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Saturday, November 9, 2019

NEFT money transfer to be free: RBI move to make digital payments cheaper for these accounts

The central bank also said that the volume of transactions through Unified Payments Interface (UPI) witnessed a year-on-year (y-o-y) growth of 263% to 874 crore in September.

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Q2 results: Lakshmi Vilas Bank net loss widens

Lakshmi Vilas Bank on Saturday reported a net loss at Rs 357.17 crore for the quarter ending September 30, 2019. The Tamil Nadu-based bank had clock

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Indian consumers warm up to digital payments

Digital payment companies invest strongly in brand building and are overt in their efforts to deliver an engaging customer experience

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IDBI Bank reports its 12th successive quarterly loss

IDBI Bank on Friday reported its 12th successive quarterly loss of Rs 3,458 crore for the quarter ended September 2019, marginally lower than the loss of Rs 3,602 crore in the corresponding quarter of the previous year, and a loss of Rs 3,800 crore in the preceding quarter ended June 2019.

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Govt may stop co-ops from putting ‘bank’ in name

The government may stop urban co-operative banks (UCBs), registered under the Multi-state Co-operative Societies Act, from calling themselves banks as part of a revamp exercise for these entities that have failed to convert themselves into small finance banks and come under the Reserve Bank of India’s regulatory regime.

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RBI directs banks to make NEFT free from January

In a bid to boost digital payments, the Reserve Bank of India (RBI) has mandated banks to offer free account-to-account transfers using the National Electronic Funds Transfer (NEFT) platform from January 2020.

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Chinese banks sue Anil Ambani over default

Three Chinese banks are suing Reliance Group chairman Anil Ambani in a London court for failing to pay back $680 million in defaulted loans. The Mumbai branch of ICBC, China Development Bank and the Export-Import Bank of China agreed to loan $925 million to Anil Ambani’s firm RCom in 2012 on the condition that he provide a personal guarantee, ICBC’s lawyer Bankim Thanki told the court.

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SBI reduces lending, deposit rates — check revised list

State Bank of India’s one year MCLR after the cut comes down to 8% per annum, while three-year MCLR comes down to 8.2% per annum.

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Allahabad Bank loss widens as bad loan provisions soar

The lender had reported a net profit of Rs 128 crore for the first quarter of the current financial year.

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Friday, November 8, 2019

Indian Bank, Muthoot Microfin sign MoU

Public sector Indian Bank on Friday said it has signed a memorandum of understanding with Muthoot Microfinance to serve micro, small and medium enter

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LIC ‘has a long way to go’, says Chairman

Servicing 31 crore policy holders is no simple task for any organisation, but Life Insurance Corporation of India (LIC) Chairman MR Kumar says the pur

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Bad debt eased by write-offs, underlying problem remains

Indian banks wrote off more than $30 billion worth of bad debt in the year to June 30, helping to lower stressed loans on their books by 8.5%, according to central bank data reviewed by Reuters.

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No NEFT charges for savings account holders from January 2020, RBI tells banks

The Reserve Bank of India (RBI) on Friday mandated banks "not to charge savings bank account customers for online transactions in the NEFT (National Electronic Funds Transfer) system with effect from January 2020.

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Govt weighs special window for NBFCs

RBI guv allays fears, but says sharp variations in capital positions among shadow lenders; FM reviews state of the economy

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MFs asset jumps 7 per cent on robust debt inflows

The asset under management of mutual fund industry increased by seven per cent in October to Rs 26.32 lakh crore against Rs 24.51 lakh crore logged in

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Demonetisation has formalised real estate sector, ably supported by policy measures like GST, RERA: Knight Frank India Chairman

Post-demonetisation house prices have corrected by 30% in some markets

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India's bad debt pile eased by write-offs, underlying problem far from resolved

Soaring bad debt levels, especially on the books of state-run lenders, have choked the Indian banking system and crippled its ability to generate fresh lending and revive economic growth that has slumped to a six-year low. The frail growth has put the brakes on sectors like autos and real estate, causing fresh heartburn for banks.

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StanChart CEO, CFO take pension cuts after shareholder protest

Standard Chartered said on Friday that the pension allowances for its chief executive and chief financial officer Andy Halford will be halved from Ja

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SBI steeply slashes deposit rates; lowers lending rates marginally

The country's largest lender State Bank of India on Friday reduced its marginal cost of fund based lending rate (MCLR) by 5 basis points across all tenors, effective November 10, and sharply slashed the deposits pricing between 15 and 75 basis points.

