All Banking & Crypto Related Details

Along with second Saturdays and Sundays, banks will be closed on the following days in these states. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/38wF6SK via IFTTT

The Mumbai-based fintech firm, founded in the year 2000 by MN Srinivasu, Ajay Kaushal and Karthik Ganapathy, has been acquired by global technology investor Prosus in a $4.7 billion deal, one of the largest such transactions in the digital economy. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3kH0QB5 via IFTTT

The government in June announced a new credit guarantee scheme covering 75% of bank loans to MFI in case of defaults. The National Credit Guarantee Trustee Company is providing this without any guarantee fee. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3kEMlO7 via IFTTT

The change in stance happened after the Reserve Bank of India told banks that they no longer can use the regulator’s 2018 circular prohibiting dealings in virtual currencies, as the direction has been struck down by the Supreme Court, said people in the know. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3Dryvau via IFTTT

Punjab National Bank (PNB) has launched a festival bonanza offer to enhance the availability and affordability of credit to customers, it said in a release. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/2WxQ9IJ via IFTTT

“In the wake of the pandemic, when fiscal response resulted in a sharp increase in government borrowing, the market operations conducted by Reserve Bank not only ensured non-disruptive implementation of the borrowing programme, but also facilitated the stable and orderly evolution of the yield curve,” Das said. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3zy8WCm via IFTTT

While bank lending to large corporates continues to contract, lending to MSMEs, agriculture and retail picked up sharply in July this year over previous year's levels, data on sectoral deployment of bank credit released by the Reserve Bank shows. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/2Y29aDN via IFTTT

The issue had opened on August 25, and closed on August 30, 2021, and the bank had targeted to raise up to Rs 3,000 crore equity capital through this issue. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/38uqyDo via IFTTT

Cosmea aims to involve in activities auxiliary to financial intermediation, except insurance and pension funding. Directors of the company are Soumen Ghosh, Suresh Thiruvananthapuram Viswanathan and Amit Agrawal. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/2Y4GxWx via IFTTT

The lender's managing director and CEO Y S Chakravarti said July 2021 was better than June with disbursements crossing Rs 3,000 crore. Even the collection efficiency had touched closed to 100 per cent in July compared to 93 per cent in June. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3yvAeYP via IFTTT

The government has notified September 1, 2021 as the date on which the provisions of the Act shall come into force, according to a gazette notification dated August 27, 2021. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3sXkXPl via IFTTT

The central bank had issued guidelines on the compensation of whole-time directors/ chief executive officers/ material risk takers and control function staff in November 2019. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3sYQobM via IFTTT

On an aggregate basis, gross NPAs and restructured assets across banks and NBFCs increased to Rs 13.2 lakh crore in June 2021 from Rs 8.6 lakh crore in March 2020 due to an addition of Rs 3.7 lakh crore in loans due past 90 days and also Rs 2.4 lakh crore of restructured assets after adjusting for recoveries and write offs during the period. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3gLzQPF via IFTTT

RBI's central board director Revathy Iyer, former executive director B Mahapatra, former Canara Bank chairman TN Manoharan, former State Bank of India managing director Hemant G Contractor are members of the committee. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/38naO51 via IFTTT

Jain's cessation as the executive director of Bank of Baroda will be effective from September 1, 2021, the bank said in a regulatory filing. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3Bnvnul via IFTTT

The banks said the government informed them about the extension given to these executive directors through notifications on August 26, 2021. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3jr3b3z via IFTTT

“Rajnish’s depth and breadth of experience across India’s financial industry will be an invaluable addition to the Board of the Group’s flagship Asian entity as HSBC directs its focus towards the region. The opportunities presented by its 1.4 billion population, 18 million non-resident Indians and 40,000 MNCs make India a key component of HSBC’s growth strategy," said Peter Wong, chairman of HSBC Asia. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/38pEFtq via IFTTT

