RBI revises audit norms for banks to improve risk management systems

"The overall objective of the LFAR should be to identify and assess the gaps and vulnerable areas in the business operations, risk management, compliance and the efficacy of internal audit and provide an independent opinion on the same to the Board of the bank and provide their observations," the RBI said. from Banking/Finance-Industry-Economic Times https://ift.tt/3h7n6...

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RBI to banks: Implement revised LFAR format from FY21 onwards

Long Format Audit Report will cover areas such as credit, market, operational risks; capital adequacy; and liquidity risk assessment; information systems, among others. from Business Line - Money & Banking https://ift.tt/320Ea...

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An insolvency professional explains why enforcing Anil Ambani's personal guarantee is a tough task

The progress of the case between State Bank of India (SBI) vs Anil Ambani (Respondent) is expected to lay the groundwork for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors (IRPPG). from Banking/Finance-Industry-Economic Times https://ift.tt/3lSqn...

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HDFC Bank adopts single team approach to drive innovations and execute multiple projects

This approach has so far delivered three projects - instant account opening, biometric know your customer (KYC) and fixed deposit renewals over a call, the sources told PTI, adding over 10 other projects are already in the works. from Banking/Finance-Industry-Economic Times https://ift.tt/32UW8...

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Banks sanctioned Rs 5,350 cr to cos in West Bengal as emergency loans: Official

Public and private sector lenders have sanctioned the loans under the Centre's Emergency Credit Line Guarantee Scheme (ECLGS). At the national level, the amount stood at around Rs 1.60 lakh crore. from Banking/Finance-Industry-Economic Times https://ift.tt/3bq1G...

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Reserve Bank of India rejigs priority sector guidelines to make banking more inclusive

While retaining the overall priority sector lending target of 40 per cent for local commercial banks, the target for lending to small farmers is increased from 8 per cent their lending in 2020-21 to 10 per cent by 2023-24 of and the target for lending to weaker sections has gone up from 10 to 12 per cent. from Banking/Finance-Industry-Economic Times https://ift.tt/32UIM...

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Rajiv Lall resigns from chairmanship of IDFC First Bank

Lall in his communication further mentioned that in view of his prolonged health issues the bank had thought through a succession plan for the role that he is vacating. The new appointment is subject to RBI approval and will facilitate a smooth transition. from Banking/Finance-Industry-Economic Times https://ift.tt/2EPhd...

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Srei Equipment Finance bags €10-m loan from KfW IPEX-Bank

To facilitate German exports to India from Business Line - Money & Banking https://ift.tt/356HD...

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Moody's cracks down on five public sector banks

Moody's Investors Service on Friday downgraded various instruments of five Indian banks: Bank of Baroda (BOB), Bank of India (BOI), Canara Bank, Punjab National Bank and Union Bank of India. Moody's has downgraded the long-term local and foreign currency deposit ratings of BOB, BOI, Canara and UBI to Ba1 from Baa3 and their baseline credit assessments (BCAs) to b1 from ba3. The outlook on the ratings of the four banks is negative. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News...

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IndusInd completes alloting shares worth ₹3,288 crore to Route One, others

ndusInd Bank on Friday said it has completed the preferential issue to a set of five Qualified Institutional Buyers (QIBs), including Route One, ICICI from Business Line - Money & Banking https://ift.tt/3lROq...

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5paisa.com inducts ex-CTO of Flipkart Garikipati on board

Online fintech firm 5paisa.com has appointed former CTO of Flipkart Ravi Garikipati as an additional non-executive and independent director on its bo from Business Line - Money & Banking https://ift.tt/3lRrn...

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Digital India: With banking moving online, fintech to be way forward for banks, payment system, says SBI MD

As more and more banking related processes go digital, fintech is expected to be the way forward for Indian banking sector and payments system. from Banking & Finance – The Financial Express https://ift.tt/356Y7...

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Navigate market volatility through SIP

from Banking/Finance-Industry-Economic Times https://ift.tt/2EXsl...

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Banks ready to lend for purchasing vehicles; no issue in terms of fund availability: Uday Kotak

"At this time, I don't see any issue of availability of money, which is available in plenty. Banks are ready to lend for vehicles if there is a demand for that. So at this stage, I don't see there is any issue either on the rate of interest or the availability of money (for vehicle finance)," he said. from Banking/Finance-Industry-Economic Times https://ift.tt/3bt5w...

