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“We expect that within one year’s time bad bank should be doing much better,” he noted that in the initial stage banks will not get any money as it is only transfer of assets and that money will come only when a transparent process of bidding takes place.
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"In FY21, the sanctions to the RIDF stood at Rs 30,200 crore as against the corpus of Rs 30,000 crore. The disbursement for the current financial year as on January 31, 2021 stands at Rs 16,500 crore," Nabard chairman G R Chintala said in a statement.
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It is generally agreed that except for recapitalisation to correct for capital inadequacy resulting from the accumulation of non-performing assets (NPAs), further use of taxpayer money to expand banking in the public sector should be avoided.
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"I have been informed that three final offers have been received. I am given to understand that the PMC Bank itself is evaluating the offers," the RBI governor told reporters after announcing the monetary policy.
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The cheque truncation system (CTS) is in use since 2010 and covers around 1,50,000 bank branches across three cheque processing grids. All the erstwhile 1,219 non-CTS clearing houses have since been migrated to the CTS now.
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The agreement establishes a framework of partnership between the two banks across various domains including trade, investment, treasury, corporate and retail banking, and will result in both combining their individual strengths to take care of banking requirements.
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In October last year, the RBI had announced on tap targeted long term repo operations (TLTRO) scheme for banks. It had said to conduct on tap TLTRO with tenors of up to three years for a total amount of up to Rs one lakh crore at a floating rate linked to the policy repo rate. The scheme is available till March 31, 2021.
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Financial services secretary Debasish Panda is responsible for implementing some of the key measures – from privatising two banks and a general insurer to setting up a development financial institution and faster payment of depositors stuck in ailing banks.
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The new measure will facilitate smooth completion of the government borrowing programme, RBI governor Shaktikanta Das said. With this move, India joins a select club of a few countries that have this facility.
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All India LIC Employees Federation and Joint Forum of Trade Unions and Associations in Public Sector General Insurance Companies told that both the unions have chalked out further action plans, including employees’ demonstrations at all LIC offices on Feb 8 and a “two-hour walkout” by general insurance employees at their workplaces on Feb 24.
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"Successful implementation of the reform has made the State eligible to mobilise additional financial resources equivalent to 0.15 per cent of its Gross State Domestic Product (GSDP). Accordingly, the Department of Expenditure has granted permission to the State to raise additional borrowing of Rs 1,515 crore."
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Data the Reserve Bank of India shared with Right to Information Act activist Biswanath Goswami showed that Mehul Choksi-owned Gitanjali Gems was the top wilful defaulter, accounting for Rs 5,071 crore of non-performing assets (NPA). Banks wrote off Rs 622 crore of the firm’s loans.
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Borrowers around the world have been hit hard but perhaps nowhere more so than in India. It’s the global leader in microfinance, the financial service that offers loans to entrepreneurs too poor to qualify for bank loans. Individually, these loans aren’t big — only around Rs 35,000 on average — but the number of people taking them out is huge.
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Taking cognisance of the Enforcement Directorate's chargesheet against the trio, the court said the material produced by the investigating agency constitutes offences under PMLA.
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"Phenomenal! UPI recorded 2.3 billion transactions worth Rs 4.3 trillion in Jan 2021. On a YOY basis, UPIs transaction value jumped 76.5 % while transaction value jumped nearly 100%. Took UPI 3 years to cross 1 billion transactions a month. Next billion came in less than a year," the NITI Aayog CEO tweeted.
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The deposit-taking non banking financial company has approved one-time restructuring worth Rs 150 crore. Of that, it has restructured worth Rs 12-13 crore so far. "We expect to end up with (one-time restructuring of) about Rs 100-115 crore, which would be less than half a per cent of our total assets under management ," he said.
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A notice was issued to Seva Vikas Cooperative Bank advising it to show cause as to why penalty should not be imposed on it for such non-compliance with the directions.
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Insurance Regulatory and Development Authority on Wednesday announced the guidelines and has asked all general and health insurance companies to offer the Mashak Rakshak to customers starting 1st April, 2021.
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Customers can now avail a comprehensive insurance policy and will have the option to choose from multiple add-ons to suit their individual coverage requirements, EGI said in a release.
