CBDT Chairman Pramod Chandra Mody gets further extension for three months

Mody is a 1982-batch Indian Revenue Service officer, was appointed as the CBDT chief in February 2019.

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View: How the government can truly make India's state-run banks efficient just like their private sector peers

Since financial institutions are within the administrative control of the finance ministry, these will no doubt have early implementation. There have also been statements from the Reserve Bank governor of the nature of the ARC that will be set up. These actions portend that GoI will walk the talk.

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SME lender NeoGrowth Credit launches digital initiatives for small borrowers

The platform was conceptualised based on a research done during the pandemic that small businesses need to digitise their offerings to meet stiff competition from big brands and shopping apps and portals.

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Private health insurers offering 80-100% discounts on renewal premia

Most health insurance provides no-claim bonus for claim-free years but that usually ranges from 25 per cent to 50 per cent.

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Prepared to handle any responsibility given by govt: IIFCL MD

The Union Budget 2021-22 presented in Parliament earlier this month proposed to set up a Development Finance Institution (DFI) with an initial capital of Rs 20,000 crore to fund the Rs 111 lakh crore ambitious National Infrastructure Pipeline (NIP).

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Survey finds insurance as most preferred financial product to protect family post-Covid

The survey found that most consumers would like to buy life insurance in the next six months as part of their investment plans.

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Axis Bank board approves reclassification of United India Insurance as public shareholder

The private sector lender said it will seek approval from the shareholders through an ordinary resolution for the required reclassification.

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Banking sector was hurt in the name of aggressive lending a decade back: PM Modi

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Committee set up to examine if payment gateway can be reporting entity under PMLA: Centre to HC

The submission was made before Justice Prathiba M Singh by Additional Solicitor General (ASG) Chetan Sharma who said the committee held a meeting on February 23 and another is scheduled on March 4 after which it would submit its final report.

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IOB signs corporate agency pact with SBI General Insurance

"We are delighted to partner with one of the leading players in general insurance businesses-SBI General Insurance. We will efficiently nurture it to be a long running mutually beneficial relationship", the bank's Managing Director Partha Pratim Sengupta said.

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For digital payments, the battle isn't for space but to get merchants online

Deliberating on what the future holds for digital payments in India, Sajith Sivanandan, MD & Business Head - Google Pay & Next Billion User Initiative, Google India, and T.R. Ramachandran, Group Country Manager - India & South Asia, VISA, said the primary requirement was to make payments seamless.

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Regulating the financial sector - a challenge for the sector, but must for consumer confidence

Panellists at the ET India Inc Boardroom emphasised the need for banks to invest in digital technology to bring down costs, and drive better delivery.

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BharatPe facilitates Rs 1,000 crore loan disbursal so far, targets Rs 1,250 crore by end of FY21

While stating that it has enabled loans to over 1.1 lakh merchants across over 75 cities in India, BharatPe said it is likely to end up facilitating disbursals of Rs 1,250 crores in FY 21.

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Irdai asks health, general insurers to provide standard personal accident cover from April

"With the objective of having a standard product with common coverage and policy wordings across the industry, the authority has decided to mandate all general and health insurers to offer the standard personal accident insurance product," Irdai said.

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Government committed to strengthen banking sector: PM Narendra Modi

“Private enterprises are being promoted wherever possible, still, along with this, an effective participation of the public sector in banking and insurance is still needed by the country,” he said in a webinar on effective implementation of Budget provisions regarding financial services.

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Aditya Birla Health offers 100% return of premium on no claims for 2 years

The offering is the new version of its flagship product Activ Health, which provides a comprehensive health protection with extensive wellness benefits, the company said on Friday.

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Need to increase credit flow to businesses as economy grows: Modi

"As our economy is growing, and growing fast, credit flow has also become equally important. You have to see how credit reaches new sectors, new entrepreneurs. Now you will have to focus on creation of new and better financial products for Startups and Fintech," Modi said.

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Private asset rejig companies will need cash to boost bad loans business

According to banking sources, lenders have already identified corporate loans of over Rs 1.5 lakh crore to be transferred to the NARC, which will be promoted in the public sector. The NARC will offer to purchase bad loans at a negotiated rate. However, once a negotiated rate is struck, private ARCs will be allowed to better the bid.

