Banking & Finance

RBI puts restrictions on Malkapur Urban Co-op Bank; caps withdrawals at Rs 10,000

The restrictions would remain in force for six months from the close of business on Wednesday.

World of phygital banking will be way forward: Bankers

Even as there is a surge in adoption of digital banking, physical branches will continue to be relevant as a large percentage of customers are more comfortable doing transactions at branches, accordin

banking

Bank of Baroda to raise up to Rs 2,000 cr via AT1 bonds today

The offer comprises a base issue of Rs 500 crore with a greenshoe option to retain oversubscription up to Rs 1,500 crore, according to the placement memorandum of the bank.

Last week, Union Bank of India raised Rs 2,000 crore via AT1 bonds at an 8.70% coupon, and the issue has seen full subscription. All AT1 bonds were issued based on regulations amended by Sebi earlier this year.

HDFC Bank to tap into Equitas SFB’s customer base with co-branded credit card

The two categories of cards on offer will be the Excite credit card, with a credit limit between `25,000 and `2 lakh, and the Elegance credit card, with a credit limit of over `2 lakh.

In August, the lender had said it would recoup its share over the next three to four quarters.

CredAvenue’s bond platform facilitates Rs 150 cr MLD issuance for SK Finance

SK Finance is one of the leading NBFCs in the country, with over 2.25 lakh customers with assets under management (AUM) of Rs 4,000 crore and a presence in 10 states through more than 375 branches.

Plutus has facilitated primary bond issuances in excess of Rs 6,000 crore for more than 20 entities since its inception.

MFI’s outstanding portfolio stood at Rs 2.22 lakh cr at June-end: Report

West Bengal, Tamil Nadu, Bihar, Karnataka and Uttar Pradesh are the top five states as of June 30, 2021, in terms of portfolio outstanding.

Equitas SFB, HDFC Bank tie up to offer co-branded credit cards

The credit cards will be available for Equitas Small Finance Bank's customers. There are two categories of credit cards - Excite Credit Card and Elegance Credit Card.

It has over 21 lakh acceptance points, making it among the largest facilitators of cashless payments in the country.

Digital disbursement of loans jumped twelve-fold between 2017 and 2020: RBI panel report

The panel’s findings were based on data received from a sample of lenders representing 75% and 10% of the total assets of banks and non-banking financial companies (NBFCs) respectively as on March 3

A majority of loans disbursed digitally by NBFCs were personal loans, followed by loans classified as ‘others’. These primarily include consumer finance loans.

PMC Bank depositors with over Rs 5 lakh in deposits to get paid over 10 years

The scheme envisages a full payout for depositors with deposits of over Rs 5 lakh over a period of 10 years.

Unity SFB shall have time up to 20 years from the appointed date to repay the amount received from DICGC towards payment to the insured depositors, which can be done in one installment or in several instalments.

Cost of funds has not bottomed out, still room for lowering

The loan portfolio declined during the first quarter and we started growing only after the first half of the second quarter. Secondly, we lowered our pricing when targeting large ticket sizes.

Bank officers’ body to hold protest against govt’s privatisation plan

Privatising the PSBs will hurt priority sectors of the economy and credit flow to self-help groups (SHGs).

SBI yet to refund Rs 164 crore undue fee charged from Jan Dhan account holders

State Bank of India (SBI) is yet to return Rs 164 crore of undue fee charged from the account holders of Pradhan Mantri Jan Dhan Yojana (PMJDY) towards digital payments during April 2017 and December

Vulnerability in PNB server exposed customer data for about seven months: CyberX9

CyberX9 has claimed that the vulnerability provided access to the entire digital banking system of PNB with administrative control.

Lower base: NBFC loan sanctions pick up in Q2, but below last year’s levels

The Reserve Bank of India’s (RBI's) guidelines on initial public offer (IPO) financing should further restrict LAS growth in the next quarter, FIDC expects.

A data sheet released by industry association Finance Industry Development Council (FIDC) showed that NBFCs sanctioned loans worth Rs 2.17 lakh crore during the quarter ended September 2021, down 9% from the value of sanctions made in Q2FY20.

