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Saturday, November 30, 2019

Kerala to get its own bank soon

Minister for Cooperation Kadakampally Surendran said the setting up of the bank opens up a huge potential for the development of the state.

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Who is Erwin Singh Braich? The man who has offered to put $1.2 billion in YES Bank

After YES Bank on Friday announced that eight global and domestic investors have shown interest in infusing $2 billion, interest has surged around finding more about them.

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Kerala to get its own bank soon

Minister for Cooperation Kadakampally Surendran said the setting up of the bank opens up a huge potential for the development of the state.

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Who is Erwin Singh Braich? The man who has offered to put $1.2 billion in YES Bank

After YES Bank on Friday announced that eight global and domestic investors have shown interest in infusing $2 billion, interest has surged around finding more about them.

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Yes Bank says eight investors ready with $2 billion funding

Ending weeks of suspense, Yes Bank on Friday said that eight investors led by Erwin Singh Braich have evinced interest to pump USD 2 billion into the capital-starved private sector lender.

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MobiKwik, Aditya Birla Health Insurance to offer affordable Cancer Protect Cover

Coverage for all major stages and value added services; fully digital purchase process and no medical required

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Chanda Kochhar moves High Court against ICICI Bank over termination

Says bank had already accepted her request for an early retirement.

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Yes Bank to raise $2 billion from 8 investors

Topping the list at $1.2 billion is SPGP Holdings backed by Canadian family office of Erwin Singh Braich — Canada’s first Sikh billionaire. It is not clear whether Yes Bank has received any in-principle nod from the RBI for SPGP Holdings. SPGP was in the news in India for failing to make a Rs 2-crore earnest money deposit after it put in a bid for bankrupt apparel company Reid and Taylor.

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Termination from ICICI: Chanda Kochhar moves HC

Chanda Kochhar, the former CEO of ICICI Bank, has approached the Bombay high court challenging the validity of the bank’s termination letter issued early this year. She has sought from the court a declaration upholding the validity of an earlier letter in October 2018 wherein ICICI Bank had accepted her early retirement.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/34zA3xr
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Yes Bank Board to raise $2 billion through preferential allotment of shares

Private sector Yes Bank plans to raise about $2 billion dollar through preferential allotment of shares.“The Board of Directors … has taken note that

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RBI imposes ₹1.50-cr penalty on Corporation Bank

The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹1.50 crore on Corporation Bank for non-compliance with certain provisions of direct

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Dharamshi-Jhunjunwala Consortium: NCLT okays Ricoh revival plan

A dedicated bankruptcy court has accepted the resolution plan for the revival of Ricoh India, the largest player in printing and document solutions.

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RuPay may soon roll out recurring payments sans two-factor authentication

In August, the central bank had issued a notification allowing automatic recurring transactions on cards for all subsequent transactions after the first instance

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Growth in bank lending to services slides to 6.5%

Outstanding bank loans to services firms stood at Rs 23.52 lakh crore on October 25, up from Rs 22.08 lakh crore on October 26, 2018.

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Yes Bank catches investors’ eye: Rakesh Jhunjhunwala’s wife, Erwin Singh, others offer $2 billion

The board of directors of the bank will reconvene on December 10 to finalise and approve details of capital infusion.

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Fitch says liquidity pressures faced by non-banking financial sector to continue

Indian finance and leasing companies are likely to grow at a slower pace in 2020 than in prior years, amid weaker economic growth and liquidity constraints, it said.

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Fitch says liquidity pressures faced by non-banking financial sector to continue

Indian finance and leasing companies are likely to grow at a slower pace in 2020 than in prior years, amid weaker economic growth and liquidity constraints, it said.

