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Saturday, December 26, 2020

SEBI names Krishnamurthy as ‘observer’ for Franklin e-voting

Announcement after the start of voting process stirs up controversy

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Banks closed for 14 days in January 2021; check full list of national, regional holidays next month

In January 2021, banks in India will remain closed for 14 days, including four Sundays along with second and fourth Saturdays, and one national holiday

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Bad debt fear keeps private banks away from street vendor loans

Last week, a branch manager of a leading state-run bank in Madhya Pradesh wrote to the municipal commissioner seeking “cooperation” as several of the 160 street vendors, who were given loans under the PM SVANidhi scheme, had not paid a single instalment, turning them into non-performing assets (NPAs).

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Bounce rate of auto debit transactions remains high amid lenders’ claims of improved collection efficiencies

Is there rising financial stress amongst small and retail borrowers after the end of the loan moratorium, despite banks and NBFCs reporting collection

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Govt re-caps Punjab & Sind Bank via zero coupon bonds

The Centre has resorted to a novel recapitalisation exercise to provide ₹5,500-crore support to state-owned listed Punjab & Sind Bank to shore up

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HC allows SFIO to interrogate Singh brothers for two weeks starting Jan 1

The SFIO had moved the high court against a September 22 order of the trial court denying it permission to examine the four who are presently in judicial custody.

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Friday, December 25, 2020

Govt re-caps Punjab & Sind Bank via zero coupon bonds

The Centre has resorted to a novel recapitalisation exercise to provide ₹5,500-crore support to state-owned listed Punjab & Sind Bank to shore up

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‘Our sector is just about starting its most glorious decade’

Terming the next decade as the most glorious decade for the country’s digital payments and fintech sector, Varun Sridhar, CEO, Paytm Money, said the C

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Digital payments got a Covid boost in 2020

RBI’s push for contactless card transactions, entry of WhatsApp into the payments sector will fuel growth

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Chinese national kingpin in instant loan app fraud

Call centre in Hyderabad raided

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Loan restructuring, other measures announced by govt to cushion PSBs from shock: DFS Secy

Despite the pandemic, the lockdown and the consequent damage done to the economy, there are quick signs of recovery, Financial Services Secretary Debasish Panda told in an interview.

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Aavas Financiers to raise ₹100 crore through NCDs

The Executive Committee of the Board of Jaipur-headquartered Aavas Financiers Ltd on Thursday approved the issuance of Non-Convertible Debentures (NC

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Moratorium, loan recoveries help Indian banks improve GNPA ratio, but will it sustain?

Recoveries were better in the fiscal second quarter, helping in improving the asset quality of banks.

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How ICICI Pru Life’s early digital move paid dividends during pandemic

The insurer could serve its customers safely and securely, and its staff could move to WFH seamlessly, says CTO Ganessan Soundiram

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S&P Global affirms Indian Bank’s ‘BBB-‘ rating

S&P said the management expects 2%-3% of the loans to get restructured under the central bank's one-time restructuring window.

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Thursday, December 24, 2020

RBI to conduct simultaneous purchase and sale of G-Secs on December 30

The Reserve Bank of India on Thursday said it will conduct simultaneous purchase and sale of government securities (G-Secs) under Open Market Operatio

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New code for co-ops to kick in from April

Regulations aim to protect depositors by strengthening RBI’s oversight

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Indian Bank reports Pratibha Group fraud for dues of ₹574.66 crore

Chennai-headquartered public sector Indian Bank has announced that it fully provided Non-Performing Accounts of two companies of Pratibha Group namely

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Oaktree ups bid for DHFL by ₹1,700 cr

The move came after Piramal Housing and Finance too increased its bid for DHFL

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RBI cancels licence of Subhadra Local Area Bank, Kolhapur

The licence issued to Subhadra Local Area Bank stands cancelled to carry out banking business from the close of business on December 24, 2020.

