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"Now, the respective sides are in the process of a workable and mutually acceptable framework," the bank announced Saturday.
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The country's economy, which has shown resilience to come out from a downturn caused by the Covid-19 pandemic, is expected to bounce back from the next fiscal, State Bank of India (SBI) chairman Dinesh Kumar Khara said on Saturday.
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Credit to agriculture and allied activities rose by 5.9 per cent during the reporting month as against a growth of 7 per cent a year ago.
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Farmers can place order online for seeds, fertilizers, agri machinery, pesticides, organic products and various other farm products with no minimum order value through IFFCO eBazar portal. "With the integration of IFFCO Bazar on Yono Krishi, customers will now be able to purchase the high-quality farm inputs and agri machinery online.
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As per the new rules, WhatsApp Pay can go live using the multibank Unified Payments Interface (UPI), which is operated by the National Payments Corporation of India (NPCI). It has been allowed to begin with a user-number cap, and then gradually increase its UPI base.
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"One can also argue that the design of prudential regulatory framework for such NBFCs can be comparable with banks so that beyond a point of criticality to systemic risks, such NBFCs should have incentives either to convert into a commercial bank or scale down their network externalities within the financial system," he said.
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A full economic recovery is unlikely until people are confident that it's safe to resume their normal activities, the US central bank chief has said, noting that all Americans can play a role in the nation's response to the pandemic by wearing masks and following social distancing guidelines.
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The Self-Employed Women’s Association, SEWA, took up the challenge of providing microinsurance in 1992, as we witnessed how informal women workers slowly emerged from poverty, only to be faced with accidents and illness.
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He further said that the payments will be available in 10 Indian regional language versions of WhatsApp. "All you need is a debit card with a bank that supports UPI and you can set it up straight away. You can find it in the latest version of WhatsApp," he said.
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Several lenders including State Bank of India, the country's largest lender and HDFC Bank, India's most valuable bank by market capitalisation saw demand for housing and vehicle loans return to near pre-pandemic levels in the quarter ended September.
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The Co-Lending Model (CLM), which is an improvement over the co-origination of loan scheme announced by the RBI in September 2018, seeks to provide greater flexibility to the lending institutions, the Reserve Bank of India (RBI) said in a release.
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It can be noted that a slew of lenders, including bigger rival HDFC Bank and others, have been targeting the millennial segment with dedicated offerings to help their consumption, borrowing and wealth management needs.
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The micro lending firm in question used to create fake borrowing accounts and showed false disbursements in its system, E&Y said in the preliminary status report of the forensic audit. This confirms the allegations made by the company’s chief financial officer and three other senior executives.
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Lakshminarayanan joins from rating agency Crisil, where he was serving as the chief technology and information officer, HDFC Bank said in a statement, adding that he has also had stints with Kotak Mahindra Bank, Citibank and ABN Amro Bank.
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The public-sector bank has a total of 84,000 employees nationally. The program will cover all employees in the Mumbai zone.
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The IC-38, which is the certification examination for candidates aspiring for jobs as insurance agent and advisors, will conducted through a “remote proctor model” as proposed by Irdai’s technology consultant NSEIT will take place in Delhi, Mumbai, Kolkata and Thiruvananthapuram in its first phase.
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"CBDT issues refunds of over Rs 1,29,190 crore to more than 39.49 lakh taxpayers between 1st April, 2020 to 3rd November, 2020. Income tax refunds of Rs 34,820 crore have been issued in 37,55,428 cases & corporate tax refunds of Rs 94,370 crore have been issued in 1,93,059 cases,” Income Tax department said in a tweet.
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"But, we are also getting inquiries from many other players who feel that they have the ability to invest in the company directly. So, as far as the interest of our investors are concerned, it is high for the company and the franchise that has been built," Prasad told in an interview.
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State Bank of India (SBI) , the country's largest lender by assets, posted a 52% rise in second-quarter profit on Wednesday, helped by higher interest income and a drop in bad loan provisions.
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The Wadhawan brothers had approached the high court, seeking default bail, claiming that the Central Bureau of Investigation (CBI), the prosecuting agency in the case, had not complied with the procedural requirements under the Code of Criminal Procedure (CrPC) while filing the chargesheet before the special CBI court in the city.
