Plea in SC challenging RBI circular on 3-month moratorium on loan repayment

RBI had issued the circular giving liberty to all banks and financial institution to allow a moratorium of three months on payment of instalments in respect of all term loans outstanding as on March 1, subject to the borrower making such a request. from Banking/Finance-Industry-Economic Times https://ift.tt/2JWbq...

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LIC settles 16 death claims under Covid19

Life Insurance Corporation of India (LIC) has settled 16 death claims across the country under Covid19 so far.Coronavirus has already claimed many li from Business Line - Money & Banking https://ift.tt/2UZEU...

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India Posts extends insurance premium payment deadline till June 30

The postal department said there is complete lockdown across the country in view of the threat posed by the outbreak of Corona Virus (COVID-19) and central/state governments have issued several advisories and imposed restrictions on the movement of general public. from Banking/Finance-Industry-Economic Times https://ift.tt/39UtQ...

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Fino Payments Bank logs 80 per cent plunge in domestic remittances

The payments bank sees average monthly remittances of close to Rs 5,000 crore from daily wage earners working in various factories, construction sites, small businesses, plumbers, carpenters, cab drivers, among others. from Banking/Finance-Industry-Economic Times https://ift.tt/2JVqO...

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Keep bank a/c standard, clear stock: SBI chief

State Bank of India (SBI) chairman Rajnish Kumar on Saturday exhorted real estate firms to keep their bank account standard, clear inventory as soon as possible and improve perception about the business. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2wvCC...

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Keep bank a/c standard, clear inventories, improve perception: SBI chief to real estate

While plain-speaking to the real estate players, Kumar said course correction has to be undertaken by the industry if they want to survive and get back on track as soon as possible. from Banking/Finance-Industry-Economic Times https://ift.tt/3a4pq...

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Over one crore retail borrowers of NBFCs yet to receive benefits of three-month moratorium on loan repayments

The provision was announced by the RBI under its ‘Covid-19 – Regulatory Package’ from Business Line - Money & Banking https://ift.tt/2JSQQ...

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Banks offer no relief, NBFC might be unable to service ballooning debt of Rs 1.75 lakh crore

While non-banking finance companies have provided their customers with a three-month moratorium, a similar relief has not been extended towards them by banks. from Banking & Finance – The Financial Express https://ift.tt/2JUWk...

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ADB promises $2.2bn aid for health sector

Asian Development Bank (ADB) president Masatsugu Asakawa on Friday assured finance minister Nirmala Sitharaman of the multilateral agency’s support to New Delhi in its fight against the novel coronavirus pandemic and said it was planning a $2.2 billion immediate assistance for the country’s health sector. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/3ecId...

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RV Verma appointed as non-executive Chairman of AU Small Finance Bank

RV Verma, former Chairman and Managing Director of National Housing Bank, has been appointed as Non-Executive Chairman of AU Small Finance Bank.Reserv from Business Line - Money & Banking https://ift.tt/2VdpS...

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NBFCs risk not repaying Rs 1.75 lakh crore

Debt worth Rs 1.75 lakh crore, maturing by June 2020, may be at risk of not being paid if the RBI does not move quickly to clarify that the moratorium package available to banks should be extended to non-banking finance companies (NBFCs) also. from Banking/Finance-Industry-Economic Times https://ift.tt/2ySxn...

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Covid-19 fallout: Rate transmission a far cry despite liquidity overhang

The banking system has hit the surplus level seen during the demonetisation period. But, the liquidity glut is not bringing interest rates down, as risk-averse banks stay off from fresh loans amid an alarming Covid-19 scene. from Banking/Finance-Industry-Economic Times https://ift.tt/2xd4H...

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NBFCs securitised loans, so 1 crore retail borrowers may miss moratorium

These investors are yet to approve the moratorium on underlying loans and reschedule most PTC repayments because they don’t have clarity on the impact such a move will have on the valuation of their investments. from Banking & Finance – The Financial Express https://ift.tt/2JSYJ...

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RBI board member urges PM Modi for banking sector package

Seeking a temporary forebearance of about a year, Mr Marathe requested prime minister Narendra Modi to "keep in abeyance, all norms relating to income recognition and assets classification, provisioning and downgrade of borrowal accounts, reporting to credit information companies for all accounts that must have got classified as NPAs during the just concluded financial year 2019-2020". from Banking/Finance-Industry-Economic Times https://ift.tt/34pZA...

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Coronavirus: Loan securitisation deprives 1 crore retail customers of moratorium benefit, says report

The RBI had given a three-month moratorium on all term loans like the ones for buying vehicles or homes in view of the economic hardships being faced because of the COVID-19 pandemic, where the country is in lockdown to arrest the spread of the infection. from Banking & Finance – The Financial Express https://ift.tt/2xnmg...

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Loan securitisation deprives 1 cr retail customers of moratorium benefit: Report

The RBI had given a three-month moratorium on all term loans like the ones for buying vehicles or homes in view of the economic hardships being faced because of the COVID-19 pandemic, where the country is in lockdown to arrest the spread of the infection. from Banking/Finance-Industry-Economic Times https://ift.tt/2JS0F...