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Central Bank of India to exit housing finance business; to sell JV stake for Rs 160 crore

CBHFL is a financing and mortgage company jointly promoted by four public sector institutions -- Central Bank of India, National Housing Bank, Specified Undertaking of Unit Trust of India (SUTTI) and Housing and Urban Development Corporation (HUDCO).

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SBI Life Insurance acquires 8.99% stake in Paisalo Digital

It has purchased 38 lakh equity shares of the company at ₹489.99 apiece for a consideration of ₹186.20 crore.

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RBI cancels Kolhapur-based Subhadra Local Area Bank’s licence

The Reserve Bank of India (RBI) on Thursday cancelled the banking licence issued to Kolhapur (Maharashtra)-based Subhadra Local Area Bank Ltd. The cen

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Why RBI cautioned public against use of “unauthorised” digital lending apps



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Just saving won't cut it, invest



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Axis MF changes multicap fund to flexicap

This follows after Sebi had insisted multicap funds should invest 25 per cent each in small, mid and large cap stocks

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Banks will focus on cash flow-based lending in future: UCO Bank's Ajay Vyas

Various SBI officials have advocated for cash flow-based lending models over the traditional asset-based or ratings-based ones. In cash flow lending, a financial institution grants a loan that is backed by the recipient's past and future cash flows.

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Bankers’ sentiments on lending conditions improve vastly

Retail loan demand saw maximum recovery, while infrastructure, mining and quarrying sectors showed mild optimism during July-September 2020

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RBI unlikely to extend Dec 31 loan rejig deadline

The governor on Wednesday concluded a two-day meeting with public sector and private sector banks, held through video conference. Days before banks closed their books for the third quarter, Das asked them to make enough provisions should loans go bad. He also asked banks to raise more capital to grow loans.

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Paytm’s FY20 loss narrows to ₹2,942.3 crore

Revenue rises 1.3% to ₹3,628.85 crore

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Banks expect to recover Rs 12K cr from sale of Videocon's oil blocks in Brazil

Bankers are expecting to recover as much as Rs 12,000 crore or $1.6 billion from the sale of Videocon’s Brazil oil blocks after a spurt in oil prices resulted in a boost in the valuation of the assets, according to people in the know.

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We believe can recover 50% of Rs 40,000-crore bad loans: Prashant Kumar, MD and CEO, YES Bank

Despite the COVID-19 situation, the bank could generate operating profits, which was used to provide for credit costs, showing a profit both in Q1 and Q2 of FY21.

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RBI Governor Shaktikanta Das ask banks to strengthen lending capacity by raising capital

In his opening remarks, Das touched upon the current economic situation and emphasised the importance of the banking sector in supporting the ongoing revival in economic activities.

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Wednesday, December 23, 2020

FPIs bond with equities, dump debt this year

Pump in ₹1.64-lakh cr in equities; ₹82,039 cr worth of bonds sold

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‘Drop in household income impacted our performance’

Arohan Financial Services Ltd, which had put its expansion plans on hold and had also stalled its capital raising plans in the wake of Covid-19, is g

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Despite heavy headwinds, the macro picture looks promising

Players, who were hobbled by multiple challenges through the year, are now buoyed by improving collections

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Race for DHFL heats up

While Oaktree Capital’s bid of about ₹36,700 crore seems to be higher in terms of net present value, Piramal Capital and Housing Finance Ltd is offering higher upfront cash of ₹13,000 crore

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AU Bank rolls out app, netbanking portal

AU Small Finance Bank (AU Bank) has launched its mobile banking app and netbanking portal. The new platforms offer over 100 services that cater to not

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RBI meets bankers, takes stock of Covid related stress & credit growth

In the meeting that was conducted through video conferencing, the governor and deputy governors discussed the progress in the implementation of resolution framework for COVID-related stressed assets, credit flow to different sectors of the economy including stressed sectors along with availability of credit to MSMEs.

