Banks start giving options to avail loan moratorium

Customers will either have to contact the bank if they want to take advantage of the moratorium or the bank will allow the three-month break by default.

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

RBI moratorium: Lenders’ body wants RBI to freeze bad loan recognition as on February 29

Lenders do not want any borrower who makes use of the moratorium to fall into the category of a non-performing loan because of having missed payments in the previous two months – January and February. A loan gets classified as a bad loan if the interest or principal is overdue 90 days.

from Banking/Finance-Industry-Economic Times https://ift.tt/3bHDipH

RBI says many banks are not extending doorstep services to senior citizens

The directions assume significance as they come amid the COVID-19 pandemic, where the senior citizens have been marked out as the most vulnerable and advised against stepping out of their homes as the country fights to limit the impact through radical measures like a three-week lockdown which is underway.

from Banking/Finance-Industry-Economic Times https://ift.tt/3dJbxyL

Bank loan growth pace halves in February

On a year-on-year basis, non-food bank credit growth decelerated to 7.3 per cent in February 2020 from 13.2% in February 2019, according to the latest data on sectoral flow of credit released by the Reserve Bank of India on Tuesday. Only retail loan growth accelerated marginally to 17.0% in February 2020 from 16.7 per cent in February 2019.

from Banking/Finance-Industry-Economic Times https://ift.tt/3bJPhmJ

BP Kanungo gets one-year extension as RBI Deputy Governor

"The central government has re-appointed B P Kanungo as deputy Governor, Reserve Bank of India for a further period of one year with effect from April 3, 2020, or until further orders, whichever is earlier, upon completion of his existing term on April 2, 2020," the RBI said in a release.

from Banking/Finance-Industry-Economic Times https://ift.tt/2QY7KEb

PNB, IOB cut lending rates by 75 basis points

"We have decided to pass on the full benefit of the recent RBI's policy rate cut of 75 bps to our borrowers covered under external benchmark-linked product of repo-linked lending rate (RLLR)," PNB said in a statement.

from Banking/Finance-Industry-Economic Times https://ift.tt/3dCdRrg

Customers won't face any disruption post Allahabad Bank merger: Indian Bank

The merger is part of the government's mega consolidation plan to amalgamate 10 state-run banks to create four global-sized lenders, beginning next financial year.

from Banking/Finance-Industry-Economic Times https://ift.tt/3dMUc8m

Centre asks states to ensure normal functioning of banks, ATMs during lockdown

Further, the central government has announced a financial package under the Prime Minister Garib Kalyan Yojana under which approximately Rs 27,500 crores are going to be disbursed during this week and in the coming weeks to the targeted public through bank branches, ATMs and business correspondents (BCS), Bhalla said.

from Banking/Finance-Industry-Economic Times https://ift.tt/2R2bZP4

Confusion prevails among borrowers over three-month moratorium as many get EMI reminders

Many borrowers, credit cardholders and mutual fund investors have received SMSes from their lenders reminding them that they need to maintain sufficient balance on the due date. Among others, such messages have been received by people who have taken personal, auto and home loans.

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

Urgent need for bank reforms, says Vinod Rai

With Indian banks now showing signs of weak financial health, urgent steps are needed to prepare a roadmap for sustainable reforms, Vinod Rai, former Comptroller and Auditor General of India, said in a paper.

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

SBI employees pledge Rs 100 crore to PM CARES Fund to combat Covid-19

SBI chairman Rajnish Kumar said in a release: “It is a matter of pride for SBI that all our employees voluntarily came forward to pledge their two days’ salary to the PM CARES Fund. This is the time where we all need to combat this battle of the Covid-19 outbreak with united efforts. We at SBI would keep continuing our support to the government in all its endeavours to address the challenge.”

from Banking/Finance-Industry-Economic Times https://ift.tt/2UJEF0c

API economics in digital lending ecosystem

The total value of India’s digital lending market is estimated to be more than USD 1 trillion over the next five years. To ensure they grab a share of this m...

