Page 474 - Finance News
Bank of Baroda ED SL Jain appointed as Indian Bank MD & CEO
Bank of Baroda on Monday said Shanti Lal Jain would cease to be its executive director from September due to his appointment as the MD & CEO of Indian Bank
 "Bank of Baroda ED SL Jain appointed as Indian Bank MD & CEO")
RBI issues direction on compensation of private banks' top officials
RBI said fair value of the share-linked incentives paid to officials by the private banks should be recognised as an expense during the relevant accounting period
 "RBI issues direction on compensation of private banks' top officials")
Moody's assigns B1(hyb) rating to Axis Bank's proposed AT-I capital bonds
Moody's on Monday rated Axis Bank's proposed additional tier I capital bonds, as part of its GMTN programme, three notches below its BCA and adjusted BCA, on the back of likelihoods of impairment.
 "Moody's assigns B1(hyb) rating to Axis Bank's proposed AT-I capital bonds")
Depositors of stressed banks to get up to Rs 5 lakh back from Nov 30
Depositors of stressed banks like Punjab & Maharashtra Cooperative (PMC) Bank are now set to get up to Rs 5 lakh back from November 30 as the government has notified the amendment to the DICGC Act
 "Depositors of stressed banks to get up to Rs 5 lakh back from Nov 30")
Chennai-based NBFC Shriram City looks to disburse up to Rs 23K cr in FY22
Chennai-based non-banking finance company Shriram City Union Finance (Shriram City) is eyeing total disbursements of Rs 22,000-23,000 crore in the current financial year, a top company official said.
 "Chennai-based NBFC Shriram City looks to disburse up to Rs 23K cr in FY22")
Moody's assigns B1(hyb) to Axis Bank's proposed AT1 capital securities
Moody's has assigned B1(hyb) rating to Axis Bank Ltd GIFT City branch's proposed USD-denominated, undated, non-cumulative and subordinated additional tier 1 (AT1) capital securities
 "Moody's assigns B1(hyb) to Axis Bank's proposed AT1 capital securities")
How Google's push into Indian retail banking challenges traditional lenders
Google Pay wants to push time-deposit products of small Indian banks, breaching banks' historic moat with tech innovation.
 "How Google's push into Indian retail banking challenges traditional lenders")
430 million Jan Dhan accounts have Rs 1.46 trillion, shows data
Seven years after the initiative was launched, the average deposit per account is Rs 3,398, which has increased 2.7 times over August 2015
 "430 million Jan Dhan accounts have Rs 1.46 trillion, shows data")
GIC Housing Finance's bad loans spike to 11.4% in Q1, solvency weakens
The deterioration in the asset quality would further impact GICHF's earnings profile, and consequently, its internal capital generation
 "GIC Housing Finance's bad loans spike to 11.4% in Q1, solvency weakens")
Government extends tenure of UCO Bank's MD, CEO for 2 years
State-owned UCO Bank on Saturday said the government has extended the term of its MD and CEO Atul Kumar Goel for two years.
 "Government extends tenure of UCO Bank's MD, CEO for 2 years")
RBI raises incentive for banks for distribution of coins to public
The Reserve Bank of India has increased incentives for banks for the distribution of coins to the general public to Rs 65 per bag with effect from September 1.
 "RBI raises incentive for banks for distribution of coins to public")
FM promises Rs 1,300 crore development package for Tripura tribal areas
Sitharaman said the Rs 1300-crore project with World Bank funding would ensure an all-round development in the Tribal areas
 "FM promises Rs 1,300 crore development package for Tripura tribal areas")
Sebi bars Kotak AMC from launching FMPs for six months, imposes fine
Firm told to cough up Rs 50 lakh for violation of the provisions of Sebi Act, MF Regulations, 1996
 "Sebi bars Kotak AMC from launching FMPs for six months, imposes fine")
RBI holds talks with SFBs on enhanced board oversight, risk management
Analysts say while most SFBs set up robust networks the past 3-4 years, they were hit badly by Covid-19 pandemic, and will need time to ramp up CASA deposits and secured credit
 "RBI holds talks with SFBs on enhanced board oversight, risk management")
Public finance of states to improve in FY22 over earlier projections: IndRa
Expects higher gross domestic product at current prices and revenues in the current financial year than projected earlier, despite impact of the second wave of Covid-19
 "Public finance of states to improve in FY22 over earlier projections: IndRa")
As Covid-19 second wave wanes, credit card spending rises in India
HDFC Bank plans to aggressively issue cards after central bank withdraws ban, helping sector to make more gains.
 "As Covid-19 second wave wanes, credit card spending rises in India")
RBI imposes Rs 6 crore penalty on four White Label ATM operators
The RBI on Friday said it has imposed penalties totalling Rs 6 crore on four White Label ATM operators for deficiencies in regulatory compliance
 "RBI imposes Rs 6 crore penalty on four White Label ATM operators")
Properties worth Rs 500 crore of Nirav Modi firms restored to PNB
A special court here on Friday allowed 'restoration' of properties worth Rs 500 crore of fugitive jeweler Nirav Modi 's firms to Punjab National Bank
 "Properties worth Rs 500 crore of Nirav Modi firms restored to PNB")
Remittances to Nepal: RBI hikes per transaction cap to Rs 2L from Rs 50,000
Reserve Bank on Friday hiked the ceiling on remittances per transaction from India to Nepal to Rs 2 lakh from Rs 50,000
IDBI Bank board approves divesting entire 19% stake in ARCIL
IDBI Bank on Friday said its board has okayed a proposal to divest its entire stake of over 19 per cent in ARCIL
 "IDBI Bank board approves divesting entire 19% stake in ARCIL")