Indian Overseas Bank mobilises ₹500 cr

Public sector Indian Overseas Bank on Saturday said it has raised ₹500 crore through Basel III Tier-II bonds issue to meet growth and regulatory req

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IOB raises Rs 500 crore through Basel III Tier II bonds issue

Indian Overseas Bank (IOB) on Friday raised Rs. 500 crore through issuance of Basel III compliant Tier II bonds. In a press statement, IOB said that t

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Karnataka Bank chairman to head SIBSTC governing board

The Chairman of Karnataka Bank Ltd, P Jayarama Bhat, has been unanimously elected as the Chairman of the governing board of Southern India Banks’ Staf

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Bank of Baroda launched agri digital platform

Bank of Baroda launched its agri digital platform “Baroda Kisan” on Saturday. The platform can also be accessed on mobiles by farmers.“The web-based p

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Rs 100-a-day fine for not reversing e-payments

Banks and digital wallets will now have to pay a stiff penalty of Rs 100 per day if failed transactions are not reversed within a day. This will apply to most digital payments including unified payments interface (UPI), immediate payment system (IMPS), e-wallets, Aadhaar-enabled payment, card-to-card and transactions through National Automated Clearing House (NACH).

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YES Bank promoter entities sell 2.75 per cent stake

Promoter group companies of YES Bank along with co-founder Rana Kapoor, have sold a combined 2.75 per cent stake in the lender through the open marke

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Corporate credit likely to pick up from October: SBI

According to him, nobody would come for fresh borrowing with around 70-80% capacity utilisation for corporate sector, “Nobody is willing to commit new capital expenditure.

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Corporate credit likely to pick up from October: SBI

According to him, nobody would come for fresh borrowing with around 70-80% capacity utilisation for corporate sector, “Nobody is willing to commit new capital expenditure.

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Corporate credit likely to pick up from October: SBI

According to him, nobody would come for fresh borrowing with around 70-80% capacity utilisation for corporate sector, “Nobody is willing to commit new capital expenditure.

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Corporate credit likely to pick up from October: SBI

According to him, nobody would come for fresh borrowing with around 70-80% capacity utilisation for corporate sector, “Nobody is willing to commit new capital expenditure.

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Corporate credit likely to pick up from October: SBI

According to him, nobody would come for fresh borrowing with around 70-80% capacity utilisation for corporate sector, “Nobody is willing to commit new capital expenditure.

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Banks earnings to rise up to 12 per cent after tax cut

Rajiv Mehta, lead analyst-institutional equities, Yes Securities, said that the direct benefit of the massive tax cut would be to the extent of around 15% on earnings, 2.5-5% on book value and 30-80 basis points (bps) on the capital position for most banks and non-banking financial companies (NBFCs).

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Max Bupa and Indian Bank ink bancassurance tie-up to offer health insurance solutions

Partnership to help fulfill health insurance needs of over 40 million Indian Bank customers

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Partial Credit Guarantee scheme: Proposals worth ₹33,200 cr in the works says FinMin

Non-banking finance companies (NBFCs) have, till date, offered asset pools of ₹9,155 crore for purchase by banks under the newly-launched Partial Cred

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Banks earnings to rise up to 12 per cent after tax cut

Rajiv Mehta, lead analyst-institutional equities, Yes Securities, said that the direct benefit of the massive tax cut would be to the extent of around 15% on earnings, 2.5-5% on book value and 30-80 basis points (bps) on the capital position for most banks and non-banking financial companies (NBFCs).

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Rana Kapoor’s stake sale to have no impact on growth plans, says Yes Bank

Yes Bank's growth plans will remain firmly on track.

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Banks earnings to rise up to 12 per cent after tax cut

Rajiv Mehta, lead analyst-institutional equities, Yes Securities, said that the direct benefit of the massive tax cut would be to the extent of around 15% on earnings, 2.5-5% on book value and 30-80 basis points (bps) on the capital position for most banks and non-banking financial companies (NBFCs).

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Banks earnings to rise up to 12 per cent after tax cut

Rajiv Mehta, lead analyst-institutional equities, Yes Securities, said that the direct benefit of the massive tax cut would be to the extent of around 15% on earnings, 2.5-5% on book value and 30-80 basis points (bps) on the capital position for most banks and non-banking financial companies (NBFCs).

