All Banking & Crypto Related Details

HDFC and Axis Bank were the only two lenders that had provided term loans to RCap, according to the company's annual report for the financial year March 31, 2021. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3d7XQdz via IFTTT

Large institutional investors, including LIC and Employee Provident Fund Organisation (EPFO), collectively own about ₹6,000 crore of RCap bonds. They are also expected to report considerable recoveries. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3pcygK5 via IFTTT

Credit growth to industry including small and medium sized firms picked up to 4.1 % in October 2021 from a contraction of 0.7 % in October 2020. Size-wise, credit to medium industries rose 48.6 % in October 2021 as compared to 20.8 % last year. Credit to micro and small industries accelerated to 11.9 % in October 2021 from 0.7 % a year ago. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3xLDyAk via IFTTT

The Indian crypto asset industry has witnessed exponential growth over the last five years. An estimated 15 million crypto-asset holders have put in Rs 660 crore in these crypto asset holdings. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/31aEQsi via IFTTT

Advances to micro and small industries accelerated to 11.9 % in October 2021 from 0.7 % a year ago. Credit growth to large industries stood at 0.5 % in October 2021 as compared to a contraction of 1.8 % a year ago, the data showed. Slowdown in credit growth of services continued, as it decelerated to 2.9 % in October from 8.6 % a year ago. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3xANBbj via IFTTT

As per information received from the Reserve Bank of India (RBI), as on December 31, 2020, the total number of such accounts in Scheduled Commercial Banks (SCBs) was 8,13,34,849 and the amount of deposits in such accounts was Rs 24,356 crore, Sitharaman said in a reply. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3D1HaiF via IFTTT

From data experience, liquidity criteria and tax point of view we have observed that debt and equity are the best investment opportunities for asset allocation which successfully covers all required aspects of investments. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3E7CHfH via IFTTT

Branch Network plays an important role in reaching out to the masses for investments. Where there is a branch whether it’s a category B town, village panchayat, tehsil, gram panchayat the branch is playing its part in promoting the “Mutual Funds Sahi Hai concept”. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3I3o7rL via IFTTT

Fintechs are promoting a vision of a world without banks. Blockchains and cryptocurrencies have taken over paper money or credit cards. In short, fintechs are facilitating a fast, seamless, immersive, cross-channel digital experience that customers have always wanted. It is satisfying their needs and bringing to them so much more that they can anticipate. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3G0BNCc via IFTTT

“Pickup in activity levels will drive credit growth, with positive effects to asset risks,” the global rating company said in a report on banks in the emerging market. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3D6sEGl via IFTTT

The unraveling of Reliance Capital Ltd. shows why the Reserve Bank of India remains reluctant to allow big business groups into mom-and-pop banking, despite facing huge pressure to allow a wave of corporate capital into the industry and reignite credit growth. The financiers’ potential to do harm is lethal even without access to insured deposits. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3lkCxu6 via IFTTT

In their letter to the RBI the industry bodies have argued that the strict day-to-day payments based classification would be hard to implement for the borrowers serviced by them as their cash flows and supplies are haphazard. These borrowers make lump sum payments. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3p9xY6R via IFTTT

According to CAG, the finance ministry had stated that bank recapitalisation was not fiscally neutral but cash neutral, as issue of securities would get reflected in the total government debt and coupon payments for the special securities when made would be reflected in the deficit of the relevant year. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3E7Mbre via IFTTT

By BY TARA SIEGEL BERNARD from NYT Your Money https://ift.tt/3rlU0Gk via IFTTT

"The Reserve Bank of India vide its letter dated November 29, 2021 has appointed P N Raghunath, General Manager, Reserve Bank of India, Bengaluru, Regional Office as an Additional Director on the board of the bank for a period of 2 years with effect from November 29, 2021 to November 28, 2023 on till further orders, whichever is earlier," Ujjivan SFB said in a regulatory filing. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3o5TXMN via IFTTT

In September, the Bengaluru-based company filed draft papers with Sebi for IPO and which is mix of fresh issues and offer for sale by promoters. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3G0vUoi via IFTTT

The borrowers of written-off loans continue to be liable for repayment and the process of recovery of dues from the borrower in written-off loan accounts continues. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3ljEXJg via IFTTT

Prior approval is required from the central bank to make an acquisition in any private banks of more than 5 per cent stake. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3pdw5pC via IFTTT

"The RBI inspection revealed non-compliance with rules on classification of an account as red flag account despite presence of early warning signals and also failure to disclose provisioning for Security Receipts (SRs) in its Annual Report," read the circular. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/32C63ol via IFTTT

By BY TARA SIEGEL BERNARD from NYT Your Money https://ift.tt/3D0G7iN via IFTTT

Kotak Mahindra Bank informed the exchanges on Monday that the Life Insurance Corporation of India has received the Reserve Bank of India's approval to increase its stake in the company up to 9.99%. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3xwJs86 via IFTTT

While the RBI must be lauded for its visionary stance of mandating CoFT in the interest of promoting safe and secure digital payments for consumers, there exist implementation challenges, which may bear unintended adverse consequences for consumers and merchants. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/32v3i8j via IFTTT

The MF industry is closely regulated and monitored by the regulator, the Securities and Exchange Board of India (SEBI). Regulations put in place by SEBI keep tight reins on the risk profile of investments, concentration of risk in funds, valuation of investments and the compliance of funds with its goals. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3FWQx52 via IFTTT

Fedo said that there is a very large and urgent need to simplify and bridge the financing gap between insurance policy coverage and hospitalization expenses. This offering will enhance the value proposition for insurers and banks alike, and more importantly will address the needs of consumers, with empathy. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3FYDtfd via IFTTT

