RBI tells banks, grout ATMs to wall, pillar, floor by September-end; here’s the reason

With an aim to enhance security, the Reserve Bank of India (RBI) has asked banks to make sure that their Automated Teller Machines (ATM) are grouted to a wall pillar, or floor by the end of September 2019. However, the ATMs installed in premises with high security including airports need not to do such so […]

from The Financial ExpressBanking & Finance – The Financial Express http://bit.ly/31wfaSC

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South Indian Bank to raise Rs 500 crore via debt

According to the filing, the board in its meeting held on Saturday also approved the proposal to raise funds by issuing up to 30 crore share of face value of Rupee one each.

from Business Line - Money & Banking http://bit.ly/2N495tF

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RBI gets a new executive director

​Mishra has been serving RBI for about 30 years now. He has been associated with many research papers.

from Banking/Finance-Industry-Economic Times http://bit.ly/2IgSApm

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IL&FS probe: NFRA seeks documents from auditors

40 auditors including Deloitte, KPMG, EY asked to give hard copies, cloud access.

from Banking/Finance-Industry-Economic Times http://bit.ly/2Xm8YgY

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Big is beautiful: Merger of PSU general insurance companies to unleash economies of scale

General Insurance: While there is unanimity on the benefits of consolidation of PSU insurance companies, experts are divided over the route to be adopted for this purpose.

from The Financial ExpressBanking & Finance – The Financial Express http://bit.ly/2RgSZLw

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RBI asks banks to grout ATMs to wall, pill or floor to enhance security

The RBI has asked banks to ensure their ATMs are grouted to a wall, pillar, or floor by September-end.

from Banking/Finance-Industry-Economic Times http://bit.ly/2KScGrF

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Raise savings bank rate by at least 2%: AIBEA urges Finance Minister

The rate of interest on savings bank deposits needs to be revised upwards by at least 2 per cent and interest on fixed deposits should be exempted fro

from Business Line - Money & Banking http://bit.ly/2MYlAH8

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Big is beautiful: Merger of PSU general insurance companies to unleash economies of scale

General Insurance: While there is unanimity on the benefits of consolidation of PSU insurance companies, experts are divided over the route to be adopted for this purpose.

from The Financial ExpressBanking & Finance – The Financial Express http://bit.ly/2RgSZLw

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Vivriti Cap to raise ₹450 cr in Series B funding

Funds to be used to build technology infrastructure, scale up lending activity

from Business Line - Money & Banking http://bit.ly/2WKzv7P

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Govt must provide capital to banks on upfront basis: United Bank CEO

Says the NBFC crisis may snowball into a ‘serious problem’ if not handled properly

from Business Line - Money & Banking http://bit.ly/2Zpsfew

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Replenish cash in ATMs only with digital OTClocks: RBI to banks

To mitigate risks in ATM operations and enhance security, the Reserve Bank of India, on Friday, directed banks to replenish cash in ATMs only with di

from Business Line - Money & Banking http://bit.ly/2Fa6bwN

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Payed to help pay education fees in monthly instalments

Payed works in partnership with banks and financial institutions to facilitate the payment of lumpy, pre-paid, and steep fees on behalf of parents to education institutes

from Business Line - Money & Banking http://bit.ly/2RerWk2

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Big is beautiful: Merger of PSU general insurance companies to unleash economies of scale

General Insurance: While there is unanimity on the benefits of consolidation of PSU insurance companies, experts are divided over the route to be adopted for this purpose.

from The Financial ExpressBanking & Finance – The Financial Express http://bit.ly/2RgSZLw

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Big is beautiful: Merger of PSU general insurance companies to unleash economies of scale

General Insurance: While there is unanimity on the benefits of consolidation of PSU insurance companies, experts are divided over the route to be adopted for this purpose.

from The Financial ExpressBanking & Finance – The Financial Express http://bit.ly/2RgSZLw

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SBI says it contiunes to lend to NBFCs

The bank does not consider the crisis plaguing the shadow banks are grave as only one or two of them are severely impacted, said a top bank official.

from Banking/Finance-Industry-Economic Times http://bit.ly/2KQqiDU

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Forex reserves nears lifetime high; up $ 1.7 bn to $ 423.5 bn

Inching closer to its historic peak, India’s forex kitty increased by $ 1.68 billion to $ 423.55 billion for the week to June 7, RBI data showed on

from Business Line - Money & Banking http://bit.ly/2IGmdQc

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Sensex slumps 289 points; bank stocks drag

Extending its losses for the third straight session, benchmark BSE sensex slumped 289 points on Friday, dragged by banking stocks amid weak cues from global markets. After cracking nearly 400 points during the day, the BSE gauge settled 289.29 points, or 0.73 per cent, lower at 39,452.07. The index hit an intra-day low of 39,363.45 and a high of 39,799.90.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News http://bit.ly/2RgSgtM

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Corporation Bank cuts MCLR for one-year tenor loans by five basis points to 8.85 per cent

The bank’s tenor based MCLR is revised with effect from June 15 2019

from Business Line - Money & Banking http://bit.ly/2Ihm5rl

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HDFC sells further 4.22% stake in Gruh Finance for ₹ 899 cr

