SBI Card &amp; Payments Services Ltd, the credit card subsidiary of State Bank of India (SBI), plans to raise about 80 billion Indian rupees ($1.12 billion) via an initial public offering this year, a senior SBI executive involved in the process said.

SBI has already tapped banks to run the IPO process and a listing is expected to happen in the last quarter of this financial year, bank officials have previously said.

"Roughly about an 8 per cent&nbsp;stake will be divested and after seeing the valuations and the inputs we are getting it would translate to 80 billion rupees," said the source directly involved in the process, who asked not to be named as the details are not public.

This would value the overall business at about 1 trillion rupees ($14 billion).&nbsp;

SBI and SBI Card did not immediately respond to requests for comment.&nbsp;

At the end of March 31, 2019, SBI Card, which is 74 per cent&nbsp;owned by SBI and 26 per cent by U.S private equity firm Carlyle Group, had total assets worth 195.93 billion rupees.

India's credit card market is still small compared to its debit card market. The latest regulatory data shows that there were 49.6 million credit cards in circulation in the country, compared with 836 million debit cards.&nbsp;

SBI Card is the second-largest credit card issuer in the country, with 8.8 million outstanding cards as of June 30. It only trails private lender HDFC Bank in terms of the number of cards issued.&nbsp;

Earlier this year, home-grown ride hailing company Ola had partnered with SBI Card to launch a co-branded credit card, allowing the company to expand its customer base.&nbsp;

SBI's management has been looking at selling its investment in non-core assets to raise capital.&nbsp;

SBI Card will be SBI's second subsidiary to be listed. In 2017, the bank's life insurance business SBI Life Insurance was listed in a 84 billion rupees IPO.&nbsp;

It was the biggest IPO after Coal India's in 2010.&nbsp;

&nbsp;

SBI Card & Payments Services Ltd, the credit card subsidiary of State Bank of India (SBI), plans to raise about 80 billion Indian rupees ($1.12 billion) via an initial public offering this year, a senior SBI executive involved in the process said.

SBI Card & Payments Services Ltd, the credit card subsidiary of State Bank of India (SBI), plans to raise about 80 billion Indian rupees ($1.12 billion) via an initial public offering this year, a senior SBI executive involved in the process said. SBI has already tapped banks to run the IPO process and a listing is expected to happen in the last quarter of this financial year, bank officials have previously said. "Roughly about an 8 per cent stake will be divested and after seeing the valuations and the inputs we are getting it would translate to 80 billion rupees," said the source directly involved in the process, who asked not to be named as the details are not public. This would value the overall business at about 1 trillion rupees ($14 billion). SBI and SBI Card did not immediately respond to requests for comment. At the end of March 31, 2019, SBI Card, which is 74 per cent owned by SBI and 26 per cent by U.S private equity firm Carlyle Group, had total assets worth 195.93 billion rupees. India's credit card market is still small compared to its debit card market. The latest regulatory data shows that there were 49.6 million credit cards in circulation in the country, compared with 836 million debit cards. SBI Card is the second-largest credit card issuer in the country, with 8.8 million outstanding cards as of June 30. It only trails private lender HDFC Bank in terms of the number of cards issued. Earlier this year, home-grown ride hailing company Ola had partnered with SBI Card to launch a co-branded credit card, allowing the company to expand its customer base. SBI's management has been looking at selling its investment in non-core assets to raise capital. SBI Card will be SBI's second subsidiary to be listed. In 2017, the bank's life insurance business SBI Life Insurance was listed in a 84 billion rupees IPO. It was the biggest IPO after Coal India's in 2010.

SBI's credit card business aims to raise $1.1 billion via IPO: Report

More government-owned banks have announced linking their lending and deposit rates to the Reserve Bank of India's (RBI's) repo for facilitating faster transmission after the State Bank of India did so in May.

While Syndicate Bank has made several changes to its offerings on loans and deposit products, Bank of India, Union Bank and Allahabad Bank also said they are working on the modalities to launch similar products.

"Housing, vehicle and consumer loans will now be offered at the basis of a repo-linked rate. With the change, the housing loans will start from repo plus 2.9 per cent at 8.3 per cent," Syndicate Bank said in a statement. The saving bank deposits of over Rs 25 lakh will also be based on the repo rate, it added.

Bank of India said another dimension of rate transmission process is by way of offering repo linked lending rate to select customer segments, including personal loans. "We are working out the necessary modalities in this regard so as to launch such products during the current month," it said.

Union Bank said to provide better interest rate transmission, it will soon link its housing and vehicle loan portfolio to repo rate from the current marginal cost of funds based lending rate.

Allahabad Bank's Managing Director S S Mallikarjuna said the bank will explore the option to develop products of both assets and liabilities linked with an external benchmark to transmit the benefits of rate cut to our customers shortly.

Indian Bank too said its home and vehicle loans will be linked to the repo rate from August 15.

The move to link the deposit and lending rates by these four lenders come even as the RBI has not mandated them to do so. On August 7, the RBI cut repo rate for the fourth consecutive time this calendar year by 35 basis points to 5.4 per cent.

Repo rate is the rate at which the RBI lends money to commercial banks. A repo rate cut allows banks to reduce interest rates for consumers on loans, and lowers equal monthly instalments on home loans, car loans and personal loans.

More government-owned banks have announced linking their lending and deposit rates to the Reserve Bank of India's (RBI's) repo for facilitating faster transmission after the State Bank of India did so in May.

More government-owned banks have announced linking their lending and deposit rates to the Reserve Bank of India's (RBI's) repo for facilitating faster transmission after the State Bank of India did so in May. While Syndicate Bank has made several changes to its offerings on loans and deposit products, Bank of India, Union Bank and Allahabad Bank also said they are working on the modalities to launch similar products. "Housing, vehicle and consumer loans will now be offered at the basis of a repo-linked rate. With the change, the housing loans will start from repo plus 2.9 per cent at 8.3 per cent," Syndicate Bank said in a statement. The saving bank deposits of over Rs 25 lakh will also be based on the repo rate, it added. Bank of India said another dimension of rate transmission process is by way of offering repo linked lending rate to select customer segments, including personal loans. "We are working out the necessary modalities in this regard so as to launch such products during the current month," it said. Union Bank said to provide better interest rate transmission, it will soon link its housing and vehicle loan portfolio to repo rate from the current marginal cost of funds based lending rate. Allahabad Bank's Managing Director S S Mallikarjuna said the bank will explore the option to develop products of both assets and liabilities linked with an external benchmark to transmit the benefits of rate cut to our customers shortly. Indian Bank too said its home and vehicle loans will be linked to the repo rate from August 15. The move to link the deposit and lending rates by these four lenders come even as the RBI has not mandated them to do so. On August 7, the RBI cut repo rate for the fourth consecutive time this calendar year by 35 basis points to 5.4 per cent. Repo rate is the rate at which the RBI lends money to commercial banks. A repo rate cut allows banks to reduce interest rates for consumers on loans, and lowers equal monthly instalments on home loans, car loans and personal loans.

After State Bank of India, more PSU banks link deposit and loan rates to repo

State Bank of India (SBI) joined its peers in flagging concerns about tough domestic economic conditions and the stress the auto sector is under, as the country's largest lender by assets missed expectations for quarterly profit.

Rivals HDFC Bank Ltd and ICICI Bank Ltd too have warned of the negative impact of India's ongoing economic slowdown, with a slump in auto sales cropping up as a major pain point.

Mumbai-based SBI has an exposure of 115 billion rupees to auto dealers, Chairman Rajnish Kumar said during a post-earnings conference call on Friday, but clarified that there was no risk of concentration of stress.

Shares of SBI closed down 2.7 per cent&nbsp;after the results in a Mumbai market that was 0.16 per cent&nbsp;higher.

Kumar also warned that it would be difficult to increase the bank's net interest margins (NIM), a key indicator of the bank's profitability, due to muted credit growth.

In the quarter, NIM rose 6 basis points (bps) to 3.01 per cent&nbsp;from a year ago, but was 1 bps lower than the previous quarter.

The lender expects its NIM to be around 3.1 per cent&nbsp;in FY20, while its loan book is seen growing by 12 per cent, largely flat over last year.

"What was working for the bank was growth in its retail lending book. Now, the slowdown in consumption is surely (going) to depress loan growth in FY20," said Saurabh Jain, assistant vice-president research, SMC Global Securities.

Meanwhile, net interest income climbed 5.2 per cent&nbsp;to 229.39 billion rupees, missing analysts' expectations of 234.87 billion rupees.

However, asset quality, an issue that has pestered Indian lenders for years as bad loans surged, was stable at SBI. Gross non-performing assets as a percentage of total loans stood at 7.53 per cent&nbsp;at June-end, flat over the previous quarter and lower than 10.69 per cent&nbsp;in the same period last year.

Bad loan provisions dived 11 per cent&nbsp;in the quarter, while slippages, or the fresh addition of bad loans, spiked due to loan waivers the government handed out on agricultural loans.

SBI expects gross slippage ratio, which stood at 2.83 per cent&nbsp;by June end, to come below 2 per cent&nbsp;before the end of the year.

The lender's profit came in at 23.12 billion rupees for the three months ended June 30, versus a loss of 48.76 billion rupees reported last year due to lower trading income and treasury losses.

That missed analysts' expectations for a profit of 40.83 billion rupees, according to Refinitiv data, largely due to a tax expense of 17.51 billion rupees. Before taxes, the bank earned 40.63 billion rupees in profits.

 
&nbsp;

State Bank of India (SBI) joined its peers in flagging concerns about tough domestic economic conditions and the stress the auto sector is under, as the country's largest lender by assets missed expectations for quarterly profit.

State Bank of India (SBI) joined its peers in flagging concerns about tough domestic economic conditions and the stress the auto sector is under, as the country's largest lender by assets missed expectations for quarterly profit. Rivals HDFC Bank Ltd and ICICI Bank Ltd too have warned of the negative impact of India's ongoing economic slowdown, with a slump in auto sales cropping up as a major pain point. Mumbai-based SBI has an exposure of 115 billion rupees to auto dealers, Chairman Rajnish Kumar said during a post-earnings conference call on Friday, but clarified that there was no risk of concentration of stress. Shares of SBI closed down 2.7 per cent after the results in a Mumbai market that was 0.16 per cent higher. Kumar also warned that it would be difficult to increase the bank's net interest margins (NIM), a key indicator of the bank's profitability, due to muted credit growth. In the quarter, NIM rose 6 basis points (bps) to 3.01 per cent from a year ago, but was 1 bps lower than the previous quarter. The lender expects its NIM to be around 3.1 per cent in FY20, while its loan book is seen growing by 12 per cent, largely flat over last year. "What was working for the bank was growth in its retail lending book. Now, the slowdown in consumption is surely (going) to depress loan growth in FY20," said Saurabh Jain, assistant vice-president research, SMC Global Securities. Meanwhile, net interest income climbed 5.2 per cent to 229.39 billion rupees, missing analysts' expectations of 234.87 billion rupees. However, asset quality, an issue that has pestered Indian lenders for years as bad loans surged, was stable at SBI. Gross non-performing assets as a percentage of total loans stood at 7.53 per cent at June-end, flat over the previous quarter and lower than 10.69 per cent in the same period last year. Bad loan provisions dived 11 per cent in the quarter, while slippages, or the fresh addition of bad loans, spiked due to loan waivers the government handed out on agricultural loans. SBI expects gross slippage ratio, which stood at 2.83 per cent by June end, to come below 2 per cent before the end of the year. The lender's profit came in at 23.12 billion rupees for the three months ended June 30, versus a loss of 48.76 billion rupees reported last year due to lower trading income and treasury losses. That missed analysts' expectations for a profit of 40.83 billion rupees, according to Refinitiv data, largely due to a tax expense of 17.51 billion rupees. Before taxes, the bank earned 40.63 billion rupees in profits.

State Bank of India warns of muted credit growth, misses quarterly profit estimates

Indian shares reversed course to end lower on Tuesday, dragged by heavyweight Reliance Industries Ltd and banking stocks, as weak earnings continued to dampen investor sentiment.

The broader NSE Nifty ended 0.93% down at 11,085.40, its lowest close since March 8, while the benchmark BSE Sensex closed 0.77% lower at 37,397.24.

The volatility index had jumped 4.21% at the day's close.

Reliance Industries, one of India's most valuable companies, dragged markets the most as the stock was 2.4% down at closing bell.&nbsp;

The Nifty Auto index, which was higher initially, ended at 2.14% lower, its lowest level in over five years. Reuters reported on Monday the country's largest lender State Bank of India proposed to tighten lending terms to auto dealers.

SBI's shares were also 4.7% lower at the time of close, which along with most other bank stocks dragged the Nifty Bank index that ended 1.72% lower.

Cafe chain operator <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/india-news/cafe-coffee-day-founder-vg-siddhartha-gone-missing-near-netravati-river-in-mangaluru-239351&amp;sa=U&amp;ved=2ahUKEwiKlpP00dzjAhXq73MBHYzNCpMQFjACegQIARAC&amp;usg=AOvVaw1pO-vcCQkeCFUXznODU8qD">Coffee Day Enterprises</a> ended 20% down after its founder went missing, while reports alleged he wrote a letter saying he was under pressure from lenders.

Among gainers, Tata Consultancy Services' shares were up 2.2%, while Bharti Airtel ended about 4% higher.

