PNB extends festival offer till March

The promotional scheme has been rechristened now as 'PNB NEW YEAR BONANZA-2021', the bank said in a statement.

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Post Office Savings Bank likely to be interconnected with other banks by April

The postal department during the lockdown was at the frontline to deliver essential parcels when rail, road and air traffic were grounded and continues to enhance capacity as trains are not fully operational yet, Department of Posts Secretary Pradipta Kumar Bisoi told.

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Fintech industry accelerates financial inclusion, to push faster digital adoption

The rapid growth of fintech players has helped in accelerating financial inclusion and new age technologies like AI and ML will further quicken digital adoption in the country, benefitting both the industry and the consumers in the coming years, according to experts.

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RuPay, RBL Bank to launch PoS with PayNearby

Merchants will now be able to accept contactless payments of up to Rs 5,000 through a simple tap and pay mechanism on his NFC-enabled mobile phones.

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Bank credit grows 6 per cent, deposits by 11.3 per cent during December 5-18

In the fortnight ended December 4 this year, bank credit grew 5.73 per cent to Rs 105.04 lakh crore and deposits by 11.34 per cent to Rs 145.92 lakh crore. In October, non-food credit grew 5.6 per cent compared to a growth of 8.3 per cent in the same month of the previous year.

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‘20 years on, health insurance still an opportunity’

Globally, money that has been coming in has been pension money. So, whether it is from funding or retirement planning perspective, these are the two markets close to insurance that have a lot of tailwind, said Shikha Sharma, Founding MD, ICICI Prudential Life

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Deposits for public sector banks surge amid pandemic stress

Term deposits – contributing almost 60% of total deposits – moderated, reflecting the easing of interest rates and the lure of returns on competing asset classes. Term deposit growth of private banks decelerated sharply even as it quadrupled in public sector banks, Reserve Bank of India said.

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Yes Bank elevates Niranjan Banodkar as CFO, Adlakha as HR head

In an exchange filing, Yes Bank said these appointments were approved by the board, on the recommendation of the nomination and remuneration committee and also of the audit committee.

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“Pooled loan issuance” structures can help diversify borrowings for lower rated entities: ICRA

Credit rating agency, ICRA said that PLI has seen some stability in last few months. Many industry trackers expected this instrument to face problems as the borrowers are typically companies or institutions that are unable to raise funds from banks or other lenders or are unable to raise funds at an interest rate they are comfortable with.

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Flat growth for life insurance industry in FY21: G Murlidhar, Kotak Mahindra Life Insurance

"This has been an unprecedented year. The industry is likely to remain flattish. However, we will stay ahead of the industry. In the first half our additional premium had grown by 16 per cent," Kotak Mahindra Life Insurance MD & CEO G Murlidhar said.

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IFSCA permits banking units to transfer assets through participation pacts

The dispensation is expected to encourage risk participation of foreign currency assets through BUs in IFSC instead of banks in foreign jurisdictions, IFSCA said in a statement. The first IFSC in the country has been set up at the Gujarat International Finance Tec-City (GIFT) in Gandhinagar.

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From early investment to asset allocation, financial planning advice for your 30s

From early investment to asset allocation, financial planning advice for your 30s

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Banks need Rs one lakh crore for NPAs, growth, says Reserve Bank of India

According to the RBI, gross non-performing assets (NPAs) declined from 9.1% as of March 2019 to 8.2% at end-March 2020 and further down to 7.5% in end-September 2020.

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Banking sector sees improvement in health during FY20, says Reserve Bank of India

The RBI also expressed concern over rolling back the policy support given to banks to deal with the Covid-19 pandemic in the last eight months.

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Profitability of NBFCs may be impacted due to loan impairment, low demand: RBI

The stronger and the deposit-taking NBFCs may however fare better as many have reported strong revival in disbursements and collections, almost to pre-COVID levels, the regulator observed.

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Loan restructuring requests much lower than estimated: Analysts

Analysts are also forecasting lower credit provisions and better profitability for banks in the next fiscal year starting April 1, on the back of improved asset quality with a quick economic turnaround.

