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According to an analysis, the aviation, hospitality, travel and tourism sectors were the most affected in the wake of the coronavirus outbreak, he said, adding power and steel were also adversely impacted as demand falls. The sectors that could benefit from the pandemic are pharma and medical equipment manufacturing, the official said.
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RBI reasoned that the financial position of the bank is highly adverse and unsustainable. There is no concrete revival plan or proposal for merger with another bank. Credible commitment towards revival from the management is not visible, observed the central bank.
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Governor Shaktikanta Das chaired the meetings, which were also attended by deputy governors. Post lockdown credit flows, with special focus on credit flows to MSMEs has also been discussed.
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RBI governor Shaktikanta Das on Saturday held meetings with the managing directors and chief executives of major public and private sector banks through video conference. The meeting took stock of implementation of several steps by the RBI, including moderation in interest rate and its transmission, as well as liquidity infusion measures to support the industry.
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The board of directors, vide their resolution dated May 1, 2020, appointed Neeraj Dhawan as the chief risk officer of the bank for a period of three years, Yes Bank said in a regulatory filing.
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Para banks have requested that this window be established through MUDRA, Small Industries Development Bank of India, National Bank for Agriculture and Rural Development and National Housing Bank. They are also requesting a special purpose vehicle that would be allowed to leverage about 4 times to provide a funding of ₹50,000 crore to small and medium-sized NBFCs.
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Microfinance institutions and non-bank lenders are set to resume full-fledged operations in green and orange zones, or areas designated as safe from the Covid-19 virus outbreak, after the government announced lifting of several restrictions.
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As per convention, the government releases GST revenue collection number on the basis of cash collection in a particular month. However, with the situation arising out of COVID-19, the government has decided to wait till the extended deadline for filing returns before release of the collection figure.
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The RBI has been prompting banks to push lending by cutting its key policy rate by 75 basis points to an 11-year low of 4.4 per cent. Besides, it also slashed reverse repurchase rate, a tool to control the money supply, to 3.75 per cent to encourage banks to deploy surplus funds within the system towards lending.
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Popular and fast growing digital payment channels such as UPI, IMPS, BBPS and NETC all reported record plunge in monthly volumes in a month where the entire country remained in lockdown owing to coronavirus. AePS bucks the trend and doubles volume on the back of increased DBT transfers and balance enquiries by beneficiaries of COVID relief schemes.
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State Bank of India (SBI) Chairman Rajnish Kumar asserted that the nationwide lockdown should only be lifted once the situation is fully under control. He added that if people continue to maintain discipline during the lockdown, the curve can be flattened quickly and an exponential rise in the number of coronavirus cases prevented.
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he duo was arrested last Sundayfrom a quarantine facility at Mahabaleshwar in Satara district, nearly 50 days after they were booked in a case of bribery against former Yes Bank CEO Rana Kapoor. The Wadhawans were produced before a special court here on Friday as their previous remand ended.
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Former Reserve Bank of India (RBI) governor Raghuram Rajan said India will need to spend Rs 65,000 crore to help with food and cash the poor reeling under the effect of the coronavirus crisis. Rajan spoke about reviving the economy in a video interaction with Congress’ Rahul Gandhi, who on Thursday launched a series that will feature global and domestic experts on issues related to the pandemic.
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The Reserve Bank of India has given the green signal to the country’s payment networks — Visa, Mastercard and NPCI — to allow tap-and-go functionality on card payments for all purchases at retail stores and shopping centres.
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Outstanding bank loans to NBFCs amounted to Rs 8.19 lakh crore as of end March'20, the latest dat released in RBI's monthly bulletin shows, up 28 per cent over March'19 levels. But in absolute terms it is 32 per cent of the total loans extended by banks during the month.
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While the three judge bench of justices NV Ramana, Sanjay Kaul and BR Gavai, disposed the matter because the petitioners were not borrowers, it also noted that that the counsel for the petitioner had submitted that the RBI guidelines on moratorium had not been implemented.
