UPI clocks its highest monthly volume with 1.5 billion transactions in July

The ‘V-shaped’ rebound comes on the back of steep fall seen in the months of March and April during the nationwide lockdown when the popular instant payment service had lost nearly 25% of transaction volumes.

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UCO Bank ready to come out of RBI's prompt corrective action framework: Official

In May 2017, the central bank had initiated PCA against the lender due to high non-performing assets and negative return on assets.

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One-time gain: SBI net profit soars 81% to Rs 4,189 crore in Q1

The domestic net interest margins (NIM) showed an improvement of 23 basis points (bps) in the June quarter to 3.24% from 3.01% in Q1FY20.

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Negative real rates may be a new normal: SBI report

It is important to keep real rates negative at present as it could have a “sobering” effect on asset quality, the report said, adding that there is unlikely to be a further cut in the repo rate in the August monetary policy review.

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Banks' YoY credit growth at 6.7 per cent remains subdued in June

The slowdown in disbursement of new credit in this period has been attributed by bankers to challenges in conducting origination activities, lack of clarity in moratorium extension and risk averseness amid tell-tale signs of stress across sectors.

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Non-food credit growth slows to 6.7% in June

Personal loans continued to perform well, registering a growth of 10.5 per cent in June 2020, almost similar to May 2020 but lower than 16.6 per cent growth in June 2019, RBI's Sectoral Deployment of Bank Credit for June 2020 showed.

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Capri Global Capital plans to apply for Small Finance Bank licence

Our Bureau The board of directors of Capri Global Capital, on Friday, granted in-principle approval to explore the possibility of applying for a Small

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Yes Bank scam: Court rejects bail pleas of Wadhawan brothers

According to the CBI FIR, the scam started taking shape between April and June 2018, when Yes Bank invested Rs 3,700 crore in short-term debentures of the scam-hit DHFL.

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Banks cannot refuse credit to MSMEs: Sitharaman

Finance minister Nirmala Sitharaman on Friday said banks cannot refuse credit to MSMEs under the emergency credit facility and any refusal should be reported. As of July 23, 2020, the total amount sanctioned under the 100 per cent Emergency Credit Line Guarantee Scheme by public sector banks and private banks stands at Rs 1,30,491.79 crore, of which Rs 82,065.01 crore has already been disbursed.

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IFIN: NFRA orders against Deloitte partners to be on hold for now

The recent separate disciplinary orders of Audit regulator National Financial Reporting Authority (NFRA) against Deloitte Haskins & Seles (DHS) pa

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ICICI Pru MF launches ETF on Nifty Alpha Low Volatility index

NFO opens on August 3

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Motilal Oswal AMC appoints Navin Agarwal as MD

Motilal Oswal Asset Management Company has appointed Navin Agarwal as MD and CEO, with the incumbent Aashish Somaiyaa putting in his papers.Motilal O

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UCO Bank posts ₹21-cr Q1 profit

Our BureauUCO Bank posted a net profit of ₹21 crore for the quarter ended June 30, 2020, when compared to a net loss of ₹601 crore in the same period

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Ujjivan SFB Q1 net profit down 42% at ₹54.65 crore

Ujjivan Small Finance Bank reported a 42.1 per cent drop in its net profit for the first quarter of the fiscal at ₹54.65 crore as against ₹94.48 crore

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SBI Q1: Strong growth in net interest income, rise in Covid provisions lend comfort, but weak credit growth a lingering concern

Radhika Merwin A notable ramp up in Covid provisions, fall in bad loans, strong growth in net interest income, a boost to earnings from one-off gain f

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UCO Bank posts Q1 net profit of ₹21 crore

Kolkata, July 31UCO Bank has posted a net profit of ₹21 crore for the quarter ended June 30, 2020, when compared to a net loss of ₹601 crore in the sa

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State Bank of India Q1 profit zooms 81% on stake sale in SBI Life Insurance; stock price jumps over 3%

State Bank of India (SBI) reported a whooping 81 per cent on-year rise in standalone net profits at Rs 4,189 crore for the April-June quarter

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Loan moratorium eats into banks’ income; 15-40% of net-interest income out of reach of private banks

The share of moratorium loans has come down significantly for private lenders that have so far reported their April-June quarter results, and that has been dubbed as a sign of improvement by many.

