Karnataka Bank reports frauds of ₹160.35 cr in 2 cases

The bank said both these accounts were classified as NPA and have been fully provided for

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Karnataka Bank declares loan over Rs 160 crore to Reliance Home, Reliance Commercial as fraud

The lender said it has been dealing with Reliance Home Finance since 2015 and with Reliance Commercial Finance since 2014.

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Mumbai-based NBFC Authum Investment wins Reliance Home with more than 90% votes

Saturday was the last date for the voting which started on May 31 and creditors which included private and public sector banks and bondholders selected Authum to take over the company.

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HDFC Bank to buy stake worth over Rs 1,906 crore in group's general insurer from parent

The purchase is to happen at a price determined on an independent evaluation report, subject to receipt of necessary approvals including regulatory approvals and approval from shareholders of the bank, a statement said.

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Srei Equipment Finance gets Rs 2,000 cr investment proposal from US-based Arena-led consortium

"The strategic coordination committee, chaired by an independent director, will evaluate the said offer and make recommendation of the board to the company," SEFL said.

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BharatPe CEO assures PMC Bank depositors as Centrum-BharatPe get in-principle approval from RBI

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Inside a ransomware attack: how dark webs of cybercriminals collaborate to pull one off

Since there is no one offender, whom would the countries extradite, and for what. This would hobble law enforcers in the US and Russia

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It’s a bank, PMC will be part of, it’s not takeover, says Centrum's Jaspal Bindra

The RBI has granted Centrum 120 days to convert itself into a bank with fintech player BharatPe as an investor who will merge its payment business with the bank.

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Govt to waive MFI loans for poor women: CM

A committee will be set up to study financial implications of waiving off the loans

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RBI paves way for Punjab & Maharashtra Cooperative Bank’s revival

PMC Bank posted a net loss of Rs 6,835 crore in FY20, reporting a negative net worth of Rs 5,850.61 crore as per the bid document. In September 2019, PMC Bank was put under charge of an RBI-appointed administrator after some financial irregularities were detected.

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Fake Covid tests for Kumbh: Max Corporate moves HC against FIR

In the petition to the court, the company said it was merely a service provider with no actual role in generating fake Covid test reports as it only signed a contract with the ICMR-accredited laboratories.

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Covid-19 treatment: Health insurers wary of covering costs of new therapies

Some of the Covid therapies are expensive costing patients anything between ₹60,000 and ₹5 lakh

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LIC Card Services, IDBI Bank unveils Shagun gift card

For now, the card has been launched for internal use of LIC and its subsidiaries and associates

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S&P revises rating outlook on ICICI Bank to ‘stable’

S&P Global Ratings has revised its rating outlook on ICICI Bank to stable from negative.It has affirmed its ‘BBB-’ long-term and ‘A-3’ short-term

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₹12,000-crore IPO plan: Paytm EGM on July 12

Proposal to declassify CEO will also be taken up at the meeting

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Srei Equipment Finance gets EoI from Makara Cap for ₹2,200-cr investment

The investment will be through subscription to equity shares and other securities of the company

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Maharashtra govt may reject RBI’s plan on merger of DCCBs with State co-operative banks

Political circles fear that ‘voluntary’ amalgamation could become ‘compulsory’ down the line

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RBI allows Centrum to set up small finance bank, paves way for takeover of fraud hit PMC Bank

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PhonePe launches a new wallet auto top-up feature

It allows customers to set up a UPI e-mandate once, after which it’ll automatically top-up the wallet once the balance falls below a minimum level.

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IDBI Bank invites bids to divest stake in Asset Reconstruction Company

"IDBI Bank intends to sell 6,23,23,800 equity shares, constituting approximately 19.18 percent of the total equity share capital of Asset Reconstruction Company (India) Ltd held by IDBI Bank," it said.

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RBI grants ‘in principle’ nod to Centrum Financial for setting up SFB

The move would give PMC Bank depositors a huge relief as Centrum is set to take over the bank.

