India aims to copy China, but not in lending-by-app craze

The RBI wants to strike a better balance between the ability of digital lending to democratize credit and its potential to suck people into a debt trap. The typical fixed cost of originating, servicing and collecting a loan is Rs 5,000 for banks; for online platforms it’s a few hundred rupees. from Banking/Finance-Industry-Economic Times https://ift.tt/Tx7ms...

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Sensex snaps 5-day rally, sees marginal weekly gain

The broader Nifty snapped its eight-day rally to close at 17,758, down 198 points or 1.1%. IndusInd Bank was the top laggard in the sensex pack, dropping 3.8%. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/KUapZ...

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PSBs plan to create central talent pool

State-run banks are proposing to create a central talent pool and finalise a three-year business strategy for individual banks, aiming to improve their performance and competitiveness. In April, after the PSB Manthan conclave, the government asked PSBs to set up a three-year roadmap for their business strategy and suggested that they explore more collaboration among themselves, with larger banks sharing best practices with smaller ones and guiding them in areas where they need expertise. from Banking/Finance-Industry-Economic Times https://if...

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India microfinance institutions have Rs 33,000 crore of bad loans despite better collections, industry body says

Recovery has improved compared to the previous quarter and reached almost 99% in some states. However, Assam, West Bengal, Kerala, Tripura, and Chhattisgarh are among the major states which have shown below average recovery and are a drag on the overall asset quality. from Banking/Finance-Industry-Economic Times https://ift.tt/aleRd...

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PSBs plan to create central talent pool

State-run banks are proposing to create a central talent pool and finalise a three-year business strategy for individual banks, aiming to improve their performance and competitiveness. In April, after the PSB Manthan conclave, the government asked PSBs to set up a three-year roadmap for their business strategy and suggested that they explore more collaboration among themselves, with larger banks sharing best practices with smaller ones and guiding them in areas where they need expertise. from Banking/Finance-Industry-Economic Times https://if...

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Bank of India sees 10-12 pc growth in advances in current fiscal

In the first quarter ended in June of the current fiscal year, the lender registered a decline of 22 per cent in net profit at Rs 561 crore as against Rs 720 crore in the year-ago quarter. from Banking/Finance-Industry-Economic Times https://ift.tt/aKpPI...

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India Aims to Copy China, But Not In Lending-by-App Craze

The RBI’s recent guidelines for app-based loans show desire to rein in the industry after the pandemic from The HinduBusinessLine - Money & Banking https://ift.tt/DbLVt...

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RBI cancels licence of Deccan Urban Co-operative Bank

The central bank says the cooperative bank does not have adequate capital and earning prospects from The HinduBusinessLine - Money & Banking https://ift.tt/xDqts...

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Bank of Maharashtra ups MCLR by up to 25 bps

Following the MCLR hike, interest rate on corporate loans will go up from The HinduBusinessLine - Money & Banking https://ift.tt/sPKhC...

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India aims to copy China, but not in lending-by-app craze

The RBI wants to strike a better balance between the ability of digital lending to democratize credit and its potential to suck people into a debt trap. The typical fixed cost of originating, servicing and collecting a loan is Rs 5,000 for banks; for online platforms it’s a few hundred rupees. from Banking/Finance-Industry-Economic Times https://ift.tt/OpJUP...

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Bank privatisation should be gradual, motes RBI paper

The paper argued that while private sector lenders are more efficient in profit maximisation, public sector banks (PSBs) have done much better at promoting financial inclusion, delivering farm loans and achieving monetary transmission, which are key objectives of both the government and the RBI. from Banking/Finance-Industry-Economic Times https://ift.tt/ckIMX...

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China regulator probes banks' property loan portfolio

The debt crisis worsened in recent weeks after many homebuyers threatened to stop mortgage payments for stalled property projects from The HinduBusinessLine - Money & Banking https://ift.tt/kZaVE...

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LIC Housing Finance accepts bids on bonds: traders

The NBFC has accepted bids on bonds maturing in three as well as 10 years from The HinduBusinessLine - Money & Banking https://ift.tt/ZXSNU...

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Castler to provide escrow services to YES Bank customers

Escrow banking is a legal arrangement in which the bank temporarily holds money or equivalent transaction asset unless one or both parties have delivered on the contract terms they enter into. from The HinduBusinessLine - Money & Banking https://ift.tt/JbmpV...

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YES Bank invests in technology companies of Venture Catalyst Group Funds

The private sector lender will be individually working with specific companies from The HinduBusinessLine - Money & Banking https://ift.tt/YMbH2...

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IDBI Bank stake sale: TPG, Carlyle, Fairfax tapped

The government and LIC together own more than 94% equity in IDBI Bank. The combined state holding in the bank, which had among the highest proportions of bad loans, is valued in excess of ₹41,000 crore at current market prices. from Banking/Finance-Industry-Economic Times https://ift.tt/odcG1...

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Lenders to Anil Ambani's RITL, RIL reach takeover deal

Banks led by the State Bank of India (SBI) have agreed to issue a no objection certificate (NOC) to RIL following which the Mukesh Ambani-promoted company will transfer the agreed amount to an escrow account. The NOC essentially is a no dues certificate for RITL, a procedure followed before the implementation of the resolution plan. from Banking/Finance-Industry-Economic Times https://ift.tt/MTaH6...

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Bond yields extend fall, traders cite foreign banks as buyers

Goldman Sachs analysts Danny Suwanapruti and Santanu Sengupta said the inclusion of government bonds could lead to passive inflows of around $30 billion. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/5oQFJ...

