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Friday, December 13, 2019

Future Generali Insurance plans to expand health insurance

Will continue to work on its core strengths of underwriting and claims experience, says CEO

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PM-JAY adopts machine learning to tackle fraud

Provides State and district authorities with field app to improve fraud-control mechanisms

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Mastercard ties up with Federal Bank for identity check security for digital transactions

Mastercard Identity Check is a global authentication program that uses the latest authentication standards of EMV 3-D Secure to provide an additional layer of security for digital transactions and facilitate higher approval rates, improving the authentication experience for merchants, issuers and cardholders.

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Mastercard ties up with Federal Bank for identity check security for digital transactions

Mastercard Identity Check is a global authentication program that uses the latest authentication standards of EMV 3-D Secure to provide an additional layer of security for digital transactions and facilitate higher approval rates, improving the authentication experience for merchants, issuers and cardholders.

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Thursday, December 12, 2019

RBI has not put banks on alert: Shaktikanta Das

RBI Governor Shaktikanta Das was in the city to attend a central board meeting. He also met Chief Minister Naveen Patnaik in the state capital.

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Edelweiss Asset Management launches country’s first corporate bond ETF

Edelweiss Asset Management company on Thursday announced the public issue of India’s first Corporate Bond ETF (exchange trade fund) called the Bharat

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No recession in insurance, growth on track: IRDAI chief

Insurance industry is now facing winds of change thanks to proliferation of low-cost insurance schemes brought in by the government and digital tech

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Exim Bank plans $1-b bond raising in offshore markets in January-March

2 Exim Bank of India plans to raise at least $1 billion in the overseas market during January-March 2020, a top official said.“We will most likely g

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IRDAI forms working group on loss prevention in general insurance

The Insurance Regulatory and Development Authority of India (IRDAI) has formed a working group on loss prevention and minimisation in general insura

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IL&FS Fin Services: NFRA raps Deloitte Haskins & Sells

The National Financial Reporting Authority (NFRA) has laid the blame at the door of Deloitte Haskins & Sells (DHS), stating that the audit firm h

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Deloitte Haskins and Sells LLP failed to comply with auditing standards: NFRA on IFIN statutory audit

The NFRA has issued Audit Quality Review (AQR) report of statutory audit conducted for IFIN for 2017-18 period. The statutory audit was carried out by Deloitte Haskins and Sells LLP (DHS).

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Allahabad Bank reports Rs 67 crore divergence in gross NPA

Divergence in gross NPA is the difference in gross bad loans reported by banks and the assessment done by Reserve Bank of India. Allahabad Bank had reported Rs 28705 crore gross NPA as on March 2019 while RBI assessed its gross NPA at Rs 28772 crore.

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Bank of Baroda to exit Trinidad & Tobago

BoB Trinidad & Tobago started its operations in October 2007 as a wholly-owned overseas subsidiary. "We have had a long and successful tenure in Trinidad & Tobago and will look forward to a disruption-free service to our valued customers of in that market," executive director Murali Ramaswami, said in a statement.

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RFL scam: Court rejects bail plea of ex-Fortis Healthcare promoter Shivinder Singh

Singh's brother Malvinder (46), also a former Fortis Healthcare promoter, Sunil Godhwani (58), Kavi Arora (48) and Anil Saxena were arrested by the Economic Offences Wing (EOW) of Delhi Police for allegedly diverting RFL's money and investing in other companies.

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PMC Bank depositors' worries to be taken up with RBI: Minister

Punjab and Maharashtra Cooperative (PMC) Bank, over a long period of time, had given more than Rs 6,700 crore in loans to the Housing Development and Infrastructure Ltd, which is 73% of its total advances, and which turned sour with the bankruptcy of the company. Its total loans stand at around 9,000 crore and the deposits at over Rs 11,610 crore.

