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Regulator Irdai has imposed a total penalty of Rs 15 lakhs on Bharti AXA General Insurance Company in two different cases for violation of various provisions concerning motor insurance.
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Personal loans, which accounted for one-fourth of bank credit, continued to maintain double-digit growth during the September quarter.
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Compared to December 2019, collections are 12% higher, underlining the trend of economic recovery amid the Covid 19 pandemic and in line with the recent trend of recovery in the GST revenues.
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In a letter to RBI Deputy Governor M K Jain, the Central Consumer Protection Authority (CCPA) Chief Commissioner Nidhi Khare stated that 2,850 complaints pertaining to "transactions failed/cancelled but money not refunded" forming 20 per cent of grievances registered in the banking sector have been received through the government-run National Consumer Helpline (NCH).
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The promotional scheme has been rechristened now as 'PNB NEW YEAR BONANZA-2021', the bank said in a statement.
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The postal department during the lockdown was at the frontline to deliver essential parcels when rail, road and air traffic were grounded and continues to enhance capacity as trains are not fully operational yet, Department of Posts Secretary Pradipta Kumar Bisoi told.
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The rapid growth of fintech players has helped in accelerating financial inclusion and new age technologies like AI and ML will further quicken digital adoption in the country, benefitting both the industry and the consumers in the coming years, according to experts.
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Merchants will now be able to accept contactless payments of up to Rs 5,000 through a simple tap and pay mechanism on his NFC-enabled mobile phones.
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In the fortnight ended December 4 this year, bank credit grew 5.73 per cent to Rs 105.04 lakh crore and deposits by 11.34 per cent to Rs 145.92 lakh crore. In October, non-food credit grew 5.6 per cent compared to a growth of 8.3 per cent in the same month of the previous year.
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Globally, money that has been coming in has been pension money. So, whether it is from funding or retirement planning perspective, these are the two markets close to insurance that have a lot of tailwind, said Shikha Sharma, Founding MD, ICICI Prudential Life
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Term deposits – contributing almost 60% of total deposits – moderated, reflecting the easing of interest rates and the lure of returns on competing asset classes. Term deposit growth of private banks decelerated sharply even as it quadrupled in public sector banks, Reserve Bank of India said.
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In an exchange filing, Yes Bank said these appointments were approved by the board, on the recommendation of the nomination and remuneration committee and also of the audit committee.
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Credit rating agency, ICRA said that PLI has seen some stability in last few months. Many industry trackers expected this instrument to face problems as the borrowers are typically companies or institutions that are unable to raise funds from banks or other lenders or are unable to raise funds at an interest rate they are comfortable with.
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"This has been an unprecedented year. The industry is likely to remain flattish. However, we will stay ahead of the industry. In the first half our additional premium had grown by 16 per cent," Kotak Mahindra Life Insurance MD & CEO G Murlidhar said.
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The dispensation is expected to encourage risk participation of foreign currency assets through BUs in IFSC instead of banks in foreign jurisdictions, IFSCA said in a statement. The first IFSC in the country has been set up at the Gujarat International Finance Tec-City (GIFT) in Gandhinagar.
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From early investment to asset allocation, financial planning advice for your 30s
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According to the RBI, gross non-performing assets (NPAs) declined from 9.1% as of March 2019 to 8.2% at end-March 2020 and further down to 7.5% in end-September 2020.
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The RBI also expressed concern over rolling back the policy support given to banks to deal with the Covid-19 pandemic in the last eight months.
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The stronger and the deposit-taking NBFCs may however fare better as many have reported strong revival in disbursements and collections, almost to pre-COVID levels, the regulator observed.
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Analysts are also forecasting lower credit provisions and better profitability for banks in the next fiscal year starting April 1, on the back of improved asset quality with a quick economic turnaround.
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The tenure of current part-time Chairman Shyamala Gopinath will end on January 1, 2021. Gopinath, former deputy governor of the Reserve Bank of India, has been serving in the position since January 2, 2015.
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The performance of Indian banking improved in the fiscal year 2020 when they reported a profit on an aggregate basis after two years of losses, the RBI said in its yearly assessment report.
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Check your bank balance before using ATM
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As per June 7 circular of the RBI, lenders can extend the time period of the pact if an account has not been resolved within 180 days of signing ICA.
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The amalgamation of Oriental Bank of Commerce and United Bank of India into PNB came into effect from April 1, 2020.
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Come 2020, she is selling lakhs of insurance policies at the tap of an app on mobile phones and all it takes is a few minutes to mail the policy document instead of weeks of wait for the policy to arrive by the unpredictable India Post to shove it to safety in the steel cupboard.
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" The use of crowdfunding websites, although not entirely new, create an additional risk as these are specially designed to solicit funding and can be misused for terror financing," he said.
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The report further said the loan restructuring requests are much lower than previously estimated, supported by sharper than expected improvement in economic activities as well liquidity support through the government's emergency credit line guarantee scheme.
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RBI fixed December 31 as the deadline for debt restructuring requests from borrowers coming under stress due to the pandemic.
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How India's banking and financial sector will shape up in post-COVID 2021
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Given this setting, it may seem highly incongruous to expect NPAs in Indian banks to bottom out in the fourth quarter of 2020-21. Yet, this is what is likely to happen. It now appears that not only have banks dodged an explosion of bad loans, but they also solved some historical problems.
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A key point that Oaktree is harping on is the structure Piramal’s have proposed in their business plan, that involves a merger between DHFL and Piramal Capital, its finance arm to swell the combined entity’s networth to more than Rs 18,000 crore and cushioning its ability to issue debt.
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The Shiv Sena, which is part of Maharashtra's ruling alliance Maha Vikas Aghadi (MVA) along with the NCP and the Congress, had earlier alleged that central probe agencies have been targeting them unfairly.
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Muted private investment impacting the corporate loan growth will be another challenge that banks will have to face in the coming months. Despite ample liquidity in the system, demand from the corporate sector is very low and bankers hope that faster than anticipated recovery could bring in the animal spirit as far as India Inc in concerned.
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The three accounts are Mangalam Oil Industries with outstanding dues of Rs 10.77 crore, Alliance Fibres Ltd (Rs 18.31 crore) and Birsa Institute of Technology (Trust) (Rs 5.41 crore).
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