Page 621 - Finance News

RBI unveils 5-yr financial inclusion strategy: Here're key recommendations

Under the national strategy, the committee has recommended new entrants to the financial system - eligible and willing to undergo any livelihood/skill development programme

HDFC Bank SME loan book doubles to Rs 1.48 trillion by December 2019

According to the RBI data, the system-wide SME loan book stood at Rs 15.7 trillion as of June 2019, up 10 per cent over the 12 months' period

IL&FS to seek lenders' approval for road asset sales through e-voting

The bid validity for five projects is set to expire on February 29

Axis Bank in talks to acquire significant stake in Max Life Insurance

Private sector lender Axis Bank has entered into an exclusive agreement with Max Financial Services and Max Life Insurance to explore a long-term strategic partnership with the life insurance arm

Centre releases Rs 19950 cr GST compensation to states, total at Rs 1.2 trn

In a statement, the finance ministry said Rs 19,950 crore was released to states and union territories on last Monday

RBI monetary policy committee torn between growth concerns, inflation fears

The MPC is mandated to keep inflation in a range of between 2% and 6% and recent data showed the retail inflation rate in January climbing to a more than six-year high of 7.59%

Raising insurance coverage to 90% to help exporters cut cost: SBI chief

He also said the collateral gives some comfort to bankers while giving finance to exporters, but in terms of recoveries they are not very helpful

Axis Bank to explore possibility of strategic partnership with Max Life

Max Life is currently the largest non-bank owned private life insurer in India

MPs' panel for dilution of default definition, but RBI flags concerns

The commercial or debt paper is the favourite route of corporates to raise funds when compared with loans from banks. They help meet short-term working capital requirements.

Kotak Mahindra Bank promoters get RBI nod to cap voting rights, pare stake

Promoters' voting rights would stand curtailed to 20% until March, and reduce further to 15% from April

Challenges galore for financial institutions amid liquidity crunch: Fitch

The rating agency expects the real GDP growth to slow to 4.6 per cent in 2019-20 from 6.8 per cent in 2018-19, led by a squeeze in credit availability from non-banking financial institutions

HSBC India profit crosses $1 bn in 2019, third-most profitable in Asia

The global banking and markets segment contributed to $466 million in profits, against $387 million in 2018.

PFC-REC merger stuck, Centre reaching out to PSUs to pick up stake

One major obstacle is that the direct stake of the Centre will fall below 51% after the merger

MFIs disbursed Rs 63,968 cr in Q3; banks lead with 40% market share

Banks continued to lead, with 40% of the industry's market share

HSBC plans to slash 35,000 jobs after profits slid by a third last year

The Asia-focused lender has been trying to lower costs as it faces a multitude of uncertainties caused by the grinding US-China trade war

LIC's gross NPA ratio in debt portfolio rises to 7.5% in December

The gross NPA ratio of LIC in the debt portfolio at the end of September 2019 stood at 6.10%

Double trouble: PMC Bank asked to deduct TDS on notional interest paid

CBDT asks lender to deduct tax at source on notional interest paid

RBI's maiden long-term repo operation receives Rs 1.94-trillion bids

The allotment was done for all bids on a pro-rata basis

Calcutta HC asks RBI to take appropriate action against Bank of Baroda

The oil company told the court that it had entered into an agreement with Simplex Projects Limited in 2017 for undertaking certain work at the Bongaigaon facility of IOCL in Assam

Lenders will suffer if any enterprise shuts down: SBI chief Rajnish Kumar

The SBI chairman said the bank was in the wait-and-watch mode