The banks also updated the ministry on their positions on the accounts being transferred to bad bank or National Asset Reconstruction Company of India Ltd, said the executive. adding that the government is keen that the entity kick-start its operations.
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Tuesday, August 30, 2022
IRDAI pitches for affordable health cover for everyone
Addressing the 'Health Insurance Summit 2022' here, Insurance Regulatory and Development Authority of India (Irdai) chairman Debasish Panda said that high operating and distribution costs, and hospital expenses as indirect costs could be the reasons affecting the insurance pricing.
source https://economictimes.indiatimes.com/industry/banking/finance/insure/irdai-pitches-for-affordable-health-cover-for-everyone/articleshow/93888324.cms
source https://economictimes.indiatimes.com/industry/banking/finance/insure/irdai-pitches-for-affordable-health-cover-for-everyone/articleshow/93888324.cms
BANKING
Addressing the 'Health Insurance Summit 2022' here, Insurance Regulatory and Development Authority of India (Irdai) chairman Debasish Panda said that high operating and distribution costs, and hospital expenses as indirect costs could be the reasons affecting the insurance pricing.
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BANKING
Axis is planning to take a 10% stake for around $9 million in the start-up's upcoming life insurance business, effectively valuing the business at $90 million, said the two sources, who declined to be named as the talks were private. The move comes after India's biggest private lender HDFC Bank said in a stock exchange disclosure last week that it planned to buy a 9.94% stake in Go Digit Life for up to 700 million rupees ($9 million).
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EoI for IDBI Bank stake sale likely next month
The Cabinet Committee on Economic Affairs had given in-principle approval for strategic disinvestment and transfer of management control in IDBI Bank in May 2021.
source https://economictimes.indiatimes.com/industry/banking/finance/banking/eoi-for-idbi-bank-stake-sale-likely-next-month/articleshow/93875960.cms
source https://economictimes.indiatimes.com/industry/banking/finance/banking/eoi-for-idbi-bank-stake-sale-likely-next-month/articleshow/93875960.cms
Monday, August 29, 2022
IL&FS lenders to receive ₹16,000 crore in Q3
Alvarez & Marsal and Grant Thornton are advising IL&FS on the bank-wise distribution of the proceeds from the recoveries. IL&FS had informed lenders last week that proceeds would be distributed in the third quarter as against the initial plan of this being done in the second quarter, said one of the persons cited above.
source https://economictimes.indiatimes.com/industry/banking/finance/banking/ilfs-lenders-to-receive-16000-crore-in-q3/articleshow/93868136.cms
source https://economictimes.indiatimes.com/industry/banking/finance/banking/ilfs-lenders-to-receive-16000-crore-in-q3/articleshow/93868136.cms
BANKING
Alvarez & Marsal and Grant Thornton are advising IL&FS on the bank-wise distribution of the proceeds from the recoveries. IL&FS had informed lenders last week that proceeds would be distributed in the third quarter as against the initial plan of this being done in the second quarter, said one of the persons cited above.
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Axis bank likely to pay Rs 12,325 crore to Citibank in Jan-Mar
The deal was announced in March this year. Despite Citi losing market share on credit cards in India, Axis Bank says attrition of employees and customers in the business it was acquiring was within manageable limits.
source https://economictimes.indiatimes.com/industry/banking/finance/banking/axis-bank-likely-to-pay-rs-12325-crore-to-citibank-in-jan-mar/articleshow/93863521.cms
source https://economictimes.indiatimes.com/industry/banking/finance/banking/axis-bank-likely-to-pay-rs-12325-crore-to-citibank-in-jan-mar/articleshow/93863521.cms
BANKING
The deal was announced in March this year. Despite Citi losing market share on credit cards in India, Axis Bank says attrition of employees and customers in the business it was acquiring was within manageable limits.
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Sunday, August 28, 2022
KKR India launches Highways Infrastructure Trust
HIT is KKR’s third InvIT in India, in addition to Virescent Renewable Energy Trust- India’s first renewable energy InvIT, and India Grid Trust, a transmissions InvIT. Together, these platforms operate and manage 33 assets valued at over $3.8 billion across 22 states or union territories across India.
source https://economictimes.indiatimes.com/industry/banking/finance/kkr-india-launches-highways-infrastructure-trust/articleshow/93846801.cms
source https://economictimes.indiatimes.com/industry/banking/finance/kkr-india-launches-highways-infrastructure-trust/articleshow/93846801.cms
BANKING
HIT is KKR’s third InvIT in India, in addition to Virescent Renewable Energy Trust- India’s first renewable energy InvIT, and India Grid Trust, a transmissions InvIT. Together, these platforms operate and manage 33 assets valued at over $3.8 billion across 22 states or union territories across India.
