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The central government holds 50% in each of the RRBs while their respective sponsor banks hold 35%. The balance 15% in RRBs is held by the respective state governments according to their areas of operation. For example, West Bengal has three RRBs within its boundary and the state holds 15% in each of these banks.
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"In this connection, we wish to inform you that out of this, the Corporation has in aggregate sold 12,67,504 shares, representing 2.13 per cent of the paid-up share capital of Ansal, including 1,57,939 shares representing 0.27 per cent of the paid-up share capital of Ansal which were sold on September 24, 2021," HDFC said in a regulatory filing.
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While all of India Inc readies itself with price discounts and offers to bolster sales ahead of the Diwali rush, builders are offering discounts and gifts to home buyers, deferring payment plans, and also foregoing charges to tap into the revival in the property market.
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"The searches, so far, have resulted in the detection of undisclosed income of more than Rs 300 crore and unaccounted cash of Rs 9 crore has been seized," the Central Board of Direct Taxes (CBDT) said in a statement.
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The poll aims to identify and recognise publicly listed companies in 2 categories: by country and by sector, in which it operates. Over 1,070 fund managers, analysts, bankers, and rating agencies took part in the voting which concluded on July 16, 2021.
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For centuries, Indians have been investing in gold and land to secure their future. We have had the banking system in our country running since the late 1800s. Availing loans from the Sahukars and putting out family's long-kept assets as mortgages had been some of the lending systems that were the only thing people knew about having an asset class.
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These intermediaries say that they have been left out of the recent clarification by the government and that they will continue their legal battle across high courts. The main contention for these companies is that they have been slapped with GST on services that makes them uncompetitive globally.
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The bank said it is following a 100-day action plan for each business vertical with focus on PAR reduction and bad loan recovery with periodic monitoring and corrective action.
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"The sale proceeds will be accretive to the regulatory net worth and the CRAR (capital-to-risk weighted asset ratio) of the company and will be added to the regulatory equity capital of the company," Indiabulls Housing Finance said in a regulatory filing on Friday.
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"The SRs (issued by NARCL) are going to be guaranteed by the government, which actually will lend a lot of credibility to these SRs and perhaps it will lead to the development of the secondary market for SRs," Khara said at a virtual event organised by Bengal Chamber of Commerce and Industry.
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The penalty was imposed after considering the bank's reply to the notice, additional submissions and oral submissions made during personal hearing, RBI said.
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SBI chairman Dinesh Kumar Khara said that idea of bad bank is different from what used to be asset reconstruction companies in the past.
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Approximately 4,000 respondents were surveyed by McKinsey as part of a global report, which came at a time when digitalisation is growing and a slew of 'neo-banks' are coming up.
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The IIFL bonds offer highest effective yield of 8.75 per cent per annum for a tenure of 60 months. The company said it would also offer an incentive of 0.25 per cent per annum for the existing bond or equity shareholders of the company, taking their yield to 9 per cent.
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Three of India's largest private lenders - HDFC Bank, ICICI Bank and Axis Bank - said they will meet the Reserve Bank of India's mandate for recurring payments ahead of the October 1 deadline.
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The Essel group Direct-to-Home service provider had week sought an extension citing time required for any change in the CEO or the board of directors of the company, as it needs the approval of the Ministry of Information and Broadcasting.
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Bank credit also rose by 6.7 per cent to Rs 109.12 lakh crore in the fortnight ended September 10, RBI data showed. In the fortnight ended August 27, 2021, bank credit had increased by 6.67 per cent and deposits by 9.45 per cent.
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The card will offer 13X reward points on every Rs 100 spent on fuel purchases at BPCL petrol pumps and a 1 per cent fuel surcharge waiver on every transaction up to Rs 4,000, translating to 4.25 per cent value back.
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A working group was formed by the regulator for examination of bringing standardisation of cyber liability insurance policy. Irdai issued a circular earlier this month for product structure for cyber insurance.
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In July 2021, Mahindra Finance had a disbursement of approximately Rs 2400 crore with a collection efficiency of 95%. The efficiency improved to 97% last month August 2021, buoyed by the opening of the economy and improved mobility. The company witnessed a reduction in the NPA contracts during August as customer cash flows improved.
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LIC Housing Finance's Managing Director and CEO Y Viswanatha Gowd said the lender has been an early mover in offering 6.66 per cent on home loans up to Rs 50 lakh from July 1, 2021 and now it has extended the same rate for loans up to Rs 2 crore.
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Citi said most of these concerns should get addressed starting from the second quarter of FY22. The brokerage has raised target price to Rs 1,900 from Rs 1,800 and retained a buy rating on HDFC Bank shares.
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In his previous stint, Nehul Malhotra was executive director at Russell Reynolds Associates. He has an in-depth understanding of fintech, having spent 4.5 years at Paytm. During his stint at Paytm, he held multiple roles including head of customer service, head - payments merchant management and head - seller onboarding for Paytm Mall.
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There would be vibrant banks, he said, if the government got it right on transparency, rule of law, ability to operate governance and accounting. On being asked whether his plans for India changed with the pandemic, Dimon replied his company was in the country for the long run.
