PNB launches campaign to promote digital banking, financial inclusion of Indians

Under the campaign 'DIGITAL APNAYEN', the bank will contribute Rs 5 towards the PM CARES Fund on behalf of each customer conducting the first financial transaction to activate their RuPay Debit card either on point of sale (PoS) or e-commerce platform, PNB said in a statement.

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PNB launches campaign to promote digital banking

The campaign launched by the bank's Managing Director S S Mallikarjuna Rao on the occasion of Independence Day is till March 31, 2021.

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Singapore central bank picks up 11% of ICICI Bank's Rs 15,000 crore QIP

Singapore’s central bank, the Monetary Authority of Singapore has emerged the largest investors in ICICI Bank’s qualified institutional placement of shares picking up 4.6 crore shares for Rs 1,662 crore, which is over 11% of the issue size.

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RBI's 'positive pay' feature: All you need to know

The new 'Positive Pay' mechanism introduced by the Reserve Bank of India (RBI) will make cheque payments safer and reduce instances of frauds. Issuers will be able to send all details to their bank, thereby ensuring faster clearance of cheques above Rs 50,000.

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ICICI Bank closes QIP; garners Rs 15,000 crore

The country's second largest private sector lender ICICI Bank on Saturday said it has completed the allotment of equity shares under its qualified institutional placement (QIP) and raised approximately Rs 15,000 crore to fund its business growth and meet regulatory capital requirement.

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Toffee Insurance rolls out ‘Toffee Plan’ in Covid-19 times

Bundled product provides benefits of life insurance, health insurance and household insurance via subscription model

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ICICI Bank raises Rs 15,000 crore through QIP

Private sector lender ICICI Bank has raised Rs 15,000 crore through its qualified institutional placement.“The Issuance Committee of the board of dire

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In a first this fiscal, 10-year G-Sec auction witnesses partial devolvement

Total size of auction - ₹18,000 crore; amount devolved - ₹4,638 crore

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Sebi fines SBI, LIC, Bank of Baroda over Mutual Funds

Markets regulator Sebi has fined banking major SBI, life insurance major LIC and PSU lender Bank of Baroda Rs 10 lakh each for holding more than 10% share in UTI Mutual Fund in addition to the holding majority stake in fund houses promoted by them. Sebi said that in March 2018, it had amended the holding norms for fund houses.

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Global banks like HSBC, Citigroup may have to pay for the failure of state-run lenders in India

In bad times, promoters leave creditors with hardly any value to extract from failed businesses. The biggest victim is a state-dominated banking system that recoups very little from insolvent companies.

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HDFC bank launches farm credit product for defence personnel

This card will provide finance for production of crop, post-harvest maintenance and consumption needs.

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View: Hijacking bankers to catch swindlers is a terrible, terrible idea

The big idea behind the current-account regulation seems to be this: If taxpayer-funded banks can’t hope to recover much from dead companies, they should at least be able to monitor how living ones use their money.

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Post-Covid revival: Microfinance institutions’ collections rebound to 70-75% in July

Given the momentum in collections, and outflows largely limited to operating expenses, liquidity levels have improved over April.

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Onus to take action against hospitals denying cashless service on insurers: IRDA

In a recent circular, IRDA has put the onus of taking steps against medical establishments for deficiency in service on the insurer, the official said. There has been a sharp spike in complaints post COVID-19 outbreak that private hospitals are demanding huge advance before admission even from patients having cashless medical insurance.

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MFI collections recover by 70-75% after lifting of COVID-19 restrictions: Report

MFIs have also raised about Rs 2,000 crore through bond issuances under the targeted long-term repo operations and partial credit guarantee schemes. 

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Yes Bank investigation: Special court rejects Rana Kapoor’s anticipatory bail plea

According to the CBI, Kapoor entered into a criminal conspiracy with Kapil Wadhawan for extending financial assistance to Dewan Housing Finance Corporation Ltd (DHFL) through Yes Bank.

