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The promise is only to give the majority of their wealth to philanthropic causes either during their lifetime or in their will. It is not legally binding but there is moral accountability to one’s self and to each other.
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The Reserve Bank of India (RBI) has provided funds for the scheme by subscribing to government-guaranteed special securities issued by a trust set up by SBI Capital Markets Ltd (SBICAP).
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Whether the loan relief succeeds or fails, one thing is certain: India’s $1.4 trillion credit machine will be in stall mode until next March as restructuring “sucks up bankers’ bandwidth,” and the “scope for new credit creation dwindles,” says Nachiket Naik, head of corporate lending at Arka Fincap Ltd., a Mumbai-based financier.
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While it would appear to be unprecedented for a chairman to be part of a panel to be interviewed for the position he already holds, it may, according to people familiar with the situation, send a message that the government prefers tried and tested hands in key positions instead of risking a new leader at a time when the financial system is facing unprecedented crises.
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The country's foreign exchange reserves hit an all-time high of $534.568 billion after surging by massive $11.938 billion in the week ended July 31, the Reserve Bank of India (RBI) data showed. While announcing the monetary policy on Thursday, RBI governor Shaktikanta Das said the reserves at $534.6 billion are equivalent to 13.4 months of imports.
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Shares of Yes Bank on Friday rose 5 per cent after LIC acquired close to 5 per cent shareholding in the bank by purchasing shares from the open market.
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Seeking "parity", Malvinder Singh petitioned the Court on Friday seeking bail. The Enforcement Directorate (ED) is likely to oppose Malvinder’s bail. On July 23, the Delhi High court finding"no rationale" in continuing his custody as undertrial, had granted bail to Shivinder Mohan Singh, erstwhile promoter of Religare Enterprises Limited (REL) in a money laundering case registered against him by ED.
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Account-holders will soon be able to send to their bank the details of a high-value cheque they issue to third parties, which will enable safer and faster clearance of cheques above Rs 50,000.
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Social media giant Facebook said on Thursday that State Bank of India (SBI) has driven downloads and adoption for its YONO app, YONO Lite, SBI Quick, BHIM SBI Pay, and other online SBI platforms leveraging conversational marketing via Facebook Messenger.
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Equity indices finished higher on Thursday with the benchmark BSE sensex rising over 350 points led by gains in metal and IT stocks, after the Reserve Bank of India (RBI) kept key lending interest rates unchanged. The 30-share BSE index surged 362 points or 0.96 per cent to close at 38,025; while, the broader NSE Nifty settled 98 points or 0.89 per cent higher at 11,200.
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The Reserve Bank on Thursday announced an additional special liquidity facility (ASLF) of Rs 10,000 crore equally split between Nabard and the NHB to help small financiers and home loan companies amid Covid-19 difficulties.
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The Reserve Bank of India (RBI) on Thursday announced a loan restructuring window for corporates following bankers and industry demand. The restructuring will be allowed as per the prudential framework issued on June 7, 2019, RBI governor Shaktikanta Das said.
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The Reserve Bank of India (RBI) on Thursday decided to keep key lending rate unchanged in its August policy review meeting. The six-member monetary policy committee (MPC), headed by RBI governor Shaktikanta Das, kept repo rate untouched at 4 per cent; and reverse repo rate at 3.35 per cent.
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The central bank will also form a expert committee headed by former ICICI Bank CEO KV Kamath to suggest ways in which the restructuring will be implemented, governor Shaktikanta Das said.
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One of India’s biggest credit bureaus, Experian Plc told the Reserve Bank of India in July that HDFC Bank has been late in providing details of its loans, including the repayment status of its millions of retail borrowers. Such tardiness has been an issue for about two years.
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Extension of moratorium and one-time restructuring of loan could pose challenges to lenders, and also impact their financial stability if the quantum is large, rating agency Icra said in a report on Wednesday.
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“The account was declared fraud based on the forensic audit. At a time when capital is so scarce, why should I declare an account fraud for no reason. It is based on facts and figures,” the PNB official said.
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Private lender Axis Bank on Tuesday evening launched a Rs 10,000-crore (about $1.3-billion) fund-raising offer, through the qualified institutional placement (QIP) route.
