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Saturday, November 23, 2019

Assess core strengths before scaling up operations: Nirmala Sitharaman to banks

"Institutions like banks should understand their core strengths and offer benefits to people like providing value- added features like phone banking facilities or rolling out of chat bots to serve customers and should not take up unnecessary scaling up of operations", Finance Minister Nirmala Sitharaman said.

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Credit rating agencies may face methodology scrutiny: Nirmala Sitharaman

Companies rated 'Highest' collapsed immediately

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'City Union Bank banked on its core strengths and avoided scale trap'

 City Union Bank is a classic example of how banks should use their core strengths to grow in a steady manner without getting stuck in ‘scale and size

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Religare Finvest siphoned money to foreign companies, ED tells court

ED said that “the money trail which is found during interrogation is required to be confronted and further investigated”. The agency also told the Court that it has recovered voluminous “email dump” of accused and “key management persons” which is being looked into. The agency claimed that emails has data connected with proceeds of crime.

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Former BPSL CMD Singhal sent to 7 days custody

A court here on Saturday granted seven days' custody of former Bhushan Power and Steel Ltd CMD Sanjay Singal to the Enforcement Directorate (ED) for interrogation in its probe in a multi-crore money laundering case linked to an alleged bank loan fraud.

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IndiaFirst Life Insurance partners with Spice Money for ‘Insurance Khata’ product

IndiaFirst Life Insurance has entered into a strategic and technical partnership with Spice Money, a tech-led financial services provider, for distrib

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Tata Motors, Yes Bank to move out of sensex

Tata Motors, Yes Bank and Vedanta will be dropped from the BSE's benchmark sensex from December 23. In their places, UltraTech Cement, Titan Co Ltd and Nestle India will be added in the index, Asia Index, a joint venture between S&P Dow Jones Indices and the BSE, said in a statement on Friday.

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RBI mulls new rules on corporate governance

The Reserve Bank India is looking to introduce new rules on corporate governance for banks in sync with global ones, and would also like lenders to disclose more, deputy governor N S Vishwanathan said on Friday.

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‘Capital not a constraint for Deutsche Bank India’



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PMC Bank probe finds another ghost account operator

​​These ‘ghost accounts’ are suspected to have been operated by entities with the knowledge of arrested bank officials, sources said. These accounts allegedly belonged to the Abchal Group, loans to which have turned bad, saddling the bank with a Rs 300 crore liability. Not much information seems to be publicly available on the Abchal Group or its promoters.

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RBI mulling new rules on corporate governance; wants banks to disclose more

Speaking at an event organised by Business Standard, a business daily, Vishwanathan listed out a slew of initiatives the RBI has undertaken, with the compensation structures for key management personnel and whole-time directors being the latest additions, and hinted that it is looking at more.

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RBI mulling new rules on corporate governance; wants banks to disclose more

Speaking at an event organised by Business Standard, a business daily, Vishwanathan listed out a slew of initiatives the RBI has undertaken, with the compensation structures for key management personnel and whole-time directors being the latest additions, and hinted that it is looking at more.

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Friday, November 22, 2019

RBI mulling new rules on corporate governance; wants banks to disclose more

"When things are delayed, it only continues to fester in the system, " N S Vishwanathan said.

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Catholic Syrian Bank customers could not get money because of its name; here’s what went wrong

Private sector lender CSB Bank recently revealed that its customers faced a lot of issues with their financial transactions due to the bank's erstwhile name Catholic Syrian Bank.

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CSB Bank IPO fully subscribed on first day of bidding

Kerala-based CSB Bank’s initial public offering was fully subscribed on the first day of bidding on Friday, with robust response coming in from retail

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‘Indian banking sector is at an inflection point post new rules’

‘Banks are now in a better position to get their money back from insolvent companies’

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Catholic Syrian Bank customers could not get money because of its name; here’s what went wrong

Private sector lender CSB Bank recently revealed that its customers faced a lot of issues with their financial transactions due to the bank's erstwhile name Catholic Syrian Bank.

