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While the lending rates rose by 10-26 basis points ( one bps is 0.01 percent) in September. deposit rates rose by only 9 bps during the month. The Reserve Bank has been raising its benchmark policy repo rate-the rate at which it lends to banks since May this year as consumer price inflation has remained above the target band of 2 to 6 percent. It raised repo rates by 50 bps to 5.9 percent when the monetary policy committee met on September30, taking the cumulative rate increase since May to 190 bps. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/AEhl6pL via IFTTT

Among others, the regulator has imposed a Rs 30 lakh penalty on The Jammu and Kashmir State Co-operative Bank Ltd; a fine of Rs 6 lakh on Mumbai-based The Pratap Co-operative Ltd and Rs 5 lakh each on LIC Housing Finance and The Mysore Merchants Co-operative Bank Ltd. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/J1v6PSq via IFTTT

Size-wise, loans to large businesses accelerated to 7.9 per cent against a contraction of 2.1 per cent a year ago. Medium industries recorded credit growth of 36.2 per cent in September 2022 as compared with 37.1 per cent last year, while credit to micro and small industries rose by 27.1 per cent (13.1 per cent a year ago). from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/DBxgq1O via IFTTT

Guide on how to achieve financial freedom and retire early from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/dbRCkmP via IFTTT

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Private lender HDFC Bank continued to be the worst affected, with total cards in force down by 1.6 million month on month. Bankers say while the total credit card numbers will normalise soon, they are also looking to change the strategy with regard to onboarding customers. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/VnmzwgQ via IFTTT

The ministry has noted that "many of these illegal lending apps may not be regulated entities by RBI and are using bulk SMS, digital advertisement, chat messengers and mobile app stores on a massive scale". from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/KjRwhby via IFTTT

On the withdrawal restrictions on BSBD or zero-balance accounts, the report said "in the current phase of digital payments, RBI has to devise ways and means to keep the digital payments outside the age-old definition of withdrawal restrictions in savings deposit." from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/XtNvYAL via IFTTT

It said a large number of complaints have been reported across India related to illegal digital lending apps that provide short-term loans or micro-credits at exorbitant interest rates with processing or hidden charges, especially to vulnerable and low-income group people. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/YxcEihb via IFTTT

While speaking at the Annual Conference of Reserve Bank of India Ombudsmen, Das said the authority needs to strive harder to further reduce turnaround times without compromising on the quality of our resolution. "There needs to be a proper and deep evaluation of the facts and evidence of a case to ensure a fair settlement. While we encourage our regulated entities to excel, we too must match their efforts and ensure timely and just resolution, RBI Governor Shaktikanta Das said. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/RW5LxgO via IFTTT

Nudges can push you in the right or wrong direction. Richard H. Thaler and Cass R. Sunstein explore how we make different choices and suggest how we can make better decisions from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/fYu3ovs via IFTTT

Explanation of impact of your behaviour and experiences on the investment choices you make and on how your investment journey finally shapes up by Morgan Housel in his book, "The Psychology of Money". from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/Gj7OWYg via IFTTT

Doctors, mostly intelligent and hard working, end up scoring low marks on the financial literacy quotient front. So here is a guide for them to achieve their financial goals based on one’s risk appetite from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/n21hDtP via IFTTT

India is still one of the best-performing markets in Asia and the world and is thriving well in these extremely volatile environment from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/CB7eapx via IFTTT

Mutual funds have become a widely known investment option. Common investment mistakes people make while investing in mutual funds from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/1W5z2vH via IFTTT

The CESTAT said that in the absence of any guideline, departmental representatives are unaware as to what stand is to be taken in such cases that are at the bankruptcy court or the appellate body. The IBC overrides other laws and stipulates that recovery proceedings, including tax recovery, cannot be initiated after a company is admitted for debt resolution under the bankruptcy code, the tribunal noted. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/MwtoT0L via IFTTT

Systematic Investment Plans is becoming popular across the country. Read to know why from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/yEPtoWF via IFTTT

