All Banking & Crypto Related Details

​​The benchmark one-year tenor MCLR, which is used to price most consumer loans such as car, auto and personal, will be at 7.70 per cent against the existing 7.65 per cent, PNB said in a regulatory filing on Wednesday. The three-year MCLR stands at 8 per cent, up by 0.05 per cent. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/QFa9N3Y via IFTTT

By BY ANN CARRNS from NYT Your Money https://ift.tt/5Auzy1L via IFTTT

Ever since the 140 bps hike in benchmark repo rates, weighted average lending rates on outstanding loans have risen 29 basis points, but weighted average rates on outstanding deposits has gone up by only 19 bps, according to the latest data released by the Reserve Bank of India from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/AlqT8sN via IFTTT

The banks also updated the ministry on their positions on the accounts being transferred to bad bank or National Asset Reconstruction Company of India Ltd, said the executive. adding that the government is keen that the entity kick-start its operations. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/uMDWRON via IFTTT

Book summary on Get Rich Carefully by James Cramer from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/WX01plt via IFTTT

To stay ahead in your investment journey and make optimal investment decisions, one should actively consider making an investment checklist from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/gKI6aMz via IFTTT

Axis is planning to take a 10% stake for around $9 million in the start-up's upcoming life insurance business, effectively valuing the business at $90 million, said the two sources, who declined to be named as the talks were private. The move comes after India's biggest private lender HDFC Bank said in a stock exchange disclosure last week that it planned to buy a 9.94% stake in Go Digit Life for up to 700 million rupees ($9 million). from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/uL5x9wA via IFTTT

The Cabinet Committee on Economic Affairs had given in-principle approval for strategic disinvestment and transfer of management control in IDBI Bank in May 2021. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/YSHTEm5 via IFTTT

Alvarez & Marsal and Grant Thornton are advising IL&FS on the bank-wise distribution of the proceeds from the recoveries. IL&FS had informed lenders last week that proceeds would be distributed in the third quarter as against the initial plan of this being done in the second quarter, said one of the persons cited above. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/lKgcu5a via IFTTT

The deal was announced in March this year. Despite Citi losing market share on credit cards in India, Axis Bank says attrition of employees and customers in the business it was acquiring was within manageable limits. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/MQnekAV via IFTTT

​​The Non Performing Assets (NPAs) are higher in the services and infrastructure sectors, which are largely driven by Covid like their contact intensiveness and reliance on movement of people, the report by credit information company Transunion Cibil said. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/JL5jtXQ via IFTTT

A penalty of Rs 10 lakh has been imposed on Bharat Heavy Electricals Employees' Co-operative Bank, Kailasapuram, Tiruchirappalli, Tamil Nadu; Rs 5 lakh on The Ottapalam Co-operative Urban Bank Ltd, No.F. 1647, Ottapalam, Palakkad District, Kerala; and Rs 10 lakh on The Darussalam Co-operative Urban Bank, Hyderabad, Telangana. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/mu0wq4B via IFTTT

The NPA rate at 4.8% for borrowers who availed ECLGS facility is also lower than that of the borrowers who were eligible but did not avail the facility (6.1%), according to a report published by TransUnion CIBIL. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/50yKWXq via IFTTT

"There is no definite timeline for setting up of the fraud registry. At present, we are talking to different stakeholders including different departments like payments and settlement and supervision of RBI," RBI executive director Anil Kumar Sharma revealed. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/PhbiuSw via IFTTT

Though asset quality of banks has continued to improve 67% of those surveyed reporting a drop in NPAs over the last six months, some sectors like textiles, infrastructure, retail, food processing, metals and iron and steel continue to show high level of NPAs. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/r1QsF3Y via IFTTT

Currently, Axis Bank and its two subsidiaries - Axis Capital Ltd and Axis Securities Ltd - collectively own 12.99 per cent of Max Life Insurance post approval of the deal in April last year. Under the deal, the Axis entities also have the right to acquire an additional stake of up to seven per cent in Max Life, in one or more tranches, subject to regulatory approvals. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/2rule0T via IFTTT

By BY ELLA KOEZE AND KARL RUSSELL from NYT Your Money https://ift.tt/K4mowVZ via IFTTT

