CARE Ratings standalone profit drops 4% at ₹15.81 crore in December quarter

CARE Ratings reported a 4 per cent decline in standalone net profit at ₹15.81 crore in the third quarter ended December 31, against Rs 16.47 crore in from Business Line - Money & Banking https://ift.tt/36ObT...

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PNB MD Mallikarjuna Rao on setting up of a Bad Bank

“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. from Banking/Finance-Industry-Economic Times https://ift.tt/39Z7k...

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NABARD disburses ₹16,500 cr under rural infra fund till Jan 31 this fiscal

Rural Infrastructure Development Fund (RIDF) provides low-cost funds to States to help complete incomplete rural infra projects from Business Line - Money & Banking https://ift.tt/3pWLO...

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Nabard disburses Rs 16,500 crore under RIDF in first 10 months of FY21

"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. from Banking/Finance-Industry-Economic Times https://ift.tt/2YQsZ...

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PNB on track to achieving proit of ₹ 2,000 crore this fiscal despite Covid-19 challenges

Retaining guidance of grossNPA below 14 per cent and netNPA of 5 per cent by March 2021, said MD&CEO Mallikarjuna Rao from Business Line - Money & Banking https://ift.tt/3tsHh...

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View: To address India’s credit scarcity problem, allow corporate houses to set up banks

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. from Banking/Finance-Industry-Economic Times https://ift.tt/3twrx...

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RBI proposes 24x7 helpline for digital payment services

Bank branches to be brought under CTS clearing mechanism from Business Line - Money & Banking https://ift.tt/3jplV...

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NBFCs included in TLTRO ‘on tap’ scheme

The Reserve Bank of India, on Friday, proposed to provide funds from banks under the TLTRO ‘on tap’ scheme to NBFCs for incremental lending to identif from Business Line - Money & Banking https://ift.tt/2N1JO...

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‘Pro-growth policy, liquidity management key focus’

Our BureauThe decision to leave the policy rates unchanged is on expected lines and the announcements by the Reserve Bank of India reflect support to from Business Line - Money & Banking https://ift.tt/3oMSV...

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RBI plans to ‘harmonise’ regulatoryframework for microfinance lenders

Our BureauThe Reserve Bank of India (RBI), on Friday, said that it is looking to review the regulatory framework for microfinance which would be unif from Business Line - Money & Banking https://ift.tt/3jkz6...

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RBI to come out with paper on regulatory framework for lenders in MFI space

The Reserve Bank of India (RBI) on Friday said it would come out with a consultative document “harmonising the regulatory frameworks for various regul from Business Line - Money & Banking https://ift.tt/3pTta...

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The Education of a Value Investor Author: Guy Spier

from Banking/Finance-Industry-Economic Times https://ift.tt/3tw0g...

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Investment lessons from Sant Kabir's Dohas

from Banking/Finance-Industry-Economic Times https://ift.tt/2Obh8...

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A ‘Shakthi’ dose from the RBI

But how the central bank handles the govt’s massive borrowing programme as well as rising corporate demand for credit will be it's biggest challenge in the year ahead from Business Line - Money & Banking https://ift.tt/3atLj...

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Three offers received for PMC Bank resolution, says RBI Governor Shaktikanta Das

"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. from Banking/Finance-Industry-Economic Times https://ift.tt/2YKNP...

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All remaining 18,000 bank branches to be under CTS by Sep: RBI

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. from Banking/Finance-Industry-Economic Times https://ift.tt/2MAzL...

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ICICI Bank, MUFG Bank tie up for serving Japanese corporations operating in India

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. from Banking/Finance-Industry-Economic Times https://ift.tt/3oPbs...

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PayPal to shut domestic business in India from April 1

California-based fintech platform did not give any reason why it was winding down its India business from Business Line - Money & Banking https://ift.tt/39R1n...

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ICICI Bank signs MoU with MUFG Bank

Will cater to the banking requirements of Japanese corporates in India from Business Line - Money & Banking https://ift.tt/3rpDM...

