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Fuelled by desire and enabled by digital lending, a new generation of Indians is borrowing their way to consumer salvation. Many are playing with fire. Credit these days is available just about anywhere. A trio comprising lenders (shadow banks, digital lenders, fintech players), shopping websites and businesses are coming together to offer attractive credit schemes.
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All India Bank Employees' Association (AIBEA) statement said that in the bipartite meeting, which was held between the unions and Indian Banks Association (IBA), discussions were held in respect of offer of increase in pay slip cost to 15 per cent, demand for five-day banking among others.
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The Asset Liability Management Committee (ALCO) of Allahabad Bank on Saturday announced a cut of up to 40 basis points in interest rate on external benchmark-linked products.
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Kotak Mahindra Bank chairman and managing director Uday Kotak on Friday proposed diluting government stake to below 50% in three of the 12 state-owned banks and running the other three through public-private pa-rtnership.
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“Any standalone resolution does not seem to be possible and would therefore defeat the objective of the code (Insolvency and Bankruptcy Code), which is to maximise the value of the company,” NCLT division bench of Suchitra Kanuparthi and Chandra Bhan Singh said in its order issued on Wednesday.
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Credit growth to the services sector decelerated to 8.9 per cent in January 2020 from 23.9 per cent in January 2019, according to the data released in Reserve Bank’s monthly bulletin. Retail loans, which still remained the fastest growing segment, grew by 16.9 per cent in January 2020, the same rate as in January 2019.
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Banking can become a frictionless experience. With the right leadership and regulatory support, a completely electronic banking experience of ‘Anybank, Anywhere, Anytime’ is not out of reach.
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More than animal spirits, what were needed were saintly spirits. Calibrated interventions were taken, and a four-pronged approach within a compressed timeframe enabled jettisoning the excess cargo of non-performing assets (NPAs), while sealing points of water ingress.
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Largest commercial lender State Bank of India (SBI) is anticipating that growth in corporate credit offtake during the last quarter (Q4) of current fiscal of the bank to be in the region between five to seven per cent on year-on-year basis, an official of the bank said.
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The best economic tonic for the coronavirus shock is to contain its spread and worry about stimulus later, said Raghuram Rajan, former head of the Reserve Bank of India (RBI).
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Data suggests that nearly 174,000 homes are stuck in seven big India cities. Buyers displayed aversion towards under-construction projects with share of completed properties in overall sales going up to 25% in 2019 as compared to 11% in 2014.
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"Companies like ours bring in global technology, scale and capability and therefore the value of that to a market like India. I have often said that we operate in countries at the pleasure and desire of the local government," said Ajay Banga, CEO, Mastercard.
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The IL&FS crisis first came to light in July 2018 when ITNL, the road arm, was facing difficulty in making repayments due on its bonds. At least three agencies including the ED, SFIO and Delhi Police are probing into the alleged irregularities in the infrastructure projects undertaken by ITNL and its parent, IL&FS through it other subsidaries.
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“Wherever in the world MDR has been reduced to the levels where it makes it uneconomical for the acquirer or issuer to participate in the natural business of electronic payments, you tend to lose the momentum. It’s a balancing act,” he said in a telephonic interview.
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Aditya Puri hangs up his much-decorated boots this October, bringing the curtains down on a long, glittering stint that saw him become the longest-serving CEO of any private bank in India. HDFC Bank's board has given Egon Zehnder a set of attributes to look for in Puri's potential successors. Here we take a look at five frontline contenders.
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Sharma replaces Jairam Sridharan, who has resigned as the group executive and CFO of the bank, with effect from the close of business hours on March 5.
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Paytm Payments Bank, which also houses the Paytm e-wallet, recently filed an FIR against 3,500 fraudulent numbers. The payments company said telecom players are “not doing enough” to counter the rising menace of online fraud, where consumers are duped via SMS and calls.
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Irda said that it set up the committee following representations from life insurers seeking expansion of their product offerings to make better use of their distribution networks.
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Finance minister Nirmala Sitharaman rapped state-run banks for lacking consumer connect and said often executives at the branch level could not communicate in the local language or provide details of govt schemes. The minister’s outbursts at an event to unveil the next phase of PSB reform plan, EASE 3.0, were triggered by customer complaints from across the country.
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A division bench of tribunal, presided over by judicial member Bhaskara Pantula Moha and technical member Shyam Babu Gautam, allowed ED two weeks’ time to file its response in the matter, and adjourned the matter to March 23.
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SSG’s final offer after multiple revisions is an upfront cash payment of Rs 2,700 crore and a oneyear employment guarantee for the management team. Cerberus has offered Rs 2,600 crore in immediate cash payments and Rs 450 crore in security receipts, a kind of debt instrument backed by financial assets, to be paid when able.
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HDFC Bank MD, Aditya Puri shares his ideas about his successor, where the bank stands, and what’s in store for the economy.
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The EASE 3.0 reforms agenda commits the PSBs to smart, techenabled banking. Dial-a-loan for doorstep loan facilitation and digitalised branch experience are some of the elements on the agenda. Through the latest roadmap, FM spoke of the future of banking going digital and being data driven.