HDFC had sold 6.10 per cent stake Gruh earlier in May

from Business Line - Money & Banking http://bit.ly/2WHwbuh

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Financial sector pitches for special liquidity window for NBFCs

Infrastructure sector in favour of tax-free bonds to boost investment.

from Banking/Finance-Industry-Economic Times http://bit.ly/2XbzlWH

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No nasty surprises lurking; this is the reset phase for Yes Bank: Ravneet Gill

Yes Bank's new CEO Ravneet Gill details the revival plans at the lender that has lost 65% of its market value in a year.

from Banking/Finance-Industry-Economic Times http://bit.ly/2IcG2zk

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Banks seek clarity on inter-creditor agreement rejig

Bankers not sure if ICAs need to be rewritten or new clauses will have to be inserted and agreement have to be newly signed.

from Banking/Finance-Industry-Economic Times http://bit.ly/2XG85wA

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NBFC liquidity drought won’t hit Yes Bank: Ravneet Gill

New CEO says lender has provided for liabilities, foresees no nasty surprises due to NPAs or slippages.

from Banking/Finance-Industry-Economic Times http://bit.ly/2KPfIgv

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Fresh pitch to form LIC-like general insurer gains pace

Talks on to create mega single insurer; plan to merge United, Oriental and National underway.

from Banking/Finance-Industry-Economic Times http://bit.ly/2MKwm3q

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No nasty surprises lurking: Yes Bank CEO Ravneet Gill

Private equity is an external validation that somebody has looked at stuff which is not in public domain

from Banking/Finance-Industry-Economic Times http://bit.ly/2WIKoHz

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How a delay in software updation proved costly for SBI’s customers

SBI has not given effect to some provisions in the Finance Bill 2019 related to deduction of tax at source

from Business Line - Money & Banking http://bit.ly/2wTIqVb

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No plans to make a comeback on YES Bank board: Rana Kapoor

Says he has full confidence in lender’s new Managing Director and CEO Ravneet Gill

from Business Line - Money & Banking http://bit.ly/2wSIPHA

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Petitioner withdraws misappropriation case against Indiabulls Housing Finance

The petition had alleged that the company had misappropriated ₹98,000 crore of public money

from Business Line - Money & Banking http://bit.ly/2MHkq2f

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Defunct February 12 circular: Banks to take a re-look at large stressed accounts

Bankers say they may have to start a fresh process

from Business Line - Money & Banking http://bit.ly/2KM5Y6F

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‘New RBI circular a breather to power sector, but fails to address core issues’

The circular mandated banks to initiate insolvency proceedings against projects in the event of a single day of default in debt servicing

from Business Line - Money & Banking http://bit.ly/2Kiik7i

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Grant Thornton India, affiliates not to take up non-attest work from listed audit clients

Services such as consulting, transaction advisory and valuations are termed as non-attest services

from Business Line - Money & Banking http://bit.ly/2XJiMOS

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YES Bank’s Ravneet Gill tries to calm market nerves; says, hopeful of recovery, clears air on resignations

Aiming to calm market nerves, after YES Bank shares saw battering in intraday trade Thursday, CEO Ravneet Gill said that the private lender will recover from the current scenario.

from The Financial ExpressBanking & Finance – The Financial Express http://bit.ly/2KhtGYV

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Indian Bank to focus on increasing revenue, curbing bad-loans

The government needs to increase foreign direct investment cap in the insurance sector and multi-brand retail trading for products manufactured and sourced from India for attracting overseas inflows, industry chamber Ficci said Thursday. 

from The Financial ExpressBanking & Finance – The Financial Express http://bit.ly/2IKqbr4

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DHFL’s promoters in talks with PE firms for stake sale; expect to raise Rs 6,900 crore

Promoters of debt-ridden mortgage lender DHFL are in talks with private equity firms and are expecting to garner USD 1 billion (about Rs 6,900 crore) by selling nearly 50 per cent of their holdings, sources said.   The Wadhawan family, the promoters of the company, currently holds close to 40 per cent stake in the company.

from The Financial ExpressBanking & Finance – The Financial Express http://bit.ly/2WHfL5j

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Life insurers’ new premium in May jumps 43% to ₹18,414 cr

Life insurers’ collective new premium income grew by over 43 per cent to ₹18,414.02 crore in the second month of the current fiscal, according to IRD

from Business Line - Money & Banking http://bit.ly/2XHSWL1

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No capital need for SBI from government: Chairman

State Bank of India's balance sheet has been fully repaired in FY2019 even as it recorded a turnaround performance in the fourth quarter.

from Banking/Finance-Industry-Economic Times http://bit.ly/2WHwK7f

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Indian Bank to focus on increasing CASA, curtailing costs in FY19-20

Indian Bank Managing Director and CEO, Padmaja Chunduru on the strategy for financial year 2019-20, said it would be on "concentrated growth with profitability".

from Banking/Finance-Industry-Economic Times http://bit.ly/2F6plDS

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Indian Bank to focus on increasing CASA, curtailing costs in FY’19

Public sector Indian Bank would focus on increasing CASA, curtailing costs and containing level of non-performing assets, a top official has said.Ind

from Business Line - Money & Banking http://bit.ly/2ICHfyT

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Ficci for increasing FDI cap in insurance to 74%