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Fintech the way forward for Indian banking, payment system, says SBI MD

Giving the example of SBI, he said, 91 per cent of jobs are being done digitally now, which was unthinkable 35 years ago. from Banking/Finance-Industry-Economic Times https://ift.tt/2QURm...

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RBI revises priority sector lending norms to address regional disparities in credit flow

Brings in incentive/disincentive framework; banks to lend more to small and marginal farmers; credit limit raised for FPOs, healthcare and renewable energy from Business Line - Money & Banking https://ift.tt/2Gv1Y...

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RBI issues revised priority sector lending guidelines

The Reserve Bank of India (RBI) on Friday issued revised guidelines for priority sector lending to enable better credit penetration to credit deficient areas and increase lending to small and marginal farmers besides weaker sections. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/32YGZ...

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Indian companies raise record $31 billion equity capital in shrinking economy

Indian companies have raised a record $31 billion in equity capital in 2020, Refinitiv data showed, as banks strengthen their balance sheets to prepare for future economic uncertainty and corporates tap into the elevated global liquidity levels. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/31Vnd...

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Shriram City to raise ₹150 crore via SNCDs

Shriram City Union Finance (SCUF), on Friday, said it will raise ₹150 crore via issue of Redeemable Secured Non-Convertible Debentures (SNCDs) on priv from Business Line - Money & Banking https://ift.tt/3gZq6...

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Rupee call: INR likely to bounce off the support

The Indian rupee (INR), that began yesterday’s session with gap-down, continued to weaken, ending the day at 73.47 versus the previous close of 73.03 from Business Line - Money & Banking https://ift.tt/3lItv...

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Spectre of currency skirmishes emerges with central bank talk

The dollar’s slide is adding to growth and disinflation concerns for economies outside the US amid the coronavirus pandemic from Business Line - Money & Banking https://ift.tt/3hYMw...

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Goldman’s 1MDB charges dropped by Malaysia after settlement

The settlement doesn’t affect Malaysia’s claims against other people, including mastermind Low Taek Jho from Business Line - Money & Banking https://ift.tt/321L3...

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Govt asks banks to obtain board approval for corporate loans restructuring by September 15

FM Sitharaman tells banks that Covid-related distress must not impact the lenders’ assessment of their credit-worthiness. Banks have also been asked to be proactive and reach out to stressed borrowers who are eligible for restructuring. from Banking/Finance-Industry-Economic Times https://ift.tt/3gZ05...

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No loan to be termed NPA till new orders: SC

In a major relief to individual and commercial borrowers, the Supreme Court on Thursday asked banks not to declare any loan account as non-performing asset (NPA) till it passed further orders on a bunch of petitions questioning levying of interest on loans during the six-month repayment freeze that ended on August 31. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/3bnB8...

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Central Bank of India taking guarantors to court in bad loans of over Rs 50 crore: MD Pallav Mohapatra

The process has only been halted for accounts in default on account of Covid. If the default happened earlier, that can always be taken to NCLT. from Banking & Finance – The Financial Express https://ift.tt/3hYjN...

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Banks write to RBI, seek more time to comply with current accounts circular

The clarifications being sought pertain to the treatment of current accounts opened for specific purposes, such as to distribute dividends or to raise capital. from Banking & Finance – The Financial Express https://ift.tt/31YCF...

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Cover for Covid job loss, business disruption coming

Insurers readying to experiment new products under IRDAI Sandbox from Business Line - Money & Banking https://ift.tt/3jJS5...

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Insolvency regulator IBBI to empanel Platforms for Distressed Assets

Insolvency regulator IBBI has proposed to empanel Platforms for Distressed Assets (PDA) to enable insolvency professionals (IPs) leverage them to imp from Business Line - Money & Banking https://ift.tt/3bmTC...

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OMO auction: RBI shows it means business

Sets an aggressive cut-off yield of 5.8680 per cent from Business Line - Money & Banking https://ift.tt/2Z4pe...

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Aditya Birla Idea Payments Bank ceased to be banking company: RBI

The decision to shut operations by the Aditya Birla Idea Payments Bank was taken due to unanticipated developments in the business landscape which have made the economic model unviable, a regulatory filing by the Vodafone Idea Limited had said in July last year. from Banking/Finance-Industry-Economic Times https://ift.tt/2Z2T5...

