Keep it close to your heart

HDFC Life Cardiac Care covers procedures excluded in normal critical illness plans

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South Indian Bank mulls raising Rs 520 cr

Private sector South Indian Bank plans to raise up to Rs 520 crore through a mix of equity and debt instruments to meet its business needs.The bank’

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Govt moves to get global funds to invest in an ARC for banks

Centre looks to rope in PE firms, pension and sovereign wealth funds, financial institutions

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Ramdas Athawale seeks details of loans to SC/STs from banks under government schemes

Union minister of state for social justice and employment Ramdas Athawale today met public sector banks to take stock of loans given by them under various government schemes, to the weaker section.

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Surprise move: RBI staff union backs Governor Urjit Patel for work on solving bad loan, PSB problems

The employees union of the Reserve Bank has, in a surprise move, backed governor Urjit Patel's for his stern action to stem the bad loan problem and other ills plaguing the public sector banks, and urged him, in a letter, to continue to actively monitor banks as an 'alert inspector' and not just as an 'off-site surveyor'.

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Rs 1.2 lakh crore gone in 1 year! PSU banks NPA write-offs surge to 140% over massive combined loss in FY18

Public sector banks have written off bad loans worth a whopping Rs 1.20 lakh crore, an amount that is nearly one-and-a-half times more than their total losses posted in 2017-18, according to official data.

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Norms revised for foreign portfolio investments in corporate debt securities

In a significant move for foreign portfolio investors (FPI), regulators have decided to withdraw the minimum three-year residual maturity restriction

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Geo VPL Finance sets ₹250-cr target

Our BureauKochi-based NBFC Geo VPL Finance has set a target ₹250-crore of assets under management (AUM) in the next five years, up from the current ₹

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Justice BN Srikrishna-led team to probe charges against ICICI Bank CEO

Our BureauRetired Supreme Court Judge Justice BN Srikrishna will head the investigation initiated by the board of ICICI Bank on allegations of corpor

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Axis, ICICI Bank exhibit gaps in risk control: Fitch

Revises Axis Bank outlook to ‘negative’, downgrades ICICI Bank’s support ratings

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Govt, RBI measures to boost lending to low- and middle-income segments: NHB

To shift base year of NHB Residex to 2017-18

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Revealed: How technology helped PolicyBazaar achieve 100% y-o-y growth

The urge to reinvent himself and seek out new challenges got him a plum position at PolicyBazaar, where as the CTO and CPO, he heads all things digital, including product, technology, and digital marketing.

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Andhra Bank raises MCLR by 0.05% for various tenors

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Bad loan write-offs by PSBs surge 140% over their losses in 2017-18

SBI alone has written off bad loans of Rs 40,196 crore, nearly 25 per cent of the total write-offs during 2017-18. This was followed by Canara Bank (Rs 8,310 crore), Punjab National Bank (Rs 7,407 crore) and Bank of Baroda (Rs 4,948 crore).

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Fitch lowers Axis Bank’s outlook to negative, cuts ICICI’s support ratings

Cites ‘gaps’ in banks’ risk control mechanisms

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RBI must act as alert inspector, not just off-site surveyor, says union

In a letter written to the governor, the union suggested that the RBI should undertake random supervision of bank branches in all parts of the country periodically - possibly 10 per cent of bank branches comprising all regions on an annual basis.

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NPA in India: Banks wrote off 4.8 lakh crore bad loans since 2009; check full list

NPA in India: In a major development, banks have largely written off a record Rs 1,44,093 crore of bad loans in the financial year ending March 2018.

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Premium of non-life insurance companies rises 10% in May

The total premium of non-life insurance companies saw an increase of about 10 per cent at ₹10,516 crore in May this year, compared to ₹9,598 crore in

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Smooth functioning between govt, regulators crucial for the future of banking: Uday Kotak

Sound risk management and governance by the state, the regulator and banks are crucial to ensure that further defaults do not take place in the bankin

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Why a plain-speaking Fed makes stocks jittery

The Fed Chairman, Jerome Powell’s latest policy statement and the press conference that followed, has sent a ripple of nervousness among the stock mar

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India may push for extradition proceedings against Nirav Modi