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Three years after note ban, UPI seesmore than Rs 20-lakh cr transactions

More than three-fourths of transactions took place in last one year

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RBI report had noted deficiencies in PMC Bank in 2015 itself

Almost five years before the actual fraud was unearthed, the Reserve Bank of India (RBI) had raised red flags on various aspects of Punjab and Mahara

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Edelweiss Infra Fund to raise $375m; plans invIT for road, energy assets

Edelweiss Infra has launched the road show for fundraising for its infrastructure fund Edelweiss Infrastructure Yield Plus Fund, and is likely to close the fund at $750 million by early next year

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Baring PE Asia emerges as sole bidder for Can Fin Homes, again

In September, CEO R A Sankara Narayanan said the bank had received 12 EoIs and was expecting Rs 1,000 crore for its entire stake. JM Financial and Kotak Mahindra are advising the lenders in the sale process. Can Fin Homes has a market cap of Rs 5,440 crore. At current price, a 30% stake would have fetched Rs 1,632 cr.

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Dhanlaxmi Bank officers’ body to adopt green initiative at conference

Dhanlaxmi Bank Officers’ Organisation (DBOO) has decided to do adopt the ‘Green Protocol’ at its 18th biennial conference to be held at Thrissur on N

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We saw an opportunity in demonetisation to go disruptively digital with our product suite: Karthi Marshan

Karthi Marshan, Chief Marketing Officer of the Kotak Mahindra Group, talks to BusinessLine about the group’s marketing efforts

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ICICI Bank opens branches in unbanked villages in Telangana and Andhra Pradesh

Two villages in Telangana and Andhra Pradesh respectively have finally got a bank to serve their banking needs.The ICICI Bank has opened branches in K

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WhatsApp can’t start payments biz, RBI tells SC

As WhatsApp battles the Israeli spygate (Pegasus) controversy in India, the Reserve Bank of India has told the Supreme Court that the messaging platform, owned by Facebook, is non-compliant with data localisation norms and that it has directed National Payments Corporation of India (NPCI) to not allow a full-scale launch of a payments business by WhatsApp on the Unified Payments Interface (UPI).

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ICICI Bank opens branches in unbanked villages in Telangana and Andhra Pradesh

Two villages in Telangana and Andhra Pradesh respectively have finally got a bank to serve their banking needs. The ICICI Bank has opened branches in

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Your health insurance cover will soon offer wellness and preventive benefits

IRDAI has released draft guidelines for health insurers on the modalities.

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Bankers remain cautious over lending to corporates

On Wednesday, SBI chairman Rajnish Kumar said if other banks cease to lend to infrastructure projects, it only means a fresh opportunity for SBI.

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PSU banks loan melas push non-food credit growth; outstanding loans inch closer to Rs 100 lakh crore

The loan carnivals were organised in two phases, with the first leg from October 1 and 9 and the second one from October 21 to 25.

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UCO Bank cuts Q2 net loss to Rs 892 crore

The bank's operating profit during the September quarter witnessed a 138% year-on-year jump to Rs 1,207.04 crore from Rs 506.10 crore in the corresponding quarter of the last fiscal, as both net interest income (NII) and non-interest income substantially grew.

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RBI Governor Shaktikanta Das says closely monitoring situation at PMC Bank; forensic audit underway

RBI had imposed withdrawal restrictions on account-holders after it found alleged irregularities to the tune of Rs 4,355 crore due to diversion of money to infrastructure firm HDIL.

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ICICI Bank opens 44 branches in Karnataka

The expansion has resulted in the bank now having a network of 333 branches and extension counters along with 1,280 ATMs in Karnataka.

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Not just lungs, toxic air to hurt wallets too

Higher premiums will likely apply to Delhi residents seeking fresh policies. Insurance industry professionals said there has been an increase in claims from Delhi residents and costs of settlements have also risen. Capital residents who are deemed high risk given air pollution levels will likely pay the highest premiums.

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Thursday, November 7, 2019

Govt mulling special window for NBFCs under insolvency law

Persisting liquidity issues in the NBFC space as well as the financial woes of some groups in this sector have raised concerns about the health of the overall financial system. Troubles at Dewan Housing Finance Corporation Ltd (DHFL) and scam perpetrated at Punjab and Maharashtra Co-operative (PMC) Bank have added to the woes.