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Clarify about RBI moratorium on NBFCs before demanding loan instalment from Indiabulls: HC to SIDBI

Delhi High Court has asked SIDBI to ascertain whether RBI's moratorium on loan repayment in the wake of COVID-19 outbreak would be applicable to NBCFs. The direction by Justice Rekha Palli came on ICCL's plea challenging a demand raised by Small industrial Development Bank of India (SIDBI) for payment of the loan instalment due in April this year. from Banking/Finance-Industry-Economic Times https://ift.tt/2Xu7w...

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‘Money is safe in PMJDY accounts’

State Bank of India (SBI), Bengaluru Circle, has appealed to its customers to refrain from rumours that the Direct Benefits Transfer of ₹500 to women from Business Line - Money & Banking https://ift.tt/34sbH...

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Insurance advisory to go digital in a big way

KR SrivatsInsurers are responding to Covid-19 with speed and imagination. Under the new conditions in a Covid-19-affected world, insurers are bracing from Business Line - Money & Banking https://ift.tt/2JWwc...

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Loan moratorium: Banks ask customers to be cautious against frauds

The cyber criminals pretending as officials of banks have been reaching out to borrowers, offering them assistance to avail the loan repayment moratorium scheme for phishing out account details, they said. from Banking & Finance – The Financial Express https://ift.tt/2yNYV...

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Forex reserves decline $902 mn to $474.66 bn

The country's foreign exchange reserves declined by $902 million to $474.66 billion in the week to April 3 due to a fall in foreign currency assets, according to the latest data from the Reserve Bank of India (RBI). The reserves had touched a life-time high of $487.23 billion in the week to March 6, after it rose by $5.69 billion. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2RrPG...

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NBFCs stare at defaults as banks refuse moratorium benefits

NBFCs, which are themselves borrowers from banks, allowed their customers to avail of the moratorium. from Banking/Finance-Industry-Economic Times https://ift.tt/2Vmup...

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Loan moratorium: Banks ask customers to be cautious against frauds

​The cyber criminals pretending as officials of banks have been reaching out to borrowers, offering them assistance to avail the loan repayment moratorium scheme for phishing out account details, bank officials said. "They have become active at a time when people are seeking immediate relief from their financial obligations. from Banking/Finance-Industry-Economic Times https://ift.tt/34pdN...

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ICICI to deploy mobile ATM vans in Noida, other districts in UP

The mobile ATMs will offer all the services that are available at normal ATMs. Apart from cash withdrawals, key services which can be availed by customers are transfer of funds to registered payees, change of PIN, recharge of pre-paid mobiles, fixed deposits, cardless cash withdrawals among others, as per the press release issued on behalf of the bank. from Banking/Finance-Industry-Economic Times https://ift.tt/3e9bo...

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Why are MFIs denied moratorium on loan?

The Managing Director of a reasonably large microfinance institution (MFI) is irritated.His collections came to a grinding halt since March 25, due t from Business Line - Money & Banking https://ift.tt/2RoJH...

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NBFCs may see sharp decline in liquidity cover, says CRISIL credit alert

The institutions have to offer clients loan moratorium while getting none for their own borrowings from Business Line - Money & Banking https://ift.tt/2JXPi...

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Covid-19 treatment: Insurers approach Centre for package rates

GIC writes to Health Ministry from Business Line - Money & Banking https://ift.tt/34pBK...

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NBFCs seek permission to resume partial operations

FIDC writes letter to Home Secretary from Business Line - Money & Banking https://ift.tt/2RpMe...

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Covid-19: ADB assures $2.2 billion support package to India

Asian Development Bank (ADB) President Masatsugu Asakawa on Friday assured Finance Minister Nirmala Sitharaman of USD 2.2 billion (about Rs 16,500 c from Business Line - Money & Banking https://ift.tt/2xm2o...

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Banks are ailing and it is only going to get tougher post coronavirus, here’s why

With offices closed down, a cascading effect on personal incomes and the individual’s ability on repaying personal loans is being expected to hit the banks. from Banking & Finance – The Financial Express https://ift.tt/2XoqA...

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DHFL promoters with 21 others detained in Mahabaleshwar for violating lockdown

Kapil and Dheeraj Wadhawan, promoters of Deewan Housing Finance Limited (DHFL) have been detained in Mahabaleshwar for violating the nationwide lockdo from Business Line - Money & Banking https://ift.tt/2wpVF...

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Bankruptcy plea: Relief for Vijay Mallya

Indebted businessman Vijay Mallya has avoided being made bankrupt in the London high court after a judge adjourned the bankruptcy petition the Indian banks brought against him, slamming it as "by any measure extraordinary". Chief Insolvency and Companies Court judge Briggs adjourned the petition for "at least six months", saying Mallya should be given time to pay the debts in full. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2xZ2t...

