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Punjab National Bank (PNB) will earn moderate profit in the current fiscal, aided by treasury income and core banking activities, its managing director S S Mallikarjuna Rao on Saturday said. For the fourth quarter ended March, the country's second largest lender has posted a net loss of Rs 697.20 crore.
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On the business side, the focus of the bank in the days ahead would be on revisiting risk assessment and business procedures in addition to rapid adoption of digital technology, said State Bank of India's annual report. This fiscal will be challenging as the full impact of the COVID-19 outbreak will be felt in this financial year.
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The RBI's submissions came in response to a PIL by financial economist Abhijit Mishra who has alleged that Google's mobile payment app, Google Pay or GPay in short, was facilitating financial transactions without the requisite authorisation from RBI.
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Former Reserve Bank of India (RBI) governor Urjit Patel has been appointed chairman of the National Institute of Public Finance and Policy (NIPFP) for a four-year term starting June 22. He will replace Vijay Kelkar, who has held office since November 2014.
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Finance minister Nirmala Sitharaman said Friday that the government was closely monitoring the execution of relief measures announced to counter economic imapct of Covid19 at the ground so that the benefits, especially transmission of repo rate cuts, ultimately reach the
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On a fortnightly basis, bank advances grew 0.3 per cent or Rs 32,022.49 crore to Rs 102.54 lakh crore in the week to June 5 as against Rs 102.22 lakh crore in the week ended May 22, 2020.
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Finance minister Nirmala Sitharaman has assured that she will ensure banks pass on the rate cut benefits to consumers, so the interest burden on them eases, industry body PHDCCI said on Friday.
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The RBI stated that they have been in continued talks with all the stakeholders involved and pointed out that owing to the extent of the negative net worth of the bank, and the need to recover bad loans, the resolution of the bank will take further deliberation.
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Macquarie analyst Suresh Ganapathy said he spoke to senior management of banks and mortgage financier HDFC and the feedback is that there has been a decline in the total loan book under moratorium from the 25-30% numbers reported as of end of May.
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The bank with predominantly high microfinance exposure has a 26000-strong field workforce who form the backbone of its repayment collection mechanism.
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ET has reported on June 15, that Pralay Mondal had quit Axis Bank merely a year after joining as its retail head. Sources indicated that Mondal will eventually be promoted as the CEO of the Thrissur based bank which is majority owned by Canadian Billionaire Prem Watsa. Currently, the bank is headed by CVR Rajendran.
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India's microfinance sector had surged about 30 percent in the fiscal FY20 with loan outstanding reaching to Rs 2.32 lakh crore before Covid-19 and lockdown started making its impact.
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Challa Setty is one of three MDs of SBI, one rung below the top job at the biggest lender.
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State Bank of India chairman Rajnish Kumar said that interest rates have moderated to a large extent. He said that both the RBI and the govt have taken measures to bring back the economy, derailed by the pandemic, back on track. He said the RBI has been giving calibrated responses quickly and ensured that there is enough liquidity in the system.
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“We have tweaked the model and changed it to e-mudra," Kumar said. "Some parameters are changed and now the NPA ratio has reduced to 10% in new loans. The entire process is now end-to-end digitised," he said in a video call with businessmen, organised by the Bharat Chamber of Commerce .
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He said that government has taken steps to make direct bank transfers, a lot of emphasis on helping the MSMEs and announced reforms in the areas of agriculture, defence and mining for creating a favourable investment climate.
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HDFC Bank MD and CEO Aditya Puri has said Indian GDP will recover "very fast" and pointed out that it is essential to get the growth rate back to the pre-COVID levels.
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The bench said it was not asking for waiver of interest during the moratorium period, but asking the finance ministry, the Reserve Bank of India and banks to consider waiving interest on interest that would accrue on the deferred EMIs.
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Banks across the United States are facing a shortage of coins during coronavirus crisis, prompting the US Federal Reserve to ration distribution and work with the US Mint to boost supply.
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State Bank of India, the largest bank in the country, told the Supreme Court on Wednesday that 90% of borrowers did not avail the moratorium till August 31 on repayment of loans through EMI to question the brouhaha caused by PILs over waiver of interest on interest accrued on deferred EMIs.
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The finance ministry has issued a stern diktat to PSBs to defer ‘avoidable’ expenditure until next fiscal.