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Madurai calls itself ‘Thoonga Nagaram’ (a city that doesn’t sleep). Now, international financial behemoth (Citigroup) whose tagline till 2008 was ‘Citi Never Sleeps’, has picked a man from the city to head its global consumer banking business.
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A surge in demand for home loans in October has triggered a rate war. Kotak Bank is now offering home loans at 6.75% — the second reduction in less than a month.
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In a first, the RBI-appointed administrator of Punjab and Maharashtra Cooperative (PMC) Bank has come up with a revival strategy where private investors can take over and convert the failed cooperative into a small finance bank and possibly capitalise part of deposits into equity.
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Reserve Bank of India-appointed administrator of Punjab and Maharashtra Cooperative (PMC) Bank has come up with a revival strategy where private investors can take over and convert the failed cooperative into a small finance bank. Potential investors have to submit their expressions of interest (EoI) by December 15, 2020.
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From top Japanese and Australian funds to those from Europe and the US, PM Modi will sell the India story to 20 global giants, with combined assets of $6 trillion, and pitch for long-term investments. The PM is scheduled to hold a round table with the CEOs and chief investment officers of top fund houses — ranging from Australian Super and Future Fund to Japan Post Bank and Ontario Pension — on Thursday.
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The finance ministry on Tuesday said that there has been no increase in service charges by any public sector bank even as Bank of Baroda decided to withdraw changes made with regard to the number of free cash deposit transactions in a bank account per month.
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The Reserve Bank of India (RBI) is looking at diversifying its foreign exchange reserve investments amid fall in global interest rates caused by the Covid-19 pandemic, according to two government sources aware of the development.
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"With respect to restructuring, surprisingly, as on today, if you look at, not many people have requested. In terms of retail and MSME together by September 30, we have undertaken restructuring to the extent of Rs 41 crore. As on today, another Rs 30 crore request has come with respect to retail and MSME.
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Subsequent to commencement of the normal day-to-day operations, it will be open for the investors to convert the bank into a small finance bank by making an application to the RBI, the lender said.
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The announcement came just a day after the bank said it would begin charging customers for basic transactions, including deposits and withdrawals, above certain limits.
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Bank of Baroda had made certain changes with effect from November 1, 2020, with regard to the number of free cash deposits and withdrawals per month, a Finance Ministry statement said.
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Kotak is offering these low rates to the best rated customers in the salaried and self-employed customer segments. These rates are also applicable on balance transfers.
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To enable people to help their family, friends & and those who help them daily, SBI Card has launched an array of over 1000 offers across 2000+ cities.
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US based Citibank has elevated its former India consumer banking chief Anand Selvakesari as CEO global consumer banking in the latest addition to the long list of Indian executives rising to the top in foreign banks.
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Equity indices moved higher on Tuesday, as investors cheered strong factory activity data from Asia's third-largest economy, with banking stocks offering support after the sector's heavyweights reported upbeat earnings.
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Singapore will stop printing S$1,000 banknotes from Jan. 1 next year, its central bank said on Tuesday, to curb the risk of them being used for money laundering and to finance terrorism.
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Selva, who has been at the firm for nearly three decades, has helped shape the international banking giant's consumer strategy in different regions including Asia and the United States. Most recently, he was served as CEO of U.S. consumer banking since 2018.
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The bank is also said to have announced the appointment of Vinod Venkatesh in Joshi’s role.
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The bank said it has made additional Covid-related provision of Rs 2100 crore covering 2.8% of its portfolio, and it might not need to top it up substantially going forward if the current repayment trend continues, bank chief executive Chandra Shekhar Ghosh told ET.
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The Reserve Bank of India (RBI) on Monday decided to restore market trading hours for various markets regulated by it, in a phased manner from November 9. Trading hours for foreign currency, rupee and bond markets have been extended by 1.5 hours. Now, the markets will close at 3.30 pm instead of the earlier closing time of 2 pm.
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According to sources, the process for inviting Expression of Interest (EOI) for its key assets was launched on October 31, 2020, with a view to unlock value of its underlying businesses and targets to make RCL debt free.
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IDFC First Bank is factoring in total restructuring of about 4% of its loan book of Rs 1.06 lakh crore under the Covid-19 recast window, chief executive V Vaidyanathan told ET.
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Private equity firm Carlyle Group said on Monday it has appointed Aditya Puri, former chief executive officer of India's largest private sector bank, HDFC Bank, as senior adviser.
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