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Former Economic Affair Secretary Atanu Chakraborty likely to be next HDFC Bank chairperson

Chakraborty, a 1985 batch IAS officer of Gujarat cadre, retired as Secretary of Department of Economic Affairs in April 2020. Prior to that, he was Secretary of Department of Investment and Public Asset Management (DIPAM). Both departments come under the finance ministry.

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Rolling back of Covid related policy relaxation could impact banks: RBI

The performance of Indian banking improved in the fiscal year 2020 when they reported a profit on an aggregate basis after two years of losses, the RBI said in its yearly assessment report.

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Top financial resolutions for the New Year

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Check your bank balance before using ATM

Check your bank balance before using ATM

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Lenders extend ICA for Reliance Home Finance resolution till March 31

As per June 7 circular of the RBI, lenders can extend the time period of the pact if an account has not been resolved within 180 days of signing ICA.

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PNB completes IT integration of all branches of two merged entities

The amalgamation of Oriental Bank of Commerce and United Bank of India into PNB came into effect from April 1, 2020.

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Twenty years of private insurance: How the industry has shaped up

Come 2020, she is selling lakhs of insurance policies at the tap of an app on mobile phones and all it takes is a few minutes to mail the policy document instead of weeks of wait for the policy to arrive by the unpredictable India Post to shove it to safety in the steel cupboard.

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2021 will witness lot of regulatory efforts channelled towards virtual assets: SBI official

" The use of crowdfunding websites, although not entirely new, create an additional risk as these are specially designed to solicit funding and can be misused for terror financing," he said.

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Startup Outlook 2021: Michael Siebel and Rajan Anandan share the secret sauce behind successful founders, at Razorpay's FTX

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Gross NPAs of banks may rise to 10.1-10.6% by March 2021: Icra

The report further said the loan restructuring requests are much lower than previously estimated, supported by sharper than expected improvement in economic activities as well liquidity support through the government's emergency credit line guarantee scheme.

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Axis Bank prunes overseas presence as it consolidates local business

RBI fixed December 31 as the deadline for debt restructuring requests from borrowers coming under stress due to the pandemic.

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Axis Bank prunes overseas presence as it consolidates local business

RBI fixed December 31 as the deadline for debt restructuring requests from borrowers coming under stress due to the pandemic.

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How India's banking and financial sector will shape up in post-COVID 2021

How India's banking and financial sector will shape up in post-COVID 2021

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Break-even year for bleeding PSU banks

Given this setting, it may seem highly incongruous to expect NPAs in Indian banks to bottom out in the fourth quarter of 2020-21. Yet, this is what is likely to happen. It now appears that not only have banks dodged an explosion of bad loans, but they also solved some historical problems.

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Ahead of DHFL voting, Oaktree fires fresh salvo against Piramal bid

A key point that Oaktree is harping on is the structure Piramal’s have proposed in their business plan, that involves a merger between DHFL and Piramal Capital, its finance arm to swell the combined entity’s networth to more than Rs 18,000 crore and cushioning its ability to issue debt.

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PMC Bank money laundering case: ED summons Sanjay Raut's wife for questioning on December 29

The Shiv Sena, which is part of Maharashtra's ruling alliance Maha Vikas Aghadi (MVA) along with the NCP and the Congress, had earlier alleged that central probe agencies have been targeting them unfairly.

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2021: Banks brace for pandemic-hit corporates' bad loan woes, muted credit growth

Muted private investment impacting the corporate loan growth will be another challenge that banks will have to face in the coming months. Despite ample liquidity in the system, demand from the corporate sector is very low and bankers hope that faster than anticipated recovery could bring in the animal spirit as far as India Inc in concerned.

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PNB puts 3 stressed accounts up for sale

The three accounts are Mangalam Oil Industries with outstanding dues of Rs 10.77 crore, Alliance Fibres Ltd (Rs 18.31 crore) and Birsa Institute of Technology (Trust) (Rs 5.41 crore).

