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Saturday, March 14, 2020

Bank officers body condemns purported verbal attack on SBI chief

The AIBOC is the largest bank officers' organisation having membership of around 3,20,000 officers.

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Federal Bank to invest ₹300 crore in YES Bank

Federal Bank on Saturday said it has issued an equity commitment letter to invest ₹300 crore in Yes Bank. The Bank will subscribe 30 crore equity sha

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With lock in clause, Yes Bank asks shareholders having more than 100 shares to exercise ‘utmost caution’

With the government notifying the YES Bank Limited Reconstruction Scheme, 2020, the private sector lender has advised all shareholders holding 100 or

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Federal Bank to invest Rs 300 crore in Yes Bank

According statement this equity commitment is pursuant to the scheme of reconstruction of Yes Bank proposed by the Reserve Bank of lndia and subject to regulatory approvals and other conditions as set out in the Letter. The Union Cabinet on Friday approved a reconstruction plan proposed by the RBI for bailing out fund-starved Yes Bank.

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Yes Bank’s potential foreign investors seek tax immunity

While tax demands can be challenged in the court, no investor would want that uncertainty.

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YES Bank rescue plan : Will SBI and consortium of private lenders be able to bail out the bank?

About a week ago, when the RBI came out with the draft reconstruction plan on YES Bank, SBI appeared to be the sole investor to bail out the capital-s

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Yes Bank withdrawal limit to end on Wednesday at 6 pm

A new board of directors will be constituted for the bank within seven calendar days.

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Yes Bank withdrawal limit to be lifted in three working days, govt issues gazette notification

Easing the pain of Yes Bank depositors, the moratorium placed on the troubled private-sector lender may be lifted on Wednesday, March 18.

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Maharashtra to ignore RBI note, shift funds to PSBs

“We have seen the RBI advisory. In view of the decision taken by the Cabinet a week ago, the finance department has issued an order on Wednesday. The department has directed all departments, corporations and civic bodies to not deposit their funds in the private financial institutions,’’ a top bureaucrat told

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YES Bank retail investors too face three-year lock-in

However, the said lock-in period will not apply to any shareholder holding less than 100 shares.

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Sunil Mehta to be Non-Executive Chairman, Prashant Kumar to be MD & CEO of Yes Bank

The Government has constituted new board of directors for Yes Bank. It will be led by former Punjab National Bank Managing Director Sunil Mehta.Accord

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Moratorium on Yes Bank to be lifted on March 18

The government has notified the Yes Bank reconstruction scheme as per which the moratorium on the troubled private sector lender will be lifted on March 18. The Reserve Bank of India (RBI) had on March 5 put a moratorium on Yes Bank restricting withdrawals to Rs 50,000 per depositor till April 3.

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Coronavirus impact: Banks take emergency steps to reduce disruption

Axis Bank has invoked its emergency business continuity plan (BCP) and asked two-thirds of employees in its headquarters to work from home. Deutsche Bank has asked some of its employees to not come to office.

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Economists expect RBI to cut 50-75 bps before April

Amid fears around the growth slowdown being intensified by the spread of Covid-19 and inflation easing in February, the markets are expecting a repo rate cut anytime now.

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Capital Infusion: New investors in Yes Bank, withdrawal curbs to be lifted soon

Four private players, including ICICI Bank and HDFC, announced their plans on Friday to buy into Yes Bank, pledging investments of `3,100 crore and joining State Bank of India (SBI) in pulling the country’s fourth-largest private lender back from the brink of collapse.

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Friday, March 13, 2020

Cabinet approves reconstruction scheme for Yes Bank as proposed by RBI

The Union Cabinet on Friday approved reconstruction scheme for Yes Bank under which SBI will acquire 49 per cent stake in the crisis-ridden private sector bank. Finance minister Nirmala Sitharaman said the Union Cabinet has approved the reconstruction scheme for Yes Bank as suggested by the Reserve Bank.

