11:02 AM
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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.
8:10 AM
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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%.
7:02 AM
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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.
5:02 AM
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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.
3:02 AM
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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.
2:02 AM
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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.
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8:02 AM
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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.
7:02 AM
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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.
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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.
2:02 AM
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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.
3:10 PM
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Goldman Sachs analysts Danny Suwanapruti and Santanu Sengupta said the inclusion of government bonds could lead to passive inflows of around $30 billion.
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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.
9:09 AM
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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.
6:02 PM
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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.
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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.
8:10 PM
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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.
8:02 PM
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"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.
6:02 PM
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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.
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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.
12:10 PM
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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.
10:02 AM
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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.
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