PNB Housing Finance posts net loss of Rs 242 crore in Q4

For the full year, the net profit dipped by 45.8 per cent to Rs 646.2 crore from Rs 1,191.5 crore in 2018-19. Adjusted for COVID-19 provision, the PAT for FY20 would have been approximately Rs 1,010 crore. from Banking & Finance – The Financial Express https://ift.tt/2zzev...

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RBI approves Kaizad Bharucha’s re-appointment as HDFC Bank Executive Director

Kaizad Bharucha's re-appointment is subject to the approval of the shareholders' approval at the ensuing annual general meeting of the bank. from Banking & Finance – The Financial Express https://ift.tt/3hryA...

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RBI to step up oversight of card payment networks and cross-border money transfer operators

The Reserve Bank of India (RBI) on Saturday said it will take steps to further intensify the oversight process for the card payment networks and Cross from Business Line - Money & Banking https://ift.tt/2UHWG...

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RBI to step up oversight of card payment networks and cross-border money transfer operators

The Reserve Bank of India (RBI) on Saturday said that it will take steps to further intensify the oversight process for the card payment networks and from Business Line - Money & Banking https://ift.tt/2UIuY...

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RBI to regulate NPCI, retail payment systems with increased oversight

The updated oversight framework, released by the central bank on Saturday, lays down new designations of systematically important FMIs, legal framework that governs them and the revised oversight scope of the Reserve Bank in regulating the digital payments ecosystem. from Banking/Finance-Industry-Economic Times https://ift.tt/2Ax3M...

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Does RBI wants co-operative banks to wither away?

The RBI has often acted with haste and betrayed its understanding of co-operative banks. from Banking/Finance-Industry-Economic Times https://ift.tt/3hpWj...

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Spandana Sphoorty Financial to raise up to Rs 100 crore through bonds

Non-banking finance company Spandana Sphoorty Financial Ltd will raise up to ₹100 crore by issuing bonds on private placement basis. The decision was from Business Line - Money & Banking https://ift.tt/3hzhP...

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UTI AMC appoints Imtaiyazur Rahman as CEO

UTI Asset Management Company (AMC) on Saturday said it has appointed Imtaiyazur Rahman as the company’s chief executive officer (CEO), after the posi from Business Line - Money & Banking https://ift.tt/2Yuq6...

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Axis Bank reports e-fraud on coops platform

Axis Bank has reported a cyberfraud of over Rs 2 crore. It was perpetrated by fraudsters who hacked a platform that the lender provided small cooperative banks to facilitate the electronic transfer of funds. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/3cYfz...

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Slow start for India's ambitious plan to resuscitate small businesses

India’s ambitious plan to provide some Rs 3 lakh crore ($39.5 billion) in loans to small businesses to boost an economy ravaged by the coronavirus pandemic has got off to a slow start with banks disbursing only a tiny fraction of the available funds. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2Y03i...

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Banks set to return €214 b to ECB

Banks in the euro zone will repay €214 billion ($242 billion) of European Central Bank funding early, the ECB said on Friday, probably to roll the ca from Business Line - Money & Banking https://ift.tt/3dRop...

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View: Why India needs a new bad bank

For post-Covid recovery, banks must be free of their bad-loan burden. from Banking/Finance-Industry-Economic Times https://ift.tt/2B427...

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Revamped office spaces await Europe’s bankers

Banks in European regions worst hit by the Covid-19 outbreak are getting ready to welcome more staff back to the office, but the workplace will look a from Business Line - Money & Banking https://ift.tt/2Ynmt...

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HDFC cuts home loan rates by 20 bps

Our BureauIn a significant relief for borrowers, housing finance company HDFC has cut its Retail Prime Lending Rate on housing and non-housing loans, from Business Line - Money & Banking https://ift.tt/3fkym...

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Infibeam appoints Kumar Srinivasan as CEO for Credit Card issuance biz

Fintech player Infibeam Avenues Limited announced appointment of Kumar Srinivasan as CEO of the company's Credit Card issuance business. Kumar Srini from Business Line - Money & Banking https://ift.tt/2C3Kq...

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Infibeam appoints Kumar Srinivasan as CEO for Credit Card issuance biz

Fintech player, Infibeam Avenues Limited announced the appointment of Kumar Srinivasan as CEO of the company's Credit Card issuance business.Kumar Sr from Business Line - Money & Banking https://ift.tt/3hhLk...

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Banks will have to make major structural changes to boost cyber security, says former RBI Deputy Governor Gandhi

Our BureauBanks and financial institutions will have to make major changes to their structure, operations and approach towards cyber security, accordi from Business Line - Money & Banking https://ift.tt/3flmn...

