SC paves way for Mittal entry in Essar Steel

The Supreme Court on Friday cleared the takeover of Essar Steel by global metals magnate LN Mittal’s ArcelorMittal after a protracted legal battle, which will pave the way for banks to recover Rs 42,000 crore in dues and oust the Ruias, once among the most powerful business families in the country.

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PMC effect! Govt to change law to bolster regulation of cooperatives

On the response to the Rs 25,000-crore housing fund (to start with) to bail out stuck projects, the minister said four of them in three cities — Mumbai, Hyderabad and Bengaluru — have approached the government to avail of funding, and more are expected to follow suit.

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Syndicate Bank: Net NPA may come down to 5%

“However, the recovery rate has improved drastically. During the first quarter, we were recovering around Rs 18 crore daily, which has gone up to Rs 26-28 crore per day, now,” he said.

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After PSBs, ICICI Bank launches carnival to provide instant loans

Anup Bagchi, executive director, ICICI Bank, said, “We are taking our unique proposition of instant loans and on-the-spot-approvals to the doorstep of potential customers... We believe that we are offering an unparalleled experience of a unique combination of easy access to finance, exclusive deals on vehicles from manufacturers and an array of further benefits.”

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Govt to provide higher deposit cover: FM

Finance minister Nirmala Sitharaman on Friday said the Centre is set to raise the insurance cover for bank deposits beyond the current level of Rs 1 lakh, while amending the law to improve RBI’s oversight on multi-state cooperative banks.

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PMC effect! Govt to change law to bolster regulation of cooperatives

On the response to the Rs 25,000-crore housing fund (to start with) to bail out stuck projects, the minister said four of them in three cities — Mumbai, Hyderabad and Bengaluru — have approached the government to avail of funding, and more are expected to follow suit.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/34YLMW6

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Syndicate Bank: Net NPA may come down to 5%

“However, the recovery rate has improved drastically. During the first quarter, we were recovering around Rs 18 crore daily, which has gone up to Rs 26-28 crore per day, now,” he said.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2NRZy7l

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After PSBs, ICICI Bank launches carnival to provide instant loans

Anup Bagchi, executive director, ICICI Bank, said, “We are taking our unique proposition of instant loans and on-the-spot-approvals to the doorstep of potential customers... We believe that we are offering an unparalleled experience of a unique combination of easy access to finance, exclusive deals on vehicles from manufacturers and an array of further benefits.”

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2rK2kTf

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PMC effect! Govt to change law to bolster regulation of cooperatives

On the response to the Rs 25,000-crore housing fund (to start with) to bail out stuck projects, the minister said four of them in three cities — Mumbai, Hyderabad and Bengaluru — have approached the government to avail of funding, and more are expected to follow suit.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/34YLMW6

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Syndicate Bank: Net NPA may come down to 5%

“However, the recovery rate has improved drastically. During the first quarter, we were recovering around Rs 18 crore daily, which has gone up to Rs 26-28 crore per day, now,” he said.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2NRZy7l

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After PSBs, ICICI Bank launches carnival to provide instant loans

Anup Bagchi, executive director, ICICI Bank, said, “We are taking our unique proposition of instant loans and on-the-spot-approvals to the doorstep of potential customers... We believe that we are offering an unparalleled experience of a unique combination of easy access to finance, exclusive deals on vehicles from manufacturers and an array of further benefits.”

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2rK2kTf

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Government mulls over raising insurance cover on bank deposits to above Rs 1 lakh: Finance Minister

Government has no plans to reduce the expenditure on welfare schemes, says Nirmala Sitharaman

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PMC effect! Govt to change law to bolster regulation of cooperatives

On the response to the Rs 25,000-crore housing fund (to start with) to bail out stuck projects, the minister said four of them in three cities — Mumbai, Hyderabad and Bengaluru — have approached the government to avail of funding, and more are expected to follow suit.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/34YLMW6

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Syndicate Bank: Net NPA may come down to 5%

“However, the recovery rate has improved drastically. During the first quarter, we were recovering around Rs 18 crore daily, which has gone up to Rs 26-28 crore per day, now,” he said.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2NRZy7l

Read more »

After PSBs, ICICI Bank launches carnival to provide instant loans

Anup Bagchi, executive director, ICICI Bank, said, “We are taking our unique proposition of instant loans and on-the-spot-approvals to the doorstep of potential customers... We believe that we are offering an unparalleled experience of a unique combination of easy access to finance, exclusive deals on vehicles from manufacturers and an array of further benefits.”

