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In response to a query from ET, a Srei Group spokesperson said the economic downturn and loan moratoriums provided by the regulator had affected operations. The group is now in discussions with banks to implement a restructuring scheme. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3F8Vg40 via IFTTT

Bank loans to agriculture and allied activities continued to perform well, registering an accelerated growth of 11.3 per cent in August 2021, as against 4.8 per cent in August 2020, the data showed. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/39Uas6K via IFTTT

On December 4, RBI had directed all banks including RRBs, NBFCs, and payment gateways that the processing of recurring transactions (domestic or cross-border) using cards or Prepaid Payment Instruments (PPIs) or Unified Payments Interface (UPI) under arrangements/practices not compliant with AFA would not be continued beyond March 31, 2021. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3oiiPkH via IFTTT

There was already a tendency to slow down before the pandemic; so having come to pre- pandemic is positive but it is not good enough, says Dinesh Khara from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3ATYYfh via IFTTT

New Delhi's various incentive schemes to boost manufacturing in the country and spending by state-run companies in augmenting capacities could spill over to other segments, says the SBI boss. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3ihmoUo via IFTTT

The NPCI chief said there is a large number of merchants who are accepting digital payments, including the smaller merchants, which is well over 50 million. "However, I still believe that 10X growth is possible. The cash in circulation is about Rs 30 lakh crore. While it has been increasing constantly, digital payments are also increasing, even as the cash is still high," he said. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3ikRPgC via IFTTT

The genesis of the dispute lies in the credit facility of Rs 330 crore extended by Yes Bank in 2015 to Lily Realty Pvt Ltd, a company owned by Asit Koticha. At the time of securing the loan facility, Koticha had extended ‘Shortfall Security’ under which if the realty firm fails to pay its dues to the Yes Bank, he will pay the shortfall. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3umeJJx via IFTTT

RBI's Board for Financial Supervision has reviewed the performance of the banks and noted that as per its published results for the year ended March 31, 2021, the bank is not in breach of the PCA parameters. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/2Ye0wCB via IFTTT

“I have requested the Axis Bank board to be redeemed from the executive position at the bank, but I will continue to be associated with the bank in various other capacity, like I will continue to be on the board of Axis Bank foundation and a few other bank subsidiaries including Max board,” Rajesh Dahiya, ED, Axis Bank told ET. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3idbwqP via IFTTT

"Credit Guarantee for MFIs fully utilised within 75 days. Rs 7500 cr sanctioned to #MFIs under #CGSMFI for onlending to small borrowers. Big boost to consumption and livelihoods," the ministry said in a tweet. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3kQSvfz via IFTTT

HDFC Bank added more than 4 lakh credit cards in a month, after the Reserve Bank of India lifted curbs on issuing cards last month on August 17. The bank is now aiming to add 5 lakh credit cards every month. The bank has a total card network of more than 1.5 crores. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3kQQP5N via IFTTT

SBI credit card holders can avail the offer on any e-commerce portal. Moreover, the offer will also be available on online merchant EMI transactions. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/2XW8z6D via IFTTT

While IndusInd Bank will take into its book 80 per cent of the gold loan generated by the co-lending arrangement, the remaining 20 per cent will be funded by Indel Money, Mohanan said without disclosing how much incremental growth he expects in the AUM under this agreement. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3DaTMVd via IFTTT

After the embargo on HDFC Bank was lifted last month, they have issued over 400,000 credit cards. This signifies the aggressive growth that the private lender has made since then. This record issuance is as of September 21, 2021. HDFC Bank was looking to get back to its pre-embargo run rate of 300,000 credit cards per month, which they had planned to achieve in the next 2-3 months. After that, they expected to hit 500,000 credit cards per month from February 2022 from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3ihNKd3 via IFTTT

RBI regional offices can hand out approvals for increasing the cash holding limits, the person said. The central bank has embarked on a 'clean note policy', which includes retrieval and processing of banknotes received from currency chests and destruction of soiled banknotes in an automated manner. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3um9WYu via IFTTT

The small finance bank is now formulating a strategy where it would offer its customers 5-7 transactions free per month when they use the ATM network of other banks to withdraw cash. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/2ZGQzOD via IFTTT

UPI platforms saw a 109% jump as consumers took to digital payments for daily essentials at local stores as well as premium purchases. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3mp3U5Z via IFTTT

Through the portal, the public can avail services related to Tamil Nadu treasuries and accounts at a click of a button. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3zMDEH9 via IFTTT

Standard Chartered Bank MD Zarin Daruwala pointed out the emerging trend of two types of customers; one that is digitally savvy and the other that understands it but not comfortable using it and emphasised the need to create a system of self and assistance mode for services. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3kJSREG via IFTTT

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Without naming the Google and Equitas tie up to garner deposits, T Rabi Sankar, RBI deputy governor while speaking at the Global FinTech Fest also said that entities other than banks are not allowed to directly deal in deposits. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3zZ7OqZ via IFTTT

Addressing the fintech industry, the minister said the value of digital transactions jumped to Rs 6 lakh crore in January-August 2021 from Rs 4 lakh crore and Rs 2 lakh crore in 2020 and 2019, respectively. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/2ZyhOL3 via IFTTT

As per the CBI, Rana Kapoor and his family members had allegedly received kickbacks of around Rs 600 crore for an investment of Rs 3,700 crore made by Yes Bank in DHFL’s debentures. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/39JKUsY via IFTTT

