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The postal department during the lockdown was at the frontline to deliver essential parcels when rail, road and air traffic were grounded and continues to enhance capacity as trains are not fully operational yet, Department of Posts Secretary Pradipta Kumar Bisoi told.
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The rapid growth of fintech players has helped in accelerating financial inclusion and new age technologies like AI and ML will further quicken digital adoption in the country, benefitting both the industry and the consumers in the coming years, according to experts.
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Merchants will now be able to accept contactless payments of up to Rs 5,000 through a simple tap and pay mechanism on his NFC-enabled mobile phones.
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In the fortnight ended December 4 this year, bank credit grew 5.73 per cent to Rs 105.04 lakh crore and deposits by 11.34 per cent to Rs 145.92 lakh crore. In October, non-food credit grew 5.6 per cent compared to a growth of 8.3 per cent in the same month of the previous year.
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Globally, money that has been coming in has been pension money. So, whether it is from funding or retirement planning perspective, these are the two markets close to insurance that have a lot of tailwind, said Shikha Sharma, Founding MD, ICICI Prudential Life
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Term deposits – contributing almost 60% of total deposits – moderated, reflecting the easing of interest rates and the lure of returns on competing asset classes. Term deposit growth of private banks decelerated sharply even as it quadrupled in public sector banks, Reserve Bank of India said.
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In an exchange filing, Yes Bank said these appointments were approved by the board, on the recommendation of the nomination and remuneration committee and also of the audit committee.
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Credit rating agency, ICRA said that PLI has seen some stability in last few months. Many industry trackers expected this instrument to face problems as the borrowers are typically companies or institutions that are unable to raise funds from banks or other lenders or are unable to raise funds at an interest rate they are comfortable with.
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"This has been an unprecedented year. The industry is likely to remain flattish. However, we will stay ahead of the industry. In the first half our additional premium had grown by 16 per cent," Kotak Mahindra Life Insurance MD & CEO G Murlidhar said.
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The dispensation is expected to encourage risk participation of foreign currency assets through BUs in IFSC instead of banks in foreign jurisdictions, IFSCA said in a statement. The first IFSC in the country has been set up at the Gujarat International Finance Tec-City (GIFT) in Gandhinagar.
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From early investment to asset allocation, financial planning advice for your 30s
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According to the RBI, gross non-performing assets (NPAs) declined from 9.1% as of March 2019 to 8.2% at end-March 2020 and further down to 7.5% in end-September 2020.
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The RBI also expressed concern over rolling back the policy support given to banks to deal with the Covid-19 pandemic in the last eight months.
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The stronger and the deposit-taking NBFCs may however fare better as many have reported strong revival in disbursements and collections, almost to pre-COVID levels, the regulator observed.
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Analysts are also forecasting lower credit provisions and better profitability for banks in the next fiscal year starting April 1, on the back of improved asset quality with a quick economic turnaround.
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The tenure of current part-time Chairman Shyamala Gopinath will end on January 1, 2021. Gopinath, former deputy governor of the Reserve Bank of India, has been serving in the position since January 2, 2015.
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The performance of Indian banking improved in the fiscal year 2020 when they reported a profit on an aggregate basis after two years of losses, the RBI said in its yearly assessment report.
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Check your bank balance before using ATM
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As per June 7 circular of the RBI, lenders can extend the time period of the pact if an account has not been resolved within 180 days of signing ICA.
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The amalgamation of Oriental Bank of Commerce and United Bank of India into PNB came into effect from April 1, 2020.
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Come 2020, she is selling lakhs of insurance policies at the tap of an app on mobile phones and all it takes is a few minutes to mail the policy document instead of weeks of wait for the policy to arrive by the unpredictable India Post to shove it to safety in the steel cupboard.
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" The use of crowdfunding websites, although not entirely new, create an additional risk as these are specially designed to solicit funding and can be misused for terror financing," he said.
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The report further said the loan restructuring requests are much lower than previously estimated, supported by sharper than expected improvement in economic activities as well liquidity support through the government's emergency credit line guarantee scheme.
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RBI fixed December 31 as the deadline for debt restructuring requests from borrowers coming under stress due to the pandemic.
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How India's banking and financial sector will shape up in post-COVID 2021
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Given this setting, it may seem highly incongruous to expect NPAs in Indian banks to bottom out in the fourth quarter of 2020-21. Yet, this is what is likely to happen. It now appears that not only have banks dodged an explosion of bad loans, but they also solved some historical problems.
