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PhonePe is in talks to raise $1 billion, giving it a valuation of $7-8 billion.
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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 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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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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PSU banks may allow farmers to borrow afresh before clearing existing loans.
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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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One of the largest players in in the wealth management business, IIFL will put the deal through next week.
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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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Terms Sashidhar Jagdishan ‘change agent’, also makes him the head of all important portfolios.
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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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The job impacts are at the mid-management level at its centres in Pune and Hyderabad.
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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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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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Those pawning their precious possessions are most often independent workers, including farmers and small shop owners.
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The consumer lending app will use the fresh capital to expand in India and support the launch of new products.
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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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PMLA is the means through which lenders, investment platforms and telecom companies are authorised to capture customer details.
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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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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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Lenders find launch and maintenance of physical infrastructure untenable.
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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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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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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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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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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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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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Various sectors are facing a sales downturn. Industries such as FMCG and automobile have been hit the hardest.
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Hero Corp leads the race; Founding member Analjit Singh in talks to raise as much as Rs 1,200 cr
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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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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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NCLT Mumbai will continue its scheduled hearing in the case of their alleged role in the IL&FS fraud matter.
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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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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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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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With this JV, Mahindra Finance aims to replicate its business model in Sri Lanka.
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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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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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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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A Credit Suisse analysis says 10-11% of loans turning NPAs.
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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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Cholamandalam is undeterred by the credit crunch that’s roiling shadow banks across the nation.
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The credit crisis that engulfed the non-bank finance sector after the collapse of IL&FS in August last year.
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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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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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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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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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The exercise was carried out over the weekend, as directed by the ministry.
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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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EOW on Friday arrested Awanish Mishra, a director of Allied Financial.
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