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Jagdishan said the banking regulator had asked it to keep the structure of the merged entity simple, with HDFC Bank being the holding company. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/QwavANf via IFTTT

The bank decided to hold a Swiss auction to avoid glare from investigative agencies in future, a bank executive said on condition of anonymity. "The bank would not like to be questioned for selling loans without attempting to get the best offer," the person said. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/EyQCabu via IFTTT

Housing sales have continued to slump, indicating a lack of appetite for mortgages and subdued credit demand among developers and sectors linked to the property industry. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/r7fnL5F via IFTTT

Credit to large companies rose 1.6% in April from the same month a year earlier, when it had contracted 3.6%, according to latest data on sectoral flow of bank credit released by the Reserve Bank of India. Credit to medium industries increased 53.5% year-on-year in April this year compared with 44.8% last year. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/vlArEh0 via IFTTT

According to rules, a group of shareholders that holds not less than one-tenth of the paid-up share capital on the date of the receipt of the requisition, carries the right of voting and can seek an EGM. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/r0D6tPv via IFTTT

For the year ending March 31, 2022 the company made disbursements of Rs 2,311 crore on a profit of Rs 168 crore, the company said. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/MCLubxh via IFTTT

In the Union Budget for the 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, Sitharaman had said in Parliament. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/Cs4PnhE via IFTTT

The external benchmark-linked framework makes transmission of monetary policy signals automatic in terms of lending rates, but deposit rates are functions of credit demand as well as the prevalent liquidity situation. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/RaOeupY via IFTTT

The PSBs witnessed an increase of 110% in their net profits in FY22. The overall profit accounted for Rs.66,539 crore. This is the first time when such profits have been recorded by PSBs since FY18. The State Bank of India recorded the highest profit that accounted for 47% of the total profits of PSBs. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/c7Khf9y via IFTTT

The presence of Jay Kotak at an investor meet in November to highlight the bank's progress and plans for digital banking product 811 has led analysts to believe that Uday Kotak may be grooming his son under Manian's stewardship. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/EdaAOKf via IFTTT

Due to the freeze, those customers could not transfer any fund to other accounts but could receive cash. A small number of remaining ones, according to the bank, will be completed soon within the next few hours. About two and half years ago, the central bank had ordered the bank to temporarily hold all digital launches and new sourcing of credit card customers. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/Z0FBCwY via IFTTT

The fourth-largest private sector bank clocked the highest ever quarterly growth with over 1.1 million credit card acquisitions in the March quarter of 2021-22. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/xz1nkUu via IFTTT

The Pune-headquartered lender Bank of Maharashtra recorded a 26 per cent increase in gross advances at Rs 1,35,240 crore at the end of March 2022, according to the BoM data. It was followed by State Bank of India and Union Bank of India with 10.27 per cent and 9.66 per cent growth, respectively. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/psh5gYF via IFTTT

In the past few weeks, Sebi has been receiving alerts from its internal surveillance alert system and inputs from National Stock Exchange about suspected front-running of trades at Axis Mutual Fund, the person said. "Based on the alerts and the surveillance inputs, the regulator has initiated investigation," the person said. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/8kJoOxz via IFTTT

The bank posted a net profit of Rs 130.20 crore for the fourth quarter ended March 2022 which is a four-fold increase compared to the net profit posted for the same period last year. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/tYK6y5n via IFTTT

The federal agency told the court that Bhosle received an amount of approx. Rs 69 crores from DHFL in grab of consultancy services provided for three projects without performance of any service. Apart from the same it had also been alleged that the companies of Bhosle were beneficiaries of diverted amount to the extent of Rs 292.50 crores from Radius Groups of Sanjay Chabbaria after receiving loans amounting to Rs 2000 crores from DHFL. Chanbaria, a defaulter of DHFL has been arrested in the case. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/6x04LMo via IFTTT