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Finance minister asks banks to roll out loan restructuring scheme by September 15

Finance minister Nirmala Sitharaman on Thursday asked banks and NBFCs to roll out loan restructuring scheme for COVID-19 related stress by September 15, and provide adequate support to the borrowers following the lifting of moratorium on repayment of debts. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/3jG2B...

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Murali Ramakrishnan to head South Indian Bank

The Reserve Bank has approved the appointment of Murali Ramakrishnan as Managing Director and CEO of South Indian Bank. He would be succeeding incumb from Business Line - Money & Banking https://ift.tt/3hWlD...

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Loan accounts not declared NPA till August 31 not to be declared such till further order, says SC

Supreme Court on Thursday offered a shield on loan accounts for two months, those which have not been declared non-performing assets (NPA) as on Aug from Business Line - Money & Banking https://ift.tt/32QBC...

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Micro-credit lenders in the process of developing credit assessment tool

Aimed at ensuring that lenders extend credit suitable to customers’ needs from Business Line - Money & Banking https://ift.tt/2Z3Vl...

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FM asks banks to be ready with board approved policies

Banks told to roll out resolution schemes by Sep 15 to help revive viable biz from Business Line - Money & Banking https://ift.tt/2DtXN...

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FM asks banks and NBFCs to roll out resolution schemes by September 15

The finance ministry has also been in touch with the RBI to ensure that the lenders are assisted by the central bank during the resolution process, the statement said. from Banking/Finance-Industry-Economic Times https://ift.tt/3jUA5...

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RBL Bank launches cardless cash withdrawal facility through ATMs across country

RBL Bank customers can withdraw cash without their debit cards from 389 IMT-enabled automated teller machines (ATMs) of the bank or more than 40,000 other bank ATMs across the country, it said in a release. from Banking/Finance-Industry-Economic Times https://ift.tt/2R3XF...

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PNB Housing Finance set to lay off about 5-7% of its employees

PNB Housing Finance’s decision came Wednesday, barely within a month of Hardayal Prasad taking over as chief executive replacing interim head Neeraj Vyas. from Banking/Finance-Industry-Economic Times https://ift.tt/3lMfT...

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Debt-ridden IL&FS to file bankruptcy for its offshore firms IIDL, IIDMCC in UAE

"After hearing both the sides and on perusal of records, this bench is of the view that the initiation of bankruptcy proceedings is the best option in the given scenario. The same is recorded as prayed for. In the circumstances, the proposal of the applicant for initiation of insolvency proceedings of IIDL and IIDMCC is taken on record," the NCLT said. from Banking/Finance-Industry-Economic Times https://ift.tt/2Gu1o...

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Krishnan appointed as MD & CEO of Punjab & Sind Bank

The Appointments Committee of the Cabinet (ACC) has given its approval for the appointment of S Krishnan as Managing Director and CEO of Punjab & from Business Line - Money & Banking https://ift.tt/2GqoS...

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Private banks likely to gain market share from PSBs in the medium term: Fitch

Private lenders’ enhanced capital bases strengthen their ability to recognise losses upfront from Business Line - Money & Banking https://ift.tt/3lKq4...

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JM Financial to quadruple retail lending franchise from 27 locations

Financial services firm looking at co-lending space, says ICICI Securities report from Business Line - Money & Banking https://ift.tt/2Z3WG...

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Armed with capital private sector banks set to corner more market share

Private banks' enhanced capital bases during the pandemic have now further strengthened their ability to recognise losses up-front with less disruption in their efforts to accelerate market-share gains. from Banking/Finance-Industry-Economic Times https://ift.tt/2Gtq4...

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Rupee likely to see depreciation

The currency has slipped below the support of 73.15 from Business Line - Money & Banking https://ift.tt/2QMsv...

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Two more debt schemes of Franklin Templeton turn positive

Fund house received Rs 1,498 cr in last 15 days of August from Business Line - Money & Banking https://ift.tt/3lMU3...

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RBI approves appointment of Murali Ramakrishnan as MD, CEO of South Indian Bank

Ramakrishnan had retired from ICICI Bank as Senior General Manager at Strategic Project Group on May 30, 2020, and joined the South Indian Bank as an advisor on July 1, 2020. from Banking/Finance-Industry-Economic Times https://ift.tt/3lGsy...

