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Saturday, November 2, 2019

Indiabulls Real Estate sells London property to promoters for 200 mn pounds

Indiabulls Real Estate said the "company's wholly owned subsidiary has divested its entire stake in Century Ltd, which indirectly owns Hanover Square property, London to Clivedale Overseas". In June, Indiabulls Real Estate promoters had sold 14% stake in the company through open market transactions to Embassy Group for Rs 950 crore.

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Manappuram Finance board to consider raising Rs 200 cr

Manappuram Finance on Saturday said a committee of its board of directors will meet next week to consider raising Rs 200 crore via issue of securit

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United Bank of India net profit widens to ₹3,933 cr for FY2019

Net profit widens by ₹1,617 crore after RBI’s risk assessment report

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Yes Bank posts loss of Rs 600 crore in Q2, know what hit the lender

Net interest income declined 9.6% y-o-y to Rs 2,185.91 crore, which was largely due to Rs 228-crore fresh slippages during the quarter.

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North American family office eyes Yes Bank stake

The global investor which has submitted a binding bid to invest $1.2 billion in Yes Bank is a North American family office that is interested in picking up more than a third of the bank’s shareholding.

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RBI doesn’t relent, chiefs of private banks need to retire at 70

The Reserve Bank of India has refused to relent on its guidelines requiring chief executives of private banks to mandatorily retire at the age of 70, setting the stage for Aditya Puri to step down as HDFC Bank managing director and CEO next October, while Romesh Sobti will retire as IndusInd Bank chief at the end of the financial year.

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North American family office eyes Yes Bank stake, plans to buy more than a third for $1.2 billion

Yes MD Ravneet Gill said the bank received investment proposals worth $3.05 bn from 3 sets of investors. Besides the North American family office, there was a proposal to invest $1.5 bn by a consortium of 6 private equity and two domestic MFs.

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Three banks report NPA divergence a day after Sebi directive

As per the disclosures made by the lenders through exchange filings, state-owned Indian Bank has reported a divergence of Rs 820 crore in its net non-performing assets (NPAs) for 2018-19, while that for Union Bank stood at Rs 998.70 crore.

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RBI rejects ICICI Bank’s proposal to appoint Sandeep Batra as ED

The Reserve Bank of India (RBI) has rejected a proposal by ICICI Bank for appointment of Sandeep Batra as an executive director (ED) after SEBI penali

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Yes Bank posts loss of Rs 600 crore in Q2, know what hit the lender

Net interest income declined 9.6% y-o-y to Rs 2,185.91 crore, which was largely due to Rs 228-crore fresh slippages during the quarter.

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Droom acquires Xeraphin to bolster fintech credit business

The Sandeep Aggarwal-led auto services company has paid an estimated $3-$3.5 million to acquire the Delhi-based NBFC, which is expected to drive loan disbursals for purchasing pre-owned vehicles, and provide dealer financing under the Droom Credit business unit.

from Banking/Finance-Industry-Economic Times https://ift.tt/34t6NYR
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Yes Bank posts loss of Rs 600 crore in Q2, know what hit the lender

Net interest income declined 9.6% y-o-y to Rs 2,185.91 crore, which was largely due to Rs 228-crore fresh slippages during the quarter.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2WziB8Y
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Friday, November 1, 2019

YES Bank posts ₹600-cr loss on higher provisioning

YES Bank slipped into the red, reporting a net loss of ₹600 crore in the quarter ended September 30, even as its asset quality deteriorated.The privat

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Why YES Bank is still not out of the woods

The bank’s exposure to stressed companies and shrinkage in loans will continue to weigh on capital and earnings

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Google, Walmart help drive India payments past 1 billion transactions

Indian digital payments took off when the govt pushed demonetization in 2016, invalidating most of the country’s high-value currency notes in to curb corruption and push Indians away from cash. UPI has now surpassed a 100 million users 3.5 years after its launch, thanks to booming smartphone use and wireless data rates among the lowest in the world.

