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Saturday, December 28, 2019

Quantum Leap: End of cash is near, cashless currencies are in vogue

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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Prudent decisions will be protected, FM Nirmala Sitharaman tells bankers

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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No MDR charges applicable on payment via RuPay, UPI from Jan 1: Sitharaman

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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Don't let fear hamper lending, Nirmala Sitharaman tells banks

Sitharaman said the Centre was doing everything to instill a sense of protection among bankers.

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Nirmala Sitharaman tells banks not to worry 3Cs; NCLT helps PSU banks recover this much amount

13 public sector banks ran a profitable business in 2019 which is a decline from numbers in 2018 when 19 PSBs were profitable. There was another announcement on Provision Coverage Ratio which stands at an all-time high of 76.7%.

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LIC crosses Rs 50,000 crore valuation surplus for the first time; pays dividend to govt

LIC has completed 63 years since its incorporation and now manages assets worth more than Rs 31.11 lakh crore. It had annual income of Rs 5.61 lakh crore and achieved the highest ever First Year Premium Income of Rs 1,42,191.69 crore in 2018-19.

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Coming soon: Fraud reporting integration of NBFCs and urban co-operative banks

Under the initiative, banks are also required to set up specialised units to make use of market intelligence and data analytics, and also put a transaction monitoring system in place.

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Bad news for banks! RBI says loan losses for lenders could rise in 2020

The RBI projection of an increase in GNPAs comes at a time when industry was expecting reversal of the cycle.

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Banks instructed to clear pending vigilance cases against officials, says Nirmala Sitharaman

The Finance Minister also said that no MDR charges will be applicable on select modes of payment from January 1

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SBI to launch OTP-based ATM cash withdrawal from January 1

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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PMC Bank didn’t properly classify Wadhawan account: Economic Offences Wing

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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Slowdown may worsen bad loans problem

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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RBI Financial Stability report: Credit Growth slows, hits a low of 8.7% in September

Private banks registered double digit credit growth of 16.5%, while that of PSBs was 4.8%.

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Uco Bank to get Rs 2142 crore

Net loss for the second quarter this fiscal reduced to Rs 891.98 crore from Rs 1136.44 crore for the same period last fiscal.

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Indian Overseas bank gets fresh capital of Rs 4630 crore

Karnam Sekar, MD & CEO of IOB, earlier had exuded confidence that the bank was on track of its plan to come out of prompt corrective action (PCA) framework by March 2020.

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Interview: Expect further easing in funding costs in second half of FY20

We are quite pleased with the success of our diversification into microfinance. Asirvad Microfinance is now among the top 5 NBFC-MFIs in India.

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Friday, December 27, 2019

RBI wants to onboard non-banks to CPS

Our BureauThe Reserve Bank will examine the case for increased participation of non-banks in Centralised Payment System (CPS), according to its latest

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NCC Finance liquidated

NCC Finance Limited has completed the process of voluntary liquidation. The liquidator, Sridhar Venkatraya Sundararaja, Resolution Professional, has f

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MoneyTap to start disbursals as NBFC from Jan

Fintech lender MoneyTap is set to start disbursing loans as an NBFC from next month, and is also finalising its fund-raising plans.“Fund-raising in te

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Banks’ GNPA ratio may rise to 9.9% by Sept: RBI

Change in macroeconomic scenario, marginal rise in slippages, and the denominator effect of declining credit growth are the contributing factors

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‘Funds continued to flowinto the real estate sector’

Flow of funds to the real estate sector has continued notwithstanding a general slowdown in credit growth.While the real estate (RE) sector has flagge

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As economy turtles south, credit growth may plunge to 58-year low in FY20

Credit growth was a high 13.3 per cent in the previous fiscal, says rating agency Icra in a report. If the forecast turns out to be true, this will be lowest credit growth in as many as 58 years -- credit growth stood at a low 5.4 per cent in FY 1962.

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West Bengal FM Amit Mitra’s suggestion to boost banking penetration into unbanked areas; what he says

The West Bengal government has extended Rs 430 crore so far this year under the scheme, helping 27.4 lakh cultivators, Mitra said. The vision of the state government is that there will be "no unbanked panchayats" in West Bengal, the minister said.