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Now, contributions to NPS, Atal Pension Yojana can be remitted via UPI

According to PFRDA, one can deposit contributions via UPI handle D-Remit from The HinduBusinessLine - Money & Banking https://ift.tt/vZMW8...

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SBI employees union urges management to rescind decision to set up subsidiary

Establishment of subsidiary may lead to outsourcing of basic functions: Trade union from The HinduBusinessLine - Money & Banking https://ift.tt/B8NUP...

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Indel Money launches digital personal loan on mobile app, e-portal

from The HinduBusinessLine - Money & Banking https://ift.tt/AxM9h...

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SBI launches 1st dedicated branch for start-ups in Bengaluru

State Bank of India (SBI) on Tuesday announced the launch of its first "state-of-the-art" dedicated branch for start-ups in the country here, to facilitate and support them. The branch launched by SBI chairman Dinesh Khara is located in Koramangala, which alongside neighbouring HSR Layout and Indiranagar are the biggest start-up hubs in the city. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/TUQgp...

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IBBI wants Committee of Creditors to up their game as firms’ saviour

The regulator wants CoCs to pursue strategies beyond recast of liabilities from The HinduBusinessLine - Money & Banking https://ift.tt/QATxr...

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Sitharaman wants banks to focus on younger customers in next gen push

This comes as the government looks to push its flagship schemes such as Mudra Yojana and Start Up and Stand Up India to generate employment through entrepreneurship. Banks are now expected to conduct open house interactions and share their feedback with the government. from Banking/Finance-Industry-Economic Times https://ift.tt/3DfZp...

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Indel Money forays into personal loan segment

Initially, the facility will be available to its existing gold loan customers, the company said. It will later be expanded to a broader segment. The NBFC is using a digital platform for launching the personal loan facility. It had recently launched an online gold loan facility in some markets. from Banking/Finance-Industry-Economic Times https://ift.tt/r9ish...

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Roadmap to convert SFBs into Universal Banks

Small finance banks have bounced back after the impact of Covid – the recent incremental liberalisation by RBI is a positive sign from The HinduBusinessLine - Money & Banking https://ift.tt/R03qU...

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Banks gear up for a festival boost to loan, profit growth

As per the latest data released by the Reserve Bank of India, credit growth continued its strong upward run with a 15.1% increase year-on-year, the fastest since April 2019, in the fortnight ended July 29. The bulk of the growth has been driven by retail loans - home loans and personal - while corporate demand is also showing signs of revival. from Banking/Finance-Industry-Economic Times https://ift.tt/W5L6Y...

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SBI raises benchmark lending rates by up to 50 basis points

State Bank of India (SBI) on Monday raised its benchmark lending rates by up to 50 basis points (or 0.5 per cent), a move that will lead to an increase in EMIs for borrowers. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/abIYQ...

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IRDAI organises hackathon, invites innovative solutions for insurance sector

"The hackathon invites participants to identify and develop solutions that have the potential to make the insurance available to every individual in a seamless and swift manner with the use of technology and protecting the interests of the policyholders," the regulator said in a statement. from Banking/Finance-Industry-Economic Times https://ift.tt/dg7om...

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To sustain loan growth of 15 pc in current fiscal, says SBI chairman Dinesh Kumar Khara

The country's largest lender reported a 14.93 per cent rise in advances to Rs 29,00,636 crore in the first quarter ended June 30, 2022 as compared to Rs 25,23,793 crore during the same period a year ago. Of this, retail loan registered a growth rate of 18.58 per cent while corporate advances improved by 10.57 per cent year-on-year at the end of June quarter. from Banking/Finance-Industry-Economic Times https://ift.tt/1Prz5...

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SBI hikes MCLR by 20 bps across the board

This is the fifth hike in as many months; MCLR cumulatively up by 70 bps since April from The HinduBusinessLine - Money & Banking https://ift.tt/dOTxn...

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Experts flag dubious biz model of digital small money lending apps

During the height of the Covid-19 pandemic, the dubious methods of digital money lending platforms claimed many lives from The HinduBusinessLine - Money & Banking https://ift.tt/i4hxn...

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LIC keen to re-enter mediclaim segment, awaiting regulatory clarity: Chairman

I don't think it will be difficult for us as we already offer some of the health products, said MR Kumar from The HinduBusinessLine - Money & Banking https://ift.tt/AtL28...

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Experts flag dubious biz model of digital small money lending apps

According to sources in the financial sector, the dubious means of digital money lending platform have claimed many lives, especially during the height of the Covid-19 pandemic when people were in dire need of money, and unable to pay back on time. from Banking/Finance-Industry-Economic Times https://ift.tt/xIwDt...

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Six of top 10 companies add Rs 1,56,247.35 crore to market cap

While RIL, Tata Consultancy Services (TCS), HDFC Bank, ICICI Bank, HDFC and Bajaj Finance saw gains in their market capitalisation (m-cap) in the holiday-shortened week, Infosys, HUL and LIC suffered losses. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/17hYx...

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Pursued those who cheated banks, got money back: FM Nirmala Sitharaman

Nirmala Sitharaman said that while the earlier government also ran schemes, this government is working to empower the people and not just giving something as an entitlement. The government has thrown away the heavy legacy problems of the previous government by clearing the burdens on public sector banks, she said. from Banking/Finance-Industry-Economic Times https://ift.tt/FA3yc...

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