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2rK2kTf

Read more »

PMC effect! Govt to change law to bolster regulation of cooperatives

On the response to the Rs 25,000-crore housing fund (to start with) to bail out stuck projects, the minister said four of them in three cities — Mumbai, Hyderabad and Bengaluru — have approached the government to avail of funding, and more are expected to follow suit.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/34YLMW6

Read more »

Syndicate Bank: Net NPA may come down to 5%

“However, the recovery rate has improved drastically. During the first quarter, we were recovering around Rs 18 crore daily, which has gone up to Rs 26-28 crore per day, now,” he said.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2NRZy7l

Read more »

After PSBs, ICICI Bank launches carnival to provide instant loans

Anup Bagchi, executive director, ICICI Bank, said, “We are taking our unique proposition of instant loans and on-the-spot-approvals to the doorstep of potential customers... We believe that we are offering an unparalleled experience of a unique combination of easy access to finance, exclusive deals on vehicles from manufacturers and an array of further benefits.”

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2rK2kTf

Read more »

PMC effect! Govt to change law to bolster regulation of cooperatives

On the response to the Rs 25,000-crore housing fund (to start with) to bail out stuck projects, the minister said four of them in three cities — Mumbai, Hyderabad and Bengaluru — have approached the government to avail of funding, and more are expected to follow suit.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/34YLMW6

Read more »

Syndicate Bank: Net NPA may come down to 5%

“However, the recovery rate has improved drastically. During the first quarter, we were recovering around Rs 18 crore daily, which has gone up to Rs 26-28 crore per day, now,” he said.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2NRZy7l

Read more »

After PSBs, ICICI Bank launches carnival to provide instant loans

Anup Bagchi, executive director, ICICI Bank, said, “We are taking our unique proposition of instant loans and on-the-spot-approvals to the doorstep of potential customers... We believe that we are offering an unparalleled experience of a unique combination of easy access to finance, exclusive deals on vehicles from manufacturers and an array of further benefits.”

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2rK2kTf

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Delhi police accuse allied MD Awanish Mishra of forgery in Dalmia MF case

In a chargesheet filed by the EOW in the Chief Metropolitan Magistrate court in Karkardooma in Delhi on Monday, the police said it found evidence of alteration and uploading wrong credentials with the NSDL system and transferring of MF units of Dalmia Cement) through forged signatures of the authorised signatories.

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

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Your bank deposits just got safer; PMC bank fallout prompts long-desired action on insurance limit

The finance minister also said the government has no plans to cut spending on welfare schemes and will encourage all the departments of the Union government to spend entire funds provided in the Budget.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/37c614n

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InfrasoftTech plans further expansion in global banking market

Infrasoft Technologies Ltd (InfrasoftTech) is backed by its latest artificial intelligence product, Kiya.ai and Univius RegTech, that provides early detection of potential frauds in banks, said managing director and chief executive officer, Rajesh Mirjankar.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/37aDcVZ

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Indian borrowers test Samurai loan limits

Japanese lenders show signs of fatigue as glut of deals continues

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Singapore fines Swiss banking giant UBS $8 million for deceptive trades

The city-state's central bank, the Monetary Authority of Singapore (MAS), said UBS had admitted liability for its advisors' actions and paid a civil penalty.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2poxM8Y

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InfrasoftTech plans further expansion in global banking market

Infrasoft Technologies Ltd (InfrasoftTech) is backed by its latest artificial intelligence product, Kiya.ai and Univius RegTech, that provides early detection of potential frauds in banks, said managing director and chief executive officer, Rajesh Mirjankar.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/37aDcVZ

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Singapore fines Swiss banking giant UBS $8 million for deceptive trades

The city-state's central bank, the Monetary Authority of Singapore (MAS), said UBS had admitted liability for its advisors' actions and paid a civil penalty.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2poxM8Y

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InfrasoftTech plans further expansion in global banking market

Infrasoft Technologies Ltd (InfrasoftTech) is backed by its latest artificial intelligence product, Kiya.ai and Univius RegTech, that provides early detection of potential frauds in banks, said managing director and chief executive officer, Rajesh Mirjankar.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/37aDcVZ

