The Reserve Bank of India (RBI) has approved state owned Central...
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After FM, Irdai chief urges bankers to avoid mis-selling of insurance
“I wish to say this for the due consideration of the bank boards ,...
RBI cautions public about ‘deepfake’ video of governor being circulated on social media
In a statement Tuesday, RBI said it has come to their notice that...
SBI, ICICI, HDFC, Axis Bank, PNB and the Indian IT department targeted in phishing scam
The suspicious links originate from the US and France, said the report, adding that the campaign is collecting personal as well as banking information from the user and getting into this type of trap could cause a massive financial loss for the users.
Bank operations may be hit on Mon, Tue due to nationwide unions’ strike
UFBU, an umbrella body of nine unions, in a statement claimed that about 10 lakh bank employees and officers of the banks will participate in the strike.
Many public sector lenders, including State Bank of India (SBI) have informed their customers that their normal working could be affected at the branches and offices if the strike materialises.
BNP Paribas Cardif offloads 5% stake in SBI Life via open market sale
In a disclosure to exchanges, SBI Life said the foreign promoter of the company has sold 4.99 per cent, equivalent to 5,00,03,480 equity shares on March 12, 2021, through the open market process.
The remaining equity of BNP Paribas Cardif now stands at 0.20 per cent, representing 20,03,612 equity shares of SBI Life
ICICI, HDFC, SBI will have to offload Rs 1.2 lakh cr if RBI caps stake in insurance arms: Report
HDFC owns 50 per cent in HDFC Life and bringing it down to 20 per cent would mean offloading equity worth Rs 44,100 crore at today”s market value, while in case of ICICI Prudential Life which is 51 per cent owned by the bank, it will be Rs 22,100 crore worth of shares flowing into the market, and Rs 21,700 crore worth of shares from ICICI Lombard in which the bank owns 52 per cent. SBI which owns 55 per cent in SBI Life will have to sell shares worth Rs 32,200 crore.
RBI restricting banks from raising stakes in insurance firms: Report
Reserve Bank of India (RBI) rules allow banks to hold up to 50% stakes in insurers and on a selective basis equity holdings can be higher but must eventually be brought down within a certain period.
The central bank in 2019 unofficially advised banks seeking to acquire stakes in insurers, to limit such stakes to a maximum of 30%, and more recently directed them to cap stake purchases in insurers at 20%.
Citi’s $900 million mistake prompts banks to seek new safeguards
After Citigroup inadvertently wired its own funds to Revlon lenders while serving as an agent and lost its fight to recover some of the money, it was forced to restate earnings after writing down the part of the loan it now owns. Reducing such risks for future deals makes sense, said Justin Forlenza, a senior covenant analyst at Covenant Review.
After last month’s surprise court ruling that let certain Revlon creditors keep $500 million of the mistaken transfer, banks began inserting new language into loan deals that would require investors to return the money if such an error occurred again. The provisions, which were in the works before the decision, aim to strengthen the hand of administrative agents that oversee interest distributions and repayment schedules.
After last month’s surprise court ruling that let certain Revlon creditors keep $500 million of the mistaken transfer, banks began inserting new language into loan deals that would require investors to return the money if such an error occurred again. The provisions, which were in the works before the decision, aim to strengthen the hand of administrative agents that oversee interest distributions and repayment schedules.
After last month’s surprise court ruling that let certain Revlon creditors keep $500 million of the mistaken transfer, banks began inserting new language into loan deals that would require investors to return the money if such an error occurred again. The provisions, which were in the works before the decision, aim to strengthen the hand of administrative agents that oversee interest distributions and repayment schedules.
After last month’s surprise court ruling that let certain Revlon creditors keep $500 million of the mistaken transfer, banks began inserting new language into loan deals that would require investors to return the money if such an error occurred again. The provisions, which were in the works before the decision, aim to strengthen the hand of administrative agents that oversee interest distributions and repayment schedules.
Govt may have identified four banks for potential privatisation,report
The four banks on the shortlist are Bank of Maharashtra, Bank of India, Indian Overseas Bank and the Central Bank of India, two officials told Reuters on condition of anonymity as the matter is not yet public.
RBI unveils ‘One Nation One Ombudsman’ for grievance redressal of financial consumers
The RBI has said major payment system operators in the country would be required to facilitate setting-up of a centralised industry-wide 24×7 helpline for addressing customer queries in respect of various digital payment products and give information on available grievance redress mechanisms by September 2021.
RBI appoints firm to audit HDFC Bank’s IT infra in view of service outages
“RBI has issued an order dated December 2, 2020, to HDFC Bank Ltd with regard to certain incidents of outages in the internet banking/ mobile banking/ payment utilities of the bank over the past two years, including the recent outages in the bank’s internet banking and payment system on November 21, 2020, due to a power failure in the primary data centre,” HDFC Bank had said in a regulatory filing.
Budget-2021-22:Govt yet to identify 2 PSU banks and a gen insurer to be privatised,Fin Secy Pandey
`Privitisation of a public sector banks or an insurance company depends upon a lot of processes which will begin now. We will examine which of the PSU banks excluding IDBI Bank and insurance company is ready or to be made ready. It will be a time consuming process. We will announce names once we identify these companies” said Ajay Bhusan Pandey, finance secretary, Ministry of Finance,.
“The NITI Awill do the due diligence and indenitify the names of the PSU banks and general insurance company that will be privatised. Then the proposals will go to Core Group of Secretaries on Disinvestment(CGD) and then to Alternate mechanism for the finalising the names . The privatisation process of PSUs is part of reforms agenda of the government and is a continuous process and shouldn’t be evaluated in one year, Debasish Panda, Secretary, DFS .