Kisan: October 2018

Wednesday, October 31, 2018

NCLT permits SBI to withdraw insolvency petition against Anrak

On Wednesday, NCLT Hyderabad bench member Ratakonda Murali ordered the petition as dismissed as it was sought to be withdrawn by the SBI.

from Banking/Finance-Industry-Economic Times https://ift.tt/2EUwGsp

TPG Growth invests $42 million in Ess Kay Fincorp

Post this deal, TPG is likely to hold around 30% stake in the company, sources told ET, valuing the company at around Rs 1,150 crore.

from Banking/Finance-Industry-Economic Times https://ift.tt/2Dewgvm

Tuesday, October 30, 2018

Cube Highways close to buying IL&FS’ Seven Road projects

The sale, which is in the final stages, will give the beleaguered IL&FS much needed liquidity of Rs 6,000 crore-Rs 8,000 crore by way of equity returns to repay some of the loans that faced defaults.

from Banking/Finance-Industry-Economic Times https://ift.tt/2SAPcZV

RBI’s Prompt Corrective Action just baby steps before weak banks leap

The government demands dilution of restrictions on lending to below ‘Double A’ rated borrowers, which it thinks tapered credit flow and growth

from Banking/Finance-Industry-Economic Times https://ift.tt/2yHKMYO

As NBFCs struggle, banks set to reclaim lost ground after NPA worries take a backseat

Banks have managed to expand loans at 14.5% year-on year, the highest growth recorded in four years.

from Banking/Finance-Industry-Economic Times https://ift.tt/2Oddndb

There’s need to engage better with long-term global investors: Ravneet Gill CEO, Deutsche Bank, India

In an interview with ET, Deutsche Bank, India, CEO Ravneet Gill talks about his bank’s retail plan, current liquidity squeeze felt by NBFCs, various reform measures taken by the government.

from Banking/Finance-Industry-Economic Times https://ift.tt/2qlVPCo

RBI member S Gurumurthy complains to Governor on Viral Acharya Speech

Gurumurthy told ET “Acharya going public on issues not discussed in or disclosed to the board which met just two days earlier”.

from Banking/Finance-Industry-Economic Times https://ift.tt/2CPzc0y

IDFC Bank sells Rs 2,400 crore NPAs to Edelweiss Asset Reconstruction Company

Loans to a pool of 12 companies, including GVK Gautami, GMR Rajahmundry, Monnet Power and Coastal Projects and totalling Rs 2,335 crore, was sold in August for Rs 621crore.

from Banking/Finance-Industry-Economic Times https://ift.tt/2zjgfQf

RBI’s prompt corrective action just baby steps before weak banks leap

In total, 11 banks are under PCA with a cumulative 18.5% share in advances and 20.8% share in deposits.

from Banking/Finance-Industry-Economic Times https://ift.tt/2zensBq

FM Arun Jaitley discusses liquidity issues; RBI assures adequate fund flow in system

The Financial Stability and Development Council (FSDC) headed by the finance minister decided that the regulators and the government will keep a close watch on the developing situation and take all necessary measures.

from Banking/Finance-Industry-Economic Times https://ift.tt/2Qb3DCl

Mastercard says storing India payments data locally in face of new rules

The Indian central bank in April said companies such as Mastercard, Visa and American Express will from October need to store their payments data "only in India" so that the regulator could have "unfettered supervisory access".

from Banking/Finance-Industry-Economic Times https://ift.tt/2zdY4vA

Reserve Bank of India to inject Rs 12,000 crore liquidity in system on Thursday

Last week, the central bank said had announced to inject Rs 40,000 crore into the system in November through purchase of government securities as it looks to meet festive season demand for funds.

from Banking/Finance-Industry-Economic Times https://ift.tt/2CNBMUN

MFIs seek funding support from banks, Sidbi

While bigger and well managed NBFC-MFIs are still managing to receive funds, though at a higher cost, the smaller ones are shunned because they are perceived as high-risk.

from Banking/Finance-Industry-Economic Times https://ift.tt/2qixbT1

FSDC discusses NBFC liquidity issues; RBI assures adequate fund flow in system

The meeting assumes significance as the FSDC is meeting for the first time after RBI Deputy Governor Viral Acharya raised the issues regarding independence of the central bank.

