All Banking & Crypto Related Details

Finance minister Nirmala Sitharaman also announced to set up 75 digital banking centres in 75 districts by scheduled commercial banks. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/ygT01nxVG via IFTTT

In terms of amount, the total insured deposits (Rs 76.2 lakh crore) as at end-March 2021 constituted 50.9 per cent (up from about 30 per cent under Rs 1 lakh cover) of the total assessable deposits (Rs 149.7 lakh crore) as against the international benchmark of 20-30 per cent, stated the survey. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/tMvrBN0iI via IFTTT

Since February 2019, the Reserve Bank of India has reduced repo rate by 250 bps. Large surplus systemic liquidity, the regulator’s continued accommodative stance on monetary policy and the external benchmark linked pricing of loans have helped faster transmission of policy rates. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/P4mntguNX via IFTTT

The city police had earlier arrested the promoter, Ajay Ajit Peter Kerkar, and former chief financial officer Anil Khandelwal, who are now in jail in the case. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/XUzoiPKVw via IFTTT

These suggestions have been made in the investor feedback sought by KPMG, the transaction advisor for the IDBI Bank strategic sale, according to officials with knowledge of the matter. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/g763efKRX via IFTTT

Several individuals - including those who were investigated, re-assessed and taxed - have been asked by the Foreign Assets Investigation Unit (FAIU) to share details of offshore bank accounts since 2001, residency status for the past two decades, passport copies and names of overseas service providers. Overseas service providers are professional outfits setting up tax haven vehicles and trusts to hold the funds. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/xKrFJsTja via IFTTT

The newly-minted bad bank faces obstacles in the resolution of stressed assets as the final structure and contours of the institution get more of a public sector flavour than the originally envisaged private sector nature of the resolution company, bankers said. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/lgfKFdZkI via IFTTT

According to sources, the National Bank for Financing Infrastructure and Development (NaBFID) is awaiting clearance for the appointment from the regulator Reserve Bank of India (RBI). After approval from the RBI, NaBFID will intimate BBB for issuance of advertisement for the post of MD and DMDs, sources said. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/mS4OTX9h5 via IFTTT

The bank said, "In view of the public sentiments, SBI has decided to keep the revised instructions regarding recruitment of pregnant women candidates in abeyance and continue with the existing instructions in the matter." from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/EwxMdmLWR via IFTTT

In view of the public sentiments, SBI has decided to keep the revised instructions regarding recruitment of pregnant women candidates in abeyance and continue with the existing instructions in the matter, the bank said in a statement. In its latest medical fitness guidelines for new recruits or promotees, the bank said a candidate would be considered fit in case of pregnancy which is less than three months. from Banking-Banking/Finance-Industry-Economic Times https://bit.ly/35szRVX via IFTTT

The bank's move has elicited criticism from some quarters, including from the All India State Bank of India Employees' Association. In its latest medical fitness guidelines for new recruits or promotees, the bank said a candidate would be considered fit in case of pregnancy which is less than 3 months. from Banking-Banking/Finance-Industry-Economic Times https://bit.ly/3uaNjrV via IFTTT

In a statement, RBI said the Lucknow-based co-operative bank will not, without its prior approval, grant or renew any loans and advances, or make any investment. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/340kJ1M via IFTTT

Only NRI customers of the Kochi-based bank can invest in the US dollar fixed maturity bond fund, which targets to mop up around USD 200 million, Hemant Mishr, co-founder and chief executive of Scube Capital, told PTI on Friday. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3INPipZ via IFTTT

The National Asset Restructuring Company (NARCL) or what is popularly called a bad bank will help lenders in cleaning up their books by acquiring toxic assets and chasing truant borrowers. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3o8xNJn via IFTTT

Washington DC-based USISPF, which represents leading Fortune 500 companies, in a set of recommendations argued that to improve the ease of doing business for institutional investors, the process to register as QFII should be streamlined, and the ability to adopt a single window clearance will enable smoother setting up of companies in India. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3H8PFel via IFTTT

