All Banking & Crypto Related Details

By BY TARA SIEGEL BERNARD from NYT Your Money https://ift.tt/Vp4yqLl via IFTTT

The bank is also well on its journey of diversification of asset book and geographical presence. It also plans to introduce new products and increase the width of services in the next financial year, the statement added. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/p9YnqAr via IFTTT

Citigroup CEO, Jane Fraser, visited the company's Citi Solutions Centre in Chennai and held discussions with top management officials on the landscape of Global Capability Centres (GCC) in India. The visit focused on capturing the India opportunity by growing the institutional client business and building expertise with the exceptional talent that exists within Citi in India. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/tEoxv4D via IFTTT

By BY ANN CARRNS from NYT Your Money https://ift.tt/rLUx3Xe via IFTTT

The bank will set off accumulated losses worth 453.96 billion rupees ($5.52 billion) while reducing its share capital. The plan to do the same had been disclosed by the bank in February 2021 and has now been approved by the NCLT, the bank said in a statement to stock exchanges. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/UJnjCIv via IFTTT

This partnership will cater to potential customers who are either new to credit or untapped by larger institutions and build a secured loan book, it said, adding, the collaboration will leverage the tech platform, Yubi to process loans seamlessly as per the co-lending guidelines. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/x7E9CAb via IFTTT

Sectoral and thematic schemes are high-risk equity schemes for long-term investments. Sectoral schemes invest in companies of a specific sector, while thematic ones invest in stocks following a particular theme or idea. Both are cyclic and involve higher risk and volatility than diversified schemes. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/d8LnWTe via IFTTT

Investment decisions vary at different stages of life. In the 20s, people show more inclination towards risks and explorations, while making short-to mid-term goals like gadgets or vacations. But people should make achievable goals to invest wisely. In the 30s, people's income rises, and they consider long-term goals like a house, retirement, etc. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/ENAJQdP via IFTTT

In the 12-pack index of all state-run banks, India's largest lender the State Bank of India (SBI) is the worst performer with a minor return of just around 3%. All other stocks in the index have given double-digit returns. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/SY0ktnB via IFTTT

The adoption of Fintech has helped the country to progress in delivering social justice to people: President Murmu from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/sp5zyxS via IFTTT

Former US treasury secretary Larry Summers and the chairman of India's 15th Finance Commission NK Singh will co-chair the group's deliberations, according to a finance ministry statement. The group, set up during India's G20 presidency, will firm up a roadmap for an "updated" MDB ecosystem for the 21st century, according to the statement. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/dTDhpq7 via IFTTT

Silicon Valley Bank collapse: Brazilian billionaire Andre Esteves said that it was a gross mismanagement of interest rates mismatch and any intern in the first three months of job that you shouldn’t do that. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/73FQ0xs via IFTTT

Kolkata, Mar 28 (PTI) City-based public sector lender UCO Bank on Tuesday said it hopes to achieve a net profit of Rs 1,500 crore this fiscal year. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/frt5TNk via IFTTT

Public sector banks could recover only 14 per cent of the written-off loans worth Rs 7.34 lakh crore in the last five years ending March 2022, Parliament was informed on Tuesday. Of Rs 7.34 lakh crore written-off loans, state-owned lenders recovered Rs 1.03 lakh crore, Finance Minister Nirmala Sitharaman said in a written reply to the Rajya Sabha. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/g7V1Nn2 via IFTTT

Besides, in the recent meeting with Finance Minister Nirmala Sitharaman, PSB chiefs were asked to manage overall exposure to corporate, including pledged shares. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/jNwnVqx via IFTTT

The department under the finance ministry did not conduct assessment of the capital requirement as per its own standard practice before recapitalisation, as per the Compliance Audit Report No. 1 of 2023 of the Comptroller and Auditor General of India on Union Government (Economic and Service Ministries - Civil) for the year ended March 2021. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/NbSqYsC via IFTTT

Banks have been raising deposit rates to make them more attractive to customers. But an anticipated shift in deposits from debt mutual funds after tax change could see lenders raising rates at a slower place, say analysts from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/iP43veF via IFTTT

