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Saturday, January 11, 2020

Financial services sector: Tackling demand and credit crises

With banks risk-averse and NBFCs facing liquidity crunch, the sector is looking to regain confidence to start lending again and spur consumption. One of the key issues the country’s financial sector faces today is how to transfer the excess liquidity sitting with risk-averse banks, especially public sector banks, as credit to fund consumption growth.

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Will RBI come to Centre's rescue again?

The government is planning to push the Reserve Bank of India (RBI) for another interim dividend, as it struggles to meet its expenditure commitments amid a steep revenue shortfall, as per a report by news agency Reuters.

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PFC ceases to be among five largest creditors of IL&FS

IL&FS will seek directions from the NCLAT for removal of Power Finance Corporation (PFC) as one of the top five creditors, due to the transfer of wind power assets.

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Former Flipkart CEO Sachin Bansal acquires DHFL General Insurance

Former co-founder and CEO of e-commerce giant Flipkart recently acquired DHFL General Insurance from the Kapil Wadhawan-led Wadhawan Group of companie

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Digital divide among major hurdles in using financial services in India, says RBI

Certain regions in the country that have poor connectivity are left behind in ensuring access to financial services.

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Andhra Bank to sell Sovereign Gold Bonds during January 13-17

Andhra Bank will open Sovereign Gold Bond Scheme 2019-20 – Series-VIII as notified by Government of India for public subscription at all its branches

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Digital divide among major hurdles in using financial services in India, says RBI

Certain regions in the country that have poor connectivity are left behind in ensuring access to financial services.

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Union Bank of India cuts MCLR by 10 bps across all tenors

Union Bank of India has cut its marginal cost of funds-based lending rate (MCLR) by 10 basis points (bps) across all tenors with effect from January

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ED attaches properties worth Rs 78 cr of Kochhar

The ED on Friday attached properties worth over Rs 78 crore of former ICICI Bank CEO Chanda Kochhar and her husband Deepak Kochhar, accusing the banker of money laundering in a case pertaining to "illegal sanctioning of loans" of Rs 1,875 crore to Videocon Group of companies. Investigations also revealed that Chanda Kochhar and her family acquired an apartment in Mumbai owned by a Videocon Group company.

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IFC eyes 4.5% in Navi Tech for $30 mn

Navi Technologies is in the process of acquiring 100% stake in microfinance company Chaitanya Rural Intermediation Development Services Private Limited, which has a fully owned subsidiary, Chaitanya India Fin Credit Private Limited, which has made an application to the central bank for a universal banking licence.

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IL&FS board proposes distribution framework for group resolution

It has proposed to release 55 companies from the moratorium. Some of these companies are under the corporate insolvency process or facing liquidation, and a few entities have limited business operations, the board told the National Company Law Appellate Tribunal (NCLAT).

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Friday, January 10, 2020

Yes Bank independent director Uttam Agarwal resigns

Agarwal, a chartered accountant by profession, in his letter to SEBI Chairman said the bank CEO and MD in a meeting on October 31, 2019 had informed orally that the bank had received a commitment of USD 1.2 billion investment from a global investor.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2R4xnSY
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YES Bank says ‘no’ to Braich offer; to raise ₹10,000 crore via equity, debt

Our BureauPrivate sector lender YES Bank has outlined a modified capital-raising plan, where it intends to raise up to ₹10,000 crore through a mixtur

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How to select a Retirement Savings Plan that suits your requirements

Before choosing any investment, you should keep your financial goal in mind and then decide where to invest your money. Investors who are grappling with the ...

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RBI guidelines to provide universal access to financial services

Our BureauThe Reserve Bank of India’s National Strategy for Financial Inclusion (NSFI) 2019-2024 has recommended increasing the outreach of banking ou

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Yes Bank independent director Uttam Agarwal resigns

Agarwal, a chartered accountant by profession, in his letter to SEBI Chairman said the bank CEO and MD in a meeting on October 31, 2019 had informed orally that the bank had received a commitment of USD 1.2 billion investment from a global investor.

