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Saturday, December 22, 2018

GST rate cut to make third party insurance affordable for ‘goods carrying vehicle’

Experts said that the move will reduce compliance costs

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Real rates in India among highest: ICICI Bank

According to ICICI Bank, the unexpected drop in international crude prices is likely to compel the RBI to change its stance from calibrated tightening to neutral.

from Banking/Finance-Industry-Economic Times http://bit.ly/2BzkuZh
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PSU banks collected Rs 10,000 crore from you in 3 and a half years

The ministry said the Reserve Bank of India (RBI) had permitted banks to fix charges on various services rendered by them, as approved by their boards.

from Banking/Finance-Industry-Economic Times http://bit.ly/2R8n8iB
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Finance Ministry’s Alternative Mechanism gives nod for Bank of Baroda, Dena, Vijaya Bank merger

Public sector lender Bank of Baroda Friday said the 'Alternative Mechanism' of the finance ministry has accorded in-principle approval for its merger with Dena and Vijaya Bank.

from The Financial ExpressBanking & Finance – The Financial Express http://bit.ly/2LuG9q9
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Friday, December 21, 2018

Finance Ministry’s Alternative Mechanism gives nod for Bank of Baroda, Dena, Vijaya Bank merger

Public sector lender Bank of Baroda Friday said the 'Alternative Mechanism' of the finance ministry has accorded in-principle approval for its merger with Dena and Vijaya Bank.

from The Financial ExpressBanking & Finance – The Financial Express http://bit.ly/2LuG9q9
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Finance Ministry’s Alternative Mechanism gives nod for Bank of Baroda, Dena, Vijaya Bank merger

Public sector lender Bank of Baroda Friday said the 'Alternative Mechanism' of the finance ministry has accorded in-principle approval for its merger with Dena and Vijaya Bank.

from The Financial ExpressBanking & Finance – The Financial Express http://bit.ly/2LuG9q9
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Finance Ministry’s Alternative Mechanism gives nod for Bank of Baroda, Dena, Vijaya Bank merger

Public sector lender Bank of Baroda Friday said the 'Alternative Mechanism' of the finance ministry has accorded in-principle approval for its merger with Dena and Vijaya Bank.

from The Financial ExpressBanking & Finance – The Financial Express http://bit.ly/2LuG9q9
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Finance Ministry’s Alternative Mechanism gives nod for Bank of Baroda, Dena, Vijaya Bank merger

Public sector lender Bank of Baroda Friday said the 'Alternative Mechanism' of the finance ministry has accorded in-principle approval for its merger with Dena and Vijaya Bank.

from The Financial ExpressBanking & Finance – The Financial Express http://bit.ly/2LuG9q9
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PSBs mop-up over ₹10,000 crore from people not maintaining minimum balance, using ATMs more

Twenty-one public sector banks (PSBs) have collected more than ₹10,000 crore in 42 months from the general public for not maintaining minimum balance

from Business Line - Money & Banking http://bit.ly/2CraL8T
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With liquidity drying up, HFCsturn to securitisation deals

Securitisation provides immediate liquidity to housing finance companies as banks halt lending

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Axis Bank announces Rajiv Anand as ED Wholesale Banking

Private sector lender Axis Bank, on Friday, said that Rajiv Anand, Executive Director - Retail Banking, has taken over as the Executive Director - Who

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Union Bank’s tech-based monitoring mechanism to stem growth of NPAs

K Ram KumarTo stem accretion of bad loans, Union Bank of India is putting in place a technology-based monitoring mechanism to identify stress in a lo

from Business Line - Money & Banking http://bit.ly/2LwBTGp
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Finance Ministry’s Alternative Mechanism gives nod for Bank of Baroda, Dena, Vijaya Bank merger

Public sector lender Bank of Baroda Friday said the 'Alternative Mechanism' of the finance ministry has accorded in-principle approval for its merger with Dena and Vijaya Bank.

from The Financial ExpressBanking & Finance – The Financial Express http://bit.ly/2LuG9q9
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PSU bank officers' strike impacts operations

Most of the banks had already informed their customers about the one-day strike, called by AIBOC, and its impact on their normal banking operations.

from Banking/Finance-Industry-Economic Times http://bit.ly/2BuQuO0
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Finance Ministry’s Alternative Mechanism gives nod for Bank of Baroda, Dena, Vijaya Bank merger

Public sector lender Bank of Baroda Friday said the 'Alternative Mechanism' of the finance ministry has accorded in-principle approval for its merger with Dena and Vijaya Bank.

from The Financial ExpressBanking & Finance – The Financial Express http://bit.ly/2LuG9q9
Read more »

Finance Ministry’s Alternative Mechanism gives nod for Bank of Baroda, Dena, Vijaya Bank merger

Public sector lender Bank of Baroda Friday said the 'Alternative Mechanism' of the finance ministry has accorded in-principle approval for its merger with Dena and Vijaya Bank.

