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Saturday, February 1, 2020

Bank strike: Nation-wide strike impacts banking services at PSU banks

Many banks, including State Bank of India (SBI), had informed customers in advance that operations may be impacted to some extent due to the strike.

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DICGC allowed to hike deposit insurance coverage to ₹5 lakh

K Ram KumarTo bolster depositors’ confidence to park money with banks, especially co-operative banks, Union Finance Minister Nirmala Sitharaman, on Sa

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NBFCS: Budget annouces more steps to boosts liquidity

SurabhiIn a boost to the struggling non-banking finance companies, the Union Budget 2020-21 has announced a number of measures to help improve their

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Unions, including BMS, oppose plans for LIC stake sale

Trade unions are up in arms against the announcement in the Budget to raise revenue by selling government’s stake in the Life Insurance Corporation

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Sans the draw of I-T deductions, life insurers may have to rejig sales strategy

Investment benefits of insurance will now be bigger selling point

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International bullion exchange to be set up at IFSC in GIFT City: Finance Minister

IFSC has the potential to become a centre of international finance and high end data processing, the minister added. It has 19 insurance entities and 40 banking entities. IFSC has also provided for setting up of precious metals testing laboratories and refining facilities.

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Employees' unions oppose govt plan to sell shares in LIC

LIC employees' unions on Saturday opposed the Centre's plan to sell a part of its shares in the state-run insurance behemoth through an initial public offer (IPO), insisting that the move is "against the national interest".

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Employees’ unions oppose govt plan to sell shares in LIC

LIC employees’ unions on Saturday opposed the Centre’s plan to sell a part of its shares in the state-run insurance behemoth through an initial public

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Fixing Co-op Banks: FM got a few frantic calls from Bengaluru last month

Bengaluru South MP Tejasvi Surya (BJP) called her a few times, about three weeks ago, after the news surfaced that the Reserve Bank of India (RBI) had imposed restrictions on Sri Guru Raghavendra Cooperative Bank in Bengaluru. Thousands of depositors have their savings and deposits in this bank with eight branches.

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Aspirational and pro middle-class budget: Karnataka Bank chief

Mahabaleshwara MS, Managing Director and Chief Executive Officer of Karnataka Bank, termed the Budget 2020-21 as an ‘aspirational and pro middle-class

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Aspirational and pro middle-class budget: Karnataka Bank chief

1Mahabaleshwara MS, MD and CEO of Karnataka Bank, termed the Budget an ‘aspirational and pro-middle-class’ one. “This is an aspirational and pro-midd

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Clean, reliable, robust financial sector key to achieve USD 5 trillion economy: FM

Finance Minister Nirmala Sitharaman on Saturday said a clean, reliable and robust financial sector is required for achieving the ambitious target of USD 5 trillion economy.

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Budget 2020: Government mulls changes in PFRDA Act

Will separate it from NPS Trust for government staff

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Budget 2020: LIC to be listed, says Nirmala Sitharaman

Finance Minister Nirmala Sitharaman on Saturday said insurance behemoth LIC will be listed as part of the government disinvestment initiative. She fu

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The biggest announcement so far: Deposit insurance raised five times, to Rs 5 lakh

Before the budget, the government was discussing the proposal to double the insurance cover on bank deposits to Rs 2 lakh

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Budget proposes hiking deposit insurance to Rs 5 lakh

Finance Minister Nirmala Sitharaman on Saturday announced that deposit insurance will now be increased to Rs 5 lakh per bank account from the current

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Budget 2020: Single investment clearance window to be set up for promoting entrepreneurship

The government will create a single investment cell to expedite grant of licences and promote entrepreneurship.

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Nation-wide strike impacts banking services at PSU banks

Services of public sector banks were impacted on Saturday as nation-wide strike by employee unions entered its second day. Private sector lenders like ICICI Bank and HDFC Bank were operational.

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Canara Bank MD, CEO RA Sankara Narayanan retires

Public sector lender Canara Bank on Saturday said its Managing Director and CEO R A Sankara Narayanan has retired.

