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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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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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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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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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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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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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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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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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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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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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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.
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“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.”
11:43 AM
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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.
11:13 AM
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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.
11:09 AM
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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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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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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.
9:09 AM
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“…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.
7:09 AM
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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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NPCI is pushing top banks to make cash deposit too an interoperable feature at their ATMs and branches.
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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.
11:22 PM
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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".
9:22 PM
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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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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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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.
4:52 PM
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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.
12:52 PM
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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.
12:36 PM
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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.
12:06 PM
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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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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 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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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.
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Digital payments have grown by leaps and bounds since PM Modi embarked on a drive for financial inclusion.
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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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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.
8:22 AM
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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.
7:22 AM
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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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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.
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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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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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"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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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.
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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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Karur Vysya Bank Ltd on Monday said its Managing Director & CEO P R Seshadri has submitted his resignation citing personal reasons.
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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.
10:56 PM
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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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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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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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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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