Page 543 - Finance News
RBI announces a mix of unconventional steps to check borrowing costs
Das doubled the size of open-market bond purchases to $2.7 billion, offered to buy state debt, and also ease a corporate cash crunch through a Rs 1 trn of targeted long-term funds available on tap
 "RBI announces a mix of unconventional steps to check borrowing costs")
RBI Policy: Most decision by Reserve Bank in line with expert views
The RBI sees India's real GDP contracting by 9.5 per cent in the ongoing fiscal year, and economic growth only turning positive in the final January-March quarter
 "RBI Policy: Most decision by Reserve Bank in line with expert views")
RBI MPC votes to keep key rates unchanged, maintains accommodative stance
Mood of the nation has shifted to confidence & hope, says RBI Governor Shaktikanta Das
 "RBI MPC votes to keep key rates unchanged, maintains accommodative stance")
Life insurers see 16% growth in new business premiums in September quarter
New business premiums of life companies rose 26% in September, with LIC leading the way
 "Life insurers see 16% growth in new business premiums in September quarter")
Credit growth slows down to 5.14%, shows signs of pickup sequentially
The credit of commercial banks stood at Rs 97.68 trillion as on September 27, 2019
 "Credit growth slows down to 5.14%, shows signs of pickup sequentially")
PE investors, foreign banks taking majority stakes may rescue old pvt banks
Several of these banks were placed under the Prompt Corrective Action (PCA) framework of additional regulator scrutiny but this does not seem to have stemmed the rot
 "PE investors, foreign banks taking majority stakes may rescue old pvt banks")
Lakshmi Vilas Bank gets indicative non-binding offer from Clix Group
The bank's weakening performance, rising slippages in corporate book and the impact on profitability and risk-weighted asset portfolio may further increase capital requirement
 "Lakshmi Vilas Bank gets indicative non-binding offer from Clix Group")
Banks sanction Rs 1.87 trn to 5.07 mn MSMEs under credit guarantee scheme
The Finance Ministry said banks have sanctioned loans of about Rs 1,87,579 crore to 5.07 mn business units under the Rs 3-lakh crore ECLGS for MSMEs impacted by slowdown caused by the pandemic
 "Banks sanction Rs 1.87 trn to 5.07 mn MSMEs under credit guarantee scheme")
SBI biz at 80% of pre-Covid level, says new chairman Dinesh Kumar Khara
Khara's appointment as chairman of SBI was made official by the ministry of finance on Tuesday
 "SBI biz at 80% of pre-Covid level, says new chairman Dinesh Kumar Khara")
Bandhan Bank's collection efficiency ratio at 92 per cent in September
Collection efficiency ratio of private lender Bandhan Bank touched 92 per cent as on September 2020, the bank said in a regulatory disclosure on Wednesday
 "Bandhan Bank's collection efficiency ratio at 92 per cent in September")
SBI is future-ready and in Dinesh Khara's safe hands: Rajnish Kumar
Kumar's last day in office was on October 6. He had been in the bank as chairman for three years and served it in various capacities for almost 40 years
 "SBI is future-ready and in Dinesh Khara's safe hands: Rajnish Kumar")
Indian banks say govt interest waiver will add to costs, spark litigation
The change will waive the compounded interest component on small business loans and some personal debts from March to August
 "Indian banks say govt interest waiver will add to costs, spark litigation")
Reserve Bank's monetary policy decision to be announced on Friday
With three external members of MPC appointed, the committee will meet from October 7 to October 9
 "Reserve Bank's monetary policy decision to be announced on Friday")
Axis Bank joins India's top private lenders to offer pay hikes up to 12%
Axis Bank Ltd. will increase staff salaries between 4% and 12% from Oct. 1 based on performance, according to people with knowledge of the plans
 "Axis Bank joins India's top private lenders to offer pay hikes up to 12%")
Jayanth Varma, Ashima Goyal, Shashanka Bhide: New members of RBI MPC
The three new members represent a diversity of experience and have engaged with policy making through their careers
Indian banks face tough operating environment in near term: Fitch
Fitch Ratings on Tuesday said Indian banks face a tough operating environment in the near term as stressed loans and write-offs increase due to the economic fallout from the coronavirus pandemic
 "Indian banks face tough operating environment in near term: Fitch")
New members give RBI's MPC dovish tilt; to hold rates on Oct 9: Analysts
Rising inflation, according to economists, is another cause for concern
RBI widely expected to keep rates steady at MPC meeting ending Friday
The RBI said it will hold the MPC meeting from Oct 7 to Oct 9, having delayed it by a week in order to give the government time to appoint three new external members to the panel
 "RBI widely expected to keep rates steady at MPC meeting ending Friday")
SBI looking to hive off Yono into separate subsidiary, says Rajnish Kumar
He said once Yono becomes an independent entity then even SBI would become its user or one of the users.
 "SBI looking to hive off Yono into separate subsidiary, says Rajnish Kumar")
YES Bank plans to bring down credit-to-deposit ratio to below 100% by March
The lender, which is an associate of State Bank of India, disbursed Rs 3,795 crore to the retail segment during July-September.
 "YES Bank plans to bring down credit-to-deposit ratio to below 100% by March")