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Economic Survey 2020: Keep health score for NBFCs, get early warning

New index for NBFCs may help predict stress in the system and allocation of optimum capital infusion during a crisis. The survey shows that except for 2011 and 2017, the ALM mismatch in the shorter tenures was negative for all the years coinciding with the years when the health score of the NBFC was low.

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Banking on ESOPs: Just do it and get paid for it

Public sector bank employees are paid fixed salaries, which, according to the survey, does not encourage risk-taking and innovation. Although PSBs control 70% of India’s banking market, they lag considerably in performance metrics when compared to their peers. The proposal comes when the Indian Banks’ Association and bank unions have been negotiating wage increases.

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Corp loan share in non-food credit slips: Wilful defaulters up funding costs

“Wilful defaults if unchecked would increase the cost of borrowing for everyone else, including genuine businesses with profitable investment opportunities before them,” said the survey. “In fact, at high enough credit spreads, adverse selection may force genuine borrowers to exit the market altogether, leaving only cronies in the market and resulting in a market failure that slows economic growth, employment and wealth creation capacity.”

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Economic Survey 2020: PSBs need a techtonic shift

With data and analytics taking the centre stage in almost all industries, state-run banks can pool all their data into one entity like in the case of GST Network, to improve their analytical capabilities that could provide them an edge over their private peers. Data sciences, machine learning and artificial intelligence could help the banks, which have more than 70% market share, to make a difference to the economy.

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Friday, January 31, 2020

Now, own a Ferrari through a new digital token

Always dreamed of owning a Ferrari but can’t afford it? Well, this may sound vaguely familiar: The blockchain has a solution for you.CurioInvest, an i

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GIC’s Russian arm gets nod for reinsurance biz

State-run reinsurer General Insurance Corporation (GIC) of India’s Russian subsidiary has been cleared for a reinsurance licence by the Central Bank o

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Non-cash payments under I-T Act: 7 electronic modes get CBDT nod

BHIM, UPI, debit/credit cardsand net banking make the cut

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DHFL account classified as ‘red-flagged’ by State Bank of India

  State Bank of India has classified the Dewan Housing Finance Corporation Ltd (DHFL) account as a red-flagged account (RFA) and said it would scrutin

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Coronavirus — Your health insurance will cover this too

In the last five years alone, the world has faced outbreaks of dreaded viruses such as Ebola, Zika, Mers (Middle East Respiratory Syndrome), more rece

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The erosion of taxpayers’ money in PSBs a much deeper issue, says Economic Survey

While the Economic Survey helps in quantifying the loss, it fails to point out the graver issues at hand

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SBI profits zooms 41% to ₹5,583 crore in Q3

Our BureauState Bank of India, on Friday, reported a robust 41 per cent jump in net profit at ₹5,583 crore in the third quarter ended December 31, 201

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The erosion of taxpayers’ money in PSBs a much deeper issue

While the Economic Survey helps in quantifying the loss, it fails to point out the graver issues at hand

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Ecomic Survey flags ‘disproportionate dwarfism’ of Indian banks

It calls upon public sector banks to become efficient

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Bank strike hits services in Kolkata, several ATMs stay shut

The United Forum of Bank Unions (UFBU), an umbrella body of nine bank unions, decided to go on strike after talks on wage revision with the Indian Banks Association (IBA) failed to reach a consensus.

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Banks go to strike on salary day; will you get your money on time?

Private banks such as ICICI Banks and HDFC Bank were operational making life easier to a certain extent for common people.

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LIC Housing Finance profit flat at Rs 597 crore, provisions rise

Provisions for expected credit loss soared to Rs2,584.72 crore during the December quarter, compared with Rs1,555.63 crore a year ago.

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NBFCs: Survey’s new diagnostic tool ‘Health Score’ may help avert liquidity crisis

The recent funding crunch in the economy caused by the blowouts in the NBFC sector (IL&FS, DHFL etc) over the last two years has clearly prompted

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SBI profit jumps 41% to Rs 6,797 crore in Q3

The country's largest lender State Bank of India (SBI) on Friday reported a 41 per cent jump in net profit to Rs 6,797.25 crore in the October-December quarter this fiscal compared to Rs 4,823.29 crore in the year-ago period.

