Shell out fee on paytm transactions from today

With an eye on profitability, e-wallet firm to pass on MDR fee to customers that banks & card cos levy on payments.

from Banking/Finance-Industry-Economic Times https://ift.tt/2XcZ8K1

Banks wary of rising hedging cost

Over the last few weeks several large Indian and MNC banks met senior RBI officials to put across their point.

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

IMG to discuss merger of state-run insurance companies

The initial plan, announced in the FY19 budget, had been to merge Oriental Insurance Company, National Insurance Company and United India Insurance Company – all unlisted entities – into one entity.

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

Fund transfer via RTGS, NEFT set to get cheaper from Monday

After announcing its decision to waive all charges on fund transfer through RTGS and NEFT systems, RBI had also asked banks to pass on the benefits to customers from the same day.

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

IL&FS board sets up sub-committee to oversee disinvestment process

The decision to form a sub-panel was taken in its board meeting held on June 28, Infrastructure Leasing & Financial Services Ltd (IL&FS) said in a statement.

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

How tens of thousands of people lost their hard-earned savings in IMA Jewels scam

IMA invited customers to invest money in multiples of Rs 50,000. They were promised monthly returns of 2-3%, and were told this was the dividend from trading in bullion and jewels.

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

Union Budget 2019: Here's key demands, expectations of Foreign Investors

Union Budget 2019: Here's key demands, expectations of Foreign Investors

from Finance - ET NOW - Economic Times https://ift.tt/2NmeJak

Supreme Court stays payment obligation under option contract in IL&FS Securities case

The obligations in all other contracts have been duly settled in the normal course on the appointed settlement date, NSE Clearing said.

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

Banking on faith: How thousand of people lost their life savings in IMA Jewels scam

For years, investors didn't complain as they were been getting regular returns — until one day it just stopped.

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

Govt cuts interest rate on small savings schemes by 0.1 pc, effective July 1

Govt cuts interest rate on small savings schemes by 0.1 pc, effective July 1

from Finance - ET NOW - Economic Times https://ift.tt/2YkvlAj

India's fiscal deficit hits 52% of budgeted target in first 2 months of 2019/20

India's fiscal deficit hits 52% of budgeted target in first 2 months of 2019/20

from Finance - ET NOW - Economic Times https://ift.tt/2IVUcW0

RBI sets average base rate of 9.18% for NBFC-MFI borrowers for July quarter

The central bank in a circular in 2014 had communicated to NBFCs and MFIs regarding pricing of credit on the last working day of every quarter.

from Banking/Finance-Industry-Economic Times https://ift.tt/2JahS7R

Micro ATMs a big hit in rural India, transactions in May touch 33.5 million

With an annual growth rate of 150% since 2016, the Aadhar-Enabled Payments Channel (AEPS), which falls under the broader category of micro-ATMs, has emerged as one of the fastest growing payments systems in the country.

from Banking/Finance-Industry-Economic Times https://ift.tt/2RG9WPR

Crises at NBFCs, HFCs big threat to markets: RBI

RBI calls for supervising shadow lenders, says banking system’s risks have decreased.

from Banking/Finance-Industry-Economic Times https://ift.tt/2X8Uahs

Indian banks have been under-reporting frauds: RBI

As a fallout of this, the RBI is now reviewing its master direction on frauds and considering additional measures for timely recognition of frauds and enforcement action against violations.

from Banking/Finance-Industry-Economic Times https://ift.tt/300BwdB

Govt asks banks to appoint GM-level officer to address MSME sector woes

MSME sector has been a focus of the Narendra Modi government as it plays a critical role in promoting economic growth.

from Banking/Finance-Industry-Economic Times https://ift.tt/2X8Epa1

Canara Bank GM Sarada Kumar Hota appointed as National Housing Bank MD

The appointment comes 9 months after Sriram Kalyanaraman's forced resignation amid allegations of irregularities and misconduct against him.

