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Lenders seek RBI guidance on protecting officers' identities identifying defaulters. Recent court order mandates disclosing committee members. Indian Banks Association seeks advice too. Risks highlighted for officers personally named. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/D4XlpCV via IFTTT

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According to the exchange filing the Bank is in the process of filing an appeal before the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC) against the said order within the prescribed timelines. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/H2DYTnP via IFTTT

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The government updated the list of banks authorized to import gold and silver for the fiscal year 2024-25. Eleven banks, including HDFC Bank and ICICI Bank, received authorization from the Reserve Bank of India (RBI) to import gold and silver from April 1, valid until March 31 next year. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/tJFr69j via IFTTT

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"We are launching multiple products in respect of assets and we want the branches to build the assets. All these products will be used for acquiring the customer. Our probability of acquiring him is limited if we don't have products lined up. If somebody wants an education loan and we don't have it, he will go to another bank and probably take deposits too. So retaining liability without a corresponding product is going to be a challenge," says RBL Bank CEO R Subramaniakumar. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/G0qytrM via IFTTT

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In its petition, IL&FS said it is aggrieved by the "blatant violation and disregard" of previous NCLAT orders by the banks. IL&FS also charged banks of taking procedural action under the garb of the RBI guidelines, and "harassing the Directors of the IL&FS companies". from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/aD4IS9p via IFTTT

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In the case of JAL, State Bank of India has the largest debt hold at 26%, followed by ICICI Bank at 19% and IDBI Bank at 11%. The company has total principal outstanding debt of ₹17,700 crore as of March 2023. This includes ₹650 crore that Ares SSG Capital-backed Asset Care & Reconstruction Enterprises (ACRE) acquired from Yes Bank and Karnataka Bank. The people said NARCL's ₹10,000 crore offer excludes the debt held by ARCE. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/M2ozKsY via IFTTT

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Banks are enhancing their KYC standards by adding extra verification layers to identify accounts and account holders. The plan includes updating existing accounts, especially those with a single phone number linked to multiple or joint accounts, and seeking more verification from individuals with multiple accounts opened using different documents. A committee led by finance secretary TV Somanathan is working to standardise and ensure interoperable KYC norms across the financial sector. The move aims to address concerns about slackened KYC norms by fintech companies, which may increase risks for lenders. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/1fKeuzo via IFTTT

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