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Bank of India posts ₹266-cr profit in Q2

Bank of India reported a net profit of ₹266 crore in the second quarter ended September 30, 2019, against a net loss of ₹1,156 crore in the year-ago p

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IndusInd Bank may name Sumant Kathpalia as new MD and CEO

Mumbai, November 1Private sector IndusInd Bank is likely to apoint Sumant Kathpalia as its new Managing Director and CEO. Kathpalia currently heads th

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Yes Bank posts net loss of Rs 600 crore in Q2; gross NPA rises to 7.39%

Private sector lender Yes Bank on Friday reported a net loss of Rs 600 crore for the second quarter ended September 30. The lender had posted a net profit of Rs 113.76 crore in Q1.

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Diluting government stake below 50 per cent in PSBs no solution: Unions

​Instead, the unions said, ensuring "proper governance in the system" and "removing political interference" will address the problem of NPAs that has been weakening the financial health of the PSBs.

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Q2 Comment | CONCOR: Weak volume growth is a concern

The management downsized its guidance for FY20 volume growth to almost nil.

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Q2 results: Karur Vysya profit down 24 per cent at Rs 63 crore

Karur Vysya Bank's net profit for the quarter ended September 2019 slipped to Rs 63.33 crore from Rs 83.74 crore clocked during the corresponding quar

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Bank of India reports Q2 net profit at Rs 266 cr

Bank of India reported a net profit of Rs 266 crore in the second quarter ended September 30, 2019 against a net loss of Rs 1,156 crore in the year ag

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PIL in HC seeks lifting of restriction on cash withdrawal from PMC bank

​​A bench of Chief Justice D N Patel and Justice C Hari Shankar issued notice to the Finance Ministry, Delhi government, RBI and the PMC bank directing them to indicate their stand on the plea which has sought 100 per cent insurance cover for customers' money deposited in the bank. The RBI had earlier unearthed a Rs 4355-crore scam by PMC Bank .

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PMC bank scam: Delhi HC asks RBI to file reply to PIL on withdrawal limit

The Delhi High Court (HC) on Friday has asked the Reserve Bank of India to file a reply to the Public Interest Litigation (PIL) filed for seeking remo

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IL&FS' PE arm IIRF moves NCLT against DB Realty

IIRF defaulted in repayment of Rs 108 crore. BSE-listed developer is one of the largest domestic realty-focused funds with investments in firms like Wadhwa Group, Noida Trade Towers and Aparna Infra Housing. IIRF is a part of the IL&FS Investment Managers (IIML), which has raised and managed over $3.5 billion.

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Assets under management of MFIs to grow 40-45% in FY20: Report

Microfinance Institutions (MFIs), which provide financial services to the low-income population, are expected to record healthy growth for the second

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Disclose NPA divergences within 24 hours: Sebi to banks

Markets regulator Sebi on Thursday tightened the rules for banks to disclose any under-reporting of a bad loan that is flagged during an RBI inspection. Sebi said any net NPA divergence of 10% or more of the bank’s profit and any gross NPA divergence of 15% or more has to be disclosed within 24 hours of receipt of such a letter from the regulator.

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Bank credit to services sector slows to a meagre 7.3% in September

Banks have turned extremely cautious about lending to companies and that is clear from the growth in their wholesale portfolios.

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Dhanlaxmi Bank profit jumps 82% in Q2; MD & CEO quits

The lender had posted a net profit of Rs 12.15 crore in the corresponding quarter of the previous fiscal.

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IndusInd Bank finalises Sobti’s successor, awaits approval from RBI

Once the RBI approval is received, the bank said it would make the requisite disclosures to stock exchanges.

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IndusInd Bank finalises next MD & CEO

Submits application to RBI

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Bank credit to services sector slows to a meagre 7.3% in September

Banks have turned extremely cautious about lending to companies and that is clear from the growth in their wholesale portfolios.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2BXWmzZ
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Dhanlaxmi Bank profit jumps 82% in Q2; MD & CEO quits

The lender had posted a net profit of Rs 12.15 crore in the corresponding quarter of the previous fiscal.

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IndusInd Bank finalises Sobti’s successor, awaits approval from RBI

Once the RBI approval is received, the bank said it would make the requisite disclosures to stock exchanges.

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Credit cards, EMI payments sparkle during Diwali sale

Sales increased towards the end as shoppers saved for the best deals. Sales also jumped in tier-II locations compared to the Diwali season last year, according to data shared by Innoviti Payments. The company saw a 64% jump in the number of transactions reported from such locations during Diwali, compared to last year.

