The company caters to India’s underserved MSMEs and rural individuals and is engaged in diversified segments such as rural tech, credit and wealth tech. It also operates on a hybrid model where it provides technology solutions across its different segments to its partners, who in turn handle the physical leg of customer servicing for a revenue share.
There was reportedly no notice or formal summons in a decade-old soured-loan case which has shaken the banking sector, stoking concerns the incident could delay decision making in multi-billion-dollar recovery initiatives of several lenders.
The existing custodian, Stock Holding Corporation of India, a large depository participant owned by public financial institutions, charges close to ₹19 crore for the job. Other institutions in the race for the custody mandate of the National Pension Scheme (NPS) have quoted fees of more than ₹1crore.
The 12th small finance bank begins operations with over Rs 1,100 crore of equity capital, over 2 lakh customers and an asset base of over Rs 2,400 crore which comes from the existing MSME and MFI credit business of the Centrum Group, Jaspal Bindra, group executive chairman and also the non-executive chairman of Unity Bank, told PTI on Monday.
He was Managing Director of State Bank of Mysore during the period from August, 2012 to April 2016, where he was seconded from State Bank of India (SBI).
The police and judicial high handedness has shocked bankers who now fear that such crude actions by authorities will lead to delays in decision making and impact clean up of bank loan books. Bankers say arresting the former chief of the largest bank without any proper inquiry sends the wrong message and is detrimental to the system.
It specifies details and the procedures to be followed for scrutinising such acts of omission and commission on the part of bank officials concerned. To save them from unnecessary hassle, the framework also provides for resolution of such cases against bankers.
Five of the seven state-owned banks that have announced their quarterly earnings so far have reported lower NIM for the September quarter. These banks, however, managed to report a rise in net profit largely on account of bad loan recovery and write-back of provision made in earlier quarters.
An insurance claim can be rejected if the policy has lapsed on account of non-payment of premium, said the Supreme Court which stressed that the terms of an insurance policy have to be strictly interpreted.
The State Bank of India has issued a clarification in the alleged loan scam case involving former Chairman Pratip Chaudhuri,says the asset in focus was sold with due process in March 2014, after Chaudhuri retired from the bank in Sep 2013. The company further says that there are factual inaccuracies in the complainant’s version submitted to the court and that the bank was never a party to it.
The non-bank lender’s total revenue from operations rose 4.1 per cent on-year to Rs 12, 215.95 crore in the quarter.
The Reserve Bank of India has now appointed Bandhan Bank as an Agency Bank of the RBI to conduct government business.
Businesses are expecting sales during Diwali will pick up to levels seen before the pandemic struck early last year.