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Ramann, 1991-batch Indian Audit & Accounts Service officer, is currently CEO of National E-Governance Services Limited (NeSL), India's first Information Utility.
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At a time when the private sector is witnessing mergers and acquisitions, the central government scrapped its earlier plan to merge National Insurance Company Ltd, Oriental Insurance Company Ltd and United India Insurance Company Ltd into one.
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As the one-size-fits-all approach wouldn't work with NBFCs, the RBI is considering a scale-based filter to frame new rules for last-mile lenders.
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DBIL said it is well-capitalised, and its capital adequacy ratios (CAR) remains above regulatory requirements after the amalgamation.
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"We want the NBFC sector to remain robust. It plays an important part in filling the last mile gap and hence we have also made some changes like allowing co-lending with banks. It is a priorty for the RBI to ensure they remain strong and work well," Das said.
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The RBI's internal working group to review the current guidelines pertaining to ownership and corporate structure of Indian Private sector Banks has suggested increasing the cap on promoter holding to 26% from the current level of 15%.
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In March this year the regulator imposed a moratorium on Yes Bank and quickly stitched a reconstruction plan with SBI and nine other domestic entities investing in the lender. Likewise, last month the RBI directed a forced merger between troubled Lakshmi Vilas Bank and DBS (India) Bank, wiping out holdings of all equity and tier 2 bond holders.
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Earlier episodes, overwhelming presence in digital payments prompted drastic measures on HDFC Bank, says RBI governor Shaktikanta Das. A central bank team probing outages at SBI as well.
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In response to the pandemic, RBI has focused on resolution of stress among borrowers, and facilitating credit flow to the economy, while ensuring financial stability, RBI Governor Shaktikanta Das said.
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The announcement comes a day after the RBI temporarily barred largest private sector lender HDFC Bank from selling new credit cards or launching new digital banking initiatives, taking a serious view of service outages at the systemically important bank over the last two years.
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The governor said that the RBI has not taken any decision on the bank licences so far and the recommendations in this regard are from an Internal Working Group.
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Currently, RTGS is available for customers from 7.00 am to 6.00 pm on all working days of a week, except second and fourth Saturdays of every month.
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HDFC Bank: Tech glitches and impact
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The RBIs internal group to review the current guidelines pertaining to ownership and corporate structure of Indian Private sector Banks has suggested increasing the cap on promoter holding to 26% from the current level of 15%.
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SBI which has a customer base of 490 million, processes at least 4 lakh transactions on its digital offerings on a daily basis. About 55% of the bank’s transactions are currently being conducted through the digital channel and half of it is contributed by Yono.
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The Reserve Bank of India’s move to temporarily ban private lender HDFC Bank from onboarding new credit card clients and launching digital initiatives has led to a confusion among the customer’s minds on what services will be affected.
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RBI on Thursday asked HDFC Bank to temporarily halt new digital offerings and stop sourcing credit card customers.
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This unprecedented order by the RBI comes after the bank suffered its third big outage in the span of just two years. The RBI order also states that the lender’s board needs to examine these lapses and fix accountability.
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“The global recession and the expansionary monetary policies undertaken by countries globally is expected to have ramifications of the financial sector with banking sector likely to remain impaired over the next few years,” the report said.
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In this capacity, Verma will oversee the company's public policy, regulatory affairs and litigation teams around the world, Mastercard said in a statement.
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The RBI order comes after another recent major outage, the third such instance in a span of two years, at HDFC Bank which is the country's leading private lender.
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The regulator has sought an explanation from HDFC Bank about an interruption in digital services on November 21. This is the third disruption of digital services that HDFC Bank customers have faced in the past two years.
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Most banks and NBFCs have claimed of achieving near normal collection efficiency levels, but data suggests that Covid has altered borrower repayment behaviour.
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Bankers have requested the regulator that given the case in the Supreme Court leading to a prolonged moratorium, they haven’t been able to assess borrower cash flows.
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With this IT integration, all of erstwhile Corporation Bank, including service and specialised branches, have been fully integrated with Union Bank of India (UBI), it said in a release.