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Industry is keenly watching the succession at HDFC Bank as Aditya Puri steps down in October.
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Acko will be powering the Aabhar card holder with micro insurance cover which will provide a range of benefits including Vector borne disease cover, loan protector and hospital cash allowance to HDB customers, according to a release.
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Aegon Life Insurance, today announced the appointment of Naveen Bachwani as its chief operating officer. Bachwani is expected to drive digital transformation, product development and operations.
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The company is the first among non-life insurers in India to introduce the entire bouquet of service initiatives such as policy documents, renewal notices and claim intimation for its customers by using WhatsApp chatbot, an intuitive and user-friendly chat structure where the customers can raise requests simply through numeric inputs, it said.
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How often do we come across our friends/ relatives who have planned a vacation or other similar short term financial goal over the next 5-6 months but end up...
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RBI has resisted pressure from lobby groups on a package for NBFCs, but permitted banks not to classify defaulters in MSME and realty segments. These relaxations may help overcome stress, but past experiences show such moves have weakened the banking system.
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Bandhan, Kotak Bank, IndusInd, PEs approached for the sale process and the deal is likely to value company at $2.5 billion.
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Bank loan may grow at about 6 per cent this fiscal, the rating firm said. "A gradual pick-up in economic activity, continuing demand for retail loans, and strong growth in lending by private sector banks should drive the uptick," it said in a note published on Tuesday. The corporate lending is expected to remain subdued in fiscal 2020 and thereafter, may witness a slight uptick.
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Overall, the digital payments in the country have witnessed a growth (CAGR) of 61 per cent and 19 per cent in terms of volume and value, respectively over the past five years, demonstrating a steep shift towards digital payments. "Cash still rules but is increasingly seen as a way to store value as an economic asset rather than to make payments," it said.
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The RBI was responding to a PIL seeking the HC's direction to the central bank to direct banks to take action against their employees for joining union-led strikes as it caused great financial damage to the nation and adversely affected consumers.
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Some bankers have wanted the age limit to be raised to 75 years to bring RBI rules on par with the new Companies Act, but the RBI hasn't relented.
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New laws for resolving troubled financial institutions is on the anvil. RBI governor Shaktikanta Das said the central bank will have an integrated framework for resolution of finance firms. Das also said the banking regulator will soon issue guidelines on corporate governance in banks.
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HDFC Banking & PSU Debt Fund “the Scheme” , with an AUM of Rs. 4,895 Cr as of 31st January 2020 focuses on generating income/capital appreciation by investi...
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The company provides communication services to more than 30 public and private banks in India.
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Punita Sinha, wife of former aviation minister Jayant Sinha, will be the chief investment officer of InCred, which is looking to expand to a full-service financial services company from retail and MSME focused NBFC, multiple sources with knowledge of the matter told ET.
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Public-sector entity Indian Bank has decided to stop loading its ATMs with Rs 2,000 notes, citing customer preferences. According to RBI data, Indian Bank had nearly 4,000 ATMs across India as of December 2019.
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Pamnani took over as vice-chairman at Bajaj Finserv in 2008 just after Bajaj Auto was de-merged.
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Currently, the bank’s CFO S Sundar, is in charge as interim CEO.
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The study notes that there is an increasing preference for FDI as an alternative source of capex financing.
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The three submitted their latest offers on Friday after lenders had met last Monday to consider the earlier proposals. A key issue is whether to wind down Altico or keep it as a ‘going concern’. Creditors and bidders are slated to meet Monday.
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The Reserve Bank of India (RBI) may offer a breather to Bandhan Bank to dilute its promoter holding after allowing another private lender Kotak Mahindra Bank time to reduce the holding of its promoters, while capping their voting rights.
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Sinha, wife of former aviation minister Jayant Sinha, will be the chief investment officer of In-Cred, which is looking to expand to a full-service financial services company from retail and MSME focused NBFC, multiple sources with knowledge of the matter told ET.
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The company plans to considerably scale up its Android POS network in 2020-21 to 1.5 lakh machines and diversify into newer industries. POS machines are used by merchants to accept payments through cards among other features. The company, which had launched Plutus Smart (its Android-based point of sale machines) about nine months ago, has already deployed over 50,000 of these POS terminals.
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The bank holds 64.40 per cent in the unlisted housing finance company, while the remaining stake is held by Housing & Urban Development Corporation (HUDCO), Unit Trust of India (UTI) and National Housing Bank (NHB). The bank is facing operational curbs under the Reserve Bank's (RBI) prompt corrective action (PCA) framework.
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Last year in August, the government announced the consolidation of ten public sector banks (PSBs) into four mega state-owned lenders. As per the plan, United Bank of India and Oriental Bank of Commerce would merge with Punjab National Bank, making the proposed entity the second largest public sector bank.
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Former RBI governor C Rangarajan has said the Reserve Bank alone can not contain inflation as supply side shocks are needed to be managed by the government. Rangarajan said the adoption of inflation targeting by India has given rise to many doubts and concerns.
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