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The central bank said that HFCs can either take exposure on the group company in real estate business or lend to retail individual home buyers in the projects of group entities, but not do both.
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The government on Wednesday asked state-owned banks to defer avoidable expenditure, including purchase of staff cars and refurbishment of guest houses, to ensure more productive utilisation of financial resources amid the coronavirus pandemic.
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The premium collection for non-life insurers dropped 9% in May and 10% for the two months of the fiscal, largely on the back of a 23% decline in the motor premiums and 48% decline in crop premiums collected by the industry in May, data from IRDAI showed.
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The AIBDA has expressed apprehension that banks will stop paying interest on deposits if the Supreme Court allows complete waiver of interest due to Covid.
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The apex court, while listing the matter for first week of August, has directed the government and the RBI to review the matter.
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Beijing-backed Asian Infrastructure Investment Bank (AIIB) has approved a loan of $750 million to help India battle the impact of the coronavirus pandemic on vulnerable households, the bank said on Wednesday.
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Chennai, which is home to development and back-office centres of several multinational firms especially banks, has reintroduced a lockdown till end of this month, but across the country curbs have eased from earlier this month after the first nationwide lockdown was announced on March 24 and eventually extended three more times.
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In April and May the increase in business volumes came more from existing customers taking advantage of higher loan-to-value (LTV) due to a spike in gold prices to increase their borrowings against existing pledges. But absolute footfalls have not increased and acquisition of new customers has not picked up.
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The shaken customer confidence in fast-growing private sector banks has led to a flight to safety and a surge in customer deposits and corporate relationships for the bigger and more stable banks, such as SBI, ICICI, Axis and HDFC Bank a study by Greenwich Associates in associatio with Crisil said.
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"Gross direct tax collection fell a full 31 per cent to Rs 1,37,825 crore in the first quarter of FY21, down from Rs 1,99,755 crore in the June 2019 quarter," an income tax official told .
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The 'India Mobile Payments Market Report' noted that point-of-sale transactions completed using debit and credit cards, including online and in apps, rose 24 per cent to USD 204 billion.
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The market capitalisation of Lakshmi Vilas Bank (LVB) was Rs 515 crore at Monday’s stock price of Rs 15.3 apiece on the bourses. The stock was locked in the upper circuit. The board of directors of LVB met on Monday and gave its go ahead for the offer from Clix.
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Very simple way to explain what an investor wants can be condensed into 3 things, namely, good return, quick return and less volatility: basically Jyaada mo...
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Finance minister Nirmala Sitharaman on Monday held a meeting with the heads of major private sector banks, and asked them to ensure effective rollout of Rs 3-lakh crore ECLGS for the MSME sector, hit hard by coronavirus-induced lockdown.
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Mondal was hired as part of Axis Bank chief Amitabh Chaudhry’s effort to strengthen the top deck of the bank, after he took over the corner office in January 2019. Axis bank confirmed the development adding that it would soon begin the process of identifying a replacement, which would most likely be an internal candidate.
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Operating profit grew 16 per cent to Rs 434 crore as compared with Rs 374 crore for the same period. Its asset under management grew 15.6 per cent to Rs 8,174 crore at the end of March over Rs 7,068 crore in the year back. Micro loans accounts for about 93 per cent of the business.
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The data signals weak demand, and opens room for the central bank to further cut interest rates to support an economy headed for its first annual contraction in more than four decades. The consumer price-targeting Reserve Bank of India has lowered borrowing costs by a cumulative 115 basis points this year, and pledged to ease more to support growth.
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Various government bodies and especially police have been using drones in their fight against the coronavirus pandemic which has killed over 9,500 people in the country so far and more than 3.32 lakh people are infected so far. Globally, more than 4.3 lakh lives have been lost and close to 80 lakh are infected.
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The pandemic and the resultant social distancing will further slow down branch expansion as more and more customers minimise human interaction, bankers said.
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The validation and disbursal of fresh loans will happen via this digital platform while past loans will also be digitised to cut costs and improve profitability. The bank is planning to digitise a large proportion of its retail and MSME processes in the next six months.
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Privatisation of any public sector bank (PSB) during the current fiscal is very unlikely due to their low valuations and mounting stressed assets amid the COVID-19 crisis, sources said. At present, four public sector banks are under the RBI's Prompt Corrective Action (PCA) framework, which puts several restrictions on them, including on lending, management compensation and directors' fees.
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