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Shritama Bose

Articles By Shritama Bose

509 Articles

RBI to issue norms for payment security, raises contactless cap to Rs 5,000

The central bank also raised the ceiling for contactless card transactions and e-mandates for card and UPI-based transactions to Rs 5,000 from Rs 2,000.

He also said that the RBI’s teams are studying the incidence of a data centre outage at State Bank of India (SBI) that took place on Thursday.

RBI stays pat on rates, allows liquidity glut to persist for now

What confounded the markets was the absence of any measure to suck out excess liquidity at a time when some companies are able to borrow below the reverse repo rate.

The MPC projected consumer price index (CPI) inflation at 6.8% for Q3FY21, 5.8% for Q4FY21, and 4.6-5.2% in H1FY22, with risks broadly balanced.

‘The improvement in collection efficiency will be sustained’

Incrementally, collection numbers are getting better than our estimated and projected numbers. This uptick will continue and the worst for the business and salaried segment is over.

We are observing the movement of MDR to zero or near-zero levels. The materiality of that is getting reduced as there are a host of other payment options.

IDBI Bank puts home loan, LAP, corporate NPAs worth around Rs 970 cr on sale

Loans to two Bhubaneswar-based companies -- Raipur Power & Steel and Parth Concast -- are being offered at a total reserve price of Rs 77.57 crore together.

“Upon specific request from few of the interested buyers, it has been decided to extend the last date of submission of bids by 12 days, i.e. till December 10, 2020,” the bank said in a notification.

Restricted vehicle movement affecting CV loan collections

Most major banks and non-banking finance companies (NBFCs) have reported collection efficiencies of over 90% for the September quarter.

PNB seeks consultants to sell bank’s real estate assets

PNB was one of the anchor banks which amalgamated smaller banks in the last round of mergers.

Banks get margin boost in Q2 from cheaper deposits, lack of slippages

PNB chief executive SS Mallikarjuna Rao admitted that the non-recognition of slippages had helped margins and that the 3.21% NIM should be considered an exception.

“I foresee credit growth going up from 5-7% to 8% in days to come,’ Rao said.

We’re bullish on anything related to consumption story: HSBC India’s Rajat Verma

In the initial phase of the crisis, till the point where the credit guarantee scheme and the moratorium came in, credit was mostly flowing to larger creditworthy companies.

Rajat Verma, Head – Commercial Banking, HSBC India

40% of EMI debit requests continue to bounce in October despite banks’ optimism

Banks continue to insist, though, that the pick-up in collections is going to be sustainable. State Bank of India, which last week said that its collection efficiency stood at 97.5%, expects this level to hold.

Another way in which lenders may have shored up collection ratios is by treating some instalments paid during the moratorium period as advance instalments, said a senior analyst tracking the financial sector.

Abundant Caution: PSU banks make chunky provisions for a rainy day

Despite little clarity on asset quality, analysts are by and large satisfied with the kind of provisioning. “There are some grey areas, but banks have made provisions and investors will be willing to forgive them,” an ana

Axis Bank downgraded some accounts into the BB and below rated pool and made associated provisions of Rs 3,143 crore.

SevenHills Healthcare RP seeks fresh resolution plans

On November 15, 2019, SC had set aside an order by the Hyderabad bench of the National Company Law Tribunal (NCLT) approving the resolution plan submitted by Shetty’s New Medical Centre (SNMC).

The plan envisaged paying off financial creditors to the extent of 78.07% and operational creditors to the extent of 75%.

We have recast loans worth Rs 600 crore: LV Prabhakar, MD & CEO, Canara Bank

The compounding amount will be hardly about Rs 160 crore, which we are going to get from the government.

LV Prabhakar, MD & CEO, Canara Bank

Bonds, CPs save the day as loan growth languishes

Recently, State Bank of India (SBI) chairman Dinesh Khara said that the bank is currently seeing credit growing in the range of 6-7%, while pointing to the fact that much of corporate demand for debt is moving to the markets.

Recent liquidity measures have also played a role in increasing fund flow through the markets, said Hardik Dalal, director – head of loans and bonds, Barclays Bank India.

Fund diversion: Sambandh defaults; internal fraud, says CFO

The letter dated October 7, also alleges fund diversion by Kindo to other entities named Diya Dairy & Agroprocessors, Kshamta Foundation, Regional Rural Development Centre, DK Enterprises and Utkal Dairy, among others.