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Mastercard, Federal Bank tie-up for digital transaction identity checks

Global payments technology major Mastercard has joined hands with Federal Bank to provide an additional layer of security for digital transactions.Ma

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Specialised monitoring agencies have opened up new avenues for CAs in banking industry: Corp Bank MD

The appointment of specialised monitoring agencies by banks for post-sanction credit monitoring has created vast opportunities for chartered accountan

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PMC Bank depositors’ worries to be taken up with RBI: Jayant Patil

The Maharashtra government will take up concerns of the troubled Punjab and Maharashtra Cooperative (PMC) Bank’s depositors with the RBI in a couple

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Small banks will need to mobilise ₹60k crore in deposits in FY21: Ind-Ra

Small finance banks (SFBs) would need to mobilise around ₹60,000 crore in deposits over FY20-21 to support an annual growth asset of 30 per cent and t

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Bank of Baroda to sell Trinidad & Tobago subsidiary

Bank of Baroda (BoB) has signed a binding Share Purchase Agreement (SPA) for sale of business of Bankof Baroda (Trinidad & Tobago) Limited (BOBTTL

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NBFC growth to hit decadal low of 6-8% in FY20: Crisil

There are landmines on the asset quality front as well. Delinquencies are expected to inch up marginally for retail asset classes, such as home loans and vehicle finance, which together account for more than half of the overall sectoral AUM. “The economic slowdown has contributed to a cyclical uptick in delinquencies across retail segments,” Crisil said.

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Is Yes Bank headed for nationalisation?

Analysts and market watchers have roundly panned the lender’s choice of the relatively-obscure Canadian citizen Erwin Singh Braich, backed by Hong Kong-based fund SPGP. The latter is known for having backed out of the bidding process for Reid & Taylor under the corporate insolvency resolution process (CIRP). The two parties together had offered to invest $1.2 billion – over half of Yes Bank’s planned fundraise of $2 billion.

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Not worried over slow rate of GDP growth: Pranab Mukherjee

"I am not worried over the slow rate of GDP growth in the country. Certain things happening will have its impact," the former president said while addressing an event at the Indian Statistical Institute (ISI) in Kolkata. He further said there is nothing wrong in public sector banks needing capital infusion.

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For DHFL, RBI appoints EY administrator advisor and AZB legal advisor

DHFL is in the process of finding a resolution after a recent proposal of lenders was rejected by the RBI. ET was first to report on October 19 that the RBI had rejected a proposal by banks that would have allowed them provisioning relief to the tune of Rs 6,000 crore on borrowings by DHFL. Most banks will have to now take this into account for the December quarter.

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Wednesday, December 11, 2019

Amid turbulence, a man left to his own devices

Our BureauWhenever a top bureaucrat, current or former, takes over the reins of the Reserve Bank of India (RBI), there is a perception that he may do

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India eases lending rules for weak shadow banks

The government had earlier this year announced it would partially guarantee state banks' purchase of as much as 1 trillion rupees of performing assets of these non-bank financial companies.

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NBFC loan growth set to hit a decadal low of 6-8%: Report

With the headwinds unlikely to dissipate soon, non- banks, especially the wholesale-focused ones without strong parentage, would need to make structural changes and reorient their business models, leading to a recalibration of their asset under management mix, Crisil said on Wednesday.

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‘The mood is better due to reduction in tax rates’

SurabhiHDFC Bank remains upbeat about its wholesale business at a time when most lenders are looking to growth their retail business. “As one of the l

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Axis Bank evaluating the acquisition route to scale up microfinance business

Axis Bank managing director and chief executive Amitabh Chaudhry said the bank has studied the market but has not found a perfect match yet. "We are evaluating opportunities all the time," he said, adding that the microfinance firms, which are doing well and can be a good fit, are mostly overvalued. "Nothing is on the cards at present."

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RBI must become matchmaker for Yes Bank before board chooses a suitor in hurry

Yes, India’s fifth-largest private-sector lender, can’t be left adrift much longer. But the RBI is so distracted fighting other fires that it would rather not have to think about Yes.

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ET Explains: What's making the pass-through of RBI's policy decisions sticky

The issue of lack of monetary transmission hasn't cropped up suddenly and is something that has been a matter of concern for the RBI in ensuring the pass-through of its policy decisions. The matter snowballed in the last few months after the RBI observed that the effects of its rate cuts are not being felt in terms of interest rates coming down.

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L&T Finance Services to issue NCDs from December 16

L&T Finance Services is coming out with a public issue of secured redeemable non-convertible debentures (NCDs).Tranche I issue, which opens on Dec

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Current processes cumbersome and time-consuming for credit applicants: TransUnion

About 2.2 crore Indian consumers apply for new credit opportunities every month, says credit information company

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Net banking & card frauds up 50%, Delhi is ATM con capital

The numbers of ATM frauds in public sector banks were, however, more revealing. While State Bank of India, with over 58,000 ATMs across India at the end of March 2019, accounted for over 25% of the over 2 lakh cash dispensers, one in five frauds were reported at its ATMs. The second-placed IDBI Bank saw close to 1,800 frauds being reported.

