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Introducing the revision of services in savings bank accounts, the lender in a notice said the free transaction limits (for select facilities) and lock discounts offered to individual savings bank customers are being revised from July 1, 2021.
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An effective RBIA is an audit methodology that links an organisation's overall risk management framework and provides an assurance to the Board of Directors and the senior management on the quality and effectiveness of the organisation's internal controls, risk management and governance-related systems and processes.
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The bank's asset quality improved significantly as the gross bad loans or gross Non-Performing Assets (NPAs) dipped to 7.23 per cent of gross advances by the end of March 2021 as against 12.81 per cent by the same period of 2020.
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In the absence of a loan moratorium this year, more MFIs are likely to opt for permitting restructuring under the Reserve Bank of India's (RBI) Resolution Framework 2.0 announced last month, and continue with higher provisioning, the report said.
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With this development, the company will surrender its web aggregator licence to Insurance Regulatory and Development Authority of India (IRDAI) and undertake business including insurance aggregation under the broking umbrella.
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The new IFSC can be obtained through URL canarabank.com/IFSC.html or accessing the website of Canara Bank or by visiting any Canara Bank Branch.
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Creditors are choosing between Hong Kong-based distressed asset specialist Ares SSG and locally listed NBFC Authum Investment and Infrastructure.
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"Consumer credit demand and access has undergone a paradigm shift over the last few years, with the post-pandemic circumstances having further accelerated this change" said Rajesh Kumar, managing director and CEO of the credit bureau
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However, customers will continue to be eligible for five free transactions (inclusive of financial and non-financial transactions) every month from their own bank ATMs. They would also be able to do three free transactions from other bank ATMs in metro centres and five in non-metro centres.
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As against a 23-times growth in personal loans under Rs 25,000 in 2020, as against 2017, the number of consumers checking their credit scores has grown only three times in 2020 when compared to 2018, Transunion Cibil said in a report.
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Among these, the 25 players in the general insurance sector registered nearly 7.2 per cent growth in premium collection during the month at Rs 10,822.77 crore as against Rs 10,098.30 crore in the year-ago period, as per the data by the Insurance Regulatory and Development Authority of India (Irdai).
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"Lenders have also been very cooperative, driven by the understanding that for NBFCs the core requirement is money. Once the debt restructuring process is over — in maybe around two months' time — I will tell you in detail how our NBFC is shaping up, what are our future plans, etc."
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In India, the so called digital challenger banks are coming not only from fintech start ups but also bank led capitve entities like Kotak Mahindra Bank's 811 or DBS Bank's Digibank. Among the competitors are new start ups like Niyo, Open, FI and Jupiter which have limited purpose licenses and partner with banks.
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Leading consultancy BCG said in the report on Wednesday that the revenue opportunity in India, which has a population of 130 crore people, was pegged at being up to ten times higher than that of rest of South East Asia.
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In the present case, the CBI has also booked Raghubir Kumar Sharma, Rajendra Kumar Mangal, Tapsi Mahajan, their companies Oyster Buildwell Pvt Ltd and Avantha Realty Pvt Ltd, and officials of Jhabua Power Ltd.
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Our VNB has grown 39% and our APE has grown 19% --these are industry top numbers---said Prashant Tripathy, MD & CEO, Max Life Insurance.
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The resignation comes consequent to change in Devendra Kumar's responsibilities in State Bank of India, the filing added.
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Many top Indian companies are simply not making any new investments because of the lack of demand. Many others, though, have made the shift to the capital market for funds instead of going to banks for loans, an SBI research has found.
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Banks, sources said, have examined the possibility of moving the National Company Law Tribunal (NCLT) with the Supreme Court last month paving the way for financial creditors to go after personal assets of promoters and directors who stood as guarantors once the borrowing company is taken to bankruptcy court or faces liquidation.
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The degrowth was largely on the back of slow business by Life Insurance Corp of India (LIC) in the month, even as some private sector insurers such as HDFC Life, Max Life and India First reported strong growth in the month albeit a lower base.
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A coalition of labour unions and NGOs led by UNI Global Union, All India State Bank of India Staff Federation (AISBISF), IT for Change and the Joint Action Committee Against Foreign Retail and E-commerce' (JACAFRE) demanded that the Reserve Bank of India (RBI) reject Amazon's application to set up a new "fee rich" for-profit payment system.
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On November 2, 2020, the board of the bank had approved re-appointment of Ghosh as the MD and CEO for a period of five years with effect from July 10, 2021, subject to approval of the RBI and shareholders.
