BANKING

With the market having expanded, evident in the definitive uptick in travel loans, the average loan value per person has dropped about a quarter to Rs 1.5 lakh per person. The average value has seen a reduction given the large increase of younger travellers availing of loans -- for both domestic and short-haul overseas destinations.

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This is the probably last full review meeting before the presentation of Budget 2024-25 and general elections later next year. As per PTI sources, issues related to fraud and wilful defaulters and progress on the National Asset Reconstruction Company Ltd (NARCL) came up for discussion during the meeting.

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RBI's assessment of notional losses in the HTM portfolio - which it started publishing recently - assumes significance in light of the collapse of the Silicon Valley Bank and a few other US-based lenders in March 2023, stressed by huge losses incurred on holdings of American bonds.

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BANKING

The RBI has warned that 34 NBFCs may face stress in extreme liquidity conditions if they face negative cumulative mismatch in liquidity over the next year. The top 50 NBFCs have seen a shift towards longer-term funding sources and a decrease in short-term borrowing, with 76% of bonds having a residual maturity of up to five years in September 2023.

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BANKING

Service outages have been plaguing all lenders globally. Earlier this year, Canadian bank Laurentian replaced its chief executive after an IT outage. The bank noted that the new management's immediate priority would be to address the impact of a mainframe outage that occurred last month during a planned IT maintenance update. Amid all this, the RBI has asked banks to explore setting up a 'service availability web page' or SEWA dashboard that will help customers compare different banking facilities offered by lenders.

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BANKING

The Reserve Bank of India (RBI) has raised concerns over high levels of gross non-performing assets (NPAs) in urban cooperative banks, despite improved profitability indicators. The RBI has called for further strengthening of governance standards and risk management practices, and for co-operative banks to adopt global best practices of supervision.

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BANKING

During 2022-23, Irdai said, life insurers issued 284.70 lakh new policies under individual business, out of which public sector insurers issued 204.29 lakh policies (71.75 per cent) and private life insurers issued 80.42 lakh policies (28.25 per cent).

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BANKING

India's banking sector is poised for another strong year, with public sector banks expected to achieve a total profit of Rs 1.50 lakh crore. The robust economic growth and stable non-performing assets are contributing to this positive outlook. However, slower deposit growth remains a challenge for banks. The RBI Governor Das has indicated that interest rates will remain high for the next six months.

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BANKING

The continuation of a 14-month tussle with the RBI regarding the oversight of Clearing Corp of India (CCIL) will likely put French and German banks at a severe disadvantage relative to other foreign banks operating in India, especially after the UK formally recognised the local bond clearing house.

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In terms of the amount settled, debit card transactions are just a third of the amount settled through UPI during the month. In value terms Rs 17 lakh was settled through UPI in November. Besides widespread usage in financially savvy urban centers, UPI is now picking up in semi urban and rural areas.

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BANKING

In terms of the amount settled, debit card transactions are just a third of the amount settled through UPI during the month. In value terms Rs 17 lakh was settled through UPI in November. Besides widespread usage in financially savvy urban centers, UPI is now picking up in semi urban and rural areas.

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Finance Minister Nirmala Sitharaman is set to meet managing directors of public sector banks (PSBs) to review their financial performance. Public sector banks have reportedly earned a net profit of around Rs 68,500 crore during the first six months of the current financial year. The meeting will assess the progress made by banks in achieving targets for government schemes such as Pradhan Mantri Jan Dhan Yojana (PMJDY), Kisan Credit Card (KCC), Stand-Up India, and Pradhan Mantri Mudra Yojana (PMMY).

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IL&FS is poised to divest its stakes in three road projects as part of the resolution process. This decision comes after the new board's inability to secure approvals for the original plan of transferring these assets to an infrastructure investment trust (InvIT). The road projects in question include Baleshwar-Kharagpur Expressway (BKEL), Jharkhand Infrastructure Implementation Company (JIICL), and Jharkhand Road Projects Implementation Company (JRPICL).

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The government has said that it will take up the matter with IRDAI to reevaluate the 24-hour hospitalization requirement for mediclaim policies. In response to concerns raised by the National Consumer Commission chief, Justice Amreshwar Prasap Sahi, the Consumer Affairs Ministry said that it aims to address the evolving nature of medical procedures.

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BANKING

"There would be far more scrutiny by banks on account holders making forex transactions on non-authorised platforms, including apps," said one of the officials who didn't want to be named. "The regulator wants lenders to further ensure that Know Your Customers (KYC) norms for all parties in such transactions are strictly followed."