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Banks earnings to rise up to 12 per cent after tax cut

Rajiv Mehta, lead analyst-institutional equities, Yes Securities, said that the direct benefit of the massive tax cut would be to the extent of around 15% on earnings, 2.5-5% on book value and 30-80 basis points (bps) on the capital position for most banks and non-banking financial companies (NBFCs).

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Banks earnings to rise up to 12 per cent after tax cut

Rajiv Mehta, lead analyst-institutional equities, Yes Securities, said that the direct benefit of the massive tax cut would be to the extent of around 15% on earnings, 2.5-5% on book value and 30-80 basis points (bps) on the capital position for most banks and non-banking financial companies (NBFCs).

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Banks earnings to rise up to 12 per cent after tax cut

Rajiv Mehta, lead analyst-institutional equities, Yes Securities, said that the direct benefit of the massive tax cut would be to the extent of around 15% on earnings, 2.5-5% on book value and 30-80 basis points (bps) on the capital position for most banks and non-banking financial companies (NBFCs).

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Banks earnings to rise up to 12 per cent after tax cut

Rajiv Mehta, lead analyst-institutional equities, Yes Securities, said that the direct benefit of the massive tax cut would be to the extent of around 15% on earnings, 2.5-5% on book value and 30-80 basis points (bps) on the capital position for most banks and non-banking financial companies (NBFCs).

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Tax break-dance: In its 2nd biggest rise ever, sensex rockets 1,921 pts

Markets roared back to life on Friday, with the Sensex posting its biggest single-day jump in over a decade at 1,921 points. In the process, ​investors' wealth soared by a staggering Rs 7.1 lakh crore, after finance minister announced a cut in corporate tax rates​​. ​Among the sensex stocks, HDFC Bank, up 9.1%, was the biggest contributor to the index’s gain.

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Alison Rose set to become first female chief of RBS

To replace Ross McEwan on November 1

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RBI asks banks to cover risk sensitive areas under concurrent audit

 The Reserve Bank of India (RBI) has asked banks to cover risk sensitive areas identified by them as per their specific business models under concurre

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RBI guv welcomes corp tax cuts, says its a bold move

Reserve Bank of India (RBI) governor Shaktikanta Das on Friday said the reduction in corporate tax is a bold measure which will be highly positive for the economy. In a major fiscal booster, finance minister Nirmala Sitharaman on Friday morning slashed effective corporate tax to 25.17 per cent inclusive of all cess and surcharges for domestic companies cheering everyone and sending the market to decadal single-day rally.

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RBI expects growth to pick up from Q2 on government spending

Reserve Bank governor Shaktikanta Das on Friday exuded confidence that second-quarter GDP numbers will be better than the previous one as the government has started spending again.

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IDBI Bank to seek exemption from RoA criterion to exit RBI’s prompt corrective action

At the end of June, IDBI Bank had a CRAR of 8.14% and a net NPA ratio of 8.02%. Its RoA stood at (-)4.96% and it posted a net loss of Rs 3,800 crore for the quarter ended June.

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IDBI Bank to seek exemption from RoA criterion to exit RBI’s prompt corrective action

At the end of June, IDBI Bank had a CRAR of 8.14% and a net NPA ratio of 8.02%. Its RoA stood at (-)4.96% and it posted a net loss of Rs 3,800 crore for the quarter ended June.

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IDBI Bank to seek exemption from RoA criterion to exit RBI’s prompt corrective action

At the end of June, IDBI Bank had a CRAR of 8.14% and a net NPA ratio of 8.02%. Its RoA stood at (-)4.96% and it posted a net loss of Rs 3,800 crore for the quarter ended June.