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Securitisation transactions pick up in June: Ind-Ra

Our BureauThere has been a further improvement in the performance of securitisation transactions, with June 2020 collections being better than April a

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HDFC Bank launches agriculture loans for military and paramilitary professionals

The bank's managing director and chief executive Aditya Puri said the risk of non-payment is very low for such an offering because the defence and paramilitary personnel are extremely careful about meeting their promises.

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Indian Bank registers ₹369 crore profit in Q1

Our BureauPublic sector lender Indian Bank announced its first quarterly performance after amalgamation and announced a net profit of ₹369 crore for t

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Bank lending to NBFCs jumps 190 bps to 8.8 pc since Sept 2018

"The overall composition of NBFCs in banks' credit exposure increased from 6.9 per cent in September 2018 to 8.8 per cent in June 2020," the rating agency said in the report on Friday.

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MFI collections rebound 70-75% in July: Crisil Ratings

With restrictions being lifted gradually, collections of microfinance institutions (MFIs), which had plunged to near zero in April due to nationwide l

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Bank lending to NBFCs jumps 190 bps to 8.8% since September 2018

In absolute terms, banks' outstanding to NBFCs saw a huge growth of 47.1 per cent to Rs 7.99 lakh crore in June 2020, from Rs 5.47 lakh crore in September 2018, according to the data collated by the rating agency.

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Shriram City cuts loans to small firms by 99%; turns cautious on its most important clients

Shriram City Union Finance Ltd., an Indian shadow lender backed by Apax Partners, is turning cautious on its most important set of customers as the coronavirus pandemic roils businesses.

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RBI approves dividend of Rs 57,000 crore to government

RBI on Friday approved a dividend payment of Rs 57,000 crore to the govt. The RBI board approved the transfer of Rs 57,128 crore as surplus to Centre for 2019-20 while deciding to maintain the contingency risk buffer at 5.5%. Earlier in the Union budget, the govt had budgeted Rs 60,000 crore as dividend from the central bank as well as state-run financial institutions.

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RBI central board approves transfer of ₹57,128 crore as surplus to Central govt

Our BureauThe Reserve Bank of India’s central board, on Friday, approved a transfer of ₹57,128 crore as surplus to the Central Government for the acco

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Collections by MFIs rebounded up to 75% in July: Crisil

As lockdown restrictions have been lifted gradually across the country, collections by microfinance institutions rebounded 70 per cent to 75 per cent

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Sensex settles 433 pts lower as bank stocks fall

Equity indices skid for third consecutive session on Friday with the benchmark BSE sensex falling over 400 points dragged by banking and auto stocks. The 30-share BSE index fell 433 points or 1.13 per cent to close at 37,877; while, the broader NSE Nifty settled 122 points or 1.08 per cent lower at 11,178.

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SBI rolls out YONO Krishi review to empower farmers

State Bank of India (SBI) has introduced “KCC (Kisan Credit Card) Review option” on its digital agricultural solution platform, YONO Krish, to enable

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Standardised insurance products will create more trust in the minds of policy holders: IRDAI Chairman

Standardisation of insurance products would not only create trust and confidence in the minds of the policy holders, but will also enable insurers to

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HDFC Bank launches Shaurya KGC Card for armed forces

Private sector HDFC Bank on Friday launched a ‘Shaurya KGC Card’ for the armed forces.“The Shaurya KGC Card will provide armed forces personnel with

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Debit, credit card use climbs back to pre-COVID level; consumer spending rises amid layoffs, salary cuts

Value of transactions through credit and debit cards have reached pre-COVID levels after witnessing a major drop in April. The same has jumped 111% in June as compared to April this year.

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Top shadow lender Shriram City turns cautious, cuts loans to its most prized customers by 99%

Shadow lenders in India supply last-mile credit to businesses such as mom-and-pop stores, small restaurants, and individuals who need to purchase a new refrigerator or car. The bulk of Shriram City’s customers seek loans of less than Rs 15 lakh each, and are probably among the most vulnerable in an economy forecast to shrink for the first time in decades.