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View: Yes Bank needs an arranged match, or it’s No Bank

Braich, the Canadian suitor, said he loves the logo: "If it was called 'No Bank', I wouldn’t have been interested." Even if a joke, this is serious. The shock to India’s broken financial system risks being even bigger than the collapse of IL&FS in September 2018. The regulator must act before Yes Bank becomes, for all practical purposes, no bank at all.

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No turnaround at SBI: NPA divergences lead to net loss of Rs 6,968 crore in FY19

The revised gross NPA stood at Rs 1.84 lakh crore against the bank’s earlier reported figure of Rs 1.72 lakh crore. The divergence in provisioning for FY19 came in at Rs 12,036 crore.

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Capital hunt! Yes Bank weighs Citax; no call on Braich yet

Yes Bank’s search for capital has been getting more arduous as its disclosure of names of prospective investors ended up raising more questions than answers.

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Yes Bank: RBI needs to look at all options

Yes Bank Ltd’s latest $2 billion rescue plan was perfect except for one minor detail: Most suitors for the beleaguered Indian lender are not the kind

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IDBI Bank board gives nod to 49% stake sale in IDBI Capital Market Securities and IDBI Intech

The Board of Directors of IDBI Bank Ltd, at its meeting held on Tuesday, December 10, 2019, has given in-principle approval to divest/dilute IDBI Bank

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Reserve Bank of India’s February rate cut on a knife's edge

A February Reserve Bank of India (RBI) rate cut is on a knife's edge, with just under half of economists polled expecting easing at that meeting, and

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Indian banks back in UK court over Vijay Mallya's non-payment of debt

Besides SBI, the 13 Indian banks include Bank of Baroda, Corporation bank, Federal Bank Ltd, IDBI Bank, Indian Overseas Bank, Jammu & Kashmir Bank, Punjab & Sind Bank, Punjab National Bank, State Bank of Mysore, UCO Bank, United Bank of India and JM Financial Asset Reconstruction Co. Pvt Ltd.

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No turnaround at SBI: NPA divergences lead to net loss of Rs 6,968 crore in FY19

The revised gross NPA stood at Rs 1.84 lakh crore against the bank’s earlier reported figure of Rs 1.72 lakh crore. The divergence in provisioning for FY19 came in at Rs 12,036 crore.

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Capital hunt! Yes Bank weighs Citax; no call on Braich yet

Yes Bank’s search for capital has been getting more arduous as its disclosure of names of prospective investors ended up raising more questions than answers.

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Bank of Baroda lowers MCLR by upto 20 bps

The public sector lender has reduced its one-year MCLR, to which all retail loans are linked to, by 5 basis points to 8.25%. Its overnight and one-month rates are down 20 basis points to 7.65% now.

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NBFCs to continue borrowing offshore in FY20, says Fitch

Wholesale lenders in particular, according to Fitch, are at a higher risk of asset impairments. Additionally, those exposed to property-developer financing and large-ticket loans are also at greater risk since lenders will continue to pull back funding from such companies.

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Banks’ high retail loan book due to securitisation by NBFCs, not actual credit demand: Crisil

Banks' retail credit growth is up due to higher reliance on securitisation by liquidity starved non-banking lenders, and does not represent a higher credit pick-up by small borrowers, says a report.

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Bank auditors have to be more vigilant

Under the new framework, statutory auditors, in verifying whether an NPA has been correctly identified by the bank, should not confine to the objective tests laid down but “display a greater degree of scepticism and independence” in scrutinising banks’ exposure to big borrowers.

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Tuesday, December 10, 2019

Morgan Stanley gets $22-m fine for manipulation of bond prices

Morgan Stanley was fined €20 million ($22.1 million) by French regulators after the bank’s London desk was accused of using pump and dump tactics to

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The puzzling Canadian who wanted to save YES Bank

Erwin Singh Braich, the mysterious tycoon behind a $1.2-billion bid to rescue YES Bank, says he is Canada’s richest man with a story so fabulous that

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NBFC industry in consolidation mode, says Fitch Ratings

 Fitch Ratings on Tuesday said India's weaker macroeconomic backdrop is likely to add to the existing funding, growth and asset-quality strains weighi

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NBFCs to look for growth opportunities in offshore markets: Fitch

"India's weaker macroeconomic backdrop is likely to add to the existing funding, growth and asset-quality strains weighing on the Indian NBFCs (non-banking financial companies) industry as a whole, underpinning our negative outlook for 2020," the ratings agency said in a statement.

