Kisan: May 2019

Friday, May 31, 2019

Ex-IFIN directors okayed loans to Siva companies despite RBI reservations

Siva Group chairman C Sivasankaran is one of the 30 individuals and entities against whom the SFIO filed its chargesheet in the IL&FS case.

from Banking/Finance-Industry-Economic Times http://bit.ly/2Z3tPTj

SBI in favour of a single Resolution Professional for RCom, subsidiaries

SBI made the proposal at a meeting of lenders on Thursday, arguing that it would ensure better coordination during the bankruptcy proceedings of RCom.

from Banking/Finance-Industry-Economic Times http://bit.ly/2Ki6ZmP

Rupee Co-op Bank gets extension for its banking license till August 31

Rupee Bank has submitted Merger Proposal to Maharashtra State Co-op. Bank Ltd., Mumbai (MSC Bank)

from Banking/Finance-Industry-Economic Times http://bit.ly/2wvrKTP

Thursday, May 30, 2019

SWIFT India and South Asia Regional Conference 2019

To discuss these paradigm shifts, SWIFT - a financial messaging services provider - hosted the India and South Asia Regional Conference 2019.

from Banking/Finance-Industry-Economic Times http://bit.ly/2EW2zi7

IL&FS case: SFIO files first chargesheet

Sivasankaran, nine IFIN ex-directors, auditors BSR & Deloitte accused of hiding info, falsifying accounts.

from Banking/Finance-Industry-Economic Times http://bit.ly/2Qy1zVO

MFIs with Rs 3000 crore loans on Federal Bank radar for acquisition

Microfinance business has gained stability, setting aside the funding woes with banks backing micro lenders.

from Banking/Finance-Industry-Economic Times http://bit.ly/2XnoqWV

Wednesday, May 29, 2019

Biggest Indian bank sees opportunities in shadow loan crisis

India’s shadow lenders have been under pressure since last year, when a series of defaults by IL&FS forced the government to intervene and exposed weaknesses in the sector.

from Banking/Finance-Industry-Economic Times http://bit.ly/2YUcEDB

Hero FinCorp may buy Reliance General Insurance

This is part of Reliance Capital’s efforts to reduce its Rs 18,000 crore debt.

from Banking/Finance-Industry-Economic Times http://bit.ly/2HI5gFr

Banks can use Aadhaar for KYC with customer's consent: RBI

The RBI specifies Know Your Customer norms to be followed by banks and other entities regulated by it for various customer services, including opening of bank accounts.

from Banking/Finance-Industry-Economic Times http://bit.ly/2VUx0ut

NHB orders home financiers to appoint risk officer

The regulator on Wednesday wrote a letter to these companies, stipulating the responsibilities of this senior executive. ET has viewed a copy of the letter.

from Banking/Finance-Industry-Economic Times http://bit.ly/2YTfyIH

NCLAT asks IL&FS firms classified green to start paying debts

NCLAT also said that if 'amber' listed companies are not reclassified into 'green' category, then it may pass an order directing them to pay 100% of their obligations towards provident and pension funds.

from Banking/Finance-Industry-Economic Times http://bit.ly/2I3YDfK

RBI forms two panels to strengthen sale of stressed corporate assets and housing loan portfolios

These panels have been asked to review the existing market operations and come up with recommendations aligning them with global best practices.

from Banking/Finance-Industry-Economic Times http://bit.ly/2VUyHbq

PNB sets Rs 20,000 crore recovery target in FY20

The state-owned bank’s target is 25% higher than recoveries of Rs 16,000 crore in the previous financial year.

from Banking/Finance-Industry-Economic Times http://bit.ly/2Wygx3x

Finance Ministry invites applications for IIFCL MD for third time

The government had first invited application for the job in May 2017, but could not find a suitable candidate. Subsequently, another failed attempt was made last year.

from Banking/Finance-Industry-Economic Times http://bit.ly/2MhDJz7

PNB to mop up Rs 10K crore from non-core asset sale, rights issue, write-back

The lender is expecting a write-back of Rs 4,000 crore from Essar Steel and Bhushan Power and Steel which are undergoing resolution under the Insolvency and Bankruptcy Code.

from Banking/Finance-Industry-Economic Times http://bit.ly/2XgfouK

HDFC disburses Rs 2,300 cr as subsidy under PMAY

The company has disbursed subsidy amounting to over Rs 2,300 crore benefitting over 1,04,000 families under PMAY.

from Banking/Finance-Industry-Economic Times http://bit.ly/2Quv2Qs

Tuesday, May 28, 2019

Government may use acquisition route for general insurers

An acquisition of government shares in the other two entities will also help the Centre raise some funds and bolster its disinvestment corpus.

from Banking/Finance-Industry-Economic Times http://bit.ly/2Qvmhpf

NBFCs and old private sector banks: Made for each other?