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Centre amends Nidhi rules, prescribes new form for status updation

The Centre recently amended the provisions related to Nidhi rules under the Companies Act to make regulatory regime for companies more effective an

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ICICI Bank to invest Rs 1,000 crore in Yes Bank

ICICI Bank on Friday said its board has approved investing Rs 1,000 crore in Yes Bank. "This investment is likely to result in ICICI Bank Ltd holding in excess of 5 per cent shareholding in Yes Bank," the lender said in a regulatory filing.

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Government, RBI closely monitoring markets: Nirmala Sitharaman

Finance minister Nirmala Sitharaman on Friday said the government and the Reserve Bank are closely monitoring the stock market, which is facing intense volatility amid mounting coronavirus fears.

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ICICI Bank is Yes Bank’s first private sector saviour; OKs up to Rs 1,000 crore investment

ICICI Bank has emerged as the first saviour from the private sector for troubled Yes Bank, with a proposed equity investment of up to Rs 1,000 crore.

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Union Cabinet approves Yes Bank reconstruction plan

While announcing it, Finance Minister Nirmala Sitharaman said that the scheme's aim is to safeguard depositors and ensure the stability of the financial system. She also said that SBI will have a lock-in period of three years for only 26% of its stake in Yes Bank. For other likely investors, the lock-in period would be 75 per cent till three years.

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ICICI Bank to invest ₹1,000 crore in YES Bank

It is likely hold in excess of 5% in YES Bank.

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ICICI Bank to invest ₹1,000 cr in Yes Bank

ICICI Bank on Friday said its board has approved investing ₹1,000 crore in Yes Bank. “This investment is likely to result in ICICI Bank Ltd holding

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What is spooking Indian bond markets?

Despite cooling inflation and expectation of RBI rate cuts, 10-year government bond yield has spiked in the past few days

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Yes Bank moratorium to be lifted in three days after this happens; FM Sitharaman reveals govt’s plan

The moratorium on Yes Bank, including a cap on withdrawals, will be removed as early as in three working days from the notification of the reconstruction plan for the private bank, Finance Minister Nirmala Sitharaman said on Friday.

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Federal Bank says well capitalised, asset quality healthy

Federal Bank on Friday said its asset quality is healthy and the capital adequacy is much above the regulatory requirement, amid broader concerns triggered by the Yes Bank crisis.

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Here’s how your own bank deposits don’t let banks make your loan cheaper despite RBI rate cut

Banks wait for the bulk of outstanding deposits to mature and renew them at reduced rates before transmitting the rate reduction to lending rates on past loans.

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RBI had flagged concerns over Yes Bank in April 2018

The Reserve Bank of India is understood to have flagged concerns over Yes Bank’s credit management, governance and compliance practices while asking t

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RBI to infuse ₹4.05 lakh crore rupee liquidity

The move is to counterbalance effects of proposed $2 bn sell-buy swap

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SBI clears plan to put Rs 7,250 crore in Yes Bank

The board of State Bank of India (SBI) on Thursday approved a proposal to invest Rs 7,250 crore in Yes Bank by purchasing 725 crore shares. The approval is subject to the condition that the public-sector lender's holding will remain within 49% of the paid-up capital of Yes Bank.

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RBI’s 4-stage strategy to bring banks back to life; suggests top-to-bottom approach

In the first segment, RBI has planned to take care of large Indian banks with a domestic and international presence.

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PM Modi dawdles on reform even after collapse of Yes Bank

The 72.5 billion rupee ($980 million) rescue of Yes Bank Ltd. -- the nation’s biggest-ever banking failure -- has refocused attention on the Reserve Bank of India’s regulatory autonomy.

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Hong Kong-based SSG trumps Cerberus to bag Altico after revised offer

SSG’s final offer after multiple revisions is an upfront cash payment of Rs 2,700 crore and a one year employment guarantee for the management team. Altico owes about Rs 4,000 crore to State Bank of India, Deutsche Bank, Bank of Baroda, Yes Bank, Union Bank, Mashreq Bank and IFC, besides NBFCs and mutual funds including Aditya Birla Finance, Bajaj Finance and L&T Finance.

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Bank seizure snuffs out hope for quick India shadow bank revival

Yes Bank’s collapse now threatens to sharpen the division between the weak and strong in India’s financial system - many are cash-starved while a healthy few raise money at rates predating the onset of the crisis. The fresh shock to funding markets will extend the struggle of second- and third-tier institutions and delay lending recovery.