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COVID-19 effect: Now, banks mulling extending moratorium benefits to NBFCs

Non-banking finance companies (NBFCs) or shadow banks cater to mainly MSMEs, infrastructure and real estate sectors that have been hit hard due to lockdown. from Banking & Finance – The Financial Express https://ift.tt/2wvlS...

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Fraudsters exploiting 3-month loan moratorium; everybody needs to be cautious: HDFC Bank

HDFC Bank said the fraudsters are always on the look-out for newer reasons to execute their designs and the EMI moratorium has emerged as a favourite one. The RBI had left it to banks for implementing the moratorium, which has resulted in communication with bank being an essential part for taking benefit of the scheme. from Banking/Finance-Industry-Economic Times https://ift.tt/2Xmv6...

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Yes Bank to offer Covid-19 cover to customers

The bank ties up Reliance General Insurance to provide the cover from Business Line - Money & Banking https://ift.tt/3c5E7...

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Anamika Roy Rashtrawar appointed MD & CEO of IFFCO Tokio

Anamika Roy Rashtrawar has taken charge as MD and CEO of General Insurance with effect from March 27, said a company release. Prior to this elevation, from Business Line - Money & Banking https://ift.tt/2wrtm...

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Private bank rates higher due to inflated margins: RBI

An RBI analysis of different retail rates shows that the average margins over the benchmark repo rate for private sector bank could be higher by as much as 260 basis points compared to their public sector peers. One basis points is 0.01 percentage point. from Banking/Finance-Industry-Economic Times https://ift.tt/3c2mt...

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₹25,000-cr LTRO: Reserve Bank gets ₹1.13-lakh-cr bids

Our BureauBanks, on Thursday, placed bids amounting to 4.5 times the notified amount of ₹25,000 crore at the third targeted long-term repo operation ( from Business Line - Money & Banking https://ift.tt/2REOE...

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Paucity of ATMs leaves money in Jan Dhan accounts less accessible

Amid lockdown, ATMs often run out of cash; problem is deeper in rural pockets from Business Line - Money & Banking https://ift.tt/34mMm...

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EMI moratorium fraud: Banks asking customers to be alert, not to share OTP with imposters

Imposters may contact you to help postpone your EMI payments and request you to share OTP, CVV, password or PIN related to your banking accounts, it said. from Banking & Finance – The Financial Express https://ift.tt/2wpro...

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Covid-19 hangs over the future like a spectre: RBI

Our BureauThe Covid-19 pandemic will directly impact economic activity in India due to lockdowns and second round effects operating through a severe from Business Line - Money & Banking https://ift.tt/39W40...

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Jana SFB launches digital banking platform

Our BureauJana Small Finance Bank has launched a digital banking platform where customers can digitally open savings account and fixed deposit instan from Business Line - Money & Banking https://ift.tt/2xfyB...

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Citi India to compensate employees impacted by Covid-19

Citi India is offering a special compensation award to employees who are most likely to be impacted by Covid-19, a first-of-its-kind initiative in the country.It is providing Rs 18,000, subject to income tax, to each employee whose annual base salary is up to Rs 10.8 lakh. Employees who qualify will have the amount credited to their salary accounts in April. The subsidiary of the New York City-headquartered financial services corporation Citigroup is also allowing a select grade of employees, working from home, to claim their expenses for broadband...

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PSBs outshine private peers in incremental loan growth

The government outreach programme organised in October last year to push credit in the economy may have contributed to higher loan growth for PSBs. Banks had disbursed over Rs 2.5 lakh crore of loans by conducting outreach camps and loan meals during the festive period. from Banking/Finance-Industry-Economic Times https://ift.tt/2Xqkg...

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Invoicemart crosses $1 billion in throughput

Axis Bank-backed TreDs platform, Invoicemart, has crossed $1 billion in business volume.“Invoicemart became the first TReDS (Trade Receivable Discount from Business Line - Money & Banking https://ift.tt/3aXby...

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Now, EMI moratorium could trigger fresh round of phishing

Never share personal credential, caution bankers from Business Line - Money & Banking https://ift.tt/34pe0...

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EMI Deferment : Fraudsters on the prowl

The deferment of Equated Monthly Installments (EMIs) on all term loans and credit cards has now come handy to the fraudsters.As there is difficulty i from Business Line - Money & Banking https://ift.tt/2Vhmt...

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Bank of Baroda rolls out mobile ATM in Mumbai

​The lender is also planing to take the ATM to the business correspondent touchpoints or branches in view of the withdrawal of Rs 500 by women beneficiaries of the Prime Minister Jan Dhan Yojana accounts. from Banking/Finance-Industry-Economic Times https://ift.tt/2Vc1U...

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Coronavirus 'drastically altered' India's growth outlook: RBI

The outlook for India's economic recovery has been sharply altered by the coronavirus outbreak, the central bank said in its Monetary Policy Report, underlining the pandemic's deepening impact on South Asia's engine of growth. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2x492...

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COVID-19 hangs over the future, like a spectre: RBI report.