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SBI records 41 per cent jump in Q3 net profit at Rs 5,583 crore

The bank says this is the highest ever quarterly net profit recorded by it

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Two loan products launched by Indian Bank

Indian Bank on Thursday announced the launch of two products - Surya Shakthi, for roof top solar set up for captive consumption and Corporate Loan, a

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PMC Bank crisis prompts govt to double insurance cover to ₹2 lakh: Report

In view of the hardship faced by depositors of Punjab & Maharashtra Cooperative (PMC) Bank, the Centre is planning to increase the insurance cover

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Two-day PSU bank strike impacts services

Cash deposit, withdrawal, cheque clearances were affected

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Bank deposit cover may be doubled to Rs 2 lakh

The move comes after the government and RBI faced flak over their handling of the closure of PMC Bank.

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Mark Zuckerberg says WhatsApp Pay in 6 months

FB looks to roll out payments in many countries even as licence application remains stuck in India.

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Indian control clause for insurance may go

The government has held several meetings with the insurance regulator, insurers and consultants on higher FDI in the sector. Many global insurers, such as Metlife and Generali, have not raised their stakes in Indian operations due to the clause that was introduced in 2015.

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Stake Cut: Kotak Mahindra Bank promoters get RBI breather

In January 2017, the RBI asked bank to cut promoter shareholding to 20% by December 31, 2018, and 15% by March 31, 2020.

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Uday Kotak gets reprieve from RBI, can hold 26% in bank



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Thursday, January 30, 2020

Uninsured vehicles: Owners to get an alert, courtesy State Transport, IRDA tie-up

Owners of uninsured vehicles in States such as Telangana, Karnataka, Odisha and Rajasthan, have either started getting text messages or will soon get

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Employees of PSU banks to go on two-day strike from Friday

Bank unions have decided to go on a two-day nationwide strike from Friday as talks with management of public sector lenders on wage revision have failed to reach a consensus.

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Employees of PSU banks to go on two-day strike from Friday

Bank unions have decided to go on a two-day nationwide strike from Friday as talks with management of public sector lenders on wage revision have fai

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Kotak Mahindra Bank to withdraw writ petition against RBI on promoter shareholding norms

Promoters' voting rights in the bank to 20 per cent of  paid up voting equity share capital (PUVESC) till March 2020 and then 15% from April 1,2020

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Kotak bank to withdraw court case against RBI

Private sector lender Kotak Mahindra Bank on Thursday said it will withdraw a case concerning dilution of promoters' shareholding in the bank which it had filed against the RBI in the Bombay high court.

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Power Finance Corporation, REC merger hits roadblock

As per the RBI's norms, debt exposure of an NBFC in a project cannot exceed 25 per cent. The exposure of Power Finance Corporation (PFC) and REC as a merged entity would exceed the limit of 25 per cent in any existing project as the two firms have been financing power sector projects. After the merger, the new entity will be required to reduce its exposure.

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Pine Labs launches Paper PoS for merchants

Our BureauPine Labs, a merchant commerce platform, has announced the launch of Pine Labs Paper PoS for its merchants. Pine Labs Paper PoS is an all-in

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Tata AIG initiates drone insurance with Drone Federation of India

Private sector general insurer Tata AIG General Insurance Company has tied up with Drone Federation of India (DFI) for drone insurance. DFI is a not-

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RBI agrees Kotak Mahindra Bank's proposal on dilution of promoter equity, bank to withdraw case

The bank will withdraw its writ petition filed in the Bombay High Court after the RBI gave in principle approval to Kotak Mahindra Bank's proposal on promoters' shareholding dilution.

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The next debt crisis: Small borrowers’ big defaults

Microfinance is showing early signs of loans going bad en masse. And the problem is complicated by aggressive strategies of larger lenders.