The central government vide notification No. dated 26 August 2021 extended the term of office of P R Rajagopal, Executive Director of the Bank for a period of two years, beyond his currently notified term or until further orders, whichever is earlier, the bank said in a regulatory filing. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3DuaCza via IFTTT

Leading foreign banks in the country have appealed to the Reserve Bank of India (RBI) for allowing them to store certain transaction data overseas for spotting money-laundering deals and sanctions screening. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3gJdcYt via IFTTT

The environment is ripe for Silicon Valley to encroach into banking. Equitas doesn’t have a pre-existing relationship with the Google Pay customer to whom it’s marketing fixed-term products. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3kDCyI8 via IFTTT

Contending that it was not right to compare IDFC First Bank with the already established 20-30 years old banks or with entities who were profitable when they converted to banks, V Vaidyanathan, Managing Director and CEO, IDFC First Bank, said "the power of incremental profitability is lost in the noise". from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3sZqEMK via IFTTT

The government has also extended the terms of two executive directors each in Punjab National Bank and Union Bank of India, and one executive director of Central Bank of India. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3sYj8S3 via IFTTT

Current reports suggest that the San Francisco based company will partner up with ​Equitas Small Finance Bank for the deposits. Other banks are expected to join too, with Ujjivan Small Finance Bank and AU Small Finance Bank rumoured to be next in line. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3mElPae via IFTTT

Designed as a digital pre-paid voucher that targets purpose and person(s) for a given transaction, the e-RUPI promises to plug pilferage in welfare schemes, minimise delays and provide ease of access to beneficiaries. Apart from working through QR codes, it also offers transactions through SMS-based strings, eliminating the need for a smartphone or for beneficiaries to have a bank account. Apparently, all that a person would need is a mobile number. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/2UZNHdK via IFTTT

Nirav Modi, who was declared a 'fugitive economic offender' in December, 2019, and his uncle Mehul Choksi are accused of committing a Rs 14,000 crore scam by obtaining credit facilities fraudulently from the PNB, and several of the former's properties as well as that of his kin were attached by the Enforcement Directorate. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/38hSDgO via IFTTT

In the year-ago fortnight ended at August 14, 2020, bank advances had stood at Rs 102.19 lakh crore and deposits at Rs 140.80 lakh crore, according to RBI's Scheduled Banks' Statement of Position in India as of July 30, 2021, released on Friday. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/2Wr6rmE via IFTTT

The board has approved the proposal for sale of IDBI Bank's entire holding of 6,23,23,800 fully paid-up equity shares constituting 19.18 per cent of the total equity share capital of Asset Reconstruction Company (India) Ltd (ARCIL), IDBI Bank said in a regulatory filing. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3gCPxZF via IFTTT

This has been done keeping in view the overall objectives of clean note policy and to ensure that all bank branches provide better customer service to people with regard to exchange of notes and distribution of coins, the central bank added. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3BjBlg0 via IFTTT

By BY RON LIEBER from NYT Your Money https://ift.tt/3ypnSBn via IFTTT

​​As you rightly pointed out, it is because the extraordinary stimulus has led to system liquidity surplus, resulting in lower market borrowing rates, larger and higher rated corporates are sitting on huge piles of cash. They have repaid their borrowings in the market. So the credit growth of the industrial sector has been driven by mid corporates and some refinancing. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3BnlBst via IFTTT

The terms of UBI's executive directors -- Manas Ranjan Biswal and Gopal Singh Gusain -- have been extended vide a notification dated August 26, the lender said in a regulatory filing. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3kt8Jdd via IFTTT

A company can run usual operations or as a “going concern” even if it is in the process of being wound up in an administered sale, said a recent order by a bankruptcy appeals court, boosting recovery prospects for lenders seeking to maximise value on soured from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3mCLjVu via IFTTT

A penalty of Rs 3 lakh has been imposed on Jijamata Mahila Sahakari Bank, Pune, Maharashtra for non-compliance with the directions on exposure norms and statutory/ other restrictions-urban co-operative banks (UCBs), the central bank said. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3zmY7mn via IFTTT

