Yes Bank scam: CBI court sends Rana Kapoor's wife, daughters to judicial custody

Observing that the trio are involved in the wrongful loss of public money to the tune of Rs 4,000 crores which belongs to public at large including poor bank depositors and shareholders, judge SU Wadgaonkar opined, “...considering the gravity and nature of offence and in the larger interest of society, as accused/applicants involved in causing wrongful loss to the huge public money of Rs.4,000 crores. Accordingly, applicants (bail plea) deserve to be rejected”.

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BCs emerging as predominant delivery channels for banks to expand last mile outreach: RBI study

The number of BCs have grown at a CAGR of 13.05%

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LIC launches mobile app for its Development Officers

Gives near real-time information on performance of their agency force in critical areas of business

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Intellect Design Arena, Resurs Bank ink pact for digital banking solution

Intellect will be implementing its microservices-based, API-first and cloud-ready digital banking solution

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Fintech start-up Ezeepay plans to expand in Southern markets

To hire 200 people in five southern States

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NARCL will have negligible short-term impact for banks: Kotak Securities report

Govt guarantee, aggregating ₹30,600 cr, to the security receipts to be issued by NARCL puts a 18% floor on recovery rate

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Fintech start-up IppoPay raises $250,000 in pre-seed funding

IppoPay to use the proceeds to reach 100,000 merchants and expand its suite of offerings

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Bad Bank to solve Rs 2 lakh crore bad loans, take NPAs off banks’ books; here’s how it will work

If it works as intended, Bad Bank may help cut system-wide bank NPAs (non-performing assets) by over 1%, and help recover some of bad debts too.

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Pension subscriber base rises to 4.53 crore till August, says PFRDA

The regulatory authority administers two pension schemes — National Pension System and Atal Pension Yojana.

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PNB cuts repo-based lending rate by 25 bps to 6.55 per cent

The RLLR was introduced in October 2019

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IIFL Home Finance signs pact with PNB for co-lending

This is the fourth agreement signed by IIFL Home Finance with banks. Earlier this year, it signed agreements with ICICI Bank, Central Bank of India and Standard Chartered Bank.

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JM Financial Products to raise upto ₹500 crore via public issue of secured NCDs

The issue offers four Series, of which Series I comes with floating interest rate option and Series II, III and IV comes with fixed interest rate option

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IDFC board approves divestment of mutual fund business

IDFC AMC’s average assets under management (AAUM) for the June quarter was at ₹1,26,070 crore

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Explained: How Bad Bank plans to tackle the NPA mess

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Buy Now, Pay Later or credit card: Which is better for you?

While credit cards typically come with an interest-free credit period of up to 45 days, under BNPL the interest-free credit period is for mostly up to 15 days. However, certain BNPL lenders now offer up to 45 days of interest-free period.

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Seen complete pass-through of rate cuts to fresh rupee loans of banks: RBI bulletin

The central bank took note of the sluggish credit growth to the industrial sector since 2014-15, which has also led to a moderation in the overall credit growth.

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SBI cuts home loan interest rate to 6.7%, waives processing fees

SBI has said that it has removed this distinction between a salaried and a non-salaried borrower.

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SBI cuts home loan interest rate to 6.7%, waives processing fees

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Bank of Baroda announces festive offers on retail loans

Earlier, State Bank of India announced various festive offers for prospective home loan customers, including a credit score-linked home loans starting at 6.70 per cent.

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Abhay Bhutada resigns from Poonawalla Fincorp

Vijay Deshwal, Group CEO, will continue to run the operations

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Banks geared for card tokenisation

They expect the transition to be smooth, without impacting customers

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Kotak Mahindra acquires vehicle financing portfolio of Volkswagen Finance

Kotak Mahindra Group has acquired the vehicle financing loan portfolio of Volkswagen Finance, the two said in a statement on Thursday.Volkswagen Finan

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RBI approves Ujjivan's committee of directors for smooth functioning of the bank

Chairman of the bank's board BA Prabhakar, Ravichandran Venkataraman and Rajni Mishra are members of the committee, a person familiar with the matter said.

