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Following a discussion paper on “Entry of New Banks in the Private Sector”, final guidelines issued in 2013 mandated banks to be set up through a wholly-owned Non-Operative Financial Holding Company (NOFHC). Though large corporate houses were allowed, the NOFHC was to hold a minimum of 40 per cent of the voting capital to be locked for 5 years. Two banks were set up under these guidelines.
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“Well run large NBFCs, with an asset size of Rs 50,000 crore and above, including those which are owned by a corporate house, may be permitted to convert to banks provided they have completed 10 years of operations,” the working group proposed.
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ED has recently filed a charge sheet against Kochhar, Deepak Kochhar and Videocon Group promoter Venugopal Dhoot on money laundering charges.
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The working group in its proposal has also favourably looked at allowing industrial houses as bank promoters only after making legislative changes to the banking regulation act. It has also recommended increasing cap on non-promoter holding to 15% so as to bring a uniformity among all types of shareholders.
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The Internal Working Group (IWG) was constituted on June 12, 2020 to review extant ownership guidelines and corporate structure for Indian private sector banks.
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Tax experts say that this is mainly due to the tweak in regulations around GIFT and around direct tax regulations. Entities engaged in financial services and products will qualify for a 100% tax holiday in respect of their back-office operations in IFSC.
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The Reserve Bank of India (RBI) is now offering the 563 branches (many branches, head office, corporate office-owned building) LVB and other real estate free of cost to DBS Bank India Ltd, a subsidiary of DBS Bank, Singapore.
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The integrated payment solutions will help BWSSB authorities to collect payments from its 10 lakhs plus customers in a seamless and effective way.
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"It is a really powerful initiative. It is the extension of what we are doing in many markets and we have committed in a large part of India. Globally, we have committed USD 250 million towards supporting SMEs (small and medium enterprises)," Porush Singh, division president (South Asia) of Mastercard, said while announcing the partnership at a virtual event on Thursday.
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The Reserve Bank has proposed merging Lakshmi Vilas Bank (LVB) with DBS Bank India Ltd (DBIL). As part of the proposal, DBIL, the wholly owned subsidiary of Singapore-based DBS Bank, will inject Rs 2,500 crore into the merged entity to support its financial position.
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"The transaction will be consummated upon receipt of approval from Insurance Regulatory and Development Authority of India (IRDAI)," the filing noted.
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Over 12,500 unbanked villages in the state now have access to formal banking services with Airtel Payments Bank.
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The RBI had given a loan moratorium owing to Covid-19 and its fallout on businesses and consumers' income. The period of moratorium had ended on August 31.
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LVB, facing mounting bad loans and governance issues and a failure to secure capital, is set to be folded into DBS's Indian subsidiary under a plan proposed by India's central bank, which took control of the 94-year old Chennai-based lender on Tuesday.
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LVB, facing mounting bad loans and governance issues and a failure to secure capital, is set to be folded into DBS's Indian subsidiary under a plan proposed by India's central bank, which took control of the 94-year old Chennai-based lender on Tuesday, citing a "serious deterioration" in its finances.
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All of the bank's equity, including the shareholding of Indiabulls Housing Finance (4.99%), Srei Infrastructure Finance (3.34%), Capri Global (3.82%) and promoter ownership of 6.8%, as well as stakes held by retail investors, are set to be extinguished as the draft scheme of amalgamation says that the entire paid-up capital of the bank will be written off.
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The NBFCs don’t expect customers to go back to the physical gold loan format once the pandemic ends because there’s been a change in lifestyle and outlook. Before the pandemic, the gold loan was taboo. But now people treat gold loans as an option to meet working capital and fund requirements.
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The non-bank entity is a part of Cyrus Poonawalla group, which owns Serum institute, engaged in developing vaccines for the coronavirus.
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The sudden announcement on Tuesday evening to impose a moratorium that restricts LVB customers from withdrawing money for a month is ostensibly aimed at facilitating the `deal’ and saving a failed bank.
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The moratorium on Lakshmi Vilas Bank came into effect from 6 pm on November 17 and is scheduled to end on December 16, 2020.
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The moth-eaten LVB will cease to exist, its equity completely wiped out. Only its deposits will appear on the books of the India unit of DBS Group Holdings Ltd., Singapore’s biggest bank.
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While RBI rejected the Indiabulls offer, Clix Capital offer was stuck on valuation issues. Clix Capital had valued their loan book at Rs 4200 crore, while LVB valued it at Rs 1,200-Rs 1,300 crore, creating a mismatch of over Rs 2,500-Rs 3,000 crore.
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As part of the bailout, depositors and bond holders in general will get their money back. Equity shareholders face a total loss of investment, signalling to investors that this may become the playbook for future rescues of troubled banks.
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As part of the bailout, depositors and bond holders in general will get their money back. Equity shareholders face a total loss of investment, signalling to investors that this may become the playbook for future rescues of troubled banks.
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For the past three years and more, the Tamil Nadu-based private sector Lakshmi Vilas Bank has not been in good health, rather, it was suffering from bad health and continuous loss, AIBEA said.
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The RBI, in a release, said it has issued certain directions to Mantha Urban Cooperative Bank, Mantha District Jalna, Maharashtra, from the close of business on November 17, 2020.
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DBS would invest Rs 2,500 crore in the equity of the bank that would help the merged entity have a comfortable capital position. This would also help the Singapore bank gain a banking license. It also ends Clix Capital's plan of converting into a bank.
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The prepaid card will be offered to Neokred's corporate partners across various sectors, including healthcare, financial institutions, NBFCs, oil companies, educational institutions, FMCG and infrastructure.
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The collection efficiency in ICRA-rated retail pools (originated largely by non-banking financial companies or NBFCs and Housing Finance Companies or HFCs) witnessed considerable improvement in September 2020 for almost all the asset classes, ICRA research said.
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In August, the central bank had announced that it will set up the Reserve Bank Innovation Hub (RBIH) to promote innovation across the financial sector by leveraging on technology and creating an environment that would facilitate and foster innovation.
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NBFCs have lost market share to PSU banks, which have become more aggressive. According to M Ramaswamy, chief financial officer at Sundaram Finance, banks are flush with liquidity and can bring down rates.
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Eva, a unique savings account, tries to address the well-being of Indian women in every aspect such as health, wealth and prosperity, ESFB said in a release.
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With the 24-year southpaw as the brand ambassador, India's first small finance bank is set to bring women together through powerful conversations around shared experiences of struggle & success resulting in growth and prosperity. She will begin appearing on behalf of the bank across all media platforms shortly, Equitas announced Monday.
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ItzCash founder Navin Surya and Infibeam Avenues executive director Vishwas Patel are joining forces to set up a new firm to apply for the NUE licence with the RBI.
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IBA is coordinating the government’s initiative to provide doorstep banking as a chargeable, outsourced service. This is particularly relevant to senior citizens, who should not be out during Covid.
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On a review of the working of the arrangement and on the basis of feedback from the life insurers, the Insurance Regulatory and Development Authority of India (IRDAI) has now extended the time period and the facility to all products.
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