Banks are relative stragglers in the race for deposits. Average rates being offered in specific segments by some lenders are sometimes less than sovereign bond yields.
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The ministry has noted that "many of these illegal lending apps may not be regulated entities by RBI and are using bulk SMS, digital advertisement, chat messengers and mobile app stores on a massive scale".
On the withdrawal restrictions on BSBD or zero-balance accounts, the report said "in the current phase of digital payments, RBI has to devise ways and means to keep the digital payments outside the age-old definition of withdrawal restrictions in savings deposit."On the withdrawal restrictions on BSBD or zero-balance accounts, the report said "in the current phase of digital payments, RBI has to devise ways and means to keep the digital payments outside the age-old definition of withdrawal restrictions in savings deposit."
Insurance Regulatory and Development Authority of India (IRDAI) chairman Debasish Panda in an interview with PTI said Bima Sugam should be a UPI moment for the insurance industry.
"We do think that India is a very bright spot. But the brightest spot is the willingness that India has to share that technology. The Indian bank has indicated in our government bank governance meeting, that they are willing to share the technology for this UPI with other member states. You know that (this) costs a lot of money to develop. This openness and generosity is very welcome," the secretary general of the 56-nation group said."We do think that India is a very bright spot. But the brightest spot is the willingness that India has to share that technology. The Indian bank has indicated in our government bank governance meeting, that they are willing to share the technology for this UPI with other member states. You know that (this) costs a lot of money to develop. This openness and generosity is very welcome," the secretary general of the 56-nation group said.
The CESTAT said that in the absence of any guideline, departmental representatives are unaware as to what stand is to be taken in such cases that are at the bankruptcy court or the appellate body. The IBC overrides other laws and stipulates that recovery proceedings, including tax recovery, cannot be initiated after a company is admitted for debt resolution under the bankruptcy code, the tribunal noted.The CESTAT said that in the absence of any guideline, departmental representatives are unaware as to what stand is to be taken in such cases that are at the bankruptcy court or the appellate body. The IBC overrides other laws and stipulates that recovery proceedings, including tax recovery, cannot be initiated after a company is admitted for debt resolution under the bankruptcy code, the tribunal noted.
Lenders expect to close the transaction by the first week of November. It will involve NARCL acquiring ₹9,234 crore of stressed loans. In the first week of October, NARCL gave a ₹3,570-crore binding bid for the loans held by public sector banks, triggering a Swiss challenge auction.Lenders expect to close the transaction by the first week of November. It will involve NARCL acquiring ₹9,234 crore of stressed loans. In the first week of October, NARCL gave a ₹3,570-crore binding bid for the loans held by public sector banks, triggering a Swiss challenge auction.
The first tranche of $15 million was executed on October 15 after receiving regulatory approval while the balance of $10 million is scheduled for execution in November, Muthoot Microfin's chief executive Sadaf Sayeed said. The effective cost of borrowing comes to 11.3%. The pricing is 500 basis points over the secured overnight financing rate (SOFR),which is at 2.28%, and includes the hedging cost.The first tranche of $15 million was executed on October 15 after receiving regulatory approval while the balance of $10 million is scheduled for execution in November, Muthoot Microfin's chief executive Sadaf Sayeed said. The effective cost of borrowing comes to 11.3%. The pricing is 500 basis points over the secured overnight financing rate (SOFR),which is at 2.28%, and includes the hedging cost.
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Life Insurance Corporation (LIC) has been trading below the issue price of ₹949 a share ever since it got listed on stock exchanges on May 17. It listed at ₹872 apiece on NSE. On Tuesday, the scrip settled at ₹595.50, down 0.72%over the previous close.Life Insurance Corporation (LIC) has been trading below the issue price of ₹949 a share ever since it got listed on stock exchanges on May 17. It listed at ₹872 apiece on NSE. On Tuesday, the scrip settled at ₹595.50, down 0.72%over the previous close.
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The government has directed banks to formulate a clear roadmap in a time-bound manner to strengthen the RRBs (Regional Rural Banks) to support the post-pandemic economic recovery and make technological advancement.The government has directed banks to formulate a clear roadmap in a time-bound manner to strengthen the RRBs (Regional Rural Banks) to support the post-pandemic economic recovery and make technological advancement.
The Singapore-based lender, which has folded Lakshmi Vilas Bank into its operations to push its retail business here, expects loans and profits to grow in double digits.
Petno's remark came during his first closed-door meeting with the heads of nearly two dozen Indian mid-sized companies, held here more than a week ago. Several companies are tapping the bank for a range of products, including credit, cash management, risk management and currency risk covers.Petno's remark came during his first closed-door meeting with the heads of nearly two dozen Indian mid-sized companies, held here more than a week ago. Several companies are tapping the bank for a range of products, including credit, cash management, risk management and currency risk covers.
