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The 'Razorpay TokenHQ' will work across all major card networks including Mastercard, RuPay and Visa, and almost the entire base of five million businesses using Razorpay's services will be ready to support tokenised card transactions, a statement said.
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He said BOI Managing Director and Chief Executive Officer A K Das opened the branch in the presence of Field General Manager A K Jain, Zonal Manager Vasudev, Branch Manager Sangeeta and various local dignitaries and customers.
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The RBI’s guidelines, which went into force this month, have disallowed recurring card payments without a one-time registration.
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BNPL is a credit option that gives customers at storefronts and on ecommerce pages the option to defer payments free of cost or to convert the transaction value into equated monthly installments (EMI). The facility is provided by financiers even to those without credit cards.
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In the year-ago fortnight ended October 9, bank advances were at Rs 103.43 lakh crore, and deposits were at Rs 143.02 lakh crore, according to RBI's Scheduled Banks' Statement of Position in India as on October 8, 2021 data, released on Thursday.
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The capital position of banks would be reviewed in the next quarter, and depending on the requirement, the infusion will be made to meet the regulatory needs. In the current fiscal so far, all 12 public sector banks have posted a profit, which is being ploughed back to bolster the balance sheet of the banks, sources said.
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Elara Capital sees YES Bank profit at Rs 256.80 crore for the quarter on a 21.8 per cent YoY fall in NII at Rs 1,542.40 crore.
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On Wednesday, the company’s top management said that profits had fallen in July-September (year-on-year) on account of a contraction in the loan book and a higher rate of taxation.
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Confusion over re-enabling automatic payments leads merchants to seek options, curtail services
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Those affected also include providers of software as a service (SaaS) facilities, media platforms and even telecom companies that generate revenues through subscriptions based on one-time mandates.
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The holding company of Bandhan Bank is willing to pay a control premium to buy Future Group's 34% and another 17% stake in the insurer, three people familiar with the matter told ET.
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The RBI informed that on examination of Paytm Payments Bank Limited's application for issue of final Certificate of Authorisation (CoA), it was observed that PPBL had submitted information that did not reflect the factual position.
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Braving the COVID-19 pandemic impact, the microfinance sector was quick to recover to the pre-pandemic level by the fourth quarter of FY2021, said the report released by credit information bureau CRIF High Mark on Wednesday.
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In its latest annual report, the central bank said that its agenda for 2021-22 was to "Continue to explore new asset classes, new jurisdictions/ markets for deployment of foreign currency assets (FCA) for portfolio diversification and in the process tap advice from external experts, if required"
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"The GNPAs and NNPAs are expected to further decline to 6.9-7 per cent and 2.2-2.3 per cent by March 2022, which will continue to be a relief for the bottomline (profit) of lenders," the credit rating agency said in the report.
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In his book titled 'The Custodian of Trust', Kumar said that SBI was reluctant to play the lender of last resort role for the YES Bank but circumstances compelled it to rescue the country's fourth largest private sector lender.
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In this role, Mantri will be based in Mumbai, and responsible for the finance function, overseeing business planning and strategy, balance sheet management, financial controls, reporting and tax matters and will focus on delivering the financial plan, while working closely with key stakeholders on franchise-level matters in India.
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A government official confirmed that the Indian Banks' Association (IBA) has sought government intervention and guidance on the issue. Banks have pointed out that the provision will raise costs and any compliance shortfall can have serious implications.
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Most of the banks were extremely reluctant to support a resolution plan for Jet Airways, he wrote, while recalling the developments with regard to the resolution plan of the airline which unfortunately could not get through as promoters were not able to fulfil the required conditions in the stipulated time.
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Announcing the launch of 'Dil se Open Celebrations : kyunki Diwali roz roz nahi aati', the bank said it will offer deals and discounts on shopping in restaurants and other retail loan products on purchases made through Axis Bank debit and credit cards.
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"The pickup in economic activity will drive credit growth, which we expect to be 10%-13% annually. Weak corporate financials and funding constraints at finance companies have been key negative factors for banks but these risks have receded," a Moody's report said.
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"Stressed assets in these segments are seen rising to 4-5% and 17-18%, respectively, by this fiscal year-end (March 2022). The numbers would have trended even higher but for write-offs, primarily in the unsecured segment," said Krishnan Sitaraman, senior director and deputy chief ratings officer.
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"Our systems detected unauthorised and suspicious attempts to transact in certain accounts. Basis the system alerts, we reported the matter to law enforcement agencies for further and necessary investigation, and lodged an FIR," added the bank.
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Global lenders Barclays Plc and Citigroup Inc. have created new senior roles, while regional and boutique players are staffing up to capture a surge of activity in mergers and acquisitions and initial public offerings.
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This penalty has been imposed in exercise of powers vested in the RBI under the Banking Regulation Act, 1949, it said. This action is based on the 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, it added.
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"This penalty has been imposed in exercise of powers vested in RBI under the provisions of section 47A (1) (c) read with sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949," read the Central Bank circular.
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The business will transition to the Gallagher brand in the coming months. Edelweiss Group will focus on growing its life and non-life insurance businesses, which have been among the fastest-growing in the industry, the company said in a release.
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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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The internal valuation that’s needed “almost annually” for a company of LIC’s size, “hasn’t been done,” Sitharaman said. Given that the 65-year old insurer hasn’t ever been valued, the process will take time, finance minister Nirmala Sitharaman said.
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The lender, which doubled its asset under management to Rs 550 crore in a year, is aiming to grow its book to Rs 800 crore by March 2022.
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Pune based Loop Health, has raised $12 million in a Series A round co-led by Elevation Capital and General Catalyst. This round also saw participation from other investors including Vinod Khosla through Khosla Ventures, YC Continuity Fund and Tribe Capital. In an e-mail interview, Kale discusses the Loop Health model and more.
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Agriculture plays a very important role in both economic development and nation building. NABARD has continuously been working towards the prosperity of the rural and agriculture sector. The government has launched a Central sector scheme titled "Formation and Promotion of 10,000 Farmer Produce Organizations (FPOs)" with a clear strategy and committed resources to form and promote 10,000 new FPOs in the country.
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Bitcoin last stood at $62,359, near Friday's six-month high of $62,944 and not far from its all-time high of $64,895 hit in April.
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With this cut, the interest rate on home loans starts at 6.50 per cent against earlier 6.85 per cent, and at 6.85 per cent against 7.35 per cent prior on vehicle loans, the bank said in a release.
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The digital-only insurer had sold the first policy in October 2017 and has since then sold to over 20 million customers. It achieved break-even in the third year and entered the unicorn club in less than four years and is now valued at over USD 3.5 billion.
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