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YES Bank board underlines sound financial position after MCPL stake sale

Private sector lender, YES Bank, on Friday stressed that it is in sound financial health, after the announcement of stake sale in the lender by promot

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Customers use less than 50% of mobile banking features: FSS study

Customers are using less than 50 per cent of the features available in the mobile banking apps, according to a report published by global payments t

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Essel banks on extension of standstill pact to repay debt

Deadline for debt repayment is Sept 30

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IDBI Bank to seek exemption from RoA criterion to exit RBI’s prompt corrective action

At the end of June, IDBI Bank had a CRAR of 8.14% and a net NPA ratio of 8.02%. Its RoA stood at (-)4.96% and it posted a net loss of Rs 3,800 crore for the quarter ended June.

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IDBI Bank to seek exemption from RoA criterion to exit RBI’s prompt corrective action

At the end of June, IDBI Bank had a CRAR of 8.14% and a net NPA ratio of 8.02%. Its RoA stood at (-)4.96% and it posted a net loss of Rs 3,800 crore for the quarter ended June.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/30b2FOl

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IDBI Bank to seek exemption from RoA criterion to exit RBI’s prompt corrective action

At the end of June, IDBI Bank had a CRAR of 8.14% and a net NPA ratio of 8.02%. Its RoA stood at (-)4.96% and it posted a net loss of Rs 3,800 crore for the quarter ended June.

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IDBI Bank to seek exemption from RoA criterion to exit RBI’s prompt corrective action

At the end of June, IDBI Bank had a CRAR of 8.14% and a net NPA ratio of 8.02%. Its RoA stood at (-)4.96% and it posted a net loss of Rs 3,800 crore for the quarter ended June.

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Private placement of NCDs up 47 per cent this fiscal

Mahendra Jajoo, head of fixed income at Mirae Asset Mutual Fund, pointed out that public sector organisations like Power Finance Corporation (PFC), Rural Electrification Corporation (REC), Indian Oil (IOC) and Bharat Petroleum (BPCL) were the major fundraisers from the NCD market this fiscal.

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Modi govt to protect honest bank officers from CBI, ED action

Bank Loan: Modi govt's decision to shield honest bank officers is considered crucial for the success of its efforts to significantly expand the credit.

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Private placement of NCDs up 47 per cent this fiscal

Mahendra Jajoo, head of fixed income at Mirae Asset Mutual Fund, pointed out that public sector organisations like Power Finance Corporation (PFC), Rural Electrification Corporation (REC), Indian Oil (IOC) and Bharat Petroleum (BPCL) were the major fundraisers from the NCD market this fiscal.

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Modi govt to protect honest bank officers from CBI, ED action

Bank Loan: Modi govt's decision to shield honest bank officers is considered crucial for the success of its efforts to significantly expand the credit.

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Ahead of festive season, PSBs to go on lending spree

“… for every one customer who wants a loan, please give him, but for every one who you give now, you will bring five newer ones, fresh, somebody who has never taken a loan from a bank,” Sitharaman said.

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Private placement of NCDs up 47 per cent this fiscal

Mahendra Jajoo, head of fixed income at Mirae Asset Mutual Fund, pointed out that public sector organisations like Power Finance Corporation (PFC), Rural Electrification Corporation (REC), Indian Oil (IOC) and Bharat Petroleum (BPCL) were the major fundraisers from the NCD market this fiscal.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/34Uc1h7

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Modi govt to protect honest bank officers from CBI, ED action

Bank Loan: Modi govt's decision to shield honest bank officers is considered crucial for the success of its efforts to significantly expand the credit.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2NoH7rA

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Private placement of NCDs up 47 per cent this fiscal

Mahendra Jajoo, head of fixed income at Mirae Asset Mutual Fund, pointed out that public sector organisations like Power Finance Corporation (PFC), Rural Electrification Corporation (REC), Indian Oil (IOC) and Bharat Petroleum (BPCL) were the major fundraisers from the NCD market this fiscal.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/34Uc1h7

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Modi govt to protect honest bank officers from CBI, ED action

Bank Loan: Modi govt's decision to shield honest bank officers is considered crucial for the success of its efforts to significantly expand the credit.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2NoH7rA

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Realtors’ rising cash-crunch poses more risks to banks: Report

Poor liquidity had last week forced Altico Capital to default on an under-Rs 20-crore scheduled interest payment on an ECB loan from Masherq Bank of the UAE.

