In a letter to RBI Deputy Governor M K Jain, the Central Consumer Protection Authority (CCPA) Chief Commissioner Nidhi Khare stated that 2,850 complaints pertaining to "transactions failed/cancelled but money not refunded" forming 20 per cent of grievances registered in the banking sector have been received through the government-run National Consumer Helpline (NCH).
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Thursday, December 31, 2020
PNB extends festival offer till March
The promotional scheme has been rechristened now as 'PNB NEW YEAR BONANZA-2021', the bank said in a statement.
source https://economictimes.indiatimes.com/industry/banking/finance/banking/pnb-extends-festival-offer-till-march/articleshow/80050373.cms
source https://economictimes.indiatimes.com/industry/banking/finance/banking/pnb-extends-festival-offer-till-march/articleshow/80050373.cms
Post Office Savings Bank likely to be interconnected with other banks by April
The postal department during the lockdown was at the frontline to deliver essential parcels when rail, road and air traffic were grounded and continues to enhance capacity as trains are not fully operational yet, Department of Posts Secretary Pradipta Kumar Bisoi told.
source https://economictimes.indiatimes.com/industry/banking/finance/banking/post-office-savings-bank-likely-to-be-interconnected-with-other-banks-by-april/articleshow/80048654.cms
source https://economictimes.indiatimes.com/industry/banking/finance/banking/post-office-savings-bank-likely-to-be-interconnected-with-other-banks-by-april/articleshow/80048654.cms
BANKING
The postal department during the lockdown was at the frontline to deliver essential parcels when rail, road and air traffic were grounded and continues to enhance capacity as trains are not fully operational yet, Department of Posts Secretary Pradipta Kumar Bisoi told.
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Fintech industry accelerates financial inclusion, to push faster digital adoption
The rapid growth of fintech players has helped in accelerating financial inclusion and new age technologies like AI and ML will further quicken digital adoption in the country, benefitting both the industry and the consumers in the coming years, according to experts.
source https://economictimes.indiatimes.com/industry/banking/finance/fintech-industry-accelerates-financial-inclusion-to-push-faster-digital-adoption/articleshow/80046641.cms
source https://economictimes.indiatimes.com/industry/banking/finance/fintech-industry-accelerates-financial-inclusion-to-push-faster-digital-adoption/articleshow/80046641.cms
BANKING
The rapid growth of fintech players has helped in accelerating financial inclusion and new age technologies like AI and ML will further quicken digital adoption in the country, benefitting both the industry and the consumers in the coming years, according to experts.
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RuPay, RBL Bank to launch PoS with PayNearby
Merchants will now be able to accept contactless payments of up to Rs 5,000 through a simple tap and pay mechanism on his NFC-enabled mobile phones.
source https://economictimes.indiatimes.com/industry/banking/finance/banking/rupay-rbl-bank-to-launch-pos-with-paynearby/articleshow/80045313.cms
source https://economictimes.indiatimes.com/industry/banking/finance/banking/rupay-rbl-bank-to-launch-pos-with-paynearby/articleshow/80045313.cms
BANKING
In the fortnight ended December 4 this year, bank credit grew 5.73 per cent to Rs 105.04 lakh crore and deposits by 11.34 per cent to Rs 145.92 lakh crore. In October, non-food credit grew 5.6 per cent compared to a growth of 8.3 per cent in the same month of the previous year.
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Bank credit grows 6 per cent, deposits by 11.3 per cent during December 5-18
In the fortnight ended December 4 this year, bank credit grew 5.73 per cent to Rs 105.04 lakh crore and deposits by 11.34 per cent to Rs 145.92 lakh crore. In October, non-food credit grew 5.6 per cent compared to a growth of 8.3 per cent in the same month of the previous year.