from The Financial ExpressBanking & Finance – The Financial Express http://bit.ly/2LuG9q9
Read more »

Finance Ministry’s Alternative Mechanism gives nod for Bank of Baroda, Dena, Vijaya Bank merger

Public sector lender Bank of Baroda Friday said the 'Alternative Mechanism' of the finance ministry has accorded in-principle approval for its merger with Dena and Vijaya Bank.

from The Financial ExpressBanking & Finance – The Financial Express http://bit.ly/2LuG9q9
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Bank of Baroda new digital initiative

The bank has been improving its impetus on deploying technological solutions for business growth and increasing their digital footprint.

from Banking/Finance-Industry-Economic Times http://bit.ly/2V5qjH1
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FinMin’s Alternative Mechanism gives nod for BoB, Dena, Vijaya Bank merger

The new entity to be formed with the merger is expected to be operational in the beginning of the next financial year

from Business Line - Money & Banking http://bit.ly/2GBl4LQ
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Trading volume hit in forex, debt markets due to bank strike

PSB officers' union calls strike over wages, mergers

from Business Line - Money & Banking http://bit.ly/2BwMlcH
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Indian state-owned bank officers' union calls strike over wages, mergers

The strike, by the All India Bank Officers' Confederation (AIBOC), impacted trading volumes in foreign exchange and debt markets, said traders.

from Banking/Finance-Industry-Economic Times http://bit.ly/2BytzRX
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The assault on the RBI's autonomy is just starting

State-run lenders control 70 percent of banking assets, and 11 out of 21 of them are facing lending curbs.

from Banking/Finance-Industry-Economic Times http://bit.ly/2QItohn
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Loan waiver pledge causes 24% rise in MP farm NPAs

Latest available data shows that farm related non-performing assets in Madhya Pradesh doubled to 10.6% of advances in a little over three years between 2014-15 and June 2018.

from Banking/Finance-Industry-Economic Times http://bit.ly/2QJHYoP
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HC dismisses appeal against LIC move to acquire 51% stake in IDBI

It violates Insurance Act provisions, says the officers association

from Business Line - Money & Banking http://bit.ly/2UZKxSh
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Credit rating agencies give thumbs up to Govt’s PSB recapitalisation plan

The Government's decision to infuse an additional ₹41,000 crore in Public Sector Banks (PSBs) in FY2019 is positive, ensuring they not only support t

from Business Line - Money & Banking http://bit.ly/2PSYwpo
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IDFC First: Management buyout turns into bank

“There have been instances of financial institutions converting into a bank or promoting one,” said V Vaidyanathan.

from Banking/Finance-Industry-Economic Times http://bit.ly/2Gz8dK8
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Bank strike: Alert for customers as banks to remain close against mergers, pay revision

AIBEA and the NOBW are constituents of UFBU.

from The Financial ExpressBanking & Finance – The Financial Express http://bit.ly/2PUvqFU
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Breather! PSBs to get Rs 41,000 cr extra capital this fiscal

Jaitley said as much as Rs 83,000 crore will be released to PSBs in the rest of the fiscal, as bonds worth roughly Rs 23,000 crore were already been provided to them.

from The Financial ExpressBanking & Finance – The Financial Express http://bit.ly/2EBCRQA
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Lenders start to lose trust in Liberty House’s bid to buy stressed firms under IBC

Rejects its resolution plan for ABG Shipyard

from Business Line - Money & Banking http://bit.ly/2PThegk
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Centre plans to deposit Rs 83,000 crore in state-run banks

The money will be infused strategically — to support lenders under the Reserve Bank’s PCA regime that have shown improvement and to shore up others that are at risk of slipping into the programme.

from Banking/Finance-Industry-Economic Times http://bit.ly/2A8YPqW
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EY buys pune-based digital design company FCUX

Sources within EY said the firm is looking for more acquisitions in the digital space to fill in the gaps in its digital service bouquet.

from Banking/Finance-Industry-Economic Times http://bit.ly/2EHbwgI
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Breather! PSBs to get Rs 41,000 cr extra capital this fiscal

Jaitley said as much as Rs 83,000 crore will be released to PSBs in the rest of the fiscal, as bonds worth roughly Rs 23,000 crore were already been provided to them.

from The Financial ExpressBanking & Finance – The Financial Express http://bit.ly/2EBCRQA
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Syndicate Bank to raise up to Rs 500 cr via ESPS

State-owned Syndicate Bank Thursday said it will raise up to Rs 500 crore by issuing 30 crore shares to its staff under the employee stock purchase scheme. The committee of directors on ESPS (compensation committee) in its meeting held on December 20, 2018 has approved a scheme namely Syndicate Bank Employee Stock Purchase Scheme (ESPS) […]

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Bank credit grows by 15.07%, deposits by 9.66%