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RBI nod to special committee to oversee operations at Ujjivan SFB

The Reserve Bank of India (RBI) in a letter dated September 15, 2021, has approved the constitution of 'Special Committee of Directors' with three independent directors as its members, Ujjivan SFB said in a regulatory filing on Thursday.

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Large corporates relying lesser on bank funds, shows RBI study

The credit flow from the banking sector was absorbed mostly by the industrial segment in the period up to 2014, but subsequently all the banking segments turned their attention to individuals raising the proportion of loans flow to retail high.

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Kotak Mahindra Group acquires Volkswagen’s vehicle finance business

The deal also involves the acquisition of Volkswagen Finance’s non-performing assets

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Poonawalla Fincorp's Managing Director, Abhay Bhutada, resigns after SEBI action

Bhutada will step down with immediate effect after the company's board accepted his Bhutada’s resignation, the company said in a statement to the exchanges. Group CEO Vijay Deshwal is likely to continue to run the operations of the company. In its order on Wednesday, SEBI said

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Kotak Mahindra Group acquires vehicle finance portfolio of Volkswagen Finance

Kotak will gain access to over 30,000 high-quality customers with a total loan outstanding with VWFPL of around Rs 1,340 crore, the company said.

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Govt guarantee up to Rs 30,600 cr of security receipt issued by NARCL: Nirmal Sitaraman

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IPO-bound Pine Labs raises $100 million from US investment fund

The new funding comes just months after it raised $600 million in two tranches from a host of global and domestic investors, which valued the firm at $3.5 billion.

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Over Rs 30,000 crore guarantee approved for bad bank, says FM Sitharaman

In an address on Thursday, Finance Minister Nirmala Sitharaman announced that the Cabinet had yesterday approved govt guarantee of up to Rs 30,600 crore to back security receipts to be issued by National Asset Reconstruction Company. The NARCL will pay up to 15% of the agreed value for the cash loans and remaining 85% would be govt-guaranteed security receipts.

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SBI cuts home loan interest rates for festival season

Also waived processing fees and offers interest concession based on credit score

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PFC issues India’s first ever Euro-denominated green bonds

The issue got oversubscribed 2.65 times by institutional investors across Asia and Europe

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My long-term goal is to make GOQii India’s biggest insurance company: Vishal Gondal

GOQii integrated its wearable devices with insurance packages in 2017 followed by the launch of its remote exercising platform GOQii Play

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Mahindra Finance forays into vehicle leasing, subscription business

The new vertical would operate under the brand name ‘Quiklyz’, which is aimed at building a nimble model with very high asset quality, the company says

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Indian Banks' Association to push for more reforms, take over EASE agenda

Indian Banks' Association or IBA has started its operational office in New Delhi. "IBA in times to come has a very important role to play and must work towards increasing it visibility as a central nodal agency taking up large number of issues," said financial services secretary Debasish Panda urging them to scout for good competent resources and tech adoption for capitalisation.

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Banks look to resolve large assets even as NARCL gets set up

Some cases understood to be under consideration for transfer to the NARCL list are already undergoing insolvency proceedings such as Amtek Auto, Castex Technologies, JP Infra, Videocon Oil Ventures and Lavasa Corporation.

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Akram, Laxman, Klusener join world's first crypto cricket platform

Cricket Token (CRIC) was successfully listed on Indian and international crypto exchanges in the last week, with a market cap of over $200 million.

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Bad bank’s Security Receipts to get Govt backing

The SRs will account for 85% of the bad loans bought by NARCL from banks

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Sundaram Finance eyes ‘decent’ growth in FY22 amid limited stress

Commercial vehicles and construction equipment segments show promise

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Home loans fintech platform Easiloan raises Rs 8 crore from Tomorrow Capital

The start-up aims to utilize these funds for building further on their digital-only product, customer acquisition channels and activating new markets.

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Regulatory forebearance may ease Indian banks' capital requirements, says Fitch Ratings

The rating agency also clarified that there is no case for upgrades in this sector in the near term as asset-quality stress will remain unresolved and capital buffers remain thin, particularly for state-run banks . It also warned that the banks would require $ 27 billion under a stress case scenario.

