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Avantha Group of companies promoter Gautam Thapar, 60, was arrested under the Prevention of Money Laundering Act (PMLA) on August 3 after the agency carried out raids against him and his linked businesses in Delhi and Mumbai. He is currently in judicial custody.
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The bank's repayment collection from microfinance vertical, which contributes about a third of its loan portfolio, also improved to 86% from 72% over the same period, the bank said in a regulatory filing to stock exchanges.
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The six-member MPC kept the repo rate unchanged at 4 per cent and maintained an accommodative policy stance.The RBI also suspended the G-Sec Acquisition Programme (G-SAP) and is proposed to undertake five 14-day variable rate reverse repo (VRRR) auctions on a fortnightly basis between today and December 3, 2021.
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The bank has currently waived processing fee on housing and car loans for its customers to benefit them in the ongoing festive seasons.
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The charges against Kapoor include allegations of abuse of power while he was the head of Yes Bank, a case in that matter was registered in March 2020.
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RBI filed the petition after the Bombay High Court on October 7 dismissed Srei Group's plea against RBI action on SREI Infrastructure Finance Ltd (SIFL) and Srei Equipment Finance Ltd (SEFL).
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ET was the first to report in its September 9 edition that lenders had approached the RBI seeking relaxation in its scheme citing issues of replenishing ATMs in rural geographies that could significantly push up costs and make business unviable.
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In mid-September, SBI Economic Research said when other costs are taken into account, banks are facing significant pressure on margins because of the low market rates caused by surplus liquidity in the banking system.
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Mobikwik is expected to launch its IPO before Diwali (November 4) and is likely to fetch a valuation of $1 billion
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Internet banking services of the State Bank of India will be down for certain hours this weekend because of maintenance work, the bank has informed.
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Central bank inspection of the books of Srei Infrastructure Finance (SIFL) and its wholly owned unit Srei Equipment Finance (SEFL) revealed that the group's financial health had begun to deteriorate much before the pandemic, something the Kolkata financier has repeatedly blamed for its abysmal cash flows.
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The IOS will be on the lines of a similar system adopted at banks and will redress grievances related to deficiencies in service, Governor Shaktikanta Das said, announcing the new measure in the statement on regulatory policies along with the bi-monthly review of the monetary policy.
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"In view of the importance of the IMPS system in processing of domestic payment transactions, it is proposed to increase the per-transaction limit from Rs 2 lakh to Rs 5 lakh for channels other than SMS and Interactive Voice Response System (IVRS),"the RBI said as part of its monetary policy announcement.
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RBI Governor Shaktikanta Das announced that the increased limit for the digital payment mode used for making immediate transfer of money will make it convenient for consumers to tansfer higher sums.
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The regulator was quite annoyed with repeated violations of prudential norms, including income recognition, asset classification and provisioning (IRACP), ever-greening of loans and deterioration of corporate governance standards.
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The company secured two significant investments of $5.5 million in 2011 and $1.5 million in 2017 from Creation Investments, which were utilized to strengthen its product development, R&D, and technological framework.
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India's green finance definition could be formed through a combination of adopting international practices, developing a set of principles for green economic activities and obtaining stakeholders' views, SBI Chairman Dinesh Khara suggested.
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The rate will be offered to customers applying for fresh loans, loan transfers, or looking to refinance their existing loans.
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Rajnish Kumar joined SBI as a probationary officer in 1980. Later, he served as the chairman from October 2017-October 2020.
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Elara Securities expects the top four life insurers - HDFC Life, ICICI Prudential Life, Max Life and SBI Life - to post an annualised premium equivalent (APE) growth of between 14% and 34% in the second quarter.
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In the fiscal ended March 31, 2021, Exim Bank's loan portfolio grew by 4.43 per cent to Rs 1,03,851 crore compared to Rs 99,447 crore in FY2020.
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A division bench of Justices Ujjal Bhuyan and Madhav Jamdar, after hearing both sides dismissed the petition in an oral order and observed that the court is not inclined to entertain the matter further as there was no merit to it.
