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Monday, March 30, 2020

NAFCUB urges urban co-op banks to donate to PM CARES

The National Federation of Urban Co-operative Banks and Credit Societies Ltd (NAFCUB) has appealed to all urban co-operative banks (UCBs) to donate t

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ICICI Lombard, BharatPe launch COVID-19 insurance cover for shopkeepers

With shops selling essential goods and medicines open during the national lockdown, BharatPe and ICICI Lombard General Insurance have launched a spec

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Union Bank MD: Focus is on zero disturbance

From April 1, Mangalore-based Corporation Bank and Hyderabad-headquartered Andhra Bank will merge into Union Bank. The merger, which was announced and planned last year, comes into effect amid the Covid-19 lockdown. In an interview with TOI, Union Bank MD & CEO Rajkiran Rai explains how the focus is on zero disruption.

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Convert rural bank branches into satellite branches: Syndicate Bank retired staff body

The Centre and the Reserve Bank of India would be best advised to convert rural bank branches into satellite branches during the lockdown period, ac

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Bank of Baroda slashes repo-linked lending rate by 75 bps

Bank of Baroda (BoB) has reduced its repo-linked lending rate (RLLR) by 75 basis points to 7.25 per cent effective March 28, 2020, from 8 per cent ear

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IDBI Bank offers uniform three-month moratorium to all borrowers

ECS/SI option will not be active during this period

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Lockdown to hit performance of commercial vehicle and SME loans in Indian asset-backed securities: Moody’s

The economic disruption caused by the 21-day lockdown will hit the performance of commercial vehicle and small and medium enterprise (SME) loans in In

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IRDAI bans capital gearing treaties by insurers

The Insurance Regulatory and Development Authority of India (IRDAI) has asked insurers not to enter into any capital gearing treaties with immediate

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Coronavirus: Relief package for the poor via DBT may face hurdles

The finance ministry said ₹1.75 lakh crore will be given to “80 crore poorest Indians” under the Pradhan Mantri Garib Kalyan Yojana (PMGKY) over three months starting April 1.

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NBFCs want banks to pass on moratorium benefits

Non-bank lenders, concerned about the ‘discretion’ banks would enjoy on demanding repayments through a three-month grace period, plan to approach the finance ministry and the Reserve Bank of India (RBI).

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Union Bank: As a merged entity, we can face this lockdown better

Union Bank of India will become the fifth largest state-run bank after Andhra Bank and Corporation Bank merge with it on April 1. Six banks are being merged with larger peers to get economies of scale.

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Covid-19 aftermath: Capital infusion into PSBs likely in next fiscal as well

The government also believes that the biggest consolidation exercise in the public-sector banking space—the amalgamation of 10 PSBs to create four larger lenders with scale – from April 1 will support the credit appetite of the economy in the coming quarters.

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Sunday, March 29, 2020

All bank branches to be operational from Monday

Cash deposit and withdrawal, clearing of cheques, remittance services, government transactions and ATM services as listed as essential banking services.

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Portfolio Characteristics of Axis Focused 25 Fund

Axis Focused 25 Fund is an open ended equity scheme investing in maximum 25 stocks investing in large cap, mid cap and small cap companies. The scheme invest...

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Know more about Axis Focused 25 Fund

Watch the video to know about Axis Focused 25 Fund. Plan your long term goals with Axis Focused 25 Fund - An open ended equity scheme investing in maximum 25...

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Fitch Ratings downgrades Long-Term IDR for Shriram Transport Finance Company, Muthoot Finance

Fitch Ratings has downgraded the Long-Term Issuer Default Ratings (IDRs) of Shriram Transport Finance Company Limited (STFC) and Muthoot Finance Limit

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Fearing rush at branches for withdrawals, unions seek safety measures from FinMin, bank managements

Fearing a rush at bank branches to withdraw salary and pension and subsidies deposited in Jan Dhan accounts in the week beginning March 30, banking se

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Uday Kotak, Kotak Mahindra Bank donate Rs 60 crore in fight against Covid-19

Various entities from the corporate sector have been making announcements on monetary donations or other material help to help fight the virus threat in India.

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Make the right choice with Axis Focused 25 Fund

The more options we have, more confused we get! The same goes for stocks also, with so many stocks around, investors also get confused. Then how to make the ...

