Ex-banker who built financial empire warns of India’s complexity

Shah said companies such as Hindustan Unilever Ltd. show a commitment to India pays off. Shares of Unilever’s local Indian unit have surged over decades of being listed in the country. He said some global asset managers still see the market as too small for the effort required after some global firms exited their mutual fund businesses in India.

source https://economictimes.indiatimes.com/industry/banking/finance/ex-banker-who-built-financial-empire-warns-of-indias-complexity/articleshow/97510007.cms

BANKING

Shah said companies such as Hindustan Unilever Ltd. show a commitment to India pays off. Shares of Unilever’s local Indian unit have surged over decades of being listed in the country. He said some global asset managers still see the market as too small for the effort required after some global firms exited their mutual fund businesses in India.

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RBI relaxes restrictions on SBM Bank India until March 15

The banking regulator, on January 23, asked SBM Bank (India) to stop with immediate effect all transactions under the Liberalised Remittance Scheme (LRS) till further orders. "The bank has since initiated corrective actions and made submission for relaxation of the restrictions," the RBI said.

source https://economictimes.indiatimes.com/industry/banking/finance/banking/rbi-relaxes-restrictions-on-sbm-bank-india-until-march-15/articleshow/97503440.cms

BANKING

The banking regulator, on January 23, asked SBM Bank (India) to stop with immediate effect all transactions under the Liberalised Remittance Scheme (LRS) till further orders. "The bank has since initiated corrective actions and made submission for relaxation of the restrictions," the RBI said.

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RBI partially relaxes restrictions on SBM Bank India

Last week, the RBI ordered SBM Bank to stop all transactions under the liberalised remittance scheme (LRS) - which allows Indian residents to send up to $250,000 abroad each financial year - until further notice, citing "material supervisory concerns" but without giving any further details.

source https://economictimes.indiatimes.com/industry/banking/finance/banking/rbi-partially-relaxes-restrictions-on-sbm-bank-india/articleshow/97494044.cms

BANKING

Last week, the RBI ordered SBM Bank to stop all transactions under the liberalised remittance scheme (LRS) - which allows Indian residents to send up to $250,000 abroad each financial year - until further notice, citing "material supervisory concerns" but without giving any further details.

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"Many farmers, small business owners/shopkeepers also resort to gold loans to meet their working capital needs," said George Alexander Muthoot, managing director of Muthoot Finance. "Gold loan NBFCs serve the underserved segment or the bottom of the pyramid as this segment frequently borrows less than ₹50,000 and the tenure of these loans is also typically for less than 12 months."

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Board of directors of Maharashtra co-op bank violated norms to siphon off funds: ED

A statement of the federal agency to this effect came after the Pimpri-Chinchwad Police arrested Mulchandani and five of his family members for "obstructing" an ED raid conducted against the former bank chairman on January 27 and "destruction of evidence".

source https://economictimes.indiatimes.com/industry/banking/finance/banking/board-of-directors-of-maharashtra-co-op-bank-violated-norms-to-siphon-off-funds-ed/articleshow/97446720.cms

BANKING

A statement of the federal agency to this effect came after the Pimpri-Chinchwad Police arrested Mulchandani and five of his family members for "obstructing" an ED raid conducted against the former bank chairman on January 27 and "destruction of evidence".

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Keeping a tab on development related to Adani Group: PNB MD

"Whatever exposure we are having is backed by cash flow. Total exposure include investment of Rs 42 crore and remaining credit," PNB managing director Atul Kumar Goel said while announcing quarterly numbers.

source https://economictimes.indiatimes.com/industry/banking/finance/banking/keeping-a-tab-on-development-related-to-adani-group-pnb-md/articleshow/97446055.cms

BANKING

"Whatever exposure we are having is backed by cash flow. Total exposure include investment of Rs 42 crore and remaining credit," PNB managing director Atul Kumar Goel said while announcing quarterly numbers.

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Key highlights from Mastercard Payments Summit 2022, a powerful way to redefine commerce

Summit discussing how payments platforms are safe, simple, comfortable and trustworthy for users with seamless e-commerce payments experience and the importance of user experience in the payment space.

source https://economictimes.indiatimes.com/industry/banking/finance/banking/key-highlights-from-mastercard-payments-summit-2022-a-powerful-way-to-redefine-commerce/articleshow/97440243.cms

BANKING

Summit discussing how payments platforms are safe, simple, comfortable and trustworthy for users with seamless e-commerce payments experience and the importance of user experience in the payment space.