Indian shares reversed course to end lower on Tuesday, dragged by heavyweight Reliance Industries Ltd and banking stocks, as weak earnings continued to dampen investor sentiment.

Indian shares reversed course to end lower on Tuesday, dragged by heavyweight Reliance Industries Ltd and banking stocks, as weak earnings continued to dampen investor sentiment. The broader NSE Nifty ended 0.93% down at 11,085.40, its lowest close since March 8, while the benchmark BSE Sensex closed 0.77% lower at 37,397.24. The volatility index had jumped 4.21% at the day's close. Reliance Industries, one of India's most valuable companies, dragged markets the most as the stock was 2.4% down at closing bell. The Nifty Auto index, which was higher initially, ended at 2.14% lower, its lowest level in over five years. Reuters reported on Monday the country's largest lender State Bank of India proposed to tighten lending terms to auto dealers. SBI's shares were also 4.7% lower at the time of close, which along with most other bank stocks dragged the Nifty Bank index that ended 1.72% lower. Cafe chain operator Coffee Day Enterprises ended 20% down after its founder went missing, while reports alleged he wrote a letter saying he was under pressure from lenders. Among gainers, Tata Consultancy Services' shares were up 2.2%, while Bharti Airtel ended about 4% higher.

Sensex, Nifty reverse course to close lower; Reliance Industries, banks drag

Anshula Kant, managing director of the State Bank of India, has been appointed as managing director and chief financial officer of the World Bank, its president David Malpass announced on Friday. As Managing Director and Chief Financial Officer, Kant will be responsible for financial and risk management of the World Bank Group, reporting to the President.

SBI MD Anshula Kant appointed as World Bank CFO and MD

Watch 'India Watch.' This is the show which brings you the latest headlines from India. Latest, Verified updates & Unbiased analysis as the World watches this Country. So, It's important to bring the right narrative to bring you the right stories.

Watch: India Watch, 17th June 2019

Jet Airways said on Tuesday that Chief Executive Officer Vinay Dube had resigned with immediate effect.

Earlier today, Jet Airways' Deputy Chief Executive and <a href="https://www.wionews.com/business-economy/jet-airways-cfo-amit-agarwal-steps-down-218534">Chief Financial Officer Amit Agarwal had also resigned</a>.

<a href="https://www.wionews.com/business-economy/jet-airways-shares-continue-to-fall-plummet-over-7-218724">Shares of Jet Airways</a>&nbsp;on Tuesday plunged over 7 per cent, its second day of decline, after Amit Agarwal resigned.

Jet, which owes vast sums to its lessors, pilots, fuel suppliers and other parties, stopped all flights from April 17 after its lenders refused to extend more funds to keep the carrier flying.

The State Bank of India (SBI) said last week&nbsp;it has received two unsolicited bids for ailing Jet Airways, nearly a month after the airline was forced to ground all operations due to funding troubles. Most of the airline's board members have also quit in last one month.&nbsp;

Jet Airways said on Tuesday that Chief Executive Officer Vinay Dube had resigned with immediate effect. Earlier today, Jet Airways' Deputy Chief Executive and Chief Financial Officer Amit Agarwal had also resigned.

Jet Airways said on Tuesday that Chief Executive Officer Vinay Dube had resigned with immediate effect. Earlier today, Jet Airways' Deputy Chief Executive and Chief Financial Officer Amit Agarwal had also resigned. Shares of Jet Airways on Tuesday plunged over 7 per cent, its second day of decline, after Amit Agarwal resigned. Jet, which owes vast sums to its lessors, pilots, fuel suppliers and other parties, stopped all flights from April 17 after its lenders refused to extend more funds to keep the carrier flying. The State Bank of India (SBI) said last week it has received two unsolicited bids for ailing Jet Airways, nearly a month after the airline was forced to ground all operations due to funding troubles. Most of the airline's board members have also quit in last one month.

After CFO, Jet Airways CEO Vinay Dube resigns

The State Bank of India (SBI) said on Friday it has received two unsolicited bids for ailing Jet Airways, nearly a month after the airline was forced to ground all operations due to funding troubles.

Jet, once India's largest private airline, stopped all flights on April 17 after its lenders, led by SBI, declined to extend more funds to keep the carrier going.

"(We have) made disproportionate efforts to keep Jet flying," the bank's chairman Rajnish Kumar told reporters in Mumbai.

<a href="https://www.wionews.com/business-economy/jet-airways-pilots-union-asks-supreme-court-to-direct-sbi-to-release-funds-217246">Jet Airways' pilots' union had appealed to the Supreme Court of India</a> to direct State Bank Of India (SBI) to release interim funding to try to revive the grounded airline, according to a court filing made on Tuesday which was reviewed by Reuters.

Jet halted all flight operations indefinitely on April 17 after its lenders rejected its plea for emergency funds, potentially the end of the line for what was once India's largest private airline.

The debt-laden airline has struggled to compete with low-cost carriers like IndiGo and SpiceJet that now dominate Indian skies, and its mounting losses forced it to ground its planes.

The National Aviator's Guild said in its petition that SBI's decision to not give the interim funding of 15 billion rupees ($216 million), after agreeing to it in March as part a resolution plan, has resulted in the airline being grounded and has impacted the livelihood of Jet's 22,000 employees.

The State Bank of India (SBI) said on Friday it has received two unsolicited bids for ailing Jet Airways, nearly a month after the airline was forced to ground all operations due to funding troubles.

The State Bank of India (SBI) said on Friday it has received two unsolicited bids for ailing Jet Airways, nearly a month after the airline was forced to ground all operations due to funding troubles. Jet, once India's largest private airline, stopped all flights on April 17 after its lenders, led by SBI, declined to extend more funds to keep the carrier going. "(We have) made disproportionate efforts to keep Jet flying," the bank's chairman Rajnish Kumar told reporters in Mumbai. Jet Airways' pilots' union had appealed to the Supreme Court of India to direct State Bank Of India (SBI) to release interim funding to try to revive the grounded airline, according to a court filing made on Tuesday which was reviewed by Reuters. Jet halted all flight operations indefinitely on April 17 after its lenders rejected its plea for emergency funds, potentially the end of the line for what was once India's largest private airline. The debt-laden airline has struggled to compete with low-cost carriers like IndiGo and SpiceJet that now dominate Indian skies, and its mounting losses forced it to ground its planes. The National Aviator's Guild said in its petition that SBI's decision to not give the interim funding of 15 billion rupees ($216 million), after agreeing to it in March as part a resolution plan, has resulted in the airline being grounded and has impacted the livelihood of Jet's 22,000 employees.

State Bank of India says two bids received for Jet Airways

<a href="https://www.wionews.com/business-economy/india-sees-little-scope-for-jet-airways-revival-government-sources-216085">Jet Airways</a>' pilots' union has appealed to the Supreme Court of India to direct State Bank Of India (SBI) to release interim funding to try to revive the grounded airline, according to a court filing made on Tuesday which was reviewed by Reuters.

Jet halted all flight operations indefinitely on April 17 after its lenders rejected its plea for emergency funds, potentially the end of the line for what was once India's largest private airline.

The debt-laden airline has struggled to compete with low-cost carriers like IndiGo and SpiceJet that now dominate Indian skies, and its mounting losses forced it to ground its planes.

The National Aviator's Guild said in its petition that SBI's decision to not give the interim funding of 15 billion rupees ($216 million), after agreeing to it in March as part a resolution plan, has resulted in the airline being grounded and has impacted the livelihood of Jet's 22,000 employees.

This "singular decision" by SBI was responsible for the operations of Jet Airways coming to a stop and "substantial de-valuation/depreciation in the value of Jet", the union said in the court filing.

SBI, as part of the resolution plan, has also invited bids from potential investors to take a stake in Jet. So far no bidders have publicly shown interest and the final bids are expected to be submitted by May 10.

There was no immediate comment from SBI.

Without the emergency funds, Jet was unable to pay rentals on its leased aircraft, forcing lessors to take backplanes.

Its slots have been temporarily re-allocated to other airlines and some of its pilots and other employees who have not been paid in months have taken up jobs elsewhere.

The union has asked the Supreme Court to direct the civil aviation ministry and aviation regulator to decline any further de-registration requests for Jet's leased aircraft and not to reassign its slots to other airlines permanently, according to the filing.

Allocation of Jet's slots, allotment of its seats under the international bilateral agreement with other airlines and handing over its de-registered aircraft to other carriers without following due process has "further devalued the worth of Jet Airways", the union said in its petition.

"The consequence is that there is hardly any likelihood of some serious buyer for the airline," the pilots' union said in the petition, urging the court to act swiftly.

Jet Airways' pilots' union has appealed to the Supreme Court of India to direct State Bank Of India (SBI) to release interim funding to try to revive the grounded airline, according to a court filing made on Tuesday which was reviewed by Reuters.

Jet Airways' pilots' union has appealed to the Supreme Court of India to direct State Bank Of India (SBI) to release interim funding to try to revive the grounded airline, according to a court filing made on Tuesday which was reviewed by Reuters. Jet halted all flight operations indefinitely on April 17 after its lenders rejected its plea for emergency funds, potentially the end of the line for what was once India's largest private airline. The debt-laden airline has struggled to compete with low-cost carriers like IndiGo and SpiceJet that now dominate Indian skies, and its mounting losses forced it to ground its planes. The National Aviator's Guild said in its petition that SBI's decision to not give the interim funding of 15 billion rupees ($216 million), after agreeing to it in March as part a resolution plan, has resulted in the airline being grounded and has impacted the livelihood of Jet's 22,000 employees. This "singular decision" by SBI was responsible for the operations of Jet Airways coming to a stop and "substantial de-valuation/depreciation in the value of Jet", the union said in the court filing. SBI, as part of the resolution plan, has also invited bids from potential investors to take a stake in Jet. So far no bidders have publicly shown interest and the final bids are expected to be submitted by May 10. There was no immediate comment from SBI. Without the emergency funds, Jet was unable to pay rentals on its leased aircraft, forcing lessors to take backplanes. Its slots have been temporarily re-allocated to other airlines and some of its pilots and other employees who have not been paid in months have taken up jobs elsewhere. The union has asked the Supreme Court to direct the civil aviation ministry and aviation regulator to decline any further de-registration requests for Jet's leased aircraft and not to reassign its slots to other airlines permanently, according to the filing. Allocation of Jet's slots, allotment of its seats under the international bilateral agreement with other airlines and handing over its de-registered aircraft to other carriers without following due process has "further devalued the worth of Jet Airways", the union said in its petition. "The consequence is that there is hardly any likelihood of some serious buyer for the airline," the pilots' union said in the petition, urging the court to act swiftly.

Jet Airways pilots' union asks Supreme Court to direct SBI to release funds

The National Aviator's Guild (NAG), which represents pilots of the grounded carrier Jet Airways, Saturday requested Prime Minister Narendra Modi to "direct" the airline's lender State Bank of India to release one month's salary of all the employees.

WION Wallet: NAG urges PM Modi to ask SBI to release one month's salary to staff

As they explore ways to recover debt, lenders of Jet Airways are in favour of a resolution outside the insolvency law framework in case the ongoing bidding process fails to take off, sources said.

Running into debt of more than Rs 8,500 crore, Jet Airways has shut down operations temporarily after lenders decided against extending emergency funds for its survival.

SBI, the lead lender of the seven-member consortium of domestic banks that have extended loans to the airline, has started the bidding process for stake sale in the carrier and clarity about potential bidders would emerge next month.

While lenders are “reasonably hopeful” of a successful bidding process, sources said banks are working on a plan B in case things don’t progress as expected. If the bidding process fails, lenders would favour a resolution for the debt-ridden Jet Airways outside the Insolvency and Bankruptcy Code (IBC) framework, sources said.

Recovery on the basis of existing security and tangible assets would be a preferred option, they added. Under the Code, the National Company Law Tribunal’s (NCLT) approval is required for initiating the process, wherein the resolution would be market-linked and time-bound.

Outside the NCLT would be a better option as far as plan B is concerned, sources said, adding that then banks would realise better value from the aircraft and other tangible assets owned by Jet Airways. Four entities — Etihad Airways, TPG Capital, Indigo Partners and National Investment and Infrastructure Fund (NIIF) — are learnt to have shown interest in picking up stake in Jet Airways.

The details of initial bidders are expected to be known on May 10. As they wait for the completion of the bidding process, the lenders are also looking at options to raise funds from the carrier’s available assets, including utilising Jet Airways’ 16 own planes.

On Friday, sources said that lenders have been proactive and cannot be blamed for the current situation at the airline. “They (lenders) have been actively engaging with the company for almost nine months ever since the airline started incurring cash losses and have been urging the management to come forward with a definite plan for resolution.”

“Unfortunately, the management and the promoter delayed in taking a decision leading to the present situation. The lenders continued to support the airline during this period,” one of the sources had said

As they explore ways to recover debt, lenders of Jet Airways are in favour of a resolution outside the insolvency law framework in case the ongoing bidding process fails to take off, sources said.