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NBFC collection efficiencies at their highest this fiscal says Crisil

The recovery in collection efficiencies is good news for the beleaguered NBFCs which were hit hard due to the stringent lockdown announced in late March 2020, and subsequently, extension of moratorium on loan repayment to borrowers (under the Covid-19 regulatory package announced by the Reserve Bank of India).

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RBI chief asks banks to be proactive lenders by raising capital

Building buffers, raising capital crucial to building resilience: Shaktikanta Das

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RBI warns against unauthorised digital lenders

The Reserve Bank of India (RBI) on Wednesday cautioned members of public against unauthorised digital lending platforms/ mobile apps. The central bank

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Securitised pool collections improve to almost pre-pandemic levels after moratorium: Report

"The monthly collection efficiencies of most Crisil-rated securitised pools are almost at pre-pandemic levels. That's because economic activity has been gathering steam in recent months, and agricultural activity, which was less impacted, has steadily picked up, too," the agency's Senior Director Krishnan Sitaraman said.

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SBI extends global trade finance solutions to Israeli corporates

"In view of the revival of business activity in the coming months with vaccine approvals being accorded by various governments around the world, we are offering our services/products to the Israeli business community at competitive pricing to meet all their cross border trade finance needs," B V Ramana, the CEO of SBI Tel Aviv branch said.

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Higher delinquencies in credit card, loans against property segments in retail lending: Report

As of August-end, the loans overdue for over 90 days in the credit card segment were 0.51 per cent up from the year-ago period at 2.32 per cent, while the same for the loans against property was 0.34 per cent up at 3.96 per cent, Transunion Cibil said.

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Loan apps pushing people into debt traps, suicides

The tap-and-get-a-loan “solution” is pushing a large number of people into a trap far deeper than the financial condition they are in.

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RBI okays Sandeep Batra's appointment as Executive Director of ICICI Bank

"RBI vide its letter dated December 22, 2020 has communicated its approval for the appointment of Sandeep Batra as Executive Director of the Bank," ICICI Bank said in regulatory filing.

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DHFL bid: Oaktree clarifies stance on 3 key issues to lenders

Raises concern on fairness and transparency of resolution process

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RBI approves appointment of Sandeep Batra as ED, ICICI Bank

The Reserve Bank of India has approved the appointment of Sandeep Batra as Executive Director of ICICI Bank for a period of three years.The appointm

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Neutral-to-positive impact of RBI's draft circular on govt-owned NBFCs: Ind-Ra

According to the draft circular, non-deposit and systemically-important NBFCs with capital-to-risk weighted assets ratio below 15 per cent and net non-performing advances above 6 per cent will not be able to pay any dividend.

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RBI’s new draft on dividends to make NBFCs balance sheet strong, create surplus for fresh loans

RBI’s move will help NBFCs in creating better provisioning against the delinquent assets.

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​‘ECLGS scheme supported MSME borrowers to a greater extent’

We have disbursed over ₹1,800 crore, says City Union Bank chief

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Bhagyalakshmi scheme: LIC seeks continuity as Karnataka ropes in India Post

With interest rates softening and the economy running into a downspin, LIC had conveyed its inability to give 1 lakh on the initial investment. The government went through the issue, and in October the Cabinet decided to implement the Bhagyalakshmi scheme on the lines of the Centre’s Sukanya Samriddhi scheme, this time with the help of India Post.

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Large companies don’t need debt recast: KV Kamath

In an interview to TOI, he speaks on why a fresh pile of corporate bad loans is not expected to build up due to the pandemic.

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ICICI Bank launches online platform for foreign firms expanding business

Vishakha Mulye, executive director, ICICI Bank, said, “The initiative is part of our strategy to further strengthen our technology-enabled offerings aimed to partner with foreign companies coming to India.”

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MSMEs seek easing of Basel norms in banking sector

The FISME has also urged that offline and online sellers should be treated at par in GST to enable smaller MSMEs leverage ecommerce.

