Rajkot Municipal Corporation seeks release of Rs 160 crore Smart City Mission fund in Yes Bank

As per RBI's draft reconstruction scheme, State Bank of India will pick up 49 per cent stake in the crisis-ridden Yes Bank under a government-approved bailout plan. from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/3aLXg...

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Yes Bank founder Rana Kapoor shifted to ED office today; questioning continues on money laundering

The ED had searched Rana's residence in the upscale 'Samudra Mahal' complex in the Worli area on Friday night and had grilled him there too. The questioning of Kapoor is continuing, they said. from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2PT2y...

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Mutual funds holding Yes Bank papers hit hard

Fund houses were holding commercial papers as well as “additional Tier 1” bonds of Yes Bank and the values of most of these holdings have been written down fully, experts said. However, not many funds hold Yes Bank’s stocks since troubles in the lender started about a year ago. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2TJCV...

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Evaluating draft reconstruction scheme for Yes Bank: SBI chief

SBI Chairman Rajnish Kumar on Saturday said the bank has received the draft scheme of reconstruction for crisis-hit Yes Bank.Bank officials are doing from Business Line - Money & Banking https://ift.tt/3cDL6...

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Restrictions on Yes Bank FDs, shares

Stock exchanges have put several restrictions on collaterals like bank guarantee and FDs issued by Yes Bank, which brokers give as margins for trading on the bourses. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/3ax7f...

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Yes Bank crisis: Solution in place before 30 days, says RBI governor

BI governor Shaktikanta Das has indicated that investors would not have to wait for 30 days for the moratorium on Yes Bank to be lifted and a resolution was likely much earlier. “You will see very swift action on the part of the RBI to put in place a scheme to revive the bank,” said Das, speaking to reporters on the sidelines of Assocham’s annual banking summit. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/39rJL...

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SBI says a 49% stake in Yes Bank will cost $331 mn

SBI Chairman Rajnish Kumar told reporters on Saturday the bank's capital infusion into rescuing Yes Bank would have a "very marginal" impact on SBI's capital adequacy ratio. On Thursday, the Reserve Bank of India (RBI) took control of Yes Bank, imposed limits on withdrawals to protect investors and said it would work on a revival plan. from Banking/Finance-Industry-Economic Times https://ift.tt/2vL8g...

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ED raids Yes Bank founder Rana Kapoor's flat in DHFL case

The Enforcement Directorate on Friday conducted raids at Yes Bank founder Rana Kapoor's flat at Samudra Mahal in Worli, in connection with transactions with Dewan Housing Finance Corporation Ltd or DHFL. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2PSt1...

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ED questions Yes Bank founder Rana Kapoor

Crisis-hit Yes Bank's founder Rana Kapoor was brought to the Enforcement Directorate's (ED) office in Mumbai for questioning in connection with a money-laundering case against him. The ED is probing Kapoor's role in connection with the disbursal of a loan to a corporate entity and the subsequent alleged kickbacks reportedly received in his wife's accounts. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/38t7y...

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Yes Bank's Rana Kapoor brought to ED office in south Mumbai for questioning

The searches at the Mumbai residence of Kapoor began shortly after the finance minister held a press conference on the rescue plan for the lender. She had said that the central bank would investigate the reasons for the bank’s decline. from Banking/Finance-Industry-Economic Times https://ift.tt/2xixV...

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SBI's rescue plan for Yes Bank by Monday, here's what it looks like

The restructuring plan entails the appointment of a new CEO and board with two SBI-nominated directors. from Banking/Finance-Industry-Economic Times https://ift.tt/2TtAL...

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Yes Bank restructuring: Due diligence underway, says chief Rajnish Kumar

State of Bank of India (SBI) chairman Rajnish Kumar on Saturday said that the bank has received the draft scheme of resolution for cash-strapped Yes Bank and the board has given in-principle approval to explore the possibility of picking up 49 per cent stake. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2TvAB...

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Depositor money safe, says SBI chief

In its draft 'Yes Bank Ltd. Reconstruction Scheme, 2020', RBI said the strategic investor bank will have to pick up 49 per cent stake and it cannot reduce holding to below 26 per cent before three years from the date of capital infusion. from Banking/Finance-Industry-Economic Times https://ift.tt/2IoPW...

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It's win some, lose some for Yes Bank's minority shareholders

Minority shareholders of Yes Bank may have got a raw deal in the proposed restructuring of Yes Bank, but experts said that it is better than losing al from Business Line - Money & Banking https://ift.tt/2TKyl...

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Withdrawal cap sends YES Bank depositors in Mumbai into a state of frenzy

Outside YES Bank’s Kala Nagar branch in Mumbai, a woman clad in a blue niqab sits on a plastic chair, her disquiet apparent in her large eyes. A doo from Business Line - Money & Banking https://ift.tt/2xing...

