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Riots break out in cities across US, including fires, violence near White House

05/31/20 7:57 PM

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Semitrailer speeds into crowd of protesters on Minneapolis bridge; injuries unclear

05/31/20 4:29 PM

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NASA astronauts board Space Station in historic SpaceX mission

05/31/20 10:35 AM

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President Trump says US to designate Antifa group as a terrorist organization amid ongoing riots

05/31/20 9:51 AM

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SpaceX spacecraft docks with space station on historic NASA mission

05/31/20 7:26 AM

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Watch Sunday Mass live from St. Patrick’s Cathedral in NYC at 10:15 am on FoxNews.com

05/31/20 7:15 AM

BBB recommends Ashwini Bhatia for post of SBI MD

The Banks Board Bureau has also recommended names of M V Rao and P P Sengupta for the post of managing director of Central Bank of India and Indian Overseas Bank, respectively. While Rao will replace Central Bank of India MD Pallav Mohapatra who will retire in February next year.

source https://economictimes.indiatimes.com/industry/banking/finance/banking/bbb-recommends-ashwini-bhatia-for-post-of-sbi-md/articleshow/76117913.cms

BANKING

The Banks Board Bureau has also recommended names of M V Rao and P P Sengupta for the post of managing director of Central Bank of India and Indian Overseas Bank, respectively. While Rao will replace Central Bank of India MD Pallav Mohapatra who will retire in February next year.

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Los Angeles mayor calls for National Guard help

05/30/20 8:25 PM

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Minneapolis mayor says 'white supremacists,' 'out of state instigators' behind protests, but arrests show otherwise

05/30/20 3:44 PM

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SpaceX rocket lifts off in historic flight carrying 2 NASA astronauts to International Space Station

05/30/20 12:25 PM

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WATCH LIVE: Two NASA astronauts are awaiting liftoff in a historic flight on a SpaceX rocket to the International Space Station

05/30/20 12:16 PM

National Insurance Co receives 500 claims amounting to Rs 160 cr post cyclone 'Amphan'

The majority of the claims are from severely-affected West Bengal and nominal from Odisha, she said, adding, a bulk of those have been received from business enterprises, shops and factories.

source https://economictimes.indiatimes.com/industry/banking/finance/insure/national-insurance-co-receives-500-claims-amounting-to-rs-160-cr-post-cyclone-amphan/articleshow/76108979.cms

BANKING

The majority of the claims are from severely-affected West Bengal and nominal from Odisha, she said, adding, a bulk of those have been received from business enterprises, shops and factories.

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Supreme Court rejects challenge to limits on church services; Roberts sides with liberals

05/30/20 12:44 AM

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At Trump request, Pentagon puts military police on alert to combat riots

05/30/20 12:11 AM

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White House briefly locked down as unrest reported in Atlanta, Washington and New York City in wake of George Floyd's death

05/29/20 5:38 PM

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Summary, details of phone conversations between Michael Flynn and then-Russian envoy to US Sergey Kislyak made public

05/29/20 2:23 PM

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DNI Ratcliffe sends declassified transcripts of December 2016 Michael Flynn phone calls with then-Russian envoy to Congress

05/29/20 1:06 PM

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Trump announces US ‘terminating’ relationship with World Health Organization, says agency has not made 'greatly needed reforms'

05/29/20 12:04 PM

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President Trump holds news conference in White House Rose Garden

05/29/20 11:50 AM

BANKING

The regulator said the penalty on Citibank was for not adhering to the directions related to customer credentials.

