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Saturday, January 4, 2020

RBI okays this benefit to J-K bank borrowers hit by events after scrapping of Article 370

On August 5, the Centre had abrogated Article 370 provisions that gave special status to J-K and bifurcated the erstwhile state into union territories of Jammu and Kashmir, and Ladakh.

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UCO Bank recovers Rs 900 crore from debt resolution under NCLT

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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Syndicate Bank taking steps for smooth functioning of branches on January 8

In a BSE filing, the lender 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.

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IOB receives Rs 4,360 crore capital infusion from govt of India

Public sector Indian Overseas Bank has received capital infusion of Rs 4,360 crore from the government of India, the bank said on Saturday. In a reg

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IOB receives government capital infusion of Rs 4,360 crore

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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Taking steps for smooth functioning of branches on Jan 8: Syndicate Bank

State-owned Syndicate Bank on Saturday said it is taking necessary steps for smooth functioning of its branches on January 8 -- the day of the gene

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Taking steps for smooth functioning of branches on Jan 8: Syndicate Bank

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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Buying health cover will now be a breeze

IRDAI has mandated insurers to sell a standard, affordable policy from April 1

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SBI likely to exit FY20 with single-digit credit growth: PK Gupta, MD, Retail & Digital Banking, SBI

The year-on-year numbers for MSME lending are up. Accounts eligible for restructuring as per the RBI scheme have been restructured.

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Six bank unions to strike work on Jan 8 in support of central TUs

The bank said the membership of its employees in the unions participating in the strike is small and so the impact of the strike on the bank’s operations will be minimal.

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Allahabad-Indian Bank merger: Harmonisation likely by mid-February

At the operational level, lower level committees for various departments meet.

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SBI, NPCI seek ‘Visa power’ for RuPay cards

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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Friday, January 3, 2020

PNB MetLife and RevFin in tie-up to offer life cover

PNB MetLife India Insurance Company and RevFin, a digital lending start-up, have entered into a tie-up to provide protection to the latter’s customer

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Why Arogya Sanjeevani has the potential to be a game-changer in health insurance sector

Experts hail policy, say it will address the basic health needs of consumers

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Insurance intermediaries with majority foreign stake can't repatriate over 75% as dividend: IRDAI

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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Bonds rise as RBI widens special OMO

The Reserve Bank of India’s move to widen its third special open market operation (OMO) helped bonds rise on Friday, but worries over a likely fiscal

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Bank credit grows 7% to ₹99.47-lakh cr; deposits rise to ₹130-lakh cr

Banks’ credit and deposits grew by 7.10 per cent and 10.09 per cent to ₹99.47-lakh crore and ₹130.08-lakh crore in the fortnight ended December 20, ac

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HDFC to raise up to ₹5,000 cr next week by issuing bonds

India’s largest mortgage lender HDFC Ltd will raise up to ₹5,000 crore by issuing bonds on a private placement basis to shore up its long-term capit

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India extends $75 million line of credit for solar parks in Cuba

India has extended a line of credit of $75 million (over Rs 500 crore) to Cuba for financing solar parks. An agreement signed between Export-Import B

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BoB raises ₹920 crore by issuing Basel III compliant bonds

State-owned Bank of Baroda on Friday said it has raised ₹920 crore by issuing Basel III-compliant bonds on private placement basis. The issue which op

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SBI to sell up to 50 lakh equity shares

State Bank of India (SBI) on Friday said it intends to divest up to 1.0101 per cent (50 lakh equity shares) of its equity shareholding in National Sto

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Regulator never sleeps: Shaktikanta Das to RBI staff

Reserve Bank of India (RBI) Governor Shaktikanta Das has exhorted his colleagues to always keep in mind the cardinal principle that “the regulator nev

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Satin Creditcare gets $15 million funding from Development Bank of Austria

Micro-finance company Satin Creditcare Network on Friday said it has received external commercial borrowing funding (ECB) of $15 million (around Rs

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Bank credit grows 7.1% to Rs 99.5 lakh crore

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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Finance ministry pushes banks, businesses to put in RuPay infra

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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IRDAI gives big boost to affordable health cover with mandatory 'Arogya Sanjeevani' Policy

The Arogya Sanjeevani policy is a first of its kind standard health insurance product

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JM Fin Home, BoB in tie-up for co-lending

Bank of Baroda has entered into a co-lending deal with JM Financial Home Loans to provide retail loans to home buyers.“There is huge potential in the

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PSU banks may adopt new corp lending practice

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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Bad loan provisioning may swell by Rs 30,000 crore in Q3

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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Bank of Baroda bags contract from MCGM for online payment services

The bank will offer the all facility with zero merchant discount rate (MDR).

