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Saturday, February 15, 2020

Will mobilise 1 crore investors for LIC IPO: ANMI President

Promising a strong support to the Government in making the LIC IPO a grand success, the Association of National Exchanges Mmebers of India (ANMI) on S

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Government closely monitoring agriculture credit given by banks: FM Nirmala Sitharaman

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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Reserve Bank of India re-draws its financial year

Fiscal 2019-20 will end on June 30, 2020 while fiscal year 2020-21 will begin on July 1, 2020 but ends on March 31, 2021

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SBI aggressively pushes RBFBG scheme to Bengaluru builders

State Bank of India (SBI) aggressively pushed its ‘Residential Builder Finance with Buyer Guarantee Scheme (RBFBG) to Bengaluru-based builders.The Sch

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Govt monitoring agriculture credit given by banks: FM

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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China cleans, locks banknotes to stop virus spread

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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Any telco shutting shop not good for economy: SBI Chairman

Amidst speculation that SC verdict on AGR dues could lead to shutdown of a leading telecom player, State Bank of India Chairman Rajnish Kumar on Satur

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Transmission of rate cuts to improve further; credit growth momentum gathering pace: Shaktikanta Das

Reserve Bank Governor Shaktikanta Das on Saturday said momentum is gathering pace on credit growth and expressed hope that transmission of rate cuts

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Govt closely monitoring agriculture credit given by banks: FM

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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Transmission of rate cuts to improve further, says Shaktikanta Das

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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Government may look at division of shares for retail push

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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Telco distress call: SBI says it’s prepared for the worst

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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Telco distress call: SBI says it’s prepared for the worst

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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Lakshmi Vilas Bank cuts loss to Rs 334 crore in Q3

The capital-stressed LVB had hit the headlines recently when reports of some foreign funds evincing interest in the bank to pump in funds as strategic investors broke out.

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Lenders set to recover 43.1% from insolvency proceedings

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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YONO largest consumer platform after e-commerce companies, says SBI Chief

“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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ATM operators seek higher fees on withdrawals

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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With AGR ruling, banks fear surge in bad loans

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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PMC scam: Two jailed HDIL promoters withdraw bail plea from SC

The fraud at PMC Bank came to light in September last year after the Reserve Bank of India discovered that it had allegedly created fictitious accounts to hide over Rs 4,355 crore of loans extended to HDIL.

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IOB focuses on MSME, to lend more in two years, says official

To focus on the MSME, which is the need of the hour, the bank has converted 250 branches, including 100 in Tamil Nadu, into MSME-centric branches and given training to 700 employees for the purpose, IOB managing director and CEO Karnam Sekar said.

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Friday, February 14, 2020

IOB focuses on MSME, to lend more in two years, says official

To focus on the MSME, which is the need of the hour, the bank has converted 250 branches, including 100 in Tamil Nadu, into MSME-centric branches and given training to 700 employees for the purpose, IOB managing director and CEO Karnam Sekar said.

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PMO to banks: NCLT cannot be escape route, refer only NPAs of over ₹200 cr

Move to prevent closure of firms and job losses

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Indian Overseas Bank to focus on MSME-lending: CEO

Laying more focus on the MSME segment, Indian Overseas Bank (IOB) will increase its lending to the sector from ₹31,000 crore at present to ₹50,000 cr

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Forex reserves soar to record $473 b

India’s foreign exchange reserves rose by $1.701 billion to a lifetime high of $473 billion in the week to February 7 on account of the increase in fo

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Not approached by any telco to finance AGR dues, says SBI chairman

It is incumbent on the telcos to find money and will be safe to presume that they would have made some arrangements for it by now, SBI chairman Rajni

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LIC Housing Fin refers 14 projects to AIF

Our BureauLIC Housing Finance has referred 14 projects to the Alternative Investment Fund (AIF) set up by the government last year to revive unfinishe

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LIC adopts Google Cloud for digital platform

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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IRDAI to set up common electronic platform to settle health insurance claims

Our BureauThe Insurance Regulatory and Development Authority of India (IRDAI) is looking at setting up a common electronic platform for settling healt

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Muthoot Finance Q3 profit rises 46%

Our Bureau Muthoot Finance has registered a 46 per cent growth in net profit at ₹803 crore in Q3 of FY20 against ₹485 crore in the corresponding per

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Lakshmi Vilas Bank posts ₹334-cr loss in Q3

