"Govt. committed to #FinancialInclusion to all citizens. As on 6/1/21, #PMJDY accounts cross 41 Cr. and Zero Balance Accounts decline to 7.5% from 58% in March 2015. Clearly showing the use and adaption by every account holder," the Finance Ministry said in a tweet.
The Reserve Bank had issued the framework for dealing with D-SIBs in July 2014. The D-SIB framework requires the central to disclose the names of banks designated as D-SIBs starting from 2015 and place these lenders in appropriate buckets depending upon their Systemic Importance Scores (SISs).
State Bank of India warned its customers to be aware of the surroundings inside ATMs and check for spy cameras. It also said that while using ATM one should cover the keypads.
The bank is working on multiple immediate and long-term solutions as part of its internal review. “The action plan that the bank is working on could take anywhere between 10-12 weeks to implement,” said one of the persons.
In a petition filed by Videocon resolution professional Asish Narayan on behalf of the group's largest lender State Bank of India (SBI), insolvency petitions have been initiated against the Dhoots in their capacity as personal guarantors to recover dues from the company.
The 2020 RBI annual report shows that the central bank's total staff strength of 13,456 included 6670 Class 1 employees. About 2/3rds or 67% of these employees are designated as managers and above. All of them will now be expected to come to office.
Arjun Chowdhry will join the Asia consumer leadership team, ensuring alignment with global and regional priorities and attracting the right talent to build world class teams, the leading global bank said in a press release on Monday. Chowdhry will report to Ashu Khullar, CEO, Citi India and Fabio Fontainha, APAC and EMEA head of retail banking.
In its report titled 'Tech Disruption in retail banking: Top tier banks lead the change', S&P said India's digital disruption, however, poses a relatively low risk to its top-tier banks' longstanding market position.
Central Bank of India last week followed Indian Overseas Bank to sell its loans to Chhattisgarh-based KSK Mahanadi Power Co, as the project has failed to find a buyer more than 15 months after it was admitted for bankruptcy proceedings.
The petition was listed before a bench of Chief Justice D N Patel and Justice Jyoti Singh on January 13, but was adjourned to February 19 after the bench was told that the Reserve Bank of India (RBI) has moved a plea in the Supreme Court to transfer all pleas against the amalgamation scheme to the Bombay High Court.
According to fintech industry sources, several lenders simply register an entity under the Companies Act, develop an app and start commercial lending. They peddle 7-30-day loans at high-interest rates — often 200-500% annualised. Most of these apps, recent investigations by NGOs and advocacy groups like Cashless Consumer reveal, are Chinese white-labelled apps with Indian names. The apps are mostly hosted on Chinese servers.
The cut-off yield, above which banks cannot claim a rate for parking excess cash, was at 3.55 percent. That was higher than the average market expectations, dealers said.
Reserve Bank of India (RBI) has highlighted the need to bring government-owned non-banking financial companies (NBFCs) under stricter prudential regulations.
Although there are five eligible bids that creditors are voting on, the bid for DHFL has turned out to be a two-horse race between the Piramal Group and Oaktree Capital.
Generally, the annual percentage rate or the APR for other banks ranges from 34-40%. Customers can also use interest-free cash withdrawal facilities at ATMs of up to 48 days