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Any potential lag in industrial, commercial activity detrimental to insurance

Next six months critical, says S Sreedhar, MD of Royal Sundaram General Insurance from Business Line - Money & Banking https://ift.tt/2XSEG...

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Changes in health cover norms by IRDAI will help policy-holders deal with Covid

The insurance regulator’s tweaking of some key norms for health insurance will come handy for policyholders while dealing with the Covid-19 pandemic, from Business Line - Money & Banking https://ift.tt/2XUre...

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Billionaire Uday Kotak hardest hit by India’s plan to cap CEO tenures

The Reserve Bank of India has proposed a 10-year limit on bank founders remaining in the roles of CEO or full-time director, according to a discussion paper on corporate governance released on Thursday. The restricted tenure will ensure “separation of ownership from management but also reinforce a culture of professional management,” the paper said. from Banking/Finance-Industry-Economic Times https://ift.tt/37ota...

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SBI relaunches Aadhaar-based online savings account opening facility

The 'insta savings bank account' will offer a complete paperless and instant digital savings account opening with just PAN and Aadhaar number, the bank said in a release. from Banking/Finance-Industry-Economic Times https://ift.tt/2AjXT...

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SBI relaunches SBI Insta saving bank account

State Bank of India (SBI) on Friday re-launched the ‘SBI Insta Saving Bank Account’, an Aadhaar-based instant digital savings account, for customers w from Business Line - Money & Banking https://ift.tt/3e27h...

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SEBI gives exemptions to Yes Bank for reclassification of promoter shareholders

Yes Bank has received exemption from Securities and Exchange Board of India (SEBI) for reclassification of promoter shareholding. This in effect, will from Business Line - Money & Banking https://ift.tt/3figX...

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FIDC supports RBI stance on levying interest on loans under moratorium

The Finance Industry Development Council (FIDC), which represents non-banking finance companies, has supported the Reserve Bank of India’s stand for l from Business Line - Money & Banking https://ift.tt/2XTYK...

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HDFC slashes prime lending rates by 20 bps

Housing finance company HDFC has cut its retail prime lending rate on housing and non-housing loans, on which its adjustable rate home loans are benc from Business Line - Money & Banking https://ift.tt/2YvKD...

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Loan moratorium interest waiver: Supreme Court hearing today; banks’ profits to wipe out if things go bad

If things go south for banks, it could result in lenders losing as much as 111% of their operating profits for the next fiscal year. from Banking & Finance – The Financial Express https://ift.tt/2BZoK...

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Rating downgrades on the rise since pandemic: ICRA

315 negative rating actions on non-financial entities between March 1 and May 15 from Business Line - Money & Banking https://ift.tt/3cU9r...

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L&T Finance expects slower start to credit biz as economic activities gather pace

L&T Finance Holdings (LTFH) on Thursday said its financing activities may pick up at a slower pace amid opening up of the economy after Covid-indu from Business Line - Money & Banking https://ift.tt/2zoC4...

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HDFC to raise up to ₹4,000 cr via bonds

Mortgage lender HDFC Ltd on Thursday said it will raise up to ₹4,000 crore by issuing bonds on private placement basis. The issue size of the secure from Business Line - Money & Banking https://ift.tt/2B4cr...

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SBI moves NCLT to recover Anil Ambani's personal guarantee

State Bank of India (SBI) has moved the National Company Law Tribunal (NCLT), seeking to recover loans disbursed to the Anil Ambani-led group of companies from a personal guarantee given by Anil Ambani. The bank has filed two applications under section 95(1) to nominate a resolution professional for insolvency resolution process of personal guarantor — Ambani. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/37oIy...

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Personal loan sanctions to get tougher

Obtaining personal loans is set to get tougher in the post-Covid-19 era as banks tighten credit policy and customer-selection norms. According to credit information company TransUnion Cibil, approval rates are likely to decline for all key retail lending product categories. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/37lxS...

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Banking @WhatsApp a win-win partnership

The Facebook-owned social media giant has ramped up existing partnerships with some of the biggest names in Indian banking — HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank and RBL Bank. The service is taking off with banks seeing engagements in millions as a nationwide lockdown to curb the spread of the pandemic has caused most branches to remain accessible only for select services. from Banking/Finance-Industry-Economic Times https://ift.tt/37lyW...

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SBI moves NCLT to recover Rs 1.2k-cr Reliance Communications loans from Anil Ambani

SBI moved the NCLT under Section 97(3) of Insolvency and Bankruptcy Code (IBC), seeking its intervention to direct the insolvency board to nominate a resolution professional (RP). The bank is aiming to recover a sizeable amount from the personal guarantees made by Anil Ambani on loans to Reliance Communications, said a bank official. from Banking/Finance-Industry-Economic Times https://ift.tt/2Yn9U...

