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The government in Budget 2020-21 has raised the farm loan disbursal target by 11 per cent to Rs 15 lakh crore for the next fiscal and allocated Rs 1.6 lakh crore to implement various plans in agriculture and allied sectors as it chases the goal of doubling farmers income by 2022.
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Banks use ultraviolet light or high temperatures to disinfect yuan bills, then seal and store the cash for seven to 14 days -- depending on the severity of the outbreak in a particular region -- before recirculating them, China's central bank said at a press conference.
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The government in Budget 2020-21 has raised the farm loan disbursal target by 11 per cent to Rs 15 lakh crore for the next fiscal and allocated Rs 1.6 lakh crore to implement various plans in agriculture and allied sectors as it chases the goal of doubling farmers income by 2022.
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RBI governor Shaktikanta Das on Saturday said transmission of rate cuts is expected to improve further in the coming days and that momentum is gathering pace on credit growth. Earlier this month, the central bank opted for a status quo on the benchmark interest rate, amid signs of hardening inflation and an uncertain global environment.
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The government is examining suggestions to allow fragmentation of shares for greater retail participation, while also seeking a review of the limits on bank loans against shares.
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State Bank of India (SBI) chairman Rajnish Kumar on Friday said the bank was prepared for the worst following the Supreme Court order asking telecom companies to immediately pay adjusted gross revenue (AGR) dues to the government. SBI has Rs 29,000-crore loan exposure to telecom, the largest among Indian banks.
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Shares of SBI fell 8%, while other lenders with large exposure to telcos like Yes Bank and IndusInd Bank also dropped up to 5% on Friday. Analysts fear that the SC order could lead to a Vodafone Idea shutdown. “It may result in Rs 1.2-lakh-crore debt default, large-scale job losses and subscriber churn,” said Motilal Oswal in a report.
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Resolutions in the quarter through December 2019 yielded only around 12.2%, or about Rs 2,879 crore, of the admitted claims of Rs 23,668 crore. In the preceding quarter, lenders recovered around 34.4% of their total claims of Rs 78,592 crore. Many large cases have already been resolved and smaller companies undergoing resolution process are finding fewer suitors.
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“Today, outside the ecommerce players, we are the largest ecommerce platform,” Kumar said at the Nasscom Technology and Leadership Conference in Mumbai on Friday. “I have more than 100 partners and they are growing. Today, I do a huge number of redirections to Amazon, IRCTC, Flipkart."
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The contention of these operators is that the RBI’s increased compliance standards on security and maintenance have increased the cost of running the teller machines without a corresponding increase in the revenues these companies make through fees accrued. The current interchange fee is Rs 15 per transaction with a cap of 5 free transactions per customer.
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Bank stocks slumped on Friday after the Supreme Court refused to give relief to telecom companies on adjusted gross revenues (AGR) dues, putting at risk the nearly .Rs 30,000 crore loans to Vodafone Idea, which has repeatedly been saying that its survival will be under threat if the government does not give any relief on payment of past dues.
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The new mobile application will enables LIC Housing Finance to reach a broader audience of customers it will also fasttrack the loan process by assessing the eligibility of each applicant online. It will reduce the lengthy paper-based loan application process.
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The comments on telecom companies come on a day when the Supreme Court made it clear that they will have to cough up the Rs 1.47 lakh crore in adjusted gross revenue (AGR) dues and also questioned why contempt proceedings should not be initiated against those who are coming in way of implementing its order.
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Outstanding loans rose 989.26 billion rupees ($13.86 billion) to 101.03 trillion rupees in the fortnight to Jan. 31. Non-food credit rose 1.02 trillion rupees to 100.24 trillion rupees, while food credit fell 32.02 billion rupees to 788.99 billion rupees.
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"Hospitals keep on changing tariffs on a regular basis. There is no body to check that. The regulator does not allow insurance companies to raise premium every year though there is around 10-15 per cent inflation of hospital charges at present," Irdai member (non-life) T L Alamelu said.
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The Shriram Group, Edelweiss Financial Services, Adani Capital, a consortium led by the Piramal Group-Bain Capital and Indostar Capital are among those that have shown interest in buying the portfolio. Morgan Stanley, Goldman Sachs and Deutsche Bank are the foreign banks in the race along with private equity funds such as Warburg Pincus, AION Capital, Lone Star and SSG Capital.
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Most of us have a tendency to wait until the last moment in the financial year to start making tax saving investments, and more often than not, we end up maki...
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Lender State Bank of India had appointed Deloitte as advisor for sale of Videocon’s stake in the Indonesia and Brazil blocks in August last year. SBI opposed inclusion of the assets as part of local insolvency proceedings at NCLT.
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“The administrator of DHFL is not allowing us with the arguments that the board is not replaced like normal corporate insolvency resolution process (CIRP) but it was superseded by the Reserve Bank of India (RBI),” said senior counsel JJ Bhat who was appearing for the former directors of the company.
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Briefing reporters here, Union Minister Prakash Javadekar said the capital has been infused in the light of the critical financial position and breach of regulatory solvency requirements of the general insurers. The capital infusion in these companies comes ahead of their proposed merger by the end of March 2020.