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Singapore fines Swiss banking giant UBS $8 million for deceptive trades

The city-state's central bank, the Monetary Authority of Singapore (MAS), said UBS had admitted liability for its advisors' actions and paid a civil penalty.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2poxM8Y

Read more »

InfrasoftTech plans further expansion in global banking market

Infrasoft Technologies Ltd (InfrasoftTech) is backed by its latest artificial intelligence product, Kiya.ai and Univius RegTech, that provides early detection of potential frauds in banks, said managing director and chief executive officer, Rajesh Mirjankar.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/37aDcVZ

Read more »

Singapore fines Swiss banking giant UBS $8 million for deceptive trades

The city-state's central bank, the Monetary Authority of Singapore (MAS), said UBS had admitted liability for its advisors' actions and paid a civil penalty.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2poxM8Y

Read more »

InfrasoftTech plans further expansion in global banking market

Infrasoft Technologies Ltd (InfrasoftTech) is backed by its latest artificial intelligence product, Kiya.ai and Univius RegTech, that provides early detection of potential frauds in banks, said managing director and chief executive officer, Rajesh Mirjankar.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/37aDcVZ

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Sebi norms: Central Bank of India and IoB report divergence of NPAs for FY19

Post an assessment by the Reserve Bank of India of its non-performing assets (NPAs), Central Bank of India’s losses for 2018-19 stand revised at Rs. 6,430 crore.

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

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Singapore fines Swiss banking giant UBS $8 million for deceptive trades

The city-state's central bank, the Monetary Authority of Singapore (MAS), said UBS had admitted liability for its advisors' actions and paid a civil penalty.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2poxM8Y

Read more »

InfrasoftTech plans further expansion in global banking market

Infrasoft Technologies Ltd (InfrasoftTech) is backed by its latest artificial intelligence product, Kiya.ai and Univius RegTech, that provides early detection of potential frauds in banks, said managing director and chief executive officer, Rajesh Mirjankar.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/37aDcVZ

Read more »

Sebi norms: Central Bank of India and IoB report divergence of NPAs for FY19

Post an assessment by the Reserve Bank of India of its non-performing assets (NPAs), Central Bank of India’s losses for 2018-19 stand revised at Rs. 6,430 crore.

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

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Sebi norms: Central Bank of India and IoB report divergence of NPAs for FY19

Post an assessment by the Reserve Bank of India of its non-performing assets (NPAs), Central Bank of India’s losses for 2018-19 stand revised at Rs. 6,430 crore.

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

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AIIB clears $375 million loan to Mumbai

The Asian Infrastructure Investment Bank has approved $575 million loan to ease congestion in Mumbai and boost private capital investment in renewable

from Business Line - Money & Banking https://ift.tt/2CWFFpr

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Sebi norms: Central Bank of India and IoB report divergence of NPAs for FY19

Post an assessment by the Reserve Bank of India of its non-performing assets (NPAs), Central Bank of India’s losses for 2018-19 stand revised at Rs. 6,430 crore.

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

Read more »

Sebi norms: Central Bank of India and IoB report divergence of NPAs for FY19

Post an assessment by the Reserve Bank of India of its non-performing assets (NPAs), Central Bank of India’s losses for 2018-19 stand revised at Rs. 6,430 crore.

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

Read more »

Sebi norms: Central Bank of India and IoB report divergence of NPAs for FY19

Post an assessment by the Reserve Bank of India of its non-performing assets (NPAs), Central Bank of India’s losses for 2018-19 stand revised at Rs. 6,430 crore.

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

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CBI set to file fresh charges in $2 billion PNB bank fraud case

The Central Bureau of Investigation (CBI) will soon file fresh charges in the $2 billion Punjab National Bank (PNB) fraud case and detail how the alle

from Business Line - Money & Banking https://ift.tt/33Z9Act

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Union Bank of India posts Rs 1,194 crore Q2 net loss on higher provisions

The bank said that it made additional provisions to account for a divergence in asset classification identified by the Reserve Bank of India for FY19.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/379hfqj

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Union Bank of India posts Rs 1,194 crore Q2 net loss on higher provisions