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Bank unions demand regular sanitisation of branches, daily allowance during coronavirus pandemic

In a letter to the Department of Financial Services, the UFBU has said 11 bank employees have already died due to coronavirus and additional steps are needed to ensure safety of staff. from Banking & Finance – The Financial Express https://ift.tt/2MPHc...

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Union Bank rolls out new organisation structure

Union Bank of India, on Thursday, announced the roll out of its new, combined organisation structure that includes 18 zonal offices and 125 regional o from Business Line - Money & Banking https://ift.tt/3cSYB...

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SBI to divest 2.1% stake in SBI Life

State Bank of India (SBI), on Thursday, said the executive committee of its central board of directors has approved the divestment of 2.10 crore equit from Business Line - Money & Banking https://ift.tt/2AgZg...

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IRDAI asks insures to include telemedicine in health cover

Our BureauThe Insurance Regulatory and Development Authority of India (IRDAI) has asked insurers to allow telemedicine consultation in the terms and c from Business Line - Money & Banking https://ift.tt/3cZIM...

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Rating downgrades rise after outbreak of Covid: ICRA

Rating agency ICRA, on Thursday, said the pace of rating downgrades of its rated portfolio has accelerated while the upgrades have nearly dried up in from Business Line - Money & Banking https://ift.tt/30vR8...

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IDBI board approves appointment of Anshuman Sharma as Govt nominee director

IDBI Bank on Thursday said its board has approved the appointment of Anshuman Sharma as government nominee director with effect from June 11.“The Bo from Business Line - Money & Banking https://ift.tt/3dO8K...

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Banks to turn cautious on retail loans due to COVID impact: Report

The lenders will prefer the low-risk home loans segment for their retail credit growth, but demand for such credit is set to decline the most as houses become unaffordable and the economic conditions make one defer purchases, it said. from Banking/Finance-Industry-Economic Times https://ift.tt/2XTvb...

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IDBI Bank's board approves appointment of Anshuman Sharma as government nominee director

IDBI Bank is now being categorised as a private sector lender after majority stake acquisition by LIC. In January 2019, the insurance behemoth had completed acquisition of 51 per cent controlling stake in the then public sector IDBI Bank, making it the lender's majority shareholder. from Banking/Finance-Industry-Economic Times https://ift.tt/2UxXj...

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RBI Governor meets CRA chiefs to assess macroeconomic situation

The Reserve Bank of India (RBI) Governor held a meeting on Thursday with the chiefs of Credit Rating Agencies (CRAs) to get their assessment of the ma from Business Line - Money & Banking https://ift.tt/2AXBW...

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‘Investing for impact is not optional; it is the only way’

Businesses that make a positive economic and social contribution will be handsomely rewarded by investors and the markets from Business Line - Money & Banking https://ift.tt/30yhc...

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Bajaj Allianz Life appoints Santanu Banerjee as CHRO

Banerjee will lead the HR function and will be responsible for strategic direction of people management, including talent acquisition, training and development, performance management, organisational effectiveness, and succession planning. from Banking/Finance-Industry-Economic Times https://ift.tt/3hkp0...

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Lessons from the Fed’s lending programme for small- and mid-sized businesses

Capitalisation of interest costs, deferment of principal payments, credit risk-based assessment of borrowers’ loan limit, and low risk retention by lenders are key positives from Business Line - Money & Banking https://ift.tt/30xIE...

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Freecharge to work on financial services business

SurabhiFreecharge plans to turn into a complete digital financial services player and will focus more on secured lending products in the current econo from Business Line - Money & Banking https://ift.tt/30sJY...

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Open-ended debt funds particularly susceptible to a ‘run risk’, says RBI study

To address the risks and spillovers faced by mutual funds, the markets regulator should consider bringing in a stipulation that the ratio of governmen from Business Line - Money & Banking https://ift.tt/3feyc...

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Cash withdrawal from ATMs dips in April

Cash withdrawals from automated teller machines (ATMs) nearly halved to about ₹1.27 lakh crore during April, mainly on account of the impact of the from Business Line - Money & Banking https://ift.tt/2BVDo...

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Bad bank idea finds little support from RBI, govt

A senior government official said that the move will only mean a transfer from the state-run lenders to a new entity, which can be done even now given the large number of asset reconstruction companies that are in the market. “Such transactions often lack transparency as the valuations raise questions,” the official said. from Banking/Finance-Industry-Economic Times https://ift.tt/30vlw...

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SBI to recruit CFO; offers annual package of ₹1 cr

The country’s largest lender State Bank of India (SBI) has invited applications from eligible candidates for the post of Chief Financial Officer (C from Business Line - Money & Banking https://ift.tt/30shv...