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The Reserve Bank of India (RBI) is not the most powerful in terms of monetary fire power like its peers in the US and Europe but when it comes to popularity, the monetary authority is the most followed on Twitter.
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ICICI Prudential Life Insurance and IDFC Ltd may subscribe to a majority of the Rs 2,000-crore preferential issue being planned by IDFC First Bank, as it looks to create a war chest to fight any liquidity crisis. While ICICI Prudential is expected to invest Rs 500-600 crore, parent IDFC is likely to pump in about Rs 800 crore to maintain its 40% stake.
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In India, banks were under pressure even before the outbreak, due to a shadow-banking crisis and a prolonged slump in economic growth. The country also has the world’s worst bad-debt ratio at traditional lenders. That loomed large earlier this year, with the biggest-ever bank failure in the country when authorities seized Yes Bank Ltd.
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Former governor of Reserve Bank of India (RBI) Raghuram Rajan on Wednesday in a video chat with Congress leader Rahul Gandhi said that India needs Rs 65,000 crore to help the poor during the coronavirus-led crisis. He further added that the focus of the government should be first on starting people's lives once it decides to end the nationwide lockdown.
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Banks are currently offering 10% of outstanding loans to MSMEs as additional working capital at a concessional rate to help them tide over the temporary liquidity crunch.
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Top fintech companies are, therefore, rushing to tap into this new consumer trend, with several of them offering digital solutions to small merchants. These range from instant loans to digital billing to even geotagging, as companies believe the merchant digitisation business will boom when the lockdown eases.
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The move to balance ownership and control comes as some private sector banks have sought a relaxation in licensing norms, citing the regulator’s recent decision on Kotak Mahindra Bank. The RBI didn’t respond to queries.
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Rattled by the shock closure of some high-profile domestic funds investing in high-yielding debt, investors are quickly moving their cash into the safety of bank deposits.
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In an order, the central bank said the directive issued by it on October 26, 2018 "shall continue to apply to the bank for a further period of six months from April 30, 2020 to October 31, 2020". It also added that extension and/or modification "should not per-se be construed" to imply that Reserve Bank of India is satisfied of substantive improvement in the financial position of the bank.
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Commenting on the appointment Punit Sood, head of RBS India, said, “The business environment around us has substantially changed due to the coronavirus pandemic. The role of HR will be redefined in the way it addresses the human capital within the organisation and leverages it to the fullest to build value, especially during these dynamic circumstances.”
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The coronavirus pandemic and its devastating economic impact on developing countries could fuel fresh interest in so-called diaspora bonds that allow migrants to support their countries of origin, experts from the World Bank and other groups say.
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Disaster planning for business continuity and survival has emerged as the top priority for organisations as recovery from Covid-19 is expected to take longer than what was earlier envisaged.
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The filings of WhatsApp Application Services showed this would potentially be explored through partnerships with banks because it said it won’t undertake any banking business according to the law. The regulatory documents were sourced from Tofler, a business intelligence platform.
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The move will make Axis Bank, the third-largest private sector bank, a significant stakeholder in a life insurance venture and will allow it to participate in its long term capital appreciation.
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“Provisions are made for NPAs as per the four-year provisioning cycle laid down by the RBI. Upon full provisioning being done, banks write off the fully provided NPA but continue to pursue recovery against the borrower. No loan is waived off,” said finance minister Nirmala Sitharaman rebutting Rahul Gandhi’s claims on banks writing off bad debt of Rs 68,600 cr.
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The RBI has let financiers grant a moratorium to accounts in default but standard (non-payment in 30 to 90 days bucket). In such cases, the lender will have to make provision of at least 10% spread over March and June quarters, with not less than 5% in each quarter.
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Outstanding loans amounting to Rs 68,607 crore of top 50 wilful bank loan defaulters in the country including firms of Mehul Choksi and Vijay Mallya have been technically written off till September 30, 2019, the Reserve Bank of India said in a RTI reply.
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Axis Bank Ltd, India's third biggest private-sector lender, on Tuesday reported a surprise Rs 1,388 crore ($182.96 million) loss for the fourth quarter, as it set aside funds to cover potential loan losses due to the coronavirus-driven downturn.
