No corporate loan sanctions, renewals without LEI code: IRDAI

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. from Banking/Finance-Industry-Economic Times https://ift.tt/2Y99o...

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Karnataka Bank Q4 net down 55.76 per cent

Karnataka Bank Ltd registered a net profit of ₹27.31 crore in the fourth quarter of 2019-20 as against a net profit of ₹61.73 crore in the correspond from Business Line - Money & Banking https://ift.tt/3czml...

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Canara Bank cuts in repo-linked lending rate by 40 bps

The revised lending rates will be effective from June 7, Canara Bank said in a statement. All new retail loans (housing, education, vehicle), credit to MSMEs are linked to RLLR. from Banking & Finance – The Financial Express https://ift.tt/3dJmV...

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Why the IBC ordinance to suspend insolvency pleas for six months, spells trouble

Exempting Covid related defaults from insolvency under IBC permanently, can lead to unwarranted consequences from Business Line - Money & Banking https://ift.tt/3dFGT...

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Reverse migration may open fresh business opportunities to micro lenders: Muhammad Yunus

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. from Banking/Finance-Industry-Economic Times https://ift.tt/2Y5cG...

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KLM Axiva Finvest to raise ₹125 crore via NCD issue

KLM Axiva Finvest, an NBFC in Kerala, has come out with an NCD issue to raise ₹125 crore. The face value of the issue is Rs1000, which will be open ti from Business Line - Money & Banking https://ift.tt/3eTUD...

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Canara Bank reduces RLLR by 40 bps; MCLR rate by 20 bps

Canara Bank has decided to reduce its Repo-Linked Lending Rate (RLLR) and Marginal Cost of Funds based Lending Rate (MCLR) by 40 basis points and 20 b from Business Line - Money & Banking https://ift.tt/3cyLa...

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Govt wants credit flow at lower interest rate: Thakur

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. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2UwC7...

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Banking correspondent channel was a big support during Covid-19 lockdown: SBI Chief

The banking correspondent channel of State Bank of India was a big support during the Covid-19 lockdown periods said Managing Director, Rajnish Kumar. from Business Line - Money & Banking https://ift.tt/30e2X...

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RBI sets up Rs 500 crore fund to push e-pay

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. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/30ddI...

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Bank of Maharashtra to cut repo-linked lending rates by 40 bps

MCLR also cut by 20 basis points from Business Line - Money & Banking https://ift.tt/2MBAL...

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WhatsApp gets a raw deal from India in payments

The beta version, limited to 1 million users, keeps getting blocked from becoming a full-fledged service. from Banking/Finance-Industry-Economic Times https://ift.tt/2UfI1...

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SBI Q4 net shoots up 327% year-on-year on one-time gain

SBI’s operating profit fell 7% y-o-y to Rs 15,734 crore, as per the numbers filed with the exchanges. Kumar said the bank is taking an eight-quarter view, and in FY22, it targets clocking an operating profit of Rs 1.4 lakh crore. from Banking & Finance – The Financial Express https://ift.tt/2Bv5q...

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82% customers have paid two or more EMIs: SBI chairman Rajnish Kumar

Q&A: Rajnish Kumar, SBI chairman from Banking & Finance – The Financial Express https://ift.tt/2Aa3Z...

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Non-food credit shrinks Rs 1.76 lakh crore despite credit push, lower repayments

State Bank of India (SBI) chairman Rajnish Kumar on Friday said that the bank has had to temper its expectation of a 12% growth in credit in FY21 from Banking & Finance – The Financial Express https://ift.tt/2Ufql...

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Postman in talks to raise $150 million

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. from Banking/Finance-Industry-Economic Times https://ift.tt/3cDK0...

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Monetary policy committee must frontload action in view of deteriorating outlook: RBI governor Shaktikanta Das

In its May policy review, the MPC had refrained from offering a specific level for growth in gross domestic product (GDP) while pegging it to be in negative territory for FY21.  from Banking & Finance – The Financial Express https://ift.tt/3dCG4...

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Forex reserves surge to all-time high of $493bn

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. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/30b19...

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Bank of Maharashtra announces cut in repo-linked lending rate by 40 bps to 7.05%

"Now, all retail loans (housing, education, vehicle), loans to MSMEs, which are linked to RLLR, will be available at cheaper rates," the lender said. from Banking/Finance-Industry-Economic Times https://ift.tt/3cAol...

