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Saturday, August 25, 2018

Surprise! Nirav Modi-scam hit PNB gets top rank in digital transactions by Finmin

Punjab National Bank (PNB) today said a Department of Financial Services report has rated it as number one state-owned bank in terms of digital transactions.

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Punjab National Bank gets top rank in digital transaction as per Finmin report

The Nirav Modi scam-hit bank is also rated as the sixth overall amongst all banks in India for digital performance, PNB said in a statement.

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PNB gets top rank in digital transaction

Punjab National Bank (PNB) today said a Department of Financial Services report has rated it as number one state-owned bank in terms of digital tran

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Bankruptcy law looms over 60 cos owing Rs 3.5L cr

Banks will have to initiate bankruptcy proceedings against dozens of corporate defaulters next week as the six-month deadline set by the RBI on February 12 ends on Monday. The action will be required where the lenders have been unsuccessful in achieving resolution.

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Need better routing of savings to stocks: NSE CEO

National Stock Exchange (NSE) MD and CEO Vikram Limaye has spent most of his life working for banks. But of late, he has been busy fire-fighting, first at BCCI, where he was appointed as a member of the committee of administrators.

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SBI working on plan to integrate biometric authentication with apps

SBI is working to enable its apps with biometric authentication that will preclude the use of a dongle attached to a smart device for verification.

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Friday, August 24, 2018

Top talent rushes to join domestic Investment Banks

Domestic banks have gained some of the brightest talent at the expense of foreign entities.

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Banks want to tap database of I-T, GST departments

To evaluate loan proposals and arrest increase in NPAs

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UCBs must retain depositors’ confidence: RBI Dy Governor

Our BureauIn view of their declining market share, Reserve Bank of India Deputy Governor NS Vishwanathan said urban co-operative banks (UCBs) need t

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United India Insurance plans to restructure by right-sizing loss-making portfolios

Insurer to enhance focus on liabilities and fire segments

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Cosmos cyber fraud: Money withdrawn from 28 countries, cops say

On August 11 and 13, unidentified hackers targeted the bank's ATM switch server and stole details of VISA and Rupay ATM cards. They also attacked the interbank SWIFT system, and syphoned off Rs 94 crore in total.

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Banking industry to see write-backs: Official

"Indian banking sector is expected to see substantial write-backs by the end of this financial year on account of resolution of stressed assets," State Bank of India's (SBI) Group Economic Adviser Soumya Kanti Ghosh said.

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Improve governance practices or perish: RBI to UCBs

Since the fall of the Madhavpura Cooperative Bank scam of 2002, urban cooperative banks (UCBs) have been witnessing a steady fall in their market share.

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SBI confident of resolving 7-8 stressed power assets worth Rs 17,000 crore soon – what MD Arijit Basu says

State Bank of India managing director Arijit Basu said today that about 7-8 power sector projects worth Rs 17,000 crore are expected to be resolved soon as lenders are nearing consensus on these.

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PSBs should have operational freedom like private players to deal with issues, says Official

PSU banks should have the same level of operational freedom as being enjoyed by private sector lenders in order to help them resolve their issues including bad loans, Bank of India non-executive chairman G Padmanabhan said today

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BALIC launches low premium insurance product

KR SrivatsBajaj Allianz Life Insurance Company (BALIC), a private life insurer, has launched a point-of-sale life insurance product – Bajaj Allianz L

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‘Sudden movement of rupee adds to volatility’

Our BureauA sudden appreciation or depreciation of the rupee is not good as it adds to the volatility in the market, said Soumya Kanti Ghosh, Group E

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SBI to be back in black from Sept quarter, says Chairman

Lending to corporate, SME sectors set to go up, says Rajnish Kumar

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SBI confident of resolving 7-8 stressed power assets worth Rs 17,000 crore soon – what MD Arijit Basu says

State Bank of India managing director Arijit Basu said today that about 7-8 power sector projects worth Rs 17,000 crore are expected to be resolved soon as lenders are nearing consensus on these.

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PSBs should have operational freedom like private players to deal with issues, says Official

PSU banks should have the same level of operational freedom as being enjoyed by private sector lenders in order to help them resolve their issues including bad loans, Bank of India non-executive chairman G Padmanabhan said today

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Resolution soon on 7-8 stressed power assets worth Rs 17,000 crore: SBI MD

The Reserve Bank of India (RBI), in a circular in February, mandated banks to identify projects with even a day's default as stressed asset and conclude the resolution proceedings in 180 days. The circular came into effect on March 1 and the 180-day deadline concludes on August 27. On provisions against non-performing assets (NPAs) or bad loans, Basu said that some guidance has been given and the bank has already provided for them significantly in the first quarter and will continue to provide as per the norms.

