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The bank will continue to add more branches as it changes character to pan Indian franchise from a Kerala based lender, CEO CVR Rajendran said. CSB added 100 branches last fiscal as it competed 100 years of existence in 2020. It will add another 200 branches in the fiscal ended 2022, most of them outside Kerala in states like Andhra Pradesh, Telengana, Tamil Nadu, Goa and Madhya Pradesh.
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The individual can pay back the advance in 6 or 12 monthly instalments at a later date, the company said.
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The Insurance Regulatory & Development Authority of India (Irdai) has turned headless after chairman S C Khuntia retired on May 6 without a successor being appointed.
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To address the difficulties experienced by policyholders in submitting documents required for claim settlement in the servicing branch, the insurer has allowed submission of documents in any nearby LIC office for due maturity/survival benefit claims.
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The largest insurer, state-owned LIC posted 35.6 per cent rise in the first year premium or new business premium at Rs 4,856.76 crore in April 2021, as against Rs 3,581.65 crore in the year-ago month, the Insurance Regulatory and Development Authority of India (Irdai) said.
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Non-food credit fell by 366.74 billion rupees to 108.02 trillion rupees, while food credit rose by 86.36 billion rupees to 583.35 billion rupees.
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In a meeting with the finance ministry, large public sector banks discussed the possibility of making available credit online using the liquidity facility. Banks will go to the drawing board and will design the schemes with extremely competitive rates and draw up the eligibility criteria.
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IDBI Bank exited RBIs prompt corrective action (PCA) framework after four years in March this year, posted profits of Rs 512 crore at the end of Q4. The net non-performing loan ratio improved to 1.97 per cent.
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The spread of the second wave of Covid-19 pandemic has created challenges for every business. "We are anticipating the collections to witness a temporary decline in Q1 FY22 on account of several intermittent lockdowns/restrictions being imposed across various states," managing director Udaya Kumar Hebbar said.
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Last month, the bank's digital banking platforms, including Yono, Yono lite, internet banking, Unified Payments Interface (UPI) was affected due to maintenance.
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According to industry captains, the new facility would help them to get about 1-1.5% positive carry on the borrowed fund, even after investing the same amount into government securities as mandated by the central bank.
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If all lenders come on board, the National Asset Reconstruction Company (NARC) announced in the budget will be able to aggregate 100 per cent of a sick company's outstanding loans, which shall ultimately lead to better resolution of the asset quality stress for all.
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Besides public sector banks, two private sector lenders IDBI Bank and ICICI Bank were also shareholders in Cordex but will surrender their stake in favour of PSBs.
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The extent of respective shareholding to be divested by the government and LIC will be decided at the time of structuring of transaction in consultation with the Reserve Bank of India (RBI), according to an official statement.
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Citi said the immediate support of Rs 75 crore will focus on procurement of oxygen supplies, adding beds to hospitals, diagnostic testing systems, personal protection kits and other supplies for India's frontline healthcare workers.
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Lenders aren’t committing to U.S. dollar purchases in the forwards market since this guidance last week, the people said, asking not to be identified discussing private deliberations. U.K.-based Cairn Energy can push authorities to impound Indian assets if the South Asian nation declines to honor an arbitration ruling in a $1.2 billion tax dispute, according to a letter the company sent to the Indian High Commission in the U.K. earlier this year.
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The lender also asked its customers not to respond to unsolicited offers, however attractive, received through e-mails, SMSes or any other social media account.
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"KSSF is taking control of the project by settling the dues of this company through a one-time settlement. The deal is likely to be completed before the end of this month. Banks are taking about a 50% haircut in this deal," one of the two persons cited above said. KSSF did not reply to an email seeking comment.
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"We remain watchful, conservative and yet agile. We will look scale up in segments in which we have domain expertise like micro finance and credit cards and also expand in secured businesses like housing finance, tractor and two wheeler loans," CEO Vishwavir Ahuja said.
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The central bank governor Shaktikanta Das called on these lenders Monday to assess the ground level situation—going beyond the accounting numbers of micro lenders—following the sharp rise in the rate of infections across regions, which forced local authorities to go for area wise containments and partial lockdowns.
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Rajesh Jogi, Tariq Chinoy and Varun Gopinath have joined the newly recast board as part of the company’s plan to ramp up its pursuit of emerging opportunities in the financial services sector in India.
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The bank started with the vaccination of employees over 45 and paced up the efforts multi-fold as soon as the Department of Financial Services and Parliamentary standing committee recognised bankers as COVID warriors, thus making all its employees over 18 years of age eligible, the bank said in a release.
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Rating company ICRA has estimated a sequential 8-10% drop in collections in April 2021 and the same may dip further if the second wave cannot be controlled.
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In his opening remarks, the Governor recognised the important role of NBFC-MFIs in making credit accessible at the grassroots level. He also emphasised the supervisory expectations in terms of maintaining their business resilience and managing risks prudently.
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The RBI has imposed a monetary penalty of Rs 3 crore on ICICI Bank for "contravention of certain directions issued by the RBI contained in Master Circular on 'Prudential Norms for Classification, Valuation and Operation of Investment Portfolio by Banks' dated July 1, 2015", the central bank said in a statement.
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“The board and the bank are fully committed to long term stakeholder value and the bank as an institution will do whatever it takes to ensure that,” Kotak said. “The commitment to long term institution building is at the core of our values and we will do whatever necessary to maintain that.”
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The average fall in lending rates for banks such as Axis Bank, ICICI Bank, Federal Bank and DCB was about 22 basis points on fresh loans compared with RBI's 115 basis points reduction in the past year. A basis point is 0.01 percentage point. But the reduction of benchmark rates by state run banks such as the State Bank of India, Indian Overseas Bank was 120 basis points, data from the central bank shows.
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Announcing the higher interest rate on savings account deposits of over Rs 1 lakh, Anubrata Biswas, CEO of Airtel Payments Bank, said, "RBI's increased savings deposit ceiling is a major milestone for payments banks as this was a key ask from customers".
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Among others, SBI has tied up with various hospitals for vaccination of its employees and their dependent family members. It will also bear the cost of inoculation.
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While payment rejection rates were back to January levels, they are expected to rise further in May, lenders told ET. Collection ratios will be hit by another 5-10% in the month as fresh Covid-19 infections continue to ravage the country.
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At the same time the bank is still pursuing its objective of a majority owned asset reconstruction company (ARC) and is waiting for the new set of guidelines from the Reserve Bank of India (RBI) said CEO Prashant Kumar said. RBI has refused Yes Bank permission to hold a majority stake in an ARC citing conflict of interest.
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Speaking for the first time about the journey since the RBI and the government moved in to bailout the lender seeing an exodus of deposits with a Rs 10,000-crore rescue act led by SBI, Kumar acknowledged that the thread was very slender and the timing was very apt.
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For the American alternate investment management giant with close to USD 620 billion in AUMs globally, India is its most profitable market in terms of returns -- its seed investment of around USD 25 billion is worth over USD 50 billion at present, according to co-founder, chairman and chief executive Stephen A Schwarzman.
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In case of UCBs and NBFCs, the Expression of Interest (EOI) for 'Consultant for Review of Supervisory Models' said the supervisory functions pertaining to commercial banks, UCBs and NBFCs are now integrated, with the objective of harmonising the supervisory approach based on the activities/size of the supervised entities (SEs).
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Speaking about various initiatives of the country's largest lender, Khara said, SBI has decided to set up makeshift hospitals with ICU facilities for COVID-19 patients in some of the worst affected states.
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