PNB hikes lending rates by up to 10 basis points

New Delhi, Jun 30 () State-owned Punjab National Bank today raised the marginal cost of funds-based lending rate, the floor rate at which it lends to consumers, for select tenors by 0.05-0.10 per cent.

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Bank Board Bureau recommends name of bank bosses

It is said to have interviewed about five dozen senior executives from different government-owned banks as it sought recommend more than a dozen candidates to run public sector banks, battling with huge pile of bad loans.

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Punjab National Bank hikes lending rates by up to 10 basis points

State-owned Punjab National Bank today raised the marginal cost of funds-based lending rate, the floor rate at which it lends to consumers, for select tenors by 0.05-0.10 per cent.

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Rupee is Asia's worst performing currency and it may hit banks' earnings

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PNB hikes lending rates by up to 10 basis points

Punjab National Bank today raised the marginal cost of funds-based lending rate, the floor rate at which it lends to consumers, for select tenors by

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Sriram takes charge as MD and CEO of IDBI Bank

Sriram was appointed MD and CEO in place of Mahesh Kumar Jain who recently took charge as deputy governor of the Reserve Bank of India (RBI).

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B Sriram set to take helm at IDBI Bank

Retires from SBI on voluntary basis

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Vijay Srinivas appointed Director & GM of United India Insurance

Prior to taking up the new role, he was serving National Insurance Company Ltd as its Chief Marketing Officer and General Manager, a press release said.

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LIC to get a bank as IRDAI gives nod for 51% stake in IDBI

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Irdai permits LIC to pick up to 51% stake in debt-ridden IDBI Bank

Insurance behemoth LIC will acquire up to 51 per cent stake in state-owned IDBI Bank after regulator Irdai approved the plan that will help convert the debt-ridden lender into a private sector entity.

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IRDAI Board Meet: LIC gets nod to buy 51% in IDBI Bank

Deal will save govt from more infusion in the stressed bank, analysts see moral hazard

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Key appointment: GC Chaturvedi is new ICICI Bank chair

The ICICI Bank board on Friday approved the appointment of Girish Chandra Chaturvedi as non-executive part-time chairman of the bank. The term of the current chairman MK Sharma comes to an end on June 30.

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RBI to punish auditors for lapses in bank audit

The quantum of punishment will depend on the magnitude of divergence from the prescribed norms and the auditors would be provided sufficient hearing before action is taken.

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Behind LIC's plan to pull IDBI out of a banking mess

Under special provisions, LIC can hold up to 30% with the approval of the government, investment committee and the regulator.

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Lawyers’ fees in Nirav Modi case in the US cross $2.7-million mark in just 3 months

The massive fraud at India’s second-largest public sector bank is drawing as much attention in the US as it is here. The string of top-notch lawyers

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Bank of Maharashtra divests MD R P Marathe and ED R K Gupta of their powers

In a major development, the board of Bank of Maharashtra (BoM) has divested managing director R P Marathe and executive director R K Gupta of their powers with immediate effect.

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Aditya Puri hopes HDFC Bank benefit from rivals’ NPA pains by expanding market share

As majority of the banking system players, including its private sector peers fight the scourge of bad loans and frauds, HDFC Bank said it is looking at expanding its market share.

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LIC set to get into banking as Irdai lets it snap up IDBI Bank

LIC will acquire up to 51 per cent stake in state-owned IDBI Bank after regulator Irdai approved the plan that will help convert the debt-ridden lender into a private sector entity.

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Now, erring bank auditors to face punitive action from RBI

As more and more loan-related scams come to light in many public and private sector banks leading to a massive pile-up of bad loans, the Reserve Bank of India (RBI) today decided to take auditors to task by warning them of stern punitive actions against them.

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Punjab National Bank sells entire stake in ICRA for Rs 109 cr

Punjab National Bank has sold its entire stake in ratings firm Icra Ltd for a consideration of Rs 109 crore.