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RBI grants in-principle approval to Centrum to own PMC Bank via SFB route

“The RBI would consider granting a licence for commencement of banking business on being satisfied that the applicant has complied with the requisite conditions laid down by RBI as part of “inprinciple” approval,” the central bank said in a notification Friday.

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PayPoint India signs pact with banks, NBFCs for lending services

The company to access remote locations and generate leads for housing, personal and business loans

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Edelweiss General Insurance to focus on health and motor segments

Working with start ups and SMEs on group health covers

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Indostar Capital to reduce corporate loan book to less than 10% of AUM

As part of its plan to build a 100 per cent retail company, the NBFC increased the share of retail finance

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YES Bank removes fraud tag on Avantha Holdings after forensic audit

The bank had red-flagged the account to the Reserve Bank of India (RBI) after the Thapar group company defaulted on a loan that it had obtained from the bank when Rana Kapoor was helming its affairs.

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Awaiting RBI directions on lifting curbs: HDFC Bank

The bank continued to face glitches even after RBI was conducting audit of the bank’s IT infrastructure. Earlier this week, the customers of the bank faced issues with mobile banking app on Tuesday. However, the bank was able to restore normalcy within one hour of the reported issue.

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HDFC Bank to refund GPS device commission to auto loan customers

“The notice is hereby given that HDFC Bank Limited (Bank) will be refunding the GPS device commission to auto loan customers who availed of such device as a part of the auto loan funding during the period FY 2013-14 to FY 2019-20,” the lender said in the public notice.

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Bad bank: Govt guarantee seen costing Rs 30,600 crore

Govt won't infuse capital into the proposed entity, banks will; yet, govt expected to give guarantee on the security receipts issued by the body

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Banks’ microfinance gross loan portfolio grows, SFBs see de-growth: Report

During the third quarter of FY21, the market share of banks and SFBs stood at 41.7% and 16.9%, respectively, in the microfinance space. Between Q4FY20 and Q3FY21, NBFC-MFIs' market share stood almost the same at around 30%, while it grew to 30.6% at the end of Q4FY21.

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CCI clears proposed deal to acquire stake in Magma HDI General Insurance by 2 entities

The combination contemplates an acquisition of an effective combined interest of less than 25 per cent, on a fully diluted basis, of the share capital of Magma HDI by IAF S4 I and DIF, acting through SPV-I. Besides, NTH would buy an effective combined interest of less than 10 per cent, on a fully diluted basis, of the company's share capital.

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UK's Apis Partners and others invest $45 million in RenewBuy

This is RenewBuy's third round of equity raising. The company plans to upgrade its technology capabilities to expand its customer base 10 times to around 25 million in the next five years. Policybazaar currently has over 11 million customers.

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MFI portfolio rose 8.4 per cent in FY'21: Report

The sector was hit as borrowers-generally small sized loans from the bottom of the pyramid were adversely impacted in their ability to repay loans. This was due to job and income losses arising out of pandemic induced lockdown throughout the country creating economic disruptions.

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CCI approves combination involving Magma HDI General Insurance

The transactions are collectively referred to as the “proposed combination”.

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RBI pays higher-than-expected price to buy 10-year G-Sec

Bond yield declining about 3 basis points to 6.0192 per cent

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How savings were impacted by Covid second wave

Concerns over decline could hamper recovery

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BharatPe FY21 revenue jumps over six times to Rs 700 crore, targets to double it in FY22

The company gives small-ticket fully unsecured loans averaging at Rs 75,000 to its merchant members. It disbursed Rs 1,600 crore in 2020-21 to 1.8 lakh merchant customers, which was only Rs 150 crore in 2019-20, BharatPe Group President Suhail Sameer told PTI on Thursday.