British authorities say such actions are possible even without precise details of the fugitive jeweller’s whereabouts

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TransUnion opens first global centre in Chennai

Our Bureau TransUnion, a global credit reporting agency and information solutions provider, opened its first Global in-house Centre (GIC) here on Thu

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Securitisation set to pick up after GST clarification: Crisil

Our BureauSecuritisation volumes, which dipped about 7.5 per cent to ₹95,000 crore in fiscal 2018 after two years of robust growth in FY16 and FY17,

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Insurer Bajaj Allianz to diversify with health and pension products

Aims to expand its base in metros

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‘We are geared to provide value to our shareholders’

SurabhiThe general insurance industry is seeing an upswing, thanks to rising disposable incomes and more awareness, believes G Srinivasan, Chairman a

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No guarantee that public sector ownership will improve governance at banks: Uday Kotak

Amid rising frauds in banking and conflict of interest allegations against ICICI Bank's Chanda Kochhar, banker Uday Kotak has said it is "naive" to think diversified or state ownership is a panacea for good governance as lenders.

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HDFC Bank: Capital infusion to aid semi-urban, rural play

The bank said it had to get the go ahead from the CCEA as this was an FDI proposal in excess of Rs 5,000 crore not under the automatic route

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HDFC Bank: Capital infusion to aid semi-urban, rural play

A day after getting the government’s nod to raise up to Rs 24,000 crore capital, private sector lender HDFC Bank today said it will use the funds to

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Bajaj Allianz to focus on affluent customers with health, pension products

Bajaj Allianz Life Insurance aims to diversify its product basket and launch a product each in morbidity (health) and pension segments this year. The

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Private sector banks to wean away share from PSU lenders: Kotak Mahindra

The bank further said that it is on course to double its customer base to 16 million by September this year.

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Vijaya Bank bags PFRDA award

Public sector Vijaya Bank has bagged the Best Performing Public Sector Bank award for the financial year 2017-2018 from the Pension Fund Regulatory a

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Eid 2018 holiday: Is tomorrow bank holiday or not? Here’s what you should know

Eid 2018 holiday: Muslims all over the world, observing Ramazan for a month now, will end their fast with the sighting of the crescent moon in the sky and culminate the celebrations of Eid ul-Fitr. The tentative date for Eid ul-Fitr is Saturday, June 16, in most states.

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Mutual funds investment is becoming popular, small savings schemes losing sheen, says report

In a major worry, small savings schemes, including public provident funds, are witnessing a sharp decline in terms of monthly receipts

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Why the idea of a bad bank may not work for resolution of NPAs

The interim finance minister, Piyush Goyal, announced the formation of a committee to give recommendations on formation of an ARC for resolving NPAs.

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Centre clears ₹24,000-cr FDI plan for HDFC Bank

Lender’s composite foreign shareholding can go up to 74%

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IB agents on the prowl at IDBI Bank branches to seek staff view on stake sale

Vinson Kurian/NS Vageesh Notwithstanding the presence of a few charismatic personalities, including a rockstar governor with dazzling good looks who f

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ICICI Bank to sell 2% stake in Pru Life Insurance

Our Bureau Private sector lender ICICI Bank, on Wednesday, said it plans to sell up to 2 per cent stake in its life insurance arm, ICICI Prudential L

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Hong Kong regulator enhances supervision on Allahabad Bank

Our BureauThe Hong Kong Monetary Authority enhanced the supervisory arrangements on the Hong Kong branch of Allahabad Bank. The move comes barely a

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Lacking power, RBI continues to pass the buck

NS VageeshThe next time the Reserve Bank of India sends a missive or stern warning to any public sector bank, it may well be ignored, or not be taken

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Fitch downgrades viability rating of SBI, Bank of Baroda

Core capital buffers also vulnerable to moderate shocks, says the ratings agency

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Despite ban, crypto-exchangesfinding new ways to prosper

Convert to crypto-to-crypto trading platforms, shift base overseas to escape RBI crackdown

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Nirav Modi fraud hit PNB’s capital adequacy fall below regulatory requirement

Fraud-hit Punjab National Bank's capital adequacy has fallen short of the regulatory requirement of Reserve Bank of India due to unprecedented loss in the fourth quarter of 2017-18.

