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The article, prepared by Snimardeep Singh of Department of Supervision, Reserve Bank of India, said though COVID-19 presents new challenges and significant financial risks for the microfinance sector, it also presents an opportunity to build long-term resilience.
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Life Insurance Corporation (LIC) is looking at the HDFC model, where IDBI Bank will distribute loans of LIC Housing Finance (LIC HF) to comply with RBI guidelines. The corporation is not keen on a merger of the two and wants to keep its options open.
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The company said that the volumes of transactions had gone up through the lockdown period and there has been renewed interest from inactive customers as well. Further, a number of enquiries have come in from people who were keen on entering the market at this point, most of whom were under 40 years of age.
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Collections are down drastically due to the impact of COVID-19, said PC Financial Services Chief Financial Officer Raghuvir Gakhar.
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The bank is looking at its tie-up with the government's common services centres (CSCs) to expand its BC network.
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Speaking at an industry event, T L Alamelu, Member (Non-Life) Insurance Regulatory Development Authority of India (Irdai), however, said a lot more needs to be done in the insurance sector for both policyholders and other stakeholders.
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A $2-billion-plus deal for a South Korean property developer to take over loss-making Asiana Airlines collapsed Friday in the wake of the coronavirus pandemic, with state-owned banks mounting a bailout to try to save 9,000 jobs. The global travel restrictions imposed to try to control the virus have wreaked havoc on the airline industry, but Asiana was in trouble even before it struck.
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The popularity of the two standardised policies has been growing substantially, according to Alamelu. After an initial spurt in the number of policies sold, Corona Kavach still clocked a 15% weekly growth, TL Alamelu said, adding that most policyholders have chosen the 9.5 month coverage plan.
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The country's largest bank has also made four other diseases including chronic obstructive pulmonary disease (COPD)/asthma eligible for hospitalisation under the medical benefit scheme.
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Fraser, the bank’s president and head of its global consumer banking business, will succeed Michael Corbat, who has served as chief executive since 2012. Fraser was teed up as the bank’s next leader last year, when she was promoted to her current role.
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The bench continued till September 28 its earlier interim order directing banks not to declare any loan as non-performing asset due to non-payment of instalments, if it was not so declared till August 31, when the moratorium period ended.
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"As of Sept 3, banks have together sanctioned Rs 1,61,018 crore to 41.94 lakh accounts and disbursed Rs 1,13,713 crore to 24.70 lakh accounts under the scheme. The cumulative sanction is 54% of the total target of Rs 3 lakh cr," the report said. The average sanction and average disbursement per account is Rs 3.84 lakh and Rs 4.60 lakh, respectively.
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The government and RBI had replaced the entire board of the lender in March this year and also stopped depositors from accessing their funds for a few days. A new management was installed, the restrictions were lifted and it also completed a Rs 15,000-crore capital raise during the pandemic which will help it restart lending operations.
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"One of the important fallouts of the pandemic is the ability to share the data. If you have to say one thing that we definitely need is a centralised repository. We need a lot more data sharing," IndiaFirst Life Insurance managing director and CEO R M Vishakha said during a virtual panel discussion organised by ETBFSI.com.
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The top court extended the interim order in which it had directed the banks not to declare as NPAs accounts that are unable to make repayments.
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The Supreme Court on Thursday extended loan repayment moratorium till September 28 and directed banks not to declare any loan as NPA (non-performing asset) due to non-payment of instalments during the period.
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Union finance and corporate affairs minister Nirmala Sitharaman on Wednesday launched the doorstep banking service of state-run banks, which is expected to benefit a large number of customers of these entities, including senior citizens and persons with disabilities.
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The minister announced the decision during the release of the EASE 2.0 Index rankings on PSB performance from March 2018-2020, an official statement said on Wednesday. The move is expected to particularly benefit senior citizens and divyangs, it said. Currently only non-financial services such as pick up of cheques and demand draft was available through doorstep banking agents.
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Sitharaman was speaking after launching PSB Alliance-Doorstep Banking Services. The minister further said banks have to introspect on their core business and also focus on welfare.
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Finance minister Nirmala Sitharaman on Wednesday said banks are going to be the catalysts for economic revival. "At this stage, the catalysts for economic revival, the catalysts who have the pulse of every one of their customers, are banks," the finance minister said.
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Under the 'Festival Bonanza Offer', the bank will waive all upfront or processing fees and documentation charges on some of its major retail products like housing loans and car loans.
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"A complete shift to retail may not be in the best interests because if your economy doesn't grow, even your retail at some point of time would get impacted," State Bank of India Managing Director Arijit Basu said at a virtual event organised by ET BFSI.