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Punjab & Sind Bank declares Lanco Infratech as ‘fraud account’

Lanco Infratech had outstanding dues of ₹215 crore

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Covid claims: Kotak Life Insurance expects ₹275-cr loss in June quarter

The second wave has led to an unprecedented increase in fatalities

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Auto loans mis-selling: HDFC Bank to refund GPS device commissions

The city-headquartered lender announced the refund in a public notice published in newspapers. "HDFC Bank will be refunding the GPS device commission to auto loan customers who availed of such device as a part of the auto loan funding during the period FY 2013-14 to FY 2019-20," the notice read.

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HDFC Bank says awaiting clarity from central bank on lifting of RBI embargo

HDFC Bank, which issues nearly 150,000 credit cards a month, was directed by the RBI in December to stop issuing fresh cards until it had sorted out its tech problems.

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ICICI Bank leads in credit card issuances

The bank has added over 8.15 lakh new credit card customers

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HDFC Bank awaiting guidance from RBI on bar on new credit card customers, digital launches

Working on digital and enterprise factories

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HDFC Bank to refund GPS device commission to auto loan customers

RBI had on May 28 imposed ₹10-crore penalty on the bank

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IndusInd Bank launches digital lending platform

To use advanced analytics, machine learning based models

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To power FY22 advances growth, Bank of Maharashtra eyes ₹2,000 cr fund raise

The Pune-headquartered public sector bank expects to tap the QIP route

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Kerala Financial Corp declares moratorium on MSME loans

Loans to be restructured as per RBI guidelines

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Surplus transfer: RBI can be characterised as ‘free-ranging’ goose, says article

Authored by RBI officials, the article refers to the recent ₹99,122-crore transfer to the Centre for the nine months ended March 31, 2021

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Lanco Infratech declared as ‘fraud’ account by Punjab & Sind Bank

“It is informed that an NPA account Lanco Infratech Limited with outstanding dues of Rs 215.17 crore has been declared as fraud and reported to RBI today as per regulatory requirement,” the lender said .

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We’re betting on pick-up in capital expenditure; bullish on SME sector: Rajiv Anand, executive director wholesale banking, Axis Bank

Globally, the stimulus that central banks have pumped in, a part of it will go into consumption and a part of it will go into building infrastructure.

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Small Finance Banks receive fresh credit requests from MFIs after RBI’s PSL classification

After getting the proposals from MFIs, SFBs have started the process of offering fresh credit facilities under priority sector lending (PSL).

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ICICI Bank launches holistic digital offering for corporates

Vishakha Mulye, executive director, said, “With an objective to cater to the ecosystem of every corporate, we have launched a digital ‘ICICI Stack for Corporates’ with many industry-first features. We look forward to partnering with our customers for the banking needs of their entire ecosystem and unlock the full potential.”

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Deutsche Bank appoints Muffazal Arsiwalla as India M&A head

The appointment is coming at a time, when M&A volumes jumped 33 percent in 2020 compared to a slump in deal activity a year ago. Cross border M&A deal value jumped two folds in 2020 to $ 21 billion compared to 2019, according to data compiled by Grant Thornton.

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SBI to consider raising additional tier-1 capital next week

The bank said it plans to raise additional tier-1 (AT-1) capital by way of issuance of Basel III compliant debt instruments in US dollar or Indian rupee through a public offer or private placement to overseas and/or Indian investors during FY22.

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Second COVID wave impacts bank deposits, currency holding with public: RBI article

Bank deposits -- having a share of around 55 per cent in total assets of households -- decelerated by 0.1 per cent at end-April 2021 on a m-o-m (month-on-month) basis as against a growth of 1.1 per cent in April 2020.

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SBI offers revamping of loan for personal segment borrowers

Those who had availed of a loan before April 1, 2021, are eligible.

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India’s consumer credit market to grow at a higher rate than global economies: Report

It highlights a V-shaped recovery with gradual and steady improvement in sourcing trends.

