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