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Saturday, April 4, 2020

Yes Bank commits Rs 10 crore for COVID-19 relief works

Private sector lender Yes Bank on Saturday committed Rs 10 crore to support the fight against the COVID-19 pandemic.

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Bank of Maharashtra cuts repo linked lending rate by 75 bps

Many banks have reduced their repo linked lending rates following the Reserve Bank of India's (RBI) recent decision to cut repo rate by 75 basis points. BoM further said it will also reduce its marginal cost of funds based lending rates (MCLR) across all tenors up to 25 basis points from April 7.

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Bank of Maharashtra cuts repo linked lending rate by 75 bps

Many banks have reduced their repo linked lending rates following the Reserve Bank of India's (RBI) recent decision to cut repo rate by 75 basis points.

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Govt nominates Indian Overseas Bank for collecting donations for PM Cares Fund

The contributions can be made by RTGS, NEFT, IMPS, cheques and demand drafts drawn in favour of PM-Cares Fund.

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Income tax dept extends validity of Forms 15G/H till June 30

If you earn interest more than ₹40,000 but your total income is not taxable, you need not worry about submitting Forms 15G and 15H to the banks. Howev

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Central Bank of India extends interest free loans up to Rs 1 lakh to its employees

The Mumbai-headquartered lender said it would extend one month gross salary in form of an interest free loan, not exceeding Rs 1 lakh, to all serving employees including those are in probation. Besides, employees will get one day special leave for every six days they work during the lockdown period.

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Punjab & Sind Bank declares Saptarishi Hotels a/c as fraud

Punjab & Sind Bank (PSB) on Saturday informed the exchanges that its exposure to Saptarishi Hotels Private Ltd involving a total amount of Rs 76.5

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RBI halves mkt hours for forex, Gsecs

The RBI has restricted operating hours for all the markets that it regulates from 10am to 2pm until April 17. The shorter hours will not impact retail bank customers as all their regular banking services — including Real Time Gross Settlement (RTGS), National Electronic Fund Transfer (NEFT) and e-Kuber facilities — will continue to be available according to extant timings.

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Increased lending capacity to be used to cater to corporates and MSMEs: Indian Bank

Effective April 1, 2020, all the branches of Allahabad Bank had started functioning as branches of Indian Bank.

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DHFL extends deadline to submit final bids by 21 days to May 7

DHFL had shortlisted 22 out of 24 applicants for the resolution of the troubled company. FE reported that 24 applicants had submitted the expressions of interest (EoIs) for DHFL. The company had given them the option to bid for the whole company or in parts.

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Assam unit of the All India Bank Officers’ Confederation opposes banks' normal functioning amid Covid outbreak

“The Government should not lose sight of the plight of these unsung warriors of the economic ecosystem of our country who toils hard at every occasion to power our economy and build our nation. I request the Government to ponder over the issue with alacrity," he All India Bank Officers’ Confederation statement read.

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Friday, April 3, 2020

Centre credits Rs 500 each to over 4.07 crore women Jan Dhan account holders

Announcing the Pradhan Mantri Garib Kalyan Yojana (PMGKY) in view of the ongoing 21-day countrywide lockdown due to the coronavirus outbreak, Finance Minister Nirmala Sitharaman had said on March 26 that ex-gratia payment of Rs 500 would be credited to women Jan Dhan account holders for the next three months, starting from April.

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RBI allows foreign inwards remittances into PM-CARES Fund

The Reserve Bank of India (RBI), in consultation with the Government of India, has decided to permit receipt of foreign inward remittances from non-re

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Bonds decline on heavy government borrowing

BloombergIndian bonds dropped on concerns about a large government borrowing amid a nationwide lockdown that has diminished trading activity in the co

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SBI plans to appoint consultant for ‘competency assessment’ of 1,100 senior executives

In a public notice, the bank has sought applications from competent consultant who can design and deliver the exercise within a month from the date of the contract.

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IL&FS 90-day debt resolution: NCLAT says lockdown period will be excluded

NCLAT has said that the period of lockdown will be excluded from the 90-day deadline set for the completing the debt resolution process of IL&FS."

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No relief for Yes Bank founder Rana Kapoor, court rejects interim bail plea

Rana Kapoor, 62, had sought bail claiming that his prevailing medical condition puts him at the risk of contracting coronavirus infection in jail.