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Niti Aayog bats for major bank consolidation, recommends selling of Uco, BoM, Punjab and Sind Bank

The government has stated that a maximum of four state-run players will be allowed in each of the ‘strategic sectors’, a list of which will soon be placed before the Cabinet for clearance. from Banking & Finance – The Financial Express https://ift.tt/31QXJ...

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SoftBank-led funding triples health start-up Biofourmis’s valuation

The start-up predicts problems for patients with heart conditions from Business Line - Money & Banking https://ift.tt/2QNC5...

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Bank of Baroda to use Covid ‘opportunity’ to revamp operating model

The lender said that during the pandemic, the need to shift working from centralised and large administrative locations to distributed administration and operations became apparent. from Banking & Finance – The Financial Express https://ift.tt/2QPyG...

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Waiving of interest will weaken banking sector: Govt tells SC

Earlier during the day, borrowers and other petitioner told the apex court that banks were free to restructure loans, but they cannot penalise honest borrowers by charging interest on deferred EMIs under the moratorium scheme. from Banking & Finance – The Financial Express https://ift.tt/3lGcb...

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DHFL case: Auditor flags fraudulent transactions worth Rs 17,394 crore

Last year, the Mumbai bench of the National Company Law Tribunal (NCLT) had admitted the company for insolvency resolution. It had appointed Indian Overseas Bank's former managing director and CEO R Subramaniakumar as the company's administrator. from Banking/Finance-Industry-Economic Times https://ift.tt/3jxgx...

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Forensic audit finds fraudulent transactions worth Rs 14,000 crore in DHFL

An investigation carried out by Grant Thornton into the affairs of Dewan Housing Finance Corporation Limited has unearthed fraudulent transactions. Th from Business Line - Money & Banking https://ift.tt/3lEIs...

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Income Tax dept launches functionality for banks to check ITR filing status of entities

To ensure filing of return by these persons and to keep track on cash withdrawals by non-filers, and to curb black money, the Finance Act, 2020 with effect from July 1, 2020, further amended I-T Act, 1961, to lower the threshold of cash withdrawal to Rs 20 lakh for the applicability of TDS for non-filers. from Banking/Finance-Industry-Economic Times https://ift.tt/3gUw0...

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SBI moves to invoke promoter guarantees of defaulting companies

40 entities could be hit; bank has prepared a list of defaulters and will send it to FinMin from Business Line - Money & Banking https://ift.tt/32PtQ...

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Banks seek clarity on parking G-Secs in HTM category

Want RBI to clarify if G-Secs purchased from secondary market on or after September 1 can be placed in held-to-maturity category from Business Line - Money & Banking https://ift.tt/32OTo...

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Svamaan Financial offers cashless service by joining hands with digital payment platforms

Svamaan Financial Services has rolled out QR (Quick Response) code based UPI (Unified Payments Interface) payment option for its customers through di from Business Line - Money & Banking https://ift.tt/2EHvr...

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Digital payments may be a worthy challenger, but cash is still the king

In times of crisis, they say cash is the king. Perhaps, the Reserve Bank of India’s (RBI) justification for the increased cash intensity in the econo from Business Line - Money & Banking https://ift.tt/3hTa7...

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Cashaa raises $5 million from O1ex

London-based crypto banking services platform Cashaa has raised $5 million from Dubai-based blockchain investment and advisory firm, O1ex.The company from Business Line - Money & Banking https://ift.tt/31Olu...

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CDSL demat accounts, which began its operations in 1999, cross 2.5 crore mark

In the period of less than 5 years, Central Depository Services Ltd (CDSL) has added 1.5 crore demat accounts. from Banking/Finance-Industry-Economic Times https://ift.tt/2EUCa...

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National Company Law Tribunal approves sale of IL&FS education arm to Lexington Equity

"On hearing the Counsel for the applicant and upon going through the pleadings and the documents attached to the application, we are of the view that the sale of education assets has been done within the Resolution Framework and the same is approved and recorded," the NCLT's Mumbai bench said. from Banking/Finance-Industry-Economic Times https://ift.tt/3lJAX...

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SBI comes out with VRS plan

If 30% staff opt for it, the bank can save ₹2,170.85 crore from Business Line - Money & Banking https://ift.tt/31PXr...

