KVG Bank joins hands with Mecwin Tech to finance solar pump-sets for farmers

Karnataka Vikas Grameena Bank (KVGB), the Dharwad-headquartered regional rural bank, and the Bengaluru-based Mecwin Technologies Ltd, which is involve from Business Line - Money & Banking https://ift.tt/3Gari...

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Equitas Holdings to fully divest stake in subsidiary ETPL ahead of merger with Equitas SFB

"Since ETPL is not engaged in financial services, the company is required to fully divest its investment in ETPL. Accordingly, the board of directors in its meeting held on January 7, 2022, approved sale of its entire shareholding in the company's subsidiary, ETPL," Equitas Holdings said in a regulatory filing on Saturday. from Banking/Finance-Industry-Economic Times https://ift.tt/3GarG...

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Consider bankers as frontline workers for booster dose: AIBOC to Nirmala Sitharaman

At all branches or offices, only 50 per cent staff should be physically present, and remaining staff should be allowed to work from home, it said, adding special status to bankers for availing public transport, including suburban railways under essential service category. from Banking/Finance-Industry-Economic Times https://ift.tt/3G2SF...

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CSB Bank MD & CEO takes early retirement, lender to set up panel to find successor

Seeks early retirement on health grounds from Business Line - Money & Banking https://ift.tt/3JRWU...

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CSB Bank MD&CEO takes early retirement, lender to set up panel to find successor

"The board further decided to constitute a search committee comprising the chairperson of the Nomination and Remuneration Committee and two members of the board, to identify and evaluate candidates, from within or from outside, for the position of Managing Director & CEO," the bank said in the filing. from Banking/Finance-Industry-Economic Times https://ift.tt/3f13u...

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IBBI Chairperson: WTM Navrang Saini’s additional charge further extended till March 5

Saini is due to complete his tenure in IBBI on March 5 from Business Line - Money & Banking https://ift.tt/3HPRr...

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Third Covid surge: FM Sitharaman asks PSBs to bolster preparedness, keep lending

Finance minister Nirmala Sitharaman on Friday reviewed state-run banks’ preparedness to deal with any pandemic-induced disruption in the wake of a spike in Covid cases over the past few days. At the same time, the banks have been asked to keep satiating the credit appetite of the economy. The top executives who attended the virtual meeting told the minister that public-sector banks (PSBs) are “adequately capitalised and prepared for any stress scenarios in future”, the finance ministry said in a statement. The meeting came days after the Reserve Bank of India, in its Financial Stability Report, projected that gross non-performing assets (NPAs) of commercial banks may jump to 9.5% by September...

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HDFC Bank starts online customs duty payment facility for customers

HDFC Bank’s integration with Central Board of Indirect Taxes and Customs (CBIC) ICEGATE platform has gone live, allowing customers to pay for their customs duty directly via the bank. With this, the bank will offer customers the convenience of directly paying customs duty by selecting HDFC Bank, the lender said on Friday. This follows authorisation by the Principal Chief Controller of Accounts of CBIC to collect IGST on import and export of goods and services. HDFC Bank said it has facilitated both retail and wholesale payments of customs duty. With HDFC Bank on board, clients would no longer need to route payments through other bank accounts. This integration also offers the bank the opportunity...

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HDFC Bank goes live for Customs Duty payments

Gives the bank the opportunity to acquire current accounts of customers who bank with others that do not offer this facility from Business Line - Money & Banking https://ift.tt/3qZhF...

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HDFC Bank starts online customs duty payment facility for customers

With HDFC Bank on board, clients would no longer need to route payments through other bank accounts. This integration also offers the bank the opportunity to acquire current accounts of customers who bank with others that do not offer this facility, it said in a release. from Banking/Finance-Industry-Economic Times https://ift.tt/3tdtj...

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FM Nirmala Sitharaman reviews PSBs’ readiness to tackle any Omicron-induced disruption

Finance Minister Nirmala Sitharaman on Friday chaired a meeting with chiefs of public sector banks and assessed their readiness to tackle any possible disruptions due to the Omicron variant. In a tweet, the Finance Ministry said during the meeting with CMDs/MDs, held through virtual mode, the minister also reviewed various steps taken by PSBs in implementing pandemic-related measures initiated by the government and RBI. “During the review meeting, FM Smt. @nsitharaman assessed various steps taken by PSBs in implementing pandemic-related measures initiated by GoI and RBI and readiness to tackle possible future disruptions that may occur due to the ongoing variants of the #COVID19 pandemic,” it...

