Mody is a 1982-batch Indian Revenue Service officer, was appointed as the CBDT chief in February 2019.from Banking/Finance-Industry-Economic Times https://ift.tt/3dVT58A
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Sunday, February 28, 2021
BANKING
Mody is a 1982-batch Indian Revenue Service officer, was appointed as the CBDT chief in February 2019.from Banking/Finance-Industry-Economic Times https://ift.tt/3dVT58A
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CBDT Chairman Pramod Chandra Mody gets further extension for three months
Mody is a 1982-batch Indian Revenue Service officer, was appointed as the CBDT chief in February 2019.source https://economictimes.indiatimes.com/industry/banking/finance/cbdt-chairman-pramod-chandra-mody-gets-further-extension-for-three-months/articleshow/81265568.cms
View: How the government can truly make India's state-run banks efficient just like their private sector peers
Since financial institutions are within the administrative control of the finance ministry, these will no doubt have early implementation. There have also been statements from the Reserve Bank governor of the nature of the ARC that will be set up. These actions portend that GoI will walk the talk.source https://economictimes.indiatimes.com/industry/banking/finance/banking/view-how-the-government-can-truly-make-indias-state-run-banks-efficient-just-like-their-private-sector-peers/articleshow/81261101.cms
BANKING
Since financial institutions are within the administrative control of the finance ministry, these will no doubt have early implementation. There have also been statements from the Reserve Bank governor of the nature of the ARC that will be set up. These actions portend that GoI will walk the talk.from Banking/Finance-Industry-Economic Times https://ift.tt/3kuYQeE
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SME lender NeoGrowth Credit launches digital initiatives for small borrowers
The platform was conceptualised based on a research done during the pandemic that small businesses need to digitise their offerings to meet stiff competition from big brands and shopping apps and portals.source https://economictimes.indiatimes.com/industry/banking/finance/sme-lender-neogrowth-credit-launches-digital-initiatives-for-small-borrowers/articleshow/81258587.cms
Private health insurers offering 80-100% discounts on renewal premia
Most health insurance provides no-claim bonus for claim-free years but that usually ranges from 25 per cent to 50 per cent.source https://economictimes.indiatimes.com/industry/banking/finance/insure/private-health-insurers-offering-80-100-discounts-on-renewal-premia/articleshow/81256570.cms
BANKING
The Union Budget 2021-22 presented in Parliament earlier this month proposed to set up a Development Finance Institution (DFI) with an initial capital of Rs 20,000 crore to fund the Rs 111 lakh crore ambitious National Infrastructure Pipeline (NIP).from Banking/Finance-Industry-Economic Times https://ift.tt/37S8R0E
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Prepared to handle any responsibility given by govt: IIFCL MD
The Union Budget 2021-22 presented in Parliament earlier this month proposed to set up a Development Finance Institution (DFI) with an initial capital of Rs 20,000 crore to fund the Rs 111 lakh crore ambitious National Infrastructure Pipeline (NIP).source https://economictimes.indiatimes.com/industry/banking/finance/prepared-to-handle-any-responsibility-given-by-govt-iifcl-md/articleshow/81255022.cms
Saturday, February 27, 2021
Survey finds insurance as most preferred financial product to protect family post-Covid
The survey found that most consumers would like to buy life insurance in the next six months as part of their investment plans.source https://economictimes.indiatimes.com/industry/banking/finance/insure/survey-finds-insurance-as-most-preferred-financial-product-to-protect-family-post-covid/articleshow/81254429.cms
Axis Bank board approves reclassification of United India Insurance as public shareholder
The private sector lender said it will seek approval from the shareholders through an ordinary resolution for the required reclassification.source https://economictimes.indiatimes.com/industry/banking/finance/banking/axis-bank-board-approves-reclassification-of-united-india-insurance-as-public-shareholder/articleshow/81246478.cms
Friday, February 26, 2021
Committee set up to examine if payment gateway can be reporting entity under PMLA: Centre to HC
The submission was made before Justice Prathiba M Singh by Additional Solicitor General (ASG) Chetan Sharma who said the committee held a meeting on February 23 and another is scheduled on March 4 after which it would submit its final report.source https://economictimes.indiatimes.com/industry/banking/finance/committee-set-up-to-examine-if-payment-gateway-can-be-reporting-entity-under-pmla-centre-to-hc/articleshow/81230609.cms
BANKING
"We are delighted to partner with one of the leading players in general insurance businesses-SBI General Insurance. We will efficiently nurture it to be a long running mutually beneficial relationship", the bank's Managing Director Partha Pratim Sengupta said.from Banking/Finance-Industry-Economic Times https://ift.tt/3dOhe0J
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IOB signs corporate agency pact with SBI General Insurance
"We are delighted to partner with one of the leading players in general insurance businesses-SBI General Insurance. We will efficiently nurture it to be a long running mutually beneficial relationship", the bank's Managing Director Partha Pratim Sengupta said.source https://economictimes.indiatimes.com/industry/banking/finance/banking/iob-signs-corporate-agency-pact-with-sbi-general-insurance/articleshow/81229526.cms