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With varying interest rates, banks in race to attract home-loan customers

Prospective home buyers will now need to be more cautions while choosing a loan. Banks have been coming up with varying rates of interest as part of e

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How the IRDAI-proposed higher loss limits will benefit customers while filing insurance claims

Insurance companies believe the IRDAI’s proposed hike in the limits for self-assessment of damages will benefit customers, who may now be able to rep

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Growth in core income helps UCO narrow loss to ₹892 cr

Riding on the back of higher other income and growth in core income, UCO Bank reported narrowing of net loss to ₹892 crore in the quarter ended Septe

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Andhra Bank posts ₹70-cr Q2 profit

Our BureauAndhra Bank has earned a net profit of ₹70 crore in the second quarter ended September 30, 2019. In the corresponding quarter of the previou

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HR integration to be prioritised for merger: Indian Bank chief Kolkata

In a meeting of Allahabad Bank and Indian Bank in the city on Wednesday, she told executives, staffs and officers of both the banks that the amalgamation of two banks is aimed at bringing about "scale of operations and qualitative exposure in different areas for employees and improvement in economy and country at large".

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Government not planning to help banks rescue shadow lender DHFL: Report

The government has no plans to participate in the rescue of Dewan Housing Finance Corporation Ltd (DHFL), according to two sources involved in talks on how to restructure the shadow bank’s near Rs 1 lakh crore ($14 billion) debt.

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PMC Bank situation being closely monitored, says RBI

The Reserve Bank of India (RBI) on Thursday said that situation of Punjab & Maharashtra Co-Operative Bank (PMC) is being closely monitored. It sai

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Closely monitoring situation at PMC Bank; forensic audit underway: RBI Guv

unjab & Maharashtra Cooperative Bank (PMC Bank), among the top 10 urban cooperative banks in the country, was placed under an RBI administrator on September 23 for six months due to massive under-reporting of dud loans. "PMC Bank situation is being closely monitored. Forensic audit is underway in PMC Bank case," Das told reporters.

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U GRO Capital, Sunvest launch Rs 20 cr rooftop solar co-lending programme

U GRO Capital, a technology-enabled lender to small businesses, has entered into a Rs 20-crore co-lending programme with Sunvest Capital to finance pu

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Govt mulling special window for NBFCs under insolvency law

The government is mulling a special window for resolution of stressed non-banking finance companies under the Insolvency and Bankruptcy Code, a senio

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Tax rebates for capex could spur the economy: IBA’s VG Kannan

The government should consider giving tax rebates to companies undertaking capital expenditure (capex) in order to spur the economy, according to VG K

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ICICI Bank opens 44 branches in Karnataka

ICICI Bank on Thursday announced it has expanded its retail network in Karnataka by adding 44 new branches this fiscal. Seven of them are in hitherto

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PNB Housing Finance raises Rs 2,500 cr by issuing bonds to LIC

PNB Housing Finance on Thursday said that LIC has invested Rs 2,500 crore in the company by subscribing to its secured redeemable non-convertible deb

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City Union Bank Q2 net up by 15% to Rs 194 cr

City Union Bank (CUB) posted a 15 per cent growth in second quarter net profit ₹194 crore. The bank's net profit for the same period last year stood

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Bajaj Allianz General Insurance launches mobile app for farmers

Bajaj Allianz General Insurance has rolled out a mobile app ‘Farmitra,’ catering to the specific needs of farmers. Through this app, which the company

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Banks to take 55% haircut on Coastal Energen’s debt of Rs 6,500 crore

Lenders have agreed to sell the company’s debt to a consortium comprising Hong Kong’s alternative investment fund SSG Capital and the distressed debt unit of Deutsche Bank. A 55% haircut works out to an upfront cash payment of Rs 2,925 crore, which the lenders will receive in lieu of debt. They have also been offered a 15% equity in the firm.

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IRDAI bars Reliance Health Insurance from selling new policies due to low solvency margin

To protect the customers, the regulator has directed RHICL to transfer policyholders’ liabilities along with financial assets to Reliance General Insurance by November 15.

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Rs 25,000 crore fund to revive 1,600 projects with 4.6 lakh houses

The government on Wednesday cleared a fund with an initial corpus of Rs 25,000 crore to revive up to 4.6 lakh housing units in 1,600 projects with “positive net worth”, including those that have been classified by banks as non-performing assets or are facing insolvency resolution action.

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How will IRDAI's proposed hikes in loss limits help customers while filing insurance claims?

