The bank will set off accumulated losses worth 453.96 billion rupees ($5.52 billion) while reducing its share capital. The plan to do the same had been disclosed by the bank in February 2021 and has now been approved by the NCLT, the bank said in a statement to stock exchanges.
from Banking/Finance-Industry-Economic Times https://ift.tt/P5sdboc
via IFTTT
bank, NBFC, loan, Credit Card ,General Awareness, finance knowledge RBI, saving account,current account, Fixed Deposit ,Recurring Deposit (RD) ,General Banking scheme ,
Friday, March 31, 2023
IFFCO-Tokio crosses Rs 10,000 crore gross written premium in FY23
IFFCO-Tokio General Insurance Company was incorporated on in December 2000. It offers retail products like motor, health, travel, home and personal accident insurance and corporate products, including, property, marine and liability insurance.
source https://economictimes.indiatimes.com/industry/banking/finance/insure/iffco-tokio-crosses-rs-10000-crore-gross-written-premium-in-fy23/articleshow/99142663.cms
source https://economictimes.indiatimes.com/industry/banking/finance/insure/iffco-tokio-crosses-rs-10000-crore-gross-written-premium-in-fy23/articleshow/99142663.cms
BANKING
IFFCO-Tokio General Insurance Company was incorporated on in December 2000. It offers retail products like motor, health, travel, home and personal accident insurance and corporate products, including, property, marine and liability insurance.
from Banking/Finance-Industry-Economic Times https://ift.tt/1wDQP5c
via IFTTT
from Banking/Finance-Industry-Economic Times https://ift.tt/1wDQP5c
via IFTTT
Thursday, March 30, 2023
Insurers plan digital payments platform for reinsurance business
According to an executive aware of the developments, a new company will be set up towards this end, where general insurance companies through the GI Council will hold up to 46% stake. "No insurance firm will hold more than 6% stake while the developer company may be offered around 24% stake in the new firm," he said, adding that the process is on to identify all key stakeholders.
source https://economictimes.indiatimes.com/industry/banking/finance/insure/insurers-plan-digital-payments-platform-for-reinsurance-business/articleshow/99124990.cms
source https://economictimes.indiatimes.com/industry/banking/finance/insure/insurers-plan-digital-payments-platform-for-reinsurance-business/articleshow/99124990.cms
BANKING
According to an executive aware of the developments, a new company will be set up towards this end, where general insurance companies through the GI Council will hold up to 46% stake. "No insurance firm will hold more than 6% stake while the developer company may be offered around 24% stake in the new firm," he said, adding that the process is on to identify all key stakeholders.
from Banking/Finance-Industry-Economic Times https://ift.tt/RaZibN2
via IFTTT
from Banking/Finance-Industry-Economic Times https://ift.tt/RaZibN2
via IFTTT
Axis Bank, Shriram Housing Finance announce partnership for co-lending
This partnership will cater to potential customers who are either new to credit or untapped by larger institutions and build a secured loan book, it said, adding, the collaboration will leverage the tech platform, Yubi to process loans seamlessly as per the co-lending guidelines.
source https://economictimes.indiatimes.com/industry/banking/finance/banking/axis-bank-shriram-housing-finance-announce-partnership-for-co-lending/articleshow/99117058.cms
source https://economictimes.indiatimes.com/industry/banking/finance/banking/axis-bank-shriram-housing-finance-announce-partnership-for-co-lending/articleshow/99117058.cms
BANKING
This partnership will cater to potential customers who are either new to credit or untapped by larger institutions and build a secured loan book, it said, adding, the collaboration will leverage the tech platform, Yubi to process loans seamlessly as per the co-lending guidelines.
from Banking/Finance-Industry-Economic Times https://ift.tt/ZFGN4PO
via IFTTT
from Banking/Finance-Industry-Economic Times https://ift.tt/ZFGN4PO
via IFTTT
Should your investment planning match your age?