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ICICI Bank appoints GC Chaturvedi as Chairman

Private sector ICICI Bank on Friday announced the appointment of former IAS officer GC Chaturvedi as an independent director and said his name has b

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IRDAI gives nod to LIC to buy stake in IDBI Bank

The life insurer can raise its stake in the debt-ridden public sector bank to 51%

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RBI to take action against erring bank auditors

The Reserve Bank of India has decided to put in place a framework to take appropriate action against banks’ Statutory Auditors (SAs) for any lapses

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Chaturvedi, the right choice for ICICI Bank

Our BureauSoft-spoken and cordial, ICICI Bank’s new Non-Executive Chairman Girish Chandra Chaturvedi is an efficient and able administrator who keep

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AIBEA urges govt to retain at least 51% stake in IDBI Bank

Says LIC’s move to increase investment will substantially reduce the govt’s shareholding

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Banks demanding guarantees may leave infra projects starved of funds

Ksenia KondratievaThe need for bank guarantees could emerge as a key challenge for the infrastructure and construction sector, which is expected to s

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Now, erring bank auditors to face punitive action from RBI

"To improve audit quality and bring about a transparent mechanism to examine the accountability of SAs in a consistent manner, it has been decided to put in place a graded enforcement action framework to enable appropriate action by the RBI in respect of the banks SAs for any lapses observed in conducting a statutory audit," RBI said.

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Irdai permits LIC to pick up to 51% stake in debt ridden IDBI Bank

State-owned LIC has been looking to enter the banking space by acquiring majority stake in IDBI Bank as the deal is expected to provide business synergies despite the lender's stressed balance sheet.

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IRDAI permits LIC to pick up to 51% stake in IDBI Bank

Insurance regulator IRDAI today permitted LIC to pick up to 51 per cent stake in the debt ridden IDBI Bank, sources said. The decision, they said wa

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Bank of Maharashtra chief divested of all responsibilities

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'Shaky presumption' that all Swiss bank deposits tax evaded: Arun Jaitley

"To assume that all the deposits are per se tax evaded money or that Switzerland in the matter of illegal deposits is what it was decades ago, is to start on a shaky presumption," Jaitley wrote in his latest Facebook post.

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IDBI Bank says 'no discussion' on Rs 13,000 crore capital infusion by LIC

New Delhi, June 29 () State-owned IDBI Bank today said no discussion has taken place with regard to capital injection of Rs 13,000 crore in the bank by insurance major LIC.

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IDBI-LIC deal: Bank says ‘no discussion’ on Rs 13,000-crore capital infusion by insurance major

State-owned IDBI Bank today said no discussion has taken place with regard to capital injection of Rs 13,000 crore in the bank by insurance major LIC.

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AIBEA asks government to retain at least 51% stake in IDBI Bank

Opposing the probable majority stake sale by the government in IDBI Bank to LIC, bank union AIBEA has asked the Centre not to go back on its commitment on the debt-laden bank, and retain at least 51 per cent stake.

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PNB set up centralized loan processing centre to improve quality credit

Under 'Mission Parivartan', a future-facing initiative to push the bank forward on its transformation journey, many steps have been taken to position the bank as a future-ready bank, PNB said in a statement.

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Yes Bank, Goldman Sachs settle case with Sebi

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AIBEA asks govt to retain at least 51% stake in IDBI Bank

LIC likely to acquire a majority stake in the bank, according to media reports

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RBI to hire 166 Grade B officers

The Reserve Bank of India (RBI) will be hiring 166 Grade B officers as part of its recruitment for 2018. As per the notification released by RBI, the

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Strong action to be taken against illicit Swiss deposits: Finance minister

In comparison, the total funds held by all foreign clients of Swiss banks rose about 3 per cent to CHF 1.46 trillion or about Rs 100 lakh crore in 2017, according to data released by the Swiss National Bank (SNB), the central banking authority of the Alpine nation.

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ICICI Bank appoints Girish Chandra Chaturvedi as non executive chairman; all about former bureaucrat

ICICI Bank on Friday approved the appointment of Girish Chandra Chaturvedi as an independent director and non-executive part-time chairman of the private lender.