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Airtel Africa, Standard Chartered Bank partner to expand financial inclusion

“Airtel Money’s customers will be able to make real-time online deposits and withdrawals from Standard Chartered bank accounts, receive international money transfers directly to their wallets, and access savings products amongst other services,” Airtel said.

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IBA forms groups to finalise wage negotiation for public sector bank employees

IBA and bank unions agreed upon a 15% hike over the base wage bill of Rs 52,625 crore, which was the cumulative wage bill -- of all public sector banks and a few other old private sectors which took part in the bipartite wage revision process -- for the fiscal year ending March 31, 2017 .

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RBI’s payout seen as not enough to prop up government finances

Finance Minister Nirmala Sitharaman can expect another payout from the central bank in coming weeks, but it’s unlikely to plug a huge government reve

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Indel Money signs ₹30-crore PTC deal with private bank

The company has leveraged its one-year gold loan book to facilitate the deal

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Credit cost to more than double for NBFCs, says Acuite Ratings

Kailash Baheti, group chief financial officer (CFO), Magma Fincorp, said that liquidity flow for NBFCs should be continuous.

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RBI tightens corporate governance norms for core investment firms

Among the parameters a CIC will be expected to disclose are details of its investment in other CICs, its off-balance sheet exposures and the maturity pattern of its assets and liabilities.

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US firm Fiserv to support Federal Bank to launch credit card

With a strong retail and remittance business in India, Federal Bank was looking for a flexible and scalable technology and business process outsourcing solution to support the launch and subsequent growth of its credit card business, she added.

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RBI slaps Rs 10 lakh penalty on four co-operative banks for issues in regulatory compliance

A penalty of Rs 5 lakh has been imposed on Jowai Co-operative Urban Bank Limited. The RBI has also imposed penalty of Rs 2 lakh each on The Krishnanagar City Co-operative Bank Limited and The Tura Urban Cooperative Bank Limited for similar contraventions.

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Best of HDFC Bank yet to come: Aditya Puri

A lot has been achieved in the 26-year old journey of HDFC Bank but the "best is yet to come", the lender's outgoing managing director Aditya Puri said. Puri expressed satisfaction that he was passing on the baton to Sashidhar Jagdishan, who is the "worthiest person" to lead the bank.

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City Union Bank net slips 17 per cent in Q1

Additional provisioning for Covid-19 told on the performance of City Union Bank for the quarter ended June 30, 2020.It registered a net profit of ₹154

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Reserve Bank tightens norms for core investment companies

The Reserve Bank of India (RBI), on Thursday, said the number of layers of Core Investment Companies (CICs) within a group (including the parent CIC)

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Mahindra Rural Housing Fin expects uptick in demand post-Diwali

Mahindra Rural Housing Finance Ltd (MRHFL) is expecting an uptick in demand post-Diwali. Disbursements and collections, which were affected due to the

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U GRO Capital reports Q1 net profit at ₹3.72 crore

Technology focused small business lending platform U GRO Capital reported a net profit of ₹3.72 crore in the first quarter of the fiscal as against a

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Lot has been done, but best of HDFC Bank yet to come, says Aditya Puri

Besides, he said, the bank has made a difference to the lives of over 7.8 crore Indians through its corporate social responsibility initiative Parivartan.

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We've achieved a lot in the last 26 years, but best of HDFC Bank yet to come, says Aditya Puri

Puri, who joined as the first employee of HDFC Bank, said, "If I look back, 26 years seems like yesterday. From my first office with broken chairs to now, what we've achieved in this time is incredible and doesn't have too many parallels globally."

