BANKING & FINANCIAL NEWS

Axis Bank on Monday launched an app in partnership with Visa that will allow merchants to accept payments through different digital modes and digitally manage their day-to-day business.Axis Bank said in a statement that the “Digital Dukaan” application is specially designed to meet business needs such as accepting digital payments, inventory management and invoicing, among … Continue reading Axis Bank launches business management solutions for merchants.

India’s move to tax fixed-income mutual fund returns is expected to support attempts by its lenders to entice deposits for funding a rebound in credit growth and increase profitability. According to Sunil Mehta, the head of the Indian Banks’ Association, a lobbying group for lenders, the country’s decision to eliminate tax incentives for some debt … Continue reading As the government eliminates tax benefits for debt mutual funds, banks will get $36 billion in deposits.

Mortgage lender HDFC Ltd. announced on Monday that its board has authorised raising money through NCDs in tranches totaling Rs 57,000 crore.In a regulatory statement, HDFC stated that the board has approved the issuing of unsecured, redeemable, non-convertible debentures under a shelf placement memorandum totaling Rs 57,000 crore in various tranches.According to the statement, this … Continue reading The HDFC Board approves issuing Rs 57,000 billion in non-convertible debentures.

According to data collated by FE, the gross non-performing assets (GNPAs) of Indian banks dropped dramatically by 26%, or Rs 2.14 trillion, to Rs 6.04 trillion as of Q3FY23 from a peak of Rs 8.19 trillion during Q1FY22.State Bank of India, the country’s largest lender, reported a decline in its gross nonperforming assets (GNPAs), which … Continue reading GNPAs for banks fell 26% in December.

Moksha and machine learning may have little in common. Ultimately, what constitutes freedom from the cycle of life, death, and rebirth has to do with a machine’s ability to learn from experience. But then, looking through the wave of fintech and new-age entities upending traditional finance, there is reason to believe in the life-changing possibilities … Continue reading Why regulatory convergence is the next frontier in India’s fintech journey sees a clear link between the country’s enlightened future based on the use of thoughtful technology that can help meet the basic needs of every individual.

According to statistics published by Bloomberg, the conglomerate, whose operations range from ports to renewable energy, has recently turned to international bond buyers for more than $8 billion in loans in foreign currencies.Gautam Adani’s vast economic empire was one of the few to embrace the age of inexpensive financing. But with yields rising and access … Continue reading Warnings are flashed by Adani Credit after a group gorged on cheap debt.

Nifty formed a small-bodied bearish a candle with long lower shadow on the daily scale which indicates buying interest on declines but the absence of follow-up activities at higher zones. Now, it needs to cross and hold above 17777 zones, for an up move towards 17950 and 18081 zones whereas supports are placed at 17650 … Continue reading Stock Market Highlights: Nifty charts hint at selling pressure on every uptick.What traders should do on Wednesday?

Rising above both the short-term and near-term moving averages, the headline equity index Nifty today formed a green candle after two days of consolidation. Now, it needs to hold above 17850 zones, for an up move towards 17950 then 18081 zones whereas supports are placed at 17777 and 17650 zones, said Chandan Taparia of Motilal … Continue reading Stock Market Highlights Nifty forms a green candle to rise above the short-term average. What traders should do on Thursday’s expiry

In the past nine years, disinvestment revenues totalled over 4.07 lakh crore, and as of 2014, the government is working with the private sector as a co-partner in development, according to the Economic Survey, which was released on January 31. As of January 18, 2023, 48% of the budgeted amount of 65,000 crores for the … Continue reading 4.07 lakh crore in disinvestment proceeds realised during the past nine years: Economic Analysis

According to three persons familiar with the transaction, bankers on the $2.5 billion share sale of India’s Adani Enterprises are debating whether to extend the offer or lower the issue price after the stock fell following a report from a U.S. short seller. According to sources who spoke to Reuters on Saturday, one of the … Continue reading Bankers on Adani’s $20,000 billion share sale are considering a delay and a price reduction following a decline in the stock market

According to the Reserve Bank of India (RBI), the rate rises on some small savings plans for this quarter may make it harder for banks to raise deposits and may even force them to boost rates. The government increased interest rates on eight out of 12 small savings instruments for the quarter beginning in January … Continue reading To counter rising small savings, banks may hike deposit rates: RBI

The third quarter standalone net profit for ICICI Bank increased 34.2% year over year to 8,312 crores, supported by an increase in net interest income (NII) and expansion of its loan portfolio. Core operational profit for the bank, which excludes treasury income and is defined as profit before provisions and taxes, climbed by 31.6% to … Continue reading A rise in loans and net interest income helped ICICI Bank’s third quarter net increase by 34% to $8,312 billion