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Important alert for HDFC Bank Debit Card holders – What users must know

HDFC Bank has issued an important update regarding the debit card. Here is what the private lender informed.

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Union Cabinet approves Rs 24,000 crore FDI for HDFC Bank

The HDFC Bank had sought approval for maintaining the permissible foreign holding in the bank up to 74% of the total paid-up

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Debt or equity: Find out what’s best for financing a company

Building a promising business venture is a lot like constructing a building. A blueprint has to be drafted based on current needs, allocations have to be made for future additions or expansions, and a strong foundation has to be then laid after assessment and elimination of potential loopholes.

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Amazon India launches seller lending network

Amazon India today launched its Seller Lending Network (SLN), which will allow sellers on the e-commerce major’s platform to seek loans from multipl

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Life insurers new premium collection grows 9 per cent in May

New business premium of Life Insurance Corporation of India (LIC), the largest and the only state-owned life insurer, expanded by 9.49 per cent to Rs 9,204.88 crore in May.

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Cabinet clears HDFC Bank's proposal to raise Rs 24,000 crore via FDI

With the raising of this capital, FDI in the bank would hit the regulatory ceiling of 74 per cent, Finance Minister Piyush Goyal said after the Cabinet meeting chaired by Prime Minister Narendra Modi.

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New premium of life insurers up 9% in May

New premium collection of life insurance companies rose by nearly 9 per cent to Rs 12,838.24 crore in May compared to the same month last year, acco

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Chit goes digital: The story of Mayavaram Financial, Kyepot

KyePot app digitises the entire process of a chit - right from application to auction

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ICICI Bank to sell 2% stake in life insurance arm

ICICI Bank today said it will offload 2 per cent stake in its insurance arm ICICI Prudential Life in one or more tranches.Based on insurer’s stock c

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Cabinet clears HDFC Bank proposal to raise Rs 24,000 cr via FDI

The government today gave approval to HDFC Bank to raise Rs 24,000 crore in foreign direct investment (FDI) to fund its business growth. With the ra

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HDFC fifth biggest consumer financial services company globally: Forbes

Housing finance major HDFC has been ranked as the 5th biggest public company globally in the ‘consumer financial services category’ on a list compil

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HDFC 5th biggest consumer financial services company globally: Forbes

American Express has topped this category, while Indiabulls Housing Finance is the only other Indian company (at 13th place) on the list.

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Geo VPL Finance targets AUM of Rs 250 crore in 5 years

The company, currently focusing more on gold finance, will strengthen its presence in other segments like vehicle loans and housing loans.

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Fitch downgrades viability rating of SBI, BoB on poor asset quality

Fitch Ratings today downgraded the Viability Rating (VR) of State Bank of India and Bank of Baroda by one-notch, reflecting weak risk profile due to

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PNB’s capital adequacy falls below regulatory requirement

As per the RBI’s norms, the total capital adequacy should be upwards of 11.5 per cent

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Final guidelines for ARC sponsors soon: RBI official

The Reserve Bank will formalise the ‘fit and proper’ criterion for sponsors of asset reconstruction companies and will soon come out with regulation

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MCA inspecting NuPower Renewables, 5 other companies linked to ICICI Bank controversy

The Ministry of Corporate Affairs has started inspection of NuPower Renewables and five other companies linked to the ICICI Bank controversy, Union Minister P P Chaudhary said today. Multiple agencies are probing the alleged lapses involving ICICI Bank's MD and CEO Chanda Kochhar and her family members.

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Hong Kong regulator enhances supervision of PNB’s HK branch

PNB today said the Hong Kong Monetary Authority (HKMA) has enhanced supervision of its Hong Kong branch and has asked it "not to proactively solicit customer deposits".

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Modi’s bank recap showing results? Bank credit growth highest since demonetisation, GST

Bank recapitalisation along with NPA resolution has started bearing fruits as can be seen in form of the double-digit growth in bank credit in April, the government said.

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Worst is over, rural sentiment turns positive: Mahindra Financial sees fewer bad loans, higher return on assets

More cash in the hands of rural Indians along with their willingness to spend spells good news for Mahindra & Mahindra Financial Services Ltd., a non-bank lender for purchasers of tractors and vehicles, by helping it rebound from shrinking profits and increasing bad loans.