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Waiting for MPC schedule could be costly and irreversible: RBI Guv

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. from Banking/Finance-Industry-Economic Times https://ift.tt/2MD0z...

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Covid impact: SBI sanctions loans worth ₹17,116 cr

Our BureauState Bank of India (SBI), on Friday, said it has sanctioned Covid-19-related loans aggregating ₹17,116 crore so far. Further, 22 per cent o from Business Line - Money & Banking https://ift.tt/2XF5i...

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SBI Q4: Slippages fall, but weak loan growth and higher provisions impact earnings

Radhika MerwinWith most PSBs, weighed down by huge bad loans, weak capital and muted earnings or bogged down by merger exercise, the latest March quar from Business Line - Money & Banking https://ift.tt/2AETR...

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RBI pushes back billionaire Hinduja brothers’ plan to raise stake in IndusInd Bank

The Reserve Bank of India has conveyed the decision to the IndusInd founders Srichand and Gopichand Hinduja, the people said, asking not to be named as the information is not public. from Banking & Finance – The Financial Express https://ift.tt/2UdqW...

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SBI, ICICI Bank, others’ customers opt in for loan moratorium; check which banks top the list

The loan moratorium announced by the Reserve bank of India in March, to help borrowers suffering from the slowdown in the economy aided by the coronavirus pandemic, has been touted as something that will hit the banking sector hard from Banking & Finance – The Financial Express https://ift.tt/2Xzcd...

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Northern Arc Capital secures $50 million of debt financing from DFC

Our BureauNorthern Arc Capital, a non-banking finance company (NBFC) that provides access to debt capital for under-banked individuals and businesses, from Business Line - Money & Banking https://ift.tt/2MwPn...

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Aditya Birla Capital Q4 net profit down 44%

Our Bureau Aditya Birla Capital reported a 44.4 per cent drop in its consolidated net profit at ₹143.67 crore in the fourth quarter of FY20 against ₹ from Business Line - Money & Banking https://ift.tt/3dCs7...

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Sensex rises 307 points to close at 34,287

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. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/377D6...

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SBI's Q4 profit jumps on gain from card unit sale

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. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/3gYhR...

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JP Morgan to help upskilling graduate from disadvantaged backgrounds

The beneficiary is Shahani Academic & Global Empowerment (SAGE)Foundation, a non-profit trust focused on skills training. from Banking/Finance-Industry-Economic Times https://ift.tt/2ADtm...

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SBI Q4 net profit jumps four-fold to ₹3,581 crore

State Bank of India (SBI) reported a huge jump in fourth quarter standalone net profit at ₹3,581 crore against ₹838 crore in the year ago quarter.A 31 from Business Line - Money & Banking https://ift.tt/2XZfV...

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India Inc’s ECB level in focus as Moody’s cuts rating on banks, other companies

A day after downgrading India’s sovereign rating to the lowest investment grade, Moody’s Investors Service, on Tuesday, cut the ratings of eight non- from Business Line - Money & Banking https://ift.tt/3730r...

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Protection segment to emerge stronger: HDFC Life official

Covid-19 has forced companies to do a rethink of their business strategies. As companies deliberate on the ‘before’ and ‘after’ scenarios, the Covid from Business Line - Money & Banking https://ift.tt/3eRC4...

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Covid-19: General insurers to work with TPAs, hospitals to come out with standardised rates

Surabhi With the rapid spread of novel coronavirus leading to soaring medical bills for many patients, general insurance companies are now working wit from Business Line - Money & Banking https://ift.tt/3ePPm...

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View: How to pay depositors when borrowers don't?

Banks work on the simple principle of taking money from savers and lend to those who are in need. from Banking/Finance-Industry-Economic Times https://ift.tt/2Y7sc...

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UPI, mobile wallet, cards not working in remote areas? RBI fund to take digital payments far and deep

RBI's move is expected to encourage merchants to deploy Points of Sale (PoS) infrastructure in tier-3 to tier-6 centres and north-eastern states. from Banking & Finance – The Financial Express https://ift.tt/305Kf...

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HDFC Bank launches summer treats

With the easing of the lockdown restrictions, private sector HDFC Bank on Friday announced a special Summer Treats campaign with offers for both merch from Business Line - Money & Banking https://ift.tt/3gVGN...