Our Bureau Private sector lender Lakshmi Vilas Bank (LVB) posted a net loss of ₹334 crore in the third quarter of FY20 when compared to the ₹373-crore

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SBI not approached by any telco to finance AGR dues, says chairman

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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Indian banks' loans rise over 7% in two weeks to January 31: RBI

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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Irdai expresses concern over high hospital tariffs, plans to standardise charges

"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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JM Financial gets shareholders’ nod to raise up ₹850 cr

JM Financial Ltd on Friday said it has received shareholders’ approval to raise up to ₹850 crore through issuance of securities. In a regulatory fil

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NIP may come to rescue: Low bank lending worsens fund woes of construction sector

India Ratings has changed its outlook for the sector to ‘negative’ for 2020-21 from ‘stable’

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RBI’s new asset recognition norms for realty sector credit negative for banks: Moody’s

Under new guideline, banks can extend the principal repayment period by 1 year if the project is delayed for reasons beyond the control of real estate developers.

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RBI’s new asset recognition norms for realty credit negative for banks: Moody’s

The real estate sector has been facing challenges as NBFCs (non-banking finance companies), the key lenders to the sector, are also under stress. Further, stagnating property sales have resulted in a large stock of unsold inventory.

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Banks, PEs and NBFCs line up for DHFL's retail book

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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Thursday, February 13, 2020

Zeta aims to partner with more banks through the API platform

Fintech start-up Zeta India, which has moved into the banking space, is in talks with several banks and start-ups for its various products, including

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YES Bank sells 9.47% stake in Eveready Ind

Private sector lender YES Bank has sold a 9.47 per cent stake in Eveready Industries. The lender had, in July last year, picked up a 9.47 per cent sta

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CII-IBA financial conditions index declines to 60.5 in Q4

Sub-indices such as cost of funds index and external financial linkages index fall

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IL&FS fallout: CARE Ratings chief resigns

SB Mainak has resigned as Chairman of CARE Ratings, which could be a fallout of the collapse of Infrastructure Leasing and Financial Services (IL&

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RBI new asset recognition norms credit negative for banks: Moody’s

The Reserve Bank of India’s (RBI) recent asset recognition norms that allows banks not to treat real estate loans as restructured for one year is cre

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Ind-Ra maintains stable outlook on affordable HFCs, negative outlook on large players for FY21

Our BureauIndia Ratings and Research (Ind-Ra) has maintained a stable outlook on affordable housing finance companies (HFCs) and a negative outlook on

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Yes Bank shares jump over 6% on fund raising buzz

Shares of Yes Bank on Thursday jumped over 6 per cent after the company said the management is “deeply engaged” in fundraising exercise.The scrip gai

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American Express partners Hype to provide luxury cars on rent

American Express has tied up with Bengaluru-based Hype, a luxury mobility solutions provider, to enable its Platinum and Centurion cardmembers to hire

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LIC IPO: Correct valuation tops agenda, says Chairman

LIC Act will have to be amended ahead of offering, says MR Kumar

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LIC gains market share with individual new business premium growing 44% in January

Growth has been driven by LICs products that were closed and re-launched in February

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Allahabad Bank cuts MCLR by 5 bps across tenors

Allahabad Bank has cut the marginal cost of funds based lending rate (MCLR) by 0.05 percentage points across tenors, effective February 14. The Asset

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City Union Bank Q3 net up 8%

Marginally impacting the asset quality slightly, the gross NPA increased to 3.50% in Q3, against 2.91% in the year-ago period and 3.41% in Q2.

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Indian Overseas Bank chief Sekar expects bank to turn profitable in March quarter

The bank, which posted a loss of over Rs 6,000 crore in the December quarter, expects to grow at 5-10% in the coming financial year.

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Recruitment bias: West Bengal Finance Minister writes to RBI Governor

West Bengal Finance Minister Amit Mitra has written to Reserve Bank of India Governor Shaktikanta Das highlighting what he described as the alleged r

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Start an SIP with ELSS to reap maximum benefits

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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Regulatory sandbox will promote digital innovation in the industry: IRDAI Chairman

Insurance Regulatory and Development Authority of India (IRDAI) Chairman Subhash Chandra Khuntia stressed on the importance of digital innovation in t

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ESAF SFB to float IPO based on market conditions: CEO

Hopes to get SEBI clearance by next month, says K Paul Thomas

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City Union Bank Q3 net up 8%

Marginally impacting the asset quality slightly, the gross NPA increased to 3.50% in Q3, against 2.91% in the year-ago period and 3.41% in Q2.