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A key point that Oaktree is harping on is the structure Piramal’s have proposed in their business plan, that involves a merger between DHFL and Piramal Capital, its finance arm to swell the combined entity’s networth to more than Rs 18,000 crore and cushioning its ability to issue debt.
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The Shiv Sena, which is part of Maharashtra's ruling alliance Maha Vikas Aghadi (MVA) along with the NCP and the Congress, had earlier alleged that central probe agencies have been targeting them unfairly.
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Muted private investment impacting the corporate loan growth will be another challenge that banks will have to face in the coming months. Despite ample liquidity in the system, demand from the corporate sector is very low and bankers hope that faster than anticipated recovery could bring in the animal spirit as far as India Inc in concerned.
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The three accounts are Mangalam Oil Industries with outstanding dues of Rs 10.77 crore, Alliance Fibres Ltd (Rs 18.31 crore) and Birsa Institute of Technology (Trust) (Rs 5.41 crore).
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Last week, a branch manager of a leading state-run bank in Madhya Pradesh wrote to the municipal commissioner seeking “cooperation” as several of the 160 street vendors, who were given loans under the PM SVANidhi scheme, had not paid a single instalment, turning them into non-performing assets (NPAs).
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The SFIO had moved the high court against a September 22 order of the trial court denying it permission to examine the four who are presently in judicial custody.
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Despite the pandemic, the lockdown and the consequent damage done to the economy, there are quick signs of recovery, Financial Services Secretary Debasish Panda told in an interview.
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The licence issued to Subhadra Local Area Bank stands cancelled to carry out banking business from the close of business on December 24, 2020.
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CBHFL is a financing and mortgage company jointly promoted by four public sector institutions -- Central Bank of India, National Housing Bank, Specified Undertaking of Unit Trust of India (SUTTI) and Housing and Urban Development Corporation (HUDCO).
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Various SBI officials have advocated for cash flow-based lending models over the traditional asset-based or ratings-based ones. In cash flow lending, a financial institution grants a loan that is backed by the recipient's past and future cash flows.
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The governor on Wednesday concluded a two-day meeting with public sector and private sector banks, held through video conference. Days before banks closed their books for the third quarter, Das asked them to make enough provisions should loans go bad. He also asked banks to raise more capital to grow loans.
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Bankers are expecting to recover as much as Rs 12,000 crore or $1.6 billion from the sale of Videocon’s Brazil oil blocks after a spurt in oil prices resulted in a boost in the valuation of the assets, according to people in the know.
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In the meeting that was conducted through video conferencing, the governor and deputy governors discussed the progress in the implementation of resolution framework for COVID-related stressed assets, credit flow to different sectors of the economy including stressed sectors along with availability of credit to MSMEs.
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The recovery in collection efficiencies is good news for the beleaguered NBFCs which were hit hard due to the stringent lockdown announced in late March 2020, and subsequently, extension of moratorium on loan repayment to borrowers (under the Covid-19 regulatory package announced by the Reserve Bank of India).
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"The monthly collection efficiencies of most Crisil-rated securitised pools are almost at pre-pandemic levels. That's because economic activity has been gathering steam in recent months, and agricultural activity, which was less impacted, has steadily picked up, too," the agency's Senior Director Krishnan Sitaraman said.
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"In view of the revival of business activity in the coming months with vaccine approvals being accorded by various governments around the world, we are offering our services/products to the Israeli business community at competitive pricing to meet all their cross border trade finance needs," B V Ramana, the CEO of SBI Tel Aviv branch said.
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As of August-end, the loans overdue for over 90 days in the credit card segment were 0.51 per cent up from the year-ago period at 2.32 per cent, while the same for the loans against property was 0.34 per cent up at 3.96 per cent, Transunion Cibil said.
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The tap-and-get-a-loan “solution” is pushing a large number of people into a trap far deeper than the financial condition they are in.
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"RBI vide its letter dated December 22, 2020 has communicated its approval for the appointment of Sandeep Batra as Executive Director of the Bank," ICICI Bank said in regulatory filing.
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According to the draft circular, non-deposit and systemically-important NBFCs with capital-to-risk weighted assets ratio below 15 per cent and net non-performing advances above 6 per cent will not be able to pay any dividend.
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