Investment decisions vary at different stages of life. In the 20s, people show more inclination towards risks and explorations, while making short-to mid-term goals like gadgets or vacations. But people should make achievable goals to invest wisely. In the 30s, people's income rises, and they consider long-term goals like a house, retirement, etc.
source https://economictimes.indiatimes.com/industry/banking/finance/banking/should-your-investment-planning-match-your-age/articleshow/99108722.cms
source https://economictimes.indiatimes.com/industry/banking/finance/banking/should-your-investment-planning-match-your-age/articleshow/99108722.cms
BANKING
Investment decisions vary at different stages of life. In the 20s, people show more inclination towards risks and explorations, while making short-to mid-term goals like gadgets or vacations. But people should make achievable goals to invest wisely. In the 30s, people's income rises, and they consider long-term goals like a house, retirement, etc.
from Banking/Finance-Industry-Economic Times https://ift.tt/skc0MJ1
via IFTTT
from Banking/Finance-Industry-Economic Times https://ift.tt/skc0MJ1
via IFTTT
Wednesday, March 29, 2023
No charge on normal UPI payment; interchange fee applicable for PPI merchant transactions: NPCI
NPCI has permitted the PPI wallets to be part of interoperable UPI ecosystem and levied 1.1 per cent charge on unified payment interface (UPI) transactions above Rs 2,000 while using PPI.
source https://economictimes.indiatimes.com/industry/banking/finance/no-charge-on-normal-upi-payment-interchange-fee-applicable-for-ppi-merchant-transactions-npci/articleshow/99085164.cms
source https://economictimes.indiatimes.com/industry/banking/finance/no-charge-on-normal-upi-payment-interchange-fee-applicable-for-ppi-merchant-transactions-npci/articleshow/99085164.cms
PSU bank stocks deliver up to 96% return in FY23. Will the magic repeat in next fiscal?
In the 12-pack index of all state-run banks, India's largest lender the State Bank of India (SBI) is the worst performer with a minor return of just around 3%. All other stocks in the index have given double-digit returns.
source https://economictimes.indiatimes.com/industry/banking/finance/banking/psu-bank-stocks-deliver-up-to-96-return-in-fy23-will-the-magic-repeat-in-next-fiscal/articleshow/99082642.cms
source https://economictimes.indiatimes.com/industry/banking/finance/banking/psu-bank-stocks-deliver-up-to-96-return-in-fy23-will-the-magic-repeat-in-next-fiscal/articleshow/99082642.cms
BANKING
In the 12-pack index of all state-run banks, India's largest lender the State Bank of India (SBI) is the worst performer with a minor return of just around 3%. All other stocks in the index have given double-digit returns.
from Banking/Finance-Industry-Economic Times https://ift.tt/XYoGmQd
via IFTTT
from Banking/Finance-Industry-Economic Times https://ift.tt/XYoGmQd
via IFTTT
Tuesday, March 28, 2023
NK Singh, Summers to steer G20 panel on multilateral banks
Former US treasury secretary Larry Summers and the chairman of India's 15th Finance Commission NK Singh will co-chair the group's deliberations, according to a finance ministry statement. The group, set up during India's G20 presidency, will firm up a roadmap for an "updated" MDB ecosystem for the 21st century, according to the statement.
source https://economictimes.indiatimes.com/industry/banking/finance/banking/nk-singh-summers-to-steer-g20-panel-on-multilateral-banks/articleshow/99070259.cms
source https://economictimes.indiatimes.com/industry/banking/finance/banking/nk-singh-summers-to-steer-g20-panel-on-multilateral-banks/articleshow/99070259.cms
BANKING
Former US treasury secretary Larry Summers and the chairman of India's 15th Finance Commission NK Singh will co-chair the group's deliberations, according to a finance ministry statement. The group, set up during India's G20 presidency, will firm up a roadmap for an "updated" MDB ecosystem for the 21st century, according to the statement.
from Banking/Finance-Industry-Economic Times https://ift.tt/v0Vh3gO
via IFTTT
from Banking/Finance-Industry-Economic Times https://ift.tt/v0Vh3gO
via IFTTT
Monday, March 27, 2023
BANKING
SBI Cards and Axis Bank, the latter fresh with its acquisition of Citi's credit card portfolio, showed improvement in the card market share that stood at 19.8% and 11.7%, respectively, at the end of February. Cards in force market share for HDFC Bank and ICICI Bank marginally declined to 20.8% and 16.5%, respectively, in February.