Uncertainties make the forecasting of inflation and growth highly challenging from Business Line - Money & Banking https://ift.tt/2yGLD...

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Digital payments zoom 31 per cent to touch ₹4,116 crore in FY20

BHIM UPI is most popular means, followed by prepaid instruments from Business Line - Money & Banking https://ift.tt/2wn1v...

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Health insurance sales grow 20% on Covid-19 fears

Spurt in health insurance business in the last one month, besides huge upswing in inquiries from Business Line - Money & Banking https://ift.tt/39Vm8...

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Covid-19: Bank of Maharashtra launches financial support schemes

The bank is providing ‘Emergency Credit Line- Personal Loan Scheme- Covid 19’ in the form of term loan for all standard housing loan accounts from Business Line - Money & Banking https://ift.tt/2V9Xv...

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Keep status quo on asset classification: HC to banks

Hearing a case between Yes Bank and Anant Raj, the court said the company’s account should be counted as ‘standard’ and it must be permitted to avail of the moratorium even if it has missed payments, since the account was not classified as a ‘bad loan’ before March 1. Banks classify a loan as ‘bad’ if it is overdue for 90 days. from Banking/Finance-Industry-Economic Times https://ift.tt/2xWSS...

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RBI declines additional provisioning relief to banks on unresolved cases via ICA

The relaxation in additional provisioning was one of the five requests IBA had submitted to the regulator on March 20. from Banking & Finance – The Financial Express https://ift.tt/2yOs8...

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Banks yet to process EMI deferment requests

Banks, working under reduced staff strength and processing delays, say they are working on delaying debits so that they can attend to all the moratorium requests they are receiving. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/3aUgL...

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IDBI Bank board sets bond borrowing limit

IDBI Bank’s board of directors on Wednesday approved rupee bond borrowing limit of ₹7,500 crore for FY 2020-21. The Life Insurance Corporation (LIC) from Business Line - Money & Banking https://ift.tt/3e6y6...

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RBI asks HDFC Bank to review key appointments

The Reserve Bank of India has advised HDFC Bank to wait until the new Managing Director and CEO is in place before submitting proposals for appointmen from Business Line - Money & Banking https://ift.tt/2xZj2...

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Covid lockdown: HDFC Bank deploys Mobile ATMs across India

The mobile van carrying the ATM piloted in Mumbai & Noida, with plans to extend the service to the rest of the country shortly. The locations for deployment are being identified in consultation with local municipal authorities in respective cities, the bank said. from Banking/Finance-Industry-Economic Times https://ift.tt/2Vg6f...

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Lockdown: Large retail-focused NBFCs facing cash flow difficulties; debt servicing a challenge

Due to the ongoing lockdown, the primary cash flows of the NBFCs have been disrupted as their collections have come to a standstill, according to a report by Acuite Ratings & Research on top 11 retail NBFCs . from Banking/Finance-Industry-Economic Times https://ift.tt/2xgSx...

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HDFC Bank cuts MCLR by 20 bps

Our BureauMumbai, April 8The country’s largest private sector lender HDFC Bank has reduced its marginal cost of funds-based lending rate (MCLR) across from Business Line - Money & Banking https://ift.tt/34jUe...

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ICICI Bank & HDFC Bank lead the pack in digitization: Report

Performances of several high street lenders such as Bank of Baroda, Citi Bank, Kotak Mahindra Bank and Federal Bank were deemed ‘average’ whereas Deutsche Bank, Union Bank of India and Bandhan Bank were relegated to the ‘unsatisfactory’ category in MeitY’s scorecard. from Banking/Finance-Industry-Economic Times https://ift.tt/2JLVn...

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Lockdown effect: After a rise, digital payments decline

Digital payments are seeing a sharp decline during the national lockdown after an initial upswing as consumption has fallen with the closure of shops from Business Line - Money & Banking https://ift.tt/3e715...

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Lockdown effect: After a rise, digital payments decline

SurabhiDigital payments are seeing a sharp decline during the national lockdown after an initial upswing as consumption has fallen with the closure of from Business Line - Money & Banking https://ift.tt/2UUXE...

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Irdai permits insurers to grant moratorium on term loans

In a circular, Insurance Regulatory and Development Authority of India (Irdai) said it has received representations from industry associations, seeking moratorium on repayment of term loans sanctioned by the insurers in the context of outbreak of Covid-19. from Banking/Finance-Industry-Economic Times https://ift.tt/2Xjqq...

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Irdai permits insurers to grant moratorium on term loans

The Insurance Regulatory and Development Authority of India (Irdai) on Wednesday permitted insurance companies to grant a moratorium of three months on payment of term loans in line with the Reserve Bank's directions. In a circular, Irdai said it has received representations from industry associations, seeking moratorium on repayment of term loans sanctioned by the insurers in the context of outbreak of Covid-19. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt...

