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The Reserve Bank of India (RBI) will keep rates on hold until early next year in a delicate balancing act between curbing high inflation and lifting the economy from its worst recession on record, a Reuters poll of economists showed.
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State Bank of India's (SBI’s) specially-carved vertical for financial inclusion is looking to ramp up its network of customer service points (CSPs) by adding close to 11,000 new centres during the second half of the current fisal.
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In order to check banking fraud, the RBI has decided to introduce from January 1, 2021, the 'positive pay system' for cheque, under which re-confirmation of key details may be needed for payments beyond Rs 50K. Availing this facility would be at the discretion of the account holder. However, banks may consider making it mandatory for cheque amounts of Rs 5 lakh and above.
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Bank credit grew 5.26 per cent to Rs 102.24 lakh crore while deposits rose 11.98 per cent to Rs 142.48 lakh crore in the fortnight ended September 11, according to RBI data. In the fortnight ended September 13, 2019, bank credit was at Rs 97.13 lakh crore and deposits at Rs 127.22 lakh crore.
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According to SBI Chairman Rajnish Kumar, the focus of the Delhi-based division will be community service, financial inclusion and running government-sponsored schemes. The new office of the vertical inaugurated by the SBI chairman will be headed by Deputy Managing Director Sanjeev Nautiyal.
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Personal loans continued to perform well registering a growth of 11.2 per cent as compared with 17 per cent growth in July 2019. Within this sector, vehicle loans registered accelerated growth of 8.1 per cent in July 2020 as compared with the growth of 4.9 per cent in the corresponding month of the previous year, according to the data.
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The bank in July 2017 had adjusted a fixed deposit of Rs 791 crore deposited by RFL toward the default on a loan made by RHC Holdings and Ranchem. This adjustment was disputed by Religare Finvest in the court. The FIR by Religare Finvest was registered on the basis of the internal probes and findings of regulatory authorities such as Sebi and the central bank.
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The Enforcement Directorate (ED) has attached a Rs 127-crore flat of Yes Bank co-promoter Rana Kapoor in London in connection with a money laundering investigation against him and others, the central agency said on Friday.
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"D-SIIs will also be subjected to enhanced regulatory supervision," it added. D-SIIs refer to insurers of such size, market importance and domestic and global inter-connectedness whose distress or failure would cause a significant dislocation in the domestic financial system.
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Digital financial solutions and doorstep delivery of these services will be part of the bank's offering to ensure convenient and hassle-free transactions. These solutions will be offered through Bayer's BLF centres, owned and operated either by a farmer producer organisation (FPO), federation, agri-graduate or a local farmer or entrepreneur.
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The campaign, aimed at encouraging customers to use digital banking channels, was launched on August 15 under the aegis of the government's Digital India initiative.
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Vakrangee (VL) has received in-principle authorisation to set up and operate BBPOU under the Payment and Settlement Systems Act, 2007 from the Reserve Bank of India (RBI), it said in a release.
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The affidavit was filed in response to a public interest litigation (PIL) seeking action against Google Pay for allegedly violating the Reserve Bank of India (RBI) guidelines related to data storage and sharing.
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The appointment was necessitated after Shinjini Kumar, the head of the consumer banking business, stepped down.
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The five-pillared strategic approach 'GUARD' comprises Governance Oversight, Utile Technology Investment, Appropriate Regulation and Supervision, Robust Collaboration and Developing necessary IT and cybersecurity skills set.
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The Reserve Bank of India (RBI) has allowed lenders to restructure their book which was not more than 30 days past due as on February 29, 2020. The credit cost that has to be provided on the restructured book is higher of 10 per cent or extant provisioning held on those assets.
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Ujjivan SFB said as part of the 'Raftaar Loans' product mix, the customised offerings will be available across southern and eastern regions: Karnataka, Tamil Nadu, and West Bengal.
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The Reserve Bank of India (RBI) gave borrowers a six-month freeze on their loan repayments, which ended on August 31, with about a third of India’s $1.8 trillion outstanding loans being deferred under the program. Businesses still trying to cope with a collapse in demand must now figure out how to pay back their loans or face closure.
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Over the past few months, the insurer has taken several steps towards improving well-being for employees, including rolling out counselling services, doctors on call, mediation sessions, among others.
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New premiums for the non-life industry climbed 10% in August to Rs 17,630 crore, latest data from the General Insurance Council showed. While fire premiums grew by 29% in August to Rs 1,180 crore, premiums accrued from health policies rose a quarter to Rs 4,490 crore.
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PMC Bank depositors have spent the last one year holding protests, meeting politicians, writing to various authorities in an effort to get their hard-earned money back.
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Warburg Pincus has invested USD 5 billion in India since 1995. Its bets include HDFC, Kotak Mahindra Bank and Bharti Airtel, where it made handsome returns, setting a milestone for risk capital investing.
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The ED has claimed that it is investigating major beneficiaries of the payouts from Paytm and HSBC Bank accounts of illegal betting transactions worth Rs 1,000 cr run by Chinese nationals using banned apps. The payment gateways were allegedly used for overseas transactions. On Tuesday, a Hyderabad court sent a Chinese national and two others to ED custody.
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Benchmark indices pared intra-day gains to end with losses for the fifth straight session on Wednesday as sentiment remained risk-averse despite supportive cues from global markets. Telecom and finance counters witnessed robust selling, while gains in index heavyweights RIL and HDFC Bank restricted losses for the benchmarks.