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Aditya Puri on slowdown: Diwali to be good for HDFC Bank; India will be best financial market in 5 yrs

Even as the economy reels under a growth slowdown, upcoming Diwali is expected to be good for HDFC Bank and its partners, Aditya Puri, MD, HDFC Bank.

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IMPS rated world’s best in real-time payment service

India’s Immediate Payment Service (IMPS) has been rated as the world’s best real-time payment service in an analysis of 54 countries that have simila

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No stressed MSME will be declared an NPA till March 31, 2020: Nirmala Sitharaman

Finance minister Nirmala Sitharaman on Thursday urged banks not to declare any stressed Micro, Small and Medium Enterprises (MSMEs) as a non-performing asset (NPA) till March 31, 2020.

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Oriental Bank to offer retail and small biz loan products linked with repo from Oct 1

The new products will be available to borrowers from October 1 onwards.

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AIBEA and BEFI plan strike on Oct 22

The All-India Bank Employees Association (AIBEA), the largest bank union in the country, and Bank Employees Federation of India (BEFI), have called fo

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PNB to raise up to Rs 3,000 crore through Basel III compliant bonds

Punjab National Bank will raise up to Rs 3,000 crore by issuing Basel III compliant bonds in one or more tranches. The bank’s board of directors wil

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Satya MicroCapital, Light Microfinance raise debt capital

Satya MicroCapital has raised $7 million and Light Microfinance $5 million by issuing non-convertible debentures (NCDs) to Mauritius-based Aviator Glo

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FinMin gets nearly 100 applications for post of RBI deputy governor

The last date for submission of application for the position was August 30.

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Oriental Bank’s Board gives in-principle approval for merger with Punjab National Bank

Oriental Bank of Commerce’s (OBC) Board has given its in-principal approval for the amalgamation of the bank with Punjab National Bank (PNB).The Boar

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Nirav Modi remanded to custody until October 17

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 October 17. Nirav, 48, appeared before the Westminster Magistrates' court via videolink from his London prison for a routine "call-over" remand hearing.

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IDBI Bank appoints Samuel Joseph as Deputy Managing Director

This is the first major appointment on the Bank’s Board, in which LIC acquired a majority stake of 51 per cent in January 2019

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Banks closed for five days in a row later this month? Services to be hit

Bank services will be hit later this month, for as much as five days in a row in case of PSU banks from September 26 to September 30.

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Top NBFC bets on RBI easing to end credit crisis even as fresh strains emerge in sector

Pushed by a year of distress in India’s shadow banking sector, policy makers have announced a series of measures to calm the credit market.

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Interest rate challenge: RBI not in favour of fixed-cum-floating teaser loans

The central bank is likely to take such a view following comments from State Bank of India chairman Rajnish Kumar that the lender would seek clarifications from the RBI on whether it could offer long-term home loans with fixed rates in the beginning and floating rates later.

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Banks closed for five days in a row later this month? Services to be hit

Bank services will be hit later this month, for as much as five days in a row in case of PSU banks from September 26 to September 30.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/34TweDP

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Top NBFC bets on RBI easing to end credit crisis even as fresh strains emerge in sector

Pushed by a year of distress in India’s shadow banking sector, policy makers have announced a series of measures to calm the credit market.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2AwP0mm

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Interest rate challenge: RBI not in favour of fixed-cum-floating teaser loans

The central bank is likely to take such a view following comments from State Bank of India chairman Rajnish Kumar that the lender would seek clarifications from the RBI on whether it could offer long-term home loans with fixed rates in the beginning and floating rates later.

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Default by real-estate focussed NBFC credit negative for banks, says Moody's

The recent default by a real estate focussed non-banking finance company (NBFC), which signals increasingly tight liquidity among property developers,

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Banks' branches and ATMs expansion hit slow lane in FY18 and FY19

Banks in India added fewer branches and consolidated their ATMs network in the last two years even as digital banking transactions gained traction. In

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Partial Credit Guarantee: NBFCs seek changes in credit rating requirements

FIDC says AA rating requirement should be made applicable only after partial credit guarantee by the government

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Bank mergers: How the rushed stake sale in insurance subsidiaries may fetch low value

Most PSU banks have non-core investments that can be monetised to raise funds from time to time. Investments in insurance businesses, asset management

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Retail loans show signs of stress

There is a slight uptick in defaults by individuals as their incomes are stagnating

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Will the merged PSBs be the building blocks for $5 trillion economy?