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LIC Housing Finance to raise ₹50,500 crore

LIC Housing Finance on Wednesday said it plans to raise as much as ₹50,500 crore by issuing Redeemable Non-Convertible Debentures or other hybrid inst from Business Line - Money & Banking https://ift.tt/2YYt1...

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Break Lockdown Monotony: Earn Extra Money with Binomo Even from Home with Minimal Risk

from Banking/Finance-Industry-Economic Times https://ift.tt/2GnFY...

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3one4 Capital launches Rs750-crore opportunities fund

To invest in techology start-ups in India from Business Line - Money & Banking https://ift.tt/3hSoZ...

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Loan moratorium ends, but retail borrowers need not worry; restructuring plan in works at PSU banks

PSU banks are likely to implement a uniform framework for restructuring of retail loans. from Banking & Finance – The Financial Express https://ift.tt/3gQl9...

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Banks free to restructure loans, but can't penalise borrowers availing moratorium benefit, SC told

A bench headed by Justice Ashok Bhushan, which commenced final hearing on a batch of pleas raising the issue of interest on instalments deferred under the scheme during the moratorium period, was told that paying interest on interest is a "double whammy" for borrowers. from Banking/Finance-Industry-Economic Times https://ift.tt/3i2Z2...

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Higher loan tenure: Banks seek clarity from RBI

Bankers say those with 20-year loans, who have availed the moratorium, will see their home loans term extended by 24 months if the dues for the last six months are amortised. This would not leave them with any scope for further restructuring. from Banking/Finance-Industry-Economic Times https://ift.tt/2QOeW...

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Big borrowers safe bet for lenders

Big borrowers are turning out to be safer for lenders. According to banks, there are only a small number of large companies where they may need to make a sacrifice after referring to the K V Kamath committee for restructuring. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/3hRBZ...

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Higher loan tenure: Banks seek clarity from RBI

Lenders have sought clarification from RBI on whether the maximum two-year extension of loan tenure that has been allowed is inclusive of the time for repayment of dues during the moratorium. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/3jHDp...

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FIDC writes to RBI, raises concerns over new current account rules

The NBFC body has raised concerns on the rule of routing all transactions through the cash credit, or overdraft account. from Banking & Finance – The Financial Express https://ift.tt/2EFAY...

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Non-food credit growth at 5.5%, banks’ investments in securities at record high

In a note on Monday, chief economist of Anand Rathi Share and Stock Brokers, Sujan Hajra, said subdued economic activity is leading to lower transactions and thereby modest credit demand and higher deposit growth. from Banking & Finance – The Financial Express https://ift.tt/32JLS...

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Banks need to mitigate risk while lending, says SBI MD

Basu on Tuesday said there is a need to look at all underwriting standards, primarily those related to how banks understand the risk in a particular proposal. from Banking & Finance – The Financial Express https://ift.tt/3gMD8...

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ICICI Bank slashes MCLR by 5 basis points across tenors

The overnight and one-month MCLR of ICICI Bank stood at 7.15%, after the reduction. Similarly, three months and six months MCLR remained at 7.2% and 7.35%, respectively. from Banking & Finance – The Financial Express https://ift.tt/2YWJm...

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RBI's loosening of rupee reins likely to aid more gains

The Reserve Bank of India (RBI) appears to have stopped trying to rein in the rupee to help exports, letting the currency drift to a six-month high and raising expectations it will gain further, analysts and market participants said. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/3lAaU...

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Centre to SC: Moratorium on loan repayment can be extended by 2 years

The Centre on Tuesday informed the Supreme Court that moratorium on repayment of loans allowed during the Covid-19 crisis can be extended by up to two from Business Line - Money & Banking https://ift.tt/2YWEN...

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‘Bharat’ boost to bank deposit, credit growth

RBI Annual Report says the farm sector was relatively unscathed by Covid from Business Line - Money & Banking https://ift.tt/32PQs...

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RBI's new current account norms make foreign banks jittery

As per the latest RBI guidelines, a bank opening a dedicated current account of any company with Rs 50 crore or more in debt must have at least 10 per cent loan exposure in the concerned business entity. from Banking/Finance-Industry-Economic Times https://ift.tt/2EQTA...

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India faces dwindling policy options after record GDP slump

India’s record contraction last quarter sets back economic progress by several years and puts PM Modi’s ambitious targets of doubling the economy’s size to $5 trillion almost out of reach. The 23.9% decline in GDP in the June quarter -- the biggest of major economies tracked by Bloomberg -- also shifts the focus back to the govt and central bank to spur growth. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/34S1b...

