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In an effort to avoid frauds like the one seen in PMC Bank, the Reserve Bank of India (RBI) on Monday proposed to tighten lending rules for urban co-operative banks (UCBs). The regulator plans to limit these lenders’ exposure to a single party and a group of related borrowers to 10% and 25%, respectively, of their Tier I capital — down from the 15% and 40% level now.
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Naveen Tahilyani has been appointed as Group Executive -- Head Banking Operations and Transformation -- with effective from January 6. Cyril Anand, the incumbent CRO will retire from the services of the bank, with effect from close of business hours of December 31, 2019.
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There is some New Year’s cheer for those planning to buy homes. State Bank of India (SBI) has reduced its home loan rates by a quarter percentage point, or 25 basis points (100bps = 1 percentage point), to 7.9% from 8.15% earlier.
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The transaction, in preliminary stages, is part of the group’s thinking to unlock cash to fund its aggressive growth plans.
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With the moratorium period of some facilities gradually coming to an end, it is expected that the asset quality may come under pressure. There has also been an increase in softer delinquencies for nonbanks in the current fiscal reflecting the build-up of stress.
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Finance Minister Nirmala Sitharaman on Saturday said that the zero MDR regime would kick in once the Department of Revenue issued a gazette notification on January 1. Top industry players say Centre’s decision on not levying merchant discount rates will make the business model unviable.
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On December 4, the administrator in a public announcement had asked all its creditors including fixed depositors to file their claims by December 17. As per the latest available data, the company received Rs 86,892.30 crore from financial creditors including lenders, bondholders and Nabard among others.
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Lending rates for tenors of one year would be revised to 8.30 per cent from the current 8.35 per cent, the bank said.
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The government unveiled measures over the past few months aimed at improving liquidity in the system.
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Little is known about the digital yuan except that it’s been in the works for five years.
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China’s central bank ordered lenders to adopt a new loan-pricing regime for all credit from next year, marking an end to the previous benchmark and another step toward liberalising the financial system.
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In the wake of the PMC Bank crisis, the finance ministry and insurance regulator IRDAI have asked insurers if they can come up with a product to provide coverage for deposits of above Rs 1 lakh. Currently, the Deposit Insurance and Credit Guarantee Corporation (DICGC) covers only deposits of Rs 1 lakh and below.
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State Bank of India (SBI) on Monday announced reduction in its external benchmark based rate (EBR) by 25 basis points (bps) to 7.80 per cent from 8.05 per cent. The revised rates will be come into effect from January 1, 2020, the country's largest lender said in a release.
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As a percentage of claims, banks recovered on average 42.5% of the amount filed through the IBC in the financial year 2018-19, against 14.5% through the Sarfaesi resolution mechanism, 3.5% through Debt Recovery Tribunals and 5.3% through Lok Adalats. Against Rs 1.66 lakh crore claims involved under IBC, the recovery was Rs 70,819 crore.
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Move after review of asset quality and performance of investments in real estate, loans and other assets. The country’s biggest life insurer has exposure to stressed entities such as Dewan Housing Finance Corp Ltd, Infrastructure Leasing and Financial Services and the Anil Ambani-led Reliance Group among others.
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Housing finance companies (HFCs) have doubled their share in builder loans to 23.81 per cent by June this year, compared with 12.17 per cent in June 2016. Meanwhile, the share of private sector banks rose to 30.41 per cent from 23.62 per cent, while the exposure of PSBs nearly halved to 24.34 per cent as of June 2019, shows the FSR.
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Replying to an RTI query, RBI said preliminary findings indicated large-scale irregularities, warranting supersession of its board of directors and imposition of all inclusive directions of the Banking Regulation Act, 1949. "The report is yet to be finalised as inspection with respect to PMC Bank's financial position as on March 31, 2019, is under progress," RBI said.
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Replying to an RTI query, it said preliminary findings of the RBI indicated large-scale irregularities in the bank, warranting supersession of its board of directors and imposition of all inclusive directions of the Banking Regulation Act, 1949.
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The third-largest pure play mortgage player is the first non-banking financial company or housing finance company to face the corporate insolvency resolution process. The Mumbai bench of NCLT had admitted the company for insolvency resolution on December 2 and appointed IOB's former MD and CEO R Subramaniakumar as the company's administrator.
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With Nordic countries swiftly advancing to cashless modes, Asian countries like China, Singapore and now India are on the way to make digital payments popular. In India, the demonetisation of 86% of the currency notes in circulation in 2016 accelerated the shift to digital payment modes. Yet, cash continues to account for over 90% of transactions.
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Sitharaman, in a meeting with top executives of public and private sector lenders attended for the first time by the CBI director, Rishi Kumar Shukla, assured the bankers that a distinction would be made between genuine commercial failures and culpability. She further added that there had been concerns and worries among bankers about investigative agencies.
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All companies with a turnover of Rs 50 crore or more will be mandated by DoR to provide the facility of payment through RuPay Debit card and UPI QR code to their customers. MDR is the cost paid by a merchant to a bank for accepting payment from their customers via digital means. The merchant discount rate is expressed in percentage of the transaction amount.
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Sitharaman said the Centre was doing everything to instill a sense of protection among bankers.
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The country's largest public sector lender, the State Bank of India (SBI), via a tweet on December 26, said that it will introduce a one-time password (OTP)-based cash withdrawal system for its ATMs.