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Yes Bank founder Rana Kapoor's interim bail plea rejected

In the plea filed through his lawyer Subhash Jadhav, he claimed that he was suffering from chronic immunodeficiency syndrome, which causes recurrent lung, sinus and skin infections.

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Covid-19 disruptions to prolong strains on Indian NBFIs: Fitch Ratings

The challenges for India’s Non-Bank Financial Institutions (NBFI) will intensify as local measures to contain the spread of the coronavirus (COVID-19)

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Moody’s cuts outlook on Indian banks over asset quality concerns

The agency attributed that the changes in outlook are driven by potential deterioration in asset quality.

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RBI halves trading hours for financial markets across the board

The Reserve Bank of India has decided to curtail trading hours for the financial markets across the board to four hours (from 10 am to 2 pm) from Apr

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RBI halves trading hours to curb volatility amid lockdown

The Reserve Bank of India (RBI), in a unprecedented move, cut market trading hours for both bonds and foreign exchange to four hours, citing possible operational and logistical risks arising from the nationwide lockdown due to the COVID-19 outbreak.

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Moody’s places IndusInd Bank’s ratings under review for downgrade

Rating action on four other lenders, including ICICI Bank, Axis Bank and IDBI Bank

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Finance Ministry urges Jan Dhan beneficiaries to follow schedule for withdrawal; avoid rush to banks

All banks from Friday have started remitting Rs 500 to beneficiary accounts in line with the announcement made by Finance Minister Nirmala Sitharaman last week.

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‘No specific investment transaction being considered by IndusInd Bank’

Our BureauIndusInd Bank, on Friday, reiterated that it has adequate capital and said there is no specific investment transaction being considered by i

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CERT-In alerts people about fake UPI IDs seeking donations towards PM-CARES Fund

"CERT-In has received several reports about fake UPI IDs, which are similar to the UPI ID used by the 'Prime Minister's Citizen Assistance and Relief in Emergency Situations (PM-CARES) Fund," the cyber watchdog said. CERT-In said that pmcares@pnb, pmcares@hdfcbank, pmcare@yesbank, pmcare@ybl, pmcare@upi, pmcare@sbi and pmcare@icici are fake ids.

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EMI deferment: Pain for customers, gain to banks

It takes time for things to unfold. More so in bank schemes and welfare measures. When Finance Minister Nirmala Sitaraman had announced Garib Kalyan

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ADB expects India's economic growth to slow down to 4% in FY21 on global pandemic

India's economic growth is likely to slow down to 4 per cent this fiscal on the back of the current global health emergency, Asian Development Bank said in its outlook for the financial year 2020-21 on Friday. South Asia will face a milder slowdown. Growth in South Asia will decelerate to 4.1 per cent in FY2021 and then recover to 6 per cent in FY2022, it stated.

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World Bank approves $1 billion emergency funds for India to tackle Covid-19 outbreak

The World Bank's first set of aid projects, amounting to $1.9 billion, will assist 25 countries, and new operations are moving forward in over 40 nations using the fast-track process, the bank said on Thursday. The largest chunk of the emergency financial assistance has gone to India - $1 billion.

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Sensex falls over 350 points; Nifty below 8,200

Equity indices plunged in opening session on Friday with the benchmark BSE sensex falling over 350 points, dragged by bank and auto stocks. The 30-share BSE index fell 392 points or 1.39 per cent at 27,873; while the broader NSE Nifty was 89 points or 1.08 per cent at 8,164. Investor sentiment continued to be weighed down by the uncertainty over the COVID-19 pandemic and its economic impact.

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Covid-19: World Bank to provide $1-billion to boost India’s health infra

This new support will cover all States and Union Territories across India

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Thursday, April 2, 2020

No glitches in services on Day 1 of Canara Bank post amalgamation

Canara Bank, a Bengaluru-based public sector bank, said the interoperable services with Syndicate Bank have gone live on Thursday

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Indian Bank launches new products to support farmers, poultry players

The Indian Bank has launched three new products to support farmers, poultry players and the workforce in the informal sector during the current crisis

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Coming soon, loyalty programmes in life insurance

ICICI Pru Life gets IRDAI regulatory sandbox approval for five out of seven proposals

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Covid-19: Date for renewal of health, motor insurance policies extended to April 21

The government has provided relief for third-party motor insurance and health policy holders in the light of the Covid-19 lockdown.The renewal dates o

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How India’s troubled banks are performing under RBI watch, amid falling market share, profits

The five banks under the careful watch of RBI, as on March 31, have although seen a jump in income, their profits are still dwindling in the negative territory, a report by Care Ratings points out.