Bank credit rose at a healthy 15.07 percent to Rs 92.03 trillion in the fortnight to December 7, while deposits grew 9.66 percent to Rs 118.84 trillion, according to the latest RBI data.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2LsdbqW
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Bank of India eyes Rs 1200-cr from exiting life insurance arm Star Union

State-run Bank of India is looking to raise Rs 1,000-1,200 crore by selling its entire 28.96 percent stake in life insurance joint venture, Star Union Dai-Ichi Life Insurance

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2rLMIeG
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RBI Governor Shaktikanta Das to meet private sector lenders next week

RBI Governor Shaktikanta Das Thursday said he will meet representatives of private sector banks and cooperative banks next week to discuss issues and concerns.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2LtjB9d
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Govt to infuse Rs 83,000 cr in PSU banks in next few months: Arun Jaitley

Finance Minister Arun Jaitley Thursday said the government will infuse Rs 83,000 crore in public sector banks in the next few months of the current fiscal.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2rNly7p
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Syndicate Bank to raise up to Rs 500 cr via ESPS

State-owned Syndicate Bank Thursday said it will raise up to Rs 500 crore by issuing 30 crore shares to its staff under the employee stock purchase scheme. The committee of directors on ESPS (compensation committee) in its meeting held on December 20, 2018 has approved a scheme namely Syndicate Bank Employee Stock Purchase Scheme (ESPS) […]

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2rPH0sd
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Bank credit grows by 15.07%, deposits by 9.66%

Bank credit rose at a healthy 15.07 percent to Rs 92.03 trillion in the fortnight to December 7, while deposits grew 9.66 percent to Rs 118.84 trillion, according to the latest RBI data.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2LsdbqW
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Bank of India eyes Rs 1200-cr from exiting life insurance arm Star Union

State-run Bank of India is looking to raise Rs 1,000-1,200 crore by selling its entire 28.96 percent stake in life insurance joint venture, Star Union Dai-Ichi Life Insurance

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2rLMIeG
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RBI Governor Shaktikanta Das to meet private sector lenders next week

RBI Governor Shaktikanta Das Thursday said he will meet representatives of private sector banks and cooperative banks next week to discuss issues and concerns.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2LtjB9d
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Govt to infuse Rs 83,000 cr in PSU banks in next few months: Arun Jaitley

Finance Minister Arun Jaitley Thursday said the government will infuse Rs 83,000 crore in public sector banks in the next few months of the current fiscal.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2rNly7p
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Farm loan waivers in states may put squeeze on lending

With 7 states writing off farm loans, the amount of waiver could rise to Rs 1.5 lakh cr, pressurising banks.

from Banking/Finance-Industry-Economic Times https://ift.tt/2GzKeKN
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Thursday, December 20, 2018

How are borrowing costs falling for companies

The falling rates have weighted on the commercial paper market.

from Banking/Finance-Industry-Economic Times https://ift.tt/2SaeoFK
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Farm loan wavier: Lending to be hit, NPAs to go up

Farm lending by banks in the three States — Madhya Pradesh, Chattisgarh, and Rajasthan — is likely to slow down. There is also fear that non performin

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Toffee Insurance launches cover for bicycle and rider

With the ubiquitous bicycle gaining popularity as a mode of transport, digital-only insurance platform Toffee Insurance has launched a bicycle insuran

from Business Line - Money & Banking https://ift.tt/2PQcXKQ
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IL&FS to sell stake in education, wealth management arms

IIML manages private equity funds, infra debt funds, among others and has assets under management of around Rs 13,340 crore.

from Banking/Finance-Industry-Economic Times https://ift.tt/2LwW5by
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Bank credit grows by 15.07%, deposits by 9.66%

In the previous fortnight ended November 23, credit had risen by 15.09 percent to Rs 91.32 trillion, while deposits surged 9.43 percent to Rs 118.13 trillion.

from Banking/Finance-Industry-Economic Times https://ift.tt/2ShT41m
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‘RBI must release a vision document for UCBs to thrive’

To strengthen the urban co-operative banking sector, the Reserve Bank of India needs to come up with a vision document in the light of the experience

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Govt to infuse Rs 83,000 crore in PSBs: Arun Jaitley

The government on Thursday said it will enhance the capital infusion in public sector banks to Rs 83,000 crore, taking the total to Rs 1.06 lakh crore for the fiscal.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2GxFkxM
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IL&FS to sell stakes in education, wealth management businesses; to call for EoI

The board of debt-laden IL&FS on Thursday initiated two separate processes to explore the sale of its interests in the education business as wel

from Business Line - Money & Banking https://ift.tt/2rLtpCv
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BoI eyes Rs 1,200 crore from exiting life insurance arm Star Union

While BoI owns 28.96 percent in the JV, UBI holds 25.10 percent, and Dai-chi is the singel largest shareholder with 45.94 percent stake.