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Fox News Breaking News Alert
Fox News Breaking News Alert
Inflation spikes to 39-year high as prices soar
12/10/21 5:38 AM
Inflation spikes to 39-year high as prices soar
12/10/21 5:38 AM
BANKING
Currently, Axis Bank and its two subsidiaries - Axis Capital Ltd and Axis Securities Ltd - collectively own 12.99 per cent of Max Life Insurance post approval of the deal in April last year. Under the deal, the Axis entities also have the right to acquire an additional stake of up to seven per cent in Max Life, in one or more tranches, subject to regulatory approvals.
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Axis Bank stake in Max Life Insurance likely to rise to 20% in 6-9 months: CEO Prashant Tripathy
Currently, Axis Bank and its two subsidiaries - Axis Capital Ltd and Axis Securities Ltd - collectively own 12.99 per cent of Max Life Insurance post approval of the deal in April last year. Under the deal, the Axis entities also have the right to acquire an additional stake of up to seven per cent in Max Life, in one or more tranches, subject to regulatory approvals.
source https://economictimes.indiatimes.com/industry/banking/finance/banking/axis-bank-stake-in-max-life-insurance-likely-to-rise-to-20-in-6-9-months-ceo-prashant-tripathy/articleshow/93836018.cms
source https://economictimes.indiatimes.com/industry/banking/finance/banking/axis-bank-stake-in-max-life-insurance-likely-to-rise-to-20-in-6-9-months-ceo-prashant-tripathy/articleshow/93836018.cms
BANKING
IDBI Trusteeship Services Limited acting in its capacity as a debenture trustee on behalf of Credit Suisse, had invoked the pledge of Reliance Capital's 100 per cent shareholding in Reliance General in November 2019 and transferred the shares to its account.
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Reliance Capital bid deadline ends on Monday amid concerns of investors
IDBI Trusteeship Services Limited acting in its capacity as a debenture trustee on behalf of Credit Suisse, had invoked the pledge of Reliance Capital's 100 per cent shareholding in Reliance General in November 2019 and transferred the shares to its account.
source https://economictimes.indiatimes.com/industry/banking/finance/reliance-capital-bid-deadline-ends-on-monday-amid-concerns-of-investors/articleshow/93834495.cms
source https://economictimes.indiatimes.com/industry/banking/finance/reliance-capital-bid-deadline-ends-on-monday-amid-concerns-of-investors/articleshow/93834495.cms
Friday, August 26, 2022
Clarificatory circular on new TDS provisions for banks soon, says CBDT chairman
While the CBDT had issued a set of guidelines in June with regard to the applicability of the newly introduced section 194R in the Income Tax Act, the banking sector had specific concerns with regard to their businesses and operations.
source https://economictimes.indiatimes.com/industry/banking/finance/banking/clarificatory-circular-on-new-tds-provisions-for-banks-soon-says-cbdt-chairman/articleshow/93796741.cms
source https://economictimes.indiatimes.com/industry/banking/finance/banking/clarificatory-circular-on-new-tds-provisions-for-banks-soon-says-cbdt-chairman/articleshow/93796741.cms
BANKING
While the CBDT had issued a set of guidelines in June with regard to the applicability of the newly introduced section 194R in the Income Tax Act, the banking sector had specific concerns with regard to their businesses and operations.
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BANKING
Insurance penetration is expected to increase in the coming years owing to multiple factors that include changing consumer perception and realisation of financial security, the easing of IRDAI regulation regarding product approval and distribution, customization in products, balanced channel mix, and digitization efforts at the company level.