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Government raises authorised capital of Indian Overseas Bank to Rs 25,000 crore

The Centre after consultation with the Reserve Bank of India has increased the authorised capital of the bank from Rs 15,000 crore to Rs Rs 25,000 crore, it said in a regulatory filing.

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Government to seek RBI dividend boost as revenue

The government plans to push the central bank for a fiscal lifeline in the form of another interim dividend, as it struggles to meet its expenditure commitments amid a steep revenue shortfall, three sources directly aware of the matter said.

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RBI extends recurring payments feature to UPI

The new functionality will allow UPI users to bypass additional factor authentication (AFA) every time a payment is made to a regular merchant by giving a onetime instruction to the UPI service provider. This facility was earlier available for card and wallet based payments

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NCLAT reserves order over NCLT's jurisdiction to implead auditors in IFIN case

The two-member bench led by Chairman Justice S J Mukhopadhaya also sought a written submission from the Ministry of Corporate Affairs by Tuesday, to determine whether the NCLT has jurisdiction to initiate civil proceedings against any party.

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Yes Bank looks to raise Rs 10,000 crore, not to consider Braich’s proposal

Yes Bank has said it will be raising up to Rs 10,000 crore in funds through a qualified institutional placement (QIP), GDR, ADR or FCCBs. It has decid

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ED attaches Rs 78 cr worth assets of Chanda Kochhar

The Enforcement Directorate on Friday attached assets worth Rs 78 crore of former ICICI Bank managing director and chief executive officer (CEO) Chanda Kochhar and others, in connection with an alleged bank loan fraud and money laundering case. A provisional order under the PMLA has been issued for attachment of the properties including her Mumbai-based house.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2t8aRk7
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Fintech company PayU to acquire credit platform PaySense for $185 mn

Payment and fintech company, PayU, is to acquire a controlling stake in digital credit platform PaySense and all its assets in a deal valued at $185 m

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Centre raises IOB’s authorised capital to Rs 25,000 cr

Indian Overseas Bank (IOB) on Friday said the government has increased its authorised capital by Rs 10,000 crore to Rs 25,000 crore. The Centre afte

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Yes Bank Independent Director Uttam Agarwal raises concerns over corporate governance

In further trouble for Yes Bank, its Independent Director and Audit Committee Chairman Uttam Prakash Agarwal resigned on Friday on concerns over corpo

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Bombay High Court will hear Kotak Bank’s plea against RBI on March 6

“Due to paucity of time the matter is adjourned to March 6,” said the division bench in its order, further adding, “In case any ad-interim/interim relief is operating till today, the said order will continue to operate till the next date. If ad-interim/interim relief is not granted for a limited period, the said order will remain unaffected.”

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Coffee Day defaults on interest payments

Coffee Day Enterprises (CDEL) has defaulted on payments of interest on loans from banks, financial institutions and unlisted debt securities in the December quarter, signalling a continuing liquidity squeeze.

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In a first, RBI allows KYC process on mobile video

In a move that will enable banks and fintechs onboard customers remotely, RBI has amended its norms to allow the ‘know your customer’ (KYC) process to be completed through a mobile video conversation. The central bank has also facilitated eKYC and digital KYC by allowing use of Aadhaar or other e-documents in the customer due diligence process.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2Nd6N9b
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It’s one step forward, one back for troubled Indian shadow banks

Shadow lender woes have made it harder for policy makers to prop up the economy, which grew at its weakest pace since 2009. The slowdown hurts borrowers’ ability to repay debt, and has prompted the central bank to predict that an improvement in banks’ bad-loan ratios will reverse. In a sign that creditors remain jittery, borrowing costs rose.

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All debit cards may get MDR waiver

The Central Board of Direct Taxes has also notified a fine of Rs 5,000 per day for businesses with a turnover of over Rs 50 crore if they fail to offer digital means of payments.

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KYC norms changed! RBI allows banks to complete Aadhaar-based authentication on video

The RBI said that the video KYC will be consent-based. In other words, banks will have to take the consent of customers for video-based KYC.

