Finance minister Nirmala Sitharaman also announced to set up 75 digital banking centres in 75 districts by scheduled commercial banks.from Banking/Finance-Industry-Economic Times https://ift.tt/ygT01nxVG
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Monday, January 31, 2022
BANKING
Finance minister Nirmala Sitharaman also announced to set up 75 digital banking centres in 75 districts by scheduled commercial banks.from Banking/Finance-Industry-Economic Times https://ift.tt/ygT01nxVG
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BANKING
The cold chain industry has had to accommodate for the lack of assets and infrastructure by working overtime for the last two years. Onboarding native entrepreneurs and helping them start their cold chain journey will give the industry more assets to work with, said Swarup Bose, founder and CEO, Celcius.from Banking/Finance-Industry-Economic Times https://ift.tt/Y1AGv3q7U
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Sunday, January 30, 2022
Former directors of Cox & Kings under Mumbai Police scanner
The city police had earlier arrested the promoter, Ajay Ajit Peter Kerkar, and former chief financial officer Anil Khandelwal, who are now in jail in the case.source https://economictimes.indiatimes.com/industry/banking/finance/banking/former-directors-of-cox-kings-under-mumbai-police-scanner/articleshow/89234980.cms
IDBI selloff: Potential investors want Rs 34kcr NPAs given to bad bank
These suggestions have been made in the investor feedback sought by KPMG, the transaction advisor for the IDBI Bank strategic sale, according to officials with knowledge of the matter.source https://economictimes.indiatimes.com/industry/banking/finance/banking/idbi-selloff-potential-investors-want-rs-34kcr-npas-given-to-bad-bank/articleshow/89234148.cms
I-T cell calls on foreign bank account holders; notices, summons issued in past 10 days to marked persons
Several individuals - including those who were investigated, re-assessed and taxed - have been asked by the Foreign Assets Investigation Unit (FAIU) to share details of offshore bank accounts since 2001, residency status for the past two decades, passport copies and names of overseas service providers. Overseas service providers are professional outfits setting up tax haven vehicles and trusts to hold the funds.source https://economictimes.indiatimes.com/industry/banking/finance/banking/i-t-cell-calls-on-foreign-bank-account-holders-notices-summons-issued-in-past-10-days-to-marked-persons/articleshow/89233303.cms
BANKING
Several individuals - including those who were investigated, re-assessed and taxed - have been asked by the Foreign Assets Investigation Unit (FAIU) to share details of offshore bank accounts since 2001, residency status for the past two decades, passport copies and names of overseas service providers. Overseas service providers are professional outfits setting up tax haven vehicles and trusts to hold the funds.from Banking/Finance-Industry-Economic Times https://ift.tt/xKrFJsTja
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Saturday, January 29, 2022
SBI suspends new service rules for pregnant women
The bank said, "In view of the public sentiments, SBI has decided to keep the revised instructions regarding recruitment of pregnant women candidates in abeyance and continue with the existing instructions in the matter."source https://economictimes.indiatimes.com/industry/banking/finance/banking/sbi-suspends-new-service-rules-for-pregnant-women/articleshow/89213785.cms
BANKING
The bank said, "In view of the public sentiments, SBI has decided to keep the revised instructions regarding recruitment of pregnant women candidates in abeyance and continue with the existing instructions in the matter."from Banking/Finance-Industry-Economic Times https://ift.tt/EwxMdmLWR
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BANKING
The company, a wholly-owned subsidiary of Piramal Enterprises Limited, continues to hire extensively for retail operations pan-India and has rolled out 2,000 offers already in the last three months in the merged entity.from Banking/Finance-Industry-Economic Times https://bit.ly/3gp0Ynj
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Piramal Capital and Housing Finance integrates over 3,000 employees of DHFL
The company, a wholly-owned subsidiary of Piramal Enterprises Limited, continues to hire extensively for retail operations pan-India and has rolled out 2,000 offers already in the last three months in the merged entity.source https://economictimes.indiatimes.com/industry/banking/finance/piramal-capital-and-housing-finance-integrates-over-3000-employees-of-dhfl/articleshow/89206341.cms
SBI suspends circular on recruitment of pregnant women
