per cent a year ago. Its net NPAs also soared to 11.24 per cent.

LIC eyes large stake to become strategic investor in IDBI Bank
Sat, Jun 23, 2018

The government is looking to disinvest its holding in the lender.

‘IBC resolution to moderate NPAs; rising referrals slowing process’
Thu, Jun 21, 2018

Out of the 87 cases that went in for liquidation, in 76 cases, resolution value was less than the liquidation value of the companies, while in 11 cases it was more than the liquidation value.

Loan default norms among pressure points between RBI and govt
Mon, Jun 11, 2018

Despite repeated requests by the Ministry to relax the default norms, the central bank refused to budge. The rate hike has now ruffled feathers in the government.