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Monday, October 14, 2019

Rescue plan: Altico may offer to sell its assets

Altico’s asset sales could immediately fetch at least Rs 2,000 crore, market sources said.

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After PMC shock, work starts on stronger rules for cooperatives

Cap of Rs 25,000 on withdrawals from PMC Bank may rise as FM tweets 'clients and their concerns will be kept on top priority’.

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DHFL inks pact to sell its entire wholesale book

Lenders to vote on company’s resolution plan, including proposal to convert part debt into 51% equity, in November.

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Sunday, October 13, 2019

Cooperative sector needs self regulatory mechanism: Piyush Goyal

Citing the example of PMC scam, Piyush Goyal said some "bad apples" ruin the reputation of such an important sector.

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Bank of Baroda stares at vacant leadership as PS Jayakumar’s MD/CEO term comes to an end

BoB is the second largest public sector bank which does not have a CEO

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PNB, UBI, OBC merger: Outside expert may be roped in to decide logo of new entity

The proposed merger, expected to be effective from April 1 next year, will lead to the creation of the country's second-largest lender after State Bank of India, with a total business volume of about Rs 18 lakh crore.

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FM Sitharaman to meet CEOs of PSU banks on Monday to review credit offtake progress, other issues

During the annual performance review earlier this month, PSBs decided to undertake outreach exercise in 400 identified districts. Later, the private sector too expressed willingness to join the initiative.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/35EqGNY
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Insolvency Law Committee plans to meet on October 15 to discuss new reforms for IBC

The new resolution mechanism for finance companies may apply only to limited set of entities. Deposit taking and systemically important NBFCs may be kept out

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PNB, UBI, OBC merger: Expert may be roped in to decide logo of new entity

The proposed merger will lead to the creation of the country's second-largest lender after State Bank of India.

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Life insurers’ new premium income in September up 15% at ₹20,057 cr

The new premium income of life insurers rose 15 per cent to ₹20,056.70 crore in September, data from IRDAI showed.All 24 life insurance companies had

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Life insurers' new premium income in Sept up 15% at Rs 20,057 cr

LIC, the largest life insurer, recorded a 18.37% rise in its new premium during the month at Rs 12,759.24 crore as against Rs 10,778.81 crore in the same month a year earlier.

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PNB, UBI, OBC merger: Outside expert may be roped in to decide logo of new entity

"The new name and logo of the merged entity will be decided after inviting suggestions from all and sundry," a top UBI official told.

from Banking/Finance-Industry-Economic Times https://ift.tt/33ozfKI
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A guide to monthly budgeting

Monthly budgeting is a vital part of personal financial planning. Do you know why? As the adage goes, if you spend less than the amount you earn, life

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Realty bites: Indian property slump leaves beleaguered banks exposed

A slump in the residential property market is leaving many builders struggling to repay loans to shadow lenders.

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Essar leads corporate deleveraging; pays off Rs 1.4 lakh crore: Prashant Ruia

While the group deleveraged some of its assets, its flagship Essar Steel was dragged to bankruptcy proceedings by lenders over unpaid loans.

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India still fast-growing economy with lot of potential: World Bank economist



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Saturday, October 12, 2019

The biggest lessons for India from the PMC Bank fiasco

Every time a crisis such as PMC surfaces, there’s some sympathy over the plight of depositors, and debates around the need to regulate cooperative banks better.

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Bank fraud: ED attaches assets of over Rs 4,000 crore of Bhushan Steel

The central probe agency said it has attached land, building, plant and machinery of the firm located in Odisha under the provision of the Prevention of Money Laundering Act (PMLA). .

from Banking/Finance-Industry-Economic Times https://ift.tt/2nJjyyG
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ED attaches over Rs 4,000 cr assets of Bhushan Steel

The Enforcement Directorate (ED) on Saturday said it has attached assets worth over Rs 4,025 crore of Bhushan Power and Steel Limited (BPSL) in connection with its money laundering probe linked to an alleged bank loan fraud.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/32bRpPx
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Spoken to RBI governor, concerns of PMC bank’s customers will be addressed: FM Nirmala Sitharaman

The bank was put under "directions" by the Reserve Bank of India (RBI) last month due to weak financial health, wherein the central bank has capped the deposit withdrawals at Rs 25,000.