The Regulatory Sandbox was established in 2020 by the Reserve Bank of India (RBI) to foster responsible innovation in financial services, promote efficiency and bring benefits to end users. "Signing an agreement and adding IDFC FIRST Bank to the RBI pilot project is very satisfying, as it together with HDFC Bank enables to showcase offline payment interoperability. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/Ptx08Ma via IFTTT

Rejecting the stand of both RBI and the consortium of lenders led by SBI, a Bench led by the Chief Justice said that a decision classifying a borrower's account as fraudulent must be with reasoned order. The classification of accounts as 'fraud' results in civil consequences for borrowers and amounts to blacklisting of borrowers, hence opportunity of hearing must be granted for the borrowers, it said. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/SiF3djJ via IFTTT

The Supreme Court on Monday said a borrower must be accorded a hearing before an account is classified as "fraud" and a reasoned order must follow if such an action is taken. The decision classifying the borrower account as fraudulent must be followed by a reasoned order, it said. The verdict came on a plea of the State Bank of India. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/gCLIBXR via IFTTT

Public sector banks (PSBs) assured finance minister Nirmala Sitharaman at a review meeting on Saturday that the Indian banking system remains robust and there is no cause for worry. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/eXq4uBz via IFTTT

The all-cash sale indicates a recovery of 73 paise on a rupee of the principal amount outstanding for SBI. The bank had informed interested bidders that it would auction the loan under the Swiss challenge method based on an anchor bid. CFM ARC made the anchor bid and there were no counter bids, two people close to the development said. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/2NiMqS8 via IFTTT

Finance Minister Nirmala Sitharaman has urged state-run banks to remain vigilant, stating that they should review their business models closely to identify stress points. Sitharaman has asked banks to be cautious regarding interest rates, concentration risks, and adverse exposures, and to regularly undertake stress tests. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/TnkMaBi via IFTTT

On Friday, the Lok Sabha passed the Finance Bill 2023 with some amendments. According to the Bill, mutual funds having less than 35% assets under management in domestic equity will lose the indexation benefit and the returns will be taxed as short-term capital gains according to the tax slab of the individual. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/rMohl3L via IFTTT

The meeting is going to take stock of the progress made by banks in achieving targets set for the various government schemes, including Kisan Credit Card (KCC), Stand-Up India, Pradhan Mantri Mudra Yojana (PMMY), and emergency credit line guarantee scheme (ECLGS) to help businesses affected by COVID-19, according to sources. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/NdALmvS via IFTTT

Jayesh Visaria, who's head of healthcare & consumer at I Banking at Barclays, quit the global Bank after a stint of 8 years. Along with an entrepreneur role, Visaria will work as an independent advisor to family offices and private equity funds, said sources. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/IrDZGhd via IFTTT

"As per our analysis, if the losses are fully realised which is unlikely in our view on the held-to-maturity book, the range of impact on net worth could be 2-10% for Indian banks," said Suresh Ganapathy, associate director, Macquarie Capital. "However, this remains a theoretical exercise and unlikely to crystallise." from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/pJW5yQL via IFTTT

Canara Bank, in a regulatory filing, said it has received the entire consideration amount equivalent to Rs 121.29 crore on Thursday for the sale of its stake. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/k0Ba9SM via IFTTT

India has asked state-owned lenders to submit details of their bond portfolios ahead of a quarterly meeting between the government and banks this Saturday, amid the turmoil in global banks. The data collection process has been going on for the last few days and is more of a precautionary exercise because the government "does not want to be caught off-guard" if the crisis spirals further, the banker added. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/JuoEb8U via IFTTT

Banks want that a restructured MSME account under the Covid package be considered NPA from the latest date and not from the date prior to restructuring. This will give some relief to banks as it would lessen their provisioning burden. This comes after, in certain cases, banks were told to treat such accounts as bad loans starting from when they were restructured and accordingly make provisions. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/jt1TJ9i via IFTTT

After allegations of manipulation and collusion by big global banks, the end of Libor began in 2017, with 2023 decided as the last year in the transition road. By end-2021 many banks had stopped drawing contracts using Libor and June 2023 was set as the deadline for replacing the guiding rate. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/umCtyG7 via IFTTT

