The Committee of Directors (CoD) at the troubled Lakshmi Vilas Bank (LVB) has shortlisted three candidates for the post of MD and CEO, , an official of the bank said. The lender's chief executive S Sundar and six other directors were voted out by shareholders earlier this week.
Within industry, credit to 'food processing', 'petroleum, coal products and nuclear fuels', 'leather and leather products', 'wood and wood products' and 'paper and paper products' segments registered accelerated growth in August 2020 as compared to the growth in the corresponding month of the previous year.
"A fraud of Rs. 1203.26 crore is being reported by bank to RBI in the accounts of the Company (SIL)", the bank confirmed the statement.
In this secondary round, existing investors True North Capital, and Bessemer Ventures will sell part of their stake to Warburg. Home-grown private equity firm True North Capital, along with co-investor GIC owns about 74% of HFFC. Another 16% stake is held by VC fund Bessemer Ventures, and the rest is with the management.
The six banks are Syndicate Bank, Oriental Bank of Commerce (OBC), United Bank of India, Andhra Bank, Corporation Bank, and Allahabad Bank.
“Very important to change sentiment right now, we have to move on in life with the requisite social distancing norms, we are optimistic about the future, HDFC Bank is back to pre-Covid levels there is no strain on our balance sheet,” said Aditya Puri.
The Reserve Bank of India’s decision to reschedule this week’s interest-rate meeting makes it difficult for lenders to price loans and deposits because they usually track the monetary policy’s outlook for liquidity and interest rates.
In a regulatory filing, Dhanlaxmi Bank said the banking sector regulator through a letter dated September 28, 2020, has appointed D K Kashyap, General Manager, Reserve Bank of India, Bengaluru Regional Office as Additional Director on the board of the bank.
"The 9.7 (per cent) was the number as of June 30. Obviously over a period of time some more customers do ask for moratorium, so I can definitely say that the number has gone up a little bit rather than coming down, which has happened for everyone," Chaudhry told in an interview
In a letter written to RBI Governor Shaktikanta Das, All India Bank Officers' Confederation (AIBOC) said it is a well-known fact in the banking industry that misplaced priorities and supervisory laxities had wreaked havoc on Dhanlaxmi Bank a decade ago.
It has appointed former Bajaj Capital chief executive Rahul Parikh as the bank's digital head as the bank broadens its digital presence to improve customer services. Earlier in the month, the bank hired ICICI Bank veteran Kumar Ashish as head for “emerging entrepreneurs business" vertical.
This insurance compensates for direct financial loss (up to the sum insured) due to unauthorised digital financial transactions as a result of identity theft arising out of cyber-attacks, phishing/spoofing and SIM-jacking, a joint statement said.
As the chief marketing & digital officer, Parikh will be responsible for the digital banking business and for building a strong digital backbone to support the bank's growth.
Shareholders of Lakshmi Vilas Bank, led by institutions, unexpectedly voted against the appointment of Sundar as chief executive as well as the reappointment of six other directors on Friday. Shareholders alleged that part of the accountability for the bank’s deteriorating performance over the past few years rested with them.
As per the report, of the total consolidated debt owed to banks, RCFL accounted for Rs 11,620 crore, Reliance Home Finance Ltd (RHFL) Rs 7,430 crore and Reliance Capital (standalone) Rs 6,750 crore of debt. The consolidated debt includes term loans, cash credit and non-convertible debentures.
"With a view to providing comfort to banks on their liquidity requirements as also to enable to continue to meet LCR requirements, it has been decided to continue with the MSF relaxation for a further period of six months, i.e., up to March 31, 2021," RBI said in a statement.
"As per the Transaction Auditor's report shared with the Administrator, the monetary impact of the above transactions covered under the Application amount to Rs 12,705.53 cr (which includes principal of Rs 10,979.50 cr and accrued interest of Rs 1,726.03 cr), being the amount outstanding in the books of the company as on November 30, 2019," DHFL said.
The development comes a few days after its shareholders rejected the appointment of seven directors, including the Managing Director, Chief Executive Officer and auditors at the annual general meeting.
The three Chinese banks to whom Anil Ambani owes more than $716 million (Rs 5,276 crore), as well as significant legal costs, have decided to pursue their rights against him on his worldwide assets, following the beleaguered Reliance Group chairman’s English high court cross-examination on Friday.
The regulator has been running the campaign for more than a year not only in English and Hindi but in various regional languages for maximum reach. It keeps on repeating the message so that people don't forget their rights and responsibilities.
The merchant relationships accrue in fees as the services are charged, in interest income for the lending and also in low-cost current and saving account (Casa) deposits. Having a bigger number of merchants will help the bank's analytics engines gather more intelligence and deploy suitable solutions, the source said.
At present, only derivative products are available for trading and retail investors are not allowed to participate. Recently, Sebi allowed investment advisory services in IFSC and permitted emerging investment vehicles REITs (real estate investment trusts) and InvITs (infrastructure investment trusts) to list on stock exchanges operating in IFSC.
Anush Raghavan, Senior Vice-President and Head – Cash Business Unit of the CMS said that with a network spanning over 115,000 ATMs and retail outlets that spread across 98.3 per cent of districts in India, the company is uniquely positioned as the "backbone of the circulation cycle" of the economy.
