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The Jan Dhan Yojana was announced by Prime Minister Narendra Modi in his Independence Day address in 2014, and it was launched on August 28 in the same year. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/icXGROY via IFTTT

The banking regulator, on January 23, asked SBM Bank (India) to stop with immediate effect all transactions under the Liberalised Remittance Scheme (LRS) till further orders. "The bank has since initiated corrective actions and made submission for relaxation of the restrictions," the RBI said. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/hQcUdur via IFTTT

Last week, the RBI ordered SBM Bank to stop all transactions under the liberalised remittance scheme (LRS) - which allows Indian residents to send up to $250,000 abroad each financial year - until further notice, citing "material supervisory concerns" but without giving any further details. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/mL1Ql7C via IFTTT

How capital gains earned by residents from mutual funds are taxed from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3aTuq8i via IFTTT

"Many farmers, small business owners/shopkeepers also resort to gold loans to meet their working capital needs," said George Alexander Muthoot, managing director of Muthoot Finance. "Gold loan NBFCs serve the underserved segment or the bottom of the pyramid as this segment frequently borrows less than ₹50,000 and the tenure of these loans is also typically for less than 12 months." from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/7MXj4Kd via IFTTT

"Whatever exposure we are having is backed by cash flow. Total exposure include investment of Rs 42 crore and remaining credit," PNB managing director Atul Kumar Goel said while announcing quarterly numbers. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/ruAyG3F via IFTTT

Guide on how to invest in hybrid funds and the benefits that come with it from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/bXVUkaT via IFTTT

Summit discussing how payments platforms are safe, simple, comfortable and trustworthy for users with seamless e-commerce payments experience and the importance of user experience in the payment space. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/4wdbPpR via IFTTT

By BY RON LIEBER from NYT Your Money https://ift.tt/G7M4H5Y via IFTTT

The bank will soon start the process of appointing merchant banks and take opinions about market conditions, he said, adding the bank would take a call on raising funds through equity or bonds. As far as the capital adequacy ratio is concerned, the bank is well capitalised at 15.57 per cent and it can easily take care of business growth this year, he added. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/wo4tYZS via IFTTT

By BY ANN CARRNS from NYT Your Money https://ift.tt/P3M1rV9 via IFTTT

According to C H Venkatachalam, General Secretary, All India Bank Employees' Association, the IBA reportedly agreed to meet with the unions on January 31 to discuss their demands - which include five day banking, updation of pension, and restoration of the old pension scheme. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/iuEgRLZ via IFTTT

IDBI Bank, Axis Bank, Exim, Bank of Maharashtra, Standard Chartered Bank and State Bank of Mauritius are among the financial institutions which have registered their claims in an arrangement under which GT, after collecting a generous success fee, would pay the Indian lenders pari passu in relation to the value of their claims, two persons familiar with the development told ET. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/48shPoQ via IFTTT

The bank has set a Rs 828 crore reserve price to sell the account, a 10% reduction from the Rs 919 crore reserve price set by the bank in August. It envisages a recovery of 40% on the account, down from the 44% recovery expected last time. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/yl7NPf1 via IFTTT

The ports-to-energy conglomerate, helmed by Gautam Adani - one of the world's richest men, has come under attack from U.S. short-seller Hindenburg Research, leading to a sharp fall in shares of group companies and the lenders that have exposure to it. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/BKcFX0f via IFTTT

“We are planning to launch a financial inclusion fund of Rs 300 crore with an aim to provide equity and debt funding support to ventures in their growth stage. We are in the process of beginning dialogues with prospective investors who will be willing to put their bet in the Indian financial inclusion story," Shah said. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/Nc2xsH7 via IFTTT

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“Indian banking exposure is less than 40% of total group debt,” CLSA said in its report dated January 26. Within this, private banks’ exposure is below 10% of total group debt and most banks have indicated that they have largely financed assets with strong cash flows, such as airports/ports,” it said. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3y6YGjq via IFTTT

"The adjudicating authority having been already directed the application to be notified for pronouncement in the next week...we are of the view that at this stage we need not express any opinion on the merits because that has to be addressed by the adjudicating authority (NCLT) while deciding the application," observed the bench led by Justice Ashok Bhushan and Barun Mitra in its two-page order. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/ZjHyVRh via IFTTT