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DHFL could add to banks’ pile of woes

KPMG report on DHFL’s lending practices due soon

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Catholic Syrian Bank customers could not get money because of its name; here’s what went wrong

Private sector lender CSB Bank recently revealed that its customers faced a lot of issues with their financial transactions due to the bank's erstwhile name Catholic Syrian Bank.

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Muthoot Finance buys IDBI AMC for ₹215 cr

Muthoot Finance, one of the largest gold loan non-banking finance company, has signed a definitive agreement to acquire IDBI Asset Management and IDBI

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RBI appoints 3-member advisory panel for DHFL

IDFC First Bank's Non-Executive Chairman Rajiv Lall, ICICI Prudential Life Insurance's Managing Director and Chief Executive N S Kannan, and mutual funds' association AMFI's Chief Executive N S Venkatesh would be part of the three-member panel which will advise the administrator of DHFL, an official statement said.

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RBI appoints three-member advisory panel for DHFL

The RBI on Friday constituted a three-member panel to advise the administrator of DHFL, ahead of formally moving for resolution of the troubled mortgage lender under the insolvency law. IDFC First Bank's non-executive chairman Rajiv Lall, ICICI Prudential Life Insurance's MD and chief executive N S Kannan, and AMFI's chief executive N S Venkatesh are on the panel.

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CSB Bank IPO open now: Key things to know

Kerala-based lender CSB Bank, previously known as Catholic Syrian Bank, opened for subscription on Friday. CSB Bank raised Rs 184 crore from anchor investors and aims to raise up to Rs 410 crore. The lender has fixed a price of Rs 193-195 per share for the initial public offer (IPO).

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Lenders brace for possible $5 billion DHFL writeoff

India’s surprise seizure of a troubled Indian shadow bank won’t end the woes of its lenders, faced with the risk of heavy writeoffs if Dewan Housing Finance Corp. is declared a fraudulent account.

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DHFL: RBI appoints 3-member advisory panel to support administrator

The Reserve Bank of India on Friday appointed a three-member Advisory Committee to Advise the Administrator of the financially troubled Dewan Housing

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Lenders brace for possible $5 billion DHFL writeoff

India’s surprise seizure of a troubled Indian shadow bank won’t end the woes of its lenders, faced with the risk of heavy writeoffs if Dewan Housing Finance Corp. is declared a fraudulent account.

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Bank of Baroda denies S Africa corruption charges

Bank of Baroda has denied allegations by a British lawmaker that the bank had facilitated corruption in South Africa under the regime of former president Jacob Zuma.

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PSBs disbursed over Rs 2.5L cr loans in October

Public sector banks disbursed Rs 1.1 lakh crore as new term loan, while Rs 46,800 crore was disbursed towards new working capital loans. They conducted customer outreach programmes in collaboration with other banks and NBFCs in 226 districts in Phase I and 148 districts in Phase II.

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Saving money for an emergency through liquid funds

Have you ever thought of getting reasonable returns without compromising too much on how quickly we could get our hands on the cash? Financial planners recom...

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Wealth managers, merchant bankers may come under IBC

Wealth managers, insurance brokers, merchant bankers and share transfer agents may soon be under the ambit of Insolvency and Bankruptcy Code (IBC). So, far only non-bank finance firms with assets of over Rs 500 crore have been brought within the scope of IBC.

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Blackstone Inc’s India sub-prime lender dumps small-builder portfolio

Blackstone Group Inc’s Indian sub-prime mortgage lender plans to exit its small builder financing business at a time when pain from the nations credi

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Sliding interest rates: Falling CASA ratios may hit private banks’ profitability

The fall in current account (CA) balances in particular may be the fallout of the increasing spread of digital payments acceptance infrastructure and the trend is only likely to pick up pace.

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LCR frameworks will improve NBFCs’s liability profile: Ind-Ra

The requirement of additional liquidity to meet the norms varies across NBFCs, as the companies, especially those with weaker financial profiles, had gradually beefed up their on-balance sheet liquid assets over the past year, the report said

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Loan Outreach: PSBs disburse Rs 2.5L Cr in Oct

As a part of its outreach programme, the public sector banks have disbursed Rs 2.53 lakh crore in loans in October. Loans to corporates accounted for Rs 1.23 lakh crore while NBFCs received disbursements of Rs 19627 crore. Finance Minister Nirmala Sitharaman had announced that PSBs would extend credit to farmers, MSMEs and prospective customers

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Thursday, November 21, 2019

PSU banks disburse Rs 2.52L cr loans in October

Public sector banks disbursed a record Rs 2.52 lakh crore of loans during the festive month of October, the finance ministry said on Thursday. An amount of Rs 1.05 lakh crore was fresh lending, the department of financial services said in a statement.

