Bank of Baroda hikes deposit rates

New rate on non-callable fixed deposits of Rs 2 crore and above as well as up to Rs 10 crore for one year deposit is 4.35 per cent from The HinduBusinessLine - Money & Banking https://ift.tt/W3QUN...

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IDBI Bank launches liquidity management solution for institutional clients

LMS and G-LMS provide real-time, web-based and formula driven liquidity management solutions from The HinduBusinessLine - Money & Banking https://ift.tt/lifQS...

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Reliance General Insurance participates in PMFBY’s policy distribution drive

It has set up special camps at gram panchayat and village levels to educate farmers on the benefits of the scheme from The HinduBusinessLine - Money & Banking https://ift.tt/1YQji...

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Dhanlaxmi Bank aiming at healthy balance sheet

Dhanlaxmi Bank believes it has turned the corner and is poised for a healthy balance sheet in coming quarters, as it reported growth in the operating profit for the first three quarters of the current fiscal despite a decline in treasury yields. The lender recently was in the news for governance issues and a fallout between large shareholders and the board. JK Shivan, managing director & CEO, said interest income grew 2.45% in Q3 on a sequential basis while interest expenses remained more-or-less at the same level. The bank expects net interest income and net interest margin to further improve in coming quarters as it starts accruing interest on the increased loan book. Shivan said the bank...

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RBI extends term of its nominee on Dhanlaxmi Bank board

Dhanlaxmi Bank said in a regulatory filing on Friday that the Reserve Bank of India has extended the term of Dr G Jagan Mohan, additional director, for a further period of two years from February 27, 2022, to February 26, 2024, or till further orders whichever is earlier. Mohan, an RBI nominee, was appointed as additional director by the RBI for a period of two years on February 27, 2020. Currently, the Thrissur-based lender has just 6 directors, including two RBI nominees as against the maximum strength of 11. The Reserve Bank of India (RBI) had advised Dhanlaxmi Bank in June 2021 to ensure transparency in the nomination process of directors and follow best corporate governance practices. The...

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NBFCs likely to report 14% loan growth in FY23: Ind-Ra

Non-banking finance companies (NBFCs) are likely to report a 14% year-on-year loan growth in the next financial year because of higher demand in the secured asset class segment, India Ratings & Research said in its FY23 outlook for non-bank lenders. The rating agency expects NBFCs to report a 7%-8% loan growth in FY22. Products such as loans against property (LAP) and housing and vehicle loans could witness a higher demand than personal and unsecured business loans which saw a higher demand during the pandemic, it said, adding that growth in the vehicle finance segment could revive depending on the availability of vehicles which are facing shortage of components. The gold loan segment could...

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Secured lenders reject IL&FS' Jammu tunnel debt recast plan

Last December, IL&FS proposed a debt recast for Chenani Nashri Tunnelway Ltd (CTNL), after a ₹3,900 crore deal to sell the special purpose vehicle to I Squared Capital's Cube Highways did not fructify, the people said. IL&FS wanted Cube to improve the offer after signing the agreement, they said. from Banking/Finance-Industry-Economic Times https://ift.tt/FZsXC...

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DBS Bank India migrates to new IFSC and MICR codes of erstwhile Lakshmi Vilas Bank

Following the amalgamation with DBS Bank India Ltd (DBIL), the IFSC & MICR codes of all branches of erstwhile Lakshmi Vilas Bank (LVB) have now been changed. While the new codes have been active since October 25, 2021, the older IFSC codes will remain valid until February 28, 2022 to ensure customers’ convenience and ease of transition. Customers will be required to use the new DBS IFSC code from March 1, 2022 onwards to receive funds through NEFT/RTGS/IMPS, said a release by DBIL. The change was communicated to customers through physical letters, emails, and SMS as well as at the branches. They were requested to share the new IFSC code with business partners, associates and vendors to update...

