In a notification, SR Mehar,deputy secretary in the department of financial services in the Ministry of Finance, said Rai's term which was ending on Tuesday has been now extended until May 31 2022.
Loan growth to all major sectors contracted during April-May, RBI data shows. Loans to industry contracted 1.5 per cent compared to 2.5 per cent dip last year. Loans to services contracted 2 per cent compared to a dip of 5.3 per cent last year. These two sectors account for about 60 per cent of the banking sector's loan portfolio.
The coronavirus pandemic has led to prolonged lockdowns and a chilling of economic activity, forcing the RBI to declare a six-month voluntary moratorium on loan repayments till September.
The missive is being seen as part of a collective effort by Indian banks, investigative agencies and other entities to put pressure on the UK government to hasten Mallya’s return to India.
UPI, operated by the National Payments Corp of India (NPCI), processed 1.42 billion transactions worth ₹2.31 lakh crore until June 28, the most recorded by the channel in a month, Reserve Bank of India (RBI) data showed.
He said the needs and aspirations of the Indian economy make it necessary to look at sources of large capital from entering the banking fray, so that large projects can be supported and also pitched for a renewed thrust to be given to the wholesale banks model.
The private bank on July 8 will auction properties owned by Essel Infraprojects in Mumbai. It has also put under the hammer properties owned by another group firm Rama Associates. It selling properties to recover dues of Rs 556.53 crore, according to a public notice by Yes Bank.
The markets shed over a fifth of their value in the early days of the COVID-19 pandemic and have recouped some of the losses in the last few weeks. Interestingly, the gains happened even as the chorus of a contraction in GDP started among the analysts, wherein some expect a negative growth of up to 5 per cent in 2020-21.
The central bank and state governments may often end up in courts over the powers of the RBI in overruling the managements of the lenders if the veto power vested with the regulator through the amendments to the Act clashes with the interests of local politicians who mostly control co-operative banks, analysts said.
"We have a lot of real estate assets because of the merger. We are planning to sell some of them. We are planning to sell a good amount of these assets by the end of the third quarter provided the market is available. We will be not selling at a discounted price," he said.
Work from home may remain part of the norm for many in India’s financial industry beyond the end of the world’s biggest lockdown. The reason: elimination of lengthy commutes in the past three months has boosted employee productivity.
Airtel Payments Bank's revenues rose 87% to Rs 474 crore during FY20, driven by surge in digital payments, money transfer and offtake of new services, according to its MD and CEO Anubrata Biswas.
The sum insurances for COVID Standard Health Policy could range from Rs 50,000 to Rs 5 lakhs (in multiples of Rs 50,000). The nomenclature of the product should be 'Corona Kavach Policy', succeeded by name of insurance company, the regulator said.
"This is one of the things that MSME Minister Nitin Gadkari once mentioned about Bharat Craft where SBI will develop this platform. We are very much dwelling on the subject. It requires a lot of elements to be put together. It is definitely on our radar and we are going to do it," Kumar said.
The Union Bank chief also said small and medium enterprises (SMEs) have real opportunities to plug into the global supply chain as more companies seek to diversify sourcing inputs.
The Ordinance amends the Banking Regulation Act, 1949 as applicable to cooperative banks, an official statement said on Saturday. The amendments do not affect existing powers of the State Registrars of Co-operative Societies under state co-operative laws, it added.
Banks have undertaken stress tests to assess the level of bad loans or non-performing assets (NPAs) caused due to economic slowdown triggered by the outbreak of COVID-19, sources said.
The court noted that as per a March notification issued by the Centre, the RBI as well as the central government had a crucial role to play in the decision taken to permit, firstly, the Yes Bank Limited Reconstruction Scheme 2020 being brought into play and, secondly, to have it funded.
Villagers, especially those living in the remote rural areas were greatly encumbered to draw cash from the beginning of the lockdown for daily use as there was scarce or no access to banks or ATMs, the company elaborated while addressing the media.
Personal details of Indiabulls Group employees were leaked on the dark web on Wednesday by ransomware attackers, according to US-based cyber security firm Cyble.
Earlier this month, the Reserve Bank of India (RBI) had told the Delhi High Court that Google Pay is a third party app provider and does not operate any payment systems. Therefore, its operations are not in violation of the Payment and Settlement System Act of 2007, RBI had told a bench of Chief Justice D N Patel and Justice Prateek Jalan.
The total estimated collective disbursements by NBFC-MFIs up to September could merely be Rs 2,884 crore, Microfinance Institutions Network (MFIN) said in a report. This is significantly less than the average disbursements of around Rs 6,600 crore per month seen in FY20.
To make digital lending more transparent, the Reserve Bank on Wednesday directed banks, NBFCs and digital lending platforms to disclose full information upfront on their websites to customers.
Urban cooperative banks and multi-state cooperative banks will be brought under the RBI supervision process applicable to commercial banks, Information and Broadcasting Minister Prakash Javadekar said while briefing media about the Cabinet decisions.
Gold loans are a quick way for people to access cash when other avenues are not open," said CVR Rajendran, CEO at CSB Bank. Gold loans also are less risky for lenders as rising gold prices means the loan to value ratio is always kept in check.
