The Reserve Bank of India (RBI) has allowed lenders to restructure their book which was not more than 30 days past due as on February 29, 2020. The credit cost that has to be provided on the restructured book is higher of 10 per cent or extant provisioning held on those assets.
Both Houses of the Parliament have cleared amendments to banking laws thus giving more teeth to the regulatory body. Will these help the small depositor who puts money in cooperative banks. Deepshikha Sikarwar of The Economic Times explains.
With the advent of super fast internet and incredibly powerful smartphones, banking is no longer restricted to banks and desktops. Here’s how to keep your money safe while mobile banking, especially in the time of rising mobile fraud.
Ujjivan SFB said as part of the 'Raftaar Loans' product mix, the customised offerings will be available across southern and eastern regions: Karnataka, Tamil Nadu, and West Bengal.
Days after the holding company of over 120-year-old Murugappa Group, Ambadi Investments Ltd (AIL) rejected a proposal of accommodating Valli Arunachalam, she said that she will continue to fight the decision.
"Progressively, we are seeing that there has been a shift away from branches and even from ATMs. The number of transactions on ATMs have come down from 55 to 29 per 100. On the other hand, the digital transactions, which are on mobile and internet banking, have gone to 55 out of 100 transactions," Kumar said at the Global Business Summit.
PMC Bank depositors have spent the last one year holding protests, meeting politicians, writing to various authorities in an effort to get their hard-earned money back.
The ministry and IBBI, in separate letters to the central bank, said its refusal is likely to impact insolvencies across sectors, two people directly involved in the matter told ET. “The argument is also that any further hold up will put the future of many resolution plans under Insolvency and Bankruptcy Code in jeopardy,” said source.
Since 2015, Brookfield has invested close to $10 billion in India across private equity, infrastructure and real estate, making it the largest source of private foreign capital in the last 5 years.
"On the banking side, what I am saying, there is not too many demand. It may be contrary to what the public discourse is. Reasons could be many. One is lot of clean-up has already happened and lot of deleveraging done. More than the banks, corporates themselves are reluctant to carry the tag of restructuring. That is the feeling I am getting," he said.
Talking about reforms in the financial sector, Chaudhry said the functioning of public sector banks has not changed even after consolidation or reduction in government holding, and they still have to carry the government agenda.
PMC was placed under RBI directions on September 23, 2019, after its NPAs rose sharply due to loans given to real estate company HDIL and its promoters the Wadhawan's with accounting for it in the bank's book.
Although not back to the pre-COVID-19 levels seen in January and February 2020, inquiry volumes have started to recover from their troughs in April and May 2020, and in July and August 2020 were similar to levels seen during the same period in 2018m, a report by Transunion Cibil, said.
The country's largest bank may soon carve out the digital platform into a separate entity, he said at a CII event. "The work has started," the chairman said.
The study done by the Indian Institute of Technology Bombay further suggested that there could be an upper ceiling of Rs 150 for a prescribed merchant discount rate (MDR) of 0.6 per cent.
The lenders get in touch with CICs while doing diligence on every credit proposal, which triggers in inquiries. It can be noted that many analysts have said that a large share of the incremental credit demand is coming from the more aggressive private sector lenders who also have larger capital buffers.