On Friday, Canara Bank announced that it has reached a deal with the State Bank of India to sell its shares in Commercial Indo Bank LLC (CIBL), a bank based in Moscow, Russia (SBI). State Bank of India (SBI), which owns 60% of CIBL in Russia, and Canara Bank, which owns the remaining 40%, are … Continue reading Canara Bank will provide SBI with its portion of Commercial Indo Bank LLC

The Reserve Bank of India warned States against the inevitable return to the previous pension scheme, describing it as a significant financial risk (OPS). The central bank reversion to OPS by some States poses a significant danger on the “subnational fiscal horizon” and would cause them to accumulate unfunded liabilities in the upcoming years, according … Continue reading Old pension plans provide a significant financial risk, the RBI cautions States

Even as they evaluate provisioning needs internally, lenders would ask the Reserve Bank of India (RBI) for greater clarification on the proposed anticipated credit loss (ECL) framework. The RBI published a discussion paper on January 16 about banks’ transition from the incurred-loss methodology to the ECL model. According to RBI, this would improve the banking … Continue reading Banks want clarification on the switch to the new provisioning system

The Discussion Paper (DP), which the Reserve Bank of India (RBI) released on Monday, sought to extensively analyse a number of issues and offered a framework for the adoption of an expected loss-based strategy for provisioning against loan loss by Indian banks. The RBI stated that the “recommended strategy” is to create principles-based rules that … Continue reading RBI publishes a study on banks’ estimated loss-based approach for loan loss provisioning

Even though private sector investments fell 41% from 6.31 lakh crore in Q2 to 3.71 lakh crore between October and December 2022, a sharp 61.2% sequential increase in capital spending by the Central and State governments increased new investment plans announced in the third quarter (Q3) of 2022–23 to 7.1 lakh crore. According to the … Continue reading Government infrastructure spending increases, driving investments up by 53%

Veteran banker K.V. Kamath claimed on Thursday that despite the World Bank’s predictions of a global recession in 2023, India’s banking sector is set to grow at a rate of 10% to 15% this year. A global slowdown is anticipated this year, according to the World Bank’s Global Economic Prospects report, which also predicted that … Continue reading Indian banks will expand by up to 15%, predicts Kamath

The benchmark stock indices Sensex and Nifty experienced bumpy trading on Thursday as investors choose to be cautious ahead of the publication of data on industrial production and inflation. Unabated withdrawals of foreign funds have a negative impact on investor confidence. The 30-share BSE Sensex lost 147.47 points, or 0.25%, to close at 59,958.03 on … Continue reading Sensex and Nifty closed lower as banking and oil equities fall

Five cooperative banks have been fined money by the Reserve Bank of India (RBl) for breaking one or more of the bank’s rules or for failing to follow one of its many instructions. The organisations are Gondia District Central Co-operative Bank Limited, Gondia (Maharashtra), The Shirpur Peoples’ Co-operative Bank Ltd., Shirpur (Maharashtra), Shree Mahayogi Lakshmamma … Continue reading Five cooperative banks are penalised financially by the RBI for violating the rules

The first Sovereign Green Bonds (SGrBs) will be issued in three instalments of 8,000 crores each on January 25 and February 9, the RBI said on January 6, 2023. According to a statement from the Reserve Bank of India (RBI), the funds will be used for public sector projects that lower the economy’s carbon output. … Continue reading RBI will issue two 8,000 crores ($1 billion) tranches of green bonds

On January 6, 2023, RBI Governor Shaktikanta Das stated that the government and the central bank are in talks with South Asian nations to allow cross-border trading in the rupee. He added that the launch of the digital rupee is being done very carefully and methodically by the RBI, adding that the central bank digital … Continue reading South Asian nations are being talked to by the government and RBI about cross-border trading in rupees: Shaktikanta Das

RBI said bank account holders who have previously turned in acceptable identification documents and haven’t changed their residence are no longer obliged to go to their bank branches to renew their “know your customer” (KYC) information. They can instead produce a self-declaration through an email address, a registered mobile number, ATMs, or any other digital … Continue reading Update KYC without going to the bank, said RBI

State Bank of India (SBI), the top lender in the nation by assets, announced on Tuesday that its board has discussed borrowing money through infrastructure bonds of up to 10,000 crores during the fiscal year 2023. Today was the scheduled day for the Executive Committee of the Central Board of the State Bank of India … Continue reading The SBI board approved issuing bonds for infrastructure to raise Rs. 10,000 crores

According to traders who spoke to Reuters, the Reserve Bank of India probably sold dollars through state-run banks to stop the rupee from dropping below the 83-to-one US dollar mark. The rupee was trading at 82.88 against the previous session’s closing of 82.7375 and off the day’s low of 82.94. The rupee hit a low … Continue reading RBI most likely sold dollars to keep the rupee from dropping below the 83 mark, according to traders

