Page 593 - Finance News

RBI creates Payments Infrastructure Development Fund to boost digitisation

The RBI makes an initial contribution of Rs 250 crore covering half the fund

Charging interest during loan moratorium 'detrimental', says SC bench

Bench seeks reply from FinMin, RBI; next hearing June 12

State Bank of India plans to raise up to $1.5 bn via overseas bonds in FY21

The lemder raise funds from global markets on a regular basis for lending operations and to repay financial instruments maturing during the year

PE investments doubled in May thanks to Reliance's Jio Platforms deals

Around $4.6 billion, or 85 per cent of the total deals, invested was in Jio Platforms, the digital arm of Reliance Industries

SC seeks finance ministry's reply on waiver of interest during moratorium

The top court said there are two aspects under consideration in this matter no interest payment on loans during the moratorium period and no interest to be charged on interest

RBI repo cuts not effective any longer? They seem to have lost their sting

In 12 months, bond yields are down 100 bps, against 200-bps cut in repo

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