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"RBI vide its communication dated July 09, 2021 has permitted the bank to apply to RBI, seeking approval for scheme of amalgamation," Equitas said in a regulatory filing.
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The decision was taken in the 90th Annual General Meeting of shareholders of Federal Bank which was conducted through video conferencing on Friday.
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The department Friday clarified that government and LIC of India intend to sell their full stakes, with an open offer also possible as per Sebi guidelines, but the quantum of stake will be decided before the request for proposal stage. "In the instant transaction there will be divestment of GoI and LIC shareholding in IDBI Bank along with transfer of management control. The open offer can be triggered as per Sebi's regulations in this regard," the department said.
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"We wish to inform you that the approval from Reserve Bank of India has been received on July 9, 2021 for the re-appointment of Shyam Srinivasan as the MD & CEO of the bank for a period of three years with effect from September 23, 2021 till September 22, 2024," Federal Bank said in a regulatory filing.
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The Reserve Bank of India has directed banks to adopt a ‘mandatory leave’ policy for such employees.
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In a communication to lenders, including rural development banks and cooperative banks, the RBI asked them to put in place a 'mandatory leave' policy as part of the prudent risk management measure.
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Of these, the 25 general insurance companies registered 4.9 per cent rise in gross direct premium during the month at Rs 13,041.51 crore as against Rs 12,435.71 crore in the year-ago period.
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There are total 24 life insurance companies in the country. Of these, the country's largest and the only state-owned insurer Life Insurance Corporation of India (LIC) reported 4.14 per cent fall in new premium income in June 2021 at Rs 21,796.28 crore as against Rs 22,736.84 crore in the year-ago month.
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There was gradual ease in lockdowns in June across most geographies and gradual improvement in collection efficiencies of NBFCs. Another factor that supported the volumes was that unlike Q1 FY2021, when the microfinance sector was almost absent from the securitisation market, the segment has been able to restrict the decline in collections.
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Both sides agreed to continue to engage bilaterally on these areas in the coming months, in the run up to the next EFD and the beginning of negotiations for a future India-UK FTA, both expected to take place later this year, the ministry said.
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To deepen bilateral ties in the financial sector, the first meeting of India-UK Financial Markets Dialogue was held on Thursday late evening, a finance ministry statement said,
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Loans to companies and individuals has been growing at a subdued 5.5%-6% in recent months, which is half the pace seen before the pandemic struck, Reserve Bank of India data shows.
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Adequate provisions, capital buffers, diversified assets and low-cost liabilities should cushion large private banks. With exposure to more vulnerable segments, mid-sized banks, small finance banks and NBFC MFI are seen reporting a relatively weaker performance, ICICI Securities said in a note. “However, given muted credit growth, absence of substantial treasury and revival in opex should keep operational performance moderate. Profitability is expected to witness a healthy surge led by lower provisions.”
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Fund inflows jumped over 77 per cent in the second quarter of 2021 to USD 7.55 billion compared to USD 4.26 billion in the first quarter, according to the data collated by Refinitiv, the London Stock Exchange Group's financial markets data and insights arm.
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“Banks and financial institutions are encouraged to cease entering into new financial contracts that reference LIBOR as a benchmark,” RBI said in a release Thursday. …and instead use any widely accepted alternative reference rate (ARR), as soon as practicable and in any case by December 31, 2021.”
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Entities above a certain threshold are mandated to spend at least 2 per cent of the average net profits of the immediately preceding three years on CSR activities.
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As per authorisation by the securities issuance committee of the board of director of STFC, the company cleared the proposal to allot 17,36,100 equity shares at Rs 1,440 per share to Shriram Capital, as well as the same amount of warrants convertible into these many equity shares at Rs 1,440 per warrant.
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Companies that have a market capitalisation of more than Rs 1 lakh crore at the time of listing can now sell just five per cent of their shares, with the latest amendment in rules, a move that will be beneficial for the government during the LIC initial public offer.