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Poonawalla Finance eyes 35% gowth in loan book in FY21

Poonawalla Finance offers only collateral-free loans and demands no guarantors. Its maximum ticket size is Rs 30 lakh, with a tenor of maximum three years, but the average tenure is two years

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Risk Profiling and its types

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PE/VC investments rebound to $4.1 billion in July: Report

The month recorded 77 deals

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Poonawalla Finance rolls out special loan scheme for chartered accountants

Poonawalla Finance Pvt Ltd, a non-deposit taking NBFC, has signed an agreement to offer a collateral-free special term loan scheme for Chartered Accou

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Paytm Money launches stock market trading service

Paytm on Thursday announced the launch of stock trading on its online investment and wealth management platform Paytm Money in beta mode. “With the la

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Banks told to be ready with lists for loan recast

Banks have been advised to be ready with the list of borrowers who will be eligible for one-time debt restructuring under a special window opened by the Reserve Bank of India (RBI) to tackle stress due to the Covid-19 pandemic.

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Federal Bank chooses Fiserv to support launch of first independent credit card

Private sector lender Federal Bank has chosen global provider of payments and financial services technology solutions Fiserv to enable digitisation o

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US, European banks hire 19,000 as pandemic boosts demand for services

Planned staff cuts largely put on hold

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Pushing households to part with gold won’t bring back their lost jobs and income streams

While employment in informal occupations has normalized, the nearly 19 million salaried jobs lost to coronavirus disruption are proving harder to bring back, according to the Center for Monitoring the Indian Economy.

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Airline pilots, hoteliers, and journalists a no-go area for bankers as getting loans becomes tougher

With the economy under duress, bankers are are scrutinising retail borrowers a lot more stringently these days.

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Maharashtra urban co-op banks concerned over rumours on their financial health

Vidhyadhar Anaskar, chairman of the federation, said no restriction has been imposed against them.

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Banks to be cautious despite gold loan LTV relaxation: Report

The agency believes lending cautiously for banks is especially important in the light of the recent rapid rise in gold prices (39 per cent over April 1 - August 11, 2020), which increases the probability of pullback.

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RBI asks urban cooperative banks to implement system-based asset classification from June 2021

UCBs having total assets of over Rs 1,000 crore but less than Rs 2,000 crore as on March 31, 2020 and having self-assessed themselves as being under Level III or Level IV on the Comprehensive Cyber Security Framework will be required to implement system-based asset classification from September 30, 2021.

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RBI to implement system-based asset classification in urban co-operative banks

The Reserve Bank of India (RBI) has decided to implement system-based asset classification in urban co-operative banks (UCBs), prescribing a timeline

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13 investors submit EoIs for Reliance Commercial Finance

Over a dozen investors are understood to have submitted bids for Reliance Commercial Finance, which is undergoing insolvency process. Sources close to

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Sameer Gehlaut resigns as Executive Chairman of Indiabulls Housing Finance

Our BureauIn board-level changes at Indiabulls Housing Finance Ltd (IBHFL), Sameer Gehlaut has relinquished the office of Executive Chairman with imme

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13 investors put in EoIs for acquiring Reliance Commercial Finance

As many as 13 global and domestic investors have submitted expressions of interest for acquiring Reliance Commercial Finance Ltd (RCFL), sources in

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Loan recast: NBFCs' refinancing requirements likely to increase, says report

"This is in view of their large contractual debt repayments, as scheduled cash inflow gets deferred, though the severity of the same would depend upon the proportion of loan portfolio restructured and terms of restructuring (i.e complete moratorium vs partial payments)," it added.

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Loan recast: NBFCs’ refinancing needs likely to increase, says report

Last week, RBI gave permission to lenders to go for one-time restructuring of corporate and personal loans facing stress due to the disruptions caused by coronavirus.

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Aavas Financiers Q1 net profit up 11% at ₹50 crore

Affordable housing loan provider Aavas Financiers Ltd on Wednesday reported an 11 per cent rise in its net profit to ₹50.1 crore in the first quarter

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PMC Bank to reduce salary cost by 30 per cent

Scam-hit Punjab & Maharashtra Co-operative (PMC) Bank’s management has decided to reduce the salary cost by 30 per cent. This move comes 10 months

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Deutsche Bank infuses Rs 2,700 cr in India operations for expansion

Banks have to set aside capital for every new loan that they make and also when the loan slips into non-performing territory.