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Friday, November 29, 2019

Forex kitty continues to move up, closes in $449 billion mark

Foreign exchange reserves continued the upward move, gaining by a modest $347 million to touch a new high of $448.6 billion in the week to November 22, according to the weekly data released by the Reserve Bank on Friday.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2OxM94p
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Fitch says liquidity pressures faced by non-banking financial sector to continue

Indian finance and leasing companies are likely to grow at a slower pace in 2020 than in prior years, amid weaker economic growth and liquidity constraints, it said.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2q2IBhj
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HR Khan to take charge of microfinance code from December

MFIN wanted a heavyweight for this CRL project, which is a self-regulatory step for a diverse set of lenders engaged in microfinance such as banks, small finance banks, non-banking financial companies (NBFC), NBFC-MFIs and not-for-profit firms.

from Banking/Finance-Industry-Economic Times https://ift.tt/2L7nnGp
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DHFL: RBI initiates corporate insolvency resolution process

The Reserve Bank of India (RBI) on Friday filed an application for initiation of corporate insolvency resolution process against the financially stres

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Banks, customers gear up for FASTags ahead of December 1 deadline

With the December 1 deadline for FASTags looming ahead, banks and payment companies are seeing a rush for issuances by customers and are also offering

from Business Line - Money & Banking https://ift.tt/2OvNyIH
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Not through bonds, only cash, says Former RBI governor Rangarajan on banks recapitalisation

Rangarajan comments assume significance as Finance minister Nirmala Sitharaman, in August, announced upfront capital infusion of Rs 70,000 crore into public sector banks, a move aimed at boosting lending and improving liquidity situation.

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Fitch says liquidity pressures faced by non-banking financial sector to continue

Indian finance and leasing companies are likely to grow at a slower pace in the year 2020 than in prior years, amid weaker economic growth and liquidity constraints, the rating agency said. Fitch added that its 2020 sector outlook is underpinned by challenging operating environments, lower growth prospects, and rising funding pressure.

from Banking/Finance-Industry-Economic Times https://ift.tt/2OT8uIU
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Not through bonds, only cash, says C Rangarajan on banks recapitalisation

Rangarajan comments assume significance as Finance minister Nirmala Sitharaman, in August, announced upfront capital infusion of Rs 70,000 crore into public sector banks, a move aimed at boosting lending and improving liquidity situation.

from Banking/Finance-Industry-Economic Times https://ift.tt/2XWxtyW
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RBI sends DHFL to NCLT for resolution

The Reserve Bank on Friday sent the crippled Dewan Housing Finance Corporation (DHFL) to the bankruptcy tribunal, making it the first NBFC/HFC to be resolved under the insolvency and bankruptcy code.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/33C5E0g
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IOB elevates Bhuwan Chandra as CFO

Public sector Indian Overseas Bank has announced the elevation of Bhuwan Chandra as its Chief Financial Officer with effect from December 1. Chandra

from Business Line - Money & Banking https://ift.tt/2R1bMwc
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Former RBI deputy governor becomes chairman of micro-finance panel

Former deputy governor of the Reserve Bank of India (RBI), H R Khan has been appointed as the first chairman of the steering committee of the Code fo

from Business Line - Money & Banking https://ift.tt/2OuBK9F
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Former RBI deputy governor appointed as chairman of MFI panel

Members of the steering committee include Harsh Shrivastava of MFIN, P Satish of Sa-Dhan, Srinivas Bonam of IndusInd Bank and Sonia Krishnankutty of L&T Finance among others.

from Banking/Finance-Industry-Economic Times https://ift.tt/2R2qtiK
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Yes Bank poised to outline crucial fund-raising plans

An Indian lender that’s creaking under the weight of bad loans and exposure to the nation’s shadow-banking crisis is poised to release details of a c

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Got message to verify your KYC details for payment apps? Be careful

Beware of any seemingly innocuous text messages that seek to verify account details of popular payment apps that ask you to call a number or click a l

from Business Line - Money & Banking https://ift.tt/2Os9cO2
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HDFC Bank sets up committee to find Aditya Puri’s successor

“Mr Puri highlighted that there is substantial depth in the management, at least in three levels,” analysts from investment bank Nomura had written at the time.

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Corporate frauds see massive surge: SBI

Data disclosed in the initial public offering (IPO) document of SBI Cards showed that largeticket corporate frauds worth Rs 26,757 crore were reported to regulators between April and November this year by SBI, compared with Rs 10,725 crore were reported in FY19. The comparison appears even starker when FY18 disclosures, at only Rs 146 crore, are considered.

from Banking/Finance-Industry-Economic Times https://ift.tt/2L3KEZU
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HDFC Bank sets up committee to find Aditya Puri’s successor

“Mr Puri highlighted that there is substantial depth in the management, at least in three levels,” analysts from investment bank Nomura had written at the time.