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Maruti down payment may dip to 10%

Maruti is teaming up with banks to lower the cash outgo that you pay for buying a new car. With vehicles getting expensive over the past few years and banks insisting on higher financing from customers, the company has worked out a special scheme wherein a customer stands eligible for higher financing for the on-road price, which directly results in less down payment from a customer's pocket.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2Ta4ffv
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Relief for finance firms as RBI allows video KYC

“…with a view to leverage the digital channels for Customer Identification Process (CIP) by Regulated Entities (REs), the RBI has decided to permit Video-based Customer Identification Process (VCIP) as a consent-based alternate method of establishing the customer’s identity, for customer onboarding,” read the RBI notification.

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Cover story: Sachin Bansal buys DHFL Gen Insurance

Flipkart cofounder Sachin Bansal has acquired DHFL General Insurance from Wadhawan Global Capital (WGC) for around Rs. 100 crore, people in the know of the deal said.

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Oriental Bank cuts MCLR for various tenors by up to 0.15 pc from Friday

The bank has decided to reduce the MCLR for different tenors with effect from January 10, 2020, it said in a regulatory filing.

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HDFC Bank launches service for religious bodies, societies and clubs

The institutions will get a customised mobile application powered by the lender through which users will be able to pay donations, settle utility bills and make other payments.

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You can soon deposit cash at any ATM

NPCI is pushing top banks to make cash deposit too an interoperable feature at their ATMs and branches.

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Thursday, January 9, 2020

India Post Payments Bank CEO Suresh Sethi on his way out?

It is quite clear from this advertisement that Sethi is stepping away from the MD & CEO position, but it's not clear whether he is quitting the payments bank. Sethi, former managing director of Vodafone M-Pesa Ltd, was appointed MD & CEO of India Post Payments Bank in August 2017.

from Banking/Finance-Industry-Economic Times https://ift.tt/306FXEP
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Do away with GST on services by microfinance companies: Industry's Budget wish-list

Highlighting the key demands, Sa-Dhan Executive Director P Satish said, "MFIs (microfinance institutions) offer different services to the microfinance clients and we request the Government of India that Goods and Services Tax (GST) should be done away (on the services) with since it is a service to the low income segment of the population".

from Banking/Finance-Industry-Economic Times https://ift.tt/2R0kA3J
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Oriental Bank cuts MCLR for various tenors by up to 0.15 per cent from Friday

The bank has decided to reduce the MCLR for different tenors with effect from January 10, 2020, it said in a regulatory filing. It has cut the benchmark one-year MCLR -- against which most of the consumer loans are priced -- by 0.15 percentage points to 8.15 percent.

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HDFC completes the acquisition of 51.2% stake in Apollo Munich Health

Housing Development Finance Corporation (HDFC) has acquired a 51.16 per per cent stake in Apollo Munich Health Insurance Company, which has been renam

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KYC: RBI permits video-based customer identification process

With a view to leveraging digital channels for Customer Identification Process (CIP) by Regulated Entities (REs), the Reserve Bank of India has decid

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SBI home loan refund scheme: Is it actually any good for homebuyers, real estate sector?

SBI’s latest home loan scheme offering insurance to homebuyers against delivery delay will not only provide more comfort to customers but may also be a shot in the arm for at least a section of the struggling real estate sector.

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Religare Finvest to open up on how much of its debt is unsustainable after RBI’s sanction

Any debt restructuring at Religare Finvest, which is being acquired by TCG Advisory Services Ltd., will be the first among Indian shadow lenders since the credit market squeeze started in 2018.

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Amex appoints Megha Chopra as GM and VP, Global Commercial Services

American Express Banking Corporation (AEBC) India has announced the appointment of Megha Chopra as General Manager and Vice-President, Global Commerci

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Rupee surges 48 paise against US dollar

The Indian rupee on Thursday appreciated by 48 paise to close at 71.21 against the US dollar as investors cheered easing tensions between the US and Iran. At the foreign bank exchange, the domestic unit opened strong at 71.44 per dollar as against the previous day's close of 71.70. During the day, it traded in the range of 71.52 and 71.17 to the US currency.