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

How chatbots are mPOWER-ing digital lending in India

Technology is shattering a long held need to talk to someone before you take a financial decision or before you apply for a personal loan, gold loan or an au...

from Banking/Finance-Industry-Economic Times https://ift.tt/2JbFQj0

Government not keen to provide any additional capital to IDBI bank

IDBI had reported a loss of Rs 4,918 crore in the last quarter of FY19 and Rs 15,116 crore for the full year.

from Banking/Finance-Industry-Economic Times https://ift.tt/2NdZ0Kw

IL&FS board to consider release of payments to creditors

An apppellate tribunal had set July 12 as deadline for the IL&FS group to reach an agreement with creditors of these 13 companies to begin releasing payments.

from Banking/Finance-Industry-Economic Times https://ift.tt/2IR9T0F

HSBC issues notice to IL&FS arm seeking its dues

A trust deed was signed by ITNL Offshore, IL&FS Transportation (ITNL) as the guarantor and HSBC as a security trustee in January 2018.

from Banking/Finance-Industry-Economic Times https://ift.tt/2Ni1tDM

Bajaj Allianz Life expects biz from pension to jump to 15-18% in FY'20

Pension currently contributes mere one per cent now in the total first premium income.

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

Max Bupa in pact with MobiKwik for health insurance

Bite-sized insurance offerings, which are essentially easy to buy, over the counter health insurance products, are picking up pace in India.

from Banking/Finance-Industry-Economic Times https://ift.tt/2Yg4c1p

NHB lowers refinance rates in order to transmit the policy rate cuts

Earlier this month the Reserve Bank of India (RBI) had announced a 25 basis points or 0.25% rate cut for a third time in a row.

from Banking/Finance-Industry-Economic Times https://ift.tt/2J7psjP

NCLAT asks Amtek Auto lenders to consider bids of Deccan Value Investors

"We have not allowed the committee of creditors or resolution professional to issue fresh information memorandum or invitation calling for more applications," said NCLAT.

from Banking/Finance-Industry-Economic Times https://ift.tt/2Xz1gjx

UCO Bank targets Rs 8,000 crore recovery in FY20

"We set a target of at least Rs 2,000 crore of recovery per quarter and by this, we aim at recovering Rs 8,000 crore in the entire year," the bank's MD and CEO A.K. Goel said.

from Banking/Finance-Industry-Economic Times https://ift.tt/31UET7j

Government pays back some IL&FS lenders, may have to shell out Rs 250 crore more

IL&FS group companies have an outstanding debt of over Rs 91,000 crore.

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

The liquidity debate: Surplus or deficit?

There's a realisation in the RBI that its liquidity framework needs a revamp, so there comes a new panel. ET explains why the time has come to effect a change.

from Banking/Finance-Industry-Economic Times https://ift.tt/2X06rEF

Indian Accounting Standards may pose challenge for new IL&FS management

IL&FS’ audit panel closely monitoring preparation of financial statements of 3 group cos- IL&FS, IL&FS Financial Services (IFIN) and IL&FS Transportation Network (ITNL).

from Banking/Finance-Industry-Economic Times https://ift.tt/31ThCmr

Indian Overseas Bank to focus on robust policy framework

The total business of the bank stood at Rs 3,74,530 crore as of March 2019 as against Rs 3,67,831 crore as of FY 2018.

from Banking/Finance-Industry-Economic Times http://bit.ly/2J4ezz1

Amount involved in bank frauds of above Rs 1 lakh on decline

Banks and select financial institutions reported to RBI that frauds of Rs 1 lakh and above amounting to Rs 25,884 crore occurred during 2016-17 .

from Banking/Finance-Industry-Economic Times http://bit.ly/2Nr62fh

ICICI Bank targets over 20% growth in retail loans in Kerala

Though one-third of the share of consumer loans is accounted by tier1 cities, the demand is growing rapidly in tier 2 and 3 cities.

from Banking/Finance-Industry-Economic Times http://bit.ly/2ZOXUq5

Gross NPAs of banks may reduce to 8% by March 2020: Report

NPA in the banking system had peaked at 11.5 per cent in March 2018 and then declined to 9.3 per cent in March 2019.

from Banking/Finance-Industry-Economic Times http://bit.ly/2RyBo1O

Debit cards show up more at retail stores, less at ATMs

ATM transactions were just 66% of total debit card use in April; lowest was 60% in December 2016.

