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The rate cut would be effective from November 1, 2020. With the cut in the external benchmark repo linked rate, all retail loans of the bank would get automatically adjusted.
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Private lender ICICI Bank on Saturday posted a six-fold jump in its standalone net profit for the second quarter (Q2) ended September 2020. The bank reported a net profit of Rs 4,251 crore in the period under consideration as against a profit of Rs 655 crore posted in the same quarter last year.
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The National Bank for Agriculture and Rural Development (Nabard) will set up a subsidiary, NABSanrakshan Trustee, to provide a guarantee for agriculture and rural development loans.
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The card swipe machine is replacing the in-store finance executive. Not only are banks extending personal loans against card swipes, but customers in the smallest of towns are making purchases with zero-interest EMIs.
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Net sales totaled 12.1 tons of bullion in the third quarter, compared with purchases of 141.9 tons a year earlier, according to a report by the World Gold Council. Selling was driven by Uzbekistan and Turkey, while Russia’s central bank posted its first quarterly sale in 13 years, the WGC said.
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Jio Payments Bank was required to submit an application under Section 35B of the Act in the case of reappointment of MD & CEO of the bank four months prior to the date on which the term of the current position holders was to expire as per RBI guidelines.
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The bank's total slippages at just 19 basis points of its loan book or Rs 400 crore were made up by the Rs 495 of recoveries and upgrades the bank had in the quarter ended September. One basis point is 0.01 percentage point.
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IFC's pandemic response is focused on reaching the most vulnerable people in the developing world. In March, IFC committed USD 8 billion in fast track financing to help pandemic-hit private sector companies.
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As reported first by ET on July 27, the share purchase agreement between Axis Bank and Max Financial didn’t get RBI nod as it flouted the para banking guidelines of the central bank.
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Five banks – Central Bank of India, IDBI Bank, Indian Overseas Bank, Uco Bank and Lakshmi Vilas Bank – are now under the RBI prompt corrective action (PCA) framework that brings in multiple restrictions aimed at conserving capital of banks and better their loss-absorption capacity.
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Within industry, credit to food processing, petroleum, coal products & nuclear fuels, leather & leather products, wood & wood products, and paper & paper products registered accelerated growth in September 2020 as compared with the growth in the corresponding month of the previous year.
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"The RBI has...imposed a monetary penalty of Rs 22 lakh on DCB Bank for non-compliance with certain provisions of directions issued by RBI contained in the circular on 'Marketing/distribution of mutual fund/insurance etc., products by banks' dated November 16, 2009," the RBI order attached with the filing said.
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CEA KV Subramanian was referring to the situation where lending institutions continued to lend to borrowers that did not have the capacity to repay their debt, leading to a deteriorating asset quality that did not show up on the books of accounts of these lenders and eventually resulted in non-performing assets crisis.
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More than 30 lenders have a collective exposure of about Rs 400 crore to the company, which started defaulting since the beginning of this month. Sambandh actually has assets under management of Rs 140 crore, while it officially declared an inflated figure of Rs 383 crore.
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Last Friday, the government had announced the scheme for grant of ex gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts. The lending institutions have been asked to complete the exercise of crediting the amount in the accounts of borrowers by November 5.
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Kotak Mahindra Bank Ltd’s potential takeover of IndusInd Bank Ltd would create India’s eighth-largest lender by assets at a time when the nation is battling one of the world’s worst bad debt problems.
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Citing empirical research, the report said PMJDY accounts work as a primary vehicle for labour remittances, apart from increased lending, smoothing consumption, increased spending on healthcare and, most importantly, the usage is more frequent in areas that are more crime prone.
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For payment to credit card holders, the relief will be calculated using the interest rate charged by the bank for converting outstandings into EMIs and not the rate charged to those who revolve their balances.
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The Nomura Monthly Activity Indicator, which takes into account high-frequency indicators from across sectors, improved to -8.6% year-on-year in September from -19.7% in August and a record low of -37.8% in June, “implying a swift GDP growth rebound”, the firm said in a report on Tuesday.
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Under the partnership, IIFL, a non-banking financial company, will act as a business correspondent of CSB Bank and will source new business from markets where CSB Bank does not have adequate branch network.
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"The true thing is I almost did not come back," Puri said in one of the many interviews over the years. "I came back because of my father (Wing Commander Tapishwar Puri). I was still thinking… because I was sitting so pretty. I said papa why don’t you move to KL. There is enough help and we will look after you. He said no I don’t want to leave India. And I want to spend my last years with you. I want to die in your house."
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One of the toughest challenges central bankers face is how to navigate the “Impossible Trinity” -- maintaining monetary policy independence while allowing a steady flow of foreign capital and keeping a stable currency.
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"Under the scheme, all lending institutions (as defined under clause 3 of the scheme) shall credit the difference between compound interest and simple interest in the respective accounts of eligible borrowers for the period between March 1, 2020 to August 31, 2020," the govt said.