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Cash payment company CMS to offer cash at doorstep to senior citizens

The lockdown has inconvenienced the general public to meet their daily cash needs and restricted access to their own money in their salary and pension accounts. "People are queueing up to withdraw the money from their accounts beating the purpose of social distancing. Our initiative will address this," said Anush Raghvan, senior vice-president at CMS Infosystem. from Banking/Finance-Industry-Economic Times https://ift.tt/3e4IX...

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States’ borrowing to rise up to ₹6.4-lakh crore in FY21: ICRA

Our BureauCredit rating agency ICRA estimates a 25 to 30 per cent spike in net State Development Loan (SDL) issuances to ₹6.2 to 6.4-lakh crore in FY2 from Business Line - Money & Banking https://ift.tt/3e9a5...

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Banks and manufacturing companies look at significant deferred tax asset hit on financials

Companies may have to write off tax assets in absence of projected profits. In the April-June quarter, several companies may be impacted because they are unable to set off deferred tax assets against payable taxes, industry trackers said. Deferred tax assets are set-off against future projected profits every year. from Banking/Finance-Industry-Economic Times https://ift.tt/2UQFK...

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State govts borrow at a high rate of 7.7-8.3%. Why is RBI dragging its feet on critical issue of rising yields?

A little over a week after the RBI announced a slew of so-called ‘bazooka’ measures to offer relief to banks, corporates and the financial markets, th from Business Line - Money & Banking https://ift.tt/2UQao...

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SBI report on lockdown exit strategy estimates economic loss at ₹8-lakh crore

The strategy for ending the lockdown imposed to prevent the spread of Covid-19 infection should have two distinct demographic and economic components from Business Line - Money & Banking https://ift.tt/2wnBu...

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Steps taken by Centre to contain economic fallout of coronavirus

The government and central bank are trying to cushion an economy that was slowing even before the coronavirus outbreak.A series of steps announced this year aim to encourage banks to lend. Measures announced by the Reserve Bank of India (RBI) since early February inject cash equivalent to 3.2% of the country’s gross domestic output. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/34mrR...

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Delhi HC order makes Anant Raj eligible for RBI’s regulatory package relief

The Delhi High Court has restored status quo ante with regard to the asset classification of Anant Raj Ltd by YES Bank as on March 1, 2020, making the from Business Line - Money & Banking https://ift.tt/39S27...

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View: India can’t count on banks to lead virus recovery

The weakest link in the Indian economy is its banking sector. A weakening of Indian banks will worsen this crisis in two ways. First, it will complicate the path for growth to recover after the lockdown. Banks reeling from a fresh batch of bad loans won’t be able to provide the credit that fuels a recovery. from Banking/Finance-Industry-Economic Times https://ift.tt/2Xiiv...

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Sensex surges over 900 points; Nifty above 9,000-mark

Equity indices jumped on Tuesday in a highly volatile trade with the benchmark BSE Sensex rising over 900 points. Sensex gained 909 points or 3.02 per cent to 30,976; while the broader NSE Nifty moved 237 points or 2.70 per cent higher to 9,030. Major gainers in the BSE pack included IndusInd Bank, HDFC, Maruti, Mahindra & Mahindra, Axis Bank and Hindustan Unilever. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/39SKN...

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RBI eases access to domestic forex derivatives markets

Issues directives for residents and NRIs on hedging risk from Business Line - Money & Banking https://ift.tt/2XjOY...

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21-day nationwide lockdown: For many, ePay's the way to buy essentials

Over 50% of all debit and credit card transactions — both at point-of-sale machines used by local stores and online checkouts at merchant sites — in the two weeks of the shutdown were for food and grocery-related purchases, up from 12% prior to the announcement. The surge in payment volumes is in line with demand experienced by aggregators as well as a push from their side to avoid accepting cash. from Banking/Finance-Industry-Economic Times https://ift.tt/2JTGD...

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Covid-19 outbreak: NBFCs face twin challenges of debt repayment, cash shortage

Small and medium-sized NBFCs are most at risk due to the disruption caused by the Covid-19 outbreak. Large lenders will be able to tap RBI’s Rs 1 lakh crore targeted longer term refinancing operations window but others are likely to face a crunch. Debt of about Rs 2.5 lakh cr is coming up for redemption by June, but only large NBFCs will be able to access RBI’s TLTRO window. from Banking/Finance-Industry-Economic Times https://ift.tt/39TVj...

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Bajaj Allianz launches new health product, gets approval for two under regulatory sandbox

Bajaj Allianz General Insurance has received two approvals as per the recent announcement under the Regulatory Sandbox. from Banking & Finance – The Financial Express https://ift.tt/3aSq3...

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CMS Info Systems rolls out free ‘Cash2home’ service for senior citizens

CMS is being supported by DISTA India, an AI-enabled location intelligence platform, to deliver this service efficiently. from Banking & Finance – The Financial Express https://ift.tt/39VpD...

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RBL Bank to continue to focus on retail, branch banking businesses

Lender’s Executive Director sees challenges ahead if the lockdown gets extended from Business Line - Money & Banking https://ift.tt/3e3Fi...

