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“In line with our outsourcing guidelines, the board and senior management must ensure that at no point of time, the core activities of banks are outsourced,” Reserve Bank of India executive director Ajay Kumar Choudhary said. “We are observing an increase in the outsourcing of services to the banking and finance sector. The idea is that banks should concentrate on the development upgradation of their core banking solution.”
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The Reserve Bank of India's pilot project on retail digital Rupee is a "game changer", said SBI chairman Dinesh Khara, and added that it will have durable effects which would ensure better monetary transmission at much lesser costs. The RBI on Thursday announced the launch of a digital rupee retail pilot for a closed user group.
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SBI chairman Dinesh Khara on Friday said the Reserve Bank's first pilot project for retail digital rupee is a "game changer" with durable effects that should ensure better monetary transmission at much lesser costs.
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The initiative by ICICI Bank offers builders instant generation of account numbers for registration with the Real Estate Regulatory Authority (RERA), better statutory payments efficiently and also enables them to manage payment obligations to vendors, employees and utility providers.
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Rare had offered ₹32.5 crore to top NARCL's offer of ₹31 crore under a Swiss challenge conducted by lead lender State Bank of India (SBI) last month. "NARCL has informed banks that it is ready to match the offer, which means the asset will be transferred to them," said a person familiar with the development.
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"Despite sympathising with the position in which the petitioners find themselves, I am unable to grant the relief sought in this petition. The petition, along with the pending application, is therefore dismissed, but without any orders as to costs," the court said in its order dated November 30.
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The Reserve Bank of India will raise interest rates by a smaller 35 basis points to 6.25% in December, according to economists polled by Reuters who expect another modest move up early next year to curb lingering inflation pressures.
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Earlier, the Industry segment had a contribution of 27 per cent in bank credit, which was nearly equal to services and personal loans. The decline can be attributed to increased borrowings by manufacturing firms as the industry recorded a lower than expected rate in comparison to the bank credit.
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BoB Cards had 1.57 million credit cards in circulation at the end of October, trailing bigger peers such as HDFC Bank (16.54 million), ICICI (13.53 million) and SBI Card (15.16 million), central bank data showed.
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With a sharp rise in loan demand in the hinterland, Save plans to use the funds to expand its own lending operation to micro, small and medium enterprises (MSME)and to micro loan borrowers. The company is looking to raise more than Rs 300 crore - to fund its lending business, managing director Ajeet Kumar Singh told ET. “A new investor will come on board,” he said.
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"There are more tailwinds than headwinds," Crisil senior director Krishnan Sitaraman said. He said that stronger balance sheets with higher capitalisation and higher provision buffers, along with receding asset-quality concerns have put NBFCs on a solid foundation to capitalise on credit demand.
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Gold prices edged up on Wednesday, aided by a dip in the dollar, with investors largely focusing on Federal Reserve chair Jerome Powell's speech for insights into the US central bank's monetary policy path.
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Systematic Investment Plan, abbreviated as SIP, is an easy and hassle free way to invest in mutual funds these days. The term SIP has become so synonymous with mutual fund investments these days that a lot of investors feel SIP and mutual funds are the same.
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In terms of total credit cards, HDFC Bank continued to remain the market leader with 16.5 million credit cards, followed by SBI Cards at 15.1 million. ICICI Bank, at 13.5 million, and Axis Bank, at more than 9 million, are other major players in this segment.
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According to the Insolvency and Bankruptcy Board of India (IBBI), 23,417 applications for initiation of the Corporate Insolvency Resolution Process (CIRP), having underlying default of ₹7.31 lakh crore, were resolved even before their admission, as on September 31.
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Gen Z borrowers monitoring their credit grew by 2.9 times in between October 2021 and September 2022, compared to overall growth of 1.8 times of the entire self-monitoring base.
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The rating agency said that distress among retail borrowers since the outbreak of COVID-19 pandemic has led to an increase in the non-performing loans (NPLs) within the banking sector, which has led to an increase in the retail NPL portfolios of ARCs. The composition of asset class in the retail security receipts (SRs) issued by asset reconstruction companies (ARCs) has changed with unsecured personal and vehicles loans dominating the issuances in 2022
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The Ahmedabad NCLT is scheduled to hear the matter on a resolution plan on December 7, according to the tribunal's website. Several issues are being heard at the tribunal, potentially delaying the resolution. Axis Bank has filed a petition with the tribunal opposing the distribution of the proceeds from the winning resolution applicant. Axis Bank was the only bank that voted against the resolution plan.
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Fitch Ratings on Monday said India's bank credit will see strong growth in current financial year despite effects of higher interest rates. It said the strong loan growth should benefit net revenue, particularly as it will be coupled with wider net interest margins.
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Tax planning is as essential as financial planning. Those looking to save tax by investing in Long Term Equity Fund, they can consider starting a monthly SIP in this tax saver fund.
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Large-cap equity mutual fund schemes can be considered by those who are looking to earn stable returns with minimum investment risk
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Yields opened down mainly due to a fall in oil prices but will move in a narrow range through the session, Shrisha Acharya, a fixed income dealer at Mumbai-based DCB Bank said.
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In October, the government had invited expressions of interest (EoI) for a stake sale, along with the transfer of management control in IDBI Bank. The government, along with the Life Insurance Corporation (LIC), will sell 60.72% stake in the lender.
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The government and LIC together hold 94.72 per cent stake in IDBI Bank. The successful bidder would be required to make an open offer for acquisition of 5.28 per cent public shareholding. Pursuant to the transaction, the government will own 15 per cent stake and LIC 19 per cent shareholding in IDBI Bank, taking their total holding to 34 per cent.
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Japan's Nippon Life, which holds 49 per cent stake in RNLIC, is opposed to the entry of Aditya Birla Sun Life in the race to acquire Reliance Capital's stake in RNLIC. The visit coincides with the deadline for submitting the final binding bids for Reliance Capital and its subsidiaries, including RNLIC
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