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Union Bank expects Rs 2,500 cr benefits due to amalgamation: CEO Rajkiran Rai G

Union Bank said implementation of all the processes under amalgamation will happen without much disruption to customers and employees of Andhra Bank and Corporation Bank.

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Covid-19: SBI to reimburse detection test expenses to award staff

The amount being reimbursed is subject to a ceiling of ₹4,500 as prescribed by the Government of India.

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RBI moratorium: Borrowers await clarity from individual banks

The Reserve Bank of India on Friday permitted banks to allow a three-month moratorium on EMIs for all term loans due from March 1. While the announce

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Bank of India slashes External Benchmark Lending Rate by 75 basis points

The bank also reduced its MCLR by up to 25 bps across tenors

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SBI officers, staff brace for rush to claim Covid-19 doles

Social distancing could become casualty, fear unions

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Banks to offer more clarity to customers on three-month loan moratorium

The RBI announced that all commercial banks, co-operative banks, all-India Financial Institutions, and NBFCs are being permitted to allow the moratorium

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All PSU bank merger schemes to come into force on April 1: RBI

Similarly, all branches of Allahabad Bank will function as branches of Indian Bank from that day, while all branches of Andhra Bank and Corporation Bank will function as branches of Union Bank of India from April 1.

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After SC order, India's cryptocurrency space is whirring back into action

​​Even as Coronavirus spread, with sectors such as retail, travel, aviation, realty and others hunkering down to face prolonged economic pain, the small club of cryptocurrency players stood out. They are hiring and are witnessing customers, particularly millennials, flocking in to buy virtual money.

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Saturday, March 28, 2020

Which is a better mode to invest in Axis Focused 25 Fund?

Investors can invest in Axis Focused 25 Fund via two modes - namely SIP & Lump sum. SIP: Investors can give their investment a systematic approach by opting ...

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After SC order, India's cryptocurrency space is whirring back into action

After years of stagnation, the cryptocurrency space in India is whirring back into action, with the Supreme Court lifting a regulatory ban

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Public sector banks merger to come into effect from April 1: RBI

The Reserve Bank of India (RBI) on Saturday said the branches of six public sector banks (PSBs) will function as branches of the four larger PSBs the

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No disruption in customer services; all branches to remain open: Bankers assures FM

Finance Minister Nirmala Sitharaman on Saturday said she had extensive discussions with the heads of banks who assured of customers services without disruption and keeping all branches open.

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Advantages of investing in Axis Focused 25 Fund

There are multiple benefits of investing in Axis Focused 25 Fund: Mutual Fund Investments are subject to market risks, read all scheme related documents care...

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SBI raises $100 million via green bonds

The country's largest lender State Bank of India on Saturday said it has raised USD 100 million green bonds, the first such bond by any state-owned bank in this fiscal.

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Axis Focused 25 Fund - Portfolio Strategy

Axis Focused 25 Fund is an open ended equity scheme investing in maximum 25 stocks investing in large cap, mid cap and small cap companies. The scheme invest...

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Covid-19: Bank of Baroda to provide Rs 2,000 to every banking correspondents

Bank of Baroda on Saturday said it will provide Rs 2,000 each to business correspondents to maintain hygiene standards amid coronavirus outbreak.

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Fitch Ratings downgrades Long-Term IDR for Shriram Transport Finance Company, Muthoot Finance

Fitch Ratings has downgraded the Long-Term Issuer Default Ratings (IDRs) of Shriram Transport Finance Company Limited (STFC) and Muthoot Finance Limi

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Bank mitras: Finance Minister to talk to States for their restriction free movements

will also speak to all banks to facilitate flow of cash

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Merger process of Allahabad Bank, Indian Bank might face slight delay: Official

The merger process of Indian Bank and Allahabad Bank could face a slight delay in the wake of the 21-day nationwide lockdown, an official of the Kolkata-based lender said on Saturday.

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Covid19: IRDAI relaxes re-insurance norms

The Insurance Regulatory and Development Authority of India (IRDAI) has relaxed reinsurance norms for the insurers.As per the current regulations, th

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Will speak to banks to facilitate cash flow, ensure timely access: FM

"Appreciate the service Bank Mitra/Banking Correspondents are undertaking across the country. Will talk to states - request no restrictions in their movements. Will speak to all banks to facilitate cash flow. Let's ensure timely access to all," the Finance Minister said in a series of tweets.