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PSU banks give record loans in festive month of October; boost credit flow to revive slowing economy

The PSU banks stepped up credit flow for economic revival as record disbursal of Rs 2.52 lakh crore was seen in the festive month of October, the finance ministry said on Thursday.

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DBS Bank aims at 100 touchpoints in 25 cities in India in 1 year

DBS Group has been present in Hyderabad since 2016, when it had established atechnology hub DBS Asia Hub 2, the group's largest technology and operations hub outsideof Singapore.

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Bank unions to stage dharna before Parliament on December 10

In August, the government announced its plan to merge 10 public sector lenders into four to create fewer and stronger global-sized banks. "Government has been pursuing the policy of merger of public sector banks despite the adverse implications.

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PSU banks disburse Rs 2.52 lakh crore loans in October

The government in September had asked state-run banks to step up lending and hold outreach programmes or loans melas in 400 districts to lend to desirable shadow banks and retail borrowers. An amount of Rs 1.05 lakh crore was fresh lending, the Department Financial Services said in a statement.

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‘Physical branches are an important delivery channel for Kotak Bank’

K Ram KumarThere was consumption boost during the recent festival season(Dussehra to Diwali) as manufacturers, dealers and financiers came together to

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Bank unions to stage dharna before Parliament on Dec 10

In August, the government announced its plan to merge 10 public sector lenders into four to create fewer and stronger global-sized ban.

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Will DHFL depositors get their money back?

Public deposits contribute 7% of the overall borrowing mix of Rs 83,900 crore. Debenture holders have 37% exposure followed by 31% bank term. DHFL being the first financial services provider to be taken to bankruptcy code, it is to be seen how the resolution of a non-bank entity is undertaken under the IBC with large number of fixed deposit holders.

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CSB Bank IPO: Should you subscribe?

Amid the ongoing challenges in the banking sector, the initial public offering (IPO) of CSB Bank (formerly known as Catholic Syrian Bank) lends little

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Bank unions to protest before Parliament on Dec 10

Various bank unions plan to stage dharna on December 10 in front of the Parliament to protest against the government decision to merger 10 public sec

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DBS Bank plans to have 100 touch-points in the next 12 months

DBS Bank India Ltd is expanding its footprint. From about 70 touch-points now, DBS expects to have 100 touch-points in the next six to 12 months acro

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View: Haircuts for Indian finance — bald or bold? Signs from the DHFL case

For lenders to pretend that they were going to restructure Dewan’s $12 bn in liabilities out of court was just a Bollywood fantasy. The problem is that India’s 2016 insolvency law, modeled on the UK system, is set up for nonfinancial firms. Using the same law to put a financier like Dewan out of its misery has some advantages but many shortcomings.

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We follow rules and regulations, both in word and spirit: CEO of City Union Bank

Kumbakonam (Tamil Nadu)-headquartered old private sector lender City Union Bank (CUB) will be celebrating its 115 years of operations this Saturday. I

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Ahead of bankruptcy, RBI takes charge of troubled DHFL

Other experts pointed out that the quality of assets remaining with DHFL may not be of good quality and consequently, buyers may not be too interested.

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Growth in fee income helps boost banks’ profits in Q2

Public sector lender State Bank of India (SBI) saw a relatively smaller growth in fee income, which stood at Rs 5,040 crore in Q2FY20, up 0.5% from Q2FY19.

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Ahead of bankruptcy, RBI takes charge of troubled DHFL

Other experts pointed out that the quality of assets remaining with DHFL may not be of good quality and consequently, buyers may not be too interested.

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Growth in fee income helps boost banks’ profits in Q2

Public sector lender State Bank of India (SBI) saw a relatively smaller growth in fee income, which stood at Rs 5,040 crore in Q2FY20, up 0.5% from Q2FY19.