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Relief to bankers: CVC expands scope of Advisory Panel on bank frauds to cases above ₹3 crore

This panel will now examine all bank frauds above ₹3 crore as against earlier threshold of ₹50 crore from Business Line - Money & Banking https://ift.tt/3JHBv...

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IndusInd Bank closes first set of structured derivative transactions with leading corporates

The bank undertook swaption and forex barrier options trades with a large corporate client and a large diamond client from Business Line - Money & Banking https://ift.tt/3GjS3...

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Lack of consistent income key reason for most people being out of financial inclusion: Nabard

Sixteen vans are given by the National Bank for Agriculture and Rural Development (Nabard) to spread awareness among people, which will display schemes of the government and facilities of banks. Out of these 16, four were inaugurated in Aurangabad by Union Minister of State for Finance Bhagwat Karad. from Banking/Finance-Industry-Economic Times https://ift.tt/3JYVS...

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Irdai to set up hubs on motor, property insurances

The regulator Irdai on Thursday decided to set up two hubs on motor insurance and property insurance and also an advisory committee with the overall objective to promote loss prevention measures in the general insurance industry from Banking/Finance-Industry-Economic Times https://ift.tt/3qYns...

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Paytm enables users to ‘Tap to Pay’ from their virtual cards at retail outlets

This service will be available to carry out digital transactions even if there is no mobile data or internet connection. from Business Line - Money & Banking https://ift.tt/3q07Q...

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Third wave could revive the demand for restructuring of loans: ICRA

The threat of the third wave of Covid-19 risks banks’ asset quality, especially the restructured loan book, cautioned ICRA.The third wave could revive from Business Line - Money & Banking https://ift.tt/3F0NQ...

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Tata Capital unveils ‘Flexi Plus Loans’ across product categories

The loans will be available across secured and unsecured offerings from Business Line - Money & Banking https://ift.tt/3pXHD...

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EarlySalary crosses ₹5,000 crore loan disbursement in December 2021

The company in a statement said it has grown 300 per cent since the previous year from Business Line - Money & Banking https://ift.tt/3ETtV...

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Airtel Payments Bank, Park+ tie up to offer FASTag-based smart parking solutions

Airtel Payments Bank is among the top five issuers of FASTag in the country, the statement said adding that customers can purchase a FASTag in a matter of a few clicks from the banking section of the Airtel `Thanks App'. from Banking/Finance-Industry-Economic Times https://ift.tt/3zE8j...

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Third wave of COVID-19 to pose risk to asset quality of banks: ICRA

A third wave poses a high risk to the performance of the borrowers that were impacted by the previous waves and hence poses a risk to the improving trend of asset quality, profitability and solvency, said ICRA Vice-President (Financial Sector Ratings) Anil Gupta. from Banking/Finance-Industry-Economic Times https://ift.tt/3HGQv...

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Third wave of Covid-19 to pose risk to asset quality of banks: Report

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

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Bank of Maharashtra mulls ₹1,700 cr fund-raise via QIP and FPO by March 2023

BoM intends to shore up capital from sources other than the Government and diversify the investor base. from Business Line - Money & Banking https://ift.tt/3n0Ma...

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BridgeUp: India’s first Recurring Revenue Trading Platform

from Banking/Finance-Industry-Economic Times https://ift.tt/3eUVF...

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NPCI, Jio roll out UPI Autopay for prepaid and postpaid users

Jio customers can now set standing instructions on theMyJio AppusingUPI Autopayfor their tariff plans from Business Line - Money & Banking https://ift.tt/32Mhv...

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Ujjivan Small Finance Bank's Company Secretary & Compliance Officer resigns

"His resignation would be effective from April 04, 2022 (close of business hours) after serving the applicable notice period. Consequently, he shall also cease to be a Key Managerial Personnel of the Bank in terms of Section 203 of the Companies Act, 2013 and other Applicable Laws," the filing said. from Banking/Finance-Industry-Economic Times https://ift.tt/3JOaa...

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Google Cloud ties up with CryptoWire to develop blockchain, crypto ecosystem

CryptoWire will explore Google Cloud’s advanced solutions including smart data analytics, machine learning, and artificial intelligence to deliver a superior customer experience from Business Line - Money & Banking https://ift.tt/330tB...

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Banks likely to report biz growth amid virus worries

Analysts expect non-state banks to report 9% growth in pre-provision operating profit and a 21% expansion in net profit. A recovery in business growth, higher fee income and a gradual reduction in credit costs are seen as the factors that drove profit growth. from Banking/Finance-Industry-Economic Times https://ift.tt/3mZLj...