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Visit the banks only in case of absolute necessity: Indian Banks’ Association tells customers

IBA says that most of the banking services are available online.

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Will speak to banks to facilitate cash flow: FM

Lauding efforts of bankers in this difficult time, finance minister Nirmala Sitharaman on Saturday said that she will speak to all banks to facilitate cash flow and enable timely access to all.

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SBI passes on entire benefit, cuts lending rate by 75 bps

State Bank of India (SBI) has passed on the entire cut in interest rates by the RBI to its borrowers by bringing down its external benchmark-linked lending rate as well as the repo-linked lending rate by 75 basis points (100bps = 1 percentage point) from April 1.

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With no pandemic cover, IPL and other events unlikely to get insurance payouts

Epidemics or pandemics are usually not underwritten by a majority of insurers in India.

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RBI cuts rate by 75 bps, steepest in over 10 years; you can defer EMIs by 3 months

The Reserve Bank of India on Friday cut interest rates by 75 basis points (bps)—the sharpest in over a decade. It also made available Rs 3.74 lakh crore of additional liquidity to banks and allowed almost all borrowers to defer loan repayments by three months.

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RBI allows lenders to provide 3-month moratorium on loans

Banks will now have discretion in deciding the limits on working capital, with RBI saying that no payment miss should be considered a default and reported to credit information companies.

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No new business, little profit: Banks face the squeeze

Experts see a sharp drop in transactional fee income, while disbursements are also expected to come to a standstill due to disruptions induced by Covid-19.

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Friday, March 27, 2020

Functioning of merged entity of PNB, OBC, UBI to be big challenge during lockdown: Official

The merger of UBI and OBC into PNB will lead to the creation of the country's second largest lender after State Bank of India, an official said. "Under the given conditions, the effective functioning of the merged entity will be a big challenge. The government has not given any direction so far in this regard," the UBI official told.

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Rumours of branch closure false; customer services points open: DFS Secretary

"Customer service bank branches are operational & will continue to provide services. Sufficient cash across branches & ATMs! Don't trust rumours of branch closures! Customers requested to stagger arrival at Branches etc," Financial Services Secretary Debasish Panda said in a tweet.

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RBI slashes repo rate and unleashes other tools to tackle COVID. What does it mean to banks and borrowers?

BL Research BureauAfter dragging its feet over the past two weeks, the RBI stepped up its efforts substantially on Friday, bringing in much-needed re

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Slashed interest rate needs quick transmission: FM

Finance minister Nirmala Sitharaman on Friday asked banks for "quick transmission" of slashed interest rate as the RBI cut the key lending rate sharply by 75 basis points (bps) to boost liquidity in financial system to deal with the COVID-19 pandemic.

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SIDBI loans for micro and small enterprises fighting Covid-19

Banks give emergency line of credit to help businesses

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HDFC Retirement Savings Fund

HDFC Retirement Savings Fund – The gateway to save tax now, and retire in style tomorrow When it comes to retirement planning, deferment/postponement is norm...

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HDFC Equity Fund – A Multi cap fund with history of 25 years

It is extremely difficult for an average investor to understand the valuations of large -, mid- and small-cap stocks and predict which market segment will ou...

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RBI Governor Shaktikanta Das urges people not resort to panic buying; says Indian banking system is safe

The comments, which came after a massive correction in banking stocks following the Yes Bank crisis and coronavirus outbreak, also urged depositors not to resort to panic withdrawals.

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RBI Governor Shaktikanta Das exhorts people to go digital amid coronavirus crisis

In a very unconventional and unprecedented move, the Reserve Bank in an early morning conference announced a huge Rs 3.74 lakh crore liquidity support to the banking sector, and decided to cut the key repo rate by a significant 75 basis points of 0.75 percentage points to 4.4 per cent.

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RBI Governor urges people not resort to panic buying; says Indian banking system is safe

The comments, which came after a massive correction in banking stocks following the Yes Bank crisis and coronavirus outbreak, also urged depositors not to resort to panic withdrawals.