The group has already incorporated the financial services company within JSWOP and christened it as JSW One Finance Ltd, he said, adding that the company will approach the RBI for a license to work as a non-deposit taking NBFC in the last quarter of FY23, and hopes to get the regulatory nod in 7-9 months after that.The group has already incorporated the financial services company within JSWOP and christened it as JSW One Finance Ltd, he said, adding that the company will approach the RBI for a license to work as a non-deposit taking NBFC in the last quarter of FY23, and hopes to get the regulatory nod in 7-9 months after that.
The government and the LIC hold 45.48 per cent and 49.24 per ecnt stake in the IDBI Bank. Cente has invited bids for sale of 60.72 per cent stake.
State Bank of India’s Dinesh Khara has become deputy chairman along with two others including A S Rajeev, MD & CEO of Bank of Maharashtra and Madhav Nair, CEO of Mashreq Bank, a Dubai-headquartered foreign lender.
RBI had placed the ban on TMB in 2019 after the bank's shareholders decided to raise authorized share capital to Rs 500 crore. The central bank objected to the bank not raising its subscribed capital to at least half of the authorized capital as required.RBI had placed the ban on TMB in 2019 after the bank's shareholders decided to raise authorized share capital to Rs 500 crore. The central bank objected to the bank not raising its subscribed capital to at least half of the authorized capital as required.
PNB Housing has announced the appointment of Girish Kousgi to replace Prasad. A veteran of 25 years of mortgage and retail lending experience, Kousgi was managing director Can Fin Homes prior to joining PNB Housing. Kousgi’s appointment is however subject to the approval of shareholders.
"Large banks with international operations should avoid this business bet as it may pose risks of economic sanctions," said a banker. Earlier, UCO was also the primary payment settlement bank for India-Iran trade ties when Iran was under US sanctions. The special payment mechanism to import crude from Iran had provided the state-owned lender a good chunk of interest-free floating fund, which helped it reduce its cost of funds.
The CMI reached 99 in June 2022, a level last seen in December 2019 before the pandemic hit the world. The company said its CMI is a comprehensive measure of data elements that are summarised monthly to analyse changes in credit market health, and categorised under four pillars of demand, supply, consumer behaviour, and performance."Large banks with international operations should avoid this business bet as it may pose risks of economic sanctions," said a banker. Earlier, UCO was also the primary payment settlement bank for India-Iran trade ties when Iran was under US sanctions. The special payment mechanism to import crude from Iran had provided the state-owned lender a good chunk of interest-free floating fund, which helped it reduce its cost of funds.
The shareholders seek to suspend powers exercised by CEO Shivan JK in respect of all capital and revenue expenditure, except statutory payments such as salaries and wages. According to the proposed shareholder resolution, all suspended spending powers will be jointly exercised by any two non-executive directors of the board.The shareholders seek to suspend powers exercised by CEO Shivan JK in respect of all capital and revenue expenditure, except statutory payments such as salaries and wages. According to the proposed shareholder resolution, all suspended spending powers will be jointly exercised by any two non-executive directors of the board.
The successful bidder would be required to mandatorily lock-in at least 40 per cent of the equity capital for 5 years from the date of acquisition. It further said that the selection of the qualified interested parties and the amount of equity stake of such entities in IDBI Bank would be decided by the Reserve Bank and the bidder would have to clear the 'fit and proper' assessment done by the banking regulator.The successful bidder would be required to mandatorily lock-in at least 40 per cent of the equity capital for 5 years from the date of acquisition. It further said that the selection of the qualified interested parties and the amount of equity stake of such entities in IDBI Bank would be decided by the Reserve Bank and the bidder would have to clear the 'fit and proper' assessment done by the banking regulator.
Its Managing director Renu Sud Karnad said they have over 3.13 lakh credit linked subsidy scheme (CLSS) customers, who have cumulatively borrowed more than Rs 67,000 crore from them since the launch of the plan under the Pradhan Mantri Awas Yojana (PMAY).
"Customer centricity is at the heart of everything we do at RBIH. India's strong digital stack offers us the unique opportunity to bring everyone into the country's financial ambit. I am excited about the possibilities our collaboration with IPPB can open, and the impact we can create for the citizens of India, together," RBIH CEO Rajesh Bansal said."Customer centricity is at the heart of everything we do at RBIH. India's strong digital stack offers us the unique opportunity to bring everyone into the country's financial ambit. I am excited about the possibilities our collaboration with IPPB can open, and the impact we can create for the citizens of India, together," RBIH CEO Rajesh Bansal said.