from Banking/Finance-Industry-Economic Times https://ift.tt/2zeyEhn

Outright sale or a split? India looks for ways to stem the IL&FS rot

The government is trying everything to stop defaults at the lender with $12.6 billion of debt.

from Banking/Finance-Industry-Economic Times https://ift.tt/2PvImpJ

IL&FS crisis: Normalcy to return to system in couple of weeks, says SBI Chief

Responding to a question on IL&FS and the impact of shadow banking on the Indian economy, SBI Chairman Rajnish Kumar said since it is an NBFC, it has had a contagion effect.

from Banking/Finance-Industry-Economic Times https://ift.tt/2CSYHxM

Monday, October 29, 2018

IDBI case: CBI finds independent directors clean

The case was recently transferred to AC-3 unit from BS&FC unit Bangalore by CBI director Alok Verma. The agency didn’t respond to a query.

from Banking/Finance-Industry-Economic Times https://ift.tt/2zcAzDa

HDFC Bank tricked by consultancy firm into giving jobs to 68, one a manager

Gurgaon-based Adeco Consultancy helped these candidates produce forged salary slips, experience certificates and other documents.

from Banking/Finance-Industry-Economic Times https://ift.tt/2qjHXIK

View: What Uday Kotak-led team can learn from Satyam board to revive IL&FS

Just like Satyam, IL&FS board needs to get on top of the crisis and put together a strong implementation team.

from Banking/Finance-Industry-Economic Times https://ift.tt/2PrRSdq

Tata Capital plans infrastructure debt fund for green projects

Tata Capital will own about 49% stake in a company that will be floated to launch the fund, while its partners will own the remaining stake.

from Banking/Finance-Industry-Economic Times https://ift.tt/2qdyWku

Allahabad Bank hikes benchmark lending rate by 0.05%

MCLR for a two-year tenor has been increased to 8.75 per cent from 8.70 per cent, while 8.85 per cent for three year period.

from Banking/Finance-Industry-Economic Times https://ift.tt/2PreqLn

Government very upset with RBI for making rift public: Sources

One government official said that it was vital that what happened between the government in New Delhi and the RBI in Mumbai was kept confidential.

from Banking/Finance-Industry-Economic Times https://ift.tt/2yDUhYG

RBI allows banks for fire audit of currency chests by approved agencies

RBI said it has been receiving references from various banks about non-availability of staff in State / District Fire Departments for getting the periodical fire audit conducted.

from Banking/Finance-Industry-Economic Times https://ift.tt/2qeIknS

View: Don't cry for India? A central bank's lament

In a hard-hitting speech Friday on central-bank independence, Reserve Bank of India Deputy Governor Viral Acharya startled his audience by invoking Argentina of 2010.

from Banking/Finance-Industry-Economic Times https://ift.tt/2qetSMu

Reliance Nippon Life Insurance September quarter premium up 8% to Rs 1,042 crore

The company said business made a marginal profit in the second quarter of this fiscal as against a loss in the corresponding period a year ago.

from Banking/Finance-Industry-Economic Times https://ift.tt/2RhgSBk

SBI, Hitachi Payments form joint venture for digital payment platform

SBI will have a majority stake in the proposed joint venture, the bank said in a release, without giving exact details about the shareholding.

from Banking/Finance-Industry-Economic Times https://ift.tt/2PuwAfd

Sunday, October 28, 2018

Indian banks on top of situation over NPA problem:SBI Chairman

Kumar said that going by the initial results that have started coming in September, it seems that many banks are returning to profit.

from Banking/Finance-Industry-Economic Times https://ift.tt/2RkLzFN

India's home builders next in firing line from banking fallout

Home builders in India have increasingly been turning to non-bank lenders for funding as traditional financiers struggle under bad loans.

from Banking/Finance-Industry-Economic Times https://ift.tt/2SrKkpF

‘Dirty dozen’ bankruptcy cases to be resolved in current fiscal: SBI

The ‘dirty dozen’ refers to 12 of the largest defaulters in corporate India against which banks have been asked to initiate bankruptcy proceedings by the Reserve Bank of India (RBI).

from Banking/Finance-Industry-Economic Times https://ift.tt/2AziaCp

Lighthouse PE buys 25% stake in mattress maker Duroflex

Duroflex, which plans to utilise the money raised from Lighthouse to fund its expansion plans, will add over 500 exclusive business outlets (EBOs) in a couple of years.