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Punjab & Sind Bank aims at Rs 500 cr recovery from NPAs in Q4: MD

The bank will soon start the process of appointing merchant banks and take opinions about market conditions, he said, adding the bank would take a call on raising funds through equity or bonds. As far as the capital adequacy ratio is concerned, the bank is well capitalised at 15.57 per cent and it can easily take care of business growth this year, he added.

source https://economictimes.indiatimes.com/industry/banking/finance/banking/punjab-sind-bank-aims-at-rs-500-cr-recovery-from-npas-in-q4-md/articleshow/97415345.cms

BANKING

The bank will soon start the process of appointing merchant banks and take opinions about market conditions, he said, adding the bank would take a call on raising funds through equity or bonds. As far as the capital adequacy ratio is concerned, the bank is well capitalised at 15.57 per cent and it can easily take care of business growth this year, he added.

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Bank unions defer two-day strike originally set for January 30, 31

According to C H Venkatachalam, General Secretary, All India Bank Employees' Association, the IBA reportedly agreed to meet with the unions on January 31 to discuss their demands - which include five day banking, updation of pension, and restoration of the old pension scheme.

source https://economictimes.indiatimes.com/industry/banking/finance/banking/bank-unions-defer-two-day-strike-set-to-start-january-30/articleshow/97391080.cms

BANKING

According to C H Venkatachalam, General Secretary, All India Bank Employees' Association, the IBA reportedly agreed to meet with the unions on January 31 to discuss their demands - which include five day banking, updation of pension, and restoration of the old pension scheme.

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Six banks join Grant Thornton in legal fight against Winsome's Mehtas

IDBI Bank, Axis Bank, Exim, Bank of Maharashtra, Standard Chartered Bank and State Bank of Mauritius are among the financial institutions which have registered their claims in an arrangement under which GT, after collecting a generous success fee, would pay the Indian lenders pari passu in relation to the value of their claims, two persons familiar with the development told ET.

source https://economictimes.indiatimes.com/industry/banking/finance/banking/six-banks-join-grant-thornton-in-legal-fight-against-winsomes-mehtas/articleshow/97387644.cms

BANKING

IDBI Bank, Axis Bank, Exim, Bank of Maharashtra, Standard Chartered Bank and State Bank of Mauritius are among the financial institutions which have registered their claims in an arrangement under which GT, after collecting a generous success fee, would pay the Indian lenders pari passu in relation to the value of their claims, two persons familiar with the development told ET.

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Union Bank takes second shot at selling KSK Mahanadi loan account

The bank has set a Rs 828 crore reserve price to sell the account, a 10% reduction from the Rs 919 crore reserve price set by the bank in August. It envisages a recovery of 40% on the account, down from the 44% recovery expected last time.

source https://economictimes.indiatimes.com/industry/banking/finance/banking/union-bank-takes-second-shot-at-selling-ksk-mahanadi-loan-account/articleshow/97384324.cms

BANKING

The bank has set a Rs 828 crore reserve price to sell the account, a 10% reduction from the Rs 919 crore reserve price set by the bank in August. It envisages a recovery of 40% on the account, down from the 44% recovery expected last time.

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Insurance Bill may not be introduced in budget session

A government official said that the suggestions are being examined and that an announcement can be made in the budget while the actual bill may be introduced later. "We will try to bring it in the first half of this (calendar) year," he said.

source https://economictimes.indiatimes.com/industry/banking/finance/insure/insurance-bill-may-not-be-introduced-in-budget-session/articleshow/97361600.cms

BANKING

A government official said that the suggestions are being examined and that an announcement can be made in the budget while the actual bill may be introduced later. "We will try to bring it in the first half of this (calendar) year," he said.

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No significant risk to Indian banking system from Adani Group: CLSA

“Indian banking exposure is less than 40% of total group debt,” CLSA said in its report dated January 26. Within this, private banks’ exposure is below 10% of total group debt and most banks have indicated that they have largely financed assets with strong cash flows, such as airports/ports,” it said.

source https://economictimes.indiatimes.com/industry/banking/finance/banking/no-significant-risk-to-indian-banking-system-from-adani-group-clsa/articleshow/97359046.cms

BANKING

“Indian banking exposure is less than 40% of total group debt,” CLSA said in its report dated January 26. Within this, private banks’ exposure is below 10% of total group debt and most banks have indicated that they have largely financed assets with strong cash flows, such as airports/ports,” it said.