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Spoken to RBI governor, concerns of PMC bank’s customers will be addressed: FM Nirmala Sitharaman

The bank was put under "directions" by the Reserve Bank of India (RBI) last month due to weak financial health, wherein the central bank has capped the deposit withdrawals at Rs 25,000.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2IMP4Dg
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Spoken to RBI guv, concerns of PMC bank's customers will be addressed: FM

The bank was put under "directions" by RBI last month due to weak financial health, wherein the central bank has capped the deposit withdrawals at Rs 25,000.

from Banking/Finance-Industry-Economic Times https://ift.tt/2MtapSY
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Spoken to RBI governor, concerns of PMC Bank's customers will be addressed: Sitharaman

Assuring account holders of troubled Punjab and Maharashtra Co-operative (PMC) Bank of support, finance minister Nirmala Sitharaman on Saturday said that she has spoken to the Reserve Bank of India (RBI) governor, who assured that customers' concerns will be taken on top priority.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2nDwGFm
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Life Insurance companies join hands to launch MF-like awareness campaign

‘Sabse Pehle Life Insurance’ will be the tagline for the proposed campaign

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Mehul Choksi cheated Punjab & Sind Bank of Rs 441 million

This is the first time the 111-year-old bank has come clean on the default perpetrated by Choksi, who has now settled as a citizen of Antigua & Barbados, the West Indies.

from Banking/Finance-Industry-Economic Times https://ift.tt/2VyF3ib
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15 out of 23 industry groups in manufacturing contracted in August

The industrial output data for August, which showed 1.1% contraction, adds to the string of other numbers, such as slumping vehicle sales, which are testimony to the slowdown that has gripped Asia’s third-largest economy, leading to a rash of growth downgrades by several economists, rating agencies and the central bank.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/33o7S3u
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First time in FY20, credit expands in single digit

Reflecting the deepening economic crisis arising from both structural and cyclical issues and a massive fall in consumption demand, bank credit growth rate, for the first time this fiscal, slowed to single digit at 8.8 per cent to Rs 97.71 lakh crore during the fortnight to September 27, according the Reserve Bank of India (RBI) data.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2VCtxSF
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Bank of Baroda MF arm to merge with BNP Paribas AMC

Stock of Bank of Baroda on Friday ended at Rs 90.80 up 3.42%, on the BSE.

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PMC: ED traces Wadhawans’ land worth Rs 3,500 cr

ED has traced around 2,100 acres of land controlled by HDIL and its promoter Rakesh Wadhawan and his son Sarang aka Sunny. These land parcels are located in seven different villages in the Vasai-Palghar belt. The land, believed to be worth about Rs 3,500 crore, will be attached by the ED. The Wadhawans along with their company obtained loans from the Punjab and Maharashtra Cooperative Bank fraudulently.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2OCd0Nj
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PMC Bank scam: ED traces Wadhawans’ 2,100 acres of land worth Rs 3,500 crore

ED officials are examining the documents to ascertain if these lands were purchased on individual name of Wadhawans or in the name of HDIL.

from Banking/Finance-Industry-Economic Times https://ift.tt/2nDt4Dk
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Friday, October 11, 2019

RBI introduces new reporting system for co-operative banks

The Reserve Bank of India has introduced a new reporting system – the Central Information System for Banking Infrastructure (CISBI) – for all co-opera

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BoB, BNP Paribas arms to merge mutual fund biz

Post deal BoB will hold 50.1%

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Edelweiss moves court against DHFL

Edelweiss Asset Management has approached the Bombay High Court for recovery of principal and interest dues from financially troubled Dewan Housing Fi