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RBI slaps Rs 4 crore penalty on Citibank NA and Rs 1.45 crore on three other banks for flouting rules

The regulator said the penalty on Citibank was for not adhering to the directions related to customer credentials.

source https://economictimes.indiatimes.com/industry/banking/finance/banking/rbi-slaps-rs-4-crore-penalty-on-citibank-na-and-rs-1-45-crore-on-three-other-banks-for-flouting-rules/articleshow/76095472.cms

BANKING

Dhillon's appointment as Chairman and Managing Director will be with effect from the date of assumption of charge of the post on or after June 2020. He would hold the post till the date of his superannuation (May 31, 2023) or until further orders,

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PFC board clears RS Dhillon's appointment as CMD from June 1

Dhillon's appointment as Chairman and Managing Director will be with effect from the date of assumption of charge of the post on or after June 2020. He would hold the post till the date of his superannuation (May 31, 2023) or until further orders,

source https://economictimes.indiatimes.com/industry/banking/finance/pfc-board-clears-rs-dhillons-appointment-as-cmd-from-june-1/articleshow/76089633.cms

Economy needs support from PSBs: Union Bank chief

The number of PSBs has come down after amalgamation of several lenders, and their ability to lend has increased manifold, Union Bank of India MD and CEO Rajkiran Rai G said.

source https://economictimes.indiatimes.com/industry/banking/finance/banking/economy-needs-support-from-psbs-union-bank-chief/articleshow/76088035.cms

BANKING

The number of PSBs has come down after amalgamation of several lenders, and their ability to lend has increased manifold, Union Bank of India MD and CEO Rajkiran Rai G said.

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BANKING

The appointment comes after the Bank Boards Bureau (BBB), the headhunter for state-run banks and financial institutions, recommended Jaishankar on March 15. The post lied vacant for three years before the appointment.

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Trump vows military support to Minnesota governor

05/28/20 11:30 PM

Finance Ministry appoints PR Jaishankar managing director of IIFCL

The appointment comes after the Bank Boards Bureau (BBB), the headhunter for state-run banks and financial institutions, recommended Jaishankar on March 15. The post lied vacant for three years before the appointment.

source https://economictimes.indiatimes.com/industry/banking/finance/finance-ministry-appoints-pr-jaishankar-managing-director-of-iifcl/articleshow/76085803.cms

Home Credit India lays off 1800 employees

"The unprecedented coronavirus pandemic has affected every aspect of our life. It has impacted each one of us, our families, our customers, partners and businesses. These trying circumstances have compelled us to revisit and re calibrate our business strategy keeping sustainability and business continuity in mind," the company said in a statement.

source https://economictimes.indiatimes.com/industry/banking/finance/home-credit-india-lays-off-1800-employees/articleshow/76084296.cms

BANKING

"The unprecedented coronavirus pandemic has affected every aspect of our life. It has impacted each one of us, our families, our customers, partners and businesses. These trying circumstances have compelled us to revisit and re calibrate our business strategy keeping sustainability and business continuity in mind," the company said in a statement.

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Protesters Breach Police Station

05/28/20 9:05 PM

BANKING

Legal experts and some of the resolution professionals are learnt to have sent feelers to senior government officials that deferring the admission of cases under the Insolvency and Bankruptcy Code (IBC) would not only prevent orderly resolution in the banking system, but could also be viewed as a retrograde step, two senior bankers told ET.

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IBC deferral plan and absence of loan rejig put banks in a fix

Legal experts and some of the resolution professionals are learnt to have sent feelers to senior government officials that deferring the admission of cases under the Insolvency and Bankruptcy Code (IBC) would not only prevent orderly resolution in the banking system, but could also be viewed as a retrograde step, two senior bankers told ET.

source https://economictimes.indiatimes.com/industry/banking/finance/banking/ibc-deferral-plan-and-absence-of-loan-rejig-put-banks-in-a-fix/articleshow/76078629.cms

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Trump signs social media executive order, calls for removal of liability protections over 'censoring'

05/28/20 1:51 PM

SBI ready with micro market plan, soft launch on June 1

State Bank of India (SBI) is all set to activate its micro market vertical from June to raise its stake with the bottom-of-the-pyramid borrowers, and it has asked SBI Life Insurance chief executive Sanjeev Nautiyal to head the initiative.

source https://economictimes.indiatimes.com/industry/banking/finance/banking/sbi-ready-with-micro-market-plan-soft-launch-on-june-1/articleshow/76077023.cms

BANKING

State Bank of India (SBI) is all set to activate its micro market vertical from June to raise its stake with the bottom-of-the-pyramid borrowers, and it has asked SBI Life Insurance chief executive Sanjeev Nautiyal to head the initiative.