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RBI net seller of dollars in April, offloads $1.14 bn

The Reserve Bank of India (RBI) was a net seller of the US currency to the tune of $1.142 billion in the first month of this fiscal, according to cen from Business Line - Money & Banking https://ift.tt/2Yn3q...

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Net financial assets of households climb to 7.7 per cent of GDP in FY20: RBI study

Was recorded to be 6.5 per cent of GDP in FY19 from Business Line - Money & Banking https://ift.tt/2AWOH...

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Moderation in growth, asset quality pressures to hit affordable housing finance companies: Icra

Icra expects the impact of the pandemic on the livelihood of the end borrowers to be severe, leading to asset quality-related issues for these players. from Banking & Finance – The Financial Express https://ift.tt/3dN7W...

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Spreads on foreign currency bonds slim to pre-Covid levels

Dollar bonds of SBI that were trading at a spread of 390 bps over corresponding benchmark in mid-April were recently trading at a spread of 260 bps. from Banking & Finance – The Financial Express https://ift.tt/37mgu...

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State Bank of India to hold virtual AGM on June 17

Shareholders can participate in the ensuing general meeting for the election of directors through VC/OAVM, which may not require physical presence of members at a common venue. from Banking & Finance – The Financial Express https://ift.tt/3hg9g...

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HDFC Bank, BoB, Union Bank of India cut MCLR

The largest bank State Bank of India (SBI) had earlier announced 25 bps cut in MCLR, effective June 10.The one-year MCLR of SBI came down to 7% rom 7.25% earlier. from Banking & Finance – The Financial Express https://ift.tt/2Ux1z...

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SBI to hold virtual general meeting on June 17

In April, the corporate affairs ministry and market regulator Sebi had allowed companies to conduct their AGM/EGM through video conferencing or other audio visual means during the year due to the COVID-19 restrictions. from Banking & Finance – The Financial Express https://ift.tt/2BOfx...

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All kind of loans and contractual transactions can't be put under moratorium: SEBI to SC

SEBI filed an affidavit in this regard in the apex court which had sought its stand on a plea which sought a clarification on whether the RBI's circular regarding moratorium on loan repayment amid the pandemic applies to Non-Banking Financial Corporations (NBFCs) and if real estate firms are eligible for it. from Banking/Finance-Industry-Economic Times https://ift.tt/3hlJz...

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Lakshmi Vilas Bank appoints B K Manjunath as non-exec, independent director

New Delhi, Jun 10 () Lakshmi Vilas Bank (LVB) on Wednesday said it has appointed B K Manjunath as its non-executive and independent director. from Banking/Finance-Industry-Economic Times https://ift.tt/3dRbJ...

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HDFC hosts online property show in Delhi NCR region

Plans another event for Mumbai from Business Line - Money & Banking https://ift.tt/2UrdM...

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Bank of Baroda, Union Bank of India reduce lending rates

Bank of Baroda has revised its one-year MCLR to 7.65 per cent from 7.80 per cent, a release said. In a separate release, UBI said its one-year MCLR has been reduced to 7.60 per cent from 7.70 per cent. from Banking/Finance-Industry-Economic Times https://ift.tt/37mpj...

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YES Bank scrip gains over 2% as Madhu Kapur and family withdraw case from Bombay HC

Our BureauShares of YES Bank closed nearly 2 per cent higher on the BSE on Wednesday after Madhu Kapur and other family members withdrew a case agains from Business Line - Money & Banking https://ift.tt/2XN70...

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Contactless banking, remote working to witness increased demand in times of Covid-19, says Deloitte

There will be increasing preference for contactless banking and remote working due to the Covid-19 outbreak, according to Deloitte Touche Tohmatsu Ind from Business Line - Money & Banking https://ift.tt/2ApuU...

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Infra push: Centre infuses ₹5,297.60 crore capital in IIFCL

The Centre has infused ₹5,297.60 crore into the equity capital of infrastructure lender India Infrastructure Finance Company Ltd (IIFCL).This capital from Business Line - Money & Banking https://ift.tt/30tCL...

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PNB collected Rs 268 cr as ATM transaction charges, annual maintenance fee in FY20

Punjab National Bank collected around Rs 268 crore as ATM transaction charges and annual maintenance fee on debit cards during 2019-20 fiscal, according to an RTI reply. from Banking/Finance-Industry-Economic Times https://ift.tt/30EZQ...

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PNB collected Rs 268 cr as ATM transaction charges, annual maintenance fee in FY20

The public sector lender collected Rs 152.88 crore from customers by levying annual maintenance charges (AMC) on debit cards. from Banking & Finance – The Financial Express https://ift.tt/30uoU...