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Tuesday, December 22, 2020

Indian Army, Bank of Baroda sign MoU for ‘Baroda Military Salary Package’

Indian Army and Bank of Baroda have entered into a Memorandum of Understanding (MoU) for ‘Baroda Military Salary Package’. The MoU was signed by Lt Ge

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Reliance Capital: 10 more bids submitted

Another 10 bids have been submitted for the assets of Reliance Capital.Sources said these include a bid by Apollo, which has submitted an expression o

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SBI Life and Apollo join the race for RCap assets

December 1 was earlier the deadline for the submission of EOIs. Over 60 different bids have been received with SBI Capital Markets Limited and JM Financial Services Limited, the advisors to the lenders. Later the date for submitting the bids was extended to December 17.

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LIC asks Karnataka govt to retain it as the Bhagyalakshmi scheme implementing agency

Two months ago, the state government had assigned the postal department, instead of the LIC, to implement its flagship programme Bhagyalakshmi scheme as the interest rate of the LIC was low.

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Central Bank of India launches contactless debit card in association with NPCI

Users of Central Bank RuPay Select Debit Card can avail complementary membership and concessional access to golf courses, gyms, spas and restaurants, the bank said.

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With increase in FDI flows, ICICI Bank ups focus on MNCs

The second largest private sector lender is looking at services beyond credit needs of such overseas corporates with an eye on the fee income possibilities, its executive director Vishakha Mulye told reporters.

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Distress funds are betting on rise in NPAs in India in the coming months due to Covid pandemic

Most banks have managed to keep their NPA under control as companies availed moratoriums or were allowed to delay repaying loans for some months due to Covid pandemic.

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‘Domestic securitisation volumes expected to witness healthy bounce back in FY22’

Financing requirements for NBFCs and HFCs also expected to increase in FY22, says ICRA

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ICICI Bank launches online platform for foreign companies setting up shop in India

‘Infinite India’ platform offers banking solutions as well as other value-added services

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ICICI Bank unveils online platform for foreign businesses in India

Infinite India platform offers banking solutions as well as value-added services such as incorporation of a business entity, corporate filings, licences and registrations, HR services, compliances and taxation among others, ICICI Bank said in a release.

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PhonePe introduces voice notification feature for Business app

Merchants can receive voice messages in over nine vernacular languages for the amount received

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Rupee can come under pressure

Opens with considerable gap-down at 73.96, slipping below the support at 73.85

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CoinDCX raises ₹100 crore in Series B round

This is the third round of funding for the crypto exchange in 2020

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Interview| We need both NBFCs and banks to grow: Rashesh Shah, chairman and CEO, Edelweiss Group

Non-banking financial players have hurtled from one crisis to another. Rashesh Shah, chairman and CEO of Edelweiss Group, in an interview with Malini Bhupta, says the NBFC model will come back. Excerpts:

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Banks line up ARC sales as 2020 draws to close

A top executive with another ARC said that bigger deals are likely to pick up from here on and there are mainly three categories of deals being made.

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Monday, December 21, 2020

SC stay on loan accounts: FinMin says tough to assess recap of banks

The Finance Ministry has said it is finding it difficult to finalise the recapitalisation programme for public sector banks due to the Supreme Court s

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Last-minute hardsell: Bidders write to DHFL administrator

Bidders seem to be making a last-ditch effort to showcase to DHFL’s (Dewan Housing Finance Corporation Ltd) Administrator and its Committee of Credito

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HDFC, ICICI Bank, SBI, among top-10 lenders in 2020; Google Pay, PhonePe top wallets: Report

Beyond the banking counterparts, one of the most muted sectors, insurance, also saw a massive shift in gears this year considering their rise in popularity due to after-effects of the pandemic, according to the report by SaaS-based start-up Wizikey.

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Transstroy India denies fraud allegations: Do banks have proper checks in place?

Transstroy India, the Hyderabad-based infrastructure company has come under the Central Bureau of Investigation (CBI) scanner over allegations of fraud and involving lending by a consortium of banks.

