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The insurance regulator IRDAI’s final approval for the merger of the two general insurance businesses comes over a year after ICICI Lombard bought out Bharti Axa in an all-stocks deal that reportedly valued the latter at over Rs 2,500 crore.
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Under the Goods and Services Tax (GST) framework, both milk and lassi are exempt from any tax.But, while flavoured lassi continues to remain outside the GST, flavoured milk is set to attract 12% tax following four advance rulings in Gujarat, Tamil Nadu and Karnataka.
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With opening of the economy and improved mobility, the Company witnessed a meaningful reduction in the NPA contracts during the month as customer cash flows improved. We believe that this is a very encouraging sign. The company expects this downward trajectory to continue in September and in months to come.
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The company emphasised that in every geography where Google Pay is present, its stance is consistently one of partnering with the existing financial services and banking systems to help scale and enable frictionless delivery of financial products and services and contribute to the goal of financial inclusion.
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"Exide Life is very strong in its agency channel as well as in some of the partnerships. Hence, that is complementary to our business. It is also present in tier II and III towns and has a fairly strong hold in some regions in the south.
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The bank has been a performer in various key parameters, including deposit mobilisation, credit growth, recovery, risk management etc, BoM managing director and CEO A S Rajeev told PTI. Despite challenging times, he said, the bank has consistently expanded its balance sheet and reduced non-performing assets (NPAs).
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"Our mission is to make paying for anything trusted, convenient and rewarding. We are excited by the rapid adoption of UPI, which now enables customers to do much more with their Amazon app beyond shopping," Mahendra Nerurkar, CEO and VP Amazon Pay, said.
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Addressing the 97th annual general meeting at Karnataka Bank's head office in Mangaluru through video conferencing, M S Mahabaleshwara said powered by its IT-driven wholistic transformation 'KBL Vikaas,' the bank is now preparing for the second phase under 'KBL NxT' concept to have end-to-end digital solutions for all banking activities.
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The 100% acquisition of Exide Life will be through issuance of 8,70,22,222 shares at an issue price of Rs 685 per share and a cash pay-out of Rs 726 crore. The entire process, including the acquisition and subsequent merger, is subject to obtaining the relevant regulatory approvals, HDFC Life said in a statement on Friday.
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“Currently technology spends as a % of opex is around 8-9%, this in our view, will double to 18-20% if management is going to significantly increase investments and is in line with some global peers,” said Suresh Ganapathy, associate director, Macquarie Capital. “Cost/Income ratio may go up from current 36% to 39-40%.”
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CEO Sameer Nigam says the company can do scant little to reduce UPI market share. PhonePe has emerged as the largest UPI app with over 45% monthly market share, beating rivals like Google Pay, Paytm and Amazon Pay.
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The investment firm is convinced of the Indian market's potential to deliver hefty returns to even later-stage investors like the South African group, says Prosus group chief executive Bob van Dijk
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Banks are now permitted to raise up to 49 per cent of the eligible AT1 capital in foreign currency. However, a debate over what is eligible capital brewing.
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This will be the first equity expansion by the company after the Covid-19 pandemic, chief executive Sanjay Sharma said.
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If you want to get to scale, you are better off joining forces and doing an M&A, says Bob van Dijk
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With the country’s remaining 300 million feature-phone users going online, there will be a surge of customer data that can stand in for collateral. The question is, how will banks get their hands on it?
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“In the said case, this was done without their consent and misusing the power of attorney. The securities were transferred into the demat account of KSBL and pledged before the bank for margin and short term requirement in the business of KSBL from March, 2013,” the police said in a press release.
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The agency has filed a money-laundering case to probe the alleged loan fraud in the Punjab and Maharashtra Co-operative (PMC) Bank in October, 2019 against the Housing Development Infrastructure Limited (HDIL), its promoters Rakesh Kumar Wadhawan, his son Sarang Wadhawan, its former chairman Waryam Singh and former managing director Joy Thomas.
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Regulators agreed to allow banks, pension funds, tax authorities, insurers and other finance firms to pool together customer information -- once the user consents -- to make transactions smoother. If the system works, firms will be able access large amounts of data within seconds to assess the creditworthiness of a small business, recommend a wealth management product for an individual, or tailor an insurance policy for a family.
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In November 2020, Bombay Stock Exchange declared Karvy Stock Broking as a defaulter and removed the brokerage house from its membership after a similar action was initiated by the National Stock Exchange.
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65% of borrowers sought for loans for the first time while 35% of them bought consumer durables such as refrigerators or washing machines on credit. Average ticket size of personal loans diminished by 40% between FY17 and FY21 from RS. 2.4 lakh to Rs 1.5 lakh.
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The allegations are similar to a case Apple faces in the European Union, where regulators last year started an investigation into Apple's imposition of an in-app fee of 30% for distribution of paid digital content and other restrictions.