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HDFC Bank launches service for religious bodies, societies and clubs

The institutions will get a customised mobile application powered by the lender through which users will be able to pay donations, settle utility bills and make other payments.

from Banking/Finance-Industry-Economic Times https://ift.tt/2upLZo7
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American Express appoints Megha Chopra as GM & VP, Global Commercial Services India

She joins American Express from Citibank, where she led the transaction business for the northern region. Prior to this, Chopra was with Standard Chartered Bank, where she was responsible for origination, structuring and syndication for large value, complex and structured financing solutions for large corporates in North and East.

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Zero MDR good, but govt reimbursements will help payment cos: Vijay Shekhar Sharma

Vijay Shekar Sharma revolutionised digital payments in India with Paytm. It has invested thousands of crores to keep its dominance in the digital space. But it’s not profitable yet. In an interview with Saloni Shukla and Ashwin Manikandan, Sharma speaks about how he expects the industry to evolve.

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SBI to refund home loan if builder delays project

State Bank of India (SBI) has launched a loan product that will protect home buyers financially against non-completion of projects that it has funded. The bank has introduced Residential Builder Finance with Buyer Guarantee (RBBG), which guarantees completion of projects funded by the bank to customers availing SBI Home Loans.

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Intel agencies, RBI to check money laundering

To track big time money laundering still continuing in the country through banking channels, a multi-agency group has suggested integration of Core Banking Systems of all banks to monitor movement of funds within multiple shell companies having accounts in different banks to establish the end beneficiaries.

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Brickworks upgrades ratings on Central Bank of India's debt instruments

The outlook on these rating has been revised from negative to stable.

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'Growth projected to 'decelerate' to 5% in FY 20'

The World Bank has projected a 5% growth rate for India in the 2019-2020 fiscal, but said it was likely to recover to 5.8% in the following financial year. The World Bank said tighter credit conditions in non-banking sector are contributing to a substantial weakening of the domestic demand in India.

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Paytm drops business fees on UPI, RuPay, e-wallet

Paytm has decided to make the best of the new regulations barring banks from charging merchant fees on payment services offered by National Payments Corporation of India (NPCI).

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Wednesday, January 8, 2020

Bharat Bandh: Many ATMs go dry due to strike; Banking services impacted

Several ATMs went dry by the evening as people rushed for cash withdrawal as they had prior information about the strike.

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SBI Chairman Rajnish Kumar says banks will see good Q3, Q4 on resolution of large NPAs

The time taken for resolution of bad loans is also likely to reduce going ahead with stronger resolution mechanism, he said.

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SBI announces 'residential builder finance with buyer guarantee' scheme

Country's largest public sector lender State Bank of India on Wednesday announced a 'residential builder finance with buyer guarantee' (RBBG) scheme aimed at giving a push to residential sales and improve homebuyers' confidence. Under this scheme, the SBI will issue a guarantee for completion of select residential projects to customers which have availed home loans from it.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2tFY7ky
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Plans to invest ₹250 cr in fund to revive the real estate sector

Our BureauHDFC has announced an investment of ₹250 crore in the government-led special fund to revive stalled real estate projects. “We are participat

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Whistleblower policy being used by someto raise personal grievances: HDFC CEO

Keki Mistry says malicious whistleblowing can impact stock prices, shareholder perception

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Will Bandhan Bank’s aggressive lending tothe marginalised sections of society end?

Pratim Ranjan BoseIf the Assam government has its way, Bandhan Bank’s resistance to join microfinance institutions (MFI) and non-banking financial ins

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MDR fee waiver: Jan Dhan's mascot gets a jolt

Digital payments have grown by leaps and bounds since PM Modi embarked on a drive for financial inclusion.

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Bank strike hits customers: Cash deposit, withdrawal among other services severely affected

An estimated number of 25 crore people have taken part in this strike putting India's financial system on hold.

