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The company, which has been diversifying into funding of passenger cars, construction and farm equipment in the past few years, would look at co-lending to build newer asset classes, said Rajiv Lochan, a former McKinsey consultant who is now the managing director of the Chennai-based lender.
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In FY21, motor premium had declined after the pandemic but retained the top spot which it has ceded in FY22 to the health segment. This is also in line with the international market, where health is significantly larger than the motor segment. Motor TP segment has continued to grow faster than the Motor OD segment.
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Insurance chiefs were speaking at the National Insurance Academy (NIA) organised annual insurance summit on Thursday.
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PhonePe, which competes with Paytm, Google Pay and Amazon Pay, has reported marginally lower net loss of Rs 1,727 crore for the period.
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On October 18th, the government is scheduled to switch two short-term bonds – the 5.09 per cent, 2022 paper and the 8.08 per cent, 2022 paper (maturing in April 13th 2022 and August 2nd, 2022) with three longer-term floating rate bonds – the FRB 2028 bond, the FRB, 2031 bond and the FRB 2034 bond.
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The board of the bank had in April approved the extension of his tenure for further period of three years subject to regulatory clearance.
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Carlyle arm Pluto Investments S.a.r.l and other investors will withdraw the proposal to buy stake in the company. Late in May, the board of PNB Housing had approved placement of 82 million preferential equity shares and 20.5 million share warrants with Carlyle Group unit Pluto Investments, Salisbury Investments, General Atlantic Singapore Fund FII Pte Ltd and Alpha Investments V Pte Ltd.
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Last month, Goel was shortlisted by the Banks Board Bureau (BBB) to take over as Punjab National Bank (PNB) CEO from January 2022.In the managing committee meeting on Thursday, IBA members also elected State Bank of India chairman Dinesh Kumar Khara, Canara Bank CEO L V Prabhakar and IDBI Bank CEO Rakesh Sharma as deputy chairmen of the IBA.
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The RBI, however, added the penalty is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers
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A single bench presided over by Justice Nitin Sambre said that Wadhawan's submission that he was immediately required to be released on temporary bail on medical ground, was "not justified".
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On a quarterly basis, investments in the July-September period surged 3.4 times to USD 25.3 billion, with a sharp rebound in buyout investments and start-up investments accounting for 39 per cent of investments, the report by consultancy EY and industry lobby IVCA said.
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The digital way of life is here to stay, and with that, security is a growing concern. But not with Airtel Payments Bank! We can link our Airtel number to our savings account and activate Airtel Safe Pay.
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Here is a look at how UPI users can use the auto-pay facility set up an e-mandate to make recurring payments linked to debit and credit cards.
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"While Citi's retail franchise remains excellent, the book has shrunk. It has lost significant market share and due to the exit plans, it has not been able to focus on enhancing the existing book and adding quality customers," said an official involved in the bidding process.
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The agency expects motor insurance premiums to grow at around 6% to 8% driven by any increase in third party insurance rates and higher auto sales, the ratings agency said.
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"Today, there is only one law for banking called banking law which defines what a bank should be. The banking law means that you have to have collateral and other requirements," Yunus said at the 13th Sanklap Global Summit 2021.
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After the integration process is over, customers would be able to remit direct taxes via any branch or via net banking or DLite Mobile application.
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A new bank license has been issued after a gap of nearly 6 years, and we thank the RBI for the confidence shown in the abilities of Centrum and BharatPe.
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Last week, the RBI said that the Consumer Price Index (CPI)-based inflation is now projected to be at 5.3 per cent for 2021-22 with risks evenly balanced. At this level, the fixed deposit for one year with the country's largest lender State Bank of India (SBI) would rather earn negative interest. The real interest rate would be (-) 0.3 per cent for the saver.
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“Gold-loan disbursements have rebounded sharply in the second quarter of this fiscal after a dismal first quarter,” said Krishnan Sitaraman, Senior Director and Deputy Chief Ratings Officer, CRISIL Ratings. “We expect the momentum to continue for the rest of this fiscal."
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Customers of all banks who possess a debit card can use a Kotak Micro ATM for key banking services such as cash withdrawals and checking account balances.
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Yes Bank will likely hold a minority share in the proposed ARC in line with Reserve Bank of India (RBI) directions. The selected investor is likely to hold a majority as much as 80% to 85% in the new venture, one of the persons said.
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According to IIFL Finance, users can get a loan of up to Rs 10 lakh in few minutes by just saying hi on the messaging app.
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“Issuance of 50K SalaryCard & 50000 transactions is a great milestone for us. EarlySalary aims to make credit access easier to India's digitally savvy young generation, which drives the major consumption of products and internet services, especially during the pandemic period,” Akshay Mehrotra, CEO and Co-Founder at EarlySalary said.
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RBI, however, has turned down requests from foreign banks to let them store information such as mobile numbers and 'purpose of remittance' in servers abroad.
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The lease transaction between the bank and the landlord, Dr Syedna Taher Saifuddin Memorial Foundation, was registered on September 29.
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Ujjivan Small Finance Bank's affordable housing & MSME loan books see growth while microfinance book sees a dip in September
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The statutory inspection of the bank with reference to its financial position as on March 31, 2019, the Inspection Report pertaining thereto, and examination of all related correspondence revealed that the bank had not complied with the directions on exposure to sensitive sectors (real estate) and classification and reporting of frauds, the RBI said.
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The members of the committee are: R Subramaniakumar (Former MD & CEO, Indian Overseas Bank), T T Srinivasaraghavan (Former Managing Director, Sundaram Finance Limited), and Farokh N Subedar (Former Chief Operating Officer and Company Secretary, Tata Sons Limited).
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As per the report, Axis Bank got USD 46.7 million or 6.1 per cent share, Goldman Sachs stood at the fourth slot with USD 46.7 million or 6.1 per cent each of the market pie, and ICICI Bank (USD 40.4 million, 5.3 per cent) comes at the fifth slot.
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Developed to cater to the underserved and unserved section of the population and the new generation that’s geared towards instant gratification, Buy Now Pay Later isn’t limited only to that; it is rather open to all, thereby unlocking previously untapped opportunities for consumers, merchants, and fintech companies alike.
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The National Company Law Tribunal (NCLT) on Friday admitted the insolvency pleas moved by banking sector regulator RBI against the two Srei Group firms and appointed an administrator to run the companies.
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The facility will allow people to make the most of their idle gold with minimal documentation and transparent charges. The loans will be available for tenures starting from three months up to 24 months.
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As World Mental Health Day dawns on October 10, mental health professionals are still rueing the inadequate health insurance coverage for those suffering from mental ailments despite the fact that Insurance Regulatory and Development Authority (IRDA), made it mandatory for health insurers to include mental health treatment under scope of coverage.
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"Liquidation is not the solution. Instead, we requested for the merger of the bank with another strong bank and protection of the interest of depositors with deposits of over Rs five lakh," Rupee Co-operative Bank's administrator Sudhir Pandit said.
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