During the preceding fortnight (ended July 29), bank credit had grown by 14.52 per cent and deposits by 9.14 per cent. In FY 2021-22, bank credit in India went up by 8.59 per cent and deposit by 8.94 per cent. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/aKFxhGP via IFTTT

The commercial office segment, which was significantly impacted by the pandemic, has made a strong comeback in the last 3-4 quarters, supported by strong economic growth, increased hiring, and a return to the office trend, keeping the office sector buoyant. The Indian office market grew substantially and delivered a strong performance in the first half of 2022. Office transactions recorded at 25.3 million sq ft, a 107% on-year growth, indicated the potential of the market on the back of a waning pandemic and the promise of a sustained economic recovery. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/PVMLIrw via IFTTT

Inviting asset reconstruction companies (ARCs) to put their bids for transferring the loan account of Apollo Distilleries & Breweries, the city-based lender said it will expedite the due diligence process and make available the documents at one place for verification of the prospective buyer. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/ftpUkNW via IFTTT

While the CBDT had issued a set of guidelines in June with regard to the applicability of the newly introduced section 194R in the Income Tax Act, the banking sector had specific concerns with regard to their businesses and operations. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/Q3TjPCo via IFTTT

India is considering selling at least 51% of the $5 billion bank, people familiar with the matter have said, in what is set to be the biggest sale of the government’s stake in a lender in decades. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/9dKYw08 via IFTTT

At present, any one of the six documents-passport, Aadhaar, voter's identity card, NREGA card, PAN card or driving licence-is required towards proof of identity and proof of address to open a bank account. It becomes difficult to trace multiple accounts of an individual if they are not linked and are opened with different KYC documents. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/ZK2z7e3 via IFTTT

Following a resolution passed in the Extraordinary General Meeting (EGM) held on August 24, 2022, and recommendations from SBI, the board of directors has approved recategorisation of Kumar and Tewari as nominee directors with effect from August 25, 2022, Yes Bank said in a regulatory filing. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/j36eLCk via IFTTT

At present, the bank's efforts are focused on ensuring that a product or service gets sold easily, while under the new set up, the emphasis will be on the experience which a customer enjoys during the process, he said. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/9hG85mI via IFTTT

Bank credit growth accelerated to 14.2 per cent in the quarter ended June 2022 from 6 per cent in the same period of the previous year, RBI data showed on Thursday. In June 2022, C-D ratio stood at 73.5 per cent at all-India level (70.5 per cent a year ago) and 86.2 per cent for metropolitan branches of banks (84.3 per cent a year ago). from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/5PSdMf9 via IFTTT

Saikat Mitra, Senior Director and Head of Trust and Safety, Google APAC (Asia Pacific region) said the company is commited to complying with regulations in all jurisdictions it operates in, and termed online harm as a "global phenomenon". from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/YxBkGc2 via IFTTT

Under the new rules, Indian entities can make investments in foreign companies that have Indian subsidiaries provided the whole investment structure doesn't have more than two layers. Now, there are two interpretations about how the layers will be counted, experts said. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/7meMlKt via IFTTT

Last year, the RBI had barred three US-based card networks - MasterCard, American Express and Diners Club International - from issuing new cards in India as these companies were perceived to be noncompliant with local data storage rules. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/9extsrD via IFTTT

Last year on April 23, 2021, the regulator had imposed restrictions on American Express from on-boarding new domestic customers onto its card network from May 01, 2021 for non-compliance with the RBI circular on on Storage of Payment System Data. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/Y7qRoIg via IFTTT

Explaining the situation, he said the Indian banks had adopted the British model, and the laws don't allow lenders to borrow from the capital market, which essentially makes deposits the only source of funds. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/hbcHiMU via IFTTT

Cost of mobile does not include Goods and Services Tax (GST). At present, the GST rate on mobile phones is 18 per cent. The revised norms are applicable from April 1, 2022 as per the decision of the board of the bank, sources said. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/adlr5BS via IFTTT

"Considering the bank's present liquidity position, no amount from the total balance across all savings bank or current accounts or any other account of a depositor, may be allowed to be withdrawn, but are allowed to set off loans against deposits...," it said. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/Ybd0yUn via IFTTT

