Along with second Saturdays and Sundays, banks will be closed on the following days in these states.from Banking/Finance-Industry-Economic Times https://ift.tt/38wF6SK
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Tuesday, August 31, 2021
BANKING
Along with second Saturdays and Sundays, banks will be closed on the following days in these states.from Banking/Finance-Industry-Economic Times https://ift.tt/38wF6SK
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Fox News Breaking News Alert
Fox News Breaking News Alert
US Navy helicopter crashes off San Diego, search underway
08/31/21 10:48 PM
US Navy helicopter crashes off San Diego, search underway
08/31/21 10:48 PM
Banks will be closed on these days in September: Get the full list here
Along with second Saturdays and Sundays, banks will be closed on the following days in these states.source https://economictimes.indiatimes.com/industry/banking/finance/banking/banks-will-be-closed-on-these-days-in-september-get-the-full-list-here/articleshow/85823516.cms
BANKING
The Mumbai-based fintech firm, founded in the year 2000 by MN Srinivasu, Ajay Kaushal and Karthik Ganapathy, has been acquired by global technology investor Prosus in a $4.7 billion deal, one of the largest such transactions in the digital economy.from Banking/Finance-Industry-Economic Times https://ift.tt/3kH0QB5
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Prosus deal adds to our heft and gives us necessary growth capital, says BillDesk cofounder
The Mumbai-based fintech firm, founded in the year 2000 by MN Srinivasu, Ajay Kaushal and Karthik Ganapathy, has been acquired by global technology investor Prosus in a $4.7 billion deal, one of the largest such transactions in the digital economy.source https://economictimes.indiatimes.com/industry/banking/finance/banking/prosus-deal-adds-to-our-heft-and-gives-us-necessary-growth-capital-says-billdesk-cofounder/articleshow/85821818.cms
Lenders force small and medium-sized micro-financiers to park fixed deposits with them
The government in June announced a new credit guarantee scheme covering 75% of bank loans to MFI in case of defaults. The National Credit Guarantee Trustee Company is providing this without any guarantee fee.source https://economictimes.indiatimes.com/industry/banking/finance/banking/lenders-force-small-and-medium-sized-micro-financiers-to-park-fixed-deposits-with-them/articleshow/85814132.cms
Punjab National Bank waives service charge, processing fee on retail products
Punjab National Bank (PNB) has launched a festival bonanza offer to enhance the availability and affordability of credit to customers, it said in a release.source https://economictimes.indiatimes.com/industry/banking/finance/banking/punjab-national-bank-waives-service-charge-processing-fee-on-retail-products/articleshow/85808640.cms
RBI role as full-service central bank helped keep financial system stable: Shaktikanta Das
“In the wake of the pandemic, when fiscal response resulted in a sharp increase in government borrowing, the market operations conducted by Reserve Bank not only ensured non-disruptive implementation of the borrowing programme, but also facilitated the stable and orderly evolution of the yield curve,” Das said.source https://economictimes.indiatimes.com/industry/banking/finance/banking/rbi-role-as-full-service-central-bank-helped-keep-financial-system-stable-shaktikanta-das/articleshow/85803500.cms
BANKING
“In the wake of the pandemic, when fiscal response resulted in a sharp increase in government borrowing, the market operations conducted by Reserve Bank not only ensured non-disruptive implementation of the borrowing programme, but also facilitated the stable and orderly evolution of the yield curve,” Das said.from Banking/Finance-Industry-Economic Times https://ift.tt/3zy8WCm
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Smaller players borrow more than large corporates this year, but private banks lend at faster pace
While bank lending to large corporates continues to contract, lending to MSMEs, agriculture and retail picked up sharply in July this year over previous year's levels, data on sectoral deployment of bank credit released by the Reserve Bank shows.source https://economictimes.indiatimes.com/industry/banking/finance/banking/smaller-players-borrow-more-than-large-corporates-this-year-but-private-banks-lend-at-faster-pace/articleshow/85802040.cms
BANKING
While bank lending to large corporates continues to contract, lending to MSMEs, agriculture and retail picked up sharply in July this year over previous year's levels, data on sectoral deployment of bank credit released by the Reserve Bank shows.from Banking/Finance-Industry-Economic Times https://ift.tt/2Y29aDN
