Industry experts said that while the surge in UPI-based micro-transactions could help India achieve its stated objective of transforming into a cashless economy, banks would be nervously monitoring the rising volumes of low-ticket fund transfers.Industry experts said that while the surge in UPI-based micro-transactions could help India achieve its stated objective of transforming into a cashless economy, banks would be nervously monitoring the rising volumes of low-ticket fund transfers.
In a public notice, the bank said AC Muthiah and Farouk Irani, promoter director of First Leasing Company of India, defaulted on Rs 508.40 crore plus other expenses as on August 27.
The move comes at a time when regulators across the board are easing compliance processes during the ongoing coronavirus pandemic to minimize physical contact in line with the new hygiene and social protocols.
"Our marketing initiatives helped us grow individual first-year premium by 2.8% end July compared to -11.5% for private insurers. We hope to grow to pre-Covid level by Q3 end and close the fiscal with strong growth," said M R Kumar, Chairman, LIC."Our marketing initiatives helped us grow individual first-year premium by 2.8% end July compared to -11.5% for private insurers. We hope to grow to pre-Covid level by Q3 end and close the fiscal with strong growth," said M R Kumar, Chairman, LIC.
Central Board of Direct Taxes has also directed banks to refund charges since January 1, 2020, collected on transactions carried out using electronic modes including UPI by businesses having turnover of over Rs 50 crore.Central Board of Direct Taxes has also directed banks to refund charges since January 1, 2020, collected on transactions carried out using electronic modes including UPI by businesses having turnover of over Rs 50 crore.
Private banks such as ICICI Bank, Axis Bank, Kotak Mahindra Bank and HDFC Bank have recently started charging customers on UPI transactions beyond a prescribed limit for free transactions.
The Reserve Bank in its latest annual report revealed that bank frauds, both in terms of numbers and volume, have gone up substantially during 2019-20.
The private sector lender has initiated the process to categorise Goyal and his wife Anitia as `wilful defaulters’. A ‘wilful defaulter’ tag by banks may stain the reputation of persons and restrict their ability to borrow and hold board positions in companies.The private sector lender has initiated the process to categorise Goyal and his wife Anitia as `wilful defaulters’. A ‘wilful defaulter’ tag by banks may stain the reputation of persons and restrict their ability to borrow and hold board positions in companies.
The total banking sector outstanding Jan Dhan deposits jumped to Rs 1.31 lakh crore at the end of August 19 from Rs 1.20 crore at the beginning of the fiscal. This reflects higher farm income following a good Rabi harvest as well as a fall in discretionary spending amid Coronavirus pandemic, senior bankers tracking the rural economy said.The total banking sector outstanding Jan Dhan deposits jumped to Rs 1.31 lakh crore at the end of August 19 from Rs 1.20 crore at the beginning of the fiscal. This reflects higher farm income following a good Rabi harvest as well as a fall in discretionary spending amid Coronavirus pandemic, senior bankers tracking the rural economy said.
SBI has won these awards in three categories viz. Best Learning Program supporting a Change Transformation Business Strategy, Best Use of Blended Learning and Best Unique or Innovative Learning and Development Program, it said.
The three-year term of current SBI Chairman Rajnish Kumar will come to an end on October 7. He, however, is expected to get another year's extension in light of the Covid 19 situation.SBI has won these awards in three categories viz. Best Learning Program supporting a Change Transformation Business Strategy, Best Use of Blended Learning and Best Unique or Innovative Learning and Development Program, it said.
At stake is the future of a time-tested investment instrument that generation after generation of Indians used to keep their money in and generate fairly decent returns over time.
The Jan Dhan Yojana, which was announced by Prime Minister Narendra Modi in his Independence Day address in 2014, was launched on August 28, in the same year. Total deposit balances under PMJDY Accounts was at Rs 1.31 lakh crore and average deposit per account stood at Rs 3,239.The Jan Dhan Yojana, which was announced by Prime Minister Narendra Modi in his Independence Day address in 2014, was launched on August 28, in the same year. Total deposit balances under PMJDY Accounts was at Rs 1.31 lakh crore and average deposit per account stood at Rs 3,239.