BANKING
Deliberating on what the future holds for digital payments in India, Sajith Sivanandan, MD & Business Head - Google Pay & Next Billion User Initiative, Google India, and T.R. Ramachandran, Group Country Manager - India & South Asia, VISA, said the primary requirement was to make payments seamless.from Banking/Finance-Industry-Economic Times https://ift.tt/2ZSyD09
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For digital payments, the battle isn't for space but to get merchants online
Deliberating on what the future holds for digital payments in India, Sajith Sivanandan, MD & Business Head - Google Pay & Next Billion User Initiative, Google India, and T.R. Ramachandran, Group Country Manager - India & South Asia, VISA, said the primary requirement was to make payments seamless.source https://economictimes.indiatimes.com/industry/banking/finance/banking/for-digital-payments-the-battle-isnt-for-space-but-to-get-merchants-online/articleshow/81228589.cms
Regulating the financial sector - a challenge for the sector, but must for consumer confidence
Panellists at the ET India Inc Boardroom emphasised the need for banks to invest in digital technology to bring down costs, and drive better delivery.source https://economictimes.indiatimes.com/industry/banking/finance/banking/regulating-the-financial-sector-a-challenge-for-the-sector-but-must-for-consumer-confidence/articleshow/81227784.cms
BharatPe facilitates Rs 1,000 crore loan disbursal so far, targets Rs 1,250 crore by end of FY21
While stating that it has enabled loans to over 1.1 lakh merchants across over 75 cities in India, BharatPe said it is likely to end up facilitating disbursals of Rs 1,250 crores in FY 21.source https://economictimes.indiatimes.com/industry/banking/finance/bharatpe-facilitates-rs-1000-crore-loan-disbursal-so-far-targets-rs-1250-crore-by-end-of-fy21/articleshow/81227696.cms
BANKING
"With the objective of having a standard product with common coverage and policy wordings across the industry, the authority has decided to mandate all general and health insurers to offer the standard personal accident insurance product," Irdai said.from Banking/Finance-Industry-Economic Times https://ift.tt/3bB7RyU
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Irdai asks health, general insurers to provide standard personal accident cover from April
"With the objective of having a standard product with common coverage and policy wordings across the industry, the authority has decided to mandate all general and health insurers to offer the standard personal accident insurance product," Irdai said.source https://economictimes.indiatimes.com/industry/banking/finance/insure/irdai-asks-health-general-insurers-to-provide-standard-personal-accident-cover-from-april/articleshow/81227013.cms
BANKING
“Private enterprises are being promoted wherever possible, still, along with this, an effective participation of the public sector in banking and insurance is still needed by the country,” he said in a webinar on effective implementation of Budget provisions regarding financial services.from Banking/Finance-Industry-Economic Times https://ift.tt/3aXLswK
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Government committed to strengthen banking sector: PM Narendra Modi
“Private enterprises are being promoted wherever possible, still, along with this, an effective participation of the public sector in banking and insurance is still needed by the country,” he said in a webinar on effective implementation of Budget provisions regarding financial services.source https://economictimes.indiatimes.com/industry/banking/finance/banking/government-committed-to-strengthen-banking-sector-pm-narendra-modi/articleshow/81226302.cms
Aditya Birla Health offers 100% return of premium on no claims for 2 years
The offering is the new version of its flagship product Activ Health, which provides a comprehensive health protection with extensive wellness benefits, the company said on Friday.source https://economictimes.indiatimes.com/industry/banking/finance/insure/aditya-birla-health-offers-100-return-of-premium-on-no-claims-for-2-years/articleshow/81226119.cms
Need to increase credit flow to businesses as economy grows: Modi
"As our economy is growing, and growing fast, credit flow has also become equally important. You have to see how credit reaches new sectors, new entrepreneurs. Now you will have to focus on creation of new and better financial products for Startups and Fintech," Modi said.source https://economictimes.indiatimes.com/industry/banking/finance/need-to-increase-credit-flow-to-businesses-as-economy-grows-modi/articleshow/81225196.cms
BANKING
"As our economy is growing, and growing fast, credit flow has also become equally important. You have to see how credit reaches new sectors, new entrepreneurs. Now you will have to focus on creation of new and better financial products for Startups and Fintech," Modi said.from Banking/Finance-Industry-Economic Times https://ift.tt/3krKw6P
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Private asset rejig companies will need cash to boost bad loans business
According to banking sources, lenders have already identified corporate loans of over Rs 1.5 lakh crore to be transferred to the NARC, which will be promoted in the public sector. The NARC will offer to purchase bad loans at a negotiated rate. However, once a negotiated rate is struck, private ARCs will be allowed to better the bid.source https://economictimes.indiatimes.com/industry/banking/finance/private-asset-rejig-companies-will-need-cash-to-boost-bad-loans-business/articleshow/81223318.cms
Thursday, February 25, 2021
BANKING