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Bank of India announces closure of QIP issue; raises Rs 2,550 cr
The issue had opened on August 25, and closed on August 30, 2021, and the bank had targeted to raise up to Rs 3,000 crore equity capital through this issue.source https://economictimes.indiatimes.com/industry/banking/finance/banking/bank-of-india-announces-closure-of-qip-issue-raises-rs-2550-cr/articleshow/85799012.cms
India’s $1 trillion digital loan market is the new battleground for Facebook and Xiaomi
Facebook this month said India would be the first country where it rolls out its small business loan program offering loans via a partner to firms that advertise on its platform. The loans will range from 500,000 rupees ($6,720) to 5 million rupees with interest rates of 17%-20%, potentially without collateral.source https://economictimes.indiatimes.com/industry/banking/finance/indias-1-trillion-digital-loan-market-is-the-new-battleground-for-facebook-and-xiaomi/articleshow/85792458.cms
Prosus to acquire Indian payments gateway company BillDesk for $4.7 billion
Prosus said Billdesk would complement its own PayU business.source https://economictimes.indiatimes.com/industry/banking/finance/prosus-buys-billdesk-for-4-7-billion/articleshow/85790807.cms
BANKING
Facebook this month said India would be the first country where it rolls out its small business loan program offering loans via a partner to firms that advertise on its platform. The loans will range from 500,000 rupees ($6,720) to 5 million rupees with interest rates of 17%-20%, potentially without collateral.from Banking/Finance-Industry-Economic Times https://ift.tt/3BuwVmi
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Monday, August 30, 2021
Fox News Breaking News Alert
Fox News Breaking News Alert
US Embassy in Kabul suspends operations
08/30/21 11:44 PM
US Embassy in Kabul suspends operations
08/30/21 11:44 PM
Northern Arc Capital raises $50 million from JICA
"The usage of proceeds will be towards promoting women entrepreneurship and employment, an important target area for the company,” Northern Arc managing director Kshama Fernandes said.source https://economictimes.indiatimes.com/industry/banking/finance/northern-arc-capital-raises-50-million-from-jica/articleshow/85788326.cms
Comprehensive insurance cover may make new vehicles costlier by up to 10%
As per a Madras HC landmark judgement, vehicle owners now have to purchase mandatory ‘bumper to bumper’ cover, which means that along with the compulsory third-party insurance policies, consumers would also have to purchase motor own-damage (OD) insurance, as well as accident covers for co-passengers.source https://economictimes.indiatimes.com/industry/banking/finance/insure/comprehensive-insurance-cover-may-make-new-vehicles-costlier-by-up-to-10/articleshow/85785319.cms
BANKING
As per a Madras HC landmark judgement, vehicle owners now have to purchase mandatory ‘bumper to bumper’ cover, which means that along with the compulsory third-party insurance policies, consumers would also have to purchase motor own-damage (OD) insurance, as well as accident covers for co-passengers.from Banking/Finance-Industry-Economic Times https://ift.tt/3Brz9TO
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Fox News Breaking News Alert
Fox News Breaking News Alert
Last plane carrying US troops has left Afghanistan after 20 years, US officials say
08/30/21 1:41 PM
Last plane carrying US troops has left Afghanistan after 20 years, US officials say
08/30/21 1:41 PM
Former Reliance Capital CEO Sam Ghosh plans to set up a small finance bank
Cosmea aims to involve in activities auxiliary to financial intermediation, except insurance and pension funding. Directors of the company are Soumen Ghosh, Suresh Thiruvananthapuram Viswanathan and Amit Agrawal.source https://economictimes.indiatimes.com/industry/banking/finance/banking/former-reliance-capital-ceo-sam-ghosh-plans-to-set-up-a-small-finance-bank/articleshow/85775833.cms
RBI issues direction on compensation of private banks' top officials
The central bank had issued guidelines on the compensation of whole-time directors/ chief executive officers/ material risk takers and control function staff in November 2019.source https://economictimes.indiatimes.com/industry/banking/finance/banking/rbi-issues-direction-on-compensation-of-private-banks-top-officials/articleshow/85769984.cms
Coronavirus stress evident in financial sector as stressed loans jump
On an aggregate basis, gross NPAs and restructured assets across banks and NBFCs increased to Rs 13.2 lakh crore in June 2021 from Rs 8.6 lakh crore in March 2020 due to an addition of Rs 3.7 lakh crore in loans due past 90 days and also Rs 2.4 lakh crore of restructured assets after adjusting for recoveries and write offs during the period.source https://economictimes.indiatimes.com/industry/banking/finance/banking/coronavirus-stress-evident-in-financial-sector-as-stressed-loans-jump/articleshow/85768663.cms
