EDs in Public Sector Banks: Banks Board Bureau recommends 10 candidates in 2021-22

The names have been shortlisted after the BBB interfaced with 40 candidates on July 2 and 3

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LIC Housing Finance cuts interest rates to 6.66%

Will apply for loans up to ₹50 lakh for salaried individuals

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Directive on unclaimed maturity proceeds of TDs

Will attract the rate of interest as applicable to savings account or the contracted rate of interest on the matured TD, whichever is lower

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At G-Sec auctions, bid at yields closer to the prevailing secondary market level: RBI to PDs

Move comes in the backdrop of some primary dealers bidding at higher yields

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Bank credit grows 5.82%; deposits by 10.32%

Bank advances stood at Rs 102.46 lakh crore and deposits at Rs 138.67 lakh crore in the fortnight ended June 19, 2020, according to RBI's Scheduled Banks' Statement of Position in India as of June 18, 2021, released on Friday.

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RBI imposes Rs 25 lakh on Punjab and Sind Bank

"Examination of the incident reports and the report of the forensic analysis of the said incidents revealed, non-compliance with aforesaid directions," it said.

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ULIPs gain traction as preferred insurance schemes amid pandemic: Survey

The ULIP insurance policies offer wealth creation alongside life cover. Part of the premium goes towards life cover and the rest goes towards a fund that is invested in equity, debt or a combination of both.

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ED attaches assets in Sandesaras case

These attached assets belong to Sanjay Khan ( Rs 3 Crore), Dino Morea ( Rs 1.40 Crore), Aqeel Abdulkhalil Bachooali ( Rs 1.98 Crore) and Irfan Ahmed Siddiqui ( Rs 2.41 Crore). Four separate provisional attachment orders under section 5 of PMLA have been issued in this regard, the agency said in a press statement.

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Govt extends retirement age of LIC chairman to 62 years

The changes made in the rules will be called the Life Insurance Corporation of India (Staff) Amendment Rules, 2021, according to a government notification dated June 30, 2021.

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Mswipe looks to transform into a digital bank for small merchants

Also aims to be an NBFC, hopes to have its own license in the next three to six months

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Share of upgraded listed debt issues at a three-year high for ICRA and Crisil in Q4 FY21: FSR

Upgraded and re-affirmed listed debt issues was 99.8% in the fourth quarter of last fiscal

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Edelweiss Financial Services to sell its 70 pc stake in insurance broking JV for Rs 307.60 cr

The company said, as per the agreement 37,00,000 equity shares of Rs 10 each representing 70 per cent of the paid up share capital of Edelweiss Gallagher Insurance Brokers held by the company to be sold for a consideration of Rs 307.60 crore, in one or more tranches, in the manner as set out in the agreement.

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Digital India: Paytm sets aside ₹50 crore for reward program

To reward top merchants in each district who are promoting cashless payments

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Edelweiss Group divests stake in Edelweiss Gallagher Insurance Brokers

Gallagher to hold 100% stake

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Digit Insurance raising $200 million in funding

Subject to IRDAI approval

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Indian crypto exchanges flounder as banks cut ties after RBI frown

Customer complaints have inundated all India’s key exchanges as major payment gateways pull out

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RBI warns against allowing Big Tech firms into financial services

Entry of Big Tech firms—Apple, Amazon, Google, Facebook and Microsoft—into financial services could present challenges in maintaining adequate stability and governance of the ecosystem, RBI says in its biannual Financial Stability Report.

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Stress report: Loan loss ratios could rise but banks have enough capital, says RBI

With the pandemic having hurt businesses across sectors, the gross non-performing asset (NPA) ratio could rise to 10.36% by March 2022 if the stress is moderate and 11.22% if it is severe, the central bank said on Thursday.

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SBI launches dedicated counters to cater to Current Account customers in 360 branches

It will address critical needs of key Current Account holders and mobilize new customers, according to the Bank

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Success of a bad bank initiative will depend upon design aspects: RBI

The Reserve Bank of India (RBI) said the aggregation of assets by the proposed National Asset Reconstruction Company Limited (NARCL) is expected to as

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Policy support has contained impairment of banks’ balance sheets: RBI

But the central bank cautioned that downside risks still remain

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Karnataka Gramin Bank records ₹14 crore net profit in 2020-21

The bank registered an income of ₹3,478 crore

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Beating pandemic: IIFL to hire 5,000 people, open 700 branches in FY22

​​In the past one year, IIFL Finance has been focussing on retail small-ticket loans delivered digitally. It has also partnered with banks and fin-tech firms for co-lending opportunities. The lender has a loan book of Rs 45,000 crore, of which 91% is retail credit.

