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Saturday, January 18, 2020

Avendus Capital: An unlikely success story of homegrown investment bank

For Avendus, the IL&FS default and the ensuing chaos in the country’s financial services sector came at a bad time. Having spent 17 years growing into one of India’s preferred investment bankers, it had decided to become a more broadbased financial services firm in 2017, taking $300 million from KKR, the bulgebracket US-based private equity firm.

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HDFC Bank Q3 net profit rises 33% on-year to Rs 7,416.5 crore, beats street estimates; key figures

HDFC Bank on Saturday reported Q3FY20 net profit at Rs 7,416.5 crore, beating street estimates.

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HDFC Bank Q3 net profit surges 33 per cent

Net NPAs were at 0.48 per cent of net advances as on December 31, 2019

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HDFC Bank Q3 net profit up 33% on loan growth

HDFC Bank Ltd, India's largest private lender, on Saturday posted a nearly 33% jump in standalone net profit for the quarter to December helped by growth in its loans portfolio.

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RBI should act as lender of last resort, provide liquidity to NBFCs: SBI

In its report on Budget expectations, the economists said RBI should "seriously think" of providing liquidity to non-banking financial companies (NBFCs) against the assets held by the lenders.

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Friday, January 17, 2020

L&T Fin Q3 net profit up at ₹591 crore

L&T Finance Holdings reported a near two per cent increase in consolidated net profit in the third quarter of the fiscal. Its net profit rose to

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Mallya lets French mansion rot, lender charges

Mallya bought ‘Le Grand Jardin’ through his company Gizmo Invest SA in 2008 using a 27-million euro ($30 million) loan facility from Ansbacher & Co, a unit of Qatar National Bank SAQ. Gizmo has since defaulted on the loan, the bank told a London high court on Wednesday.

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Co-operative banks’ body plans protest today to dissuade Mumbai UCB from converting into SFB

Seeks to create awareness on preserving the co-operative character of New India Co-operative Bank

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India's gold loan market to touch Rs 4,617 billion by 2022

"Moving forward, these companies are expected to focus on optimising their asset utilisation and leveraging their existing branch infrastructure to maximize the branch-level AUM and customer outreach," KPMG India said in the report 'Return of gold financiers in India's organised lending market'.

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Insurance brokers must expand business into smaller cities and rural areas: IRDAI Chairman

Our BureauThe insurance broking industry must deepen its business presence in smaller cities and rural areas and not confine themselves to larger me

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ICICI Lombard Q3 net profit up 23%

  Private sector ICICI Lombard General Insurance has posted a 23 per cent increase in net profit in the third quarter of the fiscal. The general insur

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Moody’s places YES Bank’s ratings under review

Our BureauGlobal rating agency Moody’s, on Friday, once again placed the ratings of YES Bank under review due to uncertainty over its fund-raising pla

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RBI should act as lender of last resort, provide liquidity to NBFCs: SBI

In its report on Budget expectations, the economists said RBI should "seriously think" of providing liquidity to NBFCs against the assets held by the lenders. "Given the crisis of confidence in the financial markets, it is imperative that central banks don't forget their primary function of being the lender of the last resort," they said.

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Fintech vs traditional banking apps: Fintechs dominate breakout apps list of 2019

Fintech apps are on the rise, according to the latest State of Mobile 2020 report by global analytics company App Annie.  The report categorised the o

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IRDAI chief cautions insurers against predatory pricing

"I would like to give a word of caution here. Though your (insurance brokers) share is very high in group health insurance, the loss ratio in group health insurance is also very high. Probably, it is not very sustainable at present," he said at an event organised by Insurance Brokers Association of India.

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PMC Bank Fiasco Effect: RBI mandates Urban Cooperative Banks to do this to prevent more scams

The central bank has also mentioned that the Urban Cooperative Banks can be penalised if they fail to submit accurate data.

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PMC Bank Fiasco Effect: RBI mandates Urban Cooperative Banks to do this to prevent more scams

The central bank has also mentioned that the Urban Cooperative Banks can be penalised if they fail to submit accurate data.

