All Banking & Crypto Related Details

Bank credit picked up 7.1 per cent in November, higher than 5.9 per cent clocked in the same period a year ago driven largely by better growth in retail, agriculture and MSME loans according to the latest data on sectoral deployment of bank credit released by the Reserve Bank of India. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3EJ8MJW via IFTTT

Customers would, however, continue to be eligible for five free transactions (inclusive of financial and non-financial transactions) every month from their own bank ATMs. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3sNDwrc via IFTTT

By BY ANN CARRNS from NYT Your Money https://ift.tt/32MkHtl via IFTTT

Loan recovery rates halved to 20% in 2020-21 as the impact of the pandemic - and the moratorium to take cases to courts - played out during the year. The recovery rate through the Insolvency and Bankruptcy Code (IBC) mechanism was 46.3% at the end of 2020. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3HoMGhP via IFTTT

Retail lending head Sumit Bali said the proportion of unsecured loans will increase to 22%-24% in the near future as the bank increases its focus on credit cards, personal loans and small business loans. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/32Em4uv via IFTTT

The move is also aimed at demonstrating investor confidence in the bank where a change of guard on Christmas Day was immediately preceded by central bank intervention in board composition. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3eDBiCo via IFTTT

IICC is the first international clearing corporation set up at GIFT-IFSC that acts as a central counterparty providing clearing and settlement and risk management services. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/31a5OAy via IFTTT

Vishwavir's sudden departure was seen as a result of the RBI communication to the bank a day earlier (December 24, 2021), appointing his Chief General Manager Yogesh K Dayal to the board of the private sector lender. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/32to7l7 via IFTTT

“LIBOR Transition is a significant financial event for international financial markets,” said Ashwini Kumar Tewari, Managing Director (International Banking, Technology & Subsidiaries), SBI. “As the country’s largest bank, SBI has been assiduously tracking the global developments in the LIBOR space to align with the best practices and has proactively modified its systems and processes to embrace the change from LIBOR to ARR.” from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3qDcobw via IFTTT

The central bank pointed out that conservative assessments under hypothetical adverse economic conditions and model outcomes should not be interpreted as forecasts. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3sIFI2V via IFTTT

Between April and the first week of December, credit disbursal grew to 7.1 per cent as against 5.4 per cent growth a year ago and 5.2 per cent in March 2021, according to the financial stability report released on Wednesday. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/33WGjUo via IFTTT

While investment and credit companies (ICC), the largest segment of NBFCs, showed subdued asset growth, infrastructure finance companies (IFCs) – a segment dominated by PSU NBFCs –decelerated in the first half of FY22. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/340eISd via IFTTT

"Macro stress tests for credit risk indicate that the gross non-performing asset (GNPA) ratio of SCBs may increase from 6.9 per cent in September 2021 to 8.1 per cent by September 2022 under the baseline scenario and to 9.5 per cent under a severe stress scenario," according to the 24th issue of the Financial Stability Report (FSR) released by the RBI. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3FDBDAV via IFTTT

In September 2019, RBI had superseded the board of PMC Bank and placed it under regulatory restrictions, including a cap on withdrawals by its customers, after detection of certain financial irregularities, hiding and misreporting of loans given to real estate developer HDIL. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3FHMMRm via IFTTT

In H1 2021-22, banks saw 1,802 reported cases of frauds amounting to Rs 35,060 crore which were related to advances. There were 1,532 reported cases of frauds linked to card/internet, involving Rs 60 crore, the report showed. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3FCLeHY via IFTTT

The revised guidelines on compensation require that the compensation of CEOs / Whole Time Directors / Material Risk Takers must be adjusted for all types of risk, their outcomes and time horizons. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3mCEW3I via IFTTT

Although the balance sheet growth of urban co-operatives banks (UCBs) in 2020-21 was driven by deposits on the liabilities side, subdued credit growth prompted acceleration in investments on the assets side, the report said. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3FBF4bk via IFTTT

HFCs (housing finance companies) also took several proactive steps to counter the impact of COVID-19 and ensure continuity of business during the lockdown by resorting to digitally-enabled services for sourcing, processing, and disbursing loans, the report added. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3z4Y9jv via IFTTT

With user convenience at the cornerstone, technology is scaling up financial inclusion to the remotest corners of India from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3JrcStO via IFTTT

The Reserve Bank of India on Tuesday released the 2020-21 iteration of its report on ‘Trend and Progress of Banking in India’. Here are some of the highlights and some outlook for the sector. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3FEXkR1 via IFTTT

"The Reserve Bank of India vide its letter dated December 27, 2021, has approved the re-designation of Rajiv Anand as the Deputy Managing Director of the bank from the date of its communication and co-terminus with his approved term of appointment till August 3, 2022 (both days inclusive)," Axis Bank said in a regulatory filing. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3sEkOSG via IFTTT

Indians can now get remittance money from their foreign sources in a much easier way as IndusInd Bank has tied up with NPCI to facilitate cross-border money transfer by using UPI IDs of the beneficiaries. This will obviate the need to remember one's bank account details to send money. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/311PZvT via IFTTT

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Listing your investments and their current valuation for filing your income tax returns or a daily check of stock prices may seem like reviewing your investments and may give you a sense of control. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3yZmkA2 via IFTTT

The regulator also clarified that appointment of additional director in private banks is undertaken as and when it is felt that the board needs closer support in regulatory and supervisory matters. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3Etl0X1 via IFTTT

Allaying investors' concerns and calming speculations, the Reserve Bank of India on Monday issued a statement clarifying that the financial health of RBL Bank is stable. It further added that the private sector lender is well capitalised and that its financial position is satisfactory. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3sC3eyH via IFTTT

