United Bank of India Chief Executive Ashok Pradhan said that the Insolvency & Bankruptcy Code (IBC) is turning out to be a damp squib forcing the government pump in more capital into public sector banks. The way things have turned out so far, the settlement of bad loans outside IBC may be the only solution left for banks.

The proposed amalgamation of Punjab National Bank, United Bank of India and Oriental Bank of Commerce will provide benefits to their stakeholders and help the country to become a $5-trillion economy, an official said. "PNB, OBC and UBI are being merged to make them a bigger force and the collective efficiency of the staffs of the three banks will help customers", Pradhan said.

As the uproar over the extradition of fugitive diamantaire Nirav Modi continues, the Interpol has now issued a Red Corner Notice (RCN) against his brother Nehal Modi. Interpol said the global arrest warrant against the Belgian national Nehal, 40, has been issued on charges of alleged money laundering that is being probed by the Enforcement Directorate (ED).