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Lenders to refer more cases to NCLT

Lenders need to come up with a plan by January 7, failing which they would be required to make 20% provisions or refer the cases to court under IBC within 30 days, under the new RBI rule. “Many cases will be referred to NCLT whereever banks fail to put together a resolution plan,” said a senior bank executive with a public sector bank.

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Thursday, November 28, 2019

Who will replace Aditya Puri at HDFC Bank? These 6 eminent people will decide

HDFC Bank board on Thursday set up a search committee to identify a successor to Aditya Puri, the current managing director of the bank, who demits office on October 20, 2020.

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Who will replace Aditya Puri at HDFC Bank? These 6 eminent people will decide

HDFC Bank board on Thursday set up a search committee to identify a successor to Aditya Puri, the current managing director of the bank, who demits office on October 20, 2020.

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Expect to be back in the black soon, says IDBI Bank CEO

IDBI Bank expects to return to profitability in the third or fourth quarter of FY2020. Besides whittling down its pile of bad loans, the bank, now

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‘Muthoot Fincorp expects AUM to grow 15% in FY20’

Kerala-based gold loan lender Muthoot Fincorp is eyeing markets beyond South India, and expects to clock about 15 per cent growth in assets under man

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HDFC Bank sets up a committee to identify Aditya Puri's successor

Private sector lender HDFC Bank on Thursday set up a search committee to identify possible candidates to take over from its current Managing Director

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IL&FS to come up with an InvIT

L&FS will come out with an Infrastructure Investment Trust (InvIT).The IL&FS Board has approved the formation of a new subsidiary wherein IL&a

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Aditya Birla Finance raises ₹100 cr via listed CP

Aditya Birla Finance has raised Rs 100 crore through issue of commercial paper on BSE and became the first company to list CP on BSE.With value date o

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Edelweiss Housing Fin, BoB inco-lending deal for home loans

Our BureauEdelweiss Housing Finance Ltd (EHFL), a subsidiary of Edelweiss Financial Services Ltd (EFSL), has entered into an agreement with Bank of Ba

from Business Line - Money & Banking https://ift.tt/2QZS5Vq
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HDFC Bank sets-up panel to find successor to managing director Aditya Puri

HDFC Bank on Thursday said it has formed a six-member committee to find a successor to managing director Aditya Puri who is set to retire in October next year. India's largest private sector lender HDFC Bank is on a global search to find a successor to the founding-chief executive Aditya Puri, as he would turn 70 next year.

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HDFC Bank sets up panel to find successor to managing director Aditya Puri

"The board of directors of the bank at its meeting held today has constituted a search committee to identify a successor to Aditya Puri, the current managing director of the bank, whose tenure ends on October 26, 2020. The search committee shall evaluate internal and external candidates to ensure smooth transition," the bank said.

from Banking/Finance-Industry-Economic Times https://ift.tt/33wMDMl
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Parliament passes Chit Funds (amendment) Bill

Parliament on Thursday passed the Chit Funds (amendment) Bill 2019 with the upper house giving its nod for the legislation that seeks to regulate chit

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Muthoot Fincorp expects 15-17 per cent growth in assets under management for FY20

We disbursed close to Rs 27,000 crore last fiscal with over 90 per cent towards gold loan," COO Muthoot Fincorp Limited, Vasudevan Ramaswami said in a press conference. Presently, Muthoot Fincorp has over 3,600 branches in India, with seventy percent in southern markets.

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How to use market volatility to your advantage through SIP

The stock market is just like the weather - it's unpredictable. Volatility is a part and parcel of capital markets and investment journey. Market volatility ...