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Indian overseas bank to get fresh capital from govt for this reason

IOB's gross non-performing assets stood at 20 per cent (Rs 28,673.95 crore) of gross advances during the September quarter, compared with 24.73 per cent (Rs 37,109.96 crore) in year-ago same period.

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Financial system remains stable despite weakening domestic growth, says RBI

"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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This one private bank has made private lender NPAs look worse than PSU banks

GNPA ratio of IDBI Bank is as high as 27.47 per cent, which is the highest among all the private and public sector banks.

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PNB Housing Finance in talks with overseas investor for next round of ECB fund-raise: CFO

PNB Housing Finance Ltd (PNBHFL) is in talks with an overseas investor to raise about $75 million to $100 million via external commercial borrowing (E

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We want to be the risk concierge for large, complex risks: Willis Towers Watson head

KR SrivatsWillis Towers Watson, a global advisory, broking and solutions company, wants to be the preferred “risk concierge” in India for all large an

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PMC Bank crisis: Administrator to seek valuation of HDIL's aircraft, yacht

"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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Sitharaman to meet heads of PSBs to discuss credit situation, economy on Saturday

Finance Minister Nirmala Sitharaman will hold a meeting with the heads of public sector banks on Saturday to discuss various issues, including the rec

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This one private bank has made private lender NPAs look worse than PSU banks

GNPA ratio of IDBI Bank is as high as 27.47 per cent, which is the highest among all the private and public sector banks.

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Bengal co-op banks lent Rs 36,000 crore in last 5 years: WB Fin Min Amit Mitra

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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Bengal cooperative banks lent Rs 36,000 cr in last 5 years: Minister

West Bengal Finance Minister Amit Mitra on Friday said the cooperative banks in the state have lent Rs 36,000 crore in the last five years and urged

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This one private bank has made private lender NPAs look worse than PSU banks

GNPA ratio of IDBI Bank is as high as 27.47 per cent, which is the highest among all the private and public sector banks.

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Motilal Oswal PE to invest Rs 250 crore in product company VVDN

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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An insider blew the lid off PMC Bank scam

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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An insider blew the lid off Rs 6,500-crore PMC scam

The whistleblower, who was a senior bank official, was angry about RBI being systematically kept in the dark.

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GSTR not filed? Property, bank a/c can be attached

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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RBI plans to set up ‘college of supervision’

To provide skills to officials to improve risk assessment in banks, NBFCs

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Allahabad Bank gets fresh capital of Rs 2,153 crore from government

The capital infusion is towards contribution of the central government in the preferential allotment of equity shares of the bank during the financial year 2019-20 as the government's investment, it said.

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J-K Bank appointed lead bank convenor for UT of Jammu & Kashmir; SBI gets Ladakh

The government through a gazette notification on August 9, 2019 had reorganised the erstwhile Jammu and Kashmir state under the Jammu and Kashmir Reorganisation Act, 2019, into union territories of Jammu and Kashmir and Ladakh with effect from October 31, 2019.

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Despite cut in rates, corporate fixed deposits attractive

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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Thursday, December 26, 2019

Airtel Payments Bank enables 24x7 NEFT transfers

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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RBI plans to purchase, sell G-secs worth ₹10,000 cr each on Monday

Our BureauThe Reserve Bank of India will conduct its second special open market operation (OMO), entailing purchase of a long-dated Government of Indi

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ICRA sees bank credit growth declining to 6.5 per cent- 7 per cent this fiscal

Muted economic growth, lower working capital requirements, risk aversion among lenders impact incremental credit growth

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NETC FASTag can be recharged through BHIM UPI

Customers can now recharge their NETC FASTag through the BHIM UPI app. “Any BHIM UPI-enabled mobile app would now give vehicle owners the opportunity

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RBI to purchase, sale government securities worth Rs 10,000 crore each on Monday

The results of the auction will also be announced on December 29

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Banks turn profitable as NPAs fall for first time in seven years; here’s what helped

The gross NPA ratio fell from 11.2 per cent in FY18 to 9.1 per cent in FY19.

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Paytm, Airtel, Jio, other payment banks’ deposits double within a year; but, losses widen too

While the deposits collected by payments banks such as Paytm, Airtel, Jio Payments Bank doubled in the last financial year, the losses have mounted for the third year in a row with the rise of operating costs.