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Deutsche Bank fails US Federal Reserve’s annual two-stage stress test

The verdict is another blow for the troubled German lender whose financial health has been under the spotlight recently. It will require the bank to make changes to the way it operates in the US.

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LIC-IDBI Bank deal: What may be discussed in IRDAI meet today

Amid reports that insurance behemoth LIC is likely to pick up a majority stake in the state-run IDBI Bank, the board of insurance regulator IRDAI will meet on Friday.

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Former bureaucrat Girish Chaturvedi named ICICI Bank's part-time non-executive chairman

Chaturvedi, a 1977 batch IAS officer, retired as oil secretary in January 2013. The appointment is subject to RBI and shareholder's approval.

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Former IAS officer G. C. Chaturvedi appointed non-executive Chairman of ICICI Bank

Former IAS officer G C Chaturvedi has been appointed non-executive Chairman of ICICI Bank. Earlier on June 18, the bank announced the appointment of

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ICICI Bank appoints Girish Chandra Chaturvedi as non-exec part-time chairman

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Irdai board to meet tomorrow, may discuss investment limit for insurance firms

The board of insurance regulator Irdai is scheduled to meet tomorrow amid reports that insurance behemoth LIC may pick up a majority stake in state-run IDBI Bank.

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Another Nirav Modi: CBI seeks Red Corner notice against Jatin Mehta in Winsome diamonds fraud case

The CBI has filed a charge sheet against two former chairman cum managing directors of the Canara Bank in connection with alleged loan default of Rs 146 crore by Jatin Mehta of Winsome Diamonds and has also sought a Red Corner Notice against the billionaire jeweller.

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B Sriram resigns as SBI MD amid IDBI stake sale buzz

SBI managing director B Sriram has resigned from the country's largest lender after his appointment as chief executive of IDBI Bank, sources said.

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NCLT rebukes SBI for "lackadaisical approach"

Earlier in December last year, SBI filed an insolvency petition against Uttam Value Steels Ltd, a company engaged in manufacturing various steel products. The firm had availed term loans from the bank.

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Panel on bad bank to submit report shortly: SBI chief

On June 8, Piyush Goyal had announced the formation of a committee under the chairmanship of Punjab National Bank non-executive chairman Sunil Mehta and the SBI chairman and Bank of Baroda MD.

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RBL Bank buys 100% stake in Swadhaar FinServe

Our BureauRBL Bank has raised its stake in microlender Swadhaar FinServe to 100 per cent to help expand its financial inclusion initiatives.RBL Bank

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HSBC to focus on lending to SMEs, domestic companies

Sees wholesale credit demand rising in the last 3-4 quarters

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Panel on bad bank to submit report shortly: SBI chief

State Bank chairman Rajnish Kumar, who is a member of the panel formed to give recommendations for setting up a state-run bad bank, today said they w

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Irdai board to meet tomorrow, may discuss investment limit for insurance firms

Without fixing a time-frame, Irdai last year had asked LIC to prepare a road map to pare its stake to 15 per cent in firms where it breaches this ceiling.

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Winsome diamonds fraud case: CBI charge sheets 2 ex-CMDs of Canara bank

The CBI has filed a charge sheet against two former chairman-cum-managing directors of the Canara Bank in connection with alleged loan default of Rs

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B Sriram resigns as SBI MD amid IDBI stake sale buzz

The development assumes significance amid reports that insurance behemoth LIC is mulling acquiring a majority stake in the debt ridden state-owned bank.

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SBI refuses to disclose details of political parties which received donations through electoral bonds, claims RTI

The State Bank of India (SBI) has refused to disclose details of buyers of electoral bonds, political parties which have redeemed these and the bank's reports sent to the government on their sales, calling it a personal information held by it in fiduciary capacity exempted from disclosure, an RTI response shows.

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IDBI looking at increasing retail assets to 29% this year

IDBI looking at increasing retail assets to 29% this year fom 25 per cent last year, an official said.