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Internet suspension takes a toll on online transactions

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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Reliance Industries Limited to raise Rs 4,375 crore from Mutual Funds

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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Complete Alok Industries takeover: SBI to RIL

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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Bank of Baroda bags contract from MCGM for online payment services

The bank will offer the all facility with zero merchant discount rate (MDR).

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Bank credit grows 7.10 per cent to Rs 99.47 lakh crore; deposits up 10 per cent to Rs 130 lakh crore

In the year-ago fortnight, banks' advances stood at Rs 92.87 lakh crore, while deposits were at Rs 118.16 lakh crore.

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Bank credit grows 7.10 per cent to Rs 99.47 lakh crore; deposits up 10 per cent to Rs 130 lakh crore

In the year-ago fortnight, banks' advances stood at Rs 92.87 lakh crore, while deposits were at Rs 118.16 lakh crore.

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Thursday, January 2, 2020

Bank credit grows 7.10 per cent to Rs 99.47 lakh crore; deposits up 10 per cent to Rs 130 lakh crore

In the year-ago fortnight, banks' advances stood at Rs 92.87 lakh crore, while deposits were at Rs 118.16 lakh crore.

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Dharani Sugars and Chemicals defaults on ₹595-crore loan

Our BureauDharani Sugars and Chemicals, on Thursday, said it has defaulted on loans aggregating ₹595.32 crore to 12 lenders, including Indian Bank, St

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Offer standard health policies with maximum sum insured Rs 5 lakh: Irdai to insurers

"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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RBI announces special OMO of Rs 10,000 crore on Jan 6

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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SBI, Union Bank to sell NPAs of Rs 2,836 cr this month

All these NPAs will be sold through e-auctions during January. In a notice issued on Thursday, SBI said it will sell two NPAs- Rohit Ferro Tech with an outstanding amount of Rs 1,313.67 crore and Impex Ferro Tech with dues of Rs 200.67 crore, on January 17.

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RBI plans third OMO on January 6

Continuing its ‘Operation Twist’ into the new calendar year, the Reserve Bank of India (RBI), on Thursday, said it will conduct a special open market

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Bank credit grows 7.10% to Rs 99.47 lakh cr; deposits up 10% to Rs 130 lakh cr

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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SBI, Union Bank to sell NPAs of Rs 2,836 crore this month

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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Bank of Baroda ties up with JM Financial for co-lending

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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RuPay International to offer cashback up to Rs 16,000 for transactions abroad

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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SBI, Union Bank to sell NPAs of ₹2,836 crore this month

State Bank of India (SBI) and Union Bank of India are looking to sell their non-performing loans totalling ₹2,836 crore to banks, asset reconstruction

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JM Financial Home Loans eyes Rs 2000 cr loan-book by FY21 with BoB pact

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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Shriram Transport Finance to raise up to Rs 1000 cr via NCDs

Shriram Transport Finance Company Ltd (STFC) is planning to raise up to Rs 1,000 crore by issuing Secured Redeemable Non-Convertible Debentures (NCDs)

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HDFC, subsidiary get approvals for acquiring majority stake in Apollo Munich

HDFC will acquire 50.8 per cent from the Apollo Hospitals group for Rs 1,336 crore

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BoB, JM Financial Home Loans in co-lending tie-up

Bank of Baroda, India’s second largest public sector bank, has entered into a strategic co-lending agreement with JM Financial Group’s housing finance

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Banks can utilise Mallya's assets to clear debt

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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GST evaders set to face stricter scans