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RBI to set up ₹500-cr fund to expand payment infrastructure

The Reserve Bank of India on Friday announced the creation of a ₹500 crore Payments Infrastructure Development Fund (PIDF) to encourage deployment from Business Line - Money & Banking https://ift.tt/2AKw6...

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Banks to install contactless ATMs to cut down on touch

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. from Banking/Finance-Industry-Economic Times https://ift.tt/2A6SW...

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Goldman Sachs executive's email making plea for racial equality goes viral at firm

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. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2Y2pp...

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MasterCard, Axis Bank, Worldline launch app-based POS platform

The solution addresses the needs of small businesses, especially during these challenging times of Covid-19, the joint release from MasterCard, Axis Bank and Worldline said. from Banking & Finance – The Financial Express https://ift.tt/2U9g6...

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StanChart begins operations at GIFT City IFSC

Standard Chartered Bank India has launched operations at the International Financial Services Centre (IFSC)-GIFT City.“The presence in IFSC-GIFT City from Business Line - Money & Banking https://ift.tt/2U9jm...

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RBI allows relaxation to payment operators on various compliance deadlines

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. from Banking/Finance-Industry-Economic Times https://ift.tt/3gUxK...

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JM Financial Credit Alternatives raises ₹160 crore in first close of distressed opportunity fund

JM Financial Credit Alternatives, the credit alternatives arm of JM Financial Group, has raised ₹160 crore in the first close for its distressed oppo from Business Line - Money & Banking https://ift.tt/2A0zo...

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IRDAI warns IFFCO Tokio for wrong information

Our BureauThe Insurance Regulatory and Development Authority (IRDAI) has warned IFFCO Tokio General Insurance Company for furnishing wrong information from Business Line - Money & Banking https://ift.tt/370as...

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Banks’ capital requirements set to rise on asset quality pressures: ICRA

Our BureauCapital requirements for banks are set to rise amid increasing asset quality pressures, with Gross Non-Performing Assets (GNPAs) expected to from Business Line - Money & Banking https://ift.tt/2MtHw...

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Uday Kotak against waiver of interest during moratorium period

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. from Banking/Finance-Industry-Economic Times https://ift.tt/3dKiq...

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RBI to release daily payments data to facilitate research

Additionally, the data will also include the withdrawals made at ATMs and cash availability with business correspondents. from Banking/Finance-Industry-Economic Times https://ift.tt/3dAuQ...

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Standard Chartered Bank starts operations at IFSC GIFT City

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. from Banking/Finance-Industry-Economic Times https://ift.tt/2XtXp...

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Indian Bank eases procedures for MSME lending, offers 3 new products

Securing finance has always been a challenge for MSMEs (micro, small and medium enterprises). Post Covid-19, things have become ever more complicated. from Business Line - Money & Banking https://ift.tt/2AGCy...

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Depositors urge RBI chief to revive PMC Bank, ensure withdrawal of insured amount of ₹5 lakh

Scam-hit Punjab & Maharashtra Co-operative (PMC) Bank’s beleaguered depositors have represented to Reserve Bank of India Governor Shaktikanta Das from Business Line - Money & Banking https://ift.tt/2Y2PZ...

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IL&FS COO N Sivaraman decides to quit

After leading the asset monetisation efforts of cash-strapped Infrastructure Leasing and Financial Services (IL&FS) for almost one-and-a-half yea from Business Line - Money & Banking https://ift.tt/3gPFe...

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IL&FS COO N Sivaraman decides to quit

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. from Banking/Finance-Industry-Economic Times https://ift.tt/2Mvew...

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MasterCard, Axis Bank and Worldline launch Soft POS

MasterCard, Axis Bank and Worldline on Thursday launched Soft POS, which can turn smartphones into merchant Point of Sale (POS) terminals."Merchants w from Business Line - Money & Banking https://ift.tt/2U9NQ...

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Covid-19 could be a shot in the arm for fintech in India

Out with the old, in with the new, they say. How true! In a matter of just three months, having the coronavirus on the prowl changed consumers’ attit from Business Line - Money & Banking https://ift.tt/2BqGm...

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‘Govt measures play a huge role in helping MFIs tide over Covid crisis’

The Covid-19 pandemic-induced lockdown has severely affected the loan disbursement and recovery process of microfinance institutions (MFIs), which rel from Business Line - Money & Banking https://ift.tt/3dslT...