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BANKING

These are among the key proposals made by the fund industry body in its representation to the Reserve Bank of India (RBI) in the wake of the central bank's sweeping measures, a person familiar with the subject told ET. The strict dos and don'ts imposed by RBI in a circular on December 19 are aimed at restraining lenders from using AIFs to move funds to help near-delinquent borrowers and hide the stress on loan books.

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BANKING

​​​In an order issued on November 28, the RBI imposed a penalty of Rs 2 lakh on the TDCC Bank for the violation of sections 20 and 56 of the Banking Regulation (BR) Act, 1949, it said.

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BANKING

The penalties imposed by the RBI are in line with its Clean Note Policy, which requires immediate penalty levying upon the detection of a shortage in soiled note remittances or chest balances, regardless of the number of pieces detected. This penalty serves as a reminder to banks to ensure the proper handling and remittance of soiled notes. The RBI's strict enforcement of the Clean Note Policy aims to maintain the integrity of currency circulation in the country.

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A higher surrender value on nonpar policies, which guarantee survival or maturity benefit without depending on insurers’ profit, could lead to an increase in more people giving up on policies prematurely, according to the insurers. This could result in a decline in persistence levels — or the proportion of policyholders who opt to pay premiums regularly — for the life insurance sector, according to them.

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The Indian Venture and Alternate Capital Association (IVCA) lobby group has approached the government, concerned that the measure will impact the flow of funds to the startup sector, ET reported on Friday. The RBI had been keeping a close watch on these practices for the past several months and clamped down after investments rose sharply, said a person familiar with the details.

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BANKING

Beacon Trusteeship Ltd, based in Mumbai, has achieved a significant milestone with its leading securitization platform, ProSec. The platform, responsible for managing and overseeing transactions, has now surpassed a total value of $3 billion. It processes approximately 70 lakh loans on a monthly basis, spanning across more than 200 pools within the platform.

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The gesture of giving gifts to each other is a lot about feeling and love. It is the thought that counts, after all. With the convenience and choice of sending gift cards in minutes from anywhere, anytime, it gives you the ultimate delight to #UnwrapHappiness for your loved ones.

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BANKING

Mitsubishi UFJ Financial Group Inc. plans expansion in India, citing the nation's strong growth prospects. CEO Hironori Kamezawa highlighted India's assured economic growth, contrasting it with potential challenges in China. The bank has been steadily growing its presence, opening branches and investing in Indian startups, aiming for further development. India's allure as an investment destination is rising, drawing interest as an alternative to China amidst perceived risks.

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BANKING

Banks with a smaller geographic presence are providing higher returns on savings accounts than the fixed deposit rates offered by larger banks. This highlights the growing competition to attract funds in an economy where credit growth outpaces deposit accumulation in the banking system.

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BANKING

India's Piramal Enterprises plans to set aside provisions for certain exposures to investments in alternate investment fund (AIF) units, following the Reserve Bank of India's tightening rules. The RBI has barred all entities from investing in AIFs with borrowers in the past 12 months. As of November 30, Piramal's AIF investments were valued at Rs 38.17 billion.

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According to a recent report by the National Insurance Agency, over 400 million individuals, or about a third of the population, lack health insurance due to lower penetration, coverage inadequacy and rising healthcare costs.

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BANKING

A Reserve Bank of India (RBI) circular issued Tuesday prohibits banks and NBFCs from investing in AIFs to prevent questionable asset transfers. This will affect large banks and NBFCs involved in AIF investments. "This RBI measure imposes significant requirements on banks and NBFCs," said Sai Krishna Bharathan, Partner, Trilegal.

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BANKING

For years, 'evergreening of loans' - throwing new loans to help a stressed or delinquent borrower repay old loans - has worried the regulator. Since rules prohibit lenders from doing this blatantly, some of them, mostly non-banking companies, had figured out a different way some years ago. They cut special deals with foreign credit funds, which bet on comparatively lower-rated bonds, to set up local alternative investment funds (AIFs).

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BANKING

Sumitomo Mitsui Banking Corporation (SMBC), Japan's second-largest bank, closed a $120 million aircraft financing loan for Air India to acquire an Airbus A350-900. The transaction, facilitated by SMBC Singapore branch and Air India's subsidiary in Gujarat International Finance Tec-City, marks SMBC's first aircraft finance lease in the Indian market.

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BANKING

Mukerji joined as CEO of ACRE, an asset reconstruction company backed by global fund Ares SSG Capital, in November 2020. She was appointed for a term of five years.