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The scheme was launched by Prime Minister Narendra Modi on May 9, 2015, primarily targeting those working in the unorganised sector. Any citizen having a savings account with a bank or post office in the age group of 18-40 years can join the scheme.
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The non-bank lender has tied up with Okinawa, Ather Energy and Ampere. The two-wheeler financing segment is 26-27 per cent of its total loan portfolio. Hero Electric has also collaborated with Wheels EMI to offer easy financing options for the purchase of electric two-wheelers in India.
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"We want to build our businesses based out of this state only. It becomes a challenge at times. We have shifted many of our functions to Mumbai. We do allow people to work from home, but this specific role was such that the WFH option could not be exercised."
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India Ratings and Research in a report said non-banks have adequate system liquidity (because of regulatory measures), sufficient capital buffers, stable margins due to low funding cost and on-balance sheet provisioning buffers.
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Murty will take over from Joby C O, who has been the CEO of Dvara KGFS. He joined Dvara KGFS as Chief Business Officer (CBO) in 2016 and got promoted as Deputy CEO in the year 2019.
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In an early morning investor call, MD & CEO Sanjay Agarwal said the bank has "nothing to hide" and there is nothing on the "governance issue", and rather it was a simple HR issue that the management of the company is trying to resolve.
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The government has made it mandatory for UAN to be linked with Aadhaar so that employers are able to file Employee Cum Return (ECR) challan and deposit the money into your EPF account.
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New business (first-year premium) contributed to the 3.5 per cent growth with a collection of Rs 1.8 lakh crore premium from 2.1 crore new policies.
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Along with second Saturdays and Sundays, banks will be closed on the following days in these states.
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The Mumbai-based fintech firm, founded in the year 2000 by MN Srinivasu, Ajay Kaushal and Karthik Ganapathy, has been acquired by global technology investor Prosus in a $4.7 billion deal, one of the largest such transactions in the digital economy.
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The government in June announced a new credit guarantee scheme covering 75% of bank loans to MFI in case of defaults. The National Credit Guarantee Trustee Company is providing this without any guarantee fee.
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Punjab National Bank (PNB) has launched a festival bonanza offer to enhance the availability and affordability of credit to customers, it said in a release.
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“In the wake of the pandemic, when fiscal response resulted in a sharp increase in government borrowing, the market operations conducted by Reserve Bank not only ensured non-disruptive implementation of the borrowing programme, but also facilitated the stable and orderly evolution of the yield curve,” Das said.
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While bank lending to large corporates continues to contract, lending to MSMEs, agriculture and retail picked up sharply in July this year over previous year's levels, data on sectoral deployment of bank credit released by the Reserve Bank shows.
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The issue had opened on August 25, and closed on August 30, 2021, and the bank had targeted to raise up to Rs 3,000 crore equity capital through this issue.
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Facebook this month said India would be the first country where it rolls out its small business loan program offering loans via a partner to firms that advertise on its platform. The loans will range from 500,000 rupees ($6,720) to 5 million rupees with interest rates of 17%-20%, potentially without collateral.
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Prosus said Billdesk would complement its own PayU business.
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"The usage of proceeds will be towards promoting women entrepreneurship and employment, an important target area for the company,” Northern Arc managing director Kshama Fernandes said.
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As per a Madras HC landmark judgement, vehicle owners now have to purchase mandatory ‘bumper to bumper’ cover, which means that along with the compulsory third-party insurance policies, consumers would also have to purchase motor own-damage (OD) insurance, as well as accident covers for co-passengers.
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Cosmea aims to involve in activities auxiliary to financial intermediation, except insurance and pension funding. Directors of the company are Soumen Ghosh, Suresh Thiruvananthapuram Viswanathan and Amit Agrawal.
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The lender's managing director and CEO Y S Chakravarti said July 2021 was better than June with disbursements crossing Rs 3,000 crore. Even the collection efficiency had touched closed to 100 per cent in July compared to 93 per cent in June.
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The government has notified September 1, 2021 as the date on which the provisions of the Act shall come into force, according to a gazette notification dated August 27, 2021.
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PhonePe has been issued an insurance broking licence from the Insurance Regulatory and Development Authority of India (IRDAI), it said in a release.
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The central bank had issued guidelines on the compensation of whole-time directors/ chief executive officers/ material risk takers and control function staff in November 2019.
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On an aggregate basis, gross NPAs and restructured assets across banks and NBFCs increased to Rs 13.2 lakh crore in June 2021 from Rs 8.6 lakh crore in March 2020 due to an addition of Rs 3.7 lakh crore in loans due past 90 days and also Rs 2.4 lakh crore of restructured assets after adjusting for recoveries and write offs during the period.
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RBI's central board director Revathy Iyer, former executive director B Mahapatra, former Canara Bank chairman TN Manoharan, former State Bank of India managing director Hemant G Contractor are members of the committee.
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Jain's cessation as the executive director of Bank of Baroda will be effective from September 1, 2021, the bank said in a regulatory filing.
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