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UCO Managing Director AK Goel said that recovery from four accounts, namely Ruchi Soya, Essar Steel, RattanIndia Power and Prayagraj Power, is complete. This may help the bank reduce net losses in the third quarter while the bank is expecting to be back in black in the fourth quarter.
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State-owned Indian Overseas Bank has received government's capital infusion of Rs 4,360 crore towards contribution in the preferential allotment of equity shares.
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In a BSE filing, state-owned Syndicate Bank said it has received notice by the All India Bank Employees' Association, Bank Employees Federation of India, Indian National Bank Employees' Federation and Indian National Bank Officers' Congress on the proposed one-day strike next week. The bank is ensuring smooth functioning of all its offices on the day of proposed strike.
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SBI and other state-run banks are the main issuers of the RuPay card and their worry is that the government decision to scrap the processing charge on transactions with the card would cause them a revenue loss. According to NPCI, this would disincentivise banks to issue RuPay cards and they would instead prefer international rivals of the home-grown payment gateway.
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On the quantum of dividend payable, it said: "The dividend payout ratio shall not exceed 75 per cent. Dividend payout ratio shall be calculated as a percentage of 'dividend payable in a year' (excluding dividend tax) to 'profit after tax during the year'.
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Banks’ credit and deposits grew by 7.1% and 10.1% to Rs 99.5 lakh crore and Rs 130 lakh crore in the fortnight ended December 20, according to the latest RBI data. In the yearago fortnight, banks’ advances stood at Rs 92.9 lakh crore, while deposits were at Rs 118.2 lakh crore.
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With a large number of banks only issuing Mastercard or Visa cards, the finance ministry has decided to ask them to ensure that there is no infrastructure or card constraint that holds back consumers from taking advantage of the benefit of no merchant discount rate on RuPay or UPI.
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Banks may migrate to cashflow-based lending for working capital loans from the earlier asset-based funding model. The shift will require borrowing entities to share their cashflow statements more frequently with banks.
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State-run banks recorded a contraction of 15.6% in their provisions at the end of the September quarter. The Reserve Bank of India stipulates that once an account is referred to the National Company Law Tribunal (NCLT), a provision of 40% has to be made within the financial year.
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The latest NPCI data released on Tuesday reflects the contraction. A total of 19 crore transactions worth Rs 9,300 crore were recorded on the channel which is significantly lower than the 25% growth in transactions value the channel recorded between November and December 2018.
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Unique trust structure to unlock value in office parks, raise funds from investors using long-term PTCs. The Trust has the option of raising additional PTCs worth Rs 10,000 crore through subsequent rounds from investors.
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In March 2019, the Ahmedabad bench of the National Company Law Tribunal (NCLT) had approved the sole RIL-JM Financial ARC bid for Alok for Rs 5,050 crore. RIL wants to raise about Rs 4,550 crore through bank loans while infusing Rs 500-crore equity in the company.
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"The health insurance market is having a number of individual health insurance products. Each product has unique features and the insuring public may find it a challenge to choose an appropriate product. Therefore,...the Authority has decided to mandate all general and health insures to offer the standard individual health insurance product," the regulator said.
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The Reserve Bank on Monday will carry a special simultaneous open market operation to buy and sell government bonds of Rs 10,000 crore each.
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On a year-on-year basis, banks' credit growth slowed to 7.2 per cent to Rs 86.73 lakh crore in November 2019 from 13.8 per cent increase to Rs 80.93 lakh crore in the year-ago period.
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While SBI has put on sale Rs 1,554.87 crore of three assets, state-run Union Bank of India has invited bids to sell 11 NPAs worth Rs 1,280.87 crore, according to separate public notices by the two lenders.
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Vikramaditya Singh Khichi, Executive Director at Bank of Baroda said, “There is huge potential in the retail home loan space that can be tapped through co-lending partnerships between large organizations like Bank of Baroda and finance players like JM Financial Home Loans."
