Bankrupt Banking

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Resolution under IBC: Banks may get pre-NCLT window

Yahoo Daily News 22 Oct 2019

Banks will likely have window to ... Under the pre-packs scheme, banks could try and find an appropriate value for the bankrupt company before an insolvency petition is moved, leading to better chances of completing the transfer of assets within the time-frames stipulated in the code....

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'A month ago I had ambitions to go back to those offices and sort out Quinn... but not today'

Irish Independent 20 Oct 2019

Paraic O'Brien. October 20 2019 7.00 AM. 0 Comments 'A month ago I had ambitions to go back to those offices and sort out Quinn ... Email ... Log In ... Some 46 years ago, a young, ambitious farmer borrows £1,000 from the bank ... Then, after betting millions on Anglo Irish Bank shares, the crash. The whole Quinn empire implodes and by 2012 he's declared bankrupt ... ....

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Prakash Javadekar demands probe of Praful Patel in multi-crore PMC Bank scam

Mid Day 19 Oct 2019

Union minister Prakash Javadekar on Friday accused NCP leader Praful Patel of "ruining" flag carrier Air India and sought a probe against him in the multi-crore scam at the Mumbai-based Punjab and Maharashtra Cooperative (PMC) Bank ... "Huge amount of loans were approved on phone calls and they robbed away the money and made the banks bankrupt....

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Reader concerned about increase in farmer suicides

Midland Daily News 19 Oct 2019

To the editor. ... Further research shows that farmer suicides are increasing at an alarming rate ... With the tariffs, farmers are not getting their credit lines renewed and banks are foreclosing bankrupting farms and thus taking their family living away ... ....

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QBiz: RIL Q2 Profit on Record High; China’s GDP Growth Slows to 6%

Yahoo Daily News 19 Oct 2019

The promoters of bankrupt Housing Development and Infrastructure Ltd (HDIL), Rakesh Wadhawan and his son Sarang were sent to Enforcement Directorate (ED) custody by a special court in connection with the ₹4,355 crore Punjab & Maharashtra Co-operative (PMC) Bank scam on Friday as a fourth depositor died ... PMC Bank Scam....

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SC refuses to entertain plea by PMC Bank depositors seeking removal of withdrawal cap

The Telegraph India 18 Oct 2019

The Supreme court on Friday refused to entertain a plea filed on behalf of scam-hit PMC Bank account holders seeking lifting of restrictions imposed by the Reserve Bank of India on cash withdrawals ... Depositors of the PMC Bank have been protesting to raise the withdrawal limit....

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OPINION | FRDI Bill: New version must ensure adequate protection of bank deposits

Yahoo Daily News 18 Oct 2019

The current bank deposit insurance scheme covers all types of bank deposits — savings, fixed and recurring — up to Rs 1 lakh. The deposits are insured by Deposit Insurance and Credit Guarantee Corporation, an arm of the Reserve Bank ... PMC Bank crisis ... There is no instance of India’s scheduled commercial banks going bankrupt since 1990s....

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Ling Huawei: Are Banks Making High Provisions for Tax Avoidance? Or for Rainy Days?

Caixin Online 18 Oct 2019

The implication that banks only maintain high provision coverage ratios to avoid or even evade paying tax has caused much controversy. Through 20 years of reform, China’s banking industry has transformed dramatically, from once being technically bankrupt to becoming almost one of the country’s most profitable industries....

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Patel ruined AI; must be probed in PMC scam: Javadekar

Deccan Herald 18 Oct 2019

The senior BJP leader also alleged huge loans were approved on phone calls during the Manmohan Singh government, which weakened the financial condition of state-run banks ... "Huge amount of loans were approved on phone calls and they robbed away the money and made the banks bankrupt ... PMC Bank....

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After The Latest PMC Bank Scam, Are Bank Deposits Not Safe Anymore?

Yahoo Daily News 18 Oct 2019

The Punjab and Maharashtra Cooperative (PMC) Bank has lately been in the news for a quite while due to its astounding scam of 65,000 Crore INR ... Considering the extreme financial situation of the bank, RBI had to step in as a parent bank and protect PMC from going bankrupt ... In layman terms, it means shutting down the bank forever....

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Brutality, betrayal and the Northern Irish borderlands

Channel 4 18 Oct 2019

On the evening of the 17th September, Kevin Lunney, a father of six, left work at Quinn Industrial Holdings. QIH is one of Northern Ireland’s biggest and most well-known manufacturing firms ... There, he was tortured ... He lost billions of euros in a failed financial bet on Anglo Irish Bank shares and by 2012 he was declared bankrupt ... 7m. ....

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Banking Regulation Act must be amended to provide full power to RBI to regulate UCBs: ...

Business Line 17 Oct 2019

The Banking Regulation Act needs to be amended to provide full regulatory powers to the Reserve Bank of India (RBI) to regulate all ... PMC Bank reportedly has a single large exposure of about ₹6,500 crore, accounting for 73 per cent of its total loan book, to the bankrupt HDIL Group....

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Sensex, Nifty likely to be in a range, global shares lose steam

Live Mint 17 Oct 2019

Indian stock markets are expected to stay in a range on Thursday as investors remain cautious with corporate earnings for July-September underway ... Promoters of bankrupt real estate firm HDIL Ltd have written to the Reserve Bank of India and other agencies to sell their assets and repay loans owed to Punjab and Maharashtra Co-operative Bank (PMC)....