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The insurers have also been restricted to make investments in those AIFs where it may already have an exposure.
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"If more states follow Maharashtra and impose mini-lockdowns of their own to curb the pandemic, and these continue for an extended period, (MFIs) PAR (portfolio at risk) recovery would be affected," Crisil Ratings said in a report.
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Customers can get 'Rewards123' at an annual fee of Rs 299 and avail benefits ranging from certain cashback per month on payments for prepaid recharges, post-paid, broadband, landline, and DTH bill payments, load money benefits and shopping rewards.
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Fitch forecasts India's real GDP growth at 12.8 per cent for the financial year ending March 2022 (FY22). This incorporates expectations of a slowdown in 2Q21 due to the flare-up in new coronavirus cases but the rising pace of infections poses renewed risks to the forecast.
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The company's strategic coordination committee (SCC) chaired by independent director Malay Mukherjee will coordinate, negotiate and conclude discussions with the private equity investors to bring the capital into business and advise the management.
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Two senior State Bank of India executives, who asked not to be identified, said the bank was dragging its feet on extending part of a funding line of as much as $1 billion to Adani Enterprises Ltd., which plans to use the money for the controversial Carmichael mine.
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Axis Bank has been distributing Max Life’s products for almost a decade. Tripathy said that with this bancassurance partnership becoming a joint venture, there will be deeper tech integration and use of analytics-based technology.
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The new pay scale for bank CGMs has been fixed at Rs 166350-183950 from Rs 103,000-113900 and this would be effective retrospectively from the date when they assumed charge in their respective banks.
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Out of total strength of 13.5 lakh employees in the banking sector, about 600 unfortunate deaths due to COVID-19 were recorded, as per the Indian Banks' Association (IBA) data.
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We only did one thing, we continued with the old way of banking, without compromising the systems put in over centuries. We are perhaps the third oldest bank in the country after State Bank of India and Punjab National Bank. That's how we were able to get the risk-adjusted return, says Dr Kamakodi.
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Even though things are not looking great, they aren't as bad as the first time around, we've learnt a lot from our experience from during the first lockdown and we don't expect impact to be as bad this time around.
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Last month, the Supreme Court remitted to the Committee of Creditors (CoC) the issue of approval of resolution plan for Jaypee Infratech Ltd (JIL), saying no new expression of interest will be entertained for taking over the firm and only NBCC and Suraksha Realty may file revised proposals.
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"India's non-bank financial institutions (NBFI) face renewed asset quality and liquidity risks amid a second wave of coronavirus infections," Fitch Ratings said in a statement. It said a key COVID hotspot is Maharashtra, the state with the largest economic contribution in India at 13-14 per cent of the national GDP.
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RBI also proposes making all mobile wallets compatible and letting users withdraw cash at ATMs using them
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The central bank governor Shaktikanta Das in his Monetary Policy Committee (MPC) address said that fintech companies such as prepaid instrument issuers (PPIs), card networks and TReDS operators, among others, will now be allowed to become members of its centralised payment systems such as RTGS and NEFT.
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"Financial needs of all stakeholders ranging from the budding entrepreneurs to the hard-working farmers has also been catered to through various initiatives. A key initiative towards this is Pradhan Mantri MUDRA Yojana (PMMY), which has given wings to the dreams and aspirations of millions, along with a feeling of self-worth and independence," Finance Ministry said.
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Governor Shaktikanta Das on Wednesday said prepaid payments instruments (PPIs) were given the option to become interoperable, wherein customers of one company can send funds to customers of other PPIs or banks, in 2018 in cases where a full KYC is done.
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Jana Small Finance Bank on Wednesday announced its tie-up with Axis Securities to offer investment services through a 3-in-1 account.
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"This year, we are going to double down on growth like other years and we are at 22% of credit card bill payments right now, having 35% of premium card members on the platform. The idea is to keep growing our market share on both these metrics and all the revenue streams that we have launched,"--Kunal Shah, Founder, CRED
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ICICI Bank recorded a 10% rise in spends in January over December while its fresh cards grew nearly 3%. In the overall tally, it gained 1.5% market share. SBI cards, too, gained about a percentage point in market share, with total cards increasing to 11.6 million at the end of January against 11.4 million at the end of December, according to RBI data.
