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"In such a situation, it has become a lot more important that the banks have to improve their governance, sharpen their risk management skills and banks have to raise capital on an anticipatory basis instead of waiting for a situation to arise. "Proactively, it is necessary for both public and private sector banks to build up adequate capital buffers," Das said at SBI's banking and economic conclave.
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People’s Bank of China (PBoC), the Chinese central bank that owned a little over 1% in mortgage finance leader HDFC as of March-end, has sold some shares from its holding during the April-June quarter. This has resulted in its stake in the blue-chip company coming down to below 1%. As per Sebi, all listed companies need to disclose entities that hold at least 1% equity.
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Reserve Bank of India governor Shaktikanta Das has made a case for a resolution corporation that will revive stressed banks and finance companies as an alternative to the traditional practice of merging failed institutions with stronger ones.
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Indian banks are facing uncertainty with the Reserve Bank of India providing moratorium on payments for six months. But at the same time many private lenders such as Kotak itself Bank and Axis Bank and ICICI Bank are raising capital to meet unforeseen surge in defaults.
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SBI recorded a moratorium book of roughly 20% at the end of May. This may further fall in 2nd leg of EMI-pause.
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These five banks -- HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank and IndusInd Bank -- collectively control a quarter of the system and three-fourths of the private banking space, according to a report by India Ratings on Friday.
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The People’s Bank of China (PBOC) has dropped off the list of investors holding at least a 1% stake in the company as of end-June. The PBOC held about 17.5 million shares, accounting for a 1.01% shares, at end-March. It cannot be ascertained if the Chinese central bank continues to hold any stake in the mortgage lender or not.
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Digital transactions in the country jumped to 4,572 crore, or close to 46 billion, surpassing the target for fiscal 2020, according to a letter from the ministry of electronics and IT sent to bank chiefs last week. Overall transactions grew 46% over the previous year, reiterating the focus on digital payments, which the govt has been pushing since demonetisation in 2016.
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"It is informed that an NPA account Maha Associated Hotels Pvt Ltd with outstanding dues of Rs 71.18 crore having provisioning of Rs 44.40 crore has been declared as fraud and reported to RBI as per regulatory requirement", the bank said in an exchange filing.
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The state-run lender said the company was being reported as a fraudulent account to the Reserve Bank of India. Under the rules set by the banking regulator 100% provisioning is required in fraudulent accounts spread across a period of four quarters. The lender has so far made a provision of Rs 1246 crore in the account.
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The company said there are early signs of real estate sector bottoming out after seven years of muted performance. Housing finance business is improving month on month but on the overall basis the disbursements are expected to degrow during the year, the mortgage lender said, after its board okayed the revised business plan for FY21.
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The ED has accused Rana Kapoor, his family members and others of laundering proceeds of crime worth Rs 4,300 crore by receiving alleged kickbacks in lieu of extending big loans through their bank that later turned into non-performing assets (NPA).
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Amid growing demand for digital payments in India, these swipe machines are the key hardware to process credit and debit card-based transactions at malls and retail stores. Following the government’s directive to reduce dependence on Chinese goods, payments providers are looking at alternative options, but pricing and legacy challenges may prevent any immediate migration, multiple industry sources told ET.
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Collections were the highest in asset-backed securities and non-MFI loans at nearly 70%, followed by mortgage-backed loans at 60% and small-ticket borrowing at about 50%.
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Maharashtra, the state with the highest number of cases, alone reported 15,753 claims worth ₹195 crore, followed by Delhi, the worst-affected city, which submitted 5,909 claims worth ₹134 crore. Other states with a high number of claims include Tamil Nadu, Karnataka, Haryana and West Bengal.
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The Department of Financial Services in a letter to chief secretary of states said that incidences of unruly behaviour of anti-social elements against the bankers needs to be responded with stern action taken against such elements, sources said.
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The auction notice did not mention the amount of credit facilities granted by Yes Bank to Ligare Voyages Ltd. It is a group company of RHC Holding Pvt Ltd, which is promoted by brothers Shivinder Mohan Singh and Malvinder Mohan Singh. Ligare Voyages is into the business of providing air charter services since 2006-07, according to RHC Holding website.
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The nine-member working group is headed by IRDA’s executive director Suresh Mathur and has representatives from regulators, reinsurers and insurance companies.