In view of the public sentiments, SBI has decided to keep the revised instructions regarding recruitment of pregnant women candidates in abeyance and continue with the existing instructions in the matter, the bank said in a statement. In its latest medical fitness guidelines for new recruits or promotees, the bank said a candidate would be considered fit in case of pregnancy which is less than three months.source https://economictimes.indiatimes.com/industry/banking/finance/banking/sbi-suspends-circular-on-recruitment-of-pregnant-women/articleshow/89200738.cms
BANKING
In view of the public sentiments, SBI has decided to keep the revised instructions regarding recruitment of pregnant women candidates in abeyance and continue with the existing instructions in the matter, the bank said in a statement. In its latest medical fitness guidelines for new recruits or promotees, the bank said a candidate would be considered fit in case of pregnancy which is less than three months.from Banking/Finance-Industry-Economic Times https://bit.ly/35szRVX
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Friday, January 28, 2022
DCW issues notice to SBI, seeks withdrawal of employment guidelines for pregnant women
The bank's move has elicited criticism from some quarters, including from the All India State Bank of India Employees' Association. In its latest medical fitness guidelines for new recruits or promotees, the bank said a candidate would be considered fit in case of pregnancy which is less than 3 months.source https://economictimes.indiatimes.com/industry/banking/finance/banking/dcw-issues-notice-to-sbi-seeks-withdrawal-of-employment-guidelines-for-pregnant-women/articleshow/89194972.cms
BANKING
The bank's move has elicited criticism from some quarters, including from the All India State Bank of India Employees' Association. In its latest medical fitness guidelines for new recruits or promotees, the bank said a candidate would be considered fit in case of pregnancy which is less than 3 months.from Banking/Finance-Industry-Economic Times https://bit.ly/3uaNjrV
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RBI imposes restrictions on Indian Mercantile Cooperative Bank Ltd, Lucknow; withdrawals capped at Rs 1 lakh
In a statement, RBI said the Lucknow-based co-operative bank will not, without its prior approval, grant or renew any loans and advances, or make any investment.source https://economictimes.indiatimes.com/industry/banking/finance/banking/rbi-imposes-restrictions-on-indian-mercantile-cooperative-bank-ltd-lucknow-withdrawals-capped-at-rs-1-lakh/articleshow/89187080.cms
Thursday, January 27, 2022
Changes you need to make in your financial plan once you become a new parent
It is easy to increase your budget by cutting down your investments and savings, but that is not the best way to do it. Cutting down your investments and saving can jeopardize your financial future.source https://economictimes.indiatimes.com/industry/banking/finance/banking/changes-you-need-to-make-in-your-financial-plan-once-you-become-a-new-parent/articleshow/89150991.cms
Wednesday, January 26, 2022
Future to sell 25% of Future Generali to JV partner Generali Group for Rs 1,252 crore
“Future Enterprises progresses on its plans to monetise its investment in its insurance joint ventures with Generali, agrees to sell 25% equity in the general insurance JV,” Future Enterprises Ltd said in a filing to the stock exchanges.source https://economictimes.indiatimes.com/industry/banking/finance/insure/future-to-sell-25-of-future-generali-to-jv-partner-generali-group-for-rs-1252-crore/articleshow/89147601.cms
BANKING
“Future Enterprises progresses on its plans to monetise its investment in its insurance joint ventures with Generali, agrees to sell 25% equity in the general insurance JV,” Future Enterprises Ltd said in a filing to the stock exchanges.from Banking/Finance-Industry-Economic Times https://ift.tt/35st6DI
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Future Enterprises to sell 25 pc stake in general insurance JV to partner Generali for Rs 1,253 Cr
"FEL has agreed to sell a 25 per cent stake in its General Insurance Joint Venture, FGIICL, to its Joint Venture partner Generali for a cash consideration of Rs 1,252.96 crore, plus an additional consideration that is linked to the date of the closing of the transaction," the regulatory filing by the Future Group firm said.source https://economictimes.indiatimes.com/industry/banking/finance/insure/future-enterprises-to-sell-25-pc-stake-in-general-insurance-jv-to-partner-generali-for-rs-1253-cr/articleshow/89147199.cms
BANKING
"FEL has agreed to sell a 25 per cent stake in its General Insurance Joint Venture, FGIICL, to its Joint Venture partner Generali for a cash consideration of Rs 1,252.96 crore, plus an additional consideration that is linked to the date of the closing of the transaction," the regulatory filing by the Future Group firm said.from Banking/Finance-Industry-Economic Times https://ift.tt/3AxMVoA
