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Saturday, August 24, 2019

How Flipkart's PhonePe plans to become a major financial services player

PhonePe is in talks to raise $1 billion, giving it a valuation of $7-8 billion.

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Jaitley was champion of economic freedom in India: IBBI Chief Sahoo

Former Finance Minister Arun Jaitley, who passed away here on Saturday, was a champion of economic freedom in India and that history would also rememb

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There is no rescission in the country, just decline in demand in certain sectors: Rajnish Kumar

Kumar said that it is not a recession, there is in certain sector there is decline in demand particularly in auto sector.

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PM Modi launches RuPay card in UAE

PM Modi on Saturday launched the RuPay card in UAE. RuPay card scheme was launched in 2012 to fulfil the Reserve Bank of India's vision to have a domestic, open and multilateral system of payments. RuPay facilitates electronic payment at all Indian banks and financial institutions. India has already launched the RuPay card in Singapore and Bhutan.

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PM Narendra Modi launches RuPay card in UAE

Prime Minister Narendra Modi launched the RuPay card here, making the UAE the first country in West Asia to initiate the Indian indigenous system of

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Enhance repayment cycle of KCC loans, say bankers

Enhancing the repayment cycle of loans under Kisan Credit Cards (KCC) and allowing farmers to avail fresh loans even if they have not repaid the enti

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ED raids Deccan Chronicle Holding Ltd in over ₹1,000-cr bank fraud

Enforcement Directorate (ED) on Friday raided residences and offices of promoters of media company Deccan Chronicle Holding Private Ltd, T Venkatram

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Centre's move to revive economy, boost market sentiment: Key points

In an attempt to boost market sentiment, finance minister Nirmala Sitharaman said that the govt has rolled back recent tax hikes on foreign and domestic equity investors and accelerated a capital infusion of Rs 70K cr into state-run banks. The Centre also outlined measures for the crisis-hit autos sector, small businesses, and the troubled shadow banking sector.

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Can the frontloading of Rs 70,000 crore capital into PSBs and other measures boost banks and NBFCs?

Persisting stress in banks’ books and underlying risk aversion may continue to impede lending to corporates and risky segments such as real estate, NBFCs and infrastructure

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FM Nirmala Sitharaman announces capital infusion of Rs 70,000 crore for PSBs

According to a recent Crisil report, PSBs — which make up for roughly 80% of the bad loans in the banking system — will see their gross NPAs shrinking by as much as 400 bps to 10.6% by March 2020 from 14.6% in March 2018.

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FM Nirmala Sitharaman announces capital infusion of Rs 70,000 crore for PSBs

According to a recent Crisil report, PSBs — which make up for roughly 80% of the bad loans in the banking system — will see their gross NPAs shrinking by as much as 400 bps to 10.6% by March 2020 from 14.6% in March 2018.

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SBI cuts fixed deposit rates second time in a month

A day later, SBI had circulated a note recommending that the regulator enforce all incremental bulk deposits to be repo-linked or flexible.

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Bandhan Bank enters credit card business with standard Chartered tie-up

With 1,000 branches across the country, the Kolkata-based bank has around 40 lakh non-micro credit borrowers at present.

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Banks suggest easier loan rules for farmers

PSU banks may allow farmers to borrow afresh before clearing existing loans.

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SBI cuts fixed deposit rates second time in a month

A day later, SBI had circulated a note recommending that the regulator enforce all incremental bulk deposits to be repo-linked or flexible.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2ZfOWGs
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Bandhan Bank enters credit card business with standard Chartered tie-up

With 1,000 branches across the country, the Kolkata-based bank has around 40 lakh non-micro credit borrowers at present.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2KRt1N0
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SBI cuts fixed deposit rates second time in a month

A day later, SBI had circulated a note recommending that the regulator enforce all incremental bulk deposits to be repo-linked or flexible.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2ZfOWGs
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Bandhan Bank enters credit card business with standard Chartered tie-up

With 1,000 branches across the country, the Kolkata-based bank has around 40 lakh non-micro credit borrowers at present.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2KRt1N0
Read more »

