RBI appoints Yogesh Dayal as additional director on RBL board

The appointment is for a period of two years, effective December 24, 2021, till December 23, 2023, or till further orders, whichever is earlier from Business Line - Money & Banking https://ift.tt/3syxk...

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Re-examination of tax incentives to encourage philanthropy urgently required: CSIP Director

Study says rate of incentives has declined due to policy changes even as lower personal income tax rates and abolition of inheritance and wealth taxes reduce attractiveness of tax incentives from Business Line - Money & Banking https://ift.tt/3Fs2y...

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PNB enters into co-lending arrangement with Lendingkart

Punjab National Bank (PNB) has entered into a co-lending arrangement with Lendingkart Finance Limited as part of its efforts to improve the flow of cr from Business Line - Money & Banking https://ift.tt/3eDWk...

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Govt likely to float new 10-year benchmark soon

Coupon rate may be in the 6.40-6.50 per cent range from Business Line - Money & Banking https://ift.tt/30Wxp...

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ED releases Nirav’s assets for auction to recover dues

The Enforcement Directorate (ED) has de-attached assets worth Rs 1,000 crore, including the building that once housed Rhythm House music store at Kala Ghoda, a Nepeansea Road flat, an office building in Kurla and jewellery, of diamantaire Nirav Modi on court order for auction to recover the Punjab National Bank (PNB) dues. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/30VL5...

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G-Sec yields rise as RBI devolves three securities

4th G-Sec auction raised ₹7,000 crore from Business Line - Money & Banking https://ift.tt/3ekCd...

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Paytm Lending CEO gets additional role, will lead offline payments vertical

Paytm plans to hire over 30 senior leaders for product, technology and business roles from Business Line - Money & Banking https://ift.tt/3H8rN...

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RBI imposes Rs 30 lakh penalty on MUFG Bank

The Reserve Bank of India on Friday said it has imposed a penalty of Rs 30 lakh on MUFG Bank Ltd for non-compliance with the directions issued by it on “Loans and Advances — Statutory and Other Restrictions”. The central bank has also imposed penalties on two cooperative banks for deficiencies in regulatory compliance. MUFG Bank was earlier known as The Bank of Tokyo-Mitsubishi UFJ, Ltd. The RBI said the statutory inspection for supervisory evaluation of MUFG Bank, with reference to its financial position as of March 31, 2019, revealed, inter alia, non-compliance with the direction to the extent that the bank had sanctioned loans and advances to companies whose board of directors included person(s)...

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Retail credit demand outlasts festival season: TransUnion CIBIL COO

Credit-card spending crossed all-time high of ₹1-lakh crore in October from Business Line - Money & Banking https://ift.tt/3eo9c...

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Financial inclusion fosters societal intolerance to inflation: RBI Deputy Guv Patra

Sustaining thrust on financial inclusion will leave the RBI better off in achieving monetary policy transmission he said from Business Line - Money & Banking https://ift.tt/3ms9d...

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Banks roll over Financial Year 2022 AT-1 bonds

Public sector banks have managed to successfully roll over their AT-1 (additional tier-1) bonds that were due for call option in FY22. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/30TQU...

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A/c not KYC-compliant? Banks, fin cos will freeze it from Jan 1

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/3poVN...

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Banks, NBFCs need to build co-lending focused products for model to succeed, says Union Bank MD

Banks and non-banking finance companies (NBFCs) need to evolve co-lending specific loan products for the share of such assets to meaningfully increase in size, Union Bank of India managing director and chief e Union Bank of India xecutive officer (MD & CEO) Rajkiran Rai G said on Thursday. Speaking at the virtual FICCI-IBA banking conference, Rai said the co-lending model enables lenders to reach the unserved, NBFCs to tap banks’ high capital base at lower costs and at the same time serves customers’ interest. However, different practices adopted by banks and NBFCs for underwriting loans, collection, valuation, and margins are a challenge in the present co-lending model. “We (banks) are...

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Rural credit demand picking up but challenges remain

The credit demand from the rural economy is picking up, but challenges still exist in terms of last-mile connectivity, linguistic issues and limited structured financial information of consumers living in these areas, bankers said at the virtual FICCI-IBA banking conference held on Thursday. “From quarter 1 to quarter 2 (April-September), we have seen a huge jump in growth in home loans as far as tier-II and beyond cities are concerned…There is a 26% increase in the number of projects that are coming up for real estate in tier-II and beyond cities. The growth of home loans is more than 11%, which is better than the metro average. As far as State Bank of India is concerned, 60% of our home loan...

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Govt asks banks to share details of 'interest on interest' charged

An official confirmed the development and said that information has been sought on the methodology used for calculating the amount to be refunded or adjusted for different facilities. from Banking/Finance-Industry-Economic Times https://ift.tt/3ehUD...