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The government has directed banks to formulate a clear roadmap in a time-bound manner to strengthen the RRBs (Regional Rural Banks) to support the post-pandemic economic recovery and make technological advancement. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/Ntz0ogr via IFTTT

The Singapore-based lender, which has folded Lakshmi Vilas Bank into its operations to push its retail business here, expects loans and profits to grow in double digits. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/gxZsqdw via IFTTT

Petno's remark came during his first closed-door meeting with the heads of nearly two dozen Indian mid-sized companies, held here more than a week ago. Several companies are tapping the bank for a range of products, including credit, cash management, risk management and currency risk covers. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/zeWHIPR via IFTTT

By BY RON LIEBER AND TARA SIEGEL BERNARD from NYT Your Money https://ift.tt/mZa4yLg via IFTTT

The government and the LIC hold 45.48 per cent and 49.24 per ecnt stake in the IDBI Bank. Cente has invited bids for sale of 60.72 per cent stake.​​​ from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/YxtcCmE via IFTTT

State Bank of India’s Dinesh Khara has become deputy chairman along with two others including A S Rajeev, MD & CEO of Bank of Maharashtra and Madhav Nair, CEO of Mashreq Bank, a Dubai-headquartered foreign lender. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/FzJah8S via IFTTT

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​RBI had placed the ban on TMB in 2019 after the bank's shareholders decided to raise authorized share capital to Rs 500 crore. The central bank objected to the bank not raising its subscribed capital to at least half of the authorized capital as required. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/HQBZLmg via IFTTT

LGT Wealth India has already employed more than 200 staff and has a presence in fourteen cities across India. With LGT Wealth India, LGT is gaining a foothold in the Indian wealth management market and is further strengthening its Asia presence. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/P3D7vEf via IFTTT

Earlier, the Reserve Bank of India (RBI) came out with a bespoke special rupee account for bilateral trades between rupee and any other currencies besides the US dollar. Gazprombank is only facing sectoral sanctions, but is not under the Specially Designated Nationals, or SDN, sanctions. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/uBDXIbT via IFTTT

The CMI reached 99 in June 2022, a level last seen in December 2019 before the pandemic hit the world. The company said its CMI is a comprehensive measure of data elements that are summarised monthly to analyse changes in credit market health, and categorised under four pillars of demand, supply, consumer behaviour, and performance. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/GR6c0Lb via IFTTT

The shareholders seek to suspend powers exercised by CEO Shivan JK in respect of all capital and revenue expenditure, except statutory payments such as salaries and wages. According to the proposed shareholder resolution, all suspended spending powers will be jointly exercised by any two non-executive directors of the board. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/cmOCBDH via IFTTT

The successful bidder would be required to mandatorily lock-in at least 40 per cent of the equity capital for 5 years from the date of acquisition. It further said that the selection of the qualified interested parties and the amount of equity stake of such entities in IDBI Bank would be decided by the Reserve Bank and the bidder would have to clear the 'fit and proper' assessment done by the banking regulator. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/xkmH92c via IFTTT

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

"Customer centricity is at the heart of everything we do at RBIH. India's strong digital stack offers us the unique opportunity to bring everyone into the country's financial ambit. I am excited about the possibilities our collaboration with IPPB can open, and the impact we can create for the citizens of India, together," RBIH CEO Rajesh Bansal said. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/7zcN3Us via IFTTT

The bank's net interest margin, a key profit metric, was 6.2% for the quarter as compared with 5.9% in the same period last year. Total income was 40.3% higher at Rs 2240 crore for the quarter under review against Rs 1597 crore a year back. Operating profit rose 27% at Rs 499 crore against Rs 393 crore. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/liwj6xU via IFTTT

It can be noted that securitisation activity, wherein a lender transfers its future receivables on a loan to other financier against a cut, had suffered a lot during FY22 because of the devastating second wave of the coronavirus pandemic which made loan recollections difficult. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/dXcbVen via IFTTT

