All Banking & Crypto Related Details

It asked the government to ensure that the existing tax structure is favourable to the taxpaying population, which constituted 8.5% of the total population and cross-subsidised 91.5% of the population. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3q27hTs via IFTTT

The new guidelines - Staff Accountability Framework for NPA Accounts up to ₹50 crore (Other than Fraud Cases) - are aimed to protect the commercial decisions taken by bank employees and quicker resolution of vigilance cases taking into account the past track record of such staff. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3CJxf1y via IFTTT

​​Stressing that the new guidelines will surely boost the morale of the PSBs employees immensely, it said banks will have to complete staff accountability exercise within six months from the date of classification of the account as NPA. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/2Y521mK via IFTTT

The Reserve Bank of India (RBI) had imposed restrictions on the withdrawal of deposits from these stressed banks. Of the 20 banks, 10 are from Maharashtra, five from Karnataka, and one each from Uttar Pradesh, Kerala, Rajasthan, Madhya Pradesh, and Punjab. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3EzNRcD via IFTTT

Allowing corporates to own banks in the country is not desirable due to the likely risks of related party transactions, former State Bank of India (SBI) chairman Rajnish Kumar said. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3Ewzar2 via IFTTT

These non-performing accounts have been declared as fraud and reported to RBI as per regulatory requirement, the public sector lender said in a regulatory filing. It has declared M P Border Checkpost Development Co Ltd as fraud with an outstanding of Rs 166.89 crore; Pune Sholapur Road Development (Rs 72.76 crore) and SONAC (Rs 27.08 crore). from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3msAoNK via IFTTT

There was a divergence between bank's reported NPAs and NPAs assessed during the inspection on account of failure to classify certain borrower accounts as NPA. There was also a failure to disclose material divergences relating to asset classification and provisioning identified by the RBI, despite exceeding the defined threshold, in the Notes to Accounts, the RBI said in a statement. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3EIzIu7 via IFTTT

“For borrowers, where the exposure of the banking system is less than Rs 5 crore, there is no restriction on opening of current accounts or on provision of CC/OD facility by banks, subject to obtaining an undertaking from such borrowers that they shall inform the bank(s), as and when the credit facilities availed by them from the banking system reaches Rs 5 crore or more,” RBI said. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3vYMjpS via IFTTT

By BY RON LIEBER from NYT Your Money https://ift.tt/3bkFSE3 via IFTTT

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

Net interest income (NIM), a key parameter of profitability, remained flat at 2.79% for the quarter under review, despite lower lending rates. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3mnvH83 via IFTTT

The petitioner, who is an account holder of SBI and registered user of cryptocurrency exchange, WazirX, said by the actions of the authorities infringe his fundamental right of trade and the right to equality. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3GvOc1V via IFTTT

RBI has stopped automatic recurring payments for all services offered by various companies such as Amazon, Netflix or several applications or apps. This would mean that money cannot be directly debited from a customer’s credit card or bank account without his permission. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/316PtMO via IFTTT

The bank's board of directors has approved the appointment and the same will have to be ratified by the Reserve Bank and shareholders of the lender, according to a statement. In his new role, Anand will continue to lead the wholesale banking side and also work closely with the board in strengthening control and governance aspects, it said. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3mkzJ0N via IFTTT

“While chasing higher asset growth and returns, lenders should not throw caution to the winds. Any slip-up through adverse actions of the MFIs may undo the tremendous progress achieved over the decades and the sector can ill-afford to do that,” Rao said at Sa-Dhan National Conference on “Revitalizing Financial Inclusion”. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3jJGlnA via IFTTT

The Reserve Bank of India has approved the appointment of Baldev Prakash as the MD & CEO of J&K Bank from next year for a period of 3 years. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3Epq0fX via IFTTT

Citi is expected to start bilateral negotiations and announce a formal winner in the next one-two months. None of the bidders have offered stocks, and have submitted all-cash bids. The first two are the most aggressive bidders and are the frontrunners. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3pFJHf7 via IFTTT

