Page 578 - Finance News

Digital transactions could reach Rs 15 trillion a day by 2025: RBI

Daily transactions average 100 million now for a volume of Rs 5 trillion; just before Covid, they daily were averaging 125 million a day, or more than five times the volume in June 2016

WhatsApp to partner with more Indian banks in financial inclusion push

WhatsApp will also expand pilot projects with banking and other partners to cover financial services such as pensions and insurance

Mobile banking may become most preferred channel, says SBI's Rajnish Kumar

Out of 100 transactions at SBI, only 9 transactions are being made in branches

5G to give opportunities to expand financial coverage: IDFC First Bank head

Availability of high-speed internet in rural areas will present huge opportunities and help improve the penetration of financial services in the country, IDFC First Bank MD and CEO V Vaidyanathan said

NPCI updates UPI with auto pay feature for smoother recurring transactions

The feature needs customer mandates for these recurring payments to be made. Mandates can be set up with a frequency of user's choice such as daily weekly, monthly or annually

Banks need to be recapitalised as moratorium ends on Aug 31: SBI report

Banks have to improve governance and sharpen their risk management skills, says research report.

SBI Life Insurance pre-tax profit up 2.6% to Rs 387.68 crore in Q1

The value of new business was down 29 per cent year on year to Rs 240 crore.

Axis Bank Q1 profit down 19% on higher provisions, other income also dips

Gross non-performing assets (GNPA) stood at 4.72 per cent, compared with 5.25 per cent in the year ago quarter and 4.86 per cent in the fourth quarter

Why don't PSBs invoke personal guarantees? SC questions govt on bad loans

Plea in SC claimed around Rs 1,900 crore are lost every day due to PSBs not invoking personal guarantees of big corporate loan defaulters.

Bankers divided on extending moratorium, fear potential spike in bad loans

Without regulatory intervention, slippages could surge 300 bps

Plea to release Rs 5L to PMC bank depositors; HC seeks Centre, RBI stand

PMC Bank has been put under restrictions by the RBI, following the unearthing of a Rs 4,355-crore scam

Why don't PSBs invoke personal guarantees of promoters: SC on bad loans

Top court asks Finance Ministry to look into plea that claims a loss of hundreds of crore every day due to loan defaults

Govt likely to reduce number of PSU banks to just five, says report

The government official said that such a plan would be laid out in a new privatisation proposal the government is currently formulating, and this would be put before the cabinet for approval

SBI Cards posts 1% drop in Q1 PBT at Rs 528 cr, net profit rises 13.8%

Spend per card fell sharply to Rs 72,000 in QFY21

Crisis-hit IL&FS lays road map to cut 57% of Rs 99,000 crore debt

By March, Rs 50,500 cr debt to be pared; resolution for Rs 6,650 cr to continue beyond FY21

IL&FS expects to address over Rs 50,000 cr of its debt by March 2021

The group has shared its estimates of debt to be addressed over the next three quarters

MFIs in India should be allowed to accept deposits from public: Yunus

Nobel laureate Muhammad Yunus said that micro-finance institutions (MFIs) in India should be allowed to accept deposits from the public

Demand for currency could rise despite digitisation, says RBI study

Analysts are predicting that the nominal GDP growth rate could be negative in the present financial year, but that doesn't mean that the currency in circulation would fall

Preferred successor internal candidate, has spent 25 yrs at HDFC Bank: Puri

Seeking to assuage concerns on training and business understanding, he also said the candidate has "learnt very well".

Aditya Puri highest paid banker for FY20 with Rs 18.92 cr in remuneration

The banker, who is set to retire in this October on turning 70, had earned Rs 42.20 crore by exercising stock options in 2018-19