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Sharing implementation status update of the Rs 30,000 crore Special Liquidity Scheme (SLS), Finance Minister Nirmala Sitharaman in a tweet said that 24 proposals with a total sanctioned amount of Rs 8,594 crore have been cleared as on August 21, while 17 more applications seeking financing of up to Rs 3,684.5 crore are under process.
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The board of ICICI Lombard General Insurance "at its meeting held on August 21, 2020, considered and approved a 'scheme of arrangement' amongst Bharti AXA General Insurance (demerged company) and former company and their respective shareholders and creditors," the ICICI Bank promoted non-life insurer said in a late night filing on Friday.
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RBI directive comes in the backdrop of complaints that banks are charging high differential interest rates and not giving adequate financial support to businesses in line with the announcements made by the government to help the crisis-ridden industry.
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India's stock market is not in sync with the real economy which will result in a correction, Reserve Bank of India (RBI) Governor Shaktikanta Das warned on Friday.
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Fear of inflation dominated the monetary policy committee (MPC) meeting of the Reserve Bank of India on August 6. Members said supply disruption was pushing up prices even as consumption patterns changed in favour of food, which was increasing the risk of inflation becoming broad-based.
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India has made a big jump in financial literacy since basic savings bank accounts were launched for all in 2013. However, the percentage of people who tick all the boxes when it comes to financial knowledge, behaviour and attitude is still only 27% as compared to 20% in 2013.
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The Financial Sector Regulatory Appointment Search Committee (FSRASC) has a list of eight names who would be interviewed via video conference on August 21, the sources said. The selected name from the interview will be sent to the Appointments Committee of the Cabinet headed by the Prime Minister for final approval, they added.
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As per the minutes, Das also said it would be prudent at this stage to wait for a firmer assessment of the outlook for growth and inflation. The Governor noted that low capacity utilisation amid subdued domestic and external demand is likely to delay early revival of investment demand. Real GDP is likely to shrink in the first half of the year, and growth for the full year 2020-21 is estimated to be negative.
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"Our idea is that Gig would be large (regular) jobs. We wanted to make it as effective as a normal job wouldax have been for anyone both in terms of being content with the job or what people learn from their jobs...over the next one year, we will add 800-1,000 people working through this model and that is the minimum I am saying," Rajesh Dahiya, Executive Director (Corporate Centre), Axis Bank, told .
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As on August 17, 1.22 crore KCCs have been sanctioned with the credit limit of Rs 1,02,065 crore, and this will go a long way in reviving the rural economy and accelerating agricultural growth, the ministry said in a statement.
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The Bombay high court on Thursday granted bail to Dewan Housing Finance Corporation Ltd promoters Kapil Wadhawan and Dheeraj Wadhawan, who have been accused of money laundering by the Enforcement Directorate in the multi-crore Yes Bank fraud case. Justice Bharati Dangre granted them bail as ED failed to file its charge sheet within the stipulated 60-day period.
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The brothers, however, will remain in jail as they have also been booked by the Central Bureau of Investigation (CBI) in the same case.
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Increased apprehension among consumers during the pandemic towards physical modes of payments is giving rise to a new category of digital payments spends which are ‘contactless’ in nature, say industry insiders. These payments are driven predominantly by the use of technologies such as tokenization, Near Field Communication and Quick Response (QR) codes.
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A division bench of the Bombay High Court had set aside the single bench order in the case filed by the YES Bank seeking to enforce personal guarantees against promoters of Zee Entertainment Enterprises Ltd and had directed the single bench to hear it afresh on merit.
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“It is an expression of interest, we have said that we are open to inorganic growth but now with the pandemic the situation has become quite fluid and we don’t understand the balance sheets now. Let the Covid problem be over then we will know the revalue of these banks,” said CV Rajendran, MD, CSB Bank.
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Over 60 per cent of this Rs 8.4 lakh crore was susceptible to slip into the non-performing assets (NPAs) category if not for the recast move, and the restructuring will help banks' bottomlines as the money to be set aside as provisions will be lower, India Ratings and Research said.
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A case in March alleged that WhatsApp was bundling its digital payment facility - WhatsApp Pay - within its messaging app for which it already has a large user base. The case alleged WhatsApp was abusing its position by forcing its payments feature on to its existing users.
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A couple of days ago, the Chinese central bank followed up its March stake buy in HDFC with another fresh purchase — this time in ICICI Bank's QIP.