from Banking/Finance-Industry-Economic Times https://ift.tt/2V0fV3d
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Why digital tech is the way forward for insurance companies, too

Ease and convenience of online channels are the major attractions

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Over 80% of banking transactions now happen digitally

Armed with tech like AI, blockchain, chatbots, there has been a massive shift in the way banks serve their customers

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Irdai fines Iffco Tokio, Royal Sundaram Rs 5 lakh each

Both Iffco Tokio General Insurance and Royal Sundaram General Insurance face similar charges of settling lesser amounts than the insured declared value in case of motor vehicle total loss/theft claims.

from Banking/Finance-Industry-Economic Times https://ift.tt/2A9q8BA
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Paisabazaar.com, Karnataka Bank in partnership to offer home loan products

Paisabazaar.com, online marketplace for financial products, and Karnataka Bank have announced a strategic partnership to offer the bank’s home loan pr

from Business Line - Money & Banking https://ift.tt/2rLp4PL
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PSU bank officers’ union to strike on Friday

A union of public sector bank officers has called for a strike on Friday, demanding immediate wage revision and protesting merger of the state-owned

from Business Line - Money & Banking https://ift.tt/2V1EI6L
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Net equity MF inflow hits 3-month low in November

Equity mutual fund schemes registered a net inflow of Rs 8,414 crore in November, making it the lowest in three months, mainly due to a volatile mar

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Union govt asks for Rs 41,000 cr to recapitalise banks

The Union government has sought Parliamentary approval to provide Rs 41,000 crore to public sector banks during the current fiscal, ie, 2018-19. The a

from Business Line - Money & Banking https://ift.tt/2EC9puB
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Have any pending work in bank? Brace for a five-day long holiday from Friday

Banks may remain closed from December 21 (i.e. tomorrow) till December 26, barring Monday.

from Banking/Finance-Industry-Economic Times https://ift.tt/2BuInBa
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ChrysCapital unveils $850m new fund, largest till date

The fund size could go up to $950 million with the firm’s four partners also planning to contribute $50-100 million, the people added.

from Banking/Finance-Industry-Economic Times https://ift.tt/2S6O5jP
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Loans against property up 33%, but defaults cross 3%

LAP clocked a 33% increase in accounts till end-September 2018, while credit cards came in second with a 32% growth rate.

from Banking/Finance-Industry-Economic Times https://ift.tt/2AaRneO
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Asia's central banks have almost no reasons to hike rates in 2019

US-China trade war to slow growth, suppress inflation

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Bank of Japan keeps policy steady, sticks to recovery view despite rising global risks

Keeps interest rate targets unchanged

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Why RBI blocked Paytm bank’s new business



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US Federal Reserve raises lending rate; signals slower pace ahead

The Federal Reserve has raised its key interest rate for the fourth time this year to reflect the US economy’s continued strength but signalled that

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US Fed raises interest rates, 4th time this year

Despite calls by President Donald Trump for the Federal Reserve to stop raising interest rates, the US central bank on Wednesday raised the key lending rate to a range of 2.25 percent to 2.50 percent.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2PNEP21
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Meet with RBI: Banks want to keep NPAs out of court

Chiefs of State Bank of India (SBI), Punjab National Bank (PNB), Union Bank of India, IDBI Bank, Central Bank of India and Dena Bank attended the meeting on December 13.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2rN5qCU
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Bank holidays, strike alert! Banks may remain closed for these 5 days – What account holders need to know

In the wake of strikes and holidays, the banks will remain closed and the banking services could adversely be affected on these days.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2LruXul
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Wednesday, December 19, 2018

New reinsurance regulations credit-positive, says Moody’s

Non-domestic reinsurers are offered business only if Indian reinsurers refuse the business

from Business Line - Money & Banking https://ift.tt/2S4L6s6
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ICICI Bank revamps its Trade Online platform

Will enable companies carry out ex-im transactions online

from Business Line - Money & Banking https://ift.tt/2Gv4w8n
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Mallya to file for permission to appeal extradition decision

Vijay Mallya will attempt to appeal the judgment of Westminster Magistrates’ Court Chief Magistrate Emma Arbuthnot that he should be extradited to Ind

from Business Line - Money & Banking https://ift.tt/2R8BsYd
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MPC members sounded caution on inflation, downside risks to growth

The committee also flagged the possibility of high market volatility and crowding out of private investment, according to minutes of the December 5 meeting

from Business Line - Money & Banking https://ift.tt/2A65WQM
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CBI arrests eight officials of PNB in fraudulent LoU case

The Central Bureau of Investigation (CBI) has arrested two Directors of a Mumbai-based private firm Chandri Paper & Allied Products and eight off

from Business Line - Money & Banking https://ift.tt/2R0z1XR
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RBI governor Shaktikanta Das meets more PSB heads – What they discussed?