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Harun R Khan to head panel on Code for Responsible Lending

 Harun R Khan, former Deputy Governor of the Reserve Bank of India (RBI), will be the first Chair of the Steering Committee of the Code for Responsibl

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Muthoot Finance announces new NCD issue

NCDs are proposed to be listed on BSE and the allotment is based on first-come-first-serve basis

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IDBI Bank hopes to come out of PCA based on decline in net NPAs, robust capital adequacy: MD & CEO

IDBI Bank expects to return to the black in the third or fourth quarter of FY2020. Besides whittling down its pile of bad loans, the bank, now a subsi

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Centre wants RBI to buy out stressed assets of shadow banks: Report

The finance ministry wants the Reserve Bank of India (RBI) to set up a fund to buy out stressed assets of the country's top 25 shadow lenders, a government source told reporters on Thursday.

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Capital that we raise will be good for us for the next couple of years: Ujjivan SFB President

The capital raised by Ujjivan Small Finance Bank, estimated at about ₹750 crore in its upcoming initial public offering (IPO), will be used for busine

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DHFL resolution: Will lenders be able to recover their dues?

With significant haircuts on the cards, reaching a consensus among various set of lenders of DHFL will be a herculean task

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IFFCO Tokio General Insurance to double Emerging Bima Kendra count in two years

IFFCO Tokio General Insurance Company Ltd (ITGI) will focus on doubling its Emerging Bima Kendra network to 1,000 outlets from the current 470 over t

from Business Line - Money & Banking https://ift.tt/2Oq5aFS
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Three UP regional rural banks to be amalgamated

The notification said the the government had after consultations with the National Bank for Agriculture and Rural Development (NABARD) and the sponsor banks of the concerned regional rural banks decided that it was necessary in public interest and the interest of the three regional rural banks that they be amalgamated.

from Banking/Finance-Industry-Economic Times https://ift.tt/2L2bUro
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FIS India fined Rs 12 crore by Bank of India for flouting ATM service norms

The problem came to light due to a complaint by a whistleblower, a source aware of the developments told ET. The issue has been taken up through an internal enquiry and four of FIS’ top executives who were managing the ATM and allied services business in India have been asked to step down till the enquiry is complete, the source added.

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Merger of three RRBs to form Baroda UP Bank

The government has notified amalgamation of regional rural public sector banks — Baroda Uttar Pradesh Grameen Bank, Kashi Gomti Samyut Gramin Bank and Purvanchal Bank — into a single regional rural bank, Baroda UP Bank.

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Wednesday, November 27, 2019

‘Real estate stressed fund can address last-mile funding issues’

Housing Development Finance Corporation (HDFC) has been able to tide over rough times even though several other players have been hit by the liquidi

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Modi govt’s Mudra scheme adds concerns for banks; here’s what RBI points out

Gross NPAs under Mudra rose by 68.7 per cent to Rs 16,480.87 crore for the financial year ended March 2019 from Rs 9,769 crore a year ago.

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PMC scam: Court gives nod to sell jets, yacht of Wadhawans

A court has allowed the RBI- appointed administrator for PMC Bank to sell two airplanes and a yacht belonging to HDIL group promoters Rakesh Wadhawan and his son Sarang.

from Banking/Finance-Industry-Economic Times https://ift.tt/2P1RH6z
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Aviva Life settles insolvency case in NCLT

Aviva Life Insurance on Wednesday said the insolvency case filed against the company, in a matter involving commercial dispute of Rs 27 lakh, has been settled.

from Banking/Finance-Industry-Economic Times https://ift.tt/2ORLUA3
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CreditAccess Grameen acquires Madura Micro Finance

Bengaluru-based microlender CreditAccess Grameen Ltd (CAGL) has entered into an agreement to acquire Madura Micro Finance Ltd (MMFL) in a two-step pro

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SBI Cards and Payments Services to raise Rs 500 cr via fresh issues of shares in IPO

SBI Cards and Payment Services Private Ltd's (SBICPS) initial public offer (IPO) will comprise fresh issue of equity shares aggregating ₹500 crore and

from Business Line - Money & Banking https://ift.tt/2KXPzLz
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Ujjivan SFB IPO to open on December 2

Ujjivan Small Finance Bank Ltd (USFB), Ujjivan Financial Services Ltd’s banking arm, will launch its Initial Public Offering (IPO) to raise Rs 750 cro

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Bad loans rising under Mudra scheme, RBI warns

The Reserve Bank of India (RBI) has asked banks to monitor loans under the Mudra scheme over concerns of growing levels of non-performing assets (NPAs) in that category. The warning comes a few months after RBI governor Shaktikanta Das, in a meeting with banks, pulled them up for loose monitoring of these loans in the light of rising defaults.