On Tuesday, HDFC Bank announced that Microsoft will be a partner in the following stage of its digital transformation. To modernise and simplify its enterprise data landscape, HDFC Bank will use Microsoft’s Azure platform. This will enable it to grow its information management capabilities across enterprise reporting and advanced analytics powered by artificial intelligence. The … Continue reading Microsoft and HDFC Bank collaborating on digital transformation

According to the IMF chief, a third of the world’s economy will be in recession this year, and 2023 will be “tougher” than last year as the economies of the United States, the European Union, and China slow down. These sorrowful statements were delivered on January 1 on the CBS television show “Face the Nation” … Continue reading IMF chief Kristalina Georgieva warns that a third of the world will experience a recession in 2023

Starting on January 1, the public sector Indian Overseas Bank promoted Ajay Kumar Srivastava to managing director and chief executive officer, the bank announced on Saturday. Mr. Srivastava was the bank’s executive director before assuming the new position. In 1991, Mr. Srivastava started working in banking as a probationary officer for Allahabad Bank. He entered … Continue reading Ajay Kumar Srivastava is promoted to the MD and CEO of Indian Overseas Bank

According to RBI Monetary Policy Committee (MPC) member Jayanth R. Varma on December 23, private consumption and capital investment have yet to take up, making India’s economic growth currently “very fragile” and in need of all the help, it can get.  Out of the four economic development engines, Mr. Varma continued, exports and government expenditure … Continue reading “Extremely vulnerable” Indian economic growth needs all possible support: Member of the RBI Monetary Policy Committee Jayanth Varma

Reserve Bank Governor Shaktikanta Das pushed for the banning of instruments like Bitcoin on Wednesday, saying that if such speculative instruments are allowed to expand, they might be the cause of the next financial crisis. Das has vehemently resisted such instruments, and the RBI has taken its case all the way to the Supreme Court. … Continue reading If allowed to expand, private cryptocurrencies could trigger the next financial crisis, said RBI Governor

Shaktikanta Das, governor of the Reserve Bank of India, stated that although the underlying economic activity in India is still solid, external factors will cause some “dent” in the economy on Wednesday, December 21, 2022. The majority of the 70 rapid-moving indicators that the RBI tracks are in the “green box,” according to Mr. Das, … Continue reading Shaktikanta Das says the underlying economic activity is still robust

The second-largest producer of zinc in the world, Hindustan Zinc (HZL), a member of the Vedanta group, plans to invest more than $1 billion (about Rs. 8,270 crores) over the next five years to switch all of its diesel-powered mining vehicles to batteries and become a wholly green energy consumer. The Udaipur-based company, which is … Continue reading HZL will invest more than $1 billion to switch to battery-powered mining vehicles and become a green energy user

At the private sector lender IDBI Bank, the interest rate on retail term deposits of less than 2 Cr has increased. On December 19, 2022, the new rates went into effect, according to the bank’s official website.  The bank now offers interest rates on deposits maturing in 7 days to 10 years that vary from … Continue reading IDBI Bank raises rates on retail fixed-rate deposits and extends the special deposit until March 2023

On December 17, 2022, Union Finance Minister Nirmala Sitharaman presided over the 48th GST Council meeting, which was held in New Delhi.  “In this GST Council meeting, there has not been any tax rise on any item,” Ms. Sitharaman declared after the meeting. Every action taken has been to provide clarifications in cases where there … Continue reading 48th GST Council meeting: Decriminalization of several offences approved; no tax increases on any items: Indra Nirmala Sitharaman

One of the key participants in the private sector, ICICI Bank, today disclosed an increase in interest rates on fixed deposits under Rs. 2 crores. On December 16, 2022, the new rates went into effect, according to the bank’s official website. Following the change, the bank raised interest rates on deposits by up to 60 … Continue reading The general people can now receive FD rates of up to 60 bps higher thanks to ICICI Bank

The Delhi High Court has ordered the insurance regulator to hold a meeting of all insurance companies to devise health insurance programmes for individuals with disabilities and introduce them, ideally within two months, after noting that the right to life includes the right to health. The court further ordered the Insurance Regulatory and Development Authority … Continue reading HC criticises IRDAI for calling disabled people “sub-standard lifestyles” and asserts that they cannot be refused health insurance

Savings from Indians are shifting quickly from traditional real estate and gold to stocks and bonds, which has the potential to alter the dynamics of the capital markets. According to rating agency Crisil, financial savings will increase from Rs. 135 lakh crores or 57 per cent last fiscal year to Rs. 315 lakh crores, or … Continue reading According to Crisil, Indian households’ savings might more than treble in five years