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RBI governor urges people not resort to panic buying

Allaying depositors' concerns, Reserve Bank of India (RBI) governor Shaktikanta Das on Friday asserted that the Indian banking system is safe, and termed linking banks' share prices to safety of deposits as "fallacious" thinking.

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EMIs put on hold, big-bang rate cut by RBI

The Reserve Bank of India (RBI) cut repo to 4.4 per cent, the lowest in at least 15 years. Also, it reduced the cash reserve ratio maintained by the banks for the first time in over seven years. CRR for all banks was cut by 100 basis points to release Rs 1.37 lakh crore across banking system.

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RBI reduces repo rate by 75 bps to 4.4%: Key points

Reserve Bank of India (RBI) governor Shaktikanta Das on Friday announced a 75 basis points cut in its policy repo rate to deal with the impact of deadly coronavirus outbbreak on the economy.

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RBI measures will ease liquidity, help borrowers: Karnataka Bank MD

Karnataka Bank has said that the measures taken by Reserve Bank of India today will help ease liquidity pressure on the banking system, and help bo

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Amid lockdown, banks, ATM companies warn of rush for salary, government dole

Even as many branches are not able to operate because of a staff shortage, banks are warning of large crowds in branches as Pradhan Mantri Jan Dhan Yojana (PMJDY) account beneficiaries, unfamiliar with debit cards, approach branches for withdrawal.

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To fight Covid-19, SIDBI to provide loans to MSEs manufacturing medical supplies

MSEs engaged in manufacturing of hand sanitizers, masks, ventilators, goggles and other equipment can apply for loans under this scheme

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Banking system will be flush with liquidity as CRR cut to 3 per cent

The banking system will become flush with liquidity aggregating ₹3.74 lakh crore as the Reserve Bank of India (RBI) has, among others, decided to cut

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COVID19: Laurus Labs donates 2 lakh Hydroxychloroquine tablets, Rs 1 crore

Laurus Labs Ltd has donated two lakh tablets of Hydroxychloroquine (HCQ) Tablets as mitigation initiative in the wake of Coronavirus (Covid-19) and a

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RBI cuts repo rate by 75 basis points

Reverse repo rate slashed by 90 bps

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Sensex jumps over 1,000 points as banks, IT stocks surge; Nifty above 8,900

Equity indices on Friday started the day on a positive note with the benchmark BSE sensex rising over 1,000 points in opening session -- led by gains in banking, financial and IT stocks -- after the government announced Rs 1.7 lakh crore stimulus package for segments hit by coronavirus-led lockdowns.

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Andhra Bank opens Covid-19 emergency credit line

 Andhra Bank has opened an emergency credit line by launching a new short-term loan facility. The Covid-19 Emergency Credit Line (CECL) is being offer

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Covid-19 outbreak: Insurers facilitate telemedical check-ups for policy buyers

With the country under lockdown to slow the spread of Covid-19 outbreak, insurers such as HDFC Ergo, Religare, Max Bupa, Tata AIA along with intermediaries such as Policybazaar have ramped up these remote services that would involve vetting of customer applications and subsequent consultations by doctors over the telephone.

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Covid-19 scare: Depositors withdraw Rs 53,000 crore cash in 15 days

Cash withdrawals from banks hit a 16-month high when the public withdrew Rs 53,000 crore during the fortnight ended March 13, according to the data released by the Reserve Bank of India (RBI). Such huge cash withdrawals are seen only during festivals or elections.

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Thursday, March 26, 2020

More calibrated responses from govt expected as impact of Covid-19 unfolds: SBI Chief

New Delhi, Mar 26 () Terming the relief package as timely intervention, SBI Chairman Rajnish Kumar on Thursday said more calibrated responses in coming weeks expected as the impact of pandemic COVID-19 unfolds.

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47,400 MW coal fired power projects were cancelled in India in 2019: Report

Pre-construction capacity halved in just the past year in India from 60.2 GW in 2018 to 29.3 GW in 2019 with another 37 GW in under-construction stage, according to the report.