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Life insurance penetration in India reaches 3.2%, close to global averages: Benori Knowledge
Insurance penetration is expected to increase in the coming years owing to multiple factors that include changing consumer perception and realisation of financial security, the easing of IRDAI regulation regarding product approval and distribution, customization in products, balanced channel mix, and digitization efforts at the company level.
source https://economictimes.indiatimes.com/industry/banking/finance/insure/life-insurance-penetration-in-india-reaches-3-2-close-to-global-averages-benori-knowledge/articleshow/93793635.cms
source https://economictimes.indiatimes.com/industry/banking/finance/insure/life-insurance-penetration-in-india-reaches-3-2-close-to-global-averages-benori-knowledge/articleshow/93793635.cms
Thursday, August 25, 2022
IDBI Bank CEO says lender can recover $2.4 billion in bad loans
India is considering selling at least 51% of the $5 billion bank, people familiar with the matter have said, in what is set to be the biggest sale of the government’s stake in a lender in decades.
source https://economictimes.indiatimes.com/industry/banking/finance/banking/idbi-bank-ceo-says-lender-can-recover-2-4-billion-in-bad-loans/articleshow/93788491.cms
source https://economictimes.indiatimes.com/industry/banking/finance/banking/idbi-bank-ceo-says-lender-can-recover-2-4-billion-in-bad-loans/articleshow/93788491.cms
RBI, banks in talks to strengthen KYC identification format
At present, any one of the six documents-passport, Aadhaar, voter's identity card, NREGA card, PAN card or driving licence-is required towards proof of identity and proof of address to open a bank account. It becomes difficult to trace multiple accounts of an individual if they are not linked and are opened with different KYC documents.
source https://economictimes.indiatimes.com/industry/banking/finance/banking/rbi-banks-in-talks-to-strengthen-kyc-identification-format/articleshow/93785384.cms
source https://economictimes.indiatimes.com/industry/banking/finance/banking/rbi-banks-in-talks-to-strengthen-kyc-identification-format/articleshow/93785384.cms
BANKING
At present, any one of the six documents-passport, Aadhaar, voter's identity card, NREGA card, PAN card or driving licence-is required towards proof of identity and proof of address to open a bank account. It becomes difficult to trace multiple accounts of an individual if they are not linked and are opened with different KYC documents.
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BANKING
The insurers have been told by Irdai that their commission and remuneration payout should be based on a board-approved policy which will be reviewed on a yearly basis. No commission shall be payable to insurance agents or the insurance intermediaries in the direct business, and the insurers must grant discounts on the premium.
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Wednesday, August 24, 2022
Lack of depth, high margin norms impeding development of corporate bonds market
Derivatives and repo markets could well play a role in aiding the corporate bond market to gain momentum as those are billed as popular hedging tools for sophisticated investors betting on bonds sold by companies. "Beyond this, market development and improvements will remain a continuous exercise," he said.
source https://economictimes.indiatimes.com/industry/banking/finance/lack-of-depth-high-margin-norms-impeding-development-of-corporate-bonds-market/articleshow/93762199.cms
source https://economictimes.indiatimes.com/industry/banking/finance/lack-of-depth-high-margin-norms-impeding-development-of-corporate-bonds-market/articleshow/93762199.cms
Banks seek clarity on new rules about roundtripping in overseas investment
Under the new rules, Indian entities can make investments in foreign companies that have Indian subsidiaries provided the whole investment structure doesn't have more than two layers. Now, there are two interpretations about how the layers will be counted, experts said.
source https://economictimes.indiatimes.com/industry/banking/finance/banking/banks-seek-clarity-on-new-rules-about-roundtripping-in-overseas-investment/articleshow/93761735.cms
source https://economictimes.indiatimes.com/industry/banking/finance/banking/banks-seek-clarity-on-new-rules-about-roundtripping-in-overseas-investment/articleshow/93761735.cms
FSIB selects 14 candidates for the executive directors' post at PSBs
The Financial Services Institution Bureau (FSIB) has selected 14 candidates for the executive director (ED) post at the public sector banks, according to a notification issued by the bureau. The highest number of candidates were selected from the Bank of Baroda followed by Punjab National Bank.
source https://economictimes.indiatimes.com/industry/banking/finance/banking/fsib-selects-14-candidates-for-the-executive-directors-post-at-psbs/articleshow/93748737.cms
source https://economictimes.indiatimes.com/industry/banking/finance/banking/fsib-selects-14-candidates-for-the-executive-directors-post-at-psbs/articleshow/93748737.cms
BANKING
The Financial Services Institution Bureau (FSIB) has selected 14 candidates for the executive director (ED) post at the public sector banks, according to a notification issued by the bureau. The highest number of candidates were selected from the Bank of Baroda followed by Punjab National Bank.