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NBFCs’ retail lending to grow at 19-21% in FY19: Report

Retail loan book of non-banking financial companies (NBFCs) is likely to grow at 19-21 per cent in the current fiscal year, driven by the high deman

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SBI MD Sriram resigns amid IDBI stake sale buzz

Was appointed MD and CEO of IDBI Bank for three months

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IDBI Bank revises home loan slab to Rs 35 lakh

Introduces risk-based pricing for auto, personal loans

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LVB faces trouble over ₹723-cr loan to Singh brothers

Loan against disputed fixed deposit may put pressure on its net worth

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Allahabad Bank to raise up to Rs 1,900 crore

State-owned Allahabad Bank will raise up to Rs 1,900 crore through issuance of equity shares via different means.

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Bank of Maharashtra’s MD and CEO Ravindra Marathe gets bail in DSKDL cheating case

A special Pune court today granted bail to Bank of Maharashtra's Managing Director and CEO Ravindra Marathe in a cheating case involving city-based real estate developer D S Kulkarni and his wife, among others.

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SBI is in the process of closing down another nine branches as part of rationalisation of overseas operations

State Bank of India (SBI) has closed six foreign branches and is in the process of closing down another nine branches as part of rationalisation of overseas operations, said Managing Director (Retail & Digital Banking) Praveen Kumar Gupta.

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Retail housing: Avoid dilution in credit standards, RBI warns banks

Gross NPAs ratio for housing finance assets rises to 1.51 per cent in March 2018

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IRDAI may take a call on LIC-IDBI deal tomorrow

KR SrivatsAll eyes are now on insurance regulator IRDAI as it gets set to meet on Friday to take a call on whether or not to give the green signal to

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Poverty is created by the system‘we built around us’: Yunus

Our BureauSocial economist and Nobel Laureate Muhammad Yunus has suggested the formation of banks for the poor to boost their economic status. Accord

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New MD at Cigna TTK

Our BureauCigna TTK Health Insurance has announced the appointment of Prasun Sikdar as its new MD and CEO following regulatory approval from the IR

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Pune court grants bail to BoM chief

Our Bureau Bank of Maharashtra (BoM), in a notice to the stock exchange, said its MD and CEO, RP Marathe, has been granted bail by the District and S

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TATA AIA Life keen to to deploy humanoids for customer services

Life insurer bets big on technology for support and customer interface

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DHFL mulls raising ₹ 12,000-cr fund via bond issue

Housing financier DHFL will raise up to ₹ 12,000 crore by issuing bonds on a private placement basis.The board of directors of the company approved t

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DSK fraud case: Bank of Maharashtra MD Ravindra Marathe gets bail

The special court set up under the Maharashtra Protection Of Interest Of Depositors (MPID) Act granted the relief to Marathe on a surety bond of Rs 50,000.

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How PNB missed Nirav Modi's several elephants in the room

The biggest clue the PNB missed—or ignored—was the “exponential” rise in the branch’s business with Nirav Modi and Choksi’s companies since 2010.

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DBS on track to launch local subsidiary in October: Piyush Gupta

The bank has around a Rs 50,000 crore balance sheet in India. Loans to large companies account for 70% of its book, followed by SMEs at 20% and the rest is a growing consumer book.

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JP Morgan elevates Chase Bank India CEO

JP Morgan has also made some high-level changes in the corporate banking division as the largest US bank sees India with huge potential.

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SBI in process to shut 9 foreign offices as part of rationalisation: MD

SBI, country's largest lender, has operations in about 36 countries with nearly 190 branches.

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Retail lending up 25%, number of accounts over 32% in FY18: Cibil data

Retail lending saw rapid growth in FY18, with the loan book rising by 25 per cent and the number of outstanding accounts by over 32 per cent, said a report.

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Temasek to acquire minority stake in UST Global

Apart from its centres in India, UST Global has regional headquarters in California, Singapore and London, and over 35 offices across the world.

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Allahabad Bank seeks Rs 7,000 crore capital infusion from government

The bank has shared a revival plan, wherein it has proposed to raise Rs 1,900 crore via QIPs and other means; resolution of IBC cases is expected to add Rs 3k crore.

