All Banking & Crypto Related Details

DBS India has invited bids for a counter bid for the portfolio of the NPAs, which should be at a minimum of 5% markup on the base price. The bank will hold the Swiss challenge on November 7, according to the bid document. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/6hAt7rl via IFTTT

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A process has been initiated for valuation of about 400 odd loans that were parked in the trust which have continued to remain non-performing. The loans will be sold after this exercise is completed to facilitate the closure of the bad bank, according to sources. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/fYhTVAq via IFTTT

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Former tax officer Sandip Garg, who previously served as the executive director of the Insolvency and Bankruptcy Board of India (IBBI), has been appointed as a whole-time member of the bankruptcy regulator. Garg, a 1992-batch Indian Revenue Service officer, had a wide range of responsibilities during his tenure at the IBBI. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/O5NG9H3 via IFTTT

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Vaswani's challenges as the CEO of the country's fourth largest bank with a market value of ₹3.51 lakh crore would include ensuring management stability, building scale in commercial banking, maintaining margins while growing the balance sheet, and preserving a culture built on conservatism rather than aggressive growth, industry watchers said. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/gu5dfyJ via IFTTT

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Shashanka Bhide, a member of the Reserve Bank of India's Monetary Policy Committee (MPC), believes that supply-side price pressures in sectors like oil will require coordinated policy responses. He also mentions that upside risks to inflation will be considered for future policy decisions. Bhide expresses concern about uneven rainfall distribution and its potential impact on inflation. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/cnfQwTk via IFTTT

During the quarter ended September 30, the bank received income tax orders related to matters under appeal, which resulted in a tax provision write-back for previous years of ₹222.9 crore (pre-tax of ₹297.8 crore). The bank utilised this write-back to create contingent reserves of 100 basis points on credit card and microfinance advances, of ₹252 crore. A basis point is a hundredth of a percentage point. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/7Rr6ZXI via IFTTT

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The strengthening US dollar is increasing the risk to global growth, especially for fuel importers like India, as it amplifies tight financial conditions. The rise in crude oil prices is also contributing to inflationary pressures. The authors of a State of the Economy article in the RBI's October Bulletin warn that the stronger dollar and higher energy prices could lead to longer periods of cautious monetary policy. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/fG7yFOW via IFTTT

India's state-owned 'bad bank,' National Asset Reconstruction Company Ltd (NARCL), has acquired three more accounts in the past two weeks, including Dharani Sugars and Chemicals, SPML Infra, and Parenteral Drugs. The finance ministry has urged NARCL to expedite the acquisition process. Differences between NARCL and India Debt Resolution Co Ltd (IDRCL) have caused delays. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/bGW6RcZ via IFTTT

Banks in India have disbursed over Rs 1,400 crore ($190 million) in loans through the 'frictionless credit' platform since its launch in August, according to a senior Reserve Bank of India official. The platform allows lenders to quickly disburse retail loans, such as those to agriculturists, by aggregating borrower information from multiple sources. The official also mentioned that around 20,000 central bank digital currency transactions are taking place daily. The RBI is piloting the scheme and expects it to have great prospects in the future, with reduced operational costs for lenders. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/FhCDiAg via IFTTT

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​It has also asked them to focus on the acquisition of high-quality current and savings accounts. "Banks will carry out regular stress testing and adopt risk-based profitability models in all loan portfolios," said an official, who did not wish to be identified. The government nominees on the bank board will also ensure that such stress analysis reports are part of the agenda and are discussed in all relevant board meetings, the official said. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/683t9Xo via IFTTT

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The Independent Expert Group headed by former US treasury secretary Larry Summers and India's 15th Finance Commission chairman NK Singh called for urgent and strong action to scale MDBs to make them "fit for purpose" by 2030 in part two of its report. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/oi03OY6 via IFTTT

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"Banks want the CRR cut-off timing to be advanced. Under the current system, banks must maintain a satisfactory buffer until midnight to ensure that the reserve requirement is met," a source said. "What is happening now is that a bank can be faced with a sudden outflow because of the pickup in 24x7 banking. So, banks are keeping a protective buffer at the SDF instead of deploying funds in the call market." from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/nqeRlYS via IFTTT

The group was set by the G20 under India's presidency and is headed by former US treasury secretary Larry Summers and India's 15th Finance Commission chairman NK Singh. "The second volume of the report, titled 'Better, Bolder and Bigger MDBs', suggests several steps under these themes. For example, to make them better, the group has suggested simplifying processes to reduce the time taken to 12 months from about 24-26 months," Singh said on Wednesday. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/HUs3z49 via IFTTT

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