Insurance companies believe that the IRDA’s proposed hike in the limits for self assessment of damages will benefit customers, who may now be able to

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Wednesday, November 6, 2019

What happens to your deposits if a bank fails: HDFC Bank warns customers with this message

HDFC Bank has started to stamp its passbook, which says that in the case of liquidation, the depositor will get a maximum of Rs 1 lakh only.

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PNB scam: Nirav Modi denied bail again by UK court

A London court has denied bail to fugitive diamond merchant Nirav Modi on Wednesday in connection with nearly $2 billion Punjab National Bank (PNB) fraud and money laundering case.

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Corporation Bank bad loans come down in Q2

Corporation Bank on Wednesday reported a rise of 26 per cent in its net profit to Rs 129.76 crore for the second quarter ended September 30, on the b

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IDBI Bank issues public notice on Vijay Mallya as 'wilful defaulter'

IDBI Bank NPA Management Group in Mumbai issued a public notice about wilful defaulter with the now defunct Kingfisher Airlines as the borrower and Vijay Mallya as the director and guarantor. Vijay Mallya is currently in London and the Indian government has initiated legal proceedings to seek his extradition.

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ICL Fincorp aims to list in next 15 months via reverse merger route

Our BureauKerala-based gold loan non-banking finance company ICL Fincorp is hopeful of getting listed in the next 15 months. The company became eligi

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EY, BlackLine form alliance to offer finance process automation in India

EY, a global professional services organization, has formed a strategic alliance in India with Nasdaq-listed BlackLine to offer finance process automa

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RBI working group on core investment companies submits report

Calls for restricting the number of layers of CICs in a group to two and measures to address excessive leverage

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Q2 results: Corporation Bank net profit up 26 per cent

The net interest income of the bank stood at Rs 1334.43 crore during the second quarter of 2019-20

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PMC Bank scam: Did RBI inspection fail to catch link with HDIL in 2014-15?

Did the Reserve Bank of India, during its inspection in 2014-15, miss out on the crucial aspect about loans extended to Housing Development and Infras

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Ujjivan Small Finance Bank launches Instant Digital Savings and Instant Fixed Deposit Account

Ujjivan Small Finance Bank in an effort to offer distinctive banking and digital services to its customers launched Digital Savings Account along wit

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Mumbai to host two-day fintech festival in March

Mumbai Fintech Hub and Fintech Convergence Council are jointly organising a two-day fintech festival here in March next year, hoping to make the cit

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What happens to your deposits if a bank fails: HDFC Bank warns customers with this message

HDFC Bank has started to stamp its passbook, which says that in the case of liquidation, the depositor will get a maximum of Rs 1 lakh only.

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J&K Bank continues to register growth despite recent events: Financial Commissioner Arun Kumar Mehta

Jammu and Kashmir Bank is firmly moving on a path towards growth despite some of the recent events, Financial Commissioner, Finance, Arun Kumar Mehta said Tuesday.

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ESAF Small Finance Bank posts Rs 92 crore net profit for half year

The Kerala-based ESAF Small Finance Bank has recorded a 284 per cent increase in its net profits for the half year at Rs 92.44 crore against Rs24.07

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Goodwin Jewellers case: 10 days on, police yet to find owners

Ten days after the Goodwin Jewellers fraud case came to light, the owners, A M SunilKumar and A M SudheeshKumar, are still absconding. The duo are acc

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PMC Bank case: Depositors to protest bail application of one of the accused

PMC Bank depositors will stage a protest outside the Esplanade Court, against a bail application of one of the accused, even as the Economic Offences

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Central Bank to reduce bad loans by focussing on sale to ARCs: Pallav Mohapatra

Central Bank of India has hit a purple patch in the last couple of quarters after posting 13 quarters of losses on the trot. Pallav Mohapatra, MD and

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Risk Aversion: How failed bank loans have led to a credit crisis for India's small biz

Credit keeps an economy well-oiled. But despite the government’s push, banks, which burnt their fingers lending to mega projects, have now shut the tap for small businesses for no fault of theirs. Pendulum swinging to other end is dragging the economy.

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PNB posts Rs 507 crore profit in Q2 as provisions ease

The bank’s net interest income (NII) came in at Rs 4,264 crore, up 7.29% y-o-y.

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Our loan book will grow 8-9% in FY 20, says Central Bank of India MD

The lender expects large-ticket slippages to be restricted to two-three accounts in the rest of FY20.

