Several businessmen and their accountants said refunds are taking time in cases where the amount is more than Rs 1 crore. This situation is pushing some businessmen to go for expensive loans, a chartered accountant said.
In response to a query from ET, a Srei Group spokesperson said the economic downturn and loan moratoriums provided by the regulator had affected operations. The group is now in discussions with banks to implement a restructuring scheme.
Bank loans to agriculture and allied activities continued to perform well, registering an accelerated growth of 11.3 per cent in August 2021, as against 4.8 per cent in August 2020, the data showed.
A bench headed by Justice U U Lalit said the claim of insurance amount be dismissed if there is a fundamental breach of the terms and conditions of the policy.
This collaboration will facilitate capacity building in insurance and risk management space for participants in GIFT City, according to a statement on Thursday.
The private sector life insurer said it has witnessed a notable six-times growth in its annualised AUM over the past 11 financial years.
On December 4, RBI had directed all banks including RRBs, NBFCs, and payment gateways that the processing of recurring transactions (domestic or cross-border) using cards or Prepaid Payment Instruments (PPIs) or Unified Payments Interface (UPI) under arrangements/practices not compliant with AFA would not be continued beyond March 31, 2021.
"This can be leveraged to make fintech hub," he said addressing, Global FinTech Fest, on Thursday.
There was already a tendency to slow down before the pandemic; so having come to pre- pandemic is positive but it is not good enough, says Dinesh Khara
New Delhi's various incentive schemes to boost manufacturing in the country and spending by state-run companies in augmenting capacities could spill over to other segments, says the SBI boss.
Tata AIA Life Insurance has extended online medical consultation through Practo to new eligible consumers of specified products. As part of the alliance, Tata AIA consumers can avail themselves of online medical consultations from verified doctors anywhere, anytime. The life insurer said the tie-up goes far beyond the traditional insurance approach that is limited to efficient claim settlement.
The NPCI chief said there is a large number of merchants who are accepting digital payments, including the smaller merchants, which is well over 50 million. "However, I still believe that 10X growth is possible. The cash in circulation is about Rs 30 lakh crore. While it has been increasing constantly, digital payments are also increasing, even as the cash is still high," he said.
The genesis of the dispute lies in the credit facility of Rs 330 crore extended by Yes Bank in 2015 to Lily Realty Pvt Ltd, a company owned by Asit Koticha. At the time of securing the loan facility, Koticha had extended ‘Shortfall Security’ under which if the realty firm fails to pay its dues to the Yes Bank, he will pay the shortfall.
The country's largest lender has signed the pact with Vedika Credit Capital Ltd (VCCL), Save Microfinance Pvt Ltd (SMPL) and Paisalo Digital Ltd (PDL). The agreement is for co-lending to individual members of JLGs to undertake agriculture and allied activities including other income generation activities, a release said.
RBI's Board for Financial Supervision has reviewed the performance of the banks and noted that as per its published results for the year ended March 31, 2021, the bank is not in breach of the PCA parameters.
Under the co-lending partnership, Indel Money will originate and process gold loans based on mutually formulated credit parameters and eligibility criteria. The company will service the customers through the entire lifecycle of the loans including sourcing, documentation, collection and loan servicing.
“I have requested the Axis Bank board to be redeemed from the executive position at the bank, but I will continue to be associated with the bank in various other capacity, like I will continue to be on the board of Axis Bank foundation and a few other bank subsidiaries including Max board,” Rajesh Dahiya, ED, Axis Bank told ET.
"Credit Guarantee for MFIs fully utilised within 75 days. Rs 7500 cr sanctioned to #MFIs under #CGSMFI for onlending to small borrowers. Big boost to consumption and livelihoods," the ministry said in a tweet.
HDFC Bank added more than 4 lakh credit cards in a month, after the Reserve Bank of India lifted curbs on issuing cards last month on August 17. The bank is now aiming to add 5 lakh credit cards every month. The bank has a total card network of more than 1.5 crores.