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Covid claims: Insurers paying 100-150% more than the premium collected

Demand for corona-specific health covers on the wane

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Central Bank of India launches Rupay Select Debit Card

Central Bank of India on Monday launched a variant of contactless Debit Card – ‘RuPay Select’. Launched in association with the National Payments Corp

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Fundraising via bonds hits a peak at ₹7.45-lakh crore

This is 8.3% more than last year’s ₹6.87-lakh cr

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ADB, Northern Arc sign $40-million loan pact

Amount will go towards supporting MSMEs, others

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Canara Bank has exposure of ₹678 crore to Transstroy

Canara Bank has clarified that it has an exposure of ₹678.28 crore to Transstroy India Ltd which allegedly committed a bank fraud and is under liquida

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Rahul Singh of Tata Mutual Fund shares an outlook for the month



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Paytm Payments Bank has best tech for UPI payments, confirms NPCI report

PPBL has the lowest technical decline rate at 0.02% among all UPI remitter banks

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Canada's PSP, US' DFC, Axis Bank invest USD 107 million in NIIF's master fund

After the new commitment from the three investors, the overall size of the 'master fund' has touched USD 2.34 billion and NIIF also announced the final close of the master fund. The NIIF also announced that it is targeting to raise USD 2.1 billion for a private equity fund.

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Domestic money transfer: BCFI wants govt to do away with GST

Migrant labourers have to pay GST for sending money through BCs

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Gaurav Trehan to head KKR India's private equity business

KKR India chief executive Sanjay Nayar, who has been with the private equity fund since 2009, will transition to a new role as the chairman, an official statement said.

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HDFC, ICICI, and SBI top three banks of 2020, says report

Google Pay and PhonePe top UPI players, says BFSI Movers and Shakers 2020 Report by Wizikey

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Kapil Wadhwan tells DHFL administrator his offer is higher than revised bids

Says he is also willing to agree on a process for sale of DHFL Pramerica Life

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ICICI Pru MF to launch Business Cycle Fund NFO

New Fund Offer will open on December 29 and close on January 12

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Invoicemart reaches ₹10,000 crore worth of MSME invoice discounting

Invoicemart, the Axis Bank-backed digital invoice discounting TreDS platform, has registered a record discounting of ₹10,000 crore worth of invoices.I

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L&T Finance Holdings dissolves Middle East subsidiary

On July 17, LTFH had informed about voluntary winding-up of one of its wholly-owned subsidiary incorporated in Dubai to carry on the off-shore wealth management business, subject to applicable laws of United Arab Emirates.

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Plan your retirement early with Mutual Funds



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PhonePe to tap new revenue streams in financial services, consumer engagement

Fintech company has set target of 25 million merchants by December 2021, says founder and CEO Sameer Nigams

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DHFL lenders likely to meet again this week to discuss bids

Lenders had earlier met on Friday & Saturday and sought few clarifications from Oaktree Capital and Piramal Enterprises which needs to be responded to by Monday.

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Need for relook at differential rates structure to help MSME: Experts

Under the differential rates structure, the companies with high credit rate get loans from lending institutions at low rates, while those not having good ratings have to pay higher rates. The differential, according to experts, should be low at this juncture to enable the companies to come out of the crisis situation.

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All three bidders for Dewan Housing Finance are likely to junk some conditions

Lenders held a marathon meeting over the weekend and negotiated hard with bidders, who have promised to come back with new adjustments without tweaking any commercial offer.

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Sunday, December 20, 2020

RIL, PFC are top overseas borrowers: RBI data

India Inc increasingly opting for ECBs amid higher liquidity and lower rates

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Can Europe’s direct lenders build on their gains in 2021?

