Page 561 - Finance News
NBFCs need access to credit history like banks, says Gunit Chadha
NBFCs don't have an equivalent body to represent their well-filtered voice with the regulators and government, says APAC Financial Services founder
 "NBFCs need access to credit history like banks, says Gunit Chadha")
Covid-19 crisis: Bank credit shrinks by over Rs 54,000 cr in August
According to Reserve Bank of India data, the year-on-year growth in credit was 5.5% for the fortnight ended August 28, 2020
 "Covid-19 crisis: Bank credit shrinks by over Rs 54,000 cr in August")
Banks sanction loans of Rs 1.6 trn to 4.2 mn MSMEs under ECLGS scheme
The scheme is the biggest fiscal component of the Rs 20-trillion Aatmanirbhar Bharat Abhiyan package announced by Finance Minister Nirmala Sitharaman in May
 "Banks sanction loans of Rs 1.6 trn to 4.2 mn MSMEs under ECLGS scheme")
SBI Card to enrol 'delinquent' customers in restructuring plans: MD
According to the company, it had Rs 7,083 crore under moratorium in May which came down to Rs 1,500 crore in June
 "SBI Card to enrol 'delinquent' customers in restructuring plans: MD")
UCO Bank yet to undertake asset quality study, cites SC order for delay
UCO Bank MD and CEO A K Goel had earlier said the lender would like to ascertain its asset quality, once the moratorium period ceases on August 31
 "UCO Bank yet to undertake asset quality study, cites SC order for delay")
Banks need to increase focus on AI, data management, talent creation: IDRBT
Established by the Reserve Bank of India (RBI) in 1996, IDRBT spearheads efforts in providing state-of-the-art technologies for the country''s banking and financial sector
 "Banks need to increase focus on AI, data management, talent creation: IDRBT")
RBI refuses to sell another batch of 10-year bonds at market ask
This is the third straight auction of 10-year bonds that has devolved, leaving the market perplexed
 "RBI refuses to sell another batch of 10-year bonds at market ask")
Union Bank plans to raise Rs 2,000 crore by issuing Tier-II bonds
The bank also has flexibility to raise additional equity from the market, with government stake at 89.1 per cent as of June 30
 "Union Bank plans to raise Rs 2,000 crore by issuing Tier-II bonds")
Currency in circulation rises 24% as people hoard cash, shows RBI data
Total currency with the public stood at Rs 25.83 trillion as of August 28, as against Rs 23.49 trillion at the end of March 31, 2020
 "Currency in circulation rises 24% as people hoard cash, shows RBI data")
Banks' chief compliance officers to report to CEO, board committee: RBI
The new norm is at variance with what was suggested in the discussion paper on governance in commercial banks released by RBI in June 2020
 "Banks' chief compliance officers to report to CEO, board committee: RBI")
ED fines Standard Chartered Rs 100 cr for FEMA breach, penalises two others
TamilNad Mercantile Bank slapped with Rs 17 cr penalty, its former chief told to cough up Rs 35 cr
 "ED fines Standard Chartered Rs 100 cr for FEMA breach, penalises two others")
RBI lays down guidelines for banks to appoint chief compliance officers
RBI laid down guidelines for appointment of chief compliance officer (CCO) in banks to ensure uniform approach with regard to compliance and risk management culture across the banking industry
 "RBI lays down guidelines for banks to appoint chief compliance officers")
Reserve Bank of India issues new compliance guidelines for banks
RBI issued new guidelines for banks to tighten their compliance functions and ensure that chief compliance officers follow the best industry practices as required by supervisory expectations
5 reasons why Morgan Stanley is bullish on ICICI, Axis and HDFC Bank
Morgan Stanley believes the banks could provide aggressively for bad loans (unlike the banking system) and accelerate the pace of loan market share gains as the economy stabilizes
 "5 reasons why Morgan Stanley is bullish on ICICI, Axis and HDFC Bank")
ARCs facing slowdown in recoveries due to failed auctions amid Covid: Icra
The ratings of security receipts (SRs) issued by ARCs have seen downgrades due to delay in recoveries and decline in expected recovery value on the SRs
 "ARCs facing slowdown in recoveries due to failed auctions amid Covid: Icra")
YES Bank returns Rs 50,000 cr special funding to RBI way ahead of due date
RBI had extended special funding support as a part of restructuring scheme to rescue the ailing bank
 "YES Bank returns Rs 50,000 cr special funding to RBI way ahead of due date")
Govt sets up panel to study calls for giving interest relief on bank loans
Three-member committee led by Rajiv Mehrishi to measure impact on economy on the 'waiving of interest and waiving of interest'
 "Govt sets up panel to study calls for giving interest relief on bank loans")
ICICI Prudential Life partners with NSDL Payments Bank to offer insurance products
ICICI Prudential Life Insurance has entered into a corporate agency agreement with NSDL Payments Bank, a subsidiary of National Securities Depository Ltd (NSDL).
 "ICICI Prudential Life partners with NSDL Payments Bank to offer insurance products")
State Bank of India raises Rs 4,000 cr via AT1 bonds at a coupon of 7.74%
State Bank of India (SBI) has sold Rs 4,000 crore of the Basel compliant additional tier one (AT1) bonds at a coupon of 7.74%
SC adjourns hearing on loan moratorium as RBI seeks time to file affidavit
The apex court ordered that all decisions taken by the RBI, the Government of India or the banks be placed before it for consideration
 "SC adjourns hearing on loan moratorium as RBI seeks time to file affidavit")