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NBFC Crisis: RBI data shows eight times more registrations cancelled in FY19; these reasons to blame

169 and 224 NBFC registrations were cancelled in FY17 and FY18 respectively, which suddenly surged to 1,851 cancellations in FY19.

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SBI tops customer complaints list; PSU banks have more irate customers than private lenders

More than three-fourths of all complaints are received in the urban and metropolitan areas that indicate a higher level of awareness among customers.

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Sensex tanks 297 points on F&O expiry

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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Was India's NBFC crisis a myth or a reality?

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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Expansion plans push BFSI to reskill staff

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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Fraud-hit Punjab National Bank alleges it has been swindled again

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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Analyst corner: AUBANK gains from monthly payouts, higher interest rates

With the bank appearing set to expand market share in chosen business segments, we visited its regional office and one of its largest branches in Pune to understand the progress that it is making.

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Advantage captives as global finance companies move core tech work in-house

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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Wednesday, December 25, 2019

DHFL set to resume lending in next few weeks

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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Lacklustre show by RRBs in 2018-19: RBI report

Lacklustre growth in interest income, decline in operating profits, and a considerable growth in wage bills affected the performance of Regional Rura

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CBI books former Maruti MD in loan fraud case

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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Payments banks’ losses mount in FY19, but deposits more than doubled: RBI report

It may take time for payments banks to break even, the RBI notes

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Andhra Bank receives best performing bank award

Andhra Bank has received Best Performing Bank Award for RSETIs (2nd Rank) for 2018-19.Kul Bhushan Jain, Executive Director of the Bank received the Aw

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Banks’ NPAs decline for first time in seven years

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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Karnataka Bank launches tab banking service

Karnataka Bank has launched ‘KBL Xpress SB Accounts’ through tab banking.The bank said in a statement that it can on-board the prospective customer a

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RBI warns banks over focus on retail loans

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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Net blockade leaves UP at a net financial loss

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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RBL Bank bets big on credit card biz

Targets a customer base of 27 lakh by the end of FY20

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PMC Bank fraud hits co-op bank sector hard



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Payments banks’ FY19 losses swell to Rs 626 crore



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Mint street: Loan stress rose in H1FY20, says RBI

After rising for seven years in a row, the gross non-performing asset (GNPA) ratio of banks declined in the financial year 2018-19.

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Gross NPA ratio falls in FY19 for first time in seven years

However, stress in large borrower accounts has been on the rise for both private banks and public sector banks in the first half of 2019-20

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NBFC crisis a result of inherent weakness, not just liquidity: RBI

NBFCs’ credit to commercial real estate decelerated in 2018-19, reflecting their risk aversion in light of the slowdown in real estate sector despite expansion of bank credit to the sector.

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PSBs accounted for bulk of frauds reported in FY19

The report by the central bank indicated that frauds have been predominantly occurring in the loan portfolio, both in terms of number and value.

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Policy action needed to boost green financing: RBI

The development of green financing faces many challenges including false compliance claims, non-standard definitions of what constitutes green loans, and maturity mismatches between long-term green investment and relatively short-term interests of investors, the RBI said.

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Uniform regulatory structure for co-op banks top priority: RBI

The consolidated balance sheet of UCBs expanded moderately in 2018-19 on the back of robust deposit growth which financed the pick-up in lending.

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RBI launches new prepaid payment instrument for digital transactions

The Reserve Bank on Tuesday introduced a new semi-closed prepaid payment instrument (PPI) which can be used for transaction of goods and services up to a limit of Rs 10,000.

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PSBs’ financial health should be assessed by their ability to raise resources from markets: RBI

The financial health of state-owned banks should be assessed by their ability to raise resources from markets rather than depending on capital infusion from the government, according to a report by the RBI.

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Gujarat banks’ gross NPAs rise to Rs 43,000 crore as of September 2019

Gross NPAs in overall agricultural segment remained at 7.56 per cent of the outstanding amount, while those of the MSMEs were the highest at 8.02 per cent of outstanding, the report reveals.

