Extend loan automatically to all eligible borrowers without fear of 3Cs: FM Sitharaman to banks

The Finance Ministry has taken several steps to allay those fears including withdrawing some of the notifications which were causing fears among bankers, she said. from Banking & Finance – The Financial Express https://ift.tt/3cVtX...

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Extend loan automatically to all eligible borrowers without fear of 3Cs: Finance Minister Nirmala Sitharaman to banks

As part of the Rs 20.97 lakh crore comprehensive economic package, the government announced the Emergency Credit Line Guarantee Scheme (ECLGS) worth Rs 3-lakh crore for the MSME sector, hit hard by the coronavirus crisis. from Banking/Finance-Industry-Economic Times https://ift.tt/2Tux2...

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Covid situation to dictate future actions to revive economy: FM

A day after the RBI (Reserve Bank of India) projected economic contraction in 2020-21, finance minister Nirmala Sitharaman on Saturday said future fiscal policy actions to stimulate the economy will depend on how COVID-19 pandemic pans out. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2zgbB...

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Banks can earn more with digital payments; need to do this to shoot up revenue

Banks are able to generate additional streams of revenue through cross-sell opportunities, more easily providing tailor-made offers to customers based on their profile. from Banking & Finance – The Financial Express https://ift.tt/36msf...

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Bank of Baroda to offer up to Rs 12k crore loans to MSMEs under credit guarantee scheme

The ECLGS was the second-biggest component of the over Rs 20 lakh crore comprehensive package announced by the government for the coronavirus-hit economy. from Banking & Finance – The Financial Express https://ift.tt/2WUjR...

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BoB plans to sanction Rs 10,000 crore emergency working capital facility for Covid-19 affected businesses

Bank of Baroda (BoB) will sanction Rs 10,000 crore as emergency working capital facility to COVID-19 affected businesses, including micro, small and m from Business Line - Money & Banking https://ift.tt/2AWl3...

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DCB Bank Q4 net profit down 29 per cent

Private sector DCB Bank posted a 29 per cent fall in its net profit to Rs 69 crore in the fourth quarter of 2019-20 with a sharp rise in provisions as from Business Line - Money & Banking https://ift.tt/3bYpw...

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BoB says 65% customers opted for moratorium

BoB's numbers are higher than some peer banks like State Bank of India (SBI) which had said that only 20% of its borrowers had opted for the moratorium. BoB estimates that it can offer about Rs12,000 crore of loans to micro small and medium enterprises under the Rs 3 lakh crore goverment guarantee scheme which is 20% of its Rs 60,000 crore exposure to this sector. from Banking/Finance-Industry-Economic Times https://ift.tt/2WVKA...

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Loan rejig will happen only after lockdown ends

Restructuring of loans may happen only after the lockdown ends as it is only then that banks will get an idea of the cash flows of various borrowers. Meanwhile, the Reserve Bank of India (RBI) granted a host of regulatory relaxations to banks to help them tide over the crisis. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2A27i...

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Canara Bank announces credit support for borrowers affected by COVID-19

The bank has since sanctioned nearly six lakh loans amounting to Rs 4300 crore under agriculture, SHGs and retail categories. The bank said it has also sanctioned more than Rs 60,000 crore of advances to corporates and MSMEs from March 2020 till date. from Banking/Finance-Industry-Economic Times https://ift.tt/2TvXy...

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Canara Bank announces credit support for borrowers affected by COVID-19

It has employed various strategies like SMS, call centres, emails and personal calls to reach out to the eligible borrowers to explain the facility in order to sanction the loan. The bank said it has also sanctioned more than Rs 60,000 crore of advances to corporates and MSMEs from March 2020 till date. from Banking & Finance – The Financial Express https://ift.tt/2WWrd...

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Pay $716 million to 3 Chinese companies: UK court to Anil Ambani

Business tycoon and former billionaire Anil Ambani was on Friday ordered by a UK court to pay three Chinese banks $716 million (Rs 5,439 crore). The commercial court of the high court in London gave a summary judgment against Ambani, chairman of Reliance ADA Group, after his defence was struck down because he failed to make a conditional payment of $100 million (Rs 759 crore) to the court by March 20 this year from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/3e...

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RBI slashes key rate 40 bps to new all-time low

The Reserve Bank of India on Friday unexpectedly cut key interest rates by 40 basis points, citing negative GDP growth in the current fiscal amidst a "double whammy" of loss of production as well as demand even as it said it expected inflation to harden in the first half of the fiscal year. The RBI also allowed lenders to extend an ongoing moratorium on loan repayment, which was due to end on May 31, by another three months to August 31. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business...

