All Banking & Crypto Related Details

The central bank last week barred Mahindra and Mahindra Financial Services from engaging third party agents for loan recoveries, after a video of a 27-year-old pregnant lady from Jharkhand's Hazaribagh district allegedly being crushed to death under a tractor driven by recovery agents emerged. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/Ezr3MoF via IFTTT

“As a further step towards converging with globally accepted prudential norms, it is proposed to adopt expected loss approach for loss allowances required to be maintained by banks in respect of their exposures,” RBI governor Shaktikanta Das said. “As a first step, a discussion paper on the various aspects of the transition will be issued shortly.” from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/d9OZMAr via IFTTT

"The inadequacy of the incurred loss approach for provisioning by banks and its procyclicality, which amplified the downturn following the financial crisis of 2007-09, has been extensively documented. One of the major elements of the global response to these findings have been a shift to expected credit loss (ECL) regime for provisioning," the central bank said in the statement on developmental and regulatory policies. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/2dfU8lK via IFTTT

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

Banks fix the overall export credit in rupees. However, with a depreciating currency eating into the quantum of loans sanctioned by local banks, diamond firms are left with less and less money for import of rough stones which are cut in India. More than 90% of the world's diamonds are cut and polished in India before the polished ones are shipped to world's leading markets like the US and China. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/OdNbs42 via IFTTT

​​​ State Bank of India (SBI) in its plea filed before the Allahabad bench of NCLT has claimed a total default of Rs 6,893.15 crore as on September 15, 2022 from Jaiprakash Associates Ltd (JAL). Besides, SBI has also proposed the name of Bhuvan Madan as interim resolution professional of the company. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/eL1G2PM via IFTTT

Sampla said he, along with the finance minister, reviewed the various measures taken by PSBs in giving credit to persons belonging to a scheduled caste community and their welfare in terms of reservation, backlog vacancies, functioning of welfare and grievance redressal mechanism, and other issues. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/bTq7uKt via IFTTT

In the next one year, public sector banks will also roll out digital-only products and services, designed for minimum data entry, automated checks, and underwriting for retail customers and micro, small and medium enterprises. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/1dR253A via IFTTT

Tokenisation is a process by which card details are replaced by a unique code or token, generated by an algorithm, allowing online purchases without exposing card details, in a bid to improve data security. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/xM058T1 via IFTTT

The Reserve Bank on Wednesday notified that the share of industrial loans in total credit has been gradually declining over the last decade while that of personal loans is on the rise. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/GsvnRmz via IFTTT

"India is one of the fastest growing economies in the world. With the digital innovation, growing consumer demand, continuous government and regulatory support amongst other factors, India is well placed to grow not only in Asia but also across the globe." from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/lBuLbwr via IFTTT

"Micro ATMs will be rolled out in a phased manner. Initially, the bank will place 1,50,000 units in Tier II cities and semi-urban regions. These regions typically have a high demand for cash withdrawal services but limited access to ATMs," the company said in a statement. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/wNavlbc via IFTTT

India needs 'fewer' but stronger Public Sector Banks (PSBs), and the smaller ones could be privatised or merged, former SBI chief Arundhati Bhattacharya has said. She doesn't really believe that we need so many public sector banks either, the number of PSBs could be decreased. Some of them could be privatised said Bhattacharya, who is currently the chairperson and CEO of Salesforce India. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/DWo1lLh via IFTTT

Without directly seeking an extension, the Merchant Payments' Alliance of India (MPAI) requested the RBI to mandate system participants to demonstrate the same level of success rate in token and card-based payments in a letter dated September 26. The letter also requests that all existing e-mandates based on card details be immediately transferred to tokens. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/G69PXFc via IFTTT

The bank said its shareholding in the company will be 5.56 per cent of the total shareholding in ONDC as on September 27, 2022. In absolute terms, it has acquired 10,00,000 equity shares for Rs 100 each in the to-be operational digital commerce company, incorporated in December 2021. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/sCWryUI via IFTTT

Such borrowings which are in addition to interbank and RBI borrowings essentially comprising various kinds of bonds raised from the market have doubled to Rs 4.95 lakh crore in early September from Rs 2.43 lakh crore a year ago, according to the latest Reserve Bank data. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/byQzsCn via IFTTT