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According to the statement, loans are sanctioned by the banks in the name of self help groups which in turn distribute them to individual members who use them for various activities. Banks do not keep records of loans taken by individual members.
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According to the statement, loans are sanctioned by the banks in the name of self help groups which in turn distribute them to individual members who use them for various activities. Banks do not keep records of loans taken by individual members.
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State Bank of India (SBI) chairman Rajnish Kumar has said he does not expect the value of bank loans to corporates that come up for restructuring to exceed Rs 2 lakh crore. While rating agencies have forecast that loans of nearly Rs 8 lakh crore may need to be restructured, the chief of the country’s largest bank said that SBI’s experience led him to forecast a more modest number for the industry.
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The Reserve Bank of India may not be keen on pursuing suggestions for monetisation of deficit, a proposal that is being pushed by a section of policy makers in Delhi as a way to reduce market borrowings during the second half of the current financial year.
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The government’s decision to do away with merchant fees on all payments using RuPay debit cards appears to have had some unintended consequences. There are indications that banks are choosing to issue Visa and MasterCard, which do not face any restriction on fees unlike RuPay.
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PMC was placed under RBI directions on September 23, 2019, after its NPAs rose sharply due to loans given to real estate company HDIL and its promoters the Wadhawan's with accounting for it in the bank's book.
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Although not back to the pre-COVID-19 levels seen in January and February 2020, inquiry volumes have started to recover from their troughs in April and May 2020, and in July and August 2020 were similar to levels seen during the same period in 2018m, a report by Transunion Cibil, said.
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The country's largest bank may soon carve out the digital platform into a separate entity, he said at a CII event. "The work has started," the chairman said.
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The study done by the Indian Institute of Technology Bombay further suggested that there could be an upper ceiling of Rs 150 for a prescribed merchant discount rate (MDR) of 0.6 per cent.
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The lenders get in touch with CICs while doing diligence on every credit proposal, which triggers in inquiries. It can be noted that many analysts have said that a large share of the incremental credit demand is coming from the more aggressive private sector lenders who also have larger capital buffers.
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State Bank of India chairman Rajnish Kumar on Tuesday said that interest rate cuts had not led to an increase in investment, despite the banks passing on the rate cuts to the customers.
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Speaking at the 47th National Management Convention of the All India Management Association (AIMA), Kumar said that credit growth had been slow this year as capex was not happening at the usual pace.
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“As per our estimates, we believe overall stressed assets for banks is expected to touch 20% by FY21E which is perhaps the highest observed in the history of the banking system in India and also one of the highest in the world,” said Suresh Ganapathy, Associate Director, Macquarie Capital.
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Parliament on Tuesday passed amendments to the Banking Regulation Act to bring cooperative banks under the supervision of the RBI, a move aimed at protecting the interest of depositors. The Banking Regulation (Amendment) Bill, 2020, which replaces an ordinance that was promulgated on June 26, was passed by a voice vote in Rajya Sabha.
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The Banking Regulation (Amendment) Bill, 2020, which replaces an ordinance that was promulgated on June 26, was passed by a voice vote in Rajya Sabha. The amendment had got approval from Lok Sabha on September 16.
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Shares of the biggest global banks dropped on Monday after news reports said they allowed large sums of allegedly illicit funds to move through the financial system, despite red flags about the origins of the money.
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State Bank of India will provide relief to home and retail loan borrowers impacted by Covid-19 in the form of either a moratorium of up to 24 months or by rescheduling instalments and extending the tenure by a period equivalent to the moratorium granted. The moratorium period can be extended by a maximum of 2 years, setting the tone for other banks, specially PSU players.
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"If the capex (capital expenditure) is not happening and investment in the economy is not happening at the same pace, then obviously this is a demand issue and the risk aversion would be where there is a demand and banks are not lending," he said at a virtual event organised by AIMA.
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CBI carried out searches at eight locations in Delhi, Uttar Pradesh, Rajasthan and Haryana over alleged bank fraud to the tune of Rs 1,400 crore by a private company.A CBI spokesperson here said that the multiple agency team carried out searches in Delhi, Uttar Pradesh's Saharapur, Bulandshahr, Haryana's Palwal and Rajasthan's Ajmer on the premises of Delhi-based Kwality Ltd, Sanjay Dhingra, Siddhant Gupta, Arun Srivastava and other unknown persons.
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India's largest lender the State of Bank of India (SBI) on Monday launched an online portal for implementation of loan restructuring scheme to provide relief to its customers amid the ongoing Covid-19 pandemic. Retail borrowers can easily check their eligibility for restructuring of their loans through the portal.
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CBI carried out searches at eight locations in Delhi, Uttar Pradesh, Rajasthan and Haryana over alleged bank fraud to the tune of Rs 1,400 crore by a private company.A CBI spokesperson here said that the multiple agency team carried out searches in Delhi, Uttar Pradesh's Saharapur, Bulandshahr, Haryana's Palwal and Rajasthan's Ajmer on the premises of Delhi-based Kwality Ltd, Sanjay Dhingra, Siddhant Gupta, Arun Srivastava and other unknown persons.
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Rosen Legal last week filed the class-action suit seeking damages for the losses incurred by investors because of alleged "materially false and misleading" representations by HDFC Bank.
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