Earlier this month, India invited bids for a 60.72% stake in IDBI Bank -- which is 45.48% owned by the government and 49.24% by state-owned Life Insurance Corp (LIC) -- after dragging its feet for years. SEBI, India's capital markets regulator, mandates a minimum 25% of public shareholding for all listed entities, excluding state-owned companies, within three years of listing. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/G0VjzWt via IFTTT

The new saving rates are applicable on balances of less than Rs 10 crore, on which the bank earlier offered 2.75 per cent per annum interest. The lowering of rates on savings accounts by SBI comes at a time when the peer lenders have been raising deposit rates to mobilise funds from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/gjFd3XK via IFTTT

​​According to Crisil Ratings' analysis, the new norms announced by the Reserve Bank last Tuesday for ARCs, however, will require them to increase net-owned funds by fourfold to Rs 300 crore from Rs 100 crore in a phased manner by March 2026, which could be challenging for smaller ones. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/pDeArsW via IFTTT

SBI has revised the MCLR for the benchmark one-year tenor to 7.95 per cent, up by 25 basis points from previous rate. Kotak Mahindra Bank said the MCLR for various tenors has been set in the range of 7.70-8.95 per cent with effect from October 16, 2022. South-based Federal Bank said its one-year MCLR on loans and advances has been revised to 8.70 per cent with effect from October 16. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/KbFjam3 via IFTTT

JP Morgan is aiming to gain higher footprint in local corporate lending and mergers and acquisitions as Indian becomes the fastest growing economy amid a global gloom and doom. Kaustubh Kulkarni has been a rainmaker for 24 years during which time he built a formidable leading investment banking business in India. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/m8hEABT via IFTTT

“More or less we think we are on the timeline. Maybe there is a (possibility of completing the merger process) a quarter or a few months early," HDFC Bank chief financial officer Srinivasan Vaidyanathan told analysts. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/pEB3xtR via IFTTT

"You all know when the Jan Dhan accounts were opened there was question whether it was required in our country. Today, we have distributed Rs 25 lakh crore on welfare schemes to poor people through Jan Dhan accounts. This is an achievement," he said. Reddy further said today there is Rs 1.75 lakh crore in the Jan Dhan bank accounts deposited by the poor. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/j7FyDei via IFTTT

Japan’s Gojo-backed Aviom, with Rs 990 crore in loan assets, is in talks with a global pension fund and a domestic private equity fund for fresh capital infusion, founder-cum-managing director Kajal Ilmi told ET. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/scbMC1i via IFTTT

The bank said it is making retail loans cheaper to bring in cheer among customers during the festive season. Home loans from the bank will now be available at 8% per annum while the personal loan rate becomes cheaper at 8.9% from earlier 11.35%. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/OHx160s via IFTTT

Prime Minister Narendra Modi on Sunday launched 75 Digital Banking Units (DBUs) in 75 districts with an objective to promote financial inclusion. The ceremony was attended by union finance minister Nirmala Sitharaman and Reserve Bank of India (RBI) governor Shaktikanta Das via virtual mode, reported ANI. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/uBNEUAj via IFTTT

As part of the Union budget 2022-23, Finance Minister Nirmala Sitharaman had announced the setting up of the 75 DBUs in as many districts of the country to commemorate 75 years of India's Independence. The DBUs are being set up to ensure that the benefits of digital banking reach every nook and corner of the country. Eleven banks in the public sector, 12 in the private sector and one Small Finance Bank are participating in the endeavour. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/tRXFdqE via IFTTT

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Finance Minister Nirmala Sitharaman had in her budget speech for 2022-23 announced the setting up of 75 DBUs in 75 districts of the country to commemorate the 75 years of independence of the country. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/AzZUpr2 via IFTTT

By BY ANN CARRNS from NYT Your Money https://ift.tt/Js8xnVj via IFTTT

After lenders restarted the sale process of Srei Equipment Finance and Srei Infrastructure Finance, administrator Rajnish Sharma had set a deadline of October 15 for accepting resolution plans. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/MIg9nu7 via IFTTT