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In a circular, IRDAI has asked insurers and others regulated by it to get the Legal Entity Identifier (LEI) code on or before July 31, 2020. The IRDAI also asked the insurers to advice their corporate borrowers having total exposure of Rs 50 crore and above to obtain LEI code on or before June 30, 2020 and provide the same.
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Microfinance lenders need to revisit their strategy and built products suitable for this emerging borrowers, father of microfinance Muhammad Yunus told industry leaders. Citing examples of a business model followed by Bangladesh's Grameen Bank, Yunus said that microfinance institutions should create venture capital funds to take equities in rural ventures.
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The government is negotiating with banks to give loans to small businesses at a lower interest rate of around 7.5-8 per cent, minister of state for finance & corporate affairs Anurag Singh Thakur said on Friday. He was interacting with the MCCI members on a webinar where he heard the concerns of the members about overcoming the COVID-19 induced crisis on the economy and human lives.
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The Reserve Bank of India (RBI) has created a Payments Infrastructure Development Fund (PIDF) with a Rs 250-crore investment to subsidise setting up of card and e-payment infrastructure in small towns and Northeast India. The fund will have an initial size of Rs 500 crore, with the balance amount coming from card- issuing banks and payments firms.
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The beta version, limited to 1 million users, keeps getting blocked from becoming a full-fledged service.
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Postman is a collaboration platform for managing, developing and testing application programme interfaces (APIs). Postman, among the buzziest Indian SaaS companies, was valued at $350 million just a year ago, and if the deal goes through it will be one of the biggest jumps in valuation for an Indian startup, catapulting the company into the growing Indian SaaS unicorn club comprising Freshworks, Druva and Icertis.
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The country's foreign exchange reserves surged $3.43 billion to a fresh all-time high of $493.48 billion for the week ended May 29 on a handsome accretion of the core currency assets, the Reserve Bank of India (RBI) said on Friday.
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"Now, all retail loans (housing, education, vehicle), loans to MSMEs, which are linked to RLLR, will be available at cheaper rates," the lender said.
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MPC meeting was advanced by at least two weeks and voted for a 40 basis points reduction in the benchmark policy rate to 4 per cent as growth took precedence over inflation. This was the second consecutive rate cut since the lockdown following the COVID-19 pandemic.
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Equity indices on Friday finished in green with the benchmark BSE sensex rising over 300 points led by gains in financial stocks. The 30-share BSE index finished 307 points or 0.90% higher at 34,287; while the broader NSE Nifty closed 113 points or 1.13% up at 10,142. Top gainers in the sensex pack included SBI, Tata Steel, HDFC Bank, Bajaj Finance, Axis Bank and ICICI Bank.
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State Bank of India the country's largest lender by assets, reported a more than four-fold jump in profit for the fourth quarter on Friday, driven by a one-time gain from a stake sale in its credit card unit. Net profit for the three months ended March 31 jumped to Rs 3,581 crore ($474.46 million) from Rs 838 crore a year earlier, SBI said in a regulatory filing.
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The beneficiary is Shahani Academic & Global Empowerment (SAGE)Foundation, a non-profit trust focused on skills training.
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Banks work on the simple principle of taking money from savers and lend to those who are in need.
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Traditionally, the ATM has been using a magnetic stripe card for identification of the accountholder and the PIN for authorisation. To use the contactless ATM, the customer has to use the bank’s smartphone app to scan a QR code on the screen and enter the amount and ATM PIN in his mobile, and collect the cash without touching the machine.
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An email by a Goldman Sachs Group Inc employee about his experiences of racial injustice and criticizing managers at the Wall Street bank for not supporting junior bankers from diverse backgrounds went viral at the firm this week.
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With companies operating with limited workforce due to the coronavirus pandemic, and several of these due dates on compliance soon set to lapse, many players were staring at missed deadlines. “Keeping in view the present situation it has been decided to extend the timeline for compliance in respect of a few areas…” the central bank said in a circular.
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People asking for moratorium on interest also need to keep in mind the interest of depositors, he said, adding "it cannot be an unequal game...do not think about saying, moratorium on what I borrow, but I must get full interest on deposits.
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Additionally, the data will also include the withdrawals made at ATMs and cash availability with business correspondents.
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A slew of Indian lenders have operations at the IFSC, which helps them operate like a foreign unit, even though located within the geographical limits of India, and gives access to cheaper funds and also provides products for the global needs of Indian corporates.
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L&T Group veteran, Sivaraman was appointed as the group's chief operating officer (COO) in November 2018. He was also heading the infrastructure investment trusts (InvIT) programme. His last day at the group will be July 31, 2020, the source said. Post his decision, the Uday Kotak-led board has decided to rejig the portfolio of the top management, aimed at expediting the resolution process.
