US-based Avenue Capital-backed Asset Reconstruction Company (India) (ARCIL) has bought nearly ₹400 crore worth of bad loans or non-performing assets (NPAs) of Saraswat Bank with a haircut of nearly 86%. Saraswat Bank, one of the largest cooperative banks in the country, sold the NPA portfolio comprising retail and micro, small and medium enterprises (MSME) loans … Read more
Police officials say over 100 people have sent complaints to the commissioner’s office, levelling similar allegations. One borrower, a 35-year-old mechanic named Sandeep, allegedly died by suicide on 14 December, and his brother has blamed bank officials in his complaint. Most victims say they applied for loans against property with the bank in 2018 and … Read more
Mumbai: Cooperative banks may be joining the banking mainstream, at least when it comes to the sale of bad loans. Saraswat Cooperative Bank has come out with the sale of non-performing assets worth as much as ₹410 crore and, and has sought bids on a 100% upfront cash basis. The bank has appointed BoB Capital … Read more
Through security-free loans from the Ahmedabad-based Madhavpura Mercantile Cooperative Bank, among other institutions. The cooperative bank is now defunct, its licence having been cancelled in 2012. Former IAS officer Dilip Raval, who was also the liquidator of the bank, said a whopping 70 percent of its total finances had been extended to Parekh. “Parekh was … Read more
New Delhi: Gujarat’s urban cooperative banks have emerged as the epicentre of financial irregularities relating to loans being given to related parties, an in-depth analysis of fines levied by the Reserve Bank of India (RBI) has shown. ThePrint analysed the 172 fines levied by the RBI in this financial year, up to 24 November, and … Read more