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Truecaller acquires Chillr

Truecaller has acquired Chillr, an Indian multi-bank payments app.While the deal size was undisclosed, Truecaller said that with the investment, it

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Hong Kong regulator enhances supervision of PNB's HK branch

PNB said the Hong Kong Monetary Authority (HKMA) has enhanced supervision of its Hong Kong branch and has asked it "not to proactively solicit deposits".

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Every hour, 11 people complain against their bank

From usurious interests to deliberate delay in accepting payments (which leads to penalties), and from non-adherence to fair practices to refusal to close accounts, more than 4 lakh people have lodged complaints against the banks in the period between April 1, 2010 to March 31, 2017, at an average of 11 every hour.

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PNB, SBI, 13 others get Moody's counterparty risk ratings

Global ratings 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.

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RBI again seeks more power to rein in PSBs

The RBI has yet again made a strong case for more power to regulate public sector banks (PSB) effectively.RBI Governor Urjit R Patel, who appeared bef

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PNB, SBI, 13 others get Moody's counterparty risk ratings

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

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SBI sees mobile banking transactions at 3,360 lakh in FY19

In FY18, the number of its mobile banking transactions stood at 2,706, with a total volume of Rs 6,00,502 crore.

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Banks lost ₹ 75,000 cr in frauds in 3 years: RBI to House panel

Shishir Sinha The Reserve Bank of India, on Tuesday, informed a Parliamentary Committee that banks have reported 15,673 incidents of frauds during th

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NPA recovery: ‘Banks’ internal processes not in sync with external environment’

Our BureauInternal processes in banks have still not caught up with the changes in the external environment relating to the recovery of non-performin

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Hong Kong regulator increases supervision on Allahabad Bank branch

Allahabad Bank on Tuesday said the Hong Kong Monetary Authority) has enhanced supervisory arrangements on its Hong Kong branch.

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Muthoot Group rolls out medical allowance policy Hospi Cash

Our BureauThe Muthoot Group has announced the launch of Muthoot Hospi Cash, a first-of-its-kind medical allowance policy. The policy will be active f

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Centre plans amalgamation of RRBs at the State level

Will lead to more productivity and greater flow of credit to rural areas

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Creditor need not give notice of default to corporate debtor: NCLT

K Ram KumarThe Mumbai Bench of the National Company Law Tribunal (NCLT) has observed that prior notice is not required to be given by a creditor unde

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Bank staff threaten to intensify stir in July, August

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PNB board to consider employee stock option scheme

State-run Punjab National Bank (PNB) today announced an Employee Stock Option Plan (ESOP) scheme with a view to retaining its talent and incentivising staff by issuing up to 10 crore equity shares.

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Adjustment of Religare Finvest's over Rs 790 crore deposits legal: Lakshmi Vilas Bank

The bank, in its financial statement for 2017-18 had informed about adjustment of third party deposits of over Rs 790 crore.

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Bank staff threaten to intensify stir in July, August

The United Forum of Bank Unions today threatened to intensify their stir in July and August against the 'meagre' two per cent salary hike, officials said.

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SBI eyes two-pronged strategy to boost credit growth by 2020

PSB plans to undertake portfolio reordering, internal reorganisation of corporate banking

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No RBI nominee should be on banks' boards, says Governor Urjit Patel

The central bank is discussing the matter of RBI nominee director with the Finance Ministry, he told the Parliamentary Standing Committee on Finance, according to sources who were present in the briefing.

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RBI needs more powers to oversee PSU banks, says Urjit Patel to Parliamentary panel

The governor asked for more powers to control the government-owned banks, said sources present at the meeting.

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How Modi plans to use 2.9 lakh common service centres to take banking to every villager’s home

With an aim to take banking near every villager’s home, Finance Minister Piyush Goyal proposed to open extended banking counters across all 2.9 lakh common service centres (CSCs).

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RBI Governor Urjit Patel appears before Parliamentary panel; assures steps to strengthen banking system

Sources present at the meeting of the Parliamentary Standing Committee on Finance said the RBI Governor expressed confidence of tiding over the crisis regarding non-performing assets (NPAs).