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'Non-US banks have $1.4 tn at risk in case of shock'

Should a new crisis erupt on world markets, non-US banks will struggle to cover their debts, which have increased since the global financial crisis, the International Monetary Fund (IMF) warned on Friday.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/3171snR
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Credit growth slows to 8.74% in HI

But deposits have been relatively robust year-on-year at 9.53% up to September 27

from Business Line - Money & Banking https://ift.tt/2MvVnfr
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Valuation professionals should not resist change: IBBI chief

No free walk-in for non-registered valuation professionals in proposed institutional framework, says Sahoo

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Forex reserves at new life-time high of $437.83 bn

The country's foreign exchange reserves surged by $4.24 billion to touch a record high of $437.83 billion in the week to October 4, according to the latest data from the Reserve Bank of India (RBI). In the previous week, the reserves had surged by massive $5.02 billion to $433.59 billion.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/328E5f1
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RBI Central Board discusses regulatory framework of co-op banks amid PMC Bank scam

The meeting of the central board, held in Chandigarh, came a day after Finance Minister Nirmala Sitharaman announced setting up of a panel to recommend legislative changes to ensure better governance at cooperative banks.

from Banking/Finance-Industry-Economic Times https://ift.tt/2MvBwgp
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India's microfinance sector remained strong despite slowdown: ICICI Securities

Captains at MFI firms believe that said that the slowdown is not felt in their sector as they finance making of goods for conspicuous consumption.

from Banking/Finance-Industry-Economic Times https://ift.tt/2B1SU75
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Allahabad Bank cuts MCLR by 5 bps across tenors

The benchmark one-year MCLR, against which most of the consumer loans are priced, will now stand at 8.35 per cent from the earlier rate of 8.40 per cent.

from Banking/Finance-Industry-Economic Times https://ift.tt/3155ltA
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Muthoot Finance stir called off

The 51-day old strike at Muthoot Finance ended with the company management and the Muthoot Banking and Private Finance Employees Association reaching

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Government e-Marketplace signs pact with Union Bank of India to avail various services

Government e-Marketplace (GeM) on Friday said it has signed a pact with Union Bank of India (UBI) under which the bank will offer several services to

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Lendingkart appoints Mithun Sundar as the CEO for its NBFC arm, Lendingkart Finance Limited

To strengthen its top deck with 7-8 more hires in the next two years, to support growth

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GeM signs pact with Union Bank of India to avail various services

The memorandum of understanding (MoU) will facilitate a cashless, paperless and transparent payment system on the portal and will create an efficient procurement system for government entities

from Banking/Finance-Industry-Economic Times https://ift.tt/3258IBS
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Heads of 3 amalgamating banks meet customers, staff

Union Bank of India, Corporation Bank, Andhra Bank chiefs reaffirms that the amalgamation would be relatively smooth and explained the synergies arising out of it.

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Deepak Parekh on PMC Bank crisis: No system in place to safeguard common man’s savings

Amid the ongoing PMC Bank crisis, HDFC Chairman Deepak Parekh said that there is no system in place to safeguard the hard-earned savings of an honest common man.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2M9lqu1
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Ashok Kapur family backs Yes Bank management; ready to dilute stake

The present management is led by chief executive Ravneet Gill who took charge in March after Kapoor was asked to leave by January 31 by the monetary authority in August 2018.

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Ashok Kapur family backs Yes Bank management

Extending full support to the new management, Yes Bank's single-largest shareholder and co-promoter, the late Ashok Kapur's daughter Shagun Gogia on Thursday said the issues of governance and transparency are fully dealt with now.