Amid this, the appellate tribunal of the bankruptcy court again rejected an application from Adisri Commercial, the holding company of Srei Equipment, challenging the admission of the subsidiary for bankruptcy proceedings. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/miJ1073 via IFTTT

The article discusses the benefits of opening a digital bank account with Airtel Payments Bank. The account offers a high interest rate on deposits, and the bank has partnered with IndusInd Bank to offer fixed deposits with attractive interest rates. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/crVxDqT via IFTTT

UFBU, which is the umbrella body of bank unions, announced that employees linked to its affiliated unions would go on strike on January 30 and 31. UFBU demanded the resolution of various issues related to the 11th wage settlement of bank employees and a five-day working week in banks. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/KzTL9cq via IFTTT

“At this point in time, we are watching the next central bank move on the repo rate, so raising funds from the market makes sense because we can tweak the tenure. But with term deposits, there is no scope of repricing,” said a senior official at a private sector bank. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3Rtw4sj via IFTTT

A guide on financial freedom and how to achieve financial freedom from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/L5Q3vw1 via IFTTT

According to analysts at rating agency Icra, this is an important step towards banks' eventual shift to the Indian accounting standards (IND-AS) regime and the ongoing improvements in their financial metrics should help most of them to transition smoothly to the new framework. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/6gveG5w via IFTTT

The government is now convinced that the PSBs are in very good shape and are more marketable than they have ever been, said Madan Sabnavis, chief economist at Bank of Baroda, given that the financial system is quite ‘sophisticated’ today. Sakshi Gupta, Principal Economist at HDFC Bank, expects the government to reiterate the previous years’ announcement (of privatisation of two PSB banks) and commitment towards delivering the same in this fiscal year that starts April 1. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/zPXZYwq via IFTTT

Bankers have been lobbying for changes in existing provisions toward this end, arguing that it will help hasten decision-making, in turn bolstering growth and economic development. Banks repeatedly raised the issue after the 2021 arrest of former State Bank of India chairman Pratip Chaudhuri in an alleged loan scam case. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/lSNxpQf via IFTTT

IDBI Bank CEO Rakesh Sharma confirmed the transfer without naming the account. IDBI Bank is the lead lender in the account with dues of ₹3,750 crore. Sharma said the transfer to NARCL will reduce the bank's gross non-performing assets by 2.2 percentage points. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/UzoCS6v via IFTTT

"Public sector banks have seen a sharp re-rating as the asset quality environment improved, they were helped by better liquidity and falling credit costs; however, we think the asset quality cycle basis re-rating is largely done in the sector and the focus will now shift back to the ability of individual banks to grow faster than system and deliver better or higher ROEs," said Pranav Gundlapalle, head, India financials, Bernstein. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/Jm0VRuH via IFTTT

In a short press release on its website the RBI said that the action against the bank “is based on certain material supervisory concerns observed in the bank,” without giving any details. It is unclear as to what instances triggered the RBI action, tough Mauritius’ status as a tax haven has always invoked suspicion on outflows to the country. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/XmGP1UH via IFTTT

After discovering "material supervisory concerns" in SBM Bank (India) Ltd, the Reserve Bank of India on Monday ordered SBM Bank to stop all transactions under the liberalised remittance scheme with immediate effect.​ from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/EkXdSuW via IFTTT

Overall, retirement planning is an important topic that needs careful consideration. It requires a long-term perspective and a commitment to consistent savings and investments. By starting early and being consistent with your planning, you can help yourself and aim to ensure that you have the financial resources which you need to enjoy a comfortable and fulfilling retirement. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/KoUcVMb via IFTTT

In what came as a positive development for retail & institutional investors, the Bombay High Court last week invalidated the write-off of additional Tier-1 (AT1) bonds issued by private lender Yes Bank. Its CEO Prashant Kumar on Saturday said that the company has legal grounds to appeal against the court order. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/0G1s3Ea via IFTTT

The government last provided capital support to banks in 2021-22. It had earmarked Rs 20,000 crore for recapitalisation of PSBs through supplementary demands for grants. The government infused Rs 3,10,997 crore to recapitalise banks during the last five financial years i.e., from 2016-17 to 2020-21, out of which Rs 34,997 crore were sourced through budgetary allocation and Rs 2,76,000 crore through issuance of recapitalisation bonds to these banks. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/l6qyhWJ via IFTTT