SBI credit card holders can avail the offer on any e-commerce portal. Moreover, the offer will also be available on online merchant EMI transactions.
Most analysts have a ‘subscribe’ rating on the IPO.
"It's a defining milestone," Piramal group chairman Ajay Piramal said Wednesday. "This gives us the opportunity to address the financing needs of the under-served `Bharat' market in the affordable (housing) segment."
While IndusInd Bank will take into its book 80 per cent of the gold loan generated by the co-lending arrangement, the remaining 20 per cent will be funded by Indel Money, Mohanan said without disclosing how much incremental growth he expects in the AUM under this agreement.
The funding will be used to expand the product suite and ramp up technology, CredAvenue founder Gaurav Kumar says.
The drop is sharper for women at 63.8% than men at 62.4%, as per the ICICI Lombard data.
After the embargo on HDFC Bank was lifted last month, they have issued over 400,000 credit cards. This signifies the aggressive growth that the private lender has made since then. This record issuance is as of September 21, 2021. HDFC Bank was looking to get back to its pre-embargo run rate of 300,000 credit cards per month, which they had planned to achieve in the next 2-3 months. After that, they expected to hit 500,000 credit cards per month from February 2022
Lenders led by State Bank of India (SBI) are set to log recoveries of ?37,400 crore this week, as Piramal Capital and Housing Finance's (PCHF) acquisition of Dewan Housing Finance (DHFL) should be completed this month itself, multiple people aware of the deal told ET.
RBI regional offices can hand out approvals for increasing the cash holding limits, the person said. The central bank has embarked on a 'clean note policy', which includes retrieval and processing of banknotes received from currency chests and destruction of soiled banknotes in an automated manner.
The small finance bank is now formulating a strategy where it would offer its customers 5-7 transactions free per month when they use the ATM network of other banks to withdraw cash.
UPI platforms saw a 109% jump as consumers took to digital payments for daily essentials at local stores as well as premium purchases.
Star Housing Finance Ltd, a non-banking financial company, is active in rural areas of Rajasthan. It provides low-ticket housing finance to first-time homebuyers.
Through the portal, the public can avail services related to Tamil Nadu treasuries and accounts at a click of a button.
Standard Chartered Bank MD Zarin Daruwala pointed out the emerging trend of two types of customers; one that is digitally savvy and the other that understands it but not comfortable using it and emphasised the need to create a system of self and assistance mode for services.
Without naming the Google and Equitas tie up to garner deposits, T Rabi Sankar, RBI deputy governor while speaking at the Global FinTech Fest also said that entities other than banks are not allowed to directly deal in deposits.
Addressing the fintech industry, the minister said the value of digital transactions jumped to Rs 6 lakh crore in January-August 2021 from Rs 4 lakh crore and Rs 2 lakh crore in 2020 and 2019, respectively.
As per the CBI, Rana Kapoor and his family members had allegedly received kickbacks of around Rs 600 crore for an investment of Rs 3,700 crore made by Yes Bank in DHFL’s debentures.
The three had approached the HC last week, challenging a special CBI court order of September 18 which refused them bail while noting that they had, prima facie, caused a loss of Rs 4,000 crore to the Yes Bank through illegal acts.
LIC is currently undergoing a valuation exercise for an IPO that could be India's biggest ever as the government seeks to raise around 900 billion Indian rupees by selling 5%-10% stake in the company by the end of the fiscal year that runs through March.
The country's largest public sector lender, State Bank of India (SBI) has released the guidelines adopted by the bank with regard to implementation of the Resolution Framework 2.0 for Covid19 related stress on its website.
The Reserve Bank Deputy Governor T Rabi Sankar said fintech holds promise to prevent frauds, which has become apparent as the pace of digital penetration has outstripped awareness. "... We need to concentrate and focus all our attention on minimising digital fraud... We need to up our guard against digital frauds and cyber crimes," Sankar stressed.
It could not be ascertained what was the glitch that was causing this issue, though a few users said the issue was going on since a “few hours.” It could not be ascertained how many ICICI Bank customers were impacted due to the downtime.