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Nabard would tap the market through a variety of permissible instruments throughout the year.
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The bank official said the tie-up will be a win-win for both the organisations and the lender will be able to attract more SME borrowers.
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The private sector lender will also nominate three representatives to the board of Max Life Insurance post this development. The three representative are – Rajiv Anand, Rajesh Dahiya and Subrat Mohanty.
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"There are certain sectors which you always talk about. From the banking perspective, when you look at IT, pharma, which are doing very well, they are not very big borrowers to the system."
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The IRDAI (General Insurance Products) Regulations, 2021, which will apply to insurance products as well as add-ons, are aimed at promoting efficiency in the conduct of the general insurance business, said the draft on which the regulator has invited comments from stakeholders by April 26.
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Through this partnership, J.P. Morgan’s clients in India will be able to independently initiate statutory and utility payments online with more than 100 merchants that BillDesk partners with, securely and without additional manual assistance from their partner banks.
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In December the RBI imposed business sanctions on the lender barring it from onboarding new card customers and launching new digital products after it faced two significant digital outages in a year.
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Yesterday, Maharashtra, which has seen a resurgence of infections, announced a weekend lockdown starting 8 pm of Fridays to 7 am on Mondays and also extended the night curfew until further orders.
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The state government which announced a month long shutdown, has exempted banks, stock exchanges, asset management companies and insurance firms from the closure of offices.
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The rating agency, in a report, said despite the impact of the COVID-19 pandemic on the debt servicing ability of borrowers, the gross fresh slippages for banks stood much lower at Rs 1.8 lakh crore during the first nine months of fiscal 2020-21 as compared to Rs 3.6 lakh crore during the financial year 2020.
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The CASA (current account and savings account) deposits of the south-based lender witnessed a 26 per cent growth year on year at Rs 58,381 crore as of March 31, 2021, as against Rs 46,450 crore a year ago.
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The ratings firm, expects, loan restructuring at 1.3-1.5% of the advances, much lower than its initial estimates. Despite the impact of Covid-19 pandemic on debt servicing ability of borrowers, the gross fresh slippages for banks stood much lower at Rs 1.8 lakh crore at the web of December 2020, as compared to Rs. 3.6 lakh crore same time the year prior.
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The domestic retail loans at end of March 2021, were up by around 7.5 per cent and the domestic wholesale loans grew by around 21 per cent year-on-year, said the private sector lender.
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However, the figures are provisional and are being released ahead of the official announcement of the financial results for the quarter ended March 31, 2021, Yes Bank said in a regulatory filing.
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Harold Pollack, an American professor at the University of Chicago, has recently shared an index card on Twitter with nine golden rules that one should follow to save, invest and better manage one's finances.
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Under the scheme, bank loans between Rs 10 lakh and Rs 1 crore are provided to at least one Scheduled Caste/ Scheduled Tribe borrower and at least one woman borrower per bank branch of Scheduled Commercial Banks.
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Bank systems were clogged due to year-end system maintenance. Transactions were delayed for more than 24 hours, which otherwise would have been possible in a few seconds. Customers of top banks with large retail interfaces are said to have suffered the most.
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The NUE will be jointly promoted by an RIL unit and Infibeam Avenue subsidiary So Hum Bharat along with two global giants - Facebook and Google. RIL is likely to hold 40 percent. Other three players are expected to own about 20 percent each.
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The pure-play card company is also seeing an emerging trend of securing more customers from non-metro locations. It is also banking on its parent company SBI's huge customer base to expand further.
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ITNL, a subsidiary of IL&FS, on March 31st this year received settlement amount of Rs 673 crore for Kiratpur Ner Chowk Expressway Limited (KNCEL) and Rs 20 crore towards claims for Chenani Nashri Tunnelway Limited (CNTL) - from NHAI.
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Bank president M N Rajendra Kumar said that despite the impact of the coronavirus pandemic, the bank managed to perform well by securing a record-breaking profit.
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Compound interest support scheme for loan moratorium cost the government Rs 5,500 crore during 2020-21 and the scheme covered all borrowers including the prompt one who did not avail moratorium.
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