The main features of such a framework could include relaxations in ownership and management criteria for these banks to make room for a wider pool of bidders such as nonbanking finance companies (NBFCs) that are owned by corporate groups. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3Eiicwd via IFTTT

Earlier, as a part of festive offers, the Bank of India had announced a 35 basis point reduction in its home loan interest rates and a 50 basis points in vehicle loan interest rates. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3jEylV0 via IFTTT

In a statement, the Reserve Bank said the bank had not complied with its directions on ensuring end-use of funds in borrowal accounts and classification of loans/ advances as non-performing assets, specific direction of RBI for ensuring that the bank's balance sheet and profit and loss account are signed by at least three of its directors. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3CgyeWN via IFTTT

The loans under the Credit Outreach Programme are over and above those sanctioned and disbursed under the various central government loan guarantee schemes, it added. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3jXDTu7 via IFTTT

"The partnership aims to facilitate HDFC's home loans to customers, especially in unbanked and underserved areas with many of them having little or no access to finance, to fulfill their dream of owning a home. IPPB will offer housing loans through nearly 190,000 banking service providers (Postmen and Gramin Dak Sevaks)," it said. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3Eg9ZZx via IFTTT

"We do not foresee any capital requirement for lenders going forward. They all have plans to raise capital from the markets," said a government official, adding that this year allocation will be done by the end of March. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3jURtOT via IFTTT

Fair trade regulator CCI on Monday approved HDFC Bank's acquisition of 4.99 per cent shareholding in HDFC ERGO General Insurance Company. In June, HDFC Bank had said its board has given approval to buy more than 3.55 crore shares in group firm HDFC ERGO General Insurance Company for over Rs 1,906 crore from the parent company Housing Development Finance Corporation (HDFC) from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3jySvzR via IFTTT

CSB Bank's net profit increased to Rs 119 crore in the second quarter ended September 2021 from Rs 69 crore a year earlier led by a 21% increase in NII profit into Rs 278 crore mainly due to a fall in interest expenses as cost of deposits fell to 4.30% from 5.18% a year earlier from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3vJ2vv3 via IFTTT

The Business Support Suite is a full stack offering that consolidates operations such as partner management, fees computation, partner settlement, billing and dispute management, for a wide set of transactions, onto a single platform. In 2020, BancNet processed a record one billion transactions through its platform, significantly contributing to the growth of the country’s digital payments economy. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3EcYguJ via IFTTT

Central banks now understand the huge impact the blockchain and distributed technology is creating in the financial system which solves the complexity of import-export settlement in reducing risks, less dependent on intermediaries for domestic transactions and US Federal System for international transactions, cutting down remittance charge to even zero. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3CozcAJ via IFTTT

The bulk of the lenders filling up the rosters of prominent P2P platforms are return-hungry retail investors and traders with surplus cash flows. Low fixed-income returns prompting these high net worth individuals and family offices are writing large cheques favouring borrowers on these platforms. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3EbbwQM via IFTTT

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He said BOI Managing Director and Chief Executive Officer A K Das opened the branch in the presence of Field General Manager A K Jain, Zonal Manager Vasudev, Branch Manager Sangeeta and various local dignitaries and customers. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3psm3ms via IFTTT

The RBI’s guidelines, which went into force this month, have disallowed recurring card payments without a one-time registration. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3jqIkNE via IFTTT

In the year-ago fortnight ended October 9, bank advances were at Rs 103.43 lakh crore, and deposits were at Rs 143.02 lakh crore, according to RBI's Scheduled Banks' Statement of Position in India as on October 8, 2021 data, released on Thursday. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3C61MX8 via IFTTT

The capital position of banks would be reviewed in the next quarter, and depending on the requirement, the infusion will be made to meet the regulatory needs. In the current fiscal so far, all 12 public sector banks have posted a profit, which is being ploughed back to bolster the balance sheet of the banks, sources said. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/30Bkvfl via IFTTT