Banks have written off bad loans of Rs 10,09,511 crore over the last five fiscal years, according to Finance Minister Nirmala Sitharaman on Tuesday. In a response to a question from the Rajya Sabha, Sitharaman stated that the non-performing assets (NPAs), including those for which full provisioning had been made at the end of four … Continue reading According to Nirmala Sitharaman, banks have written off bad loans of Rs 10 lakh crore over the past five fiscal years

In order to protect the rupee from excessive volatility, the Reserve Bank of India (RBI) net sold $33.42 billion on the foreign exchange market in the first half of the current fiscal year. Without taking into account any pre-established target level or band, the Central Bank closely monitors the foreign exchange markets and only intervenes … Continue reading To reduce currency volatility, RBI sells $33.42 billion from April to September of FY23

With effect from Saturday, Indian Overseas Bank (IOB) increased the interest rates on domestic, NRO, NRE, and FCNR(B) term deposits.  For periods of 444 days and longer, interest rates of up to 7.3% and up to 7.25%, respectively, would be applicable. According to a statement from the public sector lender, it was previously 6.4% for … Continue reading The interest rate on term deposits is increased by Indian Overseas Bank

The procedure and guidelines for conducting an online auction for the bidders were finalised at a meeting of the Committee of Creditors (COC) for Reliance Capital on Friday. An escalating auction method will be used for the e-auction, which will start on December 19. The Cosmea-Piramal consortium’s bid price of Rs 5,300 crore will serve … Continue reading Reliance Capital lenders complete the bidders’ e-auction strategy

Early on Thursday, the rupee strengthened against the dollar by 19 paise to 82.28, following the lead of its Asian counterparts and a decline in crude oil prices. Forex traders claimed that weak domestic stocks and outflows of foreign funds hurt the local currency and limited the inclination toward appreciation. The local unit began trading … Continue reading The rupee increased by 19 paisa to 82.28 US dollars

The repo rate was raised by 35 basis points (bps) to 6.25% on December 7 by the Reserve Bank of India’s Monetary Policy Committee (MPC), while the standing deposit facility was enhanced to 6%. According to projections, CPI inflation will be 6.7% this year, 5% in the first quarter of 2023–24, and 5.4% in the … Continue reading RBI raises the main lending rate by 35 basis points and projects 6.8% GDP growth

On December 5, the rate-setting panel of the Reserve Bank of India (RBI) began strategizingfor the upcoming round of monetary policy amid forecasts of a mild interest rate hike of25–35 basis points due to the beginnings of lowering inflation and tapering of economicgrowth.Following a three-day Monetary Policy Committee (MPC) meeting, RBI GovernorShaktikanta Das will announce … Continue reading Beginning its discussions, the RBI’s monetary policy committee isanticipating a modest rate increase

The largest lender in the nation, the State Bank of India (SBI), is attempting to improve itsearly warning system by utilising outside information such as rating changes, dramatic shareprice movements, and even media reports to anticipate frauds, fund diversions, and loandefaults.The bank contends that although one of the major contributors to asset quality issues andfrauds … Continue reading SBI will strengthen its early warning system to detect stress andfraud

According to Anup Bagchi, executive director of private sector lender ICICI Bank, there ispotential in the real estate business right now, but only for individuals who have theirfinancial affairs in order.“At the current time, we observe that the real estate sector is experiencing tailwinds, althoughthey are not widespread. Only heavily consolidated players and those who … Continue reading ICICI Bank believes the real estate sector has prospects

From December 1st, customers will be protected from businesses charging excessive interestrates and unethical loan recovery practices due to the Reserve Bank’s revised guidelines ondigital lending.According to the new regulations, all loan payments and disbursements must be madedirectly between the borrower’s bank account and those of regulated businesses (such asbanks and NBFCs), with no pass-through … Continue reading From December 1st, the RBI’s modified guidelines for digitallending will be in force

The Reserve Bank of India (RBI) on Friday ordered banks, non-banking financial entities, and other regulated institution to make certain that they and their loan recovery agents do not harass borrowers. RBI circulated a notice which said that the central bank has inspected that recovery agents are departing from instructions for deploying financial services. It instructed regulated … Continue reading RBI directs banks to control harassment by recovery agents           

On the instance of the country’s 76th year of Independence, marked as Azadi Ka Amrit Mahotsav, the country’s largest bank, State Bank of India (SBI), launched a unique term deposit programme named “Utsav Deposit.” This fixed deposit scheme has larger interest rates and is only available for a certain time span. SBI has announced via … Continue reading SBI launches a new scheme on account of 76th year of independence

The country’s largest lender (SBI) initiated a doorstep banking service was during the tough times of covid-19 pandemic. Customers such as  differently abled, senior citizens, visually challenged, certified chronic illness,  account holders having KYC registration, single or joint account holders and customers inhabiting under 5 km radius of home branch can apply for the same. … Continue reading Free doorstep banking services by SBI                                