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Wipro employees had a role in Citibank's big blunder

The case involves one where Citibank acted as an administrative agent for a term loan taken by Revlon, and where it was to wire approximately $7.8 million in interest payments to Revlon’s lenders. Instead, Citibank wired almost $900 million. It mistakenly sent the principal amount too.

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Bad bank will be a new ARC set up by PSBs: RBI Governor Shaktikanta Das

Central bank governor Shaktikanta Das said the proposed bad bank, considered crucial in helping extract capital stuck in soured loans, will be a new asset reconstruction company (ARC) set up by public sector lenders to take over bad assets.

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DHFL resolution: Company receives no objection from RBI, files application with NCLT

In November 2019, the Reserve Bank had referred DHFL, the third-largest pure-play mortgage lender, to the National Company Law Tribunal (NCLT) for insolvency proceedings.

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IRDAI issues guidelines for standard personal accident cover

The standardized product set to go live from April 1 has been named “Saral Suraksha Bima.” The minimum sum assured has been set as Rs 2.5 lakh.

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Upbeat on rural prospects, DCB Bank focuses on tractor loans

The bank is offering customised loans in Chhattisgarh, Karnataka, Andhra Pradesh, Telangana, Madhya Pradesh, Maharashtra, Odisha and Rajasthan, which saw a growth in demand last year.

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Central government asks investors to check antecedents of Nidhi companies before making investments

Under the amended Companies Act, 2013 and the Nidhi Rules, 2014, companies need to get themselves updated or declared as Nidhi company by applying to the Ministry of Corporate Affairs (MCA) in form NDH-4.

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India has space for another strong ARC led by banks: Shaktikanta Das

Das also added that just like non-bank lenders the RBI was internally working on refining and strengthening guidelines governing asset reconstruction companies.

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Indiabulls Real Estate, Embassy Group aim to complete merger by December end

The merger that will create one of India's largest listed property development platforms has received nod from anti-monopoly watchdog the Competition Commission of India (CCI). It has also received regulatory approvals from the NSE, BSE, capital market regulator Securities & Exchange Board of India (SEBI).

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IRDAI approves Axis-Max Life deal

As per the proposed transaction, Axis Entities have the right to acquire up to 19% stake in Max Life, of which, Axis Bank proposes to acquire up to 9%, and Axis Capital Limited and Axis Securities Limited together propose to acquire up to 3% of the share capital of Max Life in the first leg of the transaction.

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Fino Payments Bank says inclusion in commercial bank list to boost business prospects

The scheduled commercial bank, also called scheduled bank, status allows Fino to enhance its banking position in the treasury and participation in liquidity adjustment facility (LAF) window as per the RBI. It also helps the bank strengthen its business proposition on liabilities generation, Fino said in a release.

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Bankers fear spike in NPAs from Mudra loans

Bankers say that the Supreme Court moratorium over classifying loans as non performing assets (NPAs) has so far kept defaults under wraps, even as recovery efforts are ongoing. But they fear that as much as 25% loans under the scheme could turn bad.

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Improvement in macroeconomic conditions to alleviate banking sector stress: S&P

"While the Indian economy is on a mend, the permanent GDP loss stemming from the brunt of the coronavirus is huge at 10 per cent. We estimate the banking system's weak loans are at 12 per cent of gross loans," S&P said. An improvement in India's macroeconomic conditions is likely to alleviate stress for the country's banking sector, said S&P.

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Home loan demand rising in mid, high-range segments

A total of around 46 per cent of the consumer preference is now in the range of Rs 30 lakh-Rs 1 crore and above category, with most of the demand being generated from the key residential markets of Bengaluru, Hyderabad and Delhi.

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CSB Bank strengthens senior leadership aims for 30% growth

While continuing to bank on gold loans as primary growth driver, the bank is set to target opportunities in the SME, two wheeler and secured loan segments.

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Paytm Payments Bank helps 2.6 lakh FASTag users get back wrongly deducted toll charges

Paytm Payments Bank MD and CEO Satish Gupta said in a statement, "It has been our endeavour to empower our users with seamless and hassle-free travel on road. In this quest, we support our users in every possible way, including fast redressal of any grievance they face with toll plazas."