It said that in the insurance sector, FDI cap can be increased from 49 per cent to 74 per cent.

from Banking/Finance-Industry-Economic Times http://bit.ly/2WzbfAU

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DHFL promoters expect $ 1 bn from 50% stake sale

The sale proceed will enable the company to substantially reduce its debt-to-equity ratio

from Business Line - Money & Banking http://bit.ly/2WH7kql

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Global Investors Back Oriental Structural’s Infra Investment Trust

Investors include AIIB, DEG; Delhi infra firm raises ₹2,300 crore through offer of units

from Banking/Finance-Industry-Economic Times http://bit.ly/2wOvW1b

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Will Rana Kapoor return at the helm? Yes Bank evades queries

The Yes Bank management is understood to have sidestepped shareholder queries with respect to former chief Rana Kapoor's reported bid to re-enter the bank through the board at its 15th annual general meeting here.

from The Financial ExpressBanking & Finance – The Financial Express http://bit.ly/2IwjXdW

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Will Rana Kapoor return at the helm? Yes Bank evades queries

The Yes Bank management is understood to have sidestepped shareholder queries with respect to former chief Rana Kapoor's reported bid to re-enter the bank through the board at its 15th annual general meeting here.

from The Financial ExpressBanking & Finance – The Financial Express http://bit.ly/2IwjXdW

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Will Rana Kapoor return at the helm? Yes Bank evades queries

The Yes Bank management is understood to have sidestepped shareholder queries with respect to former chief Rana Kapoor's reported bid to re-enter the bank through the board at its 15th annual general meeting here.

from The Financial ExpressBanking & Finance – The Financial Express http://bit.ly/2IwjXdW

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RBI’s concerns basis for crackdown against J&K Bank: BVR Subrahmanyam

Subrahmanyam said the search committee is already in touch with some of the best names in the country including ex-governors of RBI, who will be given the mantle of leadership of the bank.

from Banking/Finance-Industry-Economic Times http://bit.ly/2XDMjJS

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Bank frauds claim ICICI Bank, SBI, HDFC Bank as top victims; lakhs of crores of rupees involved

Of over 50,000 frauds that hit banks in India in the last 11 fiscal years, the ICICI Bank, State Bank of India (SBI) and HDFC Bank reported the highest number of cases, according to an RBI data. Of the total 53,334 cases of frauds reported during 2008-09 and 2018-19 fiscal years, involving a whopping Rs 2.05 lakh crore, the highest of 6,811 were reported by the ICICI Bank involving Rs 5,033.81 crore.

from The Financial ExpressBanking & Finance – The Financial Express http://bit.ly/2KIU0La

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IDBI Bank cuts MCLR by 5-10 bps across various tenors

For six-month tenor, OBC is offering MCLR of 8.60 per cent as against earlier rate of 8.70 per cent. Last week, Bank of Maharashtra also reduced its MCLR for one-year tenor loan by 10 basis points to 8.60 per cent.

from The Financial ExpressBanking & Finance – The Financial Express http://bit.ly/31rKVfD

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PNB admits staggering loan defaults of Rs 25,000-crore

Of these 1,142, the PNB has so far initiated recovery proceedings by filing suits against 1,108 defaulters to recover Rs 23,879.8 crore.

from Banking/Finance-Industry-Economic Times http://bit.ly/2F5QBlV

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Bank frauds claim ICICI Bank, SBI, HDFC Bank as top victims; lakhs of crores of rupees involved

Of over 50,000 frauds that hit banks in India in the last 11 fiscal years, the ICICI Bank, State Bank of India (SBI) and HDFC Bank reported the highest number of cases, according to an RBI data. Of the total 53,334 cases of frauds reported during 2008-09 and 2018-19 fiscal years, involving a whopping Rs 2.05 lakh crore, the highest of 6,811 were reported by the ICICI Bank involving Rs 5,033.81 crore.

from The Financial ExpressBanking & Finance – The Financial Express http://bit.ly/2KIU0La

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IDBI Bank cuts MCLR by 5-10 bps across various tenors

For six-month tenor, OBC is offering MCLR of 8.60 per cent as against earlier rate of 8.70 per cent. Last week, Bank of Maharashtra also reduced its MCLR for one-year tenor loan by 10 basis points to 8.60 per cent.

from The Financial ExpressBanking & Finance – The Financial Express http://bit.ly/31rKVfD

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IDBI Bank cuts MCLR by 5-10 bps across various tenors

New overnight, one-month, six-month rates are 7.90 per cent, 8.15 per cent and 8.60 per cent respectively, the bank said in a release.

from Banking/Finance-Industry-Economic Times http://bit.ly/2WFexaD

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Over Rs 2.05 lakh cr frauds in 11 years: ICICI Bank, SBI and HDFC among top victims

Of the total 53,334 cases of frauds reported during 2008-09 and 2018-19 fiscal years, a highest of 6,811 were reported by the ICICI Bank involving Rs 5,033.81 crore.

from Banking/Finance-Industry-Economic Times http://bit.ly/2IaC8XS

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PNB scam: Nirav Modi's bail plea rejected again by London court