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SBI’s SME portfolio shrank over 7% in FY20 to Rs 2.68 lakh crore from Rs 2.89 lakh crore. About 9.5% of this portfolio turned non-performing. The country’s biggest mass lender is also working on unveiling a pre-approved merchant loan through its Yono platform.
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State Bank of India (SBI), country’s largest lender’s executive committee has approved a further investment of upto Rs 1,760 crore in public offering of Yes Bank, according to a regulatory filing.
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These attacks can be in the form of phishing emails, malware attacks and social engineering frauds as well, Moody’s said on Tuesday. Moreover, Banks’ digital customers are a natural target for fraudsters, they said. Cyberattacks are mostly financially motivated and seek easily monetized data stored by the victim organizations.
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The grant was recommended by the 15th Finance Commission. On Wednesday, the Centre released advance payments of over Rs 1,276 crore to Kerala, followed by over Rs 952 crore to Himachal Pradesh and over Rs 638 crore to Punjab. Assam received Rs 631 crore, Andhra Pradesh Rs 491 crore, Uttarakhand Rs 423 crore, and West Bengal got Rs 417 crore
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The ED on Wednesday said it has confiscated assets worth Rs 329.66 crore of diamond merchant Nirav Modi under the fugitive economic offenders law. The businessman and his uncle Mehul Choksi among others are being probed by the ED on money laundering charges in connection with an over $2 billion alleged bank fraud at a PNB branch in Mumbai.
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The loans to MSMEs were offered majorly under the government's Rs 3-lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) and the lender's emergency credit line for COVID-19. Since the declaration of lockdown, the bank has sanctioned additional loans to its customers, including MSMEs, agriculture and personal borrowers.
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The country's largest lender State Bank of India (SBI) on Wednesday said it has reduced its marginal cost of funds based lending rate (MCLR) by 5-10 basis points (bps) for shorter tenors from July 10.
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According to Punjab National Bank Managing Director S S Mallikarjuna Rao, only 30 per cent of borrowers utilised moratorium facility while 70 per cent continued to service their loans. The bank had given the option of availing the option of loan moratorium to all its customers, he had said last month.
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Many of us keep on working from home. During this time, some have learned a foreign language, others have discovered a new hobby, and still, others have even...
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The hike of up to 8 per cent is for the fiscal year 2020-21 and applicable from July onwards, the sources said. An e-mail sent to the bank did not elicit any response. The sources said these employees are from M1 and grades below, who are frontline staff mostly in customer-facing roles. They ensure the functioning of branches and other operations of the bank.
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In mid-April, stock exchange disclosures revealed that the People’s Bank of China had a holding of over 1% in Indian mortgage finance major HDFC. But the Chinese central bank also holds stakes in several other listed companies. However, these are all below the radar since they are less than the 1% threshold limit for open disclosures by companies.
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State Bank of India (SBI) is set to invest $100-150 million (Rs 750-1,000 crore) and leverage its YONO platform to set up a business-to-business (B2B) e-commerce marketplace for micro, small and medium enterprises (MSMEs). The country’s largest lender hopes this will also help it better manage financing of small businesses.
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Remittances and payments businesses have become the cornerstone of SBM Bank India's growth strategy. As banking evolves to become more personal, platform-agnostic and always-on - the Bank has been leading the collaboration narrative to access the best-in-class solutions with its switching partner, YAP, the statement said.
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Equity indices finished higher on Monday with the benchmark BSE Sensex rising over 500 points led by gains in financial, auto and metal stocks. The 30-share BSE index surged 466 points or 1.29% to close at 36,487; while, the broader NSE Nifty finished 156 points or 1.47% higher at 10,764. Top gainers included M&M, Bajaj Finance, Reliance, Maruti, TCS, Tata Steel and HDFC Bank.
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The rating agency analysed top 500 debt-heavy private sector borrowers and said the additional stressed loans will take the cumulative quantum of delinquent loans to Rs 4.21 lakh crore over the FY21 and FY22.
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SBI chairman Rajnish Kumar recently said in an interview that the bank was planning to move to a work-from-anywhere model rather than just work-from-home
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In a sale notice to the public in general and in particular to Avantha Holdings Ltd (the borrower) and Avantha Realty (mortgager), Yes Bank said it took constructive possession of the property mortgaged to it on February 10, 2020 for recovery of Rs 548.30 crore.
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The bank is targeting gold loan growth to touch 35 per cent during FY21 as against 29 per cent in FY20.
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