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DHFL diverted ₹12,773 crore of loans to 79 shadow entities: Report

Dewan Housing Finance Limited (DHFL) had allegedly diverted ₹12,773 crore of loans to 79 shadow entities associated with its promoters and close aides

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PayMate’s invoice discounting offering to go live by March

Digital payments firm to launch operations in UAE next month

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Axis Bank to raise up to Rs 4,175 crore via NCDs

"The committee of whole-time directors of the Bank, today approved the allotment of 41,750 senior unsecured redeemable non-convertible debentures of the face value of Rs 10 lakh each, for cash, at par aggregating to Rs 4,175 crore," Axis Bank said in a regulatory filing.

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Andhra Bank board to discuss issue of preferential shares today

The Andhra Bank board is set to meet on Thursday to discuss the proposal to issue preferential shares to Government of India.The board of directors wi

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IBA pleads inability to meet most demands of banking unions

Five-day banking ruled out for now; NPS to stay

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Axis Bank to raise up to ₹4,175 cr via NCDs

Private sector lender Axis Bank on Thursday said it plans to raise up to ₹4,175 crore through the issuance of non-convertible debentures (NCDs) on a

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Tata AIG to offer tailor-made insurance policies for drones

In a new initiative, private sector general insurer Tata AIG has tied up with Drone Federation of India for drone insurance.The Drone Federation of In

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IDFC First Bank net loss grows to Rs 1,639 crore in Q3

IDFC First Bank registered a net loss of Rs 1,638.89 crore in the third quarter of the fiscal, as against a net loss of Rs 1,538.01 crore in the same

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DHFL promoter siphoned off Rs 12,773 crore: ED

Kapil Wadhawan had allegedly siphoned off Rs 12,773 crore bank money with the help of 79 shadow entities, according to the Enforcement Directorate . ED officials are trying to trace the money trail by investigating details of the shadow entities.

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Blast from the past: Old bad loan tranche returns to haunt banks

Parekh said that the right approach would be to create a market for stressed assets and NPAs rather than getting the ARCs to offer the SRs to the banks themselves.

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DHFL siphoned off Rs 13K cr through 1 lakh fake borrowers: ED

The agency, probing arrested promoter of the embattled home financier Kapil Wadhawan, told a Prevention of Money laundering Act (PMLA) court that the Wadhawans had allegedly used a part of these funds to pay the late drug lord Iqbal Memon, alias Iqbal Mirchi. The agency arrested Kapil Wadhawan on Monday. His brother, Dheeraj, is out on bail.

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RBI penalises HDFC Bank Rs 1 crore for failing KYC



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Blast from the past: Old bad loan tranche returns to haunt banks

Parekh said that the right approach would be to create a market for stressed assets and NPAs rather than getting the ARCs to offer the SRs to the banks themselves.

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Wednesday, January 29, 2020

RBI appoints ED Janak Raj as member of MPC

Mumbai, Jan 29 () The Reserve Bank of India (RBI) on Wednesday appointed its Executive Director Janak Raj as member of the Monetary Policy Committee (MPC), the highest interest rate setting body.

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Irdai slaps Rs 1 cr penalty each on ICICI Lombard, Tata AIG for violation of norms

Regulator Irdai has imposed a penalty of Rs 1 crore each on ICICI Lombard GIC and Tata AIG General Insurance Company for violation of various norms.

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RBI imposes Rs 1 crore penalty on HDFC Bank

The RBI had issued a notice to the bank to show cause as to why penalty should not be imposed for non-compliance with the direction. After considering the reply received from the bank and oral submissions made in the personal hearing, the RBI came to the conclusion that imposition of monetary penalty was warranted, the release said.

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RBI central board nominates Janak Raj as member of monetary policy committee

 The Reserve Bank of India's  Central Board on Wednesday nominated Janak Raj, Executive Director, on the Monetary Policy Committee (MPC) as an ex offi

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IRDAI slaps ₹1-cr fine each on Tata AIG and ICICI Lombard

The IRDAI has imposed a penalty of ₹1 crore each on ICICI Lombard General Insurance and Tata AIG General Insurance company. The fine was slapped on IC

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RBI imposes ₹1 crore penalty on HDFC Bank

  The Reserve Bank of India has imposed a penalty of ₹1 crore on HDFC Bank for non-compliance of master directions of KYC directions.“...the RBI has..