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SBI Chairman says completely ready to fill hole in Yes Bank’s balance sheet; assures quick action

Rajnish Kumar explained how SBI will infuse capital in Yes Bank as the obligation is to at least invest 26% of the capital required. from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/3ayg5...

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RBI plan may see SBI put ₹2,450 crore into Yes Bank

About ₹8,400 crore of bondholder money may be wiped out; deposits and jobs will be protected from Banking/Finance-Industry-Economic Times https://ift.tt/2Tx3k...

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Meltdown at Yes Bank has digital payment companies running for cover

Several service providers have replaced QR stickers powered by Yes Bank with stickers from other banks. from Banking/Finance-Industry-Economic Times https://ift.tt/2wz8p...

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Yes Bank crisis: UPI’s use dives 40%, PhonePe lines go dead

An unexpected fallout of the Reserve Bank of India’s moratorium on Yes Bank was a disruption of the Unified Payments Interface (UPI) offered by fintech firms, which accounts for the bulk of digital transactions in the country. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/3axmz...

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Yes Bank moratorium leads to outage in financial system

Even as Yes Bank customers discovered they could neither withdraw money using debit cards nor could they transact through digital channels on Friday, the worst impact was felt by consumers and merchants using Unified Payments Interface. from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2Iv3x...

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United Bank says its valuation ‘low’ largely due to lower net worth

Punjab National Bank (PNB) announced the share exchange ratio for the proposed merger following its board meet on March 5. from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2Io4e...

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Yes Bank reconstruction: SBI to pick up 49%, FM Sitharaman asks RBI to fix individual responsibility for crisis

Finance minister Nirmala Sitharaman said she has asked the RBI to undertake a comprehensive probe on what exactly went wrong at Yes Bank and fix individual responsibility. from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2wE46...

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Yes Bank crisis: Depositors throng bank’s cashless ATMs, branches

Net banking facilities were down as soon as the announcement was made by the regulator and the government on Thursday night. from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2Tvd6...

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Depositors' money safe: FM on Yes Bank crisis

A day after the Reserve Bank of India (RBI) placed cash-strapped Yes Bank under moratorium, Union finance minister Nirmala Sithraman on Friday assured that the government is in constant touch with RBI and every depositor's money is safe. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/3cAVX...

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PhonePe feels Yes Bank heat as RBI limits withdrawals

The fall-out of Yes Bank being placed under a moratorium by the Reserve Bank of India was felt by one of India’s biggest digital payments platform PhonePe and online brokerage firm Zerodha. from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/39v90...

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Don't worry, your money is safe: FM Nirmala Sitharaman assures Yes Bank depositors

​Sitharaman said that the government ​​​is in constant touch with the ​​RBI on the issue and the RBI ​has assured the government that a revival plan would by found soon. "​​RBI government working together on the YES Bank issue. I have personally monitored the situation in the past few months. There is no need to fear," she assures the Yes bank customers. from Banking/Finance-Industry-Economic Times https://ift.tt/2TrlR...

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Yes Bank problem bank-specific, not sectoral: SBI chief Rajnish Kumar

The Reserve Bank on Thursday placed Yes Bank under a moratorium and imposed limits on withdrawals. "This is not a sectoral problem. It is a bank-specific problem," SBI chief said. "The RBI will take all steps to ensure financial stability." On SBI picking up a stake in Yes Bank, he said the lender already has an in-principle approval for doing so. from Banking/Finance-Industry-Economic Times https://ift.tt/2Q7lx...

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Diamonds to Dust: How Yes Bank plunged from peak to bottom in just 17 months

​Just 17 months ago, shares of Yes Bank was trading at its peak of Rs 404 in August 2019. It has now fallen to a record low of Rs 5.65 today, registering a free fall of nearly 85%. from Banking/Finance-Industry-Economic Times https://ift.tt/2VNcR...

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Interest of Yes Bank depositors will be protected: CEA

In a sudden move, the RBI yesterday capped withdrawals at Rs 50,000 per account for a month. from Banking/Finance-Industry-Economic Times https://ift.tt/2Tt0y...

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Who is Prashant Kumar, the person in-charge of Yes Bank from today

One of India's largest private banks, Yes Bank got a new administrator in Prashant Kumar on Friday after the Reserve Bank of India imposed a moratorium on the private lender due to mounting bad loans. from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2xasN...

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Yes Bank resolution to be done ‘very swiftly’; 30 days outer limit, says RBI governor Shaktikanta Das

The decision on Yes Bank was taken at a larger level, not only to deal with the problem in an individual entity, but also to maintain stability and resilience of the Indian financial and banking sector. from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/3cx66...

