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The RBI on Friday stepped in to stem the spike in benchmark yields on 10-year government bonds as rising yields recently have been threatening the central bank’s efforts to lower interest rate for buyers of home, car and consumer goods, etc, and also for India Inc.
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The World Bank has said that it is pausing the publication of the Doing Business report that ranks countries on the basis of their business competitiveness, pending an investigation into a “number of irregularities” in its 2018 and 2020 surveys. Stating that impartiality of its data and analysis is paramount, World Bank announced a raft of measures and review of its processes.
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Paytm Payments Bank has written to the Reserve Bank of India (RBI), seeking an in-principle approval for becoming a small finance bank (SFB) that will enable it to extend loans. The bank has said that the approval will help the lender prepare the groundwork so that it would not have to spend time when it completes the five-year waiting period in a couple of years.
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On the day he turned 59, the Bank Board Bureau, the selection panel for top jobs at state-run lenders, recommended Khara as its first choice candidate to succeed Rajnish Kumar as the bank’s chairman. Kumar is due to retire in October and was tipped to be getting an extension, although the possibility is not completely ruled out.
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The total banking sector outstanding Jan Dhan deposits jumped to Rs 1.31 lakh crore at the end of August 19 from Rs 1.20 crore at the beginning of the fiscal. This reflects higher farm income following a good Rabi harvest as well as a fall in discretionary spending amid Coronavirus pandemic, senior bankers tracking the rural economy said.
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The three-year term of current SBI Chairman Rajnish Kumar will come to an end on October 7. He, however, is expected to get another year's extension in light of the Covid 19 situation.
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SBI has won these awards in three categories viz. Best Learning Program supporting a Change Transformation Business Strategy, Best Use of Blended Learning and Best Unique or Innovative Learning and Development Program, it said.
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The rupee rose to its highest level in nearly six months on Friday, gaining for a third straight session, with traders saying the central bank refrained from currency intervention as foreign investors piled into equity markets. The rupee rose nearly 2% for the week, its biggest weekly gain since the week ending December 21, 2018 when it rose 2.4%.
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Banks have raised an alarm over real returns on deposit accounts turning negative with the rise in inflation numbers. The concern is that with deposit rates continued to be subdued, investors may not find bank deposits attractive enough.
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The Jan Dhan Yojana, which was announced by Prime Minister Narendra Modi in his Independence Day address in 2014, was launched on August 28, in the same year. Total deposit balances under PMJDY Accounts was at Rs 1.31 lakh crore and average deposit per account stood at Rs 3,239.
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According to data released by the government, consumer inflation — that is year-on-year growth in consumer price index — was close to 7% in July, with food inflation being higher at 9.6% due to supply disruptions during the pandemic.
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The RBI’s opposition to ARCs becoming resolution applicants (RA) could scuttle not just the Aircel plan but that of others such as Reliance Communications (RCom) as well. This would hurt state-run banks such as SBI, since they are the biggest lenders to companies that ARCs are looking to acquire in insolvency cases.
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As per an estimate by PNB, the market value of the property was Rs 603 but since it was a distressed sale, they reduced the value by 25% in the first auction itself.
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The comments come on the back of steadily slowing credit offtake, leading many to wonder if banks have become too risk-averse because of their concerns over asset quality in a pandemic-stricken economy. According to the RBI's annual report released earlier this week, frauds doubled to Rs 1.85 lakh crore in FY20.
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“More than 15 lakh lives have already been covered under these two products within a month. That shows what is the demand and it is important that we cater to this demand,” Khuntia said.
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There are four candidates in consideration for the top job, including current chairman, Rajnish Kumar, whose term expires in October, according to reports. The agenda also included the review of 14 applications received for the post of managing director and CEO of IFCI and the review of eligible candidates for the position of executive director in multiple public sector banks (PSBs).
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RBI governor Shaktikanta Das on Thursday warned banks that being overly risk averse will be "self-defeating" and that lenders will not be able to “win their bread” if they do not carry out their basic task.
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Das said there is a scope for banks to improve their ability to avert frauds from happening and added that their risk frameworks should be able to “smell vulnerabilities”
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This comes after the RBI rejected UV Asset Reconstruction Company’s resolution proposal for bankrupt Aircel on the grounds that ARCs cannot infuse equity in an insolvent company at the resolution stage, people close to the central bank told ET.
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The framework for the NUE was released by the Reserve Bank of India last week, with the central bank also opening the window for applications. Entities receiving approval can set up a payments company for owning and operating a pan-India digital payments network, exercising the same powers as NPCI.
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Gains in market share, cornering more out of client wallets and ramping up digital technologies are the main areas the bank will focus on, he said on a call with investors arranged by US based investment bank Jefferies earlier this week.
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Chief Digital Officer Sudhakar Ramasubramanian asserted that IndusInd Bank has been ahead of the curve vis-a-vis its peers in terms of technological innovation and has been able to invest in customer relationship management (CRM) even during the COVID-19 times.
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In June quarter of 2020-21, Max Bupa registered a strong 40 per cent retail growth, which was driven by a significant increase in purchase of indemnity plans during the current times and due to the fact that Max Bupa is able to sell and serve the customers end-to-end digitally.
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The Reserve Bank of India (RBI) transferred Rs 73,615 crore to its contingency fund as compared to last year when it took out Rs 52,637 crore as write-back of excess provision.
