Banks will be closed on these days in September: Get the full list here

Along with second Saturdays and Sundays, banks will be closed on the following days in these states.

from Banking/Finance-Industry-Economic Times https://ift.tt/38wF6SK

Prosus deal adds to our heft and gives us necessary growth capital, says BillDesk cofounder

The Mumbai-based fintech firm, founded in the year 2000 by MN Srinivasu, Ajay Kaushal and Karthik Ganapathy, has been acquired by global technology investor Prosus in a $4.7 billion deal, one of the largest such transactions in the digital economy.

from Banking/Finance-Industry-Economic Times https://ift.tt/3kH0QB5

Lenders force small and medium-sized micro-financiers to park fixed deposits with them

The government in June announced a new credit guarantee scheme covering 75% of bank loans to MFI in case of defaults. The National Credit Guarantee Trustee Company is providing this without any guarantee fee.

from Banking/Finance-Industry-Economic Times https://ift.tt/3kEMlO7

Punjab National Bank waives service charge, processing fee on retail products

Punjab National Bank (PNB) has launched a festival bonanza offer to enhance the availability and affordability of credit to customers, it said in a release.

from Banking/Finance-Industry-Economic Times https://ift.tt/2WxQ9IJ

RBI role as full-service central bank helped keep financial system stable: Shaktikanta Das

“In the wake of the pandemic, when fiscal response resulted in a sharp increase in government borrowing, the market operations conducted by Reserve Bank not only ensured non-disruptive implementation of the borrowing programme, but also facilitated the stable and orderly evolution of the yield curve,” Das said.

from Banking/Finance-Industry-Economic Times https://ift.tt/3zy8WCm

Smaller players borrow more than large corporates this year, but private banks lend at faster pace

While bank lending to large corporates continues to contract, lending to MSMEs, agriculture and retail picked up sharply in July this year over previous year's levels, data on sectoral deployment of bank credit released by the Reserve Bank shows.

from Banking/Finance-Industry-Economic Times https://ift.tt/2Y29aDN

Bank of India announces closure of QIP issue; raises Rs 2,550 cr

The issue had opened on August 25, and closed on August 30, 2021, and the bank had targeted to raise up to Rs 3,000 crore equity capital through this issue.

from Banking/Finance-Industry-Economic Times https://ift.tt/38uqyDo

5 reasons to be a Binomist

from Banking/Finance-Industry-Economic Times https://ift.tt/3jt8SOH

India’s $1 trillion digital loan market is the new battleground for Facebook and Xiaomi

Facebook this month said India would be the first country where it rolls out its small business loan program offering loans via a partner to firms that advertise on its platform. The loans will range from 500,000 rupees ($6,720) to 5 million rupees with interest rates of 17%-20%, potentially without collateral.

from Banking/Finance-Industry-Economic Times https://ift.tt/3BuwVmi

Prosus to acquire Indian payments gateway company BillDesk for $4.7 billion

Prosus said Billdesk would complement its own PayU business.

from Banking/Finance-Industry-Economic Times https://ift.tt/3ywwFSf

Northern Arc Capital raises $50 million from JICA

"The usage of proceeds will be towards promoting women entrepreneurship and employment, an important target area for the company,” Northern Arc managing director Kshama Fernandes said.

from Banking/Finance-Industry-Economic Times https://ift.tt/38r6Zf5

Comprehensive insurance cover may make new vehicles costlier by up to 10%

As per a Madras HC landmark judgement, vehicle owners now have to purchase mandatory ‘bumper to bumper’ cover, which means that along with the compulsory third-party insurance policies, consumers would also have to purchase motor own-damage (OD) insurance, as well as accident covers for co-passengers.

from Banking/Finance-Industry-Economic Times https://ift.tt/3Brz9TO

Former Reliance Capital CEO Sam Ghosh plans to set up a small finance bank

Cosmea aims to involve in activities auxiliary to financial intermediation, except insurance and pension funding. Directors of the company are Soumen Ghosh, Suresh Thiruvananthapuram Viswanathan and Amit Agrawal.

from Banking/Finance-Industry-Economic Times https://ift.tt/2Y4GxWx

Shriram City Union Finance looks to disburse up to Rs 23,000 crore in FY22

The lender's managing director and CEO Y S Chakravarti said July 2021 was better than June with disbursements crossing Rs 3,000 crore. Even the collection efficiency had touched closed to 100 per cent in July compared to 93 per cent in June.

