"While such practices may yield short-term gains, they ultimately...
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Do fresh KYC of PM Jan Dhan accounts due for updation: DFS secretary to banks
During the meeting, Nagaraju suggested using all means for doing...
Cryptocurrencies huge risks to financial stability, RBI Governor
Shantikanta Das,Governor, Reserve Bank of India ``I am actually of...
Sitharaman likely to announce sale of IDBI bank, stake in LIC
The government had announced plans to sell its stake in LIC last year. That got delayed by legal and administrative hurdles, the official said.
India proposes stricter regulations for large shadow banks
The country’s central bank has gradually moved towards tighter norms for the sector ever since one of its biggest firms, Infrastructure Leasing & Financial Services,collapsed in late 2018 amid fraud allegations. The following year Dewan Housing Finance Corp and Altico Capital defaulted on payments.
SBI, ICICI Bank, HDFC Bank remain systemically important banks: RBI
SIBs are seen as ‘too big to fail (TBTF)’, creating expectation of government support for them in times of financial distress. These banks also enjoy certain advantages in funding markets.
DHFL resolution: Lenders approve Piramal”s $ 5 billion bid
Its large lenders are SBI, including SBI Singapore with Rs 10,083 crore exposure. Others are Bank of India (Rs 4,125 crore), Canara Bank (Rs 2,681 crore), NHB (Rs 2,434 crore), Union Bank (Rs 2,378 crore), Syndicate Bank (Rs 2,229 crore), Bank of Baroda (Rs 2,075 crore), Indian Bank (Rs 1,552 crore), Central Bank (Rs 1,389 crore), IDBI Bank (Rs 999 crore) and HDFC Bank (Rs 361 crore).
The company has also exposures from insurance companies including Life Insurance Corporation and New India Insurance which have already taken hits on the account by showing it as a non-performing assets…
Indian banks pay Rs 13,234 crore premium to cover their deposits, receive Rs 80.7 crore claims in 2019-20
Reserve Bank of India owned Deposit Insurance and Credit Guarantee Corporation’s fully protected accounts constituted 98.3 per cent of the total number of accounts. in the Indian banking system
Post Office Savings Bank likely to be interconnected with other banks by April
“Besides making services digitally accessible to people, we are focussing on doorstep delivery of services. This year we remitted Rs 900 crore money through around 85 lakh transactions and verified 3 lakh pensioners on their doorstep,” Department of Posts Secretary Pradipta Kumar Bisoi said.
India’s financial sector faces challenging times ahead – RBI
The overall outlook for the Indian economy in 2021 continues to remain uncertain, the report said.“
Given the uncertainty induced by COVID-19 and its real economic impact, the asset quality of the banking system may deteriorate sharply going forward,” the RBI said.
The report also said Indian banks had written-off loans worth 2.38 trillion rupees ($32.46 billion) in the financial year 2020 that ended on March 31.
Public sector banks to raise Rs 25,000 crore in three months: DFS Secretary
“Banks have been able to raise a lot of money from the markets. About Rs 40,000 crores have been raised by the public sector banks both in the form equity and also AT1 and Tier II bonds. We will expect another 20,000-25,000 during the remaining part of the financial year,” he said.
China could restrict bank tie-ups with fintech platforms, official suggests
China has vowed to strengthen oversight of its big tech firms, which include the likes of Alibaba Group Holding and Tencent Holdings that rank among the world’s largest and most valuable. Many of these companies have gathered large amounts of user data in the course of providing their services.
Citi trial shows chain of gaffes leading to $900 million blunder
The trial is expected to shine a spotlight on one of the biggest and most embarrassing banking errors in recent memory — one that has already forced Citi to explain its mistake to federal regulators and tighten its internal controls. The case is being closely followed on Wall Street, especially in the syndicated loan industry. A trade group has argued that a win for the creditors could expose banks that facilitate wire transfers and serve as administrative agents to unnecessary risk.