Merger without a reduction in government interference is unlikely to bring professionalism and efficiency in public sector banking.

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FinMin to hold review meeting with public sector banks on Thursday

Additionally, the ministry will discuss how banks can help customers in tracking online loan applications for retail, MSME (micro, small and medium enterprise), housing, and vehicle loans, among others.

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Indian Bank board gives nod to merge with Allahabad Bank

The board of Indian Bank has given its in-principle approval for its amalgamation with Allahabad Bank.The Chennai-headquartered Indian Bank’s board he

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'RBI yet to hear from any banks on fixed-cum-floating loans'

RBI had earlier this month mandated all banks to link their personal or retail loans to floating rate linked to an external benchmark.

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Allahabad Bank to offer repo linked retail, small business loans from October

The decision has come in line with the Reserve Bank of India guidelines of September 4, 2019, Allahabad Bank said in a regulatory filing.

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After banks, RBI plans to structure loan rates of NBFCs, HFCs

Source said the issue of linking of HFCs' and NBFCs' interest rate to an external benchmark was discussed when the central bank was looking at external benchmarks for banks.

from Banking/Finance-Industry-Economic Times https://ift.tt/2AyFMpD

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Indian Bank board gives in-principle approval to merge Allahabad Bank with itself

The board after deliberations conveyed its in-principle approval for the amalgamation of Allahabad Bank with Indian Bank.

from Banking/Finance-Industry-Economic Times https://ift.tt/2LEJ15D

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Bankers can now take decision without fear; CVC sets up panel to examine fraud

This development will instill a sense of protection among bankers from prosecution for genuine decisions, and promote lending.

from Banking/Finance-Industry-Economic Times https://ift.tt/2LYeFcX

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With rates at rock bottom, banksgear up for sale of high-risk debt

Banks are set to ramp up their sale of high-risk debt to investors desperate for new ways of bolstering their profits as rock-bottom interest rates hi

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Bankers can now take decision without fear; CVC sets up panel to examine fraud

The Reserve Bank of India (RBI) will provide required secretarial services, logistic and analytical support along with the necessary funding to the board headquartered in Delhi.

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Reduction of risk weight on consumer loans credit negative, says Moody’s

A benign credit environment, characterized by relatively low credit costs across all key retail loan segments, was a key driver of this growth as it prompted banks to focus on personal loans for their higher yields, the note said.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/306P1M9

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IOB to offer loans linked to repo rate

 Indian Overseas Bank (IOB) will offer repo-linked lending rates (RLLR) for all new loans sanctioned under the retail segment (housing, vehicle, educa

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Volkswagen Finance picks up 25 per cent stake in Kuwy Technology

The partners will also offer finance, insurance and warranty products for Volkswagen group customers on Kuwy platform.

from Banking/Finance-Industry-Economic Times https://ift.tt/2IbNYAA

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Financial reporting authority to cover public sector banks' auditors too

New audit regulator amends rules to include PSBs within scope of 'banking companies'

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Reduction of risk weights on consumer loans is credit negative: Moody’s

The recent reduction in risk weighting on banks' consumer loans is credit negative as it will encourage them to increase their exposure to this loan s

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Karnataka chambers urge bank employees to defer proposed strike on Sept 26, 27

Closure of banks for 6 days would adversely affect trade and industry, it said

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‘Full regulation by RBI will require payment gateways, aggregators to be incorporated in India’

RBI discussion paper lists norms for these entitites if the central bank chooses to go for direct regulation

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With baggage delays becoming common, don’t travel without insurance

On Monday, an Indigo flight from Delhi to Istanbul flew without passengers’ checked-in baggage due to payload restrictions resulting from heavy winds

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Assuaging the fears of staff key in managing mergers: BoB Executive Director

Putting in place various functional groups with participation from top officials of public sector banks (PSBs) going in for an amalgamation, addressin

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Allahabad Bank to link large savings deposit to repo rate

