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This tie-up makes the purchase and use of tags convenient for about five million motorists, it said in a statement. “As a digital-first bank, our effort is to make all transit-related payments simpler. IDFC First Bank has issued close to five million FASTags and these tags are used actively by motorists across toll plazas with transactions averaging two million a day," said B Madhivanan, chief operating officer, IDFC First Bank.
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As per regulation 4 of IRDAI (issuance of e-insurance policies) Regulations, 2016, an insurer has to issue both physical and electronic insurance certificates to policyholders.
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The state government had earlier informed the Centre that non-payment of claims by the company to many farmers could result in a "law-and-order situation" in the state as five other insurers had paid about 90% of the claims for the 2021 kharif season.
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Modi said the banking sector has to understand that in India it was time for investing in ideas. "It is time to support startups. Startup is an idea, there is no asset, it is just an idea," he said.
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The bank has issued and allotted Basel III compliant tier-II bonds at a coupon of 7.10 per cent per annum aggregating to Rs 1,919 crore on a private placement basis, it said in a BSE filing.
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Scripbox will provide solutions for customer’s needs. This will be supplemented by issuance and claims process assistance as well. Life insurance is one of the fundamental pillars of sound financial planning. While life insurance has been available in India for decades, the level of protection is quite low.
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Addressing bankers at the symposium to 'Build Synergy for Seamless Credit Flow and Economic Growth', Modi said banks have to now adopt a partnership model to help businesses thrive and move away from the idea of being a loan "approver" to a loan "applicant".
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Global financial services major Macquarie isn't enthused and sees a 40% downside from its issue price in what it described as a 'cash guzzler'.
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Bank loans rose Rs 1.19 lakh crore during the fortnight ended November 2021 to Rs 111.63 lakh crore. This translates into year-on-year growth rate of 7.14 per cent compared to 6.8 per cent in the previous fortnight. Bulk of the loan demand is , bulk of which is expected to be in the retail space as consumers spent a a record Rs 1.25 lakh crore this Diwali according to data by Confederation of All India Traders.
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PhonePe, part of Walmart-controlled Flipkart Group, clocked more than two billion transactions across payment channels in October. It was only in February that PhonePe had recorded one billion monthly transactions.
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Soon after the preference issue of shares was announced in May this year, controversy erupted with regard to the valuation of the shares to be offered to the investors and the capital markets regulator Sebi intervened and stalled the deal until there was revaluation of the shares.
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Further, the bank delayed the reporting of frauds on many occasions, and also granted director-related loans in contravention of/ non-compliance of directions. A show cause notice was issued to it.
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In the previous fortnight ended October 22, 2021, bank credit had grown by 6.84 per cent and deposits by 9.94 per cent. In FY2020-21, bank credit had risen by 5.56 per cent and deposits by 11.4 per cent.
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The Bombay High Court has allowed the petition filed by Dewan Housing Finance Ltd (DHFL) to discharge its name and drop proceedings against it in an ongoing investigation by the Central Bureau of Investigation (CBI).
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The agreement aims at expanding RuPay card and UPI acceptance across PPRO’s global clients such as payment service providers (PSPs) and global merchant acquirers.
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Department of Investment and Public Asset Management Secy Tuhin Kanta Pandey has said that the much-awaited LIC IPO is expected to hit the market by the fourth quarter of the current fiscal.
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One important aspect of investing through mutual fund schemes is the selection of the right distributor. Investors should always select a distributor with high integrity, high experience, and deep knowledge of the stock market.
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RGICL, which covers 10 districts of Maharashtra under the Pradhan Mantri Fasal Bima Yojana (PMFBY), in its correspondence with the state commissioner (agriculture), had said it “has constraints towards disbursements of kharif 2021 claims before settlement of kharif 2020 and rabi 2020 claims”.
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Chaudhry had pivoted the bank toward a better quality franchise and the bank would soon catch up with the NIMs and RoAs reported by the likes of ICICI Bank and HDFC Bank.
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While the bank reported Gross Non-Performing Assets (GNPAs) at Rs 16,323 crore in FY21, the Reserve Bank assessed it at Rs 17,023 crore, leading to a divergence of Rs 700 crore in gross bad loans.
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Total disbursement of all lenders during the second quarter of FY22 was Rs 66,694 crore compared to Rs 34,135 crore disbursed during the same quarter of the last year, the report said. Sa-Dhan Executive Director P Satish said the sector, which was affected in the first quarter of this financial year due to the second COVID wave, has seen improvement in repayments and fresh disbursements.
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Shaktikanta Das said at the conclave, “I firmly believe that India has the potential to grow at a reasonably high pace in the post-pandemic scenario.”
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Moody's said that entities that fail to adapt will be at the most risk with risks rising across the board during periods when organizations transition to new cybersecurity procedures. Also, reduced cyber security coverage will have a negative impact on the credit profile of companies.
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The HIB study was conducted across 9 cities that includes Delhi, Jaipur, Bangalore, Hyderabad, Bhopal, Mumbai, Kolkata, Patna, Ranchi. The primary sample size was over 1,200 respondents (Home Credit customers) in the age group of 21-45 years, with an income of less than Rs 30,000 per month.
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Addressing a virtual press conference, Kotak Mahindra Bank President – Products, Alternate Channels and Customer Experience Delivery - Puneet Kapoor said, the bank has been associated with PVR for over 10 years and wants to add more to the existing products of the two co-branded Kotak PVR credit cards.
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FIA Global, which works with as many as 35 banks including State Bank of India, HDFC Bank and Axis Bank as their business correspondent, is now planning to venture into direct lending, leveraging the 47 million customers it mobilized in its nine-year journey.
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Industry chambers and financial institutions, including non-banking financial companies (NBFCs), have been invited to the conference.
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"The NCUI President talked about the problem faced due to RBI's different approach towards cooperative banks ... such issues have been discussed point-wise with the RBI chief and the Finance Minister. There was a positive discussion and the decision is in the pipeline. That decision will be in our favour," Verma said.
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The scheme allows customers to have a new current account by maintaining a monthly average balance of Rs 25,000 and avail a host of premium facilities, the bank’s new chairman P Pradeep Kumar and MD & CEO MS Mahabaleshwara told reporters on Monday.
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The campaign will tell the customers about ways to safeguard themselves against financial fraud, starting with not disclosing any information on banking details.
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The Pune-headquartered lender recorded an 11.46 per cent increase in gross advances at Rs 1,15,236 crore in the July-September period of 2021-22, according to the published data of BoM.
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Value funds are suitable for investors looking for diversification in investment style over growth funds. Investors may also consider investing in value funds to build one’s core portfolio holding and looking for achieving long-term goals.
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Edelweiss General Insurance has rolled out a host of initiatives to support customers in the wake of the devastation caused by incessant rains over the last few days in the city, the company said on Sunday.
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There have been vacancies at the independent director level across the public sector space, leading to regulatory non-compliance, sources said.
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Insurance products emerged as the preferred choice of savings and investments for parents after the pandemic, as they consider these as low-risk and reliable financial tools to meet future goals, according to a survey.
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The Maharashtra AAR ruling in an application filed by Tata Power said the recovery of insurance premium is not an activity done "in the course of business or for the furtherance of business" and hence, should be outside the gamut of GST.
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