Page 588 - Finance News

PNB to lower rates on savings account deposits by 50 bps from July 1

Deposits of Rs 50 lakh and above will earn interest of 3.25 per cent as against 3.75 per cent currently

PSBs sanction loans worth Rs 10,362 cr under emergency credit scheme

Public sector banks have already sanctioned loans worth Rs 10,361.75 crore under the 100% Emergency Credit Line Guarantee Scheme. Out of this, Rs 3,892.78 crore has already been disbursed

SBI creates separate business vertical to drive MSME, agri finance

Under FI&MM, the bank will offer loans predominantly for agriculture & allied activities, and micro/small enterprises and vastly improve customer experience for the citizens in the hinterland

Reliance Infrastructure defaulted on loans of YES Bank, J&K Bank and Srei

The firm said it had borrowings of Rs 3,627 crore from YES Bank, in a disclosure to the stock exchanges

Covid-19 impact: Moody's cuts rating for SBI, HDFC Bank to 'Baa3'

After India downgrade, agency reduces long-term deposit ratings of 11 banks

SBI reduces savings deposit rates by 5 bps, ICICI Bank by 25 bps

SBI has reduced its savings deposit interest rates to 2.70 per cent across all slabs from May 31, according to its website

ICICI Bank slashes interest rate on saving deposits by 25 basis points

The private sector lender has cut interest rate on all deposits of less than Rs 50 lakh to 3 per cent

Extension of moratorium on loan repayment to affect liquidity: Icra

In March, RBI had announced a three-month moratorium on loan repayments due between March 2020 and May 2020. Last month, the central bank further extended the moratorium by three months

Covid-19 impact: Moody's downgrades 8 Indian firms and 3 banks

Moody's affirmed the issuer rating of Reliance Industries but revised the outlook to negative from stable

ITR-1 notified: Here is how to file Income Tax Returns for AY 2020-21

The department has released the ITR-1 utility (e-form) on its e-filing website available in Excel and Java formats

Despite lockdown, SBI Card reports daily spends at over Rs 175 cr in May

Top online categories were departmental stores and groceries (D&G), utilities and services, while top point of sale categories were D&G, fuel, electronics, health and wellness

SBI creates separate business vertical for financial inclusion, agri biz

8,000 semi-urban, rural branches to work under the Financial Inclusion and Micro-Markets vertical vertical

Indian banks start trading in non-deliverable forward mkts for first time

RBI in the past was against this market, but gave way when it was found that the offshore volume in rupee trading is actually higher than the onshore volume

Uday Kotak to offload 2.8% in Kotak Bank

Kotak is expected to sell 56 million shares in a block deal via secondary placement in a price range of Rs 1,215-1,240

Punjab National Bank reduces lending rate linked to repo by 40 bps

The bank's marginal cost of funds-based lending rate (MCLR) has also been revised downwards by 15 bps across all tenors.

Top private banks' Q4 profits nearly halve on Covid-19 provisioning

The pressure on earnings will continue, say experts

Cash-rich PE firms, NBFCs seek deals from realtors on social media

Deals for stalled projects, last-mile financing being sought

RBI's extension of loan moratorium a credit negative for NBFCs: Moody's

The credit outlook report noted that the Government of India and the Reserve Bank of India have announced a series of measures to alleviate liquidity stress at the NBFCs

YES Bank senior leadership team to have 30% of CTC as variable pay

Private sector lender in a statement said the leadership team has taken a conscious and voluntary decision for the restructuring of their compensation package for FY 2020-21

BBB recommends Ashwini Bhatia for post of State Bank of India MD

The bureau members interfaced with 20 candidates from nationalised banks on May 30 for the position of managing director in State Bank of India