It was found that the bank failed to put in place Straight Through Processing (STP) between Core Banking System(CBS)/accounting system and SWIFT messaging system for transactions creating non-funded exposure/exposure with financial implications, within the time limit of April 30, 2018, according to a RBI release. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/TE0uFSp via IFTTT

To capture the extent of financial inclusion across the country, the Reserve Bank has constructed a composite FI-Index with three subindices, viz., FI-Access, FI-Usage and FI-Quality, incorporating details of banking, investments, insurance, postal as well as the pension sector in consultation with the government and respective sectoral regulators. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/6AIKgkz via IFTTT

Its asset quality improved with gross non-performing assets being at 4.7% at the end of March against 5.1% a year back. Net NPA was almost flat at 2.95% against 2.97%. The bank's operating profit grew 47.2% at Rs 440 crore against Rs 299 crore over the same period. The bank proposed Rs 1 dividend per equity share, i.e, 100% on face value of Rs 1 per equity share. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/UYCrZzS via IFTTT

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"There was an internal working group report. We examined it. We reached a conclusion that at the moment we would keep it for further examination," RBI governor Shaktikanta Das said in an exclusive conversation with The Economic Times. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/Q0oDgHw via IFTTT

Nine out of 12 public sector banks (PSBs) have paid dividends for the fiscal year ended March 2022, led by the country's largest lender State Bank of India (SBI) with Rs3,616 crore followed by Union Bank of India (UBI) with Rs1,084 crore. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/BHzgISa via IFTTT

At present there are 43 RRBs in the country, and the government is keen to have one large regional rural bank for each state. "There is a scope for further consolidation and raising capital through the markets," a government official aware of the deliberations said on condition of anonymity. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/wvgJhFe via IFTTT

Bharat Bill Payment System (BBPS) is an interoperable platform for bill payments and the scope and coverage of BBPS extends to all categories of billers who raise recurring bills. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/8gT24i7 via IFTTT

Vasudevan’s current term will come to an end in July this year and the board has decided to seek a one-year extension for him—instead of seeking a three-year extension as decided earlier—so that he can guide the bank till a successor comes on board. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/YB8DPoS via IFTTT

According to sources, the government is committed to the privatisation of two public sector banks and it is on course. Besides, sources also said the divestment of BPCL is also on the card and fresh bids will be invited. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/HwrqzEc via IFTTT

"The CoR of the (five) NBFCs have been cancelled on account of violation of RBI guidelines on outsourcing and Fair Practices Code in their digital lending operations undertaken through third party apps which was considered detrimental to public interest," the RBI said. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/TDF4dQZ via IFTTT

The group had considered getting into banking through Tata Capital, its financial services arm, after a working group of the Reserve Bank of India (RBI) in November 2020 recommended granting banking licences to industrial houses. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3yjt2nN via IFTTT

Some of the summons relate to remitting money that was transferred from another member of the family who has exhausted individual LRS limit for the year. If such fund transfers are not established as a 'gift' to the family member, it could be construed as 'borrowing' - and therefore a violation - by the latter as LRS investments cannot be with borrowed money. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/732PmwK via IFTTT

​​​ Latest data from the Reserve Bank of India (RBI) showed that 7.3 crore credit card holders spent about Rs 68,327 crore for buying online while the amount spent through swipes at Point of Sale (PoS) machines stood at Rs 38,377 crore in March. For the first time, the RBI has provided separate data on spending through online versus PoS payments. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/aoIdPf8 via IFTTT

The lender said it has recently revised the FD amount under Platina to a minimum of Rs 15 lakh and below Rs 2 crore. The revised rates will come to effect from May 19, 2022. The lender offers monthly, quarterly and at maturity interest pay-out options. These interest rates are applicable on tax saver fixed deposits also, it said, adding they carry a lock-in period of five years. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/GxE67FB via IFTTT

The scope of the ongoing probe at Axis Mutual Fund has been widened so that the company doesn’t miss out on anything or anyone, MD & CEO of Axis Bank Amitabh Chaudhry said. “One of the individuals was a fund manager as well as an equity analyst, so it is important that we look at all the analysts. So, we have expanded that scope,” Chaudhry said. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/c48P0UO via IFTTT

