All Banking & Crypto Related Details

HDFC Bank is all set to return to the credit card market 'with a bang' once the Reserve Bank of India (RBI) lifts the ban on issuing new cards. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/369cVrK via IFTTT

Data released by the Reserve Bank of India (RBI) also showed that credit to the household sector rose by 10.9 per cent on a year-on-year basis (YoY). from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/361DSh9 via IFTTT

Latest RBI data shows that HDFC Bank has lost about 160 basis points of market share in the business since end of November 2020 but still corners 24% of the market while ICICI, SBI Cards and Axis have gained 108 basis points, 37 basis points and 11 basis points to 17.2%, 19.2% and 11.6% respectively over the same period in terms of number of cards. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/2TjlKwo via IFTTT

Indian banks face systemic risk as the country sorts through the aftermath of the COVID second wave. Lenders struggled with a high level of weak loans well before the pandemic struck and clearly, conditions have deteriorated, S&P said in a statement. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3w6IlK6 via IFTTT

The bank's head of consumer finance, digital banking and information technology, Parag Rao, said that it has used the last six months to "introspect, re-engineer and innovate" about the cards business, where it has 15.5 million customers. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3y6LSJN via IFTTT

A senior official from Axis Bank has said, an online sale fest launched by Axis Bank offering 15 per cent discounts is witnessing a 10-times surge in daily volumes. President and head of digital business and transformation (Axis Bank), Sameer Shetty said that the ordering is across income segments. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3h6aM6F via IFTTT

The move, initiated more than a year ago, could trigger a migration of many lucrative current accounts - which lower a bank's fund cost and cash management business - from MNC banks to public sector lenders and some of the large private sector Indian banks. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/361vxdn via IFTTT

The matter involves what the petitioner perceives to be the "biggest scam in the capital market in this country," the bench said. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/2SzhVmr via IFTTT

A penalty of Rs 62.50 lakh has been imposed on The Ahmedabad Mercantile Co-operative Bank, Ahmedabad; Rs 37.50 lakh on SVC Co-operative Bank, Mumbai; and Rs 25 lakh on Saraswat Cooperative Bank, Mumbai. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3dtojDb via IFTTT

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On Monday, the government expanded the emergency credit line guarantee scheme (ECLGS) by another Rs 1.5 lakh crore, which Crisil feels will help alleviate the potential stress on asset quality of banks arising from the second wave of the pandemic. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3dshAt3 via IFTTT

The proposed bad bank or NARCL will pay up to 15 per cent of the agreed value for the loans in cash and the remaining 85 per cent would be government-guaranteed security receipts. The government guarantee would be invoked if there is loss against the threshold value. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3y6UtMK via IFTTT

As per the revision in service charges for BSBD accounts, State Bank of India (SBI) will levy charges ranging from Rs 15 to Rs 75 for the "additional value added services" with effect from July 1, 2021. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3w8oWZc via IFTTT

Issuing guidelines for managing risk in outsourcing of financial services by cooperative banks, the central bank said the lenders can hire experts, including former employees, on a contractual basis subject to certain conditions. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3w1jKX7 via IFTTT

Asset quality is still a major concern for many Indian banks even as non-performing assets (NPA), on average, could be contained, the global consultancy firm said. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3jn1J2Q via IFTTT

Khara, however, said that policy measures and the coordinated efforts of the Reserve Bank of India (RBI) and the Centre were directed towards enabling growth on a more durable basis during these difficult times. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3y02YJs via IFTTT

The pan-India campaign to educate the general public about the essential rules and regulations will be launched in Hindi, Assamese, Bangla, Gujarati, Kannada, Malayalam, Marathi, Oriya, Punjabi, Sindhi, Tamil, Telugu and Urdu besides English. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/2Sv12JD via IFTTT

The meeting of the high-level panel deliberated on the recommendation of the NITI Aayog on Thursday June 24, sources said, adding the panel would after tying up all loose ends will send the names of the shortlisted PSU banks to AM for consideration. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3diK2xg via IFTTT

The banking sector has recorded its highest ever profits of Rs 1,02,252 crore in FY21, a year when the economy was battered by the pandemic. This is a significant turnaround compared to a net loss of nearly Rs 5,000 crore for the industry in FY19. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3dgcIHz via IFTTT

Two banks — HDFC Bank and SBI — contributed half of the industry’s profits. Of the total profits, HDFC Bank at Rs 31,116 crore accounted for 30%, an 18% increase over the previous year. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3demSbs via IFTTT

“While we continue to focus on the Corporate Cluster and Government Business to increase penetration, we have created a new business segment of Commercial (MSME) and Rural Banking to capture the next wave of growth,” Sashidhar Jagdishan, MD, HDFC Bank, said in the latest annual report. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/35UZxHG via IFTTT

It further said the MD/WTD should be a post graduate or have qualifications in finance discipline. He or she could be either chartered/cost accountant, MBA (finance) or have a diploma in banking or cooperative business management. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3h7ghRb via IFTTT

The disputes resolution tribunal (DRT) had sold these shares on June 23 after the Enforcement Directorate had transferred shares worth about Rs 6,624 crore of UBL to the SBI-led consortium on the directions of a special PMLA court that is hearing the case involving Mallya in Mumbai. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3jdaAUx via IFTTT