The three had approached the HC last week, challenging a special CBI court order of September 18 which refused them bail while noting that they had, prima facie, caused a loss of Rs 4,000 crore to the Yes Bank through illegal acts. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3ER7FJA via IFTTT

The country's largest public sector lender, State Bank of India (SBI) has released the guidelines adopted by the bank with regard to implementation of the Resolution Framework 2.0 for Covid19 related stress on its website. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3AT11jG via IFTTT

It could not be ascertained what was the glitch that was causing this issue, though a few users said the issue was going on since a “few hours.” It could not be ascertained how many ICICI Bank customers were impacted due to the downtime. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3oeOWBK via IFTTT

Lenders led by State Bank of India (SBI) are set to log recoveries of ₹37,400 crore this week, as Piramal Capital and Housing Finance's (PCHF) acquisition of Dewan Housing Finance (DHFL) should be completed this month itself, multiple people aware of the deal told from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3ieYTeJ via IFTTT

The RBI said it had also issued a notice to the bank asking it to explain why a penalty should not be imposed on it. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/39NuW0B via IFTTT

​This move by RBI can take growth in recurring payment mandates off the charts even though there might be disruptions in the short term, said Shashank Kumar, Razorpay chief technology officer and co-founder. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3kHZDup via IFTTT

Mahajan joins the firm from Aavas Financiers where he served as the treasury head for almost two years. He has also worked with Edelweiss Group for almost eight years and has successfully managed borrowings and spearheaded multiple debt public issues. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3AKeABS via IFTTT

In June, the Mumbai bench of the National Company Law Tribunal (NCLT) approved the resolution plan of Piramal Capital and Housing Finance Limited. However, the order was challenged by Wadhawan at the appellate tribunal. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3id3MF4 via IFTTT

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Finance minister Nirmala Sitharaman said the IBA should digitalise and map banking presence in each districts and identify gaps, adding that she is not against digitalisation. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/2WflKix via IFTTT

Meanwhile, Sitharaman asked all to desist calling the National Asset Reconstruction Company (NARCL) as a 'bad bank' as similar institutions are called in other countries like the US. She also said that the banks' books are much cleaner now and this will help the government as the recapitalisation requirements go down. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3i7ZMpB via IFTTT

“Even today many panchayats don’t have a bank branch, I am not saying that you need to have a physical presence everywhere, digitisation has saved a lot of costs without compromising the service banks provide,” the minister said. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3i7XvdX via IFTTT

HDFC Bank plans to hire 2,500 people in the next 6 months. At present, the private lender offers its products and services to micro and medium enterprises in over 550 districts. Its rural banking services extend to 1 lakh Indian villages, which it aims to double to 2 lakh. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/39GzgyK via IFTTT

Giving the lenders the option to decide which place requires banking presence through a brick-and-mortar model and where a step-down presence would help, Sitharaman made it clear that she is not against digitalisation and efforts. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3EQOBet via IFTTT

By BY RON LIEBER from NYT Your Money https://ift.tt/3CNl9o0 via IFTTT

The central government holds 50% in each of the RRBs while their respective sponsor banks hold 35%. The balance 15% in RRBs is held by the respective state governments according to their areas of operation. For example, West Bengal has three RRBs within its boundary and the state holds 15% in each of these banks. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3oaYy0q via IFTTT

"In this connection, we wish to inform you that out of this, the Corporation has in aggregate sold 12,67,504 shares, representing 2.13 per cent of the paid-up share capital of Ansal, including 1,57,939 shares representing 0.27 per cent of the paid-up share capital of Ansal which were sold on September 24, 2021," HDFC said in a regulatory filing. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3o69aO9 via IFTTT

By BY RON LIEBER from NYT Your Money https://ift.tt/3u9wtaK via IFTTT

The poll aims to identify and recognise publicly listed companies in 2 categories: by country and by sector, in which it operates. Over 1,070 fund managers, analysts, bankers, and rating agencies took part in the voting which concluded on July 16, 2021. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3ENrW2K via IFTTT

The bank said it is following a 100-day action plan for each business vertical with focus on PAR reduction and bad loan recovery with periodic monitoring and corrective action. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/2ZyDxCR via IFTTT

"The SRs (issued by NARCL) are going to be guaranteed by the government, which actually will lend a lot of credibility to these SRs and perhaps it will lead to the development of the secondary market for SRs," Khara said at a virtual event organised by Bengal Chamber of Commerce and Industry. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/2WfjlEI via IFTTT

The penalty was imposed after considering the bank's reply to the notice, additional submissions and oral submissions made during personal hearing, RBI said. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3zKterK via IFTTT

SBI chairman Dinesh Kumar Khara said that idea of bad bank is different from what used to be asset reconstruction companies in the past. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3kB7wSz via IFTTT

Approximately 4,000 respondents were surveyed by McKinsey as part of a global report, which came at a time when digitalisation is growing and a slew of 'neo-banks' are coming up. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/2XQrbp8 via IFTTT

By BY PAUL SULLIVAN from NYT Your Money https://ift.tt/2XN21r3 via IFTTT

By BY ANN CARRNS from NYT Your Money https://ift.tt/3ASK7St via IFTTT

The Essel group Direct-to-Home service provider had week sought an extension citing time required for any change in the CEO or the board of directors of the company, as it needs the approval of the Ministry of Information and Broadcasting. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3AI6vOk via IFTTT