NHB levies penalty on CanFin Homes for non-compliance of SLR norms

National Housing Bank (NHB) has levied a penalty of ₹5,000 plus GST on CanFin Homes Limited for non-compliance concerning the provisions of its polic from Business Line - Money & Banking https://ift.tt/3o0IT...

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Paytm users to pay 2% charge on using credit cards to top up wallets

In 2017, Paytm had introduced a similar fee on amounts added to wallet via credit cards, but had rolled back the decision after pressure from users. from Business Line - Money & Banking https://ift.tt/3o12C...

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Tata Motors ties up with HDFC Bank for financing PVs

Tata Motors on Saturday said it has collaborated with HDFC Bank for financing of its passenger vehicles. Through the partnership, the company said it has introduced two new schemes -- 'Gradual Step Up Scheme' and 'TML Flexi Drive Scheme' with an eye on making its products more accessible and driving up sales in the festive season. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/3k8B3...

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Genex to provide FD of Rs 11,000 to girl child to promote gender equality

This programme is open to everyone in the entire country and it is free to avail the benefits of this initiative, it said, adding parents can register on www.genexchild.com. from Banking/Finance-Industry-Economic Times https://ift.tt/2SZV4...

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HDFC Bank Q2 profit rises 16% to Rs 7,703 crore

HDFC Bank on Saturday reported a 16 per cent rise in its consolidated net profit at Rs 7,703 crore for the second quarter ended September 30. The private sector lender had posted a consolidated net profit of Rs 6,638 crore in the corresponding quarter a year ago. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/345UP...

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HDFC Bank reports 18.4 per cent increase in Q2 net profit

Tthe bank’s total income grew by 6.9 per cent at ₹36,069.42 crore compared to ₹33,755 crore a year ago. from Business Line - Money & Banking https://ift.tt/3o1JT...

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RBI slaps crores of rupees of penalty on IndusInd Bank; says bank did not comply with these norms

RBI said that the penalty has been imposed on the basis of the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. from Banking & Finance – The Financial Express https://ift.tt/3j7bz...

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Arbitrage Funds: Here's all you need to know

from Banking/Finance-Industry-Economic Times https://ift.tt/319hA...

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Kotak Mahindra Bank launches festive offers to woo borrowers

Kotak is offering customers attractive loan rates, loan processing fee waivers and quick online loan approvals on a range of retail and agri loan segments. Customers can avail special offers on other banking products including savings accounts, debit & credit cards and no-cost EMI payments. from Banking/Finance-Industry-Economic Times https://ift.tt/3lQUy...

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BOB Fin wants to emerge among top-five credit card players in two years

KR SrivatsBOB Financial Solutions Limited (BFSL), which recently entered into a strategic partnership with Mastercard, is eyeing entry into the top- from Business Line - Money & Banking https://ift.tt/3k4dp...

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ICICI Bank faces 'technical issue', online transactions fail

ICICI Bank has been facing online banking related issues as several users complained that they were not receiving one-time passwords or OTPs for their UPI (Unified Payments Interface) transactions. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/37cAw...

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Forex reserves rise to lifetime high of $551.5bn

The country's foreign exchange reserves surged by $5.867 billion to touch a record high of $551.505 billion in the week to October 9, according to the Reserve Bank of India (RBI) data. In the previous week ended October 2, 2020, the reserves had increased by $3.618 billion to $545.638 billion. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2GWdd...

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CBI, US authorities crack down on technical support fraud scheme

Our BureauThe Central Bureau of Investigation (CBI) has unearthed bank deposits worth ₹190 crore, ₹25 lakh in cash and gold worth ₹55 lakh in connecti from Business Line - Money & Banking https://ift.tt/3o7Jm...

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Rajkiran Rai elected IBA chief

Our BureauThe Managing Committee of the Indian Banks’ Association (IBA), at its meeting held on Friday, elected Rajkiran Rai G, Managing Director and from Business Line - Money & Banking https://ift.tt/2SYm4...

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Now, PMC depositors seek bank merger to access cash

After literally moving heaven and earth for the last 13 months to find a resolution to scam-hit Punjab and Maharashtra Cooperative (PMC) Bank, the PMC from Business Line - Money & Banking https://ift.tt/343KW...