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BANKING

HFCs could see some pressure to either divest or fully provide for some assets as some of them have investments in AIFs, and those funds have invested in real estate companies. "It may also significantly impact the existing investments from the likes of banks, NBFCs and Sidbi in several AIFs," said Tejesh Chitlangi, Senior Partner, IC Universal Legal.

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BANKING

Over 20 asset reconstruction companies and non-banking finance companies have expressed their interest in acquiring Saraswat Bank's non-performing assets. These include Acre ARC, Asset Reconstruction Company (India) and Edelweiss ARC.

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BANKING

Karur Vysya Bank and HDFC Life have entered into a corporate agency agreement to offer life insurance products to Karur Vysya Bank customers. The agreement will allow customers to access HDFC Life's range of life insurance products, covering protection, savings, investment, retirement, and critical illness.

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BANKING

The investment bank wants to broaden the range of loans it offers through its shadow banking unit, according to Sonjoy Chatterjee, chairman and chief executive officer for Goldman in India. The firm also plans to get a license to scale up in currency trading, which would allow Goldman to deal with any counterparty such as financial investors, equity customers or a corporate customer, he said.

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BANKING

Lenders argued in a representation to the RBI earlier this month that penal interest rates lead to better credit discipline. They also said they needed time to reconfigure their internal systems. "We need more time to reconfigure our internal systems to adhere to guidelines, and accordingly, a representation was made to the regulator earlier this month," an executive of a leading public sector bank said on condition of anonymity.

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BANKING

While speaking on the issue of enabling innovative finance for MSMEs, Amar Patnaik highlighted the role of SIDBI, and indicated that a similar recommendation has been made by the Standing Committee on Finance.

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BANKING

Cost of borrowing for companies, banks and non-banks through commercial papers (CP) and certificates of deposits (CD) has increased 15-25 basis points (bps) over the past month, data from Clearing Corporation of India (CCI) showed. One basis point is 1/100th of a percentage point. ​The increase in borrowing costs - particularly in the crowded three-month segment of borrowing - comes after the RBI on November 16 announced new regulatory measures for NBFC credit.

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BANKING

LIC is planning to launch a product specifically designed for rural areas to achieve 'Insurance For All by 2047'. The product will consist of life, health, and property insurance, with a women-centric distribution channel model. The IRDAI has proposed guidelines for 'Bima Vahaks', which seek to establish a dedicated distribution channel at the level of Gram Panchayats.

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"A low-profile company, Lloyds Metals, has emerged the fastest wealth creator with 2018-23 price CAGR of 79 per cent," it said. Adani Enterprises Ltd, the flagship incubator firm of the Adani Group, is a close second with a CAGR of 78 per cent

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BANKING

"As India globalises and a lot of Indians keep travelling abroad for work or leisure it's imperative to remove their pain of buying multiple policies separately for India and overseas," Reliance General Insurance CEO Rakesh Jain said.

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BANKING

IndusInd Bank has launched its 'Indus Solitaire Program', a community banking initiative designed for the diamond industry. The program will be offered through its flagship branches in Mumbai and Surat, providing exclusive benefits and features. The program includes 24x7 locker access, add-on family accounts, zero cross-currency markup fee on foreign exchange, customized diamond industry employee salary accounts amid other services.

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BANKING

India has been one of the rare hotspots for mergers and acquisitions as well as share sales in recent years as investors bet on the nation’s fast-growing economy. The South Asian country has seen more than $21 billion raised through sales of new and existing shares as well as rights offerings so far this year, data compiled by Bloomberg shows, defying a weak global market as interest rates jumped.

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BANKING

The new rules would put insurers in a dilemma - they must either lower sales or lower profits to address premature policy closures. If insurers cut commissions to make room for higher payouts, it could impact sales. On the other hand, if they retain commissions or pay higher ones, they will suffer a loss in profits.

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BANKING

In this draft circular, the regulator has suggested changes in surrender value rules for non-linked life insurance policies. Under the current draft Irdai regulations on non-linked insurance products, surrender values are determined based on a percentage of premiums paid by the policyholder, which increases with the number of premiums paid.

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BANKING

This is the second big investment by BII, the UK's development finance institution and impact investor, in India in quick succession. It has recently committed to lend Rs 250 crore to non-bank lender Aye Finance. “The housing crisis in India has been exacerbated by urbanization and migration. In cities, many low-income families face challenges due to informal job natures and poor living conditions," said Gaurav Malhotra, Director for Financial Services at BII.