According to the draft scheme, the first pay-out for retail depositors above Rs 5 lakh will start from year one, faster than the second year pay out as per the draft scheme. Instititutional depositors can also expect a preference shares alloted to them in case recoveries from the major fraud account of HDIL Group exceed the principal. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/34gyybW via IFTTT

Purwar is a veteran banker and was Chairman of the country’s largest bank - State Bank of India from November 2002 to May 2006. He was credited with the core banking initiative and stepping up the bank’s focus on the retail segment. He played an important role in starting SBI’s life insurance company- SBI Life Insurance Company. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3Gdrdri via IFTTT

BharatPe has ramped up the reach of its POS business by 25X to over 250 cities in the last 12 months and since the launch in the second half of 2020, the company has deployed more than 1.25 lakh BharatSwipe machines across offline shops, it added. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3u2fkBN via IFTTT

The CVC had on January 6 expanded the ambit of the Advisory Board for Banking and Financial Frauds (ABBFF), which conducts first level examination of large bank frauds, to cover all such cases involving amounts of Rs 3 crore and above besides examining the role of all levels of officials. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3H87Yk4 via IFTTT

Multi-asset funds are mutual funds that invest in different asset classes. As per SEBI regulation multi-asset funds invest at least 10% in three different asset classes. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3G44sWn via IFTTT

A Liquid Fund typically invests in fixed income securities wherein a portfolio is created having a mix of debt and money market instruments. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3GaZdnP via IFTTT

"The growth in deposits is an endorsement of the trust that customers have placed with us. With our strong distribution and digital banking platform, the bank offers a market-leading proposition to both the urban digital and the retail customers," Biswas said. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3g4HwvP via IFTTT

It is easy to increase your budget by cutting down your investments and savings, but that is not the best way to do it. Cutting down your investments and saving can jeopardize your financial future. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3IFYlcO via IFTTT

The plan proposed by Religare Finvest management needed an infusion of Rs 700 crore of fresh loans from lenders over a period of two and a half years. Bankers are reluctant because the account is classified as a non performing asset (NPA). from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3rNHbTz via IFTTT

“The scheme of amalgamation envisages takeover of the assets and liabilities of PMC Bank, including deposits, by the USFBL in terms of the provisions of the scheme,” the Reserve Bank of India said citing the government's sanction on the amalgamation plan. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3IBtzBD via IFTTT

India's largest NBFC-MFI has invested the fund in the form of subordinate debt on Tuesday, the company said in a regulatory disclosure to stock exchanges. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3AEt4Ek via IFTTT

"The amalgamation will come into force with effect from the date of the notification of the scheme i.e. January 25, 2022. All the branches of the PMC Bank will function as branches of Unity Small Finance Bank Ltd. with effect from this date," read the circular in the official site of the Reserve Bank of India. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/32uMyhS via IFTTT

"Indian banks are ready to shift into a growth phase, just in time to meet rising demand as the country's economy recovers," said Nikita Anand, associate director for credit risk at S&P Global Ratings. "Faster loan growth will be bolstered by improving asset quality and a normalization in credit costs over the next 12-18 months." from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3g2qRJ3 via IFTTT

The AP Mahesh Co-operative Urban Bank authorities after detecting suspicious transactions on Sunday night were able to stop further transfer of funds/transactions and also contacted managements of those banks to block such accounts and managed to get some amount (from the diverted funds) frozen, he said. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3IGrTHj via IFTTT

By BY RON LIEBER from NYT Your Money https://ift.tt/3qW5WxQ via IFTTT

Hero Fincorp has initiated a valuation exercise before the equity funding round will be finalised. The final contributions of the existing and new investors could change based on the valuation report, according to people cited. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3H1zBLt via IFTTT

A penalty of Rs 4 lakh has been imposed on The Associate Co-operative Bank Ltd, Surat (Gujarat) for contravention of directions on 'Loans and advances to directors, relatives and firms/concerns in which they are interested', and non-compliance with the Master Directions on 'Know Your Customer (KYC)'. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3G3AGkU via IFTTT

