CVC constitutes Advisory Board for Banking Frauds

The Central Vigilance Commission (CVC) has constituted Advisory Board for Banking Frauds (ABBF) to examine bank fraud over Rs 50 crore and recommend action. It is reconstituted and rejigged version of erstwhile Advisory Board on Bank, Commercial and Financial Frauds. ..

Month: Current Affairs - August, 2019

Insolvency and Bankruptcy Code (IBC)

The passage of the Insolvency and Bankruptcy Code (IBC), 2016 is one of the biggest insolvency reforms in the economic history of India. It was introduced by the Central Government to sort out claims related to the insolvent companies in ..

Government announces merger of Bank of Baroda, Dena Bank and Vijaya Bank

Union Finance Ministry announced proposal for amalgamation of three public sector banks- Bank of Baroda, Dena Bank and Vijaya Bank. The combined entity after consolidation will create India’s third largest bank. Post this merger, number of PSU banks will come ..

Month: Current Affairs - September, 2018

Lok Sabha passes Insolvency and Bankruptcy Code (Amendment) Bill, 2018

Lok Sabha has passed Insolvency and Bankruptcy Code (Amendment) Bill, 2018 to bring relief to the home buyers and Micro, Small and Medium Enterprises (MSMEs). The Bill replaces ordinance promulgated in this regard and amends the Insolvency and Bankruptcy Code, ..

Month: Current Affairs - August, 2018

Government constitutes high level empowered committee to revive stressed thermal power plant

Union Government has constituted High Level Empowered Committee headed by Cabinet Secretary to address issues of Stressed Thermal Power Projects. The committee has representatives from Ministry of Railways, Ministry of Finance, Ministry of Power, Ministry of Coal and lenders having ..

Month: Current Affairs - July, 2018

Banks, FIs ink inter-creditor agreement for faster NPA resolution

Banks and Financial Institutions (FIs) have signed Inter-Creditor Agreement (ICA) aimed at faster resolution of stressed assets of Rs. 50 crore or more which are under consortium lending. It has been signed by 22 public sector banks, 19 private sector ..

Month: Current Affairs - July, 2018

Sunil Mehta committee submits its report to Finance ministry to tackle Non-Performing Assets (NPAs) and to create credit capacity

The Sunil Mehta committee which was formed with a view to tackle Non-Performing Assets (NPAs) and creating credit capacity submitted its report with recommendations to Union Finance Minister Piyush Goyal on July 2, 2018. The Sunil Mehta panel presented project ..

Credit Rating Model: Government testing big data system to aid banks assess credit risks

Ministry of Electronics and Information Technology (MeitY) is testing credit rating model, a new system that will assist banks in assessing credit risk and probability of fraud using big data analysis. The system is expected to help banks, particularly rural ..

Month: Current Affairs - June, 2018