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A senior official told ET that the government has asked public sector banks (PSBs) to focus on written-off loans and try to recover at least ₹2 lakh crore in this financial year. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/01OVYZX via IFTTT

Uday Kotak, the CEO of Kotak Mahindra Bank, clarified his earlier statement regarding the US dollar as the "biggest financial terrorist in the world" on Twitter. He said he meant that the US dollar's reserve currency status gives it disproportionate power that can regulate global trade, putting other countries in a position of dependency when transacting. Kotak urged India to build strong independent institutions & frameworks as prerequisites to make the Rupee a reserve currency from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/GXarYAp via IFTTT

Since the announcement of Uday Kotak as a non-executive director on the board, some concerns were raised about whether this will get the regulatory nod because, in its April 2021 circular, the RBI also makes it clear that there should be a three-year cool-off period before an MD and CEO is reappointed. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/iFWmkZI via IFTTT

The Northeast Banking Conclave was organized by Ministry of Development for the North Eastern Region, North Eastern Development Finance Corporation (NEDFi) and State Bank of India with Confederation of Indian Industry in New Delhi on Friday. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/eKM60t4 via IFTTT

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The central government has appointed Debadatta Chand as the Managing Director & Chief Executive Officer of the Bank of Baroda for a period of three years, as per a Finance Ministry notification. Meanwhile, Rajneesh Karnatak will take the reins of the Bank of India. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/Lyarb9M via IFTTT

Uday Kotak said that high-value investments are wanting to come to India across sectors. “The nature of investments is moving to more real economy areas,” said Kotak. “We are talking to some of the largest sovereigns and pension funds around the world. They're wanting to come in scale and size and are actually looking at a lot more flowers to bloom.” from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/nm3ifcj via IFTTT

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Across most of Asia, muted big-ticket consumer expenditure — such as on housing — and restrained capital expenditure by firms have led to only a mild post-pandemic recovery in credit, which makes India’s double-digit loan growth a notable exception, according to economists at Australia & New Zealand Banking Group Ltd. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/a6enqXI via IFTTT

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The recent stress tests have revealed that the Indian banks are efficient and will be able to maintain capital adequacy above minimum requirement even in situation of severe distress. The RBI has put in place various frameworks to monitor the banks and has also deployed macroprudential measures to assess system level buildup of risks, highlighted Das in his speech. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/ncWi7yJ via IFTTT

"We hereby inform that based on the recommendation of the Board of Directors of the Bank, the Reserve Bank of India...has given its approval for the re-appointment of Dr N Kamakodi as the Managing Director and CEO of the bank for a further period of three years with effect from May 1, 2023," the bank said in a BSE filing on Wednesday. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/JSEawuW via IFTTT

PVSLN Murty, Chairman and Managing Director, NEDFi stated that North East Bankers' Conclave is the first of a kind leadership event specifically organized to brainstorm the challenges of banking sectors of North East and come up with actionable strategies to address the same at various level starting from policy planning up to grass root level implementation. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/S3wsM9W via IFTTT

Banks are also in discussion with the regulator to further strengthen the central KYC format to avoid multiple accounts in the banking system with different identifications. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/RwSyUY8 via IFTTT

Touted by Warren Buffet as ‘by far the best book ever written on investing’, The Intelligent Investor by Benjamin Graham shares investing gems that can help investors chalk an optimal investment journey. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/mBgxGNX via IFTTT

Uday Kotak, the man behind India's third-largest private bank, Kotak Mahindra Bank, will step down as CEO and MD at the end of this year due to RBI tenure cap. Kotak Mahindra Bank is actively looking for his replacement to fill his shoes, which seems difficult as he is an institution by himself. Kotak started his journey with a small bill-discounting business, which later became one of India's largest banks. He made banking look cool and positioned it more as an FMCG one. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/EdTYWcZ via IFTTT

Days after the US saw its second and third largest banking failures, where the authorities had to step in to rescue the banks and depositors' money, Swiss banking giant Credit Suisse got into an excruciating financial crisis. Banks face interest rate risk when the country's policy rates increase rapidly in a short span of time. This spelled trouble for the banks. However, find out why India's banking system has considerably less chances to face such incidents. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/lMathIi via IFTTT