from Banking/Finance-Industry-Economic Times https://ift.tt/2zaFrbN

State Bank of India to revamp credit policy for jewellery sector, tighten rules

It plans to lend a substantial part in the form of gold loans, instead of the customary cash credit against stocks — a move that could ensure better monitoring of the end-use of funds.

from Banking/Finance-Industry-Economic Times https://ift.tt/2OVXnBx

UIDAI asks banks to use Aadhaar eKYC for DBT users; voluntary offline Aadhaar for other customers

In its circular to banks, the UIDAI said that for customers giving declaration that they want to receive entitled benefits or subsidies of welfare schemes funded from the Consolidated Fund of India in their account directly.

from Banking/Finance-Industry-Economic Times https://ift.tt/2D8dA0e

Friday, October 26, 2018

No liquidity crisis, says government official

Defaults by infrastructure development and finance company IL&FS and its subsidiaries had led to concerns of grave repercussions on the credit market, leading to a liquidity crisis.

from Banking/Finance-Industry-Economic Times https://ift.tt/2PoyrSF

IFC setting up 3 funds to buy out stressed assets in India

“We are working on different funds — one for corporate, one for SMEs (small and medium enterprises), one for retail,” IFC said.

from Banking/Finance-Industry-Economic Times https://ift.tt/2za9QqS

Storing data locally since October 15: Visa

Visa CEO Alfred Francis Kelly says company has told RBI how it will tweak its systems to fully comply with rule.

from Banking/Finance-Industry-Economic Times https://ift.tt/2AvTQkL

Here is the full text of RBI's deputy governor Viral V Acharya's speech in Mumbai

His comments comes against the backdrop of media reports that some unnamed government officials wanted an easing of stringent rules under which a handful of state-run banks are being kept.

from Banking/Finance-Industry-Economic Times https://ift.tt/2SlYZ5Q

Government interference undermines RBI’s functional autonomy: Viral Acharya

He expressed concerns over RBI's limited powers to discipline errant government-owned banks as it lacks the ability to replace officials, scrap licences and to push for mergers.

from Banking/Finance-Industry-Economic Times https://ift.tt/2O9tQz0

Yes Bank's CEO search panel finalises potential candidate profile

The bank's 'Search & Selection Committee' is headed by Independent Director Brahm Dutt.

from Banking/Finance-Industry-Economic Times https://ift.tt/2JjlpjQ

Thursday, October 25, 2018

IL&FS advisors redrawing its list of assets

The company has debt liabilities of Rs 91,000 crore. It has defaulted on several repayments since September, and has been downgraded to D from AAA.

from Banking/Finance-Industry-Economic Times https://ift.tt/2SjMOqa

IDFC Bank to be renamed as IDFC First Bank

The approvals from the National Company Law Tribunals, it said are awaited.

from Banking/Finance-Industry-Economic Times https://ift.tt/2AsaEc9

Wednesday, October 24, 2018

Lakshmi Vilas Bank braces for more asset quality stress

In the September quarter, the lender reported Rs 237 crore fresh slippage with a majority of it coming from small accounts while gross non-performing assets ratio slipped to 12.31%

from Banking/Finance-Industry-Economic Times https://ift.tt/2PkUnhA

Deutsche Bank objects to Uttam Galva payment plan

The letter added that some $14.08 million was outstanding, which included interest and default interest as on October 22, 2018.

from Banking/Finance-Industry-Economic Times https://ift.tt/2RdyqOO

Kotak's 8/11 Aadhaar-based accounts take a hit, post-SC order

Kotka Mahindra Bank was the first lender to launch the Aadhar-based account opening in March 2016, which was later adopted by many others.

from Banking/Finance-Industry-Economic Times https://ift.tt/2SgXGF3

SBI moves SC, seeks amendment in pacts between power cos, discoms

The top court by its order of April 11, 2017 had set aside the decisions of the CERC and Appellate Tribunal for Electricity allowing the power producers to charge compensatory tariff.

from Banking/Finance-Industry-Economic Times https://ift.tt/2ywBPBr

RRB employees may have to wait another six months to get their dues, albeit partly

The final shape of the scheme has failed to satisfy the retired employees as their demand for arrear payment has not been considered.

from Banking/Finance-Industry-Economic Times https://ift.tt/2R8XpCQ