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Yes Bank’s mysterious Canadian bidder says he got interested in it because of this reason

The board of Yes Bank Ltd. will decide on Tuesday which version of Braich it supports at a meeting to approve a $2 billion preferential share sale.

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Yes Bank to favourably consider Citax’s $500 million investment offer

The binding offer of $1.2 billion submitted by Erwin Singh Braich/SPGP Holdings continues to be under discussion

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NBFCs to look for growth opportunities in offshore markets: Fitch

"India's weaker macroeconomic backdrop is likely to add to the existing funding, growth and asset-quality strains weighing on the Indian NBFCs (non-banking financial companies) industry as a whole, underpinning our negative outlook for 2020," the ratings agency said in a statement.

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Yes Bank’s mysterious Canadian bidder says he got interested in it because of this reason

The board of Yes Bank Ltd. will decide on Tuesday which version of Braich it supports at a meeting to approve a $2 billion preferential share sale.

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Bank of Baroda cuts MCLR by 5-20 bps

Bank of Baroda has decided to cut its marginal cost of funds based lending rate (MCLR) by 5 to 20 basis points across various tenors with effect from

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Bank of Baroda cuts MCLR by 5 to 20 basis points

New rates to be effective from December 12

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SBI reports loan divergence of Rs 11,932 crore for FY19

The country's largest lender State Bank of India (SBI) on Tuesday reported about Rs 12,000 crore divergence in their bad loans for the last fiscal. As per the assessment done by the RBI, the gross NPA of the SBI was 11,932 crore more at Rs 1,84,682 as against Rs 1,72,750 reported by the bank for 2018-19, SBI said in a regulatory filing.

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4 steps to protect your goals from market volatility

Market volatility can hit you anytime, every time Here are a few ways to help reduce its impact and protect your goals: 1. Learn to prioritize Whenever the m...

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NBFCs to look for growth opportunities in offshore markets: Fitch

"India's weaker macroeconomic backdrop is likely to add to the existing funding, growth and asset-quality strains weighing on the Indian NBFCs (non-banking financial companies) industry as a whole, underpinning our negative outlook for 2020," the ratings agency said in a statement.

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Yes Bank’s mysterious Canadian bidder says he got interested in it because of this reason

The board of Yes Bank Ltd. will decide on Tuesday which version of Braich it supports at a meeting to approve a $2 billion preferential share sale.

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Shaktikanta Das brings back calm at central bank after periods of conflict

Whenever a bureaucrat takes charge as governor at the Reserve Bank of India, there is speculation among bankers on how long it takes for the appointee to get “baptised”. A term they use for the switch in mindset from the bureaucracy to that of the central bank.

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Capital raising: Yes Bank may say no to Canadian tycoon

At a meeting on Tuesday, the board is expected to reject an offer from Canada’s Erwin Singh Braich and Hong Kong-based SPGP Holdings to contribute $1.2 billion toward the fund-raising, according to the person, who asked not to be identified because the discussions are private.

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High court issues notice to RBI in Chanda Kochhar case

The Bombay high court on Monday issued a notice to the RBI, making it a party in a petition filed by Chanda Kochhar, former MD and CEO of ICICI Bank, who has challenged her termination and its approval given by the central bank.

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Dhanlaxmi Bank's Board appoints V Viswanathan as additional director

V Viswanathan has been appointed as Additional Director on the Board of Dhanlaxmi Bank with effect from December 09, 2019.Viswanathan, who retired as

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Erwin Singh Braich: The puzzling Canadian behind a bid to save Yes Bank

There are two starkly contrasting narratives about the man who barged into media headlines with his bid for the troubled bank. The Yes Bank board will decide today which version of Braich it supports at a meeting to approve a $2 billion preferential share sale, 60% of which would be taken up by Braich and his partner, Hong Kong-based SPGP Holdings.

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Capital raising: Yes Bank may say no to Canadian tycoon

At a meeting on Tuesday, the board is expected to reject an offer from Canada’s Erwin Singh Braich and Hong Kong-based SPGP Holdings to contribute $1.2 billion toward the fund-raising, according to the person, who asked not to be identified because the discussions are private.

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RBI urges government to cut rates on small savings schemes

The RBI has urged the government to move forward on reducing interest rates on small savings schemes such as public provident fund (PPF) and post office deposits, to help banks pare rates on deposits and loans and lead to a better transmission of the central bank’s rate cuts.