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Edelweiss Alternate assets head Hemant Daga resigns

Daga, one of the senior most officials at Edelweiss, is understood to have setting up his-won asset management firm. Daga earlier headed Proprietary Trading business for Edelweiss as well as managed a multi asset multi strategy desk. He moved to Edelweiss from ICICI Bank. from Banking/Finance-Industry-Economic Times https://ift.tt/3pWKr...

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FincFriends raises $1 mn in debt from Eclear Leasing

To increase its loan book through lending platform RupeeRedee from Business Line - Money & Banking https://ift.tt/31xSw...

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Kotak Life mulls raising term insurance rates

However, the insurer is optimistic about the industry’s outlook from Business Line - Money & Banking https://ift.tt/3EYc0...

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Banks report robust credit growth led by retail, SME segments

Omicron and third wave may have limited impact on disbursements, say analysts from Business Line - Money & Banking https://ift.tt/3qQcb...

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36% urban Indians oppose crypto law, survey finds

More than half of crypto investors said they’ll hold off on buying or selling until markets stabilise from Business Line - Money & Banking https://ift.tt/32Jiv...

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ICICI Bank facilitates payment of customs duty online

The facility is available for both retail and corporate customers from Business Line - Money & Banking https://ift.tt/3q46h...

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RBI prompts primary dealers to trade in Retail Direct

The move should encourage them to participate in the first ever platform for individuals, who are willing to invest in sovereign bonds directly without mutual fund plans. This in turn, will help in the market making as primary dealers are billed as key players to support retail investments. from Banking/Finance-Industry-Economic Times https://ift.tt/3mWDt...

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Banks see revival in credit growth in December quarter

“HDFC Bank’s provisional business data is encouraging given the strong momentum in relatively higher yielding retail, commercial segment and CASA,” said Darpin Shah, VP, Haitong Securities. “We believe the improvement in these parameters is expected to drive net interest margins.” from Banking/Finance-Industry-Economic Times https://ift.tt/3ERXi...

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YES Bank net advances up 4% to Rs 1,76,422 crore by December-end

Yes Bank’s net advances grew by nearly 4 per cent to Rs 1,76,422 crore on a provisional basis as of December 31, 2021, the bank said on Tuesday. Net advances amounted to Rs 1,69,721 crore as of December 31, 2020. According to the provisional data released by the bank, the gross retail disbursements during the December quarter was Rs 9,233 crore, up from Rs 7,470 crore in year ago quarter. The deposits rose by 26 per cent year-on-year to Rs 1,84,289 crore at end of December 2021, as against Rs 146,233 crore, Yes Bank said in a regulatory filing. Bank’s credit to deposit ratio was 95.7 per cent at December 31, 2021 as compared with 116.1 per cent from the same period a year ago. Stock of Yes Bank...

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HDFC Bank posts 16.4% year-on-year growth in advances to ₹12.60 lakh crore

During Q3, HDFC Bank’s total deposits increased by ₹39,700 crore from Business Line - Money & Banking https://ift.tt/3FStz...

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India’s digital loan sharks face crackdown as complaints mount

Banned apps simply move to third-party platforms such as Aptoide, he said, or advertise through text messages. Consumers sometimes take out loans with no intention of paying them back. The apps, in turn, use mafia-like collection tactics. from Banking/Finance-Industry-Economic Times https://ift.tt/3HwDC...

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NPCI Bharat BillPay introduces Unified Presentment Management System for recurring bill payments

UPMS will enable the customers to set up standing instructions from any channel and for any mode on their recurring bill payments from Business Line - Money & Banking https://ift.tt/3HvWR...

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…the name is Bond, Corporate Bond

from Banking/Finance-Industry-Economic Times https://ift.tt/331We...

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Dhanlaxmi Bank loans grow 11%, highest in 10 qtrs

After struggling with credit growth for over two years, the Thrissur-headquartered Dhanlaxmi Bank has turned the tide. The bank has also ended an impasse with key shareholders over the appointment of an auditor. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/349sr...

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Covid-19 third wave may dent banks’ recovering asset quality, say analysts

By Piyush Shukla The recovering asset quality of banks may get impacted if the Omicron variant of Covid-19 causes a third wave of infections, triggering localised lockdowns, analysts said. Banks could see an impairment in advances to self-employed segment, microfinance, unsecured consumer retail, commercial vehicle, and small and medium enterprises (SME), according to analysts. According to domestic rating agency ICRA, total standard restructured loans of banks are estimated at 2.9% of standard advances, and these largely include borrowers that were impacted by the first and second waves of the pandemic. The threat of a third wave poses high risk to the performance of the restructured loan...