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'No Yes Bank,' says Rahul as oppn attacks govt

"No Yes Bank," Congress leader Rahul Gandhi said on Friday, taking a dig at the BJP-led government over the moratorium placed on Yes Bank, and alleged that Prime Minister Narendra Modi and his "ideas" had destroyed the country's economy. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2TGn1...

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A long road ahead for bitcoin exchanges

While some banks like Karnataka Bank, IDBI and Karur Vysya Bank have started supporting their payments, others are waiting for an official circular from the RBI to go ahead. However, reviving a legitimate cryptocurrency market in India could take time and effort, say the founders, as there are both regulatory challenges and the global bitcoin slump to deal with. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/39umI...

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RBI to roll out Scheme of reconstruction/amalgamation for YES Bank soon: Shaktikanta Das

The Reserve Bank of India (RBI) will come out with a scheme of reconstruction or amalgamation for troubled YES Bank shortly, according to Governor Sh from Business Line - Money & Banking https://ift.tt/2PSsp...

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Why Yes Bank is not PMC Bank-like failure: Key differences which may make depositors breathe easy

Within months of a small cooperative bank fallout in India, major private player YES Bank has also come under the RBI action for mounting bad loans, raising concerns if YES Bank is also headed for the PMC path. from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2xfiX...

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Yes Bank’s bonfire of insanity was left to burn

India doesn’t have a safe way to let even large non-deposit-taking financial firms fail, which is why the authorities needed to handle trouble at a large deposit-taking institution like Yes with more urgency. from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2wtSZ...

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Prashant Kumar takes charge as Yes Bank administrator

The private sector lender was on Thursday placed under a moratorium, with the RBI capping deposit withdrawals at Rs 50,000 per account for a month and superseding its board. Kumar taking charge as the Yes Bank administrator is in line with notifications issued by Department of Financial Services and the RBI. from Banking/Finance-Industry-Economic Times https://ift.tt/2TvKH...

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Bank unions cry foul over SBI’s possible takeover of YES Bank

Ask to know why Centre eulogises bank privatisation but bails out private sector lenders from Business Line - Money & Banking https://ift.tt/2VQYg...

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Covid-19 to hit global growth further; 'swift action' to revive Yes Bank soon: RBI guv

Reserve Bank of India (RBI) governor Shaktikanta Das on Friday said the deadly coronavirus -- which has claimed more than 3,000 lives so far -- may further impact global growth. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/38lV3...

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Do you have an account, loan EMI, Mutual fund, SIP investment in Yes bank? Here is what you should do

If you are a Yes bank customer and are troubled with the thought about what should do in this situation. Here are the details about the restrictions placed on the private lender and what you can do now. from Banking/Finance-Industry-Economic Times https://ift.tt/32WST...

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Aditya Birla AMC ties up with Saraswat Bank to sell mutual fund products

Aditya Birla Sun Life AMC, a subsidiary of Aditya Birla Capital Limited (a significant non-bank financial services’ conglomerate), and investment man from Business Line - Money & Banking https://ift.tt/3axTg...

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1,000 Allahabad Bank shares for 115 of Indian Bank

The board of directors of Indian Bank on Thursday approved the share swap ratio for merger with Allahabad Bank, where for 115 equity shares (of Rs 10 per share) of the bank will be issued for every 1,000 shares of (Rs 10 per share) of Allahabad Bank. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/32Uv4...

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Exposure to YES Bank may be cause for worry for MF investors

72 mutual fund schemes have invested ₹525 crore in YES Bank equity, and the future remains uncertain from Business Line - Money & Banking https://ift.tt/2xfqG...

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How Yes Bank has been searching for an investor

Scrip falls nearly 20 per cent from Business Line - Money & Banking https://ift.tt/3axIq...

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SBI says in-principle approval to explore investment in Yes Bank

Concerns over withdrawals rising from Business Line - Money & Banking https://ift.tt/2TKbK...

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Yes Bank crisis: RBI supersedes board; restricts withdrawals to Rs 50,000

In December 2019, Moody’s trimmed Yes Bank’s credit ratings and in January it highlighted that the bank’s “standalone viability is getting increasingly challenged by its slowness in raising new capital”. from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2VKXb...

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Bombay HC dismisses Kochhar petition challenging termination of employment

Our BureauThe Bombay High Court has dismissed the writ petition filed by former ICICI Bank Managing Director and CEO Chanda Kochhar against her termin from Business Line - Money & Banking https://ift.tt/2Ijyh...

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Campaign to increase awareness of general insurance

Our BureauTo increase awareness and penetration of general insurance products, the apex industry body, General Insurance Council, on Thursday, launche from Business Line - Money & Banking https://ift.tt/2PQeh...

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Bombay HC dismisses Kochhar petition challenging termination of employment

The Bombay High Court has dismissed the writ petition filed by former ICICI Bank Managing Director and CEO Chanda Kochhar against her termination from from Business Line - Money & Banking https://ift.tt/3cA7u...