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BANKING

Federal Bank, a private lender in India, is planning to collaborate with fintech companies as part of its growth strategy. Shyam Srinivasan, MD&CEO of Federal Bank, stated that partnerships with fintech firms will provide the bank with broader customer reach, and the bank aims to leverage this strategy instead of competing. Fintech collaborations, particularly in client acquisition for opening digital savings accounts, have proven valuable for the bank.

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BANKING

Orbis Financial raises Rs 102 crore for market position strengthening, secures funds from investor Ashish Kacholia. The firm, founded in 2009, offers services to various investor segments, including FPIs, insurance companies, and high-net-worth individuals. This marks the second round of investment by Kacholia, following an earlier funding of Rs 111 crore, with Derivative Saint serving as the exclusive advisor in both funding rounds.

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BANKING

​​ In the past two financial years, PSBs have made a turnaround, backed by a decrease in bad loans. In 2022-23, PSBs earned a record aggregate net profit of about ₹ 1.05 lakh crore, almost triple the net profit earned in 2013-14. The government has been pushing banks to review their systems and adopt best practices to tackle issues such as fraud and cybersecurity risks.

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BANKING

The non-banking financial company (NBFC) plans to securitise part of its loan portfolio and then sell it to international investors, with major global banks set to meet investors in Hong Kong and Singapore this week to arrange the transaction, said people with knowledge of the matter.

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BANKING

The corporate loan portfolio comprises eight accounts with Rs 3091 crore, while the retail portfolio is Rs 1142 crore. Last year, the bank sold a Rs 48000 crore non-performing loan portfolio to JC Flowers ARC

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BANKING

State-run Indian Bank has put bad loans worth ₹610 crore on sale as it looks to clean up books by the end of this financial year. ​​The loans include exposures to real estate firm Ashvi Developers, LMJ International and ACCIL Corporation.

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BANKING

In 2016, BNP Paribas had acquired Sharekhan from a clutch of private equity firms, including Citi Venture Capital International (CVCi), Baring Asia Private Equity and Samara Capital, for ₹2,100 crore. "BNP Paribas wants to focus mainly on the banking business. They had earlier exited the mutual fund and wealth management businesses also," said the second person quoted above.

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BANKING

The solution aims to boost adoption of digital payments in areas of no or low network by enabling transactions without the need to have a network connectio

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BANKING

​"Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform that the Corporation has received communication/ demand order for collection of GST along with interest and penalty for Telangana state. The said order is appealable before Appellate Joint Commissioner (ST), Hyderabad Rural Division," LIC said in an exchanges filing.

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BANKING

The Reserve Bank of India (RBI) has issued a caution against misleading ads offering loan waivers, noting entities charging fees for unauthorised 'debt waiver certificates.' Some campaigns advise against paying bank dues, undermining regular repayment practices. RBI warns borrowers, emphasising that such activities harm financial stability and may lead to direct financial losses.

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BANKING

The company's net interest income surged 38 per cent to Rs 13.52 crore from Rs 10.85 crore. During the September 2023 quarter, the net interest margin (NIM) declined to 2.73 per cent against 3 per cent in the year-ago period.

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BANKING

IBA-bank employee union wage revision agreement: The djustment is set to take effect from November 1, 2022, and will span a period of five years. According to the agreement, the wage revision will result in a total expenditure of Rs 12,449 crore for all public sector banks, including the State Bank of India (SBI).

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BANKING

Top executives from the State Bank of India, PC Kandpal and Rajay Kumar Sinha, are frontrunners for the post of Member Finance at the Insurance Regulatory and Development Authority of India (IRDAI). Interviews are expected to be held in the third week of the month, with the selection panel including financial services secretary Vivek Joshi and IRDAI chairman Debashish Panda.

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BANKING

In a statement, the finance ministry said the review meeting involved assessments from both the perspective of recovery and enforcement action. "All measures should be taken to further improve coordination between the Central Bureau of Investigation, or CBI, and banks for expeditious investigation," it said, adding that large-value bank fraud cases may be monitored more closely by the chairmen, MDs and CEOs of banks for enforcement and recovery purposes.

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The high court concluded that the rejection of the refund was illegal as it violated Article 265 read with Article 14, and observed that the department couldn't point out any provision under the Finance Act, 1994 that it allow them to retain the amount.

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​The alternative-asset industry in India has venture capital and hedge funds as its two bookends. The main body, however, consists of private equity and private credit. Whereas just a decade ago these two asset classes were a $200 million sideshow, now they command $83 billion, or more than four-fifths of the $100 billion committed by investors to private funds.