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Return on credit higher than return on banks surplus funds deployed with RBI: Brickwork Ratings

The one-year return on credit that banks can earn by lending to corporates is high at about 8 per cent vis-à-vis the return of 3.35 per cent they will from Business Line - Money & Banking https://ift.tt/3e9cU...

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Covid-19: Finance minister to look at credit flow

n her meeting with banks on Friday, finance minister Nirmala Sitharaman will take up the progress of Covid-related credit and the extent of pre-approved loans that have been sanctioned. The minister will meet with chiefs of public sector banks and heads of Nabard, Sidbi and the National Housing Bank through videoconference. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/3bVMs...

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Banks to pay 0.25% for government guarantee

To get a government guarantee against defaults on the bonds or the loans that they buy from finance companies, banks will pay to the government a fee of 0.25% of the portfolio value. This fee, which has to be paid in advance, will protect up to 20% of the NBFC-issued bonds in their portfolio or 10% of the loan book banks have purchased from NBFCs. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2AM4S...

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RBI increases export credit period to 15 months

Time for completion of outward remittances against imports extended to 12 months from Business Line - Money & Banking https://ift.tt/2znEK...

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NBFC body writes to FM on Rs 75,000 crore schemes, seeks extension of tenure by 3 years

The NBFCs have also requested the government to make changes in Rs 3-lakh crore credit line for micro, small and medium enterprises (MSMEs). “Request allocation of 20% out of Rs 3 lakh crore for utilisation by NBFCs,” FIDC wrote to Sitharaman. from Banking & Finance – The Financial Express https://ift.tt/3g7ik...

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RBL Bank launches contactless banking initiatives

Our Bureau from Business Line - Money & Banking https://ift.tt/2ZriS...

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Growth in general insurance will depend on how pandemic pans out: SBI General

Enquiries on liability and cyber risks on the rise, says Deputy COO Kandpal from Business Line - Money & Banking https://ift.tt/2XluT...

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Private banks beat PSU banks; now, have more number of borrowers than govt lenders

Private sector banks have overtaken public sector banks (PSU banks) in the country with outstanding loans to more number of borrowers. from Banking & Finance – The Financial Express https://ift.tt/2zbkI...

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RBI’s rate cut, extension of loan moratorium are positive steps, say developers

Real estate players also seek a one-time restructuring of loans from Business Line - Money & Banking https://ift.tt/36q43...

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RBI extends ₹15,000 crore credit line for EXIM Banks

The Reserve Bank of India (RBI) on Friday decided to extend a ₹15,000 crore line of credit to the Export-Import Bank of India (EXIM Bank) for 90 days from Business Line - Money & Banking https://ift.tt/3gdbc...

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RBI extends moratorium on loans for another 3 months till August

Reserve Bank of India governor Shaktikanta Das on Friday extended the moratorium on payment of loans by another three months till August to provide much-needed relief to borrowers whose income has been hit due to the coronavirus crisis. In March, the central bank had allowed a three-month moratorium on payment of all term loans due between March 1, 2020, and May 31, 2020. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2ZsLJ...

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RBI governor Shaktikanta Das addresses media: Key points

Reserve Bank of India (RBI) governor Shaktikanta Das on Friday addressed the media as the government extended the nationwide lockdown to curb the spread of the deadly coronavirus. This is the third briefing by the RBI governor in context of coronavirus related measures in the last two months. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/3cTgO...

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GDP growth in 2020-21 likely to be in negative: Shaktikanta Das

The Reserve Bank on India (RBI) on Friday said India's gross domestic product (GDP) growth will be in negative territory in 2020-21 as the outbreak of coronavirus has disrupted economic activities. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2TxaR...

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Home, auto loans are top segments for moratorium relief

Data with banks and NBFCs show moratorium taken taken by retail borrowers from Business Line - Money & Banking https://ift.tt/2ZpUU...

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Deposits rise over Rs 2.8 lakh crore in six weeks of lockdown

Bank deposits have risen by over Rs 2.8 lakh crore in three fortnights of the lockdown till May 8, while bank credit during the period dipped by Rs 1.2 lakh crore, according to data released by the Reserve Bank of India. from Banking/Finance-Industry-Economic Times https://ift.tt/2Zttb...

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RBI governor Shaktikanta Das addresses media: Key points

Reserve Bank of India (RBI) governor Shaktikanta Das on Friday addressed the media as the government extended the nationwide lockdown to curb the spread of the deadly coronavirus. This is the third briefing by the RBI governor in context of coronavirus related measures in the last two months. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2yoWx...

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RBI extends moratorium for 3 more months

In a breather for borrowers affected by the COVID-19 pandemic, the Reserve Bank of India (RBI) has extended the moratorium on term loans and deferment from Business Line - Money & Banking https://ift.tt/2LMey...