source https://economictimes.indiatimes.com/industry/banking/finance/banking/bank-credit-grows-6-per-cent-deposits-by-11-3-per-cent-during-december-5-18/articleshow/80043514.cms
source https://economictimes.indiatimes.com/industry/banking/finance/banking/bank-credit-grows-6-per-cent-deposits-by-11-3-per-cent-during-december-5-18/articleshow/80043514.cms
Wednesday, December 30, 2020
BANKING
Globally, money that has been coming in has been pension money. So, whether it is from funding or retirement planning perspective, these are the two markets close to insurance that have a lot of tailwind, said Shikha Sharma, Founding MD, ICICI Prudential Life
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‘20 years on, health insurance still an opportunity’
Globally, money that has been coming in has been pension money. So, whether it is from funding or retirement planning perspective, these are the two markets close to insurance that have a lot of tailwind, said Shikha Sharma, Founding MD, ICICI Prudential Life
source https://economictimes.indiatimes.com/industry/banking/finance/insure/20-years-on-health-insurance-still-an-opportunity/articleshow/80040660.cms
source https://economictimes.indiatimes.com/industry/banking/finance/insure/20-years-on-health-insurance-still-an-opportunity/articleshow/80040660.cms
BANKING
Term deposits – contributing almost 60% of total deposits – moderated, reflecting the easing of interest rates and the lure of returns on competing asset classes. Term deposit growth of private banks decelerated sharply even as it quadrupled in public sector banks, Reserve Bank of India said.
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Deposits for public sector banks surge amid pandemic stress
Term deposits – contributing almost 60% of total deposits – moderated, reflecting the easing of interest rates and the lure of returns on competing asset classes. Term deposit growth of private banks decelerated sharply even as it quadrupled in public sector banks, Reserve Bank of India said.
source https://economictimes.indiatimes.com/industry/banking/finance/banking/deposits-for-public-sector-banks-surge-amid-pandemic-stress/articleshow/80028940.cms
source https://economictimes.indiatimes.com/industry/banking/finance/banking/deposits-for-public-sector-banks-surge-amid-pandemic-stress/articleshow/80028940.cms
Yes Bank elevates Niranjan Banodkar as CFO, Adlakha as HR head
In an exchange filing, Yes Bank said these appointments were approved by the board, on the recommendation of the nomination and remuneration committee and also of the audit committee.
source https://economictimes.indiatimes.com/industry/banking/finance/banking/yes-bank-elevates-niranjan-banodkar-as-cfo-adlakha-as-hr-head/articleshow/80028288.cms
source https://economictimes.indiatimes.com/industry/banking/finance/banking/yes-bank-elevates-niranjan-banodkar-as-cfo-adlakha-as-hr-head/articleshow/80028288.cms
BANKING
Credit rating agency, ICRA said that PLI has seen some stability in last few months. Many industry trackers expected this instrument to face problems as the borrowers are typically companies or institutions that are unable to raise funds from banks or other lenders or are unable to raise funds at an interest rate they are comfortable with.
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"Pooled loan issuance" structures can help diversify borrowings for lower rated entities: ICRA
Credit rating agency, ICRA said that PLI has seen some stability in last few months. Many industry trackers expected this instrument to face problems as the borrowers are typically companies or institutions that are unable to raise funds from banks or other lenders or are unable to raise funds at an interest rate they are comfortable with.
source https://economictimes.indiatimes.com/industry/banking/finance/pooled-loan-issuance-structures-can-help-diversify-borrowings-for-lower-rated-entities-icra/articleshow/80027231.cms
source https://economictimes.indiatimes.com/industry/banking/finance/pooled-loan-issuance-structures-can-help-diversify-borrowings-for-lower-rated-entities-icra/articleshow/80027231.cms
BANKING
"This has been an unprecedented year. The industry is likely to remain flattish. However, we will stay ahead of the industry. In the first half our additional premium had grown by 16 per cent," Kotak Mahindra Life Insurance MD & CEO G Murlidhar said.
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Flat growth for life insurance industry in FY21: G Murlidhar, Kotak Mahindra Life Insurance
"This has been an unprecedented year. The industry is likely to remain flattish. However, we will stay ahead of the industry. In the first half our additional premium had grown by 16 per cent," Kotak Mahindra Life Insurance MD & CEO G Murlidhar said.
source https://economictimes.indiatimes.com/industry/banking/finance/insure/flat-growth-for-life-insurance-industry-in-fy21-g-murlidhar-kotak-mahindra-life-insurance/articleshow/80025805.cms
source https://economictimes.indiatimes.com/industry/banking/finance/insure/flat-growth-for-life-insurance-industry-in-fy21-g-murlidhar-kotak-mahindra-life-insurance/articleshow/80025805.cms
BANKING
The dispensation is expected to encourage risk participation of foreign currency assets through BUs in IFSC instead of banks in foreign jurisdictions, IFSCA said in a statement. The first IFSC in the country has been set up at the Gujarat International Finance Tec-City (GIFT) in Gandhinagar.