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Trusts grappling with ‘not-so-charitable’ rules

With the CBDT raising the compliance bar, claiming tax benefits is becoming tougher

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FDI limit in insurance companies may rise to 74%

The Insurance Regulatory and Development Authority of India (IRDAI) sought the views of various stakeholders on the matter in a December 2 letter at the direction of the government, they said. The letter to insurance companies and others has called for suggestions on raising the foreign direct investment (FDI) limit.

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Monday, December 9, 2019

‘IDB membership can help project exporters penetrate LAC market’

The Export Import Bank of India (Exim Bank) has urged the the government to consider taking membership in Inter-American Development Bank (IDB). This

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₹10-lakh cr MUDRA loans sanctioned

The government on Monday said more than ₹10 lakh crore have been disbursed under the Pradhan Mantri Mudra Yojana till November 1. The PMMY is a schem

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Bank of India cuts one-year MCLR rates by up to 20 bps

This makes the SBI rates the cheapest and this is the eighth consecutive lending rate reduction by the largest lender since the beginning of the fiscal.

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5.91 cr people enrolled under PMJJBY

As many as 5.91 crore people have been enrolled under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and 15.47 crore people enlisted under the

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ICICI Bank opens new service center in Bahrain

ICICI Bank, on Monday, said that Alok Kumar Sinha, India’s Ambassador to Bahrain, has inaugurated a new service center of ICICI Bank in the Gulf nati

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Is the shock and awe era for central banks over?

The era of central bank shock and awe is over. More than 10 years of crisis fighting, including this year’s rush to support global growth, have left

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YES Bank may reject $1.2-b bid from Canadian tycoon Braich

YES Bank is likely to reject an offer that made up more than half of its planned $2-billion capital-raising, and is talking to institutional investors

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CII-IBA financial conditions index declines to 68.9 in Q3

The CII-IBA Financial Conditions Index (FCI) for the third quarter recorded a lower value of 68.9 vis-a-vis 70.4 in the second quarter due to a declin

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Jhunjhunwala likely to withdraw offer to invest $25 m in YES Bank

Lender’s board may also reject the $1.2-b offer by Erwin Singh Braich, SPGP Holdings

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Salary delays, business downturns top reasons for loan defaults, says Creditmate report

The survey comes months after official data showed that unemployment is at a four-decade high, the pace of economic growth slipping to a six-year low, and banks increasingly rely on retail loans to expand books as corporate credit demand is a far cry.

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Yes Bank may reject $1.2 billion investment offer from this little known Canadian investor

Yes Bank Ltd. is likely to reject an offer that made up more than half of its planned $2 billion capital raising, and is talking to institutional investors about making up the shortfall.

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Is SBI really buying Yes Bank? India’s largest PSU bank clarifies stand

The clarifications of SBI not taking over Yes Bank even as the latter has announced mega $2 billion fund raising plans. 

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Over 10 lakh cr loans sanctioned under MUDRA Yojana

"Under the Pradhan Mantri Mudra Yojana (PMMY), 20.84 crore loan accounts totalling an amount of Rs 10.24 lac crore have been sanctioned up to November 1, 2019," Minister of State (IC) for Labour and Employment Santosh Kumar Gangwar said in a written reply to the Lok Sabha.

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Delay in salaries, business downturn main reasons for loan defaults in 2019: Survey

A new survey has revealed that the delay in salaries and business downturn were the two main reasons for debt defaults this year.The India Delinquency

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SBI lowers MCLR-based lending rate by 10 bps

Country's largest lender State Bank of India (SBI) on Monday announced the reduction in its marginal cost of fund based lending rate (MCLR) by 10 basis points (bps) across one-year tenor, effective from Tuesday (December 10).

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SBI cuts lending rates by 10 bps

Even with the Reserve Bank of India holding repo rates, the State Bank of India has cut lending rates by 10 basis points across all tenors effective D

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Yes Bank moves in to name wilful defaulters

In July this year, Yes Bank acquired 19% in Cox & Kings by invoking pledged shares. It also picked up 30% in Ezeego One Travel & Tours, a company promoted by Cox & Kings. Three months later, it acquired 21% in Tulip Star Hotel (earlier known as Centaur) in Mumbai.