The bank said that it made additional provisions to account for a divergence in asset classification identified by the Reserve Bank of India for FY19.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/379hfqj

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Debt Recovery Tribunal stops DHFL from making payments

Move comes a day after Bombay HC told DHFL to pay banks, NBFCS with securitisation deals

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

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Kerala Financial Corporation identifies NBFC for takeover

The takeover of KPIFC presents two main advantages for the SFC

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Union Bank posts ₹1,194-crore loss

Our Bureau Union Bank of India slipped into the red, reporting a net loss of ₹1,194 crore in the second quarter ended September 30, 2019, due to a jum

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MFIN aims to set up steering committee to administer ‘Code for Responsible Lending’

KR SrivatsMicrofinance Institutions Network (MFIN), an RBI-approved self-regulatory organisation for the NBFC-MFI industry, is in the process of setti

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Importance of a Financial Planner

Financial planning helps you determine your short and long-term financial goals and create a balanced plan to meet those goals. The first step in developing ...

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

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Innovative term plan ICICI Pru Precious Life rolled out

New product offers live cover to even those with existing health conditions

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Credit crisis at home doesn’t stop some lenders getting global loans

While most of India’s shadow lenders remain caught in a prolonged cash crunch at home, some of the highest-quality financiers are finding that yield-hungry investors in the global loan market are eager to extend credit.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/33H10Pf

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Credit crisis at home doesn’t stop some lenders getting global loans

While most of India’s shadow lenders remain caught in a prolonged cash crunch at home, some of the highest-quality financiers are finding that yield-hungry investors in the global loan market are eager to extend credit.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/33H10Pf

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No CAR relief for foreign banks: RBI

It is felt that a foreign bank opening a branch inside an IFSC would be incentivised if it's not required to bring large amount of capital as per norms set by RBI.

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

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No CAR relief for foreign banks: RBI

It is felt that a foreign bank opening a branch inside an IFSC would be incentivised if it's not required to bring large amount of capital as per norms set by RBI.

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

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No CAR relief for foreign banks: RBI

It is felt that a foreign bank opening a branch inside an IFSC would be incentivised if it's not required to bring large amount of capital as per norms set by RBI.

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

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Co-op banks’ body proposes Rs 5 lakh cover for deposits, risk-based premium

In a letter to FM Nirmala Sitharaman, representatives of Sahakar Bharati, which is associated with more than 20,000 co-operatives across India, have suggested raising the deposit insurance limit for individual account holders to Rs 5 lakh from Rs 1 lakh while that for institutional customers to Rs 25 lakh.

from Banking/Finance-Industry-Economic Times https://ift.tt/32MD7Vh

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CARE Rating downgrades Yes Bank’s debt instruments

Our Bureau CARE Rating has downgraded the ratings it assigned to Yes Bank’s debt instruments, aggregating about ₹21,000 crore. The ratings continue

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Credit crisis at home doesn’t stop some lenders getting global loans

While most of India’s shadow lenders remain caught in a prolonged cash crunch at home, some of the highest-quality financiers are finding that yield-hungry investors in the global loan market are eager to extend credit.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/33H10Pf

Read more »

No CAR relief for foreign banks: RBI

It is felt that a foreign bank opening a branch inside an IFSC would be incentivised if it's not required to bring large amount of capital as per norms set by RBI.

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

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Micro finance companies’ overseas borrowing doubled to $80 million in H1FY20

Risk aversion and liquidity concerns in the domestic market counterbalanced by lower borrowing costs and excess liquidity abroad have made ECBs more lucrative

from Business Line - Money & Banking https://ift.tt/33HajyF

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BTI Payments to ramp up ATM network to 10,000

To add 300 ATMs every month over the next one-and-a-half year mostly in semi-urban and rural areas.

from Business Line - Money & Banking https://ift.tt/2rKFFGJ

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No CAR relief for foreign banks: RBI

It is felt that a foreign bank opening a branch inside an IFSC would be incentivised if it's not required to bring large amount of capital as per norms set by RBI.

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

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No CAR relief for foreign banks: RBI

It is felt that a foreign bank opening a branch inside an IFSC would be incentivised if it's not required to bring large amount of capital as per norms set by RBI.

