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Non-food credit rose 713.55 billion rupees to 107 trillion rupees, while food credit fell 810 million rupees to 752.06 billion rupees.
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After joining the bank, Khan said it is only a matter of time that UCO Bank is able to turn the corner and show encouraging results in the days to come, much to the delight of all the stakeholders.
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HDFC Bank on Friday said it will cover the vaccination cost for its over 1 lakh employees and their family members. HDFC Bank will sponsor the inoculation of over 1 lakh employees of the bank and their immediate family members against coronavirus.
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Indian Overseas Bank, Central Bank of India and UCO Bank are currently under this framework that puts several restrictions on them, including on lending, management compensation and directors' fees.
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Beginning her career as a probationary officer at Canara Bank in November 1986, Srimathy has over 34 years of experience across verticals, including branch operations, mid and large credits, human resources and risk management, among others.
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Some basic tips to follow as you apply for a home loan to buy your dream property
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The bail application was moved by Dhoot’s lawyer Sandeep Ladda at the court of additional sessions judge AA Nandgaonkar seeking relief from arrest for the 70 year old Dhoot on grounds of his age and ill health during the course of the trial.
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India’s bank employees are striking on March 15 and 16. Here’s what we know
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This move also provides a huge opportunity for global investors who have been looking forward to enhanced participation in the growing insurance sector in India.
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When we raised our hands to subsidiarise in India, a lot of people asked how come you want to subsidiarise when nobody has done. And, I have maintained all along that we want to subsidiarise because we are genuinely bullish about the future of India and to capitalise on that you must be entrenched.
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The Reserve Bank of India (RBI) has reached out to Google, Digital Lenders Association, fintech association FACE and several NBFCs for inputs on ways to regulate digital lenders.
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State Bank of India said Aarya Industrial Products has filed a suit against it in January 2016 before Civil Court, Alipore, Kolkata for claiming recovery damages of Rs 226 crore.
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United Forum of Bank Unions (UFBU), an umbrella body of nine unions, has given a call for a two-day strike from March 15 to protest against the proposed privatisation of two state-owned lenders.
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It would significantly help Cholamandalam and Karur Vysya Bank to expand the reach to new customer segments across the country.
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The feature has gained tremendous acceptance among motor insurance customers and reached the milestone of more than 1 million motor insurance claim approvals since its launch, a company statement said.
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After a year, the gold rush is tapering off. Here’s why
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Unlike the private sector where some of the executives such as HDFC Bank’s Aditya Puri spent a quarter-century as the MD & CEO, a typical public sector executive had a two-three year run at the top.
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So far, non-bank lenders take a one-time gain on all loan sales to banks in direct assignment transactions. Prior to the implementation of Ind-AS accounting system, these gains were amortised over the life of the loan.
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Khan, who was chief general manager at Union Bank of India prior to this new assignment, has taken charge Wednesday in place of former executive director Charan Singh, who superannuated exactly a year back. Ajay Vyas is another ED at Uco Bank.
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Customers can obtain new cheque books and information on new IFSC or MICR codes of the erstwhile Syndicate Bank branches through the bank's website, internet banking, Candi app/ mobile banking, and branches of Canara Bank, the statement said.
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IDBI Bank was placed under the so-called PCA framework in 2017 over its high bad loans and negative return on assets, at a time when Indian lenders battled record levels of soured assets, prompting the RBI to tighten thresholds.
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Under the separate platform of group BlackOpal Asset Management, BlackOpal is currently managing five projects in various capacities, totaling 2.5 million sq ft having an estimated value of approximately Rs 1,325 cr.
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The top court had last week termed the pendency of over 35 lakhs cheque bounce cases as “grotesque” and suggested to the Centre to come up with a law to create additional courts for a particular period of time to deal with such cases.
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The initiative is aimed at safeguarding the lives of its employees and their dependent family members from the COVID-19 pandemic, said the lender, as also a humble gesture to appreciate the dedication, perseverance and passion portrayed by the employees to ensure seamless services to millions of customers during the pandemic.
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Under the file and use system, an insurer, who wishes to introduce a new product, has to file an application for the product with the IRDAI and use the product for sale in the market only after getting all the regulatory approvals.
