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The RBI on Friday came out with revised guidelines on private sector banks, allowing for 26 % promoter ownership but did not go ahead with an internal working group's recommendation to allow corporates to promote banks after protests from various quarters including former governors.
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The company has challenged the constitutional validity of the tax department’s right to make arrests in cases where GST is exempt, as in the case of the agro products company.
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The Reserve Bank of India’s decision to keep corporates away from bank licences will help the government sidestep allegations that it is selling banks to big business. However, the number of prospective buyers for public sector banks will shrink.
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Credit-deposit ratio for metropolitan branches stood at 82.8 per cent in September against 88.4 per cent a year ago, reflecting the fact that deposit mobilisation outpaced lening growth. All-India credit-deposit ratio dipped to 70 per cent from 72 per cent over the same period.
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The Bihar-head quartered company is working to offer its customers all-around financial products by also adding housing loans to the equation. Besides Bihar, the company will simultaneously extend its reach to other states including Delhi-NCR and UP.
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The action by RBI is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers, RBI said.
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Blackstone, BlackRock, Abu Dhabi Investment Authority, Govt of Singapore Investment Corp and Capital International are understood to have held preliminary discussions.
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Finance minister Nirmala Sitharaman had announced the privatisation of two state-run banks as part of the government's disinvestment programme in her February budget speech.
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Blackstone, BlackRock, Abu Dhabi Investment Authority, Govt of Singapore Investment Corp and Capital International are understood to have held preliminary discussions.
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The Banking Laws (Amendment) Bill, 2021, to be introduced during the session is expected to bring down the minimum government holding in the PSBs from 51 per cent to 26 per cent, sources said.
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With mobile becoming an integral part of our daily life and its reach in every nook and corner of India coupled with high-speed internet, nothing seems unreachable and unwished.
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HDFC Ergo was the first insurer to launch a drone insurance cover in June 2020, followed by ICICI Lombard in August 2021, and Tata AIG last month. All these insurers offer a comprehensive insurance wherein an operator can opt for both hull and liability covers, for any commercial usage permitted by the aviation watchdog DGCA.
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Earlier, Infrastructure Leasing and Financial Services (IL&FS) said it has completed the sale of its 71.84 per cent stake in IL&FS Prime Terminals FZC to VTTI Terminal I BV.
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This is Annapurna's second equity infusion in as many years. Annapurna had raised $30 million equity from US-based Nuveen Global Impact Fund in March 2021.
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with Airtel Payments Bank, consistent rewards is a way of banking. People earn rewards on shopping, transactions, and so much more. So, rather than scouting for the next big deal, earn more from your transactions and payments.
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Stressed asset investment opportunities over next five years, emanating from existing stock of unresolved NPAs, fresh credit defaults, and special situation opportunities can be worth approximately USD 25 billion, the report by consultancy EY said.
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Earlier in the Union Budget Finance minister Nirmala Sitharaman announced that two public sector banks would be privatised this financial year.
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"It was observed that TCPSL was non-compliant with the directions issued by RBI on White Label ATM deployment targets and net-worth requirement. ATPL was non-compliant with the directions issued by RBI on maintenance of escrow account balance and net-worth requirement," it said.
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The USSD (Unstructured Supplementary Service Data) is a service that uses a short code for making transactions or inquiries. Since it does not need a data connection, the service is used by a large majority of people, primarily feature phone users, and is therefore also used as a medium for no-frills banking transactions.
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Industry players need a breather after recurring payments revamp. Given that extensive technological, operational and integrational aspects need to be developed, tested and deployed in the payments ecosystem, the RBI should consider a transitional timeline of 6-12 months for solutions such as tokenization to be implemented.
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City Union Bank Managing Director and CEO N Kamakodi said that though the older generations are much comfortable with the manual banking channel, many of them are now trying to use the digital channel also.
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In an order today, a bench of Justices MR Shah and Sanjiv Khanna said DVIL has to transfer the amount into a State Bank of India account by November 24, bringing the more-than-4-year old resolution saga to its climax.
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The government wants banks to also find linkages and converge Jan Dhan accounts with schemes such as the Atal Pension Yojana, PM SVANidhi, Stand Up India scheme and the Sukanya Samriddhi Yojana.
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The bank has increased its market share in the credit card business in the last one were after RBI banned market leader HDFC Bank in December last year. The ban was subsequently lifted in August but not before ICICI closed the gap with HDFC in terms of cards issued. The bank will tied up with companies like India Filings to help traders get key registrations and licenses such as trade license, Importer Exporter Code (IEC), GST registration.
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The bank wants to dissolve the entire board and remove the promoter family, as it believes the board is functioning in cahoots with the minority shareholders (the promoters), who should not have representation on the board.
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Equitas Small Finance Bank is in partnership with HDFC Bank, for a co-branded credit card. Equitas said that the partnership will draw on HDFC Bank's strengths in the credit card market and its substantial reach.
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IndusInd said the announcement regarding the hire of CEO wasn't correct because Shalabh Saxena hasn't yet resigned from Bharat Financial Inclusion.
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Cyber security firm CyberX9 had said that a vulnerability in the server of Punjab National Bank exposed the personal and financial information of its about 180 million customers for about seven months and that the bank fixed the vulnerability when CyberX9 notified PNB through CERT-In and NCIIPC.
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The strategic partnership is coming at a time when experts believe that the stressed asset situation in India will get more complicated. Indian banks are likely to see a rise in gross non-performing assets (NPA) to 8-9% of total lending at the end of this fiscal year from 7.5% last year, rating agency CRISIL said in October.
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The rise in repayments and growth in retail small and medium businesses also signals towards a healthy recovery in the economy, OkCredit said.
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The scheme says that depositors can claim upto Rs 50,000 at the end of three years and further can claim Rs 1 lakh at the end of four years, Rs 3 lakh at the end of five years and Rs 5.50 lakh at the end 10 years.
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Some Co-operative Societies are using the word “Bank” in their names in violation of Section 7 of the Banking Regulation Act, 1949 which is applicable to co-operative societies under the Act, according to the Reserve Bank. "Accordingly, co-operative societies cannot use the words “bank", "banker" or "banking" as part of their names, except as permitted under the provisions of BR Act, 1949 or by the Reserve Bank of India" the regulator clarified in a release.
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The new management at Spandana has also hired an independent agency to probe into issues concerning the IT system and operations of Criss Financial – a gold loan subsidiary of it, hinting that there is a suspicion of wrongdoings.
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After the amendment in the Banking Regulation Act, 1949, effective September 29, 2020, co-operative societies cannot use the words "bank", "banker" or "banking" as part of their names, except as permitted under the provisions or by the Reserve Bank of India (RBI).
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The Reserve Bank of India today placed in the public domain the draft scheme of amalgamation of the Punjab and Maharashtra Cooperative (PMC) Bank with Unity Small Finance Bank (USFB), which commenced operations from November 1, 2021.
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Niva Bupa Health Insurance Company (formerly Max Bupa Health Insurance Company) said it has been aggressively expanding its presence across Tier-II, III and IV cities, opening one new office every 3.5 days in the last year. Currently, Niva Bupa has a presence in 350 cities that will further increase to over 600 cities by FY2023-24.
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A report by IIT-Mumbai said that during April 2017 to September 2020, SBI had collected over Rs 254 crore towards at least 14 crore UPI/ RuPay transactions by charging Rs 17.70 per transactions on BSBDA (Basic Savings Bank Deposit Account) customers under the Pradhan Mantri Jan Dhan Yojana (PMJDY).
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PNB said "customer data/applications are not affected due to this" and "server has been shut down as a precautionary measure."
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