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The top court said there are two aspects under consideration in this matter - no interest payment on loans during the moratorium period and no interest to be charged on interest. It said that these are challenging times and it is a serious issue as on one hand moratorium is granted and on other hand interest is charged on loans.
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“Opportunity is often delivered in a fog of Uncertainly.” — Kahlil Gibran Over the last couple of months, if there is one word which must have been mentioned...
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Moody's Investors Service has said that policymaking institutions face increasing challenges from lower growth, weaker fiscal conditions and rising financial sector stress.
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The survey revealed that the drop in spending was due to offline retail and online marketplaces suspending operations during the lockdown.
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According to the survey, 65 per cent of respondents already had a working capital loan and 54 per cent asked for additional working capital limit (COVID limit) from respective banks.
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RBI’s Covid-19 regulatory package was announced to mitigate the debt-servicing burden of stressed borrowers. But the moratorium has also raised default risks, making lenders more risk averse.
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In the current fiscal, successful resolution of a large housing finance company is going to be the key determinant of the extent of amount the financial creditors would realise during the year, Icra said. Housing finance firm DHFL is facing insolvency proceedings as it owes over Rs 80,000 crore to creditors.
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Tamil Nadu reported 1,091 new cases of Covid-19 on Tuesday taking the total tally to 24,586.
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Speaking at the 125th annual session of the Confederation of Indian Industry on Tuesday via videoconference, entities representing non-banking financial companies (NBFCs), health insurers and private equity firms also backed the idea of a single financial regulator, besides enabling healthcare insurance for all.
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Hundreds of customers have taken to social media to complain of intimidation and harassment by collection agents of online loan applications. They claim that cyberbullying techniques such as naming and shaming, intimidation using fake legal notices and repeated ‘harassment’ calls are being made by some companies seeking missed dues on short-term loans.
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At the end of April, banks had an exposure of Rs 2.3 lakh crore to commercial realty, Rs 45,862 crore to hospitality businesses, and over Rs 30,000 crore to aviation firms. Banks have told the Reserve Bank of India (RBI) that without the restructuring relief, nonperforming assets (NPA) on their balance sheets will surge.
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The private sector lender has cut interest rate on all deposits of less than Rs 50 lakh to 3 per cent, a reduction of by 25 bps as against the existing 3.25 per cent.
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The banking sector has loans of Rs 100 lakh crore and a capital of Rs 11 lakh crore to 12 lakh crore while the banking losses are about Rs 3 lakh crore to 4 lakh crore, said CII President-Designate Uday Kotak.
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Most NBFCs carried adequate on-balance sheet liquidity as of March 2020, which, along with access to funding lines, would be sufficient to meet their three-month requirements, according to the report by rating agency Icra.
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A day after India's sovereign rating downgraded, Moody's Investors Service on Tuesday cut ratings of eight non-financial companies, including Infosys, Tata Consultancy Services (TCS), ONGC, and three banks SBI, HDFC Bank and EXIM.
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“A deeper and more prolonged credit crunch would constrain” gross domestic product growth further, and that “in turn would increase the pressure on financial institutions’ balance sheets,” according to the ratings company.
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Some of the top executives, who were stranded due to lockdown, have begun taking up their new roles and redrawing strategies at head offices, people familiar with the matter said. However, the realignment and rationalisation of branches are yet to begin, even as field general manager offices started functioning to push credit growth in line with the government objectives.
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Loans to the economically weaker sections in April was nearly 40% higher than loans to big corporates, indicating low credit demand for investments while also pointing to the need for borrowings to keep the poor going at a time when economic activities came to a virtual standstill.
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The government on Monday decided that farmers who availed short-term crop loans at a concessional rate of 4% per annum and missed their repayment after March 1, can now repay by August 31 without paying any penalty. The decision, taken by the Cabinet headed by PM Modi, to extend the loan repayment date will help farmers in avoiding travelling to banks for renewal or repayment of loans.
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The impact of COVID-19 is different in different territories, based on its severances and category of zone such as Red, Orange or Green, Bank of India said in a disclosure to bourses.
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For senior citizen, it is offering a higher interest rate of 75 bps over applicable card rate for all maturities on domestic deposits up to Rs 2 crore.
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Transaction volumes recorded on channels such as Unified Payments Interface (UPI), Immediate Payment System (IMPS), Bharat Bill Payment System and National Electronic Toll Collection (NETC) inched towards pre-covid levels signifying a slow revival in commercial activities and early signs of consumer appetite to spend.
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Retail credit declined by 2.5 per cent, the lowest level since 2008, from when the data series started, it said, expecting that the decline will continue as Maharashtra has extended the lockdown till June 30.
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The Banks Board Bureau has also recommended names of M V Rao and P P Sengupta for the post of managing director of Central Bank of India and Indian Overseas Bank, respectively. While Rao will replace Central Bank of India MD Pallav Mohapatra who will retire in February next year.
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