Irdai asks insurers to offer corona standard policy by July 10

The sum insurances for COVID Standard Health Policy could range from Rs 50,000 to Rs 5 lakhs (in multiples of Rs 50,000). The nomenclature of the product should be 'Corona Kavach Policy', succeeded by name of insurance company, the regulator said.

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SBI working on setting up e-commerce portal for MSMEs: Rajnish Kumar

"This is one of the things that MSME Minister Nitin Gadkari once mentioned about Bharat Craft where SBI will develop this platform. We are very much dwelling on the subject. It requires a lot of elements to be put together. It is definitely on our radar and we are going to do it," Kumar said.

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Bharat Craft: SBI working on setting up e-commerce portal for MSMEs

MSMEs share in the country's GDP and employment it has generated currently stands at 29 per and around 11 crore people that the government is looking to increase to 50 per cent and 15 crore people in the coming five years, the minister had said.

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RBI extends enhanced borrowing limit under MSF till Sep 30

On March 27, the minimum daily maintenance of the CRR was reduced from 90 per cent of the prescribed CRR to 80 per cent till June 26, 2020. 

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ECLGS: Private banks will soon catch up with PSBs, says Uday Kotak

Sees the scheme that provides 20 per cent additional working capital to eligible MSMEs gain momentum in the next few weeks

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AINLIEF questions bid to list LIC in stock markets

The All India National Life Insurance Employees Federation, affiliated to the INTUC, said that it strongly opposes the move of the Centre to list LIC

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Yes Bank allows full-service savings account opening online

Yes Bank its allowing customers to open a full-service digital savings account without branch visits using eKYC. This will alow customers to open an account from anywhere in the country during the lockdown without having to provide any physical documents at the branch.

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Govt announces launch of 7-year floating rate savings bonds

The Government has announced the launch of seven-year Floating Rate Savings Bonds, 2020 (Taxable) scheme commencing from July 1. The coupon on January

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Covid-19: IRDAI asks insurers to offer `Corona Kavach’ policy on or before July 10

Homecare treatment costs are included

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RBI extends CRR relaxations till September 25

The Reserve Bank of India (RBI) has extended the relaxation relating to maintenance of cash reserve ratio (CRR) by all scheduled banks for a further p

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IDBI Bank’s board approves 27 per cent stake sale in IDBI Federal Life Insurance Company

Ageas and Federal Bank will increase their stake in IFLI by 23 per cent (to 49 per cent) and 4 per cent (to 30 per cent), respectively with IDBI Bank will have 21 per cent stake in IFLI, post-stake sale

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Cooperative banks come under supervision of RBI; President Ram Nath Kovind promulgates new ordinance

The new rules will be applicable to both 1,482 urban cooperative banks and 58 multi-state cooperative banks, assuring 8.6 crore depositors that their money - amounting to Rs 4.84 lakh crore - will stay safe.

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Yes Bank launches full service digital savings account

Private sector lender Yes Bank has launched a full service digital savings account which would ensure physical distancing and eliminate the need for

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Centre promulgates ordinance to bring co-operative banks under RBI supervision

The Ordinance seeks to protect the interests of depositors and strengthen cooperative banks by improving governance and oversight.

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S&P downgrades ratings of four NBFCs

Global rating agency Standard and Poor’s has downgraded ratings on four non-bank finance companies including Bajaj Finance, Shriram Transport Finance,

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COVID-19 disruption an opportunity for firms to re-strategise: UBI chief

The Union Bank chief also said small and medium enterprises (SMEs) have real opportunities to plug into the global supply chain as more companies seek to diversify sourcing inputs.

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President promulgates ordinance to bring co-operative banks under RBI supervision

​​ The Ordinance amends the Banking Regulation Act, 1949 as applicable to cooperative banks, an official statement said on Saturday. The amendments do not affect existing powers of the State Registrars of Co-operative Societies under state co-operative laws, it added.

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EMI Moratorium: Banks a tad cautious in round two – status so far

Bank of India, which has provided a moratorium to 41% of its customers, said borrowers are choosing to pay up.