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Micro-entrepreneurs will drive the India story: ESAF SFB chief

If India wants to become a $5-trillion economy by 2024-25, micro-level entrepreneurs need to be supported, said K Paul Thomas

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Yes Bank moves in to name wilful defaulters

Private sector lender Yes Bank plans to declare former promoters of the bankrupt Cox & Kings, Peter Kerkar and his sister Urrshila Kerkar, wilful defaulters after the travel services firm failed to repay loans. The wilful defaulters’ tag will make it tough for the Kerkars to borrow from banks and financial institutions.

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Why bad-loan sales to ARCs have been flat for 3 years

RBI barring ARCs from buying loans from lenders sponsoring them may slow sales further

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IRDAI scrutinising 125 proposals under ‘regulatory sandbox’

Results will be out in a month

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Financing arrangement likely by month-end: RIL in talks for Rs 5,000-crore loan to take over Alok Industries

RIL is in talks with State Bank of India, HDFC Bank and ICICI Bank for financing. RIL won the right to buy Alok Industries in the Insolvency and Bankruptcy Code process in March this year. The Ahmedabad bench of the NCLT had approved the sole RIL bid, made together with JM Financial Asset Reconstruction Co, which had promised to pay Rs 5,050 crore to take over Alok.

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IBC to be amended to protect new owners of bankrupt companies

The Cabinet is likely to approve relevant changes to the three-year-old Insolvency and Bankruptcy Code at the earliest. This will bring much-needed confidence to buyers of distressed assets, acquirers who were otherwise wary about the over-reach of the investigative authorities. Amendments to the IBC, which came into effect in December 2016, will require eventual parliamentary approval.

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Sunday, December 8, 2019

Paytm raises $660 m from Alipay, SoftBank, others

One 97 Communications, the company that operates Paytm, has raised $660 million from Alipay, T Rowe Price, SoftBank and others in exchange for 2.6 m

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24/7 NEFT services: Banks face many challenges

While round-the-clock availability of funds transfer from December 16 under the National Electronic Funds Transfer (NEFT) is good news for customers,

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India in growth recession: Raghuram Rajan

Former Reserve Bank of India (RBI) governor Raghuram Rajan said India is in the midst of a "growth recession" with signs of deep malaise in the Indian economy that is being run through extreme centralisation of power in Prime Minister's Office and powerless ministers.

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From farm to home, M&M Financial is doubling down on digital sales

The NBFC is moving into financing consumer durables and personal loans that its customers might need. It has decided to evolve its business model, offer new products for new customers along with building a digital access layer. M&M’s digital platform will allow a customer to seek loans from his own home through an app or through the website.

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Saturday, December 7, 2019

Amalgamated entity of 3 PSBs to retain sovereign status: UBI chief

Regarding the progress of the amalgamation process, he said it is "going on smoothly" and 34-odd committees, formed by the three banks, would submit their reports by the end of December.

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NTPC signs term loan of Rs 5,000 crore with SBI

The loan facility has been extended at an interest rate linked to 3-month MCLR of the bank.

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Nepal SBI post 13 percent growth in net profit for FY19

The bank succeeded in opening 76,568 new saving accounts during the last fiscal year.

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World Bank to reduce lending to China

The World Bank said Saturday its lending to China has fallen sharply and will continue to be pared back, after US President Donald Trump demanded it stop altogether.

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Nepal SBI post 13 per cent growth in net profit for FY19

The bank mobilised total deposit of Rs 9,72.44 crore and extended loans and advances of Rs 8,864.47 crore at the closing of the year, according to a statement issued by the bank ahead of its Annual General Meeting.

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Relief to bankers! Genuine business decisions won’t be questioned, says PM Modi

Before any action, scrutiny by serving finance or banking expert to be conducted.

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RBL Bank raises Rs 2,025 crore via QIP

Private sector lender RBL Bank on Friday announced that it had raised Rs. 2,025 crore via qualified institutional placement (QIP), which would be used to fund the growth of the bank.

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Government Fund for completing stalled housing projects achieves first closure at Rs 10,530 crore

The Special Window for Affordable and Mid-Income Housing Fund (SWAMIH) Investment Fund I, sponsored by the Government of India for providing last-mile

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NEFT to be available 24x7 from December 16: RBI

The Reserve Bank of India (RBI), on Friday, said the National Electronic Funds Transfer (NEFT) facility should be made available by member banks parti

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Consumer sentiment lowest in 5 years: Survey

The current situation index fell to 85.7 in November from 89.4 in September, according to the Reserve Bank of India’s consumer confidence survey, where 100 is the dividing line between pessimism and optimism. The future expectations gauge -- that takes into account the one-year ahead perceptions -- fell to 114.5 from 118.0.

