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Investors can invest in Axis Focused 25 Fund via two modes - namely SIP & Lump sum. SIP: Investors can give their investment a systematic approach by opting ...
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After years of stagnation, the cryptocurrency space in India is whirring back into action, with the Supreme Court lifting a regulatory ban
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There are multiple benefits of investing in Axis Focused 25 Fund: Mutual Fund Investments are subject to market risks, read all scheme related documents care...
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Axis Focused 25 Fund is an open ended equity scheme investing in maximum 25 stocks investing in large cap, mid cap and small cap companies. The scheme invest...
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The merger process of Indian Bank and Allahabad Bank could face a slight delay in the wake of the 21-day nationwide lockdown, an official of the Kolkata-based lender said on Saturday.
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"Appreciate the service Bank Mitra/Banking Correspondents are undertaking across the country. Will talk to states - request no restrictions in their movements. Will speak to all banks to facilitate cash flow. Let's ensure timely access to all," the Finance Minister said in a series of tweets.
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Lauding efforts of bankers in this difficult time, finance minister Nirmala Sitharaman on Saturday said that she will speak to all banks to facilitate cash flow and enable timely access to all.
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State Bank of India (SBI) has passed on the entire cut in interest rates by the RBI to its borrowers by bringing down its external benchmark-linked lending rate as well as the repo-linked lending rate by 75 basis points (100bps = 1 percentage point) from April 1.
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The Reserve Bank of India on Friday cut interest rates by 75 basis points (bps)—the sharpest in over a decade. It also made available Rs 3.74 lakh crore of additional liquidity to banks and allowed almost all borrowers to defer loan repayments by three months.
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Banks will now have discretion in deciding the limits on working capital, with RBI saying that no payment miss should be considered a default and reported to credit information companies.
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Experts see a sharp drop in transactional fee income, while disbursements are also expected to come to a standstill due to disruptions induced by Covid-19.
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The merger of UBI and OBC into PNB will lead to the creation of the country's second largest lender after State Bank of India, an official said. "Under the given conditions, the effective functioning of the merged entity will be a big challenge. The government has not given any direction so far in this regard," the UBI official told.
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"Customer service bank branches are operational & will continue to provide services. Sufficient cash across branches & ATMs! Don't trust rumours of branch closures! Customers requested to stagger arrival at Branches etc," Financial Services Secretary Debasish Panda said in a tweet.
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Finance minister Nirmala Sitharaman on Friday asked banks for "quick transmission" of slashed interest rate as the RBI cut the key lending rate sharply by 75 basis points (bps) to boost liquidity in financial system to deal with the COVID-19 pandemic.
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HDFC Retirement Savings Fund – The gateway to save tax now, and retire in style tomorrow When it comes to retirement planning, deferment/postponement is norm...
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It is extremely difficult for an average investor to understand the valuations of large -, mid- and small-cap stocks and predict which market segment will ou...
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In a very unconventional and unprecedented move, the Reserve Bank in an early morning conference announced a huge Rs 3.74 lakh crore liquidity support to the banking sector, and decided to cut the key repo rate by a significant 75 basis points of 0.75 percentage points to 4.4 per cent.
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The comments, which came after a massive correction in banking stocks following the Yes Bank crisis and coronavirus outbreak, also urged depositors not to resort to panic withdrawals.
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Allaying depositors' concerns, Reserve Bank of India (RBI) governor Shaktikanta Das on Friday asserted that the Indian banking system is safe, and termed linking banks' share prices to safety of deposits as "fallacious" thinking.
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The Reserve Bank of India (RBI) cut repo to 4.4 per cent, the lowest in at least 15 years. Also, it reduced the cash reserve ratio maintained by the banks for the first time in over seven years. CRR for all banks was cut by 100 basis points to release Rs 1.37 lakh crore across banking system.
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Reserve Bank of India (RBI) governor Shaktikanta Das on Friday announced a 75 basis points cut in its policy repo rate to deal with the impact of deadly coronavirus outbbreak on the economy.
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Even as many branches are not able to operate because of a staff shortage, banks are warning of large crowds in branches as Pradhan Mantri Jan Dhan Yojana (PMJDY) account beneficiaries, unfamiliar with debit cards, approach branches for withdrawal.
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Equity indices on Friday started the day on a positive note with the benchmark BSE sensex rising over 1,000 points in opening session -- led by gains in banking, financial and IT stocks -- after the government announced Rs 1.7 lakh crore stimulus package for segments hit by coronavirus-led lockdowns.
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With the country under lockdown to slow the spread of Covid-19 outbreak, insurers such as HDFC Ergo, Religare, Max Bupa, Tata AIA along with intermediaries such as Policybazaar have ramped up these remote services that would involve vetting of customer applications and subsequent consultations by doctors over the telephone.
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Cash withdrawals from banks hit a 16-month high when the public withdrew Rs 53,000 crore during the fortnight ended March 13, according to the data released by the Reserve Bank of India (RBI). Such huge cash withdrawals are seen only during festivals or elections.
