🍒 Bank of Baroda rolls out free counselling for 8,000 employees : Bank of Baroda announced that it has rolled out free and anonymous psychological counselling for 8000 odd employees on a pilot basis. The public-sector bank has a total of 84,000 employees nationally. The program will cover all employees in the Mumbai zone. Prakash Vir Rathi, general manager (human resource management), in a phone call with ET said that the coronavirus pandemic had raised stress levels among employees. The employee assistance program was aimed at alleviating stress among the bank’s employees, especially younger employees. Around 60% of the bank’s employees are aged between 18-35 years. “They often face peer pressure, career and ambition issues, relationship / adjustment issues, etc. In such cases, expert counselling shall be of immense help in providing timely support to them for their emotional worries," said Rathi. -economic times
🍒 Loan moratorium case: Facing great difficulties with interim order on NPAs, says RBI to SC : The Reserve Bank of India told the Supreme Court on Thursday that it is facing “great difficulties” with the court’s interim order against declaring as non-performing assets (NPAs) accounts found perfectly good till August 31, 2020. On September 3, the apex court had, as an interim measure considering the hardships of the pandemic and moratorium, directed that “accounts which were not declared NPA till August 31, 2020 shall not be declared NPA till further orders”. - Business Line
🍒 RBI allows co-origination of PSL loans by banks and NBFCs : Reserve Bank of India (RBI) has eased norms to allow co-origination of priority sector loans by banks and non banking finance companies (NBFCs). The new RBI norms also allow co-origination of norms by housing finance companies and follows the central bank's announcement regarding the same after the monetary policy review last month. The RBI hopes that the co-lending model (CLM), will improve the flow of credit to the unserved and underserved sector of the economy at an affordable cost, considering the lower cost of funds from banks and greater reach of the NBFCs. -economic times
🍒 ICICI Bank's millennial branches to host entertainment shows as part of new offering : The country's second-largest private sector lender ICICI Bank on Thursday launched a special offering for the millennial segment, with features like exclusive branches that will host entertainment events. The country is poised for a demographic dividend, which will see millions of youth join the workforce, its executive director Anup Bagchi said, adding there are 40 million 'progressive' millennials who will contribute significantly to the economy and banking in the years to come. He said after extensive research, the bank has launched the mobile-first, personalised and experiential-led banking platform christened 'Mine' for this segment. -economic times
🍒 HDFC Bank appoints Ramesh Lakshminarayanan as its new CIO : Largest private sector lender HDFC Bank on Thursday said it has hired Ramesh Lakshminarayanan as its next chief information officer (CIO). The appointment comes nearly four months after the resignation of its the then CIO Munish Mittal to pursue higher education in the UK after spending over 25 years at the bank. This is also the first major hiring the bank has announced under its new chief executive and managing director Sashidhar Jagdishan. Lakshminarayanan joins from rating agency Crisil, where he was serving as the chief technology and information officer, HDFC Bank said in a statement, adding that he has also had stints with Kotak Mahindra Bank, Citibank and ABN Amro Bank. -economic times
🍒 Indian banks see revival in loan growth but concerns linger : Indian banks are loosening their purse strings and lending more as pent-up demand surfaces in the Indian festive season, though growth is still nearly half that seen last year. Several lenders including State Bank of India, the country's largest lender and HDFC Bank, India's most valuable bank by market capitalisation saw demand for housing and vehicle loans return to near pre-pandemic levels in the quarter ended September. "Now that the loan moratorium is over and we have a clearer view about repayments, we're feeling more comfortable about lending both on unsecured as well as secured retail loans," said the head of retail banking at a public sector bank, who asked not to be identified as the lender has yet to report its results. -economic times
🍒 Muthoot Capital posts ₹16-cr net profit in Q2 : Muthoot Capital Services Ltd has posted a net profit of ₹15.7 crore in Q2 of FY21 against a 14 crore in the same quarter last year. The total income for the quarter touched ₹143.7 crore. With economic growthstarting tonormalise, the company disbursed two-wheeler loans amounting to ₹106.1 crore only and had a total disbursement of ₹116.1 crore during the quarter. Total AUM reached ₹2,269 crore at the end of the quarter, including the assigned portfolio of ₹34 crore. For the same quarter last year, the company had a total disbursement of ₹487.8 crore, and AUM at the end of same quarter last year was at ₹2,760 crore. During the same quarter last year, the company reported a total revenue of ₹145 crore. - Business Line