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Total frauds at banks rise 74 pc to Rs 71,543 crore in 2018-19: RBI

Banks reported a total fraud of Rs 71,543 crore in 2018-19, a 74 per cent increase as against Rs 41,167 crore in the previous financial year, according to a report by the RBI.

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Cooperative banks’ assets nearly halve to 10.6% in FY19 from FY 05: RBI

As more and more cooperative banks go belly up, their combined assets nearly halved to 10.6 per cent of the assets of commercial banks in FY19 from 19.4 per cent in FY05, RBI report says.

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Tuesday, December 24, 2019

NBFC balance sheet grew at a slower pace in FY19, FY20 H1

The consolidated balance sheet of non-banking financial companies (NBFCs) expanded at a slower pace in 2018-19 and in the first half of 2019-20 in th

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‘Urban co-operative banks face dual challenges’

The unearthing of irregularities in one of the urban co-operative banks (UCBs) has brought to the forefront issues related to low capital base, weak

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IBC boosts the recovery of stressed assets

Our BureauThe recovery of stressed assets by scheduled commercial banks (SCBs) improved during 2018-19, propelled by resolutions under the Insolvency

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ESAF Small Finance Bank appoints PR Ravi Mohan as its new chairman

P R Ravi Mohan has been appointed as the new chairman of Kerala-based ESAF Small Finance Bank.

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Banks’ asset quality improves,gross NPAs decline to 9.1%: RBI

Our BureauBanks have seen significant improvement in their asset quality and their gross non-performing assets fell to 9.1 per cent by the end of Sep

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RBI optimistic about mergers creating global scale PSBs

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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RBI cautions banks on possible risks in retail segment in its report on banking for FY19

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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Gross NPA ratio improves to 9.1 as of September end: RBI

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

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Gross NPA ratio improves to 9.1% as of Sept-end: RBI

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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Bharti AXA General Insurance premium income rises 46% to Rs 1,586 cr in H1

Private sector non-life insurer Bharti AXA General Insurance on Tuesday said the company has registered a 46 per cent rise in its gross written prem

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Sensex skids 181 points; Nifty ends below 12,250

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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Fixing Indian finance after the crisis

India is not in the midst of an external crisis. It’s grappling with a vicious internal cycle of defaults

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Ravi Mohan new chairman of ESAF Bank

P R Ravi Mohan has been appointed as the new chairman of ESAF Small Finance Bank. He has replaced R. Prabha, who has completed his tenure as the chai

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IFCI realises ₹805 cr from NSE stake sale

IFCI chief hopeful of garnering ₹3,000 crore this fiscal by liquidating stakes in NSE, Clearing Corporation of India and Stock Holding Corporation

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CBI books ex-Maruti top official Jagdish Khattar in bank loan fraud

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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Different Types of Debt Funds

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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IFSC banking units can open foreign currency current accounts

Issuing instructions regarding permissible activities of IBUs, the RBI said it will not prescribe any limit for raising short-term liabilities from banks.

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Bharti AXA General premium jumps 46 per cent in H1

Expects to grow better than industry in second half as well, says MD& CEO Sanjeev Srinivasan

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RBI buys Rs 10,000 crore bonds in Operation Twist: Things to know

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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Defaults in Asia set to rise with hot spots in China, India

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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RBI sets Rs 50 lakh cap for lender to all borrowers across all NBFC-P2P lending platforms

The Reserve Bank of India (RBI) has set a Rs 50 lakh cap on the aggregate exposure of a lender to all borrowers across all Non-Banking Financial Comp

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View: Fixing Indian finance after the crisis

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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Zilch: That’s what banks are likely to recover from 354 liquidation cases

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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Monday, December 23, 2019

IFSC banking units can open foreign currency current accounts

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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GSec: RBI’s Operation Twist softens GSec yields a wee bit

The Reserve Bank of India’s ‘Operation Twist’, entailing simultaneous purchase of long-tenor government securities (GSecs) and sale of short-tenor GSe

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Federal Bank, Magicbricks in tie-up

Federal Bank has tied up with Magicbricks for listing and e-auctioning of immovable properties that are repossessed by the lender through recovery pro

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Altico seeks rescuers as NBFC crisis worsens

BloombergLenders to a non-banking financial company at the center of an industry crisis since it started defaulting three months ago have called for b

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‘Tata AIA Life sees significant scope for protection business’

Witnesses close to 106% growth in retail protection business this year, says official

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Pine Labs partners with Kotak Mahindra Bank to enable EMIs on Kotak debit cards

Pine Labs, a merchant platform company, and Kotak Mahindra Bank have tied-up to enable Equated Monthly Instalments (EMI) payments on Kotak Debit Cards

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Credit Suisse confirms second spying case

But Switzerland's number two bank maintained that just one senior leader, who has since been forced out, was entirely to blame for both incidents and that rest of the top brass had not been aware of the activities.

