HDFC Ltd increases rates on fixed deposits maturing between 33 and 99 months by 10-25 basis

From March 30, fixed deposits of 33-month duration will fetch 6.2% annualised returns. For 66-month deposits, the rate would be 6.6% and 6.65% for 99-month deposits. Senior citizens would get 25 basis points more. Distributors said this is the first time after October 2018 that HDFC Ltd has raised deposit rates.

source https://economictimes.indiatimes.com/industry/banking/finance/banking/hdfc-ltdincreases-rates-on-fixed-deposits-maturing-between-33-and-99-months-by-10-25-basis/articleshow/81783898.cms

BANKING

From March 30, fixed deposits of 33-month duration will fetch 6.2% annualised returns. For 66-month deposits, the rate would be 6.6% and 6.65% for 99-month deposits. Senior citizens would get 25 basis points more. Distributors said this is the first time after October 2018 that HDFC Ltd has raised deposit rates.

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ICICI Bank, Axis Bank to co-lead NUE with Amazon, Visa as partners

Concerns over concentration risk and a need to fast-track cashless payments had led the RBI to invite applications for a NUE to rival the NPCI, which currently delivers services like UPI-based payments.

source https://economictimes.indiatimes.com/industry/banking/finance/icici-bank-axis-bank-to-co-lead-nue-with-amazon-visa-as-partners/articleshow/81783265.cms

BANKING

Concerns over concentration risk and a need to fast-track cashless payments had led the RBI to invite applications for a NUE to rival the NPCI, which currently delivers services like UPI-based payments.

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Central Bank of India, Indian Overseas Bank, Bank of India and UCO Bank will receive the funds through zero-coupon bonds, according to a government notification dated Tuesday

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India to inject $2 billion capital in four weakened state banks

Central Bank of India, Indian Overseas Bank, Bank of India and UCO Bank will receive the funds through zero-coupon bonds, according to a government notification dated Tuesday

source https://economictimes.indiatimes.com/industry/banking/finance/banking/india-to-inject-2-billion-capital-in-four-weakened-state-banks/articleshow/81780409.cms

Book Summary: Manias, Panics and Crashes:A History of Financial Crises

source https://economictimes.indiatimes.com/industry/banking/finance/book-summary-manias-panics-and-crashesa-history-of-financial-crises/articleshow/81775738.cms

Book Summary: Misbehaving: The making of behavioral economics

source https://economictimes.indiatimes.com/industry/banking/finance/book-summary-misbehaving-the-making-of-behavioral-economics/articleshow/81775320.cms

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The loan is intended to promote smooth flow of funds for the whole range of business operations of Japanese automobile manufacturers in India, SBI said in a statement.

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Book Summary: The Education of a Value Investor

source https://economictimes.indiatimes.com/industry/banking/finance/book-summary-the-education-of-a-value-investor/articleshow/81775167.cms

SBI signs loan agreement of $1 billion with JBIC, taking total facility to $2 billion

The loan is intended to promote smooth flow of funds for the whole range of business operations of Japanese automobile manufacturers in India, SBI said in a statement.

source https://economictimes.indiatimes.com/industry/banking/finance/banking/sbi-signs-loan-agreement-of-1-billion-with-jbic-taking-total-facility-to-2-billion/articleshow/81775110.cms

BANKING

Under the new norms, banks will be required to inform customers in advance about recurring payment due and transaction would be carried following nod from the customer. So the transaction would not be automatic but would be done after authentication from the customer.

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BANKING

​​The brokerage has highlighted risks emerging for AU Small Finance Bank and RBL Bank which have a high proportion of loans to small enterprises and micro finance.

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BANKING

It is informed that an NPA Account, viz IL&FS Transportation Network Limited (ITNL) with outstanding dues of Rs 149.98 crore has been declared as fraud and reported to the RBI as per regulatory requirement, Punjab & Sind Bank said in a filing.

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Automatic recurring payment to comply with RBI direction from April 1

Under the new norms, banks will be required to inform customers in advance about recurring payment due and transaction would be carried following nod from the customer. So the transaction would not be automatic but would be done after authentication from the customer.

source https://economictimes.indiatimes.com/industry/banking/finance/banking/automatic-recurring-payment-to-comply-with-rbi-direction-from-april-1/articleshow/81762812.cms

Rising Covid cases could derail financial sector recovery

​​The brokerage has highlighted risks emerging for AU Small Finance Bank and RBL Bank which have a high proportion of loans to small enterprises and micro finance.

source https://economictimes.indiatimes.com/industry/banking/finance/banking/rising-covid-cases-could-derail-financial-sector-recovery/articleshow/81762527.cms