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HSBC to acquire L&T Mutual Fund for $425 million

L&T Mutual Fund is ranked 12 out of 44 in the Indian mutual fund industry. Equity assets account for Rs 41,000 crore of the total cited above. HSBC is at 23 with assets of Rs 11,314 crore, of which equity accounts for Rs 4,264 crore. L&T Mutual Fund has 2.4 million active folios, is empaneled with leading banks and has a presence in 65 locations. from Banking/Finance-Industry-Economic Times https://ift.tt/32qRB...

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Kerala Financial Corp aims to double its loan portfolio size to ₹10,000 crore

Will focus on digital lending, technology upgradation in the coming years from Business Line - Money & Banking https://ift.tt/32dLh...

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IIFL Home Finance eyes Rs 24,000 crore AUM by March-end

By Piyush Shukla IIFL Home Finance is targeting assets under management (AUM) growth of 15-16% on a year-on-year basis to at least Rs 24,000 crore by March end, the company’s executive director and chief executive office (ED & CEO) Monu Ratra told FE. Ratra said that disbursements momentum has meaningfully picked up from June onwards and the first two months of third quarter, October-December, were ‘very promising’ in terms of credit growth. As on September end, IIFL Home Finance’s assets under management stood at Rs 21,474 crore and 99% of the housing loan customers onboarding was done via digital channels in the quarter ended September. In July-September, the housing financier’s disbursements...

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Physical and digital modes of financial services to co-exist in India: SBI chairman Dinesh Kumar Khara

"In India, we serve a variety of customers. We also serve those who are digital savvy and who would not like to have anything physical but on phone clicks. There are also customers who have financial and digital literacy as a major concern. from Banking/Finance-Industry-Economic Times https://ift.tt/30PA8...

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Online merchants can lose up to 40 pc revenues after December 31 due to tokenisation of user card info

The aim of the session was to bring to light the problems consumers were going to face from next year due to the RBI deadline of December 31 for tokenisation, CII said in a statement. from Banking/Finance-Industry-Economic Times https://ift.tt/3pkSX...

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Kotak Bank arm acquires portfolio from exiting Ford's captive finance unit

The deal comes three months after Kotak Mahindra Group's acquisition of the vehicle financing loan portfolio of Volkswagen Finance comprising passenger cars, two-wheelers and commercial vehicles. from Banking/Finance-Industry-Economic Times https://ift.tt/3pjC6...

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MPC Meet: RBI Governor for continued policy support amid headwinds ’emanating from global factors’

Uncertainty is emerging as the only certainty, said RBI Governor Shaktikanta Das as he emphasised on continued policy support at the December MPC meet during which members expressed concerns over spread of the Omicron variant of coronavirus, as per the minutes of the rate-setting panel released on Wednesday. After three days of deliberations, the six members of the Monetary Policy Committee (MPC) on December 8 unanimously voted for status quo on policy rates for the ninth consecutive time. At the meeting, the RBI Governor said risks stalking the global economy have amplified with rapid spread of the virus mutations, including the Omicron variant, leading to countries scrambling for restrictions. These...

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Public digital infra to facilitate financial inclusion, says Viral Acharya

He talked at the Almus Rupee Money Conference 2021 held on December 3 and 4. from Business Line - Money & Banking https://ift.tt/3pfWW...

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Supply chain fintech company Veefin raises $3 million in Series A funding round

Fresh funding will be used to build product and engineering teams from Business Line - Money & Banking https://ift.tt/3qbEN...

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Physical and digital modes of financial services to co-exist in India: SBI chairman

SBI Chairman Dinesh Kumar Khara on Wednesday said physical and digital modes of financial services delivery models will co-exist in India due to a wide geographical space. “In India, we serve a variety of customers. We also serve those who are digital savvy and who would not like to have anything physical but on phone clicks. There are also customers who have financial and digital literacy as a major concern. “So I think its not either/or situation perhaps for a country like India, the digital and physical, both will co- exist, its going to be phygital,” Khara said while speaking at the FIBAC 2021, jointly organised virtually by FICCI and IBA. On the emergence of the co-lending model in India,...

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MPAI, ADIF urge RBI to extend deadline for card on file tokenisation

Cite several operational challenges from Business Line - Money & Banking https://ift.tt/3qgPs...

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Technology bringing disruption in financial services sector, need for level-playing field: KV Kamath

"I think it is up to us bankers to make the case with the regulator what is required there to make the level playing field," Kamath said while delivering the inaugural address at the 'FICCI-FIBAC 2021' virtual event on Tuesday. from Banking/Finance-Industry-Economic Times https://ift.tt/3ehKH...