from Banking/Finance-Industry-Economic Times https://ift.tt/3yvAeYP

Depositors of stressed banks to get up to Rs five lakh back from November 30

The government has notified September 1, 2021 as the date on which the provisions of the Act shall come into force, according to a gazette notification dated August 27, 2021.

from Banking/Finance-Industry-Economic Times https://ift.tt/3sXkXPl

PhonePe gets IRDAI nod to sell life, general insurance

PhonePe has been issued an insurance broking licence from the Insurance Regulatory and Development Authority of India (IRDAI), it said in a release.

from Banking/Finance-Industry-Economic Times https://ift.tt/3DuXV73

RBI issues direction on compensation of private banks' top officials

The central bank had issued guidelines on the compensation of whole-time directors/ chief executive officers/ material risk takers and control function staff in November 2019.

from Banking/Finance-Industry-Economic Times https://ift.tt/3sYQobM

Coronavirus stress evident in financial sector as stressed loans jump

On an aggregate basis, gross NPAs and restructured assets across banks and NBFCs increased to Rs 13.2 lakh crore in June 2021 from Rs 8.6 lakh crore in March 2020 due to an addition of Rs 3.7 lakh crore in loans due past 90 days and also Rs 2.4 lakh crore of restructured assets after adjusting for recoveries and write offs during the period.

from Banking/Finance-Industry-Economic Times https://ift.tt/3gLzQPF

Tally Solutions seeks small finance banking license

RBI's central board director Revathy Iyer, former executive director B Mahapatra, former Canara Bank chairman TN Manoharan, former State Bank of India managing director Hemant G Contractor are members of the committee.

from Banking/Finance-Industry-Economic Times https://ift.tt/38naO51

Bank of Baroda ED SL Jain appointed as Indian Bank MD & CEO

Jain's cessation as the executive director of Bank of Baroda will be effective from September 1, 2021, the bank said in a regulatory filing.

from Banking/Finance-Industry-Economic Times https://ift.tt/3Bnvnul

Government extends the tenure of Canara Bank, Bank of India executive directors by two years

The banks said the government informed them about the extension given to these executive directors through notifications on August 26, 2021.

from Banking/Finance-Industry-Economic Times https://ift.tt/3jr3b3z

Former SBI chairman Rajnish Kumar joins HSBC board in Asia

“Rajnish’s depth and breadth of experience across India’s financial industry will be an invaluable addition to the Board of the Group’s flagship Asian entity as HSBC directs its focus towards the region. The opportunities presented by its 1.4 billion population, 18 million non-resident Indians and 40,000 MNCs make India a key component of HSBC’s growth strategy," said Peter Wong, chairman of HSBC Asia.

from Banking/Finance-Industry-Economic Times https://ift.tt/38pEFtq

L&T Finance Holdings in talks with HSBC to sell its MF arm: Report

Last year, private equity giant Blackstone emerged as the frontrunner for a Rs 3,200- crore acquisition of L&T Mutual Fund, but the deal closure would hinge upon approval from the capital markets regulator, which generally frowns upon private equity ownership of mutual funds.

from Banking/Finance-Industry-Economic Times https://ift.tt/2V1RyqG

PhonePe deepens foray into India’s retail insurance sector

Last year, the Bengaluru-based fintech startup had entered the insurtech sector with an insurance corporate agent licence, which allowed the company to partner with only three insurance companies per category i.e. health, life and general.

from Banking/Finance-Industry-Economic Times https://ift.tt/3mL3OY6

Bank of India executive director P R Rajagopal's tenure extended by two years

The central government vide notification No. dated 26 August 2021 extended the term of office of P R Rajagopal, Executive Director of the Bank for a period of two years, beyond his currently notified term or until further orders, whichever is earlier, the bank said in a regulatory filing.

from Banking/Finance-Industry-Economic Times https://ift.tt/3DuaCza

View: Google's push into Indian retail banking is a threat to traditional lenders

The environment is ripe for Silicon Valley to encroach into banking. Equitas doesn’t have a pre-existing relationship with the Google Pay customer to whom it’s marketing fixed-term products.

from Banking/Finance-Industry-Economic Times https://ift.tt/3kDCyI8

IDFC First Bank aims retail loan book growth of 25 per cent on long-term basis

Contending that it was not right to compare IDFC First Bank with the already established 20-30 years old banks or with entities who were profitable when they converted to banks, V Vaidyanathan, Managing Director and CEO, IDFC First Bank, said "the power of incremental profitability is lost in the noise".

