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The government on Friday spelt out the details of the waiver of interest on interest on loans up to Rs 2 crore where borrowers had taken moratorium during the lockdown and also made it clear that those who didn’t opt for it will get an ex gratia payment or a cashback.
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Banks are expected to post a flat or lower level of non-performing assets (NPAs) in the quarter ended September 2020. This is a result of the Supreme Court’s decision staying banks from classifying Covid-related defaults as non-performing until further orders.
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The government on Friday spelt out the details of the waiver of interest on interest on loans up to Rs 2 crore where borrowers had taken moratorium during the lockdown and also made it clear that those who didn’t opt for it will get an ex gratia payment or a cashback.
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Reserve Bank of India (RBI) governor Shaktikanta Das has said that there is room for rate cut but monetary policy action would depend upon the evolving situation on the inflation front which is currently above the tolerance level of the central bank.
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The country's foreign exchange reserves touched a life time high of $555.12 billion after it surged by $3.615 billion in the week ended October 16, according to Reserve Bank of India (RBI) data. In the previous week ended October 9, 2020, the reserves had increased by $5.867 billion to reach $551.505 billion.
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Prince Manish Kumar Khatri, a third-year student and a partner of a CA firm in Ahmedabad, allegedly registered fake firms that were used to avoid paying Goods and Services Tax (GST) by showing bills generated by them as ITC.
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The committee is christened as International Financial Services Centres Authority (IFSCA), which focuses on building international retail businesses locally.
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As against the usual rate of Rs 300-350 crore in fresh slippages per quarter, the number may go higher by over 30 per cent if the economy continues to be challenging, its managing director and chief executive Shyam Srinivasan told PTI.
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According to sources, lenders are likely to ask Oaktree to improve the offer given that the bid amount is almost Rs 10,000 crore lower than their expectations.
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Around 84% of SBI Card’s customers are salaried, of which 38% work in the public sector and 24% in large corporates. Yet, 9% of its receivables of Rs 24,000 crore are under the RBI’s resolution plan, indicating that these borrowers are facing financial stress.
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British regulators fined Goldman Sachs International 96.6 million pounds ($126 million) on Thursday as part of global action that will see the US bank pay nearly $3 billion to settle a probe into its role in Malaysia's 1MDB corruption scandal.
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In the previous fortnight ended September 25, 2020, bank credit had grown by 5.15 per cent to Rs 102.72 lakh crore and deposits rose by 10.51 per cent to Rs 142.64 lakh crore.
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The apex court said this while setting aside the March this year verdict of the National Consumer Disputes Redressal Commission (NCDRC) which had dismissed the plea of an insurance firm against the order asking it to pay full death claim along with interest to the mother of the deceased.
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The Reserve Bank on Wednesday announced an 'on tap' Targeted Long-Term Repo Operations (TLTRO) scheme of up to Rs 1 lakh crore to enable banks to provide liquidity support to a host of sectors, including agriculture, retail, drugs and pharmaceuticals and MSMEs.
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Former Reserve Bank of India (RBI) governor Raghuram Rajan on Wednesday cautioned against import substitution under the 'Aatmanirbhar Bharat' initiative of the government, saying the country has gone down this route earlier but could not succeed.
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The Reserve Bank of India (RBI) governor Shaktikanta Das on Wednesday said that the Indian economy, which has been battered by the ongoing coronavirus pandemic, is at the doorstep of revival.
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Financial planners point out that corporate deposit rates are on a downward trend in line with the general fall in rates in the system and easy liquidity.
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The country's largest lender State Bank of India on Wednesday announced concession of up to 25 basis points (bps) on its home loan rates. With this, SBI's customers would get an interest concession of 25 bps on a home loan of above Rs 75 lakh, based on their CIBIL score and if they are applying through YONO, the lender's digital lending platform.
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Equity benchmark sensex rallied over 400 points and the Nifty topped the 12,000 mark in opening trade on Wednesday tracking strong buying sentiment in index majors HDFC twins, ICICI Bank and Reliance Industries amid positive cues from global markets.
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Ten of the top 30 banks using the country's UPI network record failure rates of over 3% in September. Nine of these banks were state-owned.
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Aggregate sales of private sector manufacturing companies recorded a sharp contraction of 41.1 per cent year-on-year in the first quarter of 2020-21, reflecting the impact of the pandemic induced lockdown, said a Reserve Bank of India (RBI) analysis on Tuesday.