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Resolution soon on 7-8 stressed power assets worth Rs 17,000 cr, says SBI MD

New Delhi, Aug 24 () State Bank of India managing director Arijit Basu said today that about 7-8 power sector projects worth Rs 17,000 crore are expected to be resolved soon as lenders are nearing consensus on these.

from Banking/Finance-Industry-The Economic Times https://ift.tt/2NaA2qW
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PSBs should have operational freedom like private players to deal with issues: Official

Most of the problems in the banking sector are due to operational issues rather than ownership issues, he said at the banking conclave organised by the Centre for Economic Policy Research (CEPR).

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If you have this SBI ATM card, you will have to get it replaced. Check details here

SBI has urged the account holders, who have magstripe debit cards to shift to EMV chip debit cards by December 31st.

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Relax non-performing asset rules for Kerala loans: Banks

In the past, the central bank had granted forbearance for loans to small businesses during demonetisation. More recently, relief was granted to small borrowers impacted by the GST.

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Axis job imminent? Amitabh Chaudhry sells shares worth Rs 55 crore in HDFC Life

Data hints that Chaudhry sold 1,162,044 shares between April 26 and August 20 on the NSE.

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End the problem of dual control of PSBs: YV Reddy

YV Reddy, former Governor of Reserve Bank of India, on Thursday called for putting an end to the problem of “dual control” of public sector banks.Re

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India needs 3-4 global sized banks: Niti Aayog vice-chairman Rajiv Kumar

India needs three-four large lenders which could figure among top 200 global-sized banks, Niti Aayog vice-chairman Rajiv Kumar said today.

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Former RBI Governor for doing away with dual control of PSBs

Former RBI Governor Y V Reddy today called for doing away with the dual control of public sector banks by the Centre and the central bank. 

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India needs 3-4 global sized banks: Niti Aayog vice-chairman Rajiv Kumar

India needs three-four large lenders which could figure among top 200 global-sized banks, Niti Aayog vice-chairman Rajiv Kumar said today.

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Former RBI Governor for doing away with dual control of PSBs

Former RBI Governor Y V Reddy today called for doing away with the dual control of public sector banks by the Centre and the central bank. 

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Thursday, August 23, 2018

Must end dual control over public sector banks to strengthen the structure, says YV Reddy

The RBI regulates both governance and prudential norms of private banks. For public banks, the government exercises the powers relating to governance while leaving prudential regulation to RBI.

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PNB scam fallout: Outstanding buyers’ credit shrinks by $25 b

In the aftermath of the ₹12,600-crore scam at state-run Punjab National Bank, access to overseas credit has become increasingly difficult, especially

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Kochhar unlikely to attendICICI Securities AGM

Decision on her reappointment to I-Sec board will be taken by shareholders

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Paytm Money eyes 2 crorecustomers for mutual funds

Priyanka PaniAlibaba-backed Paytm, which is all set to launch its financial management app Paytm Money, is optimistic that about two crore customers

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Avanse Financial Services eyes 45% growth in education loan disbursements in FY19

KR SrivatsAvanse Financial Services, a new-age education finance company, is eyeing 45 per cent growth in education loan disbursements on pan-India b

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Digital SB accounts click with youngsters

G Naga Sridhar Digital Savings Bank accounts that can be opened online instantly have become a hit with youngsters.Unlike a normal account that re

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18 months after demonetisation, SBI yet to recalibrate 18,135 ATMs for new notes

Country's largest lender State Bank Of India (SBI) is yet to recalibrate 18,135 automated teller machines (ATMs) even after 21 months of demonetisation, an RTI query has revealed.

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Chanda Kochhar still ICICI Bank CEO; decision on her after Srikrishna report, says Chairman

Chanda Kochhar is the CEO of ICICI Bank even today, and the final decision on her will be made post submission of Srikrishna report, Chairman of the private lender said.