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Thursday, October 31, 2019

Digital payments surge to dent banks’ revenues by $9 billion

Indian banks are at risk of losing over $9 billion in revenues over the next six years because of the changes in the payments landscape.

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Indian companies take the ECB route, mop up $25 billion in HI

NBFCs were the prominent fund-raisers with banks turning conservative in lending to them after the series of defaults at IL&FS

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Green bonds issuance fast turning red-hot

These debt instruments are becoming more popular because many investors are gradually paring their investments in fossil fuel companies and shifting to green projects

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Sebi tightens framework for listed banks on bad loan disclosures

In recent months, there have been several instances of under-reporting of bad loans by lenders, prompting regulatory action by the RBI.

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Facebook’s Mark Zuckerberg upbeat about WhatsApp Pay in India, says lot of people will use it

The UPI-based peer-to-peer payment service was announced in February 2018. The beta version of the service was expected to see a complete roll out this year, however, Facebook is yet to announce its formal launch.

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Digital payments surge to dent banks’ revenues by $9 billion

Indian banks are at risk of losing over $9 billion in revenues over the next six years because of the changes in the payments landscape.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2oDtNoI
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2/3rd of tenure under BJP: Rajan reminds Sitharaman

Former Reserve Bank of India (RBI) governor Raghuram Rajan, who faced a stinging attack from finance minister Nirmala Sitharaman for presiding over the "worst phase" of the Indian banking sector, on Thursday reminded her that two-third of his tenure as the head of the central bank was under the BJP government.

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Sebi tightens framework for listed banks on bad loan disclosures

In recent months, there have been several instances of under-reporting of bad loans by lenders, prompting regulatory action by the RBI.

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Facebook’s Mark Zuckerberg upbeat about WhatsApp Pay in India, says lot of people will use it

The UPI-based peer-to-peer payment service was announced in February 2018. The beta version of the service was expected to see a complete roll out this year, however, Facebook is yet to announce its formal launch.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2q7ApvN
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Digital payments surge to dent banks’ revenues by $9 billion

Indian banks are at risk of losing over $9 billion in revenues over the next six years because of the changes in the payments landscape.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2oDtNoI
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Sebi tightens framework for listed banks on bad loan disclosures

In recent months, there have been several instances of under-reporting of bad loans by lenders, prompting regulatory action by the RBI.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/32YnURP
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Facebook’s Mark Zuckerberg upbeat about WhatsApp Pay in India, says lot of people will use it

The UPI-based peer-to-peer payment service was announced in February 2018. The beta version of the service was expected to see a complete roll out this year, however, Facebook is yet to announce its formal launch.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2q7ApvN
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Digital payments surge to dent banks’ revenues by $9 billion

Indian banks are at risk of losing over $9 billion in revenues over the next six years because of the changes in the payments landscape.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2oDtNoI
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Timing the markets - No worries with SIP

It might be tempting to try to time the market, but the illustration above shows it's just not worth it to play that game. Studies have shown that a regular ...

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RBI special wing to improve banks’ supervision

The RBI is set to unveil a separate vertical for supervision & regulation on Friday as part of a revamp to focus on improving oversight for banks, non-banking finance companies & cooperative banks in the light of several frauds going undetected. The new vertical will, however, not focus on housing finance and rural cooperative banks, which are in the domain of National Housing Bank and Nabard, respectively.

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Yes Bank gets $1.2bn binding offer; shares up 30%

Yes Bank said it has received a binding offer for a $1.2-billion funding from an overseas investor through fresh issuance of equity shares. Last month, the bank had informed stock exchanges that it had received strong interest from multiple investors for the capital raise and remains firmly on course to raising growth capital subject to necessary approvals.

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YES Bank gets $1.2 bn offer from global investor; stock zooms 30%

 Yes Bank on Thursday said it has received a binding offer from a global investor for an investment of $1.20 billion in the Bank through fresh issuanc

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PMC Bank scam: Assets may be sold to pay depositors

The Reserve Bank of India (RBI) is understood to have taken initial steps to sell assets including properties owned by the Punjab and Maharashtra Coop

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Skimmed at ATMs? 1 million Indian cards’ data on sale

Details of about 13 lakh debit & credit cards have been put up for sale on a darknet marketplace called Joker’s Stash, a Singapore-based firm Group-IB revealed. It is believed that the data dump could have been obtained by skimming details from the magnetic stripe on the cards. More than 18% of compromised cards were issued by a single Indian bank.