from Banking/Finance-Industry-Economic Times https://ift.tt/Ejls3wr
via IFTTT
from Banking/Finance-Industry-Economic Times https://ift.tt/Ejls3wr
via IFTTT
SBI Cards outpaces banks in adding new customers in February
SBI Cards and Axis Bank, the latter fresh with its acquisition of Citi's credit card portfolio, showed improvement in the card market share that stood at 19.8% and 11.7%, respectively, at the end of February. Cards in force market share for HDFC Bank and ICICI Bank marginally declined to 20.8% and 16.5%, respectively, in February.
source https://economictimes.indiatimes.com/industry/banking/finance/banking/sbi-cards-outpaces-banks-in-adding-new-customers-in-february/articleshow/99043153.cms
source https://economictimes.indiatimes.com/industry/banking/finance/banking/sbi-cards-outpaces-banks-in-adding-new-customers-in-february/articleshow/99043153.cms
BANKING
The department under the finance ministry did not conduct assessment of the capital requirement as per its own standard practice before recapitalisation, as per the Compliance Audit Report No. 1 of 2023 of the Comptroller and Auditor General of India on Union Government (Economic and Service Ministries - Civil) for the year ended March 2021.
from Banking/Finance-Industry-Economic Times https://ift.tt/gW2QSsm
via IFTTT
from Banking/Finance-Industry-Economic Times https://ift.tt/gW2QSsm
via IFTTT
Govt gave Rs 8,800 cr capital to SBI without the lender asking for it in FY18: CAG report
The department under the finance ministry did not conduct assessment of the capital requirement as per its own standard practice before recapitalisation, as per the Compliance Audit Report No. 1 of 2023 of the Comptroller and Auditor General of India on Union Government (Economic and Service Ministries - Civil) for the year ended March 2021.
source https://economictimes.indiatimes.com/industry/banking/finance/banking/govt-gave-rs-8800-cr-capital-to-sbi-without-the-lender-asking-for-it-in-fy18-cag-report/articleshow/99041506.cms
source https://economictimes.indiatimes.com/industry/banking/finance/banking/govt-gave-rs-8800-cr-capital-to-sbi-without-the-lender-asking-for-it-in-fy18-cag-report/articleshow/99041506.cms
BANKING
The Supreme Court on Monday said a borrower must be accorded a hearing before an account is classified as "fraud" and a reasoned order must follow if such an action is taken. The decision classifying the borrower account as fraudulent must be followed by a reasoned order, it said. The verdict came on a plea of the State Bank of India.
from Banking/Finance-Industry-Economic Times https://ift.tt/0OTfqZ5
via IFTTT
from Banking/Finance-Industry-Economic Times https://ift.tt/0OTfqZ5
via IFTTT
Sunday, March 26, 2023
Reliance Capital lenders fear recovery below liquidation value
Lenders of bankrupt Reliance Capital fear their loan recovery could fall below the liquidation value of `12,500-13,000 crore for the financial services company since both bidders, Hinduja Group and Torrent Investments, are reluctant to improve their offers, bankers dealing with the matter said.
source https://economictimes.indiatimes.com/industry/banking/finance/reliance-capital-lenders-fear-recovery-below-liquidation-value/articleshow/99016843.cms
source https://economictimes.indiatimes.com/industry/banking/finance/reliance-capital-lenders-fear-recovery-below-liquidation-value/articleshow/99016843.cms
BANKING
Lenders of bankrupt Reliance Capital fear their loan recovery could fall below the liquidation value of `12,500-13,000 crore for the financial services company since both bidders, Hinduja Group and Torrent Investments, are reluctant to improve their offers, bankers dealing with the matter said.
from Banking/Finance-Industry-Economic Times https://ift.tt/sIhELMP
via IFTTT
from Banking/Finance-Industry-Economic Times https://ift.tt/sIhELMP
via IFTTT
RCAP resolution plan hits roadblock as bidders upset over another auction plan
The plan of debt-ridden Reliance Capital's lenders to conduct a second round of auction has hit a roadblock, as bidders are apparently not inclined to another round under the insolvency resolution process. The apex court has listed the matter regarding the second auction for a hearing in the month of August.