The National Asset Reconstruction Co (NARCL), is in the process of giving a binding offer to the lenders, one of the persons cited above said. "Considering the judicial delay in getting a plan approved, lenders have approached NARCL to acquire the loans of the shipbuilding company," said an executive at one of the lenders. "If NARCL acquires it, banks will receive 15% of the consideration upfront." from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/kX495ZU via IFTTT

The government has launched various schemes specifically for scheduled castes that includes Stand-Up India Scheme, Credit Enhancement Guarantee Scheme for Scheduled Castes (CEGSSC) and the Venture Capital Fund for Scheduled Castes, an official statement said. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/0Yc4RHG via IFTTT

India is witnessing rapid growth in consumer spending and by 2026, it is expected that two out of every three transactions will be via digital modes of payments, Axis Bank Managing Director and Chief Executive Officer Amitabh Chaudhry said. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/KbcCnTj via IFTTT

The bank has received the necessary approval from the regulator -- the Reserve Bank of India -- to open a special rupee vostro account, Soma Sankara Prasad, managing director and chief executive officer at UCO Bank, told Bloomberg News in a phone interview. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/v0BCSTU via IFTTT

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Private lender IndusInd Bank’s balance sheet will cross `5 lakh crore in the next five years, its managing director Sumant Kathpalia told Saloni Shukla and MC Govardhana Rangan in an interview. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/KZv3LRj via IFTTT

High defaults of about 8 per cent in the education loan portfolio have made banks cautious and go slow on the sanction of such credit. Non-performing assets (NPAs) in the education loan category including public sector banks' (PSBs) were 7.82 per cent at the end of June quarter of the current financial year. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/Xi3H76C via IFTTT

Even as financial institutions are in the thick of action with regulations, the role of loan recovery agents is coming to light once again. This, after a Reserve Bank of India order banning Mahindra Finance from using third party recovery agents for recovery and repossession of assets after an unfortunate incident at Hazaribagh last week. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/2dcNYK1 via IFTTT

Earlier the state government had provided money to borrowers who had been making regular payments to the lenders. Micro finance loan waiver is one of the pre poll promises of the BJP led government. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/exwdIgv via IFTTT

Mashreq in India focuses on wholesale banking, cross-border trade, treasury and investment banking products through its branch in Mumbai. It also has a global competency center named Mashreq Global Network in Bangalore. In January this year, Mashreq Bank invested an additional capital of $100 million. Abdelaal said India remains a strategic market for the bank especially with the global centre in Bangalore. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/73yRLlY via IFTTT

By BY RON LIEBER from NYT Your Money https://ift.tt/Xh4tZfp via IFTTT

ank credit rose 16.2 percent to Rs 125.5 lakh crore as of September 9'22 over last year's levels. This is reckoned to be the highest growth in more than eight years and more than double the pace of 6. per cent growth in September'21. Analysts attribute this to a surge in corporate demand besides a steady growth in retail and MSME loans. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/nAjp69c via IFTTT

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

It’s a concept that can reap rich rewards when investing in mutual funds too. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/AYqUzbI via IFTTT

The state-owned bank is carrying a gross NPA burden of ₹29,000 crore, which is 14.9% of its outstanding loan portfolio. The Reserve Bank of India (RBI) lifted business restrictions on the bank under the prompt corrective action (PCA) framework Tuesday, prompting the stock to surge nearly 10% the next day. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/JhB5VXq via IFTTT

The bank will cease to carry on banking business from the close of business on September 22, 2022. The bank will also be wound up and a liquidator will be appointed for the bank. Upon liquidation depositors would receive an insurance claim of upto Rs 5 lakh. The data submitted by the bank indicates that upto 99 percent of the depositors will receive the full amount . from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/FQTxtgA via IFTTT

"The continuance of the bank is prejudicial to the interests of its depositors. The bank with its present financial position would be unable to pay its present depositors in full. Public interest would be adversely affected if the bank is allowed to carry on its banking business any further," the said. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/KkqeFrv via IFTTT

The customers can enjoy the benefit of discounts and cashbacks upto Rs. 25,000 which can be availed using the Bank’s credit cards, debit cards, internet banking, consumer finance and cardless EMI. “We are delighted to announce the launch of ‘Festive Bonanza’ for our customers which will include a plethora of offers, discounts and cashbacks on purchases and spends,” said Rakesh Jha, Executive Director, ICICI Ban from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/ZGKVHfr via IFTTT

