Bank credit picked up 7.1 per cent in November, higher than 5.9 per cent clocked in the same period a year ago driven largely by better growth in retail, agriculture and MSME loans according to the latest data on sectoral deployment of bank credit released by the Reserve Bank of India.
Customers would, however, continue to be eligible for five free transactions (inclusive of financial and non-financial transactions) every month from their own bank ATMs.
They are raising their issues with the hashtag ‘Extend due date’ and ‘Extend due date immediately’. Here is what they are saying on Twitter.
IICC is the first international clearing corporation set up at GIFT-IFSC that acts as a central counterparty providing clearing and settlement and risk management services.
Using stock market indicators to measure systemic risk in the banking sector, it is found that the systemic risk in the banking sector receded in 2021 from its elevated level during the first wave of the pandemic, according to an assessment made in the latest Financial Stability Report released by the Reserve Bank of India.
On Tuesday, Jammu & Kashmir Bank had said that its board of directors appointed Baldev Prakash as the MD & CEO for three years, to be effective from his actual date of taking charge.
"In view of the prevalent uncertainty due to new variant of COVID-19, the relaxation provided in the ... circular (relating to Periodic Updation of KYC - Restrictions on Account Operations for Non-compliance issued in May) is hereby extended till March 31, 2022," the RBI said on Thursday.
Vishwavir's sudden departure was seen as a result of the RBI communication to the bank a day earlier (December 24, 2021), appointing his Chief General Manager Yogesh K Dayal to the board of the private sector lender.
“LIBOR Transition is a significant financial event for international financial markets,” said Ashwini Kumar Tewari, Managing Director (International Banking, Technology & Subsidiaries), SBI. “As the country’s largest bank, SBI has been assiduously tracking the global developments in the LIBOR space to align with the best practices and has proactively modified its systems and processes to embrace the change from LIBOR to ARR.”
Between April and the first week of December, credit disbursal grew to 7.1 per cent as against 5.4 per cent growth a year ago and 5.2 per cent in March 2021, according to the financial stability report released on Wednesday.
While investment and credit companies (ICC), the largest segment of NBFCs, showed subdued asset growth, infrastructure finance companies (IFCs) – a segment dominated by PSU NBFCs –decelerated in the first half of FY22.
"Macro stress tests for credit risk indicate that the gross non-performing asset (GNPA) ratio of SCBs may increase from 6.9 per cent in September 2021 to 8.1 per cent by September 2022 under the baseline scenario and to 9.5 per cent under a severe stress scenario," according to the 24th issue of the Financial Stability Report (FSR) released by the RBI.
Announcing the new festive offer on Wednesday, Bajaj Housing Finance, a fully owned subsidiary of Bajaj Finance, said that as a first in the industry, the housing finance company (HFC) allows eligible homebuyers to opt to link their home loan rates to the RBI's repo rate.
The second wave of the pandemic impacted the business volume of microfinanciers during the first half due to poor collections and the resultant moderation in fresh lending. The industry closed the first six months of the current fiscal with asset growth of only five per cent, rating agency ICRA said in the report released on Wednesday.
"Such a hearing shall be conducted through video conferencing or video telephony, including use of any telecommunication application software which supports video conferencing or video telephony, to the extent technologically feasible...," said the 'Faceless Appeal Scheme, 2021'.
An individual is required to verify ITR within 120 days of filing it as per income tax law. If the ITR is not verified, then it will be termed as ‘Defective Return’.
It has nudged banks to finance warehouses only against negotiable warehouse receipts (NWRs) and electronic-NWRs, a move aimed at getting more warehouses in the ambit of formal finance.
With user convenience at the cornerstone, technology is scaling up financial inclusion to the remotest corners of India
The Reserve Bank of India on Tuesday released the 2020-21 iteration of its report on ‘Trend and Progress of Banking in India’. Here are some of the highlights and some outlook for the sector.
The MFI lender has a pan India rural distribution network, offering micro-credit loans, home improvement, and MSME loans to individuals and small businesses.
The new policy also offers two variants - life stage cover and level cover. The life-stage cover offers a feature that auto adjusts the sum assured or life cover based on the life-stage of customers and enables customers to increase their life cover when it matters the most as responsibilities grow in the initial stages. Also, it automatically reduces the life cover as responsibilities come down in the later life stages.
The income tax department has launched the Annual Information Statement or also known as AIS. It shows the information the income tax department has of an individual. Here is a look at 46 financial transactions that the tax department knows about you.
Form ITR-1 is used by most individual salaried taxpayers to file their income tax returns. However, there are certain situations where an individual cannot use ITR-1 or Sahaj to file their tax returns. Here is a look at those circumstances.
"The Reserve Bank of India vide its letter dated December 27, 2021, has approved the re-designation of Rajiv Anand as the Deputy Managing Director of the bank from the date of its communication and co-terminus with his approved term of appointment till August 3, 2022 (both days inclusive)," Axis Bank said in a regulatory filing.