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'RBI may keep repo rate unchanged in August'

The Reserve Bank of India is likely to leave repo rate unchanged in the upcoming policy review meeting and the Monetary Policy Committee may look for "unconventional policy measures" to ensure financial stability, says a report.

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SBI Q1 profit jumps 81% y-o-y to ₹4,189 crore

Buoyed by lower loan-loss provision, profit from sale of stake in SBI Life

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SBI reports 81% jump in quarterly profit

State Bank of India, the country's largest lender by assets, reported an 81% rise in quarterly profit on Friday, helped by a one-time gain from a stake sale in its life insurance unit.

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Negative real rate unlikely to hurt household financial savings: Report

‘People are parking more money in liquid bank deposits rather than in financial savings’

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Kotak Mahindra Bank launches two-month campaign with offers, discounts

Partners with over 100 brands to provide deals to customers across various categories

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LIC reports 12.42% increase in total premium income in FY20

Settled 561 Covid death claims

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Rakesh Rathi's latest venture creating buzz for facilitating trade finance during the current pandemic

Mr. Rakesh Rathi dons many hats. He is a chartered account, entrepreneur and a technology enthusiast who has successfully created value for his group http:/...

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Investors may warm up to other Indian bonds with 10-year deluge

There’s so much supply of benchmark 10-year bonds in India that investors are starting to look for refuge in other tenors.That’s becoming evident as t

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Widespread take-up of moratorium credit-negative for banks: Moody’s

“The high take-up rates by borrowers of small finance banks (SFBs) and non-bank finance companies (NBFCs) is a result of these institutions’ greater exposure to riskier customer segments, such as those with more volatile income streams,” Moody’s said.

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Karur Vysya Bank net profit up 45 per cent in Q1

Karur Vysya Bank’s net profit at the end of the first quarter of the current fiscal rose 45.2 per cent to ₹106 crore, compared to ₹73 crore during the

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Craft Silicon, PayU announce strategic tie-up to advance digital loan repayment

Craft Silicon, a global financial software solution provider, announces a strategic association with PayU, India’s online payment solutions provider.T

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HDFC first-quarter profit rises 15 per cent to ₹4,059 cr

The country’s largest mortgage lender HDFC on Thursday reported a 15 per cent rise in consolidated net profit at ₹4,059 crore for June quarter, 2020-

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Government mulls tweaking rules to promote flow of insurance, pension funds into InvITs

New norms will allow insurance firms to invest in debt securities of Infrastructure Investment Trusts

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Religare Finvest hopes to complete debt restructuring by December

Religare Finvest, which is the NBFC arm of embattled financial services conglomerate Religare Enterprises Ltd (REL), is hopeful of completing its deb

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Managing Volatility And Rebalancing

SSL Academy, in association with the Economic Times, organised a three-day digital conference titled ‘Financial Freedom Fraternity’ for financial advisors a...

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AIIB to step up lending in India; plans to approve loans worth $3 billion in next 12 months

India is the largest borrower, which accounts for 25 per cent of the total lending by Asian Infrastructure Investment Bank (AIIB) so far, the bank's vice president D J Pandian told PTI in an interview.

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Allow promoters to renegotiate under IBC: Raghuram Rajan

Former Reserve Bank of India (RBI) governor Raghuram Rajan has said that, instead of closing the insolvency option completely for Covid defaults, borrowers should have been allowed to renegotiate the loans under the bankruptcy platform and retain their businesses.

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Karur Vysya Bank’s new MD Ramesh Babu assumes charge

B Ramesh Babu assumed charge as Managing Director and Chief Executive Officer of Karur Vysya Bank on Wednesday. His term would be for three years fro

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India found cyber security lapses at NPCI in 2019, says government document

The audit, which took place over four months to February 2019, highlighted a lack of encryption of personal data at the National Payments Corporation of India (NPCI) which forms the backbone of the country's digital payments system and operates the RuPay card network championed by Prime Minister Narendra Modi.

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Axis Bank launches AI-powered conversational voice BOT for IVR

Private sector lender Axis Bank on Thursday unveiled as Automated Voice Assistant ‘AXAA’, which is an artificial intelligence-powered conversational

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India found cybersecurity lapses at National Payments Corporation in 2019: Govt document

The audit, which took place over four months to February 2019, highlighted a lack of encryption of personal data at the National Payments Corporation of India (NPCI) which forms the backbone of the country's digital payments system and operates the RuPay card network championed by Prime Minister Narendra Modi.

