According To India Ratings & Research Agencies that there is a scope of the extension in the Emergency Credit Line Guarantee Scheme and it can easily support the liquidity needs of one-third of Mid & Emerging Corporates. As we suffered the massive economic crisis due to the attack of Pandemic on the Indian economy the Scheme of ECLGS can act as a boon for MSMEs industries in India. Central Government has increased the scope of this scheme.
PIRAMAL GROUP is acquiring the DHFL(Dewan Housing Finance Limited) with a worth of Rs37,250 crore. National Company Law Tribunal has said the management of DHFL to give more money to small fixed deposit holders. Debt Burdened Dewan Housing Finance Limited said that all the shares have been delisted from the stock exchanges. Mumbai Bench of National Company Law Tribunal has given conditional approval of the deal.
According to World Bank” In the fiscal year, 2022 economic situation can be recovered by policy support, increase in the industrial & manufacturing activities, rural development, providing fiscal stimulus to COVID affected sectors, Increase expenditure on infrastructure & Health, etc.” World Bank decreased the prediction of growth from 10.1% to 8.3% as the second wave of COVID 19 devastated the economic recovery process
As Enforcement agencies are going to take action against the people involved in illegal currencies, RBI asked banks to keep the CCTV recordings of their branches which were recorded during the demonetization period. Based on these inputs Enforcement agencies can track the persons who are involved in the case of illegal currencies. The government has introduced the Demonetization policy on 8 November 2016. The main motive behind this decision is to curb the Black money transactions, Hawala, etc.
RBI has extended the period of Risk-Based Internal Audit systems to enhance the quality of auditing and choosing the HFC(Housing Finance Companies).RBI has put additional measures in the system of Risk-Based Internal Audit systems to choose NBFCs(Non-Banking Finance Companies) and urban cooperative banks by March 31, 2022. Provisions will be applied for all deposit HFCs(Housing Finance corporations) & Non-Deposit HFCs(Asset size of 5000cr & above) irrespective of their size of business operation
The changes were considered due to the recommendations of the Indian Banks Association which was set up in June 2019, it is basically to analyse the entire gamut of ATM transactions & their process. On Thursday RBI released new guidelines for cash withdrawal. It is an increase in the interchange fee per transaction, with no permission limits. According to Central Bank “ The recommendations of the committee were examined and the latest guidelines regarding the processing of ATMs taken.
Indian Overseas Bank, State-owned witnessed a major increase in the profits after tax and reached Rs350 crore. It is basically due to the higher growth in other income & improvement in the asset quality. According to the Managing Director & CEO” There is a significant improvement in all the financial parameters but our Asset Quality has witnessed a major declination.” Bank has revealed a yearly net profit of Rs831 crore for the year ended March 31. In FY21 it witnessed a loss of Rs 8,527 crore.
According to India Ratings & Research the infusion of capital in the PNB Housing Finance Limited will lead to increase in the equity buffers of the Company. According to Ind-Ra PNB is under the stressed financial situation which is due to the challenging environment of the Bank due to the COVID 19. The capital infusion is higher in comparison to the previously planned infusion. Carlyle Group is becoming the largest shareholder.
For raising tier-2 capital. UCO bank will meet with its board of Directors. In The meeting, which will be going to held on June23 2021 Board of Directors will consider the raising up of the Capital of Rs 500 crore.Tier-2 capital of the bank consists of various things like undisclosed reserves, revaluation reserves, general provision & loss reserves, Hybrid capital instruments, Subordinated debt & investment reserve account. The loss-absorption capacity of tier-2 is less in comparison to tier-1.