Nirmala Sitharaman, the union finance minister is expected to visit a banker’s conclave as well as a state-run higher secondary school to meet with students; officials informed Ms. Sitharaman, who has embarked a three-day tour of the northeastern state, is also scheduled to see the remote Mon district on Tuesday to initiate the branch of … Continue reading Finance Minister to attend Bankers Conclave in Nagaland

IDBI Bank has increased the interest rates on fixed deposits covering various tenors starting from August 22, 2022. The Bank is now presenting the highest rate of 6.55% on select tenors. The Lender has kept the interest rates same on FDs maturing in 7-14, 15-30 days and 10 years to 20 years. After the said rise, … Continue reading Rise in IDBI bank interest rates

IDBI Trusteeship Services Limited (ITSL) is a professionally managed company which provides a wide spectrum of trusteeship services in India. It is jointly promoted by IDBI Bank Limited, LIC of India and GIC of India. ITSL has completed two decades of service. As per PRIME DATABASE league tables for debenture trustees, ITSL has been consistently … Continue reading Idbi Trusteeship faces Rs 1 Lakh Fine for Non Compliance the Debenture Trustee Norms

More than 15 Russian lenders are in progressive talks with Indian Banks to aid bilateral business in their respective domestic currencies, surpassing the entrenched trade mechanism affiliated to the US dollar, and are progressing on establishing a bespoke reference exchange-rate framework uniting the rupee and the rouble, people familiar with the matter reported. Zenit Bank, … Continue reading Russian banks set on to personalize trade with Indian lenders

The Reserve Bank of India may soon leave the Prompt Corrective Action (PCA) framework of the RBI, as there is a boost in the financial health of the bank. RBI is the only public sector bank under PCA till date. The bank has made its depiction to RBI and portrayed continued betterment in financial health … Continue reading RBI may soon make their way out from the PCA framework

Two years later India’s central bank had to initiate to take control over Yes Bank to relax panicky depositors and stem systemic risk, the lender is focusing to thicken its loan book and obtain smaller rivals to save its business, its chief executive said. The development plan of the mid-sized lender proceeds after it hiking … Continue reading Growth in Yes Bank charter after raising a capital of 1 billion

The country’s largest public bank is anticipated to pursue its strong earnings growth in the April-June quarter of the current year, rising gross profit in double digits on a yearly basis. Analysts are expecting SBI to report vigorous gross profit growth in the fiscal first quarter, assisted by a fine growth in gross interest income and a decrease … Continue reading SBI Q1 results: Net profit predicted to grow in double digits

The Bank of England has cautioned the UK will sink into recession as it increased the interest rates by the most almost in 27 years. The economy is predicted to shrink in the ending three months of this year and will keep on shrinking till the end of 2023. Interest rates increased up to 1.75% … Continue reading The Bank of England cautions the UK will sink into recession this year

In the Monetary Policy Committee’s (MPC’s) statement on Friday The Reserve Bank of India declared a fee hike of 50 basis points to 5.40%, this is the highest after 2019. The bi-monthly meeting of the RBI MPC held on Wednesday, and Shaktikanta Das, the governor of RBI declared that the MPC with one mind choose to increase the policy … Continue reading RBIs monetary policy highlights

Increasing demand for credit has resulted Indian banks to submerge into their bond investments, potentially squeezing liquidity remoter and gave rise to renting costs to strengthen, as incremental loan disbursements surpass the rate at which savers are piling deposits with big-street lenders. The financial institutions successive credit to deposit ratio, or the proportion of latest … Continue reading Banks selling credit bonds to intersect credit demands

DBS Group Holdings, the largest lenders in Singapore that has been investing in India for a while now revealed that purchasing a stake in government-owned IDBI Bank Ltd. is not on its investment spectrum, even though it prevailed bullish about the country’s growth prospects.  Piyush Gupta, the chief executive officer expressed that they are not … Continue reading DBS revealed they are not in discussions for buying stake        

Canara bank launched its mobile banking super app on Friday named as Canara ai 1. The said app is designed with a view to replace the requirement of having multiple mobile applications running in one single phone to obtain specific services from each app. The bank launched app will have more than 250 features in … Continue reading Canara Bank launches Canara ai 1 mobile banking super app

The parliament was informed on Tuesday that the government is not planning to introduce bill to facilitate the privatisation of public sector bank in the ongoing monsoon session. As per list of business for monsoon session 2022 of the Parliament, no such bill has been listed for introduction, consideration and passing, minister of state for … Continue reading A Bill to facilitate Privatisation of Bank