Reserve Bank governor Shaktikanta Das Wednesday met more state-run bankers to discuss the issues related to relaxing the prompt corrective action (PCA) framework, liquidity and credit flows to MSMEs, bankers said.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2EuRIw0
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Bank see rising stress in retail books with LAP, mortgage loans, credit cards spoiling the party: Cibil data

Even as lenders chase opportunities in the retail sector more aggressively, data reveal that delinquency rates have increased in the loans against property (LAP) segment, as well as mortgage loans and credit cards.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2EDkgV4
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Banks may remain closed for 5 days due to holidays, strikes in December

The banks will remain closed on December 22 and 23 on account of fourth Saturday and Sunday respectively. December 25 will be national holiday for Christmas.

from Banking/Finance-Industry-Economic Times https://ift.tt/2V3Tdaq
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Govt to seek interim dividend from RBI: Garg

Economic Affairs Secretary Subhash Chandra Garg on Wednesday said the government will seek interim dividend from the Reserve Bank of India.He also sa

from Business Line - Money & Banking https://ift.tt/2UU8PNu
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Canara Bank to raise up to Rs 3K cr via Basel III-compliant bonds

The bank said it can raise the funds in single or multiple tranches, depending on market conditions

from Business Line - Money & Banking https://ift.tt/2GwFTYI
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RBI Governor meets more PSB heads

Reserve Bank Governor Shaktikanta Das on Wednesday met more state-run bankers to discuss issues related to relaxing the prompt corrective action (PCA

from Business Line - Money & Banking https://ift.tt/2A2jjl6
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Credit lending market continues to see robust growth: Report

The increase was a result of a 28% year-over-year increase in total account volumes accompanied by 5% decline in average balance per account, the report found.

from Banking/Finance-Industry-Economic Times https://ift.tt/2SXgqJy
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We don't want to strike, but have no options left:Bank union leader

Even as the banking sector braces for two strikes in the last fortnight of the year, a top trade union leader said that customers are discerning enou

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ICICI Bank upgrades ‘Trade Online’ platform

Boosts digitisation for export/import transactions

from Business Line - Money & Banking https://ift.tt/2UQK1WN
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Market rises for 7th session amid easing crude, firm rupee

Besides, the Reserve Bank's decision on Tuesday to increase liquidity infusion by Rs 10,000 crore to Rs 50,000 crore in December buoyed sentiment. The central bank had earlier announced to infuse liquidity amounting to Rs 40,000 crore through the purchase of government securities under open market operations (OMOs) during December.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2EteeFz
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New reinsurance regulations are credit positive: Moody’s

Moody’s Investor Service on Wednesday said the new regulations for re-insurance in India are credit positive. “They will improve Indian insurers' acce

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Markets open higher, Sensex up over 100 points; Nifty above 10,900

Asian Paints, ITC, SBI, Axis Bank, Maruti and Hindustan Unilever were among the top performers on the BSE index, rising as much as 2.01 per cent. On NSE, sub-indices Nifty PSU Bank and FMCG tracked major gains, up as much as 1.67 per cent.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2V272pQ
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Tuesday, December 18, 2018

IDFC, Capital First completes merger process to form IDFC First Bank

The merged entity will serve 7.2 million customers through its 203 bank branches, 129 ATMs, 454 rural business correspondent centres across the country’s urban and rural geographies.

from Banking/Finance-Industry-Economic Times https://ift.tt/2ErgFbH
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Karnataka Bank in pact with Paisabazaar for home loans

Karnataka Bank has entered into a partnership with Paisabazaar.com , an online platform for financial products, to offer home loan products of the b

from Business Line - Money & Banking https://ift.tt/2rItwyx
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Union Bank to boost loan generation in rural areas with hub-and-spoke model

Lender plans to set up 30 Union Samridhhi Kendras by the end of March

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IDFC Bank and Capital First announce completion of merger

The board of IDFC Bank approved the appointment of Rajiv Lall, Founder MD and CEO of IDFC Bank

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To prevent bad loans, banks to cross-check info on borrowers

To approach I-T and GST departments to check veracity of information submitted

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Govt not seeking RBI surplus to meet fiscal deficit: Minister

The government has not sought funds from surplus reserves of the Reserve Bank to meet fiscal deficit, minister of state for finance Pon Radhakrishnan has said. The RBI has massive Rs 9.59 lakh crore reserves, and the finance ministry and independent director S Gurumurthy want it to be lowered in line with global practices

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2A1xczR
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Banks Board Bureau seeks application for post of Canara Bank MD

Canara Bank is among the top 5 banks and the position is open to all eligible candidates, including from the private sector.

from Banking/Finance-Industry-Economic Times https://ift.tt/2EvNILU
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Govt not seeking RBI surplus funds to meet fiscal deficit: Minister

The government has not sought funds from surplus reserves of the Reserve Bank to meet fiscal deficit, Minister of State for Finance Pon Radhakrishnan

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Yes Bank recommends name of Brahm Dutt for post of Chairman: Sources

Brahm Dutt, a retired bureaucrat, is currently an independent director on the bank's board, which has eight members.

