Bank of Baroda reduces lending rate by 15 bps to 6.85%

The rate cut would be effective from November 1, 2020. With the cut in the external benchmark repo linked rate, all retail loans of the bank would get automatically adjusted.

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RBI imposes Rs 1 crore penalty on Jio Payments Bank

Jio Payments Bank was required to submit an application under Section 35B of the Act in the case of reappointment of MD & CEO of the bank four months prior to the date on which the term of the current position holders was to expire as per RBI guidelines.

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IndusInd expects restructuring book to be in control: CEO

The bank's total slippages at just 19 basis points of its loan book or Rs 400 crore were made up by the Rs 495 of recoveries and upgrades the bank had in the quarter ended September. One basis point is 0.01 percentage point.

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International Finance Corporation extends USD 4-bn loans to private companies to fight pandemic

IFC's pandemic response is focused on reaching the most vulnerable people in the developing world. In March, IFC committed USD 8 billion in fast track financing to help pandemic-hit private sector companies.

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Axis Bank's JV deal with Max Life hits yet another regulatory wall

As reported first by ET on July 27, the share purchase agreement between Axis Bank and Max Financial didn’t get RBI nod as it flouted the para banking guidelines of the central bank.

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RBI board mulls future course for weaker banks

Five banks – Central Bank of India, IDBI Bank, Indian Overseas Bank, Uco Bank and Lakshmi Vilas Bank – are now under the RBI prompt corrective action (PCA) framework that brings in multiple restrictions aimed at conserving capital of banks and better their loss-absorption capacity.

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Non-food bank credit growth decelerated to 5.8% in September

Within industry, credit to food processing, petroleum, coal products & nuclear fuels, leather & leather products, wood & wood products, and paper & paper products registered accelerated growth in September 2020 as compared with the growth in the corresponding month of the previous year.

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RBI imposes Rs 22 lakh fine on DCB Bank for violating marketing norms

"The RBI has...imposed a monetary penalty of Rs 22 lakh on DCB Bank for non-compliance with certain provisions of directions issued by RBI contained in the circular on 'Marketing/distribution of mutual fund/insurance etc., products by banks' dated November 16, 2009," the RBI order attached with the filing said.

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NBFCs should avoid 'zombie lending': Chief Economic Adviser KV Subramanian

CEA KV Subramanian was referring to the situation where lending institutions continued to lend to borrowers that did not have the capacity to repay their debt, leading to a deteriorating asset quality that did not show up on the books of accounts of these lenders and eventually resulted in non-performing assets crisis.

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Lenders consider taking control of fraud-hit Sambandh Finserve

More than 30 lenders have a collective exposure of about Rs 400 crore to the company, which started defaulting since the beginning of this month. Sambandh actually has assets under management of Rs 140 crore, while it officially declared an inflated figure of Rs 383 crore.

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Interest waiver: Outstanding as of Feb 29 to be reference for ex gratia relief

Last Friday, the government had announced the scheme for grant of ex gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts. The lending institutions have been asked to complete the exercise of crediting the amount in the accounts of borrowers by November 5.

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This festive season will be the ideal time to try online trading. Demystifying misconceptions on Online Trading

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Jan Dhan accounts rise 60% amid pandemic, help stifle crime: SBI Research

Citing empirical research, the report said PMJDY accounts work as a primary vehicle for labour remittances, apart from increased lending, smoothing consumption, increased spending on healthcare and, most importantly, the usage is more frequent in areas that are more crime prone.

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Loans against FDs, bonds, shares out of Nirmala Sitharaman's relief plan

For payment to credit card holders, the relief will be calculated using the interest rate charged by the bank for converting outstandings into EMIs and not the rate charged to those who revolve their balances.

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Banks relieved as government notifies reimbursement of compound interest

On Tuesday, the Reserve Bank of India (RBI) issued a notification directing banks to follow the government order reimbursing small borrowers with loans up Rs 2 crore that have paid compounded interest on their loans between March 1 and August 31.

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Lenders of DHFL ask bidders to further sweeten offers by four suitors

Earlier this month, DHFL had received four bids for either picking up stake in the company or buying out assets. The four bidders are Adani Group, Piramal Enterprises, US-based Oaktree and Hong Kong-based SC Lowy.

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Economy saw growth rebound through Q2FY21: Nomura

The Nomura Monthly Activity Indicator, which takes into account high-frequency indicators from across sectors, improved to -8.6% year-on-year in September from -19.7% in August and a record low of -37.8% in June, “implying a swift GDP growth rebound”, the firm said in a report on Tuesday.