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‘Wilful defaulter’ Winsome Diamonds diverted $750 million to dummy companies, says probe

Winsome Diamonds and Jewellery, one among the biggest wilful defaulters, diverted at least $750 million to six companies in Hong Kong, Bahamas and UAE, directly or indirectly controlled by its promoter Jatin Mehta, through a web of ‘dummy companies.’

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SBI yet to recalibrate 18,135 ATMs for new notes: RTI

The recalibration is a process, in which the cassettes in the ATMs that hold cash are modified to suit the size of the currency.

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Insurance cover on bank deposits: Why government is in no mood to raise limit to Rs 15 lakh

The central government has turned down the suggestions to raise insurance cover on bank deposits to Rs 15 lakh from the current Rs 1 lakh.

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Kaleidofin startup gets Bharat Inclusion’s first investment

Bharat Inclusion Initiative (BII), set up by the IIM-Ahmedabad’s Center for Innovation Incubation and Entrepreneurship (CIIE) to support innovative

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Mahindra Finance hikes term deposit rates

Leading NBFC Mahindra Finance has revised the interest rates on its term deposits with effect from today. The interest rate for deposits up to 12 mon

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Insurance cover on bank deposits: Why government is in no mood to raise limit to Rs 15 lakh

The central government has turned down the suggestions to raise insurance cover on bank deposits to Rs 15 lakh from the current Rs 1 lakh.

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Srikrishna panel report on Chanda Kochhar expected in 2 months, says GC Chaturvedi

The former Supreme Court Judge is heading the panel which is probing the allegations of quid pro quo by Kochhar in sanctioning of a loan by ICICI Bank.

from Banking/Finance-Industry-The Economic Times https://ift.tt/2MwnH4c
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Insurance cover on bank deposits: Why government is in no mood to raise limit to Rs 15 lakh

The central government has turned down the suggestions to raise insurance cover on bank deposits to Rs 15 lakh from the current Rs 1 lakh.

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Insurance cover on bank deposits: Why government is in no mood to raise limit to Rs 15 lakh

The central government has turned down the suggestions to raise insurance cover on bank deposits to Rs 15 lakh from the current Rs 1 lakh.

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Chanda Kochhar offers to be reappointed on board of ICICI Securities

There are eight members on the board of ICICI Securities of which four are independent directors, two are non-executive non-independent directors who are nominated from ICICI Bank and two are whole time directors.

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Chanda Kochhar offers to be reappointed on ICICI Securities' board

"In terms of section 152 of the Act and Articles of Association of the Company, Chanda Kochhar would retire by rotation at the forthcoming AGM and is eligible for re-appointment. The annual general meeting (AGM) of ICICI securities is on August 30. Chanda Kochhar has offered herself for re-appointment," said the annual report for 2017-18 of ICICI Securities. Kochhar is the Chairperson of the bank's subsidiary.

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Insurance cover on bank deposits: Why government is in no mood to raise limit to Rs 15 lakh

The central government has turned down the suggestions to raise insurance cover on bank deposits to Rs 15 lakh from the current Rs 1 lakh.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2w7nIBv
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Insurance cover on bank deposits: Why government is in no mood to raise limit to Rs 15 lakh

The central government has turned down the suggestions to raise insurance cover on bank deposits to Rs 15 lakh from the current Rs 1 lakh.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2w7nIBv
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Ujjivan Small Finance Bank launches overdraft facility for micro, small enterprises

Ujjivan Small Finance Bank, a wholly-owned subsidiary of Ujjivan Financial Services Ltd, has launched overdraft (OD) facility for micro and small ent

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Insurance cover on bank deposits: Why government is in no mood to raise limit to Rs 15 lakh

The central government has turned down the suggestions to raise insurance cover on bank deposits to Rs 15 lakh from the current Rs 1 lakh.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2w7nIBv
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Insurance cover on bank deposits: Why government is in no mood to raise limit to Rs 15 lakh

The central government has turned down the suggestions to raise insurance cover on bank deposits to Rs 15 lakh from the current Rs 1 lakh.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2w7nIBv
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Cars to consumer goods: How Indians are now loosening their purse strings

More than 1,200 manufacturing firms -- both small and large -- polled by the Reserve Bank of India (RBI) reported input price pressures and an increase in selling prices. The central bank raised interest rate twice since June to the highest in two years to curb price pressures and support the rupee amid a sell-off in emerging market currencies.