from Banking/Finance-Industry-Economic Times https://ift.tt/3sZqEMK

Government extends tenure of UCO Bank's MD & CEO for 2 years

The government has also extended the terms of two executive directors each in Punjab National Bank and Union Bank of India, and one executive director of Central Bank of India.

from Banking/Finance-Industry-Economic Times https://ift.tt/3sYj8S3

Google Pay may soon allow users to open fixed deposits on its platform

Current reports suggest that the San Francisco based company will partner up with ​Equitas Small Finance Bank for the deposits. Other banks are expected to join too, with Ujjivan Small Finance Bank and AU Small Finance Bank rumoured to be next in line.

from Banking/Finance-Industry-Economic Times https://ift.tt/3mElPae

Why SMEs need insurance cover to manage risks

Every business should have working capital to sustain the functions of the company, pay its employees and grow in the market. Insurance helps in case of unprecedented financial risks and are usually mitigated with insurance coverage.

from Banking/Finance-Industry-Economic Times https://ift.tt/3ypROx2

e-RUPI: A game changer or policy incrementalism?

Designed as a digital pre-paid voucher that targets purpose and person(s) for a given transaction, the e-RUPI promises to plug pilferage in welfare schemes, minimise delays and provide ease of access to beneficiaries. Apart from working through QR codes, it also offers transactions through SMS-based strings, eliminating the need for a smartphone or for beneficiaries to have a bank account. Apparently, all that a person would need is a mobile number.

from Banking/Finance-Industry-Economic Times https://ift.tt/2UZNHdK

RBI discusses a host of issues with small finance banks

The discussion, according to an RBI release, focused on a range of issues including evolution of the business models of SFBs; enhancing board oversight and professionalism; further improvements in assurance functions, compliance; internal control and risk management; and need to build up their IT infrastructure both for enhanced customer experience and for cyber security resilience.

from Banking/Finance-Industry-Economic Times https://ift.tt/3jjtQzw

PNB scam: Properties worth Rs 500 cr of Nirav Modi firms restored to bank

Nirav Modi, who was declared a 'fugitive economic offender' in December, 2019, and his uncle Mehul Choksi are accused of committing a Rs 14,000 crore scam by obtaining credit facilities fraudulently from the PNB, and several of the former's properties as well as that of his kin were attached by the Enforcement Directorate.

from Banking/Finance-Industry-Economic Times https://ift.tt/38hSDgO

RBI imposes Rs 6 crore penalty on 4 White Label ATM operators

In a release, it also said a penalty of Rs 3 crore has been imposed on Transaction Analysts (India) Pvt Ltd for contravention of certain provisions of directions related to issuance and operation of prepaid payment instruments (PPIs), and Know Your Customer.

from Banking/Finance-Industry-Economic Times https://ift.tt/3kuGgDX

Bank credit grows by 6.55%; deposits by 10.58%

In the year-ago fortnight ended at August 14, 2020, bank advances had stood at Rs 102.19 lakh crore and deposits at Rs 140.80 lakh crore, according to RBI's Scheduled Banks' Statement of Position in India as of July 30, 2021, released on Friday.

from Banking/Finance-Industry-Economic Times https://ift.tt/2Wr6rmE

IDBI Bank board okays divesting entire 19% stake in ARCIL

The board has approved the proposal for sale of IDBI Bank's entire holding of 6,23,23,800 fully paid-up equity shares constituting 19.18 per cent of the total equity share capital of Asset Reconstruction Company (India) Ltd (ARCIL), IDBI Bank said in a regulatory filing.

from Banking/Finance-Industry-Economic Times https://ift.tt/3gCPxZF

RBI increases incentives for banks for distribution of coins

This has been done keeping in view the overall objectives of clean note policy and to ensure that all bank branches provide better customer service to people with regard to exchange of notes and distribution of coins, the central bank added.

from Banking/Finance-Industry-Economic Times https://ift.tt/3BjBlg0

Online debt arranging platform CredAvenue to double headcount by March 2022

"We expect to double our headcount to 700 by the end of FY22, from 350 now. It was 250 last year. Of the total staff, as much as 450 will be in the technology vertical and we have already hired 100," Gaurav Kumar, founder and chief executive of CredAvenue, told PTI on Friday.