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Retail lending up 25%, number of accounts 32% in FY18: Cibil data

Retail lending saw rapid growth in FY18, with the loan book rising by 25 per cent and the number of outstanding accounts by over 32 per cent.

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UCO Bank stepping up efforts to improve profitability: CEO

The city-based UCO Bank is hopeful of coming out of the Prompt Corrective Action (PCA) framework of the Reserve Bank of India in the next two years.A

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Allahabad Bank plans to recover Rs 5,500 cr from stressed assets

The city-based Allahabad Bank is looking to recover close to Rs 5,500 crore from its stressed assets this fiscal.According to N K Sahoo, Executive D

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Nirav Modi firms availed loans from PNB’s Hong Kong, Dubai branches too, says report

Nirav Modi group's exposure was not limited to only PNB's Brady House branch in Mumbai, as the firms had availed loan facility from its Hong Kong and Dubai branches too.

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LIC likely to face regulatory hurdle in IDBI Bank buyout

Could breach regulators’ caps on equity holding

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More than a fifth of all public sector bank loans can go bad, warns RBI

Sees GNPA ratio of PSBs worsening to 22.3% in March 2019

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Impairment in asset quality of PSBs under prompt corrective action stays high: RBI

Profitability and capital position of 11 lenders on the decline

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ICICI Bank may take a call on new chairman by month-end

MD Mallya top choice, but board could delay decision over CBI questioning the former Bank of Baroda CMD for alleged loan fraud

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11 public sector banks under PCA may experience worsening of bad loan problem, says RBI report

As the stress in the banking sector continues, eleven public sector banks under RBI’s prompt corrective action framework may experience a further worsening of their bad loan problem.

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Court allows ED to start extradition process against Nirav Modi

A special court on Tuesday allowed the Enforcement Directorate's plea seeking extradition of fugitive billionaire jeweller Nirav Modi in a money laundering case related to the $2 billion Punjab National Bank (PNB) loan fraud.

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Operational risks at PSBs on the rise: RBI

Our BureauThe Reserve Bank of India, on Tuesday, said that operational risks, especially in public sector banks is on the rise, and is indicative of

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Bharti AXA General Insurance GWP up 34%

Our BureauBharti AXA General Insurance (BAXAGI) has recorded a 34 per cent increase in Gross Written Premium (GWP) for the year ended March 31, 2018,

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RBI imposes ₹6-cr penalty on TMB

Our Bureau The RBI has imposed a penalty of ₹6 crore on Tamilnad Mercantile Bank for contravention of Master Directions on Issue and Pricing of Share

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‘Indian banks in a recovery phase’

Our BureauThe Indian banking sector is already on the path of recovery, said Shyam Srinivasan, CMD, Federal Bank, at a discussion, ‘Banks: From the B

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Tamilnad Mercantile Bank net slips 29% as NPAs rise

Our BureauThoothukudi-headquartered Tamilnad Mercantile Bank’s net profit slipped 29 per cent to ₹221.92 crore in FY2017-18, compared to the ₹316.66

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Ready to repeat Carney experiment for BoE Governor post: UK Chancellor

NS VageeshThe 325-year-old Bank of England created some waves in the staid world of central banking six years ago when the then Chancellor of the UK

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SBI to enter digital lending space in a big way

To launch digital loans this year, says the PSB’s Chairman

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DBS Bank India arm by October

Our Bureau DBS Bank is set to start its Indian subsidiary by October. It plans to significantly ramp up its operations in the country, becoming the f

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PNB Housing plans to raise ₹ 10,000 cr via bonds

PNB Housing Finance today said it plans to raise up to ₹ 10,000 crore by issuing bonds through public issue.The board of directors of the company in

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PSBs account for 85% of bank fraud cases: RBI report

The RBI said the state-run banks lacked effective credit screening and oversight. The significant differences in operational risk called for a deeper introspection.

