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"Banks are required to raise capital at the moment. They need to raise and conserve capital. This is because when it is needed, capital may not be available or become highly expensive," Vishwanathan said while speaking at a webinar organised by Enqube Collaboration.
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The state-owned lender has reduced interest rate on its short-term gold loan scheme -- Bumper Agri Jewel. Earlier, interest rate on the product was 7.5 per cent.
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Private lender ICICI Bank on Saturday reported a net profit of Rs 2,599 crore in the June quarter, up 36 per cent (year-on-year) from Rs 1,908 crore posted in the same period last year. The bank's gross NPA (non-performing asset) stood at 5.46 per cent in Q1, which is slightly lower than 5.53 per cent recorded in previous quarter.
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The NFRA report has again put a spotlight on the confusion on what services can be provided by an auditor to its audit clients.
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In his foreword to the bi-annual Financial Stability Report (FSR), Das said the top priority right now for banks and financial intermediaries should be for augmenting capital levels and improve resilience.
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The country's financial system is sound but lenders should desist from extreme risk aversion during COVID-19 pandemic and beyond, Reserve Bank of India (RBI) governor Shaktikanta Das said on Friday. In his foreword to the bi-annual Financial Stability Report (FSR), Das said the top priority right now for banks and financial intermediaries should be for augmenting capital levels and improve resilience.
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The ratio was already one of the highest among major economies at 8.5% at the end of March, as a two-year shadow banking crisis in India soured debt. If the macroeconomic environment worsens further, the ratio may escalate to 14.7% under the very severely stressed scenario, the RBI said in its semiannual financial stability report on Friday.
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Billionaire banker and founder of Kotak Mahindra Bank, Uday Kotak, said it is critical to have complete ownership of customers for real leadership in the digital world, where countries like China have scored over India. He cited examples of Chinese conglomerates like Alibaba and Tencent.
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"A critical question for the banks, the property market and indeed the economy is now whether the moratorium is extended yet again...Still until proven otherwise, investors should probably assume that the moratorium will be extended for another four months to the end of the calendar year," said Wood in the note titled 'Greed & Fear'.
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The Insurance Regulatory and Development Authority of India (Irdai) has asked Max Life Insurance to rework its deal with Axis Bank. The regulator has not agreed to the ‘value creation options’ condition that allowed Axis Bank to exit at a fixed price. In April, the private bank had agreed to hike its stake in the life insurer to 30% for Rs 1,600 crore.
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As unsecured loans dried up post-lockdown and during the moratorium, borrowers have moved to gold loans; local gold prices have hit a record high, surpassing the psychological market ceiling of Rs 50,000 per 10 gram. Even some banks are preferring gold as collateral in sanctioning even working capital loans.
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Former Reserve Bank of India (RBI) governor Raghuram Rajan on Thursday said the central bank has been expanding its balance sheet and buying government debt on the back of excess liquidity amid the economic slowdown but cautioned that this comes at a cost and cannot be a lasting solution.
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Equity benchmark sensex jumped 269 points on Thursday, led by gains in index heavyweight Reliance Industries, ICICI Bank and Kotak Bank amid hopes of fresh government stimulus to support the economy. The 30-share BSE sensex ended 268.95 points, or 0.71 per cent, higher at 38,140.47.
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The company has secured authorisation for three years from both the state governments to implement the PMFBY in six districts of Maharashtra and three districts of Karnataka, a release said. The PMFBY offers insurance cover to farmers against losses of crops during the entire cycle, from preparation of sowing to harvesting and post-harvest, due to poor yield.
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Reserve Bank of India has also sought information on steps taken by HDFC Bank to remedy any issues identified during the investigation
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Around nine lakh employees from public sector banks and old private sector banks are in for a bonanza as the Indian Banks’ Association and unions finally agreed to a 15% hike in their salaries — a move that will increase the annual wage bill by Rs 7,900 crore.
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The banking reforms that started in 2015 in right earnest has achieved a lot. But a lot more needs to be done. This is probably the best time to complete the half done banking sector reforms as activity in the banking sector is at an all time low.
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WhatsApp had started testing its payments service - WhatsApp Pay - in India in 2018. The UPI-based service, which allows users to utilise the messaging platform to send and receive money, competes against Softbank-backed Paytm, Flipkart's PhonePe and Google Pay in India.
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Senior level exodus at Axis Bank continues with Naveen Tahilyani, Group Head in charge of transformation, quitting, making it at least the eighth top level exit since Amitabh Chaudhry took over as chief executive at the lender last year.
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"Some business models of our customers could undergo changes which could open up new hitherto unknown opportunities. Given the heightened uncertainty (due to lockdown) we are aligned to opportunities that may open up in coming months" Managing Director T T Srinivasaraghavan said.
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Google, in an affidavit, has said the PSO authorised by the Reserve Bank of India (RBI) is the National Payment Corporation of India (NPCI) which is the owner and operator of the entire unified payment interface (UPI) network.
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The government has also announced that all Saturdays will be public holidays for bank branches in the state till the second week of August. Normally, bank branches across India remain closed on the second and fourth Saturdays.
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The SBI report said as per the regulatory requirement, banks in the country need to have a regulatory capital of 9 per cent of risk weighted assets (RWA) along with additional Capital Conservation Buffer (CCB) of 1.875 per cent, which was slated to increase to 2.5 per cent by March 20.
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HDFC Bank is understood to have terminated the services of half a dozen executives following irregularities in the auto loans business. The bank had earlier admitted that following an internal investigation into allegations of irregularities in this segment, it had taken disciplinary action against staff.
