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The restrictions imposed under the Banking Regulation Act, 1949, shall remain in force for six months from the close of business on November 12, 2021, and are subject to review, the RBI said in a statement.
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Issuing some clarifications to all the extant provisions and including the ones issued on October 1, 2021, on the prudential norms on income recognition, asset classification and provisioning pertaining to advances (IRACP), the RBI asked banks not to upgrade an NPA account after getting only interest dues paid.
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Ruchir Sharma who was the Head of Emerging Markets and Chief Global Strategist at Morgan Stanley Investment Management, has quit the firm after 25 years.
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About 350 current and ex-employees will each have a net worth of at least 10 million Indian rupees ($134,401.38) after Paytm's $2.5 billion IPO, a source in the company told Reuters. Many, like Pandey, will become dollar millionaires when the company lists next week.
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Analysts expect the upcoming expansion to further widen APB’s total distribution reach, which is already twice that of the total ATMs and bank branches in the country, and in turn, consolidate its leadership in the remittances market.
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Prime Minister Narendra Modi launches two consumer-centric initiatives by the Reserve Bank of India- the RBI Retail Direct Scheme and the Reserve Bank - Integrated Ombudsman Scheme.
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As per the Prime Minister's Office, PM Modi will launch the initiatives at 11 am on Friday through video conferencing. "These initiatives are the RBI Retail Direct Scheme and the Reserve Bank - Integrated Ombudsman Scheme," PMO in a release said.
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On Wednesday, in its monthly economic report, the finance ministry said India is on its way to becoming the fastest growing major economy in the world and forecast a strong possibility of faster credit growth.
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The two Srei group companies - Srei Infrastructure Finance and Srei Equipment Finance - have an outstanding of ₹4,730 crore in bonds.
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Usually, it is advised to keep 4-6 months of monthly expenses aside for this purpose. Investments, on the other hand, are meant to help bring your long-term goals to fulfilment. These are the instruments that can help you create wealth. You would ideally not dig into these funds in the short term, even if there is an emergency.
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Its operating profit rose 62% at Rs 82.8 crore against Rs 51.1 crore over the same period. Its net interest income at 147 crore reflects a 34% rise, primarily on account of rise in gross advances over the period and lower cost of funds, the bank said in a regulatory filing to stock exchanges.
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The KokoSwap platform is a decentralised platform that combines the practices of NFT trading, NFT gaming and crypto trading to create a decentralised and enriching environment.
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Policybazaar IPO received bids for 57,23,84,100 shares against 3,45,12,186 shares on offer, according to NSE data. The price range for the IPO was at Rs 940-980 per share.
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The life insurer will offer term and annuity products to customers through IPPB's extensive network of 650 branches and over 1,36,000 banking access points. The partnership aims to enable the customers, particularly from the weaker sections and living in un-banked and underserved areas, so that they can be financially secure, the three partners said during the launch.
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With this announcement, the company will strengthen its team to help realise its vision of democratising access to convenient, hassle-free embedded credit products for 600+ million internet users in India.
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In September, the bank had informed about subscribing to 1,67,25,100 equity shares in KFin Technologies Pvt Ltd for a consideration of approximately Rs 310 crore, translating into an equity shareholding of 9.98 per cent.
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The rating company changed Yes Bank's outlook to 'positive' from 'stable' earlier. Moody's has upgraded Yes Bank's issuer rating to B2 from B3 because its funding and liquidity have substantially improved in the past year, which have strengthened depositor and credit confidence in the bank.
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The rise in other income made up for the tepid growth in net interest income (NII) which is the main income the bank earns by giving loans. NII increased 2% to Rs 7566 crore largely as cost of deposits fell to 3.52% in September 2021 from 3.99% a year ago and covered up for a 6% fall in total interest earned.
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The co-lending framework of the Reserve Bank of India provides a tool for banks and non-banks to collaborate, leverage on their respective strengths to give an affordable solution to the unserved and underserved sections.
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A team has set the standard operating procedures in motion, and a task force to manage queries and claims on fast-track mode has also been established, a company statement said. ''The company is monitoring the incoming information and equipped to respond to the queries,'' the company said.
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Collection efficiency including overdue collection for the most affected asset classes, that is microfinance and SME loans, reached close to 100% for September 2021 from a low of 80% seen in May 2021, the rating agency said in a note.
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Rajeev Srivastava joins SCSI from HDFC Securities where he was heading the products and business development functions of the organisation. Before that, he was associated with Reliance Securities as chief business officer, leading their brokerage and distribution business. He has also worked with ICICI Bank in its private banking division.
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According to an exchange filing, total income for the quarter under review jumped to Rs 9,327.37 crore from Rs 7,020.11 crore a year ago.
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The holder of an old, undisclosed offshore bank account that continues to exist after 2015 would understandably find himself on the wrong side of law for having failed to report it and come clean by paying tax.
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In April, the RBI had imposed restrictions on Diners Club International from on-boarding new domestic customers onto its card network from May 1, 2021 for non-compliance of payment system data storage norms.
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The company said its key objective to set up the Fast Track settlement desk at its branches in Chennai was to extend every possible support for quick and timely settlement claims for its motor policyholders. To serve the customers round the clock, the company said it has activated 'partner garages' to prioritise flood affected vehicles to fasten the process.