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Insurance cover on bank deposits: Why government is in no mood to raise limit to Rs 15 lakh

The central government has turned down the suggestions to raise insurance cover on bank deposits to Rs 15 lakh from the current Rs 1 lakh.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2w7nIBv
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SBI to have multiple modes of biometric authentication for apps

The bank is planning to use biometrics for various mobile banking products including the mobile wallet and Unified Payment Interface (UPI) transactions.

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RCom sells assets worth Rs 2,000 crore to Jio

Earlier this month, Reliance Communications had reinstated bank guarantees worth Rs 774 crore with the telecom department ahead of the timeline set by the telecom tribunal, and had said that its Rs 25,000 crore asset sale plans are "on track".

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SBI to have multiple modes of biometric authentication for apps

All customers having finger print embedded smart phone will in future be able to authenticate transactions using this feature. However, in order to use the finger print authentication feature, the customer would have to register their finger print at the server through the bank’s existing mobile banking application.

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PNB eyes Rs 1000 crore deal with tax dept for old Headquarters

Although PNB Housing Finance shares are on the block, the govt is keeping close tabs on the share price, which it believes was hammered by some of the potential suitors to acquire the stake at a lower value.

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How NCLT order makes liquidation easy

India’s dedicated bankruptcy court has sought to remove legal impediments to liquidation or loan-recovery proceedings.

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Muthoot Pappachan Chits Bengaluru customer base crosses 1,000-mark

Muthoot Pappachan Chits of Muthoot Pappachan Group, has crossed a milestone mark of over 1,000 customers within 90 days of its first branch opening

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KKR's ex-director Kabir Mathur joins ADIA to head India investments

Mathur, a former director with US fund KKR & Co. L.P, has joined with ADIA's Abu Dhabi office as Head- India & South East Asia, Private Equities.

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Ayushman Bharat credit positive for insurers: Moody’s

But trust model diminishes growth prospects

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Private lender Bandhan Bank joins the fray to buy PNB Housing Finance

The lender has already had preliminary management meetings with the PNB Housing top brass led by MD, Sanjaya Gupta. Goldman Sachs is believed to be its advisor.

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Bandhan looks to bid for PNB Housing Finance

Bandhan Bank is considering a potential bid to acquire PNB Housing Finance, and is likely to submit an expression of interest later this week, people familiar with the matter said.

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Wednesday, August 22, 2018

Centrum set to buy L&T Finance's supply chain business

Divestment is part of a broader Larsen &Toubro effort to trim its wholesale lending business and to concentrate instead on retail and housing segments.

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Check NPA frauds or face legal action: FinMin to PSBs

In a stern warning to bankers, the Finance Ministry has asked chief executives of public sector banks (PSBs) to check all NPA accounts exceeding ₹50 c

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Eyeing higher returns, Union Bank to boost lending to MSMEs, mid-corporate segments

In a bid to improve profitability, Union Bank of India is planning to step up focus on lending to businesses in the micro, small and medium enterprise

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Recapitalisation plan will boost PSBs, but stress may persist, says Moody’s

Rating agency calls for broader reforms to strengthen underwriting practices

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PayPal expands India presence with 1.65 lakh sq ft Bengaluru facility

Rashmi Pratap PayPal, the US-based digital payments giant, has leased 1.65 lakh square feet space in Bengaluru’s RGA Tech Park as it looks to penetra

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SFB tag creates confidence among customers, says Equitas CEO

G BalachandarEquitas Holdings, a financial services provider that focusses majorly on low-income people and tiny and small enterprises, had assets u

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Embracing digital innovation, the Aviva Life way

Insurer banking on digital innovation to increase customer engagement

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Oppose Chanda Kochhar’s board appointment, IiAS tells I-Sec

Says this is likely to expose the company to reputational risks; peer SES differs

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GDP likely to grow at 7.7 per cent in Q1, says SBI report

The country’s GDP is expected to grow by 7.7 per cent in the April-June quarter on the back of pick up in leading indicators like cement production,

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Gross premium collection of non-life insurers grows 20pc in July

The gross premium collection of all the 33 non-life insurers rose by 14 per cent to Rs 49,067.47 crore in April-June 2018-19 compared to Rs 43,076.26 crore in the same period of 2017-18, according to the Irdai data.