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Ahead of bankruptcy, RBI takes charge of troubled DHFL

Other experts pointed out that the quality of assets remaining with DHFL may not be of good quality and consequently, buyers may not be too interested.

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Growth in fee income helps boost banks’ profits in Q2

Public sector lender State Bank of India (SBI) saw a relatively smaller growth in fee income, which stood at Rs 5,040 crore in Q2FY20, up 0.5% from Q2FY19.

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Paytm's Vijay Shekhar Sharma cautions customers of scam messages and emails

Paytm founder Vijay Shekhar Sharma took to Twitter to plead with customers to maintain caution. “Pls (please) don’t trust any SMS sent on blocking your Paytm account or suggestion to do a KYC. These are fraudsters…” Sharma tweeted. These tweets come after hundreds of Paytm customers over past three months have registered complaints with the company’s cyber cell.

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Ahead of bankruptcy, RBI takes charge of troubled DHFL

Other experts pointed out that the quality of assets remaining with DHFL may not be of good quality and consequently, buyers may not be too interested.

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Growth in fee income helps boost banks’ profits in Q2

Public sector lender State Bank of India (SBI) saw a relatively smaller growth in fee income, which stood at Rs 5,040 crore in Q2FY20, up 0.5% from Q2FY19.

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Supreme Court upholds NCLAT order against encashing IL&FS’ guarantees

Maharashtra Metro Rail Corp had approached the top court seeking to encash bank guarantees after IL&FS Engineering & Construction Co failed to fulfil its contracts. However, the apex court has upheald the NCLAT order dated October 15, 2018 disallowing any such move. SBI alone has given bank guarantees worth around Rs 700 crore on behalf of IL&FS companies.

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Wednesday, November 20, 2019

RBI superseded DHFL Board; to initiate NCLT proceedings soon

R Subramaniakumar has been appointed as the company's Administrator

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RBI to begin bankruptcy proceedings against shadow lender DHFL

The Reserve Bank of India (RBI) on Wednesday said it will initiate bankruptcy proceedings against shadow lender Dewan Housing Finance Ltd (DHFL). The central bank has superseded the board of DHFL and appointed an administrator owing to governance concerns and defaults in meeting various payment obligations, it said.

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Distressed PMC depositors hold protest at RBI

Distressed depositors of scam-hit PMC Bank on Wednesday held a day-long protest outside the RBI office in New Delhi, demanding their “hard earned” mo

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Pramit Jhaveri, who brought scale to Citi India, quits

The 56-year-old Jhaveri had joined the Wall Street major as a management associate in 1987, and had a steady rise to become vice-chairman of banking, capital markets and advisory for Asia Pacific earlier this year, after heading the India operations for almost a decade between 2010 and 2019.

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Singhi Advisors appoints partners to lead Delhi,North India and Singapore office

Singhi Advisors, a Mumbai-based mid-market focused investment banking firm, has appointed Jyotirmoy Bose and Anand Kumar as partners to lead its Delhi

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PSU banks beat private sector lenders; show substantial improvement on this metric

PSU bank saw a dip in bad loans in the second quarter of FY20, even as private-sector peers posted a rise with the RBI getting strict on under-reporting of NPAs, a report said.

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RBI slaps ₹1.75 crore penalty on Indian Bank

The Reserve Bank of India has imposed a monetary penalty aggregating to ₹1.75 crore on Indian Bank for non-compliance with the directions issued by it

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PSU banks beat private sector lenders; show substantial improvement on this metric

PSU bank saw a dip in bad loans in the second quarter of FY20, even as private-sector peers posted a rise with the RBI getting strict on under-reporting of NPAs, a report said.

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NCLAT rejects DBS Bank's plea challenging distribution of funds from Ruchi Soya resolution plan

DBS Bank has extended financial debt amounting to USD 50 million (around Rs 243 crore) to Ruchi Soya and had secured as a sole first charge on fixed assets of the debt-ridden firm at Baran, Guna, Daloda, Gadarwara, Mumbai and Kandla. During the insolvency proceedings, RP had admitted claims of Rs 242.96 crore of DBS Bank.