from Banking/Finance-Industry-Economic Times https://ift.tt/3dFUUnC

Future Generali India announces relief grant for COVID-19 positive 'active' agents

Non-life insurance company Future Generali India Insurance on Tuesday said it will give a relief grant of Rs 50,000 each to its 'active' agents, if they or their immediate family members are tested positive for COVID-19.

from Banking/Finance-Industry-Economic Times https://ift.tt/2UsFpI2

View: Scorching summer for banks ahead amid lockdown due to Covid-19 outbreak

For bankers, the approaching summer will not only bring a steady rise in temperature, but also branches and offices of the banks will have to face a lot of heat in meeting the tough challenges, in the execution of plans and guidelines announced by regulatory and monetary authorities, in the background of a countrywide lockdown and an acceleration in the spread of COVID 19 with increasing fatality.

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

Deferring credit card, personal loan payments may cost more

Industry experts have pointed out that the central bank relaxation guidelines only cover deferment of principal amounts and lenders may still opt to accrue compounded interest rates in this period, leaving customers under huge repayment burden when the moratorium ends.

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

Loan waiver or postponement? Muddled messaging puts bankers in a fix

There’s misconception among borrowers that RBI has given a loan waiver.

from Banking/Finance-Industry-Economic Times https://ift.tt/2UvWlh1

Covid-19 in India: Banks wary of liquidity crunch

Some lenders, particularly private sector institutions, fear that if a large number of borrowers refuse to service loans, Reserve Bank of India’s measures to soften the blow from Covid-19 could fall short of requirement. In such a situation the moratorium on interest and loan repayment will more than offset the benefits of extra liquidity.

from Banking/Finance-Industry-Economic Times https://ift.tt/3dGGFit

New India Assurance releases guidelines for Rs 50 lakh insurance coverage for health care providers

In case of accidental death or death due to complications arising from accidentally contracting Covid-19, the insurance amount will be paid to a beneficiary or nominee under the certification of the central or state government authorised authority.

from Banking/Finance-Industry-Economic Times https://ift.tt/39voNns

Punjab National Bank unveils new logo

Punjab National Bank (PNB) has unveiled a new logo as it merges United Bank of India and OBC with it, with effect from April 1. The new logo will bear distinct signages of all the three public sector lenders.

from Banking/Finance-Industry-Economic Times https://ift.tt/3arMuhO

Coronavirus: Relief package for the poor via DBT may face hurdles

The finance ministry said ₹1.75 lakh crore will be given to “80 crore poorest Indians” under the Pradhan Mantri Garib Kalyan Yojana (PMGKY) over three months starting April 1.

from Banking/Finance-Industry-Economic Times https://ift.tt/3bCeCio

NBFCs want banks to pass on moratorium benefits

Non-bank lenders, concerned about the ‘discretion’ banks would enjoy on demanding repayments through a three-month grace period, plan to approach the finance ministry and the Reserve Bank of India (RBI).

from Banking/Finance-Industry-Economic Times https://ift.tt/3auO5Dh

Union Bank: As a merged entity, we can face this lockdown better

Union Bank of India will become the fifth largest state-run bank after Andhra Bank and Corporation Bank merge with it on April 1. Six banks are being merged with larger peers to get economies of scale.

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

All bank branches to be operational from Monday

Cash deposit and withdrawal, clearing of cheques, remittance services, government transactions and ATM services as listed as essential banking services.

from Banking/Finance-Industry-Economic Times https://ift.tt/39quTWe

Portfolio Characteristics of Axis Focused 25 Fund

Axis Focused 25 Fund is an open ended equity scheme investing in maximum 25 stocks investing in large cap, mid cap and small cap companies. The scheme invest...

