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Banks have asked the regulator to allow more time before labelling a loan as bad debt, and they sought longer deadlines to meet certain capital standards as the coronavirus pandemic derails businesses, sparking concern over the financial health of banks.
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The RBI had put a six-month regulatory restriction on the bank on September 23, 2019.
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The life insurer said it is confident of crossing its target of 2.5 crore individual policies well before March-end. In the previous fiscal, the corporation had sold 2,14,03,905 individual policies.
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The Reserve Bank of India (RBI) on Saturday further extended regulatory restrictions put on Punjab and Maharashtra Co-operative (PMC) Bank by three months.
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The country’s largest lender State Bank of India (SBI) has drawn up a scheme to provide additional funding to borrowers whose operations are impacted by coronavirus. The Covid-19 Emergency Credit Line (CECL) will be in force up to June 30 and will be equivalent to 10% of their working capital limit, subject to a cap of Rs 200 crore.
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A crack team, of about 150 people and from critical RBI wings like debt, reserve management, is part of the central bank's business continuity plan to ensure Covid causes minimum disruption to the financial system.
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With 38 central banks around the world reducing interest rates in recent weeks in the wake of the coronavirus crisis, Reserve Bank of India is widely expected to follow suit.
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The Reserve Bank of India (RBI) will inject liquidity of Rs 30,000 crore through open market operations next week to maintain financial stability in the system in the wake of the coronavirus outbreak.
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Reliance Group chairman Anil Ambani is running out of time. The brother of one of Asia's most wealthy men and a one-time billionaire himself lost an attempt to appeal a UK court order that he set aside $100 million in his dispute with three Chinese banks.
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Multilateral lending agency Asian Development Bank (ADB) has decided to hold its 53rd annual meeting in two stages in view of the coronavirus pandemic. It will be reconvened on September 18 for a full-scale second-stage annual meeting at Incheon in South Korea.
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"The states which have not given premium for crop insurance include Madhya Pradesh which owes Rs 2,731 crore and Rajasthan which owes Rs 1,482 crore," Choudhary said.
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Under the reconstruction scheme, which came into effect from March 14, RBI can appoint one or more persons as additional directors on the board of Yes Bank. On March 5, the RBI had superseded the board of Yes Bank and appointed Prashant Kumar, ex-DMD and CFO of SBI, as the administrator. The RBI-imposed moratorium was lifted on March 18.
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The world's top three central banks have deployed an array of weapons to fight the profound economic threat posed by the global coronavirus pandemic, increasingly seen as likely to spur the first outright contraction in the world economy since the 2007-09 financial crisis. Many have also cut interest rates significantly and rolled out new or enhanced measures.
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Yes Bank founder Rana Kapoor, arrested in a money laundering case, is "easily susceptible" to getting infected by the coronavirus in prison, his lawyer told a court here on Friday. Kapoor, arrested by the Enforcement Directorate (ED) under the Prevention of Money Laundering Act (PMLA) earlier this month, was remanded in judicial custody till April 2 as the investigation agency did not seek his further remand.
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The Central Bureau of Investigation (CBI) has advised the administrator appointed by the Reserve Bank of India to assess the total alleged fraud caused by various corporate borrowers to the Yes Bank so that it can probe the books of all the stressed borrowers together.
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"As per the term of condition of FD placed with us, Yes Bank has fully paid all the quarterly interest on time up to December 31, 2019. The remaining interest that has accrued till March 19, 2020, has been remitted along with the principal amount of Rs 389 crore to SBI account of Jagannath Temple Corpus Fund," Yes Bank said in a letter.
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India’s most-valuable bank is betting big on the nation’s businesses at a time when a slumping economy and souring loans have forced peers to retreat. HDFC Bank Ltd’s lending to large and small companies surged 63% over the two years through Dec 31 as India’s economy went from world-leading growth to its slowest expansion in six years.
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Relief to coronavirus-hit borrowers from being classified as defaulters and additional funding to help businesses tackle a shutdown are measures that lenders want the regulator to allow to help tide over the pandemic-triggered economic shock. The Indian Banks Association (IBA) has also created a working group to study the economic fallout of the coronavirus pandemic.
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It is that time of the year when many of us struggle to make investments into products that help save tax. For those of us who are yet to do it, this may be ...
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Equity Linked Saving Scheme ELSS is a category of mutual fund that lets you invest in equity market for long term wealth creation while also letting you sa...
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Union Finance Minister Nirmala Sitharaman will move the Banking Regulation (Amendment) Bill, 2020 for consideration and passage in Lok Sabha on Thursday.
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The move is seen as a major reform for the sector that suffers heavily because of poor performance of state utilities. PFC and its arm REC are the major financiers to the ailing power distribution companies (discoms).
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Yes Bank on Wednesday announced that it has resumed complete banking services, which was stopped after the RBI placed it under moratorium earlier this month. Taking to Twitter, the crisis-hit bank stated: "Our banking services are now operational. You can now experience the full suite of our services. Thank you for your patience and co-operation."
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On March 5, the RBI had imposed a moratorium on the lender restricting withdrawals at Rs 50,000.
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Facing difficulties in raising money from the capital market, non-banking financial companies are relying more on banks to meet their funding requirements, with lending to NBFCs seeing a jump of 34.7 per cent in more than a year, says a report.