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Regulatory forbearance has reduced immediate capital requirements for Banks: Fitch

The agency expects banks’ operating profitability to improve until FY23 in light of the deferred credit costs

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HSBC simplifies cross-border transactions

Launches a digital proposition HSBC UniTransact

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Household debt may have declined to 34% in Q1 FY22: SBI report

“We estimate that household debt as a percentage of GDP has declined to 34 per cent in Q1 FY22 with the commensurate rise in GDP in the first quarter, though it has increased in absolute terms,” the research report released on Wednesday showed.

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Indian law firms reluctant to advise on IPO of insurance giant LIC: Sources

The government is scrambling to list LIC by March, in an exercise set to be India's biggest IPO, at a probable $12 billion. As many as 16 global and domestic investment banks recently bid to handle it. "Most big law firms in India are overburdened with IPO work," said Nitin Potdar, an M&A partner at top Indian law firm

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Auto debit transactions: Bounce rates in August near pre-second wave levels

In all, a total of 8.76 crore auto-debit transactions were reported on the NACH platform in August

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Mastercard ban: RBL Bank restarts credit card issuances with rival Visa

RBI had banned Mastercard from issuing any new cards on July 14 this year for not complying with data localisation requirements. The move had hit a slew of lenders, including RBL Bank, which was fully dependent on the American payment company for its credit card business.

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Deadline for paperless health insurance policy processing and issuance extended by IRDAI

Many people were finding it difficult to buy new health insurance policy during the pandemic due to lockdown restrictions. The insurance regulator had allowed health and general insurance companies to get the policyholders’ consent through electronic or digital mode on September 10, 2020.

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AIBEA wants director posts filled in all public sector banks

Tells finance ministry that the vacancies defeat the purpose of safekeeping banking operations

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RBL Bank credit cards go live on Visa

Its card issuance was affected after the RBI imposed a bar on Mastercard from on-boarding new customers

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UPI to be linked to Singapore’s PayNow by July 2022

The linkage will enable users of each payment system to make instant, low-cost fund transfers on a reciprocal basis without getting on board the other system, the Indian central bank said.

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Union Bank of India inks first $1.50b sustainability-linked overseas loan

The syndicated loan is of three years tenor and the coupon rate is LIBOR (London Inter-Bank Offered Rate) plus 155 basis points

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IDFC losing investor confidence over delay in value unlocking

Non-Executive Chairman Vinod Rai blames the complex structure of IDFC

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RBI, Singapore Monetary Authority link payment systems for fast funds transfer

UPI-PayNow tie-up to aid trade, travel, remittances

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Weathering challenges of 2nd Covid wave, microfinance industry grows in Q1FY22

Loan disbursements rose to ₹25,503 crore against ₹6,186 crore in the same period last year, loan portfolio up 4 per cent

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Credit demand back to normal for NBFCs

The demand for retail credit too is back on track, shrugging off the economic cost of the pandemic.

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UCO Bank sees ‘improved investor appetite’

The bank had recently received the board approval to raise close to ₹3,000 crore capital in 2021-22

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Punjab National Bank begins exit from Canara HSBC OBC Life Insurance

Invites bids to appoint legal advisor

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Madras High Court withdraws order on bumper-to-bumper insurance

Submissions were made by counsels of IRDAI, GIC, SIAM

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Bad loans of banks may cross Rs 10 lakh crore by end of this fiscal, says study

According to the study, this time, smaller accounts, especially the MSME and retail segments, are expected to be more vulnerable than large corporates, as the latter have consolidated and deleveraged their balance sheets considerably in the past few year.

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Gross NPA of banks likely to cross ₹10 lakh crore by March 2022: Assocham-Crisil study

This is expected mainly due to slippages in retail, MSME accounts

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Madras High Court withdraws its order on bumper-to-bumper insurance

The withdrawal follows the submissions of the counsels for the Insurance Regulatory and Development Authority of India (IRDAI), General Insurance Company (GIC) and the Society of Indian Automobile Manufacturers (SIAM), a non-profit entity that has been espousing the cause of automobile industry, that the stipulation was impossible to implement.

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Planning to take a home loan? Here's a checklist

The emergency corpus should cover your essential expenses for the next six months. And also factor in the new EMI commitments on the home loan.