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

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Despite digital drive, private banks step up brick-and-mortar branches

Private banks are expanding their brick-and-mortar branches even as the push to go digital gathers steam in the banking sector.Major banks, including

from Business Line - Money & Banking https://ift.tt/32J8oIz

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No CAR relief for foreign banks: RBI

It is felt that a foreign bank opening a branch inside an IFSC would be incentivised if it's not required to bring large amount of capital as per norms set by RBI.

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

Read more »

No CAR relief for foreign banks: RBI

It is felt that a foreign bank opening a branch inside an IFSC would be incentivised if it's not required to bring large amount of capital as per norms set by RBI.

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

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SoftBank's Paytm top-up to come with riders

SoftBank Vision Fund (SVF), an existing investor in Paytm, is learnt to have stipulated that the company should go public within five years from the time of completion of the transaction.

from Banking/Finance-Industry-Economic Times https://ift.tt/34X6vJQ

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Banks may be given incentive to extend loans in backward areas: RBI

Data on the average loan taken by agricultural households indicated that 72 per cent of the credit requirement was met by institutional sources and 28 per cent from non-institutional sources, he said quoting NABARD Financial Inclusion Survey Report 2016-17.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2NKR2ab

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Repco Home Fin net surges 51%

Repco Home Finance has reported a 51 increase in net profit at ₹100.6 crore for the quarter ended September 30, 2019, when compared to ₹66.6 crore i

from Business Line - Money & Banking https://ift.tt/2O4okQo

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BMS’ union raises red flag over alleged fraudulent activities at Syndicate Bank

Complaints to CVC over ₹300-crore scam involving some executives and a builder

from Business Line - Money & Banking https://ift.tt/2CEzgyP

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New India Q2 profit rises to ₹530 crore

New India Assurance reported a 61 per cent year-on-year (y-o-y) jump in second quarter net profit at ₹530 crore, against ₹329 crore in the year-ago pe

from Business Line - Money & Banking https://ift.tt/2OdQBnw

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Banks may be given incentive to extend loans in backward areas: RBI Dy Guv MK Jain

Speaking at an event organised by the National Bank for Agriculture and Rural Development (NABARD), Jain said despite impressive growth in formal agriculture granted, there are still several challenges which need to be tackled.

from Banking/Finance-Industry-Economic Times https://ift.tt/370Dqz1

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HC relief for SBI, other DHFL lenders

Financial Institutions, including SBI, Union Bank of India, Bank of Baroda, HDFC and others, filed intervention plea before Justice Menon on Wednesday, seeking modification of the order. They claimed that they did not fall within the category of creditors, being owners of assets securitised to the DHFL.

from Banking/Finance-Industry-Economic Times https://ift.tt/2XdsF7P

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Another auditor arrested in PMC Bank scam

This is the eighth arrest in the case. Anita Kirdat (35), a 'concorrent auditor' of the bank, was arrested on Tuesday. Her responsibility was to ensure a "systematic and timely examination" of the bank's financial transactions. Kirdat audited the bank's transactions monthly, but allegedly could not or did not point out irregularities in its processes.

from Banking/Finance-Industry-Economic Times https://ift.tt/2NH5nnV

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Retail inflation spikes to 4.62% in October from 3.99% in September

Retail inflation based on consumer price index (CPI) rose to 4.62 per cent in October as against 3.99 per cent in September, government data showed on Wednesday. The figure exceeds the Reserve Bank of India's (RBI's) medium-term target of 4 per cent for the first time in 15 months, mainly because of rising vegetable prices.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2pe6VMG

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HDFC Bank plans to reach 200 branches across Northeast India

Assam is the gateway to the NorthEast and our endeavour is to make a difference in their lives through our banking services as well as in the society through our social initiatives. We have already impacted more than 15.5 lakh people in the state so far and we are humbled by the trust and support they repose in us. We remain committed to keep serving our customers.

from Banking/Finance-Industry-Economic Times https://ift.tt/36XgXTn

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Millennials are most credit-conscious; take most loans to make these purchases

Indian millennials have a marked preference for unsecured loans and credit cards, personal loans and consumer durable loans contributed to 72% of all loans availed by this consumer segment.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/33J1KDw

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Raise the deposit insurance limits for individuals to ₹5 lakh: Sahakar Bharati

Sahakar Bharati also recommends to increase the limits for institutions to ₹25 lakh

from Business Line - Money & Banking https://ift.tt/2NGMVf2

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Banks Board Bureau recommends names for heading 3 state-owned banks