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3-year wait for wage-revision leaves us with no option, say bank unions

All-India strike on Jan 31-Feb 1, March 11-13; indefinite strike from April 1

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Essar resolution to have significant impact on financial ecosystem: Satish Gupta, Essar's Resolution Professional

"The resolution of Essar Steel with realisation of more than Rs 42,000 crore has significant impact on financial ecosystem. With availability of funds and committed additional infusion of Rs 8,000 crore by ArcelorMittal, Essar Steel’s under-utilised productive asset can now operate at its optimal level of production and enhance capacity utilisation," the resolution professional of Essar Steel said.

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UCBs asked to report exposures above Rs 5 crore

The central bank has issued detailed guidelines for reporting such exposure by UCBs to the CRILC (Central Repository on Information on Large Credits) every quarter. Banks need to submit the data on large exposures within 30 days from the end of the quarter through the XBRL reporting platform of the Reserve Bank of India (RBI).

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Comfort to banks, biz: CVC panel to vet fraud cases

The Central Vigilance Commission has set up an advisory board to serve as a first level of examination in cases of banking and financial frauds above Rs 50 crore in state-run banks and financial institutions. The move comes after experts and industry leaders flagged the concerns during their recent meetings with Prime Minister Narendra Modi.

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Telcos stare at repayment as SC rejects review

The Supreme Court’s decision to dismiss review petitions of top telecom companies on its Adjusted Gross Revenues (AGR) payment order leaves the sector open to statutory and bank repayment defaults, and piles fresh pressure on Vodafone Idea and Airtel, which are already groaning under tight market conditions.

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Moody’s places Yes Bank’s ratings under review, direction uncertain

Global rating agency Moody’s on Monday once again placed ratings of Yes Bank under review due to uncertainty over its fund raising plans.“Moody's Inve

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UCBs with assets above ₹500 crore must report large exposures to CRILC on a quarterly basis, says RBI

Urban Co-operative Banks (UCBs), having total assets of ₹500 crore and above as on March 31 of the previous financial year, will have to report large

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Bain Capital looks to team up with Sunil Munjal to buy Max Financial Services

Apax Partners also approached; Hero Corp & Analjit Singh currently in exclusive discussions

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South Indian Bank December quarter profit up 8%

Operating profit for the third quarter has grown by 15.4 % from Rs 332.01 crore in the year ago period to Rs 383.14 crore .

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Banks loan growth at 7.5 per cent in fortnight to January 2: RBI data

In the previous fortnight ended December 20, credit had grown by 7.10 per cent to Rs 99.47 lakh crore and deposits had increased by 10.09 per cent to Rs 130.08 lakh crore.

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Thursday, January 16, 2020

IDBI to meet RBI this week; seeks to exit PCA framework

Since coming under the PAC, more than a third of its entire book became dud loans in Q2 of FY18, with the gross NPA ratio touching 32 per cent and the net NPAs at 17.30 per cent.

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Corp Bank cuts MCLR by 10 bps

Corporation Bank has cut its marginal cost of funds-based lending rate by 10 basis points across tenors with effect from January 15. With this cut, th

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Equifax inks pact to acquire 100 per cent stake in Equifax Credit Information Services

Equifax, a global data, analytics and technology company, on Thursday announced that it has signed a definitive agreement to acquire 100 per cent owne

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Yes Bank acquires 10.25% stake in Sical Logistics

Private sector lender Yes Bank has acquired 10.25 per cent stake Sical Logistics, by invoking pledged shares. “Yes Bank Ltd has, pursuant to invocat

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Five easy steps to make yourself investment ready

One of the biggest drawbacks today is the lack of awareness. We often follow what is blindly told to us, either by our parents, friends or financial advisor....

