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“Our focus on India is only going increase in the next few years as we plan to shift our one-third of our assets to emerging markets,” Machin said adding “ Strong domestic consumption and India’s emerging technology sector are key positives for the Indian economic,”
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"The Resolution Framework does not require any resolution plan in any form to be submitted to the lending institutions at the time of request for invocation. Rather, for invocation, the borrowers are required to merely submit a request to the lending institutions for being considered under the Resolution Framework," the RBI said.
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“Despite an estimated GDP growth of 10% next fiscal, overall NBFC sector growth is likely to be slower because access to funding remains a challenge due to concerns about the impact of the pandemic on asset quality" said Gurpreet Chhatwal, President, Crisil Ratings.
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The new payout norms assume importance as unlike banks, currently, there are no guidelines in place concerning the distribution of dividend by NBFCs. The RBI had on October 4 asked banks to not to pay dividend this year given their stretched balance sheets pummelled by the pandemic.
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For SME, commercial vehicle and microfinance institutions (MFIs), the collection efficiency was 120 per cent, 114 per cent and 104 per cent, respectively, according to the report.
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The deal will be on cash consideration basis with the beleaguered group seeking one consolidated bid for the entire portfolio. Applicants have to submit binding bids by next month.
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Equitas Small Finance Bank on Thursday announced the launch of a 3-in-1 account that allows its customers to invest in a wide variety of financial products. The account will combine savings, trading and Demat accounts as three financial products under one umbrella, the bank said in a release.
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Circulate Capital on Thursday said the Circulate Capital Ocean Fund (CCOF) has committed to invest USD 19 million (about Rs 140 crore) in four companies that are using technology and innovation to transform India's waste management and recycling value chain.
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"The gradual tapering of support measures will give borrowers time to adjust and enable banks to build loan-loss buffers, in turn reducing the risk of a sharp decline in banks' asset quality," said Rebaca Tan, Moody's Assistant Vice President.
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“As payment moratoriums came to an end in August, collections in rated Indian ABS improved markedly in September and October, although they remain below pre-coronavirus levels,” says Dipanshu Rustagi, Moody’s Assistant Vice President.
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"There will always be critics. India is on track to be a $5-trillion economy and, for that, we need new and innovative avenues of credit supply that cannot be sufficed by a few public and private banks alone," says KKR India CEO Sanjay Nayar.
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The UPI's open architecture allows ease of payments from and to banks and wallets. However, no bank had opened up its own system to use by other bank customers so far.
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RBI said that deposit taking NBFCs and systemically important non-deposit taking NBFCs should have CRAR of at least 15% for the last three years.
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A 100% sum assured would be liable to victims of accidents that result in death or permanent disablement, as per the draft guidelines whereas partial disablements would have different predetermined caps for reimbursements. The policy period has been kept as one year.
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Observing that consumers have to often pay convenience fee on payments made through digital mode, the report said, "RBI should refrain from creating an environment where, for pull payments initiated by merchants (effected by acquirer banks/payment aggregators (PAs) on behalf of merchants), the acquirer banks/PAs charge the consumers."
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SBI General Insurance has partnered with Mahindra Insurance Brokers Ltd (MIBL) to raise its penetration in tier-II and III cities. This association will enable the company to provide health insurance cover to a significant number of people in tier-II and III cities and generate employment.
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As many as 398 RBL Bank branches across 28 states will distribute ICICI Prudential Life's protection and savings products, according to a joint press release issued on Wednesday.
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Meanwhile, secured consumer-lending segments improved in recent months with loan repayments on products, such as gold finance and home loans, substantially improved and are returning to pre-pandemic rates. Fitch expects these sectors to remain more resilient.
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The second half should be better than the first half and it is evident from each passing month, Max Life Insurance CEO and managing director Prashant Tripathy told.