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Biggest bank fraud and RBI Governor’s resignation mark a dismal banking year: 2018 year in review

The pace of the country's GDP growth slowed substantially during the second quarter of the current fiscal to 7.1 per cent, from 8.2 per cent in the previous quarter, mainly on the back of a drop in manufacturing, agriculture and mining.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2CkzSdA
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Yes Bank recommends name of Brahm Dutt for post of Chairman: Sources

Brahm Dutt, a retired bureaucrat, is currently an independent director on the bank's board, which has eight members.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2SYnlSJ
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Biggest bank fraud and RBI Governor’s resignation mark a dismal banking year: 2018 year in review

The pace of the country's GDP growth slowed substantially during the second quarter of the current fiscal to 7.1 per cent, from 8.2 per cent in the previous quarter, mainly on the back of a drop in manufacturing, agriculture and mining.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2CkzSdA
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Yes Bank recommends name of Brahm Dutt for post of Chairman: Sources

Brahm Dutt, a retired bureaucrat, is currently an independent director on the bank's board, which has eight members.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2SYnlSJ
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Biggest bank fraud and RBI Governor’s resignation mark a dismal banking year: 2018 year in review

The pace of the country's GDP growth slowed substantially during the second quarter of the current fiscal to 7.1 per cent, from 8.2 per cent in the previous quarter, mainly on the back of a drop in manufacturing, agriculture and mining.

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Biggest bank fraud and RBI Governor’s resignation mark a dismal banking year: 2018 year in review

The pace of the country's GDP growth slowed substantially during the second quarter of the current fiscal to 7.1 per cent, from 8.2 per cent in the previous quarter, mainly on the back of a drop in manufacturing, agriculture and mining.

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Biggest bank fraud and RBI Governor’s resignation mark a dismal banking year: 2018 year in review

The pace of the country's GDP growth slowed substantially during the second quarter of the current fiscal to 7.1 per cent, from 8.2 per cent in the previous quarter, mainly on the back of a drop in manufacturing, agriculture and mining.

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Markets end higher for sixth straight day, Nifty above 10,900

Sun Pharma, PowerGrid, Mahindra and Mahindra, Vedanta, Asian Paints and L&T were among the major gainers on the BSE platform with their stocks rising as much as 2.98 per cent. On NSE, sub-indices Nifty PSU Bank and Metal tracked major gains, up as much as 1.26 per cent.

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Yes Bank recommends name of Brahm Dutt for post of Chairman: Sources

The Chairman post fell vacant after resignation of Ashok Chawla in November following issues related to probity.

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Yes Bank suggests Brahm Dutt for Chairman: Sources

Yes Bank has recommended the name of its board member Brahm Dutt for the post of Chairman to the RBI, according to sources.The Chairman post fell vaca

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Fresh accretion of NPAs has come down: SBI

The State Bank of India (SBI) has been pursuing resolution of Non Performing Assets (NPA) and they should decline in the future, with fresh accretion

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Fresh accretion of NPAs has come down: SBI

The resolutions have already been done in a few cases, while they were in an advanced stage in a few others, Gupta said.

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Biggest bank fraud and RBI Governor's resignation mark a dismal banking year

Even as it is projected to overtake China by GDP in the coming year, India jumped 23 spots in the World Bank's Ease of Doing Business rankings.

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Why Indian companies' dependence on foreign banks rising

Borrowers that are facing challenges in the credit market are finding solace in dollar-denominated loans, even as non-performing debt at local banks, volatile rupee and 2019 national elections add to pressure on financing costs. The downfall of IL&FS group has fueled concerns about default risks, making banks pushing up the cost some firms pay for loans at home.

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Aadhaar to be voluntary for mobiles, bank accounts

The plan will also help telecom companies, banks and financial technology firms, which were worried about massive paperwork after the Supreme Court ordered that Aadhaar could not be mandatory for services other than direct benefit transfer, social welfare schemes or issuing of permanent account number (PAN) by the income tax department.

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Sensex down over 180 points; Nifty below 10,850

Infosys, Wipro, ONGC, HDFC, Yes Bank and TCS were among the major losers on the BSE index, sliding as much 1.94 per cent. On NSE, sub-indices Nifty Metal and IT tracked major losses, down as much as 1.43 per cent.

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Regulatory rectitude: ‘Capital norms for banks can’t dilute’ – What former CEA Subramanian has to say about PSU mergers

Former CEA Subramanian sees PSU mergers like PFC-REC as signs of ‘state is back’; votes for a separate fiscal council & only-advisory role for RBI board.