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Gold loans may get cheaper; banks rush to lure Indian families willing to cash in gold price rally

Now, financial firms and banks are using that demand to lure more customers from pawnbrokers and money lenders.

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Banks are racing to lend against a $1.5 trillion hoard of gold

Indian families, sitting on the world’s biggest private stash of gold, are rushing to borrow against their jewelry as the precious metal rallies to records and the coronavirus pandemic fuels an economic downturn. Now, financial firms and banks are using that demand to lure more customers from pawnbrokers and money lenders.

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Overseas borrowings in Q1 FY21 tumble to 11-quarter low of $3.51 bn

Borrowings have fallen off the cliff because companies don’t have any investment plans due to future uncertainties

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Yes Bank takes possession of ADAG headquarters in Mumbai over non-payment

The action has been taken by the lender under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFESI) Act, after Reliance Infrastructure failed to pay dues of Rs 2,892 crore.

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Yes Bank to take over HQ of Anil Ambani

Yes Bank, which faced a crisis in March this year on account of bad debts, has substantial loans due from the Anil Ambani group, to which it had an exposure of close to Rs 12,000 crore. In the last two decades, the Anil Ambani group expanded aggressively in new businesses raising high levels of debt.

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Economic recovery post-COVID-19: PM Modi asks banks, shadow lenders to help revive growth

This was the latest in a series of meetings, chaired by the prime minister this month to firm up a strategy for an economic rebound.

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Covid-19: Banks are racing to lend gold loans as demand surges

Job losses due to virus-related lockdowns attributed to the surge in gold-backed loans

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Rural-play fintech firms see revival as rural economy starts getting back on its feet

Companies providing intermediary payments, banking and insurance services to rural customers have seen a sharp recovery in June and July, from the initial shock of the nationwide lockdown that brought supply chains and merchant commerce across the country to a standstill.

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Federal Reserve leaves rates unchanged, promises more support

Fed Chair Jerome Powell vows to use all tools to support the US economy

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PM urges bankers to support economy in tough Covid-19 times, boost revival

Prime Minister Narendra Modi has urged chief executives of both public sector and private sector banks to do some heavy lifting to support the economy

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COVID-19 impact: Assets under management of NBFCs may degrow first time in 20 years, says Crisil

The Crisil report also mentioned that lower repayments during the moratorium period and capitalisation of accumulated interest would, however, help limit degrowth in AUM.

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PM Modi asks banks not to reject loans due to past NPAs, consider new requests on merit

PM Modi asked the banks to not treat all credit proposals with the same yardstick and ensure that the borrowers get access to funding on their merit and do not suffer in the name of past NPAs.

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Bandhan Bank to divesify asset portfolio

Bandhan Bank, is looking to diversify asset portfolio and strengthen its team to embark on the next phase of growth. The bank would also continue to

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B Ramesh Babu assumes charge as MD, CEO of Karur Vysya Bank

Karur Vysya Bank (KVB) on Wednesday said B Ramesh Babu has assumed charge as the new Managing Director and Chief Executive Officer of the bank with

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Suspending IBC for a year bad idea, restart bankruptcy courts in 2-3 months: Former RBI deputy gov Viral Acharya

Viral Acharya also said that there is a need for adequately capitalising all the banks, so that they are in a better position to help the needs of the economy amid the COVID-19 pandemic, which is bound to have its costs.

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Sundaram Mutual launches ‘Any-day SIP’

Sundaram Mutual has given investors the freedom to select a date on which their systematic investment plan (SIP) needs to be deducted from bank accou

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Suspending IBC for a year bad idea, restart bankruptcy courts in 2-3 months: Viral Acharya

Acharya, who went back to New York as a professor of economics after quitting his job at the RBI six months before the end of his three-year term, said bankruptcy should not be seen as a punishment, but as a way to restructure debts and pitched for the courts to reopen in the next two to three months.

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Over 45% of the urban Indians are planning to increase their health insurance spending

The study forecasts not only a sharp rise in demand for health insurance products over the upcoming months but also an increased influence of digital modes for insurance purchases.

