The Reserve Bank of India (RBI) has pulled up several multinational banks operating in the country for not providing a board-approved system audit report certifying compliance with its data-localisation norms.
As per data submitted by Shivajirao Bhosale Sahakari Bank, more than 98 per cent of the depositors will receive full amount of their deposits from the Deposit Insurance and Credit Guarantee Corporation (DICGC), the RBI said in a release.As per data submitted by Shivajirao Bhosale Sahakari Bank, more than 98 per cent of the depositors will receive full amount of their deposits from the Deposit Insurance and Credit Guarantee Corporation (DICGC), the RBI said in a release.
"The Bank has taken steps like attachment of properties of defaulter borrowers, public auctions of the same, filing criminal suits against defaulter borrowers/guarantors, etc. The Bank has also informed the names of its defaulter borrowers/guarantors to other banks for effective recovery," said Sudhir Pandit, administrator, Rupee Bank."The Bank has taken steps like attachment of properties of defaulter borrowers, public auctions of the same, filing criminal suits against defaulter borrowers/guarantors, etc. The Bank has also informed the names of its defaulter borrowers/guarantors to other banks for effective recovery," said Sudhir Pandit, administrator, Rupee Bank.
"Because we have such a high taxable profit, we thought that this is the right time for us to transit into the new tax regime which lowers the tax rate for the bank from 33-34% to 25%."
This is in addition to Beaufort's current responsibility as the head of the bank's eight branches and chief of corporate and institutional banking (CIB) in India. Beaufort will take over his additional responsibilities from September 1, the bank said in a statement.This is in addition to Beaufort's current responsibility as the head of the bank's eight branches and chief of corporate and institutional banking (CIB) in India. Beaufort will take over his additional responsibilities from September 1, the bank said in a statement.
Pluto Investments, an affiliated entity of Carlyle Asia Partners has agreed to invest up to Rs 3,185 crore through a preferential allotment of equity shares and warrants, at a price of Rs 390 per share. Existing shareholders of the Company, funds managed by SSG and General Atlantic, are also participating in the capital raise.Pluto Investments, an affiliated entity of Carlyle Asia Partners has agreed to invest up to Rs 3,185 crore through a preferential allotment of equity shares and warrants, at a price of Rs 390 per share. Existing shareholders of the Company, funds managed by SSG and General Atlantic, are also participating in the capital raise.
The launch of the new schemes was announced by SBI chairman Dinesh Khara and Indian Banks’ Association chairman Rajkiran Rai on Sunday. Khara said that SBI has decided to price its unsecured loans at 8.5%.
According to analysis of the corporate bond yields, bank's MCLRs and GSecs between January 2020 and March 2021 by Care Ratings, AAA-rated companies could sell their debt at a cheaper rate than bank loans to the extent of 46 bps, and AA+ papers by 33 bps over the MCLR or the marginal cost of funds-based lending rate and below which a bank cannot lend. When compared to the Gsecs, AAA and AA+ papers could command only 100 bps over the benchmark gilts.According to analysis of the corporate bond yields, bank's MCLRs and GSecs between January 2020 and March 2021 by Care Ratings, AAA-rated companies could sell their debt at a cheaper rate than bank loans to the extent of 46 bps, and AA+ papers by 33 bps over the MCLR or the marginal cost of funds-based lending rate and below which a bank cannot lend. When compared to the Gsecs, AAA and AA+ papers could command only 100 bps over the benchmark gilts.
To support the businesses affected by the second wave of COVID-19, the Finance Ministry on Sunday enhanced the scope of ECLGS, including providing concessional loans to hospitals/nursing homes for setting up on-site oxygen generation plants.To support the businesses affected by the second wave of COVID-19, the Finance Ministry on Sunday enhanced the scope of ECLGS, including providing concessional loans to hospitals/nursing homes for setting up on-site oxygen generation plants.
General and standalone health insurance companies have also been asked to mitigate the hardships of the affected insured population by ensuring immediate registration and settlement of eligible claims.
"Usage of technology, the way product mixes came up, a lot of term buying, a lot of guaranteed products and the kind of agility shown by the industry helped the sector," Bajaj Allianz Life Insurance MD and CEO Tarun Chugh told PTI in an interaction."Usage of technology, the way product mixes came up, a lot of term buying, a lot of guaranteed products and the kind of agility shown by the industry helped the sector," Bajaj Allianz Life Insurance MD and CEO Tarun Chugh told PTI in an interaction.