In the last several weeks, WhatsApp introduced India-specific features on WhatsApp Pay, including adding ₹ (rupee) symbol in its chat composer for sending payments, and the camera icon in composer, which lets users scan any QR (quick response) code. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3pbI4UE via IFTTT

Analysts say NBFCs face their own challenges in terms of the rising cost of funds and higher capital requirements and a bank licence is not on the horizon for the next few years. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3FUzh0i via IFTTT

Hinduja said that once operational guidelines are in place, the promoters will raise the money in two to three months to enhance their stakes in multiple tranches to 26 per cent. At present, the promoters own 16.54 per cent in IndusInd Bank. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/317bRG9 via IFTTT

State-owned Punjab National Bank (PNB) has put up a Madhya Pradesh-based steel and agriculture company for sale to recover its outstanding of nearly Rs 200 crore. The National Steel and Agro Industries Ltd has a balance outstanding of Rs 199.90 crore to the bank. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3D4kXQS via IFTTT

The RBI on Friday came out with revised guidelines on private sector banks, allowing for 26 % promoter ownership but did not go ahead with an internal working group's recommendation to allow corporates to promote banks after protests from various quarters including former governors. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3cRkPtl via IFTTT

The Reserve Bank of India’s decision to keep corporates away from bank licences will help the government sidestep allegations that it is selling banks to big business. However, the number of prospective buyers for public sector banks will shrink. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/2ZqTBGQ via IFTTT

Credit-deposit ratio for metropolitan branches stood at 82.8 per cent in September against 88.4 per cent a year ago, reflecting the fact that deposit mobilisation outpaced lening growth. All-India credit-deposit ratio dipped to 70 per cent from 72 per cent over the same period. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3r8K5nn via IFTTT

The action by RBI is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers, RBI said. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3r9WmIb via IFTTT

By BY RON LIEBER from NYT Your Money https://ift.tt/3xDkK6l via IFTTT

Finance minister Nirmala Sitharaman had announced the privatisation of two state-run banks as part of the government's disinvestment programme in her February budget speech. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3HXnyj6 via IFTTT

The Banking Laws (Amendment) Bill, 2021, to be introduced during the session is expected to bring down the minimum government holding in the PSBs from 51 per cent to 26 per cent, sources said. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3FRqT1z via IFTTT

With mobile becoming an integral part of our daily life and its reach in every nook and corner of India coupled with high-speed internet, nothing seems unreachable and unwished. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3xtBz3l via IFTTT

Earlier, Infrastructure Leasing and Financial Services (IL&FS) said it has completed the sale of its 71.84 per cent stake in IL&FS Prime Terminals FZC to VTTI Terminal I BV. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3cKLR5A via IFTTT

with Airtel Payments Bank, consistent rewards is a way of banking. People earn rewards on shopping, transactions, and so much more. So, rather than scouting for the next big deal, earn more from your transactions and payments. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3HUxCt8 via IFTTT

Earlier in the Union Budget Finance minister Nirmala Sitharaman announced that two public sector banks would be privatised this financial year. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3HTH942 via IFTTT

The USSD (Unstructured Supplementary Service Data) is a service that uses a short code for making transactions or inquiries. Since it does not need a data connection, the service is used by a large majority of people, primarily feature phone users, and is therefore also used as a medium for no-frills banking transactions. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3FLavzo via IFTTT

Industry players need a breather after recurring payments revamp. Given that extensive technological, operational and integrational aspects need to be developed, tested and deployed in the payments ecosystem, the RBI should consider a transitional timeline of 6-12 months for solutions such as tokenization to be implemented. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3l4sitM via IFTTT

City Union Bank Managing Director and CEO N Kamakodi said that though the older generations are much comfortable with the manual banking channel, many of them are now trying to use the digital channel also. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3HP7Gzh via IFTTT

In an order today, a bench of Justices MR Shah and Sanjiv Khanna said DVIL has to transfer the amount into a State Bank of India account by November 24, bringing the more-than-4-year old resolution saga to its climax. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3nM5Zul via IFTTT

The government wants banks to also find linkages and converge Jan Dhan accounts with schemes such as the Atal Pension Yojana, PM SVANidhi, Stand Up India scheme and the Sukanya Samriddhi Yojana. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/30WsK5K via IFTTT

​The bank has increased its market share in the credit card business in the last one were after RBI banned market leader HDFC Bank in December last year. The ban was subsequently lifted in August but not before ICICI closed the gap with HDFC in terms of cards issued. ​​​​The bank will tied up with companies like India Filings to help traders get key registrations and licenses such as trade license, Importer Exporter Code (IEC), GST registration. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3cDu2FJ via IFTTT

The bank wants to dissolve the entire board and remove the promoter family, as it believes the board is functioning in cahoots with the minority shareholders (the promoters), who should not have representation on the board. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3DMJLxV via IFTTT

Equitas Small Finance Bank is in partnership with HDFC Bank, for a co-branded credit card. Equitas said that the partnership will draw on HDFC Bank's strengths in the credit card market and its substantial reach. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3cLApGJ via IFTTT

IndusInd said the announcement regarding the hire of CEO wasn't correct because Shalabh Saxena hasn't yet resigned from Bharat Financial Inclusion. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3FGKHo4 via IFTTT

Cyber security firm CyberX9 had said that a vulnerability in the server of Punjab National Bank exposed the personal and financial information of its about 180 million customers for about seven months and that the bank fixed the vulnerability when CyberX9 notified PNB through CERT-In and NCIIPC. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3FF1YOB via IFTTT

The experts have said low credit growth to this cash-strapped sector is likely to weigh on the recovery efforts of small businesses. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3xa7c1I via IFTTT