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The authorities are now asking for details such as the specifics of office spaces, electricity bills, the roles and expertise of directors and employees in Singapore and Mauritius, locations of decision-making, and a thorough review of board meeting minutes.

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BANKING

The Ministry of Finance, Reserve Bank of India (RBI), Ministry of Electronics and Information Technology (MeitY) and National Payments Corporation (NPCI) of India are examining mandatory filters above a certain monetary threshold, including one-time passwords (OTP) for digital payments, a top government official told ET.

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BANKING

Providing an insight into DBS Bank India's renewable thrust into financing for the small and medium enterprises sector, Rajat Verma, head of institutional banking, DBS Bank India, cited the need for suppliers to benefit from this type of financing. He also stressed on the focus areas for the lender.

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BANKING

"Comprehensive steps have been taken to recover NPAs, enabled by which, SCBs have made an aggregate recovery of Rs 7,15,507 crore (RBI provisional data for FY 2022-23) in NPA accounts, including written-off loans, during the last five financial years," Minister of State for Finance Bhagwat Karad said.

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BANKING

Finance Minister Nirmala Sitharaman stated that Indian banks remain healthy, strong, and resilient despite global banking turmoil. She highlighted the recovery of Rs 33,801 crore from wilful defaulters by March 31, 2023, and efforts to combat defaults. Sitharaman emphasized the decline in NPAs and rising profit margins in Indian banks, contrasting with bank collapses in other countries.

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BANKING

During Diwali 2023, Visa reported a significant 25% increase in credit card spending on online platforms compared to the previous year. Overall credit card expenditures also grew by approximately 18%. This surge suggests a change in consumer shopping behavior, reflecting a robust economic outlook.

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BANKING

Banks have again approached the Reserve Bank of India (RBI) to request an extension in the deadline for classifying non-performing accounts as wilful defaulters, according to sources familiar with the matter. In September, the RBI had initially given banks six months to comply with the draft rules titled 'Framework for Compromise Settlement and Technical Write-offs' regarding the treatment of wilful and large defaulters.

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BANKING

According to Indian Banks' Association (IBA), Indian Banks' Digital Infrastructure Company (IBDIC) is working on implementing domestic Letter of Credit (LC) issuance on blockchain. According to Minister of State for Finance Bhagwat Karad, only a few banks are currently using blockchain technology The IBDIC, formerly known as Indian Banks' Blockchain Infrastructure Company (IBBIC), is a consortium of 18 banks

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BANKING

According to information provided by the Reserve Bank of India (RBI), 2,623 unique borrowers who are classified as wilful defaulters. These borrowers have a total outstanding debt of Rs 1,96,049 crore with scheduled commercial banks as of March 2023. The data pertains to borrowers with aggregate exposures of Rs 5 crore and above.

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Geojit Financial Services has announced the appointment of Rahul Roy Chowdhury as the Chief Executive Officer of their Private Wealth Services and Gopinath Natarajan as the Chief Executive Officer of their Portfolio and Managed Assets services.

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BANKING

L&T Finance Holdings has successfully completed the merger of three subsidiaries, namely L&T Finance, L&T Infra Credit, and L&T Mutual Fund Trustee, into a single entity. All lending businesses will now be consolidated under the equity-listed operating entity of L&T Finance Holdings. The merger, effective Monday, received approvals from various authorities

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BANKING

The new risk weightage norm is not a big challenge for Unity as we don’t have a big legacy book. But it will put a little deterrent to market players because 25% higher risk weightage always forces a rethink in the way business is done. At Unity, we are planning to get into personal loans. The starting point would be branded credit cards with three different partners, says Jaspal Bindra, chairman of Centrum Group.

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BANKING

The National Company Law Appellate Tribunal has upheld the penalty imposed by the National Financial Reporting Authority (NFRA) on auditors of Dewan Housing Finance Corporation Ltd (DHFL). The NFRA had fined 18 DHFL auditors Rs 1 lakh each, with 14 of them being barred from practicing for six months to a year. The auditors were found guilty of misconduct during branch audits and were blamed for failing to detect fraud at DHFL.

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BANKING

An analysis of the age-wise generation of DLCs reveals that more than 24,000 pensioners above the age of 90 years used digital mode, the statement said. The leading states for DLC generation are Maharashtra, Uttar Pradesh, and West Bengal, having generated 5.07 lakh, 4.55 lakh and 2.65 lakh DLCs, it said.

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