SBI cuts fixed deposit rates second time in a month

A day later, SBI had circulated a note recommending that the regulator enforce all incremental bulk deposits to be repo-linked or flexible.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2ZfOWGs
Read more »

Bandhan Bank enters credit card business with standard Chartered tie-up

With 1,000 branches across the country, the Kolkata-based bank has around 40 lakh non-micro credit borrowers at present.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2KRt1N0
Read more »

SBI cuts fixed deposit rates second time in a month

A day later, SBI had circulated a note recommending that the regulator enforce all incremental bulk deposits to be repo-linked or flexible.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2ZfOWGs
Read more »

Bandhan Bank enters credit card business with standard Chartered tie-up

With 1,000 branches across the country, the Kolkata-based bank has around 40 lakh non-micro credit borrowers at present.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2KRt1N0
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Friday, August 23, 2019

IIFL set to snap up L&T Finance’s wealth management arm for Rs 250 crore, deal likely early next week

IIFL Wealth reported a net income of Rs 384 crore on a fee income of around Rs 1,060 crore in the year to March 2019 when it closed the fiscal with an AUM of Rs 1,69,312 crore.

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Unexpected enthusiasm seen in PSBs brainstorming, ideation meets: Syndicate Bank MD

The brainstorming sessions were attended by more than 200 senior bankers from various nationalised banks in the state

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ED's IL&FS probe: Edelweiss ARC says no exposure to Kohinoor project during 2005-2012

Edelweiss group on Friday clarified that it had no exposure to Kohinoor during the 2005-2012 period.In a statement to the stock exchanges, Edelweiss F

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SBI cuts interest rates on fixed deposits up to 0.5%

In view of the falling interest rate scenario and surplus liquidity, SBI realigns its interest rate on Term Deposits with effect from August 26, 2019, SBI said in a statement.

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IIFL set to snap up L&T Finance’s wealth management arm for Rs 250 crore, deal likely early next week

IIFL Wealth reported a net income of Rs 384 crore on a fee income of around Rs 1,060 crore in the year to March 2019 when it closed the fiscal with an AUM of Rs 1,69,312 crore.

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Banks suggest easier farm loan rules to remove stress

Banks are collating these suggestions from grassroots employees, refining them and are likely to handover the suggestions to the government in the first week of September.

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IIFL set to snap up L&T Fin's wealth management arm for Rs 250 cr

One of the largest players in in the wealth management business, IIFL will put the deal through next week.

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SBI offers some respite to savings bank depositors amid falling deposit rates

The bank has decided not to lower rates on savings deposits linked to repo rate

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SBI cuts deposit rates again

In view of the falling interest rate scenario and surplus liquidity, State Bank of India has decided to slash retail term deposit rates by 10-50 basis

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HDFC Bank remains bullish on cards business; sees no signs of slowdown

Launches range of cards for millennials

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Why YES Bank can remain under pressure, even after its sharp fall

A chunk of the bank’s Rs 29,000 crore stressed book, pertains to four or five accounts. Resolution on these, if delayed, can weigh on its already weak capital base

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Fintech login gets an India, China lift

In 2017, the first time the index was created, India’s fintech adoption rate was 52% -- still higher than the global average of 33%.

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Readying for life after Aditya Puri's retirement: HDFC Bank rejigs top management

Terms Sashidhar Jagdishan ‘change agent’, also makes him the head of all important portfolios.

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Number of debit cards fell 11% year-on-year in June

Card issuance is likely to see an uptick with the rise of several metro and smart city projects, and with payments banks and aggregators also set to introduce credit cards to a new all-digital consumer base, Worldline observed.

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Indian Overseas Bank says on track to report profitability

Speaking to reporters over the ongoing ideation process by the PSBs, especially in Tamil Nadu, Karnam Sekar, MD & CEO of IOB, said from the June quarter the bank was hoping to hit profitability.