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“If this extension is not permitted, all GML contracts would be crystalized and, thus, converted to the higher interest bearing Working Capital Limits, which attract an interest rate of 12-14% per annum (Interest on GML is 3-4%),” said Surendra Mehta, national secretary of IBJA.
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The situation at PMC has amplified concerns about the health of India's tens of thousands of co-operative banks.
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The firm has earmarked USD 1 million in FY 20-21 to provide Corona insurance under the ‘Corona Kavach’ programme, and other Covid care/welfare benefits for India employees.
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The current mode of biometric authentication used for vetting credentials in the AePS system — fingerprint scanning — is not in line with distancing norms. It requires bank account holders to press fingertips to scanners at micro-ATM points multiple times.
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The Reserve Bank of India (RBI) took control of Punjab & Maharashtra Co-operative (PMC) Bank last September after it was accused of fraud and concealing non-performing loans. Depositors are forced to ask for loans and charity as the withdrawal cap is at Rs 1,00,000 per depositor. The situation at PMC has also amplified concerns over the health of other co-operative banks.
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The lender, India's fourth largest by assets, is using pictures taken from space and analysed by a third-party firm, for farm loans in 500 northern Indian villages, with plans to take the technology to 63,000 villages, it said on Tuesday.
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The lender, India's fourth largest by assets, is using pictures taken from space and analysed by a third-party firm, for farm loans in 500 northern Indian villages, with plans to take the technology to 63,000 villages, it said on Tuesday.
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An Interpol global arrest warrant has been issued against Ami Modi, wife of prime accused in the over $2 billion Punjab National Bank (PNB) fraud case Nirav Modi, on charges of money laundering, officials said on Tuesday. They said the 'red notice' has been issued by the global police body on the request of the Enforcement Directorate (ED).
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Cautioning that India's potential output may undergo a structural downshift following the pandemic, the Reserve Bank on Tuesday made a strong case for deep-seated and wide-ranging reforms to regain losses and return to the path of sustainable economic growth.
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All the large private banks have introduced charges, ranging from Rs 2.5 to Rs 5, on person-to-person payments using the Unified Payments Interface (UPI) beyond 20 times a month.
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The Reserve Bank of India (RBI) is pushing banks and non-bank finance companies (NBFCs) to raise capital to brace for a possible pile-up in bad debt in the coming months.
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Arulselvan D said that while NPAs had increased in March, they decresed in June. He said that it stood at 3.8% in March which is not so different from what it was in December (pre-Covid-19) at 3.5%. Now, he said the level was 3.3%.
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The RBI on Tuesday announced special open market operations (OMO) of government securities worth Rs 20,000 crore. "On a review of current and evolving liquidity and market conditions, the Reserve Bank has decided to conduct simultaneous purchase and sale of G-Secs under OMO for an aggregate amount of Rs 20,000 crore in two tranches of Rs 10,000 crore each," the central bank said.
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According to a report published by Ashish Das of IIT Bombay, banks are interpreting the UPI law to suit them to conclude that, while 'payments' are free, transfers can be charged. The report highlights this as an anomaly as such an interpretation would mean different things for different types of transactions.
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Private sector lenders such as ICICI Bank, HDFC Bank and Axis Bank have responded by raising over Rs 50,000 crore among them, but their public sector rivals are seen to be slow to enter the market, despite abundant liquidity in the system due to stimulus packages announced by governments across the world.
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Axis Bank said on Monday it has reduced the size of the stake that it plans to buy in Max Life Insurance to 17% from 29%. The private-sector lender’s move comes months after media reports said the deal, announced in April, ran into a regulatory roadblock over certain clauses in the agreement.
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The product- Structured Finance and Partial Guarantee Programme to NBFC-MFIs -entails providing partial guarantee on pooled loans extended to small and mid-sized micro finance institutions (MFIs), a release said.
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“The moratorium should not be extended because moratoriums are given only when the situation is uncertain and one cannot ascertain the impact,”said MD and CEO Mallikarjuna Rao, adding that green shoots were already visible in the economy. Rao expected a broader revival, encompassing more sectors of the economy, to be more effective from October onward.
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The bank has shareholders' approval for raising Rs 14,000 crore, comprising Rs 7,000 crore of the equity alone, from the market to meet COVID-related impact and finance growth, Punjab National Bank (PNB) Managing Director S S Mallikarjuna Rao said in a virtual interaction with reporters.
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HDFC Bank CEO-designate Sashidhar Jagdishan has said the lender’s bad loans on account of Covid-19 would be below what was seen during the global financial crisis. He also said that the bank could grow its loan market share from 9% to 15% without diluting credit standards by tapping the top end of the rural and semi-urban market, where it has built distribution capability.
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Part of the bank’s strategy to scale up was to implement digital banking 2.0, where the company would build on the capability of its existing digital platforms and also collaborate with them for customer acquisition. He said in future the bank’s customer will be able to use the lender’s ecosystem for everything.
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Even as banks’ provisioning for bad loans tapered in the June quarter following the moratoriums, those on account of Covid-19 surged as compared to the previous quarter ending March.
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Indian banks, especially those in the public sector category controlling two-third of the sector's loan assets, have turned risk averse following a spate of large defaults by private sector promoters and entrepreneurs. This has adversely impacted investment and economic growth, Subramanian said Sunday evening while delivering Bandhan Bank's annual anniversary lecture.
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The housing finance book is targeted to grow five times to Rs 1 lakh crore in the next five years from the present level of nearly Rs 20,000 crore, its chief executive and managing director Chandra Shekhar Ghosh told .
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