Page 547 - Finance News
Status quo policy regardless of late MPC member induction: Experts
While new members will be domain experts, it would be too early for them to properly grasp of the situation once they get to see a tiny picture of the real economic scene at hand
 "Status quo policy regardless of late MPC member induction: Experts")
Bank credit up 5.26% to Rs 102.24 trn, deposits rise 11.98%: RBI data
In the fortnight ended September 13, 2019, bank credit was at Rs 97.13 trillion and deposits at Rs 127.22 trillion
 "Bank credit up 5.26% to Rs 102.24 trn, deposits rise 11.98%: RBI data")
SBI relocates financial inclusion to Delhi for better synergy with govt
State Bank of India (SBI) on Friday relocated the financial inclusion and micro market (FI&MM) division from its Mumbai corporate office to the national capital.
 "SBI relocates financial inclusion to Delhi for better synergy with govt")
PSBs on-board 10 mn account holders on digital payment modes in a month
The campaign, aimed at encouraging customers to use digital banking channels, was launched on August 15 under the aegis of the government's Digital India initiative
IDFC First Bank to launch contactless debit card payment on phone next week
SafePay enables contactless payments of up to Rs 2,000 per transaction and up to a limit of Rs 20,000 per day
 "IDFC First Bank to launch contactless debit card payment on phone next week")
Banks sanctioned Rs 1.77 trn to MSMEs under ECLGS: Nirmala Sitharaman
Nirmala Sitharaman said that around Rs 1.77 trn credit has been sanctioned by PSBs and private banks to MSMEs and individuals reeling under the slowdown caused by the coronavirus pandemic
 "Banks sanctioned Rs 1.77 trn to MSMEs under ECLGS: Nirmala Sitharaman")
RBI tells urban co-op banks to adopt more robust cyber security infra
Apex bank aims to bring the largest UCBs at par with other banks that run a full gamut of protection against online threats
 "RBI tells urban co-op banks to adopt more robust cyber security infra")
Banks sanction loans worth Rs 1.77 trn to 4.4 mn MSMEs under ECLGS scheme
The latest numbers on ECLGS, as released by the Finance Ministry, comprise disbursements by all 12 public sector banks (PSBs), 24 private sector banks and 31 non-banking financial companies (NBFCs)
 "Banks sanction loans worth Rs 1.77 trn to 4.4 mn MSMEs under ECLGS scheme")
Covid-19: Indian banking system to be among the last to recover, says S&P
Path to recovery will be more painful and banks' recovery to long-term averages for key asset quality and profitability ratios will take years, it added
 "Covid-19: Indian banking system to be among the last to recover, says S&P")
Banks working to speed up ICA process for resolution of stressed loans: IBA
Indian Banks' Association chief executive Sunil Mehta said a draft on the same has been already given to banks for their suggestions
 "Banks working to speed up ICA process for resolution of stressed loans: IBA")
Shift towards digital banking is going to be permanent: SBI Chairman
However, physical branches will remain as visibility helps, he added
 "Shift towards digital banking is going to be permanent: SBI Chairman")
A year later, PMC Bank depositors still struggling to get their money back
PMC Bank depositors have spent the last one year holding protests, meeting politicians, writing to various authorities in an effort to get their hard-earned money back.
 "A year later, PMC Bank depositors still struggling to get their money back")
RBI to intervene to prevent Rupee gains despite signs of leniency: ICICI
The Reserve Bank of India's forex strategy has been in sharp focus after it stepped away from dogged dollar buying amid large inflows
 "RBI to intervene to prevent Rupee gains despite signs of leniency: ICICI")
Home, auto loan inquiry back to 2019 level, yet to reach pre-Covid mark
In home loans, inquiry volumes were at 112 per cent of July-August 2019 levels
 "Home, auto loan inquiry back to 2019 level, yet to reach pre-Covid mark")
RBI appoints new administrator of PMC Bank; no revival plan for bank as yet
The present administrator, JB Bhoria, stepped down from his role as the administrator of the bank due to health reasons
 "RBI appoints new administrator of PMC Bank; no revival plan for bank as yet")
SBI to levy 1% more on working capital under debt restructuring
Any concessions provided during the resolution period will result in right of recompense
 "SBI to levy 1% more on working capital under debt restructuring")
Banks may recast Rs 2-trillion loans, says SBI chairman Rajnish Kumar
India Ratings had earlier said banks may have to restructure loans worth Rs 8.4 trillion
 "Banks may recast Rs 2-trillion loans, says SBI chairman Rajnish Kumar")
Compliance officer for banks prescriptive, not right thing: Ex-SBI MD
Earlier this month, the RBI asked banks to appoint chief compliance officers (CCO) with a view to getting uniformity in the approach followed by lenders
 "Compliance officer for banks prescriptive, not right thing: Ex-SBI MD")
NBFC-MFIs' loan disbursement drops 96% to Rs 570 cr in June quarter
Average loan amount disbursed per account during the June 2020 quarter was Rs 27,996, an increase of around 4 per cent against the year-ago period
HDFC Bank loan restructuring: Who is eligible, how to apply, what's the fee
Here are key details about HDFC's loan restructuring offer as published on its website
 "HDFC Bank loan restructuring: Who is eligible, how to apply, what's the fee")