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RBI gives card issuers 2 months time to improve user convenience and increase security

To improve user convenience and increase the security of card transactions, the Reserve Bank of India (RBI) has given two months time to card issuers

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PMC Bank scam: SC stays HC order allowing shifting of HDIL promoters from jail to their residence

The Supreme Court on Thursday partially stayed the Bombay High Court order allowing shifting of HDIL promoters Rakesh Wadhawan and Sarang Wadhawan, accused in the multi-crore Punjab & Maharashtra Cooperative (PMC) Bank scam case, from Mumbai's Arthur Road Jail to their residence.

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LIC Housing Finance launches offers to push sale of completed units

MD & CEO Siddhartha Mohanty said the offer has been designed keeping both home-loan borrowers and the real estate sector in mind.

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Offer contactless card payments only if opted for: RBI to banks

At the time of issue or reissue, all physical and virtual cards shall be enabled for use only at contact-based points of usage, that is, ATMs and point of sale (PoS) devices within India.

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Our focus is to provide credit and MSME to rural people: Bandhan Bank CEO

With its amalgamation with GRUH Finance now completed, Bandhan Bank is looking to grow its business in the affordable housing segment. In an interview

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PMC case: SC stays Wadhawans' shifting from jail

he Supreme Court on Thursday stayed the Bombay high court order directing shifting of HDIL promoters Rakesh Wadhawan and Sarang Wadhawan, arrested for their alleged involvement in the PMC Bank scam, from Mumbai's Arthur Road Jail to their residence.

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Sundaram Finance to sell entire 10% stake in Equifax Credit lnformation

Non Banking Finance Company Sundaram Finance Ltd on Thursday said it will sell its entire 10 per cent equity in credit information firm Equifax Credi

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Unsecured consumer loans grow most, credit card dues at Rs 1L crore

Unsecured loans are growing even as secured retail advances such as auto loans, loans against property (LAP) and home loans saw moderate rates of balance growth at 10.3%, 11.6% and 10.0%, respectively, according to TransUnion CIBIL’s Q2FY20 Industry Insights Report.

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LIC Housing Finance launches offers to push sale of completed units

MD & CEO Siddhartha Mohanty said the offer has been designed keeping both home-loan borrowers and the real estate sector in mind.

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Offer contactless card payments only if opted for: RBI to banks

At the time of issue or reissue, all physical and virtual cards shall be enabled for use only at contact-based points of usage, that is, ATMs and point of sale (PoS) devices within India.

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Karvy case: Securities Appellate Tribunal, SAT, grants interim relief to Axis Bank

In its order Sebi stated that it has been further submitted that as on date, the principal amount of about Rs 80.47 crore and interest, cost charges etc, thereon is outstanding and due to the representor (Axis Bank) from KSBL.

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Capital adequacy ratio above regulatory requirements, says Yes Bank

The investment offer of $500 million from Citax Holdings and Citax Investment Group was still under consideration and could not be taken up in the meeting held on January 10.

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I-T asks ED to share details of its probe against Kochhars

At least four central agencies — the Ministry of Corporate Affairs and CBI, besides the ED and tax department — are probing the Kochhars and Videocon chairman Venugopal Dhoot, over alleged irregularities in certain loan deals between ICICI Bank and the industrial group when Chanda Kochhar was at the helm of the lender.

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Govt asks banks to open 15,000 branches in FY21

RBI data on financial inclusion suggests that including regional banks’ outlets in rural locations reached over 52,000 at the end of March 2019, a growth of mere 3% over 2018. For banks, a branch in a metro city becomes profitable in two years, while a rural branch breaks even in four years.

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LIC Housing Finance launches offers to push sale of completed units

MD & CEO Siddhartha Mohanty said the offer has been designed keeping both home-loan borrowers and the real estate sector in mind.

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Offer contactless card payments only if opted for: RBI to banks

At the time of issue or reissue, all physical and virtual cards shall be enabled for use only at contact-based points of usage, that is, ATMs and point of sale (PoS) devices within India.

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Karvy case: Securities Appellate Tribunal, SAT, grants interim relief to Axis Bank

In its order Sebi stated that it has been further submitted that as on date, the principal amount of about Rs 80.47 crore and interest, cost charges etc, thereon is outstanding and due to the representor (Axis Bank) from KSBL.