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Central bank cancels Cashbean parent PC Financial’s registration

The Reserve Bank of India (RBI) on Thursday said it has cancelled the certificate of registration issued to PC Financial, which carries out lending operations through an app called Cashbean. This is the first instance of regulatory action against an entity in the wake of a surge in complaints against usurious and unfair recovery practices being followed by several digital lenders. “In exercise of the powers conferred under Section 45-IA (6) (iv) of the Reserve Bank of India Act, 1934, the Reserve Bank has cancelled the Certificate of Registration (CoR) issued to M/s P C Financial Services Private Limited, New Delhi. As such, M/s P C Financial Services Private Limited shall not transact the business...

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Sarfaesi overrides all laws: Banks’ dues priority over state taxes, says Supreme Court

In a judgment that will cheer lenders, the Supreme Court on Thursday held that the dues to secured creditors (banks) will have priority over the central or state dues like excise and tax dues. While settling the law, a Bench comprising Justices L Nageshwara Rao and Vineet Saran accepted the stand of the consortium of banks led by Punjab National Bank that Section 35 of the Sarfaesi Act, 2002, provides that its provisions will have overriding effect on all other laws. While noting that even the provisions in Section 11E of the Central Excise Act, 1944, are subject to the provisions contained in the 2002 Act, the apex court said that the dues of the secured creditor, i.e. the banks, will have...

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'Continued policy support crucial for sustained recovery'

Amid prolonged uncertainty, continued policy support will be crucial for sustained economic recovery from the coronavirus pandemic, Reserve Bank governor Shaktikanta Das said at the recent meeting of the Monetary Policy Committee. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/ZSKi8...

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Rakesh Sharma reappointed IDBI Bank chief for 3 years

This re-appointment is as per approval of the Reserve Bank of India from The HinduBusinessLine - Money & Banking https://ift.tt/xw7JF...

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Ideal Finance rebranded as Mahindra Ideal Finance

This rebranding will form the bedrock on which the two joint venture partners (Mahindra Finance and Ideal Group) will build the vision of making Mahindra Ideal Finance one of the leading licensed finance companies (LFC) in Sri Lanka, the company said in statement. from Banking/Finance-Industry-Economic Times https://ift.tt/Rlrzd...

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Niyo raises $100 million in Series C round

This round of funding was led by Accel and Lightrock India from The HinduBusinessLine - Money & Banking https://ift.tt/cpjHA...

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Ideal Finance rebranded as Mahindra Ideal Finance

Mahindra Fiance’s Sri Lanka investment is part of an international strategy to expand into India like Asian markets from The HinduBusinessLine - Money & Banking https://ift.tt/Z8Xt3...

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Valuing zero-interest bonds at FV could coerce 5 PSBs to raise equity/AT1 in the near term

Ind-Ra also noted it could affect Banks’ Tier 1 capital up to 175 bps. from The HinduBusinessLine - Money & Banking https://ift.tt/DO4dP...

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Sordid saga: BharatPe sacks Madhuri Jain for swindling funds; Ashneer Grover slams Rajnish Kumar

By Salman SH The already sordid BharatPe saga took a turn for the worse on Wednesday, as the company’s board sacked Madhuri Jain, controller, for allegedly swindling company funds for personal use. Jain was quick to retaliate by charging co-founder Bhavik Koladia and chief executive officer Suhail Sameer with misbehaviour and “treating women like objects” in a series of tweets. Her husband, and BhartatPe co-founder Ashneer Grover, meanwhile, accused Rajnish Kumar, chairman of BharatPe, of bias – a charge the latter dismissed. Grover also accused Koladia of being abusive on a telephone call and said the latter had asked to meet him at a certain location. He claimed that Kumar was also with Koladia...

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IL&FS Financial lenders reject UVARC's ₹370-crore offer

As per the affidavit submitted in the NCLAT by IL&FS, from October 1, 2018 to November 30, 2021, IFIN has been able to recover funds from over 30 borrowers amounting to ₹2,343 crore. The GNPA of the non-bank lender stands at 99% of its total loan exposure. from Banking/Finance-Industry-Economic Times https://ift.tt/htq9X...

