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In a written reply, Minister of State for Finance Anurag Thakur said printing of bank notes of particular denomination is decided by the government in consultation with the RBI to maintain desired denomination mix for facilitating transactional demand of public.
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When business evaporated at Gajendra Sharma's eyeglass shop a couple of miles from the Taj Mahal during India's strict COVID-19 lockdown, he was relieved to hear about a pandemic debt moratorium that would give him breathing room on his home loan.
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The benchmark one-year MCLR, which is mainly factored in to decide most consumer loan rates, has been reduced to 8.20 per cent from 8.25 per cent. Rates for all other tenor loans, from overnight to six-month period, have been reduced by a similar quantum each to the range of 7.80 - 8 per cent, the private sector lender said.
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The 53-year-old optician's $13,500 debt risks destabilising India's banks. That is because a complaint he brought challenging the loan relief plan, grouped with those of other borrowers and now before the SC, could mean a $27 billion hit to lenders that could shake the nation's financial system, the industry and regulators fear.
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The ratio, which is improving on a "daily basis", is likely to be over 90 per cent in October, it said. "Our micro borrowers have showed great resilience. The ability to get back on feet is exemplary and there has been no destruction of their assets," MD & CEO Chandra Sekhar Ghosh said.
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The report stated that, in home loans, the largest NBFC segment, asset quality is expected to be relatively better than in the other segments.
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The rapid increase in Covid-19 afflictions and intermittent lockdowns will increase asset quality challenges of non-banking financial companies already grappling with the economic slowdown since last fiscal, estimates Crisil ratings.
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In the worst case, the spike in stressed assets due to the pandemic is expected to double the credit costs for the banking system than estimated pre-COVID-19 levels for FY21.
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"This is a penny drop movement for life insurance especially for term products. We always compare how Chinese insurers have over 15% share of term protection while for India on a weighted premium basis it is in single digits. This could change with the pandemic and we are definitely feeling a pull."
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The Supreme Court on Thursday dismissed a plea by State Bank of India seeking resumption of insolvency proceedings against the then chairman of Reliance Communications (RCom), Anil Ambani, to recover Rs 1,200 crore loan granted to his two firms.
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Six public lenders including Indian Overseas Bank, UCO Bank, Bank of Maharashtra, Punjab and Sind Bank, Bank of India and Central Bank of India remained independent post the amalgamation of major PSBs on April 1.
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The lawsuit has been filed against HDFC Bank, outgoing managing director Aditya Puri, CEO-designate Sashidhar Jagdishan, and company secretary Santosh Haldankar. The lawsuit has been filed in the United States District Court for the Eastern District of New York.
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Corona Kavach, which was launched on July 10 and is being offered by both general and health insurers, is a standard health insurance policy created to meet the treatment requirements for coronavirus infection. The term of the policy ranges from three-and-a-half months to nine-and-a-half months, with maximum insured amount at Rs 5 lakh.
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The global economic recovery from the crisis originated by the coronavirus pandemic may take as much as five years, the World Bank's chief economist Carmen Reinhart said on Thursday.
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HDFC Bank has enabled opening of savings account remotely by activating video KYC. The bank is also offering personal loans to new customers who can avail of the facility.
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Reserve Bank of India (RBI) governor Shaktikanta Das on Monday squashed expectations of a V-shaped recovery and called for a policy focus on increasing India’s participation in global value chains.
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With the economy still struggling to recover from the pandemic recession, US Federal Reserve policymakers signaled Wednesday that their benchmark short-term interest rate will likely remain at zero at least through 2023 and possibly even longer.
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Replying to the debate on the bill, Finance Minister Nirmala Sitharaman said this legislation is for depositors' safety and not for undermining powers of the Registrar of Cooperative Societies.
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These watches will have contactless payment functions. With this launch, account holders of the bank can tap their Titan Pay watch on contactless payment point-of-sale (POS) machines without the need of swiping or inserting their debit card, the bank said in a statement.
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Domestic equity benchmark sensex jumped 258 points on Wednesday following gains in HDFC Bank, Infosys and M&M amid sustained foreign fund inflows. The 30-share BSE index ended 258.50 points or 0.66 per cent higher at 39,302.85. The NSE Nifty rose 82.75 points or 0.72 per cent to 11,604.55.
