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Los Angeles explosion: 16 injured -- 3 seriously -- after cache of illegal fireworks explodes
06/30/21 11:14 PM
Wednesday, June 30, 2021
Fox News Breaking News Alert
Fox News Breaking News Alert
Jaw-dropping ruling in Britney Spears conservatorship case, reports reveal
06/30/21 6:46 PM
Jaw-dropping ruling in Britney Spears conservatorship case, reports reveal
06/30/21 6:46 PM
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Fox News Breaking News Alert
Bill Cosby reacts to newfound freedom in eye-opening tweet
06/30/21 3:16 PM
Bill Cosby reacts to newfound freedom in eye-opening tweet
06/30/21 3:16 PM
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Fox News Breaking News Alert
NCAA agrees to allow college athletes to capitalize on fame for the first time
06/30/21 2:55 PM
NCAA agrees to allow college athletes to capitalize on fame for the first time
06/30/21 2:55 PM
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Fox News Breaking News Alert
WATCH LIVE: Bill Cosby addresses media after prison release
06/30/21 1:44 PM
WATCH LIVE: Bill Cosby addresses media after prison release
06/30/21 1:44 PM
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Fox News Breaking News Alert
Former Secretary of Defense Donald Rumsfeld dead at 88
06/30/21 12:49 PM
Former Secretary of Defense Donald Rumsfeld dead at 88
06/30/21 12:49 PM
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Fox News Breaking News Alert
Bill Cosby walks out of prison after sex assault conviction overturned
06/30/21 11:43 AM
Bill Cosby walks out of prison after sex assault conviction overturned
06/30/21 11:43 AM
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Fox News Breaking News Alert
Bill Cosby expected to be released from prison as sex assault conviction overturned
06/30/21 9:57 AM
Bill Cosby expected to be released from prison as sex assault conviction overturned
06/30/21 9:57 AM
Fox News Breaking News Alert
Fox News Breaking News Alert
WATCH LIVE: Florida officials give update in condo collapse after more bodies found
06/30/21 8:36 AM
WATCH LIVE: Florida officials give update in condo collapse after more bodies found
06/30/21 8:36 AM
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Fox News Breaking News Alert
Death toll rises to 16 in Florida condo collapse as officials find more victims' bodies in rubble
06/30/21 8:07 AM
Death toll rises to 16 in Florida condo collapse as officials find more victims' bodies in rubble
06/30/21 8:07 AM
US-based The Capital Group buys 2.08% stake in IIFL Finance; CDC Group exits partially
The transaction was executed in a block deal on Wednesday in which existing investor CDC Group, which has been invested in IIFL Finance since last 6 years sold part of its investments. CDC Group sold 14 million shares which were bought by The Capital Group and Sunil Singhania’s Abakkus Emerging Opportunities Fund, said sources.source https://economictimes.indiatimes.com/industry/banking/finance/us-based-the-capital-group-buys-2-08-stake-in-iifl-finance-cdc-group-exits-partially/articleshow/83989575.cms
BANKING
The transaction was executed in a block deal on Wednesday in which existing investor CDC Group, which has been invested in IIFL Finance since last 6 years sold part of its investments. CDC Group sold 14 million shares which were bought by The Capital Group and Sunil Singhania’s Abakkus Emerging Opportunities Fund, said sources.from Banking/Finance-Industry-Economic Times https://ift.tt/3x2swW5
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Personal loan offtake rose in FY21, industrial loans contracts
Data released by the Reserve Bank of India (RBI) also showed that credit to the household sector rose by 10.9 per cent on a year-on-year basis (YoY).source https://economictimes.indiatimes.com/industry/banking/finance/banking/personal-loan-offtake-rose-in-fy21-industrial-loans-contracts/articleshow/83985564.cms
HDFC Bank counts on cross selling to make up for lost market share in credit card business
Latest RBI data shows that HDFC Bank has lost about 160 basis points of market share in the business since end of November 2020 but still corners 24% of the market while ICICI, SBI Cards and Axis have gained 108 basis points, 37 basis points and 11 basis points to 17.2%, 19.2% and 11.6% respectively over the same period in terms of number of cards.source https://economictimes.indiatimes.com/industry/banking/finance/banking/hdfc-bank-counts-on-cross-selling-to-make-up-for-lost-market-share/articleshow/83985395.cms
Indian banks face systemic risk, second COVID wave to impair performance: S&P
Indian banks face systemic risk as the country sorts through the aftermath of the COVID second wave. Lenders struggled with a high level of weak loans well before the pandemic struck and clearly, conditions have deteriorated, S&P said in a statement.source https://economictimes.indiatimes.com/industry/banking/finance/banking/indian-banks-face-systemic-risk-second-covid-wave-to-impair-performance-sp/articleshow/83984819.cms
BANKING