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Number of debit cards fell 11% year-on-year in June

Card issuance is likely to see an uptick with the rise of several metro and smart city projects, and with payments banks and aggregators also set to introduce credit cards to a new all-digital consumer base, Worldline observed.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/33TyWJ5
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Indian Overseas Bank says on track to report profitability

Speaking to reporters over the ongoing ideation process by the PSBs, especially in Tamil Nadu, Karnam Sekar, MD & CEO of IOB, said from the June quarter the bank was hoping to hit profitability.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/33U5ene
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Number of debit cards fell 11% year-on-year in June

Card issuance is likely to see an uptick with the rise of several metro and smart city projects, and with payments banks and aggregators also set to introduce credit cards to a new all-digital consumer base, Worldline observed.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/33TyWJ5
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Indian Overseas Bank says on track to report profitability

Speaking to reporters over the ongoing ideation process by the PSBs, especially in Tamil Nadu, Karnam Sekar, MD & CEO of IOB, said from the June quarter the bank was hoping to hit profitability.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/33U5ene
Read more »

Number of debit cards fell 11% year-on-year in June

Card issuance is likely to see an uptick with the rise of several metro and smart city projects, and with payments banks and aggregators also set to introduce credit cards to a new all-digital consumer base, Worldline observed.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/33TyWJ5
Read more »

Indian Overseas Bank says on track to report profitability

Speaking to reporters over the ongoing ideation process by the PSBs, especially in Tamil Nadu, Karnam Sekar, MD & CEO of IOB, said from the June quarter the bank was hoping to hit profitability.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/33U5ene
Read more »

Number of debit cards fell 11% year-on-year in June

Card issuance is likely to see an uptick with the rise of several metro and smart city projects, and with payments banks and aggregators also set to introduce credit cards to a new all-digital consumer base, Worldline observed.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/33TyWJ5
Read more »

Indian Overseas Bank says on track to report profitability

Speaking to reporters over the ongoing ideation process by the PSBs, especially in Tamil Nadu, Karnam Sekar, MD & CEO of IOB, said from the June quarter the bank was hoping to hit profitability.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/33U5ene
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Thursday, August 22, 2019

No solvency issues in DHFL insurance arms: IRDAI chief

There is more need for insurance during a downturn in the economy, says Khuntia

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HDFC Bank get a new CFO

HDFC Bank’s Board of Directors on Thursday appointed Srinivasan Vaidyanathan as the Chief Financial Officer (CFO) with immediate effect. The incumbe

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Shriram City Union Finance issues NCDs

Shriram City Union Finance has announced the issue of secured redeemable non-convertible debentures (NCDs). The base issue size is ₹100 crore, with an

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Shadow bank crackdown accelerates amid cash squeeze

India is stamping out shadow financiers at the fastest pace in recent years, in the latest blow to a beleaguered sector battling a prolonged funding crunch due to rising wariness toward it in the nation’s credit markets.

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HSBC lays off 150 employees from back offices in India

The job impacts are at the mid-management level at its centres in Pune and Hyderabad.

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HSBC lays off 150 employees from back offices in India

The job impacts are at the mid-management level at its centres in Pune and Hyderabad, said sources

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Digit Insurance, KVB tie-up for bancassurance

To offer cover to SMEs

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Demonetisation: IT probe into dormant accounts used to deposit unaccounted cash hits a dead-end

The Income Tax Department has hit a dead-end in its investigation of numerous demonetisation cases, where unaccounted cash was deposited in dormant b

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What’s Floccinaucinihilipilification? Ask the Reserve Bank of India

The Oxford dictionary says the word is a rare one originating in the mid-18th century to describe the action of estimating something as worthless.

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Nirav Modi remanded to custody in UK prison until September 19

Fugitive diamond merchant Nirav Modi, wanted in India in connection with the nearly $2 billion Punjab National Bank (PNB) fraud and money laundering case, was on Thursday further remanded to judicial custody until September 19.

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Indians pawning family gold amid credit crunch

While pawning gold has long been an option for quick funds in a country that is the world’s second-biggest consumer of the yellow metal, several lenders told Reuters of unprecedented demand as people struggle to secure loans from banks grappling with bad debt and a shadow lending industry stung by a liquidity crunch.