Elara Capital sees YES Bank profit at Rs 256.80 crore for the quarter on a 21.8 per cent YoY fall in NII at Rs 1,542.40 crore. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3C7mbv2 via IFTTT

Confusion over re-enabling automatic payments leads merchants to seek options, curtail services from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/2Z2Ly2t via IFTTT

Those affected also include providers of software as a service (SaaS) facilities, media platforms and even telecom companies that generate revenues through subscriptions based on one-time mandates. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3lWkTgO via IFTTT

The RBI informed that on examination of Paytm Payments Bank Limited's application for issue of final Certificate of Authorisation (CoA), it was observed that PPBL had submitted information that did not reflect the factual position. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3neSTnR via IFTTT

In its latest annual report, the central bank said that its agenda for 2021-22 was to "Continue to explore new asset classes, new jurisdictions/ markets for deployment of foreign currency assets (FCA) for portfolio diversification and in the process tap advice from external experts, if required" from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/2Z1PpNg via IFTTT

"The GNPAs and NNPAs are expected to further decline to 6.9-7 per cent and 2.2-2.3 per cent by March 2022, which will continue to be a relief for the bottomline (profit) of lenders," the credit rating agency said in the report. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/2Z48ZsM via IFTTT

In his book titled 'The Custodian of Trust', Kumar said that SBI was reluctant to play the lender of last resort role for the YES Bank but circumstances compelled it to rescue the country's fourth largest private sector lender. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3vvdk3L via IFTTT

In this role, Mantri will be based in Mumbai, and responsible for the finance function, overseeing business planning and strategy, balance sheet management, financial controls, reporting and tax matters and will focus on delivering the financial plan, while working closely with key stakeholders on franchise-level matters in India. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/2Z9E91L via IFTTT

A government official confirmed that the Indian Banks' Association (IBA) has sought government intervention and guidance on the issue. Banks have pointed out that the provision will raise costs and any compliance shortfall can have serious implications. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3pmYICv via IFTTT

Most of the banks were extremely reluctant to support a resolution plan for Jet Airways, he wrote, while recalling the developments with regard to the resolution plan of the airline which unfortunately could not get through as promoters were not able to fulfil the required conditions in the stipulated time. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3C0oL5Z via IFTTT

Announcing the launch of 'Dil se Open Celebrations : kyunki Diwali roz roz nahi aati', the bank said it will offer deals and discounts on shopping in restaurants and other retail loan products on purchases made through Axis Bank debit and credit cards. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3BVmoBt via IFTTT

"The pickup in economic activity will drive credit growth, which we expect to be 10%-13% annually. Weak corporate financials and funding constraints at finance companies have been key negative factors for banks but these risks have receded," a Moody's report said. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3vqbpxq via IFTTT

"Stressed assets in these segments are seen rising to 4-5% and 17-18%, respectively, by this fiscal year-end (March 2022). The numbers would have trended even higher but for write-offs, primarily in the unsecured segment," said Krishnan Sitaraman, senior director and deputy chief ratings officer. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3n82yg7 via IFTTT

"Our systems detected unauthorised and suspicious attempts to transact in certain accounts. Basis the system alerts, we reported the matter to law enforcement agencies for further and necessary investigation, and lodged an FIR," added the bank. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3FXWz65 via IFTTT

Global lenders Barclays Plc and Citigroup Inc. have created new senior roles, while regional and boutique players are staffing up to capture a surge of activity in mergers and acquisitions and initial public offerings. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3B0RSVG via IFTTT

​​ This penalty has been imposed in exercise of powers vested in the RBI under the Banking Regulation Act, 1949, it said. This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers, it added. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3BRObTq via IFTTT

"This penalty has been imposed in exercise of powers vested in RBI under the provisions of section 47A (1) (c) read with sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949," read the Central Bank circular.​​ from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/2XmgZUT via IFTTT