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SC dismisses anticipatory bail plea of DHFL promoters in YES Bank case

The Supreme Court, on Friday, dismissed the anticipatory bail pleas of DHFL promoters Dheeraj Wadhawan and Kapil Wadhawan in a money-laundering case o

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Banks undertake stress tests to assess impact of Covid on NPAs

Banks have undertaken stress tests to assess the level of bad loans or non-performing assets (NPAs) caused due to economic slowdown triggered by the o

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‘Put your head down and play the difficult over, and there will be opportunities to score fours and sixes’

The Covid-19 pandemic has posed a fresh set of challenges to the already slowing Indian economy as well as to the financial services sector, which has

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Banks eye one-time settlement route to recover bad loans

K Ram Kumar“When one door closes, another opens…,” AG Bell, the great inventor, scientist and engineer once said. This adage is probably relevant for

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S&P downgrades ratings of Axis Bank, puts Indian Bank on Credit Watch

Our BureauGlobal rating agency Standard and Poor’s, on Friday, lowered the ratings of private sector lender Axis Bank as it believes the economic ris

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UCO Bank hopeful of coming out of RBI’s PCA framework; posts Q4 profit of ₹17 crore

UCO Bank is hopeful of coming out of the Prompt Corrective Action (PCA) measure of Reserve Bank of India as it has complied with all key parameters re

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South Indian Bank posts profit of ₹105 crore in FY20

South Indian Bank has reported a net profit of ₹105 crore for FY20 against ₹248 crore in the previous year.The decline came as a result of MTM (Marked

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Standard health cover Arogya Sanjeevani sales picking up: IRDAI Chief

The country’s first standard health cover policy, Arogya Sanjeevani, is gaining ground and is expected to see traction in sales going forward.Followin

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Kerala HC to take up SBI appeal on July 1 NPS rollout

The Kerala High Court is expected to take up on July 1 a writ appeal filed by the State Bank of India against a judgment in an original petition by th

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Digital India: UPI payments rebound to all-time high after sharp decline; IMPS, FASTag also soar

National Payments Interface Corporation of India’s inter-bank transaction platform UPI has touched record high in June after a sharp decline in April amid coronavirus lockdown.

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Insurance tech start-up Bima Mandi aims to serve over 40 lakh customers in next 10 years

Insurance tech start-up Bima Mandi intends to serve more than 40 lakh rural customers across 125 districts and 1,000 villages in the next 10 years. Th

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Banks go for stress test to assess impact of Covid-19 on NPAs

Banks have undertaken stress tests to assess the level of bad loans or non-performing assets (NPAs) caused due to economic slowdown triggered by the outbreak of COVID-19, sources said.

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UCO Bank Q4 net profit at ₹16.78 crore as NPAs drop

Public sector lender UCO Bank on Friday reported net profit of ₹16.78 crore for the fourth quarter ended March 31, 2020, mainly due to fall in NPA an

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RBI’s central board meets to take stock of economic situation

The Reserve Bank of India’s central board, on Friday, took stock of the current economic situation and the evolving challenges posed by the Covid-19 p

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PhonePe partners with ICICI on UPI Multi-Bank

The new version of the app to add or create ICICI Bank’s UPI ID will be gradually rolled out to the users in the coming weeks

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HC queries Centre, RBI on different treatment to PMC Bank depositors vis-a-vis Yes Bank

The court noted that as per a March notification issued by the Centre, the RBI as well as the central government had a crucial role to play in the decision taken to permit, firstly, the Yes Bank Limited Reconstruction Scheme 2020 being brought into play and, secondly, to have it funded.

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Banks seek fintech help to go digital as customers demand better cash management

Rigid liquidity structures, fixed product setup, with limited or no cross-border, cross-currency capabilities, coupled with batch-based payments processing, can cripple the complex liquidity flows of corporates.

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Sensex rises 329 points to close at 35,171

Equity indices finished higher on Friday with the benchmark BSE sensex rising over 300 points led by gains in IT and bank stocks amid positive cues from global markets. The 30-share BSE index surged 329 points or 0.94 per cent to close at 35,171; while the broader NSE Nifty finished 94 points or 0.91 per cent higher at 10,383.