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PMC scam: Probe agencies may summon ex-directors

Investigations have revealed that the board of directors was aware of the loans sanctioned to the promoters of Housing Development and Infrastructure (HDIL), he said, speaking on the condition of anonymity.

from Banking/Finance-Industry-Economic Times https://ift.tt/2Vwgt1n
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HDFC chairman says system has no measure to protect common man’s savings: Deepak Parekh

Parekh said the country needs two things from the world—capital and oil.

from Banking/Finance-Industry-Economic Times https://ift.tt/2VvQKWK
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How Amazon and Walmart can rescue Indian banks

A common refrain you hear in India is that there is no credit in the market. The despondence cuts across industries as diverse as real estate, autos a

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Supreme Court bars I-T deptartment from reassessing NuPower accounts

The income tax department sought to reopen the accounts of NuPower last year to examine the genuineness of investments of about Rs 50 crore by Firstland Holdings in 2011.

from Banking/Finance-Industry-Economic Times https://ift.tt/35mA1cY
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Credit Saison India gets NBFC licence from RBI

The company, which operates in the country under its registered name of Kisetsu Saison Finance India, has also received $30 million from the Tokyo Stock Exchange-listed parent entity.

from Banking/Finance-Industry-Economic Times https://ift.tt/2VxEwgd
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Thursday, October 10, 2019

Edelweiss Financial Services arm moves court to recover dues from DHFL

The company has approached the court through its asset management subsidiary.

from Banking/Finance-Industry-Economic Times https://ift.tt/325jEj8
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RBI gives nod for Kerala Bank

With its formation, the proposed "Kerala Bank" will be largest banking network in the state.

from Banking/Finance-Industry-Economic Times https://ift.tt/323UJwj
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RBI's quashing of Lakshmi Vilas Bank merger fans contagion risks

The central bank’s “no” to Indiabulls will undoubtedly worsen the climate of fear in India’s financial industry.

from Banking/Finance-Industry-Economic Times https://ift.tt/2B0Nh96
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RBI rejects merger of Indiabulls, Lakshmi Vilas Bank

Mortgage lender Indiabulls Housing Finance's plans to turn into a bank by merging with Chennai-based Lakshmi Vilas Bank received a setback on Wednesday, with the banking regulator rejecting the proposal.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2B0Rb1L
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Credit to most sectors witnesses a decline

Credit has declined to most sectors between April and August 2019 with exceptions like the retail sector, reports CARE. Surprisingly, however, credit growth to the NBFCs and real estate has been positive.

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Falling FD rates set to hit 4cr sr citizens hard

On Wednesday, along with a cut in lending rates, banking major SBI also cut the FD rates for senior citizens for 1-2 years bracket to 6.9% from 7% while savings bank rate was cut to 3.25% from 3.5% for deposits of up to Rs 1 lakh. Other banks are expected to follow. Financial planners say senior citizens will have to take some risks and invest in debt funds.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2pcgF9J
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What the merger with Indiabulls Housing Finance would have meant for Lakshmi Vilas Bank

Lakshmi Vilas Bank, which is under the prompt corrective action (PCA) norms of the Reserve Bank of India, would have received a boost if the proposed

from Business Line - Money & Banking https://ift.tt/2pT7AD8
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Credit to most sectors witnesses a decline

Credit has declined to most sectors between April and August 2019 with exceptions like the retail sector, reports CARE. Surprisingly, however, credit growth to the NBFCs and real estate has been positive.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/320tBOA
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View: Amazon, Walmart will help save India’s banks

One credit tap is starting to gurgle, giving some cause for optimism. Pocket-sized loans are feeding online consumption.

from Banking/Finance-Industry-Economic Times https://ift.tt/2AZqzyc
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Credit to most sectors witnesses a decline

Credit has declined to most sectors between April and August 2019 with exceptions like the retail sector, reports CARE. Surprisingly, however, credit growth to the NBFCs and real estate has been positive.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/320tBOA
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RBI turns down Indiabulls Housing’s merger with Lakshmi Vilas Bank

Gagan Banga, Indiabulls Housing Finance (IHF) vice chairman, said it appears that the RBI saw the move as a backdoor entry into banking.