Shares of Yes Bank have been performing admirably; it has elevated 15% to Rs 17.46, and reached the top level since the foregoing year, on the BSE in Tuesday’s intra-day trade. The stock of the bank exceeded its previous high of Rs 17.55 that it had reached on January 25, 2021. In the last three trading days, Yes … Continue reading Yes bank stock hits the highest since January 2021

No planning is made to introduce any bill or to institute or to make any amendments to facilitate the privatization of public sector banks in the ongoing monsoon session by the government, same was informed to the parliament on Tuesday. According to the list of business for monsoon session 2022 of the Parliament, there was … Continue reading Privatization of banks not mentioned in the list for the current session

RBI has imposed restrictions on several restrictions on 3 co-operative banks namely Jaiprakash Narayan Nagari Sahakari Bank ( Basmatnagar), The Karmala Urban Co-operative Bank (Solapur), Durga Co-operative Urban Bank( Vijayawada) because of their deteriorating financial condition. The people having an account on any of the said of the banks have to deal with those restrictions … Continue reading RBI thrusts restriction on 3 co-operative banks

It is predicted by experts than Yes bank shares may go up to Rs. 19 per piece once it blows out above Rs. 16.20 levels on closing basis. Yes bank shares have been elevating for the last couple of sessions.. On Friday session the bank stock finished 3% on the upper side, whereas in the … Continue reading Yes Bank to sell 10% of each of its share to global investors

The Institute of Banking Personnel Selection (IBPS) announced that they are recruiting for the posts of Probationary Officer/ Management Trainee posts. The online registration process is starting from today i.e. 2nd August to 22nd August, 2022 candidates which are interested for the same can apply for the same from their official website of IBPS i.e. ibps.in. … Continue reading IBPS PO Notification 2022: applications to fill 6432 vacancies start from today

Analysts are of the opinion that Yes Bank’s $1.1 billion capital lift will aid to strengthen its balance sheet and supply it with growth capital, but it may not be an easy way ahead for the bank as the aim shifts to stabilizing growth. On Friday Yes Bank declared that U.S. private equity firms Carlyle … Continue reading Rise in Yes Bank’s capital but challenges prevail

The bank said it would recover 15000 crore from bad loan during the analysts conference call post June 22-23 quarter earnings announcement last week. Union bank of India in this fiscal year expect around 15,000 crore from bad loan, most of it would come from account undergoing the insolvency resolution process, other would come from … Continue reading Union Bank expect 15,000 Crore from bad loan

Restrictions have been thrust on 4 co-operative banks namely Saibaba Janata Sahakari Bank, The Suri Friends’ Union Co-operative Bank Ltd, Suri and National Urban Co-operative Bank Ltd, Bahraich, United India Co-operative Bank Limited, Bijnor by The Indian Central Bank due to their worsening financial position. Depositors of any of these banks are restricted from withdrawing … Continue reading RBI thrusts restrictions on 4 co- operative banks

Federal bank and central board of direct taxes both are conjoined and give the offer to e-pay facilities to the direct tax paying. Federal bank had received the approval from centre to this portal.  It let the taxpayers to make a easy transaction by any way like credit/debit card, UPI, net banking, cash etc. By … Continue reading New online portal launched to pay the direct tax easier way

Citi group is a multinational investment banking companies. It provides all kind of financial and banking services in the areas it operates and it has its headquarters in New York. Citi group is predicting a yearly growth in the banking business related to the corporate sector of India to stabilize up to 10% as its … Continue reading Citi group is predicting a yearly growth in the corporate banking business  of India to stabilize up to 10%

Sberbank is a foreign bank which operates from New Delhi, India has its headquarters in Moscow, Russia. The objective of this bank is to regulate business for Indo- Russian bilateral trade. Their main objective of focus is remittance, corporate business and trade finance. The reserve bank of India demands a statement from Sberbank of Russia … Continue reading The reserve bank of India demands a statement from Sberbank of Russia for violating the banking regulations in India

By maheshwari.k The RBI is centre bank of india made two separate announcement today. First restriction imposed on four co-operative banks Saibaba Janata Sahakari Bank, The Suri Friends’ Union Co-operative Bank Ltd, Suri (West Bengal) and National Urban Co-operative Bank Ltd, Bahraich these are the four co-operative banks. RBI imposed withdrawal restriction on four co-operative … Continue reading RBI announced two separate statement

Days after declaring the strong Q1 results of the yes bank, Kotak Mahindra Bank, ICICI bank. There is expected an increase in buying interest in these said banks. Apparently ICICI Bank and Kotak Mahindra Bank are more likely to capture the attention of the bulls as compared to the Yes bank. As a result of … Continue reading Yes Bank or Kotak Mahindra Bank or ICIC Bank: Which bank shares should you buy today?