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The scheme mandates ex-gratia payment to certain categories of borrowers by way of crediting the difference between simple interest and compound interest for the period between March 1, 2020 to Aug 31, 2020 by respective lending institutions. The government had asked the lending institutions to complete the exercise of crediting the amount in the accounts of borrowers by Nov 5.
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The Reserve Bank on Tuesday asked all lending institutions, including non-banking financial companies, to implement the waiver of interest on interest for loans up to Rs 2 crore for the six months moratorium period beginning March 1, 2020.
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Yes Bank has started the process for obtaining physical possession of Reliance Centre, the headquarters of Anil Ambani’s Reliance Group in Mumbai. The bank is seeking to either sell the property to realise its dues, or may move its headquarters there.
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The SC had asked the government to explain the mechanism to implement its decision to waive interest on interest for the six-month moratorium period for those who had borrowed up to Rs 2 crore, including MSMEs.
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In July, the private lender had taken symbolic possession of the sprawling complex situated off the Western Express Highway and overlooking the Mumbai airport. The action was taken under the SARFAESI Act to recover dues of Rs 2,892 crore from Reliance Infrastructure.
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The Centre on Monday informed the Supreme Court that by November 5 lending institutions must credit into the accounts of borrowers who had availed loans up to Rs 2 crore the compound interest collected during the six-month loan repayment moratorium period and then claim reimbursement from the Union government.
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At 5:30 pm on Monday, Aditya Puri stepped out of HDFC Bank's corporate headquarters after handing over charge to Sashidhar Jagdishan as the new chief executive and managing director of the largest private sector lender.
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The committee of creditors (CoC) met Monday analysing the bids it had received from Oaktree, SC Lowy, Adani Capital and Piramal Group. It will likely meet on Saturday to take a call on revised bids, three people with knowledge of the matter told ET. Lenders are in favour of negotiating hard with bidders as they aim to maximise value of assets.
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AU Small Finance Bank is experiencing an increase of 23 per cent in per day debit card spends. Overall, point-of-sale (PoS) and e-commerce transactions witnessed a surge of 16 per cent since the launch of the festive offers, it said in a release. The bank is already witnessing a bounce back in spending to pre-COVID levels, it added.
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A London court on Monday rejected the bail application filed by fugitive diamantaire Nirav Modi, the seventh such rejection by courts of the United Kingdom. Nirav, who is wanted in connection with the Rs 13,000 crore Punjab National Bank fraud perpetrated by him and his uncle Mehul Choksi, was arrested in London on March 19 last year on CBI's extradition request.
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Bloomberg had reported that Uday Kotak is exploring an all-stock acquisition and has held initial talks over the proposal in which the founders of IndusInd Bank could retain a stake in the lender after a deal.
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RuPay cardholders can revel in celebrations by availing attractive offers from not only categories such as health, fitness, education, e-commerce - which are most relevant and significant amid current scenarios - but also from dining and food delivery, shopping, entertainment, wellness, pharmacy and others.
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LICHFL also expects a good festive sale on the back of stamp duty cut in many markets, falling interest rate and its festive offer to waive off processing fee for between October 1 and November 30.
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In a tweet, the ICICI Bank said, " #ICICIBank thanks you, Mr. Aditya Puri, for your contribution to the Indian banking industry. Throughout your illustrious career spanning decades, you have been an inspiration to many. We wish you the very best for your future endeavours."
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IndusInd Bank promoters, the closely knit Hinduja family, have been engaged in a battle over the family’s assets. 84 year old SP Hinduja, the eldest of the four brothers and his daughters Shanu and Vinoo want a 2014 letter signed by the brothers declared null and void.
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While heading a foreign bank's operations in Malaysia in the early 1990s, Puri got an offer from Deepak Parekh of mortgage major HDFC to come back to India to start a bank in an economy which had shifted gears with liberalization moves.
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Its management, led by co-founder and vice-chairman Ranu Vohra, has set a target of taking it to over $3 billion (over Rs 22,000 crore) over the next four-five years and to ensure that half of the incremental growth comes from overseas.
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According to banking sources, Religare Enterprises introduced a couple of investors for RFL to lenders in a meeting with bankers held recently.
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Yes Bank lacked a culture of cost control, and under the new management, the lender is targeting to reduce operational expenses by 20 per cent in FY21 by rationalizing branches and ATMs, giving up unwanted leased spaces and renegotiating rents, a top official has said.
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"The pandemic will change the landscape of the insurance industry. The cost base of insurance companies will go down. It will go down because will only incur the expenses which are critical and expenses which are 'luxurious' will reduce extensively," the IndiaFirst Life Insurance Company Ltd (IndiaFirst Life) deputy CEO said.
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The city-based lender is experiencing delays in loan recovery efforts as big defaulters are approaching courts, its new chief executive and managing director Prashant Kumar told PTI. Kumar was asked to lead Yes Bank in March after its rescue by a SBI-led consortium of lenders after alleged governance lapses under co-founder and chief executive Rana Kapoor.
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The objective of the proposed regulation, IRDAI said, is to ensure that the insurers, intermediaries or insurance intermediaries adopt fair, honest and transparent practices while issuing advertisements, and avoid practices that tend to impair the confidence of the public.
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