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‘Access to funds a major challenge for MSMEs’

LN RevathyInternational MSME Day 2020 is more of a sombre occasion requiring introspection instead of celebration. The pandemic has thrown the world e

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Money in Swiss banks: India at 77th place, accounts for just 0.06% of all foreign funds

India has moved down three places to 77th rank in terms of money parked by its citizens and enterprises with Swiss banks at the end of 2019, while the UK has retained its top position, as per the latest data from Switzerland's central bank.

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Karnataka Bank board members opt for cut in sitting fees

Our Bureau The directors on the board of Karnataka Bank have decided to take a cut in their sitting fees for board and committee meetings as one of th

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If not for provisions, we would have reported ₹200 crore in profit: Bank of Maharashtra chief

Bank of Maharashtra (BoM) would have posted higher profit in the fourth quarter of FY20, but for the conscious decision to ramp up provisions towards

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Arohan Financial Services looking to raise ₹500 crore in PE funding

Kolkata-based microfinance institution (MFI) Arohan Financial Services Ltd is looking to raise close to ₹500 crore through the private equity route i

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Bank of India posts net loss of Rs 3,571 crore on extra provisioning in Q4

Net interest income (NII) during the quarter declined 6.2% y-o-y to Rs 3,793 crore. Similarly, interest margin (NIM) declined by 3 basis points (bps) compared to the same quarter in the last year.

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Now, RBI can frame a ‘reconstruction scheme’without imposing moratorium on withdrawals

Call this a fallout of the recent YES Bank debacle and its subsequent rescue episode. The Centre has now decided to empower the Reserve Bank of Indi

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Indians' money in Swiss banks fall 6% in 2019

Funds parked by Indian individuals and enterprises in Swiss banks, including through India-based branches, fell nearly 6 per cent in 2019 to 899 million Swiss francs (Rs 6,625 crore), annual data from Switzerland's central bank showed on Thursday.

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CBI chargesheets Rana Kapoor, Kapil Wadhawan in YES Bank fraud case

Our BureauThe Central Bureau of Investigation has filed a chargesheet against Rana Kapoor, Kapil Wadhawan and their kin in the YES Bank fraud case.A

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IOB posts ₹144-crore net profit in Q4

Our BureauIndian Overseas Bank (IOB) has reported a turnaround in its operations as the Chennai-headquartered PSB posted a net profit of ₹144 crore (

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IRDAI sets up panel on insurance for use drones

The Insurance Regulatory and Development Authority of India (IRDAI) has formed a working group to suggest insurance products covering the various ris

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Exim Bank profit rises 51% in FY20

Our BureauExport-Import Bank of India (Exim Bank) reported a 51 per cent increase in net profit at ₹124 crore in the year ended March 31, 2020, agains

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UCO Bank says 25-30 per cent of borrowers opted for moratorium

Public sector UCO Bank said on Thursday that 25 to 30 per cent of its borrowers have opted for the moratorium which was allowed by the Reserve Bank o

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Yes Bank, UDMA Technologies launch digital wallet Yuva Pay

Yes Bank announced on Thursday the launch of ‘Yuva Pay, a digital wallet, in partnership with UDMA Technologies to enable contactless payments. Throu

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Bank of India posts net loss of ₹3,571 crore in Q4 on sharp rise in loan-loss provisions

Bank of India (BoI) slipped into the red, reporting a net loss of ₹3,571 crore in the fourth quarter ended March 31, 2020, due to a sharp rise in loan

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Bank of India reports Q4 loss at ₹3,571 cr

Bank of India on Thursday reported a standalone net loss of ₹3,571.41 crore for the quarter ended March 31, 2020 due to higher provisions for bad loa

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IOB back in black, posts ₹143.79 cr net profit in Q4

Indian Overseas Bank (IOB) swung into black, posting a net profit of ₹143.79 crore in the quarter ended March 2020 as bad loans declined significant

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Dvara KGFS sets fund-raising target of ₹600 crore for FY21

