Page 512 - Finance News
Under Modi regime, private banks outnumber PSBs on new rural branches
Since 2014, public sector banks' branch network in rural and semi urban has grown by a mere 4,000 - from 49,859 in 2014 to 53,467 while for private sector banks, it doubled from 9,673 to 18,437
 "Under Modi regime, private banks outnumber PSBs on new rural branches")
NBFCs seek easing of rules on NACH mandate cancellation
NBFC industry body says this facility should work on "best effort" basis and not be made mandatory as most customers are not tech-savvy and are not comfortable with electronic platforms
 "NBFCs seek easing of rules on NACH mandate cancellation")
Capital infusion into PSBs: Preparatory work for privatisation starts
Buoyant market may gradually reduce PSBs' dependence on government for funds
 "Capital infusion into PSBs: Preparatory work for privatisation starts")
HDFC increases rates on FD with different maturities up to 25 bps
Mortgage lender HDFC Ltd has increased interest rates on its various fixed deposit products having different maturities by up to 25 basis points (bps) with effect from March 30.
 "HDFC increases rates on FD with different maturities up to 25 bps")
Bank credit to grow 10% in FY22 on GDP expansion, policy measures: Crisil
NBFCs focused on gold loans and mortgages will be the least affected by the setbacks, Crisil report said
 "Bank credit to grow 10% in FY22 on GDP expansion, policy measures: Crisil")
Walmart's PhonePe leads UPI payments, crosses 1 bn transactions in March
The development comes at a time when UPI has broken a new record, crossing Rs 5 trillion in value in March across 2.73 billion transactions
 "Walmart's PhonePe leads UPI payments, crosses 1 bn transactions in March")
Stressed and not showing: Covid-19 relief hides true picture about banks
Banks seem to be doing better as India's economy recovers from the Covid-19 devastation. But be prepared for shocks when a true picture emerges, writes Devangshu Datta
 "Stressed and not showing: Covid-19 relief hides true picture about banks")
Indian Bank declares IL&FS and 7 other loan accounts as fraudulent
In a disclosure to the BSE, the bank said it had provided a sum of Rs 129.97 crore as on December 31, 2020 for the loans to seven domestic borrowers
 "Indian Bank declares IL&FS and 7 other loan accounts as fraudulent")
Govt-owned Indian Bank declares 8 loan accounts as fraud, including IL&FS
Government-owned Indian Bank has declared bad loans amounting Rs 202.32 crore to seven domestic borrowers and $5.289 million lent to a foreign company as fraud
 "Govt-owned Indian Bank declares 8 loan accounts as fraud, including IL&FS")
RBI gives payment firms 6-month breather to comply with new framework
Earlier, the RBI had asked the payment aggregators to stop storing card details within their database as per its March 2020 guidelines that were to take effect from July this year
 "RBI gives payment firms 6-month breather to comply with new framework")
Explained: How State Bank of India regained its footing on the bourses
India's largest bank is now the most valuable state-owned entity, even as other public sector firms struggle to retain their place on the bourses
 "Explained: How State Bank of India regained its footing on the bourses")
Data breach allegations: MobiKwik forensic audit gets moving on RBI order
Payments firm says working closely with requisite authorities to conduct independent audit
 "Data breach allegations: MobiKwik forensic audit gets moving on RBI order")
Auto-debit payments: RBI extends timeline for implementation of new rules
The new norms were supposed to kick in from April 1 but neither banks nor the other stakeholders in the ecosystem had readied their system
 "Auto-debit payments: RBI extends timeline for implementation of new rules")
SBI inks $1-bn loan agreement with Japan Bank for International Cooperation
This takes the total facility to $2 bn, including $1 bn, which was signed last year in Oct 2020
 "SBI inks $1-bn loan agreement with Japan Bank for International Cooperation")
Govt to infuse Rs 14,500 crore in 4 banks, issue recapitalisation bonds
Special securities shall be non-interest bearing and no interest shall be payable on issue of the securities
 "Govt to infuse Rs 14,500 crore in 4 banks, issue recapitalisation bonds")
Second Covid-19 wave and lockdown lesser disruptors for banking sector
Valuations may not correct much here on as Street factors for less than 10 per cent growth for FY22
 "Second Covid-19 wave and lockdown lesser disruptors for banking sector")
Franklin unitholders to get Rs 1,200 cr in second tranche next week
Sources said SBI Funds Management will distribute the proceeds to unitholders following liquidation of some securities held under the scheme
 "Franklin unitholders to get Rs 1,200 cr in second tranche next week")
RBI extends deadline for processing auto-debit payments by 6 months
To make digital payments in India 'safe and secure', RBI had earlier made Additional Factor of Authentication mandatory after March 31
 "RBI extends deadline for processing auto-debit payments by 6 months")
Increased participation in NDF market a concern for RBI's forex management
Banks had informed RBI on surge in carry trade at a meeting last week
 "Increased participation in NDF market a concern for RBI's forex management")
Leading private banks to cancel auto-debit payments from April 1
RBI to fine Rs 5 lakh per instance of lapse. Given that millions of bank customers use the auto-debit facility, banks were staring at hundreds of crores in fines
 "Leading private banks to cancel auto-debit payments from April 1")