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During a virtual meeting with the heads of insurance companies, she stressed on the importance of streamlining the process and documentation requirements under the schemes so that the claims are disbursed speedily, an official statement said.
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The bank promoted by the Hinduja group also said it has made it to the Carbon Disclosure Project (CDP) list for the sixth consecutive time, making it the only Indian bank to get featured in this prestigious list.
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On the loan growth, Rao said, it should be between 8 and 10 per cent for the banking industry on the assumption that the economy will grow at 9.5 per cent in 2021-22.
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Proposed National Asset Reconstruction Company (NARCL) or bad bank is expected to be operational by next month.
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Since 2014, the Modi government has taken various financial inclusion initiatives to empower the people, it said in another tweet.
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NACH facilitates one-to-many credit transfers such as payment of dividend, interest, salary and pension. It also facilitates collection of payments pertaining to electricity, gas, telephone, water, periodic instalments towards loans, investments in mutual funds and insurance premium.
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Any such possible downgrades will likely raise MFIs' funding costs compounding the problem of asset-liability mismatch at a time when collection efficiencies have deteriorated amid localized lockdowns.
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Under the scheme, collateral-free working capital loan of up to Rs 10,000 of one-year tenure is being provided. The scheme aims at financing approximately 50 lakh street vendors, to resume their businesses.
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The overall work experience of the candidate should be of 20 years in the field of information technology, of which at least 10 years should be at a senior level, preferably in an IT unit of a bank or financial institution, IDBI Bank said in a notice.
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The company has recorded over Rs 100 crore in premium for its Employee Group Health Insurance in FY21, and within one year of launch, the company said in a release.
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Mumbai-headquartered IDBI had entered into loans totalling USD 148 million with two Singapore registered companies -- Varada Drilling One Pte Ltd and Varada Drilling Two Pte Ltd -- for the construction of two jack up drilling rigs in March 2013.
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"Today, we want to pledge that we, as a bank, want to become carbon neutral by the financial year 2031-32," its Group Head (CSR, Business Finance and Strategy, Administration and Infrastructure) Ashima Bhat told reporters.
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According to banking sources, work is progressing on multiple fronts to ensure that the bad bank starts operations as soon as possible. On Wednesday, bankers met to finalise the capital structure of the bad bank (NARCL). Sources said that the company would need at least Rs 6,000-crore capital of equity and debt to start operations.
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The assets including several floors of the UB City commercial tower in Bengaluru’s central business district and shares in United Breweries and United Spirits that Mallya had controlled are estimated to be valued at ₹5,646.54 crore.
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Last year GDP growth was negative. This year even if there is a correction from the initial double digit estimates for real GDP, norminal growth will be 13% to 14% which will have some implications on credit growth. We are looking at a loan growth of 7% to 10% compared to 5% last year. he said.
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Stakeholders believe that since there has been negligible recovery in such fraud cases from either the bankruptcy mechanism or the DRT, allowing such accounts to be sold to ARCs could fetch better returns and free up capital for fresh growth.
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Icra Ratings said non-banks (NBFC and HFCs) will feel the stress of the second wave of COVID-19 and movement restrictions imposed by various states in April-May 2021, given the fact that 25-30 per cent of their loan collections happen through field collection teams and largely via cash.
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The deployment of Azure’s artificial tools has, among other things, allowed ICICI Lombard to improve the accuracy of its quality audits. According to Girish Nayak, ICICI Lombard’s chief technology officer, the use of cognitive intelligence technology will automate quality checks which will in turn make their service more efficient.
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As per the bank's revised policy on sale of financial assets, in line with regulatory guidelines, SBI said it places these accounts for sale to banks, ARCs (asset reconstruction companies), NBFCs or FIs (financial institutions).
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Customers can conduct over 15 types of transactions using the Mobile ATM, which will be operational at each location for a specific period. The Mobile ATM will cover 3-4 stops in a day.
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NBFCs with exposure to sectors like microfinance, rural/semi-urban borrowers with small-ticket (SME, vehicle loans) and unsecured loans which have a higher share of field collections will be hit hardest, impacting their asset quality and hence profits.
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"Slowing economic activity in India due to the second wave will constrain commercial vehicle owners' capacity to pay auto loans. As a result, commercial vehicle loan delinquencies will increase in India and collection rates will remain below March levels over the next three to six months," says Dipanshu Rustagi, a Moody's Assistant Vice President and Analyst.
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NCLAT on May 25 stayed the Mumbai NCLT’s order directing the administrator of DHFL to consider a settlement proposal from its former promoter Kapil Wadhawan.
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The Reserve Bank of India (RBI) has pulled up several multinational banks operating in the country for not providing a board-approved system audit report certifying compliance with its data-localisation norms.
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As per data submitted by Shivajirao Bhosale Sahakari Bank, more than 98 per cent of the depositors will receive full amount of their deposits from the Deposit Insurance and Credit Guarantee Corporation (DICGC), the RBI said in a release.
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"The Bank has taken steps like attachment of properties of defaulter borrowers, public auctions of the same, filing criminal suits against defaulter borrowers/guarantors, etc. The Bank has also informed the names of its defaulter borrowers/guarantors to other banks for effective recovery," said Sudhir Pandit, administrator, Rupee Bank.
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"Because we have such a high taxable profit, we thought that this is the right time for us to transit into the new tax regime which lowers the tax rate for the bank from 33-34% to 25%."
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This is in addition to Beaufort's current responsibility as the head of the bank's eight branches and chief of corporate and institutional banking (CIB) in India. Beaufort will take over his additional responsibilities from September 1, the bank said in a statement.
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Pluto Investments, an affiliated entity of Carlyle Asia Partners has agreed to invest up to Rs 3,185 crore through a preferential allotment of equity shares and warrants, at a price of Rs 390 per share. Existing shareholders of the Company, funds managed by SSG and General Atlantic, are also participating in the capital raise.
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The launch of the new schemes was announced by SBI chairman Dinesh Khara and Indian Banks’ Association chairman Rajkiran Rai on Sunday. Khara said that SBI has decided to price its unsecured loans at 8.5%.
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According to analysis of the corporate bond yields, bank's MCLRs and GSecs between January 2020 and March 2021 by Care Ratings, AAA-rated companies could sell their debt at a cheaper rate than bank loans to the extent of 46 bps, and AA+ papers by 33 bps over the MCLR or the marginal cost of funds-based lending rate and below which a bank cannot lend. When compared to the Gsecs, AAA and AA+ papers could command only 100 bps over the benchmark gilts.
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To support the businesses affected by the second wave of COVID-19, the Finance Ministry on Sunday enhanced the scope of ECLGS, including providing concessional loans to hospitals/nursing homes for setting up on-site oxygen generation plants.
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General and standalone health insurance companies have also been asked to mitigate the hardships of the affected insured population by ensuring immediate registration and settlement of eligible claims.
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"Usage of technology, the way product mixes came up, a lot of term buying, a lot of guaranteed products and the kind of agility shown by the industry helped the sector," Bajaj Allianz Life Insurance MD and CEO Tarun Chugh told PTI in an interaction.
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This is a one-time loan restructuring scheme under which the loan would remain standard despite recast and banks would not have to make additional provision in such cases.
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The city-headquartered state-owned bank had acquired a stake in the life insurer post amalgamation of the erstwhile Oriental Bank of Commerce (OBC) into itself last fiscal year.
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