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The government has also extended the terms of two executive directors each in Punjab National Bank and Union Bank of India, and one executive director of Central Bank of India.
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Current reports suggest that the San Francisco based company will partner up with Equitas Small Finance Bank for the deposits. Other banks are expected to join too, with Ujjivan Small Finance Bank and AU Small Finance Bank rumoured to be next in line.
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Every business should have working capital to sustain the functions of the company, pay its employees and grow in the market. Insurance helps in case of unprecedented financial risks and are usually mitigated with insurance coverage.
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Designed as a digital pre-paid voucher that targets purpose and person(s) for a given transaction, the e-RUPI promises to plug pilferage in welfare schemes, minimise delays and provide ease of access to beneficiaries. Apart from working through QR codes, it also offers transactions through SMS-based strings, eliminating the need for a smartphone or for beneficiaries to have a bank account. Apparently, all that a person would need is a mobile number.
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The discussion, according to an RBI release, focused on a range of issues including evolution of the business models of SFBs; enhancing board oversight and professionalism; further improvements in assurance functions, compliance; internal control and risk management; and need to build up their IT infrastructure both for enhanced customer experience and for cyber security resilience.
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Nirav Modi, who was declared a 'fugitive economic offender' in December, 2019, and his uncle Mehul Choksi are accused of committing a Rs 14,000 crore scam by obtaining credit facilities fraudulently from the PNB, and several of the former's properties as well as that of his kin were attached by the Enforcement Directorate.
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In a release, it also said a penalty of Rs 3 crore has been imposed on Transaction Analysts (India) Pvt Ltd for contravention of certain provisions of directions related to issuance and operation of prepaid payment instruments (PPIs), and Know Your Customer.
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In the year-ago fortnight ended at August 14, 2020, bank advances had stood at Rs 102.19 lakh crore and deposits at Rs 140.80 lakh crore, according to RBI's Scheduled Banks' Statement of Position in India as of July 30, 2021, released on Friday.
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The board has approved the proposal for sale of IDBI Bank's entire holding of 6,23,23,800 fully paid-up equity shares constituting 19.18 per cent of the total equity share capital of Asset Reconstruction Company (India) Ltd (ARCIL), IDBI Bank said in a regulatory filing.
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This has been done keeping in view the overall objectives of clean note policy and to ensure that all bank branches provide better customer service to people with regard to exchange of notes and distribution of coins, the central bank added.
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"We expect to double our headcount to 700 by the end of FY22, from 350 now. It was 250 last year. Of the total staff, as much as 450 will be in the technology vertical and we have already hired 100," Gaurav Kumar, founder and chief executive of CredAvenue, told PTI on Friday.
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The order was passed after the markets regulator noticed the investors of certain FMPs launched by Kotak Mahindra Mutual Fund were not paid their full proceeds based on the declared Net Asset Value (NV) as on their respective maturity dates. The order will come into force with immediate effect, as per Sebi.
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Under this program, MSME borrowers, across 200 cities, will now be able to apply for unsecured credit of up to Rs 50 lakh at extremely attractive rates, with no processing charges.
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The list includes Goldman Sachs, Citigroup, Kotak Mahindra and SBI Caps, Reuters quoted a government source as saying.
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As you rightly pointed out, it is because the extraordinary stimulus has led to system liquidity surplus, resulting in lower market borrowing rates, larger and higher rated corporates are sitting on huge piles of cash. They have repaid their borrowings in the market. So the credit growth of the industrial sector has been driven by mid corporates and some refinancing.
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The terms of UBI's executive directors -- Manas Ranjan Biswal and Gopal Singh Gusain -- have been extended vide a notification dated August 26, the lender said in a regulatory filing.
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"It is patently untenable order and would not stand legal scrutiny if the vehicle makers or any other aggrieved party goes on appeal," D. Varadarajan, a Supreme Court advocate specialising in company/competition/insurance laws, had told IANS.
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"The primary listing of HDFC AT 1 bond demonstrates the competitiveness of both the IFSC exchanges --India INX and NSE IFSC internationally," Manoj Kumar, Executive Director, IFSCA said.
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The central government notified GICs as a financial service relating to financial products and financial services under the IFSCA Act on October 16 last year.
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Under the bank sponsorship programme, the RBI has permitted Core Banking Solution (CBS) enabled co-operative banks to issue ATM cards or ATM-cum debit cards to its customers in association with the sponsor bank.
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India’s second coronavirus wave is increasing asset risks for banks, but the country’s economic recovery, a tightening of loan underwriting criteria and continued government support will prevent a sharp spike in problem loans, it observed.
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The country's economic recovery, a tightening of loan underwriting criteria and continued government support will prevent a sharp spike in problem loans, it said. "A severe deterioration of banks' asset quality is unlikely, despite an expected rise in new loan impairments particularly among individuals and small businesses that were hit hardest by the virus outbreak."