The ability of Europe’s non-bank lenders to build on their gains in 2021 will depend on how well they manage the damage done to their credit portfolio

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2020 – a new paradigm for central banks

As the policy response to the Great Financial Crisis of 2008 showed us, when the going gets tough, central banks get going. Predictably, this year has

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A roller coaster year for NBFCs

It has been a roller coaster year for non-banking finance companies (NBFCs), just recovering from the fallout of the Infrastructure Leasing and Financ

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DHFL: Lenders seek clarifications from Oaktree, Piramal on conditions in bids

Lenders have sought clarifications from the bidders for Dewan Housing Finance Corporation Ltd (DHFL) by December 21 regarding the conditions they inco

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Reliance Home: Lenders extend deadline for bids until Jan 31

Six entities have submitted bids for Reliance Home Finance but lenders have decided to extend the deadline further until January 31, 2021 to accommoda

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Corporate Insolvency: IBBI may rein in engagement of third party consultants

Insolvency professionals appointed under the Insolvency and Bankruptcy Code (IBC) may not find it all that easy to contract out their duties to thir

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ESG in financial services sector will become extremely crucial post pandemic: EY research

Integrating investor expectations on ESG parameters as part of stakeholder engagement practices and sustainability initiatives will be a key in the post pandemic times the report said.

from Banking/Finance-Industry-Economic Times https://ift.tt/3nNIkqU
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Cryptocurrencies gaining traction in India via social media campaigns

Cryptocurrency firms face certain restrictions on advertising on social media platforms and therefore depend on influencers across regional languages to market the digital asset.

from Banking/Finance-Industry-Economic Times https://ift.tt/3h2MsRm
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6 suitors submit bids for acquiring Reliance Home Finance

Lenders have decided to further extend the bidding time line till January 31, 2021, in order to accommodate the four non-compliant bidders, sources added. The two compliant bidders have opposed the move by the lenders and have threatened to walk away from alleged non-transparent process, they said.

from Banking/Finance-Industry-Economic Times https://ift.tt/3mEZfuy
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Nand Kishore appointed executive director of IL&FS

In October 2018, the government had seized control of the IL&FS group and superseded its board with one led by veteran banker Uday Kotak.

from Banking/Finance-Industry-Economic Times https://ift.tt/3aqi56g
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India needs multiple bad banks to clean balance sheets of lenders, get credit growth back

The Confederation of Indian Industry (CII) in its pre-budget memorandum recommended that the government consider enabling Foreign Portfolio Investors (FPIs) and Alternative Investment Funds (AIFs) to purchase NPAs.

from Banking/Finance-Industry-Economic Times https://ift.tt/2J6ThVJ
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Bank of Baroda completes integration of erstwhile Dena, Vijaya banks with itself

The bank has completed the integration of 1,770 erstwhile Dena Bank branches in December 2020, and had earlier completed the integration of 2,128 erstwhile Vijaya Bank branches in September 2020, the lender said in a release.

from Banking/Finance-Industry-Economic Times https://ift.tt/38mWB7K
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Star Health Insurance aims premium collection of Rs 10,000 cr in FY21

Standalone health insurance player Star Health and Allied Insurance Co Ltd which has been growing at a rate of around 45 per cent year-on-year in the current fiscal, is looking for a premium collection of Rs 10,000 crore in the current fiscal.

from Banking/Finance-Industry-Economic Times https://ift.tt/34uV26F
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PayPal faces Rs 96 lakh penalty for violating India's anti-money laundering processes

PayPal, which began India operations in November 2017, said it was fully committed to follow due processes and is "carefully reviewing the matter".

from Banking/Finance-Industry-Economic Times https://ift.tt/37zSrKD
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Home loan ticket size up to over Rs 26 lakh in 2020 on incentives, non-metro demand growth: Report

Due to the pandemic, people's priorities have changed and they are evaluating their spends and investments very closely, the fintech player said in its third edition of 'BankBazaar Moneymood 2021' report.

from Banking/Finance-Industry-Economic Times https://ift.tt/34vKRhX
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Public sector banks to raise Rs 25,000 crore in next 3 months: DFS Secretary

Public sector banks (PSBs) are planning to raise about ₹25,000 crore through a mix of equity and debt in the next three months to support credit pick

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