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The petitioner contended that since ED has failed to file a prosecution complaint- an equivalent of a charge sheet-within the deadline of 365 days, the agency is under legal obligation to release the seized assets.
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It was earlier reported that Jio was working with the National Payments Corporation of India (NPCI) to bring UPI to its 388 million 4G subscribers.
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Three partners of Deloitte India, Udayan Sen, Shrenik Beid and Rukshad Daruvala, had filed a writ petition in the high court challenging the jurisdiction of NFRA.
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People’s Bank of India is one out of the over 350 investors who participated in ICICI Bank’s Rs 15,000 crore QIP. The Chinese lender bought shares worth Rs 15 crores.
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In January 2019, the National Company Law Tribunal (NCLT) directed impleading 19 people, including the bank's former Executive Director K V Brahmaji Rao, in the case. There was also a direction to freeze their assets. The tribunal's ruling had come on a petition filed by the corporate affairs ministry.
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Prime Minister Narendra Modi’s office has asked officials to speed up the process of trimming government stakes in at least four primarily state-owned banks within the current fiscal year, according to two officials familiar with the discussions.
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Non-bank lenders have proposed that the corporation accept form 60 instead as an alternative document. Banks normally allow borrowers to submit form 60 declaration in the absence of PAN.
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Reuters' sources said the four lenders are Punjab & Sind Bank , Bank of Maharashtra, UCO Bank and IDBI Bank, in which the Indian government owns majority stakes through direct and indirect holdings.
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Under a new management, Yes Bank has overhauled its risk and governance frameworks to save itself from reputational risks and come out as a brand committed to integrity, its chief executive and managing director Prashant Kumar has said.
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In the last 12 months, Axis Bank has raised Rs 22,500 crore of equity. It has used Rs 6,898 crore to make excess provisions for the Covid crisis. In an interview with TOI, MD & CEO Amitabh Chaudhry speaks of how this enables the bank to take on pandemic risks and even grow its business this year.
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n a message to the bank's shareholders in the annual report, Kumar said the bank is committed to a "culture of accountability" to all shareholders. Its co-founder and former chief executive Rana Kapoor is alleged to have indulged in dubious loan and disclosure practices.
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We had drawn up our GPS (growth-profitability-sustainability) strategy before Covid happened. While we will be conservative, we will pursue growth wherever we see an opportunity. We will use the time to ensure we capture the right opportunities., said Chaudhry.
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"As a part of our ongoing customer loyalty programme and social commitment, we are providing the customers insurance coverage with an objective to build confidence and help move ahead in life without any fear," Muthoot Finance Managing Director George Alexander Muthoot said.
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New Delhi, Aug 17 () The National Financial Reporting Authority (NFRA) has found various lapses in the statutory audit of IL&FS Financial Services Limited for 2017-18 that was done by BSR & Associates LLP.
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The initiative, aimed at providing impetus to digital payments among last-mile customers towards financial inclusion was launched by the chief minister YS Jagan Mohan Reddy on Monday, introducing UPI QR code in 15,004 village and ward secretariats.
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Banks are being especially cautious in lending to retail borrowers employed in Covid-hit sectors.
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The one-year-old Poonawalla Finance has already disbursed Rs 1,500-crore personal loans in the range of Rs 2 lakh to Rs 30 lakh at rates that compete with banks — with no security, no guarantors and zero prepayment charges being its unique selling proposition.
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Lenders, including SBI, are working on restructuring options for home loans where the overall tenure of the loan does not extend by more than two years, even after relaxing the repayment schedule.
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All major banks have a credit card offering of their own for the customers, but the ongoing pandemic, which has resulted in job losses and salary cuts, has led to concerns over asset quality for unsecured products like credit cards and personal loans. The bank will rely only on in-house customers and also deploy its analytics engine to choose customers.
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There may not be a sudden surge in non-performing assets (NPAs) after the six months moratorium comes to an end this month as it is followed by one-time loan restructuring, sources said, adding, provisioning requirement is also quite low for the debt recast accounts.
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The council is demanding the government set caps on Covid-19 treatment costs. Stating that private hospitals are arbitrarily charging patients, the GI Council is likely to implead itself in a petition filed in the Supreme Court as it has noticed differential charges for patients with insurance cover and those without insurance cover.
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