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The Reserve Bank of India, in a filing to the Supreme Court late on Friday, warned that failure to immediately lift an interim stay on banks classifying any loan as a non-performing asset (NPA) would also undermine the central bank's regulatory mandate.
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The Reserve Bank of India (RBI) has appealed to the country's top court to let banks classify loans as non-performing, saying a ban imposed to help borrowers in the Covid-19 pandemic could greatly harm the nation's financial system.
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Physical gold was sold at a premium in India this week for the first time since mid-August as jewellers stocked up, hoping key festivals would bring customers back to stores. The country will celebrate Dussehra in late October and Diwali and Dhanteras in November, when buying gold is considered auspicious.
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After raising Rs 2,200 crore through a combination of institutional offers and stake sales in its business arms in the September quarter, Indiabulls Housing Finance on Friday said it raised another Rs 441 crore through part-sale of its stake in the UK-based bank OakNorth. It is also planning another institutional placement in the current quarter to further bolster its reserves, sources said.
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The banking regulator fled the affidavit in pursuance to the apex court's October 5 order asking the Centre and the RBI to place on record the K V Kamath committee recommendations on debt restructuring because of COVID-19 related stress on various sectors as well as the notifications and circulars issued so far on loan moratorium.
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Real-time gross settlement (RTGS) — a mechanism for high-value bank fund transfers — will be made available round-the-clock from December 2020 instead of just during daytime on working days. The move will improve ease of doing business in India as companies use this platform for payments and, with increased digitisation, commercial transactions are taking place throughout the day.
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Amid demands for succour from sectors such as real estate, the Centre on Friday said it would not be possible to add to the already announced financial relief packages and waive compound interest for the six-month loan repayment moratorium period.
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Interest rates on home loans above Rs 30 lakh will become cheaper, with the RBI making it less expensive for banks and finance companies to extend big-ticket home loans. The biggest reduction is expected in home loans of over Rs 75 lakh. At present, home loan rates are linked to loan size. Rates are lowest for loans up to Rs 30 lakh and rise with the size of the loan.
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The Reserve Bank of India assured bond markets on Friday that it stands ready to take whatever measures are necessary to ensure adequate liquidity in the banking system, sparking a sharp rally.
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In 2018, the RBI had put in place a framework on co-origination of loans by banks and only a certain category of Non-Banking Financial Companies (NBFCs) were allowed to partner with banks for lending to the priority sector subject to certain conditions.
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The Reserve Bank of India (RBI) on Friday said it will maintain comfortable liquidity conditions and conduct market operations in the form of outright and special open market operations.
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The Reserve Bank of India (RBI) on Friday announced that RTGS (Real Time Gross Settlement ) system will become 24x7 from December this year. "India will be among very few countries globally with a 24x7x365 large value real time payment system," RBI governor Shaktikanta Das said.
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While the Reserve Bank of India (RBI) is widely expected to hold the repo rate at 4.00% at the end of its three-day policy meeting on Friday, the tone of the accompanying statement will be scrutinised as three new external officials join the six-member monetary policy committee.
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The National Bank for Agriculture & Rural Development (Nabard), which received the Rs 5000-crore dedicated fund from RBI for making the refinance facility available down the line, has just drawn up the rules.
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The finance ministry on Thursday said banks have sanctioned loans of about Rs 1,87,579 crore to 50.7 lakh business units under the Rs 3-lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) for the MSME sector impacted by slowdown caused by the coronavirus pandemic.
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Central Bank of India is looking at ways to improve the liquidity of the bank’s stock, which has fallen below 10%. The bank’s qualified institutional placement (QIP) raised half of what it sought as stock liquidity and was seen as one of the issues for large investors.
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World Bank estimates India’s GDP to plunge 9.6% in 2020-21. Growth is forecast to return to 5.4% in FY22, assuming Covid-related restrictions are completely lifted by 2022, but mostly reflecting base effects, the report on South Asia unveiled by the bank on Thursday said.
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The World Bank said on Wednesday that the coronavirus pandemic could push as many as 150 million people into extreme poverty by the end of 2021, wiping out more than three years of progress in poverty reduction.
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The newly-appointed chairman of State Bank of India (SBI) Dinesh Khara on Wednesday said maintaining quality loan book, safety of employees and customers will remain his top most priorities.
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SBI's gross NPAs as of June 2020 was 5.44% down from 7.53% a year ago and net NPAs post provisioning was 1.86% down from 3.07% in June 2019. Its NIM was 3.01% up from 2.81% a year ago.
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Collection efficiency for microfinance loans was 89% while it was 98% for mortgage loans, according to provisional data submitted to the stock exchanges.
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At a time when the Indian banking system is hamstrung by the pandemic, SBI is witnessing credit growth of around 6-7% while business is "70-80% back to pre COVID-19 levels," for the bank, Dinesh Kumar Khara, Chairman, SBI said in a press briefing after taking over the reins on Wednesday.