Bankers have long argued that it is not viable to price loans using external benchmarks unless deposits are also linked to such benchmarks. State Bank of India (SBI) was the first to link savings accounts with balances of over Rs 1 lakh to the repo rate in May.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2IcnZcf

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How liquidity from non-banks to the commercial sector dried up in 2018-19

While credit by HFCs shrunk by 25 per cent, funds from non-deposit taking NBFCs turned negligible

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Rupee weighed down by geopolitical tensions

BL Research BureauThe rupee last week gained nearly one per cent and ended the week at 70.92 against the dollar, above an important resistance of 71,

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As risk around debt funds rises investors are returning to bank deposits

Recent episodes of collapse in NAVs and side pocketing have dented reputation. The industry should ensure it doesn’t break promises which can undo years of progress.

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RBI considering bringing payment aggregators and gateways under direct supervision

Such a move would make it mandatory for all these companies to adhere to regulatory compliances prescribed by RBI.

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Svatantra Microfin raises lending rates, others stay put

Svatantra Microfin has raised its lending rate to 21%, after having reduced it to 19.25% some 17 months ago, to protect margins amid pressure on borrowing costs.

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DHFL defaults on ₹104-cr payments

Financially-stressed Dewan Housing Finance Corporation (DHFL) has defaulted on principal and interest payments on NCDs aggregating to ₹104.54 crore. T

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Bajaj Finance gets approval for QIP

Bajaj Finance (BFL), on Tuesday, said its board of directors has approved raising of capital through a qualified institutional placement (QIP) for an

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Indian banking sector caught in the middle of despair and hope

India’s fragile financial system is swinging between despair and hope. Two separate incidents, both featuring YES Bank, recently underscored the drag

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Allow buyback of NCDs from retail investors, Srei Infra tells RBI, SEBI

Srei Infrastructure Finance has urged the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI) to allow buyback of its no

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Bank unions reject 12% wage hike offered by managements

Bank trade unions on Tuesday said the improved offer of a 12 per cent increase in the pay slip cost by bank managements is unacceptable to them. The e

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KVGB renews pact with LIC for bancassurance

Karnataka Vikas Grameen Bank (KVGB), a regional rural bank headquartered in Dharwad, and Life Insurance Corporation (LIC) of India have renewed an ag

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Airtel Payments Bank launches 'Bharosa' savings account

Along with convenient banking services, Bharosa savings account would offer Rs 5 lakh personal accident insurance on maintaining balance of Rs 500 along with one debit transaction per month.

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Indian Overseas Bank to offer repo-linked loans from October 1

The Reserve Bank through a notification in early September had advised banks to link all new floating rate for personal or retail loans and MSMEs to one of the external benchmarks.

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Digital technology can help bridge trade finance gap, says ADB

KR SrivatsThe Asian Development Bank (ADB) is working hard with member countries to combat “digital poverty”, said Bambang Susantano, Vice-President,

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Visakha Co-op Bank aims at ₹6,000-cr business

The Visakhapatnam Co-operative Bank Limited, one of the leading urban banks in the south, is aiming at a business volume of ₹6,000 crore by the end o

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Aye Finance raises Rs 80 crore in debt funding

In the last 6 months, Aye Finance opened 67 new branches and expanded presence to 171 branches in 18 Indian States and Union Territories.

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L&T Finance Holdings to raise up to Rs 150 cr by issuing bonds on pvt placement basis

L&T Finance Holdings on Tuesday said the company will raise up to Rs 150 crore by issuing bonds on a private placement basis. The committee of d

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ADB president Takehiko Nakao resigns

Asian Development Bank (ADB) on Tuesday said its president Takehiko Nakao has announced his resignation which will be effective from January 16 next

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Agriculture, MSME NPAs rise sharply during Q1 in Gujarat

State Level Bankers' Committee report claims Agri NPAs up 48%, while MSME’s too on the rise

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‘Selfish’ private-sector bank triggered Altico crisis: SBI chief

Says its reckless act could imperil whole financial system

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Cox & Kings Financial gives up NBFC licence

Cox & Kings Financial Service had announced after its board meeting on September 13 that it has decided to surrender its NBFC licence.