Dvara KGFS, a non-banking finance company focusesd on financial inclusion, has set a fund-raising target of ₹600 crore under debt route for FY21, to m

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RBI staff union hails proposed ordinance on co-operative banks

The All-India Reserve Bank Employees’ Association (AIRBEA) has welcomed the decision of the Union Cabinet to promulgate an ordinance to bring the 1,48

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Bharti AXA Life rolls out combo product in Covid-19 times

New product ‘Health and Life Secure’ has been built ‘grounds up’ based on survey findings, says Bharti Enterprises COO Nangia

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Yes Bank-UDMA Technologies launches digital wallet Yuva Pay

Besides, insurance renewal, fastag recharge, EMI payment, school fee can be paid through the facility, the bank said in a statement.

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Payments made via Google Pay fully protected: NPCI

Our Bureau Google Pay operates under the UPI framework of the National Payments Corporation of India and is classified as Third Party App Provider (TP

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Federal Bank to buy additional 4 per cent stake in IDBI Federal Life Insurance

Will buy additional stake for over Rs 80 crore

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Private banks: RBI to be allowed to frame reconstruction scheme without putting moratorium in public domain

Call this a fallout of the recent YES Bank debacle and its subsequent rescue episode. The Centre has now decided to empower the Reserve Bank of India

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RBI guidelines on digital lending to help borrowers

RBI directs banks, NBFCs and digital lending platforms to adhere to the Fair Practices Code in letter and spirit

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The ‘threat’ posed by 96,000 rural co-operatives outside RBI compass

Ordinance to bring urban co-ops under RBI regulation is welcome, but the large number of rural co-ops outside its purview is cause for concern

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Signs of cost benefits from mega PSU bank consolidation

Financial results of PNB, Canara Bank, UBI and Indian Bank reveal scale, synergy improvements

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Govt steps in to avoid another PMC Bank like fiasco, aims to ensure proper regulation of co-op banks

The government on Wednesday fast-tracked its plan to protect the interest of small depositors by deciding to bring urban as well as multi-state co-operative banks under regulations of the Reserve Bank of India.

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HDFC Bank very well placed to tide over COVID-19 crisis: Aditya Puri

The COVID-19 pandemic and the subsequent lockdown to curb its spread has created unprecedented challenges for the economy and also the financial sector. 

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Google Pay says its transactions are safe; assures users of not violating law

The spokesperson noted that all transactions made via Google Pay are fully protected by redressal processes laid out by applicable guidelines.

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GIC Q4 net profit surges to ₹1,197 crore

State-run GIC Re saw its net profit nearly double to ₹1,197.41 crore in the fourth quarter of 2019-20 as against ₹603.37 crore in the same period a ye

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Tamilnad Mercantile Bank reports 58% rise in net profit

Focus on CASA growth will continue: MD and CEO KV Rama Moorthy

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HDFC Bank well placed to ride out Covid-19 storm: Aditya Puri

Aditya Puri, MD and CEO of HDFC Bank, believes the lender is well placed to ride out the Covid-19 storm and will continue to focus on priorities such

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Karur Vysya Bank’s Q4 net up 40%

Karur Vysya Bank has reported a 40 per cent increase in its net profit for the quarter ended March 2020, up from ₹60 crore to ₹84 crore.The operatin

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Canara Bank Q4 loss widens to ₹3,208.31 cr on heavy provisioning

Our Bureau Canara Bank’s loss on consolidated basis in the fourth quarter (FY20) widened to ₹3,208.31 crore due to provision for Diwan Housing, harmo

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NBFC-MFIs to begin fresh lending only after expiry of moratorium

The total estimated collective disbursements by NBFC-MFIs up to September could merely be Rs 2,884 crore, Microfinance Institutions Network (MFIN) said in a report. This is significantly less than the average disbursements of around Rs 6,600 crore per month seen in FY20.

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RBI asks banks, NBFCs to disclose digital lending agents upfront

To make digital lending more transparent, the Reserve Bank on Wednesday directed banks, NBFCs and digital lending platforms to disclose full information upfront on their websites to customers.

