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As a realignment strategy in its advances portfolio, the private sector lender said it has been eyeing credit exposure of minimum 50 per cent to retail, 35 per cent to mid corporates and not more than 15 per cent to large corporates. The intent is to minimise the concentration on large corporate borrowers and to ensure continued sustainability, it said.
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According to a report by the Australian bank, going by SBI Card’s valuation, Citi’s 2.7 million cards would imply a figure of $2.7 billion. “This is above the top end of our valuation… To the the extent that a single buyer is able to purchase multiple businesses at once, we would expect some sort of valuation discount in order to expedite Citi’s exit,” the report said.
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The regulator noted that there are reports of certain network providers (hospitals) charging high rates and insisting on cash payments from the policyholders for providing treatment to COVID-19 infected patients despite having cashless arrangement with insurers.
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The action has been take as these entities have been found non-compliant with the directions on storage of payment system data which the central bank had asked them to store in India, RBI said.
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The Australian brokerage has pencilled in DBS Bank Ltd, Oriental and Commercial Bank of China (OCBC) and Standard Chartered (StanC) as the most likely cross-border buyers for a bouquet of assets across Asia
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Outstanding loans fell by 603.33 billion rupees ($8.04 billion) to 108.89 trillion rupees in the two weeks to April 9. Non-food credit fell by 487.78 billion rupees to 108.39 trillion rupees, while food credit fell by 115.55 billion rupees to 496.99 billion rupees.
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Standalone health insurers like Star Health, Aditya Birla Health Insurance, Max Bupa reported robust growth in their gross direct premium income (GDPI) in FY21.
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Muthoot Microfin has expanded its employee strength by 37 per cent during a period when retaining employees and maintaining salaries came across as a major challenge for businesses worldwide, the company said in a statement.
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HDFC Bank said a meeting of the board of directors of the bank will be convened in due course inter-alia to consider the appointment of Atanu Chakraborty as the part-time chairman and additional independent director of the bank.
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Union finance minister Nirmala Sitharaman too tweeted about this on Thursday evening saying: “Reports are being received of some hospitals denying cashless insurance. Spoken to chairman, Irdai SC Khuntia to act immediately. In March’20 Covid included as a part of comprehensive health insurance. Cashless available at networked or even temporary hospitals.”
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"Reports are being received of some hospitals denying cashless insurance. Spoken to Chairman, IRDAI Shri SC Khuntia to act immediately. In March'20 #Covid included as a part of comprehensive health insurance. Cashless available at networked or even temporary hospitals," the minister said in a series of tweets.
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Near-term business prospects across states are, however, more clouded with the outburst of Covid-19 cases over the past couple of weeks. Industry leaders, especially those with small and medium sized NBFC-MFIs, are anticipating a liquidity crunch in the event of fresh lockdowns.
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Managing director Gagan Banga said the company has taken a conscious decision to no longer expand its balance sheet but instead earn income by originating loans for HDFC.
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"The rising COVID-19 cases in April 2021 has again raised concerns on the asset quality of the retail loans of NBFCs and HFCs given the increasing instances of lockdowns in various cities coupled with a gradual rise in severity of such restrictions by some state governments," Icra Ratings said in a report.
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At its managing committee meeting held Wednesday, IBA said that banks would continue providing four basic banking services -- accepting deposits, cash withdrawals, remittance and government businesses employees may be working on rotation as a business continuity plan.
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"We are also suggesting SLBC convenors to separately call meetings of all stakeholders including Chief Medical Officers and senior level government officials and deliberate on emerging situations in their respective states and issue advisories to the banks," IBA CEO Sunil Mehta said in a letter addressed to heads of banks.
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The board of directors of PNB, on recommendation of the nomination and remuneration committee, approved on April 20, 2021 reappointment of Nilesh S Vikamsey as an additional director in the category of independent director, PNB Housing Finance said.
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The United Forum of Bank Unions (UFBU), an umbrella body of nine unions, in a representation to Indian Banks' Association (IBA) Chairman Raj Kiran Rai G said branches with continued footfalls and across-the-counter connect with customers are potential hubs of infections.
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Both the home financiers will frame a common credit policy with IBH originating retail housing loans. While HDFC will retain 80 percent of any such credit on its book, the rest 20 percent will go to IBH’s loan book. Indiabulls will service the loan account throughout the life cycle of the loan.
