Banking & Finance

Who is Ashwini Bhatia – Banks Board Bureau wants as next SBI MD

Bhatia will be appointed in place of P K Gupta who superannuated on March 31, while Rao will replace Central Bank of India MD Pallav Mohapatra who will retire in February next year.
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RBI extends Rupee Co-op Bank licence by 3 months

In a statement issued by the bank, Sudhir Pandit, chairman, board of administrators, said that the bank has till date recovered Rs 258.11 crore and has registered an aggregate profit of Rs 53.19 crore

Rupee Co-op Bank, Pune has been granted an extension for its banking license by the Reserve Bank of India (RB)I for further three months i.e. up to July 31, 2020. News

Yes Bank launches overdraft facility on FDs

Private lender Yes Bank has launched an overdraft (OD) facility against fixed deposits (FDs) for its customers through digital channels.

The facility is available on digital channels Yes Mobile and Yes Robot. News

RBI imposes Rs 4 crore penalty on Citibank; here’s why

The RBI has also imposed penalty on three co-operative banks for non-compliance with various directions issued by it.

RBI concluded that the charges of contravention with the provisions of the Act and non-compliance with RBI directions warranted imposition of monetary penalty. News

No decision taken on setting up bad bank: FinMin official

Last month, the government decided to put restriction on foreign direct investment (FDI) to clamp down on the investor from China to buy Indian companies cheap.

Lenders have been making a case for setting up a bad bank to ease out pressure of bad loans on them in these difficult times. News

RBI slaps penalty worth crores of rupees on three banks, including one PSU and one cooperative bank

The Reserve Bank of India has slapped a penalty amounting to a total of Rs 6.50 crore on Bank of India, Karnataka Bank, and Saraswat Cooperative Bank.

The Reserve Bank of India came to the rescue of cash-strapped large corporations on Friday. News

Banks’ asset quality ratios may worsen up to 600 bps: Fitch

The report added that while secured loans such as home and auto are relatively more resilient, they will not be isolated from stress as unemployment rises.

The impaired loan ratio will trend up due to both higher fresh slippages and lower loan growth. News

RBI slaps penalties on Bank of India, Karnataka Bank, Saraswat Cooperative Bank for non-compliance

RBI also imposed a penalty of Rs 1.2 crore on Karnataka Bank for non-compliance with central bank’s directions.

Banking & Finance News

Federal Bank net falls 21% year-on-year as provisions increase

Federal Bank’s net profit for the March quarter fell 21% year-on-year (y-o-y) to Rs 301 crore as it set aside Rs 567.5 crore in provisions, 161% higher than in the same period a year ago.

Banking & Finance News

Forced lending to cripple banks; NPAs to soar by up to 600 bps in 2 years: Fitch

The stimulus measures include extension of the 90-day moratorium on recognition of impaired loans to 180 days, in addition to several relaxations in bank lending limits, including allowing banks to fu

NPAs, bank lending, NPA, bank lending, COVID-19 pandemic, MSMEs, IDBI Bank,private sector banks, fitch ratings News

IDFC First Bank launches video KYC facility for customers to open savings accounts

The zero-contact method completely does away with paper work or biometric verification, thereby removing physical interaction between the bank and customer from the know your customer (KYC) process.

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Covid-19 crisis: ‘Indian banks need $20 billion in fresh capital’

Credit Suisse expects public sector banks to dial the government for $13 billion in recap. Rising risk aversion and accelerating rating downgrades are expected to add to asset quality stress for banks

The impaired loan ratio will trend up due to both higher fresh slippages and lower loan growth. News

IDFC First Bank to give 7% interest on savings account opened through video KYC

IDFC First Bank on Friday reported a consolidated net profit of Rs 76 crore in the March quarter, compared to a loss of Rs 212 crore during the corresponding quarter a year ago.

The bank on Wednesday announced launch of video KYC for opening savings accounts, the lender informed through a release. News

Interest on deposits drops to 17-year low

Other banks offer higher interest rates — HDFC Bank pays 5.6% and both ICICI Bank and Bank of Baroda pay 5.55% for the same product.

That has left lenders with a large surplus of close to Rs 8 lakh crore which is being parked with Reserve Bank of India (RBI) for a return of just 3.35%. News

Suryoday Small Finance Bank raises Rs 62 crore from 6 investors

Suryoday Small Finance Bank had earlier launched a working capital loan product for its microfinance institutions (MFI) customers to meet their urgent liquidity requirements during Covid-19 lockdown.

Under the scheme, customers can avail the working capital loan of Rs 5,000 at one go or in tranches, depending on their requirements. News

Say ‘yes’ to SBI by SMS, if you want to defer EMI

“The moratorium is anyways available to everyone in the sense that.. if they do not pay, account will not become non-performing asset (NPA)," Setty further said.

Earlier, the bank had followed manual process for providing moratorium to its customers till June, 2020. News

Government to withdraw 7.75% Savings (Taxable) Bonds scheme

The scheme, commonly known as RBI Bonds or GOI bonds, is popular among retail investors who looking for safety of principal and a regular income. NRIs, however, are not eligible for making investments

Savings (Taxable) Bonds scheme, RBI Bonds, GOI bonds, lending rates, repo rates, RBI, latest news on savings taxable bonds scheme News

RBI’s loan moratorium may spell trouble for NBFCs looking for funds, as investors’ trust weakens

The effect of loan moratorium is expected to make a dent in the liquidity profiles of non-banking finance companies.

rbi, loan moratorium, moratorium period, securitisation, NBFC, MFI, HFC News

Debt downgrades can push India bank fund raising to $20 billion

A legacy of bad loans, a shadow banking implosion and a historic bank bailout in March have left Indian lenders weakened coming into the coronavirus lockdown.

The impaired loan ratio will trend up due to both higher fresh slippages and lower loan growth. News

Kotak Mahindra Bank set to raise Rs 7,460 crore through share sale

The bank also informed that meeting of the issuance committee of the board is scheduled to be held on May 29 to approve the issue price.

At the same time, the bank’s return on equity (RoE) could take a hit from the share sale, analysts said. News

RBI to auction 84-day CMBs worth Rs 80,000 crore

CMBs are used to meet the temporary mismatches in the cash flow of the government. This instrument has the generic character of treasury bills but is issued for maturities less than 91 days.

The central bank had recently cut the policy repo rate by 40 bps to 4% with the reverse repo rate currently standing at 3.35%. News

SC issues notice to Centre, RBI on plea against interest on loans during moratorium

A bench headed by Justice Ashok Bhushan, hearing the matter through video-conferencing, issued notices to the Centre and the Reserve Bank of India asking them to file their replies within a week.

While it is nice to see a high authority coming down on governments for their lapses, it sets a dangerous precedent as this is clearly executive domain. News

152 branches of erstwhile Vijaya Bank integrated; customers to get Bank of Baroda’s banking experience

State-run Bank of Baroda (BoB) has completed the IT integration of another 132 the former Vijaya Bank branches, more than a year after lenders were merged into a single entity.

After sbi and hdfc bank, now Bank of Baroda too cuts MCLR by 0.15 per cent across tenors News

HDFC reports 22 per cent drop in net over spike in bad loans, provisioning

“On the balance sheet level, we are carrying provisions of Rs 10,988 crore, which is much higher than the regulatory requirement of Rs 4,188 crore,” said Keki Mistry, vice chairman and chief execu

Housing Development Finance Corp (HDFC) on Monday reported a 22% year-on-year (y-o-y) drop in net profit to Rs 2,232 crore, due to spike in bad loans and higher provisions. News
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