Aditya Puri successor: HDFC Bank recasts search panel, Keki Mistry replaced by Renu Karnad

The bank's number two position fell vacant after Paresh Sukthankar, the deputy managing director who was considered as a front-runner to succeed Puri, put in his papers last year.

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Banking game changer gets Cabinet nod, 10 PSBs to soon turn into four mega banks

As per the plan, United Bank of India and Oriental Bank of Commerce would merge with Punjab National Bank, making the proposed entity the second largest public sector bank. Syndicate Bank will be merged with Canara Bank, and Allahabad Bank with Indian Bank. Similarly, Andhra Bank and Corporation Bank are to be clubbed with Union Bank of India.

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In Conversation with Crispin Simon, UK Trade Commissioner for South Asia

In Conversation with Crispin Simon, UK Trade Commissioner for South Asia

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Digitising transit payments key to a cashless economy

Most Indians are hassled by long queues at ticket counters, toll plazas, bus stops, petrol pumps and even at parking stations to purchase tickets; taking the wallet out, counting the currency, and more often than not getting the due back because the person at the counter doesn’t have the ‘change.’

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Lenders will have to do a better job, and channels that they use need to evolve: Shahid Charania, MD, Equifax

Shahid Charania, managing director, emerging markets,Equifax, discusses how India is going through a shift in credit behaviour with millennials embracing tech for quick loans.

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Govt introduces Bill in Lok Sabha for cooperative banks to avoid PMC bank-like crisis

The Banking Regulation (Amendment) Bill, 2020, which comes in the backdrop of PMC Bank scam, seeks to strengthen cooperative banks by increasing professionalism, enabling access to capital, improving governance and ensuring sound banking through the RBI. Introducing the bill, Sitharaman said it is the "need of the hour" to avoid a PMC Bank-like crisis in the future.

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Nabard infuses Rs 1.46 lakh crore in rural banking system in 2019-20

"As on February 28, 2020, Rs 87,069 crore has been extended to cooperative banks and regional rural banks in short-term refinance. In addition, long-term refinance of Rs 59,502 crore has also been provided to these banks as well as other financial institutions," National Bank for Agriculture and Rural Development (Nabard) said.

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BMC invests only Rs 1 cr in Axis Bank from Rs 6,300 crore savings

The BMC has invested Rs one crore in the Axis Bank, which has offered an annual interest rate of 6.5 per cent, as per the document presented by the civic administration to the BMC's standing committee. The document indicates that the FD amount invested by the BMC in the Axis Bank is the lowest among all its investments made in nine banks.

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Vivad Se Vishwas: I-T department draws up list of PSUs to settle tax disputes

Exact disputed tax demand tabulated to encourage state-run companies to become part of the scheme. Taxmen are also being directed to hold meetings with the state representatives of these units so as to “convince” them to benefit from the scheme, said people aware of the matter.

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Digit launches coronavirus insurance product

The insurance policy, which ET accessed on the company’s agent portal, allows a person to insure for as little as Rs 25,000 and as much as Rs 2 lakhs. The policy pays out 100% of the sum insured as a lump sum if you are diagnosed and 50% if you are quarantined in a government or military hospital.

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Taxman trying to get PSUs on board 'Vivaad se Vishwas'

Many state-run banks & public-sector units not too keen to opt for the ‘Vivaad se Vishwas’ tax dispute resolution scheme. Field officers have approached SBI, CBI, Bank of Baroda, Bank of India to settle disputes under the scheme but bank officials told ET that most of the cases involve the I-T dept having levied taxes with little justification.

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'Companies may default on Rs 2.54-L cr bank loans in next 3 years’

A study of top 500 private sector companies by India Ratings & Research showed that about Rs 10.5 lakh crore of their debt could turn vulnerable, which means borrowers could face difficulty in servicing these loans. These 500 debt-heavy borrowers have an outstanding loan book of Rs 39.28 lakh crore. Out of this, the existing default amounts to Rs 7.35 lakh crore loans.

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Government to infuse Rs 200 crore in IFCI next fiscal

Government of India holding in the non-banking finance company, which stood at 56.42 per cent at the end of December 2019, would increase after the capital infusion.

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