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IndusInd Bank launches mobile app-based facility for opening current accounts

IndusInd Bank announced the launch of a first-of-its-kind assisted mobile application based facility, that enables the bank to open current accounts f from Business Line - Money & Banking https://ift.tt/3dwA8...

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SC seeks finance ministry’s reply on waiver of interest on loans during moratorium period

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. from Banking & Finance – The Financial Express https://ift.tt/2AGO0...

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RBI asks SC to not allow interest waiver in moratorium period; says EMIs can be deferred, not waived off

RBI has estimated a loss of nearly Rs 2 lakh crore if the SC allows interest waiver in the moratorium period. from Banking & Finance – The Financial Express https://ift.tt/2BnXn...

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Business correspondents body seeks Rs 5,000 incentive for its agents for next six months

Our BureauThe Business Correspondents Federation of India (BCFI) has sought a Rs 5,000 incentive per agent for the next six months as an incentive to from Business Line - Money & Banking https://ift.tt/2Y2bn...

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SC seeks finance ministry's reply on waiver of interest on loans during moratorium period

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. from Banking/Finance-Industry-Economic Times https://ift.tt/2U9gR...

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PNB lowers savings account deposit rates by 50 bps

Following industry peers, Punjab National Bank (PNB) on Wednesday announced to lower interest rate on savings account deposits by 0.50 percentage poin from Business Line - Money & Banking https://ift.tt/3crqC...

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Cholamandalam Investment net profit declines 85 per cent to ₹43 cr in March quarter

Cholamandalam Investment and Finance Co Ltd (CIFCL) on Wednesday reported a 85 per cent decline in net profit to ₹43 crore in the fourth quarter end from Business Line - Money & Banking https://ift.tt/3h1EN...

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1991 Redux @ 2020 by Meeta Shetty, Asst Fund Manager, Tata Mutual Fund

“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... from Banking/Finance-Industry-Economic Times https://ift.tt/2ADHV...

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Retail and SME loans to deteriorate now: Moody's

Moody's Investors Service has said that policymaking institutions face increasing challenges from lower growth, weaker fiscal conditions and rising financial sector stress. from Banking/Finance-Industry-Economic Times https://ift.tt/3gSS8...

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Credit card spending falls 51 per cent in April: Survey

The survey revealed that the drop in spending was due to offline retail and online marketplaces suspending operations during the lockdown. from Banking/Finance-Industry-Economic Times https://ift.tt/2Ay5b...

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Retailers received 'little support' from banks to tide over COVID crisis: RAI Survey

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. from Banking/Finance-Industry-Economic Times https://ift.tt/3gOVi...

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Companies with loan recast seek moratorium from banks

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. from Banking/Finance-Industry-Economic Times https://ift.tt/2U87V...

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Resolution through bankruptcy courts to contract by 30-40 per cent: Report

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. from Banking/Finance-Industry-Economic Times https://ift.tt/3dvI0...

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IBBI slaps Rs 34.22 lakh penalty on an Insolvency Professional

Penalty levied for moratorium violation by allowing transfer of assets of a corporate debtor during CIRP from Business Line - Money & Banking https://ift.tt/2XYOC...

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‘FY21 to witness significantly lower realisations under IBC’

Outbreak of Covid-19 pandemic and suspension of new proceedings key reasons from Business Line - Money & Banking https://ift.tt/2XukB...

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To address issues faced by them, small finance banks plan to set up separate industry body

K Ram Kumar Small finance banks (SFBs) are planning to join forces to set up a separate industry body so that the common issues being faced by them ca from Business Line - Money & Banking https://ift.tt/3cqfQ...

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KVGB to disburse ₹3,700 cr under KCC in FY21

Our BureauThe Dharwad-headquartered Karnataka Vikas Grameen Bank (KVGB) has set a target to disburse ₹3,700 crore as agricultural credit under KCC (Ki from Business Line - Money & Banking https://ift.tt/2XqMR...

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With fall in transactions, ATM operators hope for rise in interchange fees

White-label operators are hoping for a hike in interchange fees amid a drop in transactions at ATMs and rise in logistics costs during the national l from Business Line - Money & Banking https://ift.tt/2XpZI...

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Bajaj Auto partners with HDFC Bank for two-wheeler loans

Bajaj Auto on Wednesday said that it has joined hands with HDFC Bank to facilitate retail financing solutions to its customers. Under this tie-up, cus from Business Line - Money & Banking https://ift.tt/2AvKe...