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ICRA expects stressed assets of banks, NBFCs to jump in FY21

Debt servicing ability of borrowers likely to be hit due to Covid-driven slowdown in economic activity, says rating agency

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COVID-19: Banks, NBFCs to see increase in stressed assets in FY21, says Icra

NPAs for NBFCs are likely to increase by 50-100 per cent from current levels, over the next few quarters, depending on asset class.

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Covid-19 pandemic to lead to greater demand for insurance

The demand for insurance could see a significant rise with the government lockdown and coronavirus pandemic.Analysts said past experience with Severe

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Covid-19: Insurers offer relief to travel insurance policyholders

Travel policies issued by insurers such as Bajaj Allianz General and ICICI Lombard can be extended up to 180 days by paying an additional premium

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Covid-19: SBI Cards offers moratorium on credit card dues

Close on the heels of the RBI’s Covid-19 package, SBI Cards and Payment Services has given its cardholders the option to avail a moratorium on their c

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HDFC Group pledges ₹150 crore to PM CARES Fund

The HDFC Group on Thursday said it has committed ₹150 crore to the Prime Minister’s Citizen Assistance and Relief in Emergency Situations (PM CARES) F

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Arogya Sanjivani will cover Covid-19 hospitalisation charges, says IRDAI

Clears 29 insurers to market standard health insurance product

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HDFC Group pledges Rs 150 crore support to PM-Cares Fund

The HDFC Group's support to the PM Cares Fund is to commend the exemplary efforts of the Central & State governments, armed and paramilitary forces, local police, healthcare professionals and sanitation workers across the country, who are working tirelessly day in and out to fight the pandemic," HDFC Ltd chairman Deepak Parek said in a statement.

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Chief executives of Oriental Bank of Commerce, United Bank of India designated as OSD in PNB

The merger of PNB with OBC and UBI has created the country's second largest state-owned bank with Rs 7.7 lakh crore advances. OBC chief executive Mukesh Kumar Jain, who is now in PNB will be retiring in July. UBI chief executive Ashok Kumar Pradhan will be retiring at the end of May from PNB.

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Covid-19 impact: Axis Bank offers EMI deferment on loans for 3 months

The repayment would resume from June 2020, once the deferment period is over

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COVID-19: Axis Bank offers EMI deferment on loans for 3 months

Private sector lender Axis Bank has offered its customers to opt for the loan moratorium if they face problem is keeping their EMIs running, in line with actions of its peers.

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COVID-19 impact: Moody’s changes outlook on Indian banks to negative

"We have changed the outlook for the Indian banking system to negative from stable. Disruptions to economic activity from the coronavirus outbreak will exacerbate a slowdown in India's economic growth," Moody's said.

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Opting for EMI moratorium? Be ready to pay more

Asking borrowers to defer EMIs only if they have no cash, banks have said that interest for the three months would get compounded if not repaid at the end of the period. This could lead to the borrowers paying for several months more depending on the length of their loans.

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FinMin asks banks to stagger ex-gratia payment to women PMJDY beneficiaries

The Finance Ministry has told banks that they should follow a staggered schedule based on the last digit of the account number of women Pradhan Mantri

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RBI rejects lenders' call for asset classification pause

The Reserve Bank of India (RBI) has rejected requests for standstill in asset classification from banks, dashing the hopes of lenders as well as companies seeking to avoid the defaulter tag.

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Small savings rate cuts make banking & PSU debt funds attractive

Investors looking for higher returns post the sharp cut of interest rates in small savings products and bank deposits by up to 140 basis points could turn to banking and PSU debt funds.

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Bigger PNB to have edge in getting big corporate customers

The merger of United Bank of India (UBI) and Oriental Bank of Commerce (OBC) with Punjab National Bank has made it the second-largest state-owned bank.

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RBI raises short-term borrowing limit for states and UTs by 30%

States’ short-term borrowing limits have been increased by as much as 30% as they face pressure on revenues with economic activity coming to a halt and the transfers from the Central government also getting crushed due to lower Goods and Services Tax collection.

