BANKING

On Monday, financial services secretary Vivek Joshi held a review meeting to address banking and insurance related issues faced by exporters and importers. "To ensure a seamless process, banks were advised to engage with clients to expedite resolution of their problems while appropriately examining compliance requirements," the ministry noted in a statement.

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BANKING

LIC Housing Finance plans to boost business growth by increasing its stake in the affordable segment of the housing loan market. Managing director Tribhuwan Adhikari stated that the lender aims to raise the share of the affordable home loan portfolio to one-fifth of the total portfolio. The lender's outstanding loan portfolio grew 5% to Rs 2.81 lakh crore. They will now target the self-employed segment, which has shown significant demand.

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BANKING

The Directorate of Enforcement (ED) has been investigating Paytm since 2021 over alleged money laundering and illegal betting. While Paytm denied that it was under ED scrutiny, the agency has flagged concerns over Indian payment gateways being used for trade-based money laundering, illegal betting, and diversion of funds to crypto wallets. The ED has not booked Paytm in any money laundering cases, but the company has faced scrutiny, with offices searched, documents sought, merchant accounts frozen, and executives questioned by the agency.

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BANKING

The last date for submitting expressions of interest is February 9 and e-bidding will take place on February 21. Bidders are expected to offer 5% mark-up on 20% cash and 80% SR base bid, with preference to bids with a higher cash portion.

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BANKING

Private companies in Karnataka must now partner with insurance firms and pay an annual premium towards gratuity obligations under the Karnataka Compulsory Gratuity Insurance Policy Rules, 2024. The regulation applies to companies with more than 10 employees and requires registration with the controlling authority under the Labour department. This regulation mandates compulsory insurance for gratuity payments as per the Payment of Gratuity Act, 1972.

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BANKING

Bank of Maharashtra (BoM) has recorded the highest growth rate in terms of deposit mobilisation among public sector lenders at a time when most lenders are facing difficulty in achieving double-digit growth. Out of 12 public sector banks, only BoM and State Bank of India (SBI) could log a double-digit growth in deposits in the third quarter ended December 2023.

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BANKING

State Bank of India (SBI) has reported a sharp 35% decline in its net profit for the December quarter due to increased salaries and pensions. The bank expects the burden to rise to around Rs 26,000 crore by March. The fall in profit is attributed to a provision of Rs 7,100 crore made towards salaries and pensions, following a wage hike settlement reached in November 2022.

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