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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Banks not keen to lend big to small businesses

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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Banks not keen to lend big to small businesses

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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Resolutions via inter-creditor agreements off to a slow start

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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Wednesday, January 1, 2020

Banks allowed to liquidate Mallya’s movable assets to repay debt

A special court in Mumbai has permitted a consortium of 15 lenders, led by State Bank of India, to use the movable assets of former liquor baron Vij

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Consolidating environment presents growth opportunities for Kotak Mahindra Bank: Uday Kotak

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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RBI launches 'MANI' app for visually challenged to identify currency notes

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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PNB cuts MCLR by 5-30 bps across tenors

Punjab National Bank (PNB), the country’s second-largest public sector bank, has reduced its marginal cost of funds-based lending rate (MCLR) by 5-30

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IRDAI slaps ₹2.18-cr penalty on Hero Insurance Broking

Our BureauThe IRDAI has imposed a penalty of ₹2.18 crore on Hero Insurance Broking lndia. The fine was imposed for the violation of Motor Insurance Se

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RBI Governor calls for coordinatedpolicy action by major economies

The synchronised slowdown across countries necessitates coordinated policy action by major economies, according to Reserve Bank of India Governor Shak

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Arcil plans to float ₹1,000-crAlternative Investment Fund

The ARC’s CEO sees a clear opportunity to acquire the stressed assets of SMEs in the range of ₹50-150 crore via all-cash deals

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PMC scam impact: RBI asks co-operative banks to constitute Board of Management

The main functions of BoMs include recommending action for recovery of NPAs, one-time settlement and assisting the board in monitoring the same. The RBI has said the BoM (excluding CEO) shall have a minimum of five members and maximum number of members shall not exceed 12.

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Muthoot Capital raises ₹145 crore

Muthoot Capital Services Ltd on Wednesday said it has raised ₹145.37 crore through securitisation.The company has completed the transaction, it said

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Lenders in Assam may be staring at 8% irrevocable bad loans in state portfolio

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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ED attaches assets worth ₹ 51.43 cr in IDBI Fish Farming Loan fraud

Loan amount of ₹ 69.46 crore sanctioned to the small farmers was illegally aggregated and diverted for making personal investments

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Bank credit to industry slips 3.9% in 8 months

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 slips 3.9% in 8 months

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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Growth in bank lending to services slides in November

The growth in bank credit to the services sector slid to 4.8% year-on-year in November against 28.1% a year ago, compared with 57.2% a year ago.

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NBFC commercial papers find few takers, PSUs and pvt firms gain in 2019

Even as the commercial paper (CP) market veered towards better-performing NBFCs leaving out other non-banks, issuances by public sector undertakings (PSUs) and corporates found more takers in 2019.

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IL&FS timeline for debt resolution delayed to July

This was conveyed by Uday Kotak, chairman of the government-appointed board of the insolvent infrastructure lender, on Tuesday while addressing the annual general meeting.

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RBI extends timeline for easier asset sale by NBFCs

The rules for securitisation transactions were first relaxed on November 29, 2018, months after a liquidity crisis emerged in the wake of the collapse of the Infrastructure Leasing & Financial Services (IL&FS) group.

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RBL Bank raises Rs 676 crore via preferential issue of shares

After the preferential issue and qualified institutional placement earlier in December, the total capital raised by the lender stood at Rs 2,701 crore.

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Turmoil in the banking landscape: Year of reckoning for PSU Banks

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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Extend deadline for inter-creditor pacts: Banks to RBI

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 continue to remain wary of lending to NBFCs

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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Tuesday, December 31, 2019

Revival of investment cycle likely to be impacted as large corporates are liquidity rich, says RBI report

Financial stability report gave the assessment after comparing balance sheets of two categories of corporates -- very large and large.

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Not PSU banks but these financiers are behind real estate growth amid slowdown

By June 2016, the exposure of PSU banks in the realty sector was 48.57 per cent, which has steeply fallen to a mere 24.34 per cent by June 2019.

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Axis Bank appoints Amit Talgeri as Chief Risk Officer

Axis Bank said in a statement. Additionally, Naveen Tahilyani has been appointed as Group Executive -- Head Banking Operations and Transformation -- with effective from January 6.