The NBFC crisis has highlighted the need for a reinvention of the institutional framework in financial intermediation.

from Banking/Finance-Industry-Economic Times http://bit.ly/2QDUgMx

Firm on pharma, Dilip Shanghvi surrenders NBFC licence

RBI puts on hold Shanghvi Finance's request for core investment company licence.

from Banking/Finance-Industry-Economic Times http://bit.ly/2wmOWDK

Independent director Janakiraman resigns from IL&FS units

Janakiraman, a former managing director of State Bank of India, was also head of the risk management committee at ISSL and had been part of the panel for more than a decade.

from Banking/Finance-Industry-Economic Times http://bit.ly/2YTq1nq

Under IBC, 378 companies owing Rs 2.5 lakh crore sent for liquidation

Latest IBBI data shows that in 16% cases, bids received were higher than liquidation value of assets, but deferred payments offer prompted lenders to reject them.

from Banking/Finance-Industry-Economic Times http://bit.ly/2YMz49Q

RBI extends last cut-off timing for RTGS transactions from 4.30 pm to 6pm

Effectively, the transactions will now take place under three windows: 8am to 11am, 11am to 1am and 1am to 6pm.

from Banking/Finance-Industry-Economic Times http://bit.ly/2X9pbTj

World Bank to invest $35 million in Manapurram Finance

IFC may also provide advisory services to bring global best practices to MFL’s risk management systems and help it build capacity in MSME lending.

from Banking/Finance-Industry-Economic Times http://bit.ly/2wmY1MO

Monday, May 27, 2019

Govt eyes 40 billion e-transactions in FY20

For the financial year ended March 2019, the target was of about 30 billion digital transactions, of which 90-95% was met.

from Banking/Finance-Industry-Economic Times http://bit.ly/2Mdenm9

The slogan I'm pushing across the group is 'death of debt': Anil Ambani

In an interview with ET, Anil Ambani talks about his plans of monetising assets to reduce debt and his focus on capital-light businesses.

from Banking/Finance-Industry-Economic Times http://bit.ly/2KahJDM

Gasping NBFCs need urgent help: Anil Ambani

Reliance Group chief expects new govt and RBI to provide support in the form of immediate liquidity window.

from Banking/Finance-Industry-Economic Times http://bit.ly/2JHKWX1

NCLT dismisses ICICI insolvency plea against Hyderabad Ring Road Projects

Hyderabad Ring Road Projects Private Ltd, is a special purpose vehicle related to Era Infra Engineering Ltd and raised an amount of Rs 193.60 crore between January 2014 to September 2015.

from Banking/Finance-Industry-Economic Times http://bit.ly/2WpzZzj

Saturday, May 25, 2019

RBI to seek legal opinion in Kotak Mahindra Bank case

Kotak Bank had moved the court on December 2018, challenging RBI’s August 2018 directive.

from Banking/Finance-Industry-Economic Times http://bit.ly/2JCJCon

Friday, May 24, 2019

Reserve bank moots checks and balances to tackle NBFC stress

Proposals such as mandatory investments in government bonds and maintenance of cash thresholds to help tide over liquidity issues.

from Banking/Finance-Industry-Economic Times http://bit.ly/2EuTvQU

Public sector banks recover Rs 1.2 lakh cr from bad loans in 2018-19

During the first half of the previous fiscal, banks recovered Rs 60,713 crore from bad loans.

from Banking/Finance-Industry-Economic Times http://bit.ly/2HyPVqI

RBI issues draft circular on liquidity risk management for NBFCs

The draft proposes to introduce Liquidity Coverage Ratio (LCR) for all deposit taking NBFCs; and non-deposit taking NBFCs with an asset size of Rs 5000 crore and above.

from Banking/Finance-Industry-Economic Times http://bit.ly/2VMiNQr

SBI to engage with 1 lakh customers on Tuesday to resolve concern, seek suggestion