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Invest in an ELSS mutual fund the SIP way

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HSBC's India PBT in 2020 inches up to $1.024 billion

The profit growth came despite an increase in provision for credit losses in the year dominated by the pandemic, the bank said in a statement, pointing out that money set aside for losses for wholesale advances almost doubled to USD 94 million, while the same for retail more than doubled to USD 54 million.

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Federal Bank aims 'mid-teen' growth in credit for FY22

Its Managing Director and Chief Executive Officer Shyam Srinivasan said the increase in virus infections in states like Maharashtra needs to be watched, but exuded confidence that it will not affect the overall economic activity, terming it a "minor blip".

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Kerala Financial Corporation loan assets cross record Rs 5000 crore

"KFC has achieved the highest growth among the Government owned State Financial Corporations (SFCs) in India. This important achievement was facilitated by fresh loan sanctions of Rs 3385 crore so far in the current financial year," said Tomin J Thachankary, CMD of KFC.

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The Manual of Ideas by Author: John Mihaljevic

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State Bank of India joins JPMorgan's blockchain-based payment network

The tie up is expected to reduce SBI customers’ transaction costs and time taken for payments, sources said. Time taken to resolve cross-border payments-related inquiries can be reduced to a few hours from up to a fortnight, they said. This will help cross-border payments reach beneficiaries faster and using limited steps.

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Shriram Housing Finance aims to double loan book in two years

The lender, which expects to close the year at Rs 3,700 crore, aims to close FY23 with a book size of Rs 10,000 crore. Bulk of the growth is expected to come from the affordable housing loan segment.

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10 months on, appointment of J&K Bank chief hangs in limbo

“It’s quite unfortunate that the regulator has been dragging its heels on Iqbal’s appointment since the last 10 months, in fact several shareholders have even shot off letters of complaint to the RBI and the bank board about the CEO’s appointment, but there hasn’t been any response,” an official in the know said.

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Developing a retirement strategy for your parents

Developing a retirement strategy for your parent

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Lenders collection efficiency at pre-Covid levels: ICRA

With collections bouncing back to the pre-moratorium levels in most of the secured asset classes and businesses of non-bank lenders nearing their pre-moratorium levels, ICRA expects a rise in securitisation transactions.

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Religare scam: Delhi court dismisses anticipatory bail plea of former independent director

The court said Mahajan did not express any concern or opposed the alleged loan proposal which clearly established conspiracy with the promoters/other accused persons for alleged diversion of funds.

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Retail NPAs to rise but banks well placed to deal with stress: IndiaRatings

The ratings agency forecasts total stressed loans from retail to rise to 4.7% in March 2022 from 1.60% in March 2021 led by slippages in unsecured loans especially from private sector banks.

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DHFL case: Auditor Grant Thornton unearths another fraudulent transaction of Rs 6,182 cr

The administrator of the company received an initial report from the professional agency appointed as the transaction auditor indicating that there are certain transactions which are "undervalued, fraudulent and preferential in nature", DHFL said in a regulatory filing.

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Health, fire drive growth for insurers in January even as motor, crop suffer

Non-life insurance premium reached Rs 18488.1 crore for the month against Rs 17333.7 crore January of 2020. At 2.8% the Gross Direct Premium (GDPI) growth has been much slower for the year-to-date (YTD) period for FY21, as per data released by the General Insurance Council.

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Muthoot Homefin plans to disburse Rs 700 cr home loans in FY22

The company has transferred over Rs 300 crore of loan subsidy under Pradhan Mantri Awas Yojana's Credit Linked Subsidy Scheme from National Housing Bank (NHB), the release said.

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Max Life outpaces pvt life insurance industry in Apr-Dec, expects over 11 pc biz growth in FY21: CEO

Max Life, ranked No. 4 among private players, registered a 35 per cent rise in net profit to Rs 417 crore in the nine months of 2020-21. Gross written premium were up by 16 per cent at Rs 11,912 crore, assets under management (AUM) grew by 23 per cent to Rs 84,724 crore.

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Corporate lenders vs taxman: Round one of bankruptcy bout goes to the lenders

The ruling will also set a precedent for several other IBC cases, say industry trackers. Often, the corporate lenders and the tax department are at loggerheads over who has the first right on the proceeds from the sale of an insolvent company.

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