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Universal Sompo Q1 net up 165% at ₹46.21 crore

Universal Sompo General Insurance Company on Tuesday reported a 165 per cent rise in net income to ₹46.21 crore for the June quarter over the same pe from Business Line - Money & Banking https://ift.tt/2EW22...

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View: The last ditch attempt to save India's debt-laden banks

An affidavit filed by the finance ministry comes across as a last ditch attempt to convince the court that borrowers will get a chance with concessions and loan rescheduling, and banks, no matter how big and bad, will fail to serve the interest of hapless depositors in the absence of interest income from loans -- that balance has to be preserved. from Banking/Finance-Industry-Economic Times https://ift.tt/2QL6C...

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Banks must up their game to fight tough competition from new digital challengers

Amidst the social distancing measures implemented by the governments worldwide there is an urgent need for traditional banks to up their game to overcome tough competition from new digital challengers. from Banking & Finance – The Financial Express https://ift.tt/31Ovr...

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Religare Health Insurance renames itself as Care Health Insurance

Religare Health Insurance on Tuesday rebranded itself as Care Health Insurance. “Despite the name change, all service and product offerings remain the from Business Line - Money & Banking https://ift.tt/3jxd9...

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UPI transactions near ₹3-lakh-crore mark in August

AePS processed payments worth ₹19,812.28 crore from Business Line - Money & Banking https://ift.tt/3hQEX...

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Banks allowed access to information on assessees from IT Dept

Move seen to ease administrative hassles faces by banking industry from Business Line - Money & Banking https://ift.tt/3hO2i...

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ICICI Bank launches virtual property exhibition

It showcases the real estate projects of key cities across the country from Business Line - Money & Banking https://ift.tt/3lxUe...

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GDP decline for full FY21 seen at around 10.9%, up from earlier estimate of 6.8%: SBI’s Ecowrap

All four quarters to witness negative real growth, says report from Business Line - Money & Banking https://ift.tt/32JXn...

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Bonds rally after RBI move to crack down on rising yields

10-year government bond yield plunged 18 basis points, the most since May 13 from Business Line - Money & Banking https://ift.tt/2QFQb...

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Rupee picks up momentum at 73.22 versus US dollar

The border tensions with China unleashed a wave of selling that led to a sharp decline in the domestic market yesterday. The rupee (INR), too, came un from Business Line - Money & Banking https://ift.tt/2EA9o...

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Canara HSBC OBC Life sees ‘good growth’ in new biz this fiscal

The life insurer expects to notch up higher-than-industry growth from Business Line - Money & Banking https://ift.tt/3gK13...

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PNB raises repo-linked lending rate by 15 bps to 6.8%

The country’s second largest lender Punjab National Bank (PNB) on Monday hiked its repo-linked lending rate (RLLR) by 15 basis points (bps) to 6.80 from Business Line - Money & Banking https://ift.tt/2ESdT...

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India Post Payments Bank adds 2.48 crore customers in a year

On May 19, the number of AePS transactions peaked to 5.42 lakh. In terms of value, the transactions recorded a high of nearly Rs 74 crore on June 8. Overall, the average volume and value of AePS transactions has been around 1.46 lakh per day and Rs 30.5 crore, respectively. from Banking & Finance – The Financial Express https://ift.tt/32Kye...

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UPI crosses record 1.5 billion transactions in August, shows latest RBI data

Industry experts said that while the surge in UPI-based micro-transactions could help India achieve its stated objective of transforming into a cashless economy, banks would be nervously monitoring the rising volumes of low-ticket fund transfers. from Banking/Finance-Industry-Economic Times https://ift.tt/2EL3H...

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AC Muthiah declared as 'wilful defaulter' by IDBI Bank

In a public notice, the bank said AC Muthiah and Farouk Irani, promoter director of First Leasing Company of India, defaulted on Rs 508.40 crore plus other expenses as on August 27. from Banking/Finance-Industry-Economic Times https://ift.tt/3gLGU...

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FSDC sub-committee discusses inter-regulatory coordination issues

The meeting of the Sub-Committee of the Financial Stability and Development Council (FSDC) on Monday discussed issues relating to inter-Regulatory coo from Business Line - Money & Banking https://ift.tt/2YPC7...

