MONEY & BANKING


Moneylife Digital Team 04 July 2022
Enhanced flexibility to set lending rates will be one of the drivers supporting a revival in the profitability of non-banking financial company-microfinance institutions (NBFC-MFIs) this fiscal. This emanates from the Reserve Bank of India's (RBI) removal of the interest margin cap on lending...

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The State-run Bank of Maharashtra (BoM) has written off bad loans of over Rs11,204 crore of 42 big defaulters and Rs2,548.13 crore of small borrowers since FY13-14. However, over the past nine years, the Bank could recover less than 15% of the amount from both big defaulters, who had...

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Moneylife Digital Team 01 July 2022
Public sector banks (PSBs), having substantial unrealised losses in their books at the beginning of the interest rate tightening cycle, portends future risks to their financial health, says the financial stability report (FSR) published by the Reserve Bank of India (RBI).   According...

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Moneylife Digital Team 30 June 2022
Following an alert by Google Play about Slice app being harmful and attempts to access users' personal data, the fin-tech company says it has updated its app, after which the alert has been removed. However, there is no information available about how the Slice app collects, shares, and...

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Moneylife Digital Team 29 June 2022
The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs57.50 lakh on the government-owned Indian Overseas Bank for non-compliance with certain directions issued by it on the classification and reporting of frauds by commercial banks and select FIs (financial...

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Improving credit growth and decreasing asset-quality risks will be the character of Indian non-banking financial institutions (NBFI) during FY22-23, said Fitch Ratings on Monday.   According to the credit rating agency, this status should support NBFI's performance amid a broadening...

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Ashneer Grover, who was sacked along with his wife Madhuri Jain Grover by fintech platform BharatPe over alleged financial irregularities, has slammed the Reserve Bank of India (RBI) over its latest directive to non-bank prepaid payment instruments to stop loading credit lines onto their...

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Moneylife Digital Team 24 June 2022
The Reserve Bank of India (RBI) has warned of risks from cross-border outsourcing of information technology (IT) services and recommended that regulated entities closely monitor such operations. The RBI’s observations come at a time when it is considering a mandate for domestic processing...

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Moneylife Digital Team 14 June 2022
Borrowing costs for non-banking financial companies (NBFCs) are seen rising 85-105 basis points (bps) this fiscal. However, overall profitability of NBFCs is expected to remain steady, cushioned by a reduction in credit costs with higher provisioning buffers of the past two fiscals to help...

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Moneylife Digital Team 13 June 2022
Reserve Bank of India (RBI) on 10th June approved the appointment of R Subramaniakumar as managing director and chief executive officer (MD & CEO) of RBL Bank for three years. Mr Subramaniakumar was the administrator of Dewan Housing Finance Corp Ltd (DHFL), which achieved a...

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Nita Mukherjee 10 June 2022
While the Reserve Bank of India (RBI) and State Bank of India (SBI) are asking customers to refrain from sharing know-your-customer (KYC) related information over phone, via email or SMS, the Bank, however, is confusing customers, that too after banking hours and over a weekend. A very senior...

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Moneylife Digital Team 08 June 2022
The Reserve Bank of India (RBI) has raised the limit for recurring transactions which can be conducted without an additional factor of authentication after an initial registration. The limit has been raised from Rs5,000 to Rs15,000, RBI said, as part of its developmental policies announced on...

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Moneylife Digital Team 07 June 2022
Favourable conditions like rising income levels, improved affordability and fiscal support augur well for the demand for homes and housing loans in India will have an exponential growth trajectory for decades to come, says Deepak Parekh, chairman of HDFC Ltd.   In his final letter to...

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The National Company Law Appellate Tribunal (NCLAT) has directed the new board of Infrastructure Leasing & Financial Services (IL&FS) to make interim payout to creditors after prior approval of the new board, the tribunal said in an order.   The interim distribution shall be confined...

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Religare Enterprises, one of India's leading diversified financial service groups, in continuation with its earlier announcements relating to the revival plan of its wholly-owned subsidiary Religare Finvest, has announced that it has received a communication from its lead lender, informing...

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Housing finance company, HDFC, has increased its retail prime lending rate (RPLR) on housing loans by 5bps (basis points).   The revision would come into effect from Wednesday itself.   The upward revision in rates will essentially lead to an increase in EMIs (equated monthly...

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Moneylife Digital Team 30 May 2022
Stressed assets of non-banking financial companies-microfinance institutions (NBFC-MFIs)—comprising over 30 portfolios at risk (PAR), and loan books under restructuring—are estimated to have declined a significant 800 basis points to about 14% as of March 2022, after peaking to around 22% in...

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Moneylife Digital Team 30 May 2022
The Reserve Bank of India (RBI)’s annual report  for FY21-22, released on 27th May, warns that global recovery this year could suffer a significant loss of momentum this year, with negative external effects affecting the financial and commodity markets, surging food and fuel prices adversely...

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HSBC has reportedly suspended a senior executive who accused central bankers and other officials of exaggerating the financial risks of climate change.   Last week, Stuart Kirk, a leader in the Bank's responsible investing team, said: "There's always some nut job telling me about the...

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Against the backdrop of more than 33 lakh cheque bounce cases which burdens the judicial docket, the Supreme Court on Thursday gave green signal to a pilot study to set up special courts headed by retired judicial officers exclusively to deal with these cases.   A bench of Justices L....

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