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YES Bank takes possession of Anil Ambani Group headquarters

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Manappuram Finance post 38% rise in Q1 profit

Our Bureau Gold-loan lender Manappuram Finance has posted a 38 per cent increase in net profit at ₹367.97 crore in Q1 of FY21 over the ₹266.78 cror

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Muthoot Capital Services net profit remains flat in Q1

Our Bureau The net profit of Muthoot Capital Services Ltd (MCSL) remained flat at ₹13.5 crore in Q1 of FY21 against ₹13.6 crore in the same quarter

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NBFC assets may de-grow 1-3 per cent in FY21 as fresh disbursements drop sharply: Crisil

The rating agency said "assets under management of non-banking financial companies (NBFCs) are expected to de-grow 1-3 per cent in the current fiscal as fresh disbursements drop sharply".

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As fresh disbursements drop sharply in FY21, AUM of NBFCs will de-grow for first time in two decades: Crisil

Our Bureau The Assets under management (AUM) of non-banking financial companies (NBFCs) will de-grow for the first time in nearly two decades as fresh

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Sensex skids 422 points to close at 38,071; Nifty tests 11,200

Equity indices finished lower on Wednesday with the benchmark BSE sensex falling over 400 points dragged by auto and IT stocks. The 30-share BSE index fell 422 points or 1.10 per cent lower to finish at 38,071. While the broader NSE Nifty settled 98 points or 0.86 per cent lower at 11,203. Reliance, M&M, HCL Tech, Nestle India, HDFC Bank, Maruti and TCS fell 3.75%.

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Vijay Shekhar Sharma’s Paytm Money gets a new CEO in Varun Sridhar

Vijay Shekhar Sharma-owned Paytm Money has made a new appointment for one of its top management positions. Varun Sridhar has been appointed as the new Chief Executive Officer of Paytm Money.

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India risks ‘Japanification’ as bad loans surge, says Viral Acharya

The ex-central banker was referring to Japan’s experience in the 1990s when a weak banking and financial sector crippled activity and contributed to a lost decade of sub-par economic growth. The RBI sees the country’s bad-loan ratio swelling to the highest level in more than two decades — to 12.5% by March 2021, the highest level since 1999.

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What ails India’s banks: Moody’s, S&P Global flag risks around Asian lenders

The coronavirus pandemic is going to hit financial institutions hard; and it is a reality which has not escaped even the least concerned.

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Narendra Modi to troubleshoot issues with banks, NBFCs today; credit growth, financial stability on cards

PM Modi will discuss topics including credit products and efficient models for delivery; financial empowerment through technology; and practices for stability and sustainability of the financial sector.

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Yes Bank is a zombie left with a half rescue; but, enlisting depositors will be even bigger disaster

A half-rescue is bad enough, as the ongoing Yes Bank misadventure has painfully underscored. Enlisting depositors to top up the capital tank would be a bigger disaster.

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IndusInd Bank Q1: Building higher provisions and retail deposits will be key

While the move to shore up capital is positive, the bank needs to increase its provisions to deal with asset quality risk in its corporate, MFI and CV book

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View: Yes Bank is a zombie. India must learn before more bailouts

Yes Bank was privately owned, before it was quasi-nationalized by making it SBI’s problem. But next year, there will be several small state-owned banks in a similar situation where capital buffers are depleted. This can’t happen yet because of RBI's Covid moratorium on repayments. When the freeze ends next month, loans will start turning overdue.

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YES Bank to pay pending interest on Upper Tier II bonds

 With its improved capital position post the ₹15,000-crore follow-on public offer, private sector lender YES Bank has said that it will pay the intere

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NPCI confirms WhatsApp Pay’s data localisation

A filing by the Reserve Bank of India (RBI) with the Supreme Court shows that the National Payments Corporation of India (NPCI) has told the banking regulator that Facebook-owned messaging application WhatsApp is now fully compliant with data-localisation norms.

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COVID-19: PM Modi to hold meeting of banks, NBFCs to deliberate on vision and roadmap for future

RBI governor Shaktikanta Das has advised banks and other financial institutions to proactively raise and conserve capital to be able to beat the stress.