Tally Solutions seeks small finance banking license
RBI's central board director Revathy Iyer, former executive director B Mahapatra, former Canara Bank chairman TN Manoharan, former State Bank of India managing director Hemant G Contractor are members of the committee.source https://economictimes.indiatimes.com/industry/banking/finance/banking/tally-solutions-seeks-small-finance-banking-license/articleshow/85768158.cms
Bank of Baroda ED SL Jain appointed as Indian Bank MD & CEO
Jain's cessation as the executive director of Bank of Baroda will be effective from September 1, 2021, the bank said in a regulatory filing.source https://economictimes.indiatimes.com/industry/banking/finance/banking/bank-of-baroda-ed-sl-jain-appointed-as-indian-bank-md-ceo/articleshow/85768035.cms
BANKING
On an aggregate basis, gross NPAs and restructured assets across banks and NBFCs increased to Rs 13.2 lakh crore in June 2021 from Rs 8.6 lakh crore in March 2020 due to an addition of Rs 3.7 lakh crore in loans due past 90 days and also Rs 2.4 lakh crore of restructured assets after adjusting for recoveries and write offs during the period.from Banking/Finance-Industry-Economic Times https://ift.tt/3gLzQPF
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BANKING
RBI's central board director Revathy Iyer, former executive director B Mahapatra, former Canara Bank chairman TN Manoharan, former State Bank of India managing director Hemant G Contractor are members of the committee.from Banking/Finance-Industry-Economic Times https://ift.tt/38naO51
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Government extends the tenure of Canara Bank, Bank of India executive directors by two years
The banks said the government informed them about the extension given to these executive directors through notifications on August 26, 2021.source https://economictimes.indiatimes.com/industry/banking/finance/banking/government-extends-the-tenure-of-canara-bank-bank-of-india-executive-directors-by-two-years/articleshow/85767075.cms
Former SBI chairman Rajnish Kumar joins HSBC board in Asia
“Rajnish’s depth and breadth of experience across India’s financial industry will be an invaluable addition to the Board of the Group’s flagship Asian entity as HSBC directs its focus towards the region. The opportunities presented by its 1.4 billion population, 18 million non-resident Indians and 40,000 MNCs make India a key component of HSBC’s growth strategy," said Peter Wong, chairman of HSBC Asia.source https://economictimes.indiatimes.com/industry/banking/finance/banking/former-sbi-chairman-rajnish-kumar-joins-hsbc-board-in-asia/articleshow/85764882.cms
BANKING
“Rajnish’s depth and breadth of experience across India’s financial industry will be an invaluable addition to the Board of the Group’s flagship Asian entity as HSBC directs its focus towards the region. The opportunities presented by its 1.4 billion population, 18 million non-resident Indians and 40,000 MNCs make India a key component of HSBC’s growth strategy," said Peter Wong, chairman of HSBC Asia.from Banking/Finance-Industry-Economic Times https://ift.tt/38pEFtq
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L&T Finance Holdings in talks with HSBC to sell its MF arm: Report
Last year, private equity giant Blackstone emerged as the frontrunner for a Rs 3,200- crore acquisition of L&T Mutual Fund, but the deal closure would hinge upon approval from the capital markets regulator, which generally frowns upon private equity ownership of mutual funds.source https://economictimes.indiatimes.com/industry/banking/finance/lt-finance-holdings-in-talks-with-hsbc-to-sell-its-mf-arm-report/articleshow/85760921.cms
BANKING
Last year, private equity giant Blackstone emerged as the frontrunner for a Rs 3,200- crore acquisition of L&T Mutual Fund, but the deal closure would hinge upon approval from the capital markets regulator, which generally frowns upon private equity ownership of mutual funds.from Banking/Finance-Industry-Economic Times https://ift.tt/2V1RyqG
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PhonePe deepens foray into India’s retail insurance sector
Last year, the Bengaluru-based fintech startup had entered the insurtech sector with an insurance corporate agent licence, which allowed the company to partner with only three insurance companies per category i.e. health, life and general.source https://economictimes.indiatimes.com/industry/banking/finance/insure/phonepe-deepens-foray-into-indias-retail-insurance-sector/articleshow/85760511.cms