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RBI proposes 24x7 helpline for digital payment services

All bank branches to be brought under CTS clearing mechanism from Business Line - Money & Banking https://ift.tt/3rjjY...

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RBI to set up expert committee on urban co-op banks

Will provide a medium-term road map to strengthen the sector from Business Line - Money & Banking https://ift.tt/3aC3L...

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NBFCs included in TLTRO ‘on tap’ scheme

They act as a force multiplier in expanding credit to various sectors, says RBI Governor from Business Line - Money & Banking https://ift.tt/2O7PO...

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RBI extends relaxation for parking fresh G-Secsin HTM category

Move will ensure that the Govt’s ₹12-lakh cr borrowing programme sails through from Business Line - Money & Banking https://ift.tt/3cMpi...

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NBFCs to get funds under on tap TLTRO scheme for incremental lending: RBI

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. from Banking/Finance-Industry-Economic Times https://ift.tt/39Uix...

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Will transfer Rs 2.2 lakh crore NPAs to ‘bad bank’: Financial services secretary

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. from Banking/Finance-Industry-Economic Times https://ift.tt/2O9Lx...

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RBI maintains status quo on key rates

The Monetary Policy Committee of the Reserve Bank of India has decided to maintain status quo on key policy rates.The policy repo rate remains unchang from Business Line - Money & Banking https://ift.tt/3oLVm...

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RBI announces major structural move, gives retail investors direct online access to securities market

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. from Banking/Finance-Industry-Economic Times https://ift.tt/39Pty...

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Q3 earnings: State Bank of India net falls, outlook good

The bank lent close to Rs 73,000 crore during the December 2020 quarter; its net interest income rose 3.75% y-o-y to Rs 28,820 crore. from Banking & Finance – The Financial Express https://ift.tt/3tnSN...

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‘Expect double digit credit growth by Q2FY22’: Dinesh Kumar Khara, chairman, State Bank of India

So, put together total slippages and restructuring up to Q3FY20 remained at Rs 41,216 crore. For the whole financial year, total slippages and restructuring at the end of financial year (FY21) should remain within Rs 60,000 crore. from Banking & Finance – The Financial Express https://ift.tt/3awQ2...

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Trade unions call for two rounds of nationwide protests this month against privatisation

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. from Banking/Finance-Industry-Economic Times https://ift.tt/3aOjy...

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SBI Q3 profit down 7% at ₹5,196 crore

Hit by Covid impact, rise in employee expenses and higher overall provisions from Business Line - Money & Banking https://ift.tt/39OMr...

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New ARCs will induce competition: SBI chief

The proposed Asset Reconstruction Company (ARC)-Asset Management Company (AMC) structure for the resolution of stressed assets of banks will induce co from Business Line - Money & Banking https://ift.tt/3pQCJ...

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Finance Minister allows Andhra to borrow additional Rs 1,515 crore for undertaking power sector reforms

"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." from Banking/Finance-Industry-Economic Times https://ift.tt/2NVFu...

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PNB Bank scam: ED attaches assets worth ₹14.45 crore of Mehul Choksi

The Enforcement Directorate (ED) has issued a provisional order attaching assets worth ₹14.45 croreof Gitanjali Group of companies and its director Me from Business Line - Money & Banking https://ift.tt/36IWb...

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PhonePe launches ESOPs worth $200 m for its employees

 PhonePe to launch ESOPs for its 2,200 employees. The $200 million Stock Option Plan gives every PhonePe employee the chance to own a part of the comp from Business Line - Money & Banking https://ift.tt/39KTn...

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Banks wrote off Rs 62,000 cr loans of top 100 wilful defaulters as of March 20: RBI tells RTI activist

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. from Banking/Finance-Industry-Economic Times https://ift.tt/3rjTp...

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FM nudges industry to invest in India’s growth story

Our BureauFinance Minister Nirmala Sitharaman, on Thursday, urged India Inc to invest as the government alone cannot do this“I hope the industry will from Business Line - Money & Banking https://ift.tt/39Oxg...