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MSME, retail NPAs may rise as relief measures get wound down

Urges banks to use favourable market conditions to shore up capital position

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ULIPs are gaining popularity, says Bajaj Allianz Life study

‘2 out of 3 Indians plan to invest in it in the coming year’

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Parliamentary panel to study bank mergers and recapitalisation schemes

Panel was examining regulations framed by UCO Bank, Indian Overseas Bank, Bank of Maharashtra and Bank of India under Section 19 of the Banking (Acquisition and Transfer of Undertakings) Act 1970

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UPI transactions surge to Rs 5.47 lakh crore in June

In terms of numbers, there were as many as 2.80 billion (280 crore) transactions during the month under review, as against 2.53 billion (253 crore) in May, according to the data.

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Banks better placed to handle shocks than six months ago: RBI

In its bi annual FSR, RBI said banking sector NPAs can increase to a maximum of 11.22% in the worst case down from 14.8% predicted in the worst case scenario in the last report in January. Gross NPAs will also be lower in the baseline scenario at 9.80% versus the 13.5% predicted in January.

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Banks' gross NPAs may rise to 9.8% by March 2022: RBI report

"Macro stress tests indicate that the gross non-performing asset (GNPA) ratio of banks may increase from 7.48 per cent in March 2021 to 9.80 per cent by March 2022 under the baseline scenario," the FSR released on Thursday showed.

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Despite recast, significant stress seen among MSMEs - RBI

“Despite the restructuring, however, stress in the MSME portfolio of PSBs remains high,” the regulator noted. “While PSBs have actively resorted to restructuring under all the schemes, participation by PVBs was significant only in the COVID-19 restructuring scheme offered in August 2020.”

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Indian banks better placed to withstand future shocks: Report

The Financial Stability Report is published bi-annually by the RBI on behalf of the Financial Stability and Development Council, an umbrella group of regulators which gives a detailed overview on the health of the Indian financial system.

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ICICI Bank launches comprehensive banking solutions for medical doctors

HDFC Bank announces #SalaamDilSey initiative to pay tribute to doctors

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GIFT City join hands with BRTSIF to accelerate fintech innovation

As part of the collaboration, Zone Startups India, a part of BRTSIF, will explore avenues to set up and promote a fintech hub in GIFT SEZ, according to a statement by GIFT City. It will further lay down the foundation to promote start-ups and support the Government of India's vision for entrepreneurship development and innovation culture at GIFT-IFSC.

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Standard Life sells 4.99 per cent stake in HDFC Life

Post the transaction, Standard Life holds 3.89 per cent stake in HDFC Life

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SBI employees donate ₹62 crore to PM CARES Fund

About 2.50 lakh staffs fund on the occasion of 66th Foundation Day of their Bank

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The economy is going to come back on track very quickly: Keki Mistry, VC & CEO, HDFC

Gradually the economy is going to come back on track very very quickly. We are already seeing that in June and my sense is that with every passing month that momentum will only keep accelerating. The only risk that I see to the horizon is the third wave and its impact.

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Indian crypto exchanges flounder as banks cut ties after RBI frown

The exchanges are struggling to cope after the central bank, the Reserve Bank of India (RBI), which has said it does not favour digital currencies, out of concern over their impact on financial stability, informally asked banks to steer clear.

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Digital payments recover in June

UPI nears ₹5.5 lakh crore mark

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PhonePe in talks with Indus OS founders and Samsung Ventures for majority stake

Affle Global objects to low valuation being offered by PhonePe

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Bank Holidays July 2021: Banks to remain shut for up to 15 days next month; check full list here

List of Bank Holidays in July 2021, Bank Holidays July 2021 in India: Banks in India will remain closed for up to 15 days in July 2021, including second and fourth Saturdays, and Sundays.

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HDFC Bank hopes to return with a ‘bang’ and regain lost market share

Without sharing details over when he expected the ban to be lifted, Rao said within three-four months of the ban getting lifted, one should expect incremental market share back to the pre-ban levels.