Punjab & Sind Bank declares loans worth Rs 150 cr to IL&FS Transportation as fraud

It is informed that an NPA Account, viz IL&FS Transportation Network Limited (ITNL) with outstanding dues of Rs 149.98 crore has been declared as fraud and reported to the RBI as per regulatory requirement, Punjab & Sind Bank said in a filing.

source https://economictimes.indiatimes.com/industry/banking/finance/banking/punjab-sind-bank-declares-loans-worth-rs-150-cr-to-ilfs-transportation-as-fraud/articleshow/81762577.cms

HDFC Bank faces intermittent glitches with payments platform

It could not be immediately determined what caused the problem, but an HDFC Bank spokesperson said it was not widespread.

source https://economictimes.indiatimes.com/industry/banking/finance/banking/hdfc-bank-faced-intermittent-glitches-with-payments-platform/articleshow/81756835.cms

BANKING

It could not be immediately determined what caused the problem, but an HDFC Bank spokesperson said it was not widespread.

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BANKING

The government has already compensated banks for the interest on interest they had lost on loans outstanding below Rs 2 crore. Analysts estimate the additional cost to reimburse banks for all loans at Rs 7,000-10,000 crore.

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Government not inclined to bear loan moratorium costs

The government has already compensated banks for the interest on interest they had lost on loans outstanding below Rs 2 crore. Analysts estimate the additional cost to reimburse banks for all loans at Rs 7,000-10,000 crore.

source https://economictimes.indiatimes.com/industry/banking/finance/banking/government-not-inclined-to-bear-loan-moratorium-costs/articleshow/81739399.cms

Manappuram looks to take MFI arm Asirwad public

With a loan portfolio of over Rs 5,360 crore and close to 25 lakh customers across 23 states, the Chennai-headquartered Asirvad is the fourth largest microfinance lender in the country in terms of the loan book.

source https://economictimes.indiatimes.com/industry/banking/finance/manappuram-looks-to-take-mfi-arm-asirwad-public/articleshow/81736018.cms

BANKING

With a loan portfolio of over Rs 5,360 crore and close to 25 lakh customers across 23 states, the Chennai-headquartered Asirvad is the fourth largest microfinance lender in the country in terms of the loan book.

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BANKING

Normal clearing timings as applicable to any working Wednesday shall be followed on March 31, 2021, the RBI said in a notification addressed to the member banks, urban and state cooperative banks, payments banks, small finance banks as well as the NPCI.

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Banks to conduct special clearing operations for closure of government accounts on March 31

Normal clearing timings as applicable to any working Wednesday shall be followed on March 31, 2021, the RBI said in a notification addressed to the member banks, urban and state cooperative banks, payments banks, small finance banks as well as the NPCI.

source https://economictimes.indiatimes.com/industry/banking/finance/banking/banks-to-conduct-special-clearing-operations-for-closure-of-government-accounts-on-march-31/articleshow/81735804.cms

Govt unlikely to continue with zero-coupon bond route to recap PSU banks

The government is unlikely to take zero-coupon bond route to further recapitalise public sector banks after the Reserve Bank expressed some concerns in this regard, sources said.

source https://economictimes.indiatimes.com/industry/banking/finance/banking/govt-unlikely-to-continue-with-zero-coupon-bond-route-to-recap-psu-banks/articleshow/81733401.cms

BANKING

The government is unlikely to take zero-coupon bond route to further recapitalise public sector banks after the Reserve Bank expressed some concerns in this regard, sources said.

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In September 2019, the RBI had superseded the board of PMC and placed it under regulatory restrictions, including cap on withdrawals by customers, after detection of certain financial irregularities and misreporting of loans given to real estate developer HDIL.

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RBI says engaged with prospective investors to secure best terms for PMC Bank depositors

In September 2019, the RBI had superseded the board of PMC and placed it under regulatory restrictions, including cap on withdrawals by customers, after detection of certain financial irregularities and misreporting of loans given to real estate developer HDIL.

source https://economictimes.indiatimes.com/industry/banking/finance/banking/rbi-says-engaged-with-prospective-investors-to-secure-best-terms-for-pmc-bank-depositors/articleshow/81711751.cms

BANKING

"Unless you internalise it's going to be a digital world...we will see a very quick evolution of this space in the next 10 years. It's not just bank but entire financial services space is set for disruption, not necessarily a negative way, it can be also in a positive way," the former president of New Development Bank said.