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CAMS Financial gets RBI nod to launch account aggregator services

Our BureauCAMS Financial Information Services, a subsidiary of Computer Age Management Services, has received RBI registration to provide account aggr from Business Line - Money & Banking https://ift.tt/2TCMt...

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Non-bank lenders defying caution, growing riskier unsecured loans: Report

A rising propensity for personal loans and attractive risk-adjusted returns are the possible reasons driving the non-banking finance companies (NBFC) to grow on such loans, domestic rating agency Crisil said. from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2TDIP...

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Covid-19: Life insurers likely to be hit by adverse market movements than the rise in claims

The Coronavirus disease (COVID-19) impact on life insurance companies are more likely to result from adverse market movements than increased claims, s from Business Line - Money & Banking https://ift.tt/3czPP...

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RBI to be 'proactive' in tackling coronavirus: Das

The Reserve Bank of India (RBI) will be proactive in dealing with threats stemming from the coronavirus outbreak and will have assessed the potential impact on India by the next rate decision due April 3, governor Shaktikanta Das said. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2PNDX...

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HSBC files winding up plea against IL&FS firm in Singapore court

​ In the first such case against a group entity of crisis-hit Infrastructure Leasing and Financial Services Ltd (IL&FS) Group, the Hongkong and Shanghai Banking Corporation (HSBC) is seeking to recover its funds parked in bonds worth RMB 1,000 million (over Rs 1,050 crore) maturing in 2021, which were issued by ITNL Offshore Pte Ltd. from Banking/Finance-Industry-Economic Times https://ift.tt/2uRtT...

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For Blackstone, India is the strongest performer in the world, says CEO Stephen Schwarzman

India’s economic slowdown coupled with a credit crisis is creating a surge in demand for capital from beleaguered companies that are providing Blacks from Business Line - Money & Banking https://ift.tt/2PPJm...

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Yes Bank soars on report SBI-led group to inject capital

Shares of Yes Bank Ltd surged 19% on Thursday on a report that the government has approved a plan for top lender State Bank of India (SBI) to lead a consortium that will buy a stake in the troubled private-sector bank. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2Ikb2...

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Yes Bank says no communication on a stake purchase

SBI says will disclose developments if any to stock exchanges from Business Line - Money & Banking https://ift.tt/3cuax...

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Setback to Chanda Kochhar; High Court dismisses petition against termination of employment

The Bombay High Court on Thursday dismissed a petition filed by Chanda Kochhar against her termination as the managing director and chief executive officer of the ICICI Bank. from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2VMi2...

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5 simple steps to retirement planning

The younger the generation, the faster they aim to retire from the everyday life of a salaried employee and enjoy the luxuries of a retired man. As opposed t... from Banking/Finance-Industry-Economic Times https://ift.tt/2TIln...

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EPFO cuts interest rate on deposits to 8.5 per cent for 2019-20

The EPFO had provided 8.65 per cent rate of interest to its subscribers for 2016-17 and 8.55 per cent in 2017-18 from Business Line - Money & Banking https://ift.tt/2IxRi...

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Bank unions announce strike on March 27 to oppose bank mergers

This comes days after bank unions called off a three-day bank strike which was scheduled from March 11. The strike had been called after talks over wage revision failed to initiate with the Indian Banks’ Association (IBA). from Banking/Finance-Industry-Economic Times https://ift.tt/2wxao...

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SBI’s YONO chalks up 2 crore registered users

State Bank of India (SBI) on Thursday said its digital service platform YONO (You Only Need One) now has two crore registered users.The platform, whic from Business Line - Money & Banking https://ift.tt/2uVGp...

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RBI Deputy Governor Vishwanathan puts in papers citing health reasons

RBI insiders say that Lily Vadera and M Rajeshwar Rao, both Executive Directors, are the front runners for the Deputy Governor’s position from Business Line - Money & Banking https://ift.tt/2VI78...

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Supreme Court order: Relief for Bitcoin firms, investors

The Supreme Court’s decision to lift the ban on cryptocurrencies has come as a welcome relief to entrepreneurs and investors in bitcoin exchanges even though the ruling comes two years after the RBI banned banks from dealing with bitcoins in April 2018. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/3czDV...

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We will only bite whatever we can chew, says IOB chief

Indian Overseas Bank (IOB) will make strides towards posting a net profit in the fourth quarter ending March 31, 2020, and come out of the Reserve Ba from Business Line - Money & Banking https://ift.tt/3arpC...

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Coronavirus impact: Insurers see marked jump in inquiries for health policies

Queries on new policies have increased up to 40% since fresh cases of the virus were detected in Delhi and Agra. But the impact on pricing for new policies will be negligible as actuarial models generally factor in historical data. However, businesses of several health and travel insurers could be hit if the virus were to significantly impact India, industry players told ET. from Banking/Finance-Industry-Economic Times https://ift.tt/3auq3...