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SFBs will continue to see elevated credit costs in FY22: ICRA

Small Finance Banks (SFB), which witnessed a decline in collections and subsequent weakening of the asset quality during second wave of Covid-19, will continue seeing elevated credit costs in the current fiscal (2021-22), leading to subdued profitability, domestic rating agency ICRA said in a report on Monday.ICRA said the overall risk profile of SFBs’ portfolio remains high due to higher proportion of unsecured loans despite such lenders entering retail asset classes such as vehicle loans, business loans, loan against property  and housing finance over the last few years.  According to ICRA’s estimate, SFBs’ asset quality deteriorated, with reported gross non-performing assets (GNPAs)...

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Dhanlaxmi Bank reports 11% growth in gross advances

Touches ₹7,557 crore as at December-end 2021 against ₹6,837 crore as at December-end 2020 from Business Line - Money & Banking https://ift.tt/3qFs1...

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Federal Bank reports 12% y-o-y growth in gross advances

The bank’s total deposits were up 9 per cent y-o-y at ₹1,75,432 crore from Business Line - Money & Banking https://ift.tt/3zrz7...

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RBL Bank’s deposits decline 2.58% q-o-q

The bank’s low-cost CASA deposits declined by ₹1,418 crore to ₹25,316 crore as at December-end 2021 from Business Line - Money & Banking https://ift.tt/3mQeS...

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RBI gives approval to Fino Payments Bank's international money transfer service

The customer segment of Fino Bank at the middle of the pyramid is targeted to families of many of the people working in foreign countries, Fino Bank said. The money remitted by family members abroad can now be directly withdrawn at the nearest micro-ATM or Aadhaar-enabled payment services (AEPS)-enabled Fino Bank's neighbourhood merchant point. from Banking/Finance-Industry-Economic Times https://ift.tt/34gKl...

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Segment-based health products will be our path: Niva Bupa CEO Krishnan Ramachandran

The firm grew 70 per cent in FY21, as compared to the industry growth of 41 per cent, supported by strong retail business from Business Line - Money & Banking https://ift.tt/3Hw8O...

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Can Shriram Group’s RT finally retire now?

After many attempts, Shriram group has yet again come up with a succession plan and a new structure. Will it work? from Business Line - Money & Banking https://ift.tt/3qBcb...

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Improved demand, recovery to boost microfinance industry

Sector expects disbursements to pick up momentum by fourth quarter of this fiscal from Business Line - Money & Banking https://ift.tt/3zhf5...

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RBI’s rejection of bids at G-Sec auction saves banks from more MTM losses

Last traded yield of 10-year G-Sec was 6.45 per cent as on December-end 2021 from Business Line - Money & Banking https://ift.tt/3ELMk...

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More crypto exchanges to find taxmen knocking their door this year

Investigation on nearly half-a-dozen exchanges found GST evasion, and collected over ₹70 cr. from Business Line - Money & Banking https://ift.tt/3sNPw...

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NBFCs to witness revival in growth this year; may see slight uptick in NPAs

Non-banking financial companies (NBFCs) showed resilience in 2021 despite the coronavirus pandemic woes and are expected to witness continued momentum in growth this year. This year, the growth will be driven by the uptick in the economy, stronger balance sheet, higher provisions and improved capital positions of NBFCs. On the other hand, gross non-performing assets (NPAs) of NBFCs are likely to rise, following the Reserve Bank of India’s (RBI) move to tighten the NPA norms in November 2021. “Our baseline assumption is that the worst is behind them (NBFCs) and things will start improving here on. We expect NBFCs to show higher growth and they will benefit from the economy moving up,” Crisil...

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NBFCs to witness revival in growth this year; may see slight uptick in NPAs

The asset under management of shadow banking players is expected to grow at 6-8 per cent in the current financial year and 8-10 per cent in the next financial year, Sitaraman said. from Banking/Finance-Industry-Economic Times https://ift.tt/3mOqZ...

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Non-life insurance to witness consolidation in 2022

It is going to be more than seven months since the Insurance Regulatory and Development Authority of India (IRDAI) is without a Chairman. There are many old regulations that need to be reviewed, senior industry officials told IANS not wanting to be quoted. from Banking/Finance-Industry-Economic Times https://ift.tt/3ENqA...

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