Latest RBI data shows that HDFC Bank has lost about 160 basis points of market share in the business since end of November 2020 but still corners 24% of the market while ICICI, SBI Cards and Axis have gained 108 basis points, 37 basis points and 11 basis points to 17.2%, 19.2% and 11.6% respectively over the same period in terms of number of cards.from Banking/Finance-Industry-Economic Times https://ift.tt/2TjlKwo
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BANKING
Indian banks face systemic risk as the country sorts through the aftermath of the COVID second wave. Lenders struggled with a high level of weak loans well before the pandemic struck and clearly, conditions have deteriorated, S&P said in a statement.from Banking/Finance-Industry-Economic Times https://ift.tt/3w6IlK6
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RBI ban on new credit cards sale hit market share; will come back with a bang once embargo lifted: HDFC Bank
The bank's head of consumer finance, digital banking and information technology, Parag Rao, said that it has used the last six months to "introspect, re-engineer and innovate" about the cards business, where it has 15.5 million customers.source https://economictimes.indiatimes.com/industry/banking/finance/banking/rbi-ban-on-new-credit-cards-sale-hit-market-share-will-come-back-with-a-bang-once-embargo-lifted-hdfc-bank/articleshow/83983298.cms
BANKING
The bank's head of consumer finance, digital banking and information technology, Parag Rao, said that it has used the last six months to "introspect, re-engineer and innovate" about the cards business, where it has 15.5 million customers.from Banking/Finance-Industry-Economic Times https://ift.tt/3y6LSJN
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Microfinance loan portfolio grows 11.9% to Rs 2,59,377 crore as on March-end: MFIN
MFIN is an industry association comprising 58 NBFC-MFIs and 39 associates including banks, small finance banks (SFBs) and NBFCs.source https://economictimes.indiatimes.com/industry/banking/finance/microfinance-loan-portfolio-grows-11-9-to-rs-259377-crore-as-on-march-end-mfin/articleshow/83981172.cms
Amid worries over demand revival, Axis Bank sees 10 times growth in online shopping fest
A senior official from Axis Bank has said, an online sale fest launched by Axis Bank offering 15 per cent discounts is witnessing a 10-times surge in daily volumes. President and head of digital business and transformation (Axis Bank), Sameer Shetty said that the ordering is across income segments.source https://economictimes.indiatimes.com/industry/banking/finance/banking/amid-worries-over-demand-revival-axis-bank-sees-10-times-growth-in-online-shopping-fest/articleshow/83978806.cms
BANKING
A senior official from Axis Bank has said, an online sale fest launched by Axis Bank offering 15 per cent discounts is witnessing a 10-times surge in daily volumes. President and head of digital business and transformation (Axis Bank), Sameer Shetty said that the ordering is across income segments.from Banking/Finance-Industry-Economic Times https://ift.tt/3h6aM6F
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Tuesday, June 29, 2021
RBI sets July 30 deadline for banks to move current accounts
The move, initiated more than a year ago, could trigger a migration of many lucrative current accounts - which lower a bank's fund cost and cash management business - from MNC banks to public sector lenders and some of the large private sector Indian banks.source https://economictimes.indiatimes.com/industry/banking/finance/banking/rbi-sets-july-30-deadline-for-banks-to-move-current-accounts/articleshow/83974511.cms
BANKING
The move, initiated more than a year ago, could trigger a migration of many lucrative current accounts - which lower a bank's fund cost and cash management business - from MNC banks to public sector lenders and some of the large private sector Indian banks.from Banking/Finance-Industry-Economic Times https://ift.tt/361vxdn
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HC orders notice to SEBI on plea against DHFL
The matter involves what the petitioner perceives to be the "biggest scam in the capital market in this country," the bench said.source https://economictimes.indiatimes.com/industry/banking/finance/banking/hc-orders-notice-to-sebi-on-plea-against-dhfl/articleshow/83963280.cms
RBI imposes penalties on 4 cooperative banks
A penalty of Rs 62.50 lakh has been imposed on The Ahmedabad Mercantile Co-operative Bank, Ahmedabad; Rs 37.50 lakh on SVC Co-operative Bank, Mumbai; and Rs 25 lakh on Saraswat Cooperative Bank, Mumbai.source https://economictimes.indiatimes.com/industry/banking/finance/banking/rbi-imposes-penalties-on-4-cooperative-banks/articleshow/83962457.cms
90% of first ECLGS amount disbursed so far: Report
On Monday, the government expanded the emergency credit line guarantee scheme (ECLGS) by another Rs 1.5 lakh crore, which Crisil feels will help alleviate the potential stress on asset quality of banks arising from the second wave of the pandemic.source https://economictimes.indiatimes.com/industry/banking/finance/banking/90-of-first-eclgs-amount-disbursed-so-far-report/articleshow/83956633.cms
BANKING
