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STANDBY LETTER OF CREDIT
RBI clarifies FCNR(B) loan, SBLC eligibility under swap schemeBanks can now offer loans to non-residents and issue standby letters of credit against FCNR(B) deposits under the RBI's swap facility. This...- Banks seek RBI clarity on leveraged NRI FCNR deposit structuresIndian banks are seeking clarity from the RBI on allowing overseas branches to lend to non-residents for FCNR(B) deposits. Some lenders, li...
- Banks seek RBI nod on Guarantee Rule to boost NRI deposit inflowsBanks are urging the RBI to clarify regulations for the new FCNR deposit scheme, aiming to attract diaspora funds. They seek a tweak in wor...
- From tax exemption to FCNR(B) deposits: How India is trying to attract foreign capitalIndia is taking steps to attract foreign investment and boost its economy. The Reserve Bank of India and the government have introduced new...
- RBI offers concessional swaps, allows leverage for NRI deposits to drive forex inflowsThe Reserve Bank of India has introduced new foreign exchange measures. These include special swap facilities to encourage state-owned comp...
- Deposits under RBI's latest foreign currency non-resident bank scheme will carry one-year lock-inThe Reserve Bank of India's new FCNR-B scheme offers a one-year lock-in for deposits and mandates non-cancellable swaps for banks. This ini...
- Suzlon Energy shares crack 5% after Rs 29 crore Sebi fine for misleading financials; company clarifiesSuzlon Energy shares 5% dipped after Sebi imposed nearly Rs 29 crore in penalties on the company and former executives for misrepresenting ...
- Banks seek easing of guarantee curbs to draw more NRI fundsIndian banks are asking the Reserve Bank of India to remove a guarantee restriction. This move aims to attract money from the Indian diaspo...
- Sebi imposes penalty on Suzlon, executives for misstating financialsThe Securities and Exchange Board of India has fined Suzlon Energy and its top executives ₹29 crore. This action follows allegations of mis...
- Sebi fines Suzlon Energy Rs 29 crore for misleading financial statements; promoters, executives also penalisedSEBI has fined Suzlon Energy Rs 29 crore and several former executives for misrepresenting financial statements, inflating profits via circ...
- ED chargesheets UK national in probe against Videocon GroupThe Enforcement Directorate has filed charges against Sachin Dev Duggal, a British citizen, in a major bank loan fraud case involving the V...
- BoI recovers Rs 3,000 crore bad loans in a monthBOI has recovered Rs 3,000 crore in the last month by invoking standby letter of credit.
- CBI files Rs 1,530 cr cheating case against jewellery firmsCBI spokesperson R K Gaur said the agency had received complaints against both the companies from each of the three banks hence six separat...
- ET in the Classroom: Can you get a bank guarantee to boost your business?There are times when a customer may not directly want loan, but a letter of comfort is sufficient to clinch a deal.
- Treat ECBs to refinance rupee loans by financially distressed firms as restructuring: RBIThe Reserve Bank today said external commercial borrowings (ECBs) extended to financially distressed companies will fall under restructurin...
- Standard Chartered takes over Winsome Diamonds' assetsStandard Chartered, that lent money to Winsome Diamonds against L/Cs provided by Indian banks, has taken possession of the erring firm’s im...
- Companies can't use ECBs from 'same' bank to repay loansThe RBI has barred manufacturing and infrastructure companies from repaying rupee loans taken from domestic banks through the external comm...
- Banks and companies are using standby letter of credit to avert loan default, downgradeThe lender issues an SBLOC on behalf of the company, promising to pay another bank if the company fails to pay up.
- Lenders form consortium to recover Rs 4000 crore SBLCs loss to WinsomeThe core group includes PNB, Bank of India, Central Bank of India and Canara Bank, according to a bank official.
- Banks can issue guarantee letters to meet payment obligationThe Reserve Bank gave approval to the banks to issue guarantee through standby letters of credit to cover payment obligations arising out o...
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