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Bank of Baroda to raise up to ₹2,000 crore via Basel III Compliant Tier II Bonds

The designated committee of Bank of Baroda's board (the Capital Raising Committee) on Wednesday approved issuance of Basel III Compliant Tier II Bond

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Govt may link GST refund to remittance for exporters

The government is looking at linking the refund of goods and services tax (GST) to "risky and new" exporters with remittance of foreign exchange apart from accessing bank transaction details as part of an exercise to plug revenue leakage. The issues were discussed at a meeting of top tax officers with revenue secretary AB Pandey on Tuesday.

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10 central trade unions go on nationwide strike

Members of 10 central trade unions have gone a one-day nationwide strike on Wednesday against government policies, a trade body representative said.Me

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Muthoot Fincorp to raise Rs 480 cr through NCDs

Muthoot Fincorp Ltd, the flagship company of Muthoot Pappachan Group, will tap the public markets on Thursday through a issue of Non Convertible Deben

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Splitting CMD roles: SBI cites Act, seeks clarity from Sebi

Sebi has asked all listed companies to appoint separate individuals to the posts of chairman and managing director by April 1, 2020. Also, the chairman, who will have a non-executive role, should not in any way be related to the managing director or the CEO. This rule, however, does not apply to companies with no identifiable promoter.

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15,000 staff quit in a few months as Axis Bank revamps functions

There were some exits at the senior level as well, but most of the resignations were at the branches which are the vital touch points with customers. So, this could hamper its ability to continue growing without hiccups, although the bank says it is also stepping up its pace of hiring.

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RBI rejects request to extend Jan 7 deadline for resolution plans of stressed assets

With creditors unable to agree on buyers or the restructuring mechanism, it is taking several weeks to arrive at any consensus in many cases. The last date of signing ICA was January 7 for loans exceeding Rs 2,000 crore. Banks had asked the regulator to extend the deadline by three months so that cases close to resolution were not referred to the NCLT.

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Tuesday, January 7, 2020

Zero MDR: FinMin says no to banks’ compensation plea

Banks had demanded ₹2,000 crore a year to run RuPay/UPI infrastructure without the Merchant Discount Rate

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Banking services may be hit due to trade unions’ strike on January 8

Various bank employee associations, including AIBEA, All India Bank Officers' Association (AIBOA), BEFI, INBEF, INBOC and Bank Karmachari Sena Mahasangh (BKSM), have expressed their willingness to participate in the strike.

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Bank strike amid Bharat Bandh: ATMs, banks services to be hit on 8 January

The SBI has assured that its employees will have limited participation in the strike, hence the impact on its services will be limited, it said in a statement.

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Liquidation: IBBI shuts backdoor entry for ‘ineligible’ promoters

Insolvency regulator IBBI has now stipulated that a secured creditor cannot sell the assets of a company undergoing liquidation process to any person

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Now, New India Co-op Bank to convert into SFB

Close on the heels of the Uttar Pradesh-based Shivalik Mercantile Co-operative Bank taking the lead among urban co-operative banks to convert into a S

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Priority sector lending norms for banks under review, says RBI chief

Higher share of retail prices for farmers will help sustain demand: Shaktikanta Das

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Fusion raises ₹500 crore

Our BureauFusion Microfinance has raised equity capital of ₹500 crore from a new round of funding, led by a Warburg Pincus-affiliate and Creation Inve

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Manappuram Finance raises $300 million in three-year bonds

Manappuram Finance Ltd, a gold loan-focused NBFC, has raised $300 million by way of senior secured fixed rate notes issuance for a three-year tenor.

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Equitas Small Finance Bank waives off non-maintenance charges on savings accounts

To increase its savings deposits the bank is offering interest rate of 7.5% per annum on savings account and upto 8.25% p.a. on fixed deposit. It also offers 60 basis points more for senior citizens.

from Banking/Finance-Industry-Economic Times https://ift.tt/2ZZnKJg
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5 things mutual fund investors should avoid

Investing in Mutual Funds requires a lot of patience and perseverance. It all begins with defining your financial goals, time horizon of investment and risk ...