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Growth to remain in negative territory: RBI

The Reserve Bank of India (RBI) on Friday said FY21 GDP growth remains in negative territory, with some pick up expected later in the year.The pick up from Business Line - Money & Banking https://ift.tt/3cVdw...

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Beware of cyber criminals exploiting Covid-19 situation, SBI tells customers via meme

The buzz around the recently launched web series ‘Paatal Lok (underworld in Hindu mythology) seems to have prompted State Bank of India (SBI) to creat from Business Line - Money & Banking https://ift.tt/2zZBI...

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RBI cuts repo rate by 40 bps to 4 per cent

The Reserve Bank of India (RBI) on Friday cut the repo rate from 4.40 per cent to 4 per cent.Repo rate is the interest rate at which the central bank from Business Line - Money & Banking https://ift.tt/2WT5r...

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Deposits rise over Rs 2.8 lakh crore in six weeks of lockdown

Bank deposits have risen by over Rs 2.8 lakh crore in three fortnights of the lockdown till May 8, while bank credit during the period dipped by Rs 1.2 lakh crore, according to data released by the Reserve Bank of India. This has added nearly Rs 4 lakh crore to the liquidity in the banking system, resulting in a surge in investments by banks. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2Zpmw...

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IRDAI's panel moots widening of trade credit insurance; hike in indemnity

The indemnity being provided to the policyholders under trade credit insurance should be increased, according to an expert panel formed by the Insura from Business Line - Money & Banking https://ift.tt/36kcP...

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3 months for PSBs to build PCGS 2.0 portfolio

Public sector banks have three months to build up their portfolios to be eligible for the extended Partial Credit Guarantee Scheme (PCGS 2.0), which will be based on actual amounts disbursed within this period, according to guidelines released by the finance ministry on Thursday. from Banking/Finance-Industry-Economic Times https://ift.tt/2ZsRz...

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‘Leave deficit monetisation to RBI’

The chairman of the Fifteenth Finance Commission, NK Singh, said on Thursday the issue of monetisation of fiscal deficit should be left to the judgement of the Reserve Bank of India, the government’s principal debt manager from Banking/Finance-Industry-Economic Times https://ift.tt/3e9o0...

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Banks let 124 companies slip into liquidation despite resolution plans

“The code envisages maximisation of value and not price,” wrote Dr M.S.Sahoo, chairman, IBBI, in the latest newsletter released by the bankruptcy regulator. “The value improves if business is continued and its assets are used more efficiently.” from Banking/Finance-Industry-Economic Times https://ift.tt/2WS7U...

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NBFC support: Finance Ministry issues norms for Partial Credit Guarantee Scheme 2.0

Comes out with FAQs to clear the air on implementation from Business Line - Money & Banking https://ift.tt/2Tr04...

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General insurers hopeful of a revival in motor policy sales post lockdown

Launch innovative products to cater to demands from Business Line - Money & Banking https://ift.tt/2yljs...

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Ind-Ra expects beginning of new NPA cycle in banking sector

Our BureauThe banking sector may see the beginning of a new non-performing asset (NPA) cycle, with the pandemic likely to drive banks’ total slippages from Business Line - Money & Banking https://ift.tt/2zgqQ...

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ICICI Bank offers higher interest rate to senior citizens – Check new rates

Private lender ICICI Bank on Thursday announced a fixed deposit product with an enhanced interest rate offering of 0.80 percentage point for senior citizens. from Banking & Finance – The Financial Express https://ift.tt/2APM0...

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Banks likely to request Finance Ministry to extend the payment moratorium

Banks are also set to discuss with the finance minister the rolling out of the Rs 3 lakh crore MSME package and the extension of partial credit guarantee scheme to NBFCs. This meeting was earlier slated to happen on May 11. from Banking/Finance-Industry-Economic Times https://ift.tt/2Xk11...

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IndusInd Bank offers video KYC services

IndusInd Bank has expanded the scope and capabilities of its video banking services, with the integration of a ‘Video KYC’ platform. “The video KYC se from Business Line - Money & Banking https://ift.tt/3cRMZ...

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Lockdown period cash demand almost double the levels of last year's election phase

Cash infused by the Reserve Bank of India or the currency in circulation amounted to Rs 1.42 lakh crore between April 01 and May 15, the latest release on reserve money indicated. This is almost double the amount of Rs 72,984 crore, which was released in the same period a year ago during which election cash demand was high. from Banking/Finance-Industry-Economic Times https://ift.tt/2Xab1...