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Seven investors join SBI to put over Rs 12,000 cr into Yes Bank; Prashant Kumar proposed as new CEO

ICICI, HDFC Bank, Axis, Kotak, Jhunjhunwala, Damani & Azim Premji Trust may pick up stake in private lender.

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Investors seek fresh forensic audit of Yes Bank as Rana Kapoor faces probes

Investors want visibility over conflict of interest of Kapoor and his family and want to be sure if they took any kickbacks in loan disbursals. Investors fear that if any assets are created from proceeds of crime like kickbacks, then that could come under purview of ED or CBI investigations.

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SBI to invest Rs 7,250 crore in Yes Bank, others to bring Rs 5,000 crore

The size of the ‘problem book' at the beleaguered Yes Bank is estimated by analysts at close to Rs 80,000 crore; stressed loans at the end of September 2019 were Rs 50,396 crore, up from Rs 43,482 crore at the end of June, 2019.

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PSB merger review: Ensure smooth credit flow, says FM Nirmala Sitharaman

Sitharaman took stock of the plans for delivery of banking services and products to customers after the amalgamation.

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Thursday, March 12, 2020

Three more arrested in PMC Bank scam

According to the plea, the scam impacted the livelihood of thousands of business owners and individual account-holders, and if Waryam Singh, former chairman of the bank, was given bail without hearing them, it will cause "irreparable" harm to their interests. The bank management also concealed from the regulators' scrutiny huge loan defaults by HDIL group firms.

from Banking/Finance-Industry-Economic Times https://ift.tt/2TNOGKJ
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Merged PSBs to ensure no disruption to credit flow, enhanced customer experience: Finance Ministry

The merger would result in creation of seven large PSBs with scale and national reach, with each amalgamated entity having business of over Rs 8 lakh crore.

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Our fundamentals are ‘strong’:IndusInd Bank to shareholders

Our BureauWith the moratorium on YES Bank, other small and mid-sized private sector lenders are also trying to assuage concerns among investors and de

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RBI to hold dollar sell/buy swaps to infuse liquidity

With the rupee weakening beyond 74 to the dollar level, the Reserve Bank of India (RBI) on Thursday said it would undertake 6-month US Dollar sell/bu

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Retail inflation dips to 6.58% in February from 7.59% in January

Retail inflation based on consumer price index (CPI) fell to 6.58 per cent in February from 7.59 per cent in January, data released by the government on Thursday showed. The fall in retail inflation was witnessed likely due to moderating food prices, but remained above the Reserve Bank of India's (RBI's) target of 4 per cent.

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SBI gets approval to invest Rs 7,250 crore in Yes Bank

The country's largest lender State Bank of India (SBI) on Thursday said it has received approval to buy Rs 7,250 crore worth of shares in crisis-hit Yes Bank. The bank's shareholding in Yes Bank will remain within 49 per cent of the paid up capital of the private sector lender.

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YES Bank’s AT1 bondholders seek shares in lieu of written-down bonds

Willing to take 80% haircut; in negotiations with RBI via debenture trustee

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SBI to pump ₹7,250 crore into YES Bank

State Bank of India (SBI) will be investing ₹7,250 crore in crisis-ridden Yes Bank as it picks up 49 per cent stake in the bank.The decision was take

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RBI tells staff to postpone non-essential travel

The Reserve Bank of India (RBI) has advised its employees to postpone non-essential overseas travel and restrict domestic travel to essential ones fol

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SBI MF meets Stewardship Code norms ahead of April 1 deadline

SBI Mutual Fund has claimed that it has become the first mutual fund in the country to comply with market regulator SEBI’s Stewardship Code ahead of t

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IndusInd Bank writes to shareholders on strong fundamentals

RBL Bank too had dismissed speculation on financial health

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Should RBI get search, surveillance powers?

The recent problems in the financial sector, including the latest action against Yes Bank, have triggered discussions in official circles over the need to provide surveillance and search powers to regulators, including the Reserve Bank of India (RBI), which currently limits its role to supervising and inspecting banks and finance companies under its remit.