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IBA says wage hike offer 'adequate', to meet bank union leaders on Jan 30

United Forum of Bank Unions, the umbrella organisation of nine leading bank associations, demanded 20% wage hike on pay slip components, as articulated by IBA in its letter, a copy of which is in ET's possession. The unions are also demanding five-day banking and merger of special allowance with basic pay, among others.

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Bajaj Finserv net rises 32% in Q3

Our BureauBajaj Finserv Ltd (BFS), the holding company for the various financial services businesses under the Bajaj Group, reported a 32 per cent inc

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India Ratings maintains YES Bank’s negative watch rating

India Ratings and Research has maintained YES Bank’s long-term issuer rating of ‘IND A’ on Rating Watch Negative (RWN) and has withdrawn its short-ter

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Sensex darts up 232 points; Nifty above 12,100

Market benchmark sensex rallied 231.80 points on Wednesday, driven by gains in index heavyweights HDFC Bank, ITC, RIL and Infosys. The 30-share BSE index settled 231.80 points, or 0.57 per cent, higher at 41,198.66. It hit an intra-day high of 41,334.86 and a low of 41,108.19.

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When it comes to saving tax, don't be Mr. Late Lateef

It’s in our human nature to procrastinate – be it for want of something better or simply because of our hesitation in taking a decision. Like Mr. Late Lateef...

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IDBI Bank to raise Rs 1,500 cr via bonds

IDBI Bank on Wednesday said it proposes to raise Rs 1,500 crore from bonds to fund growth. “The bank has decided to issue Basel III Compliant Tier 2

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Bajaj Finance Q3 profit rises 45% to ₹1,488 crore

Net income increases 38% to ₹4,267 crore

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India successfully used digital technologies to reduce disparities among population groups: UN

India successfully managed to use digital platforms to reduce disparities among population groups, a flagship UN study has said, noting that the coun

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RBI restructuring: Staff body moves Central Board

The structural change brought in by the Reserve Bank of India (RBI) recently through creation of a specialised supervisory and regulatory cadre is now

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Tax breaks for investments in property, instead of putting money in individual hands, will be imperative: Federal Bank CEO

 Bank credit growth languishing at single-digit levels is a big cause for worry. Investments and consumption have taken sharp knocks, impacting the gr

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Banks approve reduced fees for UPI, RuPay

After a letter from the Indian Banks’ Association (IBA) on removing entire fees on these transactions, which would have meant significant revenue loss for its owner National Payments Corporation of India (NPCI), the two parties have reached an understanding for now.

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Manappuram Finance net profit rises 63% in Q3

The gold loan business also added 3.25 lakh new customers and disbursed loans worth Rs 40,304.26 crore.

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Central Bank of India posts Rs 155 crore profit in December quarter

The bank is currently under the Reserve Bank of India's prompt corrective action (PCA) framework. Slippages for the quarter (including divergence found by the central bank) more than tripled during to Rs 3,998 crore.

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Bank of Baroda CEO: For better-rated borrowers, it’s a very competitive market

Therefore, I don’t think there is at all a case that you can charge more from customers simply because the availability of finance is not there.

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Mudra loans: Banks sanction ₹40,000 crore in last two months

Still, they may fall short of last year’s disbursal in FY20

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Bank of Baroda CEO: For better-rated borrowers, it’s a very competitive market

Therefore, I don’t think there is at all a case that you can charge more from customers simply because the availability of finance is not there.

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Bank panels to monitor probe progress

Finance minister Nirmala Sitharaman sent a strong message to banks to lend without fear of the ‘three Cs’ at a meeting last month. The ‘three Cs’ refer to the CBI, Comptroller and Auditor General of India and the CVC. Sitharaman also assured bankers that a distinction would be made between genuine commercial failure and deliberate wrongdoing.

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HDFC Bank chalks out expansion plans in Tamil Nadu

With the opening of new branches, the bank is expected to create around 1,500 new jobs in the State, the official said.

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Bank of Baroda CEO: For better-rated borrowers, it’s a very competitive market

Therefore, I don’t think there is at all a case that you can charge more from customers simply because the availability of finance is not there.