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SoftBank-Bharti JV eyes up to $750 million fund-raise

SB Energy, renewable energy arm of SoftBank, has mandated Bank of America Merrill Lynch and Barclays to help raise $500-$750 million in SBG Cleantech — it’s 80:20 joint venture with Bharti, multiple people aware of the development said.

source https://economictimes.indiatimes.com/industry/banking/finance/softbank-bharti-jv-eyes-up-to-750-million-fund-raise/articleshow/76077971.cms

PNB Housing Finance takes over Vipul Ltd Project after default

The lender had sent a notice to the Bombay Stock Exchange listed developer in February, demanding repayment of the loan given against its project Aarohan Residences in Gurgaon.

source https://economictimes.indiatimes.com/industry/banking/finance/pnb-housing-finance-takes-over-vipul-ltd-project-after-default/articleshow/76077986.cms

BANKING

SB Energy, renewable energy arm of SoftBank, has mandated Bank of America Merrill Lynch and Barclays to help raise $500-$750 million in SBG Cleantech — it’s 80:20 joint venture with Bharti, multiple people aware of the development said.

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BANKING

The lender had sent a notice to the Bombay Stock Exchange listed developer in February, demanding repayment of the loan given against its project Aarohan Residences in Gurgaon.

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DOJ says investigation into George Floyd’s death is a ‘top priority’

05/28/20 7:36 AM

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More than 2.1M Americans filed for unemployment last week

05/28/20 5:36 AM

BANKING

The impact of forced lending on banks' impaired-loan ratios can be anywhere between 200 and 600 basis points (bps), depending on the severity of stress and banks' individual risk exposures and the higher regulatory provisions, Fitch Ratings said in the report on Thursday.

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Forced lending to cripple banks; NPAs to soar by up to 600 bps in 2 yrs: Fitch

The impact of forced lending on banks' impaired-loan ratios can be anywhere between 200 and 600 basis points (bps), depending on the severity of stress and banks' individual risk exposures and the higher regulatory provisions, Fitch Ratings said in the report on Thursday.

source https://economictimes.indiatimes.com/industry/banking/finance/banking/forced-lending-to-cripple-banks-npas-to-soar-by-up-to-600-bps-in-2-yrs-fitch/articleshow/76068502.cms

BANKING

The zero-contact method completely does away with paper work or biometric verification, thereby removing physical interaction between the bank and customer from the know your customer (KYC) process, IDFC First Bank said in a release.

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Minneapolis unrest continues

05/28/20 12:40 AM

IDFC First Bank launches video KYC facility for customers to open savings accounts

The zero-contact method completely does away with paper work or biometric verification, thereby removing physical interaction between the bank and customer from the know your customer (KYC) process, IDFC First Bank said in a release.

source https://economictimes.indiatimes.com/industry/banking/finance/banking/idfc-first-bank-launches-video-kyc-facility-for-customers-to-open-savings-accounts/articleshow/76063216.cms

BANKING

Active Investing and Execution Why do investors put their hard-earned money in the stock markets? To make good returns over a period. There has been debate o...

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Harsh Agarwal, Head Alternative Strategies, Tata Asset Management

Active Investing and Execution Why do investors put their hard-earned money in the stock markets? To make good returns over a period. There has been debate o...

source https://economictimes.indiatimes.com/industry/banking/finance/harsh-agarwal-head-alternative-strategies-tata-asset-management/articleshow/76060328.cms

Blanket ban on recovery impractical, say bankers

Despite the government announcement of Covid-related delinquencies not being treated as a default, it would be impractical to provide a blanket protection against recovery action to all borrowers, bankers have said.

source https://economictimes.indiatimes.com/industry/banking/finance/banking/blanket-ban-on-recovery-impractical-say-bankers/articleshow/76058952.cms

BANKING

Despite the government announcement of Covid-related delinquencies not being treated as a default, it would be impractical to provide a blanket protection against recovery action to all borrowers, bankers have said.

