Most OPBs are investing in technology to attract young customers. According to analysts, they invest Rs 100-250 crore every year on modernisation. Still, at a functional level, they have not been able to reach the levels of an HDFC Bank or ICICI Bank. But tech systems of some of them are better.
It is the largest stressed loan sale by any bank seeking upfront payment from the buyer. The bank has set a ₹1,544-crore reserve price on the outstanding loan of ₹3,815 crore. So far, most big-ticket distressed loan sales were structured deals involving part payment in the form of security receipts that would be redeemed upon recovery from defaulting borrowers.
"Healthy economic growth and budgetary support from the government should lift bank credit growth by 200-300 basis points to 11-12 per cent this fiscal," Crisil Ratings said in the report.
The government nominee directors are Manoj Sahay, Joint Secretary and Financial Advisor, and Sushil Kumar Singh, Director, Department of Financial Services, Ministry of Finance, according to a regulatory filing.
A critical role that FinTechs have played is in improving access to the gamut of financial services for the masses. It has democratized digital payments, increased access to credit—especially small-ticket loans, and access to investments owing to the discount brokerage model.
“Sonia is a seasoned investment banking professional with a remarkable track- record. She brings the required leadership skills, industry knowledge and business insights to lead our business into the next phase of growth. Her strategic thinking and expertise will generate sustainable value for our clients,” said Vishal Kampani, Non-Executive Vice Chairman, JM Financial.
The option was proposed by some of the participants at the roadshows who were of the view that an all-cash offer for the bank would work out to be too costly.
Radius Group was one of the biggest borrowers on the erstwhile DHFL with an outstanding loan with interest of around Rs 3,000 crores for a residential project in suburban Mumbai. The project is a joint venture between Radius and Sumer Group.
Group insurance facilitates enhancing the access to insurance to both formal and informal sectors of the society, Irdai said, while issuing the 'exposure draft on group insurance products under health insurance business and other operational matters'.
In order to provide short term crop loans up to Rs 3 lakh to farmers at an interest rate of 7 per cent per annum, the government offers interest subvention of 2 per cent annually to banks.
The service available for existing customers and hold regular income and pension accounts and PAPL loan product can be availed of through mobile application, bank's website and through internet banking facility.
All about Short-Term Income Funds and things you need to know before investing in Short Term Income Funds.
With almost 90% instant approvals, the company has been increasing its year-over-year momentum, and now aims to further expand its technology and product offerings by capitalising on the vast tech, IT, and data analytics talent pool available in India.
Coined 'Xpress Car Loans', the country's largest private bank is offering end-to-end car loans to customers within 30 minutes through an online platform.
WhatsApp will before the end of May launch the cashback offer of up to 33 Indian rupees ($0.40) for transfers users make on its payments service, which allows contacts to send each other funds from within the messenger app, said the sources, who have direct knowledge of the company's plans.
The Union Cabinet has approved financial support of Rs 820 crore for India Post Payments Bank, a source said on Wednesday. The support will help state-run payments bank to penetrate deeper into the country, especially in the rural area and work towards financial inclusion.
Zee Learn has received a notice from the Mumbai bench of the NCLT over Yes Bank's petition and is in the process of compiling information to verify the facts, the filing said on Monday.
The rules of the game on 'corporate guarantees' will change with the Reserve Bank of India (RBI) insisting on a water-tight, time-bound mechanism for the issuance of guarantees and their invocation by lending banks.
The development assumes significance as several cases have come to light in the last few years where the promoters of NBFCs have diverted funds of the lender to private entities who in turn moved this money into third party companies.
Strategies millennial investors can follow to maximize the returns of their investment.
In PSB Manthan 2022, held last week, banks were asked to set up a three-year roadmap to improve their performance and competitiveness. Banks will focus on both geography-specific opportunities such as economic corridors and business sector-specific opportunities such as green energy.
At 7.5-8% growth in the current year, India would still be the fastest-growing economy, he said, proposing a production linked (PLI) scheme for furniture and capital goods as well.
An analysis of 1,385 corporate entities led the domestic ratings agency to trim revenue growth projection for entities in a post-war scenario and also forecast narrowing of the profit margins due to higher commodity prices, an increase in interest rates of up to 1 per cent and the rupee depreciating by a tenth.Zee Learn has received a notice from the Mumbai bench of the NCLT over Yes Bank's petition and is in the process of compiling information to verify the facts, the filing said on Monday.
The Statutory Inspection for Supervisory Evaluation (ISE) of the public sector bank was conducted with reference to its financial position as on March 31, 2020, it said in a release on Monday.
“Mulye’s focus will be to accelerate ABCL’s group synergies (including) strong parentage, balanced & lower risk lending portfolio, broad-based offerings across customers’ lifecycle, synergy potential and multi-channel distribution ecosystem,” ICICI Securities analysts said in a note.
In a relief to Srei Group and its founder Hemant Kanoria, the Delhi High Court has ordered Punjab & Sind Bank to restrain itself from taking any further action on the company.
