MONEY & BANKING


Moneylife Digital Team 24 September 2019
Following discussions with the government and receiving assurance to set up a committee for looking into the issues arising out of public sector bank (PSB) consolidation, the 26th and 27 September 2019 strike called by bank officer's union has been deferred.    "The secretary finance...

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IANS 20 September 2019
The Reserve Bank of India has revised the norms of concurrent audit of banks whereby the apex bank has capped the term for concurrent auditors at three years.   Concurrent audit aims at shortening the interval between a transaction and its independent examination.    "The age...

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IANS 20 September 2019
In a public outreach exercise, Finance Minister Nirmala Sitharaman on Thursday said public sector banks will organise credit "shamiana meetings" in 400 districts beginning October 3 to provide loans to NBFCs and retail borrowers, including homebuyers and farmers and banks won't declare any...

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IANS 19 September 2019
A UK court extended the judicial custody of fugitive diamantaire Nirav Modi till October 17, in connection with the Punjab National Bank fraud case, he on Thursday.   Modi, wanted in India in connection with the Rs 13,500 crore PNB fraud case, appeared via video link at the...

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IANS 19 September 2019
A UK court extended the judicial custody of fugitive diamantaire Nirav Modi till October 17, in connection with the Punjab National Bank fraud case, he on Thursday.   Modi, wanted in India in connection with the Rs 13,500 crore PNB fraud case, appeared via video link at the...

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Moneylife Digital Team 19 September 2019
The Reserve Bank of India (RBI) has barred unregulated financial technology (fintech) firms from accessing credit history of consumers, and had asked commercial banks and non-banking finance companies (NBFC) to stop providing unregulated entities access to consumer data held by credit...

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IANS 18 September 2019
The Reserve Bank's (RBI) decision to reduce risk weighting on consumer loans is credit negative as it will encourage banks to increase their exposure to this loan segment at a time when credit risks are already increasing, said a report by Moody's Investors Service.   On September 12,...

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IANS 17 September 2019
The Reserve Bank of India on Monday expanded the Bharat Bill Payment System coverage to included all categories of billers, except prepaid recharges.   The move will aid in greater digitisation of cash-based bill payments.   Till now, BBPS, which is an interoperable platform...

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IANS 14 September 2019
With GDP growth sliding to six-year low of 5 per cent in April-June quarter and several sectors facing low demand, Finance Minister Nirmala Sitharaman on Saturday announced a fresh set of measures to boost exports and the housing sector.   The key measures include extending the scheme...

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IANS 14 September 2019
Four bank unions have threatened to go on a two-day strike from September 26 to protest against the government decision to reduce 10 state-run banks to four through mergers.   These four unions have also sought fulfilment of a charter of nine demands, including wage...

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IANS 14 September 2019
An internal working group (IWG) of the Reserve Bank of India on agricultural credit has recommended the Central and state governments to avoid farm loan waivers.   According to the report of the 'Internal Working Group to Review Agricultural Credit', Central and state governments...

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Moneylife Digital Team 13 September 2019
Real estate financier Altico Capital India recently defaulted on interest payments of Rs19.90 crore due on 12 September 2019 to Mashreq bank of the United Arab Emirates (UAE). Altico Capital is a non-banking finance company (NBFC) lending mainly to the real estate sector with considerable...

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IANS 13 September 2019
The first lenders' meet for a potential restructuring deal for NBFC Altico Capital India is scheduled to be held on next Monday, sources said on Friday.   Sources further revealed that Altico was advised not to fulfil the interest payment obligation on External Commercial Borrowing...

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IANS 13 September 2019
To ease liquidity and boost demand, the Reserve Bank of India on Thursday notified the reduction in risk weightage for consumer credit, excluding credit card receivables.   The risk weight for consumer credit, including personal loans, but excluding credit card receivables was reduced...

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Rahul Maharshi  and   Kanakprabha Jethani 11 September 2019
The operational structures of such loans are in defiance of many requirements of  RBI's (Reserve Bank of India's) directions. Following are the areas where most of the NBFCs (non-banking financial companies) act in their own sweet ways:   KYC Process: The KYC (know your customer)...

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Rahul Maharshi  and   Kanakprabha Jethani 11 September 2019
“यावज्जीवेत्सुखं जीवेत् ऋणं कृत्वा घृतं पिबेत्...

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IANS 11 September 2019
The liquidity crisis triggered after the default of IL&FS is causing the non-banking financial and housing finance companies to pull back on loans to micro, small and medium sized enterprises (MSMEs), Moody's said on Wednesday.   "The value of loan against property (LAP), assets under...

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IANS 10 September 2019
PhonePe's and Google Pay's success ride on the back of UPI will soon hit a road block as the National Payments Corporation of India (NPCI) is all set to introduce new guidelines for digital payment companies to minimise concentration and systemic risks in UPI.   One of the important...

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IANS 10 September 2019
The Reserve Bank of India's committee on the development of 'Housing Finance Securitisation Market' has recommended setting up a government sponsored intermediary to "enable market making and standard setting".   The committee, in its report to the RBI, has recommended that "an...

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Moneylife Digital Team 09 September 2019
Country's largest lender State Bank of India (SBI) on Monday announced a reduction in its marginal cost-based lending rate (MCLR) by 10 basis points (bps) across all tenors. At the same time, SBI also lowered interest rates on fixed term deposits across all maturities by up to 25 basis...

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