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Overseas borrowing of NBFCs zooms 100% in FY20

Narayanan VEven as fundraising in the domestic market continued to pose a challenge for non-banking financial companies (NBFCs), the overseas borrowi from Business Line - Money & Banking https://ift.tt/30pvN...

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HDFC Bank cuts MCLR by 5 bps

HDFC Bank has cut its marginal cost of funds-based lending rate (MCLR) by 5 basis points (bps) across tenors. The rate cut is effective from Monday from Business Line - Money & Banking https://ift.tt/3hbKl...

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Union Bank cuts MCLR by 10 bps

Union Bank of India has decided to reduce its marginal cost of funds-based lending rate (MCLR) by 10 basis points across all tenors with effect from J from Business Line - Money & Banking https://ift.tt/37eYa...

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PMC Bank case: High Court seeks info on health condition of Wadhawans

Justice Bharati Dangre was on Tuesday hearing petitions filed byHousing Development and Infrastructure Ltd (HDIL) promoters Rakesh Wadhawan and his son Sarang Wadhawan, seeking bail on medical grounds. from Banking/Finance-Industry-Economic Times https://ift.tt/2Ym9i...

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Fitch sees revenue destruction of $8.5 trillion in global corporate portfolio by 2022

Our BureauThere could be a revenue destruction of $8.5 trillion in Fitch Ratings’ global corporate portfolio by 2022 based on its baseline coronavirus from Business Line - Money & Banking https://ift.tt/3cWjD...

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Share of protection business will go up due to Covid-19: Max Life MD

SurabhiLife insurance premium may have declined by nearly 30 per cent in the first two months of FY21, but Prashant Tripathy, Managing Director and CE from Business Line - Money & Banking https://ift.tt/30s4T...

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‘Karnataka Bank business to be muted in H1 due to economic slowdown’

Our Bureau Karnataka Bank is expecting business to be muted during the first half of FY21 due to economic slowdown across sectors.Thereafter, dependi from Business Line - Money & Banking https://ift.tt/2BSr8...

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Banks can use Covid-19 challenges to transform and prepare for future: Report

PwC India report says need to focus on five areas to be more effective and customer friendly from Business Line - Money & Banking https://ift.tt/3f99C...

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34.67% borrowers opt for moratorium benefits at Karnataka Bank

Our BureauAround 34.67 per cent borrowers by numbers and 46.62 per cent by value (loan amount) have opted for moratorium benefits in Karnataka Bank. T from Business Line - Money & Banking https://ift.tt/2znAT...

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SBI to have 8 standardised desks at retail branches

Move aimed at de-cluttering branches and improving customer service from Business Line - Money & Banking https://ift.tt/2AbJW...

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Commercial banks still risk averse: West Bengal FM Amit Mitra

GDP grew only 3.1% during the January to March quarter, and the Covid-19 worsened the situation. from Banking & Finance – The Financial Express https://ift.tt/2Uqzq...

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‘Mortgages’ share in asset securitisation market fell in FY20’

The total securitisation market was around Rs 2 lakh crore in FY20, almost the same as in the previous year. The volumes on a quarterly basis were more spread out during FY20 compared to FY19. In the last quarter of FY20, however, the volumes were down to 20% of the total annual volumes compared to 28% in FY19, due to Covid. from Banking & Finance – The Financial Express https://ift.tt/30xNN...

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Owning a vehicle to cost less as ‘forced’ covers go

India’s insurance regulator has withdrawn all long-term packaged third-party and own-damage policies that insured cars for three years and two-wheelers for five years, arguing that these covers were forced upon customers and raised the on-road prices of new vehicles. from Banking/Finance-Industry-Economic Times https://ift.tt/2XQFT...

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PSBs sanctions loans worth Rs 20,000 crore under emergency credit line guarantee scheme

The public lenders sanctioned Rs 1,109 crore worth of loans as of June 8 to 17 micro, small and medium enterprises hubs in 12 states under the ECLGS, according to a tweet by the minister's office. ​Of this amount, Rs 599.12 crore has been disbursed to 17,094 accounts, the update said. from Banking/Finance-Industry-Economic Times https://ift.tt/3hd4C...

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FM asks PSB chiefs to walk the extra mile for helping MSMEs

Banks told to keep forms simple, formalities limited from Business Line - Money & Banking https://ift.tt/2BHHX...

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Equitas Small Finance Bank hikes interest on saving account deposits — New rates

The bank has left rates on savings account deposits up to Rs 1 lakh at 3.5 per cent.  It has close to 6 lakh savings accounts. from Banking & Finance – The Financial Express https://ift.tt/3cGGC...

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IRDAI withdraws long-term motor cover for new cars, two-wheelers

G Naga Sridhar In a significant move, the Insurance Regulatory and Development Authority of India (IRDA) has withdrawn permission for motor long-term from Business Line - Money & Banking https://ift.tt/2AbGN...