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The risk assessment framework should cover risks at corporate, branch, portfolio and individual transactions levels and associated processes. It should include identification of inherent business risks and drawing-up a risk-matrix for both the factors inherent business risks and control risks, the RBI said.
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The proposed institution will provide patient capital for infrastructure projects at an affordable cost, he said, adding, it will also help deepen the bond market.
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Indian Overseas Bank, Central Bank of India and UCO Bank are currently under this framework which puts several restrictions on them, including on lending, management compensation and directors' fees.
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HDFC's total loans increased 9% Rs 5.52 lakh crore up from Rs 5.05 lakh crore in the previous year, 76% of the loans to individuals, 11% to construction finance and 6% to corporates.
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As a result of the AQR and subsequent transparent recognition by banks, stressed accounts were reclassified as NPAs and expected losses on stressed loans not provided for earlier under flexibility given to restructured loans were provided for, Anurag Thakur said.
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As a result of the AQR and subsequent transparent recognition by banks, stressed accounts were reclassified as NPAs and expected losses on stressed loans not provided for earlier under flexibility given to restructured loans were provided for, Anurag Thakur said.
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Last month, HDFC Bank had submitted a detailed plan of action to the RBI to address repeated service disruption issues due to outage, saying it was hopeful of improving its technology platform in three months.
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Finance minister Nirmala Sitharaman announced an asset reconstruction company (ARC) will be set up to consolidate and take over the existing stressed debt from banks to sell them to alternative investment funds (AIFs) and other potential investors later.
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The Narendra Modi government plans to privatise state-run banks and a general insurer to raise funds for its ambitious infrastructure and healthcare spending plans, finance minister Nirmala Sitharaman said in the budget, clearly signalling a move away from state domination of financial services.
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Industry CEOs and experts claim that the move will provide a fillip to an industry that needs more finances to insure more people in the world’s second-most populous nation — and raise funds for long-gestation projects such as ports, road assets and aviation hubs.
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In the fortnight ended January 17, 2020, bank credit was at Rs 100.04 lakh crore and deposits stood at Rs 131.27 lakh crore.
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Sitharaman, while presenting the budget for 2021-22, said it will bring in credit discipline and also protect the interest of small borrowers.
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After years of deliberation, the Indian government has increased the Foreign Direct Investment (FDI) limit in insurance companies to 74% against the current 49%, Finance Minister Nirmala Sitharaman announced on Monday in the Union Budget of 21-22 albeit some “safeguards”.
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For the record, the government had injected Rs Rs 80,000 crore in 2017-18, Rs 1.06 lakh crore in 2018-19 and Rs 65,443 crore in 2019-20 in the banks it owns.
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The finance minister said that the Deposit Insurance and Credit Guarantee Corporation (DICGC) Act, 1961 would be amended to create such a provision. The government raised the deposit insurance cover to Rs 5 lakh from Rs 1 lakh last year.
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A special framework for MSME has been on cards for some time. According to the Economic Survey there are 6 crore MSMEs employing 11 crore people contributing 30% to the GDP.
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Unveiling the Budget 2021-22 in the Lok Sabha, the finance minister said the government has proposed to infuse Rs 20,000 crore into the PSBs, to further consolidate financial health of banks.
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The FM also announced an ARC-AMC mechanism (Bad bank) to tackle the bad loans among banks. A bad bank takes over the bad debts of banks, thereby helping the banks to clean up their books and focus on lending activities.
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"We have got our policy approved on the co-lending and you will shortly be hearing some announcement from the company in terms of some agreement that we will enter with banks," Hardayal Prasad, Managing Director and CEO, PNB Housing Finance, told post company's third quarter earnings last week.
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PhoneParLoan has tied up with companies like DTDC and Bisleri, where if a candidate gets selected as a delivery personnel and gets an offer letter, but does not have a bike, they are offered a loan via the PhoneParLoan platform.
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Earlier this month, RBI Governor Shaktikanta Das indicated that the central bank can consider the idea of a bad bank to tackle non-performing assets (NPAs). "If there's a proposal to set up a bad bank, the RBI will look at it. We have regulatory guidelines for asset reconstruction companies," Das had said.
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