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Niyogin Fintech to acquire 51% stake in iServeU

Niyogin Fintech on Monday announced acquisition of 51 per cent strategic and controlling stake in iServeU for ₹59.2 crore in a cash plus stock deal.“ from Business Line - Money & Banking https://ift.tt/3lJPP...

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IRDAI to soon allow insurance companies to use video-based authentication modes

The move comes at a time when regulators across the board are easing compliance processes during the ongoing coronavirus pandemic to minimize physical contact in line with the new hygiene and social protocols. from Banking/Finance-Industry-Economic Times https://ift.tt/2G7yk...

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LIC focuses on improving online, digital presence

Enters 65th year of existence from Business Line - Money & Banking https://ift.tt/2G7dh...

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Service tax on monthly average balance:Banks fear ₹50,000-crore provision

HC extends stay on Tax Dept demand from Business Line - Money & Banking https://ift.tt/2Ghnc...

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FM to meet bank chiefs to review schemes under Aatmanirbhar Bharat package

Progress of CGSSD, ECLGS and PCGS 2.0 will also be reviewed on Thursday from Business Line - Money & Banking https://ift.tt/3hKI3...

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ICICI Prudential Life Insurance launches AI-powered voice chatbot on Google Assistant

ICICI Prudential Life Insurance has launched an AI-powered voice chatbot, LiGo, on Google Assistant as part of its customer service initiative.“Expand from Business Line - Money & Banking https://ift.tt/2YREf...

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RBI announces measures to cool down rising bond yields

To conduct additional special OMO involving simultaneous purchase and sale of G-Secs of ₹10,000 crore each from Business Line - Money & Banking https://ift.tt/34PTq...

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As moratorium ends, banks remain watchful, focus on loan restructuring

Job losses, wage cuts, economic slowdown could impact asset quality of retail loans from Business Line - Money & Banking https://ift.tt/32F1l...

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Three of four companies that availed moratorium rated in sub-investment grade: Crisil

The heavily squeezed business activity post Q1 2020 had cramped cash flows; so, moratorium came as a big relief from Business Line - Money & Banking https://ift.tt/32yNR...

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RBI extends validity of directions to Rupee Co-op Bank

Directions now valid till November 30 from Business Line - Money & Banking https://ift.tt/3jGTM...

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Adani Group to acquire 74% stake in Mumbai Airport

In further escalation in the ongoing military confrontation in eastern Ladakh since early-May, fresh clashes erupted between Indian and Chinese troops on the southern bank of Pangong Tso during the intervening night of Saturday and Sunday. There was no immediate official word on whether there were any casualties in the latest clashes from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/34MKk...

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I-T dept warns banks against levying UPI fee

The income tax department on Sunday hit out at banks levying fee on electronic transactions or payments via tools such as UPI, warning them of penal action for violating the law. On August 25, TOI had reported that almost all large private banks had introduced charges, ranging from Rs 2.50 to Rs 5, on person-to-person payments made via Unified Payment Interface (UPI) beyond 20 times a month. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/31GuJ...

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Hope to grow to pre-Covid level by December: M R Kumar, Chairman, LIC

"Our marketing initiatives helped us grow individual first-year premium by 2.8% end July compared to -11.5% for private insurers. We hope to grow to pre-Covid level by Q3 end and close the fiscal with strong growth," said M R Kumar, Chairman, LIC. from Banking/Finance-Industry-Economic Times https://ift.tt/2QRw2...

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Finance minister Nirmala Sitharaman to review stress in bank loans on September 3

Of course, a clearer picture will emerge after the Kamath panel prescribes the contours of the recast scheme, Rao added. The current repayment moratorium will expire on Monday after six months. from Banking & Finance – The Financial Express https://ift.tt/3jwsv...

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‘Debt mutual funds provide diversification and add stability to the overall portfolio’

With falling bank deposit rates, savers are hit hard and are looking at alternative avenues for earning regular returns. Among fixed income options, d from Business Line - Money & Banking https://ift.tt/2YPnL...

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‘Shriram Transport should not insist on appointing director rejected by shareholders’

SES, a proxy advisory firm, had called for rejecting the director’s appointment; but the company defends its move from Business Line - Money & Banking https://ift.tt/3gETN...