The Reserve Bank has imposed penalties totalling Rs 44 lakh on four cooperative banks, including a Rs 16 lakh penalty on Chennai-based The Tamil Nadu State Apex Co-operative Bank, for contravention of various norms. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/C0FlEd4 via IFTTT

"On a review, it has been decided to harmonise the provisioning norms for standard assets applicable to all categories of UCBs, irrespective of their tier in the revised framework," the central bank said in a circular. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/mybWJtj via IFTTT

The US company is weighing opening its own office in the country in order to free itself from the restrictions of its deal with Kotak Mahindra Capital Co., the people said, asking not to be identified as the information is not public. Evercore partnered with Kotak in 2011, constraining it from working with anyone else to provide M&A advisory services on cross-border transactions between clients in India and the US, the UK and Mexico. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/HKyYRbc via IFTTT

The new rule restrains them from keeping money beyond six months in offshore bank accounts. The rule requires them to 'invest' the unused money remitted from India in foreign securities, mutual funds, properties and other permitted assets. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/1InCWTF via IFTTT

"As soon as we went in, we started looking at contracts and quickly realised where the problems were. We ran an assessment with an external partner to assess the capability because we also wanted to make sure that if somebody was good, we could retain them. We had acquired 3,800 people. We needed to assure the good people that they had a future and that they would not be treated differently," said DBS Bank India CEO Surojit Shome. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/fBpxO2A via IFTTT

India is not immune to global disruptions, so some slowdown in growth is inevitable, he said, adding, since India is a domestic, consumption-based economy, India is less dependent on the global economy compared to countries that rely heavily on exports. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/iCp5M2b via IFTTT

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The billionaire banker's transition from CEO was necessitated after central bank guidelines capped tenures for Indian business heads. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/OJzIDkT via IFTTT

Union Bank of India customers can avail banking services in 7 different languages through UVConn by sending 'Hi' through WhatsApp on the Bank's number '09666606060' from their registered mobile number with the Bank, the state-owned lender said in a release. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/lY7uBTe via IFTTT

"Our endeavour is to include every underserved household and small business under financial services. As we commence on our ambitious five-Year Vision plan of rapid expansion path to serve 20 million lives by 2027, we plan to enter Gujarat, Haryana and Maharashtra this year, besides expanding our footprint in Madhya Pradesh and Uttar Pradesh," said MD and CEO Manoj Nambiar . from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/k7pBEt1 via IFTTT

HDFC Bank's request for an exception on cash reserve ratio (CRR) and statutory liquidity ratio (SLR) requirements has been refused by the Reserve Bank of India (RBI) ahead of its merger with mortgage financier parent HDFC. RBI has allowed HDFC Bank some leeways on the priority sector lending front, according to the bank. CRR and SLR requests have been turned down despite being exempt from non-bank lenders which HDFC Bank is classified. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/jKVh7is via IFTTT

Unsecured loans – mostly personal loans and credit cards – do not carry any collateral and therefore pose higher risk. Indian banks have been growing their unsecured lending portfolio as the pandemic-induced stress began to ease. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/9HeOn0M via IFTTT

Indian banks are expected to avoid investing large amounts in the central bank's 14-day variable rate reverse repo as cash in circulation and increased credit demand eat away at liquidity levels. Traders have also said that few banks have ample cash, leaving many susceptible to funding shortfalls. Subscription to the Reserve Bank of India's variable rate reverse repo on Friday was less than half the previous week, indicating the trend of reduced demand will continue. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/VfeMpkz via IFTTT

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India's largest lender, the State Bank of India (SBI), has reportedly contacted international banks to explore options for a possible bond issue, with initial estimates pointing towards $500m. The bank is expected to formally involve investment banks in the project within a week, with the issue's size dependent on the response from investors. The regulatory framework allowing companies to issue securities to investors in the US and other markets without registering with the SEC is expected to help to bring down costs. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/Jayhg4I via IFTTT

Kotak Mahindra Bank, which had 0.64% voting rights, objected to Ocean Capital Markets resolution plan since it would compel them to release third-party guarantees in favour of the resolution applicant without recovering their entire dues. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/2zYySJk via IFTTT

