Page 591 - Finance News
RBI asks SBI to appoint a qualified chartered accountant as CFO
No CA in bank's top brass, as mandated by RBI
 "RBI asks SBI to appoint a qualified chartered accountant as CFO")
Irdai asks insurers, TPAs to disclose infra details of hospitals in network
Insurers and TPAs have been asked to provide details of medical infrastructure of hospitals
 "Irdai asks insurers, TPAs to disclose infra details of hospitals in network")
Bank of Baroda, Union Bank of India reduce lending rates across all tenors
Bank of Baroda has revised its one-year MCLR to 7.65 per cent from 7.80 per cent
 "Bank of Baroda, Union Bank of India reduce lending rates across all tenors")
PNB collects Rs 268 cr as ATM charges, annual maintenance fee in FY20
The public sector lender collected Rs 152.88 crore from customers by levying annual maintenance charges (AMC) on debit cards
 "PNB collects Rs 268 cr as ATM charges, annual maintenance fee in FY20")
SBI general meeting to go virtual on June 17, shareholders to cast e-votes
The general meeting can be conducted via a video conference or Other Audio-Visual Means (OAVM) as per Sebi order
FM Nirmala Sitharaman tells banks to improve interest rate transmission
The FM told bankers that interest rate transmission is not happening as expected
 "FM Nirmala Sitharaman tells banks to improve interest rate transmission")
Housing finance firms comfortably placed to meet debt obligations: Report
The total maturing debt of HFCs for 2020-21 is estimated to be Rs 2.9-3.2 trillion, of which Rs 1.4 trillion is accounted for by debt markets, rating agency ICRA said in the report.
 "Housing finance firms comfortably placed to meet debt obligations: Report")
After deposit rate cuts in May, SBI now slashes lending rates by 25-75 bps
Move will have to be matched by other lenders at a time when margins are under pressure due to extended loan moratorium and a ruling due on whether they can charge interest on the moratorium after all
 "After deposit rate cuts in May, SBI now slashes lending rates by 25-75 bps")
Financially stressed due to Covid-19? You may find it hard to get loan
Lenders are treading cautiously, and in some cases even cancelling previously sanctioned or pre-approved loans
 "Financially stressed due to Covid-19? You may find it hard to get loan")
RBI proposes major changes in securitisation norms for robust market
The RBI said the revision in guidelines is an attempt to align the regulatory framework with the Basel guidelines on securitisation that have come into force effective January 1, 2018
 "RBI proposes major changes in securitisation norms for robust market")
IndusInd Bank promoters to buy more of its shares in secondary market
They currently hold 14.68% of the lender's paid-up share capital. As per RBI rules, the promoters can buy 0.32% additional stake as of now
 "IndusInd Bank promoters to buy more of its shares in secondary market")
Bank credit growth in FY21 to hit multi-decade low of 0-1%: CRISIL
Prior to the disruption caused by covid-19, bank credit was already slower than normal in FY20 due to subdued economic activity and risk averseness of the lenders
 "Bank credit growth in FY21 to hit multi-decade low of 0-1%: CRISIL")
Reserve Bank proposes comprehensive guidelines for sale of loan exposures
RBI's proposed guidelines for sale of loan exposures deals with various issues like asset classification of the loan to be transferred, nature of entity purchasing loan and mode of transfer of loans.
SBI to cut MCLR by 25 basis points from June 10 across all tenors
The one year MCLR has been revised to 7 per cent from 7.25 per cent, the bank said in a release
Banking to be a 'strategic sector', govt discussing privatising some PSBs
According to the new privatisation policy, announced by FM Sitharaman as part of the 'Atmanirbhar Bharat' package, the government will come up with a list of strategic sectors
 "Banking to be a 'strategic sector', govt discussing privatising some PSBs")
HDFC Bank adds 250,000 customers via instant account opening in lockdown
Banks were classified as an "essential service" and allowed to be open, but the lockdown meant fewer customer footfalls, making the online alternative helpful to open new deposit accounts
 "HDFC Bank adds 250,000 customers via instant account opening in lockdown")
Indian Overseas Bank cuts MCLR by 30 bps, to bring down interest on loans
IOB reduced its interest rate on loans linked to MCLR by 30 basis points in overnight tenor and by 20 bps in one month to one year tenors
 "Indian Overseas Bank cuts MCLR by 30 bps, to bring down interest on loans")
PSBs disburse Rs 8,320 cr loan to MSMEs under emergency credit scheme
On May 21, the Cabinet had approved additional funding of up to Rs 3 trillion at a concessional rate of 9.25 per cent through ECLGS for the MSME sector
RBI's Rs 500-crore fund to promote digital payments in small towns
RBI invests Rs 250 crore, the remaining will come from the card-issuing banks and card networks
 "RBI's Rs 500-crore fund to promote digital payments in small towns")
RBI pushes back on Hinduja brothers' plan to raise IndusInd Bank stake
The RBI has conveyed the decision to the IndusInd founders Srichand and Gopichand Hinduja, the people said