Among other things, the CII has suggested exclusion of certain categories of borrowers (other regulated entities like Mutual Funds/ PMS/ Insurance/ Exchange Brokers/ NBFCs HFCs etc) from the scope of the circular.
The fund infusion would be for meeting regulatory capital requirements if the need arises in October-December quarter. In 2019-20, the government infused Rs 70,000 crore into PSBs to boost credit for a strong impetus to the economy.
Voting results released late on Saturday night showed that seven of the ten directors proposed to be reappointed by the bank in its 93rd annual general meeting (AGM) held on Friday were rejected by the shareholders by a comfortable majority of more than 60% of votes polled.
The uncertainties created by the COVID-19 pandemic and the initiatives taken by the Insurance Regulatory and Development Authority of India (IRDAI) are prompting more and more people to obtain insurance cover and provide financial backup to their families in these uncertain times.
According to SBI Chairman Rajnish Kumar, the focus of the Delhi-based division will be community service, financial inclusion and running government-sponsored schemes. The new office of the vertical inaugurated by the SBI chairman will be headed by Deputy Managing Director Sanjeev Nautiyal.
Personal loans continued to perform well registering a growth of 11.2 per cent as compared with 17 per cent growth in July 2019. Within this sector, vehicle loans registered accelerated growth of 8.1 per cent in July 2020 as compared with the growth of 4.9 per cent in the corresponding month of the previous year, according to the data.
The bank in July 2017 had adjusted a fixed deposit of Rs 791 crore deposited by RFL toward the default on a loan made by RHC Holdings and Ranchem. This adjustment was disputed by Religare Finvest in the court. The FIR by Religare Finvest was registered on the basis of the internal probes and findings of regulatory authorities such as Sebi and the central bank.
"D-SIIs will also be subjected to enhanced regulatory supervision," it added. D-SIIs refer to insurers of such size, market importance and domestic and global inter-connectedness whose distress or failure would cause a significant dislocation in the domestic financial system.
Digital financial solutions and doorstep delivery of these services will be part of the bank's offering to ensure convenient and hassle-free transactions. These solutions will be offered through Bayer's BLF centres, owned and operated either by a farmer producer organisation (FPO), federation, agri-graduate or a local farmer or entrepreneur.
The campaign, aimed at encouraging customers to use digital banking channels, was launched on August 15 under the aegis of the government's Digital India initiative.
Vakrangee (VL) has received in-principle authorisation to set up and operate BBPOU under the Payment and Settlement Systems Act, 2007 from the Reserve Bank of India (RBI), it said in a release.
The affidavit was filed in response to a public interest litigation (PIL) seeking action against Google Pay for allegedly violating the Reserve Bank of India (RBI) guidelines related to data storage and sharing.
The appointment was necessitated after Shinjini Kumar, the head of the consumer banking business, stepped down.
The five-pillared strategic approach 'GUARD' comprises Governance Oversight, Utile Technology Investment, Appropriate Regulation and Supervision, Robust Collaboration and Developing necessary IT and cybersecurity skills set.
The Reserve Bank of India (RBI) has allowed lenders to restructure their book which was not more than 30 days past due as on February 29, 2020. The credit cost that has to be provided on the restructured book is higher of 10 per cent or extant provisioning held on those assets.
Ujjivan SFB said as part of the 'Raftaar Loans' product mix, the customised offerings will be available across southern and eastern regions: Karnataka, Tamil Nadu, and West Bengal.
Over the past few months, the insurer has taken several steps towards improving well-being for employees, including rolling out counselling services, doctors on call, mediation sessions, among others.
New premiums for the non-life industry climbed 10% in August to Rs 17,630 crore, latest data from the General Insurance Council showed. While fire premiums grew by 29% in August to Rs 1,180 crore, premiums accrued from health policies rose a quarter to Rs 4,490 crore.
"Progressively, we are seeing that there has been a shift away from branches and even from ATMs. The number of transactions on ATMs have come down from 55 to 29 per 100. On the other hand, the digital transactions, which are on mobile and internet banking, have gone to 55 out of 100 transactions," Kumar said at the Global Business Summit.
The government through a gazatte notification extended term of Kotak, who is managing director and chief executive officer of Kotak Mahindra Bank, till October 2, 2021.
Temasek has made some follow-on investments, called as top-ups in the private equity parlance, in the last few months in its existing portfolio firms such as Zomato and UST Global. The fund is now the second largest shareholder of online-pharmacy start-up Pharmeasy with its $220 million investment last year.
PhonePe says Google is playing house, dealer with 6 out of 8 seats at the poker table.
PMC Bank depositors have spent the last one year holding protests, meeting politicians, writing to various authorities in an effort to get their hard-earned money back.
Warburg Pincus has invested USD 5 billion in India since 1995. Its bets include HDFC, Kotak Mahindra Bank and Bharti Airtel, where it made handsome returns, setting a milestone for risk capital investing.
According to the statement, loans are sanctioned by the banks in the name of self help groups which in turn distribute them to individual members who use them for various activities. Banks do not keep records of loans taken by individual members.