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CSB Bank, IIFL Finance join hands to offer gold loans in untapped locations

Under the partnership, IIFL, a non-banking financial company, will act as a business correspondent of CSB Bank and will source new business from markets where CSB Bank does not have adequate branch network.

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Can Long-Short funds smooth out the Short-Term Conundrums

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Why did Aditya Puri return to India? Was it family or HDFC Bank?

"The true thing is I almost did not come back," Puri said in one of the many interviews over the years. "I came back because of my father (Wing Commander Tapishwar Puri). I was still thinking… because I was sitting so pretty. I said papa why don’t you move to KL. There is enough help and we will look after you. He said no I don’t want to leave India. And I want to spend my last years with you. I want to die in your house."

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Balanced Advantage Funds vs Balanced Funds

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5 Behavioral Financial Biases In Mutual Fund Investing - Radhika Gupta

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Why Take Investment Risks ?| Risk Zaroori Hai by Radhika Gupta

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Lenders to credit 'interest on interest' to borrowers account by November 5, Centre tells SC

"Under the scheme, all lending institutions (as defined under clause 3 of the scheme) shall credit the difference between compound interest and simple interest in the respective accounts of eligible borrowers for the period between March 1, 2020 to August 31, 2020," the govt said.

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RBI asks lending institutions to implement waiver of interest on interest scheme

The scheme mandates ex-gratia payment to certain categories of borrowers by way of crediting the difference between simple interest and compound interest for the period between March 1, 2020 to Aug 31, 2020 by respective lending institutions. The government had asked the lending institutions to complete the exercise of crediting the amount in the accounts of borrowers by Nov 5.

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November 5 cutoff for banks to credit compound interest collected

The SC had asked the government to explain the mechanism to implement its decision to waive interest on interest for the six-month moratorium period for those who had borrowed up to Rs 2 crore, including MSMEs.

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Yes Bank starts physical takeover of Anil Ambani’s Reliance Group HQ in Mumbai

In July, the private lender had taken symbolic possession of the sprawling complex situated off the Western Express Highway and overlooking the Mumbai airport. The action was taken under the SARFAESI Act to recover dues of Rs 2,892 crore from Reliance Infrastructure.

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DHFL lenders set October 30 deadline for revised offers, flay Wadhawan

The committee of creditors (CoC) met Monday analysing the bids it had received from Oaktree, SC Lowy, Adani Capital and Piramal Group. It will likely meet on Saturday to take a call on revised bids, three people with knowledge of the matter told ET. Lenders are in favour of negotiating hard with bidders as they aim to maximise value of assets.

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Customer spending getting back to pre-COVID levels: AU Small Finance Bank

AU Small Finance Bank is experiencing an increase of 23 per cent in per day debit card spends. Overall, point-of-sale (PoS) and e-commerce transactions witnessed a surge of 16 per cent since the launch of the festive offers, it said in a release. The bank is already witnessing a bounce back in spending to pre-COVID levels, it added.

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Kotak Mahindra denies takeover talks with IndusInd, but says its open for M&A opportunities

Bloomberg had reported that Uday Kotak is exploring an all-stock acquisition and has held initial talks over the proposal in which the founders of IndusInd Bank could retain a stake in the lender after a deal.

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RuPay card users can avail up to 65 per cent discount on various purchases : NPCI

RuPay cardholders can revel in celebrations by availing attractive offers from not only categories such as health, fitness, education, e-commerce - which are most relevant and significant amid current scenarios - but also from dining and food delivery, shopping, entertainment, wellness, pharmacy and others.

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LIC HFL sanctions over Rs 1,000 crore loan to pensioners in 2 months

LICHFL also expects a good festive sale on the back of stamp duty cut in many markets, falling interest rate and its festive offer to waive off processing fee for between October 1 and November 30.

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Rival ICICI Bank expresses gratitude towards Aditya Puri for his contribution to banking

In a tweet, the ICICI Bank said, " #ICICIBank thanks you, Mr. Aditya Puri, for your contribution to the Indian banking industry. Throughout your illustrious career spanning decades, you have been an inspiration to many. We wish you the very best for your future endeavours."

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IndusInd Bank denies takeover talks with Kotak Mahindra Bank

IndusInd Bank promoters, the closely knit Hinduja family, have been engaged in a battle over the family’s assets. 84 year old SP Hinduja, the eldest of the four brothers and his daughters Shanu and Vinoo want a 2014 letter signed by the brothers declared null and void.