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Task force against India banks’ overseas branches catering to rupee NDF market

The task force had indicated that the 2016 BIS survey (the next one will be released later in 2019) showed offshore trades in the rupee were more or less equal to deliverable onshore forwards; around $16 billion daily.

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Credit crunch leads to increase in demand for gold loans

Those pawning their precious possessions are most often independent workers, including farmers and small shop owners.

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Task force against India banks’ overseas branches catering to rupee NDF market

The task force had indicated that the 2016 BIS survey (the next one will be released later in 2019) showed offshore trades in the rupee were more or less equal to deliverable onshore forwards; around $16 billion daily.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2TPnbyG
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Task force against India banks’ overseas branches catering to rupee NDF market

The task force had indicated that the 2016 BIS survey (the next one will be released later in 2019) showed offshore trades in the rupee were more or less equal to deliverable onshore forwards; around $16 billion daily.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2TPnbyG
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Bharti AXA Life ties up with Akshaya Patra to support mid-day meal programme

Bharti AXA Life Insurance, a private life insurer, said on Thursday that it has partnered with Akshaya Patra Foundation to support and contribute to t

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EPFO appoints UTI AMC, SBI Mutual Fund as fund managers

Defers hiking minimum monthly pension as employees’ representative demanded for higher amount.

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Fintech Tala raises $110m in Series-D funding led by RPS Ventures

The consumer lending app will use the fresh capital to expand in India and support the launch of new products.

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Shadow bank crackdown accelerates in India amid cash squeeze

RBI has canceled registrations of 1,851 non-bank finance companies in the year ended March 31, which is eight times more than those in the last year.

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Finance ministry amends PMLA Act to offer clarity on digital KYC

PMLA is the means through which lenders, investment platforms and telecom companies are authorised to capture customer details.

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Videocon requests NCLT to include overseas oil assets in insolvency process

The move comes after a consortium of lenders led by the SBI have invited bids for the group's Brazilian and Indonesian assets via ads.

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Fintech Venture Avanti to raise $150 million

The company is building a technology platform for loan products and capital of third parties to ride on and serve the needs of those without access to loans.

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PSBs shutter many branches, ATMs in cities as costs mount

Lenders find launch and maintenance of physical infrastructure untenable.

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Wednesday, August 21, 2019

IL&FS probe: ED questions former CM Manohar Joshi’s son Unmesh for 3rd day

Questioning of former Maharashtra chief minister Manohar Joshi’s son, Unmesh, is underway at the Enforcement Directorate’s office here on the third c

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Nippon Life hikes stake in Reliance Nippon AMC to 54 per cent via open offer

Buys additional 11 per cent stake for ₹1,500 cr at ₹230 a share

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SBI plans to establish nearly 10 lakh YONO Cash Points

State Bank of India, the country’s largest lender, is planning to establish nearly 10 lakh YONO Cash Points in the country over 18 months, said its

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Bank of Baroda plans to raise capital through bonds

Public sector lender Bank of Baroda on Wednesday said its capital raising committee will meet next week to consider raising of capital through issuan

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SBI plans to establish nearly 10 lakh YONO Cash Points

The bank has no plans to discontinue debit cards but increased use of the digital platform will itself reduce the requirement of the debit cards, Rajnish Kumar said.

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Bank of Baroda plans to consider bond issue

Public sector lender Bank of Baroda on Wednesday said its capital raising committee will meet next week to consider raising of capital through issuan

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Banks do not report most cybercrimes, says top cop

Banks tend to not report most cybersecurity-related incidents faced by them to law enforcement agencies, nor do they share information about breach attempts. As a result, investigators haven’t been able to fully equip themselves to handle and mitigate such cases.

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Acko partners with ZestMoney to offer credit insurance

Insurance will help cover monthly EMI payments and protect the insured from default

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Raising long-term finance to be tough for NBFCs: Bankers

Raising long-term finance will continue to be a challenge for non-banking finance companies (NBFCs), although banks are willing to adopt a collaborative approach to help revive the sector.