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India is well on the path to recovery from a trough in April, supported by proactive government and central bank policies, a finance ministry report said on Tuesday but cautioned that the increase in Covid-19 cases and subsequent intermittent lockdowns make the recovery prospects fragile and call for constant and dynamic monitoring. The worst seems to be over, said the report.
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Aditya Puri, the founder CEO of HDFC Bank, will hand over the reins to his colleague Sashidhar (Sashi) Jagdishan in October. In an interview, Puri speaks of what he sees as the way forward.
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The founder CEO of HDFC Bank, will hand over the reins to his colleague Sashidhar (Sashi) Jagdishan in October
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The Insurance Regulatory and Development Authority of India (IRDAI) issued a circular exempting the life insurance companies from the requirement of issuing policy document and copy of proposal form in physical form, subject to certain conditions.
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India's micro-housing sector has got a boost with US-based Development Finance Corporation (DFC) taking exposure in Delhi-based startup Aviom India Housing Finance.
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“Our vision is to become industry leader in equity research and advisory.” - Manish Goyal, CEO Investment has always been a preferred medium of multiplying ...
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SBI Card, the country's second largest credit card issuer, on Tuesday said Ashwini Kumar Tewari has taken over as its new managing director and chief executive officer, effective August 1. Tewari has taken over the charge from Hardayal Prasad who retired on July 31, 2020.
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Compound interest is one of the most important concepts to understand when managing your finances. It is the simplest yet the most powerful concept and has a...
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The Reserve Bank has confirmed the name of Sashidhar Jagdishan to succeed Aditya Puri as the chief executive and managing director of HDFC Bank, two sources said on Tuesday.
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In August last year the bank had reshuffled the role of its top management personnel and named Sashi Jagdishan as a “change agent” and made him the head of all important portfolios of the bank. This was seen as a signal that he might well be the candidate to succeed Puri if the board chooses an internal candidate.
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During the April-July period of 2020-21, the cumulative transactions on UPI reached 631 crore. The value transacted stood at Rs 6.31 lakh crore.
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They said the moratorium data is not "significantly perturbing" but hit out against the "spate of unplanned and unintelligent lockdown mania" in many pockets. "It is imperative that restructuring of loan accounts in select sectors is used as a policy option after August 31, to mitigate stress," the SBI economists said in a report.
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The achievement comes just ahead of the sixth anniversary of PMJDY launch. The scheme was launched on August 28, 2014 with an aim to provide universal access to banking facilities to the people in the country.
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Bandhan Financial Services, the main promoter of Bandhan Bank, has mandated four brokers to jointly sell nearly 21% in the bank, or about 34 crore shares, through block deals on Monday.
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An increase in FDs is an indication that investors expect interest rates to come down further. It is also reflective of risk-aversion. From the deposit numbers of the large banks that have declared their results so far, it is seen that the share of FDs is either rising or is steady.
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PMC depositors have sought the views of RBI ex-Guv Urjit Patel and his deputy Viral Acharya on several issues, including monetisation of the attached assets and merger with large private banks.
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Banks have seen money in fixed deposits (FDs) increase by Rs 6.1 lakh crore during the period April to July 3. This is more than twice the Rs 3 lakh crore of FDs added by banks during the same period in the previous financial year.
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The Indian Banks' Association (IBA) made a representation to the RBI after deliberations among public sector, private sector and foreign lenders last month, CEO Sunil Mehta said. The central bank has taken cognisance of the group's suggestions and is seemingly open to dialogue.
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Bandhan Financial Holdings, a promoter group entity, will sell close to a 20% stake in the deal, according to the terms of the transaction seen by ET.
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Investment and leasing activity are likely to remain muted over the next year due to slower decision-making by investors because of the pandemic, but the long-term outlook for the segment remains promising, Colliers International said in a report.
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"The Government of India has discussed about its ambitious scheme of strengthening the health infrastructure. It entails building health infrastructure in every district including upgrading of testing facilities with the Indian Council of Medical Research (ICMR)," AIIB Vice President D J Pandian told in an interview.
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