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China cuts new benchmark rate to boost economy

China on Wednesday cut interest rates in a bid to shore up the world’s number two economy as cooling domestic demand, and a bruising trade spat with

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Stop obstructing bankers on duty: Kerala bank officers to political parties

The Kerala State Committee of All-India Bank Officers’ Confederation (AIBOC) has demanded an immediate end to frequent obstructions to the discharge o

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Aye Finance raises Rs 125 cr from Dutch bank FMO

Fintech startup Aye Finance on Wednesday said it has raised Rs 125 crore from Dutch entrepreneurial development bank FMO through issuance of non-conv

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IL&FS reports lesser assets but higher liabilities in FY19

For the financial year 2019, IL&FS had lesser total assets but higher liabilities when compared to 2018.In a filing to the exchanges, as a part of

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YES Bank's adjusted net profit down by Rs 636 crore following RBI's RAR

YES Bank’s adjusted net profit for FY2019 has come down by Rs 636 crore to Rs 1,084 crore following the disclosure of divergence in asset classificati

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How integration of payment apps with social media boosts neo-banking

A new report has found that the early adopters of digital payments hail from China and India. The integration of financial services with social media

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Bankruptcy law comes of age

India’s insolvency resolution framework has truly arrived after a tortuous journey of three years. Banks will finally be able to keep out unscrupulous promoters with the law establishing the primacy of financial lenders on asset proceeds.

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DHFL is about to score a bankruptcy first

The referral, which will happen after the RBI informs the government and a notification is issued, will help ease DHFL’s troubles that began in September 2018 with the credit crunch caused by the collapse of IL&FS. RBI has already informed the department of financial services about referring DHFL and two other NBFCs to the NCLT.

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CSB Bank has enough capital for three-four years, says CEO CVR Rajendran

Going by the roadshows, there has been a tremendous response as not many issues are available in the market and the mid-cap universe remains limited. Most of them, the bigger funds, feel that it is a small issue for them to participate in because it is a Rs 400-crore issue, with Rs 180 crore for anchor investors, leaving only Rs 220 crore.

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Gap between outstanding lending rates and fresh loans rises in August

The gap between outstanding and fresh lending rates was up 10 bps m-o-m in August 2019 to 75 bps. The gap has been broadly in the range of 50-70 bps since July 2018.

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Rana Kapoor now holds just 900 shares in Yes Bank; lender admits under-reporting Rs 2,300 cr NPAs in FY19

The bank earlier disclosed that it has proposals of USD 3 billion from a slew of investors, which includes a USD 1.2 billion binding offer made by a US-based family office.

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CSB Bank has enough capital for three-four years, says CEO CVR Rajendran

Going by the roadshows, there has been a tremendous response as not many issues are available in the market and the mid-cap universe remains limited. Most of them, the bigger funds, feel that it is a small issue for them to participate in because it is a Rs 400-crore issue, with Rs 180 crore for anchor investors, leaving only Rs 220 crore.

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Gap between outstanding lending rates and fresh loans rises in August

The gap between outstanding and fresh lending rates was up 10 bps m-o-m in August 2019 to 75 bps. The gap has been broadly in the range of 50-70 bps since July 2018.

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Rana Kapoor now holds just 900 shares in Yes Bank; lender admits under-reporting Rs 2,300 cr NPAs in FY19

The bank earlier disclosed that it has proposals of USD 3 billion from a slew of investors, which includes a USD 1.2 billion binding offer made by a US-based family office.

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Tuesday, November 19, 2019

RBI union wants govt to raise bank deposit insurance cover to ₹10 lakh

Urban co-operative banks must be brought exclusively under RBI’s jurisdiction: AIRBEA

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RBI slaps ₹2.5-cr penalty on BoB

The RBI has imposed a penalty aggregating ₹2.50 crore on Bank of Baroda for non-compliance with the directions issued by it in various accounts of Sri

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ICICI Bank’s way of adding colour to loan mela

Are you a Shah Rukh Khan fan? Been wanting to meet him? Well, you may be among the lucky 100 who will get to meet the brand ambassador of ICICI Bank,

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YES Bank buys 20.61% stake in Tulip Star Hotels

YES Bank has acquired 20.61 per cent of the post-issue paid-up share capital of Tulip Star Hotels Ltd (TSHL), pursuant to invocation of pledge of sha

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RBI affidavit details how it was 'fooled' by scam-hit PMC Bank

The affidavit, filed by Rajlaxmi Sethi, Assistant General Manager, Department of Co-operative Bank Supervision, RBI, states that PMC Bank had submitted fraudulently manipulated data to the central bank for sample checks, but "the sample of accounts picked for inspection did not contain undisclosed HDIL accounts."