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No big growth seen for insurance sector this year due to virus impact: Bajaj Allianz

Bajaj Allianz Life is not expecting significant growth for insurance industry this year due to coronavirus impact on the economy, a top company offic from Business Line - Money & Banking https://ift.tt/2LLOl...

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Bajaj Finserv Q4 net plummets 77%

Bajaj Finserv’s consolidated net profit fell nearly 77 per cent in the fourth quarter of 2019-20 due to Covid-19 related provisions and MTM adjustment from Business Line - Money & Banking https://ift.tt/3bK4V...

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Not expecting significant growth for insurance industry this year due to virus impact: Bajaj Allianz

"I think this is an year of survival, not everybody is likely to invest (in policies) when the GDP (gross domestic product) is not likely to do good. This year will not be an year of significant growth," Tarun Chugh, MD and CEO of Bajaj Allianz Life Insurance, told PTI in an interview. from Banking/Finance-Industry-Economic Times https://ift.tt/36haQ...

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Standard Chartered extends medical coverage, domestic relocation benefits to LGBT+ partners of employees

Employees will now be able to declare a LGBT+ partner as an eligible beneficiary under the bank’s medical reimbursement policy. The declared partner will also get covered under the domestic relocation policy. from Banking/Finance-Industry-Economic Times https://ift.tt/2yqnW...

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ICICI Bank launches special FD scheme for senior citizens

Private sector lender ICICI Bank on Thursday ICICI Bank announced a special fixed deposit scheme for senior citizens, which offers a higher interest r from Business Line - Money & Banking https://ift.tt/2zhcN...

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Finance Minister to review credit flow from PSBs on May 22

Meeting may also discuss execution issues of measures announced in the over ₹20 lakh crore stimulus package from Business Line - Money & Banking https://ift.tt/2Zs1n...

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Edelweiss General Insurance launches pay as you go Motor OD floater policy

Edelweiss General Insurance has launched an app based Motor Own Damage floater policy under the regulatory sandbox of IRDAI.Called Edelweiss SWITCH, from Business Line - Money & Banking https://ift.tt/3g8QE...

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Fino Payments Bank turns a profit in March quarter

During FY20, Fino Payments Bank facilitated transactions worth over Rs 1 lakh crore, doubling on the previous fiscal’s throughput. In terms of volumes, transactions grew to over 380 million from 195 million in FY19. from Banking & Finance – The Financial Express https://ift.tt/2ZoUo...

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Street vendor loans may come with subvention

The government is considering a 5-7% interest subvention on loans to street vendors to make the targeted ₹5,000-crore financial assistance scheme popular amid apprehensions that organised lenders would baulk at lending to the bottom of the pyramid. from Banking/Finance-Industry-Economic Times https://ift.tt/3g7wE...

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Banks approach MCA to expedite nod for 40 resolved IBC cases

With prospects of almost zero recovery over the next few months, banks are worried that buyers may call off deals or reduce valuations significantly if the final approvals are delayed due to stalled economic activity. from Banking/Finance-Industry-Economic Times https://ift.tt/3cRGg...

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Weaker NBFCs to gain from partial credit guarantee scheme 2.0

The decisions will help NBFCs, hit hard by the Covid-19 crisis, tackle their temporary liquidity mismatch and also enable them to continue to lend and aid last-mile financing. from Banking & Finance – The Financial Express https://ift.tt/3e3xQ...

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FM Nirmala Sitharaman to meet PSU bank chiefs on Friday, to review credit flow

The meeting, to be held via video-conferencing, will also take stock of interest rate transmission to borrowers by banks and progress on moratorium on loan repayments, the sources said. The meeting assumes significance in light of the over Rs 20 lakh crore comprehensive economic package announced for the economy reeling under the COVID-19 crisis. from Banking/Finance-Industry-Economic Times https://ift.tt/3bNI0...

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Bank credit grows 6.52 per cent to Rs 102.52 lakh cr; deposits up 10.64 per cent

The Reserve Bank of India (RBI), in a separate release, said bank credit growth (y-o-y) decelerated for the fourth successive quarter in December 2019 as industrial credit growth (-0.8 per cent) moved to the negative terrain for the first time after September 2017. During the quarter, personal loans segment continued to grow at a robust pace of 17.1 per cent. from Banking/Finance-Industry-Economic Times https://ift.tt/2yk8c...

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New government fund for NBFCs will have limited impact: Analysts

The fund would be managed by a public sector bank though a special purpose vehicle (SPV) which will raise money by selling securities to the RBI. This money will be used to buy short term debt maturing in three months from NBFCs. In case of any defaults the SPV will be covered by a government guarantee. from Banking/Finance-Industry-Economic Times https://ift.tt/3bJ7h...

