Banking & Finance

Muthoot Finance ties up with Bajaj Allianz

Known as ‘Muthoot Gold Shield’,the policy provides insurance coverage of gold jewellery for individuals at the time of closure of gold loan and release of gold ornaments.

Corporates owning banks: S&P, Raghuram Rajan red-flag concerns

The Reserve Bank of India (RBI) working group’s recommendation to allow corporate houses to own banks has drawn sharp reactions from experts, who have red-flagged risks associated with such a move.

rbi, reserve bank, state finances, gdp growth,

Srei may face problem in raising additional debt, say bankers

The RBI has appointed an auditor to conduct a special audit of Srei Infrastructure Finance and its subsidiary Srei Equipment Finance.

Hitachi Payments on expansion spree, to nearly double white label ATMs by March

Hitachi Payment Services, a leading operator of white-label ATMs, plans to nearly double its machine deployments by March to 5,000 units, having already installed new 1,340 machines by October this ye

RBI asks banks not to approve proposals of foreign law firms to open branch office in India

Further, "they shall bring to the notice of the Reserve Bank in case any such violation of the provisions of the Advocates Act comes to their notice", it added.

"... banks are directed not to grant any approval to any branch office, project office, liaison office or other place of business in India under FEMA for the purpose of practicing legal profession in India," the RBI said.

Asset quality of Indiabulls Housing Finance, IIFL Finance vulnerable: Moody’s

A modest loan growth and loan sales will help IIFL and Indiabulls maintain capitalisation despite the weakening of profitability, which will be hurt by credit costs for the loan losses, it noted.

Till now, various types of support measures for borrowers from authorities have prevented a sharp deterioration of asset quality at the lenders, it added.

S&P ‘sceptical’ of allowing corporate ownership in banks amid large company defaults

The RBI proposes that only well-managed NBFCs with over 10 years of experience and Rs 50,000 crore of assets will be allowed to convert to a bank.

In addition, the group proposed strengthening of the supervisory mechanism for large conglomerates.

India’s banking landscape set to transform? RBI panel’s 4 four massive proposed changes

Leveling the playing field, the report also recommends that the 15% cap on promoter holding in the long-run may be increased to 26%

"Lok Sabha in its recently held session has passed three new labour enactments by dismantling existing 27 enactments in the name of 'Ease of Business', which are purely in the interest of corporates.

HDFC Bank restores payment services after outage at data centre

On Sunday morning, the lender tweeted through one of its official handles that the services impacted following the outage have been restored.

Emailed queries sent to the bank about the cause of the outage did not elicit a response.

Reserve Bank of India reaches 1 million Twitter followers; first central bank globally to hit milestone

Among the top central banks globally, the Federal Reserve System of the US has 677.3k followers while the European Central Bank has 591k followers, and the Saudi Arabian Monetary Authority has 562.9k

small finance banks, payment banks, rbi, reserve bank, private banks

Forex reserves increase by over $100 billion since March lockdown; hit lifetime high at $572 billion

The jump was on account of Foreign Currency Assets (FCA), a major component of the country’s reserves, that increased by $5.526 billion to $530.2 billion from $524.7 billion.

Expressed in dollar terms, FCAs include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

Punjab & Sind Bank to raise up to Rs 5,500 cr via pref issue

The board approval is in line with the government sanction to infuse an amount of Rs 5,500 crore in the bank towards contribution of the Centre in the preferential allotment of equity shares during FY

The fund raising will help bank meet its regulatory and growth capital.

Bank credit grows as consumers shop in festive season; risk aversion, low demand still a barrier

Bank credit growth increased marginally as consumers had started purchasing with the arrival of the festive season.

credit growth, deposit growth, consumer spending, festive season

ED raids multiple locations in Kashmir in J&K Bank money laundering case

The ED is probing the case after studying an earlier FIR filed by the CID of the UT Police in Srinagar against several officials of J&K about suspicious transactions

Enforcement directorate, ED raid, ED raid at Jammu and kashmir, Jammu and kashmir suspicious transactions, PMLA, Prevention of Money Laundering act

Banks’ profits likely to surge as stress on firms eases; these banks may show high earnings in H2

A moderation in credit costs post the spike in H1 FY21 is expected to drive ROE recovery in banks like Axis, ICICI, HDFC, and SBI from H2.

banks, NBFCs, bank profits, NBFC profits, MFIs, rural economy, stress debt, stressed assets, NPA

RBI Internal Working Group’s suggestion: Big business houses may soon promote banks

For instance, large, well-run non-banking finance companies (NBFCs), with an asset size of Rs 50,000 crore and above could become banks post 10 years of operations once they pass the due exercise.

These could be owned by a corporate house so a Bajaj Finance, L&T Financial Holdings or an M&M Financial could make the cut.

AU Small Finance Bank to focus on auto, MSME loans in pan-India pursuit

Until recently, the Jaipur-based SFB had no presence outside western and northern India. In its pursuit of becoming a pan-India player, the bank forayed into south India in August and commenced operat

Chanda Kochhar moves Supreme Court challenging termination from ICICI Bank

The HC dismissed her petition “on the sole ground of “maintainability”, despite there being clear violation of a statutory obligation under The Banking Regulation Act, 1949 by both, ICICI Bank a

As Deepak Kochhar bail is being taken up by a trial court on Monday, the apex court posted the petition for hearing on November 27.

Bank credit rises 5.67%, deposits up 10.63%: RBI data

In the fortnight ended November 8, 2019, bank credit stood at Rs 98.46 lakh crore and deposits at Rs 129.98 lakh crore.

DBS offered to buy 50% of Lakshmi Vilas Bank in 2018, but RBI rejected: Promoter

K R Pradeep, the single largest promoter of the crippled Lakshmi Vilas Bank with a 4.8 per cent shareholding, has said that Singapore's DBS was keen to acquire 50 per cent stake in the lender for a hi

laksmi vilas bank, bank amalgamation, bank customers, DBS Bank, RBI

Raise promoter’s stake in private banks, double minimum capital need for licensing new banks: RBI Panel

Well-run large NBFCs, with an asset size of Rs 50,000 crore and above, including those which are owned by a corporate house, may be considered for conversion into banks.

small finance banks, payment banks, rbi, reserve bank, private banks

Express E-Adda: Not ‘enough reforms’ yet in banking sector, says 15th Finance Commission chief NK Singh

Notwithstanding many changes that has taken place over the years, India has not done ‘enough reforms’ in the banking and financial sector, 15th Finance Commission NK Singh said on Thursday.

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.

RBI imposes penalty on Muthoot Finance, Manappuram Finance

In both the cases, RBI said the action against the companies is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entere

small finance banks, payment banks, rbi, reserve bank, private banks

Lakshmi Vilas Bank episode is not all bad news; RBI’s swift move to help banking sector, S&P explains

The Reserve Bank has proposed merging Lakshmi Vilas Bank (LVB) with DBS Bank India Ltd (DBIL). As part of the proposal, DBIL, the wholly owned subsidiary of Singapore-based DBS Bank, will inject Rs 2,

Airtel Payments Bank to expand footprint in West Bengal

Over 12,500 unbanked villages in the state now have access to formal banking services with Airtel Payments Bank.

Lakshmi Vilas Bank does not need liquidity line now; Rs 10 crore withdrawals so far

The moratorium will be in place till December 16 and withdrawals will be capped at Rs 25,000 through the period, with exceptions being made for medical, educational or wedding-related expenses.

Lakshmi vilas bank, clix group
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