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Non-food credit growth of banks slackens to 5.9% in May

Fallout of deceleration in credit growth to industry and services sector

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Union Bank board gives nod for fund-raising

Plans to raise ₹9,700 crore via equity and bonds

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Govt to borrow 47% less in Q2

The Government will be borrowing about 47 per cent less at ₹2.21 lakh crore in the second quarter of FY22 against ₹4.68 lakh crore in the first quarte

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Indian banks to feel the effect of Covid second wave long after infections fade: S&P Global

The second wave of pandemic is likely to impact the performance of Indian financial institutions during the first half of the current fiscal, S&P

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CAD widens to $8.1 billion in Q4FY21 over higher trade deficit, lower net invisible receipts

As a percentage of GDP, the current account deficit in the fourth quarter stood at 1 per cent

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NBFC-MFIs: Sector sees nearly 25% decline in FY21

Due to Covid-related economic slowdown and increased focus on recovery and collections

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US-based The Capital Group buys 2.08% stake in IIFL Finance; CDC Group exits partially

The transaction was executed in a block deal on Wednesday in which existing investor CDC Group, which has been invested in IIFL Finance since last 6 years sold part of its investments. CDC Group sold 14 million shares which were bought by The Capital Group and Sunil Singhania’s Abakkus Emerging Opportunities Fund, said sources.

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All India Insurance Employees’ Association urges govt to drop United India privatisation plan

Calls for revival of plan to merge three PSU general insurers

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Personal loan offtake rose in FY21, industrial loans contracts

Data released by the Reserve Bank of India (RBI) also showed that credit to the household sector rose by 10.9 per cent on a year-on-year basis (YoY).

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HDFC Bank counts on cross selling to make up for lost market share in credit card business

Latest RBI data shows that HDFC Bank has lost about 160 basis points of market share in the business since end of November 2020 but still corners 24% of the market while ICICI, SBI Cards and Axis have gained 108 basis points, 37 basis points and 11 basis points to 17.2%, 19.2% and 11.6% respectively over the same period in terms of number of cards.

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Indian banks face systemic risk, second COVID wave to impair performance: S&P

Indian banks face systemic risk as the country sorts through the aftermath of the COVID second wave. Lenders struggled with a high level of weak loans well before the pandemic struck and clearly, conditions have deteriorated, S&P said in a statement.

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Repco Home Finance Q4 net up 32%

Total income of the lender dropped to ₹340.34 crore in Q4FY21

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RBI ban on new credit cards sale hit market share; will come back with a bang once embargo lifted: HDFC Bank

The bank's head of consumer finance, digital banking and information technology, Parag Rao, said that it has used the last six months to "introspect, re-engineer and innovate" about the cards business, where it has 15.5 million customers.

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Microfinance loan portfolio grows 11.9% to ₹2,59,377 cr as on March-end: MFIN

Growth driven by 4 lakh borrowers during the pandemic-struck 12 months ending March 2021

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LIC registers improved persistency ratio for individual business in FY21

Indicates quality of sale and future growth

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Microfinance loan portfolio grows 11.9% to Rs 2,59,377 crore as on March-end: MFIN

MFIN is an industry association comprising 58 NBFC-MFIs and 39 associates including banks, small finance banks (SFBs) and NBFCs.

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Amid worries over demand revival, Axis Bank sees 10 times growth in online shopping fest

The bank offers 15 per cent cashback for cardholders as part of 'Grab Deals Fest' till July 4.

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Post lifting of embargo, HDFC Bank ready to return with a bang in cards segment

It continues to have the largest credit card customer base with 1.49 crore outstanding credit cards as on April 30, 2021

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Spocto Solutions plans US foray, eyes buyout in AI space

The company’s analytics platform helps in collections related activities

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Amid worries over demand revival, Axis Bank sees 10 times growth in online shopping fest

A senior official from Axis Bank has said, an online sale fest launched by Axis Bank offering 15 per cent discounts is witnessing a 10-times surge in daily volumes. President and head of digital business and transformation (Axis Bank), Sameer Shetty said that the ordering is across income segments.

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NARCL may prompt existing ARCs to reorient their business: ARCIL Chief

He emphasises there's a huge business opportunity to buy stressed assets.

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RBI sets July 30 deadline for banks to move current accounts

The move, initiated more than a year ago, could trigger a migration of many lucrative current accounts - which lower a bank's fund cost and cash management business - from MNC banks to public sector lenders and some of the large private sector Indian banks.

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HC orders notice to SEBI on plea against DHFL

The matter involves what the petitioner perceives to be the "biggest scam in the capital market in this country," the bench said.

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RBI imposes monetary penalty on 4 co-operative banks

Saraswat Co-operative Bank, SVC Co-operative Bank, Andhra Pradesh Mahesh Co-operative Urban Bank, and Ahmedabad Mercantile Co-operative Bank are the four banks

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No more than 4 free withdrawals a month at SBI

Additional value-added services will be introduced for BSBD account holders with effect from July 1

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RBI imposes penalties on 4 cooperative banks

A penalty of Rs 62.50 lakh has been imposed on The Ahmedabad Mercantile Co-operative Bank, Ahmedabad; Rs 37.50 lakh on SVC Co-operative Bank, Mumbai; and Rs 25 lakh on Saraswat Cooperative Bank, Mumbai.