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Financial services space set for disruption over next 10 yrs: K V Kamath

"Unless you internalise it's going to be a digital world...we will see a very quick evolution of this space in the next 10 years. It's not just bank but entire financial services space is set for disruption, not necessarily a negative way, it can be also in a positive way," the former president of New Development Bank said.

source https://economictimes.indiatimes.com/industry/banking/finance/financial-services-space-set-for-disruption-over-next-10-yrs-k-v-kamath/articleshow/81710617.cms

Dr. Suresh Kumar Agarwal and CA Chandan Agarwal, Investors from Kolkata on why they are making changes in their portfolio

source https://economictimes.indiatimes.com/industry/banking/finance/dr-suresh-kumar-agarwal-and-ca-chandan-agarwal-investors-from-kolkata-on-why-they-are-making-changes-in-their-portfolio/articleshow/81710240.cms

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Passive Funds – Investment vehicle to take market exposure!

source https://economictimes.indiatimes.com/industry/banking/finance/passive-funds-investment-vehicle-to-take-market-exposure/articleshow/81703414.cms

Punjab & Sind Bank declares IL&FS account as fraud with Rs 399 crore outstanding

The NPA account Infrastructure Leasing & Financial Services Ltd (IL&FS) with outstanding dues of Rs 399.31 crore has been declared as fraud, the bank said in a regulatory filing.

source https://economictimes.indiatimes.com/industry/banking/finance/banking/punjab-sind-bank-declares-ilfs-account-as-fraud-with-rs-399-crore-outstanding/articleshow/81693815.cms

Bank of Maharashtra add six more branches

Out of these six branches, which are in Kolkata Zone, one branch is in Port Blair and other five are in West Bengal, BoM said in a statement. It will enhance customer experience with the bank's innovative digital banking solution, it said.

source https://economictimes.indiatimes.com/industry/banking/finance/banking/bank-of-maharashtra-add-six-more-branches/articleshow/81693550.cms

BANKING

The NPA account Infrastructure Leasing & Financial Services Ltd (IL&FS) with outstanding dues of Rs 399.31 crore has been declared as fraud, the bank said in a regulatory filing.

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BANKING

Out of these six branches, which are in Kolkata Zone, one branch is in Port Blair and other five are in West Bengal, BoM said in a statement. It will enhance customer experience with the bank's innovative digital banking solution, it said.

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BANKING

The comments come days after the RBI appointed a panel headed by former deputy governor Shyamala Gopinath on bank licences to evaluate applications for universal banks and small finance banks. An internal panel had recently recommended allowing deep-pocketed corporates into the banking fray, something the RBI had been averse to for long.

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India will have heterogeneous banking sector in a decade with four types of banks: Shaktikanta Das

The comments come days after the RBI appointed a panel headed by former deputy governor Shyamala Gopinath on bank licences to evaluate applications for universal banks and small finance banks. An internal panel had recently recommended allowing deep-pocketed corporates into the banking fray, something the RBI had been averse to for long.

source https://economictimes.indiatimes.com/industry/banking/finance/banking/india-will-have-heterogeneous-banking-sector-in-a-decade-with-four-types-of-banks-shaktikanta-das/articleshow/81687871.cms

Parliament passes bill to set up National Bank for Financing Infrastructure and Development

The Rajya Sabha passed the National Bank for Financing Infrastructure and Development (NaBFID) Bill 2021 by voice vote on Thursday.

source https://economictimes.indiatimes.com/industry/banking/finance/banking/parliament-passes-bill-to-set-up-national-bank-for-financing-infrastructure-and-development/articleshow/81686095.cms

BANKING

The Rajya Sabha passed the National Bank for Financing Infrastructure and Development (NaBFID) Bill 2021 by voice vote on Thursday.

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Ensuring health of banking sector top priority: Shaktikanta Das at India Economic Conclave 2021

source https://economictimes.indiatimes.com/industry/banking/finance/banking/ensuring-health-of-banking-sector-top-priority-shaktikanta-das-at-india-economic-conclave-2021/videoshow/81684609.cms

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BANKING

Considering the pandemic and lockdown did not give much of a breather to any industry and the banking and financial sector was no exception, such elaborate security and transparency requirements could not be put in place. So, the deadline of 1st April will certainly unleash disruption on unsuspecting customers and businesses.

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View: Good mandate, unintended repercussions

Considering the pandemic and lockdown did not give much of a breather to any industry and the banking and financial sector was no exception, such elaborate security and transparency requirements could not be put in place. So, the deadline of 1st April will certainly unleash disruption on unsuspecting customers and businesses.

source https://economictimes.indiatimes.com/industry/banking/finance/banking/view-good-mandate-unintended-repercussions/articleshow/81683440.cms