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Yes Bank net profit declines 60% to Rs 45 crore in Q1

Yes Bank on Tuesday reported 60 per cent fall in its standalone net profit to Rs 45.44 crore for the first quarter ended June 30. The private sector lender had posted a net profit of Rs 113.76 crore in the same quarter previous fiscal.

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YES Bank Q1: Lingering asset quality risk, modest Covid provisions suggest risk to capital and earnings in the coming quarters

With the recent ₹15,000-crore capital raise through its follow-on public offer (FPO), YES Bank has managed to shore up its capital ratios substantiall

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IndusInd Bank Q1 net profit down 68%

Board approves capital raise of ₹3,288 crore

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PM Modi to join brain-storming session with heads of banks, NBFCs on Wednesday

This is part of a series of meetings that the prime minister is holding for the last few weeks on various sectors of the economy, sources said.

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IDBI Bank clocks ₹144 cr profit in Q1

IDBI Bank on Tuesday reported a standalone net profit of ₹144.43 crore for June quarter of 2020-21 financial year.The private sector bank posted a net

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Yes Bank Q1 net profit down 60% at ₹45.45 crore

Deposit base grows 11.4% quarter-on-quarter

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IDBI Bank reports ₹144 crore profit in Q1

IDBI Bank on Tuesday reported a standalone net profit of ₹144.43 crore for June quarter of 2020-21 financial year. The private sector bank posted a n

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Fino Payments Bank to double gold-loan sourcing to ₹2,000 crore

Our BureauFino Payments Bank plans to double the value of its gold loan sourcing business in the current fiscal and will partner with banks and NBFCs

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RBL Bank Q1 net profit down 47%

Our BureauMumbai, July 28RBL Bank’s net profit in the first quarter of the fiscal nearly halved and was down 47.1 per cent to ₹141.22 crore with a sha

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Fino Payments Bank aims to double gold loan sourcing to Rs 2,000 crore in FY21

Fino, which turned profitable last fiscal, has already facilitated gold loan sourcing worth Rs 1,000 crore in FY2020 as a corporate business correspondent (BC) for a leading bank, it said.

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SBI shareholding in YES Bank reduces to 30%

Our Bureau State Bank of India’s shareholding in YES Bank has come down from 48.21 per cent to 30 per cent following the latter’s further public offe

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Tata AIA Life Insurance launches express claims service that promises payouts in 4 hours

Private sector Tata AIA Life Insurance has announced a new facility that promises to process life insurance claim pay-outs within four hours of regist

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CreditAccess Grameen to tap capital market by August 2021

This is to comply with SEBI’s minimum shareholding norm

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PM to meet bank, NBFC chiefs on Wednesday

Prime Minister Narendra Modi will meet the CEOs of top public sector and and private sector banks besides heads of a few NBFCs on Wednesday.Top offici

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Manappuram Finance board approves plan to raise Rs 500 crore via bonds

The committee approved the issuance of private placement of rated, redeemable non-convertible debentures for an amount of Rs 150 crore with an option to retain over subscription up to Rs 350 crore aggregating to Rs 500 crore, it added.

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Development finance bodies to be revived to fund infrastructure projects

The government is working on a strategy to give a fresh lease of life to so-called development finance institutions (DFIs) for funding infrastructure

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SBI Card, IRCTC launch co-branded contactless credit card on RuPay platform

Expanding its portfolio on the RuPay network, SBI Card in collaboration with Indian Railway Catering and Tourism Corporation, on Tuesday launched t

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Global liquidity glut, Covid cloud push up metal prices

An unprecedented amount of funds being infused by central banks around the world is driving metal prices up. Gold is now at an all-time peak, silver’s price has more than doubled since its March low, and copper is up more than 40%. And if analysts and reports by industry experts are to be believed, the rally is far from over.

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HDFC chairman Deepak Parekh urges RBI not to extend loan moratorium beyond August, here’s why

Governor Das said he had ‘noted’ the suggestions made by industry captains, adding, “I will not be able to comment on any one of them now.”

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Infra non-performing assets remain high: Shaktikanta Das

Das observed the spectacular progress in renewable energy has set the stage for India to scale up the share of renewable energy in total electricity generation to 40% by 2030.