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Govt guarantee on credit to MSMEs addresses banks’ hesitation, says FM

Finance Minister Niramla Sitharaman is hopeful that the government guarantee on additional working capital loan to Micro, Small and Medium Enterprise from Business Line - Money & Banking https://ift.tt/3cO3J...

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CBDT exempts some B2B transactions from deploying certain e-payment facilities

Non-retail Rs 50 crore plus businesses are not required to provide RuPay, UPI-based payment facility, says CBDT from Business Line - Money & Banking https://ift.tt/2Tpad...

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After 16% drop in sales, UltraTech eyes ‘solid’ Q1

UltraTech Cements, which accounts for 21 per cent of the country’s cement capacity, reported a 16 per cent drop in sale volumein the March quarter. Ce from Business Line - Money & Banking https://ift.tt/2z616...

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COVID-19: IBA eases rules governing 'special leave without loss of pay' for bank staff

In a breather for Bank staff, who have been working despite outbreak of the COVID-19 pandemic, the Indian Banks’ Association said Banks’ can sanction from Business Line - Money & Banking https://ift.tt/3cMEC...

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Covid-19 impact: Banks are looking to go digital faster

Finacle well positioned to tap new opportunities in post Covid-19 world, says Infosys VP Maiya from Business Line - Money & Banking https://ift.tt/3bS8x...

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Banks receive copious deposit inflows

Our BureauBank deposits jumped by a whopping ₹2,87,495 crore in the March 27to May 8 period as savers/investors turned cautious in view of the volatil from Business Line - Money & Banking https://ift.tt/2LMlr...

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After 16% drop in sales, UltraTech eyes ‘solid’ Q1

Keerthi SanagasettiUltraTech Cements, which accounts for 21 per cent of the country’s cement capacity, reported a 16 per cent drop in sale volumein t from Business Line - Money & Banking https://ift.tt/2WMZ4...

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Fino Payments Bank to partner with NBFCs to source loans in rural areas

The loans will largely be small-ticket ones for micro and small enterprises: MD and CEO Rishi Gupta from Business Line - Money & Banking https://ift.tt/3cQWU...

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'RBI may need to cut rates alongside stimulus'

The government’s frugal economic stimulus package has put pressure on the Reserve Bank of India (RBI) to intervene, as analysts and economists say measures announced so far are unlikely to have any meaningful impact soon. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/3e6YJ...

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Measures aimed at greater multiplier effect: FM

Finance minister Nirmala Sitharaman has said that the Central government's measures in the special economic package to deal with the impact of coronavirus crisis were aimed at "greater multiplier effect" and it should be through banks for meeting the fixed cost expenditure and for working capital. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2XduB...

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Digital transactions to remain robust in post Covid-19 world

NPCI expects higher UPI trend; PayPal says May 1 was the highest transaction day from Business Line - Money & Banking https://ift.tt/3cMxm...

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Successful implementation of support measures for NBFI will be key: Fitch

In a statement Fitch said, NBFIs will continue to face considerable risks to their asset quality and liquidity even as the economy reopens gradually and banks - the major source of incremental NBFI funding - will remain cautious in the face of looming asset quality pressure. from Banking/Finance-Industry-Economic Times https://ift.tt/3e0DS...

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Sensex jumps 622 points to close at 30,819; Nifty above 9,050

Equity indices on Wednesday finished on a positive note with the benchmark BSE sensex rising over 600 points tracking gains in bank, financial and pharma stocks amid mixed cues from global markets. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/3bUsl...

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We continue to grow our presence in India across all business lines: Deutsche Bank head

The bank is awaiting guidelines on stimulus measures, would like retail book to grow, says Kaushik Saparia from Business Line - Money & Banking https://ift.tt/36gdh...

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Much of short-term credit demand will be for working capital: TT Srinivasaraghavan

The focus of NBFCs should be getting businesses back on their feet, says Sundaram Finance MD from Business Line - Money & Banking https://ift.tt/2LFQg...

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Franklin Templeton appoints Kotak Bank as advisor to wind up 6 schemes

Franklin Templeton Trustee Services has appointed an independent advisor to monetise the assets held by the six debt schemes that are being wound up a from Business Line - Money & Banking https://ift.tt/3cPnP...

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Delhi HC directs PMC Bank Administrator to file status report; asks FinMin to clarify stand

The response to two Delhi High Court directions — asking the Administrator to file a status report on the sale of assets and whether the government in from Business Line - Money & Banking https://ift.tt/2WLUj...

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Bank of Baroda to appoint agencies to monitor Rs 4 lakh crore NBFC loans

India’s third-largest bank by loan size Bank of Baroda has taken the lead to monitor the entire NBFC loan portfolio on behalf of all lenders, three people familiar with the development said. from Banking/Finance-Industry-Economic Times https://ift.tt/2X66P...