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Proposed bank strike: Gujarat High Court issues notice to RBI

The federations have prayed to the court to direct the RBI to not allow banks to go on strike and also take strict action against employees for frequently going on strikes for their own financial benefits.

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HDFC Bank chalks out expansion plans in Tamil Nadu

With the opening of new branches, the bank is expected to create around 1,500 new jobs in the State, the official said.

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Tuesday, January 28, 2020

Budget 2020: Govt may infuse fresh capital into regional rural banks

The size of the capital infusion could be in the range of Rs 10,000-15,000 crore, which would be spread over a span of five years. Capital infusion in RRBs assumes importance as the government is finding ways to boost credit to the farm sector.

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Sachin Bansal resigns from Ujjivan Small Finance Bank’s board

Chaitanya India Fin Credit, a microlender in which the Flipkart co-founder has a majority stake, had earlier this month said it has applied to the Reserve Bank of India (RBI) for universal bank licence.

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Central Bank posts Q3 net of ₹155 crore

State-run Central Bank of India reported a standalone net profit of ₹155.32 crore in the third quarter of the fiscal year against a net loss of ₹718.

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HDFC Bank to add 400 branches in TN in 2 years

HDFC Bank, the country’s largest private sector lender, will open 125 new branches across Tamil Nadu, taking its branch strength in the State to 400

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Manappuram Finance Q3 profit rises 63% to ₹398 cr

Manappuram Finance has posted a 63 per cent rise in net profit in Q3 of the current fiscal at ₹397.84 crore when compared to the ₹244.11 crore reco

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Sachin Bansal resigns from Ujjivan Small Finance Bank’s board

Chaitanya India Fin Credit, a microlender in which the Flipkart co-founder has a majority stake, had earlier this month said it has applied to the Reserve Bank of India (RBI) for universal bank licence.

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Finance Ministry puts in place measures to protect prudent commercial decision of bankers

There are widespread apprehension that bankers could be hauled up for their bona fide commercial decision go wrong.

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IndusInd Bank forays into wealth management via Pioneer platform

KR SrivatsIndusInd Bank is eyeing a Net Relationship Value (NLV) of ₹70,000 crore in the next three years under its newly launched wealth management p

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Mahindra Fin profit up 14%

Our BureauMahindra Finance reported a 14.6 per cent increase in standalone net profit for the third quarter of the fiscal at ₹365.28 crore against ₹

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Sachin Bansal resigns from Ujjivan SFB as independent director

Our BureauSachin Bansal has resigned as an independent director from the board of Ujjivan Small Finance Bank. The Flipkart co-founder said he had deci

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Sachin Bansal resigns from Ujjivan Small Finance Bank’s board

Chaitanya India Fin Credit, a microlender in which the Flipkart co-founder has a majority stake, had earlier this month said it has applied to the Reserve Bank of India (RBI) for universal bank licence.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2RxjAWd
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Finance Ministry puts in place measures to protect prudent commercial decision of bankers

There are widespread apprehension that bankers could be hauled up for their bona fide commercial decision go wrong.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/36DJU5H
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Sachin Bansal resigns from Ujjivan Small Finance Bank's board

"I would like to resign as an independent director of the bank with effect from January 27, 2020. Given an entity owned and controlled by me has made an application to the RBI for a universal banking license, I felt it was -- in the interest of propriety and corporate governance -- only appropriate that I stepped down from this role," Bansal said.

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Pending disciplinary cases: Government asks PSBs to set up committee of senior officers

Panel told to frame timelines to reduce delays in deciding such cases

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India Infoline Finance Q3 net jumps 78% to Rs 193 cr

India Infoline Finance Ltd on Tuesday reported a 78 per cent increase in consolidated net profit at Rs 193 crore for December quarter of 2019-20. The

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Flipkart co-founder Sachin Bansal quits Ujjivan Small Finance Board

Bansal says he has resigned in the interest of propriety and corporate governance, citing an application by an entity owned by him with the RBI for a universal banking license

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Ahead of strike, bank unions want PM to help expedite wage settlement

The United Forum of Bank Unions (UFBU), which has given out a call for a series of strike programmes from the weekend, plans to request the Prime Mini

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Product-driven teams require tech to be embedded in their way of thinking: Lori Beer, CIO, JP Morgan Chase

The way we work is changing into much more agile, product-driven teams and that requires technology to be deeply embedded in our way of thinking.

