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The banking sector has recorded its highest ever profits of Rs 1,02,252 crore in FY21, a year when the economy was battered by the pandemic. This is a significant turnaround compared to a net loss of nearly Rs 5,000 crore for the industry in FY19.
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Two banks — HDFC Bank and SBI — contributed half of the industry’s profits. Of the total profits, HDFC Bank at Rs 31,116 crore accounted for 30%, an 18% increase over the previous year.
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The voting result on the capital infusion led has been kept in abeyance till July 5 following a Securities Appellate Tribunal (SAT) order, allowing the voting to take place. The mortgage lender had appealed to SAT after market regulator Securities & Exchange Board stopped it from seeking shareholders' nod on the issue before doing an valuation through any independent agency.
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It further said the MD/WTD should be a post graduate or have qualifications in finance discipline. He or she could be either chartered/cost accountant, MBA (finance) or have a diploma in banking or cooperative business management.
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The disputes resolution tribunal (DRT) had sold these shares on June 23 after the Enforcement Directorate had transferred shares worth about Rs 6,624 crore of UBL to the SBI-led consortium on the directions of a special PMLA court that is hearing the case involving Mallya in Mumbai.
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“It is hereby notified for the information of the public that the validity of the aforesaid directive… has been extended for a further period from July 1 to December 31,” the central bank said.
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The bank will accelerate its digital offerings and shift more and more transactions online especially through its YONO application, Khara said in his first annual general meeting (AGM) since taking over as chairman of the country's largest bank in October 2020 for a three year term.
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"Taking into account the time required for completion of various activities involved in the process, it is considered necessary to extend the aforesaid Directions," said the Cenntral Bank in a release.
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India is strategically located on the world’s shipping routes and has a large coastline of approximately 7500 kms. India also has a dozen major and over 200 minor ports.
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BharatPe has said that partnering Centrum Finance in a new bank, as part of the PMC Bank rescue, will enable it to provide a tech platform for all fintechs.
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The Aarogyam loan can be availed either as term loan to support expansion/modernisation or as working capital facilities such as cash credit, bank guarantee/letter of credit, SBI said.
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“Over 19.11 lakh Covid health claims have been reported as on 22nd June as far as medical insurance or hospitalisation is concerned. While in terms of death claims, which is handled by the life insurers, about 55,276 claims have been intimated and nearly 88 per cent i.e., 48,484 claims amounting to Rs 3,593 crore have already been settled,” said T.L. Alamelu, Member (Non-Life), IRDA while inaugurating 13th Global Insurance E-Summit & Awards organised by ASSOCHAM.
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At 56.075 per cent credit-to-GDP ratio, total outstanding bank credit stood at USD 1.52 trillion in the country in 2020, according to the BIS data for the year, but this is still the second lowest among all its Asian peers. And when it comes to the emerging market peers, it is 135.5 per cent and at 88.7 per cent in advanced economies.
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At the same time there is optimism that with a higher proportion of the population getting vaccinated, there will be a turnaround in the economic activity as has been witnessed in other countries.
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Sahni will be taking over from Porush Singh, who is relocating to Singapore and assuming a new role within the company.
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Earlier this month, the federal agency had booked Thapar, two private companies based at Delhi and Gurugram and their promoters and directors for causing an alleged loss of Rs. 466.51 crore (approx) to Yes Bank.
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While large banks like State Bank of India, HDFC Bank, Axis Bank and ICICI Bank continue to be reluctant, some smaller banks such as IDFC Bank had started offering their services to some exchanges, several people in the know said. Now, more smaller players seem to be pulling back.
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The penalty on Excellent Co-operative Bank was imposed for contravention of the directions issued by RBI on 'Maintenance of Deposit Accounts' and 'Know Your Customer (KYC)'. Janseva Sahakari Bank was fined for contravention of the direction issued by on KYC.
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According to sources, although it is not part of the agenda, the board may discuss the PNB Housing Finance and Carlyle deal amid regulatory concerns.
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The credit demand is primarily expected from the retail segment as seen in earlier months while corporate demand is likely to be muted.
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Noting that central banks stand at the centre of a rapid transformation of the financial sector and the payment system, BIS said Central Bank Digital Currencies (CBDCs) represent a unique opportunity to design a technologically advanced representation of central bank money, one that offers the unique features of finality, liquidity and integrity.
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The SAT in an order dated June 21 allowed the company to go ahead with the EGM, but restricted it not to announce the voting results by the shareholders, as the matter is pending before the court.
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Anil Kumar SG, Founder and CEO, Samunnati said, “With the launch of FPOnEXT, we seek to deliver a bouquet of products to FPOs in a more structured manner, aligning to the goals and mission of growth of the agricultural ecosystem.”
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"Capacity utilisation has dropped significantly to 40%-60% which makes debt servicing a challenge. A similar impact has been seen by vehicles that are involved in tourist services, school bus operations, and local conveyance where a large portion of this book may already be restructured or may have slipped into NPAs," Ind-Ra said.