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SBI cuts savings bank deposit rate

State Bank of India has cut its savings bank (SB) deposit rate by 25 basis points (bps) from 3 per cent to 2.75 per cent. Simultaneously, India’s lar from Business Line - Money & Banking https://ift.tt/3aOS1...

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Insurance cos start offering exclusive COVID-19 policies, partnering with online payment firms

​​Bharti AXA General Insurance has tied up with Airtel Payments Bank to launch two health insurance plans-one offering a lump sum amount of Rs 25,000 and another with daily benefit starting Rs 500 per day-to provide protection from COVID-19, a company official said. from Banking/Finance-Industry-Economic Times https://ift.tt/39Nnl...

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SBI cuts MCLR by 35 bps across all tenors

The country's largest lender State Bank of India (SBI) on Tuesday said it has cut the marginal cost of funds based lending rate (MCLR) by 35 basis points (bps) across all tenors from April 10. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2UPyC...

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Covid-19: Equisoft plans to help insurers bridge social distancing gap

With virtual becoming the new normal in these Covid-19 times, Equisoft, a digital solutions provider for insurance and wealth management industries, i from Business Line - Money & Banking https://ift.tt/3caoO...

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SBI rolls out two mobile ATMs in Bengaluru

The State Bank of India (SBI) in Bengaluru rolled out two mobile ATMs last week to help the public to draw cash for their requirements during the lock from Business Line - Money & Banking https://ift.tt/2RiS4...

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PM CARES fund: BoM nominated to collect donations

Our BureauThe government has appointed Bank of Maharashtra (BoM) to collect donations for PM CARES Fund. The fund was set up on March 28, 2020, to ra from Business Line - Money & Banking https://ift.tt/3aLx8...

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RBI allows States, UTs to be in overdraft for 21 working days

The Reserve Bank of India (RBI) has increased the number of days for which States/ Union Territories (UTs) can be in overdraft with immediate effect, from Business Line - Money & Banking https://ift.tt/2V3Vd...

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ICAI to step up disciplinary proceedings against errant members

SurabhiWith the focus on the role of auditors after a spate of financial crises, the Institute of Chartered Accountants of India (ICAI) is stepping up from Business Line - Money & Banking https://ift.tt/3aQJ6...

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COVID-19: Bank of Baroda to provide support to women SHGs, FPOs

Under the Additional Assurance to SHGs-COVID19 scheme, the bank will provide support to existing SHGs' facilities in the form of cash credit or overdraft or term loans. from Banking & Finance – The Financial Express https://ift.tt/2wjyC...

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BoB launches four schemes for agri sector

Our BureauTo help borrowers in the agriculture sector tide over the distress created by the Covid-19 pandemic, Bank of Baroda (BoB) has announced sch from Business Line - Money & Banking https://ift.tt/3aW2Z...

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Aye Finance raises ₹ 180-crore debt from domestic, foreign lenders

Aye Finance, the Capital G-backed fintech lender, has raised ₹180 crore in debt in the last 15 days from lenders in India and abroad. The company said from Business Line - Money & Banking https://ift.tt/3bYR7...

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India should keep public finances healthy, ex-RBI chief says

India must keep public finances relatively healthy to stave off a possible second wave of risks in the financial sector once the coronavirus crisis abates, said a former central bank governor. While calls for a stimulus are rising, India cannot risk a significant widening of its perpetually high budget deficit, Urjit Patel wrote in a business daily. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2UMxh...

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ICRA downgrades Indiabulls Housing

ICRA has downgraded the long-term rating outlook of Indiabulls Housing Finance Ltd (IBHFL) to negative and reaffirmed the short-term rating. The re from Business Line - Money & Banking https://ift.tt/3bYfl...

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Covid-19 impact: Acko General Insurance offers one month free auto insurance

The Government has already announced a grace period for premium payments for third party policies till April 21 from Business Line - Money & Banking https://ift.tt/2JL8q...

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IndusInd Bank deposit shrinks 7 per cent in March quarter

The rating action reflects the downside risks to asset quality amid the deteriorating macroeconomic environment and financial market volatility, the rating agency said in a note. from Banking & Finance – The Financial Express https://ift.tt/2Veoi...

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Will get back to normal as customers, businesses return to work: Bajaj Finance MD Rajeev Jain

“The customer right now is in a state of shock... The impact clearly is very brutal,” said Rajeev Jain, Managing Director, Bajaj Finance Ltd (BFL), in from Business Line - Money & Banking https://ift.tt/2Xbzr...

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IndusInd Bank records meagre 4% deposit growth

Out of the total deposits 34 per cent was contributed by retail and small business customers. It’s CASA ratio stood at 40.5 per cent at the end of March 2020, which was at 43.1 per cent in March 2019 and 42.4 per cent at the end of December. The bank had recently said that it saw a tenth of its deposits flow, as one major state-government withdrew its liabilities. from Banking/Finance-Industry-Economic Times https://ift.tt/2XgJQ...

