Roll out loans resolution framework by September 15: FM Nirmala Sitharaman to banks on debt recast
Finance Minister Nirmala Sitharaman on Thu...
RBL Bank launches cardless cash withdrawal facility through ATMs across country
RBL Bank customers can withdraw cash without their debit card...
SBI moots VRS scheme to optimise costs, about 30,000 employees eligible
Besides, the draft scheme, seen by , said it will provide an option a...
SBI Card working on giving customers facility to see credit scores in login accounts: MD & CEO
"In terms of what I would do (here), what experience I have from the US, there are two three things which I can bring from the US. But we (SBI) did not have credit card as a product there. So therefore from a credit card perspective, which is only as a user in the US that I can try and bring some of the things.
Ashwani Bhatia takes charge as State Bank of India's managing director
Prior to this, Bhatia was the managing director and CEO of SBI Funds Management. Before joining SBI Funds Management, he was working as chief general manager, corporate centre in SBI, where he was responsible for revamping the credit structure and processes of the bank.
Moratorium shouldn't be extended beyond August, says Punjab National Bank
“The moratorium should not be extended because moratoriums are given only when the situation is uncertain and one cannot ascertain the impact,”said MD and CEO Mallikarjuna Rao, adding that green shoots were already visible in the economy. Rao expected a broader revival, encompassing more sectors of the economy, to be more effective from October onward.
Income Tax dept launches functionality for banks to check ITR filing status of entities
To ensure filing of return by these persons and to keep track on cash withdrawals by non-filers, and to curb black money, the Finance Act, 2020 with effect from July 1, 2020, further amended I-T Act, 1961, to lower the threshold of cash withdrawal to Rs 20 lakh for the applicability of TDS for non-filers.
Lucky to have things on platter: Sashidhar Jagdishan, CEO, HDFC Bank
Part of the bank’s strategy to scale up was to implement digital banking 2.0, where the company would build on the capability of its existing digital platforms and also collaborate with them for customer acquisition. He said in future the bank’s customer will be able to use the lender’s ecosystem for everything.
Banks' aggregate provisions for COVID-19 rise by 23% in June quarter
Even as banks’ provisioning for bad loans tapered in the June quarter following the moratoriums, those on account of Covid-19 surged as compared to the previous quarter ending March.
Banks free to restructure loans, but can't penalise borrowers availing moratorium, SC told
A bench headed by Justice Ashok Bhushan, which commenced final hearing on a batch of pleas raising the issue of interest on instalments deferred under the scheme during the moratorium period, was told that paying interest on interest is a "double whammy" for borrowers.
Multinational banks to oppose current account rules, seek concessions from RBI
According to RBI’s new regulation, a bank with less than 10% approved facility to a corporate is barred from having the company’s current account (unless it’s a collection account where the funds are regularly transferred to a pre-agreed lending bank).
Loan moratorium: A last-ditch attempt is on to save India's banks from collapsing
An affidavit filed by the finance ministry comes across as a last ditch attempt to convince the court that borrowers will get a chance with concessions and loan rescheduling, and banks, no matter how big and bad, will fail to serve the interest of hapless depositors in the absence of interest income from loans -- that balance has to be preserved.
Loan restructuring to hit private lenders’ exclusive deals with borrowers
The special restructuring to tackle Covid-19 stress and the mandatory inter-creditor agreement (ICA) that all lenders will have to sign threaten to upend that strategy that these nimble-footed private banks have perfected over the years.
Kamath Panel on loan restructuring identifies six problem industries
Committee suggests solutions for 29 out of 307 sectors assessed. The panel has suggested that the two-year cutoff for the restructuring will begin after implementation of the resolution plan.
Greater due diligence, fund utilisation audits can check bank frauds, say experts
The Reserve Bank in its latest annual report revealed that bank frauds, both in terms of numbers and volume, have gone up substantially during 2019-20.