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Low profits can prevent banks from building cushion against unexpected losses: Financial stability report

The report pointed out that nearly one-fourth of banks loan is under stress and the worst is not over yet.

from Banking/Finance-Industry-The Economic Times https://ift.tt/2MoM8vS

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Nearly one-fourth of banks loan book has turned sour: RBI report

The stressed assets- gross non performing loans and restructured loans – together stood at 24.8% in March 2018 as against 23.9% in September 2017.

from Banking/Finance-Industry-The Economic Times https://ift.tt/2KrAPCI

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NPA situation likely to worsen further: RBI

Painting a gloomy picture of the banking sector, the RBI today said Gross NPA ratio of banks is likely to rise from 11.6 per cent in March 2018 to 1

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RBI says situation of bad loans likely to worsen further

"Macro-stress tests indicate that under the baseline scenario of current macroeconomic outlook, SCBs' (scheduled commercial banks) GNPA ratio may rise from 11.6 per cent in March 2018 to 12.2 per cent by March 2019," the Reserve Bank said.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2Kq9Tmv

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Shriram Transport to raise ₹ 5,000 cr via bonds issue

Shriram Transport Finance today said it will raise up to ₹ 5,000 crore through a public issue of bonds to augment its business growth. The non-bankin

from Business Line - Money & Banking https://ift.tt/2lwInsO

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India’s life-saving plan for IDBI makes no sense

New Delhi hasn't found a genuine private-sector buyer for the ailing IDBI for more than two years. Hence, the stage is being cleared for state-owned LIC, the government’s preferred buyer of stuff nobody wants.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2KebsZ2

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Vijay Mallya, loan default ‘Poster Boy’, vows to settle with PSU Banks

Liquor baron Vijay Mallya, who might soon be declared a Fugitive Economic Offender, said that he has been made the 'Poster Boy' of loan default and a lightning rod of public anger.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2twA0lk

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West Bengal government takes steps to boost banking services in rural areas

A statement issued by the monitoring panel for the cooperative sector has said the initiative to upgrade the PACS has to be taken up by the district or state cooperative banks by digitally connecting the customer service points with the core banking solution of cooperative banks.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2tw2VpH

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RBI draws curtains on Windows XP: Why RBI has asked ATMs to uninstall Microsoft’s once top selling OS

India’s central bank RBI has asked banks to upgrade their ATMs, and uninstall Microsoft Windows XP from all systems by June 2019.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2tAQwjC

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IndiaFirst Life forges distribution tie-up with Oxigen Services

Partnership to help popularise insurance among micro segment

from Business Line - Money & Banking https://ift.tt/2N0DjcW

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Karur Vysya Bank board approves raising up to Rs 1,200 cr through Basel-III compliant instruments

Mumbai, June 25Karus Vysya Bank's board of directors has approved domestic fund-raising up to Rs 1,200 crore by way of issuance of Basel-III complian

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State-run banks hopeful of getting out of RBI's watchlist by 2020

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2MWzBAO

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Full text of letter Mallya wrote to PM, FM in 2016

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2yIYBst

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Satin Creditcare raises Rs 500 cr from Nabard

Satin Creditcare Network Ltd (SCNL), a microfinance institution, has received fresh disbursement of Rs 500 crore from Nabard under the latter's refin

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I've become poster boy of bank default: Vijay Mallya

Breaking his silence after a long time, to state the "factual position in response to the controversy unfortunately surrounding" him, Mallya said he had written letters to both the Prime Minister and the finance minister on April 15, 2016 to explain his side of the story.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2tEMJ4F

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Social media’s powerful ‘silent majority’ moves Bitcoin prices: Study

Bitcoin’s value can be manipulated by public sentiment, say scientists who found that positive comments by infrequent social media users were more l

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Generali Group to raise its stake in Indian insurance joint ventures to 49 per cent

In a regulatory filing, Kishore Biyani-led Future Enterprises said it has entered into amended and restated joint venture agreements pertaining to its insurance JVs with Generali Group.

from Banking/Finance-Industry-The Economic Times https://ift.tt/2Mrr1ZZ

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Heads of 11 state-run banks to appear before par panel tomorrow