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Moving the Banking Regulation (Amendment) Bill, 2020 in the Lok Sabha, Sitharaman said the government was compelled to come out with an ordinance during the lockdown period as the condition of the cooperative banks was "grave".
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Ashish spent about two decades at ICICI Bank, and prior to his new role in Bandhan Bank, he was ICICI Bank's senior general Manager & retail business head for North India.
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The bank's YONO super-app could be valued at $40 billion with the lender considering long term plans to hive it off as a separate entity once it assumes a certain size.
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Authorities started investigating Punjab and Maharashtra Co-operative Bank (PMC) for fraud last year and the Reserve Bank of India (RBI) took control of it after detecting financial irregularities.
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RBI governor Shaktikanta Das on Wednesday assured the industry that the central bank will take all necessary measures to ensure liquidity in the system and promote economic growth.
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The country's largest lender State Bank of India (SBI) will make OTP-based cash withdrawal facility operational round the clock at its ATMs for transactions of Rs 10,000 and above from September 18. In January this year, the lender had introduced OTP-based cash withdrawals for above Rs 10,000 between 8 PM–8 AM through all its ATMs.
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"In terms of what I would do (here), what experience I have from the US, there are two three things which I can bring from the US. But we (SBI) did not have credit card as a product there. So therefore from a credit card perspective, which is only as a user in the US that I can try and bring some of the things.
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The coronavirus pandemic will cause economic output in "developing Asia" to shrink for the first time in nearly six decades in 2020 before it bounces back next year, the Asian Development Development Bank said on Tuesday.
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"As per Reserve Bank of India (RBI) data on domestic operations, NPAs of scheduled commercial banks pertaining to large industry and services have come down to Rs 4,36,492 crore as on June 30, 2020 (provisional) from Rs 6,35,971 crore as on March 31, 2018, registering a decline of 31 per cent," Thakur said in a written reply to the Lok Sabha.
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“Banks should ensure that the asset classification status is updated as part of day end process,” the RBI said. “In any exceptional circumstance where manual intervention is required to override the System classification, it must have at least two level authorisation.”
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Former ICICI Bank CEO Chanda Kochhar's husband Deepak Kochhar, who was recently brought to Delhi from Mumbai by a team of the Enforcement Directorate in a money laundering case, has tested positive for Covid-19. Kochhar has been admitted to AIIMS in Delhi. A Mumbai court had sent Deepak Kochhar to ED custody till September 19.
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Finance Minister Nirmala Sitharaman rejected the charge, asserting that state cooperative laws are not being touched and that the proposed law seeks to bring these banks with same regulations that are applicable on other banks. It is applicable to those cooperative banks which deal with "bank, banker and banking," she said.
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“I humbly accept this recognition on behalf of each one of them. And the journey wouldn’t have been as good without the support of one and all who have been a part of this.”
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The government sought parliamentary approval to inject Rs 20,000 crore ($2.72 billion) in state-run banks in the current fiscal year, to help lenders mitigate the expected surge in bad loans due to the pandemic. The pandemic's impact is likely to push up the ratio of gross non-performing assets in the Indian banking system to 12.5% by March 2021, from 8.5% in March 2020.
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"As per the proviso to sub-section (2D) of section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970/1980, no individual or company resident outside India shall hold shares exceeding 20 per cent of a nationalised bank's paid-up capital," Thakur said.
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"The partnership will provide the bank's diverse customer base access to the insurer's portfolio and make insurance more accessible to its customers across India," ICICI Lombard General Insurance Company said in a regulatory filing.
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According to data released by the Reserve Bank of India (RBI), spending under credit cards in June 2020 was Rs 42,818 crore, which was 36% lower than Rs 67,000 crore in January 2020. On the other hand, debit card spends stood at Rs 47,252 crore, which was only 24% lower than Rs 62,153 pre-Covid.
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The research further revealed that 89 per cent of health insurance claims during April 1, 2020 and August 31, 2020 were for other major illnesses, including cancer, heart problems, kidney and treatment.
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UCO Bank MD and CEO A K Goel had earlier said the lender would like to ascertain its asset quality, once the moratorium period ceases on August 31.
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