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Check frauds in NPAs or face penal action: Govt tells PSU bank CEOs

This missive comes in the light of arrest of Bhushan Steel's erstwhile promoter Neeraj Singal by the Serious Fraud Investigation Office (SFIO) for allegedly siphoning off funds. The sources said that bankers could be held accountable under Section 120B of Indian Penal Code if they fail to report fraud in an account which is later unearthed by investigating agencies, sources said.

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Non-life insurers gross premium up 20% in July

Non-life insurance firms registered a 20 per cent growth in their gross direct premium at Rs 11,714.87 crore in July 2018, according to the data by

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ICICI Bank announces partnership with Manchester United

ICICI Bank, India’s private sector bank, has agreed to a multi-year partnership with Manchester United, bringing a range of competitive co-branded c

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Why Venezuela is unhappy after a 3,000% wage hike

To say that Venezuela's economy is in doldrums, will be an understatement. The country's inflation rate is currently the world's highest. Venezuela's Central Bank has not published inflation figures since 2015, but earlier this year the International Monetary Fund (IMF) predicted that the it will hit 1 million per cent by the end of 2018.

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Chanda Kochhar up for re-appointment as director on ICICI Securities board

ICICI Bank CEO and Managing Director Chanda Kochhar, who is on leave pending a probe into alleged irregularities in sanctioning loans, is likely to b

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Operating guidelines by next week, says SBI deputy MD

Guidelines will define timelines for resolutions under the ICA and will also detail how to come up with a resolution plan.

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Operating guidelines by next week, says SBI deputy MD

Guidelines will define timelines for resolutions under the ICA and will also detail how to come up with a resolution plan.

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RBI asks rating firms to scan companies’ bank details

The Reserve Bank of India (RBI) has directed rating firms to scan bank account details in assessing its ability to repay loans.

from Banking/Finance-Industry-The Economic Times https://ift.tt/2MrPvXv
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PM Narendra Modi to launch India Post Payments Bank on September 1

Prime Minister Narendra Modi on September 1 will launch long-awaited India Post Payments Bank (IPPB) that will have at least one branch in every district and focus on financial services in rural areas, a senior official said.

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Operating guidelines by next week, says SBI deputy MD

Guidelines will define timelines for resolutions under the ICA and will also detail how to come up with a resolution plan.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2MpXQKZ
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PM Narendra Modi to launch India Post Payments Bank on September 1

Prime Minister Narendra Modi on September 1 will launch long-awaited India Post Payments Bank (IPPB) that will have at least one branch in every district and focus on financial services in rural areas, a senior official said.

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Id-ul-Zuha to be celebrated tomorrow: Are banks closed? Here’s what you should know

Id-ul-Zuha is a restrictive holiday and hence it is up to companies or banks to decide whether or not to declare a holiday.

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PM Narendra Modi to launch India Post Payments Bank on September 1

Prime Minister Narendra Modi on September 1 will launch long-awaited India Post Payments Bank (IPPB) that will have at least one branch in every district and focus on financial services in rural areas, a senior official said.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2wh9e15
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Id-ul-Zuha to be celebrated tomorrow: Are banks closed? Here’s what you should know

Id-ul-Zuha is a restrictive holiday and hence it is up to companies or banks to decide whether or not to declare a holiday.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2nVm6WN
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PM Narendra Modi to launch India Post Payments Bank on September 1

Prime Minister Narendra Modi on September 1 will launch long-awaited India Post Payments Bank (IPPB) that will have at least one branch in every district and focus on financial services in rural areas, a senior official said.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2wh9e15
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Id-ul-Zuha to be celebrated tomorrow: Are banks closed? Here’s what you should know

Id-ul-Zuha is a restrictive holiday and hence it is up to companies or banks to decide whether or not to declare a holiday.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2nVm6WN
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Tuesday, August 21, 2018

PM Narendra Modi to launch India Post Payments Bank on September 1

Prime Minister Narendra Modi on September 1 will launch long-awaited India Post Payments Bank (IPPB) that will have at least one branch in every district and focus on financial services in rural areas, a senior official said.

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Id-ul-Zuha to be celebrated tomorrow: Are banks closed? Here’s what you should know

Id-ul-Zuha is a restrictive holiday and hence it is up to companies or banks to decide whether or not to declare a holiday.

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PM Narendra Modi to launch India Post Payments Bank on September 1

Prime Minister Narendra Modi on September 1 will launch long-awaited India Post Payments Bank (IPPB) that will have at least one branch in every district and focus on financial services in rural areas, a senior official said.