The banking sector is grappling with rising non-performing assets (NPAs), which touched Rs 8.99 lakh crore or 10.11 per cent of total advances at December-end 2017.

from Banking/Finance-Industry-The Economic Times https://ift.tt/2yEsV7x

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SEBI may favour adjudication proceedings against Kochhar, ICICI Bank

ICICI Bank Managing Director and CEO Chanda Kochhar, who is facing allegations of quid pro quo in loans to the Videocon Group, is likely to stick to

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Digit offers ‘simple and relevant’ insurance products

“After taking travel insurance, have you paused to find out if the cover includes flight delays,” asks Jasleen Kohli, Chief Distribution Officer, D

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Govt to blame for losses at PSBs, says Congress

Accuses Modi, Jaitley of mismanagement; claims govt permitted offenders to flee

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Focus on benefitting from AIIB, not its other funding activities, says Piyush Goyal

Finance minister Piyush Goyal today said we should be focusing more on benefitting from the multilateral lender AIIB, and not to worry too much about its other funding activities like financing the ambitious OBOR initiative by China.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2tsRu2f

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RBI proposes Board of Management in Urban Co-operative banks

The RBI today proposed that all Urban Co-operative Banks (UCBs) having deposits of over Rs 100 crore will have to set up a Board of Management within one year to promote professional management in the banks.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2K6jiUh

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Sebi favours adjudication proceedings against ICICI Bank, Chanda Kochhar

A preliminary examination by regulator Sebi has favoured adjudication proceedings against ICICI Bank and its CEO Chanda Kochhar for alleged violation of listing disclosure norms regarding 'conflict of interest' in business dealings of her husband with Videocon group.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2tAx8mN

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Oriental Bank of Commerce hopes to post profit, come out of PCA this fiscal

With focus on recovery, Oriental Bank of Commerce (OBC) expects to post profit and also come out of prompt corrective action (PCA) framework of the RBI later this fiscal.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2KeW0Lp

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To what end are PSBs continuing to finance coal-fired power?

The government's announcement to soon tender out 100 GW of solar power in one go is somewhat an ambitious step towards transition to clean energy, compared to the previous largest tender of 10 GW -- which is likely to be opened in July.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2tBRwUr

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Is LIC playing white knight or Don Quixote?

Experts rue likely use of policyholder funds to rescue ailing state-owned bank

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We’d like to see clusters of branches in high-potential centres: SIB chief Mathew

South Indian Bank’s MD & CEO VG Mathew talks about the lender’s expansion plans

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Regulators may frown on LIC’s plan to pick up 40% of IDBI Bank

IRDAI, RBI may not be keen on the insurance giant turning to banking

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RBI proposes Board of Management for all urban co-op banks

Our BureauTo protect the interests of depositors and also overcome constraints imposed by dual regulation, the RBI has proposed the constitution of a

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Margadarsi mulls conversion to NBFC or small finance bank

With client base of up to 50 lakh, the company aims to double its turnover of ₹10,000 crore by 2025

from Business Line - Money & Banking https://ift.tt/2trr2py

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Few takers for ambitious electoral bond scheme

Just 905 bonds worth ₹440 cr were bought across three tranches

from Business Line - Money & Banking https://ift.tt/2KlMP8F

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Foreign money outflows, costlier oil will keep rupee under pressure

Gurumurthy K The rupee witnessed some wild swings and volatile moves in the past week. The currency initially fell to a low of 68.24 on Thursday and r

from Business Line - Money & Banking https://ift.tt/2MY469M

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RBI proposes Board of Management for urban co-operative banks

​Currently, the Board of Directors of a UCB perform both the executive and supervisory roles and has the responsibility to oversee the overall functioning of the bank.

from Banking/Finance-Industry-The Economic Times https://ift.tt/2Kapt9K

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IDBI-LIC stake deal: FinMin official says boards to take a call

The government today sounded evasive about the media reports that it was planning to ask LIC to take a controlling stake in the crippled IDBI Bank, saying the boards of the respective entities will take a call on the matter.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2KmVMBN

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Quick resolution to bank NPAs problem unlikely: Rahul Bajaj