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Aditya Puri: A stickler who ensured a lot doesn't happen over coffee

While heading a foreign bank's operations in Malaysia in the early 1990s, Puri got an offer from Deepak Parekh of mortgage major HDFC to come back to India to start a bank in an economy which had shifted gears with liberalization moves.

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Avendus Capital looks to treble asset management biz AUM to $3 billion by 2024

Its management, led by co-founder and vice-chairman Ranu Vohra, has set a target of taking it to over $3 billion (over Rs 22,000 crore) over the next four-five years and to ensure that half of the incremental growth comes from overseas.

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Religare gets interest from some investors for RFL; introduces them to lenders

According to banking sources, Religare Enterprises introduced a couple of investors for RFL to lenders in a meeting with bankers held recently.

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Pandemic to change Indian insurance sector's landscape: IndiaFirst Life

"The pandemic will change the landscape of the insurance industry. The cost base of insurance companies will go down. It will go down because will only incur the expenses which are critical and expenses which are 'luxurious' will reduce extensively," the IndiaFirst Life Insurance Company Ltd (IndiaFirst Life) deputy CEO said.

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Yes Bank lacked cost control; aim to cut operational expenses by 20% in FY21: CEO Prashant Kumar

The city-based lender is experiencing delays in loan recovery efforts as big defaulters are approaching courts, its new chief executive and managing director Prashant Kumar told PTI. Kumar was asked to lead Yes Bank in March after its rescue by a SBI-led consortium of lenders after alleged governance lapses under co-founder and chief executive Rana Kapoor.

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IRDAI proposes changes in insurance advertisement regulations

The objective of the proposed regulation, IRDAI said, is to ensure that the insurers, intermediaries or insurance intermediaries adopt fair, honest and transparent practices while issuing advertisements, and avoid practices that tend to impair the confidence of the public.

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Didn’t skip EMIs during lockdown? Get cashback from your bank

The government on Friday spelt out the details of the waiver of interest on interest on loans up to Rs 2 crore where borrowers had taken moratorium during the lockdown and also made it clear that those who didn’t opt for it will get an ex gratia payment or a cashback.

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Punjab and Sind Bank reports account of IL&FS Financial Services (IFIN) as fraud account to RBI

The scam at the IL&FS group came to light in September 2018 after several group entities defaulted on repayments due to severe liquidity problems. Later, the government superseded the board of directors to revive the ailing group.

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GST officials bust racket for availing Rs 50 cr illegal ITC; 1 arrested

Prince Manish Kumar Khatri, a third-year student and a partner of a CA firm in Ahmedabad, allegedly registered fake firms that were used to avoid paying Goods and Services Tax (GST) by showing bills generated by them as ITC.

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Expert committee makes case for expanding scope of retail insurance business at GIFT city

The committee is christened as International Financial Services Centres Authority (IFSCA), which focuses on building international retail businesses locally.

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Federal Bank expects spurt in NPAs in next two quarters if economic conditions do not improve

As against the usual rate of Rs 300-350 crore in fresh slippages per quarter, the number may go higher by over 30 per cent if the economy continues to be challenging, its managing director and chief executive Shyam Srinivasan told PTI.

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DHFL’s creditors may seek higher bid from Oaktree, committee to decide on Monday

According to sources, lenders are likely to ask Oaktree to improve the offer given that the bid amount is almost Rs 10,000 crore lower than their expectations.

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SBI Card sees spike in default, 9% avail recast, spends dip 10%

Around 84% of SBI Card’s customers are salaried, of which 38% work in the public sector and 24% in large corporates. Yet, 9% of its receivables of Rs 24,000 crore are under the RBI’s resolution plan, indicating that these borrowers are facing financial stress.

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Bank credit up 5.66 percent, deposits rise 10.55 percent: RBI data

In the previous fortnight ended September 25, 2020, bank credit had grown by 5.15 per cent to Rs 102.72 lakh crore and deposits rose by 10.51 per cent to Rs 142.64 lakh crore.

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Contract of insurance is of utmost good faith, says Supreme Court

The apex court said this while setting aside the March this year verdict of the National Consumer Disputes Redressal Commission (NCDRC) which had dismissed the plea of an insurance firm against the order asking it to pay full death claim along with interest to the mother of the deceased.

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HDFC Ltd slashes fixed deposit rates by 20 basis points

​​​Financial planners point out that corporate deposit rates are on a downward trend in line with the general fall in rates in the system and easy liquidity.

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