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Tuesday, January 25, 2022
BANKING
“The scheme of amalgamation envisages takeover of the assets and liabilities of PMC Bank, including deposits, by the USFBL in terms of the provisions of the scheme,” the Reserve Bank of India said citing the government's sanction on the amalgamation plan.from Banking/Finance-Industry-Economic Times https://ift.tt/3IBtzBD
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PMC Bank branches to operate as Unity Small Finance Bank branches from January 25
"The amalgamation will come into force with effect from the date of the notification of the scheme i.e. January 25, 2022. All the branches of the PMC Bank will function as branches of Unity Small Finance Bank Ltd. with effect from this date," read the circular in the official site of the Reserve Bank of India.source https://economictimes.indiatimes.com/industry/banking/finance/banking/pmc-bank-branches-to-operate-as-unity-small-finance-bank-branches-from-january-25/articleshow/89120373.cms
Loan demand back to pre-COVID levels
"Indian banks are ready to shift into a growth phase, just in time to meet rising demand as the country's economy recovers," said Nikita Anand, associate director for credit risk at S&P Global Ratings. "Faster loan growth will be bolstered by improving asset quality and a normalization in credit costs over the next 12-18 months."source https://economictimes.indiatimes.com/industry/banking/finance/banking/loan-demand-back-to-pre-covid-levels/articleshow/89119476.cms
AP Mahesh Co-op Urban Bank servers hacked, Rs 12 crore siphoned off
The AP Mahesh Co-operative Urban Bank authorities after detecting suspicious transactions on Sunday night were able to stop further transfer of funds/transactions and also contacted managements of those banks to block such accounts and managed to get some amount (from the diverted funds) frozen, he said.source https://economictimes.indiatimes.com/industry/banking/finance/banking/ap-mahesh-co-op-urban-bank-servers-hacked-rs-12-crore-siphoned-off/articleshow/89115253.cms
BANKING
The AP Mahesh Co-operative Urban Bank authorities after detecting suspicious transactions on Sunday night were able to stop further transfer of funds/transactions and also contacted managements of those banks to block such accounts and managed to get some amount (from the diverted funds) frozen, he said.from Banking/Finance-Industry-Economic Times https://ift.tt/3IGrTHj
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Micro-loan securitisation volumes may see impact in Q4 due to third COVID-19 wave: Report
"The securitisation volumes in Q4 (FY22), which should have otherwise seen a healthy improvement, could be impacted by the concerns around the third wave of COVID infections that may affect the repayment capabilities of the borrowers who have a marginal financial profile," the rating agency said in a report released on Tuesday.source https://economictimes.indiatimes.com/industry/banking/finance/micro-loan-securitisation-volumes-may-see-impact-in-q4-due-to-third-covid-19-wave-report/articleshow/89112405.cms
BANKING
"The securitisation volumes in Q4 (FY22), which should have otherwise seen a healthy improvement, could be impacted by the concerns around the third wave of COVID infections that may affect the repayment capabilities of the borrowers who have a marginal financial profile," the rating agency said in a report released on Tuesday.from Banking/Finance-Industry-Economic Times https://ift.tt/3r0r8CW
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Monday, January 24, 2022
Hero Fincorp to raise Rs 2,000 cr for growth
Hero Fincorp has initiated a valuation exercise before the equity funding round will be finalised. The final contributions of the existing and new investors could change based on the valuation report, according to people cited.source https://economictimes.indiatimes.com/industry/banking/finance/banking/hero-fincorp-to-raise-rs-2000-cr-for-growth/articleshow/89104552.cms
BANKING
Hero Fincorp has initiated a valuation exercise before the equity funding round will be finalised. The final contributions of the existing and new investors could change based on the valuation report, according to people cited.from Banking/Finance-Industry-Economic Times https://ift.tt/3H1zBLt
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PSU Bad bank, ARC reforms are awaited as NPA threat looms
Even as the wait goes on for the National Asset Reconstruction Company (NARC), or 'bad bank', which was announced in the previous Union Budget and proposed reforms for the private asset reconstruction companies (ARCs) to take off, the dead weight of old accounts continues to languish on the banks' books.source https://economictimes.indiatimes.com/industry/banking/finance/banking/psu-bad-bank-arc-reforms-are-awaited-as-npa-threat-looms/articleshow/89086610.cms
