As many as 15 PSBs out of the total 18 government-owned banks till Thursday evening announced schemes to mitigate hardship faced by various segments. Taking the lead, the country's largest lender SBI last week announced an emergency credit line to meet any liquidity mismatch for its borrowers.
New Delhi, Mar 26 () Terming the relief package as timely intervention, SBI Chairman Rajnish Kumar on Thursday said more calibrated responses in coming weeks expected as the impact of pandemic COVID-19 unfolds.
Pre-construction capacity halved in just the past year in India from 60.2 GW in 2018 to 29.3 GW in 2019 with another 37 GW in under-construction stage, according to the report.
Life Insurance Corporation of India, the government owned, largest Insurance Company in the country has floated numerous ULIP Plans over the past decade. The...
The industry body represents 1.50 lakh mobile retailers who may be unable to pay their monthly instalments and interest towards credit cards, vehicle loan, home loan and business loans taken by them. A similar letter highlighting the concerns of the mobile retailers was also sent to non-banking finance companies (NBFCs).
The Kotak Mahindra group, which runs private sector lender Kotak Mahindra Bank, has nearly 60,000 employees. Earlier this week, the government had allowed select private sector entities to start testing for the dreaded virus, which has taken 13 lives in India and infected over 600 people. During the lockdown, the working hours for branches have been reduced to between 1000-1400 hrs.
Banks have been exempted from a 21-day lockdown that began this week.
In a letter dated March 24 to chief secretaries of states and union territories, it has requested to permit bank staff, RBI staff, NPCI staff and cash logistics companies to travel during the lockdown.
India has much to gain if govt can develop country as a global automobile hub, says Apollo Tyres MD. Kanwar said the business environment is “very difficult” currently. In Europe, which accounts for a third of the revenues at Apollo Tyres, several vehicle and component manufacturers — Volkswagen, Renault, FCA, Magneti Marelli — have suspended operations.
The Bank of Baroda and Andhra Bank owned life insurers also said that the all policies issued by the company stands valid even on event of death due to Covid-19 virus. The company has also made all servicing and distribution channels digital as well, it said in a press release.
The Department of Financial Services has told the Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI) to ensure that all electronic and digital payment modes and channels function unhindered. It has directed Indian Banks' Association (IBA) to coordinate with banks to ensure cash availability in ATMs.
Online transactions are going on but overall there is a decline in banking activities, P K Gupta, Head of Retail, Payments & Digital Banking, State Bank of India (SBI) said.
Amidst the coronavirus outbreak, state-run Indian Bank on Wednesday announced an additional funding facility for large corporates, MSME, retail customers, pensioners and self-help groups (SHGs).