A London court on Wednesday rejected fugitive diamond merchant Nirav Modi's bail plea in connection with the multi-billion dollar Punjab National Bank (PNB) scam. This was Nirav's fourth attempt to seek bail.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News http://bit.ly/2Zo6mMW

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ICICI Bank, SBI and HDFC among top victims of over Rs 2.05 lakh cr frauds in 11 years: RBI data

Of over 50,000 frauds that hit banks in India in the last 11 fiscal years, the ICICI Bank, State Bank of India (SBI) and HDFC Bank reported highest n

from Business Line - Money & Banking http://bit.ly/2KIAgHy

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SFIO suspects links of IFIN brass with senior RBI official

SFIO, which is investigating the IL&FS case, has suggested that the RBI launch an internal investigation into the issues linked to the NBFC to probe how its mechanisms failed to act in time.

from Banking/Finance-Industry-Economic Times http://bit.ly/2IGHJEa

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Another exit at Yes Bank over Rana Kapoor's re-entry bid

The resignations may have been sparked in part by social media chatter about remuneration and whether they could fulfil their roles.

from Banking/Finance-Industry-Economic Times http://bit.ly/31jDJ54

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Fund transfers via RTGS, NEFT to cost less from July 1

The Reserve Bank of India Tuesday said it will waive all charges on fund transfer through popular RTGS and NEFT systems from July 1.

from The Financial ExpressBanking & Finance – The Financial Express http://bit.ly/2R4J5MU

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Yes Bank, ZipCash face RBI fine for violating PPI norms

The penalty was imposed on the two entities through speaking orders dated April 22, 2019, according to the release. The penalty was imposed for non-compliance of regulatory guidelines, the release mentioned. 

from The Financial ExpressBanking & Finance – The Financial Express http://bit.ly/2WYo63O

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RBI’s bad loan norms to give more room to lenders to resolve big ticket NPAs

The report said under the current and revised dispensation, an additional provisioning of 20 per cent would have to be made in case resolution plan is not implemented within 180 days from the end of the review period, which is after 210 days of default.

from The Financial ExpressBanking & Finance – The Financial Express http://bit.ly/2KHWVUs

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Yes Bank board member Mukesh Sabharwal resigns

Mukesh Sabharwal was appointed as the board member of the bank on April 25, 2012 and has spent over 7 years with the Yes Bank.

from The Financial ExpressBanking & Finance – The Financial Express http://bit.ly/2Kb06nY

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Fund transfers via RTGS, NEFT to cost less from July 1

The Reserve Bank of India Tuesday said it will waive all charges on fund transfer through popular RTGS and NEFT systems from July 1.

from The Financial ExpressBanking & Finance – The Financial Express http://bit.ly/2R4J5MU

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Yes Bank, ZipCash face RBI fine for violating PPI norms

The penalty was imposed on the two entities through speaking orders dated April 22, 2019, according to the release. The penalty was imposed for non-compliance of regulatory guidelines, the release mentioned. 

from The Financial ExpressBanking & Finance – The Financial Express http://bit.ly/2WYo63O

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RBI’s bad loan norms to give more room to lenders to resolve big ticket NPAs

The report said under the current and revised dispensation, an additional provisioning of 20 per cent would have to be made in case resolution plan is not implemented within 180 days from the end of the review period, which is after 210 days of default.

from The Financial ExpressBanking & Finance – The Financial Express http://bit.ly/2KHWVUs

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Yes Bank board member Mukesh Sabharwal resigns

Mukesh Sabharwal was appointed as the board member of the bank on April 25, 2012 and has spent over 7 years with the Yes Bank.

from The Financial ExpressBanking & Finance – The Financial Express http://bit.ly/2Kb06nY

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Fund transfers via RTGS, NEFT to cost less from July 1

The Reserve Bank of India Tuesday said it will waive all charges on fund transfer through popular RTGS and NEFT systems from July 1.

from The Financial ExpressBanking & Finance – The Financial Express http://bit.ly/2R4J5MU

Read more »

Yes Bank, ZipCash face RBI fine for violating PPI norms

The penalty was imposed on the two entities through speaking orders dated April 22, 2019, according to the release. The penalty was imposed for non-compliance of regulatory guidelines, the release mentioned. 

from The Financial ExpressBanking & Finance – The Financial Express http://bit.ly/2WYo63O

Read more »

RBI’s bad loan norms to give more room to lenders to resolve big ticket NPAs

The report said under the current and revised dispensation, an additional provisioning of 20 per cent would have to be made in case resolution plan is not implemented within 180 days from the end of the review period, which is after 210 days of default.

from The Financial ExpressBanking & Finance – The Financial Express http://bit.ly/2KHWVUs

Read more »

Yes Bank board member Mukesh Sabharwal resigns

Mukesh Sabharwal was appointed as the board member of the bank on April 25, 2012 and has spent over 7 years with the Yes Bank.

from The Financial ExpressBanking & Finance – The Financial Express http://bit.ly/2Kb06nY

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L&T Finance to expand micro loan business in North India

L&T Finance’s rural loan book size is about Rs 25,600 crore with nearly half of it (Rs 12,500 crore) coming from micro loan vertical.