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

Know more about Axis Focused 25 Fund

Watch the video to know about Axis Focused 25 Fund. Plan your long term goals with Axis Focused 25 Fund - An open ended equity scheme investing in maximum 25...

from Banking/Finance-Industry-Economic Times https://ift.tt/3bwvwyT

Make the right choice with Axis Focused 25 Fund

The more options we have, more confused we get! The same goes for stocks also, with so many stocks around, investors also get confused. Then how to make the ...

from Banking/Finance-Industry-Economic Times https://ift.tt/2UrrUZ7

Union Bank expects Rs 2,500 cr benefits due to amalgamation: CEO Rajkiran Rai G

Union Bank said implementation of all the processes under amalgamation will happen without much disruption to customers and employees of Andhra Bank and Corporation Bank.

from Banking/Finance-Industry-Economic Times https://ift.tt/2UpcS6c

After SC order, India's cryptocurrency space is whirring back into action

​​Even as Coronavirus spread, with sectors such as retail, travel, aviation, realty and others hunkering down to face prolonged economic pain, the small club of cryptocurrency players stood out. They are hiring and are witnessing customers, particularly millennials, flocking in to buy virtual money.

from Banking/Finance-Industry-Economic Times https://ift.tt/3bwTl9F

Which is a better mode to invest in Axis Focused 25 Fund?

Investors can invest in Axis Focused 25 Fund via two modes - namely SIP & Lump sum. SIP: Investors can give their investment a systematic approach by opting ...

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

After SC order, India's cryptocurrency space is whirring back into action

After years of stagnation, the cryptocurrency space in India is whirring back into action, with the Supreme Court lifting a regulatory ban

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

Advantages of investing in Axis Focused 25 Fund

There are multiple benefits of investing in Axis Focused 25 Fund: Mutual Fund Investments are subject to market risks, read all scheme related documents care...

from Banking/Finance-Industry-Economic Times https://ift.tt/3auYgrC

Axis Focused 25 Fund - Portfolio Strategy

Axis Focused 25 Fund is an open ended equity scheme investing in maximum 25 stocks investing in large cap, mid cap and small cap companies. The scheme invest...

from Banking/Finance-Industry-Economic Times https://ift.tt/39pDxnN

Merger process of Allahabad Bank, Indian Bank might face slight delay: Official

The merger process of Indian Bank and Allahabad Bank could face a slight delay in the wake of the 21-day nationwide lockdown, an official of the Kolkata-based lender said on Saturday.

from Banking/Finance-Industry-Economic Times https://ift.tt/2WLsiU5

Will speak to banks to facilitate cash flow, ensure timely access: FM

"Appreciate the service Bank Mitra/Banking Correspondents are undertaking across the country. Will talk to states - request no restrictions in their movements. Will speak to all banks to facilitate cash flow. Let's ensure timely access to all," the Finance Minister said in a series of tweets.

from Banking/Finance-Industry-Economic Times https://ift.tt/2Uo4gN4

RBI allows lenders to provide 3-month moratorium on loans

Banks will now have discretion in deciding the limits on working capital, with RBI saying that no payment miss should be considered a default and reported to credit information companies.

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

No new business, little profit: Banks face the squeeze

Experts see a sharp drop in transactional fee income, while disbursements are also expected to come to a standstill due to disruptions induced by Covid-19.

from Banking/Finance-Industry-Economic Times https://ift.tt/39szl6G

That's the approach the fund follows

Axis Focused 25 Fund is an open ended equity scheme investing in maximum 25 stocks investing in large cap, mid cap and small cap companies with an objective ...

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

SBI cuts lending rate by 75 bps

With this downward revision SBI’s external benchmark linked lending rate (EBR) stands at 7.05 percent while its repo linked lending rate (RLLR) now stands revised to 6.65 percent. EMIs on eligible home loan accounts (linked to EBR/RLLR) will get cheaper by over Rs 52 per one lakh on a 30 year loan, the bank said in a press release.

from Banking/Finance-Industry-Economic Times https://ift.tt/3dvbYNf

SBI sees around Rs 60K crore repayment getting deferred: Rajnish Kumar

The RBI move is aimed at providing borrowers some relief to borrowers, who are affected by the impact of lockdown on account of COVID-19. "Our term loan book is fairly large and I think Rs 2-2.5 trillion gets paid every year, so for three months it would be Rs 50,000-60,000 crore," the bank's chairman Rajnish Kumar told reporters.