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Bank holidays January 2020: Is bank open tomorrow or will you get your salary day later?

Holidays in January 2020: The Reserve Bank of India (RBI) has announced a holiday on the first day of 2020 to celebrate the new year in some cities.

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RBI in 2019: History behind, Shaktikanta Das-led central bank charts new trails sans acrimony

Shaktikanta Das completed one year at the helm on December 12. But challenges are galore for the nation's chief money man as Das' record-setting rate cuts did not alleviate credit crisis, especially in the shadow banking space, and now turmoil in the cooperative banks sector due to the PMC scam.

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RBI to limit UCB’s exposure to single, group borrowers

Banks will be required to bring down their existing exposures, which are in excess of the revised limits

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RBI plans to tighten loan norms for co-op banks

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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Weak credit offtake likely to exacerbate slowdown, says Ind-Ra

The rating agency also said that banks are well capitalised.

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Axis Bank appoints Amit Talgeri as Chief Risk Officer

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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SBI cuts home loan rates by 25bps to 7.9%

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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Axis Bank appoints Amit Talgeri as Chief Risk Officer

Axis Bank on Tuesday appointed Amit Talgeri as the Chief Risk Officer (CRO) of the bank for three years, from January 1, 2020. “Cyril Anand, the incu

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Shriram Group looks to dilute 5% each in life & non-life biz

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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Businesses to pay fine if they do not operationalise digital payment options by January 31

The CBDT has issued a notification which said that business establishments with annual turnover of ₹50 crore or more must offer low-cost digital payment options by January 31, or risk paying hefty fines from Februaury 1, 2020

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RBI to limit UCB’s exposure to single, group borrowers

Banks will be required to bring down their existing exposures, which are in excess of the revised limits

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Why the MDR controversy refuses to die down

Zero Merchant Discount Rate on Rupay and UPI will hit expansion of digital payments, says PCI

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Life insurers pay ₹4,442-cr dividend in FY19, the highest in last five years

Both public and private life insurers paid a total dividend of ₹4,442 crore in 2018-19 when compared to ₹4,192 crore in 2017-18. This is the highest

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As moratorium ends, NPAs may rise in January

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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Stakeholders believe, MDR waiver may hurt digital India

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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RBI to limit UCB’s exposure to single, group borrowers

Banks will be required to bring down their existing exposures, which are in excess of the revised limits

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NPA crisis not over yet: SBI may see corporate bad loans rise in second half of FY 20

SBI has, for quite some time, been following a policy of upfronting provisions in order to minimise shocks from credit events, Khara said.

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Good news for borrowers: SBI cuts external benchmark lending rate, details here

SBI’s external benchmark based lending rate is linked to the repo rate, which is currently at 5.15% after the December monetary policy review.

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Amid crisis, DHFL receives claims of Rs 92,404 crore

Lenders initially tried to resolve DHFL’s stress as per the RBI’s prudential norms on stressed assets resolution, under which lenders are mandated to sign an intercreditor agreement (ICA).

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IL&FS reports standalone loss of Rs 13,275 crore in FY19

The company’s exposure to non-performing assets, expressed as “Stage 3” assets, increased to Rs 12,429.64 crore, compared with an exposure of Rs 2,249.98 crore in FY18.

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Monday, December 30, 2019

DHFL: Resolution professional discusses plan with lenders

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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SBI cuts external benchmark rate on loans by 25 basis points

State Bank of India (SBI), on Monday, said it will reduce the external benchmark-based rate (EBR) by 25 basis points (bps) from 8.05 per cent to 7.80

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RBI seeks to nudge UCBs to convert into small finance banks

Central bank reduces limit on exposure to single and group borrowers, rises target for priority sector lending

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DHFL creditors submit ₹86,892 crore claim

Financial creditors have submitted claims aggregating ₹86,892 crore to the administrator of Dewan Housing Finance Corporation Ltd (DHFL) under the cor

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PFS raises ₹500 crore from Bank of India

PFS raises ₹500 cr from BoI PTC India Financial services (PFS) has received sanction of fresh long-term loan of ₹500 crore from Bank of India. “The am

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RBI proposes to tighten lending norms for UCBs; check details

Earlier this month, the RBI Central Board had reviewed functioning of the urban cooperative banks and the enforcement framework.