On Monday, the government expanded the emergency credit line guarantee scheme (ECLGS) by another Rs 1.5 lakh crore, which Crisil feels will help alleviate the potential stress on asset quality of banks arising from the second wave of the pandemic.from Banking/Finance-Industry-Economic Times https://ift.tt/3dshAt3
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Cabinet may soon clear proposal for govt guarantee to bad bank
The proposed bad bank or NARCL will pay up to 15 per cent of the agreed value for the loans in cash and the remaining 85 per cent would be government-guaranteed security receipts. The government guarantee would be invoked if there is loss against the threshold value.source https://economictimes.indiatimes.com/industry/banking/finance/banking/cabinet-may-soon-clear-proposal-for-govt-guarantee-to-bad-bank/articleshow/83950900.cms
BANKING
The proposed bad bank or NARCL will pay up to 15 per cent of the agreed value for the loans in cash and the remaining 85 per cent would be government-guaranteed security receipts. The government guarantee would be invoked if there is loss against the threshold value.from Banking/Finance-Industry-Economic Times https://ift.tt/3y6UtMK
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SBI to levy charges for cash withdrawal beyond four free transactions per month
As per the revision in service charges for BSBD accounts, State Bank of India (SBI) will levy charges ranging from Rs 15 to Rs 75 for the "additional value added services" with effect from July 1, 2021.source https://economictimes.indiatimes.com/industry/banking/finance/banking/sbi-to-levy-charges-for-cash-withdrawal-beyond-four-free-transactions-per-month/articleshow/83948273.cms
Half of India's working population credit active: Report
Credit institutions are fast approaching a saturation level in new customers as over half of the borrowers are from the existing customer base of a bank, the report by Transunion CIBIL said.source https://economictimes.indiatimes.com/industry/banking/finance/half-of-indias-working-population-credit-active-report/articleshow/83947288.cms
Dvara E-Dairy partners with IFFCOTokio to launch digital ID tags for cattle insurance
The company claimed that the conventional methods like polyurethane ear tags (PU ear tags) can be easily tampered with and are prone to duplication and fraud, while the Injectable Radio Frequency Identification (RFID) tags are expensive and require specialized skills.source https://economictimes.indiatimes.com/industry/banking/finance/insure/dvara-e-dairy-partners-with-iffcotokio-to-launch-digital-id-tags-for-cattle-insurance/articleshow/83946885.cms
BANKING
The company claimed that the conventional methods like polyurethane ear tags (PU ear tags) can be easily tampered with and are prone to duplication and fraud, while the Injectable Radio Frequency Identification (RFID) tags are expensive and require specialized skills.from Banking/Finance-Industry-Economic Times https://ift.tt/3jsyEmu
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"Very welcome step": MFIN chief hails FM's latest sops for small borrowers
"NBFCs and MFIs play a very vital role in pushing inclusion of low-income clients. They need to be supported. Bankers are understandably risk-averse at this point, so we requested the government for some form of support. I am very happy that the government has agreed to it."source https://economictimes.indiatimes.com/industry/banking/finance/very-welcome-step-mfin-chief-hails-fms-latest-sops-for-small-borrowers/articleshow/83945248.cms
Monday, June 28, 2021
BANKING
"NBFCs and MFIs play a very vital role in pushing inclusion of low-income clients. They need to be supported. Bankers are understandably risk-averse at this point, so we requested the government for some form of support. I am very happy that the government has agreed to it."from Banking/Finance-Industry-Economic Times https://ift.tt/3heA7tW
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NCLAT declines plea of Prudential International Insurance challenging approval of Piramal's bid for DHFL
NCLAT termed the plea of Prudential International Insurance Holdings Ltd (PIIHL) as "premature" as it has approached the appellate tribunal without getting a decision on its petition filed before the Mumbai-bench of NCLT, which is scheduled to hear the matter on Wednesday (June 30).source https://economictimes.indiatimes.com/industry/banking/finance/nclat-declines-plea-of-prudential-international-insurance-challenging-approval-of-piramals-bid-for-dhfl/articleshow/83926234.cms
Co-op banks shall not outsource core management functions: RBI
Issuing guidelines for managing risk in outsourcing of financial services by cooperative banks, the central bank said the lenders can hire experts, including former employees, on a contractual basis subject to certain conditions.source https://economictimes.indiatimes.com/industry/banking/finance/banking/co-op-banks-shall-not-outsource-core-management-functions-rbi/articleshow/83925005.cms
BANKING