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Fusion Microfinance raises Rs 500 cr from Warburg Pincus, Creation Investments

Microlender Fusion Microfinance on Tuesday said it has raised Rs 500 crore from global private equity major Warburg Pincus and impact investor Creati

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Shivalik first co-operative to get small bank licence

The Saharanpur-headquartered Shivalik MCB is a multi-state co-operative lender with presence in Uttar Pradesh, Delhi, Madhya Pradesh and Uttarakhand. The bank had deposits of Rs 1,051 crore and advances of Rs 715 crore as of end-March 2019.

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Bank of Maharashtra cuts lending rates by up to 45 bps across tenors

Bank of Maharashtra (BoM) has reduced its marginal cost of funds based lending rates (MCLR) across various tenors by up to 45 basis points with effect

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Canara-Syndicate Bank amalgamation seen generating ₹10,800-cr profit in 5 years

Common share-swap ratio to be fixed soon

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Syndicate Bank surpasses Rs 5 lakh crore business mark

The bank achieved this milestone on the back of every business unit contributing in its full capacity which included retail, MSME and priority sector, the lender said in a statement.

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Monday, January 6, 2020

RBI revises supervisory norms for urban cooperative banks

"Keeping in view the experience gained, it has been decided to further rationalise the Supervisory Action Framework to make it more effective in bringing about the desired improvement in the UCBs as also expeditious resolution of UCBs experiencing financial stress," said a RBI notifications.

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Syndicate Bank surpasses Rs 5 lakh crore business mark

With this achievement, the bank has proved itself as one of the most trusted and technology savvy public sector bank with a well segmented and granular growth across corporate, MSME and retail businesses that have resulted in astounding business figures, it said.

from Banking/Finance-Industry-Economic Times https://ift.tt/2ZVZIPb
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With RBI giving nod, Shivalik Mercantile can now convert into Small Finance Bank

This is the first such approval under the RBI’s guidelines

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Integration of IT platform is biggest challenge for United Bank, says CEO

United Bank of India expects greater clarity on standardisation and harmonisation of systems, procedures, products and technology integration to emerg

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RBI issues its first licence to an UCB to convert into Small Finance Bank

The “in-principle” approval granted will be valid for 18 months to enable the applicant to comply with the requirements under the scheme, the Reserve Bank said in a release.

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RBI tightens supervisory action for Urban Co-operative Banks

Seeks expeditious resolution of UCBs experiencing financial stress

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SBM Bank aims to add up to six branches in FY21

SBM Bank (India), a step-down subsidiary of SBM Holdings (erstwhile State Bank of Mauritius), will add two branches in the current quarter, taking the

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Bank of Maharashtra cuts MCLR by up to 45 basis points

Overnight rate has been reduced to 7.60 per cent from 8.05 per cent

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Tata Capital plans to raise up to ₹2,000 crore via NCDs

Our BureauTata Capital Housing Finance Ltd (TCHFL) plans to raise up to ₹2,000 crore via maiden Non-Convertible Debenture (NCD) ‘Tranche 1’ issue, whi

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ESAF Small Finance Bank files Rs 976-cr IPO papers with SEBI

ESAF Small Finance Bank on Monday filed draft papers with the markets regulator, SEBI, to float a Rs 976-crore initial public offering.The IPO compri

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CDSL becomes first depository to launch IFSC branch at Gift City

The Central Depository Services Limited (CDSL) on Monday inaugurated its first IFSC Branch at the GIFT-International Financial Services Centre (IFSC

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State Bank of Mauritius signs MoU with PayNearby to build ‘open banking’ network

The partnership would enable the bank to offer complete suite of digital and assisted banking solutions through PayNearby's exhaustive network of micro-enterprise and retail touchpoints, SBM Bank said in a statement.

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Vijay Mallya cannot use pendency of plea to stall insolvency proceedings against him: SC

Mallya had approached the apex court on June 27 seeking a stay on the confiscation of properties owned by him and his relatives.