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PSBs reported frauds of over Rs 95,700 crore in April-September

"According to RBI, frauds as per year of reporting, as reported by PSBs, during the period from April 1, 2019 to Sep 30, 2019 is 5,743 involving a total amount of Rs 95,760.49 cr," FM said in Rajya Sabha. She further said that comprehensive measures have been taken to curb the incidence of frauds in banks, including freezing bank accounts of 3.38 lakh inoperative cos.

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PSBs reported frauds of over Rs 95,700cr in Apr-Sep

​​​"According to Reserve Bank of India (RBI), frauds as per year of reporting, as reported by Public Sector Banks (PSBs), during the period from April 1, 2019 to September 30, 2019 is 5,743 involving a total amount of Rs 95,760.49 crore," finance minister Nirmala Sitharaman said in the Rajya Sabha.

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Exide Life launches new product aligned to IRDAI’s revised norms

KR SrivatsExide Life Insurance has come up with a life insurance-cum-savings plan, ‘Sampoorna Jeevan’, a participating life product that is expected

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RBI slaps Rs 2.50 cr fine on BoB for violating directions on Bihar NGO

"The Reserve Bank of India in exercise of powers conferred under the Banking Regulation Act, 1949, has imposed a penalty aggregating to Rs 2.50 crore on the bank for non-compliance with the directions issued by the RBI in various accounts of Srijan Mahila Vikas Sahyog Samiti Ltd at Bhagalpur Branch," Bank of Baroda said in a regulatory filing.

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CSB Bank to launch gold-based overdraft product for middle class customers

To disabuse the middle class of the notion of stigma attached to taking gold loans and get them to make productive use of their gold jewellery, Kerala

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PMC case: 'Depositors can approach RBI admin for emergency withdrawals'

In an affidavit filed in the HC in response to petitions challenging the fund withdrawal restrictions, the RBI has mentioned the withdrawal ceiling at Rs 50,000 for scenarios like marriage, education, livelihood and "other hardships". On Sept 23, the RBI had imposed regulatory restrictions on the PMC Bank for six months over alleged financial irregularities.

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Yes Bank acquires 20.6% in Tulip Star Hotels

Yes Bank has acquired 20.61% stake in Tulip Star Hotels by invoking a pledge on the company’s shares. The stake was pledged by Ezeego One Travel – a part of the Cox & Kings group which collapsed earlier this year.

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Government plans to tweak highway auction norms

The government is likely to approve three proposals this week to improve NHAI’s fund flow for taking up highway stretches. While the proposal to tweak conditions for auctioning of completed highway stretches to make them attractive for investors and allowing NHAI to securitise the future flow of toll revenue of already operational stretches with banks and financial institutions to get upfront lump sum amount would be considered by the cabinet.

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Reliance Capital Pension’s registration under NPS cancelled: PFRDA

Earlier this year, Reliance Capital had surrendered its NPS licence

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Bihar has untapped export potential of USD 900 million: Exim Bank study

The report also said that the merchandise exports from the eastern state in 2017-18 were valued at USD 1.35 billion which was a "remarkable improvement" over the USD 0.4 billion of exports recorded during 2012-13.