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SBI Chief Rajnish Kumar says more calibrated responses from govt expected as impact of COVID-19 unfolds:

The government on Thursday unveiled a Rs 1.70 lakh crore economic package involving free foodgrain and cooking gas to poor for the next three months, one-time doles to women and poor senior citizens, higher wages to workers and measures to boost liquidity of employees

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Mega bank consolidation on track; to take effect from April 1, says FM Sitharaman

The merger will result in creation of seven large PSBs with scale and national reach, with each amalgamated entity having business of over Rs 8 lakh crore and it would help create banks with scale comparable to global banks and capable of competing effectively in India and globally.

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GROW YOUR MONEY WITH LIC'S ALL NEW INVESTMENT PRODUCTS

Life Insurance Corporation of India, the government owned, largest Insurance Company in the country has floated numerous ULIP Plans over the past decade. The...

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Mega bank consolidation on track; to take effect from April 1: Sitharaman

The government on Thursday said the mega bank consolidation plan is very much on track and will take effect from April 1 despite the onslaught of coronavirus pandemic throwing the country out of gear. The Union Cabinet earlier this month approved amalgamation of 10 public sector banks into 4 global size lenders, beginning next financial year.

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COVID-19: Offline retailers urge FM, NBFCs to allow delays in EMI payments

The industry body represents 1.50 lakh mobile retailers who may be unable to pay their monthly instalments and interest towards credit cards, vehicle loan, home loan and business loans taken by them. A similar letter highlighting the concerns of the mobile retailers was also sent to non-banking finance companies (NBFCs).

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RBI gets muted response to 12-day variable rate term repo auction

Our BureauThe Reserve Bank of India (RBI), on Thursday, received bids aggregating only ₹11,772 crore against the notified amount of ₹50,000 crore at t

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Kotak Mahindra to reimburse employees, family members for COVID-19 test

The Kotak Mahindra group, which runs private sector lender Kotak Mahindra Bank, has nearly 60,000 employees. Earlier this week, the government had allowed select private sector entities to start testing for the dreaded virus, which has taken 13 lives in India and infected over 600 people. During the lockdown, the working hours for branches have been reduced to between 1000-1400 hrs.

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Union Bank of India sets up emergency funding line for corporates, MSMEs

The bank is offering a maximum 10 per cent of the existing working capital limit to accounts that are standard as on February 1, 2020, a statement said.

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Indian banks plan to shut down most branches during lockdown: Sources

Banks have been exempted from a 21-day lockdown that began this week.

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Banks plan to close most branches during lockdown: Sources

India’s central bank and major lenders are considering shutting down most branches across the country to prevent tens of thousands of employees from

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RBI doubles the variable rate repo auction amount to ₹50,000 cr

The Reserve Bank has doubled the amount of the 12-day variable rate term repo auction scheduled for today to ₹50,000 crore. This auction was originall

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Banks offer emergency salary, business loans

State-owned banks have taken the initiative with loan offerings aimed to minimise the current slowdown’s impact on individuals and small businesses. SBI was the first to launch a Covid Emergency Credit Line, which allowed borrowers to avail up to 10% of their existing fund-based limits (subject to a maximum of Rs 100 crore).

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Digital Lenders Association urges Govt to open credit tap for consumers, MSMEs

  The Digital Lenders Association of India (DLAI) has submitted a set of recommendations to the Central Government to facilitate and maintain continue

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PSU banks come to rescue before govt’s economic package; SBI, Indian Bank, others offer quick credit

The businesses suffering from a slump in demand and zero footfall in the market can now look up to many PSU banks to get emergency credit to carry on their endeavors.

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Canara Bank offers credit support to MSMEs, corporates, agri, business entities & retail borrowers to tide over Covid-19

Bengaluru, March 26 Public sector Canara Bank has launched a new loan scheme ― Canara Credit Support ― with immediate effect to support its customers

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Syndicate Bank not to offer passbook printing service to avoid possible contact with affected

Bengaluru, March 26 To ensure minimum human contact, public sector Syndicate Bank has limited its banking services like ATMs, branch banking and door-

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Banks working out credit lines to ease redemption pressure at MFs

Banks, especially from the public sector, are working out credit lines to support mutual funds (MFs), which are currently up against year-end redempti

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IMF, World Bank call for suspending debt payments by poorest nations

The International Monetary Fund and World Bank on Wednesday called for governments to put a hold on debt payments from the world’s poorest nations so

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Govt takes steps to keep banks running

In a letter dated March 24 to chief secretaries of states and union territories, it has requested to permit bank staff, RBI staff, NPCI staff and cash logistics companies to travel during the lockdown.