The country's biggest bank SBI on Monday said its central board has endorsed a proposition to raise up to Rs 14,000 crore by giving Basel-III agreeable bonds. The bonds are proposed to be brought up in Indian or US currency. “The central leading body of the bank at its meeting held today on June 21, 2021, agreed to endorsement for raising capital via issuance of Basel III debt instruments in USD or potentially INR during FY22," SBI said
To accelerate public awareness campaigns, the Reserve Bank of India (RBI) has begun to find entities that can develop multimedia promotional materials in 14 languages. In addition to English, it will also be used in Hindi, Assamese, Bengali, Gujarati, Kannada, Malayalam, Marathi, Oriya, Punjabi, Sindhi, Tamil, Telugu, and Urdu to launch a pan-Indian movement to educate the public about basic rules and regulations.
The Reserve Bank said on Thursday that a plan to provide interest subsidies for post-shipment and pre-shipment export credits has been extended for three months to September, which will provide relief to exporters. Exporters receive subsidies under the "Interest Equalization Scheme for Export Credits of Rupees Before and After Shipment". In early April, the plan was extended to June 30.
The country’s largest mortgage lender said on Tuesday that the National Housing Bank (NHB) has imposed a fine of 475,000 rupees on the Housing Development Finance Corporation (HDFC) for failing to comply with certain regulations. HDFC stated in a regulatory document on Tuesday: “I would like to inform you that the NHB has imposed a fine of Rs 4,75,000 plus goods and services tax on the company on July 5, 2021 (Monday). The reason is that it is technically Non-compliance with NHB notices.".
The State Bank of India (SBI) only provides 0.83 free cheque pages to ordinary savings account holders each month for issuance, that is, less than one free cheque is issued every month. This is because SBI only provides 10 free checks to its regular savings account holders each fiscal year. If the person needs more than these in a year, he/she must pay for it. In contrast, HDFC Bank, ICICI Bank and Punjab National Bank provide 20 to 25 cheques for free each fiscal year.
The Reserve Bank on Thursday asked banks and financial institutions to use any widely accepted alternative reference rate (AAR) instead of LIBOR (London Interbank Offered Rate) as the reference rate for signing new financial contracts.
The Reserve Bank of India (RBI) approved the reappointment of Shyam Srinivasan as the managing director and chief executive officer of the Federal Bank on Friday for a three-year term, effective from September 23 this year to September 22, 2024. Srinivasan has been responsible for the Kerala-based bank as CEO since September 23, 2010, and has completed three terms. The Reserve Bank of India (RBI) approved the reappointment of Shyam Srinivasan as the managing director and chief executive office
The promoter of Equitas Small Finance Bank (SFB), Equitas Holdings, said on Saturday that the bank has received approval from the Reserve Bank of India (RBI) to apply to incorporate the promoters into itself.
After American Express and Diners Club International, the Reserve Bank of India (RBI) has now barred MasterCard from accepting any new customers after the company failed to comply with RBI's April 6, 2018 notice regarding storage of payment system data.
HDFC Asset Management Company (AMC) reported on Friday that after-tax profit for the quarter ended June 30 increased by more than 14% to 3,45.45 billion rupees. The asset management company announced a profit after tax (PAT) of 302.36 crores. In the last fiscal quarter, HDFC AMC stated in the regulatory documents submitted to the stock exchange.
Due to regional or national holidays and weekends, some state banks will be closed for five days starting today (July 17). According to the holiday calendar of the Reserve Bank of India, banking employees in some states can enjoy up to 15 days of holiday in July, including a 5-day holiday beginning on July 17. In Dehradun, bank employees also enjoyed a holiday (Friday) on the occasion of Harela Puja on July 16th.
Sashidhar Jagdishan, managing director and CEO of HDFC Bank, said on Saturday that HDFC Bank has met 85% of the Reserve Bank of India's technical requirements, and regulators are now discussing when to lift the ban on issuing new credit cards.
HDFC Bank reported that the net profit for the quarter ended June 2021 was lower than expected, at 7729.6 billion rupees, an increase of 16.1% over the same period last year.The bank's net profit for the same period last year was 66.58 billion rupees, and its net profit for the quarter ended March 2021 was 8,186 billion rupees.