from Banking/Finance-Industry-Economic Times http://bit.ly/2Zgqdxl

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RBI constitutes committee to review ATM pricing

The 6 member committee will be headed by Indian Banks’ Association chief executive V G Kannan with a specific mandate to review the existing interchange fee and pricing structures, RBI said.

from Banking/Finance-Industry-Economic Times http://bit.ly/2X2kGNy

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Oriental Bank of Commerce cuts MCLR by 0.10 per cent for various tenors

OBC has left MCLR for overnight and 3 month tenor unchanged at 8.30 per cent and 8.50 per cent, respectively.

from The Financial ExpressBanking & Finance – The Financial Express http://bit.ly/2XGr1v2

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Oriental Bank of Commerce slashes one-year MCLR by five basis points

The one-year MCLR is the benchmark against which most customer loans such as auto, personal and home loans are priced

from Business Line - Money & Banking http://bit.ly/2KhlDf1

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RBI's norms to give more headroom to lenders to resolve big ticket NPAs: Report

RBI's new norms provides some leeway to lenders and encourages them to refer cases to IBC.

from Banking/Finance-Industry-Economic Times http://bit.ly/2I85fLu

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RBI’s norms to give more headroom to lenders to resolve big ticket NPAs: SBI Report

Reserve Bank’s new guidelines to deal with bad loans will provide lenders the headroom and flexibility for resolution of large ticket stressed asset

from Business Line - Money & Banking http://bit.ly/2WCvPoF

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How to recapitalise PSU banks: Bimal Jalan panel may suggest use of RBI capital reserves

Depending on the methodology, the panel will identify Rs 1 to 3 lakh crore or 0.5-1.5 percent of GDP as the excess capital, the report by economists at Bank of America Merrill Lynch said in a note Tuesday.

from The Financial ExpressBanking & Finance – The Financial Express http://bit.ly/2WwVAC2

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Are ATM charges set to go? RBI forms review panel after removing RTGS, NEFT fees

Days after the RBI removed charges for payments through NEFT and RTGS and asked banks to pass benefits to customers, a committee has been constituted to examine the charges and fees levied for using the Automated Teller Machines (ATM).

from The Financial ExpressBanking & Finance – The Financial Express http://bit.ly/2MEKIT0

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Oriental Bank of Commerce cuts MCLR by 0.10 per cent for various tenors

OBC has left MCLR for overnight and 3 month tenor unchanged at 8.30 per cent and 8.50 per cent, respectively.

from The Financial ExpressBanking & Finance – The Financial Express http://bit.ly/2XGr1v2

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Yes Bank board member Mukesh Sabharwal resigns

Sabharwal has mentioned that he wants to devote quality time on his academic pursuits

from Business Line - Money & Banking http://bit.ly/31rJa24

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Excess RBI capital must be used to recapitalise PSBs: Bank of America Merrill Lynch

They opined the high non-performing loans in the system do not require additional capital to be kept aside by the Reserve Bank.

from Banking/Finance-Industry-Economic Times http://bit.ly/2WD7xLa

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Excess RBI capital must be used to recapitalise PSBs: Bank of America Merrill Lynch

It also said bank recapitalisation can indirectly support RBI objectives on the liquidity management

from Business Line - Money & Banking http://bit.ly/2wOzZuy

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Oriental Bank of Commerce cuts MCLR by 0.10 per cent for various tenors

OBC has left MCLR for overnight and 3 month tenor unchanged at 8.30 per cent and 8.50 per cent, respectively.

from The Financial ExpressBanking & Finance – The Financial Express http://bit.ly/2XGr1v2

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Payswiff, Mastercard join hands to accelerate acceptance of Digital Payments in Tier-2, Tier 3 cities

Payswiff’s SET, a mobile application is at the core of this alliance

from Business Line - Money & Banking http://bit.ly/2wOsB2g

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Moody's places Yes Bank ratings under review for a downgrade

The move comes a day before the bank’s annual general meeting

from Business Line - Money & Banking http://bit.ly/31ifPqC

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ACB begins probe into allegations of corruption, nepotism against former J&K Bank chief

The Anti Corruption Bureau in Jammu and Kashmir has begun probing allegations of corruption and nepotism against former J&K Bank Chairman, Parwez

from Business Line - Money & Banking http://bit.ly/2WBFwnj

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Allegation of siphoning-off Rs 98,000 cr 'bizarre': Indiabulls Housing Finance

The petition alleged that money worth thousands of crores were siphoned off by Gehlaut and the directors of the firm for their personal use.

from Banking/Finance-Industry-Economic Times http://bit.ly/2F1QBDE

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Lens now on irregular funds movement at ITNL

Charge sheet says 8 entities lent to without due diligence or verification of actual funds needs, and without adequate security cover.

from Banking/Finance-Industry-Economic Times http://bit.ly/2KIyjL5

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Probe shows auditors stonewalled at IFIN

Issues that the auditors raised ranged from certain judgment calls by the management to facts related to loans.

from Banking/Finance-Industry-Economic Times http://bit.ly/2MFvi0J

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Crackdown against corruption: CBI, ED may be roped in to probe J&K Bank case

Investigations by state's Anti-Corruption Bureau uncover likely diversion of Rs 1,000 crore loans.

