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Context is everything.
Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
Hitesh Mehta allegedly withdrew Rs 122 crore from the bank.
A Mumbai court on Sunday remanded Hitesh Mehta, former general manager and head of accounts at New India Cooperative Bank, in custody till 21 February over an alleged misappropriation of Rs 122 crore, PTI reported.
The bank’s active chief executive, Devarshi Ghosh, had reportedly lodged a complaint against Mehta and others at the Dadar police station. A case was registered under Section 316 (criminal breach of trust) and Section 61 (criminal conspiracy) of the Bharatiya Nyaya Sanhita. The investigation was then transferred to the Economic Offences Wing. The EOW on Sunday had produced Mehta and Dharmesh Paun—another accused—before the court. …
The acquisition of IDBI Bank puts his Fairfax smack dab in the middle of the RBI’s rules on bank ownership. It must now decide whether to sell CSB Bank or merge the two lenders, neither of which will be easy.
Lenders stand to gain a lot more than borrowers in the current challenging market environment
The central bank’s shift to a 100% collateral requirement threatens to erode leverage, reduce volumes and force a consolidation across prop desks.