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NBFCs with over ₹500 cr assets size now under IBC

On the heels of putting in place a generic framework for insolvency proceedings of Systemically Important Financial Service Providers (FSP), the Centr

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Ant Financial may join race for Singapore virtual bank licences

Billionaire Jack Ma’s Ant Financial Services Group said it may apply for a virtual banking licence in Singapore, a move that would add a heavyweight

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Daily Rupee call: Buy with stop-loss at 71.3

BL Research BureauThe rupee opened higher yesterday at 71.65 versus its previous close of 71.79 against the dollar. After an initial uptick, the India

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Our per day recovery rate has improved dramatically in Q1: Syndicate Bank CEO

Mrutyunjay Mahapatra, MD and CEO, Syndicate Bank speaks to BusinessLine

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A health check of NBFCs points to prolonged trouble

Two of the four gauges compiled by Bloomberg show weakness remains

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Banks brace for DHFL, telecom woes

With some respite after the curtains were drawn on the Essar Steel case, banks are still not breathing easy. Troubled Airtel and Vodafone-Idea posted record losses after the AGR ruling, which might keep profits of banks under check. RBI data show that banks have a Rs 1.15 lakh crore exposure to telecommunications as of Sept 2019, up 25% from a year ago.

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ET Awards: A Bandhan that ties micro credit, branch banking and home finance

Bandhan Bank is the winner of the ET Emerging Company of the Year Award in 2019. The founder Chandra Shekhar Ghosh bagged the ET Entrepreneur of the Year Award in 2014.

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Personal guarantees may aid bad loan resolution

In a notification on November 15, the ministry of corporate affairs (MCA) included personal guarantees on corporate loans under the bankruptcy code effective from December 1. The promoters who have given personal guarantees include Jet Airways founder Naresh Goyal & The Ruia family which just last week lost its Rs 42,000 crore battle to keep Essar Steel.

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SBI appoints collection agents for DHFL loan pools

Late last month, FE had reported that ICICI Bank had itself taken charge of collections from loan pools acquired from DHFL. Under normal circumstances, pooled loans would sit on the books of banks, while DHFL continued to function as the collection agent for these loans.

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PNB, Union Bank get in-principal nod from govt for proposed merger

These were State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of Travancore and State Bank of Hyderabad and also Bharatiya Mahila Bank effective April 2017.

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RBI has cut rates by 110 bps since April, but average lending rates goes up 8 bps: Report

The weighted average lending rate in the system is up 0.08 percent since April, economists at Bank of America Merrill Lynch said in a report.

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Monday, November 18, 2019

ICICI Lombard, Fino tie up to offer sachet insurance products

ICICI Lombard General Insurance Company and Fino Payments Bank will launch a dengue and malaria policy that covers treatment up to ₹10,000 at a premiu

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PNB, Union Bank get in-principal nod from govt for proposed merger

These were State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of Travancore and State Bank of Hyderabad and also Bharatiya Mahila Bank effective April 2017.

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RBI has cut rates by 110 bps since April, but average lending rates goes up 8 bps: Report

The weighted average lending rate in the system is up 0.08 percent since April, economists at Bank of America Merrill Lynch said in a report.

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Bank of India net loss widens to ₹6,993 crore

Our BureauBank of India’s net loss widened by ₹1,446 crore to ₹6,993 crore for FY2019 following disclosure of divergence in asset classification and p

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SC verdict in Essar Steel case will boost private investments: IBBI chief Sahoo

The Supreme Court’s judgment in the Essar Steel case last week is being seen as a watershed moment in the journey of the Indian insolvency framework

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Pitch ready for performance-linked incentives in public sector banks

This is a major shift from managements’ insistence on variable pay, or performance-linked pay, which was earlier proposed as part of wage increase. Variable pay is well-accepted across industries including private banks, but not in public sector banks.

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RBI has cut rates by 110 bps since April, but average lending rates goes up 8 bps: Report

Economic growth has fallen to a six-year-low of 5 percent in the June quarter and is widely expected to slip further with almost all key components of the economy contracting or falling since the first three months. The RBI has responded by cutting rates by 110 basis to a nine-year-low of 5.40 percent since April courtesy low inflation.

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NBFCs with Rs 500 cr assets can go for insolvency resolution

"Non-banking finance companies (which include housing finance companies) with asset size of Rs 500 crore or more, as per last audited balance sheet," can be taken up for insolvency resolution and liquidation proceedings under the Code, the ministry said in a notification.