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Capital adequacy ratio above regulatory requirements, says Yes Bank

The investment offer of $500 million from Citax Holdings and Citax Investment Group was still under consideration and could not be taken up in the meeting held on January 10.

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Wednesday, January 15, 2020

Lyra Network launches payment solution

Fintech company Lyra Network India has come up with ‘Payment SWITCH’, a solution to facilitate real-time payment processing. Lyra Network assists in c

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Making efforts to financially strengthen bank further: Yes Bank

The bank plans to convene an extraordinary general meeting on February 7 to get shareholders' nod for raising Rs 10,000 crore, and to increase authorised capital from existing Rs 800 crore to Rs 1,100 crore, already cleared by the board.

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J&K Bank is improving statistics of its balance sheet: Chairman RK Chibber

Hoping for good results in the next quarter, he said the bank is a successful enterprise and is doing the business very professionally.

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Bank loan fraud: ED arrests 2 on money laundering charges in Hyderabad

G S C Raju, promoter of Leo Meridian Infrastructure Projects and Hotels Ltd (LMIPHL), and his close associate A V Prasad were arrested under the Prevention of Money Laundering Act (PMLA) and have now been remanded to ED custody, the agency said in a statement.

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Suresh Kishinchand Khatanhar takes charge as deputy MD of IDBI Bank

Khatanhar has exposure in retail banking business, priority sector lending, corporate banking (mid corporate and large corporate), service oriented functions such as trade finance and cross selling of various treasury products.

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Bank unions plan series of strikes beginning January 31

Threaten indefinite strike from April 1, if demands are not met

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Bank unions call for two-day strike from January 31

Bank unions on Wednesday called for a two-day nationwide strike on January 31 and February 1 after talks over wage revision failed to make headway with the Indian Banks' Association (IBA). The United Forum of Bank Unions (UFBU), which represents nine trade unions, said they will also hold a three-day strike from March 11-13.

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Bank unions call two-day strike from January 31

Bank unions on Wednesday called for a two-day nationwide strike on January 31 and February 1 after talks over wage revision failed to make headway with the Indian Banks' Association (IBA).

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Yes Bank assuages concerns on liquidity, capital position

Yes Bank on Wednesday rejected concerns over its liquidity position and said that it has sufficient capital, which is well above the regulatory requir

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Bank of Baroda to divest entire 10 per cent stake in Equifax Credit Information Services for Rs 91 crore

Bank of Baroda (BoB) on Wednesday said it has executed a Share Purchase Agreement for sale of its entire equity stake of 10 per cent in Equifax Credit

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Making efforts to financially strengthen bank further: Yes Bank

"All efforts are being made to financially strengthen the bank even further. Kindly, therefore, pay no heed to these unfounded reports," Yes Bank said. Last week, Uttam Prakash Agarwal, an independent director of Yes Bank resigned from the board and stepped down as head of its audit committee citing major corporate governance concerns.

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BharatPe appoints Dhruv Bahl as Head of Operations

The company said he will be responsible for overall operations across merchant acquisitions, servicing, payments, lending and commerce. Bahl has previously worked at Fortis, Bain & Company, PayTM and Airtel Payments Bank and Roadzen. The company, which was launched in 2018, raised a total of $65.5 mn in two rounds of funding last year.

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LIC Housing launches limited period ‘2020 Home Loan’ offer

LIC Housing Finance Ltd (LICHFL) on Wednesday launched “2020 Home Loan Offer”, whereby the principal repayment will not kick in till the possession fo

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Bank loan fraud: ED arrests 2 on money laundering charges in Hyderabad

The case pertains to the accused fraudulently availing loans, in connivance with others, from a consortium of banks and subsequent default of loans to the tune of Rs 1,768 crore, ED said in a statement said. "Investigation so far has unearthed 33 shell companies and more than forty contractors in this case," the ED said.

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Suresh Kishinchand Khatanhar takes charge as deputy MD of IDBI Bank

Suresh Kishinchand Khatanhar has exposure in retail banking business, priority sector lending, corporate banking (mid corporate and large corporate), service oriented functions such as trade finance and cross selling of various treasury products.

