The three banks are IDBI Bank Ltd (Rs 92,69 crore), Bank of Baroda (Rs 49.23 crore) and HDFC Bank Ltd (6,27 crore), besides interests, penalties, etc.

The corporate guarantor named is the Great Indian Tamasha Company Pvt. Ltd. (GITCPL), and other guarantors are Wizcraft International Entertainment Pvt. Ltd., S.G. Investments Pvt. Ltd.

Now, the IDBI Bank, HDFC Bank and Bank of Baroda have sought bids through an e-caution for the sale of 107.24 acres of lands owned and mortgaged by GITCPL and moreover these banks are on an attempt to recover their outstanding dues.

The bids for these properties – with a reserve price tag of Rs 1,153 lakhs — will remain open between July 16 – 22 and the e – auction will be held on July 27.

IDBI Bank has also initiated proceedings under the SARFAESI Act to recover its dues. The land parcels which are being circulated are situated in the Peroor village’s Ballamvati Mandal Panchayat of Kodagu district in Karnataka.

The post The Great Indian Nautanki Company takes down three banks worth Rs 150 crore scandal appeared first on The Tech Outlook.

The 30-stock S&P BSE Sensex fell 482.61 points, or 0.81 percent, to 58,964.57 points after closing at 59,447.18 points the previous session.

Earlier, the Sensex opened the day in the red at 59,333.18 points and fell to an intra-day low of 58,894.40 points.

On Friday, the Sensex rose 412.23 points, or 0.70 percent, after the Reserve Bank of India (RBI) kept key policy rates unchanged in its first monetary policy review of the fiscal year.

The broader Nifty 50 of the National Stock Exchange fell 109.40 points, or 0.62 percent, to 17,674.95 points after closing at 17,784.35 points the previous session. On Friday, the Nifty gained 144.80 points, or 0.82 percent.

IT stocks were under intense selling pressure. HCL Technologies’ share price fell 2.73 percent to Rs 1133.80. Infosys’ share price fell 2.67 percent to Rs 1766.65. Wipro’s share price fell 2.16 percent to Rs 571.20.

Banking and financial stocks were also heavily sold. HDFC’s share price fell 1.39 percent to Rs 2423.85. HDFC Bank’s share price fell 1.25 percent to Rs 1496.20. Axis Bank’s share price fell 1.20 percent to Rs 785.40. ICICI Bank, on the other hand, rose 0.71 percent to Rs 759.70.

Reliance Industries, the index’s heavyweight, closed 0.27 percent lower at Rs 2609.80. L&T’s share price fell 2.72 percent to Rs 1780.60.

Only seven of the 30 scrips that comprise the Sensex closed in the black. Among the major Sensex gainers were ICICI Bank, NTPC, Tata Consultancy Services, Ultra Tech Cement, and Nestle India.

The post Sensex slumps 482 points; IT, energy, banking stocks slide appeared first on The Tech Outlook.

Adding to this, the plan to introduce more bad banks has also been revealed.

A bad bank is a corporate structure that isolates illiquid and high-risk assets held by a bank or a financial organization, or perhaps a group of banks or financial organizations. It essentially buys bad loans from another financial institution or assumes the risky assets of another financial institution.

This plan is essentially for the benefit of the pandemic-hit banking sector. Bad banks may relieve them of the stress that they have experienced due to the same.

The post Budget 2021 plans to set up new bad banks appeared first on The Tech Outlook.

ICICI Bank announced at the Facebook ‘Fuel for India’ virtual event on Wednesday that about 2 million customers have adopted banking services on Whatsapp. ICICI is only one among five other banking partners that have opted in to the payment feature of Whatsapp. The feature is available as of now up to 20 million users in the country which is only about 5 percent of the app’s userbase in India of 400 million.

The feature was launched first is April and grew tremendously within the course of 4 months. It hit the one million mark in July. The services included enabling customers to check their account balance, view their last three transactions, and find their nearest ATM and bank branch through the instant messaging app.

The list of banking partners for payments on WhatsApp includes State Bank of India and Jio Payments Bank — alongside ICICI Bank, HDFC Bank, and Axis Bank.

“The initiative helped our customers bank conveniently and remotely without visiting the branch during the pandemic,” said Bijith Bhaskar, Head – Digital Channels and Partnership, ICICI Bank, in a statement.

ICICI Bank has also enabled payments on WhatsApp, a service that was appreciated by the National Payments Corporation of India (NPCI) last month and is currently live for 20 million users.

“As a digital ally, WhatsApp has the potential to support our customers in a seamless manner through servicing, onboarding and managing grievances, all, on the same platform,” said Sanjeev Moghe, EVP and Head – Cards and Payments, Axis Bank.

Although the NPCI announced that the feature will be made available in a “graded manner” in India, Whatsapp announced on Wednesday that the feature was already live in the country.

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