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Private sector lender IndusInd Bank has said it is financially strong, well-capitalised and profitable, amid market rumours about the health of the lender after the Yes Bank crisis came to light.
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The bank said it is already the largest issuer of RuPay debit cards and has the "fastest growing" a/c base. Visa virtual debit cards would enable customers to transact at all merchants accepting payments through cards. For the first time, the bank's customers would also be able to make international transactions using their Visa debit cards, it said.
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Jain is the managing director of our company since April 1, 2015. He has more than 26 years of experience in the consumer lending industry. He has been associated with the company for over a decade.
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SBI chairman Rajnish Kumar has said the country’s largest bank is keeping a watch on exposures to aviation, hospitality and tourism sectors in the wake of the Covid-19 pandemic. “We are studying the impact on these sectors,” Kumar said, in response to a query on business.
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Yes Bank made a record loss of Rs 18,560 crore in the quarter ended December, largely as new management stepped up recognition of NPAs and set aside Rs 24,766 crore as provisions for bad loans. More importantly, the bank has guided for another 5% slippages during the year.
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Analysts say recovery for Non Banking Finance Companies could be delayed further and the cost of funds could stay elevated for the time being, although NBFCs themselves believe that a likely interest rate cut by RBI and pressure on banks to transmit lower rates could help reduce costs.
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You are putting in all the hard work and reaping the rewards. You have a good amount of cash with you and are also well-versed with the financial jargons, or...
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PNB Housing is creating new software solutions for its wholesale loans business, specifically to make sure that disbursement of loans and management of the portfolio are easy and risk-controlled.
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The RBI has been keen on preventing concentration of ownership in banks. But some episodes such as permitting higher holding for Uday Kotak or billionaire Prem Watsa in Catholic Syrian indicate the emergence of a new approach.
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The appeal to the Reserve Bank of India (RBI) will be made via the Indian Banks' Association, the two senior bankers said, asking not to be named as the talks were still private.
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Responding to questions whether there would be a flurry of withdrawals from the depositors, Yes Bank administrator Prashant Kumar said that Yes Bank has sufficient funding lines available with it and based on analytics and positive vibes generated by the restructuring scheme, there would not be a flurry of withdrawals.
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"All ATMs are full with cash, all branches have adequate supply of cash," Yes Bank Administrator Prashant Kumar said in a press conference. Kumar also said that complete operational normalcy will be restored from 6 pm tomorrow.
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Yes Bank administrator on Tuesday said that there is absoulutely no issue of liquidity in the bank and assured depositors that all branches and ATMs of Yes Bank have adequate supply of cash.
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Yes Bank’s recent “deposit flight” is a cause for concern, according to Fitch Ratings.
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Shares of Yes Bank on Tuesday further jumped nearly 35 per cent after Moody's upgraded the company's ratings. Rallying for the third consecutive day, the company's scrip zoomed 34 per cent to Rs 49.75 on the BSE.
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The bank has a capital adequacy ratio of 16.08% with Tier-1 at 15.02% which is higher than the prescribed regulatory requirement at 11.5% and 9.5% respectively. It claimed that there has been no material adverse change in the asset quality since it announced the December quarter earnings. RBL said that there had been no significant deposit withdrawals.
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The Reserve Bank of India (RBI) governor Shaktikanta Das on Monday dispensed with the usual regulatory formality to assure the man on the street that his deposits at Yes Bank are safe, with the central bank and the private lender’s new
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The Reserve Bank of India (RBI) governor Shaktikanta Das on Monday said that the RBI will support the crisis-hit Yes Bank with liquidity and assured depositors that their money continues to be safe.
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"We will resume full banking services from Wed, Mar 18, 2020, 18:00 hrs. Visit any of our 1,132 branches from Mar 19, 2020, post commencement of banking hrs to experience our suite of services. You will also be able to access all our digital services & platforms," Yes Bank tweeted.
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Amid the ongoing crisis at Yes Bank, Congress leader Rahul Gandhi on Monday asked the Centre to name "50 top wilful defaulters". During a session in Lok Sabha, the former Congress president asked names of the country's top wilful defaulters.
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Troubled private sector lender Yes Bank on Monday said that it will resume complete banking services from the evening of March 18. Taking it to Twitter, the crisis-hit bank stated: "We will resume full banking services from Wed(nesday), Mar(ch) 18, 2020, 18:00 hrs (hours) (6 pm)."
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Reliance Group chairman Anil Ambani has been summoned by the ED in connection with its money laundering probe against Yes Bank promoter Rana Kapoor and others, officials said on Monday.
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Financial statements for Indian and multinational companies may have to reflect the impact of the coronavirus-related shutdown and disruptions, if any, on business operations, auditors have said.
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Sudden withdrawals totaling about a quarter of Yes Bank’s deposits and the lender’s inability to honour these requests forced the regulator to hasten the State Bank of India-led bailout, with the government-owned financier giving ₹6,500 crore of emergency funding to the private bank.
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Account aggregators are responsible for transferring, but not storing, client data. An AA ecosystem, as envisaged by the Reserve Bank of India (RBI), would be a platform for financial services companies to reach out to the consumer to seek consent before using their personal data to optimise their product offerings.
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