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As digital lenders turn cautious, getting a personal loan is no more a child’s play

Getting a quick personal loan online to tide over the current financial crisis could prove to be difficult as many fintech digital lenders are turning from Business Line - Money & Banking https://ift.tt/2Ym2W...

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Empays Payment Systems partners Mastercard to enable contact-free ATM cash withdrawals

With this partnership, Empays will upgrade the basic technology behind the IMT Payment System to incorporate the requirements of Mastercard Cardless ATM enabling a true EMV-capable cash withdrawal transaction. from Banking/Finance-Industry-Economic Times https://ift.tt/3hdBd...

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Equitas Small Finance Bank hikes interest on saving account deposits

In order to attract deposits, small finance lender Equitas Small Finance Bank on Tuesday said it has increased the rate of interest on savings account having deposits between Rs 1 lakh to Rs 5 crore to 7 per cent per annum from 5.5 per cent. from Banking/Finance-Industry-Economic Times https://ift.tt/37fQQ...

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Life insurers record negative business growth yet again in May

Insurance industry saw a 25.3 percent year on year contraction in new business premium. However, leading companies, most notably Life Insurance Corp of India (LIC) saw some aspects of their business bounce back in the month as these companies shored up their digital distribution and outreach channels. from Banking/Finance-Industry-Economic Times https://ift.tt/3faAT...

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Paytm Payments Bank records 55% jump in PAT, capitalises on India’s growing digital banking space

Riding the wave of the growing usage of digital banking in India, the country’s largest payments bank, Paytm Payments Bank Limited, has announced a 55% jump in profit after tax as it registered profit for the second consecutive year. from Banking & Finance – The Financial Express https://ift.tt/30Br5...

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FM reviews progress credit scheme for MSMEs

Finance minister Nirmala Sitharaman on Tuesday held a review meeting on credit guarantee scheme with heads of public sector banks, and asked them to expedite loan disbursement under the Rs 3-lakh crore ECLGS for MSME sector, hit hard by coronavirus-induced lockdown. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2Aihq...

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Securitisation market expected to remain tepid in first half of FY21: ICRA

Our BureauThe securitisation market is expected to remain tepid in the first half (H1) of FY21 due to the uncertainties emerging from the Covid-19 pan from Business Line - Money & Banking https://ift.tt/2UqyA...

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Paytm Payments Bank posts net profit of ₹30 crore in FY20

Our BureauPaytm Payments Bank remained profitable for the second consecutive year in FY20 with a net profit of ₹29.8 crore. Its net profit amounted to from Business Line - Money & Banking https://ift.tt/30lBW...

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BCs want PSBs to automate micro loans processes

KR Srivats The time has come for public sector banks (PSBs) to make the entire lending processes around small-ticket loans (say ₹10,000 to ₹15,000) to from Business Line - Money & Banking https://ift.tt/3dNxl...

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Borrowing costs for NBFCs finally start to fall, helped by aggressive economic policies

The government in mid-May announced 3 trillion rupees ($39.7 billion) of collateral-free loans to the nation’s small businesses and a 750 billion rupee special credit line for the shadow banking sector. from Banking & Finance – The Financial Express https://ift.tt/30mD3...

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PhonePe launches domestic trip insurance with ICICI Lombard

With the lockdown ending and domestic travel gradually starting across the country, PhonePe, a digital payments platform, today announced the launch o from Business Line - Money & Banking https://ift.tt/2zfR7...

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Micro, tiny units with no access to bank loans left in lurch

Small and micro industrial units that have not availed finance support from banks find themselves in a Catch-22 situation.With the government making i from Business Line - Money & Banking https://ift.tt/3cIsd...

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Reverse remittances surge as migrantworkers in cities call home for money

Instances of migrant workers asking for money from home to buy a bicycle or plane ticketto travel back from the city are not one-off episodes witnesse from Business Line - Money & Banking https://ift.tt/2MESt...

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Empays Payment Systems partners with Mastercard for cardless ATMs

Touchless ATM technologies being worked out in post Covid situation from Business Line - Money & Banking https://ift.tt/2Usye...

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People are more aware about insurance in the wake of Covid-19 pademic: Survey

Health insurance purchases doubled between March and May this year compared to the same period in 2019 from Business Line - Money & Banking https://ift.tt/2YmLq...

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Negative perception, liquidity squeeze have pushed NBFCs to the brink: IIFL Finance chief

Starting with the collapse of IL&FS and now the Covid crisis, the risk aversion to the sector has risen further, says Nirmal Jain from Business Line - Money & Banking https://ift.tt/3dMsV...