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NCLT admits Bank of India's insolvency process against RNA Corp

The public sector lender had granted a loan of Rs 75 crore to RNA Corp in October 2013 and the builder defaulted on repayment of this loan in December 2014, since then the account has been classified as a non-performing asset. The bank has claimed total dues worth Rs 80.73 crore including the principal loan, interest, penal interest and legal expenses.

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Donald Trump calls on World Bank to stop lending to China



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Bank of India to raise up to Rs 10,000 cr through bonds, preference shares

Bank of India on Friday said it plans to raise up to Rs 10,000 crore by issuing bonds or preference shares in one or more tranches at an appropriate time.

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NEFT transactions to be available 24×7 from December 16

In a bid to promote digital transactions, the RBI on Friday said round-the-clock transactions will be allowed under the National Electronic Funds Transfer (NEFT) system from December 16.

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Friday, December 6, 2019

NEFT transactions to be made 24x7 from December 16

Bank customers will be able to transfer funds through NEFT around the clock on all days including weekends and holidays from December 16, the Reserve Bank of India announced on Friday.

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Edelweiss Tokio Life eyes 15 to 20% growth in new business premium for next few years: CEO

Edelweiss Tokio Life Insurance Company Ltd (ETLI) has embarked on a product rebalancing journey to have a more ‘wholesome’ product portfolio and offer

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Axis Bank CFO Jairam Sridharan quits

Axis Bank’s Chief Financial Officer Jairam Sridharan has resigned. “This is to inform you that Jairam Sridharan, Group Executive and Chief Financial

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RBI tightens norms for ARCs

Our BureauThe RBI, on Friday, said Asset Reconstruction Companies (ARCs) cannot acquire financial assets on a bilateral basis from a bank/ financial i

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RBI to retain dovish bias going forward, says DBS report

After five consecutive cuts in interest rates this year, the six-member Monetary Policy Committee (MPC), headed by RBI Governor Shaktikanta Das, unanimously voted to hold the key repo rate at 5.15 per cent and reverse repo rate at 4.90 per cent.

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DHFL bankruptcy: Irdai rules out troubles for two insurance arms; asks insurers to write off exposure

DHFL Pramerica Life, launched in 2008, is a joint venture between DHFL Investments, a wholly-owned arm of DHFL, and Prudential International Insurance Holdings of the US, has Rs 4,675 crore assets under management. DHFL General Insurance, on the other hand, is a fully-owned subsidiary of Wadhawan Global Capital, the holding company of the HDFL Group.

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Bank of America opens Global Business Services Centre at GIFT-IFSC

Lists bonds from IndusInd and YesBank on GIFT-IFSC platform other than Luxembourg and Singapore

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Bank of India closes Botswana subsidiary

Bank of India (BoI) on Friday said the banking licence of its wholly-owned subsidiary -- Bank of India (Botswana) Ltd -- has been surrendered to the R

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Corp Bank trade unions fear closure of branches post-merger

United Forum of Corporation Bank Unions (UFCBU) has expressed concern that the proposed merger of Corporation Bank and Andhra Bank with Union Bank of

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IRDAI chief: Insurance companies to follow procedure while writing off investments in DHFL

With the troubled Dewan Housing Finance Corporation Ltd now under the NCLT, insurance companies will have to begin writing off their investments in it

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IRDAI urges more insurance companies to list

Working on what to do with insurance companies post PSU bank consolidation

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Canara Bank Chairman: Consolidation is the way forward for Indian banking industry

Merger with Syndicate Bank will be seamless and there will be no job losses, says TN Manoharan

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Postmen, grameen dak sevaks may soon start selling insurance policies

The IPPB, which is a corporate agent, can seek permission from Irdai for sponsoring postmen and grameen dak sevaks of Department of Posts (DoP) to act as Point of Salesperson (PoS), Irdai said. ln case the authority grants permission, IPPB shall be responsible for all acts of omission and commission of the persons appointed as PoS, it added.

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After PMC Bank scam, RBI to tighten norms for urban co-op banks

RBI then came down heavily on the bank for the fraud, and imposed curbs including capping withdrawals at Rs 1,000, which was later enhanced to Rs 50,000 allowing over 78% of the customers to withdraw their entire account balance.

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Payments banks with 5-year experience can now convert to small finance banks

In August, FE had reported that PBs have requested RBI to allow them to lend money to their customers.