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No immediate impact of PSU bank mergers on ATM network, say industry watchers

Will the merger of public sector banks impact the country’s already shrinking ATM network? There seem to be no easy answers for this poser as of now,

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Details of 1 million Indian cards up for sale online

It is believed that the data dump could have been obtained by skimming details from the magnetic stripe on the cards. Researchers at Group-IB found card details being sold at $100 each, total value of the card database is at over $130 million.

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US Fed cuts interest rates, signals it is on hold

Fed describes economic activity as rising at moderate rate

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Relief for PMC Bank depositors as RBI moves to sell attached assets

The city police will soon seek court approval to hand over the assets to the RBI. The planned auction will be carried out under provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002.

from Banking/Finance-Industry-Economic Times https://ift.tt/2MZzKpa
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Wednesday, October 30, 2019

CreditAccess Grameen Q2 net profit rises to ₹101 crore

Our BureauCreditAccess Grameen reported a 37 per cent increase in second quarter net profit at ₹101 crore against ₹73.50 crore in the year-ago quarte

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Reliance General Insurance withdraws public float

Reliance General Insurance Company (RGIC) on Wednesday withdrew its papers filed for an initial public offering (IPO) with the Securities and Exchange

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Housing finance sector is now an oligopoly: Investec Capital

Our BureauIndia’s housing finance sector has transformed from a perfect competition to an oligopoly in a matter of 15 months with the IL&FS crisis

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Mixed trend in sugar prices

Sugar prices at Vashi ruled mixed and remained weak at the upper level at the naka and mill level on Wednesday. On Muhurat trading, the majority of th

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United Bank of India posts ₹124-crore net profit in Q2 on lower provisioning

Abhishek Law State-owned United Bank of India (UBI) reported a net profit of ₹124 crore for the quarter ending September 30, 2019. In the year-ago-qua

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Now, Overseas Citizens of India can subscribe to National Pension Scheme

With this, OCI will be on par with NRIs and the annuity will be repatriable subject to FEMA guidelines, says PFRDA

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HDFC Childrens Gift Fund

Nowadays, the cost of raising children is rising rapidly. Childcare costs always turn out to be higher than our expectations, as expenses such as housing, tr...

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Now, Overseas Citizen of India can subscribe to National Pension Scheme

With this, OCI will be on par with NRIs and the annuity will be repatriable subject to FEMA guidelines, says PFRDA

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Standard Chartered gets boost where HSBC flagged setbacks

More revenue from Europe, Americas fuels surprise profit jump

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Nabard retirees write to PM, FM seeking regular revision of pension

About 2,500 retired employees of Nabard are saddled with a peculiar problem -- the pension of retirees is not revised when a new pay scale is introduc

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Citi plans to slash foreign exchange platforms by two thirds

Citigroup Inc plans to cut the number of foreign-exchange platforms it supports by two thirds, the Financial Times reported, citing people with knowl

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Brickwork Ratings downgrades Cox and Kings Financial Service’s loan facilities

Brickwork Ratings has downgraded the ratings of the bank loan facilities of Cox and Kings Financial Service Ltd aggregating Rs 400 crore, to default g

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Nabard retirees write to PM, FM seeking regular revision of pension

About 2,500 retired employees of Nabard are saddled with a peculiar problem. The pension of those who retired at a particular pay scale, is not revise

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Bandhan Bank fined Rs 1 crore by Reserve Bank

The RBI has again imposed a Rs 1-crore penalty on Bandhan Bank for non-dilution of promoter holding in line with the central bank’s prescriptions. The RBI on Tuesday also imposed a Rs 1-crore penalty on Pune’s Janata Sahakari Bank, and Jalgaon Peoples Co-Operative Bank for not following RBI norms on recognising bad loans.

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Can’t trace DHFL’s loans: State-owned banks

State-owned lenders to DHFL are understood to have informed the government that they cannot ascertain recoverability or end-use of wholesale loans extended by the troubled housing finance company. Given the lack of visibility on recoveries, they have indicated their inability to move ahead with any resolution plan.