“It is hereby notified for the information of the public that the validity of the aforesaid directive… has been extended for a further period from July 1 to December 31,” the central bank said. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3dd4cZR via IFTTT

The bank will accelerate its digital offerings and shift more and more transactions online especially through its YONO application, Khara said in his first annual general meeting (AGM) since taking over as chairman of the country's largest bank in October 2020 for a three year term. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/2TXHCxs via IFTTT

By BY PAUL SULLIVAN from NYT Your Money https://ift.tt/3wVLfm1 via IFTTT

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"Taking into account the time required for completion of various activities involved in the process, it is considered necessary to extend the aforesaid Directions," said the Cenntral Bank in a release. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3qs7EF3 via IFTTT

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The Aarogyam loan can be availed either as term loan to support expansion/modernisation or as working capital facilities such as cash credit, bank guarantee/letter of credit, SBI said. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3vYvklz via IFTTT

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At 56.075 per cent credit-to-GDP ratio, total outstanding bank credit stood at USD 1.52 trillion in the country in 2020, according to the BIS data for the year, but this is still the second lowest among all its Asian peers. And when it comes to the emerging market peers, it is 135.5 per cent and at 88.7 per cent in advanced economies. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3dbVDOJ via IFTTT

At the same time there is optimism that with a higher proportion of the population getting vaccinated, there will be a turnaround in the economic activity as has been witnessed in other countries. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3qoiqw9 via IFTTT

Earlier this month, the federal agency had booked Thapar, two private companies based at Delhi and Gurugram and their promoters and directors for causing an alleged loss of Rs. 466.51 crore (approx) to Yes Bank. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3xMREjx via IFTTT

"Capacity utilisation has dropped significantly to 40%-60% which makes debt servicing a challenge. A similar impact has been seen by vehicles that are involved in tourist services, school bus operations, and local conveyance where a large portion of this book may already be restructured or may have slipped into NPAs," Ind-Ra said. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3gPoKtj via IFTTT

While large banks like State Bank of India, HDFC Bank, Axis Bank and ICICI Bank continue to be reluctant, some smaller banks such as IDFC Bank had started offering their services to some exchanges, several people in the know said. Now, more smaller players seem to be pulling back. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3je5pnz via IFTTT

The penalty on Excellent Co-operative Bank was imposed for contravention of the directions issued by RBI on 'Maintenance of Deposit Accounts' and 'Know Your Customer (KYC)'. Janseva Sahakari Bank was fined for contravention of the direction issued by on KYC. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3gSqNNe via IFTTT

According to sources, although it is not part of the agenda, the board may discuss the PNB Housing Finance and Carlyle deal amid regulatory concerns. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3xGMoxK via IFTTT

The credit demand is primarily expected from the retail segment as seen in earlier months while corporate demand is likely to be muted. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3zNJedA via IFTTT

Noting that central banks stand at the centre of a rapid transformation of the financial sector and the payment system, BIS said Central Bank Digital Currencies (CBDCs) represent a unique opportunity to design a technologically advanced representation of central bank money, one that offers the unique features of finality, liquidity and integrity. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3xLKQml via IFTTT

The bank said on Wednesday that it has entered into an arrangement with Kolkata Metro for the branding rights of the entire station of Salt Lake Sector V. This is the first of its kind arrangement for the Indian Railways where a private entity has been given the branding rights to an entire station, the bank said in a statement. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3xCwIvE via IFTTT

“As a Bank we are certainly sorry for what has happened and have taken this as an opportunity to improve and redouble our efforts to fix this problem for good,” HDFC Bank's managing director and CEO, Shashidhar Jagdishan said. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3zKaIAV via IFTTT

The Federal Bank has donated 10,000 vaccine carriers to the Kerala government. This was part of various infrastructure, logistical and awareness programmes that the Federal Bank Hormis Memorial Foundation, the CSR arm of the bank major, recently undertook to help combat the second wave of the pandemic in the country. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3zSmady via IFTTT

According to police, totally Rs 48 lakh has been stolen from Automated Cash Withdrawal and Deposit Machines also known as Cash Deposit Machines (CDM) located in various places including Velachery here. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/2SPcO1Q via IFTTT

"The liquidity is there, demand is there. Once the economy opens up, it will all come back into one month in one quarter. There is going to be revenge travelling, revenge holidaying, revenge journeys, revenge eating-out. So things look quite okay on the macro side." from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3wLTGAk via IFTTT

By BY TARA SIEGEL BERNARD from NYT Your Money https://ift.tt/3iX2wqZ via IFTTT

“The recast levels in the second wave will be at least 2-3 times of what we had seen last year because there is no benefit of a blanket moratorium this time; so we need to salvage whatever we can,” said the CEO of a large non-bank lender. “We expect a significant drop in profits for this (June) quarter.” from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3xGPjqg via IFTTT

Economic models suggest that loss of interest income is made up by a rise in demand and wages, as per views put forth at MPC meeting. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/2Uf5XyP via IFTTT

Economists are embracing models that suggest that only some savers lose out but a chunk of them gain through higher economic activity. RBI Executive Director Mridul Saggar says that the argument lower rates hurt savers across the board doesn't hold water. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/2UeZ1lg via IFTTT

"The company has filed an appeal before the Securities Appellate Tribunal against the letter issued by Sebi on June 18," it said in a regulatory filing. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3qelhb0 via IFTTT