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Jana Small Finance Bank is one of the 10 financial institutions which had received in-principle approval from the RBI for a small finance bank in 2015.
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The bank is also offering some key benefits to customers who are in need of loan, offering home loans starting at 6.90 per cent as well as car loans at 7.99 per cent and up to 100 per cent road funding. In the offer, retail and corporate customers can avail benefits from Axis Bank as well as its subsidiary companies Axis Finance and Axis Direct, it said in a release.
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The general liability policies do not cover cyber risks, and cyber insurance policies currently available are highly customised for clients in a new and quickly growing market.
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Jaggi joins from HDB (a wholly-owned subsidiary of HDFC Bank), where he was head of asset finance for the past 10 years and was responsible for the P&L of commercial vehicles, construction equipment, passenger vehicles and tractor businesses. He has been associated with Cholamandalam Finance and Apollo Tyres in his earlier roles.
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In partnership with Finserv MARKETS, a Bajaj Finserv subsidiary, Acko seeks to make the insurance buying experience easy.
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Equitas Small Finance Bank's Rs 500 crore initial public offering (IPO) opened for subscription on Tuesday. The issue will remain open till October 22 and the price band has been fixed at Rs 32-Rs 33 per equity share.
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Punjab National Bank (PNB) has not yet recovered any money from fugitive diamond merchant Nirav Modi and his uncle Mehul Choksi both of whom collectively owe around Rs 15,400 crore to the bank.
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Under this scheme, customers have to pay only 3.99 per cent flat interest rate for a period of 1 year, with the rest being borne by Tata Housing, the company said in a statement.
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In the interim, C S Rajan, MD, IL&FS, has been asked to discharge Nayyar’s responsibilities and, in consultation with senior management, put in place a revised organizational structure. Nayyar was appointed the Executive Vice Chairman in 2018 and has been leading the IL&FS resolution, involving over 300 companies, for the last two years with the new board.
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India is neglecting bank recapitalisation as it focuses on debt moratoriums and interest waivers for borrowers amid the Covid-19 pandemic, a former central bank official told Reuters on Monday. Banks are saddled with over $120 billion in bad debt, and in severely stressed conditions the bad-loan ratio could nearly double by March, according to Reserve Bank of India (RBI) projections.
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"If the government doesn't wish to recapitalise banks in a timely manner, then it must ensure that the contours of debt moratoria and forgiveness package aren't so generous that banks won't be in a position to lend well during the recovery phase, which is likely around the corner," Acharya said.
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The digitised cash in the form of prepaid fleet cards allows drivers to make payments for fuel at BPCL outlets, which also completely frees BPCL from handling the cash given by the drivers, Dhanasekaran told reporters here after inaugurating a facility at Perundurai in Erode district.
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Customers of the erstwhile Vijaya Bank, which along with Dena Bank had merged into Bank of Baroda last year, can now avail all the products and services of Bank of Baroda with the technology integration being completed.
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Accenture is now helping align former Dena Banks IT systems with Bank of Baroda, a joint statement said on Monday. The merger of Vijaya Bank and Dena Bank with Bank of Baroda in 2019 created the country's third-largest public sector bank.
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In November, the Reserve Bank referred DHFL, the third largest pure-play mortgage lender, to the National Company Law Tribunal (NCLT) for insolvency proceedings. DHFL was the first finance company to be referred to NCLT by the RBI using special powers under section 227.
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The number of accounts till September 9, 2020, under PMJDY was 40.63 crore, of which 22.44 crore accounts were held by women and 18.19 crore by men, said the RTI reply to Madhya Pradesh-based activist Chandra Shekhar Gaur.
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In the first quarter of the current fiscal, the housing financier disbursed Rs 77.4 crore, a decline of 68.1 per cent year-on-year, owing to the nationwide lockdown imposed to contain the spread of the coronavirus.
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High incidence of non-performing assets (NPAs) in banks acts as a major roadblock in transmission of monetary policy actions of the Reserve Bank, a working paper prepared by the officials of the central bank said.
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In an environment of sustained asset quality stress impacting the capacity of banks to lend, the government has infused capital in public sector banks to improve their capital position and facilitate credit extension, the paper noted.
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In FY2020, the share of paper clearing in total retail payments plunged to just 2.96 per cent in terms of volume and to 20.08 per cent in terms of value, the data showed.
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