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Creditors can choose to stop supplies to companies under IBC: House Panel

Out of claims of around Rs 8.4 lakh crore, the realisable amount is about Rs 3.57 lakh crore, or 43% of the total claims under the code, said the report. from Banking/Finance-Industry-Economic Times https://ift.tt/2Im6s...

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SC quashes RBI order, paves way for cryptocurrency trade

The verdict would allow companies in the sector to use the banking platform to trade and transact in cryptocurrency. The central bank had contended that allowing cryptocurrency (bitcoins) compromised the integrity of the banking system. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2TosO...

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Now that crypto trade is legal in India, here's what happens next

Investors say peer to peer (P2P) companies will see inflow of capital, similar to what has been happening globally. from Banking/Finance-Industry-Economic Times https://ift.tt/2In4z...

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Banks’ merger to come into effect from April 1, says Nirmala Sitharaman

"The banks' merger is on course and decisions have already been taken by the respective bank boards," she told reporters here. from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2x4Au...

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Why urban India continues to feel financially insecure

Awareness of term insurance and ownership has improved in India over the last one year, albeit marginally, going by the latest edition of Max Life Ins from Business Line - Money & Banking https://ift.tt/2TAxB...

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ICICI Prudential AMC ties up Saraswat Co-op Bank to tap rural potential

Will distribute mutual fund products with co-op bank customers from Business Line - Money & Banking https://ift.tt/2woSF...

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Blackstone Group expects another ‘good year’ for investments

United States (US) private equity major Blackstone Group, which invested a record $6 billion in India last year, is expecting this year to be another from Business Line - Money & Banking https://ift.tt/2VN6t...

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Moody’s downgrades Bank of Baroda’s baseline credit assessment

Moody’s Investors Service on Wednesday downgraded the baseline credit assessment of Bank of Baroda to reflect weakening in asset quality and risk fro from Business Line - Money & Banking https://ift.tt/2TmCQ...

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PSB mergers to come into effect from April 1: FM

Finance minister Nirmala Sitharaman on Wednesday said the exercise of consolidation of 10 public sector banks (PSBs) into four is on course and the merger will come into effect from April 1, 2020. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2woHV...

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Banking game changer gets Cabinet nod, 10 PSBs to soon turn into four mega banks

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. Syndicate Bank will be merged with Canara Bank, and Allahabad Bank with Indian Bank. Similarly, Andhra Bank and Corporation Bank are to be clubbed with Union Bank of India. from Banking/Finance-Industry-Economic Times https://ift.tt/3asqd...

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RBI’s new measures will see banks’ dependence on CDs, TDs coming down

The requirement of certificates of deposits (CDs) and term deposits (TDs) for banks will come down while their rates could see downward pressure in th from Business Line - Money & Banking https://ift.tt/2VMDr...

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IMF, World Bank to help member nations

IMF and the World Bank have vowed to help member countries overcome the economic challenges posed by the coronavirus outbreak, while the G7 countries promised to use all appropriate tools to achieve strong sustainable growth and guard against downside risks. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/38hrp...

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RBI unlikely to cut policy rates as inflation crosses target band, says Barclays Securities report

Expects RBI to continue working towards improving credit flow from Business Line - Money & Banking https://ift.tt/38gOO...

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Pine Labs, ZestMoney to offer instant credit, EMI to customers at PoS

Merchant commerce platform Pine Labs has partnered with consumer lending fintech ZestMoney to provide in-store, digital equated monthly instalment (EM from Business Line - Money & Banking https://ift.tt/32Lwt...

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Industry welcomes SC ruling that lifts ban on crypto currency

Say will help tech, innovations from Business Line - Money & Banking https://ift.tt/2TzDf...

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Rs 40 lakh fees to deposit Rs 4 crore in bank account: BEST’s small change, big problem

With BEST getting the majority of its revenues in coins, its banker ICICI Bank has now asked the company to cough up Rs 40 lakh a month to process the transporter’s monthly revenues of Rs 4 crore, which are majorly in coins. from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/32PR1...

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SC allows pleas against RBI circular barring banks from providing services related to cryptocurrency

The Supreme Court on Wednesday allowed a batch of pleas challenging the 2018 circular of the Reserve Bank of India (RBI) which had prohibited banks a from Business Line - Money & Banking https://ift.tt/2wq6p...

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Insurers stop issuing policies for travel to coronavirus-affected countries

Those who bought policies before government-issued advisory stand covered from Business Line - Money & Banking https://ift.tt/32Lse...

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SC allows cryptocurrency trading, cancels RBI's 2018 circular

The Supreme Court on Wednesday allowed a plea challenging the Reserve Bank of India’s (RBI's) 2018 circular which barred banks from trading in cryptocurrencies. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/3ainC...