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Involvement of big multi-national companies raises fears of abuse of user data and India's digital payment networks should continue to operate on a non-profit basis, the All India State Bank of India (SBI) Staff Federation and the UNI Global Union, a vocal critic of tech giants, wrote in the letter to RBI.
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While public sector insurance companies were slower to adjust to an online mode of growth, the reliance on physical meetings were higher which resulted in a two per cent y-o-y decline in business (Rs 71,800 crore in FY2021), the credit rating agency said in the report.
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Finance Minister Nirmala Sitharaman while unveiling Budget 2021-22 on February 1 had announced that the government proposed to take up the privatisation of two public sector banks (PSBs) and one general insurance company.
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"Collection efficiency definitely went down by 3-4% in the month of May as compared to March. But we hope that most of that will be covered in June. So we do not foresee much damage."
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The second wave is more dispersed and thus smaller towns and villages witnessed a sharp rise in infections and fatality. With reduced income levels and higher health expenditures, India Ratings expects the performance of asset segments such as microfinance to be significantly affected.
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“We believe such low credit growth was a direct fallout of corporates rapidly deleveraging by repaying high cost loans through funds raised through bond issuances,” said Dr. Soumya Kanti Ghosh, Group Chief Economic Adviser, SBI.
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The RBI had in May come up with the second restructuring package that aims to restructure loans in view of the uncertainties created by the resurgence of the Covid-19 pandemic during the second wave subject to certain conditions for small borrowers who have taken loans of up to Rs 25 crore, and had doubled the threshold later.
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The scheme is expected to cover only the delinquent loans, people familiar with the matter said. The size of the state’s microfinance sector is about Rs 10,900 crore, fallen from Rs 12,000 crore seen in 2019. About 32% of this loan remained overdue for more than 30 days. Going by this portfolio at risk ratio, the size of the debt waiver could be Rs 3,500 crore.
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The bank had also conducted a review and submitted a Fraud Monitoring Report (FMR) dated January 1, 2019 pertaining to detection of fraud in an account.
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A total of 9.8 lakh participating policyholders will be eligible to claim their share of this bonus. Policyholder bonus is the share of profits generated by the company's participating funds which are added to customer’s guaranteed maturity benefits.
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"I dont foresee any hurdle and remain hopeful that we will get the regulators approval to come out of PCA," UCO bank managing director and CEO A K Goel told when asked about the issue of the latest capital infusion through zero- coupon bonds.
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Under this arrangement, non-banking finance companies (NBFCs) will originate and process retail home loans while Central Bank of India will take into its book 80 per cent of the housing loan under direct assignment transactions, the lender said in separate regulatory filings.
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The realisation for financial creditors from the resolution of Corporate Insolvency Resolution Process (CIRP) under the IBC declined significantly in FY2021 with a total resolution amount of around Rs 26,000 crore, almost a quarter of the realisations in FY2020, the agency said.
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UCO managing director AK Goel told ET that the lender has approached the regulator after its announcement of the March quarter results in which it reported annual net profit after five consecutive years of losses.
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"Even though the slippage looks elevated across the banking industry in terms of retail and agriculture, I expect retail to settle down in the next two quarters whereas MSME stress will continue for some more time which need to be addressed more effectively," said CH SS Mallikarjuna Rao, MD & CEO, PNB.
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While allowing the petition filed by the RBI-appointed administrator to approve the successful resolution plan, the tribunal also dismissed a plea of Kapil Wadhawan, an ousted promoter, who sought a copy of the successful resolution plan.
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Dave was head of global banking & markets division of HSBC in India, which included investment banking. He joined HSBC in 2001 in the global markets division. Dave's term will be subject to regulatory approval.
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India is the third-largest profit contributor for the HSBC Group after Hong Kong and mainland China and delivered a pre-tax profit of USD 1.024 billion in 2020.
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For banks, however, the resolution is not the end of the road because NCLT orders are still being challenged by other creditors and debtors as the bankruptcy code is put to the test in higher courts.
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NITI Aayog had submitted the names of the two state-run banks and one general insurer to the committee of secretaries on disinvestment.
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The addition in deposits at Rs.13.4 lakh crore over last 12 months ended May 21, 2021, was more than double the Rs. 6.1 lakh crores of credit outstanding during the same period data from the RBI shows. While demand may be muted, banks are also unwilling to cater to the lesser rated credits to avoid future bad loans.
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