Banks serving summons to defaulters through WhatsApp, emails

The post can get unduly delayed and addresses keep changing but phone numbers, WhatsApp IDs and email addresses are more constant, making digital notices less easy to dodge.

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LIC to enter 63rd year of operations tomorrow

From 168 offices in 1956, it today has over 4,826 offices, 1.11 lakh employees, 11.48 lakh agents and 29 crore plus policies in force.

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Banks will have to 'abort' lending to infra projects, especially power sector: SBI

Following the end of the RBI deadline on August 27, as many as 30 power projects with a cumulative exposure of Rs 1.7 trillion are now facing bankruptcy proceedings.

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PM to launch India Post Payments Bank on Sept 1

The event is scheduled to be held at Talkatora Stadium in New Delhi, along with simultaneous launch events at 650 branches and 3,250 access points that will go live tomorrow, an official statement said.

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Rotate employees in sensitive posts: CVC directs banks, insurance companies

The CVC had in May this year asked banks and insurance companies to effect rotational transfers in respect of those officers in sensitive posts who are continuing beyond three years.

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Banks to remain open in September first week: Finance Ministry

The Ministry said banks will remain open during the week, observing holidays only on Sunday, September 2, and second Saturday, September 8.

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IPPB to start operations with 650 branches

IPPB will offer savings and current accounts with a maximum permitted balance of Rs 1 lakh.

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Government expects India post payments bank to be profitable after 2 years: Communications minister Manoj Sinha

With smartphone and biometrics, we can open accounts within a minute, which is in line with the PM’s aim to make India a cashless Digital economy, says Sinha

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UIDAI cracks down on banks missing targets

The authority suspended electronic customer verification services for 13 banks and Aadhaar authentication agencies (AUA) last week after it found them performing dismally on their targets.

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RBI to finalise banks' interchange fee for Aadhaar based payments

The National Payments Corporation of India (NPCI) had proposed the interchange fee at 1% of the transaction amount subjected to a maximum of Rs 12 while no fee for transactions up to Rs 100.

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Irdai makes long-term 3rd-party insurance must; car, bike purchase to cost more from Sep 1

The three-year third-party insurance will cost Rs 5,286 for cars with engine capacity of less than 1,000 cc, Rs 9,534 (1,000 - 1,500 cc) and Rs 24,305 for cars with engine capacity of 1,500 cc and more.

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HDFC offers home improvement loans for Kerala flood victims

Home improvement loans are for properties located in Kerala, even if the customer is stationed somewhere else, and will be valid only for loan applications submitted till October 31.

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Banks to remain open in first week of September

The WhatsApp message on bank holidays, which went viral, claimed that banks would remain closed from September 2 to 5 and then from September 8 to 9 for the weekend, a total of six days in the first week of September.

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View: By a 99.3% verdict, India's cash ban was a farce

A damning verdict on demonetization hasn’t been Patel’s only assertion of independence this week.

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Sashidhar Jagdishan likely to be executive director of HDFC Bank

Jagdishan, who has been with the bank since 1996, is responsible for finance, business strategy, general & personnel, administration, investor relations and strategic initiatives.

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FedEx'd diamonds fueled India's biggest bank fraud, report says

The three-carat gem was shipped at least four times between shadowy cos allegedly controlled by Nirav Modi.

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India Post Payments Bank to be launched in Telangana on September 1

The nationwide launch would take place in 650 branches and 3,250 access points on September 1. Prime Minister Narendra Modi would launch IPPB in Delhi.

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Fake Rs 50, Rs 100 notes' detection record high in 2017-18: RBI

However, the detection of counterfeit notes was 31.4 per cent lower in 2017-18 compared with the previous year.

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Public sector banks were much easier to defraud than private sector ones: Here's why

According the central bank’s annual report, the number of cases on frauds reported by banks were generally hovering at around 4500 in the last 10 years before their increase to 5835 in 2017-18.

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PSBs reduce Rs 64,106-cr NPAs via recoveries in FY18: RTI

There are 21 public sector banks in the country. However, the apex bank did not not provide bank-wise details of the NPAs.

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India is said to ask RBI to identify banks that can be merged

India has asked its central bank to prepare a list of candidates for merger among 21 government-controlled lenders as it seeks to strengthen a banking system laden with bad debt.

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Bank body asks lenders to get cyber insurance

While the larger lenders have cyber insurance covers ranging from Rs 350 crore to Rs 500 crore, many of the smaller players have only the Banker’s Blanket Bond.

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Gold loan NBFCs may offer respite to Kerala borrowers

Firms are working on initiatives like offering a grace period to those who failed to pay up their EMIs during the floods.

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From defence to defiance: The evolution of Urjit Patel

When RBI put its rubber stamp on PM Modi’s demonetisation programme within a few weeks of Patel becoming the Governor, commentators declared him a puppet. Two years later and standing firm on rates to driving banks’ clean-up to criticising waivers, he has silenced critics.

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RBI employees' 2-day mass leave to paralyse banking operations

"UFRBOE has called the mass casual leave on September 4 and 5 which will be participated by all officers, paralysing the central bank's functions for two days," UFRBOE member and All India Reserve Bank Employees Association General Secretary Samir Ghosh said.

