A two-member bench of the Delhi High Court has ordered a “detailed hearing” on whether the payment platform operates as a TPAP, or a full-fledged payment system provider in which case it would be in violation of the Payment Systems Settlement Act 2007.
In May, Finance Minister Nirmala Sitharaman announced PCGS 2.0 worth Rs 45,000 crore for last mile lenders.
Punjab National Bank chief executive SS Mallikarjuna Rao has also confirmed the development, saying his bank has not raised rates even if there was a downgrade and SBI chairman Rajnish Kumar told industrialists that there’s an internal circular to that effect.
In a letter to the bank's shareholders, Kumar exuded confidence that despite economic headwinds, the robust performance achieved by the country's largest lender State Bank of India (SBI) in 2019-20 will continue in the current financial year.
In addition, Yes Bank's wallet has also been integrated on Affordplan Swasth to enable wallet QR scan for making payments to merchant partners empaneled on the app. People will be able to get a goal-based savings projection chart for medical treatment based on treatment input, access healthcare services and treatments at a discounted price.
Punjab National Bank (PNB) will earn moderate profit in the current fiscal, aided by treasury income and core banking activities, its managing director S S Mallikarjuna Rao on Saturday said. For the fourth quarter ended March, the country's second largest lender has posted a net loss of Rs 697.20 crore.
On the business side, the focus of the bank in the days ahead would be on revisiting risk assessment and business procedures in addition to rapid adoption of digital technology, said State Bank of India's annual report. This fiscal will be challenging as the full impact of the COVID-19 outbreak will be felt in this financial year.
The RBI's submissions came in response to a PIL by financial economist Abhijit Mishra who has alleged that Google's mobile payment app, Google Pay or GPay in short, was facilitating financial transactions without the requisite authorisation from RBI.
Finance minister Nirmala Sitharaman said Friday that the government was closely monitoring the execution of relief measures announced to counter economic imapct of Covid19 at the ground so that the benefits, especially transmission of repo rate cuts, ultimately reach the
On a fortnightly basis, bank advances grew 0.3 per cent or Rs 32,022.49 crore to Rs 102.54 lakh crore in the week to June 5 as against Rs 102.22 lakh crore in the week ended May 22, 2020.
The RBI stated that they have been in continued talks with all the stakeholders involved and pointed out that owing to the extent of the negative net worth of the bank, and the need to recover bad loans, the resolution of the bank will take further deliberation.
Macquarie analyst Suresh Ganapathy said he spoke to senior management of banks and mortgage financier HDFC and the feedback is that there has been a decline in the total loan book under moratorium from the 25-30% numbers reported as of end of May.
The bank with predominantly high microfinance exposure has a 26000-strong field workforce who form the backbone of its repayment collection mechanism.