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Finance minister Nirmala Sitharaman appeals opposition-ruled states to consider borrowing option 1

In letters sent out to chief ministers, the Union finance minister has elaborated that the special window being provided to states and that Centre will undertake the borrowing and pass on to states via back to back loans. Further, principal and interest was being paid out of the compensation cess fund, such that states are not burdened. from Banking/Finance-Industry-Economic Times https://ift.tt/3lR43...

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Impacted by Covid, floods, MFI collections in east, north-east still at 80%

Shobha RoyRepayments by microcredit borrowers in the eastern and north-eastern regions, who have been hit by the dual impact of pandemic and natural from Business Line - Money & Banking https://ift.tt/344Sf...

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Federal Bank Q2 net profit falls 26% on sharp rise in provisions

Private sector lender Federal Bank registered a 26.2 per cent drop in its net profits in the second quarter of the fiscal with a sharp rise in its pr from Business Line - Money & Banking https://ift.tt/31cCV...

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Will Indian banks’ credit loss, NPAs surge as new accounting standard sneaks around the corner?

With even their most reliable borrowers succumbing to the economic devastation of COVID-19, financial institutions need to heighten diligence to protect themselves against the risks of bad loans and NPAs. from Banking & Finance – The Financial Express https://ift.tt/3k6zR...

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Jana Bank to be sponsor bank for Ashoknagar Co-operative Bank

The partnership will enable Jana Bank to promote a full suite of services to co-op banks from Business Line - Money & Banking https://ift.tt/3784F...

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IDBI Bank launches banking services on WhatsApp

Services offered include account balance information, last five transactions and request for cheque book from Business Line - Money & Banking https://ift.tt/3dxEI...

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Covid impact: South Indian Bank’s Q2 profit dips to ₹65.09 crore

Net interest income improves, gross NPAs down from Business Line - Money & Banking https://ift.tt/3nXYg...

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RBI to conduct auction of State Development Loans on October 22

The purchase amount for the first ever auction of its kind is set at ₹10,000 crore from Business Line - Money & Banking https://ift.tt/3lSEK...

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Indiabulls Housing Finance sells further stake in OakNorth Bank, raises ₹220 cr

Sale proceeds will be accretive to regulatory net worth and CRAR of company from Business Line - Money & Banking https://ift.tt/3dyvo...

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Uday Kotak says now’s best time to invest in India

‘The right sectors to invest in India now include digital, e-commerce, technology, pharmaceutical, and consumers’ from Business Line - Money & Banking https://ift.tt/3j158...

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Thanks to RBI’s policy moves, the ₹20,000-crore OMO sails through

The auction this time was a success unlike the last one; RBI measures have eased the concerns of the bond market from Business Line - Money & Banking https://ift.tt/2H6XV...

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Richard Heart's HEX: The Cheaper, Better, and Highest Appreciating Digital Asset

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

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Fund diversion: Sambandh defaults; internal fraud, says CFO

The letter dated October 7, also alleges fund diversion by Kindo to other entities named Diya Dairy & Agroprocessors, Kshamta Foundation, Regional Rural Development Centre, DK Enterprises and Utkal Dairy, among others. from Banking & Finance – The Financial Express https://ift.tt/3j134...

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CFO, three others allege fraud at Sambandh Finserve

The whistleblowers said that the management has inflated the company’s assets under management through fictitious loans and also diverted funds to other entities. from Banking/Finance-Industry-Economic Times https://ift.tt/3lKH3...

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Lakshmi Vilas Bank board okays Rs 500-crore rights issue

The lender is being run by a three-member committee of directors (CoD) after shareholders rejected the reappointment of seven directors, including that of the MD & CEO S Sundar, at the recent annual general meeting (AGM). from Banking & Finance – The Financial Express https://ift.tt/31dmE...

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South Indian Bank Q2 profit falls 23% at Rs 65 crore

Gross NPA of the bank stands at 4.87% as against 4.92% last year and net NPA improved to 2.59% as against 3.48% in the year-ago period. from Banking & Finance – The Financial Express https://ift.tt/3j3xH...