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TMB gears up to extend loan under Guaranteed Emergency Credit Line Scheme to MSMEs

Nearly 53,000 MSME customers of Tamilnad Mercantile bank will be able to avail additional loan under the Guaranteed Emergency Credit Line Scheme, the from Business Line - Money & Banking https://ift.tt/3co6S...

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Covid-19 is a great opportunity to redesign processes and costs: Kotak Life Insurance CEO

If industry misses the bus, there will be a price to pay, says Murlidhar from Business Line - Money & Banking https://ift.tt/3dwQ9...

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ECLGS: PSBs sanctioned loans worth ₹10,361.75 crore, says FinMin office

The much talked about 100 per cent Emergency Credit Line Guarantee Scheme (ECLGS) to support MSMEs in these troubled Covid-19 times has got off to a from Business Line - Money & Banking https://ift.tt/3eIUD...

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BSE Ebix Insurance Broking launches health insurance

BSE Ebix Insurance Broking, a joint venture of BSE and Ebix Fincorp Exchange, on Wednesday announced the beta launch of health insurance on its platf from Business Line - Money & Banking https://ift.tt/3cs2y...

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Covid 19: This microfinance company is giving tech prop to Tamil Nadu artisans

Tamil Nadu reported 1,091 new cases of Covid-19 on Tuesday taking the total tally to 24,586. from Banking/Finance-Industry-Economic Times https://ift.tt/2MnsC...

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Retail credit shrinks m-o-m for first time in two years

Traditionally, banks have never faced any significant stress in their retail portfolios, barring the agri segment, which sometimes threw up high slippages in adverse circumstances. from Banking & Finance – The Financial Express https://ift.tt/3dv5A...

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Bank of India: Profitability in Q1,Q2 to get impacted by Covid

RBI had granted moratorium to borrowers for three months from March 1, which was further extended till August 31 by the regulator. from Banking & Finance – The Financial Express https://ift.tt/36VwW...

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Covid-19 relief: Jan Dhan accounts see withdrawal of over ₹2000 cr per week

The cash transfers to the Prandhan Mantri Jan Dhan Yojana (PMJDY) accounts during the last two months resulted in regular withdrawals of over ₹2000 from Business Line - Money & Banking https://ift.tt/2U7lp...

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SBI, ICICI Bank cut savings rates, check new rates

Data from the Reserve Bank of India (RBI) showed that deposits with the banking system grew 10.65% year-on-year(y-o-y) during the fortnight ended May 8. from Banking & Finance – The Financial Express https://ift.tt/372zN...

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Financial services entities seek setting up of a bad bank

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. from Banking/Finance-Industry-Economic Times https://ift.tt/36THA...

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Loans apps turn nightmare for borrowers

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. from Banking/Finance-Industry-Economic Times https://ift.tt/2MoWX...

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Banks seek RBI nod to recast Rs 3 lakh crore loans minus downgrade

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. from Banking/Finance-Industry-Economic Times https://ift.tt/2MlhT...

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ICICI Bank cuts interest rate on saving deposits by 25 bps

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. from Banking/Finance-Industry-Economic Times https://ift.tt/2ACrx...

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‘Not maintainable’: SC rejects plea to exclude lockdown period for calculating limitation for cheque

A bench headed by Justice R Banumathi, which heard the matter through video-conferencing, said that the issue raised in the plea relates to "policy decisions" and the court cannot issue such direction. from Banking & Finance – The Financial Express https://ift.tt/3gKUS...

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Uday Kotak sells 5.6 crore shares, pares stake in Kotak Bank

Uday Kotak, veteran banker and Managing Director and CEO of Kotak Mahindra Bank, is estimated to have raised nearly ₹6,950 crore through the block dea from Business Line - Money & Banking https://ift.tt/3cm5f...

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Future policy action should focus on growth: SBI report

Our BureauWhile the markets have discounted India’s rating downgrade by Moody’s Investors Service, the country’s future policy action should focus on from Business Line - Money & Banking https://ift.tt/30d5q...

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Banking sector needs recapitalisation of Rs 4 lakh crore: Uday Kotak

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. from Banking/Finance-Industry-Economic Times https://ift.tt/2ZXuJ...

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Extension of moratorium on loan repayment to affect liquidity conditions of NBFCs: Icra

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. from Banking/Finance-Industry-Economic Times https://ift.tt/3gMhL...