from Banking/Finance-Industry-Economic Times https://ift.tt/2VxMWUT
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Corporate tax cut: Co-operative sector peeved with lack of parity with India Inc

Chief of co-op societies’ body writes to Finance Minister urging level playing field

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Banks start linking loans to customers’ risk profile

Under the new external benchmarking regime, Bank of Baroda, for instance, will be using three credit score slabs from the Credit Information Bureau (India) Ltd (Cibil) to price new home loans.

from Banking/Finance-Industry-Economic Times https://ift.tt/33mNWOx
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Credit to most sectors witnesses a decline

Credit has declined to most sectors between April and August 2019 with exceptions like the retail sector, reports CARE. Surprisingly, however, credit growth to the NBFCs and real estate has been positive.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/320tBOA
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Liquidity infusion: SBI cuts MCLR by 10 bps; deposit rates revised down

The one-year MCLR has been reduced to 8.05% from 8.15% with effect from October 10, which is lower than the one-year MCLR for the second-largest public sector bank in the country — Bank of Baroda — which stands at 8.35%.

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RBI says no to Indiabulls Housing Finance merger with Lakshmi Vilas Bank

The regulator's decision also comes against the backdrop of both the entities being entangled in legal woes.

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Iffco-Tokio moves IRDA in J&K Bank case

In a letter last month, Iffco-Tokio has written to the Insurance Regulatory and Development Authority (Irda) seeking to “dispel any misinformation.”

from Banking/Finance-Industry-Economic Times https://ift.tt/2nBIFmY
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HDIL promoters diverted Rs 90 crore PMC Bank loan

Mumbai Police says HDIL settled outstanding dues with Bank of India.

from Banking/Finance-Industry-Economic Times https://ift.tt/2AUC3mC
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NHB exposure in Dewan Housing Finance at Rs 24.35 billion

The bank's asset quality was significantly robust despite the concentration of HFCs and commercial banks in its loan portfolio, it said.

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Liquidity infusion: SBI cuts MCLR by 10 bps; deposit rates revised down

The one-year MCLR has been reduced to 8.05% from 8.15% with effect from October 10, which is lower than the one-year MCLR for the second-largest public sector bank in the country — Bank of Baroda — which stands at 8.35%.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2B3477f
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RBI says no to Indiabulls Housing Finance merger with Lakshmi Vilas Bank

The regulator's decision also comes against the backdrop of both the entities being entangled in legal woes.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2Oy5J12
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NHB exposure in Dewan Housing Finance at Rs 24.35 billion

The bank's asset quality was significantly robust despite the concentration of HFCs and commercial banks in its loan portfolio, it said.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/322aXpJ
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NHB exposure in Dewan Housing Finance at Rs 24.35 billion

The bank's asset quality was significantly robust despite the concentration of HFCs and commercial banks in its loan portfolio, it said.

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Wednesday, October 9, 2019

PMC Bank Crisis: Why credit culture needs to change

The complicity of bank officials with the Wadhavan family and its companies shows that there is a systemic flaw in the credit system.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2AXaM30
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PMC Bank Crisis: Why credit culture needs to change

The complicity of bank officials with the Wadhavan family and its companies shows that there is a systemic flaw in the credit system.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2AXaM30
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PMC Bank accused's custody extended, depositors agitated

Depositors of Punjab and Maharashtra Cooperative (PMC) Bank protested outside a court on Wednesday, demanding stringent action against the culprits.

from Banking/Finance-Industry-Economic Times https://ift.tt/2p5xuDk
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PMC Bank Crisis: Why credit culture needs to change

The complicity of bank officials with the Wadhavan family and its companies shows that there is a systemic flaw in the credit system.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2AXaM30
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Banks likely to report muted profits in Q2, but bad loans to come down

Earnings to be hit on recent tax changes, poor loan growth, and credit costs

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PNB asset liability committee may meet on Oct 19 to take a call on rate reduction: CEO

