``Such forward contracts will enable long-term investors such as...
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Cyber security: RBI introduces ‘bank.in’ as exclusive internet domain for Indian banks
With increased instances of fraud in digital payments becoming a...
RBI cuts repo rate by 25 basis points to 6.25%,first in nearly 5 yrs
Sanjay Malhotra,Governor,Reserve Bank of India The Monetary Policy...
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 .
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.