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Bank of Baroda offers to monitor NBFC loan portfolios of all banks

It includes big names in the space such as Bajaj Finance, Tata Capital, HDB Financial Services, Tata Motors Finance, M&M Finance, KKR India, Indiabulls Commercial Credit in a group of 33 non-bank lenders having an exposure of ₹4 lakh crore to the banking system. from Banking/Finance-Industry-Economic Times https://ift.tt/2Tnp3...

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Insolvency suspension necessary during Covid-19 times: IBBI Chief M S Sahoo

Says there aren’t enough ‘white knights’ to rescue firms in distress from Business Line - Money & Banking https://ift.tt/3g6sC...

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Bajaj Finance Q4 profit slips 19 per cent to Rs 948 crore

The company has made a contingency provision of Rs 900 crore with regard to COVID-19. from Banking & Finance – The Financial Express https://ift.tt/36dOp...

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Bajaj Finance posts 19% drop in Q4 profit

Our BureauBajaj Finance posted a 19.38 per cent decline in consolidated net profit at ₹948.1 crore in the fourth quarter of FY20 when compared to ₹1, from Business Line - Money & Banking https://ift.tt/2LHy5...

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After 3-month moratorium break, get ready to pay loan EMIs from next month

G Naga SridharIf you are among those who have opted for EMI moratorium on loans or credit card payments, be prepared to resume repayments from next m from Business Line - Money & Banking https://ift.tt/2LI56...

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IFSC bank units to report all OTC forex deals to CCIL platform from June 1: RBI

The Reserve Bank has mandated that all OTC foreign exchange, interest rate and credit derivative transactions, both inter-bank and client, will be reported to CCIL's trade reporting platform, according to a notification. from Banking & Finance – The Financial Express https://ift.tt/2LHVF...

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SBI employees contribute additional ₹8 crore to PM CARES

State Bank of India (SBI) on Tuesday said its employees have decided to contribute an additional ₹7.95 crore to the Prime Minister's Citizen Assistan from Business Line - Money & Banking https://ift.tt/36jbz...

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Future Generali India settles Rs 276 crore of Pradhan Mantri Fasal Bima Yojana claims

Private general insurance company Future Generali India Insurance Company Ltd (FGII) has settled ₹276 crore of Pradhan Mantri Fasal Bima Yojana claim from Business Line - Money & Banking https://ift.tt/3bLZ8...

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Canara Bank launches special gold loan biz vertical

Identifying an emerging financial need in these times of the Covid-19-led pandemic, Bengaluru-based public sector lender Canara Bank, has launched a from Business Line - Money & Banking https://ift.tt/2AIcl...

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Lendingkart raises ₹319 crore in Series D funding

Bengaluru, May 19 Fintech firm Lendingkart Technologies Pvt Ltd, on Tuesday, announced the close of its Series D fund raise of ₹319 crore in equity. from Business Line - Money & Banking https://ift.tt/2ZhxY...

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Nine NBFCs surrender certificate of registration

The certificate of registration is granted by the RBI. With surrendering the certificates, the companies cannot transact the business of a non-banking financial institution. In another statement, the central bank said it has cancelled the certificate of registration of 14 non-banking financial companies (NBFCs). from Banking/Finance-Industry-Economic Times https://ift.tt/2LHRO...

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NBFCs’ liquidity stress to increase further amid COVID-19 disruptions: Moody’s

The sector has been facing liquidity challenges as investors became risk averse after a series of defaults by IL&FS Group in September 2018. from Banking & Finance – The Financial Express https://ift.tt/3g2ks...

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Rs 6.45 lakh crore worth loans sanctioned by PSBs during March 1-May 15

"Loans worth over Rs 6.45 lakh crore were sanctioned by PSBs during March 1 – May 15 for 54.96 lakh accounts from MSME, Retail, Agriculture & Corporate sectors; A notable increase compared to the Rs 5.95 lakh crore sanctioned as of May 8," Finance Minister Nirmala Sitharaman said in a tweet. from Banking/Finance-Industry-Economic Times https://ift.tt/3bKAl...

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PSU banks loan report: Govt banks lent this much for business, farming during coronavirus months

State-owned banks launched an emergency credit line to provide funds to its existing MSME and corporate borrowers in the last week of March, soon after the lockdown was announced. from Banking & Finance – The Financial Express https://ift.tt/2Znzx...

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One move at a time by Rahul Singh, CIO-Equities, Tata Mutual Fund

One move at a me by Rahul Singh, CIO-Equities, Tata Mutual Fund Markets showed some respite in the month of April after a painful March but the current pande... from Banking/Finance-Industry-Economic Times https://ift.tt/3cVSt...