According to data released by the government, consumer inflation — that is year-on-year growth in consumer price index — was close to 7% in July, with food inflation being higher at 9.6% due to supply disruptions during the pandemic.
The RBI’s opposition to ARCs becoming resolution applicants (RA) could scuttle not just the Aircel plan but that of others such as Reliance Communications (RCom) as well. This would hurt state-run banks such as SBI, since they are the biggest lenders to companies that ARCs are looking to acquire in insolvency cases.According to data released by the government, consumer inflation — that is year-on-year growth in consumer price index — was close to 7% in July, with food inflation being higher at 9.6% due to supply disruptions during the pandemic.The RBI’s opposition to ARCs becoming resolution applicants (RA) could scuttle not just the Aircel plan but that of others such as Reliance Communications (RCom) as well. This would hurt state-run banks such as SBI, since they are the biggest lenders to companies that ARCs are looking to acquire in insolvency cases.
Speaking at the 'Unlock BFSI 2.0' event organised by Business Standard newspaper, he said there will be some requests for restructuring from the personal loan segment and "we are readying ourselves for dealing with the volumes as far as the P-segment (personal loan segment) is concerned".Speaking at the 'Unlock BFSI 2.0' event organised by Business Standard newspaper, he said there will be some requests for restructuring from the personal loan segment and "we are readying ourselves for dealing with the volumes as far as the P-segment (personal loan segment) is concerned".
As per an estimate by PNB, the market value of the property was Rs 603 but since it was a distressed sale, they reduced the value by 25% in the first auction itself.
The comments come on the back of steadily slowing credit offtake, leading many to wonder if banks have become too risk-averse because of their concerns over asset quality in a pandemic-stricken economy. According to the RBI's annual report released earlier this week, frauds doubled to Rs 1.85 lakh crore in FY20.The comments come on the back of steadily slowing credit offtake, leading many to wonder if banks have become too risk-averse because of their concerns over asset quality in a pandemic-stricken economy. According to the RBI's annual report released earlier this week, frauds doubled to Rs 1.85 lakh crore in FY20.
“More than 15 lakh lives have already been covered under these two products within a month. That shows what is the demand and it is important that we cater to this demand,” Khuntia said.
There are four candidates in consideration for the top job, including current chairman, Rajnish Kumar, whose term expires in October, according to reports. The agenda also included the review of 14 applications received for the post of managing director and CEO of IFCI and the review of eligible candidates for the position of executive director in multiple public sector banks (PSBs).There are four candidates in consideration for the top job, including current chairman, Rajnish Kumar, whose term expires in October, according to reports. The agenda also included the review of 14 applications received for the post of managing director and CEO of IFCI and the review of eligible candidates for the position of executive director in multiple public sector banks (PSBs).
Das said there is a scope for banks to improve their ability to avert frauds from happening and added that their risk frameworks should be able to “smell vulnerabilities”
This comes after the RBI rejected UV Asset Reconstruction Company’s resolution proposal for bankrupt Aircel on the grounds that ARCs cannot infuse equity in an insolvent company at the resolution stage, people close to the central bank told ET.This comes after the RBI rejected UV Asset Reconstruction Company’s resolution proposal for bankrupt Aircel on the grounds that ARCs cannot infuse equity in an insolvent company at the resolution stage, people close to the central bank told ET.
The framework for the NUE was released by the Reserve Bank of India last week, with the central bank also opening the window for applications. Entities receiving approval can set up a payments company for owning and operating a pan-India digital payments network, exercising the same powers as NPCI.The framework for the NUE was released by the Reserve Bank of India last week, with the central bank also opening the window for applications. Entities receiving approval can set up a payments company for owning and operating a pan-India digital payments network, exercising the same powers as NPCI.
We are in a long haul before the economy recovers to pre-Covid levels partly driven by the fact that consumption patterns have been debilitated in many ways, said Amitabh Chaudhry while replying to a question
Since 2013-14, the RBI has been paying 99 per cent of its disposable income to the government, which is battling to rein in deficits. In August 2019, RBI's central board gave its nod for transferring to the government a sum of Rs 1,76,051 crore comprising Rs 1,23,414 crore of surplus for 2018-19 and Rs 52,637 crore of excess provisions.