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

Overview of Axis Focused 25 Fund

Axis Focused 25 fund is an open ended equity scheme which invests in maximum 25 stocks of large cap, mid cap and small cap companies. Those investors who aim...

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

RBI's moratorium on loan EMIs: What we know so far

Both your loan principal and interest are covered under the moratorium. This applies to all loans outstanding on March 1. During these three months, you won't have to pay your EMI, including both principal and interest. But please note that this is a postponement, not a waiver.

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

Functioning of merged entity of PNB, OBC, UBI to be big challenge during lockdown: Official

The merger of UBI and OBC into PNB will lead to the creation of the country's second largest lender after State Bank of India, an official said. "Under the given conditions, the effective functioning of the merged entity will be a big challenge. The government has not given any direction so far in this regard," the UBI official told.

from Banking/Finance-Industry-Economic Times https://ift.tt/2vRZmi2

Rumours of branch closure false; customer services points open: DFS Secretary

"Customer service bank branches are operational & will continue to provide services. Sufficient cash across branches & ATMs! Don't trust rumours of branch closures! Customers requested to stagger arrival at Branches etc," Financial Services Secretary Debasish Panda said in a tweet.

from Banking/Finance-Industry-Economic Times https://ift.tt/39lMkaf

HDFC Retirement Savings Fund

HDFC Retirement Savings Fund – The gateway to save tax now, and retire in style tomorrow When it comes to retirement planning, deferment/postponement is norm...

from Banking/Finance-Industry-Economic Times https://ift.tt/2wH5slF

HDFC Equity Fund – A Multi cap fund with history of 25 years

It is extremely difficult for an average investor to understand the valuations of large -, mid- and small-cap stocks and predict which market segment will ou...

from Banking/Finance-Industry-Economic Times https://ift.tt/2wFqz85

RBI Governor Shaktikanta Das exhorts people to go digital amid coronavirus crisis

In a very unconventional and unprecedented move, the Reserve Bank in an early morning conference announced a huge Rs 3.74 lakh crore liquidity support to the banking sector, and decided to cut the key repo rate by a significant 75 basis points of 0.75 percentage points to 4.4 per cent.

from Banking/Finance-Industry-Economic Times https://ift.tt/3bs4TLo

RBI Governor urges people not resort to panic buying; says Indian banking system is safe

The comments, which came after a massive correction in banking stocks following the Yes Bank crisis and coronavirus outbreak, also urged depositors not to resort to panic withdrawals.

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

Amid lockdown, banks, ATM companies warn of rush for salary, government dole

Even as many branches are not able to operate because of a staff shortage, banks are warning of large crowds in branches as Pradhan Mantri Jan Dhan Yojana (PMJDY) account beneficiaries, unfamiliar with debit cards, approach branches for withdrawal.

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

Covid-19 outbreak: Insurers facilitate telemedical check-ups for policy buyers

With the country under lockdown to slow the spread of Covid-19 outbreak, insurers such as HDFC Ergo, Religare, Max Bupa, Tata AIA along with intermediaries such as Policybazaar have ramped up these remote services that would involve vetting of customer applications and subsequent consultations by doctors over the telephone.

from Banking/Finance-Industry-Economic Times https://ift.tt/2JhjaP9

Covid-19 scare: Depositors withdraw Rs 53,000 crore cash in 15 days

Cash withdrawals from banks hit a 16-month high when the public withdrew Rs 53,000 crore during the fortnight ended March 13, according to the data released by the Reserve Bank of India (RBI). Such huge cash withdrawals are seen only during festivals or elections.

from Banking/Finance-Industry-Economic Times https://ift.tt/39lsCLT