"We are aiming to reduce gross NPA below 10% by December this year," managing director MV Rao told ET, barely two days after Reserve Bank of India lifted the business restrictions on the bank under the prompt corrective action framework. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/VZ1ytoE via IFTTT

Crisil expects slippages to trend 50 bps ( one bps os 0.03 percent) lower at 2.0% for fiscal 2024 versus 2.5% last fiscal as the economy stabilises. This should support asset quality metrics even as the pace of write-offs, which contributed almost 60% to the reduction in gross NPAs in the past three fiscals, and large-ticket resolutions decelerate. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/2xTP9HR via IFTTT

Private sector lender Axis Bank on Wednesday said government mandates on the payments space ensure that no one can make money in the segment. The bank's chief executive and managing director Amitabh Chaudhry feared that smaller entities will not be able to survive amid such diktats. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/ywce31u via IFTTT

British International Investment, the development financial institution of the UK government, will be investing $9.2 million in the NBFC-MFI. In parallel, NMI will raise its holding by another $7.9 million investment while Triple Jump will put in $5.4 million and Incofin $2 million, people familiar with the development said. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/I4y1OCv via IFTTT

Avanse Financial Services, an education-focused non-bank lender raised about Rs 390 crores from its existing shareholders, Warburg Pincus and International Finance Corporation (IFC). The investment was done through a rights issue of shares in proportion to the shareholding. Private equity firm Warburg Pincus holds 80% in Avanse through affiliate Olive Vine Investment while IFC holds the balance 20%. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/a7o4TfQ via IFTTT

HDFC-BANK-DEAL-India's HDFC Bank signs multi-year data and technology deal with Refinitiv from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/dI9Vck3 via IFTTT

The RBI infused 218 billion Indian rupees ($2.73 billion)into banking system on Tuesday, the biggest since May 2019. Overnight rates continue to stay elevated, with one-day call money rate jumping to 5.85%, highest since July 2019. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/fuWklNV via IFTTT

"Reserve Bank of India vide their letter dated September 19, 2022, declined our request for appointment of B Vijayadurai as part time non executive Chairman of the Bank," the bank said in a regulatory filing on Tuesday. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/kX4cxyY via IFTTT

“The Swiss Challenge process has now concluded and the Bank not having received any Challenger Bids to the Base Bid, the Board of Directors of the Bank, at their Meeting held on September 20, 2022, has approved the declaration of JC Flowers ARC as the winner of the Swiss Challenge process,” the bank said in a filing to stock exchanges. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/ZcIAS7b via IFTTT

“Our intention is not to penalise anyone or to stifle any activity, all I am saying is please follow the traffic rules,” Das said. “We are not painting everyone with the same brush, there are regulated entities and there are unregulated entities. We have made the distinction clear.” from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/lMfVFrh via IFTTT

What exactly is the 15x15x15 rule! Guide to understand its salient features and how it can help you achieve your milestone. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/fjAMVhS via IFTTT

8 basic tips you may want to consider to help you get started on your journey towards efficient financial planning from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/4dwTENL via IFTTT

Under CGFSEL, default in education loan is covered if the loan limit is ₹7.5 lakh without any collateral security and third-party guarantee. At present, the fund extends guarantee cover against default in education loans sanctioned by public, private and foreign banks. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/AJQUFab via IFTTT

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Compliance risk is the risk of legal or regulatory sanctions, material financial loss or loss of reputation a UCB may suffer as a result of its failure to comply with laws, regulations, rules, and codes of conduct applicable to its activities, the RBI said in a circular. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/83bCJT7 via IFTTT

The meeting, to be chaired by Financial Services Secretary Sanjay Malhotra, will be attended by top management of banks and financial institutions through virtual mode, the sources said. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/IxhXM70 via IFTTT

NARCL has engaged consultants such as EY, PwC, Alvarez and Marsal, KPMG, Grant Thornton to conduct due diligence for the 18 accounts. It will rely on the due diligence reports to finalise binding offers for these accounts. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/gz4Xv9q via IFTTT

The Merchant Payments Alliance of India (MPAI), an association that represents merchants, has requested the Reserve Bank of India (RBI) to plug issues around recurring payments through tokens before giving effect to the no-card storage rule, three people familiar with the development told ET. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/6hBtrl1 via IFTTT