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Suresh Kishinchand Khatanhar takes charge as deputy MD of IDBI Bank

He is presently working with IDBI Bank as Executive Director heading Mid Corporate Group and Trade Finance

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Piramal Capital raises Rs 1,400 crore to service debt, and for lending

Piramal Capital & Housing Finance has raised Rs 900 crore from two public sector banks — Union Bank of India and Bank of India — at 8.9% for five years and Rs 500 crore from IndusInd Bank for one year at 9% to meet the obligations.

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Sri Guru Raghavendra Sahakara Bank says will meet commitments before March 31

Depositors have been flocking to the bank's branches after the Reserve Bank of India (RBI) imposed restrictions on the bank’s management disallowing it from collecting deposits, lending fresh loans or making investments without the regulator’s approval.

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Extra MPC meet likely, RBI may hold rates in February

The Reserve Bank of India’s (RBI’s) monetary policy committee (MPC) is likely to hold a consultation before its next bimonthly meet in February, given the surge in inflation beyond the panel’s tolerance level of 6%.

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Bandhan Bank profit zooms 121% on Gruh merger impact, lower provisions

Microfinance loans accounted for 61% of Bandhan Bank’s loan book, home loans made up for 29%, while 10% of the book was constituted of small and medium enterprises (SME) and personal loans.

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IndusInd Bank Q3 net rises 33%; asset quality worsens

The other income (non-interest income) rose by 22% to Rs 1,790 crore against Rs 1,469 crore in the same period last year.

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RBI economist becomes deputy governor after 28 years

The government has appointed Michael Debabrata Patra as deputy governor of the Reserve Bank of India in charge of monetary policy in place of Viral Acharya who stepped down in July last year. This is the first time since S S Tarapore, deputy governor between 1992-96, that an RBI official has been appointed to a position that has been traditionally filled by an external economist.

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KKR infuses $150 million 'confidence' capital in India NBFC arm

This is the second time the parent is infusing ‘confidence’ capital after putting in $100 million in 2009, when the PE group launched its credit business in India in what was then hailed as a pioneering strategy. Till date its other investors Abu Dhabi Investment Authority (ADIA) and Texas Teacher Retirement System have each infused $100 million.

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Tuesday, January 14, 2020

SBI cuts interest rates on term deposits by 15 bps

The country's largest lender State Bank of India (SBI) has reduced interest rates on retail term deposits by 15 basis points (bps) on certain tenures, effective January 10. The reduction in interest rates are for long-term fixed deposits below Rs 2 crore.

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Customers panic as RBI imposes restrictions on Raghavendra Co-op Bank

Customers of Bengaluru-based Sri Guru Raghavendra Co-operative Bank are in panic mode after the Reserve Bank of India (RBI) barred the lender from

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Depositors panic as RBI imposes curbs on co-op

Panic stricken depositors milled around the Sri Guru Raghavendra Cooperative Bank here on Tuesday to withdraw their money, days after the Reserve Bank of India (RBI) capped the withdrawal limit to Rs 35,000.

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Q3 comment | IndusInd Bank: Higher slippages weigh on healthy core performance

While IndusInd Bank kicked off the earnings season with healthy loan growth, strong growth in net profit and steady gross NPA ratio, it was not enough

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Canara Bank calls off stake sale in Can Fin Homes again

State-owned Canara Bank has called off the divestment of its stake in housing finance subsidiary Can Fin Homes, the lender announced on Tuesday. In 2

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High inflation, low growth await new RBI Deputy Governor Michael Patra

Michael Patra will take over as the fourth deputy governor at the RBI and will handle the monetary policy portfolio.