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The board of PNB Housing on May 31 approved placement of 82 million preferential equity shares and 20.5 million share warrants with Pluto Investments, a Carlyle Group company, and Salisbury Investments, the family investment vehicle of former HDFC Bank MD Aditya Puri. General Atlantic Singapore Fund FII Pte Ltd and Alpha Investments V Pte Ltd are the other proposed investors.
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While Bank of Baroda was levied a penalty of Rs 2 crore, IndusInd Bank, Bandhan Bank, Credit Suisse AG, Central Bank of India, Bank of Maharashtra, Indian Bank, Utkarsh Small Finance Bank were asked to cough up Rs 1 crore as fine. A penalty of Rs 50 lakh was imposed on State Bank of India.
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“The industry under Payments Council of India is coming together for data sharing and we are creating a negative database for both merchants and customers to tackle errant participants in the segment,” an official in the know said.
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The asset quality of banks surprised positively with decline in reported gross non-performing loan ratio at 7.6% and net NPA ratio at 2.5% at the end of March 2021. This was against 8.60% and 3.0% respectively as on March 31, 2020.
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The asset quality of banks surprised positively with decline in reported gross non-performing loan ratio at 7.6% and net NPA ratio at 2.5% at the end of March 2021. This was against 8.60% and 3.0% respectively as on March 31, 2020.
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The delinquency rates for such loans are going up particularly for private sector banks and NBFCs during the pandemic warned the Reserve Bank of India's latest financial stability report. At the same time the second wave has also affected demand for such loans with a steep fall in demand in April , it said.
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For Bajaj Finance the assets under management grew by over 15% YoY and 4% sequentially despite widespread lockdowns. The AUM stood at Rs 1.59 lakh crore. Disbursements were slow and fell 17% sequentially with new loans disbursed at Rs 46 lakh down from Rs 55 lakh in the March 2021 quarter.
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This directive is applicable to all recurring payments which were earlier debited automatically from customers' cards (credit/debit/prepaid) for mobile, utility, other recurring bills as well as subscription payments like OTT streaming services.
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"This is to inform you that NHB has on July 5, 2021, (Monday) imposed a monetary penalty of Rs 4,75,000 plus GST on the Corporation for technical non-compliance with NHB circulars," HDFC said.
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PNB Housing had filed an appeal before the SAT against the letter issued by the Securities and Exchange Board of India last month, requesting it not to go ahead with the proposal until due diligence was done.
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This investment brings together SMFG’s Asian push towards consumer and MSME lending, with FICC’s expertise in serving mass-market consumers and MSME customers in India.
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The bank slowed its retail disbursements which were down 30% sequentially, reflecting the impact of the second Covid wave. The continued weakness in the retail segment led to retail segment's share in total loans slipping down to 45% from 47% in June quarter last year.
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The loans and advances stood at Rs 1,63,914 crore as of June 30, 2021 as compared with Rs 1,64,510 crore in the year-ago period, registering a marginal decline of 0.4 per cent on a year-on-year basis, Yes Bank said in a regulatory filing.
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The private sector lender said its domestic retail loans by the end of the first quarter of the current fiscal moved up by 10.5 per cent year-on-year, while the domestic wholesale loans grew by around 17 per cent.
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Loans to the private sector declined from 37.6% in 2014 to 27.7% at the end of March 2021. Corporate credit acceleration in govt-owned enterprises was offset by the sharp decline in credit to private sector partly due to de-leveraging. During the same period personal loans grew from 16.2 to 26.3%, in which housing loans grew from 8.5% to 13.8%.
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"We hope to maintain a similar growth rate in the current year also. In the first two months (April to May 2021), we have seen over 60 per cent growth...," Shanai Ghosh, Executive Director and CEO, Edelweiss General Insurance, told.
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Losses for full year FY21 were at about Rs 420 crore, while the fourth quarter losses stood at nearly Rs 70 crore. The company logged over 32 per cent growth in revenue at almost Rs 627 crore for FY21 from Rs 474 crore in previous fiscal.
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