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“If you look at India’s saving rate, it’s been declining in the recent times but it remains pretty high,” he said. “What is happening is bulk of the Indian savings traditionally in India have been risk averse. The amount of money gone into equity risk has been relatively lower.”
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Calvert Impact Capital plans to use the fund towards on-lending to financial institutions as well as lending directly to retail customers and to mid-market corporates.
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The creditors include a very diverse mix of stakeholders including banks, mutual funds and employee provident funds of A-listed companies that have subscribed to debentures of Sintex-BAPL. State Bank of India is amongst the banks in the group.
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Over 1.10 lakh loans have been extended since the launch of the 'Stand up India' scheme as on January 31, 2021, since its inception and beneficiaries can get a loan of Rs 10 lakh to Rs 1 crore to start or increase their business.
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Among these, the country's largest and the only state-run insurer LIC posted a 24.18 per cent jump in new premium income at Rs 12,920.57 crore during the reported month, against Rs 10,404.68 crore in the year-ago month, showed the data from the Insurance Regulatory and Development Authority of India (Irdai).
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As per a research made by Emkay, mortgage lender HDFC ltd has the lowest exposure to BB & below book at 3% followed by L&T Finance at 10% and PNB Housing at 16%.
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The NBP which is a key metric to gauge the performance of life insurer grew to Rs 22,425.21 crore in February for India’s 24 life insurers, compared with Rs 18,533.19 crore in the same period last year, latest data from Insurance Regulatory and Development Authority (IRDA) showed.
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'Yes Essence' is a holistic banking proposition for women across customer segments -- homemakers, salaried professionals, entrepreneurs and senior citizens -- which covers lifestyle, wellness, education, protection and investment, the lender said.
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The infrastructure financier, to be called the National Bank for Financing Infrastructure and Development, is to anchor the ambitious National Infrastructure Pipeline.
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The housing finance company, which has partnered with Delhi-based NGO Azad Foundation for this purpose, said the new initiative -- 'Women With Wheels' -- is part of its Corporate Social Responsibility (CSR) project called ‘SHE'.
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Sharing details of various schemes with special provisions for the emancipation of women on the occasion of International Women's Day, the ministry said these plans have financially empowered women to lead a better life and chase their dreams of being an entrepreneur.
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The association said 14 banks hold the largest share of the portfolio in micro-credit with a total loan outstanding of Rs 97,956 crore followed by non-banking financial companies-microfinance institutions (NBFC-MFIs), with a loan outstanding of Rs 72,128 crore.
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State-owned banks, with their limited capital buffers, will be more vulnerable to the impact of the pandemic than private-sector peers, and the government's plan to pump $5.5 billion into these lenders over fiscal 2021 and 2022 is unlikely to be enough, Fitch said.
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The RBI has said that loans classified as fraud should not be sold to the proposed national asset reconstruction company (NARC) to be set up by public sector banks. This would mean that a big chunk of sticky loans would continue to remain on the books of banks.
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Covid-19 hit Citi with $17.5 billion in credit losses and allowances, two-thirds of which were in global consumer banking. A $900 million payment erroneously sent to Revlon Inc.’s lenders shaved off 0.3 percentage point from last year’s 6.9% overall return on tangible common equity, leaving it woefully short of the 14% return at JPMorgan Chase & Co.
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Reserve Bank of India governor Shaktikanta Das has said central banks across the globe did not appear to be in a hurry to tightenmonetary policy or withdraw support to growth, suggesting that interest rates may not go up for now despite some price pressure in the economy.
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Women account for 29 per cent of the Rs 20 lakh crore worth home loans extended by Indian lenders as of December 2020. While their share in Rs 4.6 lakh crore auto loans and Rs 5.9 lakh crore personal loans is as at 16 per cent each, according to the credit bureau.
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Data sharing, cybersecurity and data protection have emerged as the top concern areas for the banks as well as customers, according to Deloitte's report on open banking.
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The rate war also comes on the back of continuous prodding by the monetary authority which has slashed the repo rates by a whopping 200 bps since March 2020 to 4 per cent to help revive the economy ravaged by the pandemic, but still credit demand remains under 6 per cent.
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