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Fallout of Yes Bank crisis: Fear factor hits private lenders

Smaller private banks were bearing the brunt of collateral damage triggered by the crisis in Yes Bank. Dogged by rumours and news of state authorities shifting business to public sector lenders dragged down the share prices of some private banks.

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Raghuram Rajan keeping fingers crossed: ‘Yes Bank gave ample time; hope we have got the plan right’

Yes Bank was struggling to get hands on capital for a long time, allowing the RBI plenty of time to come up with a plan, Rajan said.

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Bandhan Bank to gradually pare micro credit exposure: Chandra Sekhar Ghosh

"The bank's exposure to microcredit at present is 61%. Over the next three to five years, the bank's ratio of micro and non-microcredit will be 50:50," said Ghosh. Housing loans make up for 30 per cent of the credit portfolio and MSME 9 per cent, he said. As of Dec 2019, the bank's total exposure stood at Rs 65,456 cr, with a deposit base of Rs 55,000 cr and CASA level at 34%, Ghosh said.

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Bandhan Bank to gradually pare micro credit exposure, says Chandra Sekhar Ghosh

As of December 2019, the bank's total exposure stood at Rs 65,456 crore, with a deposit base of Rs 55,000 crore and CASA level at 34 per cent, Ghosh said.

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NBFIs to face renewed pressure on funding, liquidity post YES Bank takeover by RBI: Fitch Ratings

India’s non-bank financial institutions (NBFI) will likely face renewed pressure on funding and liquidity following the Reserve Bank of India’s (RBI)

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RBI taps pvt investors to take stakes in Yes Bank



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Yes Bank borrowers loaned to 78 cos with Rana Kapoor links: ED

The Enforcement Directorate (ED) said loans worth Rs 20,000 crore sanctioned by Yes Bank when cofounder Rana Kapoor was at its helm had turned NPAs.

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Yes Bank crisis impact: Your money’s safe, private banks tell depositors

RBL, Karnataka and South Indian Bank have clarified that rumours around their financial health are untrue.

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Monetary transmission improving in retail and SME segments, says RBI

The report explained that under the MCLR system, transmission to lending rates is indirect and contingent upon changes in deposit interest rates.

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SBI offers big relief to customers as it cuts rates; term on minimum deposit goes

The marginal cost of funds-based lending rate (MCLR) was pruned by 10-15 basis points (bps) across tenors with effect from March 10, with the one-year MCLR falling by 10 bps to 7.75%.

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Yes Bank: AT1 bond holders don’t seek early HC hearing

Axis Trustee Services, which is representing the bond holders, was slated to appear in the court on Wednesday to seek an early hearing.

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Wednesday, March 11, 2020

Bandhan Bank opens 3 new branches, 122 banking outlets

A Bandhan Bank official said the development comes days after the Reserve Bank of India (RBI) lifted restrictions on new branch openings for the lender.

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Private banks stealing a march over PSBs in incremental credit offtake: SBI research report

Are private sector banks (PvSBs) stealing a march over their public sector counterparts in granting loans? An analysis by State Bank of India’s econ

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Bank of England cuts rates to 0.25 per cent

The Bank of England unexpectedly cut interest rates by half a per cent on Wednesday in a shock move to bolster Britain's economy against disruption c

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SBI cuts fixed deposit, lending rates

The country's largest lender State Bank of India (SBI) on Wednesday said it has reduced its fixed deposit rates for certain tenors and marginal cost of funds-based lending rates (MCLR) across various tenors.

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Yes Bank revival plan finalised, to include equity and debt

Reserve Bank of India has finalised a revival plan for Yes Bank where not just capital but also funding lines will be finalised to ensure that there is no liquidity issue on raising the moratorium.