Taking to twitter, Sitharaman said her office has spoken to Commissioner of Police, Surat City, R B Brahmbhatt, who has assured her that the accused constable shall be suspended immediately.
These lenders are in the process of raising staff strength by 5-10% in the next three-four months, although several others in the sector might be more circumspect. The new workforce will largely be deployed for client servicing and to boost repayment, people familiar with the matter said.
With the merger, the bank now has about 11,000 branches, more than 13,000 ATMs, one lakh employees and a business mix of over Rs 18 lakh crore. Total domestic business of PNB at the end of March 2020 stood Rs 11.81 lakh crore.
Jyoti serves a wide range of customers within the food services, quick-service restaurants (QSRs), cloud kitchens and cinemas. Set up in 2005, the company has clientele including Subway, Rebel Foods, Cinepolis, Chili's, Holiday Inn among others, across 150 plus cities in 25 states across the country.
The Bombay High Court has refused to grant an interim stay on operation of the order passed by the Reserve Bank of India cancelling the license of the CKP Co-op Bank and observed that there was no fundamental error in the decision.
The current data leak includes snapshots of highly sensitive bank-related documents of the company such as account transaction details, vouchers, letters sent to bank managers, and much more.
The finance ministry on Monday said banks have sanctioned over Rs 75,000 crore loans so far under the Rs 3-lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) for the MSME sector reeling under stress due to the coronavirus-induced lockdown.
This would also involve building and reporting worst-case scenarios on asset quality and capital requirements, one person said. Lenders said there could be a one-time restructuring after the regulator studies the extent of potential damage.
"In recent days there are reports of users falling prey to fraudsters who are luring them on fictitious pretexts, such as alleged completion of KYC requirements, impersonating identities and websites of banks and payment system operators, etc,” the central bank said in a statement.
The facility comes with a simplified procedure and competitive rate of interest, the bank said in a press release.
This would be Maheshwari’s second stint at the foreign lender where he had put in 17 years in various roles in the finance team. In his career spanning over 23 years, he has also worked with companies like Coca-Cola and Reuters. In this role, Maheshwari will report to Jean Fernandes, Regional CFO, Asean and South Asia and Zarin Daruwala, India, CEO.
Last year, a spate of action by enforcement authorities resulted in many large borrowers being red-flagged. The RBI is now pushing banks to take a call on these loans. The red-flag account concept was introduced by the RBI to get banks to act on early warning signals, which include raids by regulatory and tax authorities.
A two-member bench of the Delhi High Court has ordered a “detailed hearing” on whether the payment platform operates as a TPAP, or a full-fledged payment system provider in which case it would be in violation of the Payment Systems Settlement Act 2007.
In May, Finance Minister Nirmala Sitharaman announced PCGS 2.0 worth Rs 45,000 crore for last mile lenders.
Punjab National Bank chief executive SS Mallikarjuna Rao has also confirmed the development, saying his bank has not raised rates even if there was a downgrade and SBI chairman Rajnish Kumar told industrialists that there’s an internal circular to that effect.
In a letter to the bank's shareholders, Kumar exuded confidence that despite economic headwinds, the robust performance achieved by the country's largest lender State Bank of India (SBI) in 2019-20 will continue in the current financial year.
In addition, Yes Bank's wallet has also been integrated on Affordplan Swasth to enable wallet QR scan for making payments to merchant partners empaneled on the app. People will be able to get a goal-based savings projection chart for medical treatment based on treatment input, access healthcare services and treatments at a discounted price.
Punjab National Bank (PNB) will earn moderate profit in the current fiscal, aided by treasury income and core banking activities, its managing director S S Mallikarjuna Rao on Saturday said. For the fourth quarter ended March, the country's second largest lender has posted a net loss of Rs 697.20 crore.
On the business side, the focus of the bank in the days ahead would be on revisiting risk assessment and business procedures in addition to rapid adoption of digital technology, said State Bank of India's annual report. This fiscal will be challenging as the full impact of the COVID-19 outbreak will be felt in this financial year.
The RBI's submissions came in response to a PIL by financial economist Abhijit Mishra who has alleged that Google's mobile payment app, Google Pay or GPay in short, was facilitating financial transactions without the requisite authorisation from RBI.
Finance minister Nirmala Sitharaman said Friday that the government was closely monitoring the execution of relief measures announced to counter economic imapct of Covid19 at the ground so that the benefits, especially transmission of repo rate cuts, ultimately reach the
On a fortnightly basis, bank advances grew 0.3 per cent or Rs 32,022.49 crore to Rs 102.54 lakh crore in the week to June 5 as against Rs 102.22 lakh crore in the week ended May 22, 2020.
The RBI stated that they have been in continued talks with all the stakeholders involved and pointed out that owing to the extent of the negative net worth of the bank, and the need to recover bad loans, the resolution of the bank will take further deliberation.
Macquarie analyst Suresh Ganapathy said he spoke to senior management of banks and mortgage financier HDFC and the feedback is that there has been a decline in the total loan book under moratorium from the 25-30% numbers reported as of end of May.
The bank with predominantly high microfinance exposure has a 26000-strong field workforce who form the backbone of its repayment collection mechanism.