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Troubled NBFCs show signs of revival on stimulus

The fortunes of India’s shadow lenders (or non-banking financial companies, NBFCs) are showing signs of turning, suggesting stimulus measures from po

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Deutsche Bank infuses Rs 2700 crore into India branches

The fresh capital will be used to support further expansion of Deutsche India, the bank said. The German lender operates 17 branches across India mainly servicing corporate, investment banking and private banking clients.

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Deutsche Bank brings in Rs 2,700 crore capital for India ops

Deutsche Bank has infused Rs 2,700 crore into its India operations to fund its growth plans in the country. With this, the total capital deployed by Deutsche Bank in its India branches stands at Rs 18,200 crore.

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FPIs interest in Indian bonds wanes considerably

Remains tepid even under the ‘no-limit FAR’ route opened in April

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Covid-19 has augmented the need for insurance, particularly, health insurance: SBI General Insurance MD and CEO

It’s business as usual for SBI General Insurance, which believes that the first quarter was quite positive and is rolling out new products despite the

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SBI uses viral 'Binod' trend to warn against online frauds

The country's largest lender State Bank of India (SBI) has issued a warning against online frauds while using a viral 'Binod' trend. Taking it to micro-blogging site Twitter, SBI wrote: "Only if everyone behaved like #Binod when online, there would be lesser fraud reports."

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Stride Ventures invests ₹15 crore in ZipLoan

Venture debt firm Stride Ventures has led a debt round of ₹15 crore in ZipLoan, a technology-enabled lending platform that provides loans to MSMEs. Th

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Are insurance companies earning profit from PMFBY?

Certain sections of farmers are losing faith in insurance companies providing crop cover

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Deutsche Bank announces fresh capital raise of ₹2,700 crore in India branch operations

Deutsche Bank on Wednesday announced a fresh capital increase of ₹2,700 crore into its India branch operations to fund its growth plans in the country

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Fortunes of troubled NBFCs turn; show signs of revival on stimulus amid pandemic fallout

The sound health of shadow banks is vital because they form the backbone of the Indian economy in lending to a wide range of borrowers from small merchants to business giants.

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I-T dept searches Chinese entities over ‘laundering, hawala deals’

The income tax department on Tuesday launched a massive search operation on some Chinese individuals and their Indian associates and some bank employees spread across Delhi, Gurgaon and Ghaziabad for suspected links to money laundering and hawala transactions running into several thousand crores of rupees.

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Icra expects loan restructuring at 5-8% of overall banks loan book under new norms

Last week, the RBI allowed banks to go for one-time restructuring of corporate and personal loans that are under stress due the COVID-19 pandemic.

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GNPAs of banks will be lower at 9.8-10.3% by FY21-end: ICRA

Our BureauICRA, on Tuesday, said the gross non-performing assets (GNPAs) of banks will be lower at 9.8 to 10.3 per cent by March-end 2021 vis-a-vis it

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Shriram City Union Apr-June qtr net at ₹192 cr

Non Banking Finance Company Shriram City Union Finance Ltd on Tuesday reported standalone profits for the quarter ending June at ₹192.27 crore. The c

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Performance of corporations should not be solely measured by the returns to shareholders: SBI chief

Our BureauThe performance of corporations, including banks, should not be solely measured by the returns to shareholders but by what they’re doing for

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Fitch flags loan recast scheme; says will extend uncertainty over banks’ asset quality

The RBI's recent proposal to allow banks to restructure many types of loans will extend uncertainty over the banking sector's asset quality, Fitch said.

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HDFC closes QIP, raises ₹14,000 crore

Mortgage lender Housing Development Finance Corporation (HDFC), on Tuesday, said it has successfully completed capital raise of ₹14,000 crore.“The iss

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RBI’s one-time debt restructuring scheme will prolong banks’ asset quality uncertainty: Fitch

Indian banks are saddled with more than $120 billion in bad loans and the sector is ranked the third-worst among 13 major world economies in asset quality.

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Debt revamp proposal to prolong Indian banks' asset quality uncertainty: Fitch

RBI said last week it will allow restructuring of corporate and personal loans to ease debt strains on companies and lenders, a move widely awaited by the banking industry.