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Id-ul-Zuha to be celebrated tomorrow: Are banks closed? Here’s what you should know

Id-ul-Zuha is a restrictive holiday and hence it is up to companies or banks to decide whether or not to declare a holiday.

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Government aid will give capital relief to banks, but stress will remain, says Moody’s

Moody's Investors Service today said the government's plan to provide more capital support to public sector banks in current fiscal will restore capital adequacy and improve loan-loss coverage at many loss-making banks, but stress will persist.

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OpenTap, ITI EdVest tie upto boost education lending

Our Bureau OpenTap, a Chennai-headquartered start-up that focusses on the alternative lending segment, has entered into a tie-up with ITI EdVest, an

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Insurers aim to boost demand for home insurance

Few takers due to lack of awareness and ‘supply-side’ constraints

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Magma Fincorp profit rises 74% at ₹68 crore

Our BureauRiding on the back of higher disbursements in commercial vehicle and used assets businesses, Magma Fincorp posted a 74 per cent growth in n

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Remove 25% investment ceiling on investee company: IVCA

Allow venture capital funds to invest in NBFCs, proposes white paper on venture capital industry

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Kerala floods: Insurance claims seen at ₹600-1,000 cr

Insurance firms set up special camps for the speedy settlement of claims

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Banks see surge in lending to corporates

Growth comes from diverse segments; to witness a further increase in demand

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Guidelines on Inter creditor agreement next week

The Sunil Mehta committee has also backed the government plan for a bad bank to deal with stressed loans by setting up an asset management company (AMC). Chalasani said the committee is in advanced discussions for the same.

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HDFC Life offers cover up to 85 years

 Private sector HDFC Life has launched a new product offering cover to a maximum age of 85 from the earlier 75 years and a policy term to 50 years fro

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Kerala banks announce moratorium on repayment of crop loans

Bankers’ committee also decided to restructure payment of loan amount over five years

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HDFC acquires 25% stake in Good Host for Rs 70 cr

Mortgage lender HDFC Ltd today said it has acquired over 25 per cent stake in Good Host, a company engaged in the business of managing student housi

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Kerala deluge: LIC relaxes claim settlement process

State-run Life Insurance Corporation of India (LIC) has relaxed the claim settlement and documentation process for the flood victims in the deluge-r

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Kerala floods: Insurance claims likely to be upwards of Rs 1000 crore

Assessment of claims will take place with situation moving to normal, a senior official of an insurance firm said, adding clear picture will emerge in the next 4-5 days when claims are received.

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Govt aid will give capital relief to banks, but stress will remain: Moody’s

Moody’s Investors Service today said the government’s plan to provide more capital support to public sector banks in the current fiscal will restore

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ClearScore forays into India

ClearScore, a UK-based free credit checking service, has forayed into India by launching its web and mobile-web services in the country and is gettin

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Kerala floods: Over Rs 1,000 crore claims expected by insurers, loan restructuring by banks on cards

The flood-affected people of Kerala may claims over Rs 1,000 crore, the insurance companies expect.

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Lending norms: Consortia to be re-jigged, says SBI chairman

Banks are now looking at reorganising a number of consortia, State Bank of India (SBI) chairman Rajnish Kumar said on Monday, explaining that consortium lending and multiple banking arrangements had led to significant delays in decision-making.

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Wrong reporting hides small biz loans worth Rs 10 L crore

Most of these are taken in the name of the proprietor and family, and then channelled to support business needs.

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Affordable housing is new money spinner for HFCs

There’s immense potential in the mid-market segment.

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Banks had a role in bad debt build-up: SBI chief

State Bank of India (SBI) chairman Rajnish Kumar said on Monday that all players — including lenders, industry, government and courts — had a role to play in the build-up of stressed loans in the banking sector.

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Banks waive various charges for Kerala customers

SBI has waived charges on late EMI payment for one month, as also charges on remittance to CMDRF and charges for issuing duplicate passbook, ATM card and cheque book for those who have lost the same in the floods.