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RBI raises withdrawal limit from PMC Bank to Rs 50,000

“The Reserve Bank of India is closely monitoring the position and shall continue to take further steps as are necessary to safeguard the interest of the depositors of the bank,” it added.

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Google Pay grows 3x in India in 12 months

Google Pay now has 67 million active users who use it at least once a month.

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RBI slaps Rs 5 crore penalty on Gujarat-based Mehsana Urban Co-operative Bank

The RBI, however, added that the penalty is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the Mehsana-based bank with its customers.

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Tuesday, November 5, 2019

Did not know about loans to HDIL, says PMC Bank director

The Economic Offences Wing (EOW) of Mumbai Police has arrested five persons in the Rs 4,355 crore PMC Bank scam, including promoters of realty group HDIL and top bank officials. Narang (71) has filed an anticipatory bail application before additional sessions judge S T Soor.

from Banking/Finance-Industry-Economic Times https://ift.tt/2pLfz5v
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PNB clocks Q2 profit of Rs 507 cr as provision eases

During the quarter, the total interest income of the bank rose to Rs 13,292 crore from Rs 12,326 crore in the same quarter in the previous fiscal.

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Heavy to very heavy rains likely as ‘Maha’ hits Gujarat coast on Nov 7

As per the latest prediction by the India Meteorological Department (IMD), the very severe cyclonic storm is hovering around 650 km west-southwest of Porbandar and 700 kms west-southwest of Veraval in the Arabian sea.

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Relief to PMC customers: Withdrawal limit for bank depositors raised to Rs 50,000

With the above relaxation, more than 78 per cent of the depositors of the bank will be able to withdraw their entire account balance.

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PNB reports profit of Rs 507 crore in Q2 against loss of Rs 4,532 crore a year ago

The state-owned lender had posted a loss of Rs 4,532.35 crore during the same quarter a year ago.

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Now, finance minister hints at booster dose for realty sector

Finance minister Nirmala Sitharaman on Tuesday said the government and Reserve Bank of India (RBI) are working to resolve the issues being faced by realty sector. Admitting that realty sector has been left out of the booster measures announced earlier, she said the sector has a spillover effect on many sectors, especially the core sector.

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Only 15% of the cases resolved under bankruptcy laws: Report

Timely completion of corporate insolvency resolution process initiated under the Insolvency and Bankruptcy Code (IBC) continues to remain a challenge, according to Icra. Of the 2,542 cases admitted under IBC till date, 1,497 CIRPs or 59% of total admitted cases are still on-going in the courts.

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Bankers expect resolution to DHFL issue by December-end

The Inter-Creditor Agreement (ICA) is in place for the resolution of the account and banks are looking at it, the senior banker said. The resolution would be reached by December 31, the banker expressed hope amidst SFIO probe of alleged financial irregularities committed by DHFL.

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Cholamandalam posts ₹307-crore profit in Q2

Arun Alagappan elevated as Managing Director

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RBI eases withdrawal limit for PMC Bank customers

The new withdrawal limit is now ₹50,000

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PMC depositors hold protest outside RBI office; nine detained

The protesters gathered at the spot at 11 am and started raising slogans demanding they be allowed to withdraw money from their accounts above the limit prescribed by the apex bank. At least nine protesters were taken into custody, the police official said.

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RBI raises withdrawal limit for PMC Bank depositors to Rs 50,000

The Reserve Bank of India (RBI) on Tuesday further raised the withdrawal limit for customers of the crisis-hit Punjab and Maharashtra Co-operative (PMC) Bank to Rs 50,000 from Rs 40,000 per accountholder.

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In huge relief to PMC Bank depositors, RBI increases withdrawal limit to Rs 50,000

The Reserve Bank of India has increased the withdrawal limit to Rs 50,000.

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How are Mutual Funds taxed?

Investors, who have a mutual fund portfolio, must have a good understanding of how their returns are taxed. The illustration above gives a quick summary of a...

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Iqbal Mirchi probe: Dheeraj Wadhawan joins ED probe

Last month, ED had carried out raids at eight locations including DHFL headquarters in connection with the Rs 2,186 crore loan given by the NBFC to Sunblink Real Estate, a company under probe for its dealing with erstwhile gangster Iqbal Memon alias Iqbal Mirchi. Earlier based on ED’s request, a look out circular (LoC) has been opened against, Wadhawan.

