Asset quality review: RBI auditing banks’ books for weak accounts
The Reserve Bank of India (RBI) has, for more than three weeks, been checking for stressed assets on banks’ books to ensure no “weak” account goes unnoticed in the current round of resolutions, bankers told FE. According to a senior public sector banker, the exercise, while similar to the central bank’s annual inspection of accounts, is far more thorough. The banker said RBI officials have visited the head offices of banks, seeking both recent and historical data on stressed loans dating back to even four years. Bankers said these loans under inspection are primarily from the power and infrastructure sectors.
Big day for Vijay Mallya! UK Court in London to hear ex Kingfisher Airlines boss’ extradition case today
Embattled liquor tycoon Vijay Mallya will return to Westminster Magistrates’ Court in London on Tuesday for closing arguments in his extradition trial and for the judge to set a timeline for a ruling in the high-profile case. The 62-year-old former Kingfisher Airlines boss, who has been on bail on an extradition warrant since his arrest in April last year, is fighting extradition to India on charges of fraud and money laundering amounting to around Rs 9,000 crores. “The Senior District Judge (Emma Arbuthnot) will hear final submissions. Judgment will be reserved until a future date (to be arranged),” said a spokesperson for the Crown Prosecution Service (CPS), which is representing the Indian authorities in the case.
Sebi bans Tower Infotech, Agragami Agro and 11 others from markets
Sebi has banned two firms — Tower Infotech and Agragami Agro Farms — as also their seven present and former directors along with four promoters from the securities market for at least four years for illegally raising funds. The regulator has also asked them to refund the investor’s money. Sebi said that Tower Infotech had raised nearly Rs 46 crore from 49,489 investors through issuance of redeemable preference shares (RPS) and non convertible debentures (NCD), while Agragami garnered over Rs 3.45 crore by issuing RPS and secured RPS from over 200 allottees. These funds were collected between 2005 and 2010 by Tower Infotech and Agragami raised them during 2008-13, added Sebi.
Implications of Indian Accountancy Standard on NBFCs
The adoption of Indian Accounting Standard – (IndAS) has catapulted India to the centre stage of high quality and transparent financial reporting. It will also ensure comparability between the financial statements in accordance with the global accounting standards and more importantly, it will synchronize the financial statements to economic reality. While the IndAS implementation has been deferred for banks by a year, the journey of convergence initiated by NBFC’s has already begun.
E-commerce policy will balance privacy, market principles: Govt
The new e-commerce policy being drafted by the Centre will have a nuanced approach on data localisation so as to balance the free flow of business with privacy concerns, a senior government official said on Monday. “The task force has given its recommendations. The government will continue to hold discussions based on it,” said Anup Wadhawan, Special Secretary, Department of Commerce, at a media interaction. Wadhawan added that the draft policy on e-commerce would be finalized soon. “We don’t want to continue with the vacuum in the e-commerce policy space.”
About the Author