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View: Bank’s race against crisis puts India on warning

At more than $200 billion, India’s world-beating pile of bad loans is bigger than Italy’s.

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Anshu Jain-backed InCred in race to buy Reliance wealth

Part of Anil Ambani group's plan to prune non-core assets after IL&FS crisis

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After charges of wrongdoing at HFC, exit of bank CEO: RBI raises scrutiny on LVB and Indiabulls HF

RBI tells cos not to exchange info, bars management interaction pending approval of merger.

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Microfinance to double lending in 5 years: Muhammad Yunus

The industry grew at over 40% in FY2019 with its loan portfolio reaching Rs 178,552 crore at the end of March 2019, according to the Sa-Dhan Bharat Microfinance report 2019.

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Anshu Jain-backed InCred in race to buy Reliance wealth

Part of Anil Ambani group's plan to prune non-core assets after IL&FS crisis

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Strike call given by officers’ union may affect normal business at SBI branches

Four unions of officers of public sector banks have threatened to go on a two-day strike from September 26 to protest against the announced consolidation of 10 state-run lenders into four.

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Allahabad Bank board approves merger with Indian Bank

Finance Minister Nirmala Sitharaman had on August 30 announced the consolidation of 10 state-run banks into four large-scale lenders.

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Jet Airways lenders make presentation to Synergy Group

The airline owes over Rs 8,500 crore, excluding interest, and other penal charges, to a clutch of lenders led by the State Bank.

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Boards of Corporation Bank, Allahabad Bank give in-principal approval for respective merger plans

Earlier on September 9, Union Bank of India had informed about an in-principle approval of its board for the amalgamation of Andhra Bank and Corporation Bank into it.

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Strike call given by officers' union may affect normal business at branches: SBI

Four unions of officers of public sector banks have threatened to go on a two-day strike from September 26 to protest against the announced consolidation of 10 state-run lenders into four.

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RBI allows payment of all recurring bills through BBPS

Currently, the facility of payment of recurring bills through BBPS is available only in five segments -- direct to home (DTH), electricity, gas, telecom and water.

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Microfinance industry gets ‘Code for Responsible Lending’

More than 90 entities sign up for the Code, with more expected to follow

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Start-ups to grab banks’ $280-b payments revenues by 2025

Banks are set to miss out on as much as $280 billion in revenue from their payments operations by 2025, as new start-ups muscle in and more of the bus

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Microfinance sector to double in size in 5 years: Yunus

India’s microfinance industry is expected to double its lending business to the poor in the next five years if the growth momentum continues, said Nob

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Mega mergers fail to lure funds to PSB stocks

India’s biggest bank overhaul in decades to merge state-run lenders beset with bad loans and low capital has not convinced investors to increase holdi

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Allahabad-Indian Bank merger nod

The board of directors of Allahabad Bank has given in-principle approval for the amalgamation of the bank with Indian Bank. In a notification to the s

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‘Two-day strike may hit SBI’s functioning’

SBI said that while it has made all arrangements to ensure normal functioning at its branches, it is likely that work may be impacted to some extent b

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Allahabad Bank board approves merger with Indian Bank

Finance Minister Nirmala Sitharaman had on August 30 announced the consolidation of 10 state-run banks into four large-scale lenders.

from Banking/Finance-Industry-Economic Times https://ift.tt/2QfFwXs

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Only fiscal policy tool can address current economic slowdown: SBI

It can solve both consumption and savings problem, says the bank’s Ecowrap report

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Reserve Bank extends coverage of Bharat Bill Payment System

The Reserve Bank of India (RBI) has expanded the scope and coverage of Bharat Bill Payment System (BBPS) to include all categories of billers who rais

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IL&FS puts 494 acre land parcels on block

While IL&FS holds nine per cent, the other two firms hold 40 per cent and 31 per cent stake, respectively in HCPL.

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5% Q1 growth surprise; economy will look up with measures taken: Shaktikanta Das

Reserve Bank of India (RBI) governor Shaktikanta Das on Monday termed the low GDP growth of 5 per cent as a "surprise" but expressed confidence that the economy will look up with a host of measures taken by the government. He further said that the RBI has been cutting rates to give a boost to the economy as slowdown was visible for past few months.