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Credit Suisse confirms second spying case

But Switzerland's number two bank maintained that just one senior leader, who has since been forced out, was entirely to blame for both incidents and that rest of the top brass had not been aware of the activities.

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SoftBank’s $3 billion WeWork financing talks stall with Japan banks, say sources

The Japanese technology conglomerate is now likely to enter the new year without the WeWork financing in place, the people said, adding the banks are also concerned about the risks involved in rescuing the U.S. office-sharing startup.

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Bharti AXA life insurance earns 20% growth in renewal premium income

The company recruited 7,167 agents in the half year ended September 30, 2019, to take advisor count to 41,722, up 9 per cent from the year-ago period, Bharti AXA Life Insurance Managing Director Vikas Seth said in a statement.

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Defaulting for three months, Altico Capital India’s lenders call for rescuing bids

Altico started defaulting on its interest repayments in September, and its lenders are keen for it to get an equity infusion for any debt restructuring plan to be cleared, the people said, asking not to be identified as the discussions are private.

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SIDBI keen on digital platforms for MSMEs

Small Industries Development Bank of India (SIDBI), the principal financial institution engaged in the promotion, financing and development of Micro,

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'Tesla to take $1.4bn loan for Shanghai factory'

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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Credit Suisse confirms second spying case

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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FinMin declines to share Swiss bank a/c details

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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How RBI is using Big Data to track your money

The central bank is currently drafting a PCR Act with the Ministry of Corporate Affairs.

from Banking/Finance-Industry-Economic Times https://ift.tt/2POw7E5
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Bharti AXA Life renewal premium up 20 per cent in H1

Private life insurer keen to expand its Bancassurance channel, says MD & CEO Vikas Seth

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Banks reach out to advisers seeking clarity on GST over CBLO income

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.

from Banking/Finance-Industry-Economic Times https://ift.tt/2Zgam33
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Banking: Failure on rate transmission could hit NIMs

Private banks to face greater pressure; cyclical tailwinds will be more pronounced for corporate banks.

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No. of debit cards plunges 15%, hits a 2-year low

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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Number of debit cards plunges 15%, hits a 2-year low

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.

from Banking/Finance-Industry-Economic Times https://ift.tt/2ZnRsHG
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How ICICI Pru Life is leveraging on AI to offer personalised products to customers

Insurer to use real-time data to deliver more relevant content, product and service info

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Banks stop issuing debit cards for dormant a/cs



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Sunday, December 22, 2019

IBA mulls bringing framework to address consortium lending issues

To address these issues, there are two things which are happening, one is at the IBA level and another by RBI to develop secondary market for loan to corporates.

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Mastercard plays to customers’ tunes

Embeds sonic brand melody into Android PoS devices

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India’s forex reserves can cover 10 months’ imports, says RBI

The import cover of India’s foreign exchange reserves increased to 10 months as at June-end 2019 from 9.6 months as at March-end 2019, per the Reserve

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Three public sector banks unanimously agree on creating organisational structure

The Union Bank, Andhra Bank and Corporation Bank amalgamation is expected to be effective from April 1, 2020

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Tata, Nilekani promoted Avanti Finance to soon raise $ 30-40 mn

Avanti Finance, the microloan-focused NBFC promoted by Ratan Tata and Nandan Nilekani from their personal philanthropic funds, is looking to raise $

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IDBI Bank likely to be out of PCA framework in fourth quarter

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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In a big relief to exporters, SBI withdraws e-BRC charges

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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No need to declare religion for opening bank accounts, says govt

The clarification comes after a news report suggested that Indian banks may ask depositors and customers to list their religion.

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