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HDFC Equity Fund – A Multi cap fund with history of nearly 25 years

It is extremely difficult for an average investor to understand the valuations of large -, mid- and small-cap stocks and predict which market segment will ou...

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Centre hikes e-payments target for FY20 to 45 billion

The Ministry of Electronics and Information Technology (MeitY) has also redistributed individual targets for banks and payments firms for the same period.

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Why co-operative banks don't want to convert into small finance banks

Conversion as SFBs would require UCBs to give up their universal bank status to become ‘narrow banks’

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Canara HSBC OBC Life Insurance upbeat that PSBs amalgamation will help boost sales

Will launch annuity, online term product soon

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RBI imposes Rs 1 crore penalty on Bandhan Bank

The Reserve Bank of India (RBI) has imposed Rs 1 crore monetary penalty on Bandhan Bank for non-compliance with the guidelines on promoter holding con

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‘Consumers spent more on travel and food this Diwali’

Though jewellery spending was flat, banks like Axis Bank saw an increase in the total value of purchases in electronics and travel during the festive season. Axis saw a 100 per cent increase in electronics purchases.

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Baby steps before leap: Global banks, now sense a new vista — regional trade

With Regional Comprehensive Economic Partnership & trade deals, banks realise the future lies in the region and are preparing to grab opportunities. India is looking to reduce its dependence on traditional trading partners to diversify markets.

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Corporate loans must to grow bank’s loan book, says Indian Bank MD

The government thought an impression was created among the people that the banks were not lending. The outreach programme was to convey the message that the banks’ doors are open.

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Tuesday, October 29, 2019

RBI imposes Rs 1 crore fine on Janata Sahakari Bank, Rs 25 lakh on Jalgaon Peoples Co-operative Bank

The RBI has imposed, by order dated October 16, monetary penalty of Rs 1 crore on Janata Sahakari Bank, Pune, for non-compliance with directions issued on income recognition and asset classification (IRAC) norms, management of advances and exposure norms and statutory or other restrictions.

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Bank employees salary negotiation: What has stalled a settlement for over two years

Protracted negotiation over the wage revision settlement, which is due for two years, has disappointed the bank employees.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/31T51OH
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IOB puts Kolkata-based Jai Balaji Industries’ NPA account up for sale to recover Rs 187 crore

"IOB invites bids from (securitisation companies) SCs/(reconstruction companies) RCs/banks/NBFCs/(financial institutions) FIs for sale of non-performing assets as per the list during the third quarter of the financial year 2019-20," said the bank's stressed assets management department in a tender document.

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Government likely to order SFIO probe into DHFL financial irregularities

The Registrar of Companies, Mumbai office, has submitted its report on Dewan Housing Finance Corporation (DHFL) to the Ministry of Corporate Affairs a couple of days ago, an official said.

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RBI imposes Rs 1 crore fine on Janata Sahakari Bank, Rs 25 lakh on Jalgaon Peoples Co-operative Bank

The RBI has imposed, by order dated October 16, monetary penalty of Rs 1 crore on Janata Sahakari Bank, Pune, for non-compliance with directions issued on income recognition and asset classification (IRAC) norms, management of advances and exposure norms and statutory or other restrictions.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2NzEfGj
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Bank employees salary negotiation: What has stalled a settlement for over two years

Protracted negotiation over the wage revision settlement, which is due for two years, has disappointed the bank employees.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/31T51OH
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IOB puts Kolkata-based Jai Balaji Industries’ NPA account up for sale to recover Rs 187 crore

"IOB invites bids from (securitisation companies) SCs/(reconstruction companies) RCs/banks/NBFCs/(financial institutions) FIs for sale of non-performing assets as per the list during the third quarter of the financial year 2019-20," said the bank's stressed assets management department in a tender document.

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Government likely to order SFIO probe into DHFL financial irregularities

The Registrar of Companies, Mumbai office, has submitted its report on Dewan Housing Finance Corporation (DHFL) to the Ministry of Corporate Affairs a couple of days ago, an official said.