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Indian Overseas Bank chief Sekar expects bank to turn profitable in March quarter

The bank, which posted a loss of over Rs 6,000 crore in the December quarter, expects to grow at 5-10% in the coming financial year.

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Include Videocon foreign arms in insolvency process: NCLT

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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Ex-directors of DHFL seek to be part of Committee of Creditors

“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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Mutual Funds’ investments HFCs, NBFCs see steep fall

Investments in housing finance companies (HFCs) by MFs also come down from Rs 1.75 lakh crore in August 2018 to Rs 95,900 crore, a fall of 45%.

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Yes Bank to delay Q3 results till mid-March, says management ‘deeply engaged’ in fundraising

Troubled lender Yes Bank on Wednesday said the financial results for the third quarter ended December 2019 will be delayed and is expected by mid-March as the management is "deeply engaged" in fundraising exercise.

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Wednesday, February 12, 2020

Ind-Ra downgrades long-term issuer ratings of YES Bank

With YES Bank delaying its capital-raising plans, India Ratings and Research, on Wednesday, downgraded the long-term issuer rating of the bank and ke

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RBI’s enhanced role will deter malpractices, add credibility to financial system: President

Banks must take prudential measures to ensure that the public’s trust is not betrayed, says Ram Nath Kovind

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₹2,500-crore capital boost for three state-owned general insurers approved

The Union Cabinet on Wednesday gave its in-principle nod for immediate capital infusion of ₹2,500 crore in three state-owned general insurers — Orien

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Govt okays proposal to infuse Rs 2,500 cr into 3 PSU general insurers for improving financial health

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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Star Health launches outpatient care policy

It offers for customers in the age group of 18 to 50 years and also covers dependent children up to the age of 25 years.

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SoftBank’s Q3 operating profit plunges 99%, weighed down by Vision Fund losses

The fund has invested in troubled tech companies such as Oyo, Uber and WeWork

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PFC Q3 net down 12 per cent to ₹3,386 cr

State-run Power Finance Corporation reported a 12 per cent dip in consolidated net profit at ₹3,386.72 crore in the December quarter. The company’s

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JM Financial to raise ₹300 cr in debt

Mid-sized non-banking lender JM Financial will hit the debt market with a ₹100 crore NCD issue on Thursday. This is the third tranche of its planned

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City Union Bank posts Q3 profit of ₹192 crore

Our BureauPrivate sector lender City Union Bank (CUB) posted an 8 per cent year-on-year growth in net profit at ₹192 crore in the third quarter of FY2

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'Centre, RBI making efforts to boost consumption'

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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Allahabad Bank Q3 loss widens over two-fold

Retail credit grew by 10% y-o-y as on December 31, 2019 to Rs 21,634 crore, up from Rs 19,595 crore as on December 31, 2018, the bank said in a release.

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RBI's enhanced role to deter malpractices: Prez

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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City Union Bank Q3 profit up 8% at ₹192 cr

City Union Bank on Wednesday posted 8.04 per cent rise in net profit at ₹192.43 crore for the quarter ended December 31, 2019. It had logged a profit

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IDBI Bank’s Q3 net loss widens on switch to new tax regime

Shares of IDBI Bank ended at Rs 37 on the BSE on Tuesday, up 2.07% from their previous close. The results were declared after the close of trade.

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Government may not be able to cut small savings scheme interest rate, says SBI report

If the current high rates persist, banks, too, will be unable to cut deposit rates

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IDBI Bank’s Q3 net loss widens on switch to new tax regime

Shares of IDBI Bank ended at Rs 37 on the BSE on Tuesday, up 2.07% from their previous close. The results were declared after the close of trade.

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Bengaluru key to Goldman's consumer bank Marcus

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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Microfinance troubles back in focus: Blame it on greed alone!

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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Govt overdraft from RBI hints at worries on finances

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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IDBI Bank’s Q3 net loss widens on switch to new tax regime

Shares of IDBI Bank ended at Rs 37 on the BSE on Tuesday, up 2.07% from their previous close. The results were declared after the close of trade.

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IDBI Bank’s Q3 net loss widens on switch to new tax regime

Shares of IDBI Bank ended at Rs 37 on the BSE on Tuesday, up 2.07% from their previous close. The results were declared after the close of trade.