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US central bank makes emergency rate cut to blunt coronavirus impact

The US Federal Reserve cut interest rates on Tuesday in a bid to shield the world's largest economy from the impact of the coronavirus, but the emergency move failed to comfort US financial markets roiled by worries about a deeper, lasting slowdown. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2TAt2...

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Digitising transit payments key to a cashless economy

Most Indians are hassled by long queues at ticket counters, toll plazas, bus stops, petrol pumps and even at parking stations to purchase tickets; taking the wallet out, counting the currency, and more often than not getting the due back because the person at the counter doesn’t have the ‘change.’ from Banking/Finance-Industry-Economic Times https://ift.tt/38lbG...

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Lenders will have to do a better job, and channels that they use need to evolve: Shahid Charania, MD, Equifax

Shahid Charania, managing director, emerging markets,Equifax, discusses how India is going through a shift in credit behaviour with millennials embracing tech for quick loans. from Banking/Finance-Industry-Economic Times https://ift.tt/2VDtR...

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PNB Housing gets board nod to raise Rs 1,700 cr via QIP

The preferential allotment to QIH is subject to conditions, including the terms of the preferential issue being no less favourable than those offered to QIP investors. from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2vDVn...

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Nabard pumps Rs 1.46 lakh crore into rural banking system

Short-term refinance, which is essentially production credit, is provided to banks to help farmers meet their operational costs. from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2PKs9...

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RBI, global central banks act to counter virus impact

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2wqR2...

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FM introduces Bill to prevent PMC Bank-like crisis

Calling the Banking Regulation (Amendment) Bill the “need of the hour”, Sitharaman said it is required to avoid a PMC Bank-like crisis in future. from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2TwCn...

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Centre begins work on LIC disinvestment; may target IPO by next fiscal

The Centre has begun work on the mega initial public offering of state-owned Life Insurance Corporation (LIC) of India.Sources close to the develop from Business Line - Money & Banking https://ift.tt/2uUVh...

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Big business on the cards for banks as customers on swiping spree

Full reliance on Cibil score has made portfolio ‘healthy’ and ‘dependable’ from Business Line - Money & Banking https://ift.tt/2x9Yx...

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PNB Housing approves ₹1,700-cr QIP

The board of PNB Housing Finance, on Tuesday, gave its nod for raising capital of up to ₹1,700 crore through Qualified Institutional Placement (QIP). from Business Line - Money & Banking https://ift.tt/2IeM0...

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Nabard infuses ₹1.46-lakh cr in rural banking system in FY20

ress Trust of IndiaThe National Bank for Agriculture and Rural Development (Nabard), on Tuesday, said it has infused ₹1.46-lakh crore in the rural ban from Business Line - Money & Banking https://ift.tt/38dl9...

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Dhanlaxmi Bank gets new CEO

Sunil Gurbaxani has taken charge as the Managing Director and CEO of Kerala-based Dhanlaxmi Bank. Gurbaxani has more than three decades of experience from Business Line - Money & Banking https://ift.tt/2PFZ5...

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RCap defaults on ₹5.5-crore interest payment to HDFC, Axis Bank

Reliance Capital Ltd (RCap) has disclosed that it defaulted on interest payment on January 31, 2020, on term loans extended by HDFC and Axis Bank.Pe from Business Line - Money & Banking https://ift.tt/3cmz8...

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Govt introduces Bill in Lok Sabha for cooperative banks to avoid PMC bank-like crisis

The Banking Regulation (Amendment) Bill, 2020, which comes in the backdrop of PMC Bank scam, seeks to strengthen cooperative banks by increasing professionalism, enabling access to capital, improving governance and ensuring sound banking through the RBI. Introducing the bill, Sitharaman said it is the "need of the hour" to avoid a PMC Bank-like crisis in the future. from Banking/Finance-Industry-Economic Times https://ift.tt/2IhXl...

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Sarkari UPI’s latest win: Processes highest ever transactions in a month this February

Government-run Unified Payments Interface (UPI) has achieved a new milestone by processing 1.3 billion transactions in February 2020, its highest ever number of transactions ever since its inception in 2016. from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/3apjT...

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Why Indian retail banking is a ‘nice oasis’ for Deutsche and HSBC

ReutersOutsized returns in India, besting local lenders for the first time in a decade, are emboldening banks such as Citigroup, Deutsche Bank and HSB from Business Line - Money & Banking https://ift.tt/3crfc...

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BoM to raise up to ₹600 cr via bonds

Bank of Maharashtra, on Tuesday, said it plans to raise up to ₹600 crore via an issuance of Basel III-compliant Tier-II bonds (unsecured, redeemable a from Business Line - Money & Banking https://ift.tt/3al3a...