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PSB privatisation: Banks need deeper reforms, recapitalisation no panacea, says NK Singh

Growth in business and rise in bad loans in the past decade has forced the Centre to infuse over Rs 3 lakh crore in the past one decade.

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Govt: No decision to reintroduce FRDI Bill

The finance ministry had said the safeguards for depositors would only rise under the provisions of the bill. “Bail-in will be only sparingly used.

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PSU banks to need more capital as safeguard against stress: Fitch Ratings

Fresh equity injections have become significantly more imperative as economic recovery remains shaky due to continued acceleration in new coronavirus cases, Fitch said. Private banks have better loss-absorption capacity in the stress test

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‘Rights issue will take care of our capital needs for 2-3 years’

Surabhi Mahindra and Mahindra Financial Services is set to raise ₹3,089 crore through a rights issue, which opens on July 28. Ramesh Iyer, Vice-Chair

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RBI signs currency swap agreement with Central Bank of Sri Lanka

The Reserve Bank of India (RBI) has signed a currency swap agreement with the Central Bank of Sri Lanka, whereby the latter can make drawals of US dol

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Indian banks will face capital erosion in a high-stress scenario: Fitch

Our Bureau All Indian banks will face capital erosion in a high-stress scenario but state banks are the most vulnerable, as per Fitch Ratings’ stress

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Don’t extend loan moratorium beyond August, says Deepak Parekh

Deepak Parekh, Chairman of HDFC, on Monday strongly advocated for not extending loan moratorium beyond August 31. “Please do not extend the morator

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State-owned banks to need more capital to safeguard against stress: Fitch

The rating agency expects that state banks will remain reliant on fresh equity injections from the government as the proposed capital amounts, if raised fully, will likely add only around 100-150 basis points to state banks' existing common equity Tier 1 (CET1) ratios.

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About 84,545 bank fraud cases reported during 2019-2020, says RBI, in reply to RTI

RTI (Right to Information) activist Abhay Kolarkar said that he had sought various banking related queries under the jurisdiction of the RBI in June 2020, and the replies to the same he received a few days back. During July 1, 2019 to March 2020, about 2,14,480 complaints were received.

from Banking/Finance-Industry-Economic Times https://ift.tt/3hDM7nq

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Kotak Mahindra Bank Q1 net profit down 8.5% on higher provisions

Private sector lender Kotak Mahindra Bank on Monday reported an 8.5 per cent drop in its standalone net profit in the first quarter of the fiscal with

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Majority consider health insurance cover as a necessity in post-COVID era, says survey

Before the outbreak of coronavirus pandemic in India only 10 per cent of people were interested in buying health insurance to cover new age diseases, but now 71 per cent people consider health insurance as a necessity to fight unforeseen pandemic like this, the survey said.

from Banking/Finance-Industry-Economic Times https://ift.tt/32Zyx9F

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Tata Capital launches digital renewal process for select Channel Finance customers

Tata Group’s financial services arm Tata Capital on Monday announced the launch of its digital renewal process for existing Channel Finance customers.

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3 P's of Smart Investing

Making an investment plan involves more than just choosing the right product to put money in. One has to consider the financial situation, risk appetite and...

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HDFC chairman Deepak Parekh requests RBI Governor to not extend loan moratorium

“Please do not extend the moratorium because we see that even people who have the ability to pay whether it’s individuals or corporates are taking advantage under moratorium and deferring payments,” Parekh appealed to RBI Governor Shaktikanta Das.

from Banking/Finance-Industry-Economic Times https://ift.tt/30OEAvk

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RBI Governor calls for big push to infrastructure to reignite economy

Says fortunes shifting in favour of farm sector

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Corporate insolvency: More cases closed by liquidation than by resolution, says RBI report

57% (914 cases) closed under liquidation; only 14% (221 cases) ended with resolution plans

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Cyber threats against banking industry on the rise in post Covid-19 lockdown phase, says RBI

Banking industry is target of choice for cyber attacks, points out regulator

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Wibmo launches video-based customer identification process for banks

Wibmo Video-KYC serves as a one-on-one digital interaction platform between banks and the customers

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Srei explores merger with bank if RBI policy permits

Merger will combine reach of Srei with the bank’s low-cost funds; provide solution to NBFCs’ liquidity crisis

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Will government owning over 90% in many PSBs impede further capital infusion?

