Photo: PTI Bankers are worried over RBI’s new diktat seeking higher bad loan provisioning In what has come as a shocker for banks amid the ongoing bankruptcy proceedings as part of measures to tackle the bad loan menace, the Reserve Bank of India has reportedly asked banks to undertake a steep increase in provisioning requirements…
by Ashley Armstrong On San Francisco’s historic Union Square, the Macy’s building has stood proudly for decades. It covers an entire city block and claims the title of the second-largest department store in the United States, a West Coast destination for generations of shoppers. But as San Francisco has been transformed from a working port…
Debt counselling company, Debt Rescue, says it has experienced a substantial increase in financially distressed consumers applying for debt review over the past few months. Debt Rescue CEO, Neil Roets said that since the beginning of January there had been a marked increase in the number of consumers who sought relief by going under debt…
NEW DELHI/ KOLKATA: Efficiency of the resolution infrastructure depends on the capabilities of the insolvency professionals The Insolvency and Bankruptcy Board of India (IBBI), the regulator overseeing bad-loan resolutions, is scaling up its capabilityassessment procedures to ensure that quality Insolvency Professionals are deployed in the potentially `8 lakh-crore exercise, seeking to win over an ecosystem…
Never before have so many of Indias most-indebted companies faced the threat of insolvency proceedings. It is somewhat hard to capture, or even understand, the full import of all that has happened in corporate India over the past two weeks, but this is clearly a new chapter playing out. Events have unfolded very quickly after…
NEW DELHI/ KOLKATA: Efficiency of the resolution infrastructure depends on the capabilities of the insolvency professionals The Insolvency and Bankruptcy Board of India (IBBI), the regulator overseeing bad-loan resolutions, is scaling up its capabilityassessment procedures to ensure that quality Insolvency Professionals are deployed in the potentially `8 lakh-crore exercise, seeking to win over an ecosystem…
Banks, which were earlier reluctant to even acknowledge bad loans, in the aftermath of the RBIs stricter non-performing asset (NPA) recognition norms, have started provisioning for them. However, there has been little clarity on the recovery or resolution of the NPAs. To speed up the recovery, the government recently introduced the Insolvency and Bankruptcy Code…
Independent supermarket and hardware store supplier Metcash said strong competition in the groceries sector would keep sales under pressure as it reported a 26 per cent slide in full-year net profit. The company, which supplies groceries to IGA supermarkets, reported net profit of $171.9 million for the year ending April 30, down from $216.5 million in…
Double Olympic table tennis champion Kong Linghui (right in the picture) was suspended as head of the Chinese women’s team on Tuesday, the country’s sports association said on its website, after it emerged that he faced a lawsuit over a gambling debt. Kong, who won gold at the 1996 and 2000 Summer Games, was reported…
Amrita Jayakumar, NerdWallet 4:00 p.m. ET June 24, 2017 Paying off debt requires a comprehensive plan. If income and expenses wont fix the problem through consolidation, consider bankruptcy.(Photo: Getty Images/iStockphoto) When your personal finances teeter on the brink, your first instinct might be to do something drastic. Freeze your credit cards in a block of…