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Bandhan Bank fined ₹1 crore for not complying with promoter holding norm

The Reserve Bank of India has slapped a fine of ₹1 crore on private sector Bandhan Bank for non-compliance of its guidelines on promoter holding req

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National CSR awards presented

A host of players in the financial services space, including Edelweiss Financial Services Ltd (EFSL), CRISIL Ltd, Bharat Financial Inclusion Ltd (BFIL

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IRDAI approval for BSE-Ebix insurance broking joint venture

A joint venture between the BSE and US-based insurance exchange Ebix has received in-principle approval from insurance regulator IRDAI to act as a di

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RBI imposes monetary penalty on two Maharashtra-based urban co-operative banks

Our BureauThe Reserve Bank of India has imposed monetary penalties aggregating ₹1.25 crore on two Maharashtra-based Urban Co-operative Banks – ₹1 cror

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Bank of India to raiseup to ₹2,000 cr in Q4

Our BureauBank of India (BoI) is likely to tap the capital market to raise up to ₹2,000 crore in the fourth quarter of FY2020 via a qualified institut

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Govt likely to order SFIO probe into DHFL financial irregularities

The government is likely to order an SFIO probe on the financial irregularities at troubled mortgage firm DHFL soon, an official said. The Registrar

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Increasing focus on digital transactionshelps banks boost credit card business

Some of the big banks see 40% surge in card business, which is likely to increase further

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Assure our money is safe, revive PMC Bank: Depositors urge RBI

Around 200 customers gathered outside the RBI's office in the Bandra-Kurla Complex on Tuesday and said they want their accounts with the PMC Bank be made operational.

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Green bonds might soon find their ultimate buyer central banks

Reserve managers finally warming up to sustainable financing

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UK to melt down commemorative Brexit coins amid repeated delays

The UK’s Royal Mint plans to melt down and recycle the commemorative coins minted to mark Brexit on October 31 after the UK’s exit from the European

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Government likely to order SFIO probe into DHFL financial irregularities

The central government may order an SFIO probe on financial irregularities at DHFL. The RoC has said after submitting its report on DHFL to MCA that There is good enough reason to refer the matter of DHFL to SFIO.

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Fed copies 1990s playbook in bid to avert a downturn

In the midst of what became a golden decade for the US Federal Reserve, central bankers twice in the 1990s cut interest rates in short bursts that ma

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Future is here for blockchain, but we need to stay rational: China’s state media

More than 70 tech shares surged by the daily limit in Shanghai and Shenzhen on Monday

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Ujjivan SFB IPO: Bank lists steps taken to rectify shortcomings raised by RBI

Ujjivan Small Finance Bank (USFB) on Tuesday clarified that loans which did not qualify for priority sector lending (PSL) have been removed from PSL c

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Mastercard to launch solution for smartphone to become contactless acceptance devices

Merchants and retailers may soon be able to accept contactless card payments on their phones. Global payments major Mastercard is set to launch a solu

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View: It's time to revise the limit of deposit insurance cover

The coverage limit is required to be reviewed periodically, as the economic and financial landscape changes.

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Monday, October 28, 2019

Pune bank takes 'possession' of NCP MLA Dhananjay Munde's flat over dues

Due to "serious irregularities" in functioning of the cooperative lender, its board was dismissed earlier this month by the RBI, which subsequently appointed an administrator to run the bank, promoted by NCP MLC Anil Shivajirao Bhosale.

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Digital Disruption: Bajaj Allianz Life’s i-SERV video calling service to be scaled up

Insurer plans to extend service to 11 languages from the six currently available

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Indian banks should exploit untapped potential in Islamic banking: Experts

If Islamic banking is introduced, he said, the inadequate labour capital ratio for informal sector workers associated with agriculture and manufacturing industries could be resolved through equity finance, which might be a revolution in the Indian agriculture and unorganized sector.

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RBI imposes Rs 35 lakh fine on Tamilnad Mercantile Bank

The bank has been penalised for "non-compliance with certain provisions of directions issued by RBI on frauds classification and reporting by commercial banks and select FIs directions 2016," the RBI said in a release on October 25.

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Laxmi Vilas Bank: Close to 70 senior bankers in fray for top-post; recruitment process to get over by November 10

The Chennai-headquartered mid-sized private sector bank has been headless since mid-September after the then chief executive Parathasarathy Mukherjee left before the completion of his three-year term.

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SBI Life fined Rs 4 lakh by Irdai for violating norms on protection of policyholders

Insurance sector regulator Irdai has imposed a fine of Rs 4 lakh on SBI Life Insurance Company Ltd for violating norms on advertisement and protection of policyholders' interest.