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ICICI Bank launches API banking portal

ICICI Bank on Tuesday announced the launch of an API banking portal that will enable partner companies to co-create customer solutions in a faster and

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IndusInd Bank Q3 profit up 32 per cent at ₹1,300 cr

Private sector lender IndusInd Bank on Tuesday posted 32 per cent rise in net profit to Rs 1,300.20 crore for December quarter of 2019-20. The bank

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Another PMC Bank: RBI steps in to curb withdrawal limit, assures depositors at the same time

The license of the crisis-hit Sri Gururaghavendra Sahakara Bank Niyamitha (SGRSBN) bank in Bengaluru has not been cancelled and it can continue to undertake banking business with restrictions till its financial position improves, RBI said.

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Silicon Valley Bank looks to hire over 200 employees for Bengaluru office

The organisation has started hiring engineers, systems architects and data analysts to work on projects and initiatives including product design, development and support for core functional areas of SVB’s business.

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Bandhan Bank Q3 net profit up 121%

Bandhan Bank has posted a 120.85 per cent jump in its net profit to ₹ 731 crore in the third quarter of the fiscal as against ₹ 331 crore a year ago.N

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Michael Debabrata Patra appointed as RBI Deputy Governor

The Appointments Committee of the Cabinet has approved the appointment of Michael Debabrata Patra as a Deputy Governor of the Reserve Bank of India (R

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Edelweiss Financial Services asked to appear before ED on Wednesday

The development follows the statement by the company's Chairman Rashesh Shah stating the firm has no relationship with Capstone Forex, which is being investigated by the ED for foreign exchange rules violation. The ED had recently summoned Shah in connection with the company's dealings with Capstone Forex Pvt Ltd.

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Meet Michael Patra, RBI's new deputy Governor

Patra was appointed as RBI's deputy governor, replacing Viral Acharya, who left office on July 23.

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Central Bank of India to set up loan life cycle management system

Central Bank of India is planning to set up an end-to-end loan life cycle management system to seamlessly serve and manage customers through all stag

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Michael Debabrata Patra appointed as dy guv of RBI

The government on Tuesday approved appointment of Michael Debabrata Patra as the new deputy governor of the Reserve Bank of India for a period of three years. Patra will replace Viral Acharya who left office on July 23 last year six months before his term was scheduled to end. Patra was earlier an executive director of the Reserve Bank.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2RgOroK
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Slowdown may hurt job creation: SBI

The economic slowdown may take a toll on job creation, with around 74 lakh new additions to the payroll during the current financial year, compared to nearly 90 lakh in 2018-19, an analysis by State Bank of India showed. The estimated 17.6% decline in fresh jobs is based on an analysis of data from the Employees’ Provident Fund Organisation.

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ICICI Bank slaps Rs 12 cr recovery suit on Chanda Kochhar

The ICICI Bank has filed a civil recovery suit against its former chief executive Chanda Kochhar for the recovery of around Rs 12 crore, that she received as part of bonus and other benefits before she was terminated from the bank.

from Banking/Finance-Industry-Economic Times https://ift.tt/2teZfvF
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SP Group raises $200 mn against Tata Sons shares

Deutsche Bank has provided $200 million (Rs 1,400 crore) as bridge financing, they said. The funds were given to Sterling Investments and Cyrus Investments, which belong to the Mistry family, against the ownership of Tata Sons shares, they said.

from Banking/Finance-Industry-Economic Times https://ift.tt/2QSlr7G
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Court rejects Actis plea against call by Super-Max founder

Super-Max on February 8, 2018 moved a requisition to convene an extraordinary general meeting to ratify appointment of the four new directors. It had also sought to appoint an executive chairman for TMPL and amend its articles of association.

from Banking/Finance-Industry-Economic Times https://ift.tt/2uOxpqJ
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Kotak Investment Advisors moves Bombay High Court to set aside Ricoh’s resolution plan

An alternative investment firm owned by Kotak Mahindra Bank is seeking the court’s intervention to have overturned the National Company Law Tribunal’s (NCLT) order, arguing that the resolution process was flawed.

from Banking/Finance-Industry-Economic Times https://ift.tt/2RffSPW
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Bad loans: RBI finds fault with banks’ reporting to CRILC

The study raises questions about the quality of banks’ reporting to the RBI-constituted Central Repository of Information on Large Credits (CRILC).