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Data localisation: Google Pay working with banks, NPCI to make everything safe

For the digital payments application of the search giant, number of monthly active users grew to 67 million in September 2019 as against 22 million in the same month previous year.

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Monitor Mudra loans closely: RBI deputy governor to banks

The deputy governor said that customers in the low-income group should be enabled to not merely avail offered products and services, but demand them according to their needs

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Why India’s big plan to bring rupee trading home is an uphill task

As London does more rupee trading than Mumbai, authorities in India are taking steps to get foreigners to transact onshore. Analysts say that will be

from Business Line - Money & Banking https://ift.tt/34mzNlp
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Data localisation: Google Pay working with banks, NPCI to make everything safe

For the digital payments application of the search giant, number of monthly active users grew to 67 million in September 2019 as against 22 million in the same month previous year.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2KXqCjp
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Monitor Mudra loans closely: RBI deputy governor to banks

The deputy governor said that customers in the low-income group should be enabled to not merely avail offered products and services, but demand them according to their needs

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2OQ5EUX
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Data localisation: Google Pay working with banks, NPCI to make everything safe

For the digital payments application of the search giant, number of monthly active users grew to 67 million in September 2019 as against 22 million in the same month previous year.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2KXqCjp
Read more »

Monitor Mudra loans closely: RBI deputy governor to banks

The deputy governor said that customers in the low-income group should be enabled to not merely avail offered products and services, but demand them according to their needs

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2OQ5EUX
Read more »

Data localisation: Google Pay working with banks, NPCI to make everything safe

For the digital payments application of the search giant, number of monthly active users grew to 67 million in September 2019 as against 22 million in the same month previous year.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2KXqCjp
Read more »

Monitor Mudra loans closely: RBI deputy governor to banks

The deputy governor said that customers in the low-income group should be enabled to not merely avail offered products and services, but demand them according to their needs

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2OQ5EUX
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New group insurance norms set to promote fair practices

The Insurance Regulatory and Development Authority has said that group insurance schemes should show collection of premium, issue of certificate of insurance and reimbursement of expenses. Also, interest rates declared under group savings products should be in such a way that there is no discrimination among identical policyholders on fund size.

from Banking/Finance-Industry-Economic Times https://ift.tt/2Oq8gK9
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Is IBC the best way to treat bankrupt financial institutions? Here are some clues

Financial institutions’ meltdown could be quicker than wax. Unlike manufacturing cos, which affect only a small set of suppliers and customers, troubles in a financial institution could lead to risk aversion and their inter connectedness could lead to even sound companies finding it difficult to access credit and meet their obligations.

from Banking/Finance-Industry-Economic Times https://ift.tt/2OQn4Az
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Data localisation: Google Pay working with banks, NPCI to make everything safe

For the digital payments application of the search giant, number of monthly active users grew to 67 million in September 2019 as against 22 million in the same month previous year.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2KXqCjp
Read more »

Monitor Mudra loans closely: RBI deputy governor to banks

The deputy governor said that customers in the low-income group should be enabled to not merely avail offered products and services, but demand them according to their needs

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2OQ5EUX
Read more »

Data localisation: Google Pay working with banks, NPCI to make everything safe

For the digital payments application of the search giant, number of monthly active users grew to 67 million in September 2019 as against 22 million in the same month previous year.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2KXqCjp
Read more »

Monitor Mudra loans closely: RBI deputy governor to banks

The deputy governor said that customers in the low-income group should be enabled to not merely avail offered products and services, but demand them according to their needs

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2OQ5EUX
Read more »

Tuesday, November 26, 2019

Mudra loans under RBI scrutiny

Deputy Governor MK Jain tells bankers to be more cautious of the rise in NPAs

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OIJIF picks up 10% stake in Capital SFB for ₹84 crore

Our BureauOman India Joint Investment Fund (OIJIF) II has picked up a 9.90 per cent stake in Punjab-based Capital Small Finance Bank for ₹84 crore. OI