According to banking sources, lenders have already identified corporate loans of over Rs 1.5 lakh crore to be transferred to the NARC, which will be promoted in the public sector. The NARC will offer to purchase bad loans at a negotiated rate. However, once a negotiated rate is struck, private ARCs will be allowed to better the bid.from Banking/Finance-Industry-Economic Times https://ift.tt/3r9HAyp
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Wipro employees had a role in Citibank's big blunder
The case involves one where Citibank acted as an administrative agent for a term loan taken by Revlon, and where it was to wire approximately $7.8 million in interest payments to Revlon’s lenders. Instead, Citibank wired almost $900 million. It mistakenly sent the principal amount too.source https://economictimes.indiatimes.com/industry/banking/finance/banking/wipro-employees-had-a-role-in-citibanks-big-blunder/articleshow/81222634.cms
BANKING
The case involves one where Citibank acted as an administrative agent for a term loan taken by Revlon, and where it was to wire approximately $7.8 million in interest payments to Revlon’s lenders. Instead, Citibank wired almost $900 million. It mistakenly sent the principal amount too.from Banking/Finance-Industry-Economic Times https://ift.tt/3bJxgqf
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Bad bank will be a new ARC set up by PSBs: RBI Governor Shaktikanta Das
Central bank governor Shaktikanta Das said the proposed bad bank, considered crucial in helping extract capital stuck in soured loans, will be a new asset reconstruction company (ARC) set up by public sector lenders to take over bad assets.source https://economictimes.indiatimes.com/industry/banking/finance/banking/bad-bank-will-be-a-new-arc-set-up-by-psbs-rbi-governor-shaktikanta-das/articleshow/81220091.cms
BANKING
Central bank governor Shaktikanta Das said the proposed bad bank, considered crucial in helping extract capital stuck in soured loans, will be a new asset reconstruction company (ARC) set up by public sector lenders to take over bad assets.from Banking/Finance-Industry-Economic Times https://ift.tt/3pWwawv
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DHFL resolution: Company receives no objection from RBI, files application with NCLT
In November 2019, the Reserve Bank had referred DHFL, the third-largest pure-play mortgage lender, to the National Company Law Tribunal (NCLT) for insolvency proceedings.source https://economictimes.indiatimes.com/industry/banking/finance/dhfl-resolution-company-receives-no-objection-from-rbi-files-application-with-nclt/articleshow/81215494.cms
IRDAI issues guidelines for standard personal accident cover
The standardized product set to go live from April 1 has been named “Saral Suraksha Bima.” The minimum sum assured has been set as Rs 2.5 lakh.source https://economictimes.indiatimes.com/industry/banking/finance/insure/irdai-issues-guidelines-for-standard-personal-accident-cover/articleshow/81213115.cms
Upbeat on rural prospects, DCB Bank focuses on tractor loans
The bank is offering customised loans in Chhattisgarh, Karnataka, Andhra Pradesh, Telangana, Madhya Pradesh, Maharashtra, Odisha and Rajasthan, which saw a growth in demand last year.source https://economictimes.indiatimes.com/industry/banking/finance/banking/upbeat-on-rural-prospects-dcb-bank-focuses-on-tractor-loans/articleshow/81211033.cms
Central government asks investors to check antecedents of Nidhi companies before making investments
Under the amended Companies Act, 2013 and the Nidhi Rules, 2014, companies need to get themselves updated or declared as Nidhi company by applying to the Ministry of Corporate Affairs (MCA) in form NDH-4.source https://economictimes.indiatimes.com/industry/banking/finance/central-government-asks-investors-to-check-antecedents-of-nidhi-companies-before-making-investments/articleshow/81210021.cms
India has space for another strong ARC led by banks: Shaktikanta Das
Das also added that just like non-bank lenders the RBI was internally working on refining and strengthening guidelines governing asset reconstruction companies.source https://economictimes.indiatimes.com/industry/banking/finance/banking/india-has-space-for-another-strong-arc-led-by-banks-shaktikanta-das/articleshow/81206506.cms
Indiabulls Real Estate, Embassy Group aim to complete merger by December end
The merger that will create one of India's largest listed property development platforms has received nod from anti-monopoly watchdog the Competition Commission of India (CCI). It has also received regulatory approvals from the NSE, BSE, capital market regulator Securities & Exchange Board of India (SEBI).source https://economictimes.indiatimes.com/industry/banking/finance/indiabulls-real-estate-embassy-group-aim-to-complete-merger-by-december-end/articleshow/81206401.cms
BANKING
The merger that will create one of India's largest listed property development platforms has received nod from anti-monopoly watchdog the Competition Commission of India (CCI). It has also received regulatory approvals from the NSE, BSE, capital market regulator Securities & Exchange Board of India (SEBI).from Banking/Finance-Industry-Economic Times https://ift.tt/3upFQD7
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Wednesday, February 24, 2021
IRDAI approves Axis-Max Life deal
As per the proposed transaction, Axis Entities have the right to acquire up to 19% stake in Max Life, of which, Axis Bank proposes to acquire up to 9%, and Axis Capital Limited and Axis Securities Limited together propose to acquire up to 3% of the share capital of Max Life in the first leg of the transaction.source https://economictimes.indiatimes.com/industry/banking/finance/insure/irdai-approves-axis-max-life-deal/articleshow/81194327.cms
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