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Banks’ third-quarter results may look up, supported by recoveries and treasury gains

Emkay also said that yields on government securities (g-secs) continue to trend down, with support from Operation Twist, which should help public-sector banks (PSBs) report healthy treasury gains.

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Monday, January 13, 2020

Banks Board Bureau invites applications for MD post of India Post Payments Bank

IPPB has been incorporated as a public limited company under the Department of Posts with 100 per cent Government of India equity. The vacancy will be created on March 31, according to the advertisement.

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Is Bengal staring at a microfinance crisis triggered by Bandhan Bank?

“The competition is intense. A customer, who could not get a ₹20,000 loan a year or two ago due to repayment concerns, can now get a credit of ₹70,000

from Business Line - Money & Banking https://ift.tt/2Tj1AQN
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End Yes Bank farce before it becomes tragedy for all Indian banks; government must ask SBI to help

State Bank of India, India’s largest commercial lender by assets, may hate the idea of a forced merger. But let’s face it: No other banking balance sheet in India might be able to take over a lender with more than $31 billion in advances.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/36M3jlK
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RBI remains net buyer of dollars in November 2019, purchases $6.9 billion from spot market

The Reserve Bank of India (RBI) remained a net purchaser of the US dollar in November as it bought $6.928 billion from the spot market, central bank

from Business Line - Money & Banking https://ift.tt/2QPAort
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ICICI Bank seeks recovery of amounts from Chanda Kochhar

ICICI bank has approached the Bombay High Court seeking effect to “termination of appointment” of Chanda Kochhar as its Managing Director and CEO, and

from Business Line - Money & Banking https://ift.tt/2NkmICk
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ICICI Bank seeks recovery of amounts from Chanda Kochhar

In a monetary suit filed on 10 January, the bank sought dismissal of Kochhar's petition and stated that the issue can be decided in a commercial suit.

from Banking/Finance-Industry-Economic Times https://ift.tt/36KL5kt
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ICICI Bank seeks recovery of amounts from Kochhar

The ICICI bank has approached the Bombay high court seeking effect to "termination of appointment" of Chanda Kochhar as its managing director and CEO, and also sought recovery of various amounts from her.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/36O7TzH
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End Yes Bank farce before it becomes tragedy for all Indian banks; government must ask SBI to help

State Bank of India, India’s largest commercial lender by assets, may hate the idea of a forced merger. But let’s face it: No other banking balance sheet in India might be able to take over a lender with more than $31 billion in advances.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/36M3jlK
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End Yes Bank farce before it becomes tragedy for all Indian banks; government must ask SBI to help

State Bank of India, India’s largest commercial lender by assets, may hate the idea of a forced merger. But let’s face it: No other banking balance sheet in India might be able to take over a lender with more than $31 billion in advances.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/36M3jlK
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Standard Chartered Bank appoints Samrat Khosla as Head – Wealth Management, India

Standard Chartered Bank (SCB) has a new Head for Wealth Management, India in Samrat Khosla. Samrat will take over from Nitin Singh, who has decided to

from Business Line - Money & Banking https://ift.tt/2snS6c6
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End Yes Bank farce before it becomes tragedy for all Indian banks; government must ask SBI to help

State Bank of India, India’s largest commercial lender by assets, may hate the idea of a forced merger. But let’s face it: No other banking balance sheet in India might be able to take over a lender with more than $31 billion in advances.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/36M3jlK
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Credit growth to MSMEs slows to 5% in Q2FY20; asset quality deteriorates

The overall credit growth to micro, small and medium enterprise (MSME) segment slowed further in the second quarter (2QFY20) to about 5 per cent year-

from Business Line - Money & Banking https://ift.tt/2FLBE8A
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Sharad Pawar meets Anurag Thakur to discuss revival of scam-hit PMC Bank

NCP chief Sharad Pawar on Monday met Union Minister of State for Finance Anurag Singh Thakur to discuss the possibility of revival of the troubled Pu

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View: India must end Yes Bank’s theatre of the absurd

An independent existence for Yes Bank is increasingly unrealistic. If the bank fails, it will be awful news for construction, real-estate and shadow banking sectors.