As they explore ways to recover debt, lenders of Jet Airways are in favour of a resolution outside the insolvency law framework in case the ongoing bidding process fails to take off, sources said. Running into debt of more than Rs 8,500 crore, Jet Airways has shut down operations temporarily after lenders decided against extending emergency funds for its survival. SBI, the lead lender of the seven-member consortium of domestic banks that have extended loans to the airline, has started the bidding process for stake sale in the carrier and clarity about potential bidders would emerge next month. While lenders are “reasonably hopeful” of a successful bidding process, sources said banks are working on a plan B in case things don’t progress as expected. If the bidding process fails, lenders would favour a resolution for the debt-ridden Jet Airways outside the Insolvency and Bankruptcy Code (IBC) framework, sources said. Recovery on the basis of existing security and tangible assets would be a preferred option, they added. Under the Code, the National Company Law Tribunal’s (NCLT) approval is required for initiating the process, wherein the resolution would be market-linked and time-bound. Outside the NCLT would be a better option as far as plan B is concerned, sources said, adding that then banks would realise better value from the aircraft and other tangible assets owned by Jet Airways. Four entities — Etihad Airways, TPG Capital, Indigo Partners and National Investment and Infrastructure Fund (NIIF) — are learnt to have shown interest in picking up stake in Jet Airways. The details of initial bidders are expected to be known on May 10. As they wait for the completion of the bidding process, the lenders are also looking at options to raise funds from the carrier’s available assets, including utilising Jet Airways’ 16 own planes. On Friday, sources said that lenders have been proactive and cannot be blamed for the current situation at the airline. “They (lenders) have been actively engaging with the company for almost nine months ever since the airline started incurring cash losses and have been urging the management to come forward with a definite plan for resolution.” “Unfortunately, the management and the promoter delayed in taking a decision leading to the present situation. The lenders continued to support the airline during this period,” one of the sources had said

Jet Airways crisis: Lenders in favour of non-IBC resolution if bidding process fails

Embattled liquor tycoon<a href="https://www.wionews.com/india-news/uk-high-court-rejects-vijay-mallyas-appeal-against-the-extradition-order-208774"> Vijay Mallya </a>once again used social media to reiterate his offer to pay back the debt owed to public sector banks in India, targeting this time the State Bank of India (SBI) for allegedly wasting Indian taxpayers' money on expensive legal fees in the UK.

Days after a UK High Court judge refused to dismiss an interim order freezing nearly 260,000 pounds in one of his London bank accounts, the 63-year-old issued a string of statements on Twitter to allege that the SBI led a consortium of PSU banks were wrongly going after him in the UK courts.

"SBI Lawyers in UK making presentations on their accomplishments against me. Indian Taxpayers cost. Despite a full recovery in India confirmed by the Prime Minister himself,"&nbsp;he tweeted on Friday.

His statements were illustrated with a series of document screenshots showing TLT LLP, the banks' law firm, hailing its victory in the 1.142 billion pounds worldwide freezing order judgment in their favour last May.

"SBI UK Lawyers in self-promotion at Indian public cost. SBI must answer,"&nbsp;reads Mallya's tweet.

In his characteristic style, the media was once again at the receiving end of the former Kingfisher Airlines boss' social media comments.

He noted, "Whilst media love sensational headlines, why doesn't anybody ask the PSU State Bank of India under RTI [Right to Information] on how much they are spending on legal fees trying to recover money from me in the UK when I have offered 100 per cent payback in India.

"To substantiate my point, assets belonging to me in the UK were sold and the costs of sale were almost 50 per cent of value. The remaining assets yet to be sold won't cover legal costs. So what's this all about"&nbsp;To enrich UK Lawyers? SBI please answer."

On Thursday, Mallya had made another reference to Prime Minister Narendra Modi's interview from last month, in which he had claimed that the government had recovered assets worth Rs 14,000 crores related to the now-defunct airline's loan defaults.&nbsp;

Mallya is wanted in India on charges of fraud and money laundering amounting to an alleged Rs 9,000 crores.

The series of statements follow a ruling by Master David Cook, a judge in the Queen's Bench Division of the Royal Courts of Justice in London, earlier this week which went against Mallya. Master Cook ruled that an interim debt order in favour of SBI and other banks seeking access to funds in Mallya's ICICI UK bank account "should remain in force".&nbsp;

However, the application to make it final has been adjourned until after the hearing of Mallya's pending bankruptcy petition, expected by the end of this year.

The funds held in the account "258,559.79 pounds"&nbsp;will meanwhile remain frozen as part of the worldwide freezing order in favour of the Indian banks last year.

Mallya's lawyers had argued for the dismissal of the interim order on a number of grounds, including a claim that it was a "deliberate ploy"&nbsp;to prevent Mallya "reasonable"&nbsp;court-sanctioned living expenses.&nbsp;

However, the judge rejected the assertion and noted that the Indian banks are within their rights to discover the true extent of Mallya's assets in order to recover the estimated 1.142 billion pounds owed to them, arising from proceedings in the Bangalore Debt Recovery Tribunal (DRT) against Kingfisher Airlines and others.&nbsp;

The DRT case was registered in the UK under the Foreign Judgments (Reciprocal Enforcement) Act 1933 and went in favour of the Indian banks in an appeal in May 2018.

The banks "SBI, Bank of Baroda, Corporation Bank, Federal Bank Ltd, IDBI Bank, Indian Overseas Bank, Jammu &amp; Kashmir Bank, Punjab &amp; Sind Bank, Punjab National Bank, State Bank of Mysore, UCO Bank, United Bank of India and JM Financial Asset Reconstruction Co. Pvt Ltd"&nbsp;have since also filed a bankruptcy petition against Mallya, which is being challenged by the former Kingfisher Airlines boss and is expected to come up for hearing around December this year.

TLT LLP, the law firm acting for the Indian banks, has been pursuing a series of court orders in the UK courts as part of efforts to enforce last year's High Court judgment in favour of the banks.

Meanwhile, Mallya remains on bail after his extradition was signed off by UK home secretary Sajid Javid in February and is seeking leave to appeal against that order in the UK High Court. An oral hearing on his appeal renewal application is expected in the coming weeks. 
&nbsp;

Embattled liquor tycoon Vijay Mallya once again used social media to reiterate his offer to pay back the debt owed to public sector banks in India, targeting this time the State Bank of India (SBI) for allegedly wasting Indian taxpayers' money on expensive legal fees in the UK.

Embattled liquor tycoon Vijay Mallya once again used social media to reiterate his offer to pay back the debt owed to public sector banks in India, targeting this time the State Bank of India (SBI) for allegedly wasting Indian taxpayers' money on expensive legal fees in the UK. Days after a UK High Court judge refused to dismiss an interim order freezing nearly 260,000 pounds in one of his London bank accounts, the 63-year-old issued a string of statements on Twitter to allege that the SBI led a consortium of PSU banks were wrongly going after him in the UK courts. "SBI Lawyers in UK making presentations on their accomplishments against me. Indian Taxpayers cost. Despite a full recovery in India confirmed by the Prime Minister himself," he tweeted on Friday. His statements were illustrated with a series of document screenshots showing TLT LLP, the banks' law firm, hailing its victory in the 1.142 billion pounds worldwide freezing order judgment in their favour last May. "SBI UK Lawyers in self-promotion at Indian public cost. SBI must answer," reads Mallya's tweet. In his characteristic style, the media was once again at the receiving end of the former Kingfisher Airlines boss' social media comments. He noted, "Whilst media love sensational headlines, why doesn't anybody ask the PSU State Bank of India under RTI [Right to Information] on how much they are spending on legal fees trying to recover money from me in the UK when I have offered 100 per cent payback in India. "To substantiate my point, assets belonging to me in the UK were sold and the costs of sale were almost 50 per cent of value. The remaining assets yet to be sold won't cover legal costs. So what's this all about" To enrich UK Lawyers? SBI please answer." On Thursday, Mallya had made another reference to Prime Minister Narendra Modi's interview from last month, in which he had claimed that the government had recovered assets worth Rs 14,000 crores related to the now-defunct airline's loan defaults. Mallya is wanted in India on charges of fraud and money laundering amounting to an alleged Rs 9,000 crores. The series of statements follow a ruling by Master David Cook, a judge in the Queen's Bench Division of the Royal Courts of Justice in London, earlier this week which went against Mallya. Master Cook ruled that an interim debt order in favour of SBI and other banks seeking access to funds in Mallya's ICICI UK bank account "should remain in force". However, the application to make it final has been adjourned until after the hearing of Mallya's pending bankruptcy petition, expected by the end of this year. The funds held in the account "258,559.79 pounds" will meanwhile remain frozen as part of the worldwide freezing order in favour of the Indian banks last year. Mallya's lawyers had argued for the dismissal of the interim order on a number of grounds, including a claim that it was a "deliberate ploy" to prevent Mallya "reasonable" court-sanctioned living expenses. However, the judge rejected the assertion and noted that the Indian banks are within their rights to discover the true extent of Mallya's assets in order to recover the estimated 1.142 billion pounds owed to them, arising from proceedings in the Bangalore Debt Recovery Tribunal (DRT) against Kingfisher Airlines and others. The DRT case was registered in the UK under the Foreign Judgments (Reciprocal Enforcement) Act 1933 and went in favour of the Indian banks in an appeal in May 2018. The banks "SBI, Bank of Baroda, Corporation Bank, Federal Bank Ltd, IDBI Bank, Indian Overseas Bank, Jammu & Kashmir Bank, Punjab & Sind Bank, Punjab National Bank, State Bank of Mysore, UCO Bank, United Bank of India and JM Financial Asset Reconstruction Co. Pvt Ltd" have since also filed a bankruptcy petition against Mallya, which is being challenged by the former Kingfisher Airlines boss and is expected to come up for hearing around December this year. TLT LLP, the law firm acting for the Indian banks, has been pursuing a series of court orders in the UK courts as part of efforts to enforce last year's High Court judgment in favour of the banks. Meanwhile, Mallya remains on bail after his extradition was signed off by UK home secretary Sajid Javid in February and is seeking leave to appeal against that order in the UK High Court. An oral hearing on his appeal renewal application is expected in the coming weeks.

Vijay Mallya accuses SBI of wasting Indian taxpayers' money on UK legal fees

Jet Airways has decided to<a href="https://www.wionews.com/business-economy/lenders-reject-jet-airways-request-for-rs-400-crore-emergency-funding-sources-211192"> ground operations temporarily</a> from Wednesday midnight after lenders refused its request for Rs 400 crore "emergency funds", sources told newswire PTI.

The struggling airways has informed the exchanges that it is "forced to cancel" all operations following banks refusal to extend funds. It will operate its <a href="https://www.wionews.com/business-economy/jet-airways-shares-sink-8-amid-reports-of-temporary-shutdown-of-operations-210939">last international flight tonight </a>before temporarily stopping operations abroad.

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/Ea1J4tTNsTM" width="560"></iframe>

The airline has been defaulting on payments, forcing lessors to retake almost all its planes and it has been operating just about five planes since Tuesday, down over 120 planes from last year.

Jet will be the seventh airline to go down since May 2014 and the 13th one after East West was shuttered. During the past five years airlines like Air Pegasus, Air Costa, Air Carnival, Air Deccan, Air Odisha and Zoom Air have all gone belly up even as the government boasts of double-digits growth for more than four years in tow.

An official announcement of grounding of operations is expected anytime now as the Jet Airways board had on Tuesday authorised chief executive Vinay Dube to make one last appeal to the SBI-led consortium to get a life-line of Rs 400 crore Wednesday, before taking a final call on the future.

"The Jet Airways management's request for Rs 400 crore emergency funds has been rejected," banking sources told PTI.

A source at the Jet Airways also said the airline was likely to shutter soon as the banks have not extended it the required financial support.

"The airline has failed to garner the funds it was desperately looking for to continue operations," he said.

The airline is currently operating only five planes from 123 aircraft in the fleet till last December.

Jet Airways has decided to ground operations temporarily from Wednesday midnight after lenders refused its request for Rs 400 crore "emergency funds", sources told newswire PTI.

Jet Airways has decided to ground operations temporarily from Wednesday midnight after lenders refused its request for Rs 400 crore "emergency funds", sources told newswire PTI. The struggling airways has informed the exchanges that it is "forced to cancel" all operations following banks refusal to extend funds. It will operate its last international flight tonight before temporarily stopping operations abroad. The airline has been defaulting on payments, forcing lessors to retake almost all its planes and it has been operating just about five planes since Tuesday, down over 120 planes from last year. Jet will be the seventh airline to go down since May 2014 and the 13th one after East West was shuttered. During the past five years airlines like Air Pegasus, Air Costa, Air Carnival, Air Deccan, Air Odisha and Zoom Air have all gone belly up even as the government boasts of double-digits growth for more than four years in tow. An official announcement of grounding of operations is expected anytime now as the Jet Airways board had on Tuesday authorised chief executive Vinay Dube to make one last appeal to the SBI-led consortium to get a life-line of Rs 400 crore Wednesday, before taking a final call on the future. "The Jet Airways management's request for Rs 400 crore emergency funds has been rejected," banking sources told PTI. A source at the Jet Airways also said the airline was likely to shutter soon as the banks have not extended it the required financial support. "The airline has failed to garner the funds it was desperately looking for to continue operations," he said. The airline is currently operating only five planes from 123 aircraft in the fleet till last December.

Jet Airways to cancel operations temporarily tonight after lenders refuse 'emergency funds': Sources

Lenders to cash-strapped Jet Airways, led by State Bank of India (SBI), on Monday invited Expressions of Interest (EoI) for sale of up to 75% stake in the beleaguered airline. According to a report, six airlines have shown interest in the 'expressions of interest' stake sale process of Jet Airways. Watch this video to know more.