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Pension fund managers’ pay structure to come under review soon: PFRDA chief

Regulator to expand products beyond NPS and APY: Supratim Bandyopadhyay from Business Line - Money & Banking https://ift.tt/39kKq...

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Nabard infuses Rs 1.46 lakh crore in rural banking system in 2019-20

"As on February 28, 2020, Rs 87,069 crore has been extended to cooperative banks and regional rural banks in short-term refinance. In addition, long-term refinance of Rs 59,502 crore has also been provided to these banks as well as other financial institutions," National Bank for Agriculture and Rural Development (Nabard) said. from Banking/Finance-Industry-Economic Times https://ift.tt/2uSAJ...

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Nabard infuses Rs 1.46 lakh cr in rural banking system in 2019-20

Regional rural banks have availed Rs 14,141 crore in short-term credit and Rs 8,417 crore in long-term credit. from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2wsoN...

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How to avoid another PMC Bank-like fiasco: Govt proposes these changes in bank laws

Introducing the Banking Regulation (Amendment) Bill, Finance Minister Nirmala Sitharaman said the bill is the "need of the hour" to avoid a PMC Bank-like crisis in the future. from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2TwWj...

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Govt introduces bill to amend banking laws to strengthen cooperative banks

The Government, on Tuesday, introduced a bill in Lok Sabha which seeks to protect the interest of small depositors by bringing cooperative banks unde from Business Line - Money & Banking https://ift.tt/38oS0...

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Microfinance lenders should come undercode for responsible lending: Ujjivan MD

Pratim Ranjan BoseNitin Chugh, Managing Director of Bengaluru-based Ujjivan Small Finance Bank, which has drawn attention for its conservative lendin from Business Line - Money & Banking https://ift.tt/3crCp...

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COVID-19 likely to trigger $132.5 mn payouts sponsored by WBG’s pandemic catastrophe bonds

The Pandemic Emergency Financing Facility is designed to provide an additional source of funding to help the world’s poorest countries respond to cross-border, large-scale outbreaks. from Business Line - Money & Banking https://ift.tt/3cpDB...

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Sensex gains 480 points as RBI steps in to calm markets; Nifty above 11,300

After seven consecutive sessions of losses, equity indices on Tuesday rose sharply after Reserve Bank of India (RBI) said it is closely monitoring global as well as domestic situation regarding the impact of deadly coronavirus. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/39l0q...

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BMC invests only Rs 1 cr in Axis Bank from Rs 6,300 crore savings

The BMC has invested Rs one crore in the Axis Bank, which has offered an annual interest rate of 6.5 per cent, as per the document presented by the civic administration to the BMC's standing committee. The document indicates that the FD amount invested by the BMC in the Axis Bank is the lowest among all its investments made in nine banks. from Banking/Finance-Industry-Economic Times https://ift.tt/32Mvz...

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SBI board approves RCom resolution plan

Will vote in favour of the plan as Reliance Communications’ lead lender from Business Line - Money & Banking https://ift.tt/2IqWw...

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RBI’s latest move can help banks save ₹7,400 crore as CRR benefits: SBI report

RBI recently gave limited reprieve from CRR maintenance to improve cash flow to auto, housing, MSME loans from Business Line - Money & Banking https://ift.tt/2IeBC...

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Bankers keep fingers crossed about coronavirus impact

Even as fears over the coronavirus outbreak is plunging the global economy into a slowdown and fuelling volatility in markets, Indian bankers seem to from Business Line - Money & Banking https://ift.tt/2VGPC...

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Vivad Se Vishwas: I-T department draws up list of PSUs to settle tax disputes

Exact disputed tax demand tabulated to encourage state-run companies to become part of the scheme. Taxmen are also being directed to hold meetings with the state representatives of these units so as to “convince” them to benefit from the scheme, said people aware of the matter. from Banking/Finance-Industry-Economic Times https://ift.tt/3ctfq...

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Indian Bank-Allahabad Bank merger: Merged entity likely to have Rs 10 lakh cr biz, 10k branches in 2-3 yrs

Indian Bank's business stood at Rs 4.5 lakh crore with 2,887 branches as on December 31, 2019, while Allahabad Bank's total business as on December 31 last year stood at Rs 3.94 lakh crore with 3,175 branches. from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/3crr0...

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RBI quizzes PSB chiefs on stalling credit growth, growth differential with private peers

Bankers are understood to have explained the reasons behind the difference between growth rates seen by PSBs and private banks. from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2VGbC...

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Northern Arc, CredAble close trade receivable securitisation

The transaction also has a ramp-up feature under which the invoice cash flows can be reinvested to purchase a fresh set of invoices that meet pre-defined eligibility criteria. from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2VDWg...