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Razorpay registered three-fold growth in payment volume in 2020

Our BureauFintech Unicorn Razorpay, on Thursday, announced that it registered 3 times growth in payment volumes over the past 12 months, thanks to the from Business Line - Money & Banking https://ift.tt/3jfRk...

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Federal Bank launches ‘FedFirst’ savings account scheme for children

The account is designed to enable children to learn the importance of money management. from Business Line - Money & Banking https://ift.tt/36GSC...

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SBI net profit drops 7% to ₹5,196 crore

State Bank of India (SBI) reported a 7 per cent decline in standalone net profit at ₹5,196 crore in the third quarter ended December 31, 2020, as agai from Business Line - Money & Banking https://ift.tt/3q0eA...

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Millions of defaults threaten microfinance's future in India

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. from Banking/Finance-Industry-Economic Times https://ift.tt/3oM9S...

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Balance transfer: HFCs want prepayment penalty re-introduced

Low interest rates quoted by banks encouraging HFC customers to shift their loans from Business Line - Money & Banking https://ift.tt/2O4hF...

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Chanda Kochhar looks to have misused post: PMLA court

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. from Banking/Finance-Industry-Economic Times https://ift.tt/3cz7p...

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UPI records 2.3 billion transactions worth Rs 4.2 trillion in January 2021: NITI Aayog CEO

"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. from Banking/Finance-Industry-Economic Times https://ift.tt/2YFJA...

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Analysts upgrade HDFC’s earnings outlook after stellar Q3 show

Individual disbursements during the quarter rose by 26% against a 32% year-on-year increase in loan approvals. Earnings were driven by an increase in net interest income (NII), which saw a robust growth of 26% y-o-y and 12% quarter-on-quarter (q-o-q) at Rs 4,068 crore. from Banking & Finance – The Financial Express https://ift.tt/2MM7Q...

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RBI unveils risk-based internal audit guidelines for select NBFCs, UCBs

The regulator also specified that RBIA policy shall clearly document the purpose, authority, and responsibility of the internal audit activity, with a clear demarcation of the role and expectations from risk management function and risk -based internal audit function. from Banking & Finance – The Financial Express https://ift.tt/2YDUy...

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Shriram City Union Finance aims over Rs 6,000 crore disbursement in Q4

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. from Banking/Finance-Industry-Economic Times https://ift.tt/39HE4...

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RBI imposes Rs 55 lakh penalty on Pune-based Seva Vikas Cooperative Bank

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. from Banking/Finance-Industry-Economic Times https://ift.tt/2NS7h...

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India launches standardised medical insurance cover for vector-borne diseases

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. from Banking/Finance-Industry-Economic Times https://ift.tt/2YDRg...

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Analysts upgrade HDFC’s earnings outlook after stellar Q3 show

Individual disbursements during the quarter rose by 26% against a 32% year-on-year increase in loan approvals. Earnings were driven by an increase in net interest income (NII), which saw a robust growth of 26% y-o-y and 12% quarter-on-quarter (q-o-q) at Rs 4,068 crore. from Banking & Finance – The Financial Express https://ift.tt/2MM7Q...

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IRDAI frames norms for standard vector borne disease-specific health cover

Our BureauThe insurance regulator has announced guidelines for a standard vector borne disease-specific health insurance product. According to the gui from Business Line - Money & Banking https://ift.tt/3asFF...

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Yield on 10-year G-Sec softens 4.85 bps

Yields on Government Securities (G-Secs) thawed on Wednesday after rising two days on the trot amid hopes that the Reserve Bank of India (RBI) will in from Business Line - Money & Banking https://ift.tt/3rjC9...

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MPC expected to retain policy repo rate at 4%: CARE

The Monetary Policy Committee (MPC) is expected to retain the policy repo rate at 4 per cent owing to the concerns around core inflation, CARE Rating from Business Line - Money & Banking https://ift.tt/3oOAf...