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IFSCA permits banking units to transfer assets through participation pacts
The dispensation is expected to encourage risk participation of foreign currency assets through BUs in IFSC instead of banks in foreign jurisdictions, IFSCA said in a statement. The first IFSC in the country has been set up at the Gujarat International Finance Tec-City (GIFT) in Gandhinagar.
source https://economictimes.indiatimes.com/industry/banking/finance/banking/ifsca-permits-banking-units-to-transfer-assets-through-participation-pacts/articleshow/80024082.cms
source https://economictimes.indiatimes.com/industry/banking/finance/banking/ifsca-permits-banking-units-to-transfer-assets-through-participation-pacts/articleshow/80024082.cms
Tuesday, December 29, 2020
From early investment to asset allocation, financial planning advice for your 30s
From early investment to asset allocation, financial planning advice for your 30s
source https://economictimes.indiatimes.com/industry/banking/finance/from-early-investment-to-asset-allocation-financial-planning-advice-for-your-30s/slideshow/80023003.cms
source https://economictimes.indiatimes.com/industry/banking/finance/from-early-investment-to-asset-allocation-financial-planning-advice-for-your-30s/slideshow/80023003.cms
Banks need Rs one lakh crore for NPAs, growth, says Reserve Bank of India
According to the RBI, gross non-performing assets (NPAs) declined from 9.1% as of March 2019 to 8.2% at end-March 2020 and further down to 7.5% in end-September 2020.
source https://economictimes.indiatimes.com/industry/banking/finance/banking/banks-need-rs-one-lakh-crore-for-npas-growth-says-reserve-bank-of-india/articleshow/80021370.cms
source https://economictimes.indiatimes.com/industry/banking/finance/banking/banks-need-rs-one-lakh-crore-for-npas-growth-says-reserve-bank-of-india/articleshow/80021370.cms
Banking sector sees improvement in health during FY20, says Reserve Bank of India
The RBI also expressed concern over rolling back the policy support given to banks to deal with the Covid-19 pandemic in the last eight months.
source https://economictimes.indiatimes.com/industry/banking/finance/banking/banking-sector-sees-improvement-in-health-during-fy20-says-reserve-bank-of-india/articleshow/80019264.cms
source https://economictimes.indiatimes.com/industry/banking/finance/banking/banking-sector-sees-improvement-in-health-during-fy20-says-reserve-bank-of-india/articleshow/80019264.cms
Profitability of NBFCs may be impacted due to loan impairment, low demand: RBI
The stronger and the deposit-taking NBFCs may however fare better as many have reported strong revival in disbursements and collections, almost to pre-COVID levels, the regulator observed.
source https://economictimes.indiatimes.com/industry/banking/finance/profitability-of-nbfcs-may-be-impacted-due-to-loan-impairment-low-demand-rbi/articleshow/80012924.cms
source https://economictimes.indiatimes.com/industry/banking/finance/profitability-of-nbfcs-may-be-impacted-due-to-loan-impairment-low-demand-rbi/articleshow/80012924.cms
Loan restructuring requests much lower than estimated: Analysts
Analysts are also forecasting lower credit provisions and better profitability for banks in the next fiscal year starting April 1, on the back of improved asset quality with a quick economic turnaround.
source https://economictimes.indiatimes.com/industry/banking/finance/banking/loan-restructuring-requests-much-lower-than-estimated-analysts/articleshow/80012185.cms
source https://economictimes.indiatimes.com/industry/banking/finance/banking/loan-restructuring-requests-much-lower-than-estimated-analysts/articleshow/80012185.cms
Former Economic Affair Secretary Atanu Chakraborty likely to be next HDFC Bank chairperson
Chakraborty, a 1985 batch IAS officer of Gujarat cadre, retired as Secretary of Department of Economic Affairs in April 2020. Prior to that, he was Secretary of Department of Investment and Public Asset Management (DIPAM). Both departments come under the finance ministry.