Bank of India executive director P R Rajagopal's tenure extended by two years
The central government vide notification No. dated 26 August 2021 extended the term of office of P R Rajagopal, Executive Director of the Bank for a period of two years, beyond his currently notified term or until further orders, whichever is earlier, the bank said in a regulatory filing.source https://economictimes.indiatimes.com/industry/banking/finance/banking/bank-of-india-executive-director-p-r-rajagopals-tenure-extended-by-two-years/articleshow/85760272.cms
BANKING
Last year, the Bengaluru-based fintech startup had entered the insurtech sector with an insurance corporate agent licence, which allowed the company to partner with only three insurance companies per category i.e. health, life and general.from Banking/Finance-Industry-Economic Times https://ift.tt/3mL3OY6
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BANKING
The central government vide notification No. dated 26 August 2021 extended the term of office of P R Rajagopal, Executive Director of the Bank for a period of two years, beyond his currently notified term or until further orders, whichever is earlier, the bank said in a regulatory filing.from Banking/Finance-Industry-Economic Times https://ift.tt/3DuaCza
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Sunday, August 29, 2021
Fox News Breaking News Alert
Fox News Breaking News Alert
Biden approves Louisiana disaster declaration
08/29/21 9:26 PM
Biden approves Louisiana disaster declaration
08/29/21 9:26 PM
View: Google's push into Indian retail banking is a threat to traditional lenders
The environment is ripe for Silicon Valley to encroach into banking. Equitas doesn’t have a pre-existing relationship with the Google Pay customer to whom it’s marketing fixed-term products.source https://economictimes.indiatimes.com/industry/banking/finance/banking/view-googles-push-into-indian-retail-banking-is-a-threat-to-traditional-lenders/articleshow/85754512.cms
Fox News Breaking News Alert
Fox News Breaking News Alert
Worst case scenario unfolding in Louisiana as Hurricane Ida's wrath puts levees to the test
08/29/21 5:28 PM
Worst case scenario unfolding in Louisiana as Hurricane Ida's wrath puts levees to the test
08/29/21 5:28 PM
Fox News Breaking News Alert
Fox News Breaking News Alert
Ida makes landfall in Louisiana as monster Category 4 hurricane with 150 mph winds
08/29/21 10:08 AM
Ida makes landfall in Louisiana as monster Category 4 hurricane with 150 mph winds
08/29/21 10:08 AM
Fox News Breaking News Alert
Fox News Breaking News Alert
Searing images emerge as Biden receives bodies of 11 of 13 service members killed in Kabul attack
08/29/21 9:56 AM
Searing images emerge as Biden receives bodies of 11 of 13 service members killed in Kabul attack
08/29/21 9:56 AM
Fox News Breaking News Alert
Fox News Breaking News Alert
US carries out airstrike against vehicle bomb in Kabul, US official confirms
08/29/21 7:10 AM
US carries out airstrike against vehicle bomb in Kabul, US official confirms
08/29/21 7:10 AM
Fox News Breaking News Alert
Fox News Breaking News Alert
Ida strengthens into major Category 4 hurricane overnight ahead of US landfall
08/29/21 3:21 AM
Ida strengthens into major Category 4 hurricane overnight ahead of US landfall
08/29/21 3:21 AM
IDFC First Bank aims retail loan book growth of 25 per cent on long-term basis
Contending that it was not right to compare IDFC First Bank with the already established 20-30 years old banks or with entities who were profitable when they converted to banks, V Vaidyanathan, Managing Director and CEO, IDFC First Bank, said "the power of incremental profitability is lost in the noise".source https://economictimes.indiatimes.com/industry/banking/finance/banking/idfc-first-bank-aims-retail-loan-book-growth-of-25-per-cent-on-long-term-basis/articleshow/85734790.cms
BANKING
Contending that it was not right to compare IDFC First Bank with the already established 20-30 years old banks or with entities who were profitable when they converted to banks, V Vaidyanathan, Managing Director and CEO, IDFC First Bank, said "the power of incremental profitability is lost in the noise".from Banking/Finance-Industry-Economic Times https://ift.tt/3sZqEMK
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Saturday, August 28, 2021
Government extends tenure of UCO Bank's MD & CEO for 2 years
The government has also extended the terms of two executive directors each in Punjab National Bank and Union Bank of India, and one executive director of Central Bank of India.source https://economictimes.indiatimes.com/industry/banking/finance/banking/government-extends-tenure-of-uco-banks-md-ceo-for-2-years/articleshow/85714149.cms
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