The 'Mega Customer Meet', to be held on Tuesday, is expected to engage with 1 lakh bank customers across 500 locations through 17 local head offices across the country.

from Banking/Finance-Industry-Economic Times http://bit.ly/2Epn1HN

SBI to organise nationwide customer meet to address grievances

Under the initiative, the lender is looking to engage with over 1 lakh customers at over 500 locations through 17 of its local head offices (LHOs).

from Banking/Finance-Industry-Economic Times http://bit.ly/2YPV9V5

India's jobs deficit: Project in Gujarat struggling to create employment

Despite all delays and difficulties, some still hope GIFT will one day flourish, especially with Modi's return to power.

from Banking/Finance-Industry-Economic Times http://bit.ly/2JBEX65

Thursday, May 23, 2019

Bridge NBFC-bank divide, get credit to flow

Over-leveraging, excessive concentration and massive asset-liability mismatch have deepened problems for NBFCs, and in turn clogged the credit pipeline.

from Banking/Finance-Industry-Economic Times http://bit.ly/2K11ZD1

PM Modi's big win signals strong Indian GDP growth will continue

Despite challenges, the economic outlook looks positive for the second term of the Modi-led BJP government, with GDP growth forecast to average around 7 per cent per year over the 2019-2023 period.

from Banking/Finance-Industry-Economic Times http://bit.ly/2X4AlJ0

Wednesday, May 22, 2019

Yes Bank loans to Essel companies worry rating company

Besides raising funds through sale of stock-backed debt securities to mutual funds, some of the Essel Group companies have drawn loans from Yes Bank on the back of comfort letters or guarantees from promoters.

from Banking/Finance-Industry-Economic Times http://bit.ly/2wb4z14

PSB reforms via EASE 2.0 scheme on the cards

PSBs have already been asked to carry out an internal assessment for shortlisting ideal candidates for possible mergers or acquisitions.

from Banking/Finance-Industry-Economic Times http://bit.ly/2X24wAu

IL&FS crisis may lead to consolidation in NBFC sector: Fitch

The report comes against the backdrop of the Reserve Bank of India's decision to create a specialised cadre to supervise and regulate the financial sector, including banks and NBFCs.

from Banking/Finance-Industry-Economic Times http://bit.ly/2WjuDFV

IL&FS crisis: ED conducts fresh raids in Mumbai

The central agency had first carried out searches in this case in February after it filed a criminal case under the Prevention of Money Laundering Act (PMLA).

from Banking/Finance-Industry-Economic Times http://bit.ly/2WWaH92

Tuesday, May 21, 2019

Regulatory forebearance: For the greater good

In the Essel and IL&FS cases, mutual funds have sought leniency to ensure the net asset values of their units don’t plunge.

from Banking/Finance-Industry-Economic Times http://bit.ly/2JYepvd

Some banks make record provisions against bad loans

Banks clean up books as NPA additions slow over the past year.

from Banking/Finance-Industry-Economic Times http://bit.ly/2Hu0RGe

Small finance banks' capital rules on RBI radar again

The review of the norms may immediately benefit Equitas Small Finance Bank and Ujjivan Small Finance Bank, which are desperately trying to abide by the listing rule by way of share-transfer schemes.

from Banking/Finance-Industry-Economic Times http://bit.ly/2EmtGT2

IL&FS initiates claims management for 70 group entities

Grant Thornton India LLP has been appointed as the Claims Management Advisor for overseeing and executing the process.

from Banking/Finance-Industry-Economic Times http://bit.ly/2Jy5dhY

Muthoot Finance offers loan of up to Rs 10 lakh to salaried class in Delhi, NCR

Under this, Muthoot Finance will give unsecured loans of Rs 1-10 lakh at an interest rate of 13.5-23 per cent to salaried class only, the company said at an event here.

from Banking/Finance-Industry-Economic Times http://bit.ly/2M8SmVA

PNB may take control of 2-3 small state-run banks

The government is seeking to consolidate the nation's debt-burdened state banking sector.

from Banking/Finance-Industry-Economic Times http://bit.ly/2Wem3IC

Monday, May 20, 2019

RBI against special NBFC window

The RBI, which has already held discussions with NBFCs, is of the view that not all of them are stressed and it is only a few that are highly leveraged due to aggressive lending in the past.

from Banking/Finance-Industry-Economic Times http://bit.ly/30uZ76Z