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The bank said on Wednesday that it has entered into an arrangement with Kolkata Metro for the branding rights of the entire station of Salt Lake Sector V. This is the first of its kind arrangement for the Indian Railways where a private entity has been given the branding rights to an entire station, the bank said in a statement.
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“As a Bank we are certainly sorry for what has happened and have taken this as an opportunity to improve and redouble our efforts to fix this problem for good,” HDFC Bank's managing director and CEO, Shashidhar Jagdishan said.
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Under a participating plan, a policyholder is eligible to get a share in the profits of company in the form of bonus.
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The Federal Bank has donated 10,000 vaccine carriers to the Kerala government. This was part of various infrastructure, logistical and awareness programmes that the Federal Bank Hormis Memorial Foundation, the CSR arm of the bank major, recently undertook to help combat the second wave of the pandemic in the country.
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A day earlier, the SAT set aside a Sebi order, allowing PNB Housing to go ahead with the shareholders' meeting to consider the proposed Rs 4,000 crore investment by private equity firm Carlyle and others in the mortgage firm.
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According to police, totally Rs 48 lakh has been stolen from Automated Cash Withdrawal and Deposit Machines also known as Cash Deposit Machines (CDM) located in various places including Velachery here.
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With regard to InvITs, Managing Director P R Jaishankar said that IIFCL would be more like a financier and it makes more sense to invest at the special purpose vehicle level.
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In a circular to all non-life insurers including standalone health insurers, the Insurance Regulatory and Development Authority of India (IRDAI) has said companies have to file their products with it, if home treatment is offered as an add-on cover.
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The NBFC feels that the demand for gold loan in FY22 will be fuelled by healthcare requirements, pandemic-driven uncertainty, the limitations of the banking sector to serve gold loan demand at the earlier pace due to decreased gold prices and the end of 90% LTV (loan-to- value) lending on March 2021, apart from increased credit crunch due to prevailing policies.
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"The liquidity is there, demand is there. Once the economy opens up, it will all come back into one month in one quarter. There is going to be revenge travelling, revenge holidaying, revenge journeys, revenge eating-out. So things look quite okay on the macro side."
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“The recast levels in the second wave will be at least 2-3 times of what we had seen last year because there is no benefit of a blanket moratorium this time; so we need to salvage whatever we can,” said the CEO of a large non-bank lender. “We expect a significant drop in profits for this (June) quarter.”
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Economic models suggest that loss of interest income is made up by a rise in demand and wages, as per views put forth at MPC meeting.
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Economists are embracing models that suggest that only some savers lose out but a chunk of them gain through higher economic activity. RBI Executive Director Mridul Saggar says that the argument lower rates hurt savers across the board doesn't hold water.
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The shareholders' meet is scheduled on June 22. Market regulator Securities & Exchange Board of India had last week told PNB Housing not to seek shareholders approval on the deal before carrying out a valuation on its business by an independent agency.
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A group of lenders led by Bank of Baroda has under the Inter-Creditor Agreement (ICA) issued a letter of intent dated June 19, 2021 in favour of the Authum Investment and Infrastructure Ltd as it has submitted the highest bid for taking over RHF.
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Vijay Deshwal, a post-graduate from Indian Institute of Management Ahmedabad (IIMA) is a seasoned banker with a track record of two decades. His experience spans across segments of banking, corporate finance, international business, and operations. He has an enviable track record of growing businesses with an overall approach of customer centricity and profitability.
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"The company has filed an appeal before the Securities Appellate Tribunal against the letter issued by Sebi on June 18," it said in a regulatory filing.
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Between what was approved by the committee of creditors earlier and the proposed distribution mechanism, lenders will have to shell out Rs 1,853 crore, which is around 5.4% of the resolution plan value.
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Carlyle and Salisbury Investments, which are set to be the new promoters of the company, are also expected to support the PNB Housing plans to challenge the regulatory order.
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Reacting to RBI's in principle approval to Centrum Financial Services, NCUI President Dileep Sanghani in a statement said, "This is indeed welcome. However, it should be ensured that all the depositors should get back their deposits without any conditionality."
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In FY21, the life insurance industry reported a modest 3 per cent growth in new business premium, said the report, adding the industry continues to get a higher share of household savings because of the increased attractiveness of life insurance savings products, the unique proposition of protection and annuity products among others.
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PMC Bank’s depositors include individuals, religious trusts and institutions. It is not yet clear how all depositors will get back their money as the final revival plan is not yet ratified.
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This paves the way for ending nearly two anxious years for the PMC depositors whose over Rs 10,723 crore are still stuck in the crippled cooperative bank that has been under RBI administrator since September 2019.
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In absolute terms, gross bad loans stood at Rs 7,779.68 crore at the end of March 2021, lower than Rs 12,152.15 crore recorded in the year-ago period. Net NPAs came down to 2.48 per cent (Rs 2,544.32 crore) from 4.77 per cent (Rs 4,145.38 crore)
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