from Banking/Finance-Industry-Economic Times https://ift.tt/3ky4rRS

Sebi bars Kotak AMC from launching new FMP schemes for 6 months, imposes Rs 50 lakh penalty

The order was passed after the markets regulator noticed the investors of certain FMPs launched by Kotak Mahindra Mutual Fund were not paid their full proceeds based on the declared Net Asset Value (NV) as on their respective maturity dates. The order will come into force with immediate effect, as per Sebi.

from Banking/Finance-Industry-Economic Times https://ift.tt/3mANFUP

Indifi Technologies partners with Facebook to offers collateral-free loans to SMEs

Under this program, MSME borrowers, across 200 cities, will now be able to apply for unsecured credit of up to Rs 50 lakh at extremely attractive rates, with no processing charges.

from Banking/Finance-Industry-Economic Times https://ift.tt/3zqRvDy

10 banks selected to manage LIC IPO

The list includes Goldman Sachs, Citigroup, Kotak Mahindra and SBI Caps, Reuters quoted a government source as saying.

from Banking/Finance-Industry-Economic Times https://ift.tt/3sPVCXx

Bigger banks will continue to benefit from the Indian economy which should start seeing growth all over again: Amitabh Chaudhry, MD & CEO, Axis Bank

​​As you rightly pointed out, it is because the extraordinary stimulus has led to system liquidity surplus, resulting in lower market borrowing rates, larger and higher rated corporates are sitting on huge piles of cash. They have repaid their borrowings in the market. So the credit growth of the industrial sector has been driven by mid corporates and some refinancing.

from Banking/Finance-Industry-Economic Times https://ift.tt/3BnlBst

Govt extends tenures of UBI, Central Bank of India's executive directors

The terms of UBI's executive directors -- Manas Ranjan Biswal and Gopal Singh Gusain -- have been extended vide a notification dated August 26, the lender said in a regulatory filing.

from Banking/Finance-Industry-Economic Times https://ift.tt/3kt8Jdd

Madras HC's bumper-to-bumper insurance order intent laudable, can be challenged

"It is patently untenable order and would not stand legal scrutiny if the vehicle makers or any other aggrieved party goes on appeal," D. Varadarajan, a Supreme Court advocate specialising in company/competition/insurance laws, had told IANS.

from Banking/Finance-Industry-Economic Times https://ift.tt/3Dx392v

Processing about 1.5 billion transactions a month: PhonePe

PhonePe co-founder and Chief Technology Officer Rahul Chari said while demonetisation was a catalyst for digital transactions, the company has had almost a "maniacal focus" on trying to improve at scale.

from Banking/Finance-Industry-Economic Times https://ift.tt/3zn1cmv

RBI imposes penalty on 2 co-op banks, 1 NBFC

A penalty of Rs 3 lakh has been imposed on Jijamata Mahila Sahakari Bank, Pune, Maharashtra for non-compliance with the directions on exposure norms and statutory/ other restrictions-urban co-operative banks (UCBs), the central bank said.

from Banking/Finance-Industry-Economic Times https://ift.tt/3zmY7mn

Post pandemic, customers find EMIs affordable: Ezetap

Buying ability of consumers across the country has been significantly reduced due to the pandemic. They are either avoiding a single big payment or entirely skipping to buy any new item, Ezetap said.

from Banking/Finance-Industry-Economic Times https://ift.tt/2XQ2DMo

5 Factors you must consider while choose the right personal loan

If you are looking for a transparent and hassle-free personal loan application experience, you will find that Finserv markets checks all the right boxes. In addition, they have a wide range of partners on-boarded, which makes them an effective marketplace to visit for multiple loan options.

from Banking/Finance-Industry-Economic Times https://ift.tt/3DkCfe4

HDFC Bank lists $1-bn AT-1 bonds on IFSC exchanges

"The primary listing of HDFC AT 1 bond demonstrates the competitiveness of both the IFSC exchanges --India INX and NSE IFSC internationally," Manoj Kumar, Executive Director, IFSCA said.

from Banking/Finance-Industry-Economic Times https://ift.tt/3BkqfHH

GIFT City, ANSR partner to build GICs, GCCs

The central government notified GICs as a financial service relating to financial products and financial services under the IFSCA Act on October 16 last year.

from Banking/Finance-Industry-Economic Times https://ift.tt/3B9ap2c