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RBI issues draft framework for setting up competitor to NPCI

The NUE will be a company authorised by the central bank under Section 4 of the Payment and Settlement Systems (PSS) Act, 2007.

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Moody’s downgrades IndusInd Bank’s outlook to negative

The ratings firm said that the bank has a relatively higher exposure to the stressed real estate sector, compared to other banks, at around 8% of its loan book as on 31 December 2019.

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Tuesday, February 11, 2020

Aye Finance to get into co-lending with public sector banks this year

Fintech firm looks to raise second round of capital this year

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LVB arranges meeting of Tilden Park with the RBI

Our BureauLakshmi Vilas Bank, which has been scouting for an investor, on Tuesday said it has arranged a meeting between US-based Tilden Park Capital

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KVGB launches programme to boost entrepreneurship at polytechnics, ITIs

Karnataka Vikas Grameen Bank (KVGB), a regional rural bank headquartered in Dharwad district, has come out with plans to boost entrepreneurship among

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IDBI Bank reports net loss of Rs 5,763 crore in Q3 of FY20

IDBI Bank reported a huge net loss of Rs 5,763 crore in the third quarter against a net loss of Rs 4185 crore in the year ago period.The LIC promoted

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Syndicate Bank Q3 profit zooms to Rs 435 crore

Overall provisions and contingencies stood at Rs 1,044.98 crore

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PNB Gilts Dec quarter profit down 52%

Mumbai, Feb 11 PNB Gilts has informed the BSE that its December quarter net profit was down ₹44.10 crore as against ₹93.28 crore reported in the cor

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India Inc's foreign investment jumps 40% in Jan

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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Now could be the right time to invest in IDFC Emerging Businesses Fund

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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Muthoot Pappachan Group ties up with UST Global for ‘digital transformation’

The Muthoot Pappachan Group (MPG), a diversified financial services conglomerate, is tying up with digital solutions and services company UST Global.

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Merchant payments are the primary business model of Paytm: Founder & CEO

Vijay Shankar Sharma talks about Paytm’s latest initiatives, its revenue growth, and how it plans to take on Flipkart and Amazon

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Budget proposal is unlikely to affect to life insurance policy sales, say experts

Data suggest that people buy life insurance policies at the fag end of the financial year

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Partial credit guarantee won’t fully solve liquidity problem: Hemant Kanoria, chairman, Srei Infrastructure Finance

The government has a clear vision for infrastructure investments in the medium to long term. However, in the short term, there are certain hurdles which the government is aware of and is consciously trying to address.

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RBI tables draft framework for pan-India New Umbrella Entity for retail payment systems

NUE can be set up as company incorporated in India; should have minimum paid-up capital of Rs 500 crore

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ICICI moves NCLT to get dues from Mercator

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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Sundaram Finance Q3 PAT rises 4% to Rs 253 cr

Non-banking finance company Sundaram Finance Ltd on Tuesday reported a 3.8 per cent rise in consolidated profit after tax (PAT) at Rs 252.90 crore fo

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Crisis-hit cooperative bank looks to raise Rs 300 crore in fresh capital

Sri Guru Raghavendra Sahakara Bank’s management proposes measures to RBI for a speedy turnaround

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DHFL shows risks faced by lenders: Axis Bank chief

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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IOB's Q3 loss up at 6,076 cr due to higher provisioning

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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RBI offers banks CRR exemption for auto, home and MSME loans

The Reserve Bank of India (RBI) on Monday said the amount equivalent to incremental credit disbursed by banks to specific sectors will be eligible fo

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Bank deposits in Goa up by over Rs 6000 cr: Economic Survey

Bank deposits in Goa have increased by Rs 6,272 crore during the current financial year as compared to the last fiscal, according to the Economic Sur

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Sensex jumps over 400 points; Nifty above 12,100

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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Think tank urges SC to stop trial of WhatsApp Pay

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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US fund house eyes big stake: Lakshmi Vilas Bank and Tilden Park Capital Management seek RBI’s blessings

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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Monday, February 10, 2020

As virus spreads, China banks brace for worst-case scenario

Just as it looked like Beijing was starting to get a handle on its regional banking crisis, a much more severe threat is engulfing the world’s largest

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South Indian Bank bags IBA awards

South Indian Bank came out with flying colours at the Banking Technology Awards 2020 instituted by the Indian Banks’ Association. SIB delivered a stel

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‘Selling LIC’s stake will destroy the economic security of 40 crore Indians’

Selling LIC’s stake will wreck the economic security of 40 crore citizens (one-third of India’s population), which the government is not able to prov