According to RBI data, Indians opt to purchase with credit cards online, while debit cards are more frequently used in physical shops. The data released in March states that 7.3 crore credit cardholders spent Rs 68,327 crore online, compared to Rs 38,773 crore spent in stores using card swipe machines. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/b4UZHSX via IFTTT

It will also review the emerging and evolving needs of the customer service landscape, especially in the context of evolving digital/ electronic financial products and distribution landscape and suggest suitable regulatory measures. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/Nkwcuf2 via IFTTT

Inordinate delays in debt resolution of the distressed companies in bankruptcy courts and a nudge from the government to provide additional loans to already distressed power companies have encouraged lenders to look at exit options. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/rm750qy via IFTTT

An economist by profession, Dhingra has put 34 years of service in various Regional Offices of NABARD in different capacities. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/Fk63Typ via IFTTT

RBI ordered a comprehensive audit of the company's IT systems, citing "material" supervisory concerns, without elaborating further, and barring it from taking on new customers. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/sTUhqnP via IFTTT

Bandhan Bank MD and CEO Chandra Shekhar Ghosh told PTI that "the lender will increase its exposure to secured loans and has set a target to increase disbursements to housing and medium-size MSME loans. Advances to MFIs and small-ticket MSME loans are unsecured". from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/Hvx9bCq via IFTTT

Capital adequacy ratio of the bank improved to 18.54 per cent in March 2022 from 17.06 per cent as at March-end 2021 with the help of capital support from the government, bank's MD and CEO S Krishnan said. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/rk26f1N via IFTTT

Revenue earned by Punjab National Bank from ATM transaction charges stood at Rs 645.67 crore in financial year 2021-22, the bank said in response to an application seeking information under the Right to Information (RTI) Act. In 2020-21, the bank had earned Rs 170 crore by levying charges on customers for not maintaining minimum balance in their accounts. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/37iGIbv via IFTTT

Since early this month, there have been rumours about improper behaviour of at least two Axis MF fund managers that included sudden changes in their lifestyle in recent months. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/L4kIgUn via IFTTT

Bank’s MD & CEO Mahabaleshwara MS said “This upward revision in deposit interest rate is in line with the market trend and is expected to encourage the public to invest more in our bank’s various term deposit schemes.” from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/TZxhrX5 via IFTTT

In his complaint to the South East Cyber Crime Cell lodged on May 16, Razorpay's Head of Legal Disputes and Law Enforcement Abhishek Abhinav Anand said the company was unable to reconcile receipt of Rs 7.38 crore against 831 transactions. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/uZBRLKO via IFTTT

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Selecting mutual fund on the basis of clarity of purpose. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/istCXO7 via IFTTT

Working in close coordination with the NDB Headquarters, the Indian Regional Office will focus on project origination including initial project preparation and technical assistance, pipeline development, project implementation and monitoring as well as regional portfolio management, the bank said in a press release. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/Xz6O5RW via IFTTT

Yes Bank invited bids for its distressed loans portfolio, amounting to ₹51,000 crore, soon after the Reserve Bank of India in March 2021 rejected its plan to set up an ARC as its subsidiary. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/QTrFsmq via IFTTT

Bank advances rose by 10.07 per cent to Rs 119.54 lakh crore and deposits by 9.84 per cent to Rs 166.24 lakh crore in the previous fortnight ended April 22, 2022. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/kG3WcPp via IFTTT

The bank's operating profit for the reporting quarter was at Rs 63.6 crore against an operating loss of Rs 12.9 crore in the corresponding period last year. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/IijSdkb via IFTTT

Earlier, rural banking was a part of the wider retail branch banking vertical, and the bank has appointed Anil Bhavnani, who has been working with it for 19 years, to head the newly-carved rural banking vertical, according to a statement. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/5HtIBaU via IFTTT