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Hopeful of achieving 5-6% credit growth in FY21: Manas Ranjan Biswal, Executive Director, Union Bank of India

The recently announced TLTRO of Rs 1 lakh crore is yet another step by the RBI to channelise liquidity towards specific sectors. from Banking & Finance – The Financial Express https://ift.tt/31cG4...

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Demand for home loans on the rise ahead of the festival season

RBI’s recent move to tweak risk weights boosts sentiments from Business Line - Money & Banking https://ift.tt/31bAu...

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Banks need AI for corporate lending: CEA Subramanian

Indian banking sector needs to use emerging technologies such as artificial intelligence (AI) and machine learning for corporate loans for quality lending, chief economic adviser (CEA) Krishnamurthy Subramanian said on Thursday. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/3503e...

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Banks can deploy AI for quality corporate lending, says CEA Subramanian

Artificial Intelligence and machine learning can be used by banks for enhancing the quality and quantum of corporate lending, according to KV Subram from Business Line - Money & Banking https://ift.tt/3k1Rz...

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Banks need Artificial Intelligence for corporate lending: Krishnamurthy Subramanian, Chief Economic Advisor

​​Speaking at a virtual summit organised by Intel and Indian School of Business, he said lending to MSMEs (Micro, Small and Medium Enterprises) in the country has remained stagnant for the last 15 years indicating that banks have not developed models to actively lend to the sector. from Banking/Finance-Industry-Economic Times https://ift.tt/350VK...

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Indian Bank follows SBI, sets up portal to restructure retail loans

“The requests will be registered with a unique reference number and through SMS, customers will be informed to visit their respective Indian Bank Branches with required documents for completion of restructuring process,” the public sector lender said in a statement. from Banking/Finance-Industry-Economic Times https://ift.tt/37fwa...

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Indian Bank inks MoU with Ministry, SIDBI for street vendors

​​Indian Bank MD and CEO Padmaja Chunduru said it is a privilege for the bank to associate with the scheme which is the flagship scheme of the government in line with Atmanirbhar Bharat. from Banking/Finance-Industry-Economic Times https://ift.tt/2STJA...

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Indian Bank inks MoU with Ministry, SIDBI for street vendors

Public sector Indian Bank has signed a memorandum of understanding (MoU) with the Ministry of Housing and Urban Affairs and with Small Industries De from Business Line - Money & Banking https://ift.tt/3iVCP...

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No end in sight to PMC Bank depositors’ woes

The troubled lender rejects nearly 185 applications for additional withdrawal permits under the distressed category from Business Line - Money & Banking https://ift.tt/2H2rv...

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Saral Jeevan Bima will provide financial security to lower-income families

Saral Jeevan Bima, the upcoming new standard life insurance policy, will add to the financial security of the commoners and families with lower income from Business Line - Money & Banking https://ift.tt/341Yn...

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Lendingkart ramps up headcount, promotes high performers

Sangeetha ChengappaIn anticipation of business recovery post-Diwali, digital lending start-up Lendingkart has hired 50 people, paid out 10-15 per cent from Business Line - Money & Banking https://ift.tt/3dvOC...

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Rakshakaran and the spirit of protection in our culture

from Banking/Finance-Industry-Economic Times https://ift.tt/354i4...

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KVG Bank reduces home loan interest rate

The bank has linked the rate to CIBIL score, encouraging borrowers who make timely payments from Business Line - Money & Banking https://ift.tt/3540X...

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Kerala Bank posts ₹374.75-cr profit despite pandemic-led slowdown

Our Bureau Kerala Bank, the merged entity of the apex Kerala State Cooperative Bank with 13 District Cooperative Banks in the State, has reported a ne from Business Line - Money & Banking https://ift.tt/31axd...

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Pension assets under management cross ₹5 lakh crore mark: PFRDA chief

AUM grew 21% during April-September 2020 in these Covid-19 pandemic months from Business Line - Money & Banking https://ift.tt/3iUxv...

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All life insurers must offer standard term policy: IRDAI

‘Saral Jeevan Bima’ to be made available from January 1, 2021 from Business Line - Money & Banking https://ift.tt/3lLBc...