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‘Microfinance sector must explore new investment channels’

Forging tie-ups with private donors such as foundations and NGOs will help reduce cost of funds, says SIDBI-PwC India report

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RBI red-flags rising stress in Mudra loans

Reserve Bank deputy governor MK Jain on Tuesday warned bankers about the growing stress in Mudra loans, which has crossed more than Rs 3.21 lakh system- wide, and asked them to monitor such loans closely as unsustainable credit growth in the sector can risk the system.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2OMHDOr
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TPG Growth leads $ 33 million equity investment in Ess Kay Fincorp

Ess Kay Fincorp, a non-banking finance company, has raised $33 million (Rs 235 crore) in equity investment from existing investors TPG Growth, Norwest

from Business Line - Money & Banking https://ift.tt/2XPqKH4
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RBI to cut rates again, but still no respite for economy: Poll

The Reserve Bank of India (RBI) will cut interest rates in December for a sixth time this year, and again before July, according to economists in a Reuters poll who forecast those reductions would either marginally boost the economy or have no impact.

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Withdrawing cash from ATMs may land you in trouble; robbery, burglary on a rise

Even in the half-year of the current fiscal year, 238 cases of robbery, dacoity, burglary, and theft in ATMshave already been reported.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2OixtWN
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SBI, Allahabad Bank worst hit by frauds; nearly 2,500 cases rock PSU banks in Q1

In only three months to June this year, 2,480 cases of bank frauds, involving a total amount of Rs 31,898.64 crore were reported by the PSU banks.

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SBI Card, Vistara tie-up for premium co-branded credit cards

The new credit cards to offer a range of benefits like one-way Premium Economy tickets on joining and achieving spends-based milestone(s), complimentary Club Vistara Silver tier membership, and more

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India asks state-run firms to clear over $1 bn owed to green energy firms: Sources

The companies owe solar and wind power generators including Goldman Sachs-backed ReNew Power and Softbank-backed SB Energy over 97 billion rupees ($1.35 billion), according to the Central Electricity Authority, an arm of the federal power ministry. Commercial banks are unwilling to lend to these firms because of their high outstanding debt.

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Withdrawing cash from ATMs may land you in trouble; robbery, burglary on a rise

Even in the half-year of the current fiscal year, 238 cases of robbery, dacoity, burglary, and theft in ATMshave already been reported.

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SBI, Allahabad Bank worst hit by frauds; nearly 2,500 cases rock PSU banks in Q1

In only three months to June this year, 2,480 cases of bank frauds, involving a total amount of Rs 31,898.64 crore were reported by the PSU banks.

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NPCI, T-Hub launch fintech accelerator

Tech startup incubator, T-Hub, and the National Payments Corporation of India (NPCI) have launched a fintech accelerator programme.T-Hub will help NPC

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RBI red flags rising Mudra bad loans

The Mudra loan scheme was launched by Prime Minister Narendra Modi in 2015 to help the highly under-funded small and medium industries with cheap bank loans. Raising concerns over growing number of NPAs under the Mudra loans, Reserve bnak if India Deputy Governor MK Jain asked asked banks to focus on repayment capacity at the appraisal stage itself.

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Pall of gloom as Andhra Bank gets set for final foundation day

There is nostalgia and cautious optimism among the 20,000 employees of Andhra Bank as they gear up to celebrate the last foundation day of the bank o

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IRDAI panel for giving full insurance cover to vehicles, including tax and accessories

You may soon be able to insure new cars and two-wheelers on the on-road price of the vehicle for three years from the date of purchase. The sum ass

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PMC Bank disclosed only Rs 439.6 crore of total Rs 6,226-crore exposure to HDIL

The crisis-ridden bank had camouflaged its exposure to the HDIL Group, MoS for finance Anurag Singh Thakur told the Lok Sabha.

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SBI moves HCC account to stressed-assets category

Typically, a corporate account is transferred from the credit department of a bank to its stressed-asset department only after it has been recognised as a bad asset.

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Inclusion of NBFCs under IBC credit positive for lenders: Moody’s

The only resolution framework for non-banking financial institutions (NBFIs) was through liquidation.