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IndusInd Bank registers drop in deposits on quarterly basis

On annual basis, deposits grew by 4 per cent from Business Line - Money & Banking https://ift.tt/2Xjok...

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Over 90% of our term loan customers may avail EMI deferment facility: Mallikarjuna Rao, MD & CEO, Punjab National Bank

PNB expects more than 90% of the term loan customers of the merged entity to avail the facility of deferment of instalments, managing director and CEO SS Mallikarjuna Rao said. from Banking & Finance – The Financial Express https://ift.tt/2UP1L...

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Health insurance: Why you should consider Aarogya Sanjeevani

Arogya Sanjeevani can provide a further boost to the health insurance portfolio from Business Line - Money & Banking https://ift.tt/2wnuC...

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Haryana alerts not to share OTP for EMI loan

Explaining the modus operandi, he said that such fraudsters may pose as bank representatives, requesting the citizens to share their OTPs in order to postpone their loan EMIs. Once the OTP is shared, the amount is fraudulently siphoned away by these scamsters. from Banking/Finance-Industry-Economic Times https://ift.tt/2RhZk...

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Be transparent in rewards to agents: IRDAI

IRDAI has asked insurers to ensure transparency in payment of rewards to insurers.“It is observed that the board approved policy for the payment of r from Business Line - Money & Banking https://ift.tt/3aNGf...

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Bank of Maharashtra gets government mandate to collect donations for PM Cares Fund

"One can also remit contributions directly by electronic clearing system (ECS) to the designated savings bank account of Bank of Maharashtra," the release said. The contribution made for the fund is 100 per cent exempted under Section 80G of the Income Tax Act. from Banking/Finance-Industry-Economic Times https://ift.tt/3aNTN...

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NBFCs seek liquidity support,one-time restructuring of loans

Suggests moratorium should be for all standard accounts as on Feb 29 from Business Line - Money & Banking https://ift.tt/2UKOc...

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Covid-19: How life insurers are building customer intimacy in these difficult times

In these trying coronavirus times, life insurers are going the extra mile to align themselves to the true needs of their individual customers. Several from Business Line - Money & Banking https://ift.tt/2V7tV...

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With RBI moratorium in place, Q4results likely to be stable for banks

But analysts say the road ahead could be rocky from Business Line - Money & Banking https://ift.tt/3aKR3...

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Kotak Bank registers sharp growth in customer deposits

Our BureauPrivate sector lender Kotak Mahindra Bank has registered a sharp growth in total customer deposits even as some of its peers reported withd from Business Line - Money & Banking https://ift.tt/2yylJ...

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Bajaj Finance weighs adequacy of provisioning for large accounts

Our BureauBajaj Finance, on Monday, said it is assessing the adequacy of provisioning for identified large accounts and that it will consider enhancin from Business Line - Money & Banking https://ift.tt/2RiE1...

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Kotak Mahindra Bank customer deposits up 19.6%

Net advances rise 6.7% in Q4 from Business Line - Money & Banking https://ift.tt/2yvVL...

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Canara Bank trims MCLR rates on loans, advances across all tenors

Canara Bank, a Bengaluru-based public sector bank, has reduced its marginal cost of funds based lending rate (MCLR) on loans/advances across all tenor from Business Line - Money & Banking https://ift.tt/2ULx0...

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Covid-19: Airtel Payments Bank partners with Bharti AXA General Insurance

Two different health insurance plans rolled out from Business Line - Money & Banking https://ift.tt/2xUe1...

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Arogya Sanjeevani: A standard health insurance policy for all

A health insurance policy helps you and your family to meet any unexpected medical emergency costs. But the penetration of health insurance in India i from Business Line - Money & Banking https://ift.tt/3bTmH...

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Personal loans are now 28% of total bank credit

The share of personal loans in the books of banks has outgrown credit to large industry over the last 12 months. Home loans are now the single biggest sector in terms of advances, accounting for nearly 15% of bank credit as against infrastructure which has an 11.3% share. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/3aOpO...

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Bad loans to surge this year, just like China, but here’s where India’s banks will fare worse

On India, the report said "the NPA ratio in India is likely to fare similarly to China's (1.9 per cent vs 2 per cent) but the credit costs ratios could be worse, increasing by about 130 basis points," the rating agency's credit analyst Gavin Gunning said in the report. from Banking & Finance – The Financial Express https://ift.tt/2UKgN...

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Banking in times of corona

A resilient and robust banking network will give our economy the much-needed vigour to overcome this crisis from Banking & Finance – The Financial Express https://ift.tt/2V7f8...

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Force majeure will not apply in Covid-19 death claims: Life Insurance Council

The Life Insurance Council on Monday said all life insurers, both public and private, are committed to process any death claim pertaining to Covid-19 from Business Line - Money & Banking https://ift.tt/34d8l...