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Credent Global Finance in talks to raise Rs 500 crore for tier-II projects

Investment in real estate in India grew by 32% Y-o-Y to an all-time high of $7.8 million in 2022, according to CBRE.

source https://economictimes.indiatimes.com/industry/banking/finance/credent-global-finance-in-talks-to-raise-rs-500-crore-for-tier-ii-projects/articleshow/97357810.cms

BANKING

Investment in real estate in India grew by 32% Y-o-Y to an all-time high of $7.8 million in 2022, according to CBRE.

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Amid this, the appellate tribunal of the bankruptcy court again rejected an application from Adisri Commercial, the holding company of Srei Equipment, challenging the admission of the subsidiary for bankruptcy proceedings.

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Promoter group reclassified as public: Reliance Cap

The company has made an application to BSE Ltd and National Stock Exchange of India Limited for reclassification of existing 'Promoter/Persons belonging to Promoter Group' to 'Public' in accordance with Regulation 31A of Sebi (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company said in a regulatory filing.

source https://economictimes.indiatimes.com/industry/banking/finance/promoter-group-reclassified-as-public-reliance-cap/articleshow/97323417.cms

BANKING

The article discusses the benefits of opening a digital bank account with Airtel Payments Bank. The account offers a high interest rate on deposits, and the bank has partnered with IndusInd Bank to offer fixed deposits with attractive interest rates.

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Step up your financial journey with these to-dos in 2023

The article discusses the benefits of opening a digital bank account with Airtel Payments Bank. The account offers a high interest rate on deposits, and the bank has partnered with IndusInd Bank to offer fixed deposits with attractive interest rates.

source https://economictimes.indiatimes.com/industry/banking/finance/banking/step-up-your-financial-journey-with-these-to-dos-in-2023/articleshow/97318959.cms

SBI services could be impacted after unions call for strike on January 30, 31

UFBU, which is the umbrella body of bank unions, announced that employees linked to its affiliated unions would go on strike on January 30 and 31. UFBU demanded the resolution of various issues related to the 11th wage settlement of bank employees and a five-day working week in banks.

source https://economictimes.indiatimes.com/industry/banking/finance/banking/sbi-services-could-be-impacted-after-unions-call-for-strike-on-january-30-31/articleshow/97310801.cms

BANKING

UFBU, which is the umbrella body of bank unions, announced that employees linked to its affiliated unions would go on strike on January 30 and 31. UFBU demanded the resolution of various issues related to the 11th wage settlement of bank employees and a five-day working week in banks.

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BANKING

“At this point in time, we are watching the next central bank move on the repo rate, so raising funds from the market makes sense because we can tweak the tenure. But with term deposits, there is no scope of repricing,” said a senior official at a private sector bank.

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Banks relying on costly market borrowings for lending

“At this point in time, we are watching the next central bank move on the repo rate, so raising funds from the market makes sense because we can tweak the tenure. But with term deposits, there is no scope of repricing,” said a senior official at a private sector bank.

source https://economictimes.indiatimes.com/industry/banking/finance/banking/banks-keen-to-avoid-fd-lock-in-raise-market-borrowings-sharply-for-lending/articleshow/97290005.cms

BANKING

In November last year, the department had conducted searches on premises linked to the agents after goods & services tax (GST) authorities informed the insurance regulator about alleged malpractices by more than a dozen insurance companies while allocating commissions to their agents.

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Transactions worth Rs 12,000 crore by insurers under taxman's lens

In November last year, the department had conducted searches on premises linked to the agents after goods & services tax (GST) authorities informed the insurance regulator about alleged malpractices by more than a dozen insurance companies while allocating commissions to their agents.

source https://economictimes.indiatimes.com/industry/banking/finance/transactions-worth-rs-12000-crore-by-insurers-under-taxmans-lens/articleshow/97289593.cms

Standard Chartered announces two senior-level appointments for India and South Asia

“Sarabjit Anand and SV Shivshanker are two strong additions to the bank’s leadership team, and their presence will provide an impetus to our growth strategy. Both bring with them a rich experience across cultures and geographies within the Standard Chartered network that will be invaluable as we continue to consolidate our position in the market,” said Zarin Daruwala, cluster CEO, India and South Asia markets (Bangladesh, Nepal and Sri Lanka), Standard Chartered Bank.

source https://economictimes.indiatimes.com/industry/banking/finance/banking/standard-chartered-announces-two-senior-level-appointments-for-india-and-south-asia/articleshow/97272557.cms

BANKING

Bankers have been lobbying for changes in existing provisions toward this end, arguing that it will help hasten decision-making, in turn bolstering growth and economic development. Banks repeatedly raised the issue after the 2021 arrest of former State Bank of India chairman Pratip Chaudhuri in an alleged loan scam case.