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India Inc’s monthly ECB spikes in January

The spike in overseas borrowing is propelled by two big ticket borrowings worth $1 billion each by telecom major Bharti Airtel and EXIM Bank during the month

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IRDAI moots over 5 per cent to 15 per cent increase in third party motor cover premium from April 1

Electric vehicles to get 15 per cent discout

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Kerala-based SunTec joins Banking Industry Architecture Network

To work towards a simpler core architecture

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RBL Bank says it is financially strong, well capitalized

In the aftermath of Yes Bank crisis, private sector lender RBL Bank on Wednesday said that it is “well capitalised” and there is no adverse change in

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SBI cuts deposit interest rates, MCLR by 10-15 bps

State Bank of India (SBI) has cut interest rates on retail domestic term deposits (below ₹2 crore) of one year and above by 10 basis points (bps). It

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In 92 days, India lost Rs 128 crore in card, online fraud

Just 92 days between Oct 1, 2019 and Dec 31, 2019, saw cybercriminals make away with nearly Rs 128 crore in frauds relating to debit and credit cards and net banking. Banks reported 6 cases every minute, to record a whopping 21,041 cases in the quarter ending Dec 31. As per RBI, the highest number of such frauds in the said period have been reported in the ATM/debit card category.

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Small lenders that cleared cheques via Yes Bank stuck

Yes Bank’s disconnect from various payments and fund transfer networks is affecting over 50 small banks, including cooperative, foreign and regional rural banks. With the moratorium shutting Yes Bank from the cheque clearing and real time gross settlement (RTGS) systems, several other banks that depend on the troubled private lender are also shut out.

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RBL Bank says it is financially strong, well capitalised

In the aftermath of the YES Bank crisis, private sector lender RBL Bank on Wednesday said it is “well capitalised” and there is no adverse change in

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SBI cuts MCLR by up to 15 bps across tenors

The country’s largest lender State Bank of India (SBI) on Wednesday said it has reduced its marginal cost of fund-based lending rate (MCLR) by up to 1

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YES Bank results, Vodafone’s dues to stress banks in the week ahead

Three key events could send ripples across the financial system in India

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RBL Bank says it is financially strong, well capitalized

Shares of RBL Bank were trading at Rs 230.25, higher by 10.80 per cent over its previous close in early trade on BSE.

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Yes Bank crisis: Analysts express concern over further stress in corporate advances

Yes Bank began to cut down on corporate advances; Q3 results on March 14 to shed more light

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Post IL&FS default, housing finance companies see ‘stable’ growth: NHB

The liquidity position of housing finance companies (HFCs) is normalising and growth in the sector post IL&FS default is stabilising, according to

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Bank on many lenders, UPI players told

Curbs on Yes Bank caused massive outages in the operations of leading UPI players. The National Payments Corporation of India (NPCI) has asked payment service providers on its popular payments platform UPI to adopt a multibank model in a bid to ensure “full resilience” of the country’s payments ecosystem.

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How to prevent a next Yes Bank

Bank failures will keep happening as long as there are banks. Sound capital, reliable numbers are essential for a good banking system. But India needs a law to deal with failures like the now abandoned FRDI Bill. May be time for its enactment has come.

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Under the scanner: RBI to check if Yes Bank auditor BSR had raised red flags

The central bank has been in touch with auditor BSR & Co., a part of KPMG India, over the past 12 months.

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Lakshmi Vilas Bank knocks on RBI door with fund-raising plan

The bank may sell 49-60% stake to overseas investors to raise up to Rs 2,200 crore, says there is a specific deal.

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Little left for yield curve if more LTROs announced, say experts

What is interesting to note is the fact that the spread between the short-term bond yields and the repo has come down so much that the attractiveness of borrowing via LTROs and investing in short-tenor bonds has come down.

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Tuesday, March 10, 2020

Barclays offers corporate borrowers hit by coronavirus more time to pay back loans

The bank is offering extended or new overdraft facilities and other working capital solutions to support affected businesses, it said.

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AT-1 bonds: Have Indian rating agencies been less prudent than global counterparts?

Because of the rating, retail investors often ignore the higher risks on these bonds

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YES Bank enables inward IMPS, NEFT services

In a significant relief to the customers of YES Bank, the private sector lender has enabled inward Immediate Payment Service (IMPS) and NEFT services.