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Banks closed for 16 days in January: Check list of bank holidays in first month of year 2020

In the upcoming month of January, banks in India will remain closed for 16 days, which constitutes ten public holidays and four Sundays along with the second and fourth Saturdays.

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FASTag made easier: Now use UPI and all these methods to pay for highway toll, parking, etc

All authorised payment systems and other instruments including non-bank PPIs, cards and UPI will now be permitted for linking with the FASTags to further boost National Electronic Toll Collection (NETC) system.

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IBC finds lost treasure for banks; other bad loan recovery tools fail to recreate same success

While commercial banks recovered a whopping Rs 70,819 crore of stressed assets in FY19 under the government’s flagship scheme Insolvency and Bankruptcy Code (IBC), other recovery methods failed to recreate IBC success,

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So close! Debit cards miss 1-billion mark; people junk plastic as Digital India moves on

The number of debit cards in India is falling and has hit a two-year low. Having come strikingly close to the 1-billion mark a year ago, the debit card figure never breached the milestone and is on a decline ever since.

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Indian Bank to revise MCLR from January 3

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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Banking sector eyes better days on reforms, bad loan resolution

The government unveiled measures over the past few months aimed at improving liquidity in the system.

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Is China readying its own Bitcoin? It's far bigger than that

Little is known about the digital yuan except that it’s been in the works for five years.

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China to switch to new benchmark lending rate

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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2019: Banking sector eyes better days on reforms, bad loan resolutions

"Every fundamentals indicate towards higher growth and better future next year," Finance Secretary Rajiv Kumar told PTI, reflecting strong optimism going into 2020.

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SBI cuts external benchmark-based rate by 25 bps

SBI "has announced the reduction in its external benchmark-based rate (EBR) by 25 basis points to 7.80 per cent p.a from 8.05 per cent per annum with effect from January 1, 2020," it said.

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SBI cuts external benchmark-based rate by 25 bps

The country’s largest lender State Bank of India (SBI) on Monday announced a reduction in its external benchmark-based rate by 25 basis points to 7.8

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Finance ministry, IRDAI seek bank account insurance

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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SBI cuts external benchmark rate by 25 bps, home loans to get cheaper

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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Close to half of claims under IBC were settled in FY19: RBI

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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Life Insurance Corp of India raises 2018-19 provisioning by 30%

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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Sunday, December 29, 2019

RCap gets back 100 per cent shareholding in Reliance General Insurance

To RCap lenders’ relief, cancels move by Credit Suisse, Nippon India MF to invoke pledged shares

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Lower credit offtake by firms, a sign of balance sheet clean-up: Shaktikanta Das

“Every decision taken at the central bank is attributed to the Governor and the buck stops with him,” said Shaktikanta Das, Governor, Reserve Bank of

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Inspection report of scam-hit PMC Bank yet to be finalised: RBI

The inspection report on the financial position of the scam-hit Punjab and Maharashtra Co-operative (PMC) Bank as on March 31 this year is yet to be

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HFCs’ share in realty loans doubles since 2016: RBI

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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RBI blasts CRAs for allowing ‘rating shopping’ to large borrowers

Rating shopping refers to how, a company or a debt paper manages to get same or better rating from another agency within three months of it getting a poor rating.

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Inspection report of scam-hit PMC Bank yet to be finalised: RBI

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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DHFL creditors to meet on Monday for discussing resolution

The Mumbai bench of the National Company Law Tribunal (NCLT) had admitted the company for insolvency resolution on December 2 and appointed Indian Overseas Bank former managing director and CEO R Subramaniakumar as the company's administrator.

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Housing Finance Companies' share in realty loans doubles since 2016: RBI

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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Inspection report of scam-hit PMC Bank yet to be finalised: RBI

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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Inspection report of scam-hit PMC Bank yet to be finalised: RBI

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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