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The build-up in provisions will help non-banking finance companies (NBFCs) against incremental uncertainties, Icra said in a report, adding that such bodies are carrying about 50 per cent higher provisions at 3.1 per cent of the assets under management (AUM) as against 2 per cent in the year-ago period.
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The proposal will be submitted to Mumbai's National Company Law Tribunal citing growing complexities of competitive bids and a lawsuit by National Housing Bank, sources said.
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If the banks were to bear this burden, then it would necessarily wipe out a substantial and a major part of their net worth, rendering most of the lenders unviable and raising a very serious question mark over their very survival, it said.
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More than 99 per cent of the depositors of the bank will get full payment of their deposits from Deposit Insurance and Credit Guarantee Corporation (DICGC), the Reserve Bank said in a statement.
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Sobti’s induction which is subject to the Reserve Bank of India’s (RBI) approval, comes after some prominent investors had expressed concern over the performance of the group’s flagship financial services business, according to ET's sources.
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While the spokesperson did not state what its outstanding due from DHFL is, Wadhawan, in the letter, stated that 63 Moons had invested Rs 200 crore in non-convertible debentures of DHFL during a public issue in 2016 and these are redeemable from 2023 onwards.
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Punjab National Bank, the convenor of state level bankers' committee (SLBC), by the virtue of its merger with United Bank of India, did not bid for the project. PNB officials said that neither UBI nor PNB could bid as both were busy in the process of merger.
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“If people are going to study one country right now, other than China, I’d say they should look at India,” Gates said at the Singapore Fintech Festival on Tuesday. “Things are really exploding there and innovation around that system is phenomenal.”
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Former head of ICICI Bank Chanda Kochhar had in 2009 told Videocon group chairman V N Dhoot, whose loan applications had been pending with the bank, to invest money in her husband Deepak’s company, said the Enforcement Directorate (ED) in its chargesheet filed recently.
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The last date for submission of EoIs for the stake sale was December 1. In all, 60 different bids have been received by SBI Capital Markets and J M Financial Services, the advisors to the lenders.
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The new app, which ICICI Bank claims is a first in the industry, will allow users to link their bank accounts, generate a UPI ID and avail services such as online transactions, opening savings accounts, making investments, applying for loans and credit cards without being an ICICI Bank account holder.
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The sale was a part of the company’s debt resolution process. Religare Enterprise was originally promoted by Malvinder and Shivinder Singh who subsequently lost control of the firm. Several banks which were lenders to Religare had said the deal would be concluded before the end of the current fiscal.
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The latest version of the bank's mobile banking app is called iMobile Pay, through which customers of other banks can link their bank account, generate a UPI ID and start paying, shopping, transfer funds to any bank account or to any other payment apps or digital wallets; or bill payments and online recharges, among others, ICICI Bank said in a statement.
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Fino Payments Bank reported profit after tax of Rs 4.5 crores at the end of the September quarter. It had reported a loss same period last year. On a sequential basis the bank had posted profit of Rs 1.9 crore in the June quarter.
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ICICI bank recently hosted its analyst day where the bank showcased their digital capabilities around each of their business verticals and their continued focus to partner with the customers across the entire ecosystem.
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Last week, banking sector regulator Reserve Bank of India (RBI) had asked the bank to temporarily stop all launches under its digital 2.0 initiative and stop sourcing new credit card customers.
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We have engaged IBM to advise us on the digital strategy and technology implementation journey, where IBM is instrumental in designing digital value proposition, process re-engineering and technology recommendations. The new value proposition has garnered excellent traction from end consumers, relationship executives.
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The company offers home loans at roughly 200-250 basis points higher than its peers, said a senior executive, who raised concerns about the increasing customer demands for what is known as “balance transfer”, or switching from one financier to another due to the rate arbitrage.
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Earlier in October, the Reserve Bank of India (RBI) did not approve Axis Bank's proposal to raise its stake up to 29 per cent but scaled it down to an aggregate of 19.02 per cent with the subsidiaries of private sector lenders.
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