Sizeable holdings in the four merged banks puts huge burden on the government to recapitalise the mammoth entities

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The relative performance of Mid-cap IT Services firms — and how a crisis is differentiating the winners from the also-rans

The Covid-19 pandemic has been the black swan event that no one saw. The crisis is likely to further differentiate the few mid-cap IT firms that have shown r...

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HDIL's creditors reject resignation of CFO and company secretary Darshan Majmudar

In a regulatory filing, Housing Development and Infrastructure Ltd (HDIL) informed that the CoC rejected the resignation tendered by Majmudar, and directed him to continue in his present role.

from Banking/Finance-Industry-Economic Times https://ift.tt/2CQ1IBz

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As prices of gold reach new heights, some see a golden chance to settle their loans

According to RBI regulations, up to 75% of the value of the gold can be lent. Rising gold prices have meant that loan-to-value (LTV) is higher by Rs 500 per gram on the same jewellery.

from Banking/Finance-Industry-Economic Times https://ift.tt/30P3VVR

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RBI’s rate-setting panel set for 'overhaul'

India’s central bank will soon have a new group of policy makers setting interest rates and possibly a change to its mandate too.The six-member Moneta

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Big consolidation: India Post, RRBs to combine to form PSB

The government has taken various initiatives for making the RRBs economically viable and sustainable institutions.

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Aditya Puri sells HDFC Bank shares worth Rs 843 crore

Aditya Puri, HDFC Bank’s managing director who’s slotted to retire in about three months, last week sold about 74 lakh shares of the bank worth about Rs 843 crore, exchange disclosures showed. This is the second instance of Puri selling HDFC Bank shares this year.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2WZjJnJ

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Aditya Puri raises Rs 842 crore by selling HDFC Bank shares, holding down to 0.01%

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/39uLxW8

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Pandemic hits corporates’ debt paring exercise in H2 2019-20: RBI

Non-PSU firms have a better record of delevaraging; stagnant profits hit all firms during the period

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Govt amends certain Indian Accounting Standards

While Ind-AS 103 pertains to business combinations, Ind-AS 116 relates to principles for recognition, presentation and disclosure of leases.

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Ahead of retirement, Aditya Puri sells 95% of his stake in HDFC Bank

The share sale by HDFC Bank's Aditya Puri came around three months ahead of his retirement from the top job as managing director since 1994.

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PNB Housing Finance expects to disburse Rs 13,000 cr loan this fiscal, says CEO Neeraj Vyas

In 2019-20, PNB Housing Finance had disbursed loans of Rs 18,626 crore, 48 per cent lower than in preceding fiscal year (2018-19).

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RBI may go in for further 25 bps rate cut, feel experts

The Reserve Bank is likely to go in for a minimum 25 basis points cut in key lending rate in the forthcoming monetary policy review as the need to revive the coronavirus-hit economy is pressing notwithstanding marginal uptick in inflation, feel experts.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/39ujJ49

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PNB Housing Finance expects to disburse Rs 13,000 crore loan this fiscal: MD and CEO Neeraj Vyas

Demand from mass housing statement has started picking up post relaxations in coronavirus-induced lockdowns and gradual reopening of economy, he said.

from Banking/Finance-Industry-Economic Times https://ift.tt/303iXs1

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Danish company Maj Invest buys 18% equity in SAVE Solutions for Rs 120 crore

SAVE Solutions is a business correspondent for State Bank of India, Bank of India and Bank of Baroda and intends to use this capital to expand its direct lending through subsidiaries SAVE Microfinance and SAVE Financial Services, group chief financial officer Gourav Sirohi told ET.

from Banking/Finance-Industry-Economic Times https://ift.tt/3f2RA5A

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Aditya Puri sells 74.2 lakh shares in HDFC Bank

Ahead of the completion of his tenure, HDFC Bank’s Managing Director and CEO Aditya Puri has sold 74.2 lakh shares in the lender.According to corpora

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ICICI Bank Q1 Results: Stake sales help report 36% rise in net profit

Bottom line was cushioned by Rs 3,092-cr income from stake sale in its subsidiaries

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Numberless cards: No visible number or code on card enhances user security

Numberless cards, which don’t have any visible number or code inscribed on them, are revolutionising digital payments by making them more secure

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