Loans create a vicious trap of EMIs for you and to pay the EMIs you’ll have to keep on working. So, this may make your financial independence a far-off dream. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3GYS9fk via IFTTT

Even as the wait goes on for the National Asset Reconstruction Company (NARC), or 'bad bank', which was announced in the previous Union Budget and proposed reforms for the private asset reconstruction companies (ARCs) to take off, the dead weight of old accounts continues to languish on the banks' books. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3fRfNyt via IFTTT

India has about 200,000 villages with a population of more than 2000 people. The company is focused on targeting this demographic through an assisted model that consists of business champions who are present in 100 villages and smart cash kiosks that are present in 10 villages. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3FP2oBC via IFTTT

Fee income also recorded a strong growth of 19% year-on-year to Rs 4,291 crore from Rs 3,601 crore a year ago. Treasury income declined to Rs 88 crore from Rs 766 crore a year earlier because unlike last year income this year did not include a gain of Rs 329 crore from sale of shares of ICICI Securities. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3GSJfAd via IFTTT

Yes Bank's plan to transfer its entire bad loan book to its proposed asset restructuring company (ARC) may slip to the next financial year as the formation of the ARC got delayed due to the spread of the third wave of the Covid-19 pandemic. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/33W1HJu via IFTTT

The bank said it managed to contain bad loans in both gold and non-gold assets. Out of the gross NPA of Rs 389 crore, Rs 102 crore is gold loan NPAs which are backed by pledge of gold ornaments. Gross non-performing assets dipped to 2.62 per cent at the end of December against 4.11 per cent a year back. Net NPA was at 1.36 per cent against 2.63 per cent over the same period. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/33wjozD via IFTTT

"The stress in the system has considerably reduced and this will lead to reduction in NPAs going forward," said managing director Chandra Shekhar Ghosh. He said that collection efficiency in Assam and West Bengal -- the two states which saw high build up of asset quality stress -- has improved. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3qLzr5l via IFTTT

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

Customers often find it very tedious and irritating when they are asked to either complete or update their KYC. However, they must understand that it is only in their interest that they follow all the requirements of completing and updating their KYC data at regular intervals to avoid any fraudulent activities occurring in their accounts. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3fLZz9O via IFTTT

A former IAS officer, Rai has rich experience in multiple capacities with the Ministry of Finance, Commerce, Defence, the bank said in a release. He was also chairman of the Banks Board Bureau, the body which advises the government on top-level appointments at public sector banks and ways to address bad loans. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/33Oru6m via IFTTT

Net interest margin, a key profitability parameter, remained flat at 2.64 per cent in the quarter under review compared to the year ago period. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3AjVOSl via IFTTT

Compounding is a mathematical process that can multiply your potential earnings from an investment. The compounding process ensures that you earn interest on your original invested amount and also earn interest on the returns. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3GLWqCJ via IFTTT

‘Principles: Life and Work’ is one of the most talked-about books of our times, author Ray Dalio lays out a set of comprehensive principles designed to help you achieve success in your personal as well as professional lives. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3IlyhDr via IFTTT

If you want to build a robust long-term portfolio and achieve your financial goals, then you must be committed and disciplined like the Flying Sikh. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3FJAmYk via IFTTT

In this first episode of our new podcast series ‘Cinematics of Investing’, Edelweiss Mutual Fund, in collaboration with Saurabh Jain, brings to you these simple yet important and financial lessons with a dash of Bollywood tadka. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3Kp65l0 via IFTTT

On March 27, 2020, the Reserve Bank of India (RBI) had announced a loan moratorium on payment of instalments of term loans falling due between March 1 and May 31, 2020, due to the pandemic, which was extended to August 31. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3tQfUCu via IFTTT

Briefing media on the Cabinet decision, Information and Broadcasting Minister Anurag Singh Thakur said the Budget had made provision of Rs 5,500 crore for the scheme of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/32dTJuJ via IFTTT

By BY TARA SIEGEL BERNARD from NYT Your Money https://ift.tt/3tE0G3z via IFTTT