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Wednesday, April 1, 2020

EMI moratorium may not be of much benefit to the borrowers; banks to charge interest later

The three-month suspension of EMI payments may not result in a significant gains for borrowers as they will charge interest for the moratorium period.

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AU Small Finance Bank commits ₹5 crore for Covid-19 relief work

AU Small Finance Bank has committed ₹5 crore for Covid-19 relief work, of which ₹2 crore is for PM CARES Fund and ₹51 lakh each to Delhi and Maharasht

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PhonePe launches insurance policy for Covid-19 treatment

For a price of ₹156, the policy provides a cover of ₹50,000 for those aged under 55 years

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No blind recycling of inward currency, banks told

Thiruvananthapuram, April 1 The State-Level Bankers’ Committee (SLBC), Kerala, has directed all member banks that inward currencies at branches shoul

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RBI announces more measures to support exporters, banks and States/UTs

The Reserve Bank of India (RBI) has announced further measures, including extending the time for realisation and repatriation of proceeds for exports

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Moratorium plan: Borrowers unlikely to get significant gains; banks to charge interest later

Tha RBI notification had said "the repayment schedule for such loans as also the residual tenor, will be shifted across the board by three months after the moratorium period. Interest shall continue to accrue on the outstanding portion of the term loans during the moratorium period".

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Kerala proposes bank loans at 9% for SHGs in Covid-19 package

The Kerala government has requested banks to consider giving loans at 9 per cent interest rate to self-help groups (SHGs) as a special Covid-19 packag

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Moratorium plan: Borrowers unlikely to get significant gains; banks to charge interest later

The three-month suspension of EMI payments may not result in a significant gains for borrowers as they will charge interest for the moratorium period, according to the moratorium scheme announced by state-owned banks.

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Right to appoint auditors should rest with company’s shareholders, say industry bodies

A company’s board and shareholders should appoint its auditors and the decision should not be handed over to an external panel, industry leaders have

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All branches of Oriental Bank of Commerce, United Bank of India start functioning as PNB branches

State-owned Punjab National bank on Wednesday said all nation-wide branches of United Bank of India and Oriental Bank of Commerce has started functioning as PNB branches.

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Bank mergers: All branches of Oriental Bank of Commerce, United Bank of India start functioning as PNB branches

A robust risk governance mechanism has been set up to mitigate risks and make the banking experience secure and safe, PNB noted.

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RBI announces more measures to deal with Covid-19 pandemic

The Reserve Bank of India (RBI) on Wednesday announced more measures to counter the economic fallout of the fast-spreading coronavirus pandemic. In a notification, the central bank mentioned that it has extended the realisation period of export proceeds, increased WMA (Way and Means Advances) limit and implemented countercyclical capital buffer.

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Corporation Bank staff will be dedicated workers in merged entity, too: Officers’ body

The Corporation Bank Officers’ Organisaton (CBOO) has said its members will show the same dedication in the amalgamated entity as they did in Corpo

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IndusInd Bank promoters repay loan; pledged shares to be released on April 1

IndusInd Ltd, Mauritius, which is the promoter of private sector lender IndusInd Bank, has fully repaid its loan to Citibank London on March 31.“The p

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SBI staff pledges ₹100 crore for PM CARES Fund

As there is an urgent requirement to contribute such funds to the PM CARES Fund, the encashment will be effected immediately

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RBI raises WMA limit for H1FY21 to ₹1.20-lakh crore

The Reserve Bank of India (RBI) has upped the Ways and Means Advances (WMA) limit for the first half of the financial year 2020-21 (April 2020 to Sept

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RBI sets guidelines for appointment of banks’ executives

The Reserve Bank of India (RBI) on Tuesday said proposals for appointment of a new MD & CEO/CEO at private sector banks should invariably contain

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Sensex plunges over 700 points; Nifty drops below 8,400

Equity benchmark sensex slumped over 700 points in early trade on Wednesday tracking losses in index heavyweights Reliance Industries, Kotak Bank, HDFC Bank and Infosys amid weak cues from global markets.

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Missing two instalments may add 10 months to loan

Hit by the lockdown and faced with uncertainty, many people are looking to avail of the repayment relief that banks are offering. Although banks are yet to announce the details of the relief package and how it will work out, we do know that this is only a grace period and they are likely to charge interest for the unpaid amount.