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Union finance minister Nirmala Sitharaman on Wednesday said that the Centre and the Reserve Bank of India (RBI) are making constant efforts to boost consumption.
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President Ram Nath Kovind on Wednesday said the Reserve Bank of India's (RBI's) enhanced regulatory role will deter malpractices and make the nation's financial system more credible.
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Goldman Sachs' Bengaluru office is at the heart of tech development for its digital bank Marcus. Three years since its launch, Marcus is shaping up as the consumer bank of the future. The Marcus platform has around 1,700 employees across the US, UK and India, and over 200 of them are based in Bengaluru.
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The issue of over-indebtedness came back to haunt the industry exactly a decade after the controversial Andhra Pradesh Microfinance Institutions Ordinance, which clamped down on unregulated lending by micro lenders.
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The Ways and Means Advances, or WMA, is a facility that allows the Centre to borrow from the Reserve Bank of India (RBI) and meet payment obligations in the event of cash-flow mismatches. Simultaneously, increasing reliance on the WMA in the peak revenue reason doesn’t paint a pretty picture of government finances.
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Investments by Indian firms in foreign countries in January 2020 rose by nearly 40 per cent to $2.10 billion on a yearly basis, according to data by the Reserve Bank.
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For investing in Small Caps, ‘timing’ and ‘time in the market’, both are extremely important for generating superior returns. Small Caps have witnessed signi...
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ICICI Bank has moved the National Company Law Tribunal (NCLT) to initiate insolvency proceedings against Mercator Limited for recovering dues. Mercator, once the second-largest private shipping company in India, owes over Rs 50 crore to the banking giant.
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Sri Guru Raghavendra Sahakara Bank’s management proposes measures to RBI for a speedy turnaround
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Axis Bank managing director & CEO Amitabh Chaudhry, said the DHFL default has turned lenders risk-averse and that reforms are needed to generate funds required for the Rs 100-lakh-crore infrastructure projects planned by the government.
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However, its net non-performing assets (NPAs) dropped below 6% of advances to 5.81%.The bank is under RBI's prompt corrective action framework, which imposes certain restrictions on its functioning.
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Top gainers in the sensex pack include Tata Steel, Ultracemco, Axis Bank, ITC, SBI and IndusInd Bank -- with their shares rising as much as 2.39 per cent. All 30 stocks were trading in green.
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WhatsApp Pay has been running a pilot with 1 million users for nearly two years. It has yet to receive permission to do a full rollout with all its 400 million Indian users because it has not yet completed storing all data within the country’s borders. CASC said that, according to RBI’s affidavit to Supreme Court in November, WhatsApp had not yet fully complied with the rules.
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An official of the New York-headquartered asset manager and senior members of LVB management recently met RBI to explore the possibility. Tilden was introduced to LVB by Cantor Fitzgerald, the New York-based financial services firm where former Deutsche Bank co-CEO Anshu Jain is part of the top leadership team.
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More than 300 Chinese firms including Meituan Dianping, China’s largest food delivery company, and smartphone maker Xiaomi Corp are seeking bank loans totalling at least 57.4 billion yuan ($8.2 billion) to soften the impact of the coronavirus, two banking sources said.
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The strike has been called after talks over wage revision failed to initiate with the Indian Banks’ Association (IBA). This would be the third bank strike this month, after the first one was observed along with Bharat Bandh on January 8.
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"The government has instituted comprehensive reforms in PSBs to improve, governance, underwriting, monitoring and recovery, and has leveraged technology in all aspects of banking, resulting in reduction in their NPAs," Sitharaman said in written reply to a question in the Lok Sabha.
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The case has been registered based on a complaint by the present CEO. The bank is in the middle of a crisis following huge non-performing assets and Reserve Bank of India imposed restrictions from collecting deposits, lending loans and making investments. The apex bank had also last month capped the withdrawal limit to Rs 35,000.
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The government is open to further consolidation of banks depending on needs, minister of state for finance Anurag Singh Thakur has said.
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Punj Lloyd initially attracted interest from as many as 13 prospective bidders, according to people in the know. These included an arm of the Vedanta group and Welspun. None of them proceeded in making a formal financial bid for the company after carrying out due diligence.
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State Bank of India saw its slippages — new bad loans — almost double sequentially to Rs 16,525 crore. Likewise, Axis Bank recognised slippages of Rs 6,214 crore in the December quarter. Kotak Mahindra Bank put new additions in bad loans at Rs 1,062 crore in the third quarter.
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After it is notified, the respective bank boards will meet to give their customary final approval.
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HDFC Bank managing director Aditya Puri said Rathor's credentials and leadership abilities make it a good addition to its leadership team. Rathor studied aersospace engineering at IIT Kharagpur and holds a post graduate diploma in management from IIM-Calcutta, a bank statement said.
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"We have infused Rs 3.5 crore capital into PSU banks. A few among them will be encouraged to move capital market for fundraising purposes", she said in her Budget Speech.
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