PM Modi to inaugurate key fintech event on December 3

Reliance Industries chairman Mukesh Ambani, SoftBank chairman and chief executive Masayoshi Son and Infosys co-founder Nandan Nilekani will be among the key speakers at the event.

The event brings to the fore growing efforts of the government and the regulators to harness fintech to further bolster the financial sector ecosystem. (File image)

RBI panel pitches for strict regulation of digital loan apps

The report said there were approximately 1,100 lending apps available for Indian Android users across over 80 application stores, of which 600 were illegal.

The RBI may provide general guidance and recognise such an SRO in respect of its regulated entities and their outsourced agents.

Collections will sustain at pre-Covid levels if there is no lockdown: Sanjay Agarwal, MD & CEO, AU Small Finance Bank

Currently, we are providing no guidance on this as the situation remains fluid. However, we believe we are very strongly positioned in terms of balance sheet strength to capture the opportunities in t

Sanjay Agarwal, MD & CEO, AU Small Finance Bank

RBI panel suggests separate law to prevent illegal digital lending via apps

The working group was set up in the backdrop of business conduct and customer protection concerns arising out of the spurt in digital lending activities.

Payment channels show pick-up in Oct driven by festive spends

Electronic toll payments also recorded an increase. The value of transactions through prepaid payment instrument (PPI) cards, however, fell 16% MoM to Rs 2,498 crore.

However, the recovery in the economy is yet to become entrenched and broad-based, many believe.

RBI slaps Rs 10.5 lakh penalty on Shri Kanyaka Nagari Sahakari Bank, Chandrapur

The bank delayed the reporting of frauds on many occasions, and also granted director-related loans in contravention of/ non-compliance of directions.

The constitution of new committee comes a day after the central bank superseded the board of Reliance Capital citing loan defaults and ‘serious governance concerns’ which the NBFC was unable to address.

Bank credit grows at 7.14 pc, deposits at 11.42 pc: RBI

In the fortnight ended November 6, 2020, bank loans stood at Rs 104.19 lakh crore and deposits at Rs 144.03 lakh crore, according to the RBI's Scheduled Banks' Statement of Position in India as on Nov

However, sources said a final call in this respect would be taken by the Union Cabinet when it would vet the proposed legislation.

Microfinance sector: Average collection efficiency improves to 95% in Q2 from 85% in Q1

Asset quality of the lenders of the sector improved on a sequential basis with portfolio at risk (PAR) above 30 days falling to 10.18% as on September 30 from 16.56% as on June 30, 2021, according to

Talking to FE, Satish said collection efficiencies in Assam and Kerala improved in the second quarter compared to the first, but the figures lagged far behind the national average due to “external issues”.

India Ratings sees NBFCs, HFCs AUM rising 10% in H2FY22; GNPAs to increase

The rating agency said since the second wave of Covid-19, especially during the July-September period, the risk appetite in the system has reasonably improved led by strong corporate performance, bett

“Financing condition will remain conducive in 2HFY22, backed by the easy money conditions.

NBFC bad loans set to rise with RBI clarification on IRAC norms, say analysts

Analysts said while banks have been following the new rule on upgrades, it will be a fresh start for most NBFCs.

There is no categorisation of standard and non-performing loans for NBFCs under this system.

Kotak Mahindra Bank, PVR launch co-branded debit card

The partners, which had first launched co-branded credit cards ten years ago, are seeking to leverage on the rise in usage of debit cards in the aftermath of the coronavirus pandemic and the reopening

kotak mahindra bank

SFBs report fall in Q2 PAT as asset quality worsens

AU Small Finance Bank, which had gross advances of Rs 36,405 crore as on September end, reported a net profit of Rs 279 crore, lower 13% than the previous year.

AU Small Finance Bank said its average collection efficiency in Q2FY22 stood at 109%, at pre-Covid levels.

RBI unions threaten to go on mass casual leave on Nov 30 over wage settlement issue

"More than one month and a half has passed since then. The staff of the bank is waiting agonisingly and anxiously. Four long years have passed since the settlement is due from November 2017," the lett

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