The banks, some of which are shareholders of NPCI, raised the issue at a recent meeting after the payments body expressed its reservations a few weeks ago on the fund flows through UPI for crypto trades, two persons aware of the discussions in the meeting told ET.
Commercial papers (CPs) are shorter duration debt instruments generally issued by companies with maturities up to one year. One basis point is 0.01 percentage point.
"Bharti has found a way to generate profit in Indian fintech, and we model Airtel Payments Bank rising to $1 billion of revenue by 2030," London-based telecoms research firm New Street said in a note, adding that APB's current worth (read: valuation) is estimated at around $3.5 billion.
Depositors of Beed-based Dwarakadas Mantri Nagari Sahakari Bank will get payments on June 6. DICGC, a wholly-owned subsidiary of the RBI, provides an insurance cover of up to Rs 5 lakh on bank deposits. As per the corporation, the amount of assessable deposits stood at Rs 1,49,67,770 crore at end-March 2022.
RCL had offered two options to all the bidders. Under the first option, companies could bid for Reliance Capital, including its eight subsidiaries or clusters. The second option gave the companies freedom to bid for its subsidiaries, individually or in a combination.
The senior banker, who participated in the recently concluded Manthan 2022 - a meeting of the top PSU bankers, said the six working groups would look into functioning the public sector banks (PSBs) and suggest ways to improve customer service, digitisation, HR incentives, corporate governance and collaboration.
Mulye, a career banker with three decades of experience behind her, will join her new role on June 1 as CEO designate, Aditya Birla Group announced late Saturday
During the investigation, it came to light that a big part of the proceeds of crime (POC) generated in this case has been siphoned off overseas by Rana Kapoor and hence they are not available for attachment directly under the provisions of Prevention of Money Laundering Act (PMLA), Enforcement Directorate said.
Axis Bank is the sole lender to vote against the resolution plan submitted jointly by the two, the sources said. Axis Bank has ₹159 crore verified claims, according to the disclosures made on the company website. The liquidation value of Sintex Industries was much higher than the offers received from all four bidders in the first two rounds.Commercial papers (CPs) are shorter duration debt instruments generally issued by companies with maturities up to one year. One basis point is 0.01 percentage point.
During the meeting with top executives of PSBs at Manthan 2022, Financial Services Secretary Sanjay Malhotra exuded confidence that public sector banks will continue to strive and perform better on all metrics, including profitability.
"We have seen a significant pick-up in home sales over the last many months and we are delighted to extend the good times for home buyers with the introduction of a special, limited period interest rate offer of 6.50 per cent along with nil processing charges," its general manager (mortgages and other retail assets) H T Solanki said in a release.
The 7th proviso to Section 139 was inserted by the Finance Act, 2019, which provided for certain criteria which mandated the filing of income-tax returns even when the individual's income is less than the basic exemption limit. Now, vide Notification No. 37/2022, CBDT has notified a new Rule 12AB which prescribes additional conditions which mandate the filing of ITR despite the fact that income is below the basic exemption limit
The income tax return (ITR) notified for FY 2021-22 does not have any major changes. However, finer/additional details have been asked in the tax return forms from the taxpayers. Here is a look at 9 changes that a taxpayer has to mention while filing an income tax return this year.
This was the first meeting between the two central banks after Russia invaded Ukraine on February 24. The officials assessed the technical hurdles faced by exporters and importers in the two countries.
It acquired a principal loan portfolio of ₹141 crore from Indian Overseas Bank at a reserve price of ₹84.8 crore under a structured deal of 25:75. Here, the ARC paid 25% of the transaction value upfront and the balance will be paid in the form of security receipts that will be redeemed as it recovers money from borrowers.
Baring, which holds the credit for one of the early syndicated acquisition financing for a private equity fund when it bought technology firm Hexaware in 2013, is in talks with a group of banks including Nomura, MUFG, Investec, Barclays, Deutsche Bank and JP Morgan, three people with knowledge of the development told ET.
In its letter dated April 19, the RBI stated that Fino Bank can carry out referral services of term deposit products in the form of FD and RD as a Business Correspondent of Suryoday Small Finance Bank (SSFB).
In a notice to the stock exchanges IDBI Trusteeship has called for a meeting of debenture holders of RHFL on May 13. Lenders to RHFL led by Bank of Baroda (BoB) and Yes Bank had already approved Authum’s plan in June last year but bond holders constitute 41% of the debt.
Last year in December, in a sudden turn of events, the board of the bank had sent the then MD and CEO Vishwavir Ahuja on leave and elevated Rajeev Ahuja as the interim chief to take care of the day-to-day operations.
SBI, India’s largest bank by assets, jumped two spots to be ranked 22nd in the list with $695 billion in assets. HDFC Bank, the country’s private sector bank also improved its position to 44th from 46th last year. ICICI just about made it to the list at number 50 with $226 billion in assets.