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Invest in a combination of assets like equity, debt gold and real estate. Starting early, having realistic targets and a bit of fiscal discipline is all that it takes to create a corpus that would help you sail smoothly through the golden years of life besides leaving behind a legacy to the next generation when it is time to bid the final goodbye.
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The portion reserved for retail investors was subscribed 99 per cent while the quota for institutional buyers received 29 per cent bids. The non-institutional investors' quota was subscribed 2 per cent so far, data on BSE suggested.
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For the quarter under review, net interest income plummeted to Rs 391 crore from Rs 470 crore a year ago.
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“Financials remain a top pick sector-wise. Look at every dip to accumulate financials and with economic recovery and with the reopening trade happening, the first takeoff will be in the financial sector stocks,” says Ajay Bagga.
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While cryptos are fungible, or replaceable, NFTs are one of a kind.
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Revenue from operations rose 30% to Rs 1,716 crore in FY21 from Rs 1,315 crore, while expenses at Rs 3,295 crore was flat against Rs 3,234 crore the year before, the filings accessed by ET through business intelligence firm Tofler showed.
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HSBC is exploring whether to re-enter onshore private banking in India, where the ranks of the super rich are growing fast and record high stock markets have created a string of billion dollar start-ups.
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The group, headed by patriarch R Thyagarajan, is expected to approach the respective boards and shareholders in the next fortnight.
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Reserve Bank of India (RBI) data showed that overall credit card outstanding remained stable at ₹1.1 lakh crore. September credit card spends surpassed ₹80,000 crore, crossing the monthly peak spends seen in March of ₹72,300 crore.
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Bankers and analysts said the improvement in recoveries is another indicator of improving consumer sentiment and is a start of better asset quality for banks in the immediate future.
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The crypto market has already roughly quadrupled from its 2020 yearend value, as investors have gotten more comfortable with established tokens and networks.
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"India is now ahead of China in financial inclusion metrics," the SBI report said. "However, it is important to finetune non-branch BC (business correspondent) models."
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The Chennai-based Shriram Group firm has closed H1 of the fiscal with around Rs 800 crore in premium income and expects it to nearly treble in the second half on the back of the better-than-expected economic recovery, says Anil Aggarwal, the managing director & chief executive of Shriram General that was the first general insurer to underwrite only motor premia when it began 13 years ago.
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The restrictions on the Karnataka-based cooperative bank were imposed on April 26, 2019, and have been modified from time to time. Last time, the restrictions were extended till November 7.
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"Progressing ahead with a mission to provide universal access to banking facilities for every adult citizen, 31.67 crore #RuPay debit cards with inbuilt accident insurance coverage issued to #PMJanDhan account holders till October 21," Department of Financial Services under Ministry of Finance said in a tweet.
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Earlier, Spandana Sphoorty Financial managing director Padmaja G Reddy resigned from the microfinance lender following disagreement with private equity investor Kedaara Capital.
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Redseer estimates India's BNPL market will rocket to $45-50 billion by 2026 from $3-3.5 billion now. The research firm also estimates that the number of BNPL users in the country may rise to 80-100 million customers by then, from 10-15 million currently.
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"The healthy demand in the industry, increasing level of economic activity, and increasing vaccination in the country are expected to result in a steady growth in disbursements and improvement in CE in FY2022," the agency said in the report.
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Amit Jain, former senior managing director at Blackstone India, has joined US-based PE firm Carlyle as Managing Director based in Mumbai and Co-Head of the Carlyle India investment advisory team
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After the nationwide lockdown was imposed on March 25, 2020 withdrawals almost halved to around Rs 1.3 trillion. They started to pick up in the later part of 2020, and reached a peak in March 2021, touching Rs 2.84 trillion.
Source : Business Standard
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Yes Bank gives 4.5%, 5% on term deposits maturing in 3 months to less than 6 months and 6 months to less than 9 months respectively.
For FDs with a maturity period of 9 months to less than 1 year, the Bank gives an interest rate of 5.25%.
Term deposits maturing in 1 year to less than 3 years will fetch an interest rate of 6%. FDs maturing in 3 years to less than or equal to 10 years will give 6.25%.
Yes Bank latest FD rates (below ₹2 crores) for the general public effective 3 November 2021:
7 to 14 days 3.25%
15 to 45 days 3.50%
46 to 90 days 4%
3 months to < 6 months 4.50%
6 months to < 9 months 5%
9 months to < 1 Year 5.25%
1 Year to < 3 years 6.00%
3 Years to <= 10 years 6.25%
Yes Bank latest FD rates (below ₹2 crore) for senior citizens-
Senior citizens continue to get 50 basis points higher interest rates than the general public. The bank offers interest rates from 3.75% to 7.% on FDs maturing in 7 days to 10 years.
Earlier, the Bank had revised the interest rate on its term deposits on 3 June 2021.
Advantages of FD:
A Fixed Deposit is a good investment option for those who wish to set aside a fixed sum of money for the future and don’t need to use the same at present.
Fixed deposits offer better interest rates v/s Saving Accounts and are safe (no – risk investment) when compared to market linked investments.
Interest rates on fixed deposits increase with longer tenures and higher deposit amounts.
Source : livemint.com
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