source https://economictimes.indiatimes.com/industry/banking/finance/rcap-resolution-plan-hits-roadblock-as-bidders-upset-over-another-auction-plan/articleshow/99012984.cms
source https://economictimes.indiatimes.com/industry/banking/finance/rcap-resolution-plan-hits-roadblock-as-bidders-upset-over-another-auction-plan/articleshow/99012984.cms
BANKING
The plan of debt-ridden Reliance Capital's lenders to conduct a second round of auction has hit a roadblock, as bidders are apparently not inclined to another round under the insolvency resolution process. The apex court has listed the matter regarding the second auction for a hearing in the month of August.
from Banking/Finance-Industry-Economic Times https://ift.tt/7eSxRci
via IFTTT
from Banking/Finance-Industry-Economic Times https://ift.tt/7eSxRci
via IFTTT
Saturday, March 25, 2023
FM Nirmala Sitharaman tells PSBs to flag stress points in business, stay alert
Finance Minister Nirmala Sitharaman has urged state-run banks to remain vigilant, stating that they should review their business models closely to identify stress points. Sitharaman has asked banks to be cautious regarding interest rates, concentration risks, and adverse exposures, and to regularly undertake stress tests.
source https://economictimes.indiatimes.com/industry/banking/finance/banking/fm-nirmala-sitharaman-tells-psbs-to-flag-stress-points-in-business-stay-alert/articleshow/99004136.cms
source https://economictimes.indiatimes.com/industry/banking/finance/banking/fm-nirmala-sitharaman-tells-psbs-to-flag-stress-points-in-business-stay-alert/articleshow/99004136.cms
BANKING
Finance Minister Nirmala Sitharaman has urged state-run banks to remain vigilant, stating that they should review their business models closely to identify stress points. Sitharaman has asked banks to be cautious regarding interest rates, concentration risks, and adverse exposures, and to regularly undertake stress tests.
from Banking/Finance-Industry-Economic Times https://ift.tt/gRPaBLZ
via IFTTT
from Banking/Finance-Industry-Economic Times https://ift.tt/gRPaBLZ
via IFTTT
Friday, March 24, 2023
BANKING
VRL is seeking funds to meet its upcoming debt obligations and has been engaged in talks with banks as well as private funds. VRL has $400 million of dollar bonds due in April and $500 million dollar bonds in May. It has another $1 billion bond maturing in January 2024.
from Banking/Finance-Industry-Economic Times https://ift.tt/vkQBawz
via IFTTT
from Banking/Finance-Industry-Economic Times https://ift.tt/vkQBawz
via IFTTT
Torrent Investments won’t participate in second auction for Reliance Capital
The lenders, however, are unlikely to hold a Swiss auction since this would not lead to value maximisation, people in the know said. A closed envelope bid – wherein both parties submit a proposal in a closed envelop – is an alternative option given by the administrator.
source https://economictimes.indiatimes.com/industry/banking/finance/torrent-investments-wont-participate-in-second-auction-for-reliance-capital/articleshow/98979346.cms
source https://economictimes.indiatimes.com/industry/banking/finance/torrent-investments-wont-participate-in-second-auction-for-reliance-capital/articleshow/98979346.cms
BANKING
The lenders, however, are unlikely to hold a Swiss auction since this would not lead to value maximisation, people in the know said. A closed envelope bid – wherein both parties submit a proposal in a closed envelop – is an alternative option given by the administrator.
from Banking/Finance-Industry-Economic Times https://ift.tt/bwi2Nje
via IFTTT
from Banking/Finance-Industry-Economic Times https://ift.tt/bwi2Nje
via IFTTT
FM Nirmala Sitharaman to meet chiefs of PSU Banks on Saturday
The meeting is going to take stock of the progress made by banks in achieving targets set for the various government schemes, including Kisan Credit Card (KCC), Stand-Up India, Pradhan Mantri Mudra Yojana (PMMY), and emergency credit line guarantee scheme (ECLGS) to help businesses affected by COVID-19, according to sources.
source https://economictimes.indiatimes.com/industry/banking/finance/banking/fm-nirmala-sitharaman-to-meet-chiefs-of-psu-banks-on-saturday/articleshow/98977775.cms
source https://economictimes.indiatimes.com/industry/banking/finance/banking/fm-nirmala-sitharaman-to-meet-chiefs-of-psu-banks-on-saturday/articleshow/98977775.cms
BANKING
The meeting is going to take stock of the progress made by banks in achieving targets set for the various government schemes, including Kisan Credit Card (KCC), Stand-Up India, Pradhan Mantri Mudra Yojana (PMMY), and emergency credit line guarantee scheme (ECLGS) to help businesses affected by COVID-19, according to sources.