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Forex market shut for annual closing of banks

The forex markets will remain shut on Wednesday for the annual closing of banks.

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Amidst confusion over loan moratorium, bankers rush to explain terms to customers

IBA hopes that the FAQs will clear the queries

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Banks start giving options to avail loan moratorium

Customers will either have to contact the bank if they want to take advantage of the moratorium or the bank will allow the three-month break by default.

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RBI moratorium: Lenders’ body wants RBI to freeze bad loan recognition as on February 29

Lenders do not want any borrower who makes use of the moratorium to fall into the category of a non-performing loan because of having missed payments in the previous two months – January and February. A loan gets classified as a bad loan if the interest or principal is overdue 90 days.

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Tuesday, March 31, 2020

Curtians come down on historic Andhra Bank

G Naga Sridhar Andhra Bank, which is a household name among Telugus, will be consigned to history books from Wednesday. The bank, set up by eminent fr

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Public sector banks extend EMI moratorium to customers

In a relief to customers, some public sector banks on Tuesday announced deferment of EMI (equated monthly instalment) payments on loans for three months following directions by the Reserve Bank of India (RBI) which asked all lending institutions to allow three month moratorium on loan payments as the economy grapples with Covid-19 challenges.

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Centre asks states to ensure normal functioning of banks, ATMs during lockdown

Further, the central government has announced a financial package under the Prime Minister Garib Kalyan Yojana under which approximately Rs 27,500 crores are going to be disbursed during this week and in the coming weeks to the targeted public through bank branches, ATMs and business correspondents (BCS), Bhalla said.

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IndusInd Bank deposits fell by 10-11% after YES Bank crisis

SurabhiIn the wake of the YES Bank crisis, deposits with private sector lender IndusInd Bank fell by about 10 per cent to 11 per cent, most of which w

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Coronavirus lockdown: Centre asks states to ensure normal functioning of banks, ATMs

In view of these facts, the home secretary said, necessary instructions may please be issued by the state governments and Union Territory administrations to their field functionaries to ensure that bank branches remain functional.

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COVID-19: Banks sensitise branches on EMI moratorium, other RBI relief measures

Banks on its own unilaterally cannot stop ECS payment due to legal issue but the customer has the option of requesting bank to stop it, Rai said.

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Confusion prevails among borrowers over three-month moratorium as many get EMI reminders

Many borrowers, credit cardholders and mutual fund investors have received SMSes from their lenders reminding them that they need to maintain sufficient balance on the due date. Among others, such messages have been received by people who have taken personal, auto and home loans.

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Urgent need for bank reforms, says Vinod Rai

With Indian banks now showing signs of weak financial health, urgent steps are needed to prepare a roadmap for sustainable reforms, Vinod Rai, former Comptroller and Auditor General of India, said in a paper.

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SBI employees pledge Rs 100 crore to PM CARES Fund to combat Covid-19

SBI chairman Rajnish Kumar said in a release: “It is a matter of pride for SBI that all our employees voluntarily came forward to pledge their two days’ salary to the PM CARES Fund. This is the time where we all need to combat this battle of the Covid-19 outbreak with united efforts. We at SBI would keep continuing our support to the government in all its endeavours to address the challenge.”

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API economics in digital lending ecosystem

The total value of India’s digital lending market is estimated to be more than USD 1 trillion over the next five years. To ensure they grab a share of this m...

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Future Generali India announces relief grant for COVID-19 positive 'active' agents

Non-life insurance company Future Generali India Insurance on Tuesday said it will give a relief grant of Rs 50,000 each to its 'active' agents, if they or their immediate family members are tested positive for COVID-19.

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View: Scorching summer for banks ahead amid lockdown due to Covid-19 outbreak

For bankers, the approaching summer will not only bring a steady rise in temperature, but also branches and offices of the banks will have to face a lot of heat in meeting the tough challenges, in the execution of plans and guidelines announced by regulatory and monetary authorities, in the background of a countrywide lockdown and an acceleration in the spread of COVID 19 with increasing fatality.

