Page 508 - Finance News
LIC paid Rs 1.34 trn as claims to policyholders in FY21, marking growth
State-owned insurer said it procured 2.1 crore policies in FY21, out of which 46.72 lakh were in March
 "LIC paid Rs 1.34 trn as claims to policyholders in FY21, marking growth")
IL&FS case complexities reveal what India's resolution mechanism is lacking
A stretched rescue process reveals critical deficiencies in India Inc's corporate layering and resolution mechanism worsened by the pandemic
 "IL&FS case complexities reveal what India's resolution mechanism is lacking")
Paytm Payments Bank becomes the largest beneficiary on UPI platform
With 469.84 mn transactions in March it is ahead of the country's largest lender SBI and private lenders such as Yes Bank, ICICI Bank, Axis Bank and HDFC Bank
 "Paytm Payments Bank becomes the largest beneficiary on UPI platform")
'Father of banking reforms': Ex-RBI governor M Narasimham passes away at 94
Narasimham also founded the credit planning cell in RBI, which became the monetary policy department
 "'Father of banking reforms': Ex-RBI governor M Narasimham passes away at 94")
A brief look at REPCO, the latest universal bank licence candidate
Repco Bank would approach the private sector for investments. However, it is yet to start such exercise.
 "A brief look at REPCO, the latest universal bank licence candidate")
Troubled by outages, HDFC Bank to use cutting-edge tech across businesses
In the letter to staff, CEO Sashi Jagdishan lists initiatives such as infra scalability, strengthening monitoring its Data Centre, and improving firewalls
 "Troubled by outages, HDFC Bank to use cutting-edge tech across businesses")
RBI constitutes six-member panel headed by former ED to review ARCs
The panel will recommend suitable measures for enabling such entities to meet the growing requirements of the financial sector
 "RBI constitutes six-member panel headed by former ED to review ARCs")
Covid-19 surge may hit securitisation in the near term, says Crisil
FY21 volumes below Rs 1 trn as against Rs 1.9 trn in FY20
 "Covid-19 surge may hit securitisation in the near term, says Crisil")
HDFC Bank embarks on 'Technology Transformation Agenda': MD tells employees
Having faced multiple episodes of digital banking glitches in the last two years, HDFC Bank has embarked on a 'Technology Transformation Agenda' to provide safe and secure banking services
 "HDFC Bank embarks on 'Technology Transformation Agenda': MD tells employees")
Cheque bouncing up in April during second wave of Covid-19: HDFC Bank
Ehile cheque returns in April have risen slightly, it this does not necessarily point to a trend, say bank officials
 "Cheque bouncing up in April during second wave of Covid-19: HDFC Bank")
NBFCs seek extension of MSME restructuring scheme till March 2022
NBFCs have requested the Reserve Bank to extend the one-time restructuring scheme of MSME advances till March 31, 2022, as these players are unable to revive their businesses
 "NBFCs seek extension of MSME restructuring scheme till March 2022")
HDFC Bank Q4 net profit rises 18% YoY to Rs 8,186 crore
The lender's board of directors decided against declaring any dividend for FY21 in light of the second coronavirus wave
 "HDFC Bank Q4 net profit rises 18% YoY to Rs 8,186 crore")
US lawmakers welcome India's move to increase FDI in insurance to 74%
Two influential US lawmakers have applauded the Indian government's move to increase foreign direct investment in the insurance sector
 "US lawmakers welcome India's move to increase FDI in insurance to 74%")
Citi may be spoilt for choice for consumer business suitors: Analysts
Process may take more than a year to complete, say analysts; business as usual as of now
 "Citi may be spoilt for choice for consumer business suitors: Analysts")
Citigroup's retreat highlights global banks' struggle in China, India
Increased rivalry from domestic lenders, especially in consumer financing, and competition for top talent contribute to challenges.
 "Citigroup's retreat highlights global banks' struggle in China, India")
India has been exemplary in publishing forex intervention: US report
It said that like most emerging market currencies, the rupee was buffeted in 2020 by substantial swings in global risk appetite and associated shifts in capital flows
 "India has been exemplary in publishing forex intervention: US report")
US keeps India, 10 others in the currency practices monitoring list
Other countries named by the Department of Treasury in its quarterly report to Congress, the first under the Biden administration, are Ireland, Malaysia, Singapore, Thailand and Mexico
 "US keeps India, 10 others in the currency practices monitoring list")
MFIs prepared to deal with disruptions due to rising Covid cases: MFIN CEO
The microfinance sector is unlikely to face major challenges from the second wave of COVID-19 and is well prepared to face any disruption, Microfinance Institutions Network (MFIN) CEO Alok Misra said.
 "MFIs prepared to deal with disruptions due to rising Covid cases: MFIN CEO")
Covid-19: MFIs to face asset quality pressures in near term, says report
The microfinance industry is likely to face asset quality pressures in the near term due to the recent surge in COVID-19 infections and localised restrictions, says a report.
Four entities apply for universal bank, four others for SFB licence
Entity backed by Flipkart co-founder Sachin Bansal announced its intent for universal bank in Jan 2020