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Yes Bank gets nod to raise Rs 10,000 crore equity

Yes Bank’s board on Tuesday approved a proposal to raise Rs 10,000 crore through issue of equity or equity-linked instruments. The bank had said that it will now seek approval from shareholders. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/30RDt...

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Google Pay, Mastercard ink pact to provide tokenised card payments

Mastercard and Google on Tuesday announced a partnership through which Google Pay users can transact using Mastercard credit and debit cards on the app. Mastercard cardholders will be able to make payments through a digital token without sharing card details with merchants. Google Pay Android users will be able to scan and pay across all Bharat QR-enabled merchants and tap-and-pay machines, and make in-app transactions with their respective cards. In case the mobile device is misplaced, card details will remain secured as a digital token. The token can be updated by the card issuer in case of loss, expiration or replacement of the card. For registration, users will have to carry out a one-time...

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Niva Bupa aims to achieve Rs 5,000 cr GWP; to expand footprint by FY23-24

Standalone health insurance player Niva Bupa Insurance, formerly Max Bupa Health Insurance, was eyeing to clock Rs 5,000 crore on its Gross Written Premium at the national level and Rs 800 crore in southern region by financial year 2023-24, the company said on Tuesday. from Banking/Finance-Industry-Economic Times https://ift.tt/3ed2C...

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Recovery chances look slim for Rs 20,000 crore of micro loans

Microfinance lenders including banks and small finance banks may find it difficult to recover about Rs 20,000 crore worth of loans, which will be nearing 270 days past due (DPD) by the end of December. from Banking/Finance-Industry-Economic Times https://ift.tt/3JbuE...

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No Cabinet decision on privatisation of two Public Sector Banks: FM Nirmala Sitharaman

The Cabinet has not taken any decision on privatisation of two Public Sector Banks (PSBs), which the government had announced in Budget 2021-22, Parliament was informed on Tuesday. In the Union Budget for financial year 2021-22, the government had announced its intent to take up privatisation of two PSBs in the year and approval of a policy of strategic disinvestment of public sector enterprises, Finance Minister Nirmala Sitharaman said in a written reply in the Rajya Sabha on Tuesday. She was responding to a question on privatisation of two PSBs. The objectives of the policy include enablement of growth of public sector enterprises through infusion of private capital, technology and best practices,...

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Reliance General Insurance to launch nine sandbox approved products

Three are from the telematics segment and , while the rest are designed to address current and future policy requirements of customers from Business Line - Money & Banking https://ift.tt/3Eh5z...

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IT raids on 4 ARCs: Banks may become wary about selling NPAs

Bankers fear old cases of NPA sale to ARCs being opened up from Business Line - Money & Banking https://ift.tt/3GYrq...

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Mastercard and Google Pay partner for tokenisation for card-based payments

Google Pay Android users can scan and pay across all Bharat QR-enabled merchants from Business Line - Money & Banking https://ift.tt/3EghA...

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Banks, merchants seek permission from customers to tokenise card data

Full preparedness of the ecosystem is still some time away though most large banks and merchants are ready for the new norms that come into effect from January 1 from Business Line - Money & Banking https://ift.tt/32m6x...

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SBI invests Rs 100 cr in JSW Cement

The investment is by way of compulsorily convertible preference shares to acquire minority stake in JSW Cement from Business Line - Money & Banking https://ift.tt/32gI7...

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Banks recovered Rs 13,109 crore from sale of fugitives’ asset: Finance Minister Nirmala Sitharaman informs Parliament

Banks have recovered as much as Rs 13,109 crore from the sale of assets belonging to fugitive economic offenders Vijay Mallya, Nirav Modi and Mehul Choksi, finance minister Nirmala Sitharaman told Parliament on Monday. Replying to a discussion on the second batch of supplementary demands for grants, which was approved by the Lok Sabha amid protests by the Opposition, Sitharaman said the latest recovery from such sales was to the tune of Rs 792 crore on July 16, 2021, as she highlighted the government’s resolve to ensure the fugitives were made to pay for their illegal activities. The government had sought Parliamentary clearance to spend an additional Rs 3.74 lakh crore during the current fiscal....

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Retail and SME will be our focus: JK Shivan, MD & CEO, Dhanlaxmi Bank

Problems seem to be never-ending for Thrissur-based Dhanlaxmi Bank. Part-time chairman and independent director G Subramonia Iyer resigned from the board of directors this month. The board is engaged in a court battle with major shareholders and the lender reported a 74% Y-o-Y decline in its net profit to Rs 3.66 crore for the second quarter. JK Shivan, MD and CEO, talks to Rajesh Ravi on the lender’s performance and future outlook. Excerpts: Review of the second quarter performance?Total business has marginally grown YoY and there is improvement in CASA which stands at 34%. The cost of funds has significantly reduced to 4.70%. Low CD ratio is a concern contributing to lower income. What is...