WION Wallet: Debt-ridden Jet Airways seeks new owner, 6 airlines are interested

Amid uncertainty over the future of <a href="https://www.wionews.com/business-economy/jet-airways-pilots-defer-decision-not-to-fly-sets-april-15-deadline-to-clear-dues-207023">Jet Airways</a>, the consortium of SBI-led lenders Thursday said bids for a stake sale would be invited on April 6 and other options would be explored in case the stake sale does not result in an "acceptable outcome".

After taking stock of the current situation at the cash-strapped Jet Airways, which is currently operating less than 30 planes, the lenders said they would pursue a resolution plan for the carrier in a time-bound manner under the present legal and regulatory framework.

The expressions of interest for selling stake in the ailing airline would be invited on April 6 and the last date for submission of bids would be April 9, a statement issued by the SBI on behalf of 26 lenders said.

SBI is the lead lender to Jet Airways, which has a debt burden of more than Rs 8,000 crore.

"The lenders are cognisant that the outcome of the efforts of the lenders will depend on the interest shown by the parties on sale of stake in the company," the statement issued late in the evening said.

"Whilst all efforts will be made for the stake sale by the lenders, other options may be considered by the lenders should these efforts not result in an acceptable outcome," it said.

The statement was issued after a nearly three-hour meeting of the lenders in the national capital. The meeting was chaired by SBI Chairma Rajnish Kumar, who earlier in the day met several government officials in the finance and civil aviation ministries.

Under the debt resolution plan approved by the Jet Airways' board on March 25, lenders have taken majority stake in the airline and are set to infuse Rs 1,500 crore funds. Besides, the carrier's founder and promoter Naresh Goyal as well as his wife Anita Goyal quit the board. The shareholding of Goyals have come down to 25 per cent from 51 per cent earlier.

On Wednesday, Naresh Goyal, also former chairman of the airline, said he had agreed to every term and condition laid down by lenders to ensure timely release of funds for the airline.

Acute financial crunch has forced the airline to ground aircraft, cancel flights and delay payment of salaries, including to pilots.

Earlier in the day, Civil Aviation Secretary Pradeep Singh Kharola said Jet Airways is currently operating a fleet of 26 planes and the airline right now fulfils the criteria for operating on international routes.

Jet Airways, which is grappling with acute financial woes, had a fleet of around 119 planes.&nbsp;

Amid uncertainty over the future of Jet Airways, the consortium of SBI-led lenders Thursday said bids for a stake sale would be invited on April 6 and other options would be explored in case the stake sale does not result in an "acceptable outcome".

Amid uncertainty over the future of Jet Airways, the consortium of SBI-led lenders Thursday said bids for a stake sale would be invited on April 6 and other options would be explored in case the stake sale does not result in an "acceptable outcome". After taking stock of the current situation at the cash-strapped Jet Airways, which is currently operating less than 30 planes, the lenders said they would pursue a resolution plan for the carrier in a time-bound manner under the present legal and regulatory framework. The expressions of interest for selling stake in the ailing airline would be invited on April 6 and the last date for submission of bids would be April 9, a statement issued by the SBI on behalf of 26 lenders said. SBI is the lead lender to Jet Airways, which has a debt burden of more than Rs 8,000 crore. "The lenders are cognisant that the outcome of the efforts of the lenders will depend on the interest shown by the parties on sale of stake in the company," the statement issued late in the evening said. "Whilst all efforts will be made for the stake sale by the lenders, other options may be considered by the lenders should these efforts not result in an acceptable outcome," it said. The statement was issued after a nearly three-hour meeting of the lenders in the national capital. The meeting was chaired by SBI Chairma Rajnish Kumar, who earlier in the day met several government officials in the finance and civil aviation ministries. Under the debt resolution plan approved by the Jet Airways' board on March 25, lenders have taken majority stake in the airline and are set to infuse Rs 1,500 crore funds. Besides, the carrier's founder and promoter Naresh Goyal as well as his wife Anita Goyal quit the board. The shareholding of Goyals have come down to 25 per cent from 51 per cent earlier. On Wednesday, Naresh Goyal, also former chairman of the airline, said he had agreed to every term and condition laid down by lenders to ensure timely release of funds for the airline. Acute financial crunch has forced the airline to ground aircraft, cancel flights and delay payment of salaries, including to pilots. Earlier in the day, Civil Aviation Secretary Pradeep Singh Kharola said Jet Airways is currently operating a fleet of 26 planes and the airline right now fulfils the criteria for operating on international routes. Jet Airways, which is grappling with acute financial woes, had a fleet of around 119 planes.

Jet Airways: Lenders to invite bids for stake sale on April 6

Over 1,000 pilots of the struggling private carrier Jet Airways have decided to go ahead with their "no flying" call from April 1 following the airline failing to receive funds from the banks Friday, its pilots' guild has said.

The airline said in a statement that every effort was being made to restore normalcy of operations.

The National Aviators Guild (NAG), the body claiming representation of some 1,100 pilots at Jet Airways, had last week announced its decision not to fly from April 1 if their pending salaries were not cleared and clarity on the revival plan not provided by March 31.

Days after that, the airline's ownership went into the hands of SBI-led consortium of banks under a debt-recast plan.

"A part of the expected interim funding from SBI was supposed to be auctioned on March 29. Unfortunately, the fund transfer has not taken place, and there is also no update on salary payment from the management. The collective decision of pilots taken at Mumbai and Delhi open house effective 1 April prevails," NAG president Karan Chopra said in a late evening communication to his members.

Jet Airways pilots along with engineers and senior management have not been paid for about four months now.

"As announced earlier this week, the airline's lenders and its management team would like to reiterate that every effort is being made to inject adequate liquidity into the company, to quickly restore normalcy of operations, ensuring due compliance with all appropriate legal processes/ formalities at the same time," a Jet Airways spokesperson said in a statement.

"While acknowledging the support of each and every member of its family, Jet Airways especially recognises the contribution of its pilots, AMEs and members of its senior management, who have sacrificed personal interests and have gone beyond their call of duty in order to ensure safe and reliable operations for the airlines guests," it said.

Earlier on Friday, a source said that around 200 pilots had written individually to Jet CEO Vinay Dube, threatening to go on "leave of absence", and they were also planning to take legal recourse over non-payment of salary.

A source in the pilots' community said around 200 pilots have written to the CEO flagging concerns about non-payment of salaries. The pilots are also members of the NAG, the source added.&nbsp;

Over 1,000 pilots of the struggling private carrier Jet Airways have decided to go ahead with their "no flying" call from April 1 following the airline failing to receive funds from the banks Friday, its pilots' guild has said.

Over 1,000 pilots of the struggling private carrier Jet Airways have decided to go ahead with their "no flying" call from April 1 following the airline failing to receive funds from the banks Friday, its pilots' guild has said. The airline said in a statement that every effort was being made to restore normalcy of operations. The National Aviators Guild (NAG), the body claiming representation of some 1,100 pilots at Jet Airways, had last week announced its decision not to fly from April 1 if their pending salaries were not cleared and clarity on the revival plan not provided by March 31. Days after that, the airline's ownership went into the hands of SBI-led consortium of banks under a debt-recast plan. "A part of the expected interim funding from SBI was supposed to be auctioned on March 29. Unfortunately, the fund transfer has not taken place, and there is also no update on salary payment from the management. The collective decision of pilots taken at Mumbai and Delhi open house effective 1 April prevails," NAG president Karan Chopra said in a late evening communication to his members. Jet Airways pilots along with engineers and senior management have not been paid for about four months now. "As announced earlier this week, the airline's lenders and its management team would like to reiterate that every effort is being made to inject adequate liquidity into the company, to quickly restore normalcy of operations, ensuring due compliance with all appropriate legal processes/ formalities at the same time," a Jet Airways spokesperson said in a statement. "While acknowledging the support of each and every member of its family, Jet Airways especially recognises the contribution of its pilots, AMEs and members of its senior management, who have sacrificed personal interests and have gone beyond their call of duty in order to ensure safe and reliable operations for the airlines guests," it said. Earlier on Friday, a source said that around 200 pilots had written individually to Jet CEO Vinay Dube, threatening to go on "leave of absence", and they were also planning to take legal recourse over non-payment of salary. A source in the pilots' community said around 200 pilots have written to the CEO flagging concerns about non-payment of salaries. The pilots are also members of the NAG, the source added.

Over 1,000 Jet Airways pilots to go ahead with no flying call

The BSE benchmark Sensex jumped over 200 points and the NSE Nifty breached the 11,600 level in early trade Friday driven by heavy buying in reality, metal and pharma stocks amid unabated foreign fund inflows and positive global cues.

The 30-share index pared some ground and was trading 82.05 points, or 0.21 per cent, up at 38,627.77. It had rallied 412.84 points to 38,545.72 in the previous session.

The broader Nifty also gained 50.85 points, or 0.44 per cent, to 11,620.85 in morning trade.

Top gainers include Vedanta, Yes Bank, SBI, Tata Motors, Tata Steel, Sun Pharma, HCL Tech, M&amp;M, NTPC, TCS and HUL, rising up to 2.22 per cent.

While, IndusInd Bank, Bajaj Auto, Bajaj Finance, Coal India, HDFC, PowerGrid and Axis Bank were among the top laggards, shedding up to 0.82 per cent.

All sectoral indices were trading in the green with BSE telecom, healthcare, metal, tech and power indices surging up to 1.80 per cent.

"The rise in equity market currently looks like a catch-up rally just before the 2019 general elections, especially in the case of private banks which are making new highs," said Hemang Jani, Head - Advisory, Sharekhan by BNP Paribas.

According to experts, global economic growth concerns and US Federal Reserve's dovish view on rates will give a positive impetus to emerging markets like India.

Foreign portfolio investors (FPIs) bought shares worth a net of Rs 3,594.51 crore Thursday, while domestic institutional investors (DIIs) sold shares worth Rs 2,080.22 crore, provisional data showed.

The rupee, meanwhile, appreciated 15 paise against its previous close to trading at 69.15 in the early session.

In the Asian region, Hong Kong's Hang Seng rose 0.75 per cent, Korea's Kospi was up 0.31 per cent, Shanghai Composite Index soared 2.36 per cent and Japan's Nikkei rallied 0.95 per cent in late morning trade.

On Wall Street, the US Dow Jones Industrial Average ended 0.36 per cent higher on Thursday.&nbsp;

The BSE benchmark Sensex jumped over 200 points and the NSE Nifty breached the 11,600 level in early trade Friday driven by heavy buying in reality, metal and pharma stocks amid unabated foreign fund inflows and positive global cues.

The BSE benchmark Sensex jumped over 200 points and the NSE Nifty breached the 11,600 level in early trade Friday driven by heavy buying in reality, metal and pharma stocks amid unabated foreign fund inflows and positive global cues. The 30-share index pared some ground and was trading 82.05 points, or 0.21 per cent, up at 38,627.77. It had rallied 412.84 points to 38,545.72 in the previous session. The broader Nifty also gained 50.85 points, or 0.44 per cent, to 11,620.85 in morning trade. Top gainers include Vedanta, Yes Bank, SBI, Tata Motors, Tata Steel, Sun Pharma, HCL Tech, M&M, NTPC, TCS and HUL, rising up to 2.22 per cent. While, IndusInd Bank, Bajaj Auto, Bajaj Finance, Coal India, HDFC, PowerGrid and Axis Bank were among the top laggards, shedding up to 0.82 per cent. All sectoral indices were trading in the green with BSE telecom, healthcare, metal, tech and power indices surging up to 1.80 per cent. "The rise in equity market currently looks like a catch-up rally just before the 2019 general elections, especially in the case of private banks which are making new highs," said Hemang Jani, Head - Advisory, Sharekhan by BNP Paribas. According to experts, global economic growth concerns and US Federal Reserve's dovish view on rates will give a positive impetus to emerging markets like India. Foreign portfolio investors (FPIs) bought shares worth a net of Rs 3,594.51 crore Thursday, while domestic institutional investors (DIIs) sold shares worth Rs 2,080.22 crore, provisional data showed. The rupee, meanwhile, appreciated 15 paise against its previous close to trading at 69.15 in the early session. In the Asian region, Hong Kong's Hang Seng rose 0.75 per cent, Korea's Kospi was up 0.31 per cent, Shanghai Composite Index soared 2.36 per cent and Japan's Nikkei rallied 0.95 per cent in late morning trade. On Wall Street, the US Dow Jones Industrial Average ended 0.36 per cent higher on Thursday.

Sensex rises over 200 points; Nifty tops 11,600 mark in early trade

State Bank of India's (SBI) chairman said on Wednesday that putting Jet Airways into bankruptcy is the "last option" and that its lenders are making every effort to keep the airline flying.

"We believe that it is in everybody's interest that Jet Airways continues to fly," SBI chairman Rajnish Kumar told reporters after a meeting with government officials, adding that placing Jet into bankruptcy would mean grounding the airline.

<a href="https://www.wionews.com/india-news/dgca-reviews-jet-airways-performance-on-operational-airworthiness-passenger-facilitation-204362">Jet has racked up over $1 billion in debt</a>, and owes money to banks, suppliers, pilots and lessors - some of whom have started terminating their lease deals with the carrier.

The government has asked state-run banks to rescue Jet without pushing it into bankruptcy, two people within the administration have told Reuters as Prime Minister Narendra Modi seeks to avert thousands of job losses weeks before a general election.

New Delhi has urged state-run banks, led by SBI, to convert debt into equity and take a stake in Jet, which would, however, be "transitory", in a rare move in India to use taxpayer money to save a struggling private sector company.