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Growth-oriented Budget with a balanced approach

Being a technology company that promotes digitisation, we are excited to see the first-ever Digital Budget in the history of India. The government is from Business Line - Money & Banking https://ift.tt/3anI3...

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Edelweiss General Insurance partners Okinawa Autotech for two-wheeler policy coverage

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. from Banking/Finance-Industry-Economic Times https://ift.tt/3pQZR...

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Ujjivan SFB reports net loss of ₹279 cr in Q3

Our BureauUjjivan Small Finance Bank reported a net loss of ₹278.83 crore in the third quarter of the fiscal year against a net profit of ₹89.66 cror from Business Line - Money & Banking https://ift.tt/3cDkM...

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City Union Bank’s Q3 margins, asset quality improve amid profit fall

CUB restructured 60 MSME borrower accounts to the tune of ₹321 cr during the quarter from Business Line - Money & Banking https://ift.tt/3cFN1...

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Edelweiss General Insurance ties up with Okinawa Autotech for e-bike insurance

Edelweiss General Insurance (EGI) has partnered with electric two-wheeler manufacturer Okinawa Autotech for e-bike insurance.“EGI will leverage Okinaw from Business Line - Money & Banking https://ift.tt/2NY6y...

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Bank officers’ federation opposes move to privatise PSBs

Our BureauThe All-India Nationalised Banks Officers’ Federation (AINBOF) has urged the Finance Minister to roll back the proposal to privatise two pu from Business Line - Money & Banking https://ift.tt/3awDt...

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RBI brings large NBFCs, UCBs under risk based audit system

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. from Banking/Finance-Industry-Economic Times https://ift.tt/2MQT7...

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Lenders remain risk averse to additional lending or alter lending terms: Ind-Ra

Funding constraints to increase for companies from Business Line - Money & Banking https://ift.tt/3tmQe...

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Budget proposes tax neutral benefit for conversion of UCBs into banking company

The RBI had in 2018 permitted voluntary transition of primary coop banks into small finance banks from Business Line - Money & Banking https://ift.tt/3tnR5...

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Budget proposes tax neutral benefit for conversion of UCBs into banking company

The RBI had in 2018 permitted voluntary transition of primary coop banks into small finance banks from Business Line - Money & Banking https://ift.tt/3tnR5...

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RBI issues guidelines on risk-based internal audit for NBFCs, UCBs

Need to be implemented by March 21, 2022 from Business Line - Money & Banking https://ift.tt/39JtP...

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Punjab & Sind Bank, BoM and BoI are likely privatisation candidates

The government has proposed to introduce required legislative amendments for privatisation of two PSBs in the Budget session itself. from Banking & Finance – The Financial Express https://ift.tt/2YGD8...

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NBFCs can initiate recovery in Rs 20-lakh loan default under SARFAESI Act: FM

FE learned that NBFCs had earlier requested the finance minister to reduce threshold limits for initiating recovery proceedings. from Banking & Finance – The Financial Express https://ift.tt/3tmhC...

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Governance structures, liability key to DFI success

Govt will have to play as provider of capital and as facilitator of policy tweaks like credit enhancements for projects financed by DFI from Banking & Finance – The Financial Express https://ift.tt/3pHFC...

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Service outages: RBI appoints firm to audit IT infra of HDFC Bank

In a notification to the exchanges, the lender said the audit will be carried out under Section 30 (1-B) of the Banking Regulation Act, 1949, at the cost of HDFC Bank under Section 30 (1-C) of the Act. “The Bank shall accordingly extend its cooperation to the external professional IT firm so appointed by RBI for conducting the special IT audit as above,” the notification said. from Banking & Finance – The Financial Express https://ift.tt/3tmPa...

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‘Proposed LIC Act tweaks aimed at getting insurance behemoth ready for listing’

Debashish Panda, Secretary, Department of Financial Services, shared the various aspects of changes related to financial services sector introduced through the Finance Bill 2021 from Business Line - Money & Banking https://ift.tt/2MrBB...