The Financial administrations organization would use the funding to expand the size of its credit book, make specialized speculations, widen its geographic reach, and advance its evenhanded of empowering monetary consideration at scale. Bhubaneshwar-based monetary administrations organization, Annapurna Finance reported raising $15 million from Proparco in Series A2 subsidizing on Friday. With the new assets, … Continue reading Annapurna Finance bags $15mn from Proparco, closes funding round at $100mn

To sharpen its clients against high-esteem check fakes, Punjab National Bank on Friday encouraged them to present the insights concerning such really looks at essentially a day prior to freedom under Positive Pay System (PPS) structure. The National Payments Corporation of India (NPCI) has fostered the PPS under which a client giving a high-esteem check … Continue reading PNB urges customers to submit details of high-value cheques before clearance

The Reserve Bank of India (RBI) desires to help out different top Indian banks to fabricate a proof-of-idea blockchain project zeroing in on exchange supporting. Among those participating in the plan to battle credit misrepresentation are HDFC Bank, ICICI Bank, and State Bank of India, as revealed by The Economic Times. The venture will give … Continue reading RBI to collaborate with Indian banks on blockchain based financing project

Interest in the Indian capital business sectors through participatory notes (P-notes) dropped to Rs 86,706 crore till May-end from the former month, while specialists say unfamiliar financial backers will turn around their offering position and return to the country’s values in the approaching 1-2 quarters. P-notes are given by enrolled Foreign Portfolio Investors (FPIs) to … Continue reading Investment via P-notes declines to Rs 86,706 cr in May

The Reserve Bank of India on Thursday declared the arrangement of Venkat Nageswar Chalasani as an individual from the Advisory Committee of Srei bunch organizations – – Srei Infrastructure Finance Limited (SIFL) and Srei Equipment Finance Limited (SEFL). The arrangement comes after the abdication of R. Subramaniakumar (who is right now named as the MD … Continue reading RBI appoints VN Chalasani as member of advisory panel for Srei group recast

The country’s biggest confidential area moneylender HDFC Bank on Tuesday declared a 0.35% increment in loaning rate. The climb, which comes a day in front of the RBI’s planned strategy survey, is the second such move from the bank in as numerous months, taking the combined climb to up to 0.60%. The RBI had shocked … Continue reading HDFC Bank hikes lending rates by 0.35%; 2nd hike in two months

The rupee shut unaltered at 77.66 against the US dollar in muffled exchange on Monday as members to a great extent remained uninvolved in front of the RBI’s strategy choice in the not so distant future. While homegrown unit acquired at first in the midst of a frail American money in the abroad market, raised … Continue reading Rupee closes flat at 77.66 against American dollar

The national bank Reserve Bank of India (RBI) dispelled any confusion by saying that it has no proposition to achieve changes to the current money and certified receipts by supplanting the substance of Mahatma Gandhi with that of others. “There are reports in specific segments of media that (RBI) is thinking about changes to existing … Continue reading RBI rubbishes reports of currency notes with faces of Tagore, Kalam

The Shares of Life Insurance Corporation of India (LIC) kept on succumbing to the fifth day running on Monday and further declined by almost 3%, hauling its market valuation beneath the Rs 5 lakh crore-mark. The stock fell by 2.86 percent to end at Rs 777.40 each on BSE. During the day, it failed 3.10 … Continue reading LIC shares decline for 5th day; mcap falls below Rs 5 lakh crore-mark

Markets controller Sebi on Friday forced punishments on three people for infringement of insider exchanging standards the portions of Titan Company Ltd during the April 2018 to March 2019 period when they were assigned representatives. A fine of Rs 1 lakh each has been forced on G S Saravanan, Ashik M P and V L … Continue reading Sebi penalises 3 for violations in Titan share trades

India (NewsVoir) State Bank of India’s Chairman, Dinesh Khara hailed off “SBI Sanjeevani-Clinic on Wheels”, a versatile clinical unit project at State Bank Bhavan, Mumbai. A clump of 5 such Mobile Medical Units were hailed off to give essential medical care administrations in the States of Arunachal Pradesh, Bihar, Haryana, Madhya Pradesh and Uttarakhand. SBI … Continue reading SBI chairman flags off mobile medical unit project

Market benchmark Sensex declined more than 233 focuses on Friday, stretching out its misfortunes to a third day as list majors HDFC Bank, TCS and Infosys went down in the midst of a blended pattern in worldwide values. The 30-share BSE benchmark dropped 233.48 focuses or 0.41 percent to settle at 57,362.20. During the day, … Continue reading Sensex, Nifty decline for 3rd day as HDFC Bank, TCS slide