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Aditya Birla Idea Payments Bank headed for liquidation

Earlier, Aditya Birla Idea Payments Bank had announced winding up its biz due to unanticipated developments.

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Centrum MicroCredit buys Altura Financial Services

Centrum MicroCredit (CML), the microfinance arm of financial services major Centrum Group, has acquired the business operations of New Delhi-based Alt

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Srei Infra to focus on co-lending, leasing to scale up revenue

Awaits clarity on converting into a bank

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HDFC Ultra Short Term Fund

How often do we come across our friends/ relatives who have planned a vacation or other similar short term financial goal over the next 5-6 months but end up...

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HDFC Banking and PSU Debt Fund

HDFC Banking & PSU Debt Fund “the Scheme” , with an AUM of Rs. 3,888 Cr as of 31st October 2019 focuses on generating income/capital appreciation by investi...

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How Dancing Uncle helped Rahul find Peace!

Rahul, 22, was at lunch with his friends. The conversation was intense- with long hours at work, how does one balance work and life? So how does one do somet...

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Centrum MicroCredit acquires operations of Altura Financial

Centrum MicroCredit Ltd (CML), financial services major Centrum Group’s microfinance arm, has acquired the business operations of New Delhi-based Altu

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Growing participation of retail investors in equity markets may be a sign of flight from bank deposits: SBI report

As the Indian economy transcends to a lower interest rate regime, there could be a flight of bank deposits to the equity markets as evident from the i

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Early declaration of results indicate improving asset quality, says SBI

Our Bureau Early declaration of quarterly results by some of the large Indian banks could be an indicator of the improvement in asset quality cycle

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Inditrade Capital sees sharp growth in digital lending

Expects agri, micro-finance to double

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Bank deposits to get doubly safer: This clause in FRDI bill is music to the ears of depositors

The latest move comes at a time when fraud-hit Punjab and Maharashtra Co-operative Bank is facing a grave crisis and customers have been demanding their entire money back, apart from lifting the daily withdrawal curbs.

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IBC may have to be tweaked: SBI, government plan priority status for real estate AIF

India’s largest lender SBI and its arm SBI Capital Markets, which is playing a key role in setting up the fund, have started reaching out to other banks and financial institutions to participate in the AIF — a regulatory parlance for privately pooled vehicles such as venture capital, private equity, and real estate funds. A bank can invest up to 10% of the corpus of an AIF.

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PMC Bank scam: EOW conducts search at Rajneet Singh’s flat

"After producing Singh in the court, a team of around four officials took him to his flat in Karmashetra Building in Sion Koliwada area and conducted a search there. They were there for over an hour. Singh's family members were asked to wait outside the building during the search," an EOW official said.

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Bank of India, Indian Overseas Bank NPA divergences widen losses for FY19

Chennai-headquartered Indian Overseas Bank has reported a net non-performing asset (NPA) divergence of Rs 358 crore for 2018-19, due to which the divergence in provisioning came in at Rs 2,208 crore, according to a regulatory filing by the bank.

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PMC Bank scam: EOW conducts search at Rajneet Singh’s flat

"After producing Singh in the court, a team of around four officials took him to his flat in Karmashetra Building in Sion Koliwada area and conducted a search there. They were there for over an hour. Singh's family members were asked to wait outside the building during the search," an EOW official said.

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Bank of India, Indian Overseas Bank NPA divergences widen losses for FY19

Chennai-headquartered Indian Overseas Bank has reported a net non-performing asset (NPA) divergence of Rs 358 crore for 2018-19, due to which the divergence in provisioning came in at Rs 2,208 crore, according to a regulatory filing by the bank.

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Sunday, November 17, 2019

RBI should be given full power to regulate co-op banks: Satish Marathe

In a letter to Finance Minister Nirmala Sitharaman, RBI Central Board Director Marathe also suggested that a broad-based committee should be set up to prepare a road map for the cooperative banking sector.

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Arohan Financial shelves IPO plan

To focus on ₹1,800 crore fresh funding

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RBI should be given full power to regulate cooperative banks: Satish Marathe

PMC, which is among the top-10 urban cooperative banks, was placed under an RBI-appointed administrator on September 23 for six months due to massive under-reporting of dud loans.

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