Latest news with #AbhijitLele
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Business Standard
13-07-2025
- Business
- Business Standard
Nearly a decade into its existence, IBC framework needs to be reimagined
The famous "tareekh pe tareekh" dialogue from the Hindi movie Damini captures where we are now premium Raghu Mohan Abhijit Lele Listen to This Article 'A comprehensive law like the IBC is often viewed as a last resort by lenders — an avenue that needs to be explored after exhausting all alternatives. However, this view stems from the lack of a comprehensive vision for the future of a beleaguered borrower,' noted Rajeshwar Rao, deputy governor, Reserve Bank of India (RBI), at a conference on bankruptcy in Ahmedabad (May 6, 2022). His observation — five years after the Insolvency and Bankruptcy Code came into being — was a pointer to the convergence of opinion that outcomes under this architecture have not turned out the way it
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Business Standard
01-07-2025
- Business
- Business Standard
Saraswat Bank proposes to acquire ailing New India Co-operative Bank
Saraswat Bank seeks RBI nod to merge with ailing New India Co-operative Bank, assuring depositors' protection and turnaround in 18-24 months Aathira Varier Abhijit Lele Mumbai Listen to This Article Saraswat Co-operative Bank has approached the Reserve Bank of India (RBI) to merge with ailing New India Co-operative Bank (New India), subject to shareholder approval of both the banks. In February, the RBI prohibited the Mumbai-based New India Co-operative Bank from issuing fresh loans and suspended deposit withdrawals for six months, starting 13 February. The RBI then superseded the board and appointed an administrator to manage the affairs of the bank. Later, depositors were allowed to withdraw up to Rs 25,000. The RBI's intervention was triggered by allegations of fund misappropriation by some officials of New India Co-operative Bank. The
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Business Standard
25-06-2025
- Business
- Business Standard
Inflows in NRI deposits moderate to $ 751 mn in April, shows RBI data
Inflows into NRI accounts fell to $751 million in April 2025 from $1.07 billion a year ago, but total deposits rose to $165.43 billion, RBI data shows Abhijit Lele Inflows into non-resident Indian (NRI) accounts in banks moderated to $751 million in April 2025 from $1.07 billion in April 2024, according to Reserve Bank of India (RBI) data. Inflows to NRI deposit schemes rose to $16.16 billion in FY25 from $14.70 billion in FY24. Total outstanding NRI deposits reached $165.43 billion at the end of April 2025, up from $153 billion a year ago. Sequentially, outstanding deposits stood at $164.67 billion in March 2025. NRI deposit schemes include foreign currency non-resident (FCNR) deposits, non-resident external (NRE) deposits and non-resident ordinary (NRO) deposits. As much as $272 million flowed into FCNR (B) accounts in April 2025, down from $483 million in April 2024. The outstanding amount in FCNR (B) accounts stood at $33.08 billion at the end of April 2025. Meanwhile, NRE deposits recorded an inflow of $376 million in April 2025, compared to $564 million in April 2024. Outstanding NRE deposits stood at $101.11 billion in March 2025. NRO deposits saw inflows of $103 million in April 2025, up from $31 million a year ago. The total outstanding amount in NRO deposits was $31.23 billion in March 2025.