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Investors’ interest in 2030 G-Sec wanes

Trading volume shrinks drastically

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SBI to issue electoral bonds at 29 branches from July 1-10

The Electoral Bonds would be valid for fifteen calendar days from the date of issue

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Transforming Communication Key For Banks & Insurers

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90% of first ECLGS amount disbursed so far: Report

On Monday, the government expanded the emergency credit line guarantee scheme (ECLGS) by another Rs 1.5 lakh crore, which Crisil feels will help alleviate the potential stress on asset quality of banks arising from the second wave of the pandemic.

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KG Information Systems acquires Malaysian insurtech firm AETINS

Will get access to Aetins’ core insurance products, Takaful offerings and West Asia market

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Ujjivan SFB partners with LoanTap

The aim is to provide personal loans to salaried professionals

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Cabinet may soon clear proposal for govt guarantee to bad bank

The proposed bad bank or NARCL will pay up to 15 per cent of the agreed value for the loans in cash and the remaining 85 per cent would be government-guaranteed security receipts. The government guarantee would be invoked if there is loss against the threshold value.

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Half of India's working population credit active: Report

The retail credit market has 200 million unique individuals who are credit active

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UK’s fintech firm Tide to invest over ₹1,000 crore in India

The SME-focused neobank said that it will create over 1,000 jobs

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SBI to levy charges for cash withdrawal beyond four free transactions per month

As per the revision in service charges for BSBD accounts, State Bank of India (SBI) will levy charges ranging from Rs 15 to Rs 75 for the "additional value added services" with effect from July 1, 2021.

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RBL Bank appoints Chandan Sinha, Manjeev Singh Puri as directors on its Board

The bank’s board now has 11 members, it said in a statement

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Axis Bank selects AWS to accelerate digital transformation

15 per cent of the bank’s applications are already on the cloud

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Half of India's working population credit active: Report

Credit institutions are fast approaching a saturation level in new customers as over half of the borrowers are from the existing customer base of a bank, the report by Transunion CIBIL said.

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Dvara E-Dairy partners with IFFCOTokio to launch digital ID tags for cattle insurance

The company claimed that the conventional methods like polyurethane ear tags (PU ear tags) can be easily tampered with and are prone to duplication and fraud, while the Injectable Radio Frequency Identification (RFID) tags are expensive and require specialized skills.

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"Very welcome step": MFIN chief hails FM's latest sops for small borrowers

"NBFCs and MFIs play a very vital role in pushing inclusion of low-income clients. They need to be supported. Bankers are understandably risk-averse at this point, so we requested the government for some form of support. I am very happy that the government has agreed to it."

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How China humbled Britain’s mighty HSBC Bank

As Beijing grew disenchanted with the bank over sensitive domestic and international legal and political issues, the government sprung into action

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Huge slowdown in credit offtake a cause of concern for banking industry: SBI DMD

VS Radhakrishnan says lower consumption has also been affecting demand

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Interview| Guidance is for 15% growth, will surely achieve it: George Alexander Muthoot

Managing director George Alexander Muthoot talks to FE’s Rajesh Ravi about the gold loan business and other plans. The Kerala-based company reported a 22.49 % year-on-year increase in its Q4 consolidated net profit to Rs 1,023.76 crore. Excerpts:

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MFIs welcome Rs 7,500-crore credit guarantee scheme

Village Financial Services MD & CEO Kuldip Maity said, “We welcome the initiative announced by the finance minister to facilitate loans to bottom of the pyramid borrowers through microfinance institutions.

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Co-operative banks: RBI issues guidelines to manage risk arising from outsourcing

The regulator specified that a bank shall retain ultimate control of outsourced activities. Co-operative banks will now have to conduct a self-assessment of their existing outsourcing arrangements and bring the same in line with the guidelines released on Monday within six months.

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NCLAT declines plea of Prudential International Insurance challenging approval of Piramal's bid for DHFL

NCLAT termed the plea of Prudential International Insurance Holdings Ltd (PIIHL) as "premature" as it has approached the appellate tribunal without getting a decision on its petition filed before the Mumbai-bench of NCLT, which is scheduled to hear the matter on Wednesday (June 30).

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Co-op banks shall not outsource core management functions: RBI

Issuing guidelines for managing risk in outsourcing of financial services by cooperative banks, the central bank said the lenders can hire experts, including former employees, on a contractual basis subject to certain conditions.