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Pragmatic in approach, nuanced by construction

Against the backdrop of sharp deceleration in growth in the wake of an unprecedented global health crisis, the FY22 Budget has emphatically provided a from Business Line - Money & Banking https://ift.tt/39Czd...

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SC asks Franklin to disburse ₹9,000 crore to investors

Supreme court asks SBI Mutual Fund to distribute money from Business Line - Money & Banking https://ift.tt/3apkL...

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IIFCL may be subsumed into new DFI: DFS Secretary

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. from Banking/Finance-Industry-Economic Times https://ift.tt/36RSM...

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G-Sec: Prices harden for second straight trading session this week

Government security (G-Sec) prices hardened for the second straight trading session this week as the government, on Monday, announced additional borro from Business Line - Money & Banking https://ift.tt/36wY2...

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LIC’s pension and group schemes fetch over ₹1-lakh crore of premium income

Our BureauLife Insurance Corporation of India’s pension and group schemes vertical that looks after group schemes and superannuation business has cloc from Business Line - Money & Banking https://ift.tt/3ak5e...

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3 PSU banks likely to be out of PCA framework by March: DFS Secretary

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. from Banking/Finance-Industry-Economic Times https://ift.tt/36wtU...

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RBI gives banks three more months to appoint Chief Compliance Officer

Our Bureau The Reserve Bank of India (RBI) has given banks three more months to appoint Chief Compliance Officer (CCO) as per the guidelines it issued from Business Line - Money & Banking https://ift.tt/3pNqJ...

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LIC Act amendment: Centre to hold 75% stake for at least 5 years, minimum shareholding not to go below 51%

  The Centre will hold at least 75 per cent stake in state-owned Life Insurance Corporation of India for the next five years and will continue to hold from Business Line - Money & Banking https://ift.tt/2YzPl...

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TMB posts strong growth in profit and better asset quality in Q3

Tamilnad Mercantile Bank (TMB) has reported an impressive performance for the December 2020 quarter with a significant growth in net profit and better from Business Line - Money & Banking https://ift.tt/36xnT...

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HDFC Q3 net profit down 65%

Our BureauHousing Development Finance Corporation Ltd (HDFC) reported a 65.05 per cent drop in standalone net profit for the third quarter of the fis from Business Line - Money & Banking https://ift.tt/36BkM...

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RBI appoints external IT firm for special audit of HDFC Bank’s IT infrastructure

Our BureauThe Reserve Bank of India has appointed an external IT firm for carrying out a special audit of the IT infrastructure of HDFC Bank, which ha from Business Line - Money & Banking https://ift.tt/3oFBo...

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New CEO at LIC Housing Finance

Our Bureau LIC Housing Finance Ltd (LICHFL), on Tuesday, said Y Viswanatha Gowd has been appointed as the Managing Director & Chief Executive Offi from Business Line - Money & Banking https://ift.tt/2Lc4I...

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HDFC says low rates, softer property prices have kept demand for homes robust

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. from Banking/Finance-Industry-Economic Times https://ift.tt/36vKx...

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PFC raises $500 million through bonds issue

Power Finance Corporation (PFC) has raised $500 million (₹3,650 crore) through the issuance of dollar-denominated bonds under Reg-S route of the US S from Business Line - Money & Banking https://ift.tt/2YCG8...

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HDFC Q3 net profit drops 65% to ₹2,925 crore

Housing Development Finance Corporation reported a 65.05 per cent drop in its standalone net profit for the third quarter of the fiscal at ₹2,925.83 from Business Line - Money & Banking https://ift.tt/3tlSN...

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Banks' NPAs decline to Rs 8.08 lakh crore in September 2020 from Rs 10.36 lakh crore in March 2018: Govt

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. from Banking/Finance-Industry-Economic Times https://ift.tt/3reEI...

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Banks' NPAs decline to Rs 8.08 lakh crore in September 2020 from Rs 10.36 lakh crore in March 2018: Govt

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. from Banking/Finance-Industry-Economic Times https://ift.tt/3reEI...