Kumar, however, said that any decision taken to rescue Jet is a commercial one and is not at the direction of the Indian government. He was speaking after a meeting with officials from the prime minister's office and finance and civil aviation ministries to discuss the rescue plan for Jet Airways.

Talks with Abu Dhabi-based carrier Etihad, Jet's largest shareholder, to secure a rescue deal are ongoing, the SBI chief said, adding that there is also the possibility of bringing in a new investor.

Kumar said that a resolution plan is "almost" ready and that it would not involve a bailout for any individual or the airline's founder Naresh Goyal.

A spokesman for the opposition Congress party earlier on Wednesday held a press conference during which they alleged Modi's ruling Bharatiya Janata Party (BJP) was using state-run banks like SBI to bailout a bankrupt, private airline.

This came a day after Reuters reported how the government is playing a crucial behind-the-scenes role to rescue Jet.

"On one hand, (the) Modi government is seeking to privatise Air India and on the other hand they are buying a bankrupt private airline with public money," Randeep Singh Surjewala, a spokesman for the Congress party, said.

State Bank of India's (SBI) chairman said on Wednesday that putting Jet Airways into bankruptcy is the "last option" and that its lenders are making every effort to keep the airline flying.

State Bank of India's (SBI) chairman said on Wednesday that putting Jet Airways into bankruptcy is the "last option" and that its lenders are making every effort to keep the airline flying. "We believe that it is in everybody's interest that Jet Airways continues to fly," SBI chairman Rajnish Kumar told reporters after a meeting with government officials, adding that placing Jet into bankruptcy would mean grounding the airline. Jet has racked up over $1 billion in debt, and owes money to banks, suppliers, pilots and lessors - some of whom have started terminating their lease deals with the carrier. The government has asked state-run banks to rescue Jet without pushing it into bankruptcy, two people within the administration have told Reuters as Prime Minister Narendra Modi seeks to avert thousands of job losses weeks before a general election. New Delhi has urged state-run banks, led by SBI, to convert debt into equity and take a stake in Jet, which would, however, be "transitory", in a rare move in India to use taxpayer money to save a struggling private sector company. Kumar, however, said that any decision taken to rescue Jet is a commercial one and is not at the direction of the Indian government. He was speaking after a meeting with officials from the prime minister's office and finance and civil aviation ministries to discuss the rescue plan for Jet Airways. Talks with Abu Dhabi-based carrier Etihad, Jet's largest shareholder, to secure a rescue deal are ongoing, the SBI chief said, adding that there is also the possibility of bringing in a new investor. Kumar said that a resolution plan is "almost" ready and that it would not involve a bailout for any individual or the airline's founder Naresh Goyal. A spokesman for the opposition Congress party earlier on Wednesday held a press conference during which they alleged Modi's ruling Bharatiya Janata Party (BJP) was using state-run banks like SBI to bailout a bankrupt, private airline. This came a day after Reuters reported how the government is playing a crucial behind-the-scenes role to rescue Jet. "On one hand, (the) Modi government is seeking to privatise Air India and on the other hand they are buying a bankrupt private airline with public money," Randeep Singh Surjewala, a spokesman for the Congress party, said.

SBI Chairman insists bankruptcy 'last option' for Jet Airways

Equity benchmark Sensex surged over 233 points 36,904 in early trade on Monday, which is seen by experts as a pre-poll rally following the announcement of 2019 general election dates.

Similarly, the NSE gauge Nifty rose over 75 points to scale past 11,110 level.

The BSE Sensex started off on a positive note at 36,741.57 and furthered its gains to trade at 36,904.81, rising 233.38 points, or 0.64 per cent, in early trade.

The broader Nifty opened at 11,068.75 and extended its rise to 11,110.95, gaining 75.55 points, or 0.68 per cent.

Experts said that prevailing geopolitical concerns in the wake of recent India-Pakistan military conflicts will be a key factor in the upcoming general elections that may help incumbent NDA government at the Centre.

With the Election Commission of India (EC) announcing dates for the much-awaited 2019 general elections, market analysts say a pre-poll rally is likely to continue, citing historical data which suggests a positive trend in the stock market in case the incumbent returns to power.

Last week, the 30-share Sensex settled 53.99 points, or 0.15 per cent, lower at 36,671.43, while the broader NSE Nifty slipped 22.80 points, or 0.21 per cent, to 11,035.40.

During the week, the Sensex gained 607.62 points or 1.68 per cent; and the Nifty advanced 171.9 points or 1.58 per cent.

Meanwhile, Asian bourses saw mixed trading activities following the subdued last week for global equities. Hong Kong and Japan posted gains, while South Korea stocks retreated. In contrast, Chinese stocks soared.

Besides election-related developments this week, the market will watch CPI, WPI data, analysts said.

Equity benchmark Sensex surged over 233 points 36,904 in early trade on Monday, which is seen by experts as a pre-poll rally following the announcement of 2019 general election dates.

Equity benchmark Sensex surged over 233 points 36,904 in early trade on Monday, which is seen by experts as a pre-poll rally following the announcement of 2019 general election dates. Similarly, the NSE gauge Nifty rose over 75 points to scale past 11,110 level. The BSE Sensex started off on a positive note at 36,741.57 and furthered its gains to trade at 36,904.81, rising 233.38 points, or 0.64 per cent, in early trade. The broader Nifty opened at 11,068.75 and extended its rise to 11,110.95, gaining 75.55 points, or 0.68 per cent. Experts said that prevailing geopolitical concerns in the wake of recent India-Pakistan military conflicts will be a key factor in the upcoming general elections that may help incumbent NDA government at the Centre. With the Election Commission of India (EC) announcing dates for the much-awaited 2019 general elections, market analysts say a pre-poll rally is likely to continue, citing historical data which suggests a positive trend in the stock market in case the incumbent returns to power. Last week, the 30-share Sensex settled 53.99 points, or 0.15 per cent, lower at 36,671.43, while the broader NSE Nifty slipped 22.80 points, or 0.21 per cent, to 11,035.40. During the week, the Sensex gained 607.62 points or 1.68 per cent; and the Nifty advanced 171.9 points or 1.58 per cent. Meanwhile, Asian bourses saw mixed trading activities following the subdued last week for global equities. Hong Kong and Japan posted gains, while South Korea stocks retreated. In contrast, Chinese stocks soared. Besides election-related developments this week, the market will watch CPI, WPI data, analysts said.

Sensex soars 233 points, Nifty above 11,100; Jet Airways, SBI shares jump

State Bank of India, a lender to Jet Airways, is likely to own 15 per cent of the cash-strapped carrier after the airline gets consent for a debt to equity swap, TV channels reported on Tuesday citing agencies.

Jet Airways said on Monday it would seek a shareholder nod next month to convert existing debt into equity, raise more money and allow its lenders to nominate a director on its board as part of efforts to resolve its <a href="http://www.wionews.com/world/lessors-to-troubled-jet-airways-consider-taking-back-planes-report-189642">financing problems</a>.

Jet's lenders could end up owning as much as 30 per cent while its shareholder Etihad Airways could see its stake go up to more than 40 percent from 24 percent at present as it infuses more equity, the TV channels reported.

State Bank of India, a lender to Jet Airways, is likely to own 15 per cent of the cash-strapped carrier after the airline gets consent for a debt to equity swap, TV channels reported on Tuesday citing agencies.

State Bank of India, a lender to Jet Airways, is likely to own 15 per cent of the cash-strapped carrier after the airline gets consent for a debt to equity swap, TV channels reported on Tuesday citing agencies. Jet Airways said on Monday it would seek a shareholder nod next month to convert existing debt into equity, raise more money and allow its lenders to nominate a director on its board as part of efforts to resolve its financing problems. Jet's lenders could end up owning as much as 30 per cent while its shareholder Etihad Airways could see its stake go up to more than 40 percent from 24 percent at present as it infuses more equity, the TV channels reported.

SBI set to own 15% of Jet Airways after debt-for-equity swap: Reports

Shares of <a href="https://www.google.com/url?q=http://www.wionews.com/business-economy/jet-airways-shares-fall-further-plunge-over-5-190956&amp;sa=U&amp;ved=0ahUKEwjxysS08vTfAhVQ-2EKHSw1Dq8QFggFMAA&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw27JMTSDbEvEEEVIeVY35-N">Jet Airways</a> erased early losses and ended over 5 per cent higher Thursday after Chairman Naresh Goyal offered to invest up to Rs 700 crore in the airline on the condition that his stake does not fall below 25 per cent.

The scrip bounced back and ended 5.09 per cent higher at Rs 284.80 on the BSE. During the day, the stock had plunged 5.31 per cent to Rs 256.60.

At NSE, shares of the company soared 5.28 per cent to close at Rs 283.95.

In terms of equity volume, 48.12 lakh shares of the company were traded on BSE and over 6 crore shares changed hands at NSE during the day. 
Goyal said he is committed to an "infusion of funds into the company to the extent of Rs 700 crore" and pledging all his shares.

This is subject to the condition that his shareholding post such infusion is at least 25 per cent, he said in the letter which was seen by PTI.

Jet Airways Chairman Naresh Goyal has told the State Bank of India (SBI) that he is ready to invest up to Rs 700 crore in the airline on the condition that his stake does not fall below 25 per cent.

Goyal's offer comes against the backdrop of strategic partner Etihad reportedly putting forward strict conditions, including that Goyal should give up control, for infusing funds into the crisis-hit carrier.

In a letter to SBI Chairman Rajnish Kumar, Goyal said he is writing with reference to the resolution plan under discussion and in view of Etihad's position, "despite the significant cash crunch and imminent grounding, which the airline is facing".

According to Jet Airways' shareholding pattern on BSE, as of the quarter ending December 2018, Goyal owns 5,79,33,665 shares, amounting to 51 per cent stake in the company

Shares of Jet Airways erased early losses and ended over 5 per cent higher Thursday after Chairman Naresh Goyal offered to invest up to Rs 700 crore in the airline on the condition that his stake does not fall below 25 per cent.

Shares of Jet Airways erased early losses and ended over 5 per cent higher Thursday after Chairman Naresh Goyal offered to invest up to Rs 700 crore in the airline on the condition that his stake does not fall below 25 per cent. The scrip bounced back and ended 5.09 per cent higher at Rs 284.80 on the BSE. During the day, the stock had plunged 5.31 per cent to Rs 256.60. At NSE, shares of the company soared 5.28 per cent to close at Rs 283.95. In terms of equity volume, 48.12 lakh shares of the company were traded on BSE and over 6 crore shares changed hands at NSE during the day. Goyal said he is committed to an "infusion of funds into the company to the extent of Rs 700 crore" and pledging all his shares. This is subject to the condition that his shareholding post such infusion is at least 25 per cent, he said in the letter which was seen by PTI. Jet Airways Chairman Naresh Goyal has told the State Bank of India (SBI) that he is ready to invest up to Rs 700 crore in the airline on the condition that his stake does not fall below 25 per cent. Goyal's offer comes against the backdrop of strategic partner Etihad reportedly putting forward strict conditions, including that Goyal should give up control, for infusing funds into the crisis-hit carrier. In a letter to SBI Chairman Rajnish Kumar, Goyal said he is writing with reference to the resolution plan under discussion and in view of Etihad's position, "despite the significant cash crunch and imminent grounding, which the airline is facing". According to Jet Airways' shareholding pattern on BSE, as of the quarter ending December 2018, Goyal owns 5,79,33,665 shares, amounting to 51 per cent stake in the company

Jet Airways shares bounce back; settle with over 5 per cent gain

<a href="http://13.232.42.114/business-economy/ready-to-infuse-up-to-rs-700-crore-in-jet-airways-subject-to-conditions-says-naresh-goyal-190922">Shares of Jet Airways</a> fell for the second straight session Thursday, plunging over 5 per cent, amid continued uncertainty over the revival plan of the company.

The scrip declined 5.31 per cent to Rs 256.60 on BSE. On NSE, shares of the company slumped 4.93 per cent to Rs 256.40. 
The stock has been falling since Wednesday and, in the process, its market valuation has been eroded by Rs 365.48 crore in two days on BSE.

Jet Airways' shares slumped nearly 8 per cent on Wednesday too. 
The airline's Chairman Naresh Goyal has told the State Bank of India (SBI) that he is ready to invest up to Rs 700 crore in the airline on the condition that his stake does not fall below 25 per cent.

Goyal's offer comes against the backdrop of strategic partner Etihad reportedly putting forward strict conditions, including that Goyal should give up control, for infusing funds into the crisis-hit carrier.

In a letter to SBI Chairman Rajnish Kumar, Goyal said he is writing with reference to the resolution plan under discussion and in view of Etihad's position, "despite the significant cash crunch and imminent grounding, which the airline is facing".

Goyal said he is committed to an "infusion of funds into the company to the extent of Rs 700 crore" and pledging all his shares. 
This is subject to the condition that his shareholding post such infusion is at least 25 per cent, he said in the letter which was seen by PTI.

According to Jet Airways' shareholding pattern on BSE, as of the quarter ending December 2018, Goyal owns 5,79,33,665 shares, amounting to 51 per cent stake in the company.

Shares of Jet Airways fell for the second straight session Thursday, plunging over 5 per cent, amid continued uncertainty over the revival plan of the company. The scrip declined 5.