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Self Help Group potential can boost rural production and consumption

For those who are not familiar with SHG, it is a voluntary group of 10-20 people having similar socio-economicbackground in small contiguous area who operate on the principles of self-help, solidarity and mutual interest. They pool their little savings and manage their credit needs. There are three distinct characteristics, which are unique in SHG, different from traditional lending. from Banking/Finance-Industry-Economic Times https://ift.tt/34cTM...

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Covid-19 Impact: Banks to witness spike in credit costs, non-performing assets in 2020

Banks in the country are likely to witness a spike in their non-performing assets ratio by 1.9 per cent and credit cost ratios by 130 basis point in 2020, following the economic slowdown on account of COVID-19 crisis. from Banking/Finance-Industry-Economic Times https://ift.tt/39Nna...

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Ensure transparency in rewards to insurance agents, intermediaries: IRDAI

The Insurance Regulatory and Development Authority of India (IRDAI) has asked insurers to ensure proper transparency in payment of rewards insurers.`` from Business Line - Money & Banking https://ift.tt/34efM...

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RBL Bank to continue focus on retail and branch banking business

Says monitoring Covid-led lockdown, challenges if it gets extended from Business Line - Money & Banking https://ift.tt/3e1Ta...

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NBFCs seek more relief: Line of credit for liquidity support, one-time restructuring of loans

Suggests that moratorium should be for all standard accounts as on Feb 29 from Business Line - Money & Banking https://ift.tt/2R9bl...

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Last-mile financiers claim banks reluctant to pass on repayment relief

Digital Lenders’ Association of India, the representative body for 81 such lenders, has made a representation to the Reserve Bank of India (RBI). from Banking/Finance-Industry-Economic Times https://ift.tt/2UJ2t...

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Insurers keep a social distance from risky Covid covers

Only four of the 29 firms permitted by the Insurance Regulatory and Development Authority of India are marketing such fixed benefit policies and that too on a limited scale, as the new virus’ impact on humans and expenses to treat are completely out of sync with most models that insurers have, said people familiar with the developments. from Banking/Finance-Industry-Economic Times https://ift.tt/3e0Dy...

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Govt mulls easy bank overdraft norms

As part of the package, finance minister Nirmala Sitharaman announced the transfer of Rs 500 a month to 20.4 crore women Jan Dhan account holders for three months. from Banking & Finance – The Financial Express https://ift.tt/2V5Lx...

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HDFC Banks gets mandate to receive donation for PM Cares Fund

The bank said that the HDFC Group has donated Rs 150 crore to the PM Cares Fund to support the government of India in its relief and rehabilitation measures towards the Covid-19 pandemic. from Banking & Finance – The Financial Express https://ift.tt/2X8tE...

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HDFC Bank gets mandate to receive donation for PM Cares Fund

"It's an honour to have been given this opportunity. I'd urge all of us to make the most of it and help the government in this gargantuan effort that it is making to ensure minimum disruption to our life," Aditya Puri, its Managing Director said. from Banking/Finance-Industry-Economic Times https://ift.tt/3bTgn...

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Bank union seeks deployment ofpolice at branches to regulate crowd

The Maharashtra State Bank Employees’ Federation (MSBEF) has written to the State Government, seeking deployment of police personnel at the entrance o from Business Line - Money & Banking https://ift.tt/34e8l...

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PM CARES Fund: Employees of Finance Ministry, banks, financial institutions donate one day’s salary

PM CARES Fund was set-up on March 28, 2020, to support those affected due to any kind of emergency or distress situation due to the Covid-19 crisis. from Banking & Finance – The Financial Express https://ift.tt/2yBkm...

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Banks in Kerala told to switch back to restricted working hours

Vinson Kurian The State-Level Bankers’ Committee (SLBC), Kerala, has reviewed its earlier circular on business hours and staff strength after the Stat from Business Line - Money & Banking https://ift.tt/3dWEu...

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HDFC Bank bucks trend, reports 7.41% rise in deposits in March-quarter

The largest private sector lender has reported a 7.41 per cent increase in aggregate deposits during the January-March period to Rs 11.46 lakh crore, which was 24 per cent higher as compared to March 31 last year. from Banking/Finance-Industry-Economic Times https://ift.tt/2XbBt...

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HDFC Bank reports 7.41 per cent rise in deposits in March qtr

HDFC Bank has bucked what was emerging as a trend of private sector lenders facing a fall in deposit base during the March quarter. The largest pri from Business Line - Money & Banking https://ift.tt/2V5PY...

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HDFC Bank bucks trend, reports 7.41% rise in deposits in March-quarter

HDFC Bank said its advances have risen by around 21 per cent to Rs 9.93 lakh crore as of March 31 and have grown by over 6 per cent for the March quarter as compared to December-end. from Banking & Finance – The Financial Express https://ift.tt/2XaMu...

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India reassures banks of capital infusion: Sources

New Delhi may need to make a provision of at least 200-250 billion rupees ($5.90 billion) for capital infusion in state-run banks. However, this number can increase significantly as the situation evolves, the officials said. from Banking/Finance-Industry-Economic Times https://ift.tt/2JBWW...

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