Taxing crypto, a right of sovereign, says FM

Banning or not banning a separate issue, to be decided later from The HinduBusinessLine - Money & Banking https://ift.tt/Kvt1c...

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BharatPe CEO Suhail Sameer says interim report on governance lapses in 2 weeks

BharatPe chief executive Suhail Sameer in a communication to employees has stated that there were a couple of “serious allegations” of governance lapses, which warranted a fine-tooth-comb audit of governance practices by outside experts. He requested them to keep their trust in the leadership amid co-founder Ashneer Grover’s tussle with the company’s board and said the interim report of the auditors should come in the next couple of weeks. Sameer did not elaborate on the allegations. Grover, who was sent on a three-month leave following allegations of using abusive language against Kotak Mahindra Bank staff and fraudulent practices, has denied all allegations. BharatPe CEO in the letter to employees,...

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BharatPe CEO writes to employees, tries to assuage concerns

Earlier, Suhail Sameer claimed that January 2022 was the best ever for the company in terms of revenue and margins from The HinduBusinessLine - Money & Banking https://ift.tt/p4hsj...

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Tata AIA Life Insurance launches flexible annuity solution

Says it aims to help consumers bridge the gap in terms of adequate retirement planning and income from The HinduBusinessLine - Money & Banking https://ift.tt/PAKwL...

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RBI’s super dovish policy to keep loan, bank rates soft

Reserve Bank of India (RBI) governor Shaktikanta Das on Thursday surprised markets with a super dovish monetary policy that not only left rates unchanged but also retained the accommodative stance. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/eRDGS...

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Hero FinCorp first Indian company to secure new benchmark loan

SOFR, a new international benchmark, has come into existence to replace the London Interbank Offered Rate or LIBOR from January 1. from Banking/Finance-Industry-Economic Times https://ift.tt/pKM5P...

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In current times, policies cannot be a 'question of either or': Das

Defending the long pause in interest rate hike and the continuing accommodative stance, Reserve Bank of India (RBI) governor Shaktikanta Das on Thursday said in current times, "monetary and fiscal policies cannot be a question of either or, but must go in tandem with each other". from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/sDuWh...

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LIC likely to file draft DRHP with SEBI on February 10

About 10 per cent of the offer is likely to be reserved for eligible policyholders from The HinduBusinessLine - Money & Banking https://ift.tt/AXVRa...

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Anjan Dey likely to be named acting chairman of New India Assurance

Dey will continue to be the chairman of Oriental Insurance, making it the first time a chairman will be in charge of two insurers. Generally, the practice is to give senior most executives, joint charge. from Banking/Finance-Industry-Economic Times https://ift.tt/w7FYZ...

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Covid stress: Banks see 4-5% slippages in restructured portfolios

Banks have begun to see slippages in accounts that were restructured under the resolution frameworks issued by the Reserve Bank of India (RBI) for alleviation of Covid-related stress. Bankers say anywhere between 4% and 5% of such accounts have slipped into the non-performing asset (NPA) bucket. Concerns persist around not just small-ticket retail and micro, small and medium enterprise (MSME) accounts, but also a chunky Rs 6,577-crore exposure to Future Retail. The retailer’s loans were recast under the terms of the Kamath committee framework issued in 2020. The company missed its December 31, 2021, deadline to repay its lenders Rs 3,494.56 crore as it failed to complete the sale of some assets...

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NBFCs report higher GNPAs in December quarter

By Piyush Shukla & Ruchit Purohit Major non-banking finance companies (NBFCs) reported an increase in their bad loans during the October-December quarter. Gross non-performing assets (GNPA) of NBFCs rose between 65 bps and 131 bps year-on-year (YoY) during the quarter due to the implementation of the Reserve Bank of India (RBI)’s November 12 circular on loan upgradation, data compiled by FE show. Housing Development Finance Corporation (HDFC) saw its gross non-performing asset (GNPA) ratio rising to 2.32% as on December-end, up 32 bps sequentially and 65 basis points higher than the year-ago period. HDFC said of the total reported gross bad loans of Rs 12,419 crore as on December end, Rs...

