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• RBI imposes penalty on SBI, Indian Bank, Punjab & Sind Bank

  A penalty of Rs 1.3 crore has been imposed on the State Bank of India for non-compliance with certain directions issued by the RBI on 'Loans and Advances - Statutory and Other Restrictions' and 'Guidelines on Management of Intra-Group Transactions and Exposures', RBI said in a statement. In another release, the RBI said a penalty of Rs 1.62 crore has been imposed on Indian Bank for contravention of certain directions on 'Loans and Advances - Statutory and Other Restrictions', KYC, and 'Reserve Bank of India (Interest Rate on Deposits) Directions, 2016'.

  

• CBI registers FIRs against Varun Ind for Rs 388 cr bank loan fraud

  The Central Bureau of Investigation has registered two separate cases against Mumbai-based Varun Industries Ltd for allegedly defrauding two public sector banks for an amount to the tune of Rs 388.17 crore. The allegations in the complaint revealed that the accused company had availed various credit facilities from the Central Bank of India in a consortium led by Indian Bank, with a total sanctioned working capital-term loan limit of Rs 292.15 crore in September 2011.

  

• State Bank of India files insolvency plea against Mumbai Metro One

  State Bank of India (SBI) has approached the National Company Law Tribunal (NCLT) against Mumbai Metro One (MMOPL) to admit the company under the Corporate Insolvency Resolution Process (CIRP). The company is a joint venture between Anil Ambani-promoted Reliance Infrastructure (RInfra) and Mumbai Metropolitan Regional Development Authority (MMRDA).

  

• ED raids at 25 locations for alleged forex violations by gaming apps

  The Enforcement Directorate (ED) on Wednesday conducted fresh searches at 25 locations for alleged forex violations by gaming apps. ​"Remittance of Rs 4000 crore send in the guise of payments for import of good and services," stated ED.

  

• Public sector banks weigh consolidating foreign business at Gift City

  “There was a suggestion that in order to further scale up operations at Gift City and compete at a global level, public sector banks (PSBs) can consolidate their businesses. We sought views from banks, and it is being looked at," an official said.

  

• NARCL set to acquire debt of Dharani Sugars

  NARCL's ₹222.5 crore binding offer had triggered a Swiss Challenge auction which was scheduled on March 17. Lenders did not receive any counter offer for the ₹619-crore creditors' claim that was auctioned last week. The offer from NARCL equates to a 36% recovery, and lenders would receive 15% of consideration as cash and the balance would be security receipts (SR) payable on recovery of loans.

  

• Banks set to pilot dollar clearing and settlement at IFSC

  Over the next few months, Wall Street banking biggie JP Morgan, along with several other financial institutions, will carry out a pilot project where dollar payments and receipts can be completed among international banking units (IBUs) - or bank branches - at the International Financial Services Centre (IFSC) in GIFT City, Gandhinagar, Gujarat.

  

• SBI files insolvency plea against simplex

  Bankers are not too enthusiastic about the recovery chances from the account. "EPC companies such as these typically have a lot of pending receivables from the government, which invariably have some counterclaims. So recoveries are very difficult as these companies have very little assets that can be monetised," said a second person aware of the company's position.

  

• Better financial health of RRBs prompts sponsor banks to explore listing them

  Regional Rural Banks (RRBs), once considered laggards in the banking ecosystem, are slowly coming into their own. For the first time, banks are now considering listing these lenders on the local stock market after the government issued relevant draft guidelines last October.

  

• Investors, fintech companies help out cash­-crunched startups

  Look to ease working capital freeze with emergency services for small, mid-stage firms

  

• CBI books former Finance Secretary Arvind Mayaram in alleged corruption case

  The first information report (FIR) registered by the agency stated that the competent authority of Department of Economic Affairs, Ministry of Finance, had accorded approval for an investigation against Mayaram. As per FIR, a complaint dated February 14, 2017, had been received from the joint secretary and central vigilance officer (CVO), Department of Economic affairs. On the basis of this, the CBI had lodged a preliminary enquiry (PE).