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Kumar retired as the chairman of the country's largest lender in October last year after an over four-decade career. Earlier this week, there were reports of global private equity major Baring Private Equity Partners appointing Kumar as an advisor.
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All CREDAI chapters across various states will be covered under this agreement. The real estate developers’ body will coordinate with contractors to ensure effective implementation of this programme.
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"The Authority cautions the public not to make any transaction related to insurance business with M/s DIGITAL NATIONAL MOTOR INSURANCE," Insurance Regulatory and Development Authority of India (Irdai) said in the notice.
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Under the “Putting Your Wellness First” initiative, all employees have been granted an extra paid day off on 15th February, Monday, across India and the Philippines.
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Equitas Small Finance Bank (Equitas SFB) has partnered with Maharashtra State Road Development Corporation Limited (MSRDC) and Ocean Highway Facilities and Solutions Pvt Ltd for launching country's first FASTag powered truck terminal at Khalapur, Maharashtra on the Yashwantrao Chavan Mumbai - Pune Expressway, Equitas SFB said in a release.
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The ED had arrested her husband Deepak Kochhar in September 2020 after it filed a criminal case for money laundering based on an FIR registered by the CBI against the Kochhars, Dhoot and others.
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Some points to remember while sending money from one country to another
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Chanda Kochhar appeared before the special Judge A A Nandgoankarand filed a bail application through her lawyer Vijay Agarwal.
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The bank shall take all possible efforts for non-occurrence of any such disruptions and strive for immediate redressal/rectification for the disruptions observed, if any, Indian Bank said in a regulatory filing.
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The repayment efficiency ratio, while improved to 85-95% at the end of December from just about 55-60% seen in July, is yet to reach pre-Covid level of 97-99%. Portfolio at risk for 30 days has deteriorated to 13.23% from 1.78% in March 2020.
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Balakrishnan, who joined the company in July 2019 as its chief financial officer, will spearhead the company’s transformation into a digital-only life insurance company.
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Here's how you can avoid premature withdrawals from your bank fixed deposits
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Asset quality at the five largest rated public sector banks in India – State Bank of India, Bank of Baroda, Punjab National Bank, Canara Bank and Union Bank of India improved mildly in the first nine months of the year ending March 2021 despite an economic contraction exacerbated by the pandemic.
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Mobilising most of the idle gold from Indian households will help the country reduce dependence on import of gold and address the issue of current account deficit.
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The preferential allotment is for an aggregate value of Rs. 3,456 crores, subject to shareholders’ and other regulatory approvals, the company said.
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"We have crossed the Rs 5 lakh crore mark. This is a journey which we have covered in almost from 2011 to 2021. So in about 10 years' time, we have built this book from about Rs 89,000 crore to Rs 5 lakh crore," the State Bank of India chairman Dinesh Khara said.
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The life insurance industry in total paid 8.46 lakh claims on individual policies, with a total payout of Rs 18042 crore in the FY20, data from the latest Insurance Regulatory and Development Authority of India’s annual report showed. Claim settlement ratio is a metric to gauge the percentage of life insurance claims an insurer has settled during a financial year against the number of claims it receives in the period.
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As per the insurance scheme, every depositor in a bank is entitled to receive deposit insurance claim amount of his/her deposits up to Rs 5 lakh from the DICGC.
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Public sector insurers – five in total -- reported a bulk of these losses at Rs 18,741 crore in FY20, up from Rs 18,533 crore a year ago. Private insurers, 29 in all, meanwhile, reported sharp rise in losses albeit a much smaller base. Losses for private players came at Rs 3,647 crore in FY20 up from Rs 2,890 crore, a year before that.
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"This extraordinary feat is a testament to customers' continuous trust in the bank. We feel that combining technology with personalised service is the key in the current scenario," the bank's chairman Dinesh Khara said.
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"There has been lot of interest from foreign investors for our ARC business. We are likely to put in initial capital of 10 billion rupees while the foreign investor will put in nearly 25 billion rupees," Prashant Kumar, CEO of Yes Bank, told Reuters in an interview late on Tuesday.
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Of the total loans of Rs 1.4 lakh crore extended by banks up to January 25, 2021, HDFC Bank has disbursed Rs 23,504. This is nearly 17% of the loans sanctioned. SBI, with disbursals of Rs 18,700, has a market share of 13.3%. According to banking analysts, this demonstrates HDFC Bank’s capabilities in lending to small businesses.
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PNB’s chief executive SS Mallikarjuna Rao is expecting a positive note from RBI soon. “It’s not that the issue is stalled or there is no communication. The regulator was seeking details on the bank’s capital position and capital raising plans,” he said.
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After deliberations, it was decided to give the call for a two-day -- March 15 and March 16 -- strike against the government's moves, AIBOC general secretary Soumya Datta said.
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Moderation in growth of protection business from peak levels seems to have been arrested, as individual non-single sum assured to individual non-single premium for private players was 25 times in January. It was 23 times in December but stood lower at 31 times in January 2020 and 35 times in the second quarter 2020-21.
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The number of complaints pertaining to 'Direct Sales Agent (DSA) and recovery agents' increased from 629 complaints in 2018-19 to 1,406 this year, it said.
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While banks wrote off nearly three-fourth of it to clean their balance sheet and get tax benefits, the default borrowers continue to appear in RBI's internal CRILC database till they clear the default, people familiar with the matter said.
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The index-linked insurance plan is one of those insurance products wherein the returns are linked to the benchmark indices such ten-year equity indices, for instance, Nifty or Sensex and the government bonds.
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Sebi agreed to settled the case after the insurance company approached the regulator with a plea to settle the matter "without admitting or denying the findings of fact and conclusions of law".
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“We expect the sector to grow at higher double digits in the medium term, with private players growing even faster as they have been gaining market share over public sector firms and also because of the increase in premium prices due to medical inflation,” India Ratings and Research said in a report.
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Fitch said it expects a moderately worse operating environment for the Indian banking sector in 2021, anchored to its belief that the banks' prospects for new business and revenue generation are likely to remain muted.
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Sticking to the bank's previous guidance on restricting the gross NPAs below 14 per cent and net NPAs lower than 5 per cent by the end of the current fiscal, Rao said there has been an improvement in collection efficiency as well in January after a dampened December.
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All bidders will be required to have large balance sheets to ensure sufficient capital for banking. Many industrial houses have capital aplenty. But till now the government has, quite correctly, not allowed industrial houses to own banks, because of a patent conflict of interest.
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