This is a one-time loan restructuring scheme under which the loan would remain standard despite recast and banks would not have to make additional provision in such cases.
The city-headquartered state-owned bank had acquired a stake in the life insurer post amalgamation of the erstwhile Oriental Bank of Commerce (OBC) into itself last fiscal year.
The bank said it has committed an initial amount of Rs 100 crore in the current fiscal year for Covid-19 relief initiatives. Last year, the bank had contributed Rs 120 crore towards relief measures.
As per IBA direction, branches will now perform minimum activities like cash deposit and withdrawals, clearing of cheques, government transactions, remittances etc. The branch is now operating with 50% workforce.
Advocate Sanjay Kapur, said, “In view of the judgment in Jayantilal N Mistry case, the RBI is seeking disclosure of confidential and sensitive information of the applicant bank, including information of its employees, purportedly under the Right to Information Act, 2005, which are otherwise exempt under the provisions of Section 8 of said Act.”Advocate Sanjay Kapur, said, “In view of the judgment in Jayantilal N Mistry case, the RBI is seeking disclosure of confidential and sensitive information of the applicant bank, including information of its employees, purportedly under the Right to Information Act, 2005, which are otherwise exempt under the provisions of Section 8 of said Act.”
Combined credit by bank branches in top six centres (Greater Mumbai, Delhi, Bengaluru, Chennai, Hyderabad and Kolkata) declined marginally during 2020-21. These six centres together accounted for over 46 per cent of total bank credit.Combined credit by bank branches in top six centres (Greater Mumbai, Delhi, Bengaluru, Chennai, Hyderabad and Kolkata) declined marginally during 2020-21. These six centres together accounted for over 46 per cent of total bank credit.
The regulator said that after receiving a complaint from a whistle blower it had conducted a examination in the marketing and sale of third-party non-financial products to the bank’s auto loan customers. The regulator said that it had found that the bank was in contravention of regulatory directions.The regulator said that after receiving a complaint from a whistle blower it had conducted a examination in the marketing and sale of third-party non-financial products to the bank’s auto loan customers. The regulator said that it had found that the bank was in contravention of regulatory directions.
"This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers." read the statement from the Central Bank"This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers." read the statement from the Central Bank
In a statement, the bank said the Rs 100 crore commitment for the ongoing fiscal year is an initial amount, and comes on top of a Rs 120 crore contribution done in 2020-21 as part of its initiative christened 'Parivartan'.In a statement, the bank said the Rs 100 crore commitment for the ongoing fiscal year is an initial amount, and comes on top of a Rs 120 crore contribution done in 2020-21 as part of its initiative christened 'Parivartan'.
Canara Bank said there will be no processing fee for this loan. For micro, small and medium enterprises (MSMEs), there will be no collateral security, which the lender will cover under Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE), and the bank will bear the guarantee premium.Canara Bank said there will be no processing fee for this loan. For micro, small and medium enterprises (MSMEs), there will be no collateral security, which the lender will cover under Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE), and the bank will bear the guarantee premium.
RBI's income dipped by 10.96 per cent, expenditure decreased by 63.10 per cent because of which the year ended with an overall surplus with RBI transferring a surplus of Rs 99,122 crore to the government, up 73.51 per cent over the previous year, according to the latest annual report released by the Reserve Bank.RBI's income dipped by 10.96 per cent, expenditure decreased by 63.10 per cent because of which the year ended with an overall surplus with RBI transferring a surplus of Rs 99,122 crore to the government, up 73.51 per cent over the previous year, according to the latest annual report released by the Reserve Bank.
The waiver of compound interest on all loan accounts which opted for moratorium during March-August 2020 may put stress on banks' financial health. The apex bank, however, expressed confidence that banks are better positioned than before in managing stress in their balance sheets in view of higher capital buffers, improvement in recoveries and a return to profitability.The waiver of compound interest on all loan accounts which opted for moratorium during March-August 2020 may put stress on banks' financial health. The apex bank, however, expressed confidence that banks are better positioned than before in managing stress in their balance sheets in view of higher capital buffers, improvement in recoveries and a return to profitability.
The central bank plans to develop a pool of domain experts, which will represent RBI and India's views in international and multilateral fora. RBI is also for having an appropriate succession plan in place for international meetings and conferences to ensure continuity of narratives.The central bank plans to develop a pool of domain experts, which will represent RBI and India's views in international and multilateral fora. RBI is also for having an appropriate succession plan in place for international meetings and conferences to ensure continuity of narratives.
