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SBI and 14 others get Moody’s counterparty risk ratings

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Global rating agency Moody’s Investors Service today gave counterparty risk ratings (CRR) to 15 lenders in the country, including fraud-hit Punjab National Bank and country’s largest lender SBI.

Others who got the ratings include ICICI Bank, Axis Bank, Bank of Baroda and HDFC Bank, among others.

It said the CRR are opinions of the ability of entities to honour the uncollateralised portion of non-debt counterparty financial liabilities (CRR liabilities) and also reflect the expected financial losses in the event that such liabilities are not honoured.

Also read: Bank of India raises lending rates by 10 bps

The agency also upgraded the counterparty risk assessments of four banks, including PNB, ICICI Bank, Bank of Baroda and Axis Bank.

“The counterparty risk (CR) assessment of Punjab National Bank was upgraded to Baa3(cr)/P-3(cr) from Ba1(cr)/NP(cr),” a statement from the agency said.

Axis Bank, Bank of Baroda and ICICI Bank had their CR assessments upgraded to Baa2(cr)/P-2(cr) from Baa3(cr)/P-3(cr).

PNB in a statement today said, “Following the bank’s strong recovery and the Government of India’s continued support, Punjab National Bank (PNB) has been assigned counterparty risk rating (CRR) from Moody’s Investors Service.”

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Bank of Maharashtra chairman arrested in Rs 3,000 crore fake loans case

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The Economic Offences Wing (EOW) arrested Ravindra P. Marathe, the Chairman and Managing Director of Bank of Maharashtra, in a case of Rs.3,000 crore fraudulent loans extended to Pune’s DSK Group. The EOW has also arrested the bank’s Executive Director Rajendra K. Gupta, Zonal Manager Nityanand Deshpande from Ahmedabad and former CMD Sushil Muhnot from Jaipur.

The 83-year-old Pune-headquartered Bank of Maharashtra is ranked among one of the major public sector banks in India.

Two officials of the DS Kulkarni Group, the chartered accountant Sunil Ghatpande and the VP Engineering Rajiv Newaskar, have also been arrested in the same case, the police said.

Marathe has been arrested for allegedly misusing his powers to sanction huge amounts of loans to shell companies.

According to the investigators, the bank executive and officials colluded with the DSK Group “with dishonest and fraudulent intentions to sanction and disburse the amount of the bank (BoM)” under the garb of loans and the money was later syphoned off.

All the arrested accused have been charged under various provisions of the Prevention of Corruption Act and other laws pertaining to cheating, forgery, criminal conspiracy and breach of trust.

 

As a follow-up in the case, last month, the Maharashtra government had ordered attachment of more than 120 properties, 275 bank accounts and four dozen vehicles belonging to the owners and the company invoking the provisions of Maharashtra Protection of Interests of Depositors Act, 1999

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Paytm appoints former RBI deputy governor as advisor

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One97 Communications, which runs Paytm, has appointed former RBI deputy governor Rama Subramaniam Gandhi as an advisor.

Gandhi will bring his years of knowledge and experience on payment systems, regulations, compliance and corporate governance, the company said in a statement.

Gandhi was a member of the first Monetary Policy Committee. He has also been the head of two regional offices of the Reserve Bank and held a charge as the Director of the Institute for Development and Research in Banking Technology (IDRBT), Hyderabad, it added.

Besides holding strategic roles in RBI, he had also piloted several innovative projects on IT, payment systems, financial literacy, financial inclusion and other developmental initiatives, the statement said.

“Since the beginning of our journey, we have focused on building an organisation that has the culture and the resources of serving our customers responsibly,” Vijay Shekhar Sharma, Founder and CEO of Paytm, said.

Gandhi, on the appointment, said, “I have dedicated my whole life to formulate policy and strengthen institutions in the financial services space. I will be happy to share my insights and guide Paytm in the creation of innovative financial services”.
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Sensex Surges 260 Points, Nifty Closes At 10,772

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Benchmark Sensex rebounded by almost 261 points to close at 35,547.33 today, breaking its two-day falling streak as investors accumulated recently beaten down metal, banking and realty counters.

Oil-to-telecom conglomerate Reliance Industries topped the gainers list in the Sensex pack, spurting 2.44 per cent to end at a record high of Rs 1,019.95.

Overseas, Asian and European stocks too bounced back, reversing some of their recent losses following escalating trade tensions between the US and China.

Brokers said investor sentiment got a boost after the Reserve Bank yesterday announced purchase of government securities of up to Rs 10,000 crore on June 21 to help in liquidity management.

The 30-share Sensex stayed in the green throughout and hit the day’s high of 35,571.37 on a flurry of buying. It finally ended at 35,547.33, up 260.59 points, or 0.74 per cent.

The gauge had lost 335.40 points in the previous two sessions, tracking a sell-off across global markets after the US and China reignited their trade dispute.

The broader NSE Nifty climbed 61.60 points, or 0.58 per cent, to close at 10,772.05. Intra-day, it shuttled between 10,781.80 and 10,724.05.

Domestic institutional investors (DIIs) bought shares worth a net Rs 653.68 crore while foreign portfolio investors (FPIs) sold equities to the tune of Rs 1,324.92 crore yesterday, as per provisional data.

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