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Standard Chartered appoints Samrat Khosla as Head – Wealth Management, India

Samrat Khosla, who will relocate to India, brings to the role a wide experience gained over his career in distribution, products and wealth management. He joined the Bank in 2003 and worked in various roles across Retail Banking and WM before relocating to Singapore to join the Bank’s Group WM team in 2010.

from Banking/Finance-Industry-Economic Times https://ift.tt/30dPQjY
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Epifi raises $ 13.2 mn in seed funding round led by Sequoia India, Ribbit Capital

Bengaluru-based neo-banking startup Epifi on Monday said it has raised $ 13.2 million (around Rs 93.4 crore) in a seed funding round led by Sequoia I

from Business Line - Money & Banking https://ift.tt/2FM7nqd
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Up to 24% defaulters had safe credit rating

Nearly a fourth of borrowers who defaulted to banks carried an investment grade credit rating up to a quarter before they defaulted, according to a report published in the Reserve Bank of India’s (RBI’s) latest bulletin.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2tPNDzk
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Why India must end Yes Bank’s theater of the absurd

The new management keeps dangling improbable funding options — ranging from an unnamed global technology firm to a Canadian businessman living in a motel — only to strike them off the list of white knights.

from Banking/Finance-Industry-Economic Times https://ift.tt/36ONI4S
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Federal Bank works on loan recovery, upgradation efforts

Private sector lender Federal Bank has been working on improving its recovery efforts by including new channels as well as strengthening its recovery

from Business Line - Money & Banking https://ift.tt/2RaAIzJ
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Reliance HFC gave Rs 12,000 crore loans to 'indirectly linked' borrowers: Audit

The forensic auditor found “anomalies” in the credit appraisal process of the home financier and noted that more than 80% of disbursals comprised corporate loans to a group of 47 borrowers that shared these common characteristics, according to these people. This included similar registered addresses, common directors and key management personnel.

from Banking/Finance-Industry-Economic Times https://ift.tt/2NkakCw
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Digital payment gains should be used to acquire merchants, says Nirmala Sitharaman

The prebudget meeting on Friday was necessitated after the government waived off MDR for merchants on digital payments made through RuPay debit cards and Unified Payments Interface (UPI) devices from January 2020.

from Banking/Finance-Industry-Economic Times https://ift.tt/2QLbysG
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Morgan Stanley PE unit close to buying 20% in Centrum HF

Centrum Housing Finance, which started operations in 2016, is a stepdown subsidiary of Centrum Capital, the listed group entity of Centrum. The firm reported revenue of Rs 37.64 crore in financial year 2019 compared to Rs 10.4 crore in the previous year. Its profit after tax stood at Rs 1.4 crore during the period compared with Rs 18.9 lakh in FY18, its annual report showed.

from Banking/Finance-Industry-Economic Times https://ift.tt/37WVxph
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Life insurers may log strong new business

Life insurers such as ICICI Prudential, HDFC Life and SBI Life are set for a quarter of strong new business growth driven by increasing margin gains in protection business, expanding distribution network and robust premium even as some insurers may see increased stress in certain portfolios due to a slowing economy.

from Banking/Finance-Industry-Economic Times https://ift.tt/36Ovh08
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Sunday, January 12, 2020

Forensic audit shows no fraud: Reliance Home Finance

Asks banks to fast-track debt resolution

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IBBI suspends registered valuer

Use of ‘ibbi’ in domain name misleading

from Business Line - Money & Banking https://ift.tt/2R9x8Gb
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Forensic audit finds no fraud, fund diversion at Reliance Home Finance

As part of the debt resolution process, lenders of the company, which had defaulted on some repayment obligation following the shadow banking crisis, appointed Grant Thornton in August 2019 for forensic audit, as required under the RBI guidelines on Prudential Framework for Resolution of Stressed Assets under change of control and management.

from Banking/Finance-Industry-Economic Times https://ift.tt/2NiPjbk
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