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InsurTech startup Vital raises $3mn in pre-series A round led by BLinC Invest

InsurTech platform Vital has raised $3 million with a pre-series A round led by venture capital company BLinC Invest. “Venture Catalyst, Survam Partn

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PNB Housing Finance says pricing for Rs 4,000 cr-deal in line with mkt practice, applicable law

The company also stressed that the price was arrived at after due consideration and weighing of various relevant factors, and hence the pricing for the said preferential issue has been determined in compliance with the applicable law.

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PNB scam: CBI files supplementary chargesheet against ex-official of Gitanjali Group of Companies

The supplementary chargesheet, filed more than three years after the first chargesheet in the case against Choksi and his companies, coincides with the legal proceedings against the fugitive diamantaire in a court of Dominica, where he was arrested for "illegal entry" on May 24 after his mysterious disappearance from neighbouring Antigua and Barbuda.

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Best performance in past three decades in Q4: Y Viswanatha Gowd, LIC Housing

"If you look at the quarter-wise performance, Q4 of the last financial year was the best in the company in the past three decades."

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NV Capital intends to raise up to ₹500 crore for its maiden fund

The company will invest through a structured debt mechanism in about 10-20 projects annually

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HSBC appoints Raghu Narula as Head, Wealth and Personal Banking, India

Narula will be responsible for driving WPB business

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Godrej Housing Finance launches ‘design your EMI’ home loan product

Firm aims to build a balance-sheet of ₹10,000 crore in three years

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ICICI Bank expects corporate demand to pick up as economy rebounds

Executive director Vishakha Mulye said the bank expects corporate demand also to pick up in the next economic cycle. "For India to grow faster post the pandemic both investment as well as consumption demand will have to fire. We 100% believe that corporate demand will pick up," Mulye said without elaborating how much she expects the growth to pick up.

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Amid stuttering loan demand, ICICI Bank to offer holistic solutions to corporates

The second-largest private sector lender also said that the corporates are slower in adopting digital solutions as compared to the retail segment, and added that the solution focuses on tech-based new age offerings.

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Amid stuttering loan demand, ICICI Bank to offer holistic solutions to corporates

The second-largest private sector lender also said that the corporates are slower in adopting digital solutions as compared to the retail segment, and added that the solution focuses on tech-based new age offerings.

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Shocked by COVID deaths, young Indians rush for life insurance

"I saw people my own age dying, which prompted me to get life insurance immediately," says Coutinho, a 24-year-old senior executive at a public relations agency in Mumbai.

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Google Pay expands cards tokenisation with SBI, IndusInd, HSBC and Federal Bank

The platform had earlier rolled out tokenisation with Kotak Mahindra Bank, SBI Cards and Axis Bank

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ICICI Bank launches digital banking solutions for corporates

ICICI STACK for Corporates provides customised digital banking services to companies in over 15 sectors

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Bay Tree India Holdings sells over 2% stake in Yes Bank

Post the sale, the investor’s stake in Yes Bank stands at 3.32 per cent

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Policybazaar's insurance agents 'win-a-home' during work-from-home

The company introduced the 'Jeeto Apna Ghar' (Win your home) incentive programme in April last year. The top 25% performers of FY2019-20 were eligible for entering the programme and the winners were chosen based on their performance in FY2020-21.

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Uniform rule for MFIs may lead to competitive loan pricing

It would, however, remain to be seen that how would removing the margin cap for NBFC-MFIs lead to a reduction in interest rates for the borrowers, if the suggestions are implemented, according to industry observers. There could be some challenges to actual on-the-ground implementation of some of the recommendations.

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HDFC Bank mobile app down for 1 hour; issues resolved

The bank’s IT infrastructure is under the Reserve Bank of India (RBI) audit for a series of technical problems reported earlier.

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Higher interest rates for risky borrowers, microfinance to see paradigm shift

Differentiated lending rates and new product development is likely to drive India’s microfinance market going forward with the Reserve Bank of India planning to create an open architecture for all lenders and deregulating the loan pricing.