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IRFC’s $1-billion bond issue can set benchmark for sovereign bonds, says MD

May raise another $500 m soon

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Ex-CEO of Karnataka bank booked

A case of cheating and forgery has been registered against the former CEO of crisis-hit Guru Raghavendra Sahakara Bank, weeks after the RBI cap on wit

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Sundaram Finance net rises to ₹167 cr in Q3

Our BureauLeading NBFC (non-banking finance company) Sundaram Finance has reported a 6.4 per cent increase in net profit at ₹167 crore for the quart

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Union Bank Q3 profit rises to₹575 cr on lower provisioning

Our BureauUnion Bank of India recorded an almost four-fold jump in net profit at ₹575 crore in the third quarter ended December 31, 2019, against ₹153

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IOB Q3 net loss widens to ₹6,075 cr on higher bad loan provisioning

State-owned Indian Overseas Bank (IOB) has reported widening of its net loss to ₹6,075.49 crore during the third quarter ended December 2019, owing

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Chinese firms seek loans amid coronavirus outbreak

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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Bank of Baroda cuts MCLR by up to 10 bps

With this reduction, the one-year MCLR has come down to 8.15 per cent per annum from 8.25 per cent, according to a bank statement.

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Union Bank reports four times jump in Q3 net profit to ₹575 crore

Huge recoveries coupled with lower provisioning requirement helped Union Bank of India report an almost four times jump in the third quarter net profi

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Bank unions call for three-day nationwide strike from March 11

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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Bad loans of public sector banks fall to Rs 7.27 lakh crore at end of Sept 2019: Nirmala Sitharaman

"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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PSBs recover record ₹2.03 lakh crore bad loans in last one-and-half year: FM

Bad loans fall to ₹7.27 lakh crore at the end of September 2019, down from ₹8.96 lakh crore at the end of March 2018.

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Bank of Baroda cuts MCLR by up to 10 basis points

State-owned Bank of Baroda on Monday announced cut in its marginal cost of funds-based lending rates (MCLR) by up to 10 basis points, effective Febru

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Ex-CEO of crisis-hit Guru Raghavendra Sahakara Bank in Karnataka booked

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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RBI to conduct ₹50,000-cr LTRO

To inject durable liquidity into the banking system and ensure transmission of changes in policy repo rate to bank lending rates, the Reserve Bank of

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Avendus Wealth Management appoints Nitin Singh as MD and CEO

Avendus Wealth Management, financial services’ provider Avendus Group company, has appointed Nitin Singh as Managing Director and Chief Executive Offi

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IRDAI revises stewardship policy for monitoring investee companies

Following the recent troubles at a number of non-banking finance comapnies (NBFCs) and housing finance companies (HFCs), the insurance regulator Insur

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Govt open to more bank mergers if needed: Thakur

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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In 2020, PayU India to engage more with banks for digital payments push

To focus on omni channel payment services, ramp up consumer lending, says CEO Anirban Mukherjee

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Punj Lloyd founder seeks to reclaim company from bankruptcy

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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Banks get no respite as Q3 slippages rise

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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Sunday, February 9, 2020

Govt open to further consolidation of banks depending on need: Anurag Thakur

Last year, the government announced mega amalgamation of 10 public sector banks into four to cater to the needs of the aspirational and New India.

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Govt may notify merger of 10 PSBs to 4 lenders this week

After it is notified, the respective bank boards will meet to give their customary final approval.

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HDFC Bank appoints Anjani Rathor chief digital officer

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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HDFC Bank appoints Anjani Rathor as chief digital officer

HDFC Bank has appointed Anjani Rathor as its new Group Head - Digital Banking. Rathor has been designated Chief Digital Officer (CDO), and will be res

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SBI to expand ATM network by 6,000; plans to make them future-proof

Playing it safe after its experience during the 2016 demonetisation, and in the backdrop of the rising number of digital transactions, State Bank of I

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Over 45% drop in Indian companies’ foreign borrowings in December 2019 compared to year-ago period

The remaining USD 55.98 million was raised through the rupee denominated bonds or popularly known as masala bonds.

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Over 45% drop in Indian companies’ foreign borrowings in December 2019 compared to year-ago period

The remaining USD 55.98 million was raised through the rupee denominated bonds or popularly known as masala bonds.

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PSU banks may see higher profits, must tap market: CEA Krishnamurthy Subramanian

"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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