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Q2 results: PNB clocks Rs 507 crore net profit

Delhi headquarteterd Punjab National Bank on Tuesday reported net profit of Rs 507 crore for three month period ending September 30.  On year-on-year

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PNB posts profit of Rs 507 crore in Q2

Punjab National Bank (PNB) on Tuesday reported a profit of Rs 507.06 crore for the second quarter ended September 30. The state-owned lender had posted a loss of Rs 4,532.35 crore during the same quarter a year ago.

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NBFC impact: What does the RBI’s new liquidity framework mean?

The norms will ensure more discipline in managing liquidity, restoring confidence in the sector

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RBI asks to cap bankers’ incentives; move aimed at stopping private banks from disregarding rules

The Reserve Bank of India late Monday announced guidelines that cap the amount of variable pay, limit how much of it can be given in cash, and restrict guaranteed bonuses.

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Rakesh Jhunjhunwala buys 0.5% in Yes Bank

Rakesh Jhunjhunwala, the billionaire investor known for his nifty stock-picking skills, on Monday bought nearly 1.3 crore shares of troubled lender Yes Bank, or about 0.5% of its equity, at Rs 67 apiece for Rs 87 crore in total.

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50% of bank CEOs’ pay to be variable: RBI

Top executives in banks will have to receive half their salary in the form of variable pay which will be linked to their bank’s performance, according to new rules announced by the RBI on Monday. The variable pay itself will be capped at 300% of the fixed pay and will include equity compensation.

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RBI issues guidelines to check risky behaviour of bankers

Announed guidelines to cap the amount of variable pay and restrict guaranteed bonuses

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63 Moons moves High Court to recover Rs 200 crore from DHFL

Counsel for DHFL challenged the maintainability of the petition, arguing that the trustees of the bondholders had already moved an application in the Pune bench of the Debt Recovery Tribunal (DRT) for the recovery of dues on behalf of the debenture holders and hence this plea could not be entertained.

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Monday, November 4, 2019

Dharmasthala Trust & Selco to set up incubation centre in Dharwad to train FIs in clean tech lending

The centre will start functioning from next month, and train financial institutions in India and overseas to help them introduce exclusive cleantech energy lending portfolios.

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RBI wants NBFCs to adopt better tools to detect liquidity strains early on

The new norms will be applicable to all non-deposit taking NBFCs with an asset size of Rs 10,000 crore and above, and all deposit-taking NBFCs irrespective of their asset size and mandate them to maintain a liquidity buffer in terms their liquidity coverage ratio.

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IOB loss up five-fold at ₹2,254 cr in Q2

Our Bureau Indian Overseas Bank’s (IOB) net loss for the second quarter shot up five times to ₹2,254 crore due to higher provisioning for bad loans. T

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Must have better set up for liquidityrisk management: RBI to NBFCs

Our BureauThe Reserve Bank of India has asked non-banking finance companies (NBFCs) to have a desirable organisational set up for liquidity risk manag

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RBI issues new guidelines over private bank CEO remuneration

“The objective has also been to better align the guidelines to address misconduct risk,” the RBI said.

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RBI revises compensation guidelines forprivate bank CEOs, whole-time directors

Our BureauThe Reserve Bank of India, on Monday, told private sector banks and foreign banks operating in India that the compensation of whole-time dir

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Bank loans to moderate to 25 year low at 8-8.5 per cent in FY'20: Report

Icra has forecast that non-food credit growth will slow down to 8 to 8.5 per cent during FY'20 from 13.3 per cent in FY’19, as fresh loans during the year have been very low. The ratings firm also expects bond market to grow at a slower pace as they remain risk averse towards NBFCs.

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Ajay Piramal plans to step down from Shriram Capital

Ajay Piramal said he plans to resign as chairman of Shriram Capital Ltd, the Indian non-bank finance company backed by South Africa’s Sanlam Group, as he works to sell his stake in Shriram’s parent group.

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HDFC’s Q2 net profit surges 61% at ₹3,962 cr on rise in dividend income

Our BureauHousing Development Finance Corporation Ltd (HDFC) reported a 61 per cent jump in second quarter standalone net profit at ₹3,962 crore, agai

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To monetise non-core assets, Central Bank to sell investments in Cent Bank and Indo-Zambia Bank

K Ram Kumar / SurabhiCentral Bank of India is planning to sell its investments lock, stock and barrel in subsidiary Cent Bank Home Finance and joint v

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RBI announces opening of thefirst cohort for retail payments

Our BureauThe Reserve Bank of India, on Monday, announced the opening of the first cohort under the regulatory sandbox with retail payments as the the

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Mastercard and Visa keen to join common mobility card platform

Global payments major Mastercard and Visa are keen on joining the National Common Mobility Card (NCMC) programme that allows for a single debit or cre

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Regulatory sandbox: RBI invites applications for testing new products for retail payments

The innovative products/services which, among others, will be considered for inclusion under RS, like mobile payments including feature phone based payment services, offline payment solutions (as internet connectivity issues remain unresolved in large areas), and contactless payments.