The court was hearing a plea by the lender challenging an order of the DRT, which had directed Yes Bank to maintain status quo with regard to enforcing its rights on the 44.53 crore shares of Dish TV India that are currently held by the bank. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3z7Nl4f via IFTTT

The bad bank plans to recruit as many as 50 professional executives for the asset management company (AMC) — India Debt Resolution Company Ltd (IDRCL) — to begin with, said people familiar with the matter. The bad bank’s regulatory framework is being worked out. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3mygocl via IFTTT

Rajeev Ahuja, the bank's newly-appointed MD and CEO, told reporters the bank does not anticipate major capital needs in the short term, countering fears of problems in management. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3yYRoji via IFTTT

This represents about 61 per cent year-on-year growth in transaction volume per quarter, underlining the bank's digital-first model and distribution of over 5,00,000 banking points that give it the ability to scale up rapidly. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3mtbb5t via IFTTT

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Pursuant to the government's 4Rs strategy of Recognition, Resolution, Recapitalisation and Reforms, Non-Performing Assets (NPAs) of the banking sector have declined to Rs 8,35,051 crore as on March 31, 2021. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3psQKHO via IFTTT

The Board appointed Rajeev Ahuja (currently the Executive Director) as interim Managing Director & Chief Executive Officer of the Bank with immediate effect, subject to the regulatory and other approvals. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3pqvxOs via IFTTT

Paytm on Friday said it has elevated Bhavesh Gupta, CEO of Paytm Lending, to take on the leadership for the offline payments vertical in addition to his existing responsibilities. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3Eq8uaW via IFTTT

An official confirmed the development and said that information has been sought on the methodology used for calculating the amount to be refunded or adjusted for different facilities. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3ehUDZC via IFTTT

L&T Mutual Fund is ranked 12 out of 44 in the Indian mutual fund industry. Equity assets account for Rs 41,000 crore of the total cited above. HSBC is at 23 with assets of Rs 11,314 crore, of which equity accounts for Rs 4,264 crore. L&T Mutual Fund has 2.4 million active folios, is empaneled with leading banks and has a presence in 65 locations. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/32qRBjg via IFTTT

L&T Mutual fund ranks no 12 in the 43 player Indian mutual fund industry with total assets under management of Rs 77,608 crore as of July 31 of which equity assets account for Rs 38,807 crore. HSBC on the other hand, ranks 23rd in the industry with assets of Rs 11,211 crore, with equity assets account for Rs 3369 crore. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3ehVf1t via IFTTT

In the Swiss auction process, lenders first hold an auction of the NPA, and the offer made by the highest bidder (also known as anchor bidder) is set as the reserve price. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3EneqBi via IFTTT

"In India, we serve a variety of customers. We also serve those who are digital savvy and who would not like to have anything physical but on phone clicks. There are also customers who have financial and digital literacy as a major concern. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/30PA8Ai via IFTTT

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

"I think it is up to us bankers to make the case with the regulator what is required there to make the level playing field," Kamath said while delivering the inaugural address at the 'FICCI-FIBAC 2021' virtual event on Tuesday. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3ehKHPW via IFTTT

According to RBI's data, profitability of public sector banks (PSBs) that have been amalgamated/merged during the last five years has improved on a consolidated basis, Minister of State for Finance Bhagwat Karad said in a written reply to the Rajya Sabha. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3efJQit via IFTTT

In the Union Budget for financial year 2021-22, the government had announced its intent to take up privatisation of two PSBs in the year and approval of a policy of strategic disinvestment of public sector enterprises, Finance Minister Nirmala Sitharaman said in a written reply in the Rajya Sabha on Tuesday. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3qy9DZh via IFTTT

The south-based private sector bank said it has been expanding its business by adding new product lines and increasing the distribution channel through physical and digital channels. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3qxFold via IFTTT

The bank also stated that the account has been declared a non-performing asset and has been fully provided for. The lender has taken action to recover its dues as per its filing to the stock exchanges. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3mkBnz7 via IFTTT

Axis has been looking at inorganic opportunities in insurance, micro finance. It was in discussions with Kedaara Capital to acquire Spandana Spoorthy but the deal fell through. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3pcXTf1 via IFTTT

​​ Justice Prathiba M Singh, while setting aside an industrial tribunal's order rejecting the termination of a bank employee who allegedly transferred funds to his personal accounts, stated that customers repose their faith in bank officials who enjoy a fiduciary relationship with them and even a suspicion of misconduct based on some evidence is sufficient to uphold their dismissal from service. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3pcmG2T via IFTTT

She said this while replying to a discussion on the second batch of Supplementary Demands for Grants which was approved by the Lok Sabha amid uproar by the Opposition over various issues. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3pdKYtk via IFTTT

​​To a question related to PAN Card, Minister of State for Finance Pankaj Chaudhary said in some cases, persons have been allotted more than one PAN. However, all duplicate PAN cards, as per record, have been de-duplicated, he said. The number of PANs which have been de-duplicated is 12,12,527, he said, and added this does not include PANs which have been re-activated over a period of time. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3Eqjghz via IFTTT

The National Company Law Tribunal (NCLT) also appointed Girish Sriram Juneja as interim resolution professional (IRP) to oversee its day-to-day affairs and revival plans.Mumbai-based Osian's Connoisseurs is a pioneer art institution and auction house, and it houses an archive, library and a collection of antiquities, miniatures, sculptures as well as other cultural artefacts. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3yEhUy6 via IFTTT