Banking & Finance

Private ARCs moving to retail loans as national bad bank nearing reality

Rashesh Shah, chairman and chief executive of Edelweiss Financial Services Group whose ARC arm sits over an AUM of Rs 40,8000 crore, and has made a recovery of Rs 5,400 crore in FY21 from 179 accounts, sees over the next two years around 50 per cent of ov
Private ARCs moving to retail loans as national bad bank nearing reality

Covid-19: Supreme Court rejects plea for fresh loan moratorium relief

The apex court then vacated a September 3, 2020, stay order that restrained banks from declaring as NPAs loan accounts that were not classified as NPAs prior to August 31, 2020.

On May 6, RBI reopened a one-time scheme under which retail borrowers and small businesses were permitted to recast their loans, without being downgraded to NPAs. The scheme will be available for borrowers with aggregate outstanding dues of up to Rs 25 crore.

IDBI customers to get only 20 free cheque leaves per year from Jul 1; other services too revised

Introducing the revision of services in savings bank accounts, the lender in a notice said the free transaction limits (for select facilities) and lock discounts offered to individual savings bank cus

idbi

RBI extends risk-based internal audit system to HFCs

The provisions will apply to all deposit-taking HFCs, irrespective of their size, as well as non-deposit-taking HFCs with asset size of Rs 5,000 crore and above, the central bank said.

RBI

Bank of Maharashtra tops PSU banks in terms of loan, deposit growth

The bank's asset quality improved significantly as the gross bad loans or gross Non-Performing Assets (NPAs) dipped to 7.23 per cent of gross advances by the end of March 2021 as against 12.81 per cen

MFIs 30-plus delinquency may rise to 14-16 pc in June: Report

The report said that with 30+ PAR mounting, the sector is expected to resort to a restructuring of loans to a larger extent than the last fiscal, as this is perhaps the only practical option to suppor

India fastest-growing FinTech market, ahead of US in financial innovation: Senator Steve Daines

The senator from Montana said the US faces a challenge from China, which has launched a digital Yuan, which they hope will one day displace the dollar as the world's dominant reserve currency.

fintech industry

SBI likely to transfer Rs 20,000 crore NPAs to National Asset Reconstruction Company

These non-performing assets (NPAs) include Essar Power Gujarat, Coastal Energy and Reliance Naval.

This is primarily attributable to >95% of unsecured credit being offered to government/PSU employees and ~41% of corporate loans being offered to PSUs / govt. undertakings.

ATM transactions beyond free permissible limit to cost more from Jan 1

ATMs are deployed by banks for serving their own customers and also provide services to other banks’ customers as acquirers where they earn interchange income.

atm

BharatPe acquires Payback India

The company, however, did not disclose the financial details of the transaction. This is the first-ever acquisition by BharatPe and will make Payback India a wholly-owned subsidiary of BharatPe, a sta

bharatpe

RBI Deputy Governor MK Jain gets 2-year extension

The other three serving deputy governors are Michael Patra, M Rajeshwar Rao and T Rabi Sankar.

RBI

India offers huge potential for digital banks: Report

In the case of currency depreciation, which supports the large number of Indian exporters, the report said considerations are true for multiple other developing economies as well, and an investor nee

Leading consultancy BCG said in the report on Wednesday that the revenue opportunity in India, which has a population of 130 crore people, was pegged at being up to ten times higher than that of rest of South East Asia.

Carlyle-led investment in PNB Housing unfair to minority shareholders, says proxy firm

In a note to institutional investors, SES argued that a rights issue would have been a fairer and better option for raising capital. SES has recommended PNB Housing’s public shareholders to cast the

The stock price of PNB Housing Finance rose 94% in a week to Rs 852.20 at Bombay Stock Exchange (BSE).

Covid woes: Banks’ collection efficiency for micro-loans drops significantly

Lenders feel that collection efficiency is likely to be ‘volatile’ in the first quarter of the current fiscal year due to the intermittent lockdowns, and the number of micro-finance customers avai

The lockdown restrictions were relatively higher in South and some parts of central region,” said Rajat Kumar Singh-business head of MicroBanking and Rural Banking, Ujjivan Small Finance Bank.

RBI gives approval to re-appointment of CS Ghosh as MD & CEO of Bandhan Bank for three years

Ghosh, who has been one of foremost proponents of microfinance in India, founded Bandhan in 2001 as a not-for-profit enterprise that stood for financial inclusion and women empowerment through sustain

Notably, the Kolkata-based private sector lender started operations on August 23, 2015, and it was the first instance of a microfinance entity transforming into a universal bank in India.

RBI asks banks not to delete CCTV footage from 2016 demonetisation period

The move is aimed at helping enforcement agencies in their probe against illegal accumulation of new currency notes during the demonetisation period.

Reserve Bank of India (RBI)

RBI nod for Ghosh’s re-appointment as Bandhan Bank MD & CEO for 3 yrs; company board had okayed 5-yr term

Bandhan Bank has received RBI nod to re-appoint Chandra Shekhar Ghosh as its MD and CEO for three years, lower than the five-year tenure approved by the company’s board in November last year. “The

Chandra Shekhar Ghosh

State-owned banks getting ready for privatisation may come out with VRS

Two state-owned banks being picked up for privatisation by the government are likely to come out with an attractive voluntary retirement scheme (VRS) to get rid of the extra flab, sources said.

bank privatisation, state owned banks, Finance Minister Nirmala Sitharaman, attractive VRS, Central Bank of India, Indian Overseas Bank, Bank of Maharashtra and Bank of India

Lockdown set to hit Bajaj Finance’s FY22 AUM growth

The company said it has taken several measures to reduce its operating expenses and cost of funds to partially mitigate the financial impact of lower AUM growth.

bajaj finanace

First phase: Rs 89k-crore loans to be moved to NARCL

The chairman of Indian Banks’ Association (IBA), Rajkiran Rai G, said banks have identified accounts which can go to the ARC in the first phase and have arrived at this number. “However, once the

The government’s plan, as outlined in the Union budget for 21-22, is to create an ARC and an AMC to take over and resolve bad loans.

Union Bank of India reports Rs 1,330-crore net as asset quality improves

The non-interest income grew 50% quarter-on-quarter (q-o-q) and 23% y-o-y to Rs 4,551 crore, mainly on account of recovery in the written-off accounts. Overall, the net profit for FY21 stood at Rs 2,9

India’s bank privatisation may be delayed: Fitch

The plan, announced in the Budget in February, is part of the government's broader divestment goals for FY22, and includes privatisation of several other non-financial state-owned entities as well as

Contrary to recent media reports that the authorities are inclined to privatise a larger mid-sized and one small state-owned bank, Fitch believes the government prefers to privatise larger banks to maximise divestment inflows.

UCO Bank again urges Reserve Bank of India to consider taking it out of PCA

The RBI had initiated PCA for the Kolkata-based lender in May 2017 in view of high non-performing assets and negative return on assets. In the last financial year, the bank posted a full-year net prof

Banks identify NPAs worth Rs 89,000 crore to be transferred to NARCL in initial phase

Setting up of National Asset Reconstruction Company Ltd, the proposed bad bank for taking over stressed assets of lenders, was announced in the Budget for 2021-22.

National Asset Reconstruction Company Ltd
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