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Bank credit growth to moderate to 8.5 per cent in FY20, says Icra report

A shift of large borrowers such as NBFCs and housing finance companies (HFCs) to the banking system for their funding requirements had boosted bank credit growth in FY19, it said.

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Why YES Bank’s NPAs rose 4-fold in a year; CEO Ravneet Gill tells reasons behind rising slippages

For the three months to September in FY20, a sharp increase in bad loans, higher provisions and one-time deferred tax assets (DTA) dented YES Bank’s earnings.

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Time for action: Yes bank must cut the loose talk and focus on raising funds

In the past, Yes bank kept quiet rather than tell shareholders the truth about its bad loans. Now, under new management, it can’t stop talking about an impending rescue.

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Airtel, Bharti AXA Life tie up to launch prepaid bundle with insurance cover

The life insurance cover, available to all customers aged 18-54 years, requires no paperwork or medical examination and the certificate of insurance will be instantaneously delivered digitally. A physical copy of the insurance will be delivered to customer’s doorstep on request. The entire process is to be delivered digitally to the customer.

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HDFC Q2 net jumps 61% in Q2 on dividend income, shares sale

Housing Development Finance Corporation Ltd (HDFC) reported a 61 per cent jump in second quarter standalone net profit at Rs 3,962 crore against Rs 2,

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What steps taken to help PMC depositors, HC asks RBI

The Bombay high court on Monday sought to know from the Reserve Bank of India (RBI) what steps it has taken to protect the interests of depositors of the crisis-hit Punjab and Maharashtra Co-operative (PMC) Bank. A division bench of Justices S C Dharmadhikari and R I Chagla was hearing a bunch of petitions filed by the bank depositors, challenging restrictions imposed by the RBI on withdrawals.

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What steps taken to help PMC Bank depositors, HC asks RBI

On September 23, the RBI imposed regulatory restrictions on the PMC Bank for six months over alleged financial irregularities. The withdrawal limit for account holders was initially Rs 1,000 per each customer for six months, which was later raised to Rs 10,000 and then to Rs 40,000.

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View: Yes Bank should stop talking and focus on raising money

Yes Bank reported a September quarter loss of almost $85 million, 50% more than expected by analysts.

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Bank of India, Union Bank claims against Nirav Modi’s American firms disallowed

Firestar Diamond‘s Chapter 11 Trustee says banks do not have direct claim against firm

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Bankers may reject DHFL revival plan over SFIO probe

In the aftermath of a KPMG forensic audit report that highlighted likely cases of fund diversion and related party transactions at DHFL, the SFIO ordered probe, likely halting the current process to restructure Rs 83,873 crore in outstanding debt. Bankers said the probe might prompt some potential buyers to stay away, as would the suggested capital structure in the current plan.

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Over 3,400 branches of 26 PSBs closed or merged in last 5 years: RTI

The RTI information came out at a time when the Centre is planning to consolidate 10 PSBs into four mega state-owned lenders. According to RTI reply, the maximum 2,568 branches of the SBI were affected due to merger or closure in the last five financial years.

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Sunday, November 3, 2019

Over 3,400 branches of 26 PSBs closed or merged in last 5 years: RTI

The RTI information came out at a time when the Centre is planning to consolidate 10 PSBs into four mega state-owned lenders. According to RTI reply, the maximum 2,568 branches of the SBI were affected due to merger or closure in the last five financial years.

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Yes Bank looking for $1.2 billion funding by December, give board seat to new investors

The newly appointed head, who replaced promoter-chief executive Rana Kapoor whose conduct had raised RBI's concerns, said the binding offer was received last Thursday over email and chose to disclose it to exchanges as it was advised that it was price sensitive.

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Yes Bank looking for $1.2 billion funding by December, give board seat to new investors

The newly appointed head, who replaced promoter-chief executive Rana Kapoor whose conduct had raised RBI's concerns, said the binding offer was received last Thursday over email and chose to disclose it to exchanges as it was advised that it was price sensitive.

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View: It’s downright dangerous to equate banks and NBFCs

This distinction is not a matter of semantics, but a key pillar on which entire modern banking rests.