The Reserve Bank of India has approved the appointment of Ittira Davisas managing director and chief executive officer (MD & CEO) of Ujjivan Small Finance Bank for a one-year tenure. He will take charge of the extended tenure from January 14, 2022. The post has been vacant for three months following the sudden exit of incumbent Nitin Chugh. Before joining … Continue reading RBI approves appointment of Ittira Davis as MD & CEO of Ujjivan SFB

The Small Industries Development Bank of India (SIDBI), the country’s main financial institution for promoting, financing, and developing micro, small, and medium-sized enterprises (MSMEs), has approved Rs 650 crore in funding for two small finance banks (SFBs), AU Small Finance Bank and Jana Small Finance Bank. SIDBI said in a statement on Tuesday that it … Continue reading SIDBI sanctions RS 650 crore to small finance banks

The Reserve Bank of India has proposed modifications to the valuation of bank investments, including loosening limits on a major class of long-term investments that are protected from frequent valuation changes while tightening rules on transferring securities across classes. A discussion paper released late Friday by the Reserve Bank of India proposes lifting limitations on … Continue reading RBI proposes relaxing key investment class rules

According to sources, the proposed merger of the debt-ridden Punjab and Maharashtra Cooperative Bank with Unity Small Finance Bank (USFB) is being investigated, and the merger procedure would begin following government clearance. Various parts of the amalgamation proposal have been evaluated, and the government will soon convey any recommendations to the RBI, according to sources. … Continue reading PMC Bank, Unity Small Finance Bank merger awaits government approval

The top-five grounds of complaints received at the Office of Banking Ombudsman during July 2020 – March2021, according to an RBI report, were ATM/debit cards, mobile/electronic banking, credit failure to meet commitment, and non-observance of fair code practices. It covers activities under the banking ombudsmen scheme, 2006 (BOS), the Ombudsmen Scheme for Non-Banking Financial Companies, … Continue reading Complaints related to cards, net banking, and fair practices rose during FY21: RBI 

Former RBI governor Urjit Patel was named vice president for investment operations in South Asia at Asian Infrastructure Investment Bank (AIIB) on Tuesday, succeeding Gujarat bureaucrat D.J. Pandian. The appointment of Patel will be effective from February 1, AIIB said in a statement. He takes over from D Jagatheesa Pandian, a Gujarat cadre IAS official who served … Continue reading Ex-RBI governor Urjit Patel appointed as vice president of AIIB

The Reserve Bank of India’s move to provide financial technology companies access to data from credit bureaus is expected to bring a previously uncontrolled sector under regulatory scrutiny. However, analysts believe that the new rules will benefit only a few corporations, and that worries about data protection will remain unresolved. Until now, only regulated businesses, … Continue reading RBI rules likely to help only a few fintechs

Deposits in bank accounts registered under the government’s Jan Dhan initiative, which was introduced roughly seven and a half years ago, have surpassed Rs 1.5 lakh crore. The total balance in approximately 44.23 million Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts was Rs 1,50,939.36 crore at the end of December 2021, according to the latest … Continue reading Deposits in Jan Dhan accounts cross Rs 1.5 lakh crore

Finance Minister Nirmala Sitharaman assessed the financial sector’s ability to deal with any potential interruptions caused by the Omicron COVID-19 variation on Friday. After a virtual conference with CEOs of public-sector banks, Nirmala Sitharaman spoke with Reserve Bank of India governor Shaktikanta Das about the post-pandemic economic recovery and preparation of the sector in the … Continue reading Finance Minister reviews PSBs’ readiness to tackle any disruptions due to Omicron

Finance Minister Nirmala Sitharaman assessed the financial sector’s ability to deal with any potential interruptions caused by the Omicron COVID-19 variation on Friday. After a virtual conference with CEOs of public-sector banks, Nirmala Sitharaman spoke with Reserve Bank of India governor Shaktikanta Das about the post-pandemic economic recovery and preparation of the sector in the … Continue reading Finance Minister reviews PSBs’ readiness to tackle any disruptions due to Omicron

The finance ministry distributed Rs 9,871 crore in monthly revenue deficit grants to 17 states on Thursday. In the current fiscal year, a total of Rs 98,710 crore has been released to 17 states as a post-devolution revenue deficit grant. Andhra Pradesh, Assam, Haryana, Himachal Pradesh, Karnataka, Kerala, Manipur, Meghalaya, Mizoram, Nagaland, Punjab, Rajasthan, Sikkim, … Continue reading Centre releases 10th installment of revenue deficit grant worth Rs 9,871 crore to 17 states

India splurged a record $55.7 billion on gold imports in 2021, buying more than double the previous year’s tonnage as a price drop favoured retail buyers and pent-up demand emerged for weddings that were delayed when the pandemic first hit. A senior government official who sought anonymity as he was not authorised to speak to … Continue reading ‘India spent record $55.7 bn on gold imports in 2021’- Govt source