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The Pune-headquartered life insurer has been topping industry growth chart for long and has repeated it in the June 2021 quarter logging in 48 per cent growth in premium sales.
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Under the 'Big Freedom Month', ICICI Home Finance aims to assist home loan seekers who do not have income tax returns proof to buy their dream home, it said in a statement.
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While Visa has a 44 per cent market share, MasterCard owns 37 per cent of the market.
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In its annual report 2019-20, Ind Bank Housing said it has put in place an aggressive recovery mechanism for realisation of existing home loans.
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"We are now moving onto the agri related industries like processing. In coastal areas, we have identified around 350 branches where we are bringing only aqua financing from the rural centres," M V Rao, MD & CEO, Central Bank of India, said in earnings call with analysts post June 2021 quarter results of the bank.
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Up until now, this was not allowed; the senior citizen would have to visit the post office branch to make withdrawals/close accounts, make premature withdrawals from post office schemes. Given below is the procedure that needs to be followed by the senior citizen to nominate an authorized person on their behalf.
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The penalty has been imposed for contravention of certain provisions of the Banking Regulation Act, 1949 and directions related to 'transfer to reserve funds'.
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In 2020-21, bank credit increased by 5.56 per cent and deposits by 11.4 per cent.
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Set up in 2015, International Financial Services Centre in GIFT City has attracted international and domestic players across the financial services spectrum, such as banks, asset management companies, alternate investment funds and professional services firms.
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Airtel Payments Bank CEO Anubrata Biswas said the bank has turned profitable for the first time in its history, and termed it a "cherished milestone" in the 55th month of operations.
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“This time, housing, infrastructure like roads, railways could do the heavy lifting for the capex cycle.”
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"It is important to say that the LIC IPO should happen on time. The privatisation of the public sector, couple of the banks, and the insurance companies should happen. This will then create traditional confidence."
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In a circular to banks this week, the RBI said that they should monitor the availability of cash in ATMs and ensure that there are no cash-outs. The circular said that banks would be fined Rs 10,000 if there is a cash-out at any ATM for more than 10 hours in a month.
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Investing is not easy. Much as we try to simplify, speak about it enough to help investors feel confident, it remains tough. The process seems to be filled with too many questions. Let’s consider some steps and some pitfalls to avoid.
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The upper house passed the legislation with a voice vote in the din, in a matter of minutes, with Finance Minister Nirmala Sitharaman not replying to points raised by MPs briefly.
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The lender also believes its recovery, as measured by collection efficiency, will remain upward of 100 per cent in the next few months.
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The resources from the bank would be used to meet the requirements of the para athletes ranging from their training, nutrition and equipment, among others, PCI president Deepa Malik said. Timely financial aid for the sportspersons would encourage them to focus on their efforts to win for the country, Malik said.
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The Mumbai bench of the National Company Law Tribunal (NCLT) has admitted the company under the Corporate Insolvency Resolution Process (CIRP) based on a petition filed by IDBI Trusteeship Services, on behalf of Altico Capital, after the company defaulted on its dues worth Rs 286 crore.
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"The prospective investor would be the lead partner/sponsor of the ARC, with the bank as the other significant partner/sponsor, for conducting the business of asset reconstruction," as per the EOI.
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"In microfinance we have provided adequately and we have been very conservative with the write off after 180 days."
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The state government has appealed to corporate and financial institutions towards contributing under the corporate social responsibility for holding free vaccination drive at private health care facilities.
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The Indian Computer Emergency Response Team or CERT-In is the federal technology arm to combat cyber attacks and guarding the cyber space against phishing and hacking assaults and similar online attacks. Phishing denotes to the fraud when an attacker, masquerading as a trusted entity, tricks a victim into clicking evil links to steal passwords, login credentials and one-time password (OTP).
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The Reserve Bank of India warned the banks of a regulatory breach last week, saying they must limit their holdings of unlisted securities to no more than 10% of investments classified as the non-statutory liquidity ratio portfolio.
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The government has made it mandatory for UAN to be linked with Aadhaar so that employers are able to file Employee Cum Return (ECR) challan and deposit the money into your EPF account.
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The ability to tap mid-caps will give scope to fund managers to generate alpha. At the same time, mid-cap stocks tend to exhibit higher volatility than large-caps. This basket is also prone to higher drawdown during downturns. This will get reflected in NPS equity portfolios.
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“There is (a) massive opportunity that is going to come up in India on the affordable housing side and loans less than Rs 2 crore.” PNB Housing chief executive Hardayal Prasad said.
