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NPA resolution: Bank unions sceptical of bankruptcy process

NPA resolution: Bank unions sceptical of bankruptcy process

Finance
NEW DELHI: Bank unions today claimed the bankruptcy process initiated by various lenders for NPA resolution will not help in bringing the money back. Bankruptcy process is not going to yield desired results in terms of NPA resolution as recovery is likely to be very low, All India Bank Employees Association (AIBEA) General Secretary C H Vekatchalam said. "Banking Regulations Act has been amended to resort to Insolvency and Bankruptcy Code against big defaulters but this litigation route is time consuming and there is no guarantee of banks getting back the entire loans. Banks will incur further losses on account of these accounts," he said. RBI recently identified 12 accounts with non-performing assets (NPAs) of about Rs 2.5 lakh crore and asked various banks to initiate bankruptcy pro...
ICO stands for Investor Caution Obligatory

ICO stands for Investor Caution Obligatory

Finance
HERE is the deal. You can buy an entry in a computer ledger issued by a startup company on the basis of an unregulated prospectus. It is called an “initial coin offering” or ICO. But though the ledger entry is called a coin, you cannot spend it in any shop. And whereas the use of the term ICO makes it sound like an IPO (initial public offering), the process whereby a firm lists on a stockmarket, coin ownership does not necessarily get you equity in the company concerned.This sounds like the kind of bargain that would appeal only to people who reply to e-mails from Nigerian princes offering to transfer millions to their accounts. But ICOs may well be the most popular investment craze since the dotcom boom of 1999-2000; even Paris Hilton, a celebrity heiress, has jumped on the bandwagon. The
Religare institutional shareholders move court seeking ouster of board

Religare institutional shareholders move court seeking ouster of board

Finance
MUMBAI: A new battlefront has opened for Malvinder and Shivinder Singh involving their listed financial services company Religare Enterprises. Institutional investor India Horizon Fund, supported by IDBI Trusteeship and representing a total shareholding of 11%, moved the Delhi bench of National Company Law Tribunal seeking ouster of the company board on grounds of mismanagement and oppression of minority shareholders. Mauritius-based India Horizon Fund, which holds 5.59% of Religare Enterprises, has named the company, Religare Capital Markets, the Singh brothers and the Religare board among respondents to the suit. IDBI Trusteeship has a 5.53% stake. The plaintiff has sought immediate dissolution of the board and the management. It has asked for appointment of an administrator unti...
Technologies like A.I., blockchain and drones ‘majorly’ disrupting insurance industry, report says

Technologies like A.I., blockchain and drones ‘majorly’ disrupting insurance industry, report says

Finance
Insurance firms are facing increasing competitive pressure on all fronts due to the emergence of a number of insurance technology (insurtech) start-ups, according to a report.With the integration of technologies like artificial intelligence, blockchain and drones entering the insurance mix, the sector is being forced to rethink its model.The World Insurance Report, published Wednesday by consulting giant Capgemini and non-profit industry body Efma, found that nearly one third (31.4%) of customers relied on insurtech solutions - either exclusively or in combination with an established insurance company."Customers are seeking more digital touch points for convenience, as customers experience in their daily lives that degree of personalization," Keith Webb, vice president at Capgemini and co-...
JPMorgan CEO Jamie Dimon says bitcoin is a fraud that will eventually blow up

JPMorgan CEO Jamie Dimon says bitcoin is a fraud that will eventually blow up

Finance
JPMorgan Chase CEO Jamie Dimon took a shot at bitcoin, saying the cryptocurrency "is a fraud." "It's just not a real thing, eventually it will be closed," Dimon said Tuesday at the Delivering Alpha conference presented by CNBC and Institutional Investor.Dimon joked that even his daughter bought some bitcoin, looking to cash in on a trend that has seen it soar more than 300 percent this year."I'm not saying 'go short bitcoin and sell $ 100,000 of bitcoin before it goes down," he said. "This is not advice of what to do. My daughter bought bitcoin, it went up and now she thinks she's a genius."In an appearance at a separate conference earlier in the day, Dimon said bitcoin mania is reminiscent of the tulip bulb craze in the 17th century."It's worse than tulip bulbs. It won't end well. Someone...