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RBI appoints external firm to audit HDFC Bank's IT infra in view of service outages

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. from Banking/Finance-Industry-Economic Times https://ift.tt/3oFXj...

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RBI appoints external IT firm for special audit of HDFC Bank’s IT infrastructure

A sudden outage at one of bank’s data centres last year impacted its digital and mobile banking, ATM and payment services from Business Line - Money & Banking https://ift.tt/3oCJv...

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Siddhartha Mohanty takes charge as MD of LIC

Siddhartha Mohanty took charge as the new Managing Director of Life Insurance Corporation of India on February 1.“He was appointed as Managing Directo from Business Line - Money & Banking https://ift.tt/36xx4...

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Govt to conduct 2 more G-Sec auctions in March

Raises size of mop-up by up to ₹7,000 crore from Business Line - Money & Banking https://ift.tt/3pBls...

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Why Budget proposal for setting up of a bad bank is a good idea

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. from Banking/Finance-Industry-Economic Times https://ift.tt/39FDZ...

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Budget 2021: Big reform push in banking, insurance

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. from Banking/Finance-Industry-Economic Times https://ift.tt/39Dup...

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FDI cap hike in insurance may offer more fund-raising avenues to the sector

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. from Banking/Finance-Industry-Economic Times https://ift.tt/3tkgH...

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On the right course

The Union Budget 2021-22 has been one of the most anticipated in recent history. In the run-up to the Budget, the government would have wanted an opti from Business Line - Money & Banking https://ift.tt/3cwSt...

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Bank credit grows by 6.36%, deposits by 11.41%

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. from Banking/Finance-Industry-Economic Times https://ift.tt/3alQF...

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‘Cost of financing in the economy likely to go up’

Our BureauCost of financing in the economy could go up as the government’s gross borrowing programme at ₹12-lakh crore in FY2022 is higher than expect from Business Line - Money & Banking https://ift.tt/2MlJW...

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Can the banking and insurance sector count on better times?

Aside from prioritising investments, adopting an expansionary fiscal stance and pegging in a sharp increase in capital expenditure in FY22, the Budget from Business Line - Money & Banking https://ift.tt/3oD53...

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Two PSBs, one insurance firm to be privatised

The government is planning to set the ball rolling on privatisation of two public sector banks (PSBs) and a general insurance company in 2021-22.It al from Business Line - Money & Banking https://ift.tt/2NYLM...

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FM proposes bad bank to tide over NPAs

Finance Minister Nirmala Sitharaman’s proposal for stressed asset resolution through the setting up of an asset reconstruction company and asset manag from Business Line - Money & Banking https://ift.tt/3pQ36...

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Now, depositors to get time-bound access to cash if bank goes bust

Govt plans to amend Deposit Insurance and Credit Guarantee Corporation Act , 1961 from Business Line - Money & Banking https://ift.tt/39BCw...

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Proposal to hike FDI in insurance to 74% could bring in capital

Amid insurance companies dealing with higher claim payouts during the ongoing Covid-19 pandemic, Finance Minister Nirmala Sitharaman has proposed to e from Business Line - Money & Banking https://ift.tt/3tdsa...

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Govt lowers loan limit for debt recovery for NBFCs with Rs 100cr asset size

Sitharaman, while presenting the budget for 2021-22, said it will bring in credit discipline and also protect the interest of small borrowers. from Banking/Finance-Industry-Economic Times https://ift.tt/3j7wC...

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Budget proposes ₹20,000-cr recapitalisation for PSBs in 2021-22

Finance Minister Nirmala Sitharaman on Monday said the government will infuse ₹20,000 crore into public sector banks (PSBs) in 2021-22 to meet the r from Business Line - Money & Banking https://ift.tt/3crUX...

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Budget proposes to hike FDI in insurance to 74%

Insurers welcome the move as insurance is a capital-intensive business from Business Line - Money & Banking https://ift.tt/3allY...