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Extension of moratorium on loan repayment to affect liquidity conditions of NBFCs: Icra

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. from Banking & Finance – The Financial Express https://ift.tt/2Br01...

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Moody's downgrades ratings of 8 firms, 3 banks

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. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2AyoM...

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Covid: SBI Card foresees adverse impact on revenues

SBI Cards and Payment Services Limited (SBI Card) foresees adverse impact on its revenues due to the ongoing pandemic. Revenues are likely to be adve from Business Line - Money & Banking https://ift.tt/2AwMH...

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Survey finds that 90% respondents worried about savings and financial future

IndiaLends survey finds salaried individuals, professionals worried about financial health from Business Line - Money & Banking https://ift.tt/2AwMF...

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Fall in bank credit may delay jewellery sector recovery

The consistent fall in bank credit to the gem and jewellery industry may exert further pressure and delay the recovery of the sector which is already from Business Line - Money & Banking https://ift.tt/3016L...

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India lenders’ woes may be worse than thought, Moody’s says

“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. from Banking/Finance-Industry-Economic Times https://ift.tt/2zMb5...

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Moody’s cuts HDFC Bank, SBI to Baa3; takes rating action on 11 banks a day after India downgrade

A day after it downgraded India’s sovereign rating to Baa3, rating agency Moody’s today downgraded HDFC Bank and State Bank of India’s (SBI) long-term local and foreign currency deposit ratings to Baa3. from Banking & Finance – The Financial Express https://ift.tt/2Mlte...

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Moody’s takes rating actions against 11 banks

Downgrades long-term local and foreign currency deposit ratings of SBI, HDFC from Business Line - Money & Banking https://ift.tt/3crRI...

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DBS Bank partners with TCIL for real time payments to truck drivers

DBS Bank has partnered with Transport Corporation of India Limited (TCIL) to facilitate real time payments for truck drivers.“With this solution, TCIL from Business Line - Money & Banking https://ift.tt/2Bnj6...

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BankBazaar raises bridge round of ₹45 crore from new and existing investors

BankBazaar.com has raised a bridge round of ₹45 crore in financing from a new investor WSV ― a joint venture fund of Walden International and Korean c from Business Line - Money & Banking https://ift.tt/2BhdV...

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SBI creates new vertical to service agri/allied sectors, micro/small enterprises

State Bank of India (SBI) has created a separate Financial Inclusion & Micro Market (FI&MM) vertical to offer loans predominantly for agricul from Business Line - Money & Banking https://ift.tt/2U14t...

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Maruti, Hyundai, Mercedes offer teaser car loans as RBI softens stance

For years, the Reserve Bank of India said their terms were not transparent and warned that similar products had been instrumental in the 2007-2008 subprime crisis in the United States. from Banking & Finance – The Financial Express https://ift.tt/2AuMP...

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PNB cuts RLLR by 40 bps; reduces MCLR by 15 bps

Punjab National Bank (PNB) has reduced its external benchmark linked-product of Repo Linked Lending Rate (RLLR) by 40 basis points to 6.65 per cent fr from Business Line - Money & Banking https://ift.tt/3dr3m...

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PSBs restart the pending post-merger work after lockdown

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. from Banking/Finance-Industry-Economic Times https://ift.tt/3eHmE...

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‘MFIs Satya MicroCapital and Sindhuja Microcredit raised Rs 170 crore during lockdown’

This shows the confidence equity investors have on the Indian microfinance sector, MFIN said. from Banking & Finance – The Financial Express https://ift.tt/2XOHz...

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As Covid-19 hits consumption, credit card outstandings fall for 2 consecutive months

Some banks, such as Axis Bank and Kotak Mahindra Bank (KMB), have turned cautious on their unsecured retail portfolios, including credit cards, even cutting spending limits for some customers. from Banking & Finance – The Financial Express https://ift.tt/3dnMo...

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The poor bring more business to banks in April

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. from Banking/Finance-Industry-Economic Times https://ift.tt/3dsxL...

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Extension of moratorium credit-negative for NBFCs: Moody’s

NBFCs manage their liquidity primarily by matching outflows — mainly debt repayments — with inflows from customer loan repayments. from Banking & Finance – The Financial Express https://ift.tt/3cm50...

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Extension of moratorium on loan repayments credit negative to NBFIs: Moody’s

The moratorium on customer loan repayments, initially effective from 1 March, has led to a significant decline in cash inflows and adversely impacted the liquidity of NBFIs. from Banking & Finance – The Financial Express https://ift.tt/2MhmH...