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‘Bank credit growth may nosedive to 0-1% in FY21’

Retail lending, which is about a fourth of overall credit and was holding fort so far, is also expected to slide amid job losses and salary cuts that will lead to reduced expenditure on discretionary items, Crisil said. from Banking & Finance – The Financial Express https://ift.tt/30ted...

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‘Lenders can sell stressed assets only on cash basis’

The RBI has also mentioned that if the acquirer has no existing exposure to the borrower whose stressed loan account is acquired, the purchased stressed asset shall be classified a‘standard’ upon acquisition. from Banking & Finance – The Financial Express https://ift.tt/3dOEK...

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SBI seeks clarity on CFO qualifications

Currently, a deputy managing director holds interim charge of the position as SBI’s earlier full-time CFO, Prashant Kumar, was sent to Yes Bank as its chief executive officer in March this year and the lender wants clarity before making fresh appointments. from Banking/Finance-Industry-Economic Times https://ift.tt/2Yi1V...

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RBI may tweak norms for loan sales

Move to ease pandemic impact on stressed assets from Business Line - Money & Banking https://ift.tt/2YhG2...

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RBI proposes easier securitisation, loan sale guidelines

In the draft guildelines RBI said has modified the definition of securitisation to include single asset securities against the multiple asset securities allowed in the existing norms. from Banking/Finance-Industry-Economic Times https://ift.tt/2Ygnv...

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PNB scam: Court allows confiscation of Nirav Modi's assets

Special Judge V C Barde permitted the Enforcement Directorate (ED) to confiscate those assets owned by Nirav Modi that are not mortgaged or hypothecated to the PNB. The court, in its order, said the assets shall be attached by the ED under the provisions of the FEO Act within one month. from Banking/Finance-Industry-Economic Times https://ift.tt/2MCeB...

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State Bank of India slashes MCLR by 25 bps and EBR by 40 bps

SBI has slashed MCLR and the external benchmark rate by 25 basis points and 40 basis points respectively. from Banking/Finance-Industry-Economic Times https://ift.tt/2UnrP...

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PNB scam: Court allows confiscation of Nirav Modi’s assets

Special Judge V C Barde permitted the Enforcement Directorate (ED) to confiscate those assets owned by Nirav Modi that are not mortgaged or hypothecated to the PNB. from Banking & Finance – The Financial Express https://ift.tt/30mGb...

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Court allows confiscation of Nirav Modi's assets

In a first order of confiscation under the Fugitive Economic Offenders (FEO) Act, a special court Judge V C Barde on Monday directed that properties of Nirav Modi -- declared FEO last December -- be attached by the Enforcement Directorate (ED). However, it significantly exempted from the list, properties secured to Punjab National Bank (PNB) and a consortium of banks either through mortgage, hypothecation or personal guarantee. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News...

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IRDAI asks insurers to hasten processing of claims related to cyclone Nisarga

‘Hasten processing of Nisarga claims’All general insurers and standalone health insurers should take immediate steps to register and quickly dispose o from Business Line - Money & Banking https://ift.tt/3cNc1...

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Private banks delaying implementation of Rs 3-lakh crore MSME loan scheme: RSS-affiliated body tells FM

Lele said he informed the minister that prominent public sector banks like State Bank of India and Bank of India have started extending loans as per the scheme. But at the branch level, three-year projections of revenue and profitability are sought before sanction, he said. from Banking/Finance-Industry-Economic Times https://ift.tt/3dLuB...

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Bank credit growth will nosedive to 1% due to COVID-19 impact: Crisil

Domestic rating agency Crisil, which estimates bank credit growth to come at 0-1 per cent in this financial year, had earlier predicted it to expand by 8-9 per cent. from Banking & Finance – The Financial Express https://ift.tt/2AdF8...

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Soon, ‘Treasury Single Account’ for all ministries, departments

Move to minimise cost of borrowing, ensure better utilisation of funds from Business Line - Money & Banking https://ift.tt/2XI50...

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Credit to MSMEs: Tamil Nadu tops in sanctions, disbursals so far

PSBs have till June 5 sanctioned ₹17,705.64 crore and disbursed ₹8,320.24 crore, says Finance Ministry from Business Line - Money & Banking https://ift.tt/2A4lG...

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Bank credit growth will nosedive to 1 per cent due to COVID-19 impact: Crisil

Bank credit is an important factor illustrative of the general economic climate because it denotes aspects like the investments which are happening in a country or consumption of high-value items. Crisil expects a 5 per cent contraction in India's GDP for 2020-21. from Banking/Finance-Industry-Economic Times https://ift.tt/3f2B6...

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‘Bad Bank’ not a good idea without resolving these issues first, explains Uday Kotak

Unless issues such as transparency, recovery rate, transfer price, and governance, are resolved, bad banks can not give desired results. from Banking & Finance – The Financial Express https://ift.tt/3dINP...