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No respite for Kotak Mahindra Bank : Bombay High Court upholds December 31 deadline for stake reduction

On August 2, the bank announced completion of the PNCPS issue on that day resulting in dilution of its promoter stake to 19.7% of paid-up capital.

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Regulatory rectitude: ‘Capital norms for banks can’t dilute’ – What former CEA Subramanian has to say about PSU mergers

Former CEA Subramanian sees PSU mergers like PFC-REC as signs of ‘state is back’; votes for a separate fiscal council & only-advisory role for RBI board.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2S9hiuC
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No relief! Bombay High Court upholds December 31 deadline for Kotak stake reduction

On August 2, the bank announced completion of the PNCPS issue on that day resulting in dilution of its promoter stake to 19.7% of paid-up capital.

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Supreme Court seeks role for operational creditors in IBC proceedings

In some cases, even the operational creditors’ debt is huge but at present they don’t have a say in the resolution process, a two-judge bench led by Justice RF Nariman said.

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PSU bank fraud: SBI tops with most employees caught in the act; next on the list is no surprise

In last three years (2015-2017), action has been initiated against 1,287 officials of State Bank of India for their involvement in fraud.

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Bank employees to go on nationwide strike on December 26; here’s why

About ten lakh bank employees and officers would take part in the countrywide strike.

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Kotak Mahindra Bank vs RBI: Bombay HC refuses to stay grant on Dec 31 deadline for promoter stake dilution

Kotak Mahindra Bank is now required to bring down its promoter stakeholding by 10% over the next remaining 15 days or ready to face action from the central bank.

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PSU bank fraud: SBI tops with most employees caught in the act; next on the list is no surprise

In last three years (2015-2017), action has been initiated against 1,287 officials of State Bank of India for their involvement in fraud.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2A4i9Wt
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Bank employees to go on nationwide strike on December 26; here’s why

About ten lakh bank employees and officers would take part in the countrywide strike.

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Kotak Mahindra Bank vs RBI: Bombay HC refuses to stay grant on Dec 31 deadline for promoter stake dilution

Kotak Mahindra Bank is now required to bring down its promoter stakeholding by 10% over the next remaining 15 days or ready to face action from the central bank.

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Monday, December 17, 2018

EDs of nationalised banks eligible to become MD of SBI: Finance Ministry

Moving away from the tradition, deputy managing directors (DMDs) of SBI were appointed managing directors in several nationalised banks earlier this year. Now, the government has allowed vice versa, by making EDs eligible to become MDs of SBI.

from Banking/Finance-Industry-Economic Times https://ift.tt/2A2paad
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RBI’s insistence on PIN-based cards may needle customers from January 1

Banks are racing against time to replace existing cards with chip-based ones

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Union Bank of India targets ₹50,000-cr business from mid-corporate vertical

Mid-corporates provide positive impetus to India’s economic growth, says CEO

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Shapoorji Pallonji-backed Suvidhaa to invest ₹25 crore in Infibeam unit

NSI will be merged with Suvidhaa Infoserve through a scheme of amalgamation.

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Rupee may stay range-bound in near term

Outcome of the US Fed meet on Wednesday will be key in setting the short-term trend

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YES Bank to give loans to MSMEs based on their GST returns, bank statements

On September 30, 2018, advances to MSMEs by YES Bank amounted to 8.3 per cent of the total advances.

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Bank of Baroda to shut three African branches by June

The bank in a regulatory filing said that as per the government guidelines for rationalisation of overseas presence, increase in efficiency and profitability of the overseas offices, it will close down branches in Guyana, Trinidad and Tobago and Ghana by June 30, 2019.

from Banking/Finance-Industry-Economic Times https://ift.tt/2Qz47Gq
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Bank of Baroda to shut three African branches by June

State-owned Bank of Baroda will close down three overseas branches in Africa by June.The bank in a regulatory filing said according to the government

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Bandhan Bank continues to rally as RBI lifts curbs on branch expansion

Extending the winning streak to the fifth straight day, shares of Bandhan Bank gained more than seven per cent after the Reserve Bank of India (RBI)

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Data on printing of Rs 2000 and Rs 500 post demonetisation should be disclosed: CIC

The note printing subsidiary of the RBI has failed to explain how disclosure of data on Rs 2,000 and Rs 500 notes printed after demonetisation will

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Transfer of excess reserve may pull down credit rating of RBI: Rajan

Former RBI Governor Raghuram Rajan has cautioned that transfer of excess reserve to the government may bring down rating of the central bank. Rating

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Banning high value notes dragged India’s economic growth down: Rajan

Rajan headed the RBI for three years - from September 2013 to September 2016.

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Sensex ends 307 points higher, reclaims 36,000-mark; Nifty above 10,850

On the BSE index, Tata Motors, PowerGrid, HDFC, Coal India, Vedanta and ICICI Bank were among the major gainers with their stocks surging as much as 4.34 per cent. On NSE, except for Nifty Realty, all other sub-indices ended in green, rising as much as 2.02 per cent.