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Venkatesan has more than 24 years of experience in ad-tech, big data, e-commerce, and database technology in US and Indian markets. His most recent role was as CTO and VP of engineering at Jivox, where he led the growth of the engineering team and the acquisition of new customers through product innovation.
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With this infusion, the bank’s total invested capital in the country will increase to over Rs. 8,300 crore. It had last invested Rs 540 crore in 2009-10.
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"As economic activity gathers momentum, there is increased demand for capital from clients," said Jaideep Khanna, head of Barclays, Asia Pacific and Country CEO, India.
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Under the new norms, every online merchant processing transactions for customers will only have access to a 'tokenised' key linked with the consumer's cards instead of the entire card file.
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Bank’s MD & CEO Mahabaleshwara MS said customers could buy the FASTag through online from the bank’s website or by visiting its branch.
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Under EASE 4.0, PSBs would offer new age 24x7 banking with resilient technology has been introduced to ensure uninterrupted availability of banking services, improving the reliability of technology platforms, and aligning internal processes in the state-run banks to deliver such services.
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Mahabaleshwara MS, Managing Director and CEO of the Bank said: "The FASTag facilitates the users with the ease and convenience during transit through the toll plaza by saving time, fuel and money".
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“This year too sometime in October, there will be a credit outreach in every district of the country,” the finance minister said. “In order to keep up the momentum of stimulus that we are periodically giving we have also asked banks to go out and give credit.”
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Sitharaman met heads of PSBs to review financial performance of the lenders and progress made by them to support the economy battered by COVID-19 pandemic.
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According to a statement shared by the company, Singh has been a corporate banker for 13 years with Rabobank and Standard Chartered Bank.
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Askrindo has implemented FSS' Smart Recon solution to modernize and maximize the efficiency of its reconciliation operations. Askrindo needed to automate time-consuming, manual spreadsheet-based reconciliation processes, which created challenges around efficiency, accuracy, and control.
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Funds raised by KSBL by pledging shares of its six bankers were transferred to the firm's own bank accounts, and not into ‘Stock Broker Client Account', which is in contravention with the SEBI guidelines, the police said.
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Kapoor is currently in judicial custody after being arrested in March 2020 in the alleged Yes Bank fraud case. The ED is probing an alleged transaction between the Avantha Group of Companies' promoter Gautam Thapar and Rana Kapoor and his wife.
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The bank sold 20,36,000 shares (1.95 per cent) of CDSL at an average price of Rs 937.46 per piece on June 22. On August 23, it sold 2,13,481 shares at Rs 1,168.94 apiece and on August 24, it sold 61,519 shares for Rs 1,119.31 apiece.
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AMFIRS is aimed at providing financial relief from the Government to the microfinance borrowers in Assam to help them continue maintaining good credit discipline in COVID times. The scheme will provide incentive to clients who are regular in repayments and help overdue clients become regular – it is expected to benefit more than 20 lakh women borrowers in the State.
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This is the second time in six months that the corporate affairs ministry has come out with an advisory as there are a large number of companies, which, though functioning as Nidhi companies, have not applied for such a status under the relevant rules. Nidhi companies are non-banking finance entities that are into lending and borrowing with their members.
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Commenting on the premium price reduction of ABSLI DigiShield Plan, Kamlesh Rao, MD & CEO, Aditya Birla Sun Life Insurance, said, "The pandemic lasted longer than expected with people experiencing strains on their personal finances. We have been meticulously observing the pandemic experience before making any price revisions in our products."
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The ED had registered a money laundering case based on the predicate offence registered by the Central Bureau of Investigation (CBI) against Kapoor, his wife Bindu Kapoor and promoter of Avantha group, Gautam Thapar for “illegal gratification in lieu of favours extended in connection with official work".
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Goenka has earlier worked with Investcorp, where he led investments in healthcare and financial services. He has also worked at Standard Chartered PE and Baer Capital Partners.
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The committee headed by former deputy governor N S Vishwanathan, suggesting a four tiered structure based on the size of deposits recommends setting up of an Umbrella Organisation with a minimum capital of Rs 300 crore to help smaller co-operative to acquire scale and help with capital and liquidity support whenever needed.
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Under the 'Special Revival Campaign', policies of specific eligible plans can be revived within five years from the date of the first unpaid premium, subject to certain terms and conditions, the insurer said in a release.
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In a statement, the RBI said the inspection report of the bank based on its financial position as on March 31, 2019 revealed non-adherence/violation of specific directions issued to it under the Supervisory Action Framework (SAF).
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On December 3 last year, RBI barred HDFC Bank from issuing new credit cards and introducing new digital products after multiple glitches linked to digital banking, cards and payments on the bank's platform were reported in the past two years.
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Launched in January 2018, Enhanced Access and Service Excellence (Ease) is the common reform agenda for all public sector banks (PSBs) aimed at institutionalising clean and smart banking. Ease 4.0 reforms agenda for financial year 2021-22 is likely to be unveiled by Finance Minister Nirmala Sitharaman later this week, sources said.
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