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Household real income continued to decline in recent months: Report
The report added that for now, however, the decline in real HH...
Bancassurance: Bajaj Allianz General ties up with HSBC India
Bajaj Allianz General Insurance and HSBC India have announced a...
RBI puts troubled Yes Bank under moratorium,limits withdrawals at Rs 50k
The RBI has also superseded the Board of Directors of Yes Bank for a period of 30 days owing to serious deterioration in the financial position of the Bank.
Prashant Kumar, ex-DMD and CFO of State Bank of India has been appointed as the administrator of the bank.
Merger of 10 public sector banks into 4 to come into effect from Apr 1: FM
United Bank of India and Oriental Bank of Commerce will be merged with Punjab National Bank; Syndicate Bank will be merged with Canara Bank; Allahabad Bank will be amalgamated with Indian Bank; and Andhra Bank and Corporation Bank will be consolidated with Union Bank of India.
Bill to avert PMC Bank-like crisis may get Parliament nod in Budget session
To further bolster the confidence of customers, the government has increased deposit insurance cover by five-fold to Rs 5 lakh to ensure security of public money in banks.
Mega bank merger on track, says Sitharaman amid worry over April 1 deadline
“We are also conscious of extra load on them [banks] in terms of the kind of demands that I put on them. I have asked them to reach out to 400 districts, I have asked them to reach out to MSMEs, restructure their loan. So there is a lot of core banking work, which they are undertaking. I must be conscious of that also. So the merger and the decision taken by respective banks boards are all well taken. We are going as per schedule on that. There is no uncertainty on that. I am on course. There need not be speculation,” she said after unveiling EASE 3.0, the Public Sector Bank (PSB) Reforms Agenda 2020-21 for smart, tech-enabled banking, and the PSB EASE Reforms Annual Report 2019-20.
Mega bank consolidation: Meeting April 1 deadline appears challenging
It is believed that the Prime Minister’s Office (PMO) has sought details from these lenders about their financial projections for the next three to five years. Details in respect of NPAs, capital requirement, credit growth and cost savings on account of the mergers have been asked for, officials said.
Axis bank may pick up 20%-30% stake in Max Life
Mohit Talwar, vice chairman, Max Group and Managing Director, Max Financial Services said, “The proposed long term partnership between Axis Bank and Max Life is a natural evolution of what has been a highly productive and mutually beneficial affiliation. It will infuse fresh impetus into the teams in both companies and will motivate them to serve customers effectively and efficiently. I believe that this will be one of the most value-accretive partnerships in the Indian life insurance industry. ”
No proposal to merge LIC Housing Finance with any other entity: LIC
-The statement came after some reports suggested that insurance behemoth LIC might expedite the process of merging LICHFL with its banking arm IDBI Bank.
-“There was absolutely no proposal to merge LICHFL with any other entity and all such rumours floating in the market are not based on facts,” LIC said in a clarification.
Negative interest rates turn saving, borrowing upside down
Four trillion euros worth of government bonds of the 19 countries that use the euro now yield less than zero. Trillions more in Japanese and other government bonds trade below zero around the world. Even Greece, which defaulted on government bonds in 2012 and carries the highest debt load in Europe, was able to sell three-month notes at a negative rate.
18 PSBs hit by fraud cases of Rs 1.17 trn in Apr-Dec of FY20
SBI reported 4,769 cases of banking frauds worth Rs 30,300 crore during the nine-month period ended December 2019. This is about 26 per cent of the Rs 1,17,463.73 crore, which is the total amount of reported cases of banking frauds in PSBs during this period, he said.
Merger process major challenge for PSBs in near future: SBI Chairman
“One of the challenges before public sector banks in the near future is the merger of the bank…IT merger needs to be handled very carefully,” Kumar said at an event organised by Indian Banks’ Association.