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Bad debt fear keeps private banks away from street vendor loans

Last week, a branch manager of a leading state-run bank in Madhya Pradesh wrote to the municipal commissioner seeking “cooperation” as several of the 160 street vendors, who were given loans under the PM SVANidhi scheme, had not paid a single instalment, turning them into non-performing assets (NPAs).

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HC allows SFIO to interrogate Singh brothers for two weeks starting Jan 1

The SFIO had moved the high court against a September 22 order of the trial court denying it permission to examine the four who are presently in judicial custody.

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Loan restructuring, other measures announced by govt to cushion PSBs from shock: DFS Secy

Despite the pandemic, the lockdown and the consequent damage done to the economy, there are quick signs of recovery, Financial Services Secretary Debasish Panda told in an interview.

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RBI cancels licence of Subhadra Local Area Bank, Kolhapur

The licence issued to Subhadra Local Area Bank stands cancelled to carry out banking business from the close of business on December 24, 2020.

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Central Bank of India to exit housing finance business; to sell JV stake for Rs 160 crore

CBHFL is a financing and mortgage company jointly promoted by four public sector institutions -- Central Bank of India, National Housing Bank, Specified Undertaking of Unit Trust of India (SUTTI) and Housing and Urban Development Corporation (HUDCO).

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Why RBI cautioned public against use of “unauthorised” digital lending apps

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Just saving won't cut it, invest

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Banks will focus on cash flow-based lending in future: UCO Bank's Ajay Vyas

Various SBI officials have advocated for cash flow-based lending models over the traditional asset-based or ratings-based ones. In cash flow lending, a financial institution grants a loan that is backed by the recipient's past and future cash flows.

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RBI unlikely to extend Dec 31 loan rejig deadline

The governor on Wednesday concluded a two-day meeting with public sector and private sector banks, held through video conference. Days before banks closed their books for the third quarter, Das asked them to make enough provisions should loans go bad. He also asked banks to raise more capital to grow loans.

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Banks expect to recover Rs 12K cr from sale of Videocon's oil blocks in Brazil

Bankers are expecting to recover as much as Rs 12,000 crore or $1.6 billion from the sale of Videocon’s Brazil oil blocks after a spurt in oil prices resulted in a boost in the valuation of the assets, according to people in the know.

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RBI meets bankers, takes stock of Covid related stress & credit growth

In the meeting that was conducted through video conferencing, the governor and deputy governors discussed the progress in the implementation of resolution framework for COVID-related stressed assets, credit flow to different sectors of the economy including stressed sectors along with availability of credit to MSMEs.

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NBFC collection efficiencies at their highest this fiscal says Crisil

The recovery in collection efficiencies is good news for the beleaguered NBFCs which were hit hard due to the stringent lockdown announced in late March 2020, and subsequently, extension of moratorium on loan repayment to borrowers (under the Covid-19 regulatory package announced by the Reserve Bank of India).

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Securitised pool collections improve to almost pre-pandemic levels after moratorium: Report

"The monthly collection efficiencies of most Crisil-rated securitised pools are almost at pre-pandemic levels. That's because economic activity has been gathering steam in recent months, and agricultural activity, which was less impacted, has steadily picked up, too," the agency's Senior Director Krishnan Sitaraman said.

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SBI extends global trade finance solutions to Israeli corporates

"In view of the revival of business activity in the coming months with vaccine approvals being accorded by various governments around the world, we are offering our services/products to the Israeli business community at competitive pricing to meet all their cross border trade finance needs," B V Ramana, the CEO of SBI Tel Aviv branch said.

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Higher delinquencies in credit card, loans against property segments in retail lending: Report

As of August-end, the loans overdue for over 90 days in the credit card segment were 0.51 per cent up from the year-ago period at 2.32 per cent, while the same for the loans against property was 0.34 per cent up at 3.96 per cent, Transunion Cibil said.

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Loan apps pushing people into debt traps, suicides

The tap-and-get-a-loan “solution” is pushing a large number of people into a trap far deeper than the financial condition they are in.

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