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Govt extends crop loan repayment date till Aug 31

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. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/3eFVW...

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Bank of India sees impact on recoveries, profitability due to COVID-19

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. from Banking/Finance-Industry-Economic Times https://ift.tt/3drlW...

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Uday Kotak to sell 2.83% stake in Kotak Mahindra Bank; sale to fetch over Rs 6,800 cr

The stake sale would help bring down his stake in the country's fourth largest private sector lender to the RBI-mandated 26 per cent. from Banking & Finance – The Financial Express https://ift.tt/2yRHp...

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‘Unscrupulous entities imitating RBI mails for fraudulent purposes’

The Reserve Bank of India (RBI) has cautioned members of the public as well as financial institutions to beware of some unscrupulous entities/scamster from Business Line - Money & Banking https://ift.tt/2XSp5...

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PNB cuts repo-linked lending rate by 40 bps to 6.65%

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. from Banking/Finance-Industry-Economic Times https://ift.tt/2AtB8...

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Bank lending targets under Rs 20 trillion stimulus unfeasible, says Former RBI governor R Gandhi

Additionally, there are other segments of the economy as well which are in need of credit, Gandhi said, adding that the same number will be over and above the Rs 7.9 lakh crore. from Banking & Finance – The Financial Express https://ift.tt/2zPOi...

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Uday Kotak to offload shares on June 2 to lower stake in Kotak Mahindra Bank

Veteran banker and Managing Director and CEO of Kotak Mahindra Bank, Uday Kotak is set to offload 5.6 crore shares in the private sector lender throu from Business Line - Money & Banking https://ift.tt/2ZWhL...

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Uday Kotak to offload shares on June 2 to lower stake in Kotak Mahindra Bank

SurabhiMumbai June 1Uday Kotak, veteran banker and Managing Director and CEO of Kotak Mahindra Bank, is set to offload 5.6 crore shares in the private from Business Line - Money & Banking https://ift.tt/2ZVVa...

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Lockdown to hit profitability of BoI

Our Bureau Bank of India (BoI), on Monday, said its profitability may get impacted in the first and second quarters due to the nationwide lockdown of from Business Line - Money & Banking https://ift.tt/3eBw2...

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Microfinance will come out the Covid 19 pall

Provisioning will need to be made for credit losses, but the sector is focussed on a double bttomline with financial and social objectives. The government front-footing liquidity through loans as a measure to meet Covid 19 challenges means banks wouldn’t hesitate to lend from Banking & Finance – The Financial Express https://ift.tt/3cokv...

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Consumer savings will continue to surge in Lockdown 5: SBI report

With India going into Lockdown 5, State Bank of India’s Economic Research Department believes that consumer savings will continue to surge. The Depar from Business Line - Money & Banking https://ift.tt/2TZaO...

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PoS terminals will not lose sheen in post-Covid world: Worldline India

  Point-of-sale (PoS) terminals are here to stay and will continue to underpin the growth of digital payments at least for the medium term in the post from Business Line - Money & Banking https://ift.tt/3eEUc...

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Digital payment volumes on NPCI channels rebound in May

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. from Banking/Finance-Industry-Economic Times https://ift.tt/3dqm1...

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Digital payments rebound in May; transaction volumes exceed March levels

Sharp spike in transactions on UPI, FASTag, BharatBill Pay from Business Line - Money & Banking https://ift.tt/36T5v...

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Kuvera.in to offer loan against mutual fund units

Kuvera.in, the web-based direct mutual fund investment platform, offers ‘Loan Against Securities’ as part of its existing array of investment solution from Business Line - Money & Banking https://ift.tt/2zG3U...

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Retail credit drops to record low during lockdown: SBI economists

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. from Banking/Finance-Industry-Economic Times https://ift.tt/2Mkm0...

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Sundaram Mutual offers instant redemption in liquid scheme

Sundaram Mutual has introduced instant redemption facility in its existing open-ended liquid scheme, Sundaram Money Fund, without additional cost. The from Business Line - Money & Banking https://ift.tt/2TYDQ...

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Microfinance players expect loan repayments to start soon

No legacy, they say, is as rich as honesty. Perhaps, India’s micro lenders can vouch for this. With an outstanding loan portfolio of ₹2.2 lakh crore, from Business Line - Money & Banking https://ift.tt/2MeLT...

