The committee of creditors (CoC) has expressed concerns that...
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60-65 % of India’s household gold loans market still untapped, goes to unorganized market: Jefferies
Banks have traditionally dominated the organized gold loan market,...
78 % of consumers choose digital banking over cash transactions: Report
Jamie Dimon, CEO, JPMorgan Chase Banks are also feeling the heat...
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.
Cabinet okays changes to bank laws to avoid repeat of PMC Bank-like crises
There are 1,540 cooperative banks with depositor base of 86 million having total savings of about Rs 5 trillion.
Nearly 6,900 cases of online banking frauds registered in 2017-18: Govt
To prevent online frauds and protect users, the Ministry of Home Affairs has taken several steps, including formation of an Inter-Ministerial Committee on Phone Fraud (IMCPF). It has members of stakeholder organisations such as the Ministry of Electronics and Information Technology (MeitY), Department of Financial Services, Department of Telecommunication, Reserve Bank of India and law enforcement agencies.
Bank frauds declining sharply annually: Govt
Frauds rose slightly to Rs 18,893 crore in 2018-19 but started declining again to Rs 5,244 crore in the first three quarters of 2019-20 fiscal, he said during Question Hour.
IRDAI issues guidelines on group health insurance policies of merged PSBs
Upon merger of these PSBs, the underlying group health Insurance policies of the customers of the merged banks will be continued to be serviced by the respective insurance companies which issued the policies till the end of policy period. The insurance companies will make suitable arrangements with the acquiring banks to this effect.
FinMin’s new measures to protect prudent commercial decision of bankers
Considering the complexities involved in the commercial decisions of managers in public sector firms, the Central Vigilance Commission set up the Advisory Board for Banking and Financial Frauds (ABBFF) for a mandatory first level examination on suspected frauds in excess of Rs 50 crore, involving public servants equivalent in rank to GMs and above, before enquiry or investigations begin.