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New Delhi, Mar 26 () Terming the relief package as timely intervention, SBI Chairman Rajnish Kumar on Thursday said more calibrated responses in coming weeks expected as the impact of pandemic COVID-19 unfolds.
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Pre-construction capacity halved in just the past year in India from 60.2 GW in 2018 to 29.3 GW in 2019 with another 37 GW in under-construction stage, according to the report.
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Life Insurance Corporation of India, the government owned, largest Insurance Company in the country has floated numerous ULIP Plans over the past decade. The...
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The government on Thursday said the mega bank consolidation plan is very much on track and will take effect from April 1 despite the onslaught of coronavirus pandemic throwing the country out of gear. The Union Cabinet earlier this month approved amalgamation of 10 public sector banks into 4 global size lenders, beginning next financial year.
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The industry body represents 1.50 lakh mobile retailers who may be unable to pay their monthly instalments and interest towards credit cards, vehicle loan, home loan and business loans taken by them. A similar letter highlighting the concerns of the mobile retailers was also sent to non-banking finance companies (NBFCs).
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The Kotak Mahindra group, which runs private sector lender Kotak Mahindra Bank, has nearly 60,000 employees. Earlier this week, the government had allowed select private sector entities to start testing for the dreaded virus, which has taken 13 lives in India and infected over 600 people. During the lockdown, the working hours for branches have been reduced to between 1000-1400 hrs.
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Banks have been exempted from a 21-day lockdown that began this week.
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State-owned banks have taken the initiative with loan offerings aimed to minimise the current slowdown’s impact on individuals and small businesses. SBI was the first to launch a Covid Emergency Credit Line, which allowed borrowers to avail up to 10% of their existing fund-based limits (subject to a maximum of Rs 100 crore).
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In a letter dated March 24 to chief secretaries of states and union territories, it has requested to permit bank staff, RBI staff, NPCI staff and cash logistics companies to travel during the lockdown.
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India has much to gain if govt can develop country as a global automobile hub, says Apollo Tyres MD. Kanwar said the business environment is “very difficult” currently. In Europe, which accounts for a third of the revenues at Apollo Tyres, several vehicle and component manufacturers — Volkswagen, Renault, FCA, Magneti Marelli — have suspended operations.
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The Bank of Baroda and Andhra Bank owned life insurers also said that the all policies issued by the company stands valid even on event of death due to Covid-19 virus. The company has also made all servicing and distribution channels digital as well, it said in a press release.
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The Department of Financial Services has told the Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI) to ensure that all electronic and digital payment modes and channels function unhindered. It has directed Indian Banks' Association (IBA) to coordinate with banks to ensure cash availability in ATMs.
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Online transactions are going on but overall there is a decline in banking activities, P K Gupta, Head of Retail, Payments & Digital Banking, State Bank of India (SBI) said.
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Amidst the coronavirus outbreak, state-run Indian Bank on Wednesday announced an additional funding facility for large corporates, MSME, retail customers, pensioners and self-help groups (SHGs).
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Information and Broadcasting Minister Prakash Javdekar said that the recapitalization of RRBs will improve their Capital to Risk Weighted Assets Ratio.
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Their faith shaken and fears stirred up by the Yes Bank curbs and PMC’s sudden failure, savers are withdrawing deposits in a ‘safety-first’ approach. So, smaller lenders are now under notice to rebuild their business models around sound risk assessment and better communication.
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An Act of God, or force majeure in legal parlance, describes an event outside of human control or activity, and is generally invoked in extreme circumstances where the business has been affected by a natural calamity, epidemic or war.x
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Private sector lender Karnataka Bank on Tuesday announced waiver of charges for NEFT, RTGS, IMPS and UPI transactions done through its digital channels and ATM transactions from Bank’s own ATMs to its customers until further notification.
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Union finance minister Nirmala Sitharaman on Tuesday waived minimum balance charges for savings bank accounts to help citizens deal with the lockdown due to the coronavirus crisis.
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In the first week of March, Yes Bank was placed under moratorium and withdrawal limits were imposed, due to which its banking operations were affected. There will be no penal interest on customers whose repayment is delayed due to the moratorium on Yes Bank, LoanTap said in a statement.
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Reserve Bank of India (RBI) has rejected a proposal by TCG Capital to acquire Religare Enterprises’ arms Religare Finvest and Religare Housing Development Finance. The central bank has also asked the company to find another suitor.
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Ujjivan Small Finance Bank (SFB) on Monday said its independent director Luis Miranda has resigned from its board to abide by conflict of interest norms.
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The fundraising plan will also include a qualified institutions placement, rights issue, and further public offer, among others, subject to such approvals, the bank added.
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"I don't think we should blame RBI or finance ministry for Yes Bank crisis. For Yes Bank crisis, Yes Bank is responsible," Jalan said. Facing the collapse of the fourth largest private lender, the Reserve Bank had sacked Yes Bank management and placed it under an administrator in the evening of March 5 with a 30-day moratorium.
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Private lender Axis Bank on Monday said it will set aside Rs. 100 crore to support its customers, employees, vendors and government agencies towards curbing the spread of coronavirus.
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