from Banking/Finance-Industry-Economic Times https://ift.tt/0LV1Xkj
via IFTTT
from Banking/Finance-Industry-Economic Times https://ift.tt/0LV1Xkj
via IFTTT
BANKING
LegalPay has launched LegalPay Max, a pay-later product providing businesses with the option of paying for their legal services in installments. The company stated that legal professionals can benefit from offering diversified payment options, expanding their clientele, and establishing a focus on providing service avenues rather than chasing payments.
from Banking/Finance-Industry-Economic Times https://ift.tt/2cMrk6U
via IFTTT
from Banking/Finance-Industry-Economic Times https://ift.tt/2cMrk6U
via IFTTT
Thursday, March 23, 2023
Banks face losses of up to 10% on long-dated G-Secs as yields rise
"As per our analysis, if the losses are fully realised which is unlikely in our view on the held-to-maturity book, the range of impact on net worth could be 2-10% for Indian banks," said Suresh Ganapathy, associate director, Macquarie Capital. "However, this remains a theoretical exercise and unlikely to crystallise."
source https://economictimes.indiatimes.com/industry/banking/finance/banking/banks-face-losses-of-up-to-10-on-long-dated-g-secs-as-yields-rise/articleshow/98951509.cms
source https://economictimes.indiatimes.com/industry/banking/finance/banking/banks-face-losses-of-up-to-10-on-long-dated-g-secs-as-yields-rise/articleshow/98951509.cms
BANKING
"As per our analysis, if the losses are fully realised which is unlikely in our view on the held-to-maturity book, the range of impact on net worth could be 2-10% for Indian banks," said Suresh Ganapathy, associate director, Macquarie Capital. "However, this remains a theoretical exercise and unlikely to crystallise."
from Banking/Finance-Industry-Economic Times https://ift.tt/f3Ilns5
via IFTTT
from Banking/Finance-Industry-Economic Times https://ift.tt/f3Ilns5
via IFTTT
CCI clears proposed investment by Qatar Investment Authority in BTS Investment 1 Pte
The proposed transaction relates to the proposed investment by Qatar Investment Authority in BTS1, which is raising capital from various investors for its investment in Viacom18, CCI said. Last year in February, Murdoch and Shankar announced the formation of the firm, Bodhi Tree Systems (BTS) raising up to USD 1.5 billion from QIA.
source https://economictimes.indiatimes.com/industry/banking/finance/cci-clears-proposed-investment-by-qatar-investment-authority-in-bts-investment-1-pte/articleshow/98950248.cms
source https://economictimes.indiatimes.com/industry/banking/finance/cci-clears-proposed-investment-by-qatar-investment-authority-in-bts-investment-1-pte/articleshow/98950248.cms
BANKING
The proposed transaction relates to the proposed investment by Qatar Investment Authority in BTS1, which is raising capital from various investors for its investment in Viacom18, CCI said. Last year in February, Murdoch and Shankar announced the formation of the firm, Bodhi Tree Systems (BTS) raising up to USD 1.5 billion from QIA.
from Banking/Finance-Industry-Economic Times https://ift.tt/s3r9UJy
via IFTTT
from Banking/Finance-Industry-Economic Times https://ift.tt/s3r9UJy
via IFTTT
Wednesday, March 22, 2023
BANKING
Banks want that a restructured MSME account under the Covid package be considered NPA from the latest date and not from the date prior to restructuring. This will give some relief to banks as it would lessen their provisioning burden. This comes after, in certain cases, banks were told to treat such accounts as bad loans starting from when they were restructured and accordingly make provisions.
from Banking/Finance-Industry-Economic Times https://ift.tt/2oNGuV8
via IFTTT
from Banking/Finance-Industry-Economic Times https://ift.tt/2oNGuV8
via IFTTT
Libor switchover for loan disputes & defaults may be a snag for banks
After allegations of manipulation and collusion by big global banks, the end of Libor began in 2017, with 2023 decided as the last year in the transition road. By end-2021 many banks had stopped drawing contracts using Libor and June 2023 was set as the deadline for replacing the guiding rate.