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Godrej Security Solutions introduces currency steriliser Sterion

Godrej Security Solutions (GSS) has launched “Cash Sterion”, a product based on Plasma Ion Technology (PIT), to help banks sterilise currency notes ev from Business Line - Money & Banking https://ift.tt/31IvD...

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CBDT to banks: Don’t impose fees on digital transactions; refund charges collected from January

According to the circular, representations have been received that some banks are imposing and collecting charges on transactions carried out through UPI. from Banking & Finance – The Financial Express https://ift.tt/2YPGL...

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Banks cautioned against imposing levies like MDR on electronic transactions

Central Board of Direct Taxes has also directed banks to refund charges since January 1, 2020, collected on transactions carried out using electronic modes including UPI by businesses having turnover of over Rs 50 crore. from Banking/Finance-Industry-Economic Times https://ift.tt/2QBx0...

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Greater due diligence, fund utilisation audits can check bank frauds: Experts

RBI's report said frauds have been predominantly occurring in the loan portfolio (advances category), both in terms of number and value. There was a concentration of large value frauds, with the top fifty credit-related frauds constituting 76 per cent of the total amount reported as frauds during 2019-20. from Banking & Finance – The Financial Express https://ift.tt/32SOX...

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RBI rejects lenders’ plea to put Reliance Home Finance, Reliance Commercial under NCLT resolution

 Satisfied with the progress in the resolution of Reliance Home Finance and Reliance Commercial Finance outside the insolvency laws, the Reserve Bank from Business Line - Money & Banking https://ift.tt/34SU1...

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CBDT asks banks to refund any fees levied on UPI transactions in 2020

Private banks such as ICICI Bank, Axis Bank, Kotak Mahindra Bank and HDFC Bank have recently started charging customers on UPI transactions beyond a prescribed limit for free transactions. from Banking/Finance-Industry-Economic Times https://ift.tt/3hKTA...

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Greater due diligence, fund utilisation audits can check bank frauds, say experts

The Reserve Bank in its latest annual report revealed that bank frauds, both in terms of numbers and volume, have gone up substantially during 2019-20. from Banking/Finance-Industry-Economic Times https://ift.tt/3befY...

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YES Bank tightens noose around Jet Airways founder Naresh Goyal

The private sector lender has initiated the process to categorise Goyal and his wife Anitia as `wilful defaulters’. A ‘wilful defaulter’ tag by banks may stain the reputation of persons and restrict their ability to borrow and hold board positions in companies. from Banking/Finance-Industry-Economic Times https://ift.tt/32AZO...

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Finance ministry advises banks not to levy charges on electronic transactions

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2QyLU...

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Banks asked to refund charges collected from January 1 for certain e-payment facility from big businesses

Earlier, the government has mandated banks not to levy of Merchant Discount Rate by businesses with turnover of over ₹50 crore from Business Line - Money & Banking https://ift.tt/2G3dT...

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Covid-19: Customers caught between govt advisory and the bank over KYC verification

Officals claim srtting KYC target in the midst of a pandemic is asking for “too much”; say that with a skeleton staff the job can be deferred for now from Business Line - Money & Banking https://ift.tt/3gJrh...

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Finance Minister to hold review meeting with bank, NBFC chiefs on September 3

Finance Minister Nirmala Sitharaman will hold on September 3 a review meeting with top management of scheduled commercial banks and NBFCs on the impl from Business Line - Money & Banking https://ift.tt/34Mx2...

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FM Nirmala Sitharaman to meet bankers on loan recast on Thursday

Ahead of the roll out of one-time debt recast for resolution of Covid-19 related stress in bank loans, Finance Minister Nirmala Sitharaman will hold a review meeting with bankers and heads of non-banking financial companies (NBFCs) on September 3 for smooth and speedy implementation of the scheme. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2YNUS...

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Reliance Capital defaults on interest payments to HDFC, Axis Bank

Reliance Capital has defaulted on interest payments totalling ₹5.42 crore to Housing Development Finance Corporation (HDFC) and Axis Bank.In a regulat from Business Line - Money & Banking https://ift.tt/2YFU1...

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FM Nirmala Sitharaman to meet banks, NBFCs to review resolution framework for Covid stress in loans

The meeting would focus on steps required including finalising bank policies, identifying borrowers, and discussing issues that need to be addressed to ensure smooth and speedy implementation of the resolution framework. from Banking & Finance – The Financial Express https://ift.tt/2EMux...

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