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MFIN, Sa-Dhan release code for responsible lending for micro-credit industry

One of the major guidelines in CRL mandates that only three microcredit entities can lend to a client at the same time.

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Visa, BillDesk partner to roll out interface for recurring payments

The SI-Hub is a plug-n-play offering by BillDesk that banks can roll out to their customers with minimal integration effort.

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SBI chief slams “selfish” private sector bank for Altico crisis

State Bank of India chairman Rajnish Kumar has slammed a “selfish” private sector lender for the crisis at Altico Capital, as its unilateral move to secure its own money can potentially cause troubles to the wider financial system.

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SEBI flags corporate governance issues at CDSL

Delay in appointing MD & CEO a matter of concern, says market regulator

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SBI chief slams 'selfish' private sector bank for Altico crisis

The realty-focused non-banking lender Altico defaulted on a nearly Rs 20 crore interest payment late last week.

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Tech, HR integration remain key challenges for PSU bank mergers

Lenders have formed 23 committees covering every aspect of the merger to ensure success of the exercise.

from Banking/Finance-Industry-Economic Times https://ift.tt/2O9Czou

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Default row: Banks ‘must not go solo’

SBI chairman Rajnish Kumar has cautioned lenders against undertaking “selfish steps” without coordinating with other creditors involving a common borrower. Kumar was responding to a query on default by Altico Capital.

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Standard protocols being developed to improve Ayushman Bharat services: CEO

Ayushman Bharat Pradhan Mantri Jan Arogya (PMJAY) is developing standard protocols to improve quality of services, according to Indu Bhushan, CEO,

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NHA, IRDAI recommend measures to check frauds, data standardisation

Launch report containing best practices, common standards

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Merged entity of PNB, OBC and United Bank to become operational by next April

HR and IT integration, the key challenge: United Bank chief

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SBI shelves IPO plans for general insurance arm; card JV to hit market in Q4

SBI owns 74 per cent in the cards venture, while its foreign partner can also choose to dilute its stake through the IPO (initial public offering), Kumar said.

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SBI to move RBI to offer fixed-floating rate home loans

The largest lender State Bank of India will be seeking clarifications from the Reserve Bank whether it can offer long-term home loans with fixed rates in the beginning and convert the same into floating rates later, chairman Rajnish Kumar has said.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/302Js2k

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SBI to seek clarity from Reserve Bank on fixed-floating home loan rate

Floating rate linked to repo caused asset-liability mismatch, says Rajnish Kumar

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SBI to move RBI to offer fixed-floating rate home-loans: Chairman Rajnish Kumar

Kumar said there is a lack of clarity on how it can go ahead with the fixed rate products, after the RBI's new regulations on floating rates.

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SBI shelves plan to list its general insurance arm

SBI Card’s IPO to hit the market in Q4FY20.

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National Health Authority, IRDAI recommend measures to check frauds, data standardization

A joint working group of IRDAI and NHA was formed to work on key areas of mutual interest and co-operation which focussed their work on four key areas.

from Banking/Finance-Industry-Economic Times https://ift.tt/31o61uJ

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Tata Motors announces discounts up to Rs 1.5 lakh

Tata Motors on Saturday announced slew of discount with benefits up to Rs 1.5 lakh on Nexon, Hexa, Tiago, Tiago NRG, Tigor and Harrier. There are offers for customers who exchange their old cars for a new Tata car. The company has also tied up with multiple banks and financial institutions to offer up to 100% on-road finance and low EMI finance packages.

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Six of 10 most valued cos add ₹50,580 cr in m-cap

SBI, ICICI Bank take the lead

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PNB, UBI, OBC merger: Six months needed for HR and IT integration

An “Interactive Meet” was organised here on Saturday with the Kolkata-based field functionaries of UBI, PNB & OBC. Customers of the three banks also attended the meet.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/30hDvtt

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PNB, UBI, OBC merger: Six months needed for HR and IT integration

An “Interactive Meet” was organised here on Saturday with the Kolkata-based field functionaries of UBI, PNB & OBC. Customers of the three banks also attended the meet.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/30hDvtt

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