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Yes Bank looking for $1.2 billion funding by December, give board seat to new investors

The newly appointed head, who replaced promoter-chief executive Rana Kapoor whose conduct had raised RBI's concerns, said the binding offer was received last Thursday over email and chose to disclose it to exchanges as it was advised that it was price sensitive.

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Yes Bank looking for $1.2 billion funding by December, give board seat to new investors

The newly appointed head, who replaced promoter-chief executive Rana Kapoor whose conduct had raised RBI's concerns, said the binding offer was received last Thursday over email and chose to disclose it to exchanges as it was advised that it was price sensitive.

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Stopped payment to creditors following court orders: DHFL

This clarification has come a day after Congress General Secretary Priyanka Gandhi termed the company a defaulter and slammed the UP government for investing the employee provident fund money in such a firm. Priyanka had asked that whose interest was being served by investing Rs 2,000 crore of the employees' hard-earned money in such a company.

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Yes Bank looking for $1.2 billion funding by December, give board seat to new investors

The newly appointed head, who replaced promoter-chief executive Rana Kapoor whose conduct had raised RBI's concerns, said the binding offer was received last Thursday over email and chose to disclose it to exchanges as it was advised that it was price sensitive.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/34r5lpO
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Yes Bank looking for $1.2 billion funding by December, give board seat to new investors

The newly appointed head, who replaced promoter-chief executive Rana Kapoor whose conduct had raised RBI's concerns, said the binding offer was received last Thursday over email and chose to disclose it to exchanges as it was advised that it was price sensitive.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/34r5lpO
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Yes Bank looking for $1.2 billion funding by December, give board seat to new investors

The newly appointed head, who replaced promoter-chief executive Rana Kapoor whose conduct had raised RBI's concerns, said the binding offer was received last Thursday over email and chose to disclose it to exchanges as it was advised that it was price sensitive.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/34r5lpO
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Yes Bank looking for $1.2 billion funding by December, give board seat to new investors

The newly appointed head, who replaced promoter-chief executive Rana Kapoor whose conduct had raised RBI's concerns, said the binding offer was received last Thursday over email and chose to disclose it to exchanges as it was advised that it was price sensitive.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/34r5lpO
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Yes Bank looking for $1.2 billion funding by December, give board seat to new investors

The newly appointed head, who replaced promoter-chief executive Rana Kapoor whose conduct had raised RBI's concerns, said the binding offer was received last Thursday over email and chose to disclose it to exchanges as it was advised that it was price sensitive.

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Over 3,400 branches of 26 PSBs closed or merged in last 5 years: RTI

To a query under the Right to Information (RTI) Act, the Reserve Bank of India (RBI) informed that 26 PSBs of the country either closed or merged 90 branches during FY 2014-15, 126 branches in 2015-16, 253 branches in 2016-17, 2,083 branches in 2017-18 and 875 branches during 2018-19. Of this, 75 per cent of the affected branches belong to SBI.

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Yes Bank's asset-quality woes to continue: Report

Emkay said that Yes Bank's fresh NPAs "were sky-high at Rs 59 billion", adding that the bank's "current aggression in retail without proper risk management systems in place could be risky."

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Yes Bank looking for $1.2 billion funding by December, give board seat to new investors

The newly appointed head, who replaced promoter-chief executive Rana Kapoor whose conduct had raised RBI's concerns, said the binding offer was received last Thursday over email and chose to disclose it to exchanges as it was advised that it was price sensitive.

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SEBI directive: Banks start disclosing divergence in asset classification and provisioning

United Bank of India, Union Bank of India, Indian Bank and Corporation Bank have so far made disclosure of divergences and provisioning beyond specifi

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Banks start disclosing divergence in asset classification and provisioning

Our BureauUnited Bank of India, Union Bank of India, Indian Bank, and Corporation Bank have so far made disclosure of divergences and provisioning bey

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Yes Bank looking for $1.2 billion funding by December, give board seat to new investors

The newly appointed head, who replaced promoter-chief executive Rana Kapoor whose conduct had raised RBI's concerns, said the binding offer was received last Thursday over email and chose to disclose it to exchanges as it was advised that it was price sensitive.

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Hanung Toys promoter detained at airport following LOC issued by PNB

Hanung Toys and Textile Ltd owes Rs 2,300 crore from a consortium of 15 lenders led by state-owned PNB, which alone has exposure of Rs 599 crore.

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