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The loans will be disbursed almost instantly as and when a need for money arises, and the hospital patients who are customers of HDFC Bank will also receive preferential treatment, its Chief Executive Officer and Managing Director Aditya Puri told reporters.
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Bankers fear the government's decision to waive some interest payments on loans under a Covid-19 support plan will create unnecessary work for lenders and lead to more litigation, without providing much of a boost for the sagging economy.
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Bankers are also concerned about that waivers may distort the culture of lending in India and argue that there are other ways to help borrowers who are in need, such as providing subsidies or loan restructuring.
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Rajnish Kumar, who completes his term as chairman of the country’s largest bank SBI on Tuesday, has led the bank through one of the most eventful periods in its post-independence history. But more than all the headline-grabbing events that kept the bank management burning the midnight oil, Kumar’s lasting legacy is likely to be the digital transformation that he promoted both in a public forum and in behind-the-scenes technology implementation.
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The National Payments Corporation of India (NPCI) is working on some artificial intelligence-based fraud detection models as banks and financial systems are now increasingly using the technology to further their business, its managing director and CEO Dilip Asbe said on Tuesday.
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The forex card can load up to 16 currencies and has various emergency assistance services like loss of passport assistance through TripAssist and insurance cover of up to Rs 3 lakhs.
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Even as the COVID-19 pandemic rages on, Puri, who retires later this month, said the bank is doing well, has sufficient capital and does not have any strain in the loans that it has made. He also hinted that the bank may post a strong set of quarterly numbers in the recently ended July-September period and quarters ahead as well.
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Bank of Baroda said it is offering a waiver of 0.25% in the existing applicable rates for Baroda Home Loans (under take over cases only) and Baroda Car Loans.
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According to the bank’s statement to the stock exchanges, its deposits at the end of September stood at Rs 12.3 lakh crore as compared to Rs 10.2 lakh crore a year ago. Advances rose to Rs 10.4 lakh crore from Rs 9 lakh crore.
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Merchants can select the Smart ePOS option in the Airtel Payments app, and a QR code will appear on the mobile screen for the payments to be made. The amount will get credited immediately to the merchant bank account linked to the app.
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The Reserve Bank of India (RBI) on Tuesday said that the monetary policy committee (MPC) meet will be conducted from October 7 to October 9. The meeting -- which was earlier scheduled to be held from September 29 -- was postponed as the central bank was awaiting the appointment of new member to its committee.
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HDFC Bank Ltd., the country’s largest private lender by assets, boosted salaries in April based on performance and also paid bonuses, other people with knowledge of the matter said. ICICI Bank Ltd., the second-biggest privately-held lender, gave about 80% of its 100,000 employees a bonus and pay rise from July.
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After Yono becomes an independent entity, SBI could even become one among its users, Chairman Rajnish Kumar said adding that discussions were at a very nascent stage and a valuation exercise for the entity was pending.
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HDFC Bank on Monday said that its advances for the second quarter rose 16% over the previous year, while deposits increased by 20%. The growth is much higher than the banking sector, which recorded a 12% year-on-year growth in deposits and 5.3% in advances until September 11.
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The BBB interfaced with 16 candidates from various nationalised banks and State Bank of India on October 5, for vacancies of Managing Director in SBI, the bureau said.
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The number of loan applications received during the September quarter grew by 12% over last year while individual loan approvals rose 9%. Individual loan disbursements was at 95% levels over last year. It’s loan disbursements by value rose 11%.
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“The bank is gearing up for the next level of structural transformation toward a true universal bank like large private peers by re-organizing business verticals and leadership positions either by hiring laterally or up-skilling,” said Anand Dama, analyst with Emkay Global Financial Services.
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The Supreme Court on Monday asked the Centre and the Reserve Bank of India (RBI) to place on record the K V Kamath committee recommendation on debt restructuring due to COVID-19 related stress on various sectors as also the notifications and circulars issued by them so far on the issue of loan moratorium.
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The Centre on Friday filed an affidavit before the Supreme Court on loan moratorium issue and said it has decided to waive compound interest (interest on interest) for a moratorium period of six months for Ministry of Micro, Small and Medium Enterprises (MSME) and personal loans up to Rs 2 crores.
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“We are certain that the momentum of growth in affordable housing will continue…We are confident that Hali and Bahl jointly with their domain expertise in the housing finance industry would help us strengthen our market position and expand our footprint in India,” said Motilal Oswal- CMD, MOFSL.
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The government’s proposal to pick up the tab for the waiver of 'interest on interest' on loans of up to Rs 2 crore clears the uncertainty over bank earnings for the quarter, giving them room to offer liberal loan-rejig terms to stressed borrowers.
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Among other things, the group in its report has come out with Specimen Policy Wording (Drone Insurance) which includes various definitions and covers various aspects, including legal liabilities to third party, drone hull cover, personal accident cover to operator, accidental medical cover to operator, general exclusions and general coverage.
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Ranked at Number 39, he is the only CMO of an Indian company to be featured in the illustrious list which includes marketing heads of Apple, BMW, Lego, Adobe, Microsoft, P&G among others.
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