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Covid-19 to impact collections, fresh loan disbursement of NBFCs in near term: CRISIL

The 21-day lockdown triggered by the Covid-19 pandemic will have near-term impact on collections and fresh loan disbursements of non-banking financial

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Tax professionals and trade bodies seek relief for asesseess hit by Covid-19

In letter to FM, they also seek more clarity on deadlines and procedures

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Banks to offer moratorium option too all in two days

Banks and Housing Finance Companies are getting their backend systems ready to take requests from customers wanting to delay their installments by three months. Customers can either opt-in or opt-out of the facility as it is primarily targeted at people who might face loss of liquidity.

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IndusInd Bank deposits fell by 10-11% post Yes Bank saga

In analyst call, says may be some delinquency, lower loan growth but expects recovery

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SBI-led consortium gives nod to debt revamp plan for Suzlon

Lenders have given their nod to the debt restructuring plan of debt-laden wind energy company Suzlon.In a filing to the exchanges, Suzlon said State B

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Garib Kalyan Yojana: Bank branches to give 200 tokens per day to manage crowd

IBA issues guidelines for disbursal of Garib Kalyan's benefits

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Deferring credit card, personal loan payments may cost more

Industry experts have pointed out that the central bank relaxation guidelines only cover deferment of principal amounts and lenders may still opt to accrue compounded interest rates in this period, leaving customers under huge repayment burden when the moratorium ends.

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Loan waiver or postponement? Muddled messaging puts bankers in a fix

There’s misconception among borrowers that RBI has given a loan waiver.

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Lenders firming up ‘opt-in’ policy for implementation of moratorium

IDBI Bank has sent a communication to its customers that they were being offered a moratorium.

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Banks yet to act on EMI relief, spark confusion

With just two days left for the next EMI cycle to begin, most big lenders are unprepared to follow the Reserve Bank of India’s blanket order allowing borrowers to hold back from paying instalments for the month. Top lenders such as State Bank of India, HDFC Bank, ICICI Bank, Kotak Bank and Axis Bank have not activated any channel for customers to exercise an option.

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Covid-19 in India: Banks wary of liquidity crunch

Some lenders, particularly private sector institutions, fear that if a large number of borrowers refuse to service loans, Reserve Bank of India’s measures to soften the blow from Covid-19 could fall short of requirement. In such a situation the moratorium on interest and loan repayment will more than offset the benefits of extra liquidity.

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Monday, March 30, 2020

Union Bank of India cuts lending rates by 75 basis points

The new rate will be applicable for all floating-rate personal or retail loans (such as housing and automobiles) and floating-rate loans to micro, small and medium enterprises, according to an official statement.

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BoB and Union Bank of India slash benchmark lending rates by 75 bps

  Bank of Baroda (BoB) and Union Bank of India have slashed their benchmark lending rates by 75 basis points. In the case of BoB, the repo-linked lend

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Implementation of Garib Kalyan, a major challenge for banks

Lockdown of villages, lack of staff are the main hurdles

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New India Assurance releases guidelines for Rs 50 lakh insurance coverage for health care providers

In case of accidental death or death due to complications arising from accidentally contracting Covid-19, the insurance amount will be paid to a beneficiary or nominee under the certification of the central or state government authorised authority.

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Govt extends crop loan interest benefits till May 31

Farmers who have taken short-term crop loans will get time till May 31 to repay the loan without losing the benefit of interest subvention and other a

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IAG completes 26% stake sale in SBI General Insurance

Our BureauAustralia’s IAG has exited SBI General Insurance by selling its entire 26 per cent stake in the general insurer. “IAG is pleased to advise

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Small and medium NBFCs anguished over RBI loan moratorium package

Allowing banks to decide on beneficiaries may make life difficult for them

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Punjab National Bank unveils new logo

Punjab National Bank (PNB) has unveiled a new logo as it merges United Bank of India and OBC with it, with effect from April 1. The new logo will bear distinct signages of all the three public sector lenders.

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PNB unveils new logo as merger with United Bank, OBC makes it India’s 2nd largest bank

Assuaging concerns regarding the merged entity, PNB also said there is no reason to worry as the three banks are coming together to be better, bigger and stronger.

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Bank of Baroda cuts personal, retail loan rates by 75 bps to 7.25%

The BRLLR linked to RBI Repo Rate is revised downwards in line with the reduction on Reserve Bank of India Repo Rate from 5.15 per cent to 4.40 per cent, it said.