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The banker, currently in judicial custody, was arrested in March under provisions of the Prevention of Money Laundering Act (PMLA).
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“Rahul Bajaj, Non-Executive Chairman of the company, having been at the helm of the company since its inception in 1987 and the group for over five decades, as part of succession planning, has decided to demit the office as chairman of the board with effect from close of business hours on July 31, 2020,” the company said.
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Payments to creditors from Infrastructure Leasing & Financial Services Ltd., whose default in September 2018 triggered a lingering credit crisis in India, are likely to spill over to the financial year beginning April 2021, management said in a call on Monday. It had previously aimed to resolve a bulk of those by this month.
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A bench of Chief Justice D N Patel and Justice Prateek Jalan issued notice to the Finance Ministry, Reserve Bank of India and PMC Bank seeking their stand on the application moved by consumer rights activist Bejon Kumar Misra.
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Cognizant has brought in a new technology leader who will report directly to CEO Brian Humphries. Anil Cheriyan, who was director of the US federal govt's technology transformation services, and prior to that with SunTrust Banks and IBM, will be executive vice president of strategy and technology effective August 3. He will be part of Cognizant’s executive committee.
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This termination pertains to practices at the auto loans department where some staff allegedly forced customers to buy the GPS devices bundling it with the car loan. It was found that some customers were not even aware of purchasing such a product till the loan documents were checked.
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These steps have been taken "attaching paramount importance to prevent spread of the virus among the bank employees while on duty," the government said in a notice.
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The govt is looking to privatise more than half of its state-owned banks to reduce the number of PSU banks to just 5. The first part of the plan would be to sell majority stakes in Bank of India, Central Bank of India, Indian Overseas Bank, UCO Bank, Bank of Maharashtra and Punjab & Sind Bank, leading to an effective privatisation of these state-owned lenders.
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The government is working on a privatisation plan to help to raise money by selling assets in non-core companies and sectors when the country is strapped for funds due to lack of economic growth caused by the coronavirus pandemic.
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As gold prices are currently ruling high, the collateral is becoming more valuable, Managing Director George Alexander Muthoot said adding that now, people can borrow more money out of the same holding and as a lot of publicity is going around gold and gold prices, more and more people are inclined to take gold loan.
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The First Bench of Chief Justice AP Sahi and Justice Senthil Kumar Ramamoorthy refused to grant any interim relief to the Big Kanchipuram Cooperative Town Bank Ltd and the Velur Cooperative Urban Bank Ltd which challenged provisions of the ordinance promulgated on June 26.
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About 50% of the debt is expected to be resolved by March 2021, the indebted infrastructure lender's board said in a progress report, with 18% already addressed as of June end. The board had said in an update in October that it aimed to resolve 50% of the debt by March this year.
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Global investment banking major Bank of America (BofA), which stood second in the India deal street ranking in the first half, is bullish on the remaining six months with a strong pipeline of deals, despite the COVID-19 pandemic hitting business sentiment.
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A report by State Bank of India has argued for keeping interest rates low with the government meeting its cash requirement by raising funds directly from RBI. RBI support would help the government fund the surge in spending due to the Covid-19 pandemic.
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“The current environment will lead to more financial challenges for realty developers. Hence there will be a need for patient capital and the market will see more last mile funding transactions along with partial liquidity solutions to existing lenders,” said Vikas Chimakurthy, CEO, Kotak Realty Fund.
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Kedaara is competing with global and domestic funds such as TPG, Advent International, James Murdoch’s Lupa Systems and Chrys Capital that have already evaluated the investment opportunity until lockdown temporarily halted the fundraising exercise at a $2-2.2 billion valuation, said four people with knowledge of the development.
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The All India Bank Employees Association in a statement said that the coronavirus threat is haunting bankers, where they are highly exposed to the general public dealing and now a five-day week is the requirement of the hour. The association noted that while whole world is carving for four-day working, the country is still looking for a way to opt for five-days banking.
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Corona Kavach, which was launched on July 10 and is being offered by both general and health insurers, is a standard health insurance policy created to meet the treatment requirements for coronavirus.
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In the letter, United Forum of Bank Unions (UFBU) said, "Despite standard operating procedure (SOP) prescribed by the central government as also state government and local administration, banks are not complying with regular sanitisation of branches."
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"The global economy has taken a hard hit due to Covid-19. The IMF in its recently released World Economic Outlook, June 2020 has reported that the global economy is expected to contract by 4.9% in 2020, the impact would be much larger than what we have seen during the global financial crisis of 2008."
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The banker, who is set to retire in October this year on attaining the age of 70, had earned Rs 42.20 crore by exercising stock options in 2018-19.
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Since the IL&FS bankruptcy-induced liquidity crisis in September 2018, the group has been reducing its wholesale loan book and it is down 43 per cent from peak in FY18. The group will be selling down Rs 3,000 crore more of wholesale loans by March and completely exiting by 2022, says group chairman and chief executive Rashesh Shah.
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Aditya Puri, the longest-serving chief of any commercial bank in India, reminisced about how it all started while addressing shareholders in his last annual general meeting as CEO. Puri who is credited with setting up India’s biggest private bank, which with a market cap of Rs 6 lakh crore is also the most valuable, will step down after completing his term on October 2020 when he turns 70.
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Although the company doesn't require capital for business expansion, it may raise some funds as a buffer for unforeseen events, Policybazaar.com Group CEO and co-founder Yashish Dahiya told PTI.
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"Coronavirus is sweeping the world, especially the US and India. In spite of that, the amount of investment going into India is mind-boggling," Silicon Valley's top venture capitalist, entrepreneur and philanthropist M R Rangaswami told PTI in an interview.
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