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Co-operative banks to be brought under RBI supervision

The government on Wednesday said all cooperative banks and multi-state co-operative banks will come under the supervision of the Reserve Bank of India, a development aimed at providing comfort to depositors of these banks. There are about 1,482 crore urban cooperative banks and 58 multi-state co-operative banks with a depositors base of about 8.6 crore.

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Navi launches lending app for instant personal loans

Sachin Bansal co-founded Navi has launched Navi Lending App for instant personal loans up to ₹5 lakh. “Aimed at Indians in the middle-income segment w

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Aye Finance raises ₹210 crore in Series E round led by CapitalG

Aye Finance, an MSME sector lender, has raised ₹210 crore in Series E funding led by CapitalG, Alphabet’s independent growth fund. The round also saw

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Relief for depositors: Ordinance brings cooperative banks under RBI supervision

Cabinet also approves 2% subvention for ‘Shishu’ mudra loans

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Outsourcing of financial services: RBI raises concerns over non-transparency in digital transactions

The Reserve Bank of India (RBI) has raised concerns regarding non-transparency in transactions and violation of extant guidelines on outsourcing of fi

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Cooperative banks to be brought under RBI supervision

Urban cooperative banks and multi-state cooperative banks will be brought under the RBI supervision process applicable to commercial banks, Information and Broadcasting Minister Prakash Javadekar said while briefing media about the Cabinet decisions.

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Lenders prepare for rise in gold loan demand in FY21

​​Gold loans are a quick way for people to access cash when other avenues are not open," said CVR Rajendran, CEO at CSB Bank. Gold loans also are less risky for lenders as rising gold prices means the loan to value ratio is always kept in check.

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Ability of DHFL to remain a ‘going concern’ depends on outcome of resolution process: Auditor

Our BureauThe ability of troubled Dewan Housing Finance Corporation (DHFL) to remain a ‘going concern’ will depend on the resolution process, its audi

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DHFL auditor reports fair value loss of ₹18,853 cr, mismatch of ₹3,018 cr, ICD dues of ₹3,786.24 cr

According to the recent auditing report of Dewan House Finance Corporation (DHFL), a company which is under a moratorium, DHFL has a fair value loss o

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Extended suspension of IBC may lead to riskier behaviour among firms: Study

Even as the Centre has temporarily suspended the Insolvency and Bankruptcy Code (IBC) due to the current economic crisis following the Covid-19 pandem

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Nothing should threaten safety, dignity of bank employees: Sitharaman on banker assault

A day after an assault on a female staff within bank premises in Surat, finance minister Nirmala Sitharaman on Wednesday said nothing should threaten the safety and dignity of bank employees and that she will closely follow the matter.

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Nothing should threaten safety, dignity of bank employees: FM on banker assault

Taking to twitter, Sitharaman said her office has spoken to Commissioner of Police, Surat City, R B Brahmbhatt, who has assured her that the accused constable shall be suspended immediately.

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Short-term Covid-19 policy: Pricing, unpredictability key challenges for insurers

The decision of the insurance regulator to permit specific, short-term health insurance products for Covid-19 treatment is timely. It will go a long w

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Savers’ plight: Interest rates across bank deposits, small savings at multi-decade low levels

With the RBI cutting its policy repo rate sharply over the past few months amid growing pandemic concerns, banks, too, have been wielding the scissors

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Bank of Baroda posts Q4 net profit of Rs 506 crore

Bank of Baroda on Tuesday reported a standalone net profit of Rs 506.59 crore for the March 2020 quarter. The bank had posted a net profit of Rs 991.37 crore in the January-March quarter of the preceding fiscal ended March 2019. The figures for the quarter are not comparable year-on-year due to amalgamation of Vijaya […]

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IRDAI allows specific short-term health cover for Covid-19

The Insurance Regulatory and Development Authority of India (IRDAI) has on Tuesday allowed specific short-term health insurance policies for Covid-1

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YES Bank sells 2.84% stake in SICAL Logistics in tranches

Our BureauPrivate sector lender YES Bank, on Tuesday, said it has sold 16.61 lakh equity shares of SICAL Logistics amounting to 2.84 per cent stake.“Y

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PNB expects to complete technology integration of OBC, United Bank of India by March

The losses were mainly due to provision against bad loans, he said, without giving numbers as they have not been made public.