KR SrivatsPunjab National Bank’s (PNB) asset liability committee (ALCO) is likely to meet on October 19 to take a call on the reduction in lending rat

from Business Line - Money & Banking https://ift.tt/2ou3XTP
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PMC Bank Crisis: Why credit culture needs to change

The complicity of bank officials with the Wadhavan family and its companies shows that there is a systemic flaw in the credit system.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2AXaM30
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PMC Bank Crisis: Why credit culture needs to change

The complicity of bank officials with the Wadhavan family and its companies shows that there is a systemic flaw in the credit system.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2AXaM30
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RBI says no to Maha Bank proposal on setting off Rs 7,360 cr losses

Bank of Maharashtra shares closed 2 per cent down at Rs 10.80 on BSE. KPM MR.

from Banking/Finance-Industry-Economic Times https://ift.tt/311O9ou
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PMC Bank Crisis: Why credit culture needs to change

The complicity of bank officials with the Wadhavan family and its companies shows that there is a systemic flaw in the credit system.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2AXaM30
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PMC Bank scam: Custody of Wadhawans, Waryam Singh extended

A court here on Wednesday extended till October 14 the police custody of a former chairman of the Punjab and Maharashtra Cooperative (PMC) Bank and two directors of HDIL, arrested in connection with the alleged Rs 4,355 crore scam at the bank.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2MunvzB
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PMC Bank Crisis: Why credit culture needs to change

The complicity of bank officials with the Wadhavan family and its companies shows that there is a systemic flaw in the credit system.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2AXaM30
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SBI lowers rates on non-repo-linked loans by 10 bps

This is the sixth time that the country's largest lender has cut its MCLR or minimum lending rate in the current financial year.

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Shubh Loans gets RBI’s NBFC licence

Fintech start-up Shubh Loans, on Tuesday, said it has received a licence from the Reserve Bank of India to set up a non-banking financial company. Sh

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Why SBI cutting rate on savings deposit is bad news

Other banks could also follow suit and cut their savings deposit rate. Depositors may be stuck with lower rates for long

from Business Line - Money & Banking https://ift.tt/310ocpB
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LIC boss reveals Rs 23,000-crore reason why he's not worried about equity investments

Last year, LIC made Rs 23,000-cr profit from equity and have crossed Rs 11,500-cr profit on equity this year.

from Banking/Finance-Industry-Economic Times https://ift.tt/2ot9slH
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SBI lowers rates on non-repo-linked loans by 10 basis points

State Bank of India (SBI) on Wednesday announced reduction in its marginal cost of fund based lending (MCLR) rate by 10 basis points across all tenors, effective October 10.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/33epnmB
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State Bank of India cuts MCLR rate to 8.05 per cent

The rate will be effective from October 10

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Fiscal slippage is good if it propels growth: SBI Chairman

Today we need more money in the hands of corporates if investment must pick up: Rajnish Kumar

from Banking/Finance-Industry-Economic Times https://ift.tt/2OxXORa
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Churn of senior executives at PSU banks delays adoption of tech: SWIFT Chairman

Customer security programme of SWIFT needs to be implemented by the banking system as small retail accounts are getting hacked, says global body’s India chair Arundhati Bhattacharya.

from Banking/Finance-Industry-Economic Times https://ift.tt/320S8TB
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Fiscal slippage is good if it propels growth: SBI Chairman

Today we need more money in the hands of corporates if investment must pick up: Rajnish Kumar

from Banking/Finance-Industry-Economic Times https://ift.tt/2MkZYkw
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IL&FS law firms get SFIO notices

Agency demands info for past 10 years from consultants as well; law firms seek co’s consent.

from Banking/Finance-Industry-Economic Times https://ift.tt/2MuMAKy
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Why bankers are hesitant to report frauds

As per the latest Reserve Bank of India (RBI) data, an unprecedented 6,801 frauds, totalling Rs 71,500 crore, were detected in FY19.

from Banking/Finance-Industry-Economic Times https://ift.tt/310nTuG
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