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Finance Minister to meet heads of amalgamating banks tomorrow

Finance Minister Nirmala Sitharaman will hold a meeting with the chief executives of the amalgamating banks on Thursday to review the preparedness for

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Virus seen adding $100 b to credit costs of Asian banks

The coronavirus outbreak will add $100 billion in credit losses to banks in the Asia-Pacific region this year with Chinese lenders bearing the brunt o

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FM Nirmala Sitharaman to meet heads of merging banks on Thursday

Agenda of the high-profile meeting includes readiness of anchor banks to minimise disruption to customers and ensuring credit flow to productive sectors of the economy, sources said.

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YES Bank will be back on growth track in two quarters: Administrator Prashant Kumar

The lender’s problems lie mainly on the corporate side; retail portfolio is very strong, says Prashant Kumar

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All you want to know about AT1 bonds

The Reserve Bank of India's (RBI) decided to extinguish Additional Tier 1 (AT1) bonds of Yes Bank. The RBI’s decision has also increased uncertainty about these bonds, which are leading to a drop in the prices of these bonds issued by other banks, analysts said.

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Retail investors caught unawares in YES Bank AT-I bond mess cry foul

Sixty-one-year-old widow Debi Mukherjee from Kolkata has not been able to sleep properly since February 27 after hearing that YES Bank’s rating has be

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Yes Bank customers can pay credit bill, loan repayments through other bank accounts

The bank says its ATMs are fully up now and customers can withdraw the stipulated amount from other banks’ ATMs as well

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Yes Bank customers can now pay credit card, loans payments from other accounts

Yes Bank customers can now make credit card and loan payments from other bank accounts by using Immediate Mobile Payment Service (IMPS) or National Electronic Funds Transfer (NEFT) services, the troubled private lender said. Last week, the Reserve Bank of India (RBI) took over Yes Bank amid the backdrop of scandals in the country’s financial sector in the last couple of years.

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YES Bank customers can pay credit card dues, clear loan obligations from other bank accounts

The development comes a day after its newly appointed administrator, Prashant Kumar, said that the moratorium on withdrawals could be lifted by Saturday. He also added that the bank is working towards restoring full services for its customers.

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View: The crisis at YES Bank is an opportunity to start correcting the wrongs

Many Indians still bear the scars from corporate scams and failures ranging from the Harshad Mehta scam in the 90s, to the Satyam Computer collapse in 2009. All this has resulted in widening the already existing trust deficit with businesses.

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Canara HSBC OBC Life sees over 30 per cent growth in new business premium in FY20-21

Keen to ride on banca benefits flowing from Syndicate Bank’s amalgamation with Canara Bank

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Amalgamation process going ahead smoothly and on schedule, says Corporation Bank MD

In 2019, the Central government took a decision to amalgamate the various public sector banks (PSBs) in the country. Come April 1, the 114-year-old Ma

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RBI to submit Yes Bank revival plan to cabinet for approval soon

The restructuring scheme will be taken to the cabinet as an administrator has been appointed for Yes Bank in consultation with the government and it also entails a substantial cash infusion by public sector lender SBI.

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Moratorium on withdrawals may go by Saturday: Prashant Kumar, Yes Bank Administrator

Yes Bank administrator Prashant Kumar said, “we have full support from the RBI as far as liquidity is concerned. There is no issue whatsoever." Clarity on liquidity support for Yes Bank will emerge in three-four days, after which the lender expects to lift the cap on withdrawals.

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Maha Govt tells depts, civic bodies not to park money in private banks

The RBI restrictions on Yes Bank could seen private banks in the state facing some rough weather as the Maharashtra government has issued an order asking all of its departments and civic bodies in the state to not park money in private banks.

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Former Yes Bank CEO Ravneet Gill joins ED probe against Kapoor

Former Yes Bank chief executive Ravneet Gill on Monday joined the Enforcement Directorate (ED) probe into a money laundering case against the bank’s cofounder Rana Kapoor.

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Yes Bank loans to NBFCs, Ent, Realty cos under the scanner

A number of loans granted to stressed nonbanking financial companies (NBFCs) by Yes Bank have come under the scanner of investigative agencies, said people with knowledge of the matter.