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India retains its position as 3rd-largest economy on PPP basis for 2017

India has retained and consolidated its position as the third-largest economy after China and the US in terms of purchasing power parity (PPP) for 2017, said the government on Tuesday quoting the World Bank data.

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Small finance banks emerge as job creators amid coronavirus pandemic

These lenders are in the process of raising staff strength by 5-10% in the next three-four months, although several others in the sector might be more circumspect. The new workforce will largely be deployed for client servicing and to boost repayment, people familiar with the matter said.

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PNB expects to complete technology integration of OBC, United Bank of India by March

With the merger, the bank now has about 11,000 branches, more than 13,000 ATMs, one lakh employees and a business mix of over Rs 18 lakh crore. Total domestic business of PNB at the end of March 2020 stood Rs 11.81 lakh crore.

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RBI extends ‘special liquidity window’ for YES Bank by another three months

K Ram Kumar / SurabhiIn further support to private sector lender YES Bank, the Reserve Bank of India is understood to have extended the special liquid

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PPF, NSC, other small savings schemes may see further reduction in interest rate

Small savings schemes such as PPF and NSC are likely to see further reduction in interest rate. New rates for the three months period starting July 1

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ICRA downgrades YES Bank Tier II bonds to D after RBI bars interest payment

Rating agency ICRA, on Tuesday, downgraded the Basel II-compliant Upper Tier II bonds of YES Bank to D. The development comes in the backdrop of the R

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Amid Q4 loss, Indian Bank reports good performance in FY20

Even as the public sector lender Indian Bank reported an increase in net loss in the 4th quarter of FY20, its net profit zoomed 134 per cent for the f

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Convergent Finance invests $14 mn in Jyoti Foods

Jyoti serves a wide range of customers within the food services, quick-service restaurants (QSRs), cloud kitchens and cinemas. Set up in 2005, the company has clientele including Subway, Rebel Foods, Cinepolis, Chili's, Holiday Inn among others, across 150 plus cities in 25 states across the country.

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No interim stay on RBI order cancelling co-op bank's license

The Bombay High Court has refused to grant an interim stay on operation of the order passed by the Reserve Bank of India cancelling the license of the CKP Co-op Bank and observed that there was no fundamental error in the decision.

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Karnataka Bank to take decision on raising capital at the appropriate time: CEO

Our BureauKarnataka Bank has said that it may go ahead with its decision to raise capital once it is convinced about the right price. This has been m

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Aditya Birla Sun Life plans G-Sec-linked guarantee product

Sees protection and guarantee products as growth drivers

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Online shopping, contactless payments here to stay: Mastercard survey

Our Bureau More consumers are moving to e-commerce with concerns over hygiene and prefer contactless payments in the wake of the coronavirus pandemic,

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Federal Bank gets board nod to raise up to ₹12,000 cr

Federal Bank on Tuesday said it plans to raise up to ₹12,000 crore, majority of which is targeted to come through borrowing instruments. The board

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About 70% of the people who can afford health insurance don’t have it: Bajaj Allianz General Insurance head Tapan Singhel

The Covid-19 led economic crisis will not lead to a shrinking of business for the general insurance industry, believes Tapan Singhel, Managing Directo

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RBI extends special liquidity window for YES Bank by another three months

Providing further support to private sector lender YES Bank, the RBI is understood to have extended the special liquidity window. According to sour

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Pension fund FDI cap proposed at 49%

Curbs recommended on investments from neighbouring nations

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Ransomware allegedly hits Indiabulls Group: Cyble

The current data leak includes snapshots of highly sensitive bank-related documents of the company such as account transaction details, vouchers, letters sent to bank managers, and much more.

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Bank deposits surge, but not because common man saved more; check whose money it is

While the bank deposits are on a rise, the growth of credit off-take from the banks has almost halved.