The Bureau recommends the following candidates, in order of merit, for the position of the MD & CEO in Bank of Baroda, Canara Bank and Bank of India, BBB said in a statement. The decision on the appointment will be taken by the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi. PM Modi, in 2016, approved the constitution of BBB

from Banking/Finance-Industry-Economic Times https://ift.tt/2O6bDVg

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Millennials are most credit-conscious; take most loans to make these purchases

Indian millennials have a marked preference for unsecured loans and credit cards, personal loans and consumer durable loans contributed to 72% of all loans availed by this consumer segment.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/33J1KDw

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Millennials are most credit-conscious; take most loans to make these purchases

Indian millennials have a marked preference for unsecured loans and credit cards, personal loans and consumer durable loans contributed to 72% of all loans availed by this consumer segment.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/33J1KDw

Read more »

Millennials are most credit-conscious; take most loans to make these purchases

Indian millennials have a marked preference for unsecured loans and credit cards, personal loans and consumer durable loans contributed to 72% of all loans availed by this consumer segment.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/33J1KDw

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Helpline fraud: Why an online search may be the best way to lose money

It happens when consumers seeking a solution to a problem do a Google search and call up any helpline number that it throws up; most do not bother to look up the organisation’s website or the papers they may hold to locate the official phone numbers. Mumbai resident Ruchira Damia lost Rs 40,000 when she tried to contact an HP Gas agency.

from Banking/Finance-Industry-Economic Times https://ift.tt/3749S3I

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Banks Board Bureau recommends three names for top posts at Bank of Baroda, Canara Bank and Bank of India

The Banks Board Bureau (BBB) has recommended names of Sanjiv Chadha, LV Prabhakar and Atanu Kumar Das for the posts of Managing Director and Chief Ex

from Business Line - Money & Banking https://ift.tt/2Qeuyjt

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Are millennials spawning next wave of NPA piles?

While millennials, who have been driving credit demand by a large margin in the past 2 years, in what can potentially raise concerns for lenders, most of them have been taking the riskier unsecured loans, warns a report. The number of millennials — those born after 1980 — opting for a new loan grew 58% as against a 14% growth in the non-millennial segment.

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

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New Zealand central bank holds rates

RBNZ leaves door ajar for further easing but shows no urgency

from Business Line - Money & Banking https://ift.tt/2KhweF0

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'India slotted for sub-5% quarterly GDP growth'

If a 5% GDP growth rate was not bad enough, there are warning signs that in July-September quarter it may have fallen further. On Tuesday, SBI warned that Q2 GDP growth rate may fall to 4.2% from 5% in Q1, while the securities arm of Kotak Bank estimates it to be at 4.7%. Japanese firm Nomura too feels that the GDP growth rate during the previous quarter would be at 4.2%.

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Three months after govt’s guarantee scheme, NBFCs still awaiting funds

Lack of clarity on whether to treat the transactions between the banks and NBFCs as ‘securitisation’ deals or as ‘pass-through certificates’ (PTC) is also impeding any movement, given that these have accounting implications. While ‘securitisation’ allows the entire profit to be booked upfront, in a PTC the profits must be booked over the tenor of the loan.

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Shriram Housing Finance raises Rs 680 crore from banks, NHB

Shriram Housing Finance (SHFL), a subsidiary of Shriram City Union Finance, has raised about Rs. 680 crore from various public and private sector banks and the National Housing Bank.

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Bank of Baroda classifies two ADAG-owned NBFCs as NPAs in Q2

Bank of Baroda (BoB) is understood to have classified its exposures to two NBFCs from the ADAG group as non-performing assets (NPAs) during the quarter ended September, persons familiar with the developments told FE.

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Paytm ‘fraud’: This big money manager lost Rs 5,000 from mobile wallet, here’s how he got it back

Vikaas Sachdeva got a rude shock this morning, when he discovered that Rs 5,000 got wiped off from his Paytm wallet.

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Pay-to-performance may make it tough for banks to lure top talent

The mandate, intended to motivate the top management and make it more responsible, may instead end up reducing the lure of banking sector among domestic and global professionals, some experts warned even while others welcomed the new pay guidelines based on “pay for performance principle”.