from Banking/Finance-Industry-Economic Times http://bit.ly/2XCeqZJ

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SFIO shows grey areas in IFIN evergreening

Most of the exposure to A2Z Group was rolled over for three years and planned to be migrated to a special purpose vehicle formed for the Kanpur project deal.

from Banking/Finance-Industry-Economic Times http://bit.ly/2wLt0Cr

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Microfinance, retail loan to drive our growth: Utkarsh Bank MD

"As per RBI requirements, we have to list the bank before June 2021. We have already started the process and our internal target is that by January 2021, we should list the bank", said Singh.

from The Financial ExpressBanking & Finance – The Financial Express http://bit.ly/2wHUMjl

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Good news! No-frills account holders to get these five services free

The Reserve Bank of India (RBI) on Monday directed banks to offer to basic savings bank deposit (BSBD) account holders five services for free and without any requirement for maintaining minimum balance.

from The Financial ExpressBanking & Finance – The Financial Express http://bit.ly/2KcBZ8u

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Bank of Baroda experiments with vertical structure for operational synergies

The decision was taken “to give thrust to business development”, the bank said in a note, which ET has reviewed.

from Banking/Finance-Industry-Economic Times http://bit.ly/2Zn6E6F

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Plea in Supreme Court for action against Indiabulls Housing for misappropriating 98K cr public money

The petition alleged that money worth thousands of crores were siphoned off by Sameer Gehlaut, the chairman of the firm, and the directors of Indiabulls for their personal use.

from Banking/Finance-Industry-Economic Times http://bit.ly/2MAxDtO

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RBI relaxes norms for no-frills accounts

Banks will now provide cheque books and other facilities to basic account holders, with the Reserve Bank of India relaxing the norms on Monday. Howev

from Business Line - Money & Banking http://bit.ly/2MCbVFV

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Reserve Bank of India relaxes norms for no-frills accounts

The apex bank eased regulations for Basic Savings Bank Deposit (BSBD) Accounts, popularly known as 'no-frills' accounts.

from Banking/Finance-Industry-Economic Times http://bit.ly/2MDhy6R

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IL&FS scam: Government mounts fresh bid to get Deloitte, BSR banned

IL&FS Financial Services is of the 348 subsidiaries of the crippled IL&FS group, which owes more than Rs 95,000 crore to the lenders.

from Banking/Finance-Industry-Economic Times http://bit.ly/2I5Toxp

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IL&FS scam: Government mounts fresh bid at NCLT to debar Deloitte, BSR for five years

Deloitte was the financial auditor for 2017-18, while BSR is still the auditor of the company.

from Business Line - Money & Banking http://bit.ly/2MN3ckq

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Deepening digital payments: How Nandan Nilekani committee recommendations came about

The Reserve Bank of India has taken a major step to boost digital transactions by scrapping the charges on fund transfers through RTGS and NEFT.

from The Financial ExpressBanking & Finance – The Financial Express http://bit.ly/2WwMbPS

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New NPA norms balanced, offer banks, borrowers a big breather

Merrill Lynch said the new framework accords banks flexibility to restructure stressed loans bilaterally (with provisions) or refer them to NCLT for auction.

from Banking/Finance-Industry-Economic Times http://bit.ly/2XAi7z6

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Deepening digital payments: How Nandan Nilekani committee recommendations came about

The Reserve Bank of India has taken a major step to boost digital transactions by scrapping the charges on fund transfers through RTGS and NEFT.

from The Financial ExpressBanking & Finance – The Financial Express http://bit.ly/2WwMbPS

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Deepening digital payments: How Nandan Nilekani committee recommendations came about

The Reserve Bank of India has taken a major step to boost digital transactions by scrapping the charges on fund transfers through RTGS and NEFT.

from The Financial ExpressBanking & Finance – The Financial Express http://bit.ly/2WwMbPS

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Yes Bank’s former interim MD & CEO Ajai Kumar quits board

Earlier in January, Yes Bank senior group president and head - retail and business banking Pralay Mondal had tendered his resignation

from Business Line - Money & Banking http://bit.ly/2F1ckeF

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IDBI Bank to distribute Max Bupa’s health insurance products

IDBI Bank Ltd and Max Bupa, a Standalone Health Insurer (SAHI), have signed a Bancassurance corporate agency agreement on June 1 this yearIt is the fi

from Business Line - Money & Banking http://bit.ly/2wMnvU6

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RBI approves RK Chhibber's appointment as interim CMD of J&K Bank

Chhibber, Executive President of J&K Bank, was appointed following removal of Parvez Ahmed as CMD of the bank by the Jammu & Kashmir administration.

from Banking/Finance-Industry-Economic Times http://bit.ly/2wMkdQK

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For all branches of J&K Bank, it is business as usual

R.K. Chibber, who chaired a board meeting of the bank's directors on Saturday, was appointed as the interim Chairman.

from Banking/Finance-Industry-Economic Times http://bit.ly/2I52fiJ

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RBI to enhance monitoring of shadow banking firms: Shaktikanta Das