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Indians travelling to the UAE, Singapore, Sri Lanka, the UK, the US, Spain, Switzerland and Thailand will be able to earn up to Rs 16,000 cashback per month by getting their RuPay International Card activated, the NPCI said in a release.
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JM Financial Home Loans, the affordable housing focused lending arm of JM Financial Group, is eyeing a five-fold increase in loan book next fiscal with the co-lending tie-up it has entered into with Bank of Baroda.
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A special court in Mumbai has permitted a consortium of 15 banks led by the SBI to utilise movable assets of former liquor baron Vijay Mallya towards repayment of his debt. The assets, comprising financial securities like shares of the UBHL, were attached by the special PMLA court in 2016 when it declared Mallya a proclaimed offender.
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Goods and services tax (GST) authorities are going to seek bank account details of businesses to tally with their filings, apart from initiating other measures, as part of fresh efforts to tighten the noose around evaders or those misusing and gaming the system. The idea is to improve upon the red flags, which have helped the government improve compliance.
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Credit flow to MSMEs shrinks as lenders turn cautious owing to economic slump. The contraction in gross credit flow to the sector could be on the back of risk-averse lending by top banks as slowing consumption and stalling manufacturing growth. Between November 2018 and 2019, gross loans to micro and small industries fell 0.1%.
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Credit flow to MSMEs shrinks as lenders turn cautious owing to economic slump. The contraction in gross credit flow to the sector could be on the back of risk-averse lending by top banks as slowing consumption and stalling manufacturing growth. Between November 2018 and 2019, gross loans to micro and small industries fell 0.1%.
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As January 7 deadline set by RBI looms, inter-creditor agreements are yet to be signed for exposures amounting to Rs 33,610 crore. Resolution plans under the ICA framework have been taking longer than anticipated because banks and non-bank lenders, such as mutual funds and insurance companies, appear to have differences of opinion.
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In a New Year message to employees, Kotak urged everyone to be on the toes in the current environment where Charles Darwin's 'Survival of the Fittest' is most applicable and also gave examples of sectors like telecom, airlines, real estate and finance, where there have been troubles.
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Users can download the app, called 'MANI', which is an acronym for Mobile Aided Note Identifier, and will have to scan the notes using the camera, it said adding that the audio output to give our results will be in Hindi and English.
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The repayment crisis in upper part of the northeast state begun in November when protesters demanding ban against microfinance activities in the state. In December, repayment dropped further with protests against the Citizenship (Amendment) Act, 2019 impacting business across the state.
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Bank credit to industry shrunk by 3.9%, or Rs 1.13 lakh crore, during the first eight months of the current financial year, according to data released by the Reserve Bank of India (RBI). Despite this, overall bank credit continues to be up 1% largely due to home loans and other personal loans.
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Bank credit to industry shrunk by 3.9%, or Rs 1.13 lakh crore, during the first eight months of the current financial year, according to data released by the RBI. Despite this, overall bank credit continues to be up 1% largely due to home loans and other personal loans.
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As the economy adjusts to the new reality like technology-driven financial services, a robust bankruptcy law, vanishing ‘phone banking’ and plethora of competition from unknown quarters, the Goliaths of Indian finance face the formidable task of remaining relevant — and surviving momentous change.
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Banks are willing to make the additional 20% provision that breaching the deadline entails but want the window of resolution open until the March 31 financial year end to avoid the value destruction that they say would follow by taking the NCLT route as prescribed by the Insolvency and Bankruptcy Code (IBC).
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Banks undertake purchase of retail pools under the securitization mode to meet their priority sector and retail lending requirements. As per central bank rules, the risk and rewards of the securitization pool is to be borne by the buyer without any recourse of credit loss to the seller.