Officials in the government and the state-backed Life Insurance Corp. of India, which together own about 94% of IDBI Bank’s shares, are in talks about how much of their stakes they plan to sell, the people said. Both parties are expected to retain a stake in the lender after the sale, the people said, asking not to be identified as the information is confidential. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/j2IDtsL via IFTTT

The Financial Services Institution Bureau (FSIB) has selected 14 candidates for the executive director (ED) post at the public sector banks, according to a notification issued by the bureau. The highest number of candidates were selected from the Bank of Baroda followed by Punjab National Bank. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/H4610te via IFTTT

Commercial banks net credit to the real estate sector witnessed 3.5 times growth during 2021, as compared to the pandemic period, shows the Reserve Bank of India's data on sectoral lending. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/kj3imGK via IFTTT

Triggered by aggressive rate hike by the US federal reserve on the back of roaring inflation led to the FII sell - off in Indian equity markets. Read to know more from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3X9ub6C via IFTTT

The expansion of bank loans has consistently outpaced the expansion of bank deposits by a wide margin. Low base effect, small ticket size loans, higher working capital requirements due to elevated inflation, and a shift to bank borrowings on account of strong rates in the capital market have all contributed to the recent acceleration in credit growth. According to the Reserve Bank of India, bank credit has increased by more than 14% annually. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/I1dyZng via IFTTT

RBI extended the tokenisation deadline by three months starting July. This extended time period may be used to create public awareness about the process of creating tokens and in facilitating the stakeholders to be ready for handling such transactions. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/skj1FUx via IFTTT

As majority of the bonds in FY’2017 included a call option in the fifth-year, the issuances in FY’2022 were driven by the refinancing obligations of such issues, the ratings firm said. Net of new offerings and redemptions between April and July 2022, the AT-I bonds outstanding on July 31, 2022, were Rs. 1.02 lakh crore. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/lTDFoQM via IFTTT

In FY22, a majority of the funds raised through the instrument were to refinance bond issues done in FY17, Icra Ratings said in the report on Monday. Majority of the bonds have a call option in the fifth year, resulting in the significant jump in new issuances which are basically for refinancing the earlier obligations. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/UviYxfw via IFTTT

"Banks are not raising deposit rates, as they are able to get funds easily from money market by issuing CDs, and that too cheaply, and they may continue to opt for this route of fundraising for next few weeks," said Raju Sharma, head of fixed income at IDBI Mutual Fund. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/yobXPCH via IFTTT

"During Covid, there was some slow down in growth because we had tightened the criteria. We didn't want to take more risks. Now, as we see things opening up, credit demand is picking up. Customers, particularly large corporates, are shifting to banks for their credit requirement, as opposed to other forms of borrowing." from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/jt3pTZm via IFTTT

They said the ruling could deflate an already delayed process under the Insolvency and Bankruptcy Code (IBC) and will most likely be used by unscrupulous promoters to argue against the admission of cases, potentially denting the potency of the dedicated recovery mechanism. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/WXICqF3 via IFTTT

Central Bank of India reported a 14.2 per cent rise in net profit to Rs 234.78 crore in the first quarter ended June this fiscal as compared to Rs 205.58 crore in the same quarter a year ago. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/LmbC3yr via IFTTT

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

The country's largest lender reported a 14.93 per cent rise in advances to Rs 29,00,636 crore in the first quarter ended June 30, 2022 as compared to Rs 25,23,793 crore during the same period a year ago. Of this, retail loan registered a growth rate of 18.58 per cent while corporate advances improved by 10.57 per cent year-on-year at the end of June quarter. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/4Yakh39 via IFTTT

The company said the tie-up will further strengthen its digital leadership position and is part of an effort to make banking more inclusive and accessible to its growing consumer base. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/Ga1skQN via IFTTT

The company said the tie-up will further strengthen its digital leadership position and is part of an effort to make banking more inclusive and accessible to its growing consumer base. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/Ga1skQN via IFTTT

The Reserve Bank of India data showed that bank loans taken by large corporations grew 3.3% year-on-year in June, which is the highest growth since the outbreak of Covid-19. Same time last year, large corporate loans shrank by 3.4% as compared to what it was in the year back. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/Cr0l1Lu via IFTTT