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The proposed product will be available at all health and general insurers once the guidelines are finalized following a consultation process. As per the draft norms, the product is being envisaged as an annual, single premium policy with optional riders.
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Executive director of AU Bank Uttam Tibrewal said that the banking entity has started its journey in eastern India beginning with Kolkata.
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Chowdhry said in October, spends on bank's cards were at 80 per cent of the year-ago period and have been on an upward trajectory.
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Deepak Kochhar was arrested by the ED in September under the Prevention of Money Laundering Act (PMLA) in the ICICI Bank-Videocon money laundering case. The businessman applied for bail on merits as well as on account of default, claiming the prosecution has failed to file a charge-sheet in the case within stipulated period.
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In late September, the National Company Law Tribunal, Mumbai had okayed the scheme of amalgamation between HDFC ERGO Health Insurance (formerly Apollo Munich Health Insurance Co Ltd) and HDFC ERGO General Insurance Co Ltd (HDFC ERGO).
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Roshni Kapoor was summoned by the court last month in connection with the case. She is one of the eight accused named in the chargesheet filed in the case by the CBI.
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Last week, SIDBI had tweeted that it would provide Rs 250 crore to three entities - Stride Ventures, India SME Investments Fund and JSW Ventures Trust. "Furthering the Startup India Mission, SIDBI commits additional Rs 250 crore to 3 Alternative Investment Funds under Fund of Funds for Startups (FFS) of GoI," it had said.
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Union finance minister Nirmala Sitharaman addressed a press conference in an effort to pull the economy out of its historic contraction. "Economy has staged a strong recovery with growth in GST collections, bank credit, FDI inflows along with other indicators," she said.
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India’s economy probably shrank for a second straight quarter, according to RBI, pushing the country into an unprecedented recession. Gross domestic product contracted 8.6% in the quarter ended September, the Reserve Bank of India showed. The economy had slumped about 24% in April to June.
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Leading home loan providers, such as State Bank of India, ICICI Bank and Housing Development Finance Corporation said that demand for home loans surged. All these lenders have witnessed double-digit growth in home loan advances, despite a lull between April and August.
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The lender on Wednesday launched a new banking and payment solution for its merchant called SmartHub Merchant Solution 3.0. This will allow merchants and self-employed professionals to instantly open a current account and start accepting payments both through physical and digital channels, the bank said in a statement.
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After three years of intense negotiations, bank employees' unions and IBA, on July 22, had entered into a memorandum of understanding for an annual wage hike of 15 per cent.
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A day after Finance Minister Nirmala Sitharaman asked banks to "only promote" RuPay cards, Visa's country manager for India and South Asia T R Ramachandran said that digital payments penetration is very low in India at only 18 per cent of overall personal consumption expenditure.
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India is world's third largest fintech market with innovations in digital payments
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Now you can send money to your friends and family through WhatsApp as easily as sending a message. There’s no fee, and it’s supported by more than 140 banks. And because it’s WhatsApp, it’s secure and private too.
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ICICI's total mortgage loan portfolio which also includes loans against property stood at Rs 2.12 lakh crore at the end of September, accounting for nearly half of its retail loan book. The bank's gross loan portfolio was at Rs 6.53 lakh crore. The growth was also aided by the bank’s expansion of footprint in tier 2, 3 and 4 cities, ICICI's executive director Anup Bagchi said.
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The one-year tenor -- which is the benchmark for all consumer loans such as auto, retail, housing -- has been reduced to 7.45 per cent from 7.5 per cent.
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Finance minister Nirmala Sitharaman has sounded off banks to do more for employees who retired earlier so they are not discriminated against in terms of pension. The government has also asked banks to review the family pension scheme so that the pension for the spouse is the same as the government.
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Cumulative repayments continue to be low in the range of 60-70%, industry organization Sa-Dhan said. Another area of concern for the sector is that 4-5% of customers are yet to begin repayments.
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The Central Bureau of Investigation (CBI) has booked company promoters Ajay Ajit Peter Kerkar and Urrshila Kerkar, and directors Neelu Singh, Arup Sen, Manisha Amrapurkar, Pesi Patel and Karthik Venkatrman for alleged diversion of loan funds, the officials said.
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Finance minister Nirmala Sitharaman on Tuesday asked banks to ensure that all accounts are linked with Aadhaar numbers of respective customers by March 31, 2021. She said the financial inclusion story is not over and banks still have inclusion to carry forward. There are many accounts which are not linked with Aadhaar.
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The solution would help Cholamandalam process the co-lending applications much faster, assess credit risk through a robust framework and ensure compliance with regulatory requirements, a company statement said.
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Adani Group, Piramal Enterprises, US-based Oaktree and Hong Kong-based SC Lowy have submitted 10-70 per cent higher price for either a stake in the company or buying out some of its assets.
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To begin with, the company will commence operations in four key markets of Mumbai, Bengaluru, National Capital Region and Pune with loan against property, home loans and expand product portfolio to business and personal loans later. It will partner with developers including Godrej Properties, to provide financing experience to their existing and new customers.
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Contrary to expectations that there would be an increase in bad loans in the banking sector due to Covid-19, the ratio of non-performing assets (NPAs) to total loans has improved during the quarter ended in September 2020.
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Bandhan Bank, which received $1.4 billion from investors including BlackRock Inc. and Singapore’s GIC Pte in August, aims to maintain a 4% return on assets by diversifying. It plans to lend to less-risky sectors such as gold, as well as providing home and car loans.
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Tata Consultancy Services (TCS), India’s second-most valued company, agreed to acquire the technology services unit of Deutsche Bank for one euro on Monday. The move will save about 9% of the 18,000 jobs placed in jeopardy by the German giant’s decision to restructure operations and restore profitability.
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According to Sa-Dhan's 'Bharat Microfinance Report 2020', the industry's loan portfolio outstanding as on March 31, 2020, had stood at Rs 2,36,427 crore. The year-on-year growth of loan outstanding in 2019-20 was 31 per cent, which is substantially lower than the growth of 41 per cent in 2018-19.
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"There is a need to modify the current products under the engineering retail segment in line with the changing needs and demand," it said in an order constituting the working group 'to revisit the engineering products (which are as per the erstwhile tariffs) for the retail segment'.
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"Reduction in RLLR makes our home loan, car loan, gold loan, education loan, personal loan along with MSME loans more attractive and affordable," bank's executive director Hemant Tamta said.
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The sample's NII rose sequentially for the second consecutive quarter to Rs 1.3 lakh crore compared with Rs 1.2 lakh crore in the previous quarter. NII had fallen sequentially by 2% to Rs 1 lakh crore in the March quarter following a nationwide lockdown in the last week of March to curtail the spread of the Covid-19 pandemic.
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Under Section 37A (4A) of the Insurance Act, 1938, the shareholders and members whose rights have been adversely impacted by the scheme of amalgamation or merger would be entitled to compensation.
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The Reserve Bank of India had advised the bank to maintain provisions, on a prudential basis, to cover potential losses for the "claim against the bank not acknowledged as debt." In case of an adverse judgment, the bank needs to provide an additional Rs 594 crore.
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"When we talk to the builders and our sales team and people who are on the ground, who go and talk to the consumers and prospective borrowers, there are green shoots that we are seeing everywhere," MD and CEO Hardayal Prasad said.
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"We expect the trend to continue and book profit quarter after quarter aided by prospects of better recovery. There will be no question of going back," IOB Managing Director P P Sengupta told PTI.
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