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No witch-hunt of bankers who take genuine decisions: Anurag Singh Thakur

There will be no witch-hunt of bankers who take genuine commercial decisions in the normal course of business, according to Anurag Singh Thakur, Minis

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Banks sanction ₹20,000 cr to NBFCs

Banks have so far supported non-banking finance companies, sanctioning ₹20,000 crore under the partial guarantee scheme for purchase of asset pools.

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Paytm ‘fraud’: This big money manager lost Rs 5,000 from mobile wallet, here’s how he got it back

Vikaas Sachdeva got a rude shock this morning, when he discovered that Rs 5,000 got wiped off from his Paytm wallet.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/353BtAf

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TMB’s net profit soars 140% in H1

Tamilnad Mercantile Bank has registered a 140.8 per cent growth in net profit during the first half of the current fiscal, when compared to the corr

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SBI Research pegs FY20 growth at a low 5%

House economists at the nation's largest bank SBI on Tuesday sharply slashed GDP forecast for the full year to a low 5%, and warned of financial instability if the central continues with its easy money policy in its bid to spur growth. The 2nd quarter GDP growth will print in at a lower 4.2%, they said.

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Are millennials spawning next wave of NPA piles for banks?

The number of millennials, opting for a new loan grew 58 per cent as against a 14 per cent growth in the non-millennial segment, a study by credit bureau TransUnion- Cibil said on Tuesday. Lenders are increasingly depending on the retail segment for their loan growth as its quality is better than the corporate segment which is shying away from investing.

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FSS appoints Rakesh Sinha as Chief Revenue Officer for SAARC region

Sinha had been mentoring fintech start-ups after he after heading Sales and Business Development for India and South Asia for financial technology company in the BFSI sector Intellect Design Arena. At FSS, he will be leading Sales, Customer Management, Service Delivery and Regional Marketing for the SAARC region, said the release.

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Ensure conducive environment for foreign investors to reap benefits from US-China trade war: RBI study

The on-going trade war between the US and China is increasing the scope for diversification of global Foreign Direct Investment (FDI) and manufacturin

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Two PMC Bank auditors held for flouting norms

The city Economic Offences Wing (EOW), probing the Punjab and Maharashtra Cooperative Bank’s Rs 6,500- crore loan fraud, arrested two auditors of the bank on Monday for negligence and flouting norms in the audit process.

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PMC Bank scam: Economic Offenses Wing arrests two auditors

Economic Offenses Wing (EOW) of Mumbai Police has arrested two statutory auditors of PMC Bank on Monday evening. The duo will be presented at the holi

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EOW arrests two auditors in connection with PMC Bank scam

The Economic Offences Wing (EOW) on Monday arrested two auditors in connection with PMC Bank scam and will produce them in Court today seeking their police remand.

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NBFCs to get Rs 20,000 crore under credit guarantee scheme

The government is in the process of sanctioning Rs. 20,000 crore under the partial credit guarantee scheme for non-banking financial companies (NBFCs), finance secretary Rajiv Kumar said on Monday.

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Warburg Pincus-led Avanse Financial eyes ₹10,000-crore AUM by FY23-24

We want to emerge as domain specialist in the education finance space, says CEO

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Just 5 banks claim 80% of UPI’s big billion October fest

State Bank of India, HDFC Bank, Axis Bank and ICICI Bank together account for more than 45% of the total transactions reported on UPI last month, according to numbers sourced by ET from bankers in the know of the matter.

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Bank of Baroda integrates 30,000 employees of Vijaya, Dena Banks in 7 months

To begin with, BoB brought the entire set-up under a four-tier structure that it originally had, created more zones and regions, and adopted a unified reporting structure. “This exercise we did in April helped smoothen the other business processes and systems that had to be aligned,” said Roy.

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Ensure adequate credit to small businesess: Anurag Thakur

"Banks should also focus on genuine customers who need financial support to grow their businesses and the MSME sector, which is the backbone of our economy, needs a lot of support from the banking industry," Anurag Thakur said at the 101st foundation day celebrations of the state-run Union Bank of India here this evening.

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View: All NBFCs shouldn't be painted with the same brush

Many unbanked borrowers avail credit from NBFCs and later use their track record to become bankable borrowers.

