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With Nordic countries swiftly advancing to cashless modes, Asian countries like China, Singapore and now India are on the way to make digital payments popular. In India, the demonetisation of 86% of the currency notes in circulation in 2016 accelerated the shift to digital payment modes. Yet, cash continues to account for over 90% of transactions.
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Sitharaman, in a meeting with top executives of public and private sector lenders attended for the first time by the CBI director, Rishi Kumar Shukla, assured the bankers that a distinction would be made between genuine commercial failures and culpability. She further added that there had been concerns and worries among bankers about investigative agencies.
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All companies with a turnover of Rs 50 crore or more will be mandated by DoR to provide the facility of payment through RuPay Debit card and UPI QR code to their customers. MDR is the cost paid by a merchant to a bank for accepting payment from their customers via digital means. The merchant discount rate is expressed in percentage of the transaction amount.
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Sitharaman said the Centre was doing everything to instill a sense of protection among bankers.
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The country's largest public sector lender, the State Bank of India (SBI), via a tweet on December 26, said that it will introduce a one-time password (OTP)-based cash withdrawal system for its ATMs.
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The EOW charged the former management of PMC Bank with failing to report an account of Rakesh Wadhawan with an outstanding amount of Rs 1,671.88 crore as the top borrower from the HDIL Group and filing false statements with the Reserve Bank of India to avoid regulatory scrutiny.
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The slowdown could cause the gross non-performing ratio of local lenders to increase to 9.9% in September 2020 from 9.3% in September 2019, the Reserve Bank of India’s (RBI) Financial Stability Report showed.
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"India's financial system remains stable notwithstanding weakening domestic growth," the central bank said in the Financial Stability Report. India's GDP slowed to a six-year low of 4.5 per cent in the second quarter of FY20, forcing the RBI to slash its growth forecast by 240 basis points to 5 per cent for the fiscal in its December monetary policy review.
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"The RBI-appointed administrator to PMC Bank intends to monetise a yacht and two aircraft through a transparent process. For the purpose, the administrator plans to appoint a valuer/consultant and invites proposals from interested parties," the administrator said in a public notice.
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In a bid to bring unbanked areas under the institutional credit network, the Bengal state government will provide space inside panchayat offices so that banks can set up branches in remote areas.
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Motilal Oswal will be infusing fresh capital into VVDN and will pick up a significant minority stake. With its main offshore delivery centre based in San Jose, California, VVDN is a product design and original design manufacturing services provider. In addition, it has eight centres across India.
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Three months after probe into the Rs 6,500-crore Punjab and Maharashtra Cooperative (PMC) Bank loan fraud case began, TOI has learnt that the whistleblower was an “insider”. Mumbai police have used the term “whistleblower” for the first time in their chargesheet. Mumbai police’s economic offences wing will file the 32,000-page chargesheet on Friday.
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The whistleblower, who was a senior bank official, was angry about RBI being systematically kept in the dark.
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A new set of rules have given the green light to GST authorities to attach property and bank accounts of those who fail to file tax returns despite repeated reminders.
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Similarly, Bajaj Finance has lowered deposit rates by 15-40 basis points and the maximum it pays is 8.35%. PNB Housing Finance and Shriram Transport Finance are likely to reduce rates by 20-25 basis points, beginning early January.
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Airtel Payments Bank customers will now be able to use the National Electronic Funds Transfer (NEFT) facility at any time of the day. The facility will be available to customers on a 24x7 basis even on holidays enabling then to receive or send funds to any bank from anywhere, anytime, the Bank said.
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Benchmark sensex plunged 297 points on Thursday, led by losses in index heavyweights Reliance Industries and HDFC Bank amid expiry of December derivatives contracts.
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Many termed the immediate aftermath of IL&FS as India's Lehman moment. No doubt India's NBFCs had in 2019 their worst year in a decade amid a severe and protracted struggle for funds. But when there were just two failures which the industry took in its stride without needing any bailout, what does it indicate? Was it really a Lehman-like moment?
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As banks and insurance companies promote machine learning- (ML-) and artificial intelligence- (AI-) driven products and services, one cannot overlook the growing demand for sales and marketing as financial institutions plan aggressive expansion in the tier-3 and -4 market, said Robin Bhowmik, chief business officer, Manipal Global Academy of BFSI.
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Scandal-hit lender Punjab National Bank alleged it has been cheated -- its third complaint since 2018 when it suffered through a Rs 14249.00 crore blow.
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More than 78 global banking and financial services companies, including Goldman Sachs, Deutsche Bank, JP Morgan and Standard Chartered, have set up captive units here that employ a combined 250,000 people, according to industry consultancy Zinnov.
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Resumption of normal business operations, albeit on a smaller scale, is aimed at strengthening DHFL’s credentials as a ‘going concern’ and eventually helping secure better valuations at the closure of the ongoing resolution process. Central bank- appointed administrators at DHFL have decided to lend about Rs 500 crore every month beginning the next few weeks.
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The CBI FIR, registered on December 20, alleged that Jagdish Khattar, former managing director of Maruti Suzuki, along with “unknown public servants”, cheated banks as he had failed to repay his debt. Khattar, however, denied the allegations.
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The Reserve Bank of India (RBI) report on 'trend and progress of banking in India', shows that the gross NPAs declined to 9.1% in March 2019 from 11.2% in March 2018 as recognition of bad loans neared completion. The report showed that all bank groups recorded an improvement in asset quality, with PSBs experiencing a drop both in the GNPA and net NPA ratios.