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BANKING

On February 27, the Securities Appellate Tribunal allowed lenders Nippon India Mutual Fund and Credit Suisse to invoke shares of Reliance General Insurance pledged by Anil Ambani group firms. Lenders including Credit Suisse, Nippon Life, Life Insurance Corporation of India. Other banks and institutions own non-convertible debentures of Reliance General Insurance.

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Reliance General Insurance lenders in talks with investors for exit

On February 27, the Securities Appellate Tribunal allowed lenders Nippon India Mutual Fund and Credit Suisse to invoke shares of Reliance General Insurance pledged by Anil Ambani group firms. Lenders including Credit Suisse, Nippon Life, Life Insurance Corporation of India. Other banks and institutions own non-convertible debentures of Reliance General Insurance.

source https://economictimes.indiatimes.com/industry/banking/finance/insure/reliance-general-insurance-lenders-in-talks-with-investors-for-exit/articleshow/76056220.cms

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Barr asks US Attorney John Bash to review 'unmasking' before and after 2016 election, DOJ tells Fox News

05/27/20 7:08 PM

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Fugitive UConn student wanted in 2 killings is caught in Maryland after manhunt, police say

05/27/20 6:51 PM

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Heated protests, reports of looting as tension builds in Minneapolis over George Floyd death

05/27/20 6:25 PM

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NASA-SpaceX launch postponed to Saturday over bad weather

05/27/20 1:24 PM

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Pompeo officially declares Hong Kong ‘no longer autonomous'

05/27/20 8:55 AM

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FISA vote in limbo as Trump, DOJ, GOP lawmakers turn against bill

05/27/20 8:27 AM

BANKING

A pent-up demand for vehicles and social distancing needs, coupled with the introduction of digital inputs to manage customer journey by banks will lead to a faster uptick in auto sales, which were sagging before the lockdown and came to a standstill in the last two months, the bank's country head for retail lending Arvind Kapil said.

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BANKING

The order said that IL&FS had sought that an amount of Rs 61.84 lakh is excluded as resolution process costs incurred for meeting various expenditures, other applicable taxes from the sale proceeds of the applicant's shareholding in GIFTCL to the Gujarat government.

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10-15% moderation in salaries not to impact lending practice: HDFC Bank

A pent-up demand for vehicles and social distancing needs, coupled with the introduction of digital inputs to manage customer journey by banks will lead to a faster uptick in auto sales, which were sagging before the lockdown and came to a standstill in the last two months, the bank's country head for retail lending Arvind Kapil said.

source https://economictimes.indiatimes.com/industry/banking/finance/banking/10-15-moderation-in-salaries-not-to-impact-lending-practice-hdfc-bank/articleshow/76042256.cms

NCLT approves IL&FS stake sale in GIFTCL to Gujarat government

The order said that IL&FS had sought that an amount of Rs 61.84 lakh is excluded as resolution process costs incurred for meeting various expenditures, other applicable taxes from the sale proceeds of the applicant's shareholding in GIFTCL to the Gujarat government.

source https://economictimes.indiatimes.com/industry/banking/finance/nclt-approves-ilfs-stake-sale-in-giftcl-to-gujarat-government/articleshow/76040964.cms

BANKING

​​​The insurance will help cover the expenses related to COVID-19 hospitalization and treatment as well as ambulance assistance and ICU charges of up to INR 50,000, and it will be valid for one year after activation, the company said in a statement.

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Amazon provides free COVID-19 health insurance for its sellers

​​​The insurance will help cover the expenses related to COVID-19 hospitalization and treatment as well as ambulance assistance and ICU charges of up to INR 50,000, and it will be valid for one year after activation, the company said in a statement.

source https://economictimes.indiatimes.com/industry/banking/finance/insure/amazon-provides-free-covid-19-health-insurance-for-its-sellers/articleshow/76036115.cms

BANKING

Unstable cashflows and low reserves, coupled with a restricted ability to seek additional debt or equity financing, can create immense pressure on businesses to divert funds between entities for non-permissible or surreptitious purposes, said the PwC report titled ‘Rethinking Fraud and Economic Crime.’