Reserve Bank of India (RBI) governor Shaktikanta Das said the central bank would closely monitor the health of non-banking financial companies (NBFCs) and it would not hesitate to take corrective measures, if needed, to address issues in the shadow banking sector.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News http://bit.ly/2ME0XQ9

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RBI’s new prudential framework for stressed asset resolution credit positive: Moody’s

Moody’s Investors Service on Monday said the Reserve Bank’s new prudential framework for stressed asset resolution is ‘credit positive’, but flagged

from Business Line - Money & Banking http://bit.ly/2I51tCo

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J&K Bank gets RBI nod to appoint R.K. Chhibber as interim CMD

Jammu & Kashmir Bank on Monday told the exchanges that it has received the Reserve Bank of India's approval for the appointment of R. K. Chhibber

from Business Line - Money & Banking http://bit.ly/2XzGE7F

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Sacking of J&K Bank head opens up a can of worms

J&K anti-corruption bureau (ACB) is now probing include how Shamsuddin Andrabi, the Class 12 pass brother of ex-PDP minister Farooq Andrabi was appointed directly as manager.

from Banking/Finance-Industry-Economic Times http://bit.ly/2IAi9k7

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Govt mulling national institute for valuers

We have enough critical mass for such an institute, says MCA Secretary Srinivas

from Business Line - Money & Banking http://bit.ly/31hHnwx

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With more rating cuts in sight, NBFCs’ cost of funding may rise

Only specific solutions to rescue the sector can stem the panic and stop a contagion: Expert

from Banking/Finance-Industry-Economic Times http://bit.ly/2R1QX1v

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Smaller banks hit most by RBI’s revised note on NPAs

Smaller banks in specific deals may now have to follow larger lenders who have more at stake in a consortium of creditors.

from Banking/Finance-Industry-Economic Times http://bit.ly/2XwSEqi

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IL&FS may file contempt case against 9 big banks

SBI, PNB, BoB, HDFC Bank, Yes Bank among lenders that may face action for unauthorised withdrawals of about Rs 800 cr.

from Banking/Finance-Industry-Economic Times http://bit.ly/2WvsO9L

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Auditor’s dilemma: When is evergreening a fraud?

With a RBI final report pending, there was no clarity on how to classify the transactions; IFIN classified accounts as standard and we made no reference in our report: Auditor

from Banking/Finance-Industry-Economic Times http://bit.ly/2ItdgcI

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RBI to enhance monitoring of shadow banking firms: Governor Shaktikanta Das

The comment comes at a time when there are fears that India may be facing a major crisis in its shadow banking sector after shares of mortgage lender DHFL plunged this week after two credit-rating firms cut their view of DHFL debt to “default” levels.

from The Financial ExpressBanking & Finance – The Financial Express http://bit.ly/2wKDBh2

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RBI to enhance monitoring of shadow banking firms: Governor Shaktikanta Das

The comment comes at a time when there are fears that India may be facing a major crisis in its shadow banking sector after shares of mortgage lender DHFL plunged this week after two credit-rating firms cut their view of DHFL debt to “default” levels.

from The Financial ExpressBanking & Finance – The Financial Express http://bit.ly/2wKDBh2

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RBI to enhance monitoring of shadow banking firms: Governor Shaktikanta Das

The comment comes at a time when there are fears that India may be facing a major crisis in its shadow banking sector after shares of mortgage lender DHFL plunged this week after two credit-rating firms cut their view of DHFL debt to “default” levels.

from The Financial ExpressBanking & Finance – The Financial Express http://bit.ly/2wKDBh2

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Centre asks Andhra Pradesh to continue with existing power purchase agreements

‘Revisiting PPAs shakes investor confidence and affects future bids and investments’

from Business Line - Money & Banking http://bit.ly/2XvQkju

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After ₹2-crore fine on Kotak by RBI, both may seek early hearing in Bombay HC

With Kotak Mahindra Bank failing to comply with the Reserve Bank of India’s directions on diluting promoter shareholding norms, all eyes are now on th

from Business Line - Money & Banking http://bit.ly/2WUbJWh

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BoB puts bad loans worth over ₹9,000 crore on the block

As resolution through the insolvency courts keep getting delayed inordinately, the State-run Bank of Baroda has put on sale non-performing loans amou

from Business Line - Money & Banking http://bit.ly/2QYo6ev

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RBI governor calls for system to evaluate performance of bank chiefs

Our Bureau The performance of chiefs of public and private sector banks should be closely monitored by the Board of Directors either through a sub-com

from Business Line - Money & Banking http://bit.ly/2F0KvDe

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Scheduled banks healthier now as gross NPA ratio dips in FY19

The RBI set up a CRILC in 2014 which was followed by an AQR in 2015

from Business Line - Money & Banking http://bit.ly/2ZciP64

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Whistleblower complained of fraud at IL&FS in 2017...

