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The World Bank said Saturday its lending to China has fallen sharply and will continue to be pared back, after US President Donald Trump demanded it stop altogether.
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The bank mobilised total deposit of Rs 9,72.44 crore and extended loans and advances of Rs 8,864.47 crore at the closing of the year, according to a statement issued by the bank ahead of its Annual General Meeting.
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The current situation index fell to 85.7 in November from 89.4 in September, according to the Reserve Bank of India’s consumer confidence survey, where 100 is the dividing line between pessimism and optimism. The future expectations gauge -- that takes into account the one-year ahead perceptions -- fell to 114.5 from 118.0.
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The public sector lender had granted a loan of Rs 75 crore to RNA Corp in October 2013 and the builder defaulted on repayment of this loan in December 2014, since then the account has been classified as a non-performing asset. The bank has claimed total dues worth Rs 80.73 crore including the principal loan, interest, penal interest and legal expenses.
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Bank customers will be able to transfer funds through NEFT around the clock on all days including weekends and holidays from December 16, the Reserve Bank of India announced on Friday.
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DHFL Pramerica Life, launched in 2008, is a joint venture between DHFL Investments, a wholly-owned arm of DHFL, and Prudential International Insurance Holdings of the US, has Rs 4,675 crore assets under management. DHFL General Insurance, on the other hand, is a fully-owned subsidiary of Wadhawan Global Capital, the holding company of the HDFL Group.
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The IPPB, which is a corporate agent, can seek permission from Irdai for sponsoring postmen and grameen dak sevaks of Department of Posts (DoP) to act as Point of Salesperson (PoS), Irdai said. ln case the authority grants permission, IPPB shall be responsible for all acts of omission and commission of the persons appointed as PoS, it added.
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Non-banking finance companies, co-operative banks and payments banks can now convert into small finance banks (SFBs), which will help improve their reach and access to funds. The downside is that half of their loans will be for borrowers seeking to raise Rs 25 lakh or less as against regular commercial banks which don’t have this restriction.
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Central bank’s watching the top 50 NBFCs much more closely and is making deep dive into their books, their balance sheets and other numbers wherever necessary, says Governor Shaktikanta Das. He said that RBI has a fairly good idea of where the vulnerabilities lie. It is holding periodic discussions with the management and promoters of NBFCs.
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The bank is currently undergoing a forensic audit the report for which will be finalised by the end of this month. But simultaneously, other assets and mortgages are also being identified by investigation agencies and the banking regulator to get back the bank’s dues.
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The indirect tax department has asked banks to reverse input tax credit claimed on insurance paid to Deposit Insurance and Credit Guarantee Corporation, which will escalate costs for the lenders.
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A team from RBI is visiting HDFC Bank to identify the reasons behind the outage in online banking which inconvenienced thousands of the banks' customers for two days. “We are cognizant of the problem. It happened on December 2, and it was due to technical glitches. The net banking was restored on Tuesday,” said MK Jain deputy governor RBI on Thursday.
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In the show-cause notice, Chandra directed the CPIO why penal action under Section 20(1) of the RTI Act should not be initiated against him. This is not the first time that the RBI had to face the ire of CIC as former Information Commissioner Sridhar Acharyulu had summoned then RBI Governor Urjit Patel for not following Supreme Court orders on RTI implementation.
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The PMC Bank has been put under restrictions by the RBI, after an alleged Rs 4,355 crore scam came to light following which the deposit withdrawal was initially capped at Rs 1,000, causing panic and distress among depositors. At least eight depositors, who had high quantum of money stuck with the bank, died in the last couple of months, including one who committed suicide.
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"There is a forensic audit underway. We will get the report by the end of this month. Assessment of the realisable value of the assets of the bank is also on," Das told reporters after the announcement of the monetary policy.
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Das said the top-50 NBFCs are being regularly monitored by the RBI as it has a fairly good idea on which of the NBFCs are "vulnerable" and made it clear that "RBI will not allow any large NBFC to collapse."
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The academy was founded by the company as a response to train big data technologists to address banks’ digital transformation challenges. The platform will serve as a means to upskill and cross-skill fresh graduates, interns and existing employees, and then deploy them on live projects.
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He further said transmission, which was bothering the central bank for a long time, is expected to improve with the introduction of linking loan pricing to external benchmark system, which banks have adopted now.
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Reviving a practice not used in three decades, India's government in September ordered state-run banks to hold more than 400 loan "melas" or fairs across the country over the following month - a measure aimed at boosting economic growth at six-year lows and lending growth at its weakest in three years.
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Reserve Bank governor Shaktikanta Das on Thursday expressed satisfaction with bankers for passing its rate cuts to borrowers, saying the monetary transmission has been full and reasonably swift.
