The Reserve Bank of India has given the green signal to the country’s payment networks — Visa, Mastercard and NPCI — to allow tap-and-go functionality on card payments for all purchases at retail stores and shopping centres.The Reserve Bank of India has given the green signal to the country’s payment networks — Visa, Mastercard and NPCI — to allow tap-and-go functionality on card payments for all purchases at retail stores and shopping centres.
Outstanding bank loans to NBFCs amounted to Rs 8.19 lakh crore as of end March'20, the latest dat released in RBI's monthly bulletin shows, up 28 per cent over March'19 levels. But in absolute terms it is 32 per cent of the total loans extended by banks during the month.
While the three judge bench of justices NV Ramana, Sanjay Kaul and BR Gavai, disposed the matter because the petitioners were not borrowers, it also noted that that the counsel for the petitioner had submitted that the RBI guidelines on moratorium had not been implemented.Outstanding bank loans to NBFCs amounted to Rs 8.19 lakh crore as of end March'20, the latest dat released in RBI's monthly bulletin shows, up 28 per cent over March'19 levels. But in absolute terms it is 32 per cent of the total loans extended by banks during the month.While the three judge bench of justices NV Ramana, Sanjay Kaul and BR Gavai, disposed the matter because the petitioners were not borrowers, it also noted that that the counsel for the petitioner had submitted that the RBI guidelines on moratorium had not been implemented.
In India, banks were under pressure even before the outbreak, due to a shadow-banking crisis and a prolonged slump in economic growth. The country also has the world’s worst bad-debt ratio at traditional lenders. That loomed large earlier this year, with the biggest-ever bank failure in the country when authorities seized Yes Bank Ltd.In India, banks were under pressure even before the outbreak, due to a shadow-banking crisis and a prolonged slump in economic growth. The country also has the world’s worst bad-debt ratio at traditional lenders. That loomed large earlier this year, with the biggest-ever bank failure in the country when authorities seized Yes Bank Ltd.
Banks are currently offering 10% of outstanding loans to MSMEs as additional working capital at a concessional rate to help them tide over the temporary liquidity crunch.
Top fintech companies are, therefore, rushing to tap into this new consumer trend, with several of them offering digital solutions to small merchants. These range from instant loans to digital billing to even geotagging, as companies believe the merchant digitisation business will boom when the lockdown eases.Top fintech companies are, therefore, rushing to tap into this new consumer trend, with several of them offering digital solutions to small merchants. These range from instant loans to digital billing to even geotagging, as companies believe the merchant digitisation business will boom when the lockdown eases.
The move to balance ownership and control comes as some private sector banks have sought a relaxation in licensing norms, citing the regulator’s recent decision on Kotak Mahindra Bank. The RBI didn’t respond to queries.The move to balance ownership and control comes as some private sector banks have sought a relaxation in licensing norms, citing the regulator’s recent decision on Kotak Mahindra Bank. The RBI didn’t respond to queries.
The RBI reduced benchmark repo rate by 75 basis points to 4.40 per cent in the bi-monthly Monetary Policy Committee meeting on March 27.
In an order, the central bank said the directive issued by it on October 26, 2018 "shall continue to apply to the bank for a further period of six months from April 30, 2020 to October 31, 2020". It also added that extension and/or modification "should not per-se be construed" to imply that Reserve Bank of India is satisfied of substantive improvement in the financial position of the bank.In an order, the central bank said the directive issued by it on October 26, 2018 "shall continue to apply to the bank for a further period of six months from April 30, 2020 to October 31, 2020". It also added that extension and/or modification "should not per-se be construed" to imply that Reserve Bank of India is satisfied of substantive improvement in the financial position of the bank.
Commenting on the appointment Punit Sood, head of RBS India, said, “The business environment around us has substantially changed due to the coronavirus pandemic. The role of HR will be redefined in the way it addresses the human capital within the organisation and leverages it to the fullest to build value, especially during these dynamic circumstances.”Commenting on the appointment Punit Sood, head of RBS India, said, “The business environment around us has substantially changed due to the coronavirus pandemic. The role of HR will be redefined in the way it addresses the human capital within the organisation and leverages it to the fullest to build value, especially during these dynamic circumstances.”
Disaster planning for business continuity and survival has emerged as the top priority for organisations as recovery from Covid-19 is expected to take longer than what was earlier envisaged.
The move will make Axis Bank, the third-largest private sector bank, a significant stakeholder in a life insurance venture and will allow it to participate in its long term capital appreciation.