Shares of Jet Airways fell for the second straight session Thursday, plunging over 5 per cent, amid continued uncertainty over the revival plan of the company. The scrip declined 5.31 per cent to Rs 256.60 on BSE. On NSE, shares of the company slumped 4.93 per cent to Rs 256.40. The stock has been falling since Wednesday and, in the process, its market valuation has been eroded by Rs 365.48 crore in two days on BSE. Jet Airways' shares slumped nearly 8 per cent on Wednesday too. The airline's Chairman Naresh Goyal has told the State Bank of India (SBI) that he is ready to invest up to Rs 700 crore in the airline on the condition that his stake does not fall below 25 per cent. Goyal's offer comes against the backdrop of strategic partner Etihad reportedly putting forward strict conditions, including that Goyal should give up control, for infusing funds into the crisis-hit carrier. In a letter to SBI Chairman Rajnish Kumar, Goyal said he is writing with reference to the resolution plan under discussion and in view of Etihad's position, "despite the significant cash crunch and imminent grounding, which the airline is facing". Goyal said he is committed to an "infusion of funds into the company to the extent of Rs 700 crore" and pledging all his shares. This is subject to the condition that his shareholding post such infusion is at least 25 per cent, he said in the letter which was seen by PTI. According to Jet Airways' shareholding pattern on BSE, as of the quarter ending December 2018, Goyal owns 5,79,33,665 shares, amounting to 51 per cent stake in the company.

Jet Airways shares fall further; plunge over 5%

Jet Airways Chairman Naresh Goyal has told the State Bank of India (SBI) that he is ready to invest up to Rs 700 crore in the airline on the condition that his stake does not fall below 25 per cent.

Goyal's offer comes against the backdrop of strategic partner Etihad reportedly putting forward strict conditions, including that Goyal should give up control, for infusing funds into the crisis-hit carrier.

In a letter to SBI Chairman Rajnish Kumar, Goyal said he is writing with reference to the resolution plan under discussion and in view of Etihad's position, "despite the significant cash crunch and imminent grounding, which the airline is facing".

Goyal said he is committed to an "infusion of funds into the company to the extent of Rs 700 crore" and pledging all his shares.

This is subject to the condition that his shareholding post such infusion is at least 25 per cent, he said in the letter which was seen by PTI.

"Should this not be possible, then I would not be able to infuse any funds or pledge my shares unless Sebi accords me an exemption permitting me to increase my reduced stake (if it is to be below 25 per cent) without triggering the Takeover Code," as per the letter.

When shareholding of an entity in a listed company goes beyond a certain threshold, then the open offer requirement is triggered under Sebi's Takeover Code.

SBI is the lead lender of a consortium of Indian banks that have provided loans to the airline; and the stakeholders are considering a resolution for Jet Airways, which is facing acute financial problems.&nbsp;

Jet Airways Chairman Naresh Goyal has told the State Bank of India (SBI) that he is ready to invest up to Rs 700 crore in the airline on the condition that his stake does not fall below 25 per cent.

Jet Airways Chairman Naresh Goyal has told the State Bank of India (SBI) that he is ready to invest up to Rs 700 crore in the airline on the condition that his stake does not fall below 25 per cent. Goyal's offer comes against the backdrop of strategic partner Etihad reportedly putting forward strict conditions, including that Goyal should give up control, for infusing funds into the crisis-hit carrier. In a letter to SBI Chairman Rajnish Kumar, Goyal said he is writing with reference to the resolution plan under discussion and in view of Etihad's position, "despite the significant cash crunch and imminent grounding, which the airline is facing". Goyal said he is committed to an "infusion of funds into the company to the extent of Rs 700 crore" and pledging all his shares. This is subject to the condition that his shareholding post such infusion is at least 25 per cent, he said in the letter which was seen by PTI. "Should this not be possible, then I would not be able to infuse any funds or pledge my shares unless Sebi accords me an exemption permitting me to increase my reduced stake (if it is to be below 25 per cent) without triggering the Takeover Code," as per the letter. When shareholding of an entity in a listed company goes beyond a certain threshold, then the open offer requirement is triggered under Sebi's Takeover Code. SBI is the lead lender of a consortium of Indian banks that have provided loans to the airline; and the stakeholders are considering a resolution for Jet Airways, which is facing acute financial problems.

Ready to infuse up to Rs 700 crore in Jet Airways subject to conditions, says Naresh Goyal

The BSE Sensex ended over 150 points lower Monday on heavy selloff by foreign investors after industrial output growth data dropped to a 17-month low.

After a volatile session, the 30-share index settled 156.28 points, or 0.43 per cent, down at 35,853.56, while the broader NSE Nifty fell 57.35 points, or 0.53 per cent, to finish at 10,737.60.

The fall was led by L&amp;T, IndusInd Bank, PowerGrid, NTPC, TCS, ICICI Bank, Axis Bank, Hero MotoCorp, Bharti Airtel and SBI, declining up to 2.64 per cent.

On the other hand, Yes Bank was the biggest gainer on Sensex, rallying up to 6.22 per cent, on reports that the lender had shortlisted its executive Rajat Monga and a CEO of a foreign bank to succeed long-serving Managing Director and Chief Executive Officer Rana Kapoor.

Infosys was also among the top gainers, rising 2.58 per cent, after the company, Friday said it will buy back shares worth up to Rs 8,260 crore and offer shareholders a special dividend of Rs 4 per share as part of the company's Rs 13,000 crore-capital allocation policy.

Other gainers include Sun Pharma, Bajaj Finance, Maruti and Tata Motors, rising up to 1.68 per cent.

According to experts, overall investor sentiment was weak after the government on Friday released the industrial output growth numbers, which dropped to a 17-month low of 0.5 per cent in November on account of contraction in the manufacturing sector, particularly consumer and capital goods.

On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 687.20 crore Friday, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 123.17 crore, provisional data available with BSE showed.

On the macro front, the rupee depreciated 32 paise to 70.81 against the US dollar.

Brent crude futures were trading 1.49 per cent lower at $59.58 per barrel.

Elsewhere in Asia, Korea's Kospi fell 0.53 per cent, Shanghai Composite Index slipped 0.71 per cent, and Hong Kong's Hang Seng dropped 1.38 per cent. While Japan's Nikkei jumped 0.97 per cent.

In Europe, Frankfurt's DAX was down 0.55 per cent, Paris CAC 40 fell 0.77 per cent, and London's FTSE shed 0.73 per cent.&nbsp;

After a volatile session, the 30-share index settled 156.28 points, or 0.43 per cent, down at 35,853.56.

The BSE Sensex ended over 150 points lower Monday on heavy selloff by foreign investors after industrial output growth data dropped to a 17-month low. After a volatile session, the 30-share index settled 156.28 points, or 0.43 per cent, down at 35,853.56, while the broader NSE Nifty fell 57.35 points, or 0.53 per cent, to finish at 10,737.60. The fall was led by L&T, IndusInd Bank, PowerGrid, NTPC, TCS, ICICI Bank, Axis Bank, Hero MotoCorp, Bharti Airtel and SBI, declining up to 2.64 per cent. On the other hand, Yes Bank was the biggest gainer on Sensex, rallying up to 6.22 per cent, on reports that the lender had shortlisted its executive Rajat Monga and a CEO of a foreign bank to succeed long-serving Managing Director and Chief Executive Officer Rana Kapoor. Infosys was also among the top gainers, rising 2.58 per cent, after the company, Friday said it will buy back shares worth up to Rs 8,260 crore and offer shareholders a special dividend of Rs 4 per share as part of the company's Rs 13,000 crore-capital allocation policy. Other gainers include Sun Pharma, Bajaj Finance, Maruti and Tata Motors, rising up to 1.68 per cent. According to experts, overall investor sentiment was weak after the government on Friday released the industrial output growth numbers, which dropped to a 17-month low of 0.5 per cent in November on account of contraction in the manufacturing sector, particularly consumer and capital goods. On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 687.20 crore Friday, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 123.17 crore, provisional data available with BSE showed. On the macro front, the rupee depreciated 32 paise to 70.81 against the US dollar. Brent crude futures were trading 1.49 per cent lower at $59.58 per barrel. Elsewhere in Asia, Korea's Kospi fell 0.53 per cent, Shanghai Composite Index slipped 0.71 per cent, and Hong Kong's Hang Seng dropped 1.38 per cent. While Japan's Nikkei jumped 0.97 per cent. In Europe, Frankfurt's DAX was down 0.55 per cent, Paris CAC 40 fell 0.77 per cent, and London's FTSE shed 0.73 per cent.

Sensex drops over 150 points on weak macro cues

Five of the top-10 most valued firms together added Rs 43,689.89 crore in <a href="http://www.wionews.com/business-economy/top-10-most-valued-companies-including-tcs-ril-hdfc-bank-lose-rs-38153-cr-in-m-cap-188578">market valuation</a> last week, with ITC and Infosys contributing most to the overall gain.

Gainers from the top-10 list are ITC, HDFC, Infosys, SBI and ICICI Bank; while Reliance Industries Ltd (RIL), TCS, HDFC Bank, HUL and Kotak Mahindra Bank suffered losses in their market capitalisation (m-cap) for the week ended Friday.

The m-cap of ITC soared Rs 17,941.73 crore to Rs 3,61,773.90 crore and that of Infosys jumped Rs 10,026.05 crore to Rs 2,98,684.46 crore.

ICICI Bank's valuation zoomed Rs 8,378.07 crore to Rs 2,43,822.14 crore and that of SBI jumped Rs 4,506.92 crore to Rs 2,70,013.40 crore.

The m-cap of HDFC moved up by Rs 2,837.12 crore to Rs 3,41,770.70 crore.

On the other hand, the valuation of Tata Consultancy Services (TCS) slumped Rs 12,007.63 crore to Rs 6,91,170.50 crore.

Kotak Mahindra Bank's m-cap fell Rs 4,829.04 crore to Rs 2,32,958.82 crore and that of Hindustan Unilever Ltd (HUL) dropped Rs 2,575.93 crore to Rs 3,82,785.70 crore.

HDFC Bank's valuation dipped Rs 1,522.93 crore to Rs 5,74,399.48 crore and that of RIL fell Rs 728.93 crore to Rs 6,95,910.71 crore.

In the ranking of top-10 firms, RIL once again became the number one firm on Friday, with TCS taking the second spot, followed by HDFC Bank, HUL, ITC, HDFC, Infosys, SBI, ICICI Bank and Kotak Mahindra Bank.

Over the last week, the Sensex gained 314.74 points to close at 36,009.84 on Friday.

Gainers from the top-10 list are ITC, HDFC, Infosys, SBI and ICICI Bank; while Reliance Industries Ltd (RIL), TCS, HDFC Bank, HUL and Kotak Mahindra Bank suffered losses in their market capitalisation.

Five of the top-10 most valued firms together added Rs 43,689.89 crore in market valuation last week, with ITC and Infosys contributing most to the overall gain. Gainers from the top-10 list are ITC, HDFC, Infosys, SBI and ICICI Bank; while Reliance Industries Ltd (RIL), TCS, HDFC Bank, HUL and Kotak Mahindra Bank suffered losses in their market capitalisation (m-cap) for the week ended Friday. The m-cap of ITC soared Rs 17,941.73 crore to Rs 3,61,773.90 crore and that of Infosys jumped Rs 10,026.05 crore to Rs 2,98,684.46 crore. ICICI Bank's valuation zoomed Rs 8,378.07 crore to Rs 2,43,822.14 crore and that of SBI jumped Rs 4,506.92 crore to Rs 2,70,013.40 crore. The m-cap of HDFC moved up by Rs 2,837.12 crore to Rs 3,41,770.70 crore. On the other hand, the valuation of Tata Consultancy Services (TCS) slumped Rs 12,007.63 crore to Rs 6,91,170.50 crore. Kotak Mahindra Bank's m-cap fell Rs 4,829.04 crore to Rs 2,32,958.82 crore and that of Hindustan Unilever Ltd (HUL) dropped Rs 2,575.93 crore to Rs 3,82,785.70 crore. HDFC Bank's valuation dipped Rs 1,522.93 crore to Rs 5,74,399.48 crore and that of RIL fell Rs 728.93 crore to Rs 6,95,910.71 crore. In the ranking of top-10 firms, RIL once again became the number one firm on Friday, with TCS taking the second spot, followed by HDFC Bank, HUL, ITC, HDFC, Infosys, SBI, ICICI Bank and Kotak Mahindra Bank. Over the last week, the Sensex gained 314.74 points to close at 36,009.84 on Friday.

Five of 10 most valued firms add Rs 43,689 crore in market cap last week

<a href="http://www.wionews.com/opinions/evolution-of-central-banking-in-india-176794">Banking operations </a>Tuesday have been affected in some parts of the country as a section of employees refrained from work in support of the two-day strike call given by 10 central trade unions to protest against alleged anti-labour policies of the government.

All India Bank Employees' Association (AIBEA) and Bank Employees' Federation of India (BEFI) have supported the strike, which has impacted banking operation where these two unions are strong.

However, the operation in SBI and private sector banks remained unaffected as other seven unions in the banking sector are not part of the strike.

Many public sector banks have already informed their customers about likely impact on services if strike materialises.

"If the strike materialises, a section of the bank's employees may take part in the proposed strike on the said dates, in which case, the normal functioning of the branches/offices of the bank may get affected," Indian Bank said in a statement.

A two-day strike on January 8 and 9 has been called by the central trade unions against the alleged repressive policies for workers adopted by the government.