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India’s bad bank backers are badly wrong

Bad ideas keep returning to the corridors of power in New Delhi with the unfailing regularity of migratory birds. This year is no exception.

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Yes Bank CEO Rana Kapoor seeks approval for another 3-year term

Rana Kapoor is seeking shareholder approval for another term as chief executive officer of Yes Bank Ltd., the Indian lender which has set records for both loan growth and the highest proportion of disputed bad debt among its top private-sector peers.

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MobiKwik appoints Vinayak to head Lending Business

MobiKwik, a digital financial services platform, on Tuesday announced it has appointed Vinayak N as the Head of its Lending Business.Vinayak will be

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Opinion: Those want 'bad bank' set up for stressed assets are wrong

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Religare Finvest files suit against LVB

Religare Finvest Ltd has filed a suit against Lakshmi Vilas Bank's Janpath branch in the Delhi High Court, disputing the adjustment of its deposits a

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NPA trouble: RBI Guv appears before Parliamentary panel

Assures steps to strengthen banking system

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RBI governor appears before Parliamentary panel; assures steps to strengthen banking system

Sources present at the meeting of the Parliamentary Standing Committee on Finance said the RBI Governor expressed confidence of tiding over the crisis regarding non-performing assets (NPAs).

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Videocon Industries blames PM Modi, Supreme Court & Brazil for bad debt pile

Ina BSE filing, the Indian TV maker alleged the cash clampdown in November 2016 choked its supplies and forced Videocon to shut business.

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Atal Pension Yojana: Govt mulls raising pension limit to up to Rs 10,000/month

The government is considering a proposal to raise the pension limit under Atal Pension Yojana (APY) to up to Rs 10,000 per month from the existing s

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Nirav Modi has sought asylum in the United Kingdom, says report

Issue seen to be different from Vijay Mallya’s extradition process

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No specific communication received from US SEC: ICICI Bank

According to sources, the SEC has received complaints from institutional investors in the US to look into the matter related to corporate governance and disclosure issues.

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'UK confirms Nirav Modi's presence in Britain'

Nirav Modi, who is absconding and has not joined the ED probe in the case till now, and others are being probed under various criminal laws after the fraud came to light this year following a complaint by PNB that they allegedly cheated the nationalised bank to the tune of over Rs 13,000 crore.

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'Don't see more banks coming under RBI corrective action'

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RBS sees ‘big’ opportunities in Indian fintech space

Priyanka PaniIn 2016, Royal Bank of Scotland (RBS) decided to wind up its retail and corporate banking in India. However, India continues to play an

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Review embargo on lending by Dena Bank, AIBEA tells RBI

Our BureauThe All India Bank Employees Association (AIBEA) has voiced regret over the RBI’s decision to clamp down on lending activity by Dena Bank

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SBI Global Factors set to provide credit protection, collection service to SBI

FCI network to reduce risk of defaults in foreign currency credit facilities

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Rupee gears up for action-packed week

Volatility guaranteed with a series of key events scheduled for this week

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How depositors are affected when there are frauds, NPAs, explains ex-RBI governor YV Reddy

Former RBI governor YV Reddy has slammed the government and the central bank for the Rs 13,000 crore scam at the Punjab National Bank (PNB), saying that there is a loss of confidence in the integrity of the banking system.

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Government may launch Rs 500 crore credit enhancement fund in July: FinMin

A senior finance ministry official today said the government is likely to launch a Rs 500-crore credit enhancement fund next month to facilitate infrastructure investments by insurance and pension funds.

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Coming years challenging for banks, need to look beyond NPAs: SBI

The largest lender of the country suffered a net loss of Rs 6,547.45 crore in 2017-18, as against a net profit of Rs 10,484.1 crore in the preceding fiscal.

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Allahabad Bank referred 65 accounts to NCLT

The bank said in its annual report that the it was focusing on recovery and rebalancing loan book with emphasis on small, micro, agriculture and retail advances.