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Mission to save Yes Bank: SBI to submit rescue plan to RBI in a week

The proposal may entail Rs 6,000 crore investment for 26% stake and a similar amount to be invested by a group of global investors. The RBI is also firming up plans to provide liquidity support of at least Rs 8,000-10,000 crore to stem any flight of deposits once the moratorium on Yes Bank is lifted.

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Withdrawal curbs on Yes Bank deposits may go by Saturday

Even as the administrator sought to soothe depositors’ nerves, analysts are predicting that once the withdrawal cap is removed, the bank might face an outright exodus of small deposits.

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Yes crisis may tighten credit market: Global rating agency S&P

The RBI on March 5 superceded Yes Bank’s board for 30 days on ground of a “serious deterioration” in its financial position and the absence of a viable revival plan.

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Monday, March 9, 2020

Did depositors second-guess Yes Bank's fate? Here's a tale from last year

YES, one of India's largest private lenders, was recently put under moratorium by the RBI in the wake rising bad loans and "serious governance lapses". On Friday, the Reserve Bank of India unveiled a revival scheme, saying that the State Bank of India could acquire a 49 per cent equity stake in the private sector lender.

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Chalasani Venkat Nageswar gets additional charge of DMD, CFO of SBI

State Bank of India on Monday said Chalasani Venkat Nageswar has been given additional charge of deputy managing director and chief financial officer (CFO) of the bank.

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Chalasani Venkat Nageswar gets additional charge of DMD, CFO of SBI

State Bank of India (SBI) on Monday said Chalasani Venkat Nageswar has been given additional charge of deputy managing director and chief financial o

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CBI raids on premises of Rana Kapoor, DHFL promoters Wadhawan brothers

CBI raided seven places in connection of a cheating and corruption case it has registered against Yes Bank founder Rana Kapoor and promoters of Dewan Housing Finance Corporation Ltd (DHFL).

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Yes Bank scam: CBI carries out searches at 7 locations

The Central Bureau of Investigation (CBI) on Monday began carrying out raids at seven locations in connection with money laundering allegations agains

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CoinDCX launches crypto-referral initiative in India

CoinDCX, a cryptocurrency trading platform has launched its crypto-referral initiative in India.This initiative is aimed at providing an incentive for

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YES Bank’s retail FDs have nearly doubled over two years

Retail term deposits grew 40 per cent in FY19, while corporate deposits grew 16 per cent

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More heat on Rana Kapoor: Now CBI raids 7 locations in alleged Yes Bank-DHFL scam

According to the CBI FIR, the scam started taking shape between April and June, 2018 when Yes Bank invested Rs 3,700 crore in short-term debentures of the scam-hit Dewan Housing Finance Corporation Ltd (DHFL).

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Yes Bank crisis, RBI’s rescue plan can squeeze banks further for funds

The shadow banking crisis that erupted in September 2018 added to Yes Bank’s woes.

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Rana Kapoor’s secretary negotiated ‘kickback’ with DHFL: ED

Rana Kapoor’s secretary had coordinated with officials of the scam-tainted DHFL for a Rs 600-crore loan, believed to be a kickback, as per ED. The kickback was in lieu of a Rs 4,450-crore debenture investment and loan sanctioned by Yes Bank to DHFL group companies.

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Yes Bank saw exit of bulk deposits before RBI move

Yes Bank’s deposits are understood to have shrunk far below the Rs 2 lakh crore reported at end September 2019. Thursday’s moratorium was preceded by withdrawals of bulk deposits following a downgrade in December 2019 itself.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/38yP9UY
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PhonePe, BharatPe in talks with multiple banks to support UPI

After burning the midnight oil to migrate Yes Bank consumer IDs and merchant payments on the Unified Payments Interface (UPI) to ICICI Bank, both PhonePe and BharatPe (one of the largest merchant payments apps) said they restored operations fully over the weekend. These include peer-to-peer and merchant payments via UPI.

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Yes Bank view: How to turn a banking rescue into a crisis

The halfhearted bailout just may turn a bad dream for savers into a nightmare for the financial system.

from Banking/Finance-Industry-Economic Times https://ift.tt/38tgojS
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