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Indian banks should exploit untapped potential in Islamic banking: Experts

Islamic finance, including its interest-free and equity-based banking system, can complement the existing Indian banking and finance system, said Hazik, who has spent the last decade researching financial systems.

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RBI imposes Rs 35 lakh fine on Tamilnad Mercantile Bank

The Reserve Bank of India (RBI) has imposed a penalty of Rs 35 lakh on Tamilnad Mercantile Bank for violating the norms on frauds classification and

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IBC check: Three years on, Only 156 of 2542 cases admitted have seen resolution

In the latest July-September 2019 quarter, lenders have taken about 65% haircut on resolution

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RBI imposes Rs 35 lakh fine on this bank

The Reserve Bank has imposed a penalty of Rs 35 lakh on Tamilnad Mercantile Bank for violating norms on frauds classification and notification. The central bank imposed the fine via an order dated October 24, 2019.

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RBI imposes Rs 35 lakh fine on Tamilnad Mercantile Bank

The bank has been penalised for non-compliance with certain provisions of directions issued by RBI on frauds classification and reporting.

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HSBC warns of restructuring pain ahead as outlook darkens

HSBC’s pre-tax profit down to $4.8 billion in third quarter

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Close to 70 senior bankers in fray for LVB top-post

The recruitment process for Laxmi Vilas Bank's top executives is currently underway as the entity stays headless and grappled by mounting losses. Senior executives from leading private sector banks have applied for the posts.

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Lakshmi Vilas Bank top post: Senior executives from top private banks in fray

“We have received as many as 68 applications for the post of chief executive and managing director”

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UPI hits 1 billion transactions in October, plans to go global

The UPI platform, which was launched before demonetisation in 2016, enables users to send money from their account to any account without entering bank details by using an email-like handle or scanning a QR code.

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South Indian Bank plans to raise Rs 500 crore Tier II bonds this fiscal year

The Kerala-based South Indian Bank is going ahead with its capital raising plans for which the Board has given its approval to issue Rs 500 crore Tie

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September quarter results: NPAs and provisions spike for private banks in Q2

The aggregate GNPAs for the quarter ended September 2019 for these 11 banks stood at Rs 65,244 crore, higher by nearly Rs 2,000 crore sequentially, reveals data from Capitaline.

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September quarter results: NPAs and provisions spike for private banks in Q2

The aggregate GNPAs for the quarter ended September 2019 for these 11 banks stood at Rs 65,244 crore, higher by nearly Rs 2,000 crore sequentially, reveals data from Capitaline.

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Sunday, October 27, 2019

China promotes using blockchain, artificial intelligence to gain from digital finance

Earlier last week, President Xi Jinping at the party’s Politburo pledged to speed up the development of the digital technology

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RBI quashes reports of it selling gold reserves

The Reserve Bank of India (RBI) on Sunday clarified that it had not sold any of its gold reserves or done any trading in the yellow metal. The Central bank's announcement, in a series of tweets, came in the wake of media reports which stated that the RBI has been selling its gold reserves.

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Corporate tax rate cut can boost growth: World Bank president

India has taken a good step with the recent cut in the corporate tax rate that will help add to growth, World Bank president said on Saturday as he called for more reforms to ensure India becomes more competitive in the global market place.

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ICICI Bank profit down 66% year-on-year— Know what hit the lender

ICICI Bank’s gross NPA ratio at the end of September stood at 6.37%, 12 bps lower than 6.49% at the end of June, while the net NPA ratio decreased 17 bps sequentially to 1.6% from 1.77% as on June 30.

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ICICI Bank profit down 66% year-on-year— Know what hit the lender

ICICI Bank’s gross NPA ratio at the end of September stood at 6.37%, 12 bps lower than 6.49% at the end of June, while the net NPA ratio decreased 17 bps sequentially to 1.6% from 1.77% as on June 30.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2WqH3cR
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More reforms, innovation to spur Indian growth: World Bank president

Attributing slowdown in the Indian economy to the global environment, World Bank president David Malpass on Saturday suggested that further reforms and innovation will help spur growth in the country. Although India has made progress in the financial sector, there is scope for further improvement in the banking sector, shadow banking and the capital market, he added.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2PpAtSb
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