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Ujjivan SFB to dilute promoter stake by 10-15%

Plans combination of IPO, ESOPs and employee stock purchase scheme

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Financial institutions debit Rs 759 crore from IL&FS against NCLAT order

As per the fifth progress report to the NCLT, the company said that banks and financial institutions' actions affects its efforts to survive as a 'going concern'.

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IL&FS did not disclose NPAs for 4 years: RBI

The report is based on inspection of IL&FS and IFIN and this has been conveyed by the new board of the IL&FS to the NCLT.

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YES Bank to take a call on asset management business

YES Bank is planning to take a long hard look at its asset management business. The private sector lender forayed into this business last year.The mov

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With the insurance industry maturing over the years, focus has shifted to profitability and valuations

Thomas Abraham G Murlidhar, Managing Director, and a founding member of Kotak Mahindra Life Insurance Company, says the company has grown faster than

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IL&FS antics: Lending behemoth without 'investment policy'

In a shocking disclosure, the RBI found that the crisis-ridden IL&FS did not have a board-approved 'Investment Policy'.

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Slowdown slayer: PSBs to suggest steps to boost economy

Various sectors are facing a sales downturn. Industries such as FMCG and automobile have been hit the hardest.

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India’s deposit insurance cover remains the lowest globally

The continued weak performance of banks has brought the focus back on the appallingly low deposit insurance cover in India. The 2018 annual survey by

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RBI blasts banks on poor compliance with regulations

Reserve Bank deputy governor MK Jain on Tuesday slammed banks for poor compliance with regulations, and pointed out that high value frauds and fines

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Central Bank of India plans to raise up to Rs 3,000 crore

The lender through a exchange notice had said earlier that it recieved shareholder approval to raise up to Rs 5,000 crore through rights issue or qualified institutional placement (QIP).

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Banks’ compliance culture far from satisfactory: RBI director-general MK Jain

The two-day event concluded on Tuesday. He further added that since the global financial crisis in 2008 to 2020, penalties and fines imposed on banks for lack of compliance is well expected to cross $400 billion.

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SBI in talks with NBFCs on co-origination of loans

The central bank had released guidelines on co-origination of loans by banks and NBFCs to the priority sector last year with a view to leveraging on the reach of NBFCs to help banks meet their priority sector lending targets.

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Banks now have greater flexibility to resolve stressed assets, says RBI deputy governor NS Vishwanathan

The Basel Committee had resolved that the loss-absorbing capacity of banks should be increased and a capital conservation buffer be put in place to tide over periods of liquidity stress.

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Max Financial in talks to sell 10% stake for Rs 1,200cr

Hero Corp leads the race; Founding member Analjit Singh in talks to raise as much as Rs 1,200 cr

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Tuesday, August 20, 2019

IL&FS case: NCLAT refuses interim relief to Deloitte and BSR Associates

The National Company Law Appellate Tribunal (NCLAT) has refused to give interim relief to IL&FS auditors Deloitte and BSR Associates regarding th

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India Post Payments Bank evaluating options to convert to SFB, says CEO

Our BureauIndia Post Payments Bank is evaluating options on how to convert to a small finance bank (SFB) as it is keen to provide micro credit at the

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Compliance culture of Indian banks is ‘far from satisfactory’ : RBI Deputy Governor

Lenders should eschew tendency to treat compliance merely as a cost, says MK Jain

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Oriental Bank launches repo-linked home, auto loans

Oriental Bank of Commence (OBC) has launched a new variant of home and vehicle loan products linked to the RBI’s repo rate. The new product will direc

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Ayushman reimbursement for private hospitals short of costs incurred: FICCI/EY report

The current procedure costs prescribed by the government’s cashless health insurance scheme — Pradhan Mantri Jan Arogya Yojana (PM-JAY) or Ayushman

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SBI suggests linking bulk deposits to repo for effective transmission of interest rates

For effective transmission of the RBI’s lower policy rates, SBI on Tuesday suggested the regulator should ask banks to link incremental bulk deposit

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DBS Bank to enter India's credit card market next year

The Singapore-based lender's move highlights its efforts to tap growth outside its home market to offset weakness in the local economy.