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The EOW charged the former management of PMC Bank with failing to report an account of Rakesh Wadhawan with an outstanding amount of Rs 1,671.88 crore as the top borrower from the HDIL Group and filing false statements with the Reserve Bank of India to avoid regulatory scrutiny.
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The slowdown could cause the gross non-performing ratio of local lenders to increase to 9.9% in September 2020 from 9.3% in September 2019, the Reserve Bank of India’s (RBI) Financial Stability Report showed.
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"India's financial system remains stable notwithstanding weakening domestic growth," the central bank said in the Financial Stability Report. India's GDP slowed to a six-year low of 4.5 per cent in the second quarter of FY20, forcing the RBI to slash its growth forecast by 240 basis points to 5 per cent for the fiscal in its December monetary policy review.
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"The RBI-appointed administrator to PMC Bank intends to monetise a yacht and two aircraft through a transparent process. For the purpose, the administrator plans to appoint a valuer/consultant and invites proposals from interested parties," the administrator said in a public notice.
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In a bid to bring unbanked areas under the institutional credit network, the Bengal state government will provide space inside panchayat offices so that banks can set up branches in remote areas.
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Motilal Oswal will be infusing fresh capital into VVDN and will pick up a significant minority stake. With its main offshore delivery centre based in San Jose, California, VVDN is a product design and original design manufacturing services provider. In addition, it has eight centres across India.
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Three months after probe into the Rs 6,500-crore Punjab and Maharashtra Cooperative (PMC) Bank loan fraud case began, TOI has learnt that the whistleblower was an “insider”. Mumbai police have used the term “whistleblower” for the first time in their chargesheet. Mumbai police’s economic offences wing will file the 32,000-page chargesheet on Friday.
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The whistleblower, who was a senior bank official, was angry about RBI being systematically kept in the dark.
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A new set of rules have given the green light to GST authorities to attach property and bank accounts of those who fail to file tax returns despite repeated reminders.
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Similarly, Bajaj Finance has lowered deposit rates by 15-40 basis points and the maximum it pays is 8.35%. PNB Housing Finance and Shriram Transport Finance are likely to reduce rates by 20-25 basis points, beginning early January.
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Airtel Payments Bank customers will now be able to use the National Electronic Funds Transfer (NEFT) facility at any time of the day. The facility will be available to customers on a 24x7 basis even on holidays enabling then to receive or send funds to any bank from anywhere, anytime, the Bank said.
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Benchmark sensex plunged 297 points on Thursday, led by losses in index heavyweights Reliance Industries and HDFC Bank amid expiry of December derivatives contracts.
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Many termed the immediate aftermath of IL&FS as India's Lehman moment. No doubt India's NBFCs had in 2019 their worst year in a decade amid a severe and protracted struggle for funds. But when there were just two failures which the industry took in its stride without needing any bailout, what does it indicate? Was it really a Lehman-like moment?
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As banks and insurance companies promote machine learning- (ML-) and artificial intelligence- (AI-) driven products and services, one cannot overlook the growing demand for sales and marketing as financial institutions plan aggressive expansion in the tier-3 and -4 market, said Robin Bhowmik, chief business officer, Manipal Global Academy of BFSI.
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Scandal-hit lender Punjab National Bank alleged it has been cheated -- its third complaint since 2018 when it suffered through a Rs 14249.00 crore blow.
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More than 78 global banking and financial services companies, including Goldman Sachs, Deutsche Bank, JP Morgan and Standard Chartered, have set up captive units here that employ a combined 250,000 people, according to industry consultancy Zinnov.
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Resumption of normal business operations, albeit on a smaller scale, is aimed at strengthening DHFL’s credentials as a ‘going concern’ and eventually helping secure better valuations at the closure of the ongoing resolution process. Central bank- appointed administrators at DHFL have decided to lend about Rs 500 crore every month beginning the next few weeks.
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The CBI FIR, registered on December 20, alleged that Jagdish Khattar, former managing director of Maruti Suzuki, along with “unknown public servants”, cheated banks as he had failed to repay his debt. Khattar, however, denied the allegations.
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The Reserve Bank of India (RBI) report on 'trend and progress of banking in India', shows that the gross NPAs declined to 9.1% in March 2019 from 11.2% in March 2018 as recognition of bad loans neared completion. The report showed that all bank groups recorded an improvement in asset quality, with PSBs experiencing a drop both in the GNPA and net NPA ratios.
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The banking regulator called for a granular lending strategy to offset risk concentration in its annual publication on trends and progress of banking in India.
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Banking services hit, including movement of cash & branch ops; UPI & AEPS payments, eKYC also affected. Violent protests against the Citizenship Amendment Act (CAA) have led to statewide imposition of prohibitory orders under Section 144, heavy deployment of forces and shutdown of internet in several areas of UP.
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Soon after the merger of its five associates, the SBI had a short stint in the global 50 list with a balance-sheet of around USD 450 billion, but soon slipped following the massive pile of bad loans in the system, which shrank its balance-sheet.
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The RBI observed in its Banking Report for FY19 that in the event of demand for credit slowing down from the corporate sector, the retail segment saw a surge in lending. The RBI noted that the bad loan overhang remains in the banking segment even as the resolutions under the IBC framework have seen an improvement.
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As bad loan recognition process nears completion, gross non-performing loans of banks improved to 9.1 per cent as of end-September 2019, compared to 11.2 per cent in FY18, according to a Reserve Bank of India (RBI) report.
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