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"The teller machine was installed on August 7 after a petition was submitted to State Bank of India for setting up an ATM on the premises before the centennial celebrations of our facility next year," Medical Superintendent of the hospital Dr Roken Nongrum told.
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“It has been decided that the banks and White Label ATM Operators (WLAOs) shall strengthen their systems and mechanisms to monitor availability of cash in ATMs and ensure timely replenishment to avoid cash-outs,” the RBI said on Tuesday. “Any non-compliance in this regard shall be viewed seriously and shall attract monetary penalty.”
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The app offers banking services, including account opening, deposits, remittances and cash withdrawals to rural masses in tie-up with local kirana stores, thereby eliminating the need to invest time and money travelling significant distances to the closest bank branch or ATM, it said.
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"The GLP for NBFC-MFIs in FY22, is expected to return to the growth path and register around 10-15 per cent growth due to a pick-up in disbursements owing to the expected recovery in economic activity, kickstarting of expansion plans that were halted due to the pandemic and increased need for credit among low-income segments," the rating agency said.
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A public awareness campaign is being run by the Reserve Bank of India to warn people of digital banking frauds. The RBI has roped in Neeraj Chopra, Olympic gold medalist for this campaign. The RBI tweeted about this campaign, and asked people to be cautious when banking online.
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Days after SBICAP Ventures Ltd, which is managing the government's Rs 25,000-crore special window fund to revive stalled housing projects signed an MoU with Court Receiver for infusing Rs 650 crore in six projects, the monitoring Committee appointed by the Supreme Court held a meeting with nationalised and private banks to discuss the financing for Amrapali Projects on Monday.
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HDFC Bank, India’s most valuable lender, did not reply to ET's queries on the subject. Industry sources didn’t reveal the names of individual corporate borrowers prepaying their loans to HDFC Bank.
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Collection efficiency, a gauge for repayment of loans, was lower at 82 during the quarter under review. Satin's disbursements for the quarter fell to Rs 282 crore as compared with Rs 2,376 crore in the January-March period. The firm's consolidated loan portfolio shrunk to Rs 7464 crore at the end of June against Rs 8100 crore a year back. Its microfinance book stood at Rs 6450 crore as against Rs 7100 crore.
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52 per cent of Aptus Value's loan portfolio comes from Tamil Nadu, and past experiences of Repco and Can Fin Home suggest that slowdown in home states impact growth as well as profitability for regional HFCs.
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The business of the company, promoted by state-owned Punjab National Bank (PNB), has been hit by the second COVID wave. The company has reduced its corporate book by 25 per cent since March 2020. At some stage, the company would like to take a decision on the size of corporate lending, Prasad said, adding that it was essential to have some amount of builder finance.
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The aggregate provision by the public sector (PSU) banks fell by 27% year-on-year due to a sharp double digit drop reported by State Bank of India, Punjab National Bank, Canara Bank, and Bank of Baroda.
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"We have tried to be disciplined, make sure that our deposits grow in line with our loan growth. Because we were choosy there, we have been able to make sure that most of the growth has come from CASA deposits."
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"If you are in the money, why should we trouble a customer. We can definitely hold those loans as stage 3 and still work in the company so that it does not affect our growth."
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"We are confident that things will definitely improve, but at the same time we do want to be careful and conservative and not open up things rather rapidly."
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The merger of Vijaya Bank has given Bank of Baroda a lead in retail lending, particularly loans against jewellery, which rose 35% to be one of the fastest-growing segments last year.
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The government has kick-started the process of sale of its stake in IDBI Bank, where government shareholding is at 45.48%, LIC of India holds 49.24% and non-promoter shareholding is at 5.29%. The Cabinet Committee on Economic Affairs had given an in-principle approval for the strategic divestment of IDBI Bank in May this year, which includes giving up management control.
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Any failure to recoup the money adds to stress in the banking sector, which is already dealing with an increased level of bad loans and reduced profits because of the impact of the pandemic.
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The company's gross non-performing assets (NPAs) jumped to six per cent of the gross advances (or Rs 3,625 crore) in the quarter ended June 30, 2021, from 2.7 per cent by the end of June 2020, mainly on account of the impact of the second wave of the pandemic.
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As an empanelled “agency bank”, Karnataka Bank is now authorised to undertake the government businesses such as revenue receipts and payments on behalf of the central and state governments, pension payments of governments, collection of stamp duty charges and other items of work advised by the RBI, the bank said in a statement.
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The firms that have bid for acting as transaction advisor are Deloitte Touche Tohmatsu India LLP, Ernst and Young LLP, ICICI Securities, JM Financial Ltd, KPMG, RBSA Capital Advisors LLP and SBI Capital Markets.
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