The RBI has let financiers grant a moratorium to accounts in default but standard (non-payment in 30 to 90 days bucket). In such cases, the lender will have to make provision of at least 10% spread over March and June quarters, with not less than 5% in each quarter.The RBI has let financiers grant a moratorium to accounts in default but standard (non-payment in 30 to 90 days bucket). In such cases, the lender will have to make provision of at least 10% spread over March and June quarters, with not less than 5% in each quarter.
In a desperate cry to the finance minister, a group of about 100 small microfinance firms with less than Rs 200 crore loan portfolio each has sought conversion of their outstanding bank loans into equities as their fund dried up. Every microfinance lender including the bigger ones is facing the stress since business stalled during lockdown while the smaller ones are always more vulnerable.In a desperate cry to the finance minister, a group of about 100 small microfinance firms with less than Rs 200 crore loan portfolio each has sought conversion of their outstanding bank loans into equities as their fund dried up. Every microfinance lender including the bigger ones is facing the stress since business stalled during lockdown while the smaller ones are always more vulnerable.
The company's board took the decision based on the recommendations of Nomination & Remuneration Committee, and is further subject to the approval of the shareholders.
In addition to the Rs 1,600 crore liquidity position, the company said it has undrawn sanctions of Rs 900 crore as on March 31, 2020. The Gurugram-headquartered micro lender also said that it will offer moratorium to all the existing borrowers across India.In addition to the Rs 1,600 crore liquidity position, the company said it has undrawn sanctions of Rs 900 crore as on March 31, 2020. The Gurugram-headquartered micro lender also said that it will offer moratorium to all the existing borrowers across India.
Mukesh Ambani-owned Reliance Industries, Paytm, capital market exchanges NSE and BSE are among top firms interested in securing licences to own and operate an entity with powers at a par with National Payments Corporation of India (NPCI), multiple sources aware of the development told.Mukesh Ambani-owned Reliance Industries, Paytm, capital market exchanges NSE and BSE are among top firms interested in securing licences to own and operate an entity with powers at a par with National Payments Corporation of India (NPCI), multiple sources aware of the development told.
India’s fourth-largest private sector bank will become a strategic partner of the life insurance firm, in which Max Financial will eventually hold 70% after a two-stage transaction.
India's largest and the only state-owned insurer LIC, however, posted a decline in premium income at Rs 8.32 lakh crore during 2019-20, the data from the Insurance Regulatory and Development Authority of India (Irdai) showed. LIC's premium collection stood at Rs 10.74 lakh crore during 2018-19. Its market share stood at 82.76 per cent as of March 31, 2020.India's largest and the only state-owned insurer LIC, however, posted a decline in premium income at Rs 8.32 lakh crore during 2019-20, the data from the Insurance Regulatory and Development Authority of India (Irdai) showed. LIC's premium collection stood at Rs 10.74 lakh crore during 2018-19. Its market share stood at 82.76 per cent as of March 31, 2020.
“Cloud computing is faster, better and less expensive"
Sumi Khatun, a 'business correspondent' of State Bank of India moves around several villages in West Bengal's Birbhum district to help people make modest withdrawal or deposit money during the COVID-19 induced lockdown.Sumi Khatun, a 'business correspondent' of State Bank of India moves around several villages in West Bengal's Birbhum district to help people make modest withdrawal or deposit money during the COVID-19 induced lockdown.
Ratings agency ICRA has published a list of 328 companies that have availed or sought a payment relief from lenders or investors and where approval was received either after the due date or is pending to be received. The companies that have sought to defer repayment include triple-A-rated companies like ONGC’s subsidiaries MRPL and ONGC Petro Additions.Ratings agency ICRA has published a list of 328 companies that have availed or sought a payment relief from lenders or investors and where approval was received either after the due date or is pending to be received. The companies that have sought to defer repayment include triple-A-rated companies like ONGC’s subsidiaries MRPL and ONGC Petro Additions.
The lenders — some of whom are custodians to MFs — have been in touch with fund officials to estimate the expected mismatch between inflows and outflows on Monday.
Auditors and company executives told that higher provisioning may be necessary as the pandemic-induced sharp dip would have increased difficulties for these businesses already hit by the ongoing slowdown. In many cases, auditors have asked companies to provide up to 50%.Auditors and company executives told that higher provisioning may be necessary as the pandemic-induced sharp dip would have increased difficulties for these businesses already hit by the ongoing slowdown. In many cases, auditors have asked companies to provide up to 50%.