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Tag: recover

‘Banks can’t recover money lost in fraud from customer’

‘Banks can’t recover money lost in fraud from customer’

Finance
KOCHI: Banks cannot ask a customer to repay money lost through online fraud using its powers under SARFAESI Act as it is a disputed transaction, the high court has held. Banks would have to approach a civil court to recover the money from the persons responsible, the court said. After referring to two rulings by the Supreme Court and a ruling by the high court that banks are liable for unauthorized withdrawals, Justice A Muhamed Mustaque said in the judgment, “Thus, it is clear that the bank cannot claim any amount from the customer when a transaction is shown to be a ‘disputed transaction’. The bank can recover from the customers only when it can unequivocally prove that the customer was responsible for such transaction, independently through the civil court. The RBI guidelines is a clear
SBI, Oriental Bank put on sale stressed accounts to recover dues of Rs 5,740 cr

SBI, Oriental Bank put on sale stressed accounts to recover dues of Rs 5,740 cr

Finance
State-owned State Bank of India (SBI) and Oriental Bank of Commerce (OBC) have put on sale various financial accounts to recover dues of around Rs 5,740 crore. The country's largest lender SBI has invited bids from asset reconstruction companies (ARCs) and financial institutions (FIs) to recover an outstanding of Rs 4,975 crore. The bulk of accounts up for sale by SBI are of small and medium enterprises (SMEs) that have dues amounting to Rs 4,667 crore. OBC wants to sell 13 accounts with a collective outstanding of Rs 764.44 crore, according to the bid document placed on its website. As many as 281 SME accounts are up for sale by SBI, belonging to those firms that have dues of up to Rs 50 crore. The collective dues on these SMEs are Rs 4,666.50 crore. "In terms of the bank's policy on sale...
Emiliano Sala search team recover body from plane wreckage

Emiliano Sala search team recover body from plane wreckage

Sports
A body has been recovered from the wreckage of the plane which crashed with Cardiff City footballer Emiliano Sala and pilot David Ibbotson on board.The Air Accidents Investigation Branch said specialist contractors joined the operation in "challenging conditions".It was carried out in "as dignified a way as possible" and the men's families were kept updated throughout, it said.The wreckage of the plane, which vanished two weeks ago over the English Channel, had been found off Guernsey.The Geo Ocean III, the boat carrying the body, arrived at Portland Harbour in Dorset on Thursday morning.The Piper Malibu N264DB was en route from France to Cardiff, after the 28-year-old Argentine striker made a quick trip back to his former club N...
Banks recover Rs 40,400 crore from defaulters: RBI report

Banks recover Rs 40,400 crore from defaulters: RBI report

Finance
MUMBAI: Banks have seen a significant improvement in recovery of stressed assets helped by the Insolvency and Bankruptcy Code (IBC) and amendments in the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interests (SARFAESI) Act, during FY18, according to the RBI data. In the fiscal ended March 2018, banks recovered Rs 40,400 crore worth of bad loans as against Rs 38,500 crore recovered in FY17. The various channels through which lenders recovered their bad loans include the Insolvency and Bankruptcy Code (IBC), SARFAESI Act, debt recovery tribunals (DRTs) and Lok Adalats. While banks recovered Rs 4,900 crore of bad loans through the IBC, the amount recovered through SARFAESI was Rs 26,500 crore in FY18, the RBI said in its annual report on Trends and Progre...
Punjab National Bank invites bids for two dozen NPA accounts to recover Rs 1,179 crore

Punjab National Bank invites bids for two dozen NPA accounts to recover Rs 1,179 crore

Finance
Public sector lender Punjab National Bank (PNB) has put up for sale two dozen non-performing assets to recover dues of over Rs 1,779 crore. These 24 dud loan accounts are majorly concentrated in Mumbai, Delhi and Kolkata zones of the bank. Two accounts belong to Chandigarh and Bhopal zones while one is of Patna zone, as per the sale notice on its website. "We intend to place these accounts for sale to ARCs/NBFCs/other banks/FIs etc on the terms and conditions stipulated in the banks policy, in line with the regulatory guidelines," PNB said. The bank has to make recovery of Rs 1,779.18 crore from these 24 non-performing assets (NPAs). Among the major borrowers are Vandana Vidyut with an outstanding amount of Rs 454.02 crore, Moser Baer Solar (Rs 233.06 crore), Divine Vidyut (Rs 132.66 crore...