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Bank of Baroda looking to raise up to Rs 1,650 crore via perpetual bonds

SBI had recently raised Rs 3,813.60 crore via perpetual bonds at a coupon of 8.50%, according to an exchange filing.

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Royale Partners’ resolution plan for EPC Construction gets

The foreign investor has offered to put in around Rs 900 crore to revive the company, which owed more than Rs 7,700 crore to its financial and operational creditors. The company’s lenders had approved the plan earlier this year, with 73% of them based on the outstanding debt voting in favour of Royale Partners.

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Monday, November 25, 2019

IL&FS: NCLT threatens to get Axis Bank, Standard Chartered CEOs arrested

An NCLT bench headed by Bhaskara Pantula Mohan issued the ultimatum while hearing a contempt petition against Amitabh Chaudhry and Zarin Daruwala of Axis Bank and StanChart India, respectively, for not being personally attending the hearings so far.

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NBFC, HFC bankruptcy provisions positive for banks: Moodys

The government recently empowered RBI to refer stressed NBFCs and HFCs with assets worth of at least Rs 500 crore to insolvency courts after notifying Section 227 of the Insolvency and Bankruptcy Code.

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Gross NPAs of SCBs decline by 98K cr by June: Govt

Gross NPAs of SCBs, which stood at Rs 10,36,187 crore on March 31, 2018, declined by Rs 97, 996 crore to Rs 9,38,191 crore as on June 30, 2019, Anurag Thakur said during question hour in Lok Sabha. The gross NPAs stood at Rs 3,23,464 crore as on March 31, 2015 and increased to over Rs 10.36 lakh crore figure by the end of 2017-18 fiscal on March 31.

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‘PMC reported only ₹439-cr exposure to HDIL Group’

Out of Punjab and Maharashtra Co-operative (PMC) Bank’s total exposure of ₹6,226.01 crore as on March 31, 2019, to the HDIL Group, only ₹439.58 crore

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NBFC, HFC bankruptcy provisions positive for banks: Moodys

The government recently empowered RBI to refer stressed NBFCs and HFCs with assets worth of at least Rs 500 crore to insolvency courts after notifying Section 227 of the Insolvency and Bankruptcy Code.

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Yes Bank sells over 16 lakh shares of Reliance Capital

Yes Bank on Monday sold over 16 lakh shares of Reliance Capital for around Rs 3 crore through an open market transaction. According to bulk deal data available with the National Stock Exchange (NSE), the private sector lender sold 16,78,900 shares at an average price of Rs 16.26 apiece. This took the total transaction value to Rs 2.72 crore.

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NBFC, HFC bankruptcy provisions positive for banks: Moodys

The government recently empowered RBI to refer stressed NBFCs and HFCs with assets worth of at least Rs 500 crore to insolvency courts after notifying Section 227 of the Insolvency and Bankruptcy Code.

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Ashok Leyland joins hands with lClCl Bank for vehicle loans

The company has inked an MoU with lClCl Bank to enter into a strategic financing partnership for two years, the Hinduja group flagship said in a regulatory filing. The agreement will enable both the partners to offer customised financial solution to customers across the country with focus on semi-urban and rural geographies, it added.

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IL&FS: NCLT asks Axis, StanChart CEOs to be present on Dec 16, bankers may seek review

The bank sources said they have never been directed by the tribunal to be present for the hearing.

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NBFC, HFC bankruptcy provisions positive for banks: Moodys

The government recently empowered RBI to refer stressed NBFCs and HFCs with assets worth of at least Rs 500 crore to insolvency courts after notifying Section 227 of the Insolvency and Bankruptcy Code.

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CSB Bank IPO subscribed over 4 times on Day 2

The initial public offering of CSB Bank was subscribed 4.35 times on the second day of bidding on Monday. The initial public offering (IPO) of the

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NBFC, HFC bankruptcy provisions positive for banks: Moodys

The government recently empowered RBI to refer stressed NBFCs and HFCs with assets worth of at least Rs 500 crore to insolvency courts after notifying Section 227 of the Insolvency and Bankruptcy Code.