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IDBI bank only has 16.72 crore outstanding loans to Sanghavi Exports: Stock Exchange Filing

The bank also stated that the account has been declared a non-performing asset and has been fully provided for. The lender has taken action to recover its dues as per its filing to the stock exchanges. from Banking/Finance-Industry-Economic Times https://ift.tt/3mkBn...

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Banks to offer ₹5,000 OD to women SHG members

It comes in the backdrop of looming threat of Omicron, which could impact incomes from Business Line - Money & Banking https://ift.tt/3yLQI...

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Bank employees responsible for customer's trust, not to be reinstated in case of loss of confidence: HC

​​ Justice Prathiba M Singh, while setting aside an industrial tribunal's order rejecting the termination of a bank employee who allegedly transferred funds to his personal accounts, stated that customers repose their faith in bank officials who enjoy a fiduciary relationship with them and even a suspicion of misconduct based on some evidence is sufficient to uphold their dismissal from service. from Banking/Finance-Industry-Economic Times https://ift.tt/3pcmG...

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Banks recover Rs 13,100 cr from assets sale of defaulters like Vijay Mallya, Nirav Modi: Nirmala Sitharaman

She said this while replying to a discussion on the second batch of Supplementary Demands for Grants which was approved by the Lok Sabha amid uproar by the Opposition over various issues. from Banking/Finance-Industry-Economic Times https://ift.tt/3pdKY...

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Axis Bank leads race for Citi’s India retail business

Citigroup had in April announced its decision to exit its consumer banking operations in India from Business Line - Money & Banking https://ift.tt/3e9sP...

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PSBs recover more than Rs 5.49 lakh crore over last 7 fiscal years: Govt in Lok Sabha

​​To a question related to PAN Card, Minister of State for Finance Pankaj Chaudhary said in some cases, persons have been allotted more than one PAN. However, all duplicate PAN cards, as per record, have been de-duplicated, he said. The number of PANs which have been de-duplicated is 12,12,527, he said, and added this does not include PANs which have been re-activated over a period of time. from Banking/Finance-Industry-Economic Times https://ift.tt/3Eqjg...

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Edelweiss General Insurance and PhonePe partner for digital motor insurance

Edelweiss General Insurance has partnered with PhonePe for digital motor insurance products. “The partnership will help EGI reach out to PhonePe’s vas from Business Line - Money & Banking https://ift.tt/33zCU...

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Reliance Naval lenders asked not to vote on resolution plan

Resolution professional (RP) Sudip Bhattacharya, backed by Duff and Phelps, has now cancelled voting on a plan scheduled for December 21. The RP has not yet admitted Citi Securities' ₹2,538-crore claim on the bankrupt shipbuilding company. from Banking/Finance-Industry-Economic Times https://ift.tt/3J1g7...

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NCLT rejects GVFL plea against Hubtown

The ruling is expected to impact several such investment structures entered into by developers and financiers. GVFL had filed four petitions, claiming that it, as a secured shareholder, was entitled under the shareholder pact to call upon the developer, as the original promoter, to buy back shares at a minimum 26% IRR per annum. from Banking/Finance-Industry-Economic Times https://ift.tt/3FcU4...

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Razorpay raises $375 million

Valued at $7.5 billion, the fintech pans to expand in S-E Asia from Business Line - Money & Banking https://ift.tt/30Fy4...

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Applications to apps: A new banking era

Online consumerism, demand for personalised experience give rise to neobanks. from Business Line - Money & Banking https://ift.tt/3yDX0...

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IITL to sell entire stake in Future Generali Life for ₹225 cr

Subject to approvals, the transaction is likely to be completed before June 30, 2022. from Business Line - Money & Banking https://ift.tt/3yIo4...

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Indian corporates have more headroom to borrow: Study

The decline in investments post the global financial crisis cannot be solely attributed to weak economic conditions. Leverage has a greater role in determining the investment pattern of the corporates with there being a negative relation between the two. from Banking/Finance-Industry-Economic Times https://ift.tt/3GUaM...

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NCLT admits IDBI Bank's plea against Osian's Connoisseurs

The National Company Law Tribunal (NCLT) also appointed Girish Sriram Juneja as interim resolution professional (IRP) to oversee its day-to-day affairs and revival plans.Mumbai-based Osian's Connoisseurs is a pioneer art institution and auction house, and it houses an archive, library and a collection of antiquities, miniatures, sculptures as well as other cultural artefacts. from Banking/Finance-Industry-Economic Times https://ift.tt/3yEhU...

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The rise and rise of pension plans

As Covid-hit people looked for security in golden years, both NPS and Atal Pension Yojana surged 30% in number of subscribers & value the past year from Business Line - Money & Banking https://ift.tt/3miHC...

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