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RBI takes stock of preparedness for card tokenisation

The central bank, which took industry feedback on the readiness of banks and card network operators to meet the new deadline, is now expected to hold another meeting with the latter. from Banking/Finance-Industry-Economic Times https://ift.tt/IXFL3...

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SBI disburses a record Rs 1.12 lakh crore home loans in FY22, crosses pre-Covid levels

About 40% of such disbursements came from tier-1 cities while the rest has come from other cities and towns. The average ticket size of such loans is said to be at Rs 34 lakh. from Banking/Finance-Industry-Economic Times https://ift.tt/SqWKv...

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Wall Street ends higher; bank stocks rise with Treasury yields

The benchmark S&P 500 and the tech-heavy Nasdaq reversed early losses and gained in the latter part of the session, with Amazon.com Inc gaining 2.2%, and Apple and Microsoft both rising over 1%. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/ry1OQ...

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US Justice Dept. announces largest-ever financial crypto seizure of $3.6 bn, 2 arrests

The recovered sum was linked to the hack of Bitfinex from The HinduBusinessLine - Money & Banking https://ift.tt/h6GeZ...

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SBI moves NCLT against Essel Infraprojects, bank has Rs 100 crore exposure in 2 SPVs

The SPVs are involved in separate legal proceedings with SBI. One of them, Coruscation Vidyut Vitaran (Ujjain), which was earlier known as Essel Vidyut Vitaran (Ujjain), is facing proceedings at debts recovery tribunal under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act. from Banking/Finance-Industry-Economic Times https://ift.tt/dkyl9...

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Bad loans: Banks write off Rs 39,000 crore in Q3

The October-December quarter may have been a good one for public sector banks (PSBs), with higher profits and lower slippages, but a closer glance at their numbers suggests write-offs remain an important means of reducing the pool of bad loans. Banks wrote off Rs 38,974.4 crore in Q3, show data from 21 banks that have disclosed their write-off figures. While many banks saw the value of written-off loans falling on a sequential basis, a few saw the numbers inching up in Q3, including private banks like ICICI Bank and IndusInd Bank. Most PSBs wrote off less aggressively than in Q2FY22, but the numbers were elevated nonetheless. For instance, State Bank of India’s (SBI) gross non-performing assets...

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Banks headed for privatisation may get most of allocated funds

Finance minister Nirmala Sitharaman had announced privatisation of two public sector banks as part of the disinvestment programme for this fiscal. Niti Aayog had reportedly shortlisted Central Bank of India and Indian Overseas Bank for the purpose. However, a final decision on the candidates is yet to be taken. from Banking/Finance-Industry-Economic Times https://ift.tt/py92i...

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Mudra loan target not met in FY21

The national level target under PMMY have been consistently met since inception of the scheme. However, in FY21, an amount of ₹3.22 lakh crore was sanctioned under PMMY against the target of ₹3.50 lakh crore, MoS in the Ministry of Finance, Bhagwat Karad in Rajya Sabha on Tuesday. from Banking/Finance-Industry-Economic Times https://ift.tt/WEw5u...

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Over 1,45,000 bank fraud complaints in FY21

"RBI has informed that on comparing the complaints against ATM/Debit Cards, Credit Cards and Mobile/Electronic Banking during the period from 2019-20 to 2020-21, there is a decline of 13.01%...." Sitharaman said. from Banking/Finance-Industry-Economic Times https://ift.tt/NDoW1...

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Airtel Payments Bank partners ICICI Lombard for cyber insurance

The partnership comes at a time when the growth in digital payments and transactions has led to a surge in sophisticated online frauds. from Banking/Finance-Industry-Economic Times https://ift.tt/C6nsa...

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NCLT okays Taguda's revival plan for Ushdev International

Singapore-based Taguda (TPL) is promoted by Sagar Zaveri, who comes from the Tribhovandas Bhimji Zaveri family. The target company had admitted liabilities of ₹4,205 crore and TPL's resolution plan proposed ₹227 crore for its revival. from Banking/Finance-Industry-Economic Times https://ift.tt/kOVIY...