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ESAF bank gets RBI approval for NRI operations

ESAF Small Finance Bank on Monday said it has received the Reserve Bank of India (RBI) approval for NRI operations.The Thrissur (Kerala)-headquartere

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PSBs leave India Inc FY18 scorecard in red

As lenders face many uncertainties, fund managers advise stock-specific approach

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Banks get back 70% of amount claimed from 12 bankruptcy-hit companies, realisation doubles in Q4

Lenders of 12 bankruptcy-hit companies were able to get back 70% of the total amount claimed in the January-March 2018 quarter, the latest data released by Insolvency and Bankruptcy Board of India (IBBI) showed.

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India’s home-buyers are now financial creditors: It’s a bold innovation; here’s why other economies must try it too

Hapless homebuyers left without apartments by debt-stressed builders will have their status raised to that of financial creditors. That’s highly unusual by global standards.

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WhatsApp shares limited data of payment service with FB

"Facebook does not use WhatsApp payment information for commercial purposes, it simply helps pass the necessary payment information to the bank partner and NPCI. In some cases, we may share limited data to help provide customer support to you or keep payments safe and secure," WhatsApp claimed on its website.

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Currency design for visually impaired remains a blind spot for policy makers

RBI suggests device; activists say specific shapes for denominations would be best

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SBI expects to recover ₹40,000 crore of stressed assets this fiscal year

State Bank of India is looking to recover close to ₹40,000 crore of its stressed assets during the current fiscal.According to Pallav Mohapatra, Deput

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RBI seeks update on payments data storage every fortnight

The banking regulator had further said that at present "only certain" payment system operators and their outsourcing partners store the payment system data either partly or completely in the country.

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Rs 87,000 crore loss to PSU banks in FY 2018: PNB, IDBI, SBI lead the pack of 21

The 19 government-run banks collectively posted a net loss of Rs 87,357 crore during the fiscal, according to the latest quarterly numbers posted by these lenders.

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RBI seeks update on payments data storage every fortnight

A payment bank official on the condition of anonymity confirmed receipt of the RBI letter.

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PNB expects Rs 8,000 crore recovery from NPAs this month

The bank, with its focus on recovery of dues from defaulters, has managed to surpass the total amount recovered in the last fiscal in the first two months of this financial year, a senior PNB official said.

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WhatsApp sharing limited data with Facebook on payment feature

The Ministry of Electronics and IT has written to National Payment Corporation of India to verify compliance around WhatsApp payment and check if WhatsApp is sharing data with its parent firm Facebook.

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Total net loss of public sector banks topped Rs 87,000 crore in FY18

PNB was followed by IDBI Bank, whose net loss widened to Rs 8,237.93 crore in the fiscal ended March 2018 from Rs 5,158.14 crore in the previous year. India's largest bank State Bank of India too added hugely to the combined losses of PSBs.

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ICICI Bank, Chanda Kochhar face US regulatory probe; Indian agencies may seek foreign help

The queries sent to ICICI Bank also remained unanswered. The bank has already instituted an independent enquiry into allegations of 'conflict of interest' and 'quid pro quo' in Kochhar's dealing with certain borrowers.

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SBI recorded highest NPAs in 2017-18 compared to decade before: RTI reply

The State Bank of India (SBI), the country's largest public sector lender, recorded its highest non-performing asset (NPAs) of Rs 1.1 lakh crore in 2017-18, almost equal to what it had registered in the decade before, according to information available through RTI and the bank's annual report.

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ICICI Bank, Chanda Kochhar face US regulatory probe

Indian regulators and investigative agencies are mulling seeking help from their overseas counterparts

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Ex-RBI governor YV Reddy slams government over fraud at PNB

In February this year, PNB detected a over Rs 13,000- crore fraud allegedly involving diamantaire Nirav Modi and his uncle Mehul Choksi, a billionaire jeweller, at one of its branches in Mumbai.

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Confidence in working of PSBs at a historically low level: YV Reddy

“Banks benefit from fiscal stimulus, monetary stimulus and regulatory forbearance”

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Government weighs various options to bring down stake in IDBI Bank

Jaitley had said that India is not ready for privatisation of PSU banks and their present characteristics will continue except for IDBI Bank.

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ICICI Bank, Chanda Kochhar face US regulatory probe; Indian agencies may seek foreign help

US market regulator Securities and Exchange Commission (SEC) is actively looking into the matter as ICICI Bank is listed in the US also, sources said.

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