"The primary listing of HDFC AT 1 bond demonstrates the competitiveness of both the IFSC exchanges --India INX and NSE IFSC internationally," Manoj Kumar, Executive Director, IFSCA said. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3BkqfHH via IFTTT

Under the bank sponsorship programme, the RBI has permitted Core Banking Solution (CBS) enabled co-operative banks to issue ATM cards or ATM-cum debit cards to its customers in association with the sponsor bank. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/2WsCSAZ via IFTTT

India’s second coronavirus wave is increasing asset risks for banks, but the country’s economic recovery, a tightening of loan underwriting criteria and continued government support will prevent a sharp spike in problem loans, it observed. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3mvZpbn via IFTTT

The country's economic recovery, a tightening of loan underwriting criteria and continued government support will prevent a sharp spike in problem loans, it said. "A severe deterioration of banks' asset quality is unlikely, despite an expected rise in new loan impairments particularly among individuals and small businesses that were hit hardest by the virus outbreak." from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3sNO3k0 via IFTTT

With this infusion, the bank’s total invested capital in the country will increase to over Rs. 8,300 crore. It had last invested Rs 540 crore in 2009-10. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3ziZJxF via IFTTT

"As economic activity gathers momentum, there is increased demand for capital from clients," said Jaideep Khanna, head of Barclays, Asia Pacific and Country CEO, India. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3jj4fql via IFTTT

Under the new norms, every online merchant processing transactions for customers will only have access to a 'tokenised' key linked with the consumer's cards instead of the entire card file. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3gzdnoR via IFTTT

Finance minister Nirmala Sitharaman on Wednesday said that she has asked state-run banks to step up credit flow and hold outreach programmes across India from October to give further momentum to the government’s stimulus packages. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3gAt0MR via IFTTT

The government will ask the Reserve Bank of India (RBI) about the maximum holding a prospective buyer may be allowed in IDBI Bank initially and the post-acquisition glide path to reduce the stake in line with banking sector norms. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/38hMK3r via IFTTT

The government could explore such synergies after the Department of Public Enterprises (DPE) was brought under the finance ministry in July this year. At present, 10 state-run lenders are functioning without an executive chairman. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3DhiBiX via IFTTT

Ujjivan SFB held a board meeting on Wednesday and unanimously approved the appointment of Carol Furtado as the 'Officer on Special Duty (OSD)', the bank said in a statement. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/2ULcqSL via IFTTT

The RBI said inspection report of The Baghat Urban Co-operative Bank revealed non-adherence with/violation of directions, including non-identification of NPAs, wrong classification of assets, inadequate provisions made due to wrong classification of assets and non-adherence to exposure norms for housing, real estate and CRE. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3gyUGSh via IFTTT

The holding company of the bank, Ujjivan Financial Services, had earlier expressed concerns over asset classification, bad loan recognition and the ad-hoc bad loan provisioning under chief executive Nitin Chugh, who resigned last week. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3yeYC0I via IFTTT

Bank’s MD & CEO Mahabaleshwara MS said customers could buy the FASTag through online from the bank’s website or by visiting its branch. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3mwFhpj via IFTTT

Under EASE 4.0, PSBs would offer new age 24x7 banking with resilient technology has been introduced to ensure uninterrupted availability of banking services, improving the reliability of technology platforms, and aligning internal processes in the state-run banks to deliver such services. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3mxy8W0 via IFTTT

Mahabaleshwara MS, Managing Director and CEO of the Bank said: "The FASTag facilitates the users with the ease and convenience during transit through the toll plaza by saving time, fuel and money". from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3DgZx4d via IFTTT

“This year too sometime in October, there will be a credit outreach in every district of the country,” the finance minister said. “In order to keep up the momentum of stimulus that we are periodically giving we have also asked banks to go out and give credit.” from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3gwL8al via IFTTT