FINANCIAL RESOLUTION AND DEPOSIT INSURANCE BILL
10 financial learnings from Ravana’s life
If you invest in a particular stock or buy property, but it starts going downhill, do not hesitate to sell and make good your loss. As you celebrate Dussehra, follow these financial rules that stem from various aspects of Ravana’s life, says ET Wealth.
DHFL case: Auditor reports fraudulent transactions worth Rs 2,150 crore
According to the auditor's report, the Rs 2,150.84 crore-fraud was in...
Financial transactions such as hotel bills, life, health insurance proposed to come under tax lens
In a tweet by mygov.in, which was subseque...
Could a financial advisor have helped you in money crisis due to coronavirus? Find out
It is only during crises like the current one that our faith in ourselves is shaken, making us wonder if we could do with outside help. If you too have been thinking about the need to hire a planner to guide you through the ongoing crisis and beyond, ask yourself these five questions.
Need legally-backed 'resolution corporation' to deal with stressed financial firms: RBI Governor
The government in August 2017 had introduced the Financial Resolution and Deposit Insurance (FRDI) Bill in Parliament which, among other things, proposed setting up of a resolution corporation.
Union cabinet okays changes in 'Vivad se Vishwas' Bill for faster resolution in direct tax litigation
The minister hoped that people will take advantage of the scheme to settle the tax disputes before March 31, 2020 as 10 per cent more will be charged for settlement of disputes after the end of the current financial year.
FinMin working on FRDI bill, says Sitharaman
The comments assume importance given the massive five-fold hike in deposit insurance and the recent changes in the insolvency laws that included insolvency solutions for financial institutions. The FRDI Bill seeks to offer a bail-in clause to banks, which many fear will be detrimental to depositors. The budget has increased by five-folds the deposit insurance to Rs 5 lakh.
Bank deposit cover may be doubled to Rs 2 lakh
The move comes after the government and RBI faced flak over their handling of the closure of PMC Bank.
Claims worth Rs 4,800 cr admitted from fixed deposit holders of debt-laden DHFL
Nearly 55,000 public depositor holders, including retail and UP Power Corporation Employees, have demanded payments aggregating to Rs 5,200 crore from the troubled mortgage players as of December 17. "The claims from fixed depositors that have been admitted, so far, are Rs 4,800 crore," a source said.
20 financial resolutions to make in 2020
Keeping anything till the last minute is never a good idea, especially when it comes to money matter. Making your tax-saving investments in the last minute can have long lasting negative implications.
DHFL creditors to meet on Monday for discussing resolution
The third-largest pure play mortgage player is the first non-banking financial company or housing finance company to face the corporate insolvency resolution process. The Mumbai bench of NCLT had admitted the company for insolvency resolution on December 2 and appointed IOB's former MD and CEO R Subramaniakumar as the company's administrator.
Need rules for non-disruptive exit in financial sector: Uday Kotak
The comments come at a time when the companies in the sector like DHFL are grappling with resolutions and the future of thousands of crore of debt is in doubt. It also comes at a time when cooperative lender PMC Bank is in troubles allegedly because of mismanagement, putting depositors in a difficulty.
Deposit insurance in India covers 92% of accounts, 28% of banking deposits: RBI
At the end of FY19, the number of registered insured banks stood at 2,098, comprising 157 commercial banks, and 1,941 cooperative banks.
House panel to examine ‘bail in’ clause of FRDI Bill, to meet today
The Bill proposes to establish a comprehensive resolution regime to enable timely and orderly resolution of a failing financial firm.
Why is everyone scared of the Financial Resolution and Deposit Insurance Bill?
The bill purportedly allows failing banks to use depositors money to cut losses. A petition against it has already garnered over 70,000 signatures.