Listing your investments and their current valuation for filing your income tax returns or a daily check of stock prices may seem like reviewing your investments and may give you a sense of control.
National Payments Corp of India (NPCI) has urged the telecom regulator not to burden it with the costs of providing unstructured supplementary service data (USSD)-based mobile banking and payment services.
The regulator also clarified that appointment of additional director in private banks is undertaken as and when it is felt that the board needs closer support in regulatory and supervisory matters.
Allaying investors' concerns and calming speculations, the Reserve Bank of India on Monday issued a statement clarifying that the financial health of RBL Bank is stable. It further added that the private sector lender is well capitalised and that its financial position is satisfactory.
While the nationwide lockdowns led to a sharp decline in the company's and its partners’ businesses, Eko embraced the digital route to acquire and retain users over its existing offline-only operations. The company quadrupled the volume of new transacting users in six months, exceeding the volumes of pre-covid offline acquisitions per month, it said in a statement.
The court was hearing a plea by the lender challenging an order of the DRT, which had directed Yes Bank to maintain status quo with regard to enforcing its rights on the 44.53 crore shares of Dish TV India that are currently held by the bank.
The bad bank plans to recruit as many as 50 professional executives for the asset management company (AMC) — India Debt Resolution Company Ltd (IDRCL) — to begin with, said people familiar with the matter. The bad bank’s regulatory framework is being worked out.
Rajeev Ahuja, the bank's newly-appointed MD and CEO, told reporters the bank does not anticipate major capital needs in the short term, countering fears of problems in management.
This represents about 61 per cent year-on-year growth in transaction volume per quarter, underlining the bank's digital-first model and distribution of over 5,00,000 banking points that give it the ability to scale up rapidly.
Pursuant to the government's 4Rs strategy of Recognition, Resolution, Recapitalisation and Reforms, Non-Performing Assets (NPAs) of the banking sector have declined to Rs 8,35,051 crore as on March 31, 2021.
The Centre has started a consultation process with various stakeholders on building a national database on cooperatives which will help in convergence of various schemes implemented by states and the central government as well as in establishing good governance and market orientation.
The Board appointed Rajeev Ahuja (currently the Executive Director) as interim Managing Director & Chief Executive Officer of the Bank with immediate effect, subject to the regulatory and other approvals.
Paytm on Friday said it has elevated Bhavesh Gupta, CEO of Paytm Lending, to take on the leadership for the offline payments vertical in addition to his existing responsibilities.
The HDB tie-up aims to build momentum in the impact categories of skill upgradation, education loans and health-care finance. The association will also facilitate building a large consumer lending book with EarlySalary, Co-founder and CEO Mehrotra said.
An official confirmed the development and said that information has been sought on the methodology used for calculating the amount to be refunded or adjusted for different facilities.
L&T Mutual Fund is ranked 12 out of 44 in the Indian mutual fund industry. Equity assets account for Rs 41,000 crore of the total cited above. HSBC is at 23 with assets of Rs 11,314 crore, of which equity accounts for Rs 4,264 crore. L&T Mutual Fund has 2.4 million active folios, is empaneled with leading banks and has a presence in 65 locations.
L&T Mutual fund ranks no 12 in the 43 player Indian mutual fund industry with total assets under management of Rs 77,608 crore as of July 31 of which equity assets account for Rs 38,807 crore. HSBC on the other hand, ranks 23rd in the industry with assets of Rs 11,211 crore, with equity assets account for Rs 3369 crore.
GigVistas said that members who purchase the health plans would have additional benefits of free doctor (GP) consultation on call for 12 months, discounts on medicines and exclusive access to health and wellness programmes. In addition, gig professionals will be able to purchase health insurance online on GigVistas without requiring any pre-issuance medical check-ups.
In the Swiss auction process, lenders first hold an auction of the NPA, and the offer made by the highest bidder (also known as anchor bidder) is set as the reserve price.
As per the RBI's regulations, lenders cannot restructure loans of borrowers tagged as fraud, unless there is a change in management. Lenders have tagged its parent company Religare Enterprises Ltd (REL) as fraud.
"In India, we serve a variety of customers. We also serve those who are digital savvy and who would not like to have anything physical but on phone clicks. There are also customers who have financial and digital literacy as a major concern.
The aim of the session was to bring to light the problems consumers were going to face from next year due to the RBI deadline of December 31 for tokenisation, CII said in a statement.
The deal comes three months after Kotak Mahindra Group's acquisition of the vehicle financing loan portfolio of Volkswagen Finance comprising passenger cars, two-wheelers and commercial vehicles.
"I think it is up to us bankers to make the case with the regulator what is required there to make the level playing field," Kamath said while delivering the inaugural address at the 'FICCI-FIBAC 2021' virtual event on Tuesday.
Lone Star says its ploy to shift attention from his fraudulent conduct, Rajiv Rattan the private equity is trying to extract best price.