"I think we will have significantly more banks that don't exist in 12-24 months," he said, adding that he thought smaller and regional banks in the United States and challenger banks in Britain could be at risk. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/ryKfOFP via IFTTT

Most crucial decisions we can make in the market is how to allocate our assets across different asset classes. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/J6TuEBG via IFTTT

Banks have been increasing fixed deposit or FD rates after a series of rate hikes by the RBI. Now, the central bank has signalled that deposit rates could go up further amid competition between banks for share of deposits. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/0ANPRyM via IFTTT

Key for the investors is to align their investment criteria to fixed income portfolio characteristics while choosing fixed income funds to invest into from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/r19P2KX via IFTTT

"Strong funding profiles, a high savings rate, and government support are among the factors that bolster the financial institutions we rate," the rating agency said. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/YTnHxfA via IFTTT

India is seen to be relatively sheltered from the shocks of the crisis. It is unlikely to impact India's banking system or its broader macroeconomic stability, unless more banks in the US or Europe fail and the crisis gets pronounced. Yet, analysts and some economists believe indirect impact of the banking crisis might ripple through India's economy and manifest in India's tech sector, markets and startups. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/jia3tlQ via IFTTT

Credit Suisse Group AG is likely to make wealthy Indians nervous, as they recall past uncertainty in terms of their business strategies. This year, Citigroup Inc. exited its retail operations in India, transferring all its wealth management business to Axis Bank while in the past decade, Credit Suisse’s new buyer — UBS AG, Morgan Stanley and Macquarie Group Ltd. have exited the country’s private-wealth busines from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/BfbJwOi via IFTTT

"Credit Suisse sold to UBS for $3 billion, (a) 60% discount to stock value at Friday closing," Uday Kotak tweeted. "(About) $600-bn balance sheet sold for $3-bn equity value. (About) $17 bn of AT1 bonds written off. A signal for all bankers and stakeholders - when risk-return matrix is overtaken by obsession with size." from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/35sHG9A via IFTTT

The RBI noticed "deficiencies in regulatory compliance" after it examined complaints received against the Mumbai-based lender's recovery agents during the financial years 2018-19 to 2021-22, the central bank said in a statement. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/UvkwTta via IFTTT

Prime Minister Narendra Modi and Central Bank Governor Shaktikanta Das have both said that local lenders are strong, after the U.S. banking crisis spilled over to the Indian stock market and rattled bank stocks. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/p7I46A3 via IFTTT

Fixed income investments options such as Bonds and Non-Convertible Debentures (NCDs) have gained a lot of popularity as they offer options for investments from starting from just one day to long term from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3qaEL07 via IFTTT

The plea has also sought direction that foreign exchange transactions through Indian banks and foreign bank branches in India must have information like the name and mobile number of the depositor, International Money Transfer (IMT) and not RTGS/NEFT/IMPS and name of currency. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/B2PNwuO via IFTTT

Over the next few months, Wall Street banking biggie JP Morgan, along with several other financial institutions, will carry out a pilot project where dollar payments and receipts can be completed among international banking units (IBUs) - or bank branches - at the International Financial Services Centre (IFSC) in GIFT City, Gandhinagar, Gujarat. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/HQlGqiC via IFTTT

Over a third of bank accounts in the country holding nearly 20% of total deposits belong to women, data released by the government showed. Even as the share of women in bank accounts and deposits has grown faster, women hold fewer rupees than men post pandemic. ET looks at the data. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/uAZh2Vs via IFTTT

Bank of Baroda on Friday increased interest rates on domestic retail term deposits, including NRO and NRE term deposits, by 25 basis points on select tenors. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/9l34uoE via IFTTT

The governor said with the Indian economy getting increasingly integrated with the global system, crossborder payments have assumed greater significance. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/BHXnwLZ via IFTTT

By BY RON LIEBER from NYT Your Money https://ift.tt/403eTpU via IFTTT

from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/isCZMHT via IFTTT

The Switzerland-based bank, the report said, "has less than Rs 20,000 crore in assets (12th among foreign banks), presence in the derivatives market and funded 60 per cent of assets from borrowings, of which 96 per cent are up to two months. Still, it's small for the banking sector with 0.1 per cent share of assets." from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/oh2Zktw via IFTTT