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“Disbursements in the housing finance sector are at 60–70% of YoY levels. This was basis an analysis done by MOFSL on the NBFC sector at large. The sector has witnessed a meaningful number of equity capital raises in the past two months,” the company said in the report.
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In the present times, as COVID-19 is likely to have an impact on buffers, many of the private sector banks have already raised capital but most of the PSBs are yet to move on and there is speculation of re-privatising some of the PSBs.
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Veteran banker K V Kamath has drawn up a framework to allow banks to give relief to corporates hit by Covid-19. According to him, unlike the West where corporates can only downsize to improve finances, Indian companies have the opportunity for both efficiency gains and medium-term growth.
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Even as concerns get raised about asset quality given the high job losses and salary cuts, the bank said it is "bullish" on the credit card equated monthly instalment (EMI) products, said Angshuman Chatterjee, head (consumer credit cards and digital acquisitions) at HDFC Bank.
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Growth in August was led by the strong performance of the IPO-bound Life Insurance Corp of India (LIC). The public sector insurer recorded a 15.19% jump in NBP to Rs 19,714.21 crore, the data showed.
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Banks in Madhya Pradesh are scrambling to boost lending to street vendors in a bid to bolster numbers ahead of a visit this week by Prime Minister Narendra Modi, according to sources and letters seen by Reuters. A scheme that is part of a coronavirus relief package launched this year offers collateral-free loans of Rs 10,000 ($136.13) to help an estimated 5 million street vendors, but state-run banks mired in bad debt have been hesitant to lend.
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State Bank of India is planning to launch a loan product, SAFAL, primarily focussed on organic cotton growers who don't have any credit history, said a top official of the country's largest lender.
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Former ICICI Bank MD and CEO Chanda Kochhar's husband Deepak Kochhar has been remanded in Enforcement Directorate (ED) custody till September 19 in connection with the ICICI Bank-Videocon case.
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Some of the lenders such as Indian Bank and Bank of Maharashtra have announced concessions on interest rates and processing fees to encourage consumers in the car and home loan segments although the traction is most visible in the gold loan business, two senior bank officials familiar with the matter said.
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State-run Bank of Maharashtra has slashed its marginal cost of funds based lending rate (MCLR) by up to 10 basis points for select tenors effective Monday.
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The scheme is the biggest fiscal component of the Rs 20-lakh crore Aatmanirbhar Bharat Abhiyan package announced by Finance Minister Nirmala Sitharaman in May to mitigate the distress caused by lockdown.
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In a media statement the lender also clarified that its recent offering with regard to on tap voluntary retirement scheme should not be seen as an austerity measure.
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The move comes at a time when the demand for insurance products pertaining especially to health and life is at a high due to increased urgency among individuals and businesses to get themselves covered against medical and business risks, amid the ongoing coronavirus pandemic.
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In August, the Reserve Bank of India (RBI) allowed one-time restructuring of corporate and personal loans due to the COVID-19 pandemic. Under the scheme, lending institutions have to make an additional provisioning of 10 per cent for accounts where restructuring plans are implemente
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Sa-Dhan executive director P Satish said the rule is not practical for the MFIs, which maintain various current accounts with banks based on the location of their branches.
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Union finance minister Nirmala Sitharaman on Monday said that there are no instructions given to remove regional languages in banks and its ATMs (automated teller machines). The finance minister's clarification came after DMK MP Tiruchi Siva tweeted: "We condemn strongly the removal of regional languages in Banks and ATMs and urge to immediately restore status quo."
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A week after India reported a significant contraction in its GDP during the April-June quarter of 2020-21 fiscal, former Reserve Bank governor and noted economist Raghuram Rajan has said that the negative GDP growth numbers should alarm everyone. He said that India is "even worse off" than these comparisons suggest.
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Bankers said corporates that have been lax in repayments before March 2020 will not qualify for restructuring even if they are not non-performing assets (NPAs). Bankers expect only 2-3% of overall bank loans to be eligible for restructuring.
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Besides, the draft scheme, seen by , said it will provide an option and a respectable exit route to employees who have reached a level of saturation in their career, may not be at the peak of their performance, have some personal issue or want to pursue their professional or personal life outside the bank.
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Finance Minister Nirmala Sitharaman last week asked banks and NBFCs to roll out one-time loan restructuring scheme for COVID-19 related stress by September 15. According to a top official of a public sector bank, it is win-win for both lenders and borrowers.
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In a statement, HDFC said it has approved over Rs 47,000 crore of home loans under CLSS to more than 2 lakh homebuyers belonging to the Economically Weaker Section (EWS), Low Income Group (LIG) and Middle Income Groups (MIG).
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