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Karur Vysya Bank CEO, MD P R Seshadri resigns

Seshadri, submitted his resignation vide letter dated January 4, 2020 citing personal reasons.

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Syndicate Bank business crosses ₹5-lakh crore target for FY20: CEO

Bengaluru-based Syndicate Bank began the new year by crossing a milestone of ₹5-lakh crore business (as on December 31, 2019) that the public sector

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UCO bank’s Coimbatore zone accounted for ₹3,000 crore business: Zonal Head

The Coimbatore zone celebrated the bank’s 77th founders day

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Karur Vysya Bank CEO resigns

Karur Vysya Bank on Monday said its Managing Director & CEO PR Seshadri has submitted his resignation citing personal reasons.“Board of Director

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Karur Vysya Bank CEO, MD resigns

Karur Vysya Bank Ltd on Monday said its Managing Director & CEO P R Seshadri has submitted his resignation citing personal reasons.

from Banking/Finance-Industry-Economic Times https://ift.tt/2umGZ3K
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Reliance Home Finance could land at NCLT

NCD holders, represented by IDBI Trusteeship, plan legal action after RHFL defaults on bond repayments. A Reliance Capital spokesperson said that RHFL has sufficient assets to honour repayment claims from its bond buyers. RHFL had raised Rs 3,500 crore via public issuance of NCDs from about 20,000 investors.

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Sunday, January 5, 2020

UCO Bank plans to disburse Rs 4000 crore in next 45 days

The bank has set a target of Rs 2,700 crore retail loan disbursement under the overall plan and is focusing on home loans, car loans and gold loans to achieve this. The balance Rs 1,300 crore will be lent to micro, small and medium enterprises (MSMEs).

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On the slow lane: NHB grants approval to just 7 housing finance firms in FY19

High cost of borrowings, slowdown in disbursements lead to fewer registrations

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UCO Bank aims to come out of PCA by March: AK Goel

UCO Bank hopes to come out of the Reserve Bank of India’s Prompt Corrective Action (PCA) framework by March. According to AK Goel, Managing Director

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Claims worth Rs 4,800 cr admitted from fixed deposit holders of debt-laden DHFL

Nearly 55,000 public depositor holders, including retail and UP Power Corporation Employees, have demanded payments aggregating to Rs 5,200 crore from the troubled mortgage players as of December 17. "The claims from fixed depositors that have been admitted, so far, are Rs 4,800 crore," a source said.

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Claims worth Rs 4,800 cr admitted from fixed deposit holders of debt-laden DHFL

The Reserve Bank-appointed administrator of beleaguered Dewan Housing Finance Limited (DHFL) has admitted close to Rs 4,800 crore of claims submitted

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Govt unlikely to announce capital infusion for PSU banks in Budget

The government is unlikely to announce capital infusion for the public sector banks (PSBs) in the upcoming Budget and will rather encourage them to expedite recovery of bad loans and raise funds from the market. Besides, sources said, banks may also look for divesting or selling their non-core business as part of fund raising exercise during 2020-21.

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Govt unlikely to announce capital infusion for public sector banks in Budget

The government is unlikely to announce capital infusion for the public sector banks (PSBs) in the upcoming Budget and will rather encourage them to e

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India Inc's overseas borrowing up 6.5% to USD 2.12 bn in Nov 2019

Overall borrowings by India Inc from overseas markets grew 6.5 per cent to USD 2.12 billion in November 2019, the Reserve Bank data showed.

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All is not lost! UCO Bank recovers Rs 800-Rs 900 crore from four stressed accounts

At the end of the second quarter, the Kolkata-based bank's gross NPAs, in absolute terms, stood at Rs 25,665.14 crore, registering over 12% quarter-on-quarter fall.

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All is not lost! UCO Bank recovers Rs 800-Rs 900 crore from four stressed accounts

At the end of the second quarter, the Kolkata-based bank's gross NPAs, in absolute terms, stood at Rs 25,665.14 crore, registering over 12% quarter-on-quarter fall.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/36zUjQF
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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.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2MSuT92
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