"The court has not questioned the regulatory guidelines under which the decision was taken but only the process which was followed. Based on the legal opinion we have taken, we are preparing to appeal in the SC for which we have been granted time of six weeks," CEO Prashant Kumar said. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/xiR06lV via IFTTT

The division bench of Acting Chief Justice SV Gangapurwala and Justice SM Modak, in its detailed order, have upheld the plea filed by Axis Trustee Services and other petitioners, challenging the move of administrator appointed by the Reserve Bank of India (RBI). from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/sVeR4XF via IFTTT

The company had said if it were to participate in the bid process, the final composition of the bidding consortium would be different, and that a security clearance on the existing firm would not remain relevant, the sources said. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/DnuBeIm via IFTTT

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Its net profit fell 66% at Rs 291 crore in the third quarter ending December last year as compared with Rs 859 crore in the year ago period. Operating profit declined by 1.4% at Rs 1992 crore. Its net interest margin for the quarter was at 6.5% as against 7.8% in the corresponding period last year. Net interest income fell 2% at Rs 2081 crore. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/pk7PgxY via IFTTT

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

Progress of 112 Aspirational Districts under Targeted Financial Inclusion Intervention Programme (TFIIP) was discussed in detail during a review meeting of Lead District Managers (LDMs) of aspirational districts and State Level Bankers' Committee (SLBC) convenors chaired by banking secretary Vivek Joshi. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/sJwe9bB via IFTTT

Months after investors re-rated state-run bank stocks, rating company Moody's upgraded credit ratings of three state owned banks - Bank of Baroda, Canara Bank and Punjab National Bank -- by two notches to Baa3. Public sector banks which were the best performers in 2022 as a group, could get a leg up with the rating upgrade as well even as the loans given to small and medium-size enterprises continue to pose risks to the banks' otherwise improving asset quality. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/oWam7ZK via IFTTT

Rating firm Moody's Investors Service on Friday affirmed positive ratings on four Indian public sector banks including State Bank of India, Bank of Baroda, Canara Bank and Punjab National Bank. It maintained a stable outlook on all four banks' long-term ratings. ​​Credit conditions in India have gradually improved, with a significant reduction in the banks' stock of legacy problem loans over the past three years, the firm said in a statement. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/X6I0flw via IFTTT

A Bill has been moved to let the Bank of England (BoE) give more time to crucial market infrastructure institutions (MIIs) outside the UK --- like the Clearing Corporation of India (CCIL) ---- to come under a new regime. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/s7VOnqu via IFTTT

This could put pressure on European Securities and Markets Authority (ESMA) which has derecognised CCIL. The standoff between RBI and European financial regulators stems from the latter's demands which the Indian central bank believes is extra-territorial. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/MFcx5VN via IFTTT

"All legal approvals are in place and the voting process will begin tomorrow. Three resolution plans received under the challenge mechanism will be put under voting. The pending legal cases will not have any bearing on the voting and ongoing IBC process," an official told PTI declining to be identified. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/aK9LQvF via IFTTT

Netherlands’ largest lender examining books, top brass was in India recently. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/QPgZAEr via IFTTT

The meeting with managing director and CEOs of public sector banks is scheduled to be held on January 19 and largely for reviewing the schemes to promote financial inclusion, sources said. The saturation under Pradhan Mantri Jan Dhan Yojana (PMJDY) would be reviewed in the meeting to be chaired by Financial Services Secretary Vivek Joshi. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/bRPBNp3 via IFTTT

On Monday evening, the Reserve Bank of India released the paper proposing a shift away from the current method - where loan loss provisions are made after a default - to one where banks will need to assess the probability of default upfront and provision accordingly. If implemented, banks will be given at least a year to transition, it said. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/RwvGcyz via IFTTT

"It is envisaged that the product will have far reaching consequences with regard to acceptance of e-NWRs among small and marginal farmers. It has the potential to make significant impact on the finances of rural depositors by preventing distress sale and releasing better prices for the produce," it said. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/1hxT9JV via IFTTT