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New power sector NPAs: Government, banks have only one option

"The only wayout is to form a public sector ARC/AMC that manages banks' power non-performing assets either directly or by bidding at NCLT auctions," analysts at Bank of America Merrill Lynch said today.

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Google teams with banks to launch digital lending for India

Google is teaming with HDFC Bank, ICICI, Kotak Mahindra and Federal Bank to offer instant, pre-approved loans to customers “right within Google Pay in a matter of seconds.

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Facebook and Google chase a new $1 trillion payments market

The payments market remains a chaotic field where the rules are hazy on what players can offer. And users often switch between apps.

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Asia's richest banker may acquire rivals after RBI's rebuff

An acquisition is also part of the Kotak playbook. In 2014, the bank purchased ING Vysya Bank Ltd. in a deal valued at $2.4 billion via a share swap.

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Need to expedite recovery process of loan defaults, says Arun Jaitley

India still remained a strong growth economy despite many complaints, but the external factors such as political crisis in Turkey or a sudden jump in crude oil prices affect the economy, he said.

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Form committee for clarity on regulatory powers over PSBs, says house panel

The standing committee also wondered why RBI failed to take preemptive action in checking bad loans in the banking system prior to the Asset Quality Review undertaken in December 2015.

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SBI changes names, IFSC codes of nearly 1,300 branches post merger with associates

The merger of six associate banks and Bhartiya Mahila Bank (BMB) with State Bank of India (SBI) came to effect from April 1, 2017 resulting into increase in size and valuation of the bank.

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Lenders will have 15-days to resolve the stressed accounts that come within RBI's Feb 12 circular

The general consensus among bankers and analysts is that majority of the cases would be referred to bankruptcy court due to lack of unanimity among lenders.

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Goldman Sachs appoints Prachi Mishra as chief India economist

Prior to joining Goldman Sachs, Mishra was the deputy division chief of the Western Hemisphere Department at the International Monetary Fund (IMF).

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View: Games Indian banks play deep into injury time

In reality, the first year of implementation on 12 big-ticket errant borrowers saw only two resolutions.

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After 2 years as RBI governor, Patel nears bad debt endgame

Patel’s obduracy, insisting that lenders stick to the letter for classifying loans as bad, has frustrated senior bureaucrats and politicians. Government officials point out that even public sector companies fail to make timely payments.

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NBFCs to see up to 35-40% rise in hiring in next 1 yr, say experts

The ability of NBFCs to tap 'unbanked' customer base at a time when the banks are facing headwinds in coming out of the NPA mess is driving the growth in the sector, they explained.

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Bankers burning midnight oil to resolve Rs 3.8 trillion NPAs before Monday deadline

There are reports that lenders have identified at least 60 NPA accounts worth Rs 3.5 trillion against whom bankruptcy proceedings will be initiated.

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Big willful defaulters' dues to PNB drop to Rs 15,175 crore in July

New Delhi, Aug 26 () Liabilities of big willful defaulters of scam-hit Punjab National Bank (PNB) fell by 1.8 per cent to Rs 15,175 crore by July-end over the previous month, according the state-run's bank data.

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PSU banks plans closure of 70 overseas offices during this fiscal

According to the data, 159 branches of PSBs are operating in foreign countries, of which 41 branches were in losses in 2016-17.

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Punjab National Bank gets top rank in digital transaction as per Finmin report

The Nirav Modi scam-hit bank is also rated as the sixth overall amongst all banks in India for digital performance, PNB said in a statement.

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Top talent rushes to join domestic Investment Banks

Domestic banks have gained some of the brightest talent at the expense of foreign entities.

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Cosmos cyber fraud: Money withdrawn from 28 countries, cops say

On August 11 and 13, unidentified hackers targeted the bank's ATM switch server and stole details of VISA and Rupay ATM cards. They also attacked the interbank SWIFT system, and syphoned off Rs 94 crore in total.

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Banking industry to see write-backs: Official

"Indian banking sector is expected to see substantial write-backs by the end of this financial year on account of resolution of stressed assets," State Bank of India's (SBI) Group Economic Adviser Soumya Kanti Ghosh said.

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Improve governance practices or perish: RBI to UCBs

Since the fall of the Madhavpura Cooperative Bank scam of 2002, urban cooperative banks (UCBs) have been witnessing a steady fall in their market share.

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Resolution soon on 7-8 stressed power assets worth Rs 17,000 cr, says SBI MD

New Delhi, Aug 24 () State Bank of India managing director Arijit Basu said today that about 7-8 power sector projects worth Rs 17,000 crore are expected to be resolved soon as lenders are nearing consensus on these.

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PSBs should have operational freedom like private players to deal with issues: Official

Most of the problems in the banking sector are due to operational issues rather than ownership issues, he said at the banking conclave organised by the Centre for Economic Policy Research (CEPR).

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If you have this SBI ATM card, you will have to get it replaced. Check details here

SBI has urged the account holders, who have magstripe debit cards to shift to EMV chip debit cards by December 31st.

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Relax non-performing asset rules for Kerala loans: Banks

In the past, the central bank had granted forbearance for loans to small businesses during demonetisation. More recently, relief was granted to small borrowers impacted by the GST.

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Axis job imminent? Amitabh Chaudhry sells shares worth Rs 55 crore in HDFC Life

Data hints that Chaudhry sold 1,162,044 shares between April 26 and August 20 on the NSE.

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