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Standard Life to sell 7 crore shares of HDFC Life Insurance via block deals

Price range has been fixed at ₹658-678 a share

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Asset quality concerns remain, bad bank to lessen the burden, says BCG

Asset quality is still a major concern for many Indian banks even as non-performing assets (NPA), on average, could be contained, the global consultancy firm said.

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ClearTax rebrands itself as 'Clear', to hire 100 people to fuel expansion

The company, which offers software to help in tax filing and other services, has also unveiled a new brand identity 'Clear' to represent all of its offerings across taxes, invoices, wealth management, and credit for businesses.

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Co-operative banks must put in place an outsourcing policy: RBI

Says outsourcing arrangements should not diminish their obligations to customers

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AMC space will see innovation and growth: Satish Ramanathan from JM Financial Asset Management

Mutual funds will remain the first port of call for investors for diversifying their portfolios, he says

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‘Urgent need to fast-track insurance penetration’

Only 3% of the population are covered under life insurance

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KVG Bank targets ₹31,000 crore business for 2020-21

Targeting a deposit of ₹17,500 crore and advances of ₹13,500 crore during the year

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NBFC stress to increase after second wave but disbursements will pick up: ICRA

The rise in the NPAs would be double that of the 40 to 50 basis points reported in the fiscal ended March 2021 as loans in risky segments like real estate, personal loans, micro finance, loans to SMEs and vehicle finance which constitute 30% of the loans from NBFCs will be impacted.

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Covid-19: Out-of-pocket expenses down at about 30% of claim amount

Earlier, these expenses were higher to the tune of about 40-45 per cent

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FM Sitharaman announces Credit Guarantee Scheme to facilitate new lending among smallest borrowers

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Bharti AXA Life premium income rises 4.3 pc to Rs 2,281 crore in FY21

Bharti AXA Life Insurance registered a marginal rise of 4.3 per cent in its total premium income to Rs 2,281 crore in FY21. The insurer said it plans to expand its distribution footprint across the country by engaging with different distribution channels.

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Commercial Bank of Kuwait selects TCS BaNCS for transforming treasury operations

The software product will help CBK offer a wider range of cash and derivative treasury products

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WhatsApp appoints Manesh Mahatme to lead India Payments biz

He has about 17 years of experience in digital financial services and payments.

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Gold loan demand is expected to spike after lockdown: Indel Money CEO

Mulling capital injection by group holding company, raising funds through public NCDs, PE/VC placement for expansion

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A ₹2-lakh crore worth of debt looms over new bad bank

The new entity to help speed up decision-making and improve resolving bad loan piles.

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Even gold-obsessed Indians are now pouring billions into crypto

The cryptocurrency aficionados’ mantra that Bitcoin is equivalent to digital gold is winning converts among the world’s biggest holders of the preciou

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Extension of directions, a setback to depositors

The delay in accessing money is causing them a lot of anxiety amid the pandemic

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USD 1-bn corpus: Kotak Special Situations Fund invests USD 502 mn so far

Kotak Investment Advisors, a part of Kotak Mahindra Bank, February 2019 launched KSSF as an AIF special situations fund with a USD 1-billion corpus. It received 50 per cent maiden money from the UAE sovereign wealth fund Abu Dhabi Investment Authority (USD 500 million), 25 per cent (USD 250 million) from the Singaporean sovereign wealth fund GIC, and the rest between Premji Invest and Kotak Group.

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Indian economy poised for recovery in FY22: SBI Chairman Dinesh Kumar Khara

Khara, however, said that policy measures and the coordinated efforts of the Reserve Bank of India (RBI) and the Centre were directed towards enabling growth on a more durable basis during these difficult times.

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Allow life insurers to play bigger role in healthcare ecosystem, HDFC Life chief Parekh urges Irdai

The year started on an uncertain note, the pandemic led to a significant loss of human life and now presents a challenge to public health systems, the way of working and the social norms, Parekh said in his address to shareholders in the company's annual report for 2020-21.

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RBI hunts for entity that can develop multimedia publicity material for awareness campaign

The pan-India campaign to educate the general public about the essential rules and regulations will be launched in Hindi, Assamese, Bangla, Gujarati, Kannada, Malayalam, Marathi, Oriya, Punjabi, Sindhi, Tamil, Telugu and Urdu besides English.

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Cabinet secretary-led panel holds crucial meeting on bank privatisation

The meeting of the high-level panel deliberated on the recommendation of the NITI Aayog on Thursday June 24, sources said, adding the panel would after tying up all loose ends will send the names of the shortlisted PSU banks to AM for consideration.

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