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ICICI Bank customers can create FD, pay utility bills on WhatsApp

Trade finance services can also be accessed on WhatsApp; 25 banking services available on messaging platform from Business Line - Money & Banking https://ift.tt/3lSiE...

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World experiencing deepest recession: World Bank

The world is experiencing one of the deepest recessions since the Great Depression in the 1930s owing to the novel coronavirus, World Bank president David Malpass has said, terming the Covid-19 pandemic a "catastrophic event" for many developing and the poorest countries. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/319Ql...

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Banks can rejig realty loans based on project, not realtor

The Reserve Bank of India (RBI) has permitted banks to restructure loans to real estate companies on the basis of the project rather than the developer. It has also indicated that banks can restructure loans drawn by a borrower during the current fiscal, provided the account was classified as ‘standard’ (not overdue for more than 30 days) as on March 1, 2020. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2HaR8...

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No recast for accounts that cured 30-day default after March 1: RBI

Loans against property (LAPs), availed for business purposes but are secured by immovable assets, will not be treated as individual loans and they will be eligible for resolution under Part B of the framework. from Banking & Finance – The Financial Express https://ift.tt/317hL...

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Westpac to cut over 150 jobs as bank exits China, India

The cuts will impact employees in Beijing, Shanghai, Hong Kong, Mumbai and Jakarta from Business Line - Money & Banking https://ift.tt/2Iutt...

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Only standard loan a/c as of March 1 can be recast: RBI

The Reserve Bank of India (RBI) has clarified that loans which have remained standard without any defaults as of March 1, 2020, will be eligible for restructuring under the pandemic-related resolution framework issued in August. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/317hK...

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LIC's housing finance subsidiary sanctions Rs 600 crore to five developers

At a time when most banks and nbon-bank lenders shy away from the real estate sector, the housing finance subsidiary of Life Insurance Corporation of India is going aggressive on developer financing. These range from fresh disbursals to refinance deals where the mortgage lender has taken over loans from other lenders. from Banking/Finance-Industry-Economic Times https://ift.tt/3iWVP...

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Irdai allows insurers to offer policyholders choice to renew, migrate, port Covid-specific health covers

"Policies of any tenure may be renewed for further terms …The renewal shall be subject to the underwriting policy of the insurer,” Irdai said Tuesday. from Banking/Finance-Industry-Economic Times https://ift.tt/314lM...

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With PMFBY scheme being optional for farmers, crop insurance premium de-grows in Sept

SurabhiCrop insurance premium declined in September this year after recording positive growth in the previous months, possibly due to the lesser num from Business Line - Money & Banking https://ift.tt/3nWhQ...

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Deepak Kochhar remanded to ED custody till Oct 17

Deepak Kochhar was arrested bythe ED in September under the Prevention of Money Laundering Act (PMLA) in the ICICI Bank-Videocon money laundering case. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2H5Gj...

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Covid-specific insurance can be renewed till March 2021 with portability: IRDAI

The Insurance Regulatory and Development Authority of India (IRDAI) has permitted renewability, migration and portability of Covid-specific standard from Business Line - Money & Banking https://ift.tt/37edi...

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Bank NPAs may rise to double digits this year; these factors likely to weigh on bad loans

India’s NPA ratio is one of the highest among comparable countries and further, it is expected to reach 11-11.5% by the end of the current fiscal year 2020-21. from Banking & Finance – The Financial Express https://ift.tt/2FsDA...

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Stability, liquidity & returns by investment in high quality portfolio

from Banking/Finance-Industry-Economic Times https://ift.tt/3nNKy...

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SBI Card kick-starts festive season offers with cashback, discounts across various brands

"This year we have curated over 1,000 offers, with national and local merchants, both in store and online, across 2,000 cities, to enable our cardholders great benefits across all the categories," said Ashwini Kumar Tewari, MD & CEO, SBI Card. from Banking/Finance-Industry-Economic Times https://ift.tt/2Foje...