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PayNearby launches own micro ATMs at retail shops; aims 1 lakh deployments in 1st year

The company has tied up with National Payments Corporation of India (NPCI) and Equitas Small Finance Bank for this initiative.

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Jana Small Finance Bank raises Rs 225 cr from TPG Asia, others

With this equity infusion, the capital adequacy ratio for the small finance bank has reached 19.97 per cent as on October 31, 2019, as against the regulatory requirement of 15 per cent, the release said.

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PayNearby launches own micro ATMs at retail shops; aims 1 lakh deployments in 1st year

The company has tied up with National Payments Corporation of India (NPCI) and Equitas Small Finance Bank for this initiative.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/32zFrim

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Jana Small Finance Bank raises Rs 225 cr from TPG Asia, others

With this equity infusion, the capital adequacy ratio for the small finance bank has reached 19.97 per cent as on October 31, 2019, as against the regulatory requirement of 15 per cent, the release said.

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Q2 results: Sundaram Finance posts profit of ₹269 crore

Sundaram Finance’s networth stood at ₹5313 crore as on September 30, 2019

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Sabka Vishwas Scheme gaining traction; over Rs 5,000 cr dues declared so far

Finance Minister Nirmala Sitharaman had unveiled the Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 with the objective of settling pending disputes of Service Tax and Central Excise in the budget. A mid-term review reveals that a total amount of Rs 5,472 crore inclusive of pre-deposit amount of Rs 4,225 crore has already been declared under the scheme.

from Banking/Finance-Industry-Economic Times https://ift.tt/2Q7lmgI

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NBFC crisis sparks gold rush for some lenders in India

As the shake-out in India’s credit market shows few signs of abating, one group of financiers is benefiting from the turmoil: shadow banks that provi

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Small Banks will need to raise up to Rs 3,900 cr till FY2022: ICRA

Small Finance Banks (SFBs) will need external capital of Rs 2,600-Rs 3,900 crore till FY2022 to meet growth aspirations as well as comply with regulat

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Goldman India co-head to retire after 21 years

Goldman Sachs Group Inc’s co-head for India business, Vijay Karnani, is retiring from the bank after 21 years with the company, according to a memo se

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IBBI wants only market to decide resolution professionals’ fees

The regulator has no intent to regulate such fees, says IBBI Chairman MS Sahoo

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Jana Small Finance Bank raises Rs 225 crore capital

Jana Small Finance Bank, a scheduled commercial bank, has raised Rs 225 crore in equity from existing investors such as TPG Asia and HarbourVest Partn

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RBI’s IT subsidiary asks banks to take extra measures to prevent ATM thefts

With the use of malware in ATM thefts seeing a considerable increase over the years, banks need to implement additional controls, including segregatio

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10 shortlisted for RBI deputy governor's post

Ten candidates are understood to have been interviewed last week for the post of deputy governor — vacated by Viral Acharya— in charge of the monetary policy department in the Reserve Bank of India.

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Lenders yet to classify DHFL as NPA

Most public sector banks have held back from making bad loan provisions of advances to troubled housing finance company DHFL despite the account being ‘red-flagged’ under RBI’s framework for dealing with fraudulent disbursements.

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Aviva Life faces IBC trial over ‘not paying landlord’

The insurer also claimed in court filings that IBC laws do not allow for insolvency of financial services providers.

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Hero Corp could buy 10-15% stake in Max Financial Services Ltd

Hero Corp may pick up a stake of 10-15% or more, said one of the persons. Under the proposed deal that’s likely to be announced shortly, it may declare itself a co-promoter along with Analjit Singh and make an open offer. Sunil Kant Munjal is expected to join the board of Max Financial, which has a market capitalisation of Rs 12,963 crore.

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Seeing strong lending biz growth, MobiKwik targets Rs 1500 cr disbursement this fiscal

The company, which competes with the likes of Paytm in the fintech space, has already disbursed over one lakh "digital loans" in September this year.

from Banking/Finance-Industry-Economic Times https://ift.tt/32Bmbki

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McKinsey faces criminal inquiry over bankruptcy case conduct

Prosecutors and other Justice Department officials in New York and Washington are trying to determine if McKinsey used its influence over insolvent companies in violation of the rules of Chapter 11 bankruptcy by quietly steering valuable assets to itself or favoring its own clients over other creditors.

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