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ICICI Bank launches banking facilities on WhatsApp

Private sector lender ICICI Bank has rolled out banking facilities on WhatsApp. “This will enable its retail customers to undertake a slew of banking

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NAFCUB urges urban co-op banks to donate to PM CARES

The National Federation of Urban Co-operative Banks and Credit Societies Ltd (NAFCUB) has appealed to all urban co-operative banks (UCBs) to donate t

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ICICI Lombard, BharatPe launch COVID-19 insurance cover for shopkeepers

With shops selling essential goods and medicines open during the national lockdown, BharatPe and ICICI Lombard General Insurance have launched a spec

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Union Bank MD: Focus is on zero disturbance

From April 1, Mangalore-based Corporation Bank and Hyderabad-headquartered Andhra Bank will merge into Union Bank. The merger, which was announced and planned last year, comes into effect amid the Covid-19 lockdown. In an interview with TOI, Union Bank MD & CEO Rajkiran Rai explains how the focus is on zero disruption.

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Convert rural bank branches into satellite branches: Syndicate Bank retired staff body

The Centre and the Reserve Bank of India would be best advised to convert rural bank branches into satellite branches during the lockdown period, ac

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Bank of Baroda slashes repo-linked lending rate by 75 bps

Bank of Baroda (BoB) has reduced its repo-linked lending rate (RLLR) by 75 basis points to 7.25 per cent effective March 28, 2020, from 8 per cent ear

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IDBI Bank offers uniform three-month moratorium to all borrowers

ECS/SI option will not be active during this period

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Lockdown to hit performance of commercial vehicle and SME loans in Indian asset-backed securities: Moody’s

The economic disruption caused by the 21-day lockdown will hit the performance of commercial vehicle and small and medium enterprise (SME) loans in In

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IRDAI bans capital gearing treaties by insurers

The Insurance Regulatory and Development Authority of India (IRDAI) has asked insurers not to enter into any capital gearing treaties with immediate

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Coronavirus: Relief package for the poor via DBT may face hurdles

The finance ministry said ₹1.75 lakh crore will be given to “80 crore poorest Indians” under the Pradhan Mantri Garib Kalyan Yojana (PMGKY) over three months starting April 1.

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NBFCs want banks to pass on moratorium benefits

Non-bank lenders, concerned about the ‘discretion’ banks would enjoy on demanding repayments through a three-month grace period, plan to approach the finance ministry and the Reserve Bank of India (RBI).

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Union Bank: As a merged entity, we can face this lockdown better

Union Bank of India will become the fifth largest state-run bank after Andhra Bank and Corporation Bank merge with it on April 1. Six banks are being merged with larger peers to get economies of scale.

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Covid-19 aftermath: Capital infusion into PSBs likely in next fiscal as well

The government also believes that the biggest consolidation exercise in the public-sector banking space—the amalgamation of 10 PSBs to create four larger lenders with scale – from April 1 will support the credit appetite of the economy in the coming quarters.

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Sunday, March 29, 2020

All bank branches to be operational from Monday

Cash deposit and withdrawal, clearing of cheques, remittance services, government transactions and ATM services as listed as essential banking services.

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Portfolio Characteristics of Axis Focused 25 Fund

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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Know more about Axis Focused 25 Fund

Watch the video to know about Axis Focused 25 Fund. Plan your long term goals with Axis Focused 25 Fund - An open ended equity scheme investing in maximum 25...

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Fitch Ratings downgrades Long-Term IDR for Shriram Transport Finance Company, Muthoot Finance

Fitch Ratings has downgraded the Long-Term Issuer Default Ratings (IDRs) of Shriram Transport Finance Company Limited (STFC) and Muthoot Finance Limit

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Fearing rush at branches for withdrawals, unions seek safety measures from FinMin, bank managements

Fearing a rush at bank branches to withdraw salary and pension and subsidies deposited in Jan Dhan accounts in the week beginning March 30, banking se

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Uday Kotak, Kotak Mahindra Bank donate Rs 60 crore in fight against Covid-19

Various entities from the corporate sector have been making announcements on monetary donations or other material help to help fight the virus threat in India.

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Make the right choice with Axis Focused 25 Fund

The more options we have, more confused we get! The same goes for stocks also, with so many stocks around, investors also get confused. Then how to make the ...

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