NCLAT termed the plea of Prudential International Insurance Holdings Ltd (PIIHL) as "premature" as it has approached the appellate tribunal without getting a decision on its petition filed before the Mumbai-bench of NCLT, which is scheduled to hear the matter on Wednesday (June 30).from Banking/Finance-Industry-Economic Times https://ift.tt/3A64fAq
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BANKING
Issuing guidelines for managing risk in outsourcing of financial services by cooperative banks, the central bank said the lenders can hire experts, including former employees, on a contractual basis subject to certain conditions.from Banking/Finance-Industry-Economic Times https://ift.tt/3w1jKX7
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Asset quality concerns remain, bad bank to lessen the burden, says BCG
Asset quality is still a major concern for many Indian banks even as non-performing assets (NPA), on average, could be contained, the global consultancy firm said.source https://economictimes.indiatimes.com/industry/banking/finance/banking/asset-quality-concerns-remains-bad-bank-to-lessen-the-burden-says-bcg/articleshow/83924234.cms
ClearTax rebrands itself as 'Clear', to hire 100 people to fuel expansion
The company, which offers software to help in tax filing and other services, has also unveiled a new brand identity 'Clear' to represent all of its offerings across taxes, invoices, wealth management, and credit for businesses.source https://economictimes.indiatimes.com/industry/banking/finance/cleartax-rebrands-itself-as-clear-to-hire-100-people-to-fuel-expansion/articleshow/83923081.cms
BANKING
The company, which offers software to help in tax filing and other services, has also unveiled a new brand identity 'Clear' to represent all of its offerings across taxes, invoices, wealth management, and credit for businesses.from Banking/Finance-Industry-Economic Times https://ift.tt/3qE2N40
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NBFC stress to increase after second wave but disbursements will pick up: ICRA
The rise in the NPAs would be double that of the 40 to 50 basis points reported in the fiscal ended March 2021 as loans in risky segments like real estate, personal loans, micro finance, loans to SMEs and vehicle finance which constitute 30% of the loans from NBFCs will be impacted.source https://economictimes.indiatimes.com/industry/banking/finance/nbfc-stress-to-increase-after-second-wave-but-disbursements-will-pick-up-icra/articleshow/83920280.cms
BANKING
The rise in the NPAs would be double that of the 40 to 50 basis points reported in the fiscal ended March 2021 as loans in risky segments like real estate, personal loans, micro finance, loans to SMEs and vehicle finance which constitute 30% of the loans from NBFCs will be impacted.from Banking/Finance-Industry-Economic Times https://ift.tt/3hdY58H
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Bharti AXA Life premium income rises 4.3 pc to Rs 2,281 crore in FY21
Bharti AXA Life Insurance registered a marginal rise of 4.3 per cent in its total premium income to Rs 2,281 crore in FY21. The insurer said it plans to expand its distribution footprint across the country by engaging with different distribution channels.source https://economictimes.indiatimes.com/industry/banking/finance/insure/bharti-axa-life-premium-income-rises-4-3-pc-to-rs-2281-crore-in-fy21/articleshow/83918341.cms
BANKING
Bharti AXA Life Insurance registered a marginal rise of 4.3 per cent in its total premium income to Rs 2,281 crore in FY21. The insurer said it plans to expand its distribution footprint across the country by engaging with different distribution channels.from Banking/Finance-Industry-Economic Times https://ift.tt/3dm0ZHl
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Sunday, June 27, 2021
Fox News Breaking News Alert
Fox News Breaking News Alert
MIDEAST CHAOS: US launches airstrikes against Iran-backed militias under cover of darkness
06/27/21 4:40 PM
MIDEAST CHAOS: US launches airstrikes against Iran-backed militias under cover of darkness
06/27/21 4:40 PM
USD 1-bn corpus: Kotak Special Situations Fund invests USD 502 mn so far
Kotak Investment Advisors, a part of Kotak Mahindra Bank, February 2019 launched KSSF as an AIF special situations fund with a USD 1-billion corpus. It received 50 per cent maiden money from the UAE sovereign wealth fund Abu Dhabi Investment Authority (USD 500 million), 25 per cent (USD 250 million) from the Singaporean sovereign wealth fund GIC, and the rest between Premji Invest and Kotak Group.source https://economictimes.indiatimes.com/industry/banking/finance/usd-1-bn-corpus-kotak-special-situations-fund-invests-usd-502-mn-so-far/articleshow/83894492.cms
BANKING
Kotak Investment Advisors, a part of Kotak Mahindra Bank, February 2019 launched KSSF as an AIF special situations fund with a USD 1-billion corpus. It received 50 per cent maiden money from the UAE sovereign wealth fund Abu Dhabi Investment Authority (USD 500 million), 25 per cent (USD 250 million) from the Singaporean sovereign wealth fund GIC, and the rest between Premji Invest and Kotak Group.from Banking/Finance-Industry-Economic Times https://ift.tt/3didJij
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