...but the top-brass covered it up, says SFIO probe

from Business Line - Money & Banking http://bit.ly/2Wte4Di

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Scheduled banks healthier now as gross NPA ratio dips in FY19

The RBI set up a CRILC in 2014 which was followed by an AQR in 2015

from Business Line - Money & Banking http://bit.ly/2Ivhhxq

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IL&FS fraud: Whistleblower sought to uncover it in 2017, but top-brass covered it up

The long-running fraudulent activities at crisis-ridden IL&FS could have come to light much earlier in 2017, but for a cover-up job done by the to

from Business Line - Money & Banking http://bit.ly/2K4rh3T

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The nitty-gritty of tax-free bonds

It helps to know how bonds in secondary market are priced and how they accrue interest

from Business Line - Money & Banking http://bit.ly/2Wy2vj4

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How safe is HDFC Life’s Sanchay Plus?

The funds are invested in safe bonds — G-Secs and highly-rated corporate bonds

from Business Line - Money & Banking http://bit.ly/2Wq5KnK

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`Action against J&K Bank chief an effort to combat unlawful activities’

Parvez Ahmed had a meteoric rise from a CA to chairman within a span of 15 years and has a “dubious credentials and shady reputation”

from Business Line - Money & Banking http://bit.ly/2WzfX6o

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BoB puts accounts worth over Rs 9k cr on block as NCLT process gets delayed

The third largest lender had put Bhushan Power & Steel on sale in December 2018 but could not find a buyer.

from Banking/Finance-Industry-Economic Times http://bit.ly/2F0kjc5

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From South Asian terrorist to Tinder-based scams: Swiss authorities crack down on launderers

A terrorist from a South Asian country who unsuccessfully sought asylum in Switzerland, a man trying to launder money through a woman he befriended o

from Business Line - Money & Banking http://bit.ly/2WV24yS

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Budget likely to spell out roadmap for banking sector reforms, consolidation

The first Budget of Modi 2.0 government is scheduled to be presented on July 5 by Finance Minister Nirmala Sitharaman on the backdrop of India's economy hitting 5-year low growth of 6.8 per cent in 2018-19.

from Banking/Finance-Industry-Economic Times http://bit.ly/2WnpWH7

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IL&FS fraud: Whistleblower sought to uncover it in 2017, but top-brass covered it up

IFIN's lending to group companies jumped to around Rs 5,200 crore, which was 37 per cent of the company's total loans and advances in 2017-18 fiscal.

from Banking/Finance-Industry-Economic Times http://bit.ly/2Zab5Bq

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Central Bank of India looks to raise Rs 5,000 crore this fiscal to meet Basel III norms by March 2020

The capital will be utilised for the general business purposes, the bank said.

from The Financial ExpressBanking & Finance – The Financial Express http://bit.ly/2ZbSQf2

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Searches resume at J&K Bank corporate headquarters

J&K bank is the only private sector bank designated as the Reserve Bank of India's agency for banking business.

from Banking/Finance-Industry-Economic Times http://bit.ly/2K5i8YC

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In historic first, G20 weighs ageing as global risk

G20 finance ministers and central bank chiefs meeting in Japan — where a rapidly ageing population is a major domestic problem — have been warned to address the issue before it is too late.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News http://bit.ly/2K5YsUQ

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Banks, non-banks to be brought on same plane; RBI liquidity risk guidelines soon: Shaktikanta Das

RBI Governor Shaktikanta Das, while addressing the 15th convocation of the Post Graduate Diploma in Management in Pune on Saturday, talked about the need of a fresh look at the regulation and supervision of NBFCs. A copy of Shaktikanta Das’s speech was released to the media post the event.

from The Financial ExpressBanking & Finance – The Financial Express http://bit.ly/2XAgjWL

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Remove regulatory arbitrage between NBFCs and banks: RBI governor

In order to strengthen processes at public-sector banks (PSBs), the government, the Bank Board Bureau and the RBI are in the process of developing an objective framework for performance evaluation of these banks, Das said.

from The Financial ExpressBanking & Finance – The Financial Express http://bit.ly/2WpogN9

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Here’s what RBI will do next to improve transparency, accountability in banking sector

Pointing out that there is a need to address the existing inadequacies in customer service, Das said, efforts in developing robust customer grievance redressal mechanisms to increase customers' trust and confidence in payment systems will be continued.

from The Financial ExpressBanking & Finance – The Financial Express http://bit.ly/2KbCOi3

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Banks, non-banks to be brought on same plane; RBI liquidity risk guidelines soon: Shaktikanta Das

RBI Governor Shaktikanta Das, while addressing the 15th convocation of the Post Graduate Diploma in Management in Pune on Saturday, talked about the need of a fresh look at the regulation and supervision of NBFCs. A copy of Shaktikanta Das’s speech was released to the media post the event.

from The Financial ExpressBanking & Finance – The Financial Express http://bit.ly/2XAgjWL

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Remove regulatory arbitrage between NBFCs and banks: RBI governor

In order to strengthen processes at public-sector banks (PSBs), the government, the Bank Board Bureau and the RBI are in the process of developing an objective framework for performance evaluation of these banks, Das said.

from The Financial ExpressBanking & Finance – The Financial Express http://bit.ly/2WpogN9

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Here’s what RBI will do next to improve transparency, accountability in banking sector

Pointing out that there is a need to address the existing inadequacies in customer service, Das said, efforts in developing robust customer grievance redressal mechanisms to increase customers' trust and confidence in payment systems will be continued.

from The Financial ExpressBanking & Finance – The Financial Express http://bit.ly/2KbCOi3

Read more »