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NBFC, HFC bankruptcy provisions positive for banks: Moodys

The government recently empowered RBI to refer stressed NBFCs and HFCs with assets worth of at least Rs 500 crore to insolvency courts after notifying Section 227 of the Insolvency and Bankruptcy Code.

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Microfinance GLP jumps 48% to Rs 2 lakh cr in Sept quarter

In the second quarter ended September 2019, the total number of microfinance loan accounts were at 9.79 crore as compared to 7.43 crore account in the year-ago period, according to a quarterly report by Microfinance Institutions Network (MFIN). Since March 2017, an estimated 1.83 crore unique borrowers have been added, which is an average of 0.73 crore per year.

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Microfinance industry’s loan portfolio grew 47.85 per cent till September this year

Microfinance industry’s gross loan portfolio grew whopping 47.85 per cent year-on-year as on September 30, 2019 at Rs 2,01,724 crore, a industry repor

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DBS sees further economic slowdown in 2019

India's economic growth is expected to slow further in the second half of the year. "Real GDP is likely to print 4.3% YoY in 3Q vs 2Q's 5%, nearing the trough for this cycle," Singapore's DBS Bank said in its daily economic report. Weakness in the crucial consumption sector is likely to be extended into the quarter along with tepid private sector activity.

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Raise the Rs 1 lakh threshold limit for IBC trigger: SBI Ecowrap

The Centre must significantly increase the minimum threshold of Rs 1 lakh for trigger of the Insolvency and Bankruptcy Code (IBC), a State Bank of Ind

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U GRO Capital signs loan co-origination partnership with SBI

U GRO Capital, a tech-enabled lender to small businesses, has signed a loan co-origination partnership with State Bank of India (SBI) to offer credit

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Inclusion of NBFIs in IBC is credit positive for lenders, says Moody’s

The inclusion of Non-Banking Finance Institutions (NBFIs) in the Insolvency and Bankruptcy Code (IBC) is credit positive for India’s banks and will l

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DCB Bank says has non-funded exposure of Rs 30 crores

Says it is in the form of bank guarantees issued on behalf of Karvy Stock Broking Ltd

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‘Urban co-op banks should create redemption reserve for deposits of over Rs 1 lakh’

Deposit redemption reserve will help restore depositor confidence in UCBs, say experts

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Time ripe for RBI to look at fully digital SFB licences: Naveen Surya

The Fintech Convergence Council chairman said that this could form part of proposed ‘on-tap’ licensing regime for Small Finance Banks

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After forensic audit report, mutual funds plan to go after DHFL promoters

These institutional lenders want Wadhawans, the promoter group, to arrange funds in the light of the findings of the forensic audit conducted by a Big4 firm. The MFs will soon raise the issue in the three-member committee formed by the Reserve Bank of India (RBI) to help the administrator in recovering about Rs 84,000 crore that DHFL owes to the system.

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Sunday, November 24, 2019

Government plans to amend IBC to ring-fence buyers of stressed assets from prosecution

May move an amendment during the current Winter Session of the Parliament

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ECL Finance mops up ₹515 cr via NCD issue

Edelweiss Financial Services Ltd (EFSL) on Sunday said the public issue of secured redeemable non-convertible debentures (NCDs) aggregating up to ₹500

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SBI all ready for UPI payments for Whatsapp

Earlier this year, the RBI informed the Supreme Court (SC) that it had not given its approval to WhatsApp to launch a payments service because of the platform’s failure to comply with the above norms on data localisation.

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SBI all ready for UPI payments for Whatsapp

Earlier this year, the RBI informed the Supreme Court (SC) that it had not given its approval to WhatsApp to launch a payments service because of the platform’s failure to comply with the above norms on data localisation.

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SBI all ready for UPI payments for Whatsapp

Earlier this year, the RBI informed the Supreme Court (SC) that it had not given its approval to WhatsApp to launch a payments service because of the platform’s failure to comply with the above norms on data localisation.

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FM Nirmala Sitharaman asks banks to access core strengths before scaling up operations

Sitharaman said if a financial institution in the present situation has a name ending with 'Bank' doubts are raised on the functioning of it and heaped praise that City Union Bank has been functioning steadily for the last 115 years. 

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