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Backed up by a "robust" mobile application called YONO - You Only Need One, SBI UK chief expects further interest in the account in the New Year as more Indian students and professionals make their way to the UK.
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The proposals -- if approved -- would allow the government to gradually lower its holding in state-run lenders to 26% from 51% without diluting its grip on management appointments, the people said, asking not to be identified as the deliberations are private.
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The bank had recently been authorised to collect direct taxes on behalf of the Central Board of Direct Taxes (CBDT).
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Country’s largest private sector lender HDFC Bank on Friday said its MSME book witnessed a 17 per cent year-on-year growth to over Rs 13,000 crore as of September-end in Uttar Pradesh.
As of September 30, 2021, the Micro, Small, and Medium Enterprises (MSME) loan book for Uttar Pradesh stood at Rs 13,154 crore, HDFC Bank said in a statement. The Mumbai-headquartered lender said it has offered loans to more than 66,000 MSMEs so far, in the most populous state in the country. Under the ECLGS scheme of the government, HDFC Bank has disbursed advances to over 5,950 MSME units in the state.
The Emergency Credit Line Guarantee Scheme (ECLGS) was introduced during the pandemic in May 2020, to provide financial assistance to the companies hit by the pandemic, and envisaged to provide Rs 3 lakh crore worth of unsecured loans to MSMEs and companies across the country. The ECLGS scheme had a September 2021 deadline.
HDFC Bank had started offering loans to MSMEs in Uttar Pradesh in 2004, and in the last 17 years, it has given loans to 66,869 companies in the state, the lender said.
These enterprises demonstrate the spirit of entrepreneurship that forms the backbone of economic growth. HDFC Bank has so far extended loans to MSME customers in more than 500 cities and towns covering 75 districts in the state of UP, it said. The bank has 537 branches in the state.
“MSMEs are the backbone of the economy and are amongst the largest job creators. We are proud to have been a partner in their growth journey with our world-class products,” Shyamal Singh, Regional Head, Business Banking Uttar Pradesh, HDFC Bank, said. He said, benefiting from the conducive policy environment, the enterprising state of Uttar Pradesh presents opportunities for MSMEs and banks alike. “To meet these requirements, we will expand to 30 more locations in the state as well as increase our digital footprint,” he added.
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HDFC Bank had started offering loans to MSMEs in Uttar Pradesh in 2004, and in the last 17 years, it has given loans to 66,869 companies in the state, the lender said. These enterprises demonstrate the spirit of entrepreneurship that forms the backbone of economic growth. HDFC Bank has so far extended loans to MSME customers in more than 500 cities and towns covering 75 districts in the state of UP, it said.
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Lakhs of employees of public sector banks continued their strike on the second day on Friday as well to protest against proposed privatisation of banks by the government impacting normal operation across the country.
Shutters of branches across many parts of the country on Friday were down following the strike call given by the United Forum of Bank Union (UFBU), an umbrella body of nine bank unions including All India Bank Officers’ Confederation (AIBOC), All India Bank Employees Association (AIBEA) and National Organisation of Bank Workers (NOBW).
As a result, services such as deposits and withdrawal at branches, cheque clearance and loan approvals remains paralaysed due to the two-day strike ending later in the day.
Public sector lenders, including State Bank of India, had informed customers that services in their branches might be affected due to the strike. However, the private sector, especially new generation private sector lenders, like HDFC Bank, ICICI Bank and Kotak Mahindra Bank, are working as usual.
The strike is against the government’s decision to privatise public sector banks which have been playing a vital role in nation building, (AIBEA) general secretary C H Venkatachalam said. AIBOC General Secretary Soumya Dutta said that about 7 lakh across the country are participating in the two-day strike.
In the Union Budget presented in February, Finance Minister Nirmala Sitharaman had announced the privatisation of two public sector banks (PSBs) as part of its disinvestment plan.
To facilitate privatisation, the government has listed the Banking Laws (Amendment) Bill, 2021, for introduction and passage during the current session of Parliament. The government has already privatised IDBI Bank by selling its majority stake in the lender to LIC in 2019 and merged 14 public sector banks in the past four years.
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Customers were inconvenienced due to the strike and as most of the ATMs ran dry due to the lack of replenishment.
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The two-day strike on December 16 and 17 was called by the United Forum of Bank Unions (UFBU). UFBU is an umbrella body of nine unions
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"We remain committed to our business in India and retain a significant presence onshore and in the region," UBS said in an emailed statement.
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MFIN is an industry association comprising of 58 NBFC-MFIs and 39 associates including banks, small finance banks (SFBs) and NBFCs. The industry served 5.65 crore unique borrowers, through 10.52 crore loan accounts as of September-end.
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In November, the RBI cautioned the public against co-operative societies using 'bank' in their names as well as accepting deposits from people who are not their members. The RBI had said in a statement that it has come to notice that some cooperative societies are using the word 'bank' in their names in violation of the Banking Regulation Act.
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Its deputy managing director (designate) Rajiv Anand also made it clear that there are no conversations around a deal with Spandana Sphoorty at present, denying reports of the third-largest lender being interested to buy the microlender.
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The RBI said," NBFCs have been growing in size and have substantial inter-connectedness with other segments of the financial system. Accordingly, a PCA Framework for NBFCs has also been put in place to further strengthen the supervisory tools applicable to NBFCs."
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Early this month, Ares SSG Capital-backed asset reconstruction company, Assets Care and Reconstruction Enterprise (ACRE) acquired Federal Bank’s debt, as reported by ET.
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Bank unions under the United Forum of Bank Unions (UFBU) umbrella have called a strike on December 16 and 17 against the proposed public sector bank privatisation. In the Budget 2021-22, the government had announced its intent to take up the privatisation of two public sector banks (PSBs).
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Shriram City Union Finance, the consumer finance arm of the group will be merged with Shriram Transport Finance, the larger commercial vehicle finance company of the group. The creation of a single lending entity is the second step for the group after it announced the creation of a management board to oversee the group's functioning late last month.
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According to the statistics given by the UFBU, the 13 corporates' outstanding dues were at Rs 4,86,800 crore and it was resolved at Rs 1,61,820 crore resulting in a loss of Rs 2,84,980 crore.
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PhonePe said offline merchant transactions on its platform have shown 200 per cent growth since last year, and it processed over a billion P2M (peer to merchant) transactions in the month of November.
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Hikes and bonuses will now be linked directly to the bank's performance, meaning increases for most staff will be identical and will be directly related to its profitability, two people familiar with the development said. The HR policy restructuring is an extension of its vision under chief executive Sandeep Bakhshi focused on "one bank.
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The appointment is effective from January 24, 2022, up to January 23, 2027, the private sector lender said in a statement. Suyash was managing director of rating agency CRISIL.
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State-owned Bank of Maharashtra (BoM) on Sunday announced a cut in interest rate on home loans to an all-time low of 6.40 per cent, from the existing 6.80 per cent under the 'Retail Bonanza-Festive Dhamaka' offer.
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The National Housing Bank (NHB) is scouting for an agency to collect data of unsold properties -- both underconstruction and ready-to-move-in ones -- across 50 cities from builders and developers for the computation of its key price index.
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Finance Minister Nirmala Sitharaman is expected to present the fourth budget of the Modi 2.0 government on February 1. It is to be noted that the net profit of PSBs surged to Rs 14,012 crore in the first quarter, which further rose to Rs 17,132 crore in the second quarter ended September 2021.
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The scheme seeks to provide insurance for bank deposits and guarantees credit given by banks and financial institutions. It aims to provide depositors time-bound access to their insured deposit amount, in case they are restricted from accessing their bank deposits.
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