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BANKING

"Public sector banks have seen a sharp re-rating as the asset quality environment improved, they were helped by better liquidity and falling credit costs; however, we think the asset quality cycle basis re-rating is largely done in the sector and the focus will now shift back to the ability of individual banks to grow faster than system and deliver better or higher ROEs," said Pranav Gundlapalle, head, India financials, Bernstein.

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BANKING

Overall, retirement planning is an important topic that needs careful consideration. It requires a long-term perspective and a commitment to consistent savings and investments. By starting early and being consistent with your planning, you can help yourself and aim to ensure that you have the financial resources which you need to enjoy a comfortable and fulfilling retirement.

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NCLT extends the status quo in the Reliance Capital case until further order

This follows last week’s order of the bankruptcy court to maintain the status quo until January 23, in the matter, including deferring to the proposed auction for the sale of the Reliance Capital.

source https://economictimes.indiatimes.com/industry/banking/finance/nclt-extends-the-status-quo-in-the-reliance-capital-case-until-further-order/articleshow/97247809.cms

BANKING

This follows last week’s order of the bankruptcy court to maintain the status quo until January 23, in the matter, including deferring to the proposed auction for the sale of the Reliance Capital.

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ET explainer: Yes Bank and the AT-1 bonds saga, what next for investors?

In what came as a positive development for retail & institutional investors, the Bombay High Court last week invalidated the write-off of additional Tier-1 (AT1) bonds issued by private lender Yes Bank. Its CEO Prashant Kumar on Saturday said that the company has legal grounds to appeal against the court order.

source https://economictimes.indiatimes.com/industry/banking/finance/banking/et-explainer-yes-bank-and-the-at-1-bonds-saga-what-next-for-investors/articleshow/97246072.cms

BANKING

In what came as a positive development for retail & institutional investors, the Bombay High Court last week invalidated the write-off of additional Tier-1 (AT1) bonds issued by private lender Yes Bank. Its CEO Prashant Kumar on Saturday said that the company has legal grounds to appeal against the court order.

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BANKING

This takes the total investment by the Japanese parent and its affiliates to Rs 1,600 crore into Credit Saison India, which expanded its portfolio of assets to Rs 5,000 crore in four years.

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Japan’s Credit Saison Company invests Rs 540 crore in its wholly owned Indian subsidiary

This takes the total investment by the Japanese parent and its affiliates to Rs 1,600 crore into Credit Saison India, which expanded its portfolio of assets to Rs 5,000 crore in four years.

source https://economictimes.indiatimes.com/industry/banking/finance/japans-credit-saison-company-invests-rs-540-crore-in-its-wholly-owned-indian-subsidiary/articleshow/97231210.cms

Budget 2023: Govt may not give PSBs a capital infusion

The government last provided capital support to banks in 2021-22. It had earmarked Rs 20,000 crore for recapitalisation of PSBs through supplementary demands for grants. The government infused Rs 3,10,997 crore to recapitalise banks during the last five financial years i.e., from 2016-17 to 2020-21, out of which Rs 34,997 crore were sourced through budgetary allocation and Rs 2,76,000 crore through issuance of recapitalisation bonds to these banks.

source https://economictimes.indiatimes.com/industry/banking/finance/banking/budget-2023-psbs-may-not-get-a-capital-infusion-from-govt/articleshow/97223398.cms

BANKING

The government last provided capital support to banks in 2021-22. It had earmarked Rs 20,000 crore for recapitalisation of PSBs through supplementary demands for grants. The government infused Rs 3,10,997 crore to recapitalise banks during the last five financial years i.e., from 2016-17 to 2020-21, out of which Rs 34,997 crore were sourced through budgetary allocation and Rs 2,76,000 crore through issuance of recapitalisation bonds to these banks.

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Budget 2023: Insurers hope for tax concessions to underwrite industry's growth

Scrapping or slashing of Goods and Services Tax (GST) on insurance premiums, making pension/annuity proceeds tax-free, and creating a separate category for tax deduction for premium paid are some of the budget wishlist of Indian insurers.

source https://economictimes.indiatimes.com/industry/banking/finance/insure/budget-2023-insurers-hope-for-tax-concessions-to-underwrite-industrys-growth/articleshow/97222003.cms