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In an effort to avoid frauds like the one seen in PMC Bank, the Reserve Bank of India (RBI) on Monday proposed to tighten lending rules for urban co-operative banks (UCBs). The regulator plans to limit these lenders’ exposure to a single party and a group of related borrowers to 10% and 25%, respectively, of their Tier I capital — down from the 15% and 40% level now.
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Naveen Tahilyani has been appointed as Group Executive -- Head Banking Operations and Transformation -- with effective from January 6. Cyril Anand, the incumbent CRO will retire from the services of the bank, with effect from close of business hours of December 31, 2019.
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There is some New Year’s cheer for those planning to buy homes. State Bank of India (SBI) has reduced its home loan rates by a quarter percentage point, or 25 basis points (100bps = 1 percentage point), to 7.9% from 8.15% earlier.
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The transaction, in preliminary stages, is part of the group’s thinking to unlock cash to fund its aggressive growth plans.
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With the moratorium period of some facilities gradually coming to an end, it is expected that the asset quality may come under pressure. There has also been an increase in softer delinquencies for nonbanks in the current fiscal reflecting the build-up of stress.
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Finance Minister Nirmala Sitharaman on Saturday said that the zero MDR regime would kick in once the Department of Revenue issued a gazette notification on January 1. Top industry players say Centre’s decision on not levying merchant discount rates will make the business model unviable.
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On December 4, the administrator in a public announcement had asked all its creditors including fixed depositors to file their claims by December 17. As per the latest available data, the company received Rs 86,892.30 crore from financial creditors including lenders, bondholders and Nabard among others.
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Lending rates for tenors of one year would be revised to 8.30 per cent from the current 8.35 per cent, the bank said.
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The government unveiled measures over the past few months aimed at improving liquidity in the system.
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Little is known about the digital yuan except that it’s been in the works for five years.
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China’s central bank ordered lenders to adopt a new loan-pricing regime for all credit from next year, marking an end to the previous benchmark and another step toward liberalising the financial system.
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In the wake of the PMC Bank crisis, the finance ministry and insurance regulator IRDAI have asked insurers if they can come up with a product to provide coverage for deposits of above Rs 1 lakh. Currently, the Deposit Insurance and Credit Guarantee Corporation (DICGC) covers only deposits of Rs 1 lakh and below.
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State Bank of India (SBI) on Monday announced reduction in its external benchmark based rate (EBR) by 25 basis points (bps) to 7.80 per cent from 8.05 per cent. The revised rates will be come into effect from January 1, 2020, the country's largest lender said in a release.
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As a percentage of claims, banks recovered on average 42.5% of the amount filed through the IBC in the financial year 2018-19, against 14.5% through the Sarfaesi resolution mechanism, 3.5% through Debt Recovery Tribunals and 5.3% through Lok Adalats. Against Rs 1.66 lakh crore claims involved under IBC, the recovery was Rs 70,819 crore.
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Move after review of asset quality and performance of investments in real estate, loans and other assets. The country’s biggest life insurer has exposure to stressed entities such as Dewan Housing Finance Corp Ltd, Infrastructure Leasing and Financial Services and the Anil Ambani-led Reliance Group among others.
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Housing finance companies (HFCs) have doubled their share in builder loans to 23.81 per cent by June this year, compared with 12.17 per cent in June 2016. Meanwhile, the share of private sector banks rose to 30.41 per cent from 23.62 per cent, while the exposure of PSBs nearly halved to 24.34 per cent as of June 2019, shows the FSR.
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Replying to an RTI query, RBI said preliminary findings indicated large-scale irregularities, warranting supersession of its board of directors and imposition of all inclusive directions of the Banking Regulation Act, 1949. "The report is yet to be finalised as inspection with respect to PMC Bank's financial position as on March 31, 2019, is under progress," RBI said.
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Replying to an RTI query, it said preliminary findings of the RBI indicated large-scale irregularities in the bank, warranting supersession of its board of directors and imposition of all inclusive directions of the Banking Regulation Act, 1949.
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