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Equity indices finished in green for the second straight day on Tuesday with the benchmark BSE sensex gaining over 350 points led by bank and financial stocks. The 30-share BSE index closed 371 points or 1.17 per cent higher at 32,115; while the broader NSE Nifty surged 99 points or 1.06 per cent to close at 9,381.
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The Asian Development Bank on Tuesday said it has approved $1.5 billion loan to India to help fund its fight against coronavirus pandemic. The loan has been sanctioned with a view to support immediate priorities such as disease containment and prevention, as well as social protection for the poor and economically vulnerable sections.
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The government and central bank are trying to cushion an economy that was slowing even before the coronavirus outbreak. Policy lending rate -- the repurchase rate -- was cut by 75 basis points (bps) in a single move this year. However, the effective deposit rate has been slashed by 115 bps to discourage lenders from playing safe and parking the cash with the RBI.
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In addition to the Rs 1,600 crore liquidity position, the company said it has undrawn sanctions of Rs 900 crore as on March 31, 2020. The Gurugram-headquartered micro lender also said that it will offer moratorium to all the existing borrowers across India.
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Axis Bank's board on Monday approved a deal with Max Financial Services to buy a 29% stake in Max Life Insurance for undisclosed cash consideration. The bank has said that the purchase will require approval from the banking and insurance regulator and the Competition Commission.
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Under RBI’s new facility, named Special Liquidity Facility for Mutual Funds (SLF-MF), banks are allowed to borrow from the central bank for a maximum of 90 days and then in turn lend the money to mutual funds against collateral in their portfolio. After 90 days, the fund houses will have to repay the bank and take back the collateral deposited. The banks in turn will return the money to RBI.
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The Reserve Bank of India (RBI) governor Shaktikanta Das has indicated that the fiscal deficit target of 3.5% will be breached this year, but he said that no view has been formed on the central bank monetising the deficit by purchasing government bonds.
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Mukesh Ambani-owned Reliance Industries, Paytm, capital market exchanges NSE and BSE are among top firms interested in securing licences to own and operate an entity with powers at a par with National Payments Corporation of India (NPCI), multiple sources aware of the development told.
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India’s fourth-largest private sector bank will become a strategic partner of the life insurance firm, in which Max Financial will eventually hold 70% after a two-stage transaction.
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Meeting India's fiscal deficit target in the current financial year is going to be challenging and the central bank has not yet made a decision on its monetisation, Reserve Bank of India (RBI) governor Shaktikanta Das said.
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India's largest and the only state-owned insurer LIC, however, posted a decline in premium income at Rs 8.32 lakh crore during 2019-20, the data from the Insurance Regulatory and Development Authority of India (Irdai) showed. LIC's premium collection stood at Rs 10.74 lakh crore during 2018-19. Its market share stood at 82.76 per cent as of March 31, 2020.
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“Cloud computing is faster, better and less expensive"
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Sumi Khatun, a 'business correspondent' of State Bank of India moves around several villages in West Bengal's Birbhum district to help people make modest withdrawal or deposit money during the COVID-19 induced lockdown.
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Ratings agency ICRA has published a list of 328 companies that have availed or sought a payment relief from lenders or investors and where approval was received either after the due date or is pending to be received. The companies that have sought to defer repayment include triple-A-rated companies like ONGC’s subsidiaries MRPL and ONGC Petro Additions.
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In a big relief for mutual fund investors, the Reserve Bank of India (RBI) on Monday announced a special liquidity facility (SLF-MF) of Rs 50,000 crore with a view to ease liquidity pressures on mutual funds (MFs) which have cropped up as a result of heightened volatility in capital markets due to the Covid-19 pandemic.
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Equity indices surged on Monday with the benchmark BSE sensex rising over 600 points in opening trade led by gains in bank, auto and pharma stocks, amid positive global cues. The 30-share BSE index was up 630 points or 2.01 per cent to 31,958; while the broader NSE Nifty rose 174 points or 1.90 per cent to 9,329.
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