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ASCI releases ad guidelines for crypto and NFT products

The ads must comply with the new guidelines effective April 1. from The HinduBusinessLine - Money & Banking https://ift.tt/ij9qg...

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South Indian Bank introduces two new services for customers

Resident Indian customers can now initiate outward remittances in more than 100 currencies from The HinduBusinessLine - Money & Banking https://ift.tt/Ugt93...

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MakeMyTrip’s fintech arm, TripMoney partners with SBM Bank India to launch Global Credit Card

The company said this credit card is 'highly secure', offers various advanced money management features, and relieves overseas travellers from paying mark-up on forex conversions. from Banking/Finance-Industry-Economic Times https://ift.tt/PMf7b...

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The Best Trading Platform UK Revealed

from Banking/Finance-Industry-Economic Times https://ift.tt/8rFfO...

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FM to banks: Join a/c aggregator net

Finance minister Nirmala Sitharaman urged chiefs of banks and non-banking finance companies (NBFCs) on Tuesday to join the account aggregator framework to extend the flow of credit to small borrowers and promote digital lending. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/ahdDB...

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RBI cautions public against PPIs issued by unauthorised entities

The Reserve Bank of India (RBI) on Tuesday urged the public to exercise utmost caution while using unauthorised prepaid payment instruments (PPIs) saying they must verify beforehand that application or entity that they are dealing with is authorised to carry out the activity it performs or assures to perform. “It has come to the notice of Reserve Bank of India (RBI) that Ride Tech Private Limited…is operating a semi-closed (non-closed) pre-paid instrument (wallet) through its car-pooling app (application) ‘sRide’ without obtaining the required authorisation from RBI under the provisions of the Payment and Settlement Systems Act, 2007. As such, any person dealing with sRide Tech Private Limited,...

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PSBs to get ₹15,000 crore via zero-coupon bonds in FY22

This comes even as some banks had reached out to the government seeking clarity given that the Reserve Bank of India has asked them to account for these bonds at fair value. from Banking/Finance-Industry-Economic Times https://ift.tt/O8WUv...

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Record borrowing to make India’s unlikely bond rally short-lived

Yields on the 10-year bonds were at 6.69% on Monday from The HinduBusinessLine - Money & Banking https://ift.tt/wmTKE...

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Indiabulls Housing Finance officials 'stop' ED sleuths from conducting searches

The agency was carrying out searches in connection with a 2021 money laundering case registered by the agency in connection with a plot in Palghar on the outskirts of Mumbai. While the restraining order from the Delhi High Court was in connection with a different case, the officials insisted that no coercive action be taken until the Bombay High Court hears its matter. from Banking/Finance-Industry-Economic Times https://ift.tt/N3n98...

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FM Sitharaman asks banks to be more ‘customer-friendly’

Finance minister Nirmala Sitharaman said on Monday the government wants a sustained economic recovery and the Budget proposals on infrastructure-creation are aimed at realising this goal through heightened focus on capital spending, which has a high multiplier effect. Addressing industry executives, large taxpayers and professionals during her first post-Budget meeting in Mumbai, the minister also asked banks to be a lot more customer-friendly while ensuring greater and smoother credit flow to critical sectors of the economy, including start-ups and small businesses, without compromising on prudential norms. “The Prime Minister himself has told citizens that ‘I am the security behind you, please...

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Religare Finvest lenders to move RBI for insolvency

Under the Insolvency and Bankruptcy Code (IBC) framework, only the RBI can refer a finance company for insolvency proceedings. Lenders are of the view that a resolution under IBC will be a transparent process thus generate interest among prospective buyers, the people said. from Banking/Finance-Industry-Economic Times https://ift.tt/nxedB...