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ECLGS: Private banks too do some heavy lifting, reveal Finance Ministry data

Aggregate loan sanctions by PSBs and private banks at ₹75,426.39 crore; disbursements at ₹32,894.86 crore

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India cannot become fully digital if all transactions remain free of cost: G Padmanabhan, former RBI executive director

G Padmanabhan, former executive director of the Reserve Bank of India, said that for digital transactions to really zoom in this country, there is a need to provide convenience for customers.

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RBI asks lenders to submit analysis on COVID-19 impact

This would also involve building and reporting worst-case scenarios on asset quality and capital requirements, one person said. Lenders said there could be a one-time restructuring after the regulator studies the extent of potential damage.

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After CERT-In, now RBI warns consumers of phishing scams

"In recent days there are reports of users falling prey to fraudsters who are luring them on fictitious pretexts, such as alleged completion of KYC requirements, impersonating identities and websites of banks and payment system operators, etc,” the central bank said in a statement.

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RBI to payments players: Raise the level of public awareness on digital frauds

In view of the increasing instances of payment frauds, the Reserve Bank of India (RBI) has asked all authorised payment systems operators and particip

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Karnataka Bank launches new loan product for small firms

The facility comes with a simplified procedure and competitive rate of interest, the bank said in a press release.

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Fino Payments Bank aims to boost presence in north-eastern and southern markets

Shobha RoyFino Payments Bank is looking to increase its penetration in the eastern, north-eastern and southern markets, primarily through the merchant

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Shriram Housing Finance raises ₹250 crore

Shriram Housing Finance Ltd (SHFL), on Monday, said it has raised ₹250 crore via five-year term loan from a public sector bank at 8.50 per cent.The co

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Karnataka Bank launches new product for MSMEs

Our BureauKarnataka Bank has launched a new product – ‘KBL Micro Mitra’ – where financial assistance up to ₹10 lakh will be provided to the micro man

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SBI, PNB rating outlook cut; Fitch’s axe falls on 9 PSU, private banks after India’s rating outlook cut

Fitch has cut the credit rating outlook on India’s nine PSU and private banks including SBI, PNB and ICICI Bank from “stable” to “negative” after the recent cut in India’s sovereign credit rating outlook.

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Dhanlaxmi Bank posts ₹65.78-crore net profit in FY20

Our BureauThrissur-based Dhanlaxmi Bank recorded a net profit of ₹65.78 crore in the financial year ended March 31, 2020, compared to a net profit of

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ICICI Bank sells 1.5% stake in ICICI Prudential Life Insurance

Private sector lender ICICI Bank has sold a 1.5 per cent stake in its life insurance arm, ICICI Prudential Life Insurance, for ₹840 crore.“The bank ha

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Hedge Finance enters gold-loan market

Hedge Finance, a leading NBFC in Kerala, has entered the gold-loan market by opening its first branch at Mamangalam in Kochi.The entry of Hedge Financ

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IMGC to pay claims if lenders face delinquencies due to job losses, pay cuts for home-loan borrowers

India Mortgage Guarantee Company (IMGC) has braced itself to pay claims that may arise if lenders face delinquencies due to the pandemic-related job l

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DBS Bank logs Rs 111 cr profit in FY20 from India operations

Troubles on the asset quality front in the past had led the bank to report losses from the India operations a few years ago. It had then announced a strategy to stay away from high risk loans.

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Fino Payments Banks expects to open 2.4 lakh new accounts in Q1

Our BureauFino Payments Bank, on Monday, said it expects to end the first quarter of FY21 with 2.4 lakh new accounts and an overall customer base of 2

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Standard Chartered appoints Gaurav Maheshwari as CFO - India

This would be Maheshwari’s second stint at the foreign lender where he had put in 17 years in various roles in the finance team. In his career spanning over 23 years, he has also worked with companies like Coca-Cola and Reuters. In this role, Maheshwari will report to Jean Fernandes, Regional CFO, Asean and South Asia and Zarin Daruwala, India, CEO.