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Yes Bank partners with Chalo launch contactless card for bus passengers

Yes Bank has partnered with Chalo to launch of a co-branded contactless travel card in Mangalore and Udupi, which would enable users to load money on from Business Line - Money & Banking https://ift.tt/3dqUa...

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Harsha Bangari takes charges as Exim Bank Deputy Managing Director

Harsha Bangari on Monday took charge as Deputy Managing Director at Export-Import Bank of India (Exim Bank),Prior to this, Bangari was the Chief Gene from Business Line - Money & Banking https://ift.tt/2TZxR...

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Axis Trustee sends legal notice to YES Bank for allegedly hiding facts while raising funds

Axis Trustee Services has served a legal notice on YES Bank for alleged inadequate disclosure to investors on the ongoing litigation in the Bombay Hi from Business Line - Money & Banking https://ift.tt/3gIfk...

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Yes Bank goes for salary restructuring to ward off Covid blues

Coronavirus effect: Within the banking industry, its larger rival Kotak Mahindra Bank has announced pay cuts for all the employees earning above Rs 25 lakh per annum.  from Banking & Finance – The Financial Express https://ift.tt/3gxC9...

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Yes Bank restructures salary of senior leadership team

Private sector lender YES Bank on Sunday said the salary of the senior leadership team had been restructured, wherein nearly a third of their yearly from Business Line - Money & Banking https://ift.tt/2XJcB...

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YES Bank leadership opts for salary restructuring

In the wake of the economic slowdown from the national lockdown, YES Bank's top management has decided to go in for salary restructuring.“The bank’s from Business Line - Money & Banking https://ift.tt/2zDYb...

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MFIN expects huge credit demand in next six months as India opens up, says Chairman Nambiar

Expresses confidence that there will be reasonable liquidity in the system from Business Line - Money & Banking https://ift.tt/36O3y...

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MSMEs seek quick action from banks on availing of credit facility

As they get into restart mode, MSMEs (micro, small and medium enterprises) seek banks and financial institutions’ swift action in releasing emergenc from Business Line - Money & Banking https://ift.tt/2XmSn...

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Yes Bank to reclassify Madhu Kapur Group as public shareholders

Private sector lender Yes Bank has said that its promoters and the family of its co-founder Ashok Kapur have agreed to have their shareholding recl from Business Line - Money & Banking https://ift.tt/2XleH...

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BBB recommends Ashwini Bhatia for post of SBI MD

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. from Banking/Finance-Industry-Economic Times https://ift.tt/2TVrX...

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Muthoot Capital Services Q4 net down

The net profit of Muthoot Capital Services Ltd (MCSL) was down at ₹13.6 crore in Q4 of the last fiscal against ₹22.7 crore in the corresponding perio from Business Line - Money & Banking https://ift.tt/36SI1...

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Financial stress in industry would be blessing for alternative capital, asset investors

With nearly ₹4-lakh crore of new slippages into non-performing assets (NPAs) of banks expected this fiscal, it would be a never-before opportunity f from Business Line - Money & Banking https://ift.tt/2XFsC...

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Banks Board Bureau recommends new appointments for SBI, IOB, Central Bank of India

The Banks Board Bureau (BBB) has recommended the elevation of Ashwani Bhatia as Managing Director of State Bank of India.The Bureau also recommended t from Business Line - Money & Banking https://ift.tt/2XKKu...

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IDBI Bank posts net profit of ₹135 crore in Q4

IDBI Bank reported a net profit of ₹135 crore for the fourth quarter ended March 31, after reporting net loss for the last 13 quarters.Robust growth from Business Line - Money & Banking https://ift.tt/3ckOm...

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IDBI Bank back in black after 13 quarters, reports Rs 135 crore profit in Q4

Breaking a chain of 13 consecutive loss-making quarters, Life Insurance Corporation (LIC)-owned IDBI Bank on Saturday reported a net profit of Rs 135 crore in the March quarter, despite providing Rs 247 crore on account of Covid-19. from Banking & Finance – The Financial Express https://ift.tt/36Lof...

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Yes Bank acquires 24% stake in Dish TV

rivate lender Yes Bank has disclosed to exchanges that it has acquired a 24.19% stake in direct-to-home service (DTH) provider Dish TV India by invoking pledges shares. from Banking & Finance – The Financial Express https://ift.tt/2Aqem...

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