ET has reported on June 15, that Pralay Mondal had quit Axis Bank merely a year after joining as its retail head. Sources indicated that Mondal will eventually be promoted as the CEO of the Thrissur based bank which is majority owned by Canadian Billionaire Prem Watsa. Currently, the bank is headed by CVR Rajendran.
India's microfinance sector had surged about 30 percent in the fiscal FY20 with loan outstanding reaching to Rs 2.32 lakh crore before Covid-19 and lockdown started making its impact.
Challa Setty is one of three MDs of SBI, one rung below the top job at the biggest lender.
“We have tweaked the model and changed it to e-mudra," Kumar said. "Some parameters are changed and now the NPA ratio has reduced to 10% in new loans. The entire process is now end-to-end digitised," he said in a video call with businessmen, organised by the Bharat Chamber of Commerce .
He said that government has taken steps to make direct bank transfers, a lot of emphasis on helping the MSMEs and announced reforms in the areas of agriculture, defence and mining for creating a favourable investment climate.
The bench said it was not asking for waiver of interest during the moratorium period, but asking the finance ministry, the Reserve Bank of India and banks to consider waiving interest on interest that would accrue on the deferred EMIs.
The finance ministry has issued a stern diktat to PSBs to defer ‘avoidable’ expenditure until next fiscal.
The central bank said that HFCs can either take exposure on the group company in real estate business or lend to retail individual home buyers in the projects of group entities, but not do both.
The premium collection for non-life insurers dropped 9% in May and 10% for the two months of the fiscal, largely on the back of a 23% decline in the motor premiums and 48% decline in crop premiums collected by the industry in May, data from IRDAI showed.
The AIBDA has expressed apprehension that banks will stop paying interest on deposits if the Supreme Court allows complete waiver of interest due to Covid.
The apex court, while listing the matter for first week of August, has directed the government and the RBI to review the matter.
"The RBI and the government should sit together and offer a one-time restructuring option to all those accounts which are declared NPAs," Swaminathan Gurumurthy said Tuesday, referring to the complimentary role of both the fiscal and monetary authorities.
Justice A K Chawla and Justice Navin Chawla, in separate orders, said the provisional attachment orders of ED was specific for the amounts attached and granted liberty to the petitioners to operate the two bank accounts subject to keeping a balance of the amount so attached in the two accounts.