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DBS Bank India FY20 net profit surges to ₹111 crore

DBS Bank India on Monday reported an over six-fold increase in its net profit to ₹111 crore for FY20, against ₹14.5 crore a year ago.Net revenues gr

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ICICI Bank sells 1.5% stake in ICICI Prudential Life Insurance

Private sector lender ICICI Bank has sold 1.5 per cent stake in its life insurance arm, ICICI Prudential Life Insurance, for ₹840 crore.“The bank has

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RBI nudges banks to decide if red-flagged accounts are fraud

Last year, a spate of action by enforcement authorities resulted in many large borrowers being red-flagged. The RBI is now pushing banks to take a call on these loans. The red-flag account concept was introduced by the RBI to get banks to act on early warning signals, which include raids by regulatory and tax authorities.

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IRDAI’s new Covid-19 cover likely to be priced at ₹600-3,000

Expected to cover cost of consumables

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Tata Sons’ Chandrasekaran re-nominated to RBI central board

The Central government has re-nominated Natarajan Chandrasekaran as a part-time non-official director on the Reserve Bank of India’s central board, fo

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RBI nudges banks to decide if red-flagged accounts are fraud

Banks are in a major dilemma over a directive from the RBI that lenders should decide whether loan accounts that have been ‘red-flagged’ as suspicious over six months ago are fraudulent or not. If banks do not classify these loans as a fraud, they risk being pulled up for being lenient. If they do, they must set aside provisions for 100% of the loan amount within a year.

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Google Pay operational validity under High Court lens

A two-member bench of the Delhi High Court has ordered a “detailed hearing” on whether the payment platform operates as a TPAP, or a full-fledged payment system provider in which case it would be in violation of the Payment Systems Settlement Act 2007.

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How NBFCs benefit from a dedicated liquidity window

In May, Finance Minister Nirmala Sitharaman announced PCGS 2.0 worth Rs 45,000 cr for last mile lenders.

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Many PSBs walking extra mile to provide succor to corporate borrowers: Bankers

Punjab National Bank chief executive SS Mallikarjuna Rao has also confirmed the development, saying his bank has not raised rates even if there was a downgrade and SBI chairman Rajnish Kumar told industrialists that there’s an internal circular to that effect.

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Likely job cuts, salary reductions to have relatively low impact on SBI: Chairman

In a letter to the bank's shareholders, Kumar exuded confidence that despite economic headwinds, the robust performance achieved by the country's largest lender State Bank of India (SBI) in 2019-20 will continue in the current financial year.

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Likely job cuts, salary reductions to have relatively low impact on SBI: Chairman

SBI has traditionally been the banker of choice to the Government of India (GOI) and is an accredited banker to major Central Government Ministries and Departments, the annual report said.

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HDFC Bank to raise ₹50,000 crore via debt securities

Private sector lender HDFC Bank plans to raise ₹50,000 crore in the next 12 months by issuing various debt securities. The decision was taken at the

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Punjab National Bank plans to hit capital market in Q4

The bank is sufficiently capitalised with the capital adequacy ratio of 14.14 per cent at the end of March 2020, PNB Managing Director S S Mallikarjuna Rao said.

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DHFL Q4 loss widens to ₹7,635 crore on fair value changes in loan portfolio

The net loss of scam-hit Dewan Housing Finance Corporation Ltd (DHFL) widened in the fourth quarter of FY20 to ₹7,635 crore, against ₹2,223 crore in

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After 70 per cent jump in FY20, liquidation cases under IBC set to surge amid Covid crisis

While recent amendment bans insolvency on Covid defaults, 3,774 cases already admitted under IBC face a dim future

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PNB expects to post a moderate profit in FY21, thanks to IBC

The bank is planning a review meeting next month after the merger with Oriental Bank of Commerce and United Bank of India.

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Yes Bank, Affordplan launch co-branded cashless card for heathcare needs

In addition, Yes Bank's wallet has also been integrated on Affordplan Swasth to enable wallet QR scan for making payments to merchant partners empaneled on the app. People will be able to get a goal-based savings projection chart for medical treatment based on treatment input, access healthcare services and treatments at a discounted price.

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