source https://economictimes.indiatimes.com/industry/banking/finance/banking/former-economic-affair-secretary-atanu-chakraborty-likely-to-be-next-hdfc-bank-chairperson/articleshow/80011990.cms
source https://economictimes.indiatimes.com/industry/banking/finance/banking/former-economic-affair-secretary-atanu-chakraborty-likely-to-be-next-hdfc-bank-chairperson/articleshow/80011990.cms
Rolling back of Covid related policy relaxation could impact banks: RBI
The performance of Indian banking improved in the fiscal year 2020 when they reported a profit on an aggregate basis after two years of losses, the RBI said in its yearly assessment report.
source https://economictimes.indiatimes.com/industry/banking/finance/banking/rolling-back-of-covid-related-policy-relaxation-could-impact-banks-rbi/articleshow/80011956.cms
source https://economictimes.indiatimes.com/industry/banking/finance/banking/rolling-back-of-covid-related-policy-relaxation-could-impact-banks-rbi/articleshow/80011956.cms
BANKING
Chakraborty, a 1985 batch IAS officer of Gujarat cadre, retired as Secretary of Department of Economic Affairs in April 2020. Prior to that, he was Secretary of Department of Investment and Public Asset Management (DIPAM). Both departments come under the finance ministry.
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Check your bank balance before using ATM
Check your bank balance before using ATM
source https://economictimes.indiatimes.com/industry/banking/finance/banking/check-your-bank-balance-before-using-atm/slideshow/80006896.cms
source https://economictimes.indiatimes.com/industry/banking/finance/banking/check-your-bank-balance-before-using-atm/slideshow/80006896.cms
Monday, December 28, 2020
Lenders extend ICA for Reliance Home Finance resolution till March 31
As per June 7 circular of the RBI, lenders can extend the time period of the pact if an account has not been resolved within 180 days of signing ICA.
source https://economictimes.indiatimes.com/industry/banking/finance/lenders-extend-ica-for-reliance-home-finance-resolution-till-march-31/articleshow/80005286.cms
source https://economictimes.indiatimes.com/industry/banking/finance/lenders-extend-ica-for-reliance-home-finance-resolution-till-march-31/articleshow/80005286.cms
PNB completes IT integration of all branches of two merged entities
The amalgamation of Oriental Bank of Commerce and United Bank of India into PNB came into effect from April 1, 2020.
source https://economictimes.indiatimes.com/industry/banking/finance/banking/pnb-completes-it-integration-of-all-branches-of-two-merged-entities/articleshow/79996746.cms
source https://economictimes.indiatimes.com/industry/banking/finance/banking/pnb-completes-it-integration-of-all-branches-of-two-merged-entities/articleshow/79996746.cms
Twenty years of private insurance: How the industry has shaped up
Come 2020, she is selling lakhs of insurance policies at the tap of an app on mobile phones and all it takes is a few minutes to mail the policy document instead of weeks of wait for the policy to arrive by the unpredictable India Post to shove it to safety in the steel cupboard.
source https://economictimes.indiatimes.com/industry/banking/finance/insure/twenty-years-of-private-insurance-how-the-industry-has-shaped-up/articleshow/79994639.cms
source https://economictimes.indiatimes.com/industry/banking/finance/insure/twenty-years-of-private-insurance-how-the-industry-has-shaped-up/articleshow/79994639.cms
BANKING
Come 2020, she is selling lakhs of insurance policies at the tap of an app on mobile phones and all it takes is a few minutes to mail the policy document instead of weeks of wait for the policy to arrive by the unpredictable India Post to shove it to safety in the steel cupboard.
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2021 will witness lot of regulatory efforts channelled towards virtual assets: SBI official
" The use of crowdfunding websites, although not entirely new, create an additional risk as these are specially designed to solicit funding and can be misused for terror financing," he said.
source https://economictimes.indiatimes.com/industry/banking/finance/banking/2021-will-witness-lot-of-regulatory-efforts-channelled-towards-virtual-assets-sbi-official/articleshow/79993685.cms
source https://economictimes.indiatimes.com/industry/banking/finance/banking/2021-will-witness-lot-of-regulatory-efforts-channelled-towards-virtual-assets-sbi-official/articleshow/79993685.cms
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