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Under India's unique rule, no single player can grab more than 30% of total payments transactions. Every company also has to use India’s open payments platform, guaranteeing interoperability so money can be transferred between any of more than 100 traditional banks and digital services like Google Pay — all without fees.
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The National Company Law Tribunal (NCLT) admitted 80 cases during the second quarter, one less than the previous quarter and substantially lower than the 588 admitted in the second quarter last year, data released by the Insolvency and Bankruptcy Board of India showed.
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The nationwide bank holidays this month will fall on December 12, December 25 and December 26. Here is the list of the other state-specific bank holidays to help you come up with a planner for the month.
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Goldman along with an Edelweiss fund have agreed to infuse Rs 1,600 crore in the form of 5 year debentures. Another Rs 200 crore will be used for working capital requirements and other general corporate purposes as part of RBI's resolution plan for stressed assets. There is a possibility of a third investor but that is not yet finalised.
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Since the opening up of the insurance market in 2000, the non-life sector attracted a total FDI of Rs 4,721.68 crore as on March 2020. It was Rs 4,212.61 crore at the end of March 2019.
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Yes Bank aims to open up to 1 lakh fresh accounts every month by leveraging technology, he said adding that it expects this trend to continue in the coming quarters.
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With this card, customers would be able to transact on ATMs (Automatic Teller Machines) & PoS (Point of Sale) terminals across the globe under the JCB network. They can also shop online from JCB-partnered international e-commerce merchants using the card.
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Punjab and Maharashtra Cooperative Bank has been put under restrictions, including limiting withdrawals, by the RBI, following the unearthing of a Rs 4,355-crore scam.
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IL&FS in a statement said Sekura had bid Rs 916 crore for the 100 per cent stake in Jorabat Shillong Expressway (JSEL). JSEL is a wholly-owned subsidiary of IL&FS Transport Network .
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The bench was hearing Kochhar's appeal against the March 5 order of the high court which had dismissed the plea against termination of her services as managing director and CEO of ICICI Bank while noting that the dispute arises from a contract of personal service.
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Creditors are confident that they are well within their rights to ask for a rebid as they seek to maximise returns. They have also sought former attorney general Mukul Rohatgi’s opinion on whether rebids can be done in the current situation especially in the light of opposition from three bidders to the Adani Group’s late bid.
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Non-food bank credit growth decelerated to 5.6 per cent on a year-on-year (y-o-y) basis, in October 2020 from 8.3 per cent in October 2019.
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Sidbi's helpline- a web portal-"arm-msme" is designed to help MSMEs take benefit of Reserve Bank of India’s MSME restructuring guideline.
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"In the Asia Pacific region, banks' rising nonperforming loans and insurers' volatile investment portfolios are in focus. Capital will moderately fall in emerging Asia over the next two years, and banks in India and Sri Lanka will post larger capital declines without public or private injections," Moody's said.
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The amalgamation of LVB into DBS Bank India came into effect from November 27 under the special powers of the government and the Reserve Bank of India under Section 45 of the Banking Regulation Act, 1949.
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Southeast Asia's largest lender, which will pump in 25 billion rupees ($338 million) into its India unit, until recently had just over 30 branches in India but has now added more than 550 and 900-plus ATMs.
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Social distancing rules have forced consumers to rethink how they spend, with digital payments becoming an increasingly attractive. This shift in mindset is reflected in the growth in outstanding balances. Credit card outstanding balances increased by 32% y-o-y in July 2020. This compares to a 33% y-o-y increase in balances at the same time last year.
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"We have suggested revisiting the fit-and-proper criteria. We have said that financial conglomerates getting into banking should have a structure NOFHC to come through and that companies should be regulated through RBI guidelines and necessary legislative framework," says Sachin Chaturvedi who is on RBI's central board.
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ATM players say that the main reason is that over seven years, the number of debit cards in India has doubled to 86 crore as of September 2020. And of those cards, 35 per cent (30 crore) are RuPay ones issued to PM Jan Dhan Yojana accounts.
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November this year saw a substantial number of bank holidays. There were quite a few nationwide holidays as well as some state-specific ones.
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