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RBI moves to prevent misuse of bank funds; stops routing term loans via current accounts

Reserve bank of India has restricted banks from routing funds from term loans taken by borrowers through their current accounts.

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Central Bank of India posts ₹135-crore profit in Q1

Central Bank of India is back in the black, reporting a standalone net profit of ₹135 crore in the first quarter ended June 30, 2020, against a net lo

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How a digital initiative helped Karnataka Bank become ‘aatmanirbhar’

AJ Vinayak An initiative to set up a ‘Digital Centre of Excellence’ by Karnataka Bank more than a year ago seems to have helped it make its operations

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Covid-19 pandemic, slowdown impact life insurers

May approach IRDAI to discuss pressure on persistency, rising claims, low interest rates

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Reality dawns on banks after data shows RBI's recast out of bounds for most of India's bad loans

Latest data now suggests that teething troubles have already started for the one-time debt recast.

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View: The haves and have nots of Indian banking

Private banks could begin to think that they are better off setting aside capital for potential defaults and recover through the bankruptcy process, however slow and ineffective it is, rather than getting into the merry-go-round of restructuring unviable businesses and end up with a wooden spoon.

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Indian banks in crying need for reforms; here’s how privatising PSU banks can help

Privatising the ownership of the banks will change the structure of incentives and accountability, lends the banks to more effective supervision and regulation, and subject them to market discipline.

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CreditAccess Grameen approves terms of issuance of NCDs worth ₹860 cr

The ₹10-lakh face value NCDs to carry coupon of 9.25%

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South Indian Bank gets RBI approval to start non-financial subsidiary

The subsidiary will help SIB streamline its operations, achieve gains in efficiency & cost fronts, facilitate major expansion retail segment business

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Investing in technology and innovation top priorities for Indian firms: HSBC survey

Nearly two-fifths or 41 per cent of Indian businesses believe that investing in technology and innovation has to be a top priority as they prepare for

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Bandhan Bank aims to expand home loan portfolio in states having housing shortage

Home loan products are now available in 302 banking outlets across the country, and the private sector bank will be ramping up the presence to cover a larger portion of its pan-India network of 4,559 banking outlets.

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Sundaram Finance Q1 net up 6% to Rs 166 crore

Non-banking finance company Sundaram Finance has reported a 6% rise in its net profit to Rs 166 crore for the quarter ended June 30, compared with Rs 157 crore in the corresponding period last year.

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Axis Bank raises ₹10,000 crore through QIP

QIP done at ₹420.10 per share; that’s a discount of 5 per cent to the floor price of ₹442.19 per share

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South Indian Bank gets RBI nod for non-financial subsidiary

"The subsidiary would enable us to streamline and optimise various operations so as to improve the overall productivity and efficiency of the institution," said VG Mathew, MD and CEO of SIB. The subsidiary is a further step in consolidating SIB's position as a retail banking powerhouse.

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Drop KV Kamath as head of loan restructuring panel, Bank Employees’ Association urges Centre

While a restructuring framework has been among the prime demands of the banking sector and a monitoring/oversight committee for it was expected, the committee being empowered to set the terms of the recast is being viewed as a novelty.

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Bank of Baroda posts Rs 864 crore loss on higher provisioning

The net interest income (NII) improved 5% y-o-y to Rs 6,816 crore. The net interest margin (NIM), however, declined 7 basis points (bps) in the June quarter to 2.55%, compared to 2.62% in the same quarter last year.

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ICICI Bank sets QIP floor price at Rs 351.36

Sector analysts say ICICI is among the banks holding huge amounts in Covid provisions, which is 1.3% of its loan book. Its provision coverage ratio, too, is a high 79%.

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IMC Chamber of Commerce and Industry appoints new banking committee members

The committee, aimed at addressing current problems included other bigwigs like Zarine Daruwala CEO Standard Chartered Bank, Amitabh Chaudhry, CEO Axis Bank, NS Kannan of ICICI Prudential Life Insurance and PD Singh, managing director at JP Morgan Chase Bank India. Basu is the chairman of the committee.