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Banks have reached out to the government seeking priority sector tag for retail trade and infrastructure.
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According to the results of the voting held at the September 21 annual general meeting, as much as 99.94 per cent of shareholders who participated in the voting favoured his reappointment as the managing director and chief executive of the mid-sized lender.
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State-owned LIC is considered a strategic asset, commanding more than 60% of India's life insurance market with assets of more than $500 billion. While the government is planning to allow foreign investors to participate in what is likely to be the country's biggest-ever IPO worth a potential $12.2 billion, it is leery of Chinese ownership, the sources said.
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"As part of its commitments, the bank has set a target of incremental lending of Rs 30,000 crore over the next 5 years, under wholesale banking towards pertinent sectors included in its Sustainable Financing Framework (SFF)," Rajesh Dahiya, Executive Director (Corporate Centre), Axis Bank told PTI.
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The phishing (a social engineering computer virus attack to steal personal data) malware is masquerading as an "income tax refund" and it can "effectively jeopardise the privacy of sensitive customer data and result in large-scale attacks and financial frauds", the CERT-In advisory issued on Tuesday said.
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Banks have been asked to submit claims latest by October 15 and update the position as on November 29, 2021 along with principal and interest, in a final updated list, to enable DICGC settle the claim and discharge its insurance liability.
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“The pandemic has disrupted cash flows of businesses in a significant way, and since large value loan proposals are on the rise, we thought it prudent to hire agencies and check the company’s default risk and default probability,” said a lender that has hired one such agency.
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Under the new additional factor authentication rules, a bank is required to send a notification to the customer at least 24 hours before the auto-debit payment is to be deducted and allow the debit only after the customer has confirmed it.
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RBI, in May, announced on-tap liquidity window of Rs 50,000 crore for lending to the healthcare sector by banks. But the private sector lender said that it will not seek RBI funds.
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For example, 15 years loans are being priced at even lower than 6%, linking with Repo / T-Bill rates. At the same times 10- year government bond is currently trading at 6.2% and by the current pricing trends this could even gravitate towards 6.0% again.
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The candidate should not be more than 55 years of age as on September 8, 2021 with a postgraduate university degree preferably in Economics, Commerce, Business Administration of Finance or a degree with professional qualification of Chartered Accountancy, Cost Accountancy, Chartered Financial Analyst or equivalent.
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“We are building interesting solutions at Mcapital which will accelerate the journey of SMEs in accessing formal credit. Tanya brings a wealth of experience in financial services and lending space and we are certain that she will play a pivotal role in our journey to transform into a digital SME bank," said CEO Ketan Patel.
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In a note, which pegged the overall retail deposits in the system at Rs 102 lakh crore, the economists led by Soumya Kanti Ghosh said: "If not for all the depositors, the taxation review should be carried out for at least the deposits made by senior citizens who depend on the interest for their daily needs."
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HDFC said, "Customers can avail HDFC Home Loan starting at 6.70 per cent per annum effective September 20, 2021. This offer will be applicable to all new loan applications irrespective of the loan amount or employment category."
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In 2014, IRDAI chairman had relaxed the minimum qualification requirement for an appointment of a candidate to a senior joint director.
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This would mark a sharp turnaround from the bank's last year's strategy when it slowed down retail lending due to a rise in job losses during the second wave of the Covid pandemic.
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AU Small Finance Bank (SFB) offers credit cards in four variants: Altura, Altura Plus, Vetta and Zenith. Altura plus credit card is for empowering women to experience a limitless living.
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Meanwhile, a special CBI court denied bail to Rajiv Anand, former business head of Yes Bank, in a cheating and corruption case involving private sector lender DHFL. The bank's co-founder Rana Kapoor is one of the accused and is in judicial custody in a related case being probed by the Enforcement Directorate.
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The quarterly average balance (QAB) in the April-June period of 2020-21 stood at Rs 35.46 crore (both on savings and current account); while no such charges were levied in the second quarter of FY21.
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An increase in the claims ratio will push up the group mediclaim premium of retired staff members of public sector banks by as much as 40%.
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The credit cards will be powered by Visa and will include offerings targeted at millennials, business owners and merchants, an official statement said. Paytm has a reach of over 330 million consumers and 21 million merchants, while HDFC Bank has over 5 million debit, credit and prepaid cards, and serves 2 million merchants through its offerings.
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The RBI, despite right intent, should avoid making decisions on behalf of consumers, and allow them choice and real agency. Consumers should be free to choose the modes of making digital payments, the amount which they are comfortable in transacting without additional authentication, and whether to securely store card details with merchants or not.
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RBI ban on Mastercard - a top payment network in India alongside Visa - triggered a flurry of emails between US officials in Washington and India as they discussed next steps with Mastercard, including approaching the India's central bank, the government emails show.
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During a presentation before the Department of Investment and Public Asset Management (DIPAM) held recently, most of the eligible transaction advisers gave a time-frame of 50-52 weeks to undertake several stages of the privatisation process of IDBI Bank, market sources said.
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