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Govt has to play a big role to ensure firms don’t go bankrupt: Apollo Tyres MD

India has much to gain if govt can develop country as a global automobile hub, says Apollo Tyres MD. Kanwar said the business environment is “very difficult” currently. In Europe, which accounts for a third of the revenues at Apollo Tyres, several vehicle and component manufacturers — Volkswagen, Renault, FCA, Magneti Marelli — have suspended operations.

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Gross non-performing assets of banks may rise up to 9.6-9.9%: CARE

The rating agency has done analysis of 38 banks, which showed the GNPAs of banks were 9.3% till the December quarter.

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Cabinet decisions: Regional rural banks to get Rs 1,340-cr capital in FY21

CCEA has cleared a proposal that involves a total of Rs 1,340-crore capital infusion into regional rural banks (RRBs) in FY21 to bolster their ability to lend.

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Indian Bank rolls out 5 special emergency loans to Covid 19-hit customers

As a relief to the Covid 19-affected customers, the bank will provide additional funding of up to 10% of the working capital limits (both fund-based and non-fund-based limits) with a maximum limit of Rs 100 crore.

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Wednesday, March 25, 2020

Opt for digital payments: NPCI

The National Payments Corporation of India (NPCI) has urged users as well as providers of essential services to opt for digital payments and reduce so

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Defer mega bank merger amidst COVID-19 pandemic: Officers’ union requests PM Modi

Banking services across the country are impacted due to the effect of COVID-19 as a near shut down is being observed across the country.

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IndiaFirst Insurance announces its Business Continuity Plan to ensure smooth operations during Covid-19 lockdown

The Bank of Baroda and Andhra Bank owned life insurers also said that the all policies issued by the company stands valid even on event of death due to Covid-19 virus. The company has also made all servicing and distribution channels digital as well, it said in a press release.

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Covid-19: Canara Bank waives charges on withdrawal from other ATMs

The lender will not charge any penalty from its customers for non-maintenance of minimum balance in savings bank accounts. It has also waived off service charges for all digital transactions under TReDS.

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Department of Financial Services ensures unhindered banking services

The Department of Financial Services has told the Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI) to ensure that all electronic and digital payment modes and channels function unhindered. It has directed Indian Banks' Association (IBA) to coordinate with banks to ensure cash availability in ATMs.

from Banking/Finance-Industry-Economic Times https://ift.tt/2UhePS1
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SBI sees drop in banking transactions during lockdown but most ATMs running: Official

Online transactions are going on but overall there is a decline in banking activities, P K Gupta, Head of Retail, Payments & Digital Banking, State Bank of India (SBI) said.

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Goverment approves Rs 670 crore recapitalisation plan of RRBs to improve capital base

As per the law, the Central Government holds 50 per cent stake in regional rural banks

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Banks may see increase in credit provisions as asset quality stress is likely to go up, says ICRA

Asset quality issues are likely to resurface for banks amid credit squeeze in a slowing economy, according to ICRA’s report on the impact of Covid-19

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YES Bank board to meet todayto discuss capital-raising plans

Our BureauThe reconstituted board of private sector lender YES Bank is set to meet on Thursday to finalise its capital-raising plans.Sources privy to

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SBI sees drop in banking transcations during lockdown but most ATMs running: Official

Online transactions are going on but overall there is a decline in banking activities, P K Gupta, Head of Retail, Payments & Digital Banking, State Bank of India (SBI) said.

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COVID-19: Indian Bank announces additional funding facility

Amidst the coronavirus outbreak, state-run Indian Bank on Wednesday announced an additional funding facility for large corporates, MSME, retail customers, pensioners and self-help groups (SHGs).

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COVID-19: Indian Bank announces additional funding facility

Last week, the country's largest lender State Bank of India also announced an emergency credit line to meet any liquidity mismatch for its borrowers.

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CCEA approves recapitalisation of RRBs

Information and Broadcasting Minister Prakash Javdekar said that the recapitalization of RRBs will improve their Capital to Risk Weighted Assets Ratio.

from Banking/Finance-Industry-Economic Times https://ift.tt/3bq7p4I
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