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LS passes Banking Laws (Amendment) Bill allowing 4 nominees in bank accounts
Today, PSU banks have Rs 2.37 lakh crore deposited in the PM Jan...
Insurers seek zero-coupon bonds to manage long-term risks
Zero-coupon bonds could help insurance companies better manage...
RBI asks Axis bank to restructure its plans to acquire stakes in Max Life
Under the revised agreements, Axis Bank will acquire upto 9.002 per cent of the equity share capital of Max Life, and, Axis Capital Limited and Axis Securities Limited will together acquire upto 3.000 per cent of the share capital of Max Life.
In addition, Axis Entities will have a right to acquire an additional stake of upto seven .per cent of the equity share capital of Max Life, in one or more tranches..
Banks roll out robots as pandemic shakes up IT plans
Industry experts say the pandemic has focused bank executives’ minds when it comes to IT spend and more digitally savvy lenders will steal a march on competitors.
“There is a digital divide,” Jerry Silva, global banking research director at IDC said. “Sometimes I call it the predatory gap, because those banks are going to be able to steal market share from those that weren’t prepared prior to 2020.”
The poor now linked to banking system, have access to loans: PM
The PM SVANidhi scheme was launched on June 1 this year to help poor street vendors, impacted by economic distress due to the COVID-19 pandemic, in resuming livelihood activities. Around 25 lakh applications have been received of which 12 lakh have been sanctioned.
RBI Guv Shaktikanta Das Covid-19 positive, alerts those in touch recentl
“I have tested COVID-19 positive. Asymptomatic. Feeling very much alright. Have alerted those who came in contact in recent days. Will continue to work from isolation. Work in RBI will go on normally. I am in touch with all Dy. Govs and other officers through VC and telephone,” he tweeted.
India Post Payments to sell AIC’s Crop Insurance products
This strategic tie-up will be a win-win for both AIC and IPPB and will ultimately be beneficial mainly to the small and marginal farmers of the country at large.
Insures should partner banks to issue Surety Bonds:IRDAI Panel
Instead of Insurance industry handling alone, a mechanism is required wherein the banking sector and the insurance sector could collaborate for sharing of customer information since banks have more experience in managing these types of risks, suggested the panel..
To start with performance bonds / surety bonds can be issued limited to the projects of NHAIs only and not for all the contractors. The rate should be determined by a market agreement, suggested the panel
Bank of England says company disclosures on climate risks will be mandatory
“Disclosing your plans can improve your credit rating, broaden your investor base, reduce your cost of finance, and economize on the fixed costs of meeting increasingly vocal investor requests for information,” the BoE’s executive director for markets, Andrew Hauser, told an Investment Association online event on Friday.
Women beneficiaries comprise maximum number of a/c holders under PMJDY at 55pc
The deposits in these PMJDY accounts witnessed an 8.5 per cent rise till early September of the current fiscal year to nearly Rs 1.30 lakh crore, according to the information provided by the finance ministry. The total balance under the PMJDY accounts on April 1, 2020, was Rs 119,680.86 crore, which grew by 8.5 per cent to Rs 129,811.06 crore by September 9, 2020, the government said in the Right to Information (RTI) query.
Retail cheque payments down to a trickle in FY20 to 2.96%: RBI data
Behind all these, the Reserve Bank has played the crucial role of an operator, catalyst and facilitator, regulator and supervisor.
Some recent RBI initiatives to enhance security and increase customer confidence in digital payments include mandating use of only EMV chip and PIN-based debit and credit cards from January 2019; tokenisation from January 2019; facility to switch on/off transactions; mandatory positive confirmation to remove any ambiguity of NEFT/RTGS funds transfers from March 2010, and January 2019, respectively.
Moratorium period exceeding six months may result in vitiating overall credit discipline: RBI to SC
The Finance Ministry had filed an additional affidavit in the apex court on October 2 saying it had decided to waive compound interest (interest on interest) charged on loans of up to Rs 2 crore for a six-month moratorium from individual borrowers as well as medium and small industries.