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Clashing dreams of MDR and digital

The number of debit cards has stagnated at 900 million, while the number of UPI transactions — nearly doubling every month until 2018 — has also stabilised at singledigit monthly growth rates.

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Monday, January 27, 2020

Paytm Payments Bank to help identify rogue apps that could trigger fraud transactions

PPBL MD and CEO Satish Gupta said the bank is putting all efforts and resources into ensuring every user transaction is safe and secure on its platform.

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Bank of Baroda says fresh NPA accretion nearly peaked

"Given the fact that there are some indicators like the watch-list coming down, in terms of size, I can say with a reasonable degree of confidence that the slippage levels should be lower going forward," Chadha, who took over the charge last week told in an interview.

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GIC Re hikes rates of fire premium

Will impact average premium by 25%

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TCS BaNCS powers Tamil Nadu Grama Bank operations

Tata Consultancy Services (TCS) has successfully integrated operations of Tamil Nadu’s two rural banks — Pandyan Grama Bank and Pallavan Grama Bank, w

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LIC’s South Zone emerges the flagship region

Public sector life insurer Life Insurance Corporation of India has said that the Southern Zone leads in settlement of survival benefits, maturity an

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Paytm Payments Bank to help identify rogue apps that could trigger fraud transactions

The security feature will scan the apps installed on the user device and will pop-up a security alert whenever a dangerous app is found that may put the users' accounts at risk. No transactions will be possible until the user uninstalls that fraudulent app.

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Employees of PSU banks threaten to go on two-day strike from January 31

The meeting before Chief Labour Commissioner on Monday remain inconclusive so unions did not take back strike notice, AIBOC president Sunil Kumar said. The wage revision for employees of public sector banks is pending since November 2017.

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Recruitment bias towards Kolkata office upsets RBI employee unions

Staff unions of the Reserve Bank of India (RBI) have alleged “a systematic effort to downgrade” the office at Kolkata, which once used to be the centr

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Karnataka Bank to raise capital through QIP, issue bonus shares

The board of Karnataka Bank, which met on Monday, has decided to issue bonus shares and raise capital funds through QIP (Qualified Institutions Plac

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UCBs report frauds worth ₹220 cr in last five fiscals: RBI

Urban Co-operative Banks (UCBs) have reported nearly 1,000 cases of fraud that amount to more than ₹220 crore in the last five fiscals, according to t

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HDFC reports around three fold rise in Q3 net profit

The country’s largest mortgage lender Housing Development Finance Corporation registered a near three fold rise in its net profit for the third quarte

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Google Pay introduces UPI recharge option for FASTag

 New feature also allows users to track payments and check FASTag account balance 

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Bank jobs: When desperate times call for desperate measures

LN RevathyJobs in the banking sector continue to lure people irrespective of the age. However, unlike earlier times, such jobs are not a career opt

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HDFC Bank Q3 net profit rises 24% to Rs 4,196cr

Mortgage lender HDFC Ltd on Monday reported a 24.3 per cent rise in consolidated net profit to Rs 4,196.48 crore for the third quarter ended December 2019.

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South Indian Bank raises ₹500 crore through Tier-1 bonds

South Indian Bank has raised ₹500 crore by issuing Basel III-compliant AT 1 Bonds. The bank issued 50,000 13.75% non-convertible, fully paid-up, unse

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All India bank strike stands as talks prove inconclusive

No positive outcome on conciliation

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Urban cooperative banks report nearly 1,000 frauds worth over Rs 220 crore in past five fiscals: RBI

Responding to an RTI query, the central bank said a total of 181 fraud cases involving Rs 127.7 crore were noticed during 2018-19. A total of 99 and 27 such cases involving Rs 46.9 crore and Rs 9.3 crore were reported during 2017-18 and 2016-16 respectively, it said. As many as 187 cases of fraud involving Rs 17.3 crore were reported in 2015-16.