Many public sector banks have already informed their customers about likely impact on services if strike materialises.

Banking operations Tuesday have been affected in some parts of the country as a section of employees refrained from work in support of the two-day strike call given by 10 central trade unions to protest against alleged anti-labour policies of the government. All India Bank Employees' Association (AIBEA) and Bank Employees' Federation of India (BEFI) have supported the strike, which has impacted banking operation where these two unions are strong. However, the operation in SBI and private sector banks remained unaffected as other seven unions in the banking sector are not part of the strike. Many public sector banks have already informed their customers about likely impact on services if strike materialises. "If the strike materialises, a section of the bank's employees may take part in the proposed strike on the said dates, in which case, the normal functioning of the branches/offices of the bank may get affected," Indian Bank said in a statement. A two-day strike on January 8 and 9 has been called by the central trade unions against the alleged repressive policies for workers adopted by the government.

Banking operations partially affected due to trade union strike

<a href="http://www.wionews.com/business-economy/indias-retail-inflation-rate-hits-17-month-low-in-november-183540">Inflation</a> seems to have become a double-edged sword for policymakers with political opponents attacking the government over farmers getting hit due to low prices for agricultural produce, even as the rate of price rise in 2018 has mostly been contained within the targeted comfort zone.

The data showed retail as well as wholesale price inflation remaining low for the most part of the year, though spikes in petrol and diesel prices came as a spoiler.

The retail inflation, measured as per the Consumer Price Index (CPI), remained mostly below 5 per cent, within the RBI's comfort level of 4 per cent with a bias of plus/minus 2 per cent. January was the only month when it crossed 5 per cent.

The Wholesale Price Index (WPI) based inflation is now at a 3-month low of 4.64 per cent, having oscillated in a range of 2.74-5.68 per cent during the year.

The latest data puts retail inflation for November at the year's lowest level of 2.33 per cent, mainly due to low prices of food articles, coupled with deflation in some agricultural products — which is good news for consumers as well as the government and the RBI.

But, this same situation has also led to concerns about the falling prices of agricultural produce resulting in a crisis for farmers. The crisis has got further compounded for those having taken farm loans and there have been reports from various parts of the country about farmers failing to recover even input cost for some commodities including onion.

The year saw multiple agitations by farmers demanding better price of their produce and also effective measures to support the farming sector. The farmers' distress also became a key election issue during recently-held assembly polls and may again be in focus during the 2019 national elections.

In the past, high inflation has been a bigger headache for governments and policymakers.

SBI's Group Chief Economic Adviser Soumya Kanti Ghosh said the government needs to support the rural sector through some sort of price or income support scheme.

"The decline in inflation is largely driven by food, but the recent meltdown in oil will help the numbers further. While the decline in food inflation is comforting for consumers, it is not good news for farmers," Ghosh said.&nbsp;

Unlike in past, farmers have started to realise that short-term loan waivers are not going to work on a durable basis and they want better solutions including incentives to the farm sector, subsidy, low-cost power and irrigation facilities, experts feel.

Several farmer leaders have alleged the government was not heeding to their demands for a reasonable minimum support price (MSP) and the hike announced by the Centre has not matched their expectations.

Edelweiss Securities' economist Madhavi Arora said the terms of trade have been unfavourable for the agriculture sector as despite higher MSPs announced this year, the ground impact has remained modest and food inflation continues to plunge further.

JNU Professor Kamal Mitra Chenoy said it will not be easy for the government to contain the farmers' distress as it is too late to take any effective measure and loan waivers are short-sighted steps.

"Deflation in farm products, while beneficial for consumers, can hurt the income of farmers. It is therefore extremely important to take forward reforms in the marketing and distribution of agricultural produce, which will lead to better remuneration for the farmer," industry chamber CII's Director General Chandrajit Banerjee said.

Greater investment in agriculture is also required including for rural infrastructure, irrigation, storage and warehousing facilities, he added.

The industry body said inflation turned out to be lower than expected in 2018, primarily due to moderation in prices of food products, while on the other hand inflation in fuel and other products in the CPI basket have been higher.

This trend may be reversed in the coming year as fuel prices moderate on lower oil prices and a stable rupee. Food prices may move up from current low levels, but overall retail inflation is expected to remain within the 4 per cent target of the RBI, Banerjee added.&nbsp;

Ghosh also said inflation outlook looks significantly benign.

"We expect inflation trajectory to stay decisively below 4 per cent at least in the first half of 2019. Inflation till March will stay below 3.5 per cent.&nbsp;

Global outlook looks wobbly. This will also impact India's growth prospects," he said.

Arora said sustained lower inflation should open up space for easing of interest rates in the first half of 2019.

RBI has lowered its inflation projection to 2.7-3.2 per cent for the second half of the current fiscal, citing normal monsoon and moderate food prices.&nbsp;

For the first half of next fiscal, retail inflation has been pegged at 3.8-4.2 per cent.&nbsp;

Inflation seems to have become a double-edged sword for policymakers with political opponents attacking the government over farmers getting hit due to low prices for agricultural produce, even as the rate of price rise in 2018 has mostly been contained within the targeted comfort zone.

Inflation seems to have become a double-edged sword for policymakers with political opponents attacking the government over farmers getting hit due to low prices for agricultural produce, even as the rate of price rise in 2018 has mostly been contained within the targeted comfort zone. The data showed retail as well as wholesale price inflation remaining low for the most part of the year, though spikes in petrol and diesel prices came as a spoiler. The retail inflation, measured as per the Consumer Price Index (CPI), remained mostly below 5 per cent, within the RBI's comfort level of 4 per cent with a bias of plus/minus 2 per cent. January was the only month when it crossed 5 per cent. The Wholesale Price Index (WPI) based inflation is now at a 3-month low of 4.64 per cent, having oscillated in a range of 2.74-5.68 per cent during the year. The latest data puts retail inflation for November at the year's lowest level of 2.33 per cent, mainly due to low prices of food articles, coupled with deflation in some agricultural products — which is good news for consumers as well as the government and the RBI. But, this same situation has also led to concerns about the falling prices of agricultural produce resulting in a crisis for farmers. The crisis has got further compounded for those having taken farm loans and there have been reports from various parts of the country about farmers failing to recover even input cost for some commodities including onion. The year saw multiple agitations by farmers demanding better price of their produce and also effective measures to support the farming sector. The farmers' distress also became a key election issue during recently-held assembly polls and may again be in focus during the 2019 national elections. In the past, high inflation has been a bigger headache for governments and policymakers. SBI's Group Chief Economic Adviser Soumya Kanti Ghosh said the government needs to support the rural sector through some sort of price or income support scheme. "The decline in inflation is largely driven by food, but the recent meltdown in oil will help the numbers further. While the decline in food inflation is comforting for consumers, it is not good news for farmers," Ghosh said. Unlike in past, farmers have started to realise that short-term loan waivers are not going to work on a durable basis and they want better solutions including incentives to the farm sector, subsidy, low-cost power and irrigation facilities, experts feel. Several farmer leaders have alleged the government was not heeding to their demands for a reasonable minimum support price (MSP) and the hike announced by the Centre has not matched their expectations. Edelweiss Securities' economist Madhavi Arora said the terms of trade have been unfavourable for the agriculture sector as despite higher MSPs announced this year, the ground impact has remained modest and food inflation continues to plunge further. JNU Professor Kamal Mitra Chenoy said it will not be easy for the government to contain the farmers' distress as it is too late to take any effective measure and loan waivers are short-sighted steps. "Deflation in farm products, while beneficial for consumers, can hurt the income of farmers. It is therefore extremely important to take forward reforms in the marketing and distribution of agricultural produce, which will lead to better remuneration for the farmer," industry chamber CII's Director General Chandrajit Banerjee said. Greater investment in agriculture is also required including for rural infrastructure, irrigation, storage and warehousing facilities, he added. The industry body said inflation turned out to be lower than expected in 2018, primarily due to moderation in prices of food products, while on the other hand inflation in fuel and other products in the CPI basket have been higher. This trend may be reversed in the coming year as fuel prices moderate on lower oil prices and a stable rupee. Food prices may move up from current low levels, but overall retail inflation is expected to remain within the 4 per cent target of the RBI, Banerjee added. Ghosh also said inflation outlook looks significantly benign. "We expect inflation trajectory to stay decisively below 4 per cent at least in the first half of 2019. Inflation till March will stay below 3.5 per cent. Global outlook looks wobbly. This will also impact India's growth prospects," he said. Arora said sustained lower inflation should open up space for easing of interest rates in the first half of 2019. RBI has lowered its inflation projection to 2.7-3.2 per cent for the second half of the current fiscal, citing normal monsoon and moderate food prices. For the first half of next fiscal, retail inflation has been pegged at 3.8-4.2 per cent.

Inflation in 2018: Data shows price rise within comfort zone, but farmers hit

Embattled <a href="http://www.wionews.com/sports/watch-vijay-mallya-enters-the-oval-stadium-to-watch-test-match-between-india-and-england-164321">liquor tycoon Vijay Mallya’</a>s legal troubles continue to mount as he is set to face bankruptcy proceedings in the <a href="http://www.wionews.com/india-news/vijay-mallya-extradition-uk-court-asks-indian-government-to-submit-videos-of-arthur-road-jail-by-september-12-156067">UK High Court </a>next year, brought by a consortium of Indian banks in their attempt to recoup unpaid debt worth nearly 1.145 billion pounds.&nbsp;

TLT LLP, the UK-based law firm which had won a landmark case for the 13 banks led by State Bank of India (SBI) earlier this year, confirmed on Monday that their bankruptcy petition against the 62-year-old businessman has been transferred to the insolvency list in London’s High Court of Justice for a hearing in the first half of 2019.

“We can confirm that we presented a bankruptcy petition against Dr Mallya on behalf of the banks on 11 September 2018,” said Paul Gair, a partner at TLT.&nbsp;

“This was issued in Dr Mallya’s local court, Northampton County Court, and has now been transferred to the insolvency list in the High Court of Justice in London for the hearing. The hearing is expected to take place in the Spring,” he said.

In a ruling in May, a UK High Court judge had refused to overturn a worldwide order freezing Mallya’s assets and upheld an Indian court’s ruling that the consortium of 13 Indian banks was entitled to recover funds amounting to nearly 1.145 billion pounds.

TLT LLP has been representing the banks in their efforts to recover their dues as part of the worldwide freezing order, with the bankruptcy petition aimed at seizing his assets to recover dues.

Besides SBI, the 13 Indian banks include Bank of Baroda, Corporation Bank, Federal Bank Ltd, IDBI Bank, Indian Overseas Bank, Jammu &amp; Kashmir Bank, Punjab &amp; Sind Bank, Punjab National Bank, State Bank of Mysore, UCO Bank, United Bank of India and JM Financial Asset Reconstruction Co Pvt Ltd. They have secured follow-on High Court orders to recover some of the funds owed to them as a result of unpaid loans by Mallya’s now-defunct Kingfisher Airlines.

Mallya, meanwhile, remains on bail after his extradition was recently ordered by Westminster Magistrates’ Court in London, an order which now awaits a sign-off by UK home secretary Sajid Javid.&nbsp;

Chief Magistrate, Judge Emma Arbuthnot, had ruled last week that Mallya does have a case to answer in the Indian courts over substantial “misrepresentations” of his financial dealings, in a boost to India’s efforts to bring back the businessman wanted for alleged bank fraud and money laundering charges amounting to an estimated Rs 9,000 crores.&nbsp;

“There is clear evidence of dispersal and misapplication of the loan funds and I find a prima facie case the Dr Mallya was involved in a conspiracy to launder money,” the ruling noted.

Mallya has indicated that he plans to appeal the verdict in the High Court. &nbsp;“My legal team will review the judgment in detail, consider various options and then I will decide going forward. There is a process ahead,” he told reporters. He will have 14 days to file an appeal once Javid has made his decision on the extradition order, which rarely goes against the Chief Magistrate’s conclusion.&nbsp;

In separate legal proceedings, Mallya is also set for a trial in May next year to prevent his posh London home, overlooking Regent’s Park, from foreclosure by Swiss Bank UBS.

Embattled liquor tycoon Vijay Mallya’s legal troubles continue to mount as he is set to face bankruptcy proceedings in the UK High Court next year, brought by a consortium of Indian banks in their attempt to recoup unpaid debt worth nearly 1.