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IL&FS sells 50% stake in GIFT City to Gujarat Government

Thus reducing consolidated debt by over ₹1,200 crore from Business Line - Money & Banking https://ift.tt/2UjoA...

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Housing finance firms comfortably placed to meet debt obligations: Report

Around 31 per cent of the HFCs' portfolio was under moratorium for two-three months as on April 30, 2020. Further, most of the HFCs have not applied for a moratorium from their lenders. from Banking/Finance-Industry-Economic Times https://ift.tt/3eZVq...

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Evolving co-lending model promises win-win benefits to all stakeholders

Though still early days, co-lending appears to offer win-win benefits to all stakeholders and the model is expected to gain momentum going forward.Ami from Business Line - Money & Banking https://ift.tt/30jyc...

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IOB cuts interest rates on loans

Our BureauChennai-headquartered Indian Overseas Bank has reduced interest rates on loans linked to MCLR by 30 basis points in overnight tenor and by from Business Line - Money & Banking https://ift.tt/3h5xc...

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October-December will be a testing quarter for banks: Union Bank chief

The third (October-December) quarter could be a testing one for banks as slippage in accounts which opted for moratorium between March 1 to August 31 from Business Line - Money & Banking https://ift.tt/3eVgN...

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Bad bank not a good idea unless key issues are addressed: Uday Kotak

"I think we have tried the bad bank in the past. If you recall when IDBI had challenges in the early 2000s, there was an IDBI SASF, which was created. A part of non-performing assets (NPAs) of IDBI were moved to that SASF," Kotak told in an interview. from Banking/Finance-Industry-Economic Times https://ift.tt/2MD8N...

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The next googly is difficult to predict: Federal Bank chief

The bank is padded up for the tough overs and is set to open 2021 more confidently, says Shyam Srinivasan from Business Line - Money & Banking https://ift.tt/2MG60...

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Infibeam buys out corporate credit cards firm Cardpay in all-share deal

Financial technologies solutions provider Infibeam Avenues Ltd on Monday said it has acquired a 100 per cent stake in Bengaluru-based Cardpay Techno from Business Line - Money & Banking https://ift.tt/30kSN...

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Bharti AXA Life renewal premium up 17 per cent

New business premium declines due to Covid-19 induced shortfall in March from Business Line - Money & Banking https://ift.tt/3cIq9...

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A niche Indian loan market hasn’t been this quiet in 14 years

Growth in bank credit to firms has slowed overall in India this year amid the pandemic. The part of the market where banks join together in syndication to extend funds is only a small part of the overall pool. But the fact that it has almost entirely dried up is another sign that lenders are hesitant to provide funding, as they brace for increased bad loans. from Banking/Finance-Industry-Economic Times https://ift.tt/3eY8n...

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Complete IBC suspension for defaults may hurt creditors

The ordinance passed by the government on Friday said that "no application shall ever be filed" for insolvency proceedings on default on or after March 25. It also has a provision to extend the ban on filing new cases up to one year. from Banking/Finance-Industry-Economic Times https://ift.tt/3cMMn...

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Guardians of the world economy stagger from rescue to recovery

The world’s governments and central banks are shifting from rescue to recovery mode as the deepest slump since the Great Depression shows signs of bottoming out. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/3czRk...

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HDFC Bank nets 2.5 lakh new customers through instant account opening in lockdown

Despite the lockdown, the largest private sector lender HDFC Bank has been able to add 2.5 lakh new customers in the last 40 days through an online facility which helps open savings accounts instantly. from Banking/Finance-Industry-Economic Times https://ift.tt/30fD1...

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HDFC Bank nets 2.5 lakh new customers through instant account opening in lockdown

Despite the lockdown, the largest private sector lender HDFC Bank has been able to add 2.5 lakh new customers in the last 40 days through an online facility which helps open savings accounts instantly. from Banking & Finance – The Financial Express https://ift.tt/2z8y0...

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Indian Overseas Bank cuts MCLR by up to 30 basis points

The sector lender Indian Overseas Bank (IOB) has cut marginal cost of funds based lending rate (MCLR) by up to 0.30 per cent across all tenors, which from Business Line - Money & Banking https://ift.tt/2Ujq7...

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Getting an online personal loan may not be easy

Many fintech, digital lenders turn extra cautious in economic slowdown from Business Line - Money & Banking https://ift.tt/3dH3T...

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Indian lenders need capital to face virus, says Uday Kotak

A legacy of bad loans, a shadow banking implosion and a historic bank bailout in March have left Indian lenders weakened coming into the lockdown, which has stalled the economy and led to a surge in unemployment. from Banking/Finance-Industry-Economic Times https://ift.tt/3f2p7...

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