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HC rejects plea against LIC move to acquire 51% stake in IDBI

The Delhi High Court on Monday dismissed a plea challenging the LIC move to acquire 51 per cent stake in the Industrial Development Bank of India (ID

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Disclose printing data of new Rs 2,000, Rs 500 notes: CIC

The Bhartiya Reserve Bank Note Mudran (P) Limited, a wholly owned subsidiary of the Reserve Bank of India (RBI), claimed that the printing of currency and related activities cannot be shared with people as it will result in "proliferation of counterfeit currency and economic chaos, it observed.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2LlACSz
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HC refuses to stay RBI deadline for Kotak Mahindra Bank promoter stake dilution

The Bombay High Court on Monday refused to grant a stay to the deadline of December 31 set by the Reserve Bank of India for reducing of promoter stake

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PFC may approach foreign banks to fund REC stake buy

Power Finance Corporation (PFC) may have to approach foreign banks to raise part of the Rs 7,000 crore it needs to buy out the central government’s stake in REC as public sector banks (PSBs) may hit the regulatory limits set on exposures to a single entity, senior bankers said.

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View: A breath of fresh air at India’s central bank

Fears over reduced autonomy are overblown. The changeover at the RBI could be something else entirely.

from Banking/Finance-Industry-Economic Times https://ift.tt/2QWxXUI
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PFC may approach foreign banks to fund REC stake buy

Power Finance Corporation (PFC) may have to approach foreign banks to raise part of the Rs 7,000 crore it needs to buy out the central government’s stake in REC as public sector banks (PSBs) may hit the regulatory limits set on exposures to a single entity, senior bankers said.

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Sunday, December 16, 2018

At the altar of higher yields, funds sacrifice ratings

Assets of ‘AA and below’ rated bonds have grown 10% in last one year

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GST led to ‘household savings’ as tax rates came down: Finance Ministry sources

The Goods and Services Tax did away with tax-on-tax prevalent in the previous system.

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Mastercard says will start deleting data of Indian cardholders from global servers; warns of impact

Global card payments major Mastercard has proposed to the Reserve Bank a "certain" date from which it will start deleting data of Indian cardholders from global servers but warned that it would also mean weakening of "safety and security" over a period of time.

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‘Households’ share in savings deposits has risen post note-ban’

Household sector has accounted for 60% of deposits with the banking system in recent years, says an RBI study

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Mastercard says will start deleting data of Indian cardholders from global servers; warns of impact

Global card payments major Mastercard has proposed to the Reserve Bank a "certain" date from which it will start deleting data of Indian cardholders from global servers but warned that it would also mean weakening of "safety and security" over a period of time.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2CfwqAV
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Mastercard says will start deleting data of Indian cardholders from global servers; warns of impact

Global card payments major Mastercard has proposed to the Reserve Bank a "certain" date from which it will start deleting data of Indian cardholders from global servers but warned that it would also mean weakening of "safety and security" over a period of time.

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A cancer plan with a difference

Apollo Munich’s iCan reimburses the hospitalisation cost up to sum insured

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Insurable interest

 Policyholders wanting to avail themselves of insurance must have an interest in the object/life that is covered under the policy.To better understand

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Multiple health policies, 2 ways to claim

Decide which insurer to go with and take the cashless or reimbursement route

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A safe avenue with attractive rates

Fincare Small Finance Bank offers 9% for 24-36-month deposits

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NPS gets less taxing

The Cabinet has approved a series of measures to improve the flexibility of the National Pension Scheme

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Can Small Finance Banks make it big?

After reeling under the demonetisation shock, loan growth and asset quality are slowly returning to normalcy. However, garnering low-cost deposits and improving profitability remain a challenge

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Mastercard says will start deleting data of Indian cardholders from global servers; warns of impact

According to new RBI regulation, payments companies have to store all information about transactions involving Indians solely on computers in the country

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Mastercard says will start deleting data of Indian cardholders from global servers; warns of impact

Mastercard said all new Indian transaction data is being stored at its technology centre in Pune as of October 6, as required by an RBI directive.

from Banking/Finance-Industry-Economic Times https://ift.tt/2EwOwkf
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EY to advise on merger of 3 PSU general insurers

The government has proposed to merge three public sector general insurance companies -- National Insurance Company, Oriental Insurance Company and United India Insurance Company.

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Swiss bank accounts: ED seizes Rs 10.28 crore assets of ex-MD of Emaar MGF

ED said on Saturday it has seized assets worth Rs 10.28 crore of Shravan Gupta, former MD of realty major Emaar MGF, in connection with its FEMA probe in the HSBC black money list unearthed a few years ago. The ED said it has seized an agricultural land worth over Rs 10.27 crore in Delhi's Bijwasan area as an equivalent amount of the asset held abroad.

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