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RBI looking into reasons for digital banking outage at HDFC Bank

Responding to a query on whether RBI would come up with a framework to penalise banks for poor service, RBI deputy governor MK Jain said RBI was cognisant of the problem that happened on December 2 and it was because of technical glitches, which were resolved on Tuesday.

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RBL Bank raises Rs 2,025 crore through QIP

The issue saw strong demand from domestic as well as foreign qualified institutional buyers

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RBI throws open small finance bank doors to lenders

Non-banking finance companies, co-operative banks and payments banks can now convert into small finance banks (SFBs), which will help improve their reach and access to funds. The downside is that half of their loans will be for borrowers seeking to raise Rs 25 lakh or less as against regular commercial banks which don’t have this restriction.

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RBI monitoring NBFCs to prevent systemic shocks; better companies getting pre-IL&FS rates

Central bank’s watching the top 50 NBFCs much more closely and is making deep dive into their books, their balance sheets and other numbers wherever necessary, says Governor Shaktikanta Das. He said that RBI has a fairly good idea of where the vulnerabilities lie. It is holding periodic discussions with the management and promoters of NBFCs.

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Panel to assess value of assets mortgaged by PMC borrowers

The bank is currently undergoing a forensic audit the report for which will be finalised by the end of this month. But simultaneously, other assets and mortgages are also being identified by investigation agencies and the banking regulator to get back the bank’s dues.

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Banks can’t claim tax relief on FD insurance

The indirect tax department has asked banks to reverse input tax credit claimed on insurance paid to Deposit Insurance and Credit Guarantee Corporation, which will escalate costs for the lenders.

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Thursday, December 5, 2019

'RBI looking at HDFC net banking glitches'

A team from RBI is visiting HDFC Bank to identify the reasons behind the outage in online banking which inconvenienced thousands of the banks' customers for two days. “We are cognizant of the problem. It happened on December 2, and it was due to technical glitches. The net banking was restored on Tuesday,” said MK Jain deputy governor RBI on Thursday.

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RBI hikes aggregate lending limit to Rs 50 lakh for P2P lenders

At present, the aggregate limits for both borrowers and lenders across all P2P platforms stand at Rs 10 lakh, whereas exposure of a single lender to a single borrower is capped at Rs 50,000 across all NBFC-P2P platforms.

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RBI governor Shaktikanta Das says forensic audit on PMC scam expected by month-end

The RBI has also given its suggestions on changes in regulations that are required for regulating the cooperative bank sector better.

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Moody’s downgrades Yes Bank ratings

Global rating agency Moody’s on Thursday downgraded Yes Bank’s long term foreign currency issuer rating to B2 from Ba3 and assigned a negative outloo

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CIC issues show-cause notice to RBI for casual approach to its notice

In the show-cause notice, Chandra directed the CPIO why penal action under Section 20(1) of the RTI Act should not be initiated against him. This is not the first time that the RBI had to face the ire of CIC as former Information Commissioner Sridhar Acharyulu had summoned then RBI Governor Urjit Patel for not following Supreme Court orders on RTI implementation.

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Barclays opens world-class campus in Pune

Barclays has opened its new campus at Kharadi, Pune, the largest single location outside of its global headquarters in London. Barclays Global Servi

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Maha govt suggests merger of troubled PMC Bank with MSC Bank

The PMC Bank has been put under restrictions by the RBI, after an alleged Rs 4,355 crore scam came to light following which the deposit withdrawal was initially capped at Rs 1,000, causing panic and distress among depositors. At least eight depositors, who had high quantum of money stuck with the bank, died in the last couple of months, including one who committed suicide.

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RBI lowers growth forecast to 5 per cent; keeps repo rate unchanged

The RBI revised its retail inflation projection to 5.1 per cent

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Forensic audit on PMC scam expected by month-end: Shaktikanta Das

"There is a forensic audit underway. We will get the report by the end of this month. Assessment of the realisable value of the assets of the bank is also on," Das told reporters after the announcement of the monetary policy.

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RBI says banks lending to NBFCs now

Das said the top-50 NBFCs are being regularly monitored by the RBI as it has a fairly good idea on which of the NBFCs are "vulnerable" and made it clear that "RBI will not allow any large NBFC to collapse."

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Maveric Systems rolls out academy to groom data technology experts

The academy was founded by the company as a response to train big data technologists to address banks’ digital transformation challenges. The platform will serve as a means to upskill and cross-skill fresh graduates, interns and existing employees, and then deploy them on live projects.

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