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The banking regulator called for a granular lending strategy to offset risk concentration in its annual publication on trends and progress of banking in India.
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Banking services hit, including movement of cash & branch ops; UPI & AEPS payments, eKYC also affected. Violent protests against the Citizenship Amendment Act (CAA) have led to statewide imposition of prohibitory orders under Section 144, heavy deployment of forces and shutdown of internet in several areas of UP.
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Soon after the merger of its five associates, the SBI had a short stint in the global 50 list with a balance-sheet of around USD 450 billion, but soon slipped following the massive pile of bad loans in the system, which shrank its balance-sheet.
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The RBI observed in its Banking Report for FY19 that in the event of demand for credit slowing down from the corporate sector, the retail segment saw a surge in lending. The RBI noted that the bad loan overhang remains in the banking segment even as the resolutions under the IBC framework have seen an improvement.
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As bad loan recognition process nears completion, gross non-performing loans of banks improved to 9.1 per cent as of end-September 2019, compared to 11.2 per cent in FY18, according to a Reserve Bank of India (RBI) report.
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Benchmark sensex settled over 181 points lower on Tuesday, hit by fag-end selling in index heavyweights Reliance Industries and HDFC Bank. After trading on a volatile note through the day, the 30-share BSE sensex ended 181.40 points, or 0.44 per cent, lower at 41,461.26.
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The Central Bureau of Investigation (CBI) on Tuesday booked former Maruti Udyog managing director (MD) Jagdish Khattar in connection with Rs 110 crore alleged bank loan fraud by his new company, news agency PTI reported quoting officials.
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Choose your fixed income portfolio as per your goals and investment horizons 1 Overnight Fund : Investment in overnight securities having a maturity of 1 da...
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The Reserve Bank of India (RBI) bought Rs 10,000 crore ($1.4 billion) of the benchmark 10-year debt while selling Rs 6,825 crore of 2020 bonds as it sought to cheapen longer-term borrowing.
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As some economies in Asia slow, companies are left vulnerable to any tightening in liquidity. A rise in defaults would likely further weigh on investor sentiment, and raise the cost of borrowing for the riskiest firms.
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The emergence of a globally attuned software services industry as well as vibrant capital markets — which India opened up to the world faster than China — helped spawn entrepreneurship and create a middle class. All that progress is now at risk because of a very different failure.
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In the 2019 September quarter, as many as eight of the nine companies where liquidation process was closed yielded no value to stakeholders. A large case like Orchid Health Care, with claims of Rs 3,500 crore, was liquidated with no value. Only Kakatiya Engineering Equipment with claim of Rs 50 crore yielded Rs 5.33 crore to stakeholders.
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The RBI further said it will not prescribe any limit for raising short-term liabilities from banks. "However, the IBUs must maintain LCR (Liquidity Coverage Ratio) as applicable to Indian banks on a stand-alone basis and strictly follow the liquidity risk management guidelines issued by RBI to banks," it said.
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US electric vehicle maker Tesla Inc and a group of China banks have agreed a new 10 billion yuan ($1.4 billion), five-year loan facility for the automaker's Shanghai car plant, three sources familiar with the matter said, part of which will be used to roll over an existing loan.
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An internal Credit Suisse probe confirmed on Monday that a second executive had been spied on, following earlier revelations that the bank's former head of wealth management was tailed by private investigators.
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The finance ministry has declined to share Swiss bank accounts details of Indians saying it is covered under "confidentiality provisions" of a tax treaty signed between India and Switzerland. In reply to an RTI query, the ministry also refused to disclose the details of black money received from other foreign countries.
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The central bank is currently drafting a PCR Act with the Ministry of Corporate Affairs.
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CBLO is a lending and borrowing instrument issued in an electronic book entry form, for a maturity period ranging from one day to one year. Borrowers and lenders carry out transactions on the Clearing Corporation of India platform. There is no GST on interest charged by banks but there is no clarity whether returns on CBLO are an interest or profit.
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Bankers say early 155 million cards went out of the market because of the EMV migration from magnetic-strip to chip-based cards, weeded out dormant accounts and inactive cards. The RBI has mandated that all banks have to make this switch as EMV-chip based cards are deemed more secure.
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Bankers say early 155 million cards went out of the market because of the EMV migration from magnetic-strip to chip-based cards, weeded out dormant accounts and inactive cards. The RBI has mandated that all banks have to make this switch as EMV-chip based cards are deemed more secure. So most of 2018, banks were engaging in a massive exercise to reissue all debit cards.
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With money coming from resolution on Essar Steel and expected flow from resolution of Bhushan Power and Steel and Alok Industries, sources said the bank is likely to be posting profit during the third quarter and the subsequent quarter. The bank has already come below net NPA threshold of 6% one of the three parameters for triggering PCA framework.
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Banks charge Rs 1000 as e-BRC fee for every shipment exported from the country. SBI decision to withdraw e-BRC charges came after the intervention of Commerce and Industry Minister Piyush Goyal. A source from Commerce and Industry Ministry told ANI that," SBI has informed that e-BRC charge has been reduced to nil for all Export Credit Customer. SBI has further agreed to reverse the charges if wrongly levied by its field formation."
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