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Deepak Kochhar produced before PMLA court, remanded to ED's custody till Oct 17

Kochhar was arrested on September 7 in Mumbai and remanded to police custody until September 19. The next day he was taken to Delhi for further investigation as the PMLA case is registered with the Delhi unit of the agency. On September 14, Kochhar tested Covid positive. The ED then moved the court which transmitted the accused to judicial custody. from Banking/Finance-Industry-Economic Times https://ift.tt/372hc...

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Depositors start spending ahead of festive season; banks’ liquidity surplus hit by these factors

The central government borrowings of Rs 60,000 crores and state government borrowings of Rs 23,728 crores, along with statutory dues (TDS payments) limited the banking system liquidity surplus during the fortnight. from Banking & Finance – The Financial Express https://ift.tt/34PrB...

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Ahead of FATF check, RBI bans 19 forex dealers

In a move that seeks to ensure India’s compliance with Financial Action Task Force norms on money laundering, Reserve Bank of India cancelled licences of 19 big foreign exchange dealers who allegedly issued huge foreign currencies in cash to some high net-worth individuals. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2GV2w...

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RBI announces portfolios of deputy governors

The Reserve Bank of India (RBI) on Monday reallocated portfolios of deputy governors, with the department of regulation entrusted to the newly-appointed M Rajeshwar Rao. Rao was executive director of the Reserve Bank before being elevated to the post of deputy governor. He took the new charge last week. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/3lydm...

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Govt extends tenure of exe directors of Canara Bank, IOB

The tenure of executive directors Debashish Mukherjee and Matam Venkata Rao has been extended for two years, or until further orders, whichever is earlier beyond their currently notified terms which expire on February 18, 2021 and October 8, 2020, respectively, Canara Bank said in regulatory filings. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2GPbz...

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Government extends tenure of 3 executive directors of Canara Bank, Indian Overseas Bank

The extension has been given as per the notification of the Department of Financial Services, the Finance Ministry dated October 10, Canara Bank said. from Banking/Finance-Industry-Economic Times https://ift.tt/3djoD...

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Sahara says Rs 3,226 crore paid to over 10 lakh cooperative society members in 75 days

The group said there has been some delay in payments, primarily due to an embargo imposed for last eight years by the Supreme Court, while approximately Rs 22,000 crore of its funds, including interest amount, are deposited in the Sahara-Sebi account, which was created to refund bondholders of two group firms. from Banking/Finance-Industry-Economic Times https://ift.tt/2GNly...

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Why (Indian) millennials just can't manage their money, and how Covid could change the scene altogether

Millennials have increasingly become a bigger part of the Asian consumer class that has driven travel and spending across the world. In India, savings in physical and financial assets as a portion of gross domestic product has been dropping, while net financial savings as a share of the gross national disposable income has also come down. from Banking/Finance-Industry-Economic Times https://ift.tt/3lGfe...

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Covid set to boost demand for travel insurance in India

Thousands of Indian students, executives and tourists who have deferred their foreign trips due to Covid-19 will likely have to buy compulsory travel insurance policies when countries open their borders for unrestricted travel, said sector experts. Insurance companies are anticipating a massive surge in demand for such products. from Banking/Finance-Industry-Economic Times https://ift.tt/3lFzO...

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Digital payments soar manifold in 5 years to FY20: RBI

Between 2015-16 and 2019-20, digital payments have grown at a compounded annual growth rate of 55.1 per cent - from 593.61 crore in the year to March 2016 to 3,434.56 crore in the year to March 2020. from Banking/Finance-Industry-Economic Times https://ift.tt/30TsH...

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Irdai panel suggests reducing entry-level capital requirement for micro-insurance companies

The committee set up by the Insurance Regulatory and Development Authority of India (Irdai) to suggest steps to promote micro-insurance said that like other nations India too will need to attract multiple players if it wants to substantially increase insurance penetration. from Banking/Finance-Industry-Economic Times https://ift.tt/3dlBi...

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Why is the European Central Bank eyeing a 'digital euro'?

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

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Loan repayment moratorium can’t be extended: RBI in SC

The Reserve Bank of India on Saturday filed an affidavit in the Supreme Court rejecting the demand of various sectors, including real estate, for extension of loan repayment moratorium that was granted from March 1 till August 31 citing pandemic-caused depressed economic activity. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/30Sw8...

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