The rating report by Brickwork Ratings stated that in a telephonic discussion with the rating agency, the CFO of Sambandh conceded there had been some internal frauds unearthed at the end of September 2020, wherein a large quantum of bogus loan entries were made in the book of accounts of the company.

RBI makes TLTROs on-tap, extends fund use to loans

The Reserve Bank of India (RBI) on Friday expanded on its liquidity measures to make the targeted long term repo operations (TLTRO) available on tap and extend the use of money raised under this window to loans given by banks

if your loan is towards the end of tenure and outstanding is small then the efforts for shifting the loan will outweigh the advantages.

Auto-debits: Bounce rates at 32 percent in September; repayments still under pressure

With limited visibility on the actual state of asset quality in the September quarter, analysts said only quarterly results of banks could offer some clarity.

There is no clarity on the asset quality of a large number of accounts after the Supreme Court directed lenders to not classify any accounts as bad loans as long as they were standard on August 31.

SBI near 70-80% of pre-Covid business levels: Newly-appointed chairman Dinesh Kumar Khara

Khara stated that SBI is very seriously evaluating all available options for the creation of a new umbrella entity.

Credit at the lender is growing in the range of 6-7% and the retail segment is holding up well, Khara said, pointing to the fact that much of corporate demand for debt is moving to the markets.

Dinesh Kumar Khara appointed SBI chairman for three years

The foremost challenge for Khara in his new role will be to deal with the repercussions of Covid-19 – in terms of recoveries as well as growth.

His tenure saw the listing of the bank's two insurance arms and its credit card company. (Image courtesy: IE)

Amazon readying for big play in Indian payments market with sizeable capital infusion

To this end both players, as also Walmart/Flipkart-owned PhonePe have, over the last couple of years, been working to build a presence at every storefront across the country.

Earlier this year, Amazon had invested about Rs 1,355 crore in the payments entity.

Caveat emptor: Users seek better disclosures on pay-later schemes from e-tailers

The actual amount utilised against this limit was reported under ‘current balance’ in the customer’s credit report.

The online shopping platforms in these instances had at no point disclosed that the shopper was in effect being given a loan by a bank to avail of the ‘pay-later’ option.

After SBI, HDFC Bank may join race to set up NPCI rival

“The matter is still in the preliminary stages, but HDFC Bank is certainly considering the NUE option as a possibility,” said a person close to the development.

HDFC Bank is among the leading players in India’s payment systems.

Swiss Challenge: Banks seek bids as Matix Fertilisers puts OTS on table

The interested lenders are now soliciting bids for settlement of their debt through the Swiss challenge method, with the existing OTS offer as the anchor offer.

Lenders, who account for approximately 70.74% of the outstanding debt, have agreed to the terms of the OTS offer, which other interested parties can now match or better through the Swiss Challenge process.

US-based Rosen Law Firm files lawsuit against HDFC Bank

The lawsuit names HDFC Bank, its outgoing managing director Aditya Puri, CEO-designate Sashidhar Jagdishan and company secretary Santosh Haldankar as defendants.

For credit cards, the entire balance, including the loans within the credit limit, will be restructured and converted into a separate loan account.

Deferred, staggered consumer payments become new norm

Payment industry executives said that the growing use of these modes is a result of cashbacks and other rewards being offered with these modes at a time when consumers are hamstrung by salary cuts and job losses.

consumer payments, buy now pay later scheme, Covid outbreak, EMIs, cashbacks, instalments, Razorpay, Credit card EMIs

SBI to launch online application window for retail recasts in a week

According to the Reserve Bank of India notification, the resolution framework is only for borrower accounts classified as standard, but not in default for more than 30 days as on March 1, 2020.

“The whole thing at the backend is likely to be a two-to-three-day process,” said a person aware of the developments. SBI expects about 15% of its 40 lakh home loan customers to apply for the recast.

Central Bank of India taking guarantors to court in bad loans of over Rs 50 crore: MD Pallav Mohapatra

The process has only been halted for accounts in default on account of Covid. If the default happened earlier, that can always be taken to NCLT.

That is as good as not getting their salaries and they will be treated accordingly.
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