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BBB invites applications for PNB MD & CEO post

Applicants must have a minimum experience of 15 years in mainstream banking

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Canara Bank to be lead sponsor of bad bank, to pick up 12% stake

Stressed consortium loans (₹500 crore and above) will be transferred to NARCL

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Spike in May retail inflation leads to drop in G-Sec prices

Price of the 10-year G-Sec declined by 26 paise to close at ₹98.64

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Bharti AXA General Insurance back in black in FY21; reports ₹120 crore PAT

Reports profit after tax of ₹120 crore

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15 banks to start new trade finance system using blockchain tech

​Bankers said that the new system will verify data using invoices on goods and services tax (GST) and e-way bills which will quicken transactions and also eliminate risk of frauds.

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Authum’s ₹2,887 cr resolution plan for Reliance Home Finance set to be winning bid

The final voting for the successful plan for Reliance Home Finance will continue till June 19

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No Annuity rider for NPS withdrawals upto ₹5 lakh: PFRDA

Pension regulator also revises upwards premature withdrawal limit to ₹2.5 lakhs

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Max Life Insurance's death claim settlement jumps 33% to Rs 885 crore in FY21

The private sector insurer said its claim settlement ratio also touched an all-time high at 99.35 per cent during the year. It represents the ratio of the number of claims paid against the number of claims filed during a particular time frame.

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LIC Housing Finance Q4 profit falls 5% to ₹399 crore

Provision towards impairment on financial instruments rises to ₹977 crore

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Flexmoney raises $4.8 million in Series A funding

Funding led by Pravega Ventures

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ICICI Prudential Life Insurance optimistic about growth opportunities in FY22

Eyes 25-28% growth in VNB for the next two years

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Deutsche Bank to hire over 3,000 techies this year

Increases global tech focus through four geographies, including India

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Navi General Insurance launches health insurance through EMI option

The firm’s health insurance policies can be purchased using EMIs starting as low as ₹240 per month

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HDFC Bank resolves issues after mobile banking app faces glitches

The private sector lender has faced multiple outages over the past couple of years

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Acuité Ratings and CARE Ratings come together to set up Association of Indian Rating Agencies

AIRA, incorporated as a Section 8 (not-for-profit) company, is expected to work closely with the regulator and the government for development of debt market

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Bharti AXA General Insurance reports gross written premium of Rs 3,183 cr in FY21

Bharti AXA General Insurance reported a nominal growth of 0.82 per cent in its gross written premium (GWP) at Rs 3,183 crore in the fiscal 2020-21, as against Rs 3,157 crore in FY20.

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RBI proposes removing cap on interest rates for micro-lenders

The prescribed ceiling on lending rate for NBFC-MFIs has had an unintended consequence of not allowing competition to play out and most lenders have similar levels of pricing.

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IOB net soars 143% to Rs 350 cr in Q4; plans to raise Rs 2,000 cr

Chennai-based public sector lender Indian Overseas Bank (IOB) on Monday a reported a 143% jump in its net profit to Rs 350 crore for the fourth quarter of FY21, compared with Rs 144 crore in the corresponding quarter of the last fiscal year. The bank has reported a total income of Rs 6,074 crore for […]

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IOB makes a strong turnaround with yearly profit of ₹831 crore

Profit for the March quarter more than doubled to ₹350 cr

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RBI’s FAQs addresses some key concerns

Clarifies that “one year look back” stipulation applies only from FY22-23

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New auditors: RBI clarifies on tenure, eligibility norms

The central bank on April 27, 2021, had issued a circular on 'Guidelines for appointment of statutory central auditors (SCAs)/statutory auditors (SAs) of commercial banks (excluding RRBs), UCBs and NBFCs (including HFCs)'.