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Spending money on what matters: Check this list

How do you spend your money on what matters to you? Especially if you belong to a generation that saved during those days of scarcity, and has now a stash to spend. Uma Shashikant, writing for ET, lists 5 points you could consider.

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Supreme Court rejects Ebix’s plea to withdraw Rs 400 crore offer for Educomp

Ebix has claimed that the RP withheld information about such investigations from it and has cited the investigations as one of the reasons for withdrawing its offer for the company. The Supreme Court noted that Ebix had submitted its resolution plan for Educomp on 19 February 2018.

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Hexahealth raises ₹33 crore from Omidyar, others

The seed funding round, which aims to transform surgery experience for patients, also saw participation from 3one4 Capital

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Tata Capital launches LAMF scheme

Customers can now digitally avail loans

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Escorts ties up with IndusInd Bank for finance to farmers

Aims to simplify purchase of its range of tractors and farm equipment

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Co-lending: Punjab & Sind Bank ties up with Indiabulls

Alliance to improve credit flow to unserved and underserved sector

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India and Singapore to link UPI and PayNow to foster trade, travel and remittance

This linkage will allow users of either of the payment systems in the respective countries to make money transfers on a reciprocal basis without getting on-boarded on the other network, the Indian central bank said in a press release on Monday. The project is being targeted for operationalisation by July 2022, RBI said.

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India, Singapore launch project to link UPI and PayNow for instant fund transfers

RBI said the UPI-PayNow linkage is a significant milestone in the development of infrastructure for cross-border payments between India and Singapore, and closely aligns with the G20's financial inclusion priorities of driving faster, cheaper and more transparent cross-border payments.

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RBI, Monetary Authority of Singapore announce project to link UPI and PayNow

Linkage will enable users of each of the two systems to make instant, low-cost fund transfers on reciprocal basis

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ToneTag completes RBI’s first cohort of voice-based retail payments

With this tech, the company hopes to drive financial inclusion across geographies

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SoftBank walks away from negotiations to pick a stake in ‘pricey’ PharmEasy

SoftBank Group has walked away from negotiations to acquire a stake in IPO-bound PharmEasy due to disagreement over valuation. API Holdings Pvt Ltd, w

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IRDAI extends validity of Covid-19 specific policies till March next

As per the current guidelines, the validity of the policies will expire on September 30

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NFRA eyes larger role, wants to be regulator for entire gamut of financial reporting

Audit regulator makes public its conclusions on questions posed in its June consultation paper

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New umbrella entities explained: Why India has delayed their retail payment systems

RBI’s decision to defer private umbrella entity licenses in light of data security concerns came much to sheer dismay of Tata & Reliance consortiums among other applicants, eager to venture into retail payments sector .

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PayU now exploring small-ticket products for underserved, says Anirban Mukherjee

After acquiring BillDesk, fintech firm piloting credit offerings for SMB segment: CEO

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Allcargo retreats from delisting plan as public shareholders vote against the offer

Don’t have plans to reinitiate delisting process for any of the firm’s listed entities, says a source

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RBI cautions members of public about KYC frauds

Members of public should not share account login details, personal information, says central bank

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Stocks of Hyderabad-based firms post listing gains, ride on buoyant market

Several firms are in the process of hitting the market

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RBI announces opening of third cohort under Regulatory Sandbox

Application for the third cohort may be submitted from October 1

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Small merchants now more open to cashless payment methods, reveals Amex India survey

95 per cent customers recognise the impact of the pandemic on local shops and small businesses

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Kesoram board approves rights issue terms

Shareholders would be entitled to 133 equity shares for every 274 equity shares held

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RBI cautions public against KYC updation frauds

The regulator said that the usual modus operandi in such cases include receiving unsolicited calls, emails or messages from unidentified person, urging the customer to share personal detonate like account login, card or PIN information.

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Kotak arm invests Rs 1,000 cr in TVS family's logistics business

Kotak Special Situations Fund (KSSF) has invested Rs 200 crore in TVS Supply Chain Solutions and has provided a Rs 800 crore finance to TS Rajam Rubbers Private Ltd through a non-convertible debentures route. The loan will help TVS SCS promoter R Dinesh acquire Canadian pension fund CDPQ's stake in TVS SCS, an official statement said.