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PNB Housing Finance interim CFO Kaushal Mithani resigns
Mithani, who was serving as the interim Chief Financial Officer and Key Managerial Personnel of the company, has been relieved from the responsibilities with effect from August 23, 2022.
source https://economictimes.indiatimes.com/industry/banking/finance/pnb-housing-finance-interim-cfo-kaushal-mithani-resigns/articleshow/93747662.cms
source https://economictimes.indiatimes.com/industry/banking/finance/pnb-housing-finance-interim-cfo-kaushal-mithani-resigns/articleshow/93747662.cms
Tuesday, August 23, 2022
Bankers are steadily loosening their purse strings for realty
Commercial banks net credit to the real estate sector witnessed 3.5 times growth during 2021, as compared to the pandemic period, shows the Reserve Bank of India's data on sectoral lending.
source https://economictimes.indiatimes.com/industry/banking/finance/banking/bankers-are-steadily-loosening-their-purse-strings-for-realty/articleshow/93739608.cms
source https://economictimes.indiatimes.com/industry/banking/finance/banking/bankers-are-steadily-loosening-their-purse-strings-for-realty/articleshow/93739608.cms
Monday, August 22, 2022
BANKING
Experts said the move is likely to bring much needed relief to the importers, whose refund claims worth over ₹1,000 crore are stuck. "The importers must get their due after the Supreme Court order. There is still no clarity in this regard and a formal communication will help the early release of funds," said Abhishek Rastogi, partner at Khaitan and Co, who represented importers in the Mohit Mineral case.
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IDBI Trusteeship faces Rs 1-lakh fine for non-compliance of debenture trustee norms
Accordingly, by failing to conduct inspection of the books of accounts, records, registers of FHHPL, the noticee has violated DT (Debenture Trustees) Regulations. She also noted that the noticee had not taken any reasonable and necessary steps to fulfil its obligations, and hence can be made liable for the neglect and failure of FHHPL.
source https://economictimes.indiatimes.com/industry/banking/finance/idbi-trusteeship-faces-rs-1-lakh-fine-for-non-compliance-of-debenture-trustee-norms/articleshow/93716009.cms
source https://economictimes.indiatimes.com/industry/banking/finance/idbi-trusteeship-faces-rs-1-lakh-fine-for-non-compliance-of-debenture-trustee-norms/articleshow/93716009.cms
BANKING
Accordingly, by failing to conduct inspection of the books of accounts, records, registers of FHHPL, the noticee has violated DT (Debenture Trustees) Regulations. She also noted that the noticee had not taken any reasonable and necessary steps to fulfil its obligations, and hence can be made liable for the neglect and failure of FHHPL.
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LIC seeks buyers for its Rs 3400 crore secured bonds issued to Reliance Capital
IDBI Capital Markets, the insurance company’s process adviser for the sale of bonds, has invited binding bids from asset reconstruction companies by the evening of September 5, the people said. This is the third attempt by the country’s largest life insurance company to sell its Reliance Capital debt.
source https://economictimes.indiatimes.com/industry/banking/finance/insure/lic-seeks-buyers-for-its-rs-3400-crore-secured-bonds-issued-to-reliance-capital/articleshow/93716006.cms
source https://economictimes.indiatimes.com/industry/banking/finance/insure/lic-seeks-buyers-for-its-rs-3400-crore-secured-bonds-issued-to-reliance-capital/articleshow/93716006.cms
BANKING
IDBI Capital Markets, the insurance company’s process adviser for the sale of bonds, has invited binding bids from asset reconstruction companies by the evening of September 5, the people said. This is the third attempt by the country’s largest life insurance company to sell its Reliance Capital debt.