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Indian Overseas Bank urges RBI to pull the bank out of PCA framework

The bank reported Rs 831 crore of annual profit against Rs 8,527 crore loss in the preceding fiscal. ROA for the full year was 0.31% as against a negative 2.95% a year back.

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Step-up working capital loans to street vendors: RBI nudges PSBs

Loan sanctions only at 58 per cent of total applications

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Regulators to look into PNB Housing Fin's plan to raise Rs 4,000 crore from Carlyle, other entities

concerns of minority shareholders, corporate governance and others regulatory aspects would be looked into by RBI and Sebi.

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Indian Overseas Bank Q4 profit rises over 2-folds to ₹350 crore

Total income rose to ₹6,073.80 crore

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RBI extends timeline for advisory group to submit feedback to GoAs assisting Regulatory Review Authority

Timeline extended keeping in view the Covid-19 related disruptions and based on the requests received from stakeholders, Says RBI

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Black fungus fully covered under health covers: Star Health MD

Insurance has to pay for any infection, bet it viral, bacterial or fungal and such claims have to be fully approved by all insurance companies and all policies, Says S Prakash

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RBI expands scope and coverage of Bharat Bill Payment System

BBPS to include all categories of billers, who raise recurring bills, as eligible participants

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Amid economic uncertainty, many banks eye capital raising plans

Several lenders such Federal Bank, Canara Bank, Bank of Maharashtra, are working on different methods to haul funds

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MUFG India contributes $1 million towards COVID-19 relief in India

The funding will be delivered in a phased manner, covering treatment management at healthcare facilities and support a vaccine deployment program for needy communities that will also raise greater awareness of vaccination and COVID-19 prevention practices.

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Covid may not have serious impact: Rajkiran Rai, Union Bank CEO

This time the disruption is short. We started opening up in June, so April and May should not matter to business, but it depends on how long it takes to come back. If businesses take three months, it will have an impact but if we can get back to normal in June-end or July, things can recover quickly.

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Post SC order, banks move to assess value of promoters’ assets

Many are in the process of appointing advisors to arrive at the ‘fair value’

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Public sector banks support for Covid-19 health infra gathers pace

A few lenders have already extended more than ₹500 crore worth of loans

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DHFL case: CoC decision on shareof FD holders can set a precedent

NCLT says small investors should not face more risk than institutions

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IRDAI looking for agency to manage its grievance redressal centre

Regulator Irdai is looking for an agency to manage its multi-media grievance redressal centre with a view to address complaints of the insured public against insurance companies.

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Axis Bank stake in Max Life likely to rise to 20 per cent in 12-18 months

Max Life Insurance recorded a 22 per cent rise in its total new business premium in FY21

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IDFC FIRST Bank compensates families of employees affected by Covid

Offers 4x annual CTC, salary continuation for two years among other provisions

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IDFC FIRST Bank offers four times annual CTC, salary continuation for two years to corona affected employees' families: MD

"Among others, as part of this scheme we are waiving employee loans as families will have to bear the burden otherwise. If an employee has taken a personal loan, car loan, two-wheeler loan or education loan, etc, that is 100 per cent waived by the bank. Housing loan waiver is up to Rs 25 lakh (before June 30, 2021)," Vaidyanathan said.

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Axis Bank stake in Max Life likely to rise to 20 per cent in 12-18 months

"Axis Bank is to increase to 19.99 per cent in tranches. Thirteen per cent is already done over the next two quarters, we will seek approval for the balance seven per cent. So, it will reach about 20 per cent and that will be the ownership of Axis Bank," Tripathy told.

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Bank of Maharashtra plans to raise up to Rs 2,000 crore through QIP

This fund will be deployed for expansion of the loan book

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EPFO is planning automatic settlement of non-Covid claims

Millions of withdrawal claims — both Covid-related and non-Covid — have been pouring in since the outbreak of the Covid-19 pandemic last year, as EFPO subscribers dug into their retirement savings to meet their financial requirements.

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