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Home, auto loans on ‘PSB Loans in 59 Minutes’ portal soon

Public sector banks are gearing up to introduce retail products, including housing and auto loans, on ‘psbloansin59minutes’ portal with a view to ex

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DBS Bank to enter credit card market next year

Southeast Asia's biggest bank DBS Group Holdings is preparing to enter the credit card market in India in 2020, a senior company executive said on Tu

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PSU banks to introduce home, auto loans on 'PSB Loans in 59 Minutes' portal

The portal was launched by PM Modi in November 2018 with an aim to make credit access and banking for MSMEs transparent and hassle-free.

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NCLAT refuses interim relief to Deloitte, BSR Associates in IL&FS case

NCLT Mumbai will continue its scheduled hearing in the case of their alleged role in the IL&FS fraud matter.

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Banks Board Bureau invites applications for top posts of 4 big PSU banks

The headhunter last week had issued public notices inviting applications for the top posts in Punjab National Bank and Bank of India but on Monday it broaden the exercise to include Bank of Baroda and Canara Bank.

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Non-life insurers register 23 pc rise in July premium at Rs 14,378.45 cr

The 34 non-life insurance firms had collected a premium income of Rs 11,715.05 crore in the corresponding month a year ago.

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SBI announces home, auto loans at cheaper rates during festival season

State Bank of India (SBI), the country's largest lender, on Tuesday announced a number of offers including cheaper rates for home and auto loan borrowers, to cash in on festival fervour.

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Mahindra Finance inks JV deal to acquire over 58% in Sri Lanka's Ideal Finance for LKR 2 billion

With this JV, Mahindra Finance aims to replicate its business model in Sri Lanka.

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SBI’s festive offers: Should you go for the bank’s repo linked home loan?

While the transmission will happen faster, it can make EMIs more volatile and pinch you when rates increase

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State Bank of India aims to eliminate debit cards

If the country's largest lender State Bank of India (SBI) has its way, it may herald the beginning of the end of the ubiquitous debt cards from the banking system as the bank plans to promote more digital payment solutions and eliminate the plastic cards.

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Mahindra Finance to pick 58.2% in Sri Lanka's Ideal Finance

Mahindra & Mahindra Financial Services Ltd has entered into a joint venture with Sri Lanka's Ideal Finance Ltd. Mahindra Finance will invest LKR 2

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Route to $5 trillion facing headwinds: Bank CEOs

Banking executives said though there are opportunities in some segments of the economy, the aim to make India a $5-trillion economy will need a lot more effort.

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SBI announces a slew of festive offers for retail banking customers

State Bank of India (SBI) on Tuesday announced bouquet of special offerings in this festive season for retail banking customers. Customers can avail

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Credit has to expand 18-20% for India to become $5 trillion economy

As per industry leaders, achieving the government target of making India a $5-trillion dollar economy by 2024 from around $2.7 trillion at present would require annual credit growth in the range of 18-20%. This kind of growth was last seen following the stimulus in FY11 when bank credit grew 21.5%. As on August 2, the year-on-year bank credit growth was 12%.

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NBFC loan growth in negative zone

A Credit Suisse analysis says 10-11% of loans turning NPAs.

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Borrowers to gain as RBI to tell banks to link loans with repo rate

Unhappy with the pace of transmission of interest rate cuts, the Reserve Bank of India plans to direct banks to start providing loans linked to an external benchmark like the repo (rate at which the RBI lends money to banks). RBI governor Shaktikanta Das said that some banks have already announced their intent to link lending rates to an external benchmark.

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Monday, August 19, 2019

Bank fraud case: ED attaches assets worth ₹2.42 cr in AP, Telangana

Enforcement Directorate (ED) has attached assets worth ₹ 2.42 crore of Ganne Srinivasa Rao and others in a bank fraud case. The attached properties in

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Aviom India Housing Finance raises Rs 60 crore in Series B funding

New Delhi-based Aviom India Housing Finance has raised Rs 60 crore from Japan’s Gojo & Company and Capital 4 Development Asia Fund Netherlands in

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An Indian car loan player is making plans to offer loans to homebuyers

Cholamandalam is undeterred by the credit crunch that’s roiling shadow banks across the nation.