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Chola bets on fintech tie-ups to drive credit growth in SMEs, consumers

Cholamandalam Investment and Finance Company (Chola), the financial services arm of over Rs 41,000-crore Murugappa Group, is betting big on fintech firms to drive credit growth to SMEs and consumer borrowers. The company has entered into strategic partnerships with BankBazaar, Kreditbee and Paytail and is in discussion with another 10 fintech firms. Vellayan Subbiah, chairman and non-executive director, told a recent earnings call meet that in the last quarter, the company had announced new digital business divisions and digital partnerships, targeted at the consumer and SME ecosystem. “One is consumer and small enterprise loans, and this division will offer personal, professional and micro...

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LIC largest holder of G-secs, equities, household savings: Report

Holding 17 per cent of the over Rs 80.7 lakh crore dated government securities, maturing by 2061, the Reserve Bank is the second largest holder of government debt, while led by public sector banks, commercial banks collectively own around 40 percent. Other insurers cumulatively own only 5 percent. from Banking/Finance-Industry-Economic Times https://ift.tt/NALKM...

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Banks need to be more customer friendly: Finance Minister

Sitharman asked industry representatives for suggestions to improve women participation in the workforce from The HinduBusinessLine - Money & Banking https://ift.tt/zBsHR...

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Bitcoin Motion Review 2022 - Legit Platform?

from Banking/Finance-Industry-Economic Times https://ift.tt/0Vx9d...

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Irdai red-flags one chairman for 2 insurers

The government had sought Insurance Regulatory and Development Authority of India's (Irdai) approval to appoint Anjan Dey as acting chairman of New India Assurance, a charge he already holds at New Delhi-based Oriental Insurance. from Banking/Finance-Industry-Economic Times https://ift.tt/YPqF2...

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Resolution professionals tap third-party funding to run sick companies in short term

During the CIRP period, to keep the bankrupt company a 'going-concern', the RP has to make payments such as professional fees, payments to workmen and towards the maintenance of the plant and machinery, among others. In most cases, such expenses are taken care of by the lenders. from Banking/Finance-Industry-Economic Times https://ift.tt/4pxlM...

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RBI orders five banks to list zero coupon bonds at "fair value"

The regulatory direction comes after an assessment showed that valuing these instruments at face value could create a misleading picture of the banks’ financial strength and set a precedent that could be exploited in future by others and weaken the banking system. from Banking/Finance-Industry-Economic Times https://ift.tt/Fj71k...

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Religare Finvest: Delhi HC stays RBI’s order against debt recast plan

Central bank had conveyed debt recast cannot be executed as RFL has been declared “fraud” exposure by its lenders from The HinduBusinessLine - Money & Banking https://ift.tt/cw7Mj...

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RenewBuy acquires fintech firm Artivatic.AI

Artivatic.AI is valued at $10 million while acquisition is done by a combination of cash payment and share-swap deals. Promoters of the AI-based start-up have received shares of RenewBuy, according to the chief executives of both the firms. The deal was closed in the first week of February. from Banking/Finance-Industry-Economic Times https://ift.tt/kFxL2...

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IIFL Home Finance to get $68 million ADB loans

The funding comprises a direct ADB loan of $58 million and another $10 million concessional loan from the Canadian Climate Fund. The Canadian fund will also be routed through ADB. from Banking/Finance-Industry-Economic Times https://ift.tt/rMi2O...

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IDFC Ltd, IDFC First Bank merger may get pushed to FY24

Talks on with UTI and fintechs for potential takeover  from The HinduBusinessLine - Money & Banking https://ift.tt/pSJ51...

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‘Hike in term rates, a result of action by reinsurers’

Life insurance companies take up the issue with IRDAI from The HinduBusinessLine - Money & Banking https://ift.tt/u2wDI...

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IDBI Bank: Unions want Govt to stop privatisation

Currently, GoI and LIC have 45.48 per cent and 49.24 per cent shareholding in IDBI, respectively. from The HinduBusinessLine - Money & Banking https://ift.tt/15QP4...

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Crypto ‘Welcomes’ Another Winter: Ethereum Founder Buterin

Ethereum Foundation is working on improving the blockchain’s scalability from The HinduBusinessLine - Money & Banking https://ift.tt/fctH6...

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