MONEY & BANKING


Moneylife Digital Team 04 October 2021
The Reserve Bank of India (RBI) on Monday superseded boards of Srei Infrastructure Finance Ltd (SIFL) and Srei Equipment Finance Ltd (SEFL) due to governance concerns and defaults. RBI has appointed Rajneesh Sharma, former chief general manager (CGM) of Bank of Baroda as an administrator of...

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Moneylife Digital Team 04 October 2021
Several well-known names, with links to trusts in tax havens, have been exposed by the Pandora papers, which is the latest trove of leaked data exposing tax haven secrecy by the global super rich. The files were leaked to the International Consortium of Investigative Journalists (ICIJ), which...

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Moneylife Digital Team 30 September 2021
Suryoday Small Finance Bank (SFB) has decided to shut down its automated teller machines (ATMs) from 1 October 2021 due to operational reasons.   However, customers will be able to use their Suryoday Bank ATM or debit card at most ATMs of other banks for cash withdrawal. Additionally,...

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Moneylife Digital Team 30 September 2021
The twists and turns for Thrissur-based Dhanlaxmi Bank do not seem to end. At the annual general meeting (AGM), the lender’s shareholders rejected the appointment of its statutory auditors and branch auditors. The shareholders also refused to give authorisation to the board of directors of...

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Moneylife Digital Team 28 September 2021
Bharatiya Janata Paty (BJP) leader and former member of Parliament (MP) Kirit Somaiya has welcomed the arrest of Shiv Sena's five-time MP and former union minister Anandrao Adsul, in the City Cooperative Bank Ltd scam worth Rs900 crore.    Mr Somaiya said, "Anandrao Adsul sank City...

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Moneylife Digital Team 27 September 2021
Gradual phasing out of social restrictions has improved monthly collection ratios of securitised pools which had declined between April and June 2021 following the second wave of the COVID-19 pandemic, says a research note.   In the report, CRISIL Ratings says, "The trend in...

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Moneylife Digital Team 23 September 2021
The twists and turns for Thrissur-based Dhanlaxmi Bank do not seem to end. Three people, including former directors, have filed a petition in Kerala High Court (HC) seeking a seat on the bank's board.   Dhanlaxmi Bank’s shareholder KN Madhusoodan, and P Mohanan and Prakash DL have...

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Moneylife Digital Team 23 September 2021
Updated on 24 September 2021 at 4pm to include clarification from DICGC   The Union government has announced that the Deposit Insurance & Credit Guarantee Corporation (DICGC) would be paying a maximum of Rs5 lakh to depositors of 21 banks, including Punjab and Maharashtra Cooperative...

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Moneylife Digital Team 22 September 2021
Depositors of 21 banks, including Punjab and Maharashtra Cooperative (PMC) Bank, will receive up to Rs5 lakh from the deposit insurance & credit guarantee corporation (DICGC) within 90 days or by 29 December 2021 under the all-inclusive directions (AID).    The DICGC (Amendment) Act,...

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Moneylife Digital Team 21 September 2021
In the aftermath of the pandemic, the Reserve Bank of India (RBI) has been at the forefront of stabilising the financial system to keep liquidity in surplus mode. The average net durable liquidity injected into the banking system since April 2021 is at Rs9.3 lakh crore. However, the excess...

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IANS 21 September 2021
To quicken the pace of stressed asset resolution, the Centre may soon come up with a prepackaged insolvency framework under the Insolvency and Bankruptcy Code (IBC) for large corporates, similar to the one introduced for SMEs.   Official sources said that discussion on having a...

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Moneylife Digital Team 21 September 2021
In a welcome relief, lenders to Dewan Housing Finance Corporation (DHFL) may start receiving payment from Piramal Capital and Housing Finance (PCHFL) this week. DHFL has been undergoing insolvency proceedings at National Company Law Tribunal (NCLT) in Mumbai since 3 December...

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Moneylife Digital Team 15 September 2021
A generous regulatory approach to stressed-loan restructuring will reduce incurred-loss provisioning and enable Indian banks to spread the related credit costs over a longer period of four years, resulting in a more manageable impact on profitability and capital, says Fitch Ratings. The...

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IANS 14 September 2021
The gross non-performing assets (GNPAs) of banks are expected to cross Rs 10 lakh crore by March 2022, a ASSOCHAM-Crisil joint study had said.   "NPAs are expected to rise to 8.5-9 per cent by March 2022, driven by slippages in retail, micro, small and medium enterprise (MSME)...

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Moneylife Digital Team 13 September 2021
Asset reconstruction companies (ARCs) are expected to circle stressed accounts in the micro, small and medium enterprises (MSME) and retail segments in the near-to-medium term due to the twin challenges of inadequate funding access and intensifying competition from the proposed National ARC,...

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Moneylife Digital Team 09 September 2021
The Banks Board Bureau ((BBB), an autonomous body of the Indian government, has recommended Atul Kumar Goel for the position of managing director (MD) and chief executive officer (CEO) of Punjab National Bank (PNB). Ajay Kumar Srivastava is the candidate on the reserve list for these posts,...

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Moneylife Digital Team 08 September 2021
While maintaining a stable outlook on the overall banking sector for the rest of FY21-22, India Ratings and Research (Ind-Ra) says, heightened stress in the retail segment and micro, small and medium enterprises (MSME) would push inflexion point.    In a research report, the ratings...

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Kavita Gill 02 September 2021
Today, with the advent of technology, most sectors, including the banking industry, have become digitally empowered. The Indus Digi-Start savings account by IndusInd Bank is an attempt to modernise the experience of banking and make it much more convenient and user-friendly.   With a...

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Kotak Mahindra Bank will sell 20 crore shares in Airtel Payments Bank Ltd amounting to 8.57 per cent stake to Bharti Enterprises for around Rs 294 crore.   Kotak Mahindra Bank Limited has executed a share purchase agreement for the sale, the bank said in a regulatory...

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Yogesh Sapkale Yogesh Sapkale 24 August 2021
While small borrowers are made to pay every single paisa they borrowed, public sector banks (PSBs) appear to favour big defaulters while writing off their loans of Rs100 crore and above.   Take, for example, over the past nine years, Central Bank of India wrote off nearly Rs21,000...

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