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The transactions were carried out with a corporate client through the Bank’s International offices. The value of the transaction will be a tiny one going by the industry trend. "Transaction value would be in the range of $15-20 million," said a market source.
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The banking regulator had on Monday superseded the boards of directors of Kolkata-based Srei Infrastructure Finance and Srei Equipment Finance citing governance concerns and defaults, and said it will initiate insolvency proceedings against the two firms with the National Company Law Tribunal (NCLT).
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The central bank will announce the fourth bimonthly monetary policy review on Friday amid inflation remaining above its target for two months in row.
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The central bank in its August 2020 circular instructed banks not to open current accounts for customers who have availed of credit facilities in the form of cash credit (CC) / overdraft (OD) from the banking system.
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In the previous fortnight ended September 10, 2021, bank credit had risen by 6.7 per cent and deposits by 9.32 per cent.
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The public sector lender started its pan India intiative from Srinagar, and will seek to further promote banking schemes like PM Svanidhi, MSME Mudra Loan and social security schemes.
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Moody’s also affirmed the long-term local and foreign currency deposit ratings of Bank of Baroda, Canara Bank, Punjab National Bank and Union Bank of India. The rating outlooks of these banks has also been changed to stable from negative.
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The RBI’s recent CoF tokenization guidelines mandate replacing the actual card data with encrypted digital tokens, which are then used to facilitate and authenticate transactions. This devaluation of sensitive card details alleviates risk and reduces vulnerability of sensitive data, as only tokens are present in transit, across the ‘in-rest’ and ‘in-use’ phases.
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The growth in the loan book for such companies moderated to 10% year on year at the end of the March 2021 quarter due to the lockdowns following Covid wave 2; while portfolio remained flat as on June 30, 2021, as compared with March 31, 2021.
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The products would include Auto loans, Education loans, home loans with augmented features. With these offerings, IDBI believes that its products would resonate with the festive and auspicious vibe in each household.
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The discussions are preliminary in nature, but with the management confident of asset quality improving in a post-pandemic economy, this is the right time to kickstart a monetisation exercise, said experts. Some HDFC Group watchers also see this as a precursor to an eventual listing.
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Other than Canara Bank, DCB Bank also reduced its its marginal cost of funds based lending rate by 0.05 per cent across tenors. It is effective from October 6.
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The Srei group had forwarded the proposal to RBI for a review a couple of months ago, the executives said. Arena is an institutional asset manager that provides solutions for those seeking capital in special situations
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"(We se) growth-inflation trade-off" said Saugata Bhattachrya, chief economist at Axis Bank. "There will be focus on ( liquidity) normalisation" With inflation achieved and good progress on its way, a late 2021 taper may be on the way later , said an Axis report.
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Retail funded assets grew by 7.0% during Q2-FY22 versus year ago. Housing loan registered strong Q-o-Q growth of 11.0% in Q2.
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“We are seeing a significant revival on ground, and shows that consumer spending is back, our range of festive offers on credit cards is not just about coming back with a bang but also about spurring India’s consumption story,” said Parag Rao, Group Head - Payments, Consumer Finance, Digital Banking, and IT, HDFC Bank.
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Mapping out Paytm's financial pathway in a scenario in which it remains a dominant digital payments player for the next 10 years, Damodaran argues that even with favorable assumptions, a justifiable valuation of equity would be around $19.6 billion.
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With this, the bank becomes the first scheduled private sector bank to receive approval after the announcement by Finance Minister Nirmala Sitharaman allowing all banks to participate in government-related business.
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Retail loans grew by around 13% over September quarter last year and 5.5% over June. Commercial and rural banking loans grew by around 27.5% year-on-year at the end of the September 2021 quarter while other wholesale loans grew by around 6%.
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“We would like to take this opportunity to request you to approve an additional amount of Rs 7500 crores for the Credit Guarantee Scheme for the MFIs,” the letter states. “The additional amounts will support the funds flow for MFIs with lower grading, which are smaller and cater to poorer sections and remoter areas.”
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