Sunday, January 23, 2022
BANKING
India has about 200,000 villages with a population of more than 2000 people. The company is focused on targeting this demographic through an assisted model that consists of business champions who are present in 100 villages and smart cash kiosks that are present in 10 villages.from Banking/Finance-Industry-Economic Times https://ift.tt/3FP2oBC
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FSS-assisted model through 'Smart Cash' to reach 1000 villages by March
India has about 200,000 villages with a population of more than 2000 people. The company is focused on targeting this demographic through an assisted model that consists of business champions who are present in 100 villages and smart cash kiosks that are present in 10 villages.source https://economictimes.indiatimes.com/industry/banking/finance/banking/fss-assisted-model-through-smart-cash-to-reach-1000-villages-by-march/articleshow/89084955.cms
BANKING
BSE-listed National Steel & Agro owes about Rs 1,600 crore to its lenders. On Friday, the Mumbai bench of the National Company Law Tribunal, presided over by Justice Pradeep Narhari Deshmukh, allowed the substitution of JM Financial ARC, to whom the lenders have assigned their debt as petitioner in an oral order and have posted the hearing of the matter to March 9.from Banking/Finance-Industry-Economic Times https://ift.tt/3u8H9J1
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JM Financial Asset Reconstruction Company allowed to substitute Bank of India as petitioner
BSE-listed National Steel & Agro owes about Rs 1,600 crore to its lenders. On Friday, the Mumbai bench of the National Company Law Tribunal, presided over by Justice Pradeep Narhari Deshmukh, allowed the substitution of JM Financial ARC, to whom the lenders have assigned their debt as petitioner in an oral order and have posted the hearing of the matter to March 9.source https://economictimes.indiatimes.com/industry/banking/finance/jm-financial-asset-reconstruction-company-allowed-to-substitute-bank-of-india-as-petitioner/articleshow/89083217.cms
Digital payment sector wants MDR to be back
The Payments Council of India (PCI), the industry body for the digital payments ecosystem in the country, has written to the government urging it to roll back the zero MDR regime for UPI and Rupay debit cards transactions.source https://economictimes.indiatimes.com/industry/banking/finance/digital-payment-sector-wants-mdr-to-be-back/articleshow/89075478.cms
BANKING
The Payments Council of India (PCI), the industry body for the digital payments ecosystem in the country, has written to the government urging it to roll back the zero MDR regime for UPI and Rupay debit cards transactions.from Banking/Finance-Industry-Economic Times https://ift.tt/3GTBERK
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NCLAT directs NCLT to decide over SREI's plea against rights issue of Trinity Alternative Investment
A two-member NCLAT bench, while disposing of SREI Infrastructure Finance Ltd (SIFL) petition observed that the National Company Law Tribunal (NCLT) has ordered a status quo and is yet to pass any order over the plea filed by the non-banking financial company.source https://economictimes.indiatimes.com/industry/banking/finance/nclat-directs-nclt-to-decide-over-sreis-plea-against-rights-issue-of-trinity-alternative-investment/articleshow/89071916.cms
BANKING
A two-member NCLAT bench, while disposing of SREI Infrastructure Finance Ltd (SIFL) petition observed that the National Company Law Tribunal (NCLT) has ordered a status quo and is yet to pass any order over the plea filed by the non-banking financial company.from Banking/Finance-Industry-Economic Times https://ift.tt/3fPKKDh
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Saturday, January 22, 2022
ICICI puts up all round show to clock record profit in Q3
Fee income also recorded a strong growth of 19% year-on-year to Rs 4,291 crore from Rs 3,601 crore a year ago. Treasury income declined to Rs 88 crore from Rs 766 crore a year earlier because unlike last year income this year did not include a gain of Rs 329 crore from sale of shares of ICICI Securities.source https://economictimes.indiatimes.com/industry/banking/finance/banking/icici-puts-up-all-round-show-to-clock-record-profit-in-q3/articleshow/89062529.cms
BANKING
Fee income also recorded a strong growth of 19% year-on-year to Rs 4,291 crore from Rs 3,601 crore a year ago. Treasury income declined to Rs 88 crore from Rs 766 crore a year earlier because unlike last year income this year did not include a gain of Rs 329 crore from sale of shares of ICICI Securities.from Banking/Finance-Industry-Economic Times https://ift.tt/3GSJfAd
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