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Rel Capital resolution: Lenders hire KPMG India, L&L Partners

The committee of creditors (CoC), which met last week, debated whether Reliance Capital be sold as a single unit or its subsidiaries be auctioned separately. from Banking/Finance-Industry-Economic Times https://ift.tt/RFhjm...

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RBI postpones MPC meet to Feb 8

Reserve Bank of India (RBI) on Sunday announced rescheduling of rate-setting Monetary Policy Committee (MPC) meeting by a day in view of Maharashtra declaring public holiday on February 7 to mourn death of Bharat Ratna legendary singer Lata Mangeshkar. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/8ZTFn...

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Airtel Payments Bank partners ICICI Lombard General Insurance to offer cyber solutionsto customers

Airtel Payments Bank customers can purchase the cyber insurance policy within minutes using the Airtel Thanks app from The HinduBusinessLine - Money & Banking https://ift.tt/8VMet...

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ICICI Lombard offers cyber insurance to Airtel Payments Bank customers

The insurance comes with zero waiting period and allows users to make multiple claims multiple times during the policy tenure, within the limits of the insured amount opted for, ICICI said in a release. from Banking/Finance-Industry-Economic Times https://ift.tt/hBdMw...

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Banks will need to increase deposits rates sooner than later: SBI report

The incremental credit deposit (C-D) ratio currently stands at 140, according to the report from The HinduBusinessLine - Money & Banking https://ift.tt/dgWYV...

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Close call for Reserve Bank of India rates lift-off in April

Faced with relatively low inflation amid a global surge, the Reserve Bank of India will still wait at least a few more months before it joins other central banks in raising interest rates following the pandemic, a Reuters poll found. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/9J47k...

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U GRO Capital raises ₹138 crore debt

The proceeds will serve as funding to the MSME segment in India from The HinduBusinessLine - Money & Banking https://ift.tt/oPuVZ...

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NBFCs seek relaxation from RBI on asset classification, provisioning norms

Borrower accounts shall be flagged as overdue by the lending institutions as part of their day-end processes for the due date from The HinduBusinessLine - Money & Banking https://ift.tt/YQzJm...

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LIC launches special campaign for revival of individual lapsed policies

Policies of specific eligible plans can be revived within five years from date of the first unpaid premium from The HinduBusinessLine - Money & Banking https://ift.tt/Ak8BY...

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IPO-bound LIC ropes in 6 independent directors on its board

LIC last month appointed six independent directors on its board to meet regulatory norms of corporate governance. LIC appointed former financial services secretary Anjuly Chib Duggal, ex-Sebi member G Mahalingam, former SBI Life managing director Sanjeev Nautiyal from Banking/Finance-Industry-Economic Times https://ift.tt/1NVz0...

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SBI lines up 6 NPA accounts for sale to ARCs to recover dues of ₹406 crore

SBI said these sales are subject to approval by the competent authority of the bank. from The HinduBusinessLine - Money & Banking https://ift.tt/gkAqM...

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SBI lines up 6 NPA accounts for sale to ARCs to recover dues of Rs 406 cr

"In terms of the bank's policy on sale of financial assets, in line with the regulatory guidelines, we place the following accounts for sale to ARCs/banks/ NBFCs/FIs, on the terms and conditions indicated there against," SBI said in the sale notices for these assets. from Banking/Finance-Industry-Economic Times https://ift.tt/b3jtQ...

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Q3 performance: SBI net rises 62% on lower provisions

State Bank of India’s (SBI) standalone net profit rose 62.3% year-on-year (y-o-y) to Rs 8,431.88 crore in Q3FY22 on the back of a 33% drop in provisions to Rs 6,974 crore. The bank’s income growth was muted at 3% y-o-y. The net interest income (NII), or the difference between interest earned and expended, rose 6.5% y-o-y to Rs 30,687 crore. SBI’s operating profit rose 6.86% y-o-y to Rs 18,522 crore. The domestic net interest margin (NIM) fell 10 basis points (bps) to 3.4%. The bank’s gross advances grew 8.5% y-o-y to Rs 26.65 lakh crore as on December...

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