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View: Why India needs courts more than a vaccine

Rest of the world may turn better with a vaccine, but not having a judicial system to quickly resolve Covid-19-related disputes, India may end up keeping zombie companies alive than agile ones. from Banking/Finance-Industry-Economic Times https://ift.tt/3g3mc...

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Economic package to ease asset risks for financial sector only partially: Moody’s

‘Won’t fully offset Covid-19 blow’ from Business Line - Money & Banking https://ift.tt/3cLif...

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PSBs sanction ₹6.45 lakh crore loans from March 1 to May 15

The Finance Ministry on Tuesday said that Public Sector Banks ( PSBs) have sanctioned loans worth over ₹6.45 lakh crore during May 1-May 15. The appro from Business Line - Money & Banking https://ift.tt/2TjIS...

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MoneyGram sees 81% increase in online remittances in April

Payment services firm focussing on growing digital capability from Business Line - Money & Banking https://ift.tt/2X9hk...

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FSS launches eFinclusiv AEPS 2.0

Digital payments player FSS (Financial Software and Systems) on Tuesday announced the launch of eFinclusiv AEPS 2.0, which is expected to strengthen from Business Line - Money & Banking https://ift.tt/3g1Ns...

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Get ready to pay EMIs of loans, cards from next month

Some customers seek extension of facility from Business Line - Money & Banking https://ift.tt/2LEu0...

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Bankers’ meet express concern over poor implementation of govt schemes

A meeting of bankers has expressed concern over the poor participation of some private sector banks in the implementation of various government scheme from Business Line - Money & Banking https://ift.tt/2LILR...

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NBFCs see opportunities opening up, prepare to give fresh loans in June

Top non-banking finance companies are set to resume sanctioning fresh loans in June with sentiment boosted by the government stimulus and easing of the lockdown, even as they tread cautiously, aware that repayment capacities may have weakened with job losses and income declines. from Banking/Finance-Industry-Economic Times https://ift.tt/2Zgdv...

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Banks bat for bad loan breather

Banks have sought that loans extended to overdue accounts be considered under the standard category, or classified as standard restructured asset, which would lead to lower provisioning. from Banking/Finance-Industry-Economic Times https://ift.tt/3cK3n...

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Lenders see a payment recover as economy restarts

Small entrepenuers who had earlier opted for a moratorium on repayments are now paying a portion of their dues as the cash flow begins to improve for them with businesses opening up slowly, said bankers. Even salaried credit card borrowers are opting to pay installements as they seek to use their cards more often which is not possible if they opt for a moratorium. from Banking/Finance-Industry-Economic Times https://ift.tt/2LR2r...

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Kotak Mahindra Bank becomes first Indian lender to allow video KYC

Private sector lender preps for life during COVID announcing the initiative on a pilot basis for savings account opening. May extend the service for other products in a phased manner. from Banking/Finance-Industry-Economic Times https://ift.tt/2AFtd...

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DoT plans to finalise agency for 4G spectrum auction this week

Wireless Planning Finance Wing finds four firms technically sound to conduct e-bids from Business Line - Money & Banking https://ift.tt/36ajv...

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Nabard extends ₹20,500-cr special liquidity facility to co-op banks, RRBs

Our BureauThe National Bank for Agriculture and Rural Development (Nabard), on Monday, said it has extended ₹20,500-crore special liquidity facility t from Business Line - Money & Banking https://ift.tt/2z6aK...

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Kotak Bank launches video KYC for opening 811 savings account

Our Bureau Kotak Mahindra Bank, on Monday, announced the introduction of video KYC to open a full-fledged Kotak 811 savings account.“This initiative, from Business Line - Money & Banking https://ift.tt/2Tbsg...

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Canara Bank launches vertical for gold loans

Canara Bank, the fourth largest public sector bank in India, has identified the emerging financial needs of customers and in order to provide hassle free credit, the bank has launched a special business vertical dedicated for gold loans. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2yYAo...

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Conversion of G-Secs into longer-dated securities gets tepid response

Our BureauThe government, on Monday, got tepid response to the conversion of the 8.27 per cent 2020 government security (G-Sec) into three securities from Business Line - Money & Banking https://ift.tt/2zN8Y...

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IndiaFirst Life Insurance says no news yet on stake sale by Union Bank

SurabhiGearing up for a post-Covid world, IndiaFirst Life Insurance remains upbeat about the demand for insurance and said it has not received any com from Business Line - Money & Banking https://ift.tt/3fW1W...