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Disappointing markets and borrowers, Reserve Bank of India’s (RBI's) monetary policy committee on Thursday decided to hold its repo rate – the rate at which it lends to banks at 5.15% even as it slashed its growth forecast by 90 basis points to 5% from 6% earlier.
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The complainants used two ATMs in this locality and were duped include customers of HDFC Bank and United Bank of India.
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Bathwal said the penetration is still low in individual health insurance in the country. Around 50 crore people have been covered by health insurance of which 36 cr are by Ayushman Bharat scheme of the govt while around 9 cr are covered by corporate health insurance. `` The number of people who have taken individual insurances is only about 4 cr.’’
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“Private debt can be a good opportunity as we see some interesting situations in the country,” said Mark Machin, president and chief executive officer CPPIB. Many private equity global funds including KKR, Apollo Global Management, Blackstone and Baring have specialized debt platforms.
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Modi’s cabinet is likely to discuss allowing state banks to provide so-called credit enhancement against securities rated BBB+ to non bank financiers, the people said, asking not to be identified before a public announcement.
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Finance and corporate affairs minister Nirmala Sitharaman, had announced in September the launch of customer outreach initiative by public sector banks (PSBs) to improve credit delivery and support needs of the economy, with particular focus on MSMEs, NBFCs, corporates, retail and agriculture sector borrowers, without compromising on prudential lending norms.
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When bureaucrat Shaktikanta Das was appointed RBI Governor on Dec 11 to succeed Urjit Patel, critics said he could be remote-controlled by the govt. A year later, some disputes are resolved but differences remain. The noise on independence is also down to a murmur. However, bond investors believe that his heart lies in the government.
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Officials at the EOW of the Mumbai Police said these individuals withdrew the money between September 7 and September 19. On September 21, the bank’s managing director, Joy Thomas, wrote to the RBI about alleged violations of regulations and irregularities in its dealings and two days later, the central bank put restrictions on the bank.
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AePS facilitates cashless transactions through biometric authentication. According to NPCI, which runs the platform, biometric-based transactions grew by 10% to 208 million transactions in October 2019 from 189 million in April. October usually sees high transactions because of the festive season and higher remittance from urban to rural areas.
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According to the police, Rakesh and Sarang Wadhawan of real estate firm HDIL, who are among the accused in the case, had allegedly tampered with the bank’s core banking solution to operate 44 password-protected accounts. Overdrafts disbursed by the bank to these accounts eventually made it to the accounts held by HDIL or its promoters, the police had alleged.
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With a customer base of 50 million, HDFC Bank is the largest private sector bank in the country and one of the largest retail banks in the world.
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Kochhar had moved the Bombay High Court challenging ICICI Bank's decision to terminate her despite the bank having approved her request for early retirement.
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Banks have advanced loans of Rs 1,000 crore to real estate firms by banks, NBFCs and housing finance companies (HFCs) which are under severe financial stress and and facing issues of debt servicing, according to a report. HFCs accounted for the largest share of total realty loans equalling 38%, followed by banks at nearly 34% share while NBFCs
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The move came in after the Reserve Bank last Friday made an application for bankruptcy proceedings to resolve the credit and liquidity crisis at the company, which became the first financial sector player being sent for bankruptcy. dmitting the petition, an NCLT bench said the petition deserves admission."
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The Yes Bank board, on November 29, released names of likely investors amid frantic preparations to offload $2 billion worth of equities in a desperate bid to shore up capital. Among the list of fund houses and corporates, the name that stood out was that of Erwin Singh Braich of SPGP Holdings.
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The minister said steps are being taken to seize properties of promoters of the PMC Bank, auction such properties and repay depositors with the money obtained. Sitharaman said the Rs 50,000 withdrawal ceiling for depositors continues but for scenarios like marriage, education, livelihood and other "hardships", the withdrawal limit if Rs 1 lakh.
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Nearly 78 per cent depositors of the scam-hit Punjab and Maharashtra Co-operative (PMC) Bank have been allowed to withdraw their entire deposits even though the ceiling of Rs 50,000 on withdrawal continues, Union finance minister Nirmala Sitharaman said in Lok Sabha on Monday.
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The Reserve Bank of India is widely expected to cut interest rates in the forthcoming monetary policy review on December 5. However, the bad news is that a majority of economists polled by TOI expect the RBI to cut its repo rate by 25 basis points to 4.9% which would be immediately transmitted to retail borrowers as banks now link loans to an external benchmark.
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The bank is maintaining a standard asset provisioning of 1 percentage point for bad loans in such sectors, as against the regulatory provision of 0.40 per cent, its executive director Rajiv Anand told .
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