Some public sector banks are taking the details of COVID cases among employees to their grave, so to speak. The MD and CEO of a south-based public sector bank was recently tested COVID positive. The bank hurriedly made arrangements to treat the CEO at home to make sure the news is suppressed. Doctors from a well-known hospital in the state capital were requested to visit the CEO’s official residence regularly for treatment. The CEO was apparently infected from a general manager at a management meeting. The GM passed away a few days later. Another south-based PSB has over 500 COVID-19 positive cases. Bankers say most PSBs are insisting that their workers continue working from office to avoid business losses even if they exhibit symptoms of the virus, thereby increasing the chances of spreading the infection. … [Read more...] about MC Insider: String of exits at private lender, hurting Chinese ownership, deadly COVID secrets in banking and more
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“We do not foresee any quick recovery coming in these companies post COVID and hence would recommend lightening position in these stocks except 3M India, Gillette India, and Godrej Industries. These 3 stocks can be accumulated on the decline,” he said. … [Read more...] about These lucky 7 midcaps turned largecaps in the last one year; time to buy?
It was earlier reported that a number of individuals belonging to Russia’s political and business elite had been given early access to the experimental vaccine. Russian billionaires and government officials reportedly started getting shots of a potential vaccine as early as April. … [Read more...] about Coronavirus vaccine update: Russia to register world’s first COVID-19 vaccine on August 12
>> Resolution plan has been approved by Committee of Creditors (CoC) and the NCLT. AGR dues are of Rs 12,389cr. After the takeover by the resolution applicant, assets can be sold to raise money. Spectrum is transferrable, can be sold and bought. No money is going to operational creditors, in compliance with the IBC. Insolvency process was initiated by the company itself in February 2018. … [Read more...] about AGR Hearing Highlights | SC adjourns hearing on telcos under insolvency to August 14
The regulator named KV Kamath as the head of the expert panel for loan restructuring last week, along with four other members who will submit their recommendations on sector-specific parameters and other considerations within 30 days. The committee is also tasked with reviewing all large resolution plans under this recast scheme involving a debt of over Rs 1,500 crores. … [Read more...] about Bank union approaches RBI seeking review of KV Kamath’s appointment as loan restructuring committee head