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Monday, August 20, 2018

IDFC Bank, Capital First merger on track

Our BureauThe merger of Capital First with IDFC Bank is on track, with the shareholders of the two institutions expected to approve the transaction n

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Agricultural households tend to save more money: Nabard

Our BureauAgricultural households exhibit a greater tendency to save money compared to their non-agricultural counterparts, according to Nabard’s Ru

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India’s sovereign credit risk from rupee decline limited: Fitch

Strong external finance is likely to limit the impact of rupee weakening against the US dollar on the country’s sovereign rating profile, global rati

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Mamata asks co-op banks to fund MSMEs

West Bengal Chief Minister Mamata Banerjee has called for greater financial assistance to the MSME (micro, small & medium enterprises) sector and

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Need to whittle down thrust on consortium lending, says SBI chief

Apportioning the blame for bad loans, which has almost touched 12 per cent of the system, on the government, the judiciary, banks and slimy borrowers, he said, "instead of lessening credit risk, consortium lending has mostly increased the pain as inordinate delay in loan appraisal, has most of the time, killed projects."

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SISA unveils action plan forbanks to prevent cyber attacks

Shishir SinhaPayment security specialist SISA has suggested an eight-point action plan for banks and financial institutions to prevent cyber attacks

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Rupee may get a temporary breather

But a strong dollar and trade deficit worries may restrict the upside in the near term

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PCR will ‘sachetise’ access to credit: Viral

Our BureauJust like in the fast-moving consumer goods (FMCG) sector, banking and access to credit too will be ‘sachetised’ to make it more accessible

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Eastern, Southern States lead the way in adopting digital banking

Our BureauEastern and Southern States such as Manipur and Telangana lead the way in internet banking, although mobile banking now seems to be the pr

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Consortium and multiple banking to get slimmer, says SBI Chairman

Government move aimed at speedier decision-making in loan-related matters

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Reinsurance premium may go up for flood risk cover

Primary insurers though need IRDA's nod before raising premium rates for the policyholders.

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Settle claims quickly in flood-hit areas of Karnataka: Irda to insurers

The companies have also been asked to nominate one senior officer to act as nodal officer who would be coordinating/expediting the settlement of all eligible claims in Karnataka.

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SBI Chairman lists these reasons behind NPA mess, says banks need to do this now

The problem of mounting NPAs came into existence due to a delayed response from banks, said SBI Chairman.

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How Rs 94 crore online fraud was carried out in Pune’s Cosmos bank

The Rs 94-crore fraud at Pune’s Cosmos bank, caused by a malware attack on the bank’s systems raises several questions about the security controls. We take a look at how exactly the fraud was perpetrated.

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SBI chief calls for relook at consortimum lending

"Consortium banking is increasing risks because of delays in decision making,’’ Rajnish Kumar said.

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PNB fraud: CBI court grants bail to ex-MD Usha Ananthasubramanian

Earlier this month, the court had taken cognisance of the sanction granted by the President to prosecute Ananthasubramanian in the case.

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PNB fraud: CBI court grants bail to ex-MD Usha Anathasubramanian

Three months ago, she was divested of her powers as MD and CEO of the Allahabad Bank following the country's biggest bank fraud allegedly carried out by diamond jeweller Nirav Modi and associates at the PNB.

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Greece exits bailouts after biting austerity

The European Union, the European Central Bank and the International Monetary Fund loaned debt-wracked Greece a total of 289 billion euros ($330 billion) in three successive programmes in 2010, 2012 and 2015.

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Walmart-Flipkart deal is really big for start-ups, shoppers

Shoppers can look forward to a slew of offers, and start-ups to investments

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Digital & regulatory evolutions have transformed the lending landscape

Lending an impetus to financial inclusion A recent report by BCG indicates that over the next five years, digital lending is an unmissable 1 trillion-dollar ...

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Greece leaves bailouts behind after biting austerity

The European Union, the European Central Bank and the International Monetary Fund loaned debt-wracked Greece a total of 289 billion euros ($330 billion) in three successive programmes in 2010, 2012 and 2015.

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S&P warns IDBI Bank of downgrade if LIC money does not come in three months

With bad loans at over 30 per cent of assets, IDBI Bank is one of the weakest lenders to be rated by S&P given its standalone credit profile of B-. The bank has reported a loss of Rs 8,100 crore in FY18 and Rs 2,410 crore in first quarter of FY19.

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ChrysCapital in advanced talks to buy stake in Dr Agarwal's Health Care

The funds will be used to expand the eyecare chain run by publicly traded unit Dr Agarwal’s Eye Hospital Ltd into new geographies.

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Insurers say Kerala floods claims may touch Rs 500 crore

Insurers are expected to take losses mainly under householders’ policies and life and motor claims.

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