On the company's performance, he said Bajaj Auto could have done even better had it not been affected by a decline in domestic motorcycle sales.

from Banking/Finance-Industry-The Economic Times https://ift.tt/2MobJ89

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Abandoned power plant a $38 billion warning sign for Indian banks

“It is the largest bad-loan risk in the country,” said Vinayak Bahuguna, chief executive officer of Asset Reconstruction Co. of India Ltd., the firm which bought the Jharkhand plant from its creditors in 2015, about two years after construction stopped.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2KpH4Kx

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Finance Ministry terms Bank of Maharashtra arrests as ‘aberration’, not hounding bankers

A senior finance ministry official today described the arrests of top officials of state-run Bank of Maharashtra (BoM) last week as an "aberration" and said it should not be construed that "bankers are being hounded".

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2MTlPyS

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IDBI-LIC stake deal: Finance Ministry official says boards to take a call

The government today sounded evasive about the media reports that it was planning to ask LIC to take a controlling stake in the crippled IDBI Bank, saying the boards of the respective entities will take a call on the matter.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2Ka7sbJ

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China regulators free up extra $100 billion for bank lending

Chinese regulators have freed up an extra $100 billion for bank lending in a move financial analysts said could help to reassure investors amid trade tensions with Washington.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2KiLuzj

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Repo Game: Banks may be using Lehman Brothers-style trick to disguise their debt

Banks may be disguising their borrowings in a way similar to that used by Lehman Brothers Holdings Inc., with debt ratios falling within limits imposed by regulators just four times a year.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2MosErp

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Bajaj Allianz Life hopes to grow at 29% in new premium in FY19

Additionally, Bajaj Allianz Life Insurance also saw its market share increase to 2.2 per cent in FY2017-2018 as compared to 1.9 per cent in FY2016-17.

from Banking/Finance-Industry-The Economic Times https://ift.tt/2Kafl0P

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Bharti AXA General business grows 34% to Rs 1,772 cr in FY18

The company has invested in building a robust bancassurance and partnership business, complemented by significantly scaling the current lines of corporate business, agency, motor and digital business.

from Banking/Finance-Industry-The Economic Times https://ift.tt/2KjUebG

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Banks need more time to implement new APIs: IBA

K Ram Kumar The Indian Banks’ Association (IBA) has told the Unique Identification Authority of India (UIDAI) in no uncertain terms that banks need to

from Business Line - Money & Banking https://ift.tt/2KexolZ

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Australia’s Commonwealth to spin off wealth, mortgage arms

Commonwealth, Australia’s biggest bank, announced plans today to spin off its wealth management and mortgage-broking arms as it looks to streamline

from Business Line - Money & Banking https://ift.tt/2MWNdfu

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IDBI-LIC stake deal: Finance Ministry official says boards to take a call

As per reports, govt might ask LIC to take at least 40 per cent more in IDBI, something it had done with Axis Bank in the past.

from Banking/Finance-Industry-The Economic Times https://ift.tt/2KfFdrz

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Defaulters beware! PNB takes big steps to tackle bad loans, NPA accounts after Nirav Modi fiasco

Shell-shocked by the multi-crore loan fraud involving diamond merchant Nirav Modi, the Punjab National Bank (PNB) has now turned its attention to recovering loans and take steps to prevent the recurrence of such incidents in the future.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2ltQiHs

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China regulators free up extra $100 billion for bank lending

The reduction on Sunday in reserves banks are required to hold was part of a series of such cuts economists had forecast before the dispute with US President Donald Trump erupted.

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State-run banks with PCA tag prune ATMs in a bid to cut costs

Of the 11 banks under PCA, seven have cut down their ATMs.

from Banking/Finance-Industry-The Economic Times https://ift.tt/2ttf1jr

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HDFC, Kotak Bank eye PNB Housing Finance

Promoters Punjab National Bank and Carlyle, which together own about 66% of the company, are looking to sell their stake to a large investor.

from Banking/Finance-Industry-The Economic Times https://ift.tt/2MWXJn9

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