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Gold loans catch the fancy of Indian financial market

An estimated 22,000-25,000 tonnes of gold are lying as assets with Indian households, according to the World Gold Council. Rural India accounts for 65% of this gold stock. About 1.2% of India’s total gold stock has been pledged as collateral for loans, leaving huge potential for the market to grow, consultancy firm Cognizant said in a note in January. from Banking/Finance-Industry-Economic Times https://ift.tt/2X9L8...

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Tata Mutual Fund Newsletter: From the CIO's Desk - May 2020

Dear Readers, Markets showed some respite in the month of April after a painful March but the current pandemic concerns are far from over. How and by when th... from Banking/Finance-Industry-Economic Times https://ift.tt/2Zfj4...

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RBI may extend moratorium on repayment of loans for three more months: Report

The lockdown was first announced by Prime Minister Narendra Modi on March 24 for 21 days in a bid to combat the COVID-19 pandemic. It was first extended till May 3 and again till May 17. In March, RBI had allowed a three-month moratorium on payment of all term loans due between March 1, 2020 and May 31, 2020. from Banking/Finance-Industry-Economic Times https://ift.tt/3fYH8...

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Blanket one-year ban on fresh insolvency under IBC: A boon for corporates, but huge burden for banks

Unless the RBI offers dispensation on recognition of defaults or one-time restructuring, banks could face immense pressure going ahead from Business Line - Money & Banking https://ift.tt/2z6lA...

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Sensex plunges over 700 points in early trade; Nifty below 8,950

Equity indices nosedived in morning trade on Monday with the benchmark BSE sensex falling over 750 points led by losses in bank stocks as the government extended the coronavirus induced nationwide lockdown to May 31. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2Xa4p...

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Profits in FY21 will be better than FY20: RBL Bank CEO

Mumbai-based RBL Bank has set aside enough capital buffers to deal with the Covid-19 pandemic crisis and is confident credit costs will not exceed levels seen in the previous financial year. from Banking/Finance-Industry-Economic Times https://ift.tt/3bDFF...

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Banks cling to restructuring hopes in tough year for recoveries

Unfazed by the absence of any mention of restructuring in the five rounds of briefings held by the finance ministry, industry executives expect the Reserve Bank of India (RBI) to accede to their request for allowing a one-time restructuring of stressed assets without classifying them as bad loans. from Banking & Finance – The Financial Express https://ift.tt/2TfFy...

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CII-IBA Financial Conditions Index tanks on bank, NBFC pessimism

The CII-IBA Financial Conditions Index (FCI) for Q1 (April-June) FY 2020-21 recorded a steep drop to below 50 for the first time in the past few quar from Business Line - Money & Banking https://ift.tt/2LE05...

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Banks to bleed as no new IBC cases for a year, relief for MSMEs and ‘covid debt’

The breather, however, will potentially hit financial and operational creditors hard and bleed their balance sheet, apart from temporarily depriving them of a credible mode of bad debt resolution. from Banking & Finance – The Financial Express https://ift.tt/2ZevW...

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Govt bailout lowers NPL risk from SME loans

Pick-up in demand will be key; aid for NBFCs indequate; PSUs have higher SME and IIB & SHTF, CV/SME loans. from Banking & Finance – The Financial Express https://ift.tt/3cRTl...

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PFRDA proposes composite social security scheme for low-income persons, says chairman

The authority has suggested to the Finance Ministry that a comprehensive social security scheme can be explored for people having low income, according to PFRDA Chairman Supratim Bandyopadhyay. from Banking/Finance-Industry-Economic Times https://ift.tt/3cFxx...

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Bank unions raise concerns over FM’s stimulus package

SurabhiBankers and bank unions have expressed concerns about the economic stimulus package outlined by Finance Minister Nirmala Sitharaman and have c from Business Line - Money & Banking https://ift.tt/3dZyR...

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Covid-19: SBI asks branches to up vigil against financial crimes

K Ram KumarRealising that the Covid-19 pandemic could spawn ‘innovation’ in financial crimes, State Bank of India (SBI) has asked its operating units from Business Line - Money & Banking https://ift.tt/2Z8lb...

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RBL Bank expects dip in new credit cards, spends in FY21

Usually, banks have a lower reliance on the credit cards segment for their advances because it is an unsecured product, but it's segmental head Harjeet Toor said the bank has been using a slew of analytics capabilities to grow in the category without increasing its delinquencies. In FY21, the bank expects to sell only over 5 lakh credit cards as against the 13 lakh earlier. from Banking/Finance-Industry-Economic Times https://ift.tt/365LF...

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No fresh insolvency to be initiated for 1 year under IBC: FM

Also, the government allowed companies to directly list securities in permissible foreign jurisdictions. from Business Line - Money & Banking https://ift.tt/2T7JQ...

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