from Banking/Finance-Industry-Economic Times http://bit.ly/2X58tID

Piramal Capital looks to raise $400 million via offshore loan

Under the current circumstances, any Indian company with a fair share of builder loans has to walk the extra mile to raise overseas credit.

from Banking/Finance-Industry-Economic Times http://bit.ly/2WWQRK1

JM Financial to buy significant minority stake in Coimbatore’s Isthara Parks

JM Financial is raising 1,000 crore for its second private equity fund, a sector-agnostic investment vehicle.

from Banking/Finance-Industry-Economic Times http://bit.ly/2XtND4Z

LIC cuts 2 per cent stake in Axis Bank

LIC sold 5,25,06,202 shares through open market, the filing said without disclosing the sale value.

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

RBI launches CMS for filing online complaints against banks, NBFCs

Customers can lodge complaints against any regulated entity with public interface such as commercial banks, urban cooperative banks, NBFCs.

from Banking/Finance-Industry-Economic Times http://bit.ly/2xd3A0Q

Evaluating selling entire 20% stake in Shriram Capital: Piramal Enterprises

In 2013, the company had initially picked up 9.9 per cent stake Shriram Capital for Rs 1,636 crore and later in the next year increased it to effectively 20 per cent with an outlay of Rs 2,014 crore.

from Banking/Finance-Industry-Economic Times http://bit.ly/2WWx8dC

6 PE funds make the cut for 26% in SBI General

The stake sale by Insurance Australia Group (IAG) will value SBI General Insurance at Rs 12,000 crore.

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

Insurers to make available standalone 'own damage' motor policy from September 1

Consequently, the issuance of bundled policies for cars and two-wheelers will not be compulsory from September 1, the Insurance Regulatory and Development Authority of India (Irdai) said.

from Banking/Finance-Industry-Economic Times http://bit.ly/31S0A8m

De-merger, sale of 3 PSU insurers could be on cards

FinMin earlier considered merging three public sector general insurance firms to create one large and strong entity.

from Banking/Finance-Industry-Economic Times http://bit.ly/2N1CjJo

BSR & Associates resigns as statutory auditor of IL&FS Investment Managers

The announcement has come a day after BSR & Associates, a KPMG group associate, resigned as statutory auditor of IL&FS Financial Services (IFIN).

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

As we enter Fintech's lend game, we must chart new growth trajectories

The first wave of fintech in India and pretty much globally was dominated by disruption of the payments space. With payments being more volume/transactiona...

from Banking/Finance-Industry-Economic Times http://bit.ly/2Y4JG3K

Indiabulls Housing Finance-Lakshmi Vilas Bank merger gets CCI nod

The combined entity, with employee strength of 14,302, will have a loan book size of Rs 1.23 lakh crore for the first nine-month period of 2018-19.

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

IL&FS Securities Services faces Rs 380 crore hit on allied dodgy deal

Late 2018, Allied took a significant position in the options market and had put Rs 380 crore of collateral security in the form of mutual funds with the custodian that cleared these trades.

from Banking/Finance-Industry-Economic Times http://bit.ly/2ZygHG3

IFIN group lending: BSR says it had sought clarity from RBI

BSR said the investigators had made false allegations against the auditors without understanding accounting principles and regulations.

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

BSR & Associates resigns as auditor of IL&FS Financial Services

Sebi has been conducting an in-depth investigation into the role of several entities and individuals, including for suspected violation of disclosure and corporate governance norms.

from Banking/Finance-Industry-Economic Times http://bit.ly/2Y0G6HT

Dutch bank FMO provides refinancing line to Srei Equipment Finance

he Kolkata-based firm finances or leases out equipment used for solar and wind power projects.

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

Digital payments zoom past FY19 target driven by private lenders

Online transactions rise to 31.34 billion compared to 20.7 billion in FY18; Yes Bank, IndusInd, ICICI Bank lead the charge.

from Banking/Finance-Industry-Economic Times http://bit.ly/2WOU2DG

Foreign PE funds pump in $200 million into logistics in Bengaluru, Chennai, Pune

The logistics sector had a massive jump-start in the first quarter of 2019 when private equity players like Morgan Stanley, Warburg Pincus and LOGOS India pumped in nearly $200 million into cities like Bengaluru, Chennai and Pune.

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