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Federal Bank MD Shyam Srinivasan is bullish on India's consumption story, sees lender's credit growth higher than industry's
"During Covid, there was some slow down in growth because we had tightened the criteria. We didn't want to take more risks. Now, as we see things opening up, credit demand is picking up. Customers, particularly large corporates, are shifting to banks for their credit requirement, as opposed to other forms of borrowing."
source https://economictimes.indiatimes.com/industry/banking/finance/banking/federal-bank-md-shyam-srinivasan-is-bullish-on-indias-consumption-story-sees-lenders-credit-growth-higher-than-industrys/articleshow/93704054.cms
source https://economictimes.indiatimes.com/industry/banking/finance/banking/federal-bank-md-shyam-srinivasan-is-bullish-on-indias-consumption-story-sees-lenders-credit-growth-higher-than-industrys/articleshow/93704054.cms
Sunday, August 21, 2022
Central Bank of India likely to exit RBI PCA framework soon
Central Bank of India reported a 14.2 per cent rise in net profit to Rs 234.78 crore in the first quarter ended June this fiscal as compared to Rs 205.58 crore in the same quarter a year ago.
source https://economictimes.indiatimes.com/industry/banking/finance/banking/central-bank-of-india-likely-to-exit-rbi-pca-framework-soon/articleshow/93690716.cms
source https://economictimes.indiatimes.com/industry/banking/finance/banking/central-bank-of-india-likely-to-exit-rbi-pca-framework-soon/articleshow/93690716.cms
Castler partners Yes Bank for digital escrow services
The company said the tie-up will further strengthen its digital leadership position and is part of an effort to make banking more inclusive and accessible to its growing consumer base.
source https://economictimes.indiatimes.com/industry/banking/finance/banking/castler-partners-yes-bank-for-digital-escrow-services/articleshow/93673753.cms
source https://economictimes.indiatimes.com/industry/banking/finance/banking/castler-partners-yes-bank-for-digital-escrow-services/articleshow/93673753.cms
LIC sees 20 pc decline in death claims in Q1 FY23 as COVID impact ebbs
In the June quarter of the previous fiscal, settlement of death claims was to the tune of Rs 7,111 crore, which for Q1 of this year was Rs 5,743 crore, LIC Chairman M R Kumar said in a post-earnings call with analysts.
source https://economictimes.indiatimes.com/industry/banking/finance/insure/lic-sees-20-pc-decline-in-death-claims-in-q1-fy23-as-covid-impact-ebbs/articleshow/93688558.cms
source https://economictimes.indiatimes.com/industry/banking/finance/insure/lic-sees-20-pc-decline-in-death-claims-in-q1-fy23-as-covid-impact-ebbs/articleshow/93688558.cms
BANKING
In the June quarter of the previous fiscal, settlement of death claims was to the tune of Rs 7,111 crore, which for Q1 of this year was Rs 5,743 crore, LIC Chairman M R Kumar said in a post-earnings call with analysts.
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Friday, August 19, 2022
BANKING
State-run banks are proposing to create a central talent pool and finalise a three-year business strategy for individual banks, aiming to improve their performance and competitiveness. In April, after the PSB Manthan conclave, the government asked PSBs to set up a three-year roadmap for their business strategy and suggested that they explore more collaboration among themselves, with larger banks sharing best practices with smaller ones and guiding them in areas where they need expertise.
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PSBs plan to create central talent pool
State-run banks are proposing to create a central talent pool and finalise a three-year business strategy for individual banks, aiming to improve their performance and competitiveness. In April, after the PSB Manthan conclave, the government asked PSBs to set up a three-year roadmap for their business strategy and suggested that they explore more collaboration among themselves, with larger banks sharing best practices with smaller ones and guiding them in areas where they need expertise.
source https://economictimes.indiatimes.com/industry/banking/finance/banking/psbs-plan-to-create-central-talent-pool/articleshow/93667862.cms
source https://economictimes.indiatimes.com/industry/banking/finance/banking/psbs-plan-to-create-central-talent-pool/articleshow/93667862.cms
Bank of India sees 10-12 pc growth in advances in current fiscal
In the first quarter ended in June of the current fiscal year, the lender registered a decline of 22 per cent in net profit at Rs 561 crore as against Rs 720 crore in the year-ago quarter.
source https://economictimes.indiatimes.com/industry/banking/finance/banking/bank-of-india-sees-10-12-pc-growth-in-advances-in-current-fiscal/articleshow/93553866.cms
source https://economictimes.indiatimes.com/industry/banking/finance/banking/bank-of-india-sees-10-12-pc-growth-in-advances-in-current-fiscal/articleshow/93553866.cms
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