Embattled liquor tycoon Vijay Mallya’s legal troubles continue to mount as he is set to face bankruptcy proceedings in the UK High Court next year, brought by a consortium of Indian banks in their attempt to recoup unpaid debt worth nearly 1.145 billion pounds. TLT LLP, the UK-based law firm which had won a landmark case for the 13 banks led by State Bank of India (SBI) earlier this year, confirmed on Monday that their bankruptcy petition against the 62-year-old businessman has been transferred to the insolvency list in London’s High Court of Justice for a hearing in the first half of 2019. “We can confirm that we presented a bankruptcy petition against Dr Mallya on behalf of the banks on 11 September 2018,” said Paul Gair, a partner at TLT. “This was issued in Dr Mallya’s local court, Northampton County Court, and has now been transferred to the insolvency list in the High Court of Justice in London for the hearing. The hearing is expected to take place in the Spring,” he said. In a ruling in May, a UK High Court judge had refused to overturn a worldwide order freezing Mallya’s assets and upheld an Indian court’s ruling that the consortium of 13 Indian banks was entitled to recover funds amounting to nearly 1.145 billion pounds. TLT LLP has been representing the banks in their efforts to recover their dues as part of the worldwide freezing order, with the bankruptcy petition aimed at seizing his assets to recover dues. Besides SBI, the 13 Indian banks include Bank of Baroda, Corporation Bank, Federal Bank Ltd, IDBI Bank, Indian Overseas Bank, Jammu & Kashmir Bank, Punjab & Sind Bank, Punjab National Bank, State Bank of Mysore, UCO Bank, United Bank of India and JM Financial Asset Reconstruction Co Pvt Ltd. They have secured follow-on High Court orders to recover some of the funds owed to them as a result of unpaid loans by Mallya’s now-defunct Kingfisher Airlines. Mallya, meanwhile, remains on bail after his extradition was recently ordered by Westminster Magistrates’ Court in London, an order which now awaits a sign-off by UK home secretary Sajid Javid. Chief Magistrate, Judge Emma Arbuthnot, had ruled last week that Mallya does have a case to answer in the Indian courts over substantial “misrepresentations” of his financial dealings, in a boost to India’s efforts to bring back the businessman wanted for alleged bank fraud and money laundering charges amounting to an estimated Rs 9,000 crores. “There is clear evidence of dispersal and misapplication of the loan funds and I find a prima facie case the Dr Mallya was involved in a conspiracy to launder money,” the ruling noted. Mallya has indicated that he plans to appeal the verdict in the High Court. “My legal team will review the judgment in detail, consider various options and then I will decide going forward. There is a process ahead,” he told reporters. He will have 14 days to file an appeal once Javid has made his decision on the extradition order, which rarely goes against the Chief Magistrate’s conclusion. In separate legal proceedings, Mallya is also set for a trial in May next year to prevent his posh London home, overlooking Regent’s Park, from foreclosure by Swiss Bank UBS.

Vijay Mallya faces bankruptcy proceedings in UK High Court

Country's largest lender State Bank of India (SBI) Tuesday said <a href="http://www.wionews.com/india-news/uk-judge-critical-of-indian-banks-in-mallya-extradition-case-183086">extradition of fugitive liquor baron Vijay Mallya from the UK</a> to India will speed up the recovery of over Rs 9,000 crore of loans.

In a major boost to India's efforts to bring back Mallya, who is wanted for loan default worth around Rs 9,000 crore to a consortium of 13 banks led by SBI, a UK court Monday ordered his extradition.

"It (higher recovery of loans) is a possibility. The message is very loud and clear. What we have to understand is that it (extradition) is a message that you just can't default and run away from the country," SBI chairman Rajnish Kumar told reporters here.

He said Mallya's extradition will have a deep impact on the overall lender and borrower relationship.

"Lending is an important business for both lenders and borrowers as we need investment in the country. But the message is that you have to do clean banking and you have to be very careful about what is the purpose of the money lent," said Kumar.

The 62-year-old former boss of now defunct Kingfisher Airlines fled to the UK in March 2016. Mallya has been fighting a legal battle against his extradition to India, claiming that he has been falsely dubbed as a defaulter by politicians and media.

In a recent tweet, Mallya had offered to pay back the full amount of the principal loan he owed to multiple banks.

"The most important point is the public money and I am offering to pay 100 per cent back. I humbly request the banks and government to take it. If payback refused, WHY (sic)," Mallya had said in his tweet.

However, Kumar said the bank has not received any formal offer from Mallya for settlement of loans.

"SBI is the lead consortium (to loans given to Kingfisher Airlines), and, as of date, we don't have any offer on our table," he said.

Kumar further said with Mallya's extradition, the process to extradite Nirav Modi and Mehul Chowksi, wanted in the biggest-ever banking fraud of over Rs 13,000 crore at state-run Punjab National Bank, will also pick up pace.

When asked for his response on the surprise resignation of Reserve Bank of India (RBI) governor Urjit Patel, Kumar said, "That is one question which I am not answering."

Patel unexpectedly resigned Monday citing 'personal reasons', amid rift between the central bank and government.

To a query on whether he sees any relaxation in RBI's February 12 circular on one-day default norms post resignation of Patel, he said, "I don't know whether there will be relaxation or no relaxation. It is very difficult to predict."

On the issue of resolution of stressed power companies, Kumar said he expects resolution in six to seven firms.

On the issue of promoter's holding in a bank, he said a wider ownership is always preferred.

"It is a good thing for Indian financial system to have a diversified ownership rather than a concentrated ownership," said Kumar.&nbsp;

Country's largest lender State Bank of India (SBI) Tuesday said extradition of fugitive liquor baron Vijay Mallya from the UK to India will speed up the recovery of over Rs 9,000 crore of loans.

Country's largest lender State Bank of India (SBI) Tuesday said extradition of fugitive liquor baron Vijay Mallya from the UK to India will speed up the recovery of over Rs 9,000 crore of loans. In a major boost to India's efforts to bring back Mallya, who is wanted for loan default worth around Rs 9,000 crore to a consortium of 13 banks led by SBI, a UK court Monday ordered his extradition. "It (higher recovery of loans) is a possibility. The message is very loud and clear. What we have to understand is that it (extradition) is a message that you just can't default and run away from the country," SBI chairman Rajnish Kumar told reporters here. He said Mallya's extradition will have a deep impact on the overall lender and borrower relationship. "Lending is an important business for both lenders and borrowers as we need investment in the country. But the message is that you have to do clean banking and you have to be very careful about what is the purpose of the money lent," said Kumar. The 62-year-old former boss of now defunct Kingfisher Airlines fled to the UK in March 2016. Mallya has been fighting a legal battle against his extradition to India, claiming that he has been falsely dubbed as a defaulter by politicians and media. In a recent tweet, Mallya had offered to pay back the full amount of the principal loan he owed to multiple banks. "The most important point is the public money and I am offering to pay 100 per cent back. I humbly request the banks and government to take it. If payback refused, WHY (sic)," Mallya had said in his tweet. However, Kumar said the bank has not received any formal offer from Mallya for settlement of loans. "SBI is the lead consortium (to loans given to Kingfisher Airlines), and, as of date, we don't have any offer on our table," he said. Kumar further said with Mallya's extradition, the process to extradite Nirav Modi and Mehul Chowksi, wanted in the biggest-ever banking fraud of over Rs 13,000 crore at state-run Punjab National Bank, will also pick up pace. When asked for his response on the surprise resignation of Reserve Bank of India (RBI) governor Urjit Patel, Kumar said, "That is one question which I am not answering." Patel unexpectedly resigned Monday citing 'personal reasons', amid rift between the central bank and government. To a query on whether he sees any relaxation in RBI's February 12 circular on one-day default norms post resignation of Patel, he said, "I don't know whether there will be relaxation or no relaxation. It is very difficult to predict." On the issue of resolution of stressed power companies, Kumar said he expects resolution in six to seven firms. On the issue of promoter's holding in a bank, he said a wider ownership is always preferred. "It is a good thing for Indian financial system to have a diversified ownership rather than a concentrated ownership," said Kumar.

Mallya extradition to speed up loan recovery process: SBI

Relentless upward movements in crude prices since July led to increases in speculations in foreign exchange market and such activities seem to have triggered the <a href="http://www.wionews.com/business-economy/rupee-falls-10-paise-to-7089-against-us-dollar-in-early-trade-179897">rupee fall </a>in recent months, an SBI research report Wednesday.

SBI's 'Ecowrap' noted that even as there have been policy changes to liberalise capital inflows, merchant and interbank market foreign exchange turnover give interesting insights regarding the demand-supply matrix of foreign exchange.

In the merchant market (in both spot and forward segment), there was an excess demand in the range of USD 9-14 billion since February 2018. However, in the interbank market, the trend is quite opposite and there has been excess supply.

Specifically, in the month of August, the excess demand in the Merchant segment was far outstripped by oversupply in Inter Bank market, said the report titled 'Rupee for a Turnaround'.

"This indicates that speculation may have triggered a currency fall," it said.

The report further said the Reserve Bank of India should have created a special window for oil marketing companies and have taken out USD 400-450 million daily dollar demand.

The relentless increase in crude prices since July did increase speculative activities in the foreign exchange market that may have been avoided through vaguely right/ proactive measures, it said.

The rupee Wednesday strengthened by 17 paise to close at 70.62 against the US currency as global crude oil prices slipped below the USD 60 per barrel mark amid a smart recovery in domestic equity markets.

The Indian currency had breached the level of 74 against the US dollar in October.

Relentless upward movements in crude prices since July led to increases in speculations in foreign exchange market and such activities seem to have triggered the rupee fall in recent months, an SBI research report Wednesday.

Relentless upward movements in crude prices since July led to increases in speculations in foreign exchange market and such activities seem to have triggered the rupee fall in recent months, an SBI research report Wednesday. SBI's 'Ecowrap' noted that even as there have been policy changes to liberalise capital inflows, merchant and interbank market foreign exchange turnover give interesting insights regarding the demand-supply matrix of foreign exchange. In the merchant market (in both spot and forward segment), there was an excess demand in the range of USD 9-14 billion since February 2018. However, in the interbank market, the trend is quite opposite and there has been excess supply. Specifically, in the month of August, the excess demand in the Merchant segment was far outstripped by oversupply in Inter Bank market, said the report titled 'Rupee for a Turnaround'. "This indicates that speculation may have triggered a currency fall," it said. The report further said the Reserve Bank of India should have created a special window for oil marketing companies and have taken out USD 400-450 million daily dollar demand. The relentless increase in crude prices since July did increase speculative activities in the foreign exchange market that may have been avoided through vaguely right/ proactive measures, it said. The rupee Wednesday strengthened by 17 paise to close at 70.62 against the US currency as global crude oil prices slipped below the USD 60 per barrel mark amid a smart recovery in domestic equity markets. The Indian currency had breached the level of 74 against the US dollar in October.

Crude prices surge led to speculations in forex which triggered rupee fall: SBI report

The country's largest lender SBI has halved the daily cash withdrawal limit from ATMs for certain debit-card holders to Rs 20,000 from Wednesday.

The withdrawal limit has been curtailed on Classic and Maestro debit cards, held by a large number of the bank customers.

However, customers with other variants of SBI debit card can continue to enjoy higher daily withdrawal from ATMs.

As per a senior SBI official, the average cash withdrawal from ATMs per card is less than Rs 20,000 and the move will help in checking frauds and promote digital transaction.

About a month ago, the State Bank of India (SBI) had alerted its customers holding Classic and Maestro debit cards regarding the reduction of cash withdrawal limit to Rs 20,000 a day from ATM starting October 31.

The SBI had put out the following message on its website: "Daily cash withdrawal limit for Classic and Maestro debit cards has been reduced from Rs 40,000 to Rs 20,000 per day with effect from October 31. If you require higher daily cash withdrawal limit, please apply for a higher card variant."

SBI Managing Director PK Gupta had said the reduction in withdrawal intends to protect customers from fraudulent cash withdrawals from ATMs and also to spur more digital transactions.

"We analysed all the ATM transactions and we found that most of them are less than Rs 20,000 a day. In case of frauds reported to us, we found that in all such cases withdrawals of Rs 40,000 (the maximum) have happened. So, this is basically to protect the customers and secondly, we want that more digital transactions should happen," Gupta had said.

If any customer wants a higher limit of cash withdrawal, he or she can ask for a higher variant card.

When asked how many such customers/cards are to be impacted due to this reduced limit, he said a very large number of customers fall into this category.

However, the bank has lots of customers with a higher variant debit card, so they are not impacted.

The country's largest lender SBI has halved the daily cash withdrawal limit from ATMs for certain debit-card holders to Rs 20,000 from Wednesday. The withdrawal limit has been curtailed on Classic and Maestro debit cards, held by a large number of the bank customers.

The country's largest lender SBI has halved the daily cash withdrawal limit from ATMs for certain debit-card holders to Rs 20,000 from Wednesday. The withdrawal limit has been curtailed on Classic and Maestro debit cards, held by a large number of the bank customers. However, customers with other variants of SBI debit card can continue to enjoy higher daily withdrawal from ATMs. As per a senior SBI official, the average cash withdrawal from ATMs per card is less than Rs 20,000 and the move will help in checking frauds and promote digital transaction. About a month ago, the State Bank of India (SBI) had alerted its customers holding Classic and Maestro debit cards regarding the reduction of cash withdrawal limit to Rs 20,000 a day from ATM starting October 31. The SBI had put out the following message on its website: "Daily cash withdrawal limit for Classic and Maestro debit cards has been reduced from Rs 40,000 to Rs 20,000 per day with effect from October 31. If you require higher daily cash withdrawal limit, please apply for a higher card variant." SBI Managing Director PK Gupta had said the reduction in withdrawal intends to protect customers from fraudulent cash withdrawals from ATMs and also to spur more digital transactions. "We analysed all the ATM transactions and we found that most of them are less than Rs 20,000 a day. In case of frauds reported to us, we found that in all such cases withdrawals of Rs 40,000 (the maximum) have happened. So, this is basically to protect the customers and secondly, we want that more digital transactions should happen," Gupta had said. If any customer wants a higher limit of cash withdrawal, he or she can ask for a higher variant card. When asked how many such customers/cards are to be impacted due to this reduced limit, he said a very large number of customers fall into this category. However, the bank has lots of customers with a higher variant debit card, so they are not impacted.

Rs 20,000 withdrawal limit for SBI customers effective from October 31

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