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RBI Governor’s talisman: Don’t fret over economic slowdown

The credit crisis that engulfed the non-bank finance sector after the collapse of IL&FS in August last year.

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Bank union welcomes FinMin initiative, calls for wider debate

The National Confederation of Bank Employees (NCBE) felt that there is also a need for a wider national debate on the entire banking policy involving all stakeholders

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Growth is the highest priority as of now: RBI chief

After over a dozen public sector banks, including State Bank of India (SBI), have voluntarily linked their loans and deposits pricing to the repo rate, Reserve Bank of India (RBI) governor Shaktikanta Das on Monday stressed on the need for the entire system switching to this model, saying such a move can speed up the monetary transmission process.

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NCLT approval awaited for Bandhan Bank-GRUH Finance merger

Bandhan Bank Managing Director and CEO, Chandra Shekhar Ghosh, on Monday said the lender is awaiting approval from the NCLT for its proposed merger wi

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Banks need to do more on transmitting repo rate cuts: RBI Governor

The Reserve Bank of India expects banks to move faster on transmitting repo rate cuts to lending rates by linking the latter to an external benchmark,

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Jaishankar R. Padmanabhan selected for appointment as NHB Executive Director

National Housing Bank (NHB) has selected Jaishankar R. Padmanabhan for appointment to the post of Executive Director (special grade). This appointment

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United Bank of India targets Rs 1,000 crore net profit in FY20

"I am pretty sure that the remaining quarters of this fiscal would also be profitable for us. We are looking at nearly Rs 1,000 crore profit in FY20," Pradhan said.

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PSU banks launch joint plan to boost economic growth

There are eight specific areas in which these banks are expected to focus, which include credit growth, infrastructure financing, financial inclusion, digital transactions and CSR activities, among others.

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United Bank of India targets Rs 1,000 crore net profit in FY20

"I am pretty sure that the remaining quarters of this fiscal would also be profitable for us. We are looking at nearly Rs 1,000 crore profit in FY20," Pradhan said.

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SBI Cards invites book-running lead managers, legal counsels for proposed IPO

SBI Cards and Payment Services Private Ltd has invited book-running lead managers and legal counsels for a proposed initial public offering.SBI is exp

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Credit demand subdued, need eco booster: SBI chief

State Bank of India (SBI) chairman Rajnish Kumar on Sunday said credit demand remains subdued and there is a need for stimulus in the economy. Though lack of credit demand exists in the economy, there is no supply-side constraint as public sector banks are more or less well-capitalised, he said.

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PSU banks launch joint plan to boost economic growth

There are eight specific areas in which these banks are expected to focus, which include credit growth, infrastructure financing, financial inclusion, digital transactions and CSR activities, among others.

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Sensex jumps over 200 points; Nifty nears 11,100

Domestic equity benchmark BSE sensex rose over 200 points in early trade on Monday tracking gains in index heavyweights RIL, ICICI Bank and Infosys amid positive global cues.

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‘Voluntary Aadhaar eKYC for bank accounts, mobile, MFs soon’



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Credit squeeze on smaller NBFCs seen abating

Players hopeful that several measures taken by the govt will improve liquidity further

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Public sector banks explore northeast India centric products

Barun Kumar, Deputy General Manager of Union Bank of India said, “For some constrains intervention of government and in some intervention of National bank for agriculture &rural development (NABARD) will be required.”

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State-run banks to involve branches over growth goals

The exercise was carried out over the weekend, as directed by the ministry.

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SBI offers repo-linked benefits on home loans for new customers

The bank has introduced repo-linked lending rate for home loans from July only for its new customers and expects around 12% growth in loans in FY20.

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Economic Offence Wing lens on role of IL&FS Securities in Allied Financial fraud case

EOW on Friday arrested Awanish Mishra, a director of Allied Financial.

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