source https://economictimes.indiatimes.com/industry/banking/finance/banking/libor-switchover-for-loan-disputes-defaults-may-be-a-snag-for-banks/articleshow/98922872.cms
source https://economictimes.indiatimes.com/industry/banking/finance/banking/libor-switchover-for-loan-disputes-defaults-may-be-a-snag-for-banks/articleshow/98922872.cms
BANKING
After allegations of manipulation and collusion by big global banks, the end of Libor began in 2017, with 2023 decided as the last year in the transition road. By end-2021 many banks had stopped drawing contracts using Libor and June 2023 was set as the deadline for replacing the guiding rate.
from Banking/Finance-Industry-Economic Times https://ift.tt/l2MAHND
via IFTTT
from Banking/Finance-Industry-Economic Times https://ift.tt/l2MAHND
via IFTTT
More banks will fail over next 2 years, says Man Group CEO
"I think we will have significantly more banks that don't exist in 12-24 months," he said, adding that he thought smaller and regional banks in the United States and challenger banks in Britain could be at risk.
source https://economictimes.indiatimes.com/industry/banking/finance/banking/more-banks-will-fail-over-next-2-years-says-man-group-ceo/articleshow/98908446.cms
source https://economictimes.indiatimes.com/industry/banking/finance/banking/more-banks-will-fail-over-next-2-years-says-man-group-ceo/articleshow/98908446.cms
Tuesday, March 21, 2023
Bank fixed deposit (FD) interest rates could go up further, signals RBI
Banks have been increasing fixed deposit or FD rates after a series of rate hikes by the RBI. Now, the central bank has signalled that deposit rates could go up further amid competition between banks for share of deposits.
source https://economictimes.indiatimes.com/industry/banking/finance/banking/bank-fixed-deposit-fd-interest-rates-could-go-up-further-signals-rbi/articleshow/98878406.cms
source https://economictimes.indiatimes.com/industry/banking/finance/banking/bank-fixed-deposit-fd-interest-rates-could-go-up-further-signals-rbi/articleshow/98878406.cms
This is how global banking crisis can impact India in different ways
India is seen to be relatively sheltered from the shocks of the crisis. It is unlikely to impact India's banking system or its broader macroeconomic stability, unless more banks in the US or Europe fail and the crisis gets pronounced. Yet, analysts and some economists believe indirect impact of the banking crisis might ripple through India's economy and manifest in India's tech sector, markets and startups.
source https://economictimes.indiatimes.com/industry/banking/finance/banking/this-is-how-global-banking-crisis-can-impact-india-in-different-ways/articleshow/98862476.cms
source https://economictimes.indiatimes.com/industry/banking/finance/banking/this-is-how-global-banking-crisis-can-impact-india-in-different-ways/articleshow/98862476.cms
BANKING
India is seen to be relatively sheltered from the shocks of the crisis. It is unlikely to impact India's banking system or its broader macroeconomic stability, unless more banks in the US or Europe fail and the crisis gets pronounced. Yet, analysts and some economists believe indirect impact of the banking crisis might ripple through India's economy and manifest in India's tech sector, markets and startups.
from Banking/Finance-Industry-Economic Times https://ift.tt/gu6YLrP
via IFTTT
from Banking/Finance-Industry-Economic Times https://ift.tt/gu6YLrP
via IFTTT
Credit Suisse crisis sends shivers amongst wealthy Indians
Credit Suisse Group AG is likely to make wealthy Indians nervous, as they recall past uncertainty in terms of their business strategies. This year, Citigroup Inc. exited its retail operations in India, transferring all its wealth management business to Axis Bank while in the past decade, Credit Suisse’s new buyer — UBS AG, Morgan Stanley and Macquarie Group Ltd. have exited the country’s private-wealth busines
source https://economictimes.indiatimes.com/industry/banking/finance/banking/credit-suisse-crisis-sends-shivers-amongst-wealthy-indians/articleshow/98860751.cms
source https://economictimes.indiatimes.com/industry/banking/finance/banking/credit-suisse-crisis-sends-shivers-amongst-wealthy-indians/articleshow/98860751.cms
Subscribe to:
Posts (Atom)