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Bank of Baroda to raise up to Rs 600 crore via additional Tier-I bonds

As of Q3FY20, the capital adequacy ratio (CAR) of the bank stood at 13.48%, while the common equity Tier-I (CET-I) stood at 9.85%. from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/32OTN...

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Digit launches coronavirus insurance product

The insurance policy, which ET accessed on the company’s agent portal, allows a person to insure for as little as Rs 25,000 and as much as Rs 2 lakhs. The policy pays out 100% of the sum insured as a lump sum if you are diagnosed and 50% if you are quarantined in a government or military hospital. from Banking/Finance-Industry-Economic Times https://ift.tt/2Ty0y...

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SMEcorner raises $30 million via debt, equity

SMEcorner, a fintech SME lender, has raised a total of $30 million through a combination of debt and equity, led by private equity firm Paragon Partne from Business Line - Money & Banking https://ift.tt/2vAfa...

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Recovery through insolvency process better than other options: IBBI chief

Asserting that recovery through the insolvency law process has been pretty good, IBBI chief MS Sahoo said that creditors have recovered ₹1.6-lakh cro from Business Line - Money & Banking https://ift.tt/2whuT...

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RBI officials meet bankers to take stock of credit demand in the economy

Our BureauThe top brass at the Reserve Bank of India (RBI) met bankers on Monday to get feedback on the credit appetite in the economy and the effect from Business Line - Money & Banking https://ift.tt/32SUa...

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Mastercard aims to be a leader in co-branded space

Sees credit card industry growing to 10 crore cards by 2024 from Business Line - Money & Banking https://ift.tt/2VAGv...

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As FY20 comes to a close, Mudra loans see rapid surge

Banks have been taking special measures to step up loans in view of the dull performance shown in the early quarters of the fiscal from Business Line - Money & Banking https://ift.tt/2IfFO...

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25,000-cr LTRO: Reserve Bank gets ₹1.71-lakh-cr bids

Our BureauThe banking sector’s appetite for long-term funds via the Reserve Bank of India’s long-term repo operation (LTRO) continues to be robust. Th from Business Line - Money & Banking https://ift.tt/32IpO...

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Northern Arc Cap closes India’s first invoice-backed securitisation deal with fintech platform CredAble

Our Bureau Northern Arc Capital, a debt platform for NBFCs, on Monday announced the closure of India’s first invoice-backed securitisation transactio from Business Line - Money & Banking https://ift.tt/2TeHH...

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‘Merger of Allahabad Bank and Indian Bank will generate business of ₹10-lakh crore in next two years’

Shobha RoyThe merged entity of Allahabad Bank and Indian Bank will register a business of ₹10-lakh crore in the next two years. The combined entity is from Business Line - Money & Banking https://ift.tt/2IdxD...

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Global growth plunging over coronavirus: Oecd

The coronavirus outbreak is plunging the world economy into its worst downturn since the global financial crisis, the Organisation for Economic Cooperation and Development (Oecd) warned on Monday, urging governments and central banks to fight back to avoid an even steeper slump. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/3acBJ...

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Zomato inks partnership with RBL Bank, Mastercard

Our BureauFood aggregator Zomato has inked a strategic partnership with RBL Bank and Mastercard to launch a co-branded credit card, a move that will from Business Line - Money & Banking https://ift.tt/2TcZf...

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Time ripe for innovation in fintech space, says Sequoia Capital India MD

GV Ravishankar cites growth of smartphone and digital infrastructure, emergence of experienced founders from Business Line - Money & Banking https://ift.tt/39jn7...

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Hundreds of crores of rupees lost in card payment, internet banking frauds in just 3 months

The maximum cases were related to ATM or debit card transactions, which is still one of the most common and convenient ways of payment available in the market.   from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/32Fxe...

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Are PSU banks set to become profitable this year after four years of losses?

All PSU banks recorded a net profit of Rs 507 crore in the first three quarters of FY2019-20. from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2I8m5...

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SMEcorner raises $30 million in debt, equity

Rajesh Kurup SMEcorner, a fintech SME lender, has raised $30 million through a combination of debt and equity, led by private equity firm Paragon Part from Business Line - Money & Banking https://ift.tt/39fnN...

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CredAble, Northern Arc Capital tie-up for online bill discounting business

CredAble, a supply chain financing fintech platform, announced closure of India’s first invoice- backed securitisation transaction worth ₹15 crore wit from Business Line - Money & Banking https://ift.tt/2wpm5...

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Taxman trying to get PSUs on board 'Vivaad se Vishwas'

Many state-run banks & public-sector units not too keen to opt for the ‘Vivaad se Vishwas’ tax dispute resolution scheme. Field officers have approached SBI, CBI, Bank of Baroda, Bank of India to settle disputes under the scheme but bank officials told ET that most of the cases involve the I-T dept having levied taxes with little justification. from Banking/Finance-Industry-Economic Times https://ift.tt/32MhU...

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