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Urban cooperative banks report nearly 1,000 frauds worth over Rs 220 crore in past five fiscals: RBI

As many as 187 cases of fraud involving Rs 17.3 crore were reported in 2015-16 as against 478 such cases involving Rs 19.8 crore during 2014-15, the RBI said.

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Govt steps in to make your bank deposits safer; banks to pay more in case of failures

Banks, NBFCs, insurance companies insurance, securities market players, co-operative banks and regional rural banks which have been in news recently for all the wrong reasons will come under the jurisdiction of the proposed resolution authority.

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GIC Re revises fire premium rates, to impact average premium by 25 %

State-owned reinsurer General Insurance Corporation of India (GIC Re) has hiked the fire premium rates for all 291 occupancies from January 1 this ye

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Currencycloud raises $80-million in Series E funding led by Visa, SAP venture

London-based start-up to use funds to tap into  Asian market; to open new office in Singapore.

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Sunil Mehta takes over as Chief Executive of Indian Banks’ Association

Sunil Mehta has taken over as Chief Executive of Indian Banks’ Association from today. “He succeeds VG Kannan, who demitted office as Chief Executive

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Lenders need to provide info on security interest

Lenders are also required to inform the central registry of any change to a security interest and when such loans are paid off. They will have to file details of any order of attachment passed in their favour by any court or government authority.

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Indian banking sector is stressed, but govt in no position to bail it out: Abhijit Banerjee

Answering to a question - how will economic policies work if people have a lack of trust in the data, he said the government “should worry about this issue” as foreign investors are getting “nervous”. 

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Indian banking sector is stressed, but govt in no position to bail it out: Abhijit Banerjee

Answering to a question - how will economic policies work if people have a lack of trust in the data, he said the government “should worry about this issue” as foreign investors are getting “nervous”. 

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/37veq2F
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Indian banking sector is stressed, but govt in no position to bail it out: Abhijit Banerjee

Answering to a question - how will economic policies work if people have a lack of trust in the data, he said the government “should worry about this issue” as foreign investors are getting “nervous”. 

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/37veq2F
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Sunday, January 26, 2020

Q3 Comment | Why Bank of Baroda Q3 performance suggests more pain ahead

Sharp rise in slippages, steep divergence and weak core performance are a cause for worry

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Banking sector is stressed, govt in no position to bail it out: Abhijit Banerjee

The author of "Good Economics for Hard Times" added that the slowdown in the economy will also adversely impact poverty alleviation in the country as urban and rural sectors are interdependent.

from Banking/Finance-Industry-Economic Times https://ift.tt/2tI9xow
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Cut in GST, sops for home insurance are needed to extend reach

In view of the importance of insurance, the government can look at reduction in GST across insurance products. Currently, applicable GST rate for a m

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Policy push a must to boost social security

And this needs an enabling framework to give the aam aadmi life, health cover

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ICICI Bank: Spurt in net profit overshadowed by spike in slippages

Healthy growth in loans, core income are positives; but addition to stressed book, higher retail NPAs need a watch

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ICICI Bank net profit up 158% to Rs 4,146 crore in Q3, jump due to recoveries

Sources said the major part of recovery is likely on account of the resolution of Essar Steel.

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ICICI Bank net profit up 158% to Rs 4,146 crore in Q3, jump due to recoveries

Sources said the major part of recovery is likely on account of the resolution of Essar Steel.

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ICICI Bank net profit up 158% to Rs 4,146 crore in Q3, jump due to recoveries

Sources said the major part of recovery is likely on account of the resolution of Essar Steel.

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Govt nominates Dabasish Panda on SBI board

The government has nominated Debasish Panda, special secretary in the finance ministry, on the board of State Bank of India.

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Govt nominates Dabasish Panda on SBI board

The government has nominated Debasish Panda, special secretary in the finance ministry, on the board of State Bank of India.

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ICICI Bank Q3 profit jumps 158%; NPA ratio goes down to 1.49%

The bank’s net non-performing assets (NPA) ratio went down from 2.58 per cent as on December 31, 2018, to 1.49 per cent as on December 31, 2019.

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