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Life insurers reported stellar individual annual premium equivalent (APE) growth of 90 per cent in March due to low base, translating into a 40 per cent growth in Q4 and a full 8 per cent for FY21, said the report. It, however, added that the two-year individual APE growth was a modest 6 per cent for the year.
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The news was broken to FirstRand staff via a video conference on Tuesday. In response to a query from ET India CEO Rohit Wahi shared a statement confirming the shut down of its only branch in Mumbai and a retreat into a limited representative office. The move is likely to impact at least 50 jobs in India.
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The retail and e-commerce segments recorded a massive 106 per cent increase in the number of transactions and a 124 per cent rise in expenditure between the first and last six months of 2020. "The gaming segment saw a phenomenal 100 per cent increase in expenditure and a 154 per cent increase in average ticket size between the two years," the report said.
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As per the Financial Stability Report released by the Reserve Bank of India (RBI), the NPAs of the banking sector were projected to surge to 13.5 per cent of advances by September 2021, from 7.5 per cent in September 2020, under the baseline scenario.
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In the fiscal year gone by, LIC achieved its highest ever First Year Premium Income of Rs.56,406 crores under Individual Assurance Business with a 10.11% growth over last year.
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Narasimham joined the RBI as a research officer and then went on to serve the Indian government. He was an additional secretary at the Department of Economic Affairs, and was also in the Finance Ministry prior to economic liberalisation in the 90s.
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Such new to credit customers were historically difficult to assess because they have no formal credit history. But they are the fastest growing borrower group for banks to tap, though lenders were cautious in giving them loans as there was no way to assess their default probability.
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Over the years, BlackSoil’s focus has been increasingly towards venture debt to VC-backed growth companies & structured debt to growth small and medium enterprise (SME) companies.
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A data breach in the servers of Domino’s, the pizza brand, has allegedly exposed sensitive information of its Indian users, according to Israel-based cybersecurity firm, Under The Breach.
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The court's observations came while hearing a woman's plea whose claim for reimbursement of costs for treatment of schizophrenia were rejected by the National Insurance Company Ltd (NICL) on the ground that psychiatric disorders were excluded from medical cover.
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We do not give finance on gold bars, coins, bullions etc. We only give loans against household ornaments. Ornaments also have a 15% to 20% making charges which is an additional margin of cushion that we have. It means that the customers equity in this is not 100, it is actually 120, against which he takes just 65% or 70% or 75%.
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Giving details of the Technology Transformation Agenda, Jagdishan said that the bank has invested heavily in the infrastructure to handle any potential load that it might encounter in the next 3 to 5 years. "We are also in the process of accelerating our cloud strategy to be on the cutting edge leveraging best in class cloud service providers," he added.
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DBS, the only other wholly-owned subsidiary, acquired struggling private sector lender Lakshmi Vilas Bank last year, which gave it access to 563 branches.
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According to sources, there were 17 payments platforms that had bid aggressively. Paytm’s ability to straddle multiple payment services worked in its favour as others were dominant in particular segments like UPI or cards.
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By training the algorithms to mine the data, the big data analytics can now predict which customers will most likely resume paying after missing a couple of installments, and who will probably default.
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Analysts said the company has been able to arrest the slide in asset quality after a deteriation in the nine months of the fiscal. Gross NPAs had increased to 5.9% in December from 5.1% in September 2020.
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Justice Prathiba M Singh said the Mental Healthcare Act of 2017 makes it clear that there can be no discrimination between mental and physical illnesses and the insurance provided in respect thereof.
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A penalty of Rs 25 lakh has been imposed on SBI General Insurance Company for not fulfilling regulatory obligations under the Motor Third Party (MTP) business. Penalty of Rs 13 lakh imposed on Liberty General Insurance Limited, Rs 10 lakh penalty on Bajaj Allianz General Insurance Company, and Rs 3 lakh on Royal Sundaram General Insurance Company.
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In a recent communication to all banks, the central government has said the MiTM attacks have been increasing under which messages sent by 'ATM Switch' to 'ATM Host' are altered by attackers to withdraw cash fraudulently.
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The earlier DR plan was rejected by the Reserve Bank of India (RBI) in March 2020 as the suitor--TCG Advisory Pvt. Ltd, a part of The Chatterjee Group--for the RFL was not found to be 'fit and proper' by the regulator.
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In a recent letter written to RBI Governor Shaktikanta Das, FIDC, an industry body of NBFCs, said due to the severe second wave of COVID-19, the micro, small and medium enterprises (MSMEs) have not been able to revive their economic activities and are in urgent need of support from the lenders.
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