More students from India's Tier 2 and 3 cities are seeking higher education abroad, and applications for loans have increased by 162%. Hyderabad, Mumbai, Bengaluru, Delhi, and Chennai in Tier 1 cities have seen the highest number of loan applications, with a rise of 237% in Delhi and 193% in Hyderabad. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/k9glyS4 via IFTTT

The move is a fresh step in resolving the issue surrounding the European Securities and Markets Authority's (ESMA) decision to de-recognise the CCIL following the RBI's refusal to permit rights of an external regulatory audit. Following a significant softening in the stance of the European regulators, the RBI is said to be more amenable to settling the dispute. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/43Lf1hY via IFTTT

AU Small Finance Bank on Wednesday said it has received permission from Reserve Bank of India to deal in foreign exchange. Reserve Bank of India vide its letter dated April 19, 2023 has granted Licence to act as Authorized Dealer Category-I (AD-I) under section 10 of FEMA, 1999 to deal in foreign exchange, AU Small Finance Bank said in a regulatory filing. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/GVhYsdo via IFTTT

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As part of the association, a multi-media campaign featuring Virat Kohli will showcase the value proposition of banking with HSBC. Through its suite of products and services, the bank is positioned to support various facets of the Indian economy poised for a significant and sustained growth trajectory, it said in a statement. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/eSRgJaD via IFTTT

Following a nudge from the finance ministry last fortnight, most government-owned banks identified companies they would prefer to sell to National Asset Reconstruction Company (NARCL), the people cited above said. NARCL will identify about 20-25 accounts from the list for acquisition this fiscal year. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/BwRn04e via IFTTT

The lender has requested the Reserve Bank of India (RBI) for a phased approach to meet the requirements for statutory liquidity ratio (SLR) - the percentage of deposits that banks invest in government bonds - and the cash reserve ratio (CRR), or the portion of deposits that banks must hold in liquid cash, bank executives have said. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/SFIu7Nh via IFTTT

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The overnight and one-month tenor MCLRs are raised by 0.10 per cent to 7.90 per cent and 8.10 per cent each while the six-month maturity bucket increased to 8.40 per cent. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3JoIja7 via IFTTT

Godrej Capital, a late entrant into finance among storied business groups in India, started its operations only in November 2020 and expects to expand in the crowded mortgage market in India. The company has two separate arms, Godrej Housing Finance for home loans and Godrej Finance to lend to MSMEs. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/basYIxC via IFTTT

The bank said there is "apprehension that the defaulter borrowers may raise the question of personal hearing and may try to delay the adjudication in absence of specific time limit stipulated'. "They may now insist on (a) complete copy of the forensic auditor report, instead of relevant extracts," said the plea. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/HCpM7fb via IFTTT

In her interaction with the G20 expert group on Multilateral Development Bank (MDB) reforms in Washington DC, finance minister Nirmala Sitharaman emphasised the need for a "transformative and not incremental" approach. She also told the group that any expansion of MDB's mandate should be in line with their ability to fund them without compromising on the development financing, people familiar with the deliberations told ET. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/PRsMuay via IFTTT

Currently, Central Board of Indirect Taxes and Customs (CBIC) manually notifies exchange rates of 22 currencies every fortnight -- 1st and 3rd Thursday of a month -- based of rates obtained from the State Bank of India (SBI). The rate notified comes into effect from midnight of the following day. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/EBNkwOU via IFTTT

Public sector banks (PSBs) in India have set a target to sell flagship government insurance schemes, including Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY), by FY24. These PSBs also have set targets for other financial inclusion schemes like Mudra Yojana and StandUp India Scheme. Banks were advised to encourage customers to buy these policies for multiple years rather than renewing annually. As of March 31, 2023, about 15.99 crore and 33.78 crore were enrolled under PMJJBY and PMSBY, respectively. A campaign has been launched to achieve saturation under these schemes by leveraging banking correspondent networks for outreach and enrollment of potential beneficiaries. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/0DfUz5r via IFTTT

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The loan will have a first exclusive charge over the fixed assets of the Thoothukudi (Tuticorin) copper smelter in Tamil Nadu and an exclusive pledge over Hindustan Zinc shares, providing a 2.2x cover. The Supreme Court of India has recently allowed Vedanta to start maintenance work at Sterlite Copper facility in Thoothukudi, which is shut since 2018. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/gj8IEp4 via IFTTT

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