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NBFCs asset under management shrinks in Q1 FY22: Icra Ratings

The asset quality for the non-banks entities weakened quite sharply in Q1 FY2022 because of the localised lockdowns imposed by various states on account of the second wave of COVID-19 infections, which impacted the collection process of these entities,Icra Ratings said.

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Retail banking a growth story whose potential hasn’t been unearthed fully: IDBI Bank

The bank’s retail banking model is well set and it has a committed sales force, says Suresh Khatanhar, DMD

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Paytm Payments Bank launches India’s first FASTag-based metro parking facility

Enables operators to deduct parking charges from the account of car owners, in partnership with Delhi Metrol Rail Corp

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JP Morgan opens new campus in Hyderabad

"The new, integrated campus is a strong testament of our commitment to continue to meet our clients’ needs while ensuring a world-class work environment for our employees, as well as tap the incredible talent pool that the city offers,” said Daniel Wilkening, Chief Administrative Officer, Commercial Banking and Head of Global Services, JPMorgan Chase.

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Clix Capital, Suryoday in exploratory merger talks

"The talks are still in early stages. NBFCs and small finance banks are both scouting for partners for different reasons and this is one such talk. A deal may or may not fruitify," said a person familiar with the talks.

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Pine Labs partners with OneCard

The deal will enable EMI option at PoS terminals for the latter's credit card holders

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Bank loans to NBFCs grow slower as credit to small lenders dries up

Credit outstanding to non-bank lenders has been growing in the low single digits through much of the current year, with banks’ NBFC book actually shrinking 2.2% y-o-y in June 2021.

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Restored normalcy in PSU banks hamstrung by sticky bad assets: Finance minister Nirmala Sitharaman

The Centre, apart from infusing required capital, monitored  the PSU banks with regular assessment and reviews while taking prompt corrective actions.

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Revised PSL target: Large UCBs to take hard look at ‘co-operative’ structure

Big UCBs may consider turning into universal bank

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Stabilising Ujjivan Small Finance Bank first priority for new management, other future plans on slow lane

While the bank had listed a slew of digital-centric innovations to increase product suite and improve customer outreach in its latest annual report signed by outgoing chief executive Nitin Chugh, the new management has put stability as its foremost priority, pushing everything else to the backburner for the time being.

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Changing customer behaviour in the next ‘new normal’

Companies will be forced to transition out of legacy platforms and collaborate with ecosystem players to speed up their game

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How AA framework empowers consumers

It helps them in getting a consolidated view of their financial assets, providing multiple options to plan better investments

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Bond traders await G-SAP auction announcement, CPI figure

‘Usually, it is shared in the first 10 days of the month’

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‘TMB has done well despite facing headwinds’

FM urges the bank to take digitisation to the next level

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LIC, EPFO make no headway in efforts to sell Reliance Capital papers

Almost the whole Rs 15,000 crore of Reliance Capital’s credit are supposedly secured lending, mostly through bonds (or non-convertible debentures). The unsecured share of credit is estimated to be at Rs 3,000 crore.

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FM Sitharaman says many PSBs have come back to normalcy now

In her address, Sitharaman emphasised the need for banks to adopt digitisation as a means to accelerate financial inclusion. She said that there are a lot of prospects for banking and that the changes in the banking sector were occuring at a very rapid pace. She believed that digitisation cannot be avoided and must be embraced.

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Banks should embrace digitisation to ensure govt schemes reach needy: FM Nirmala Sitharaman

Finance Minister Nirmala Sitharaman on Sunday said banks, including private sector should embrace digitisation towards ensuring that government scheme

from Business Line - Money & Banking https://ift.tt/3jZwoD7

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Banks should embrace digitisation to ensure govt schemes reach needy: Nirmala Sitharaman

Stating that the government distributed Rs 1,500 in three installments to the needy through their bank accounts during the Covid-19 outbreak, she said there are lot of changes happening in the banking sector at a "fast pace" through digitisation.

from Banking/Finance-Industry-Economic Times https://ift.tt/3kagGp3

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