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Facing liquidity crunch due to Covid, promoters and businesses will attempt frauds, round tripping and evergreening of loans: PwC report

Unstable cashflows and low reserves, coupled with a restricted ability to seek additional debt or equity financing, can create immense pressure on businesses to divert funds between entities for non-permissible or surreptitious purposes, said the PwC report titled ‘Rethinking Fraud and Economic Crime.’

source https://economictimes.indiatimes.com/industry/banking/finance/facing-liquidity-crunch-due-to-covid-promoters-and-businesses-will-attempt-frauds-round-tripping-and-evergreening-of-loans-pwc-report/articleshow/76025436.cms

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4 Minneapolis police officers fired in death of man in custody caught on video, mayor says

05/26/20 12:59 PM

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NYSE reopens trading floor for first time since closing due to coronavirus pandemic

05/26/20 6:32 AM

Supreme Court issues notice to Centre, RBI on plea against interest on loans during moratorium

The counsel argued that borrowers should not be penalised like this and banks should not add interest on the loan amount during the moratorium period.

source https://economictimes.indiatimes.com/industry/banking/finance/banking/supreme-court-issues-notice-to-centre-rbi-on-plea-against-interest-on-loans-during-moratorium/articleshow/76006622.cms

BANKING

The counsel argued that borrowers should not be penalised like this and banks should not add interest on the loan amount during the moratorium period.

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Banks may need capital for provisions

Bankers say that the RBI may have to tweak rules that demand provisioning if the existing promoters are retained after a loan restructuring. They say the existing promoters have the best chance of keeping the business going instead of going for a new one who would find it difficult to run a medium-sized firm.

source https://economictimes.indiatimes.com/industry/banking/finance/banking/banks-may-need-capital-for-provisions/articleshow/75984141.cms

BANKING

Bankers say that the RBI may have to tweak rules that demand provisioning if the existing promoters are retained after a loan restructuring. They say the existing promoters have the best chance of keeping the business going instead of going for a new one who would find it difficult to run a medium-sized firm.

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Microfinance lenders aim at repayment collection, restoring credit cycle amid rising stress

The prime concern expressed by microfinance leaders now is that the extended moratorium might increase stress and derail the robust credit discipline that they nurtured over the years.

source https://economictimes.indiatimes.com/industry/banking/finance/microfinance-lenders-aim-at-repayment-collection-restoring-credit-cycle-amid-rising-stress/articleshow/75981335.cms

BANKING

The prime concern expressed by microfinance leaders now is that the extended moratorium might increase stress and derail the robust credit discipline that they nurtured over the years.

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Watch President Trump, first lady Melania Trump participate in Memorial Day event at Fort McHenry in Baltimore

05/25/20 9:01 AM

PNB fraud case: Interpol notice against Nirav Modi's brother put up for public viewing again

Nehal Modi's name figured as the accused number 27 in the supplementary chargesheet filed by the CBI, which charged him for destroying evidence in Dubai to cover the tracks of the alleged crime, the officials said.

source https://economictimes.indiatimes.com/industry/banking/finance/banking/pnb-fraud-case-interpol-notice-against-nirav-modis-brother-put-up-for-public-viewing-again/articleshow/75979087.cms

IDFC First Bank senior management takes 10 pc pay cut

IDFC FIRST Bank MD & CEO V Vaidyanathan has voluntarily offered to take a pay cut of 30 per cent in his compensation including fixed compensation as well as all allowances, the bank said.

source https://economictimes.indiatimes.com/industry/banking/finance/banking/idfc-first-bank-senior-management-takes-10-pc-pay-cut/articleshow/75978496.cms

BANKING

Nehal Modi's name figured as the accused number 27 in the supplementary chargesheet filed by the CBI, which charged him for destroying evidence in Dubai to cover the tracks of the alleged crime, the officials said.

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BANKING

IDFC FIRST Bank MD & CEO V Vaidyanathan has voluntarily offered to take a pay cut of 30 per cent in his compensation including fixed compensation as well as all allowances, the bank said.

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