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UBS Principal Capital Asia sells Axis Bank shares worth over Rs 150 crore

On Friday, UBS Principal Capital Asia had sold shares of Axis Bank worth Rs 150 crore, and the scrips were picked up by BofA Securities Europe SA.

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Bank of Baroda posts net loss of ₹864 crore in Q1

Bank of Baroda (BoB) has slipped into the red, reporting a standalone net loss of ₹864 crore in the first quarter ended June 30 due to a jump in provi

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ICICI Bank sets floor price at Rs 351.36 for QIP

The bank's issuance committee, which met on Monday evening, decided to open the issue immediately and set the floor price of Rs 351.36 per share as per the regulations at the end of the 29 minute-long meeting.

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Bank of Baroda posts net loss of Rs 864 crore in Q1

"On account of provisioning on standard accounts of Rs 1,811 crore, bank reported a (standalone) net loss of Rs 864 crore in Q1 FY21 and consolidated net loss stood at Rs 679 crore," Bank of Baroda said.

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‘Our gold loan portfolio will reach ₹1,500 crore by FY21-end’

With retail, agriculture and MSME (RAM) advances growing to 59 per cent of the total advances, Bank of Maharashtra now sees scope to nudge up corpor

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With 491 negative rating actions between March 1 and June 30, India Inc on a long road to recovery: ICRA

Our BureauSounding a note of caution over the long-lasting impact of the pandemic-induced lockdown on India Inc, rating agency ICRA said it has taken

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In compliance with RBI norms on promoter stake reduction: Kotak Bank

Kotak Mahindra Bank, on Monday, said it is in compliance with the dilution in promoter shareholding set out by the Reserve Bank of India.“The bank has

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Top up your SIP to reap maximum benefit over long term

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Bank of Baroda posts Q1 net loss of ₹864 crore

State-owned Bank of Baroda on Monday reported a standalone net loss of ₹864 crore during the quarter ended June of the current fiscal year, due to h

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How neobanks are gaining traction in India

Surabhi Neobanks, the new-age digital entities that provide a suite of financial services, have been seeing steady growth and many players say they

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AIBEA seeks reconstitution of KV Kamath’s resolution panel

The All India Bank Employees’ Association (AIBEA) has sought a review of the Reserve Bank of India’s decision to appoint KV Kamath as head of an exper

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Sundaram Finance posts ₹166-cr profit in Q1

Non-Banking Finance Company Sundaram Finance has reported a six per cent increase in net profit for the quarter ended June 30at ₹166 crore when compar

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RBI’s one-time loan restructuring will help soften Covid’s impact on the asset quality of banks

The Reserve Bank of India’s (RBI) move on one-time loan restructuring will help soften the pandemic’s impact on the asset quality of banks, with major

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Union Bank slashes MCLR by up to 15 bps

State-owned Union Bank of India on Monday announced a cut in its marginal cost of funds-based lending rate (MCLR) by up to 15 basis points across var

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LIC launches special campaign for revival of lapsed policies

Life Insurance Corporation of India has launched a special two-month campaign for revival of lapsed life policies."To encourage continuation of risk c

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Review decision to appoint K V Kamath as head of expert panel on debt recast: AIBEA to RBI

All India Bank Employees' Association (AIBEA) in a letter to RBI Governor Shaktikanta Das alleged that as per media reports, in the FIR filed by the CBI, in addition to the name of former managing director of ICICI Bank Chanda Kochhar, the name of Kamath also appears.

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‘House prices in registration data higher than that cited in ads’

Prices in ads are lower to attract buyers; registration price has other factors embedded in it, says RBI study

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Kotak Mahindra and Axis Bank allege Rs 1,200 crore fraud by Cox & Kings, probe begins

Already, a preliminary enquiry has been registered against the travel company on the basis of a complaint lodged by IndusInd Bank, which has alleged a default in payment of Rs 239 crore.

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