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Government's move to relax FDI limit for insurance a big boost for small insurers

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”. from Banking/Finance-Industry-Economic Times https://ift.tt/3oCOK...

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Daily Rupee call: Expect a volatile session today

Because of Budget presentation today, market could remain volatile; traders should tread with caution from Business Line - Money & Banking https://ift.tt/3rdJ4...

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Budget: Capital infusion in public sector banks undershoots market expectations

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. from Banking/Finance-Industry-Economic Times https://ift.tt/2MDJ3...

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Budget relief: Depositors of stressed banks can access up to Rs 5 lakh of deposits

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. from Banking/Finance-Industry-Economic Times https://ift.tt/3j2fK...

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Budget 2021-2022: Bad Bank for large corporates and a new framework for MSMEs

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. from Banking/Finance-Industry-Economic Times https://ift.tt/39yV8...

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Govt proposes Rs 20,000-cr recapitalisation for PSBs in 2021-22

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. from Banking/Finance-Industry-Economic Times https://ift.tt/3oIlF...

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FM allocates Rs 20,000 crore for bank recapitalisation, proposes AMC-ARC for NPAs

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. from Banking/Finance-Industry-Economic Times https://ift.tt/2MHn2...

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Is there a case for a bad bank?

While some analysts believe that it could boost incremental lending, the issue of banks having to sell and take a haircut remains from Business Line - Money & Banking https://ift.tt/3cEAG...

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RBI strengthens grievance redress framework

Enhanced disclosures on customer complaints and operationalisation of a cost-recovery framework have been prescribed by the RBI to strengthen and impr from Business Line - Money & Banking https://ift.tt/3pzFA...

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Concerns ahead despite good Q3 results

Third quarter results of banks have indicated banks show a rise in net profit but concerns are evident ahead. Bank of Baroda reported a standalone net from Business Line - Money & Banking https://ift.tt/3oxOD...

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Economic Survey: Governance, key to end zombie lending

The Economic Survey 2020-21 has raised the issue of zombie lending. It has noted that apart from from re-capitalising banks, it is important to enhanc from Business Line - Money & Banking https://ift.tt/36sCR...

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PNB Housing Finance plans tie-ups with banks for co-lending in housing loan sector

"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. from Banking/Finance-Industry-Economic Times https://ift.tt/3teJD...

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How Bajaj Allianz Life’s agency channel revved up to face pandemic woes

Agency channel grew 23 per cent in December 2020, says Chief Agency Officer Joshi from Business Line - Money & Banking https://ift.tt/3coGW...

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Shriram Transport Fin may look at raising $250 mn via social bonds in Q4

After raising USD 500 million through social bond issue earlier this month, non-banking financial company Shriram Transport Finance Company may look a from Business Line - Money & Banking https://ift.tt/2MAwI...

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PhoneParLoan ties up with Bajaj Auto Finance to offer bike loans to delivery jobseekers

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. from Banking/Finance-Industry-Economic Times https://ift.tt/3ouXj...

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CEA Subramanian pitches for private sector-led bad bank to deal with NPAs

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. from Banking/Finance-Industry-Economic Times https://ift.tt/39vUz...

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Four officers’ unions in banking sector caution government about privatisation

Say privatisation, dilution of government equity, further mergers and amalgamations of PSBs coud face resistance from Business Line - Money & Banking https://ift.tt/2YuzF...

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Muthoot Capital Services reports decline in net profit in Q3

The net profit of Muthoot Capital Services Ltd reduced to Rs 14 crore in Q3 of FY21 compared to Rs 19 crore in the same quarter last year. The total from Business Line - Money & Banking https://ift.tt/3tmfY...

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ICICI Bank net profit up 19% at Rs 4,940 crore

The lender has provided one-time restructuring to borrowers worth Rs 2,536 core. The Reserve Bank of India had allowed restructuring for accounts impacted by Covid-19. from Banking & Finance – The Financial Express https://ift.tt/3pB71...

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