🍒 NPCI allows WhatsApp to go live on UPI : The National Payments Corporation of India (NPCI) has given approval for WhatsApp to ‘go live’ on UPI in the multi-bank model. “WhatsApp can expand its UPI user base in a graded manner, starting with a maximum registered user base of 2 crore in UPI,” NPCI said in a statement on Thursday. The announcement came soon after NPCI also issued a cap of 30 per cent of total volume of transactions processed in UPI, applicable on all Third Party App Providers (TPAPs) with effect from January 1, 2021. WhatsApp has been running pilots of its payment service – WhatsApp Pay – but till now it had not received permission to run it on a full scale due to concerns over data localisation.. - Business Line
🍒 RBI to conduct ₹20,000-crore OMO : The Reserve Bank of India (RBI), on Thursday, said it will continue to conduct Open Market Operation (OMO) purchase auctions of ₹20,000 crore, as well as OMOs in State Development Loans (SDL), along with other operations. The central bank will be notifying the details of these operations separately. The aforementioned measures – based on an ongoing assessment of liquidity conditions – are aimed at supporting market sentiment and assuring adequate liquidity all along the yield curve, RBI said. As part of these measures, the Reserve Bank has decided to conduct OMOs involving a simultaneous purchase and sale of Government Securities (G-Secs) for an aggregate amount of ₹10,000 crore each on November 12, 2020. - Business Line
🍒 NPCI puts 30% cap on volume for all third-party apps offering UPI : The National Payments Corporation of India (NPCI) has decided to put a 30 per cent volume cap for third-party applications offering UPI. “With UPI reaching 200 crore transactions a month and with potential for future growth, it has issued a cap of 30 per cent of total volume of transactions processed in UPI, applicable on all Third Party App Providers (TPAPs). This will be with effect from January 1, 2021,” NPCI said in a statement on Thursday. This will help to address the risks and protect the UPI ecosystem as it further scales up, NPCI further said. The move comes after UPI transactions crossed the 200-crore mark in October, amounting to 207.16 crore payments worth ₹3.86-lakh crore. “The existing TPAPs exceeding the specified cap will have a period of two years from January 2021 to comply with the same in a phased manner,” it said. - Business Line
🍒 Aditya Birla Capital Q2 net marginally up at Rs 264 cr : Aditya Birla Capital on Thursday reported a 3 per cent increase in its consolidated net profit to Rs 264 crore for the second quarter ended September. The company’s net profit stood at Rs 256 crore in the same quarter a year ago. The net profit jumped 33 per cent quarter-on-quarter from Rs 198 crore for first quarter ended June, marking a move towards normalcy and growth, with continued resilience across businesses, the company said. - Business Line
🍒 GST collection, power consumption show recovery: Ex-RBI chief C Rangarajan : Former governor of the Reserve Bank of India (RBI) C Rangarajan on Thursday said the decline in the growth of the economy triggered by COVID-19 was like a coma that stays for a short period. Rangarajan, also the former Prime Minister's Economic Advisory Council chairman, said this during 'SICCI-360' organised here by the Southern India Chamber of Commerce and Industry. "(Normally) Coma lasts for several years (in medical terms). But there are people who come out of it in a shorter period. This is a coma which is short-lived. The point is as you (gradually) lift the lockdown, I expect the economic activity to pick up," he said. - economic times
🍒 Provision of SARFAESI Act empowering DMs to attach secured assets of borrowers directory: SC : In a relief to banks and financial institutions (FIs), the Supreme Court Thursday held that a provision of the SARFAESI Act empowering District Magistrates to take possession of secured assets of defaulting borrowers within 60 days period for handing them over to the lending FIs was “directory” and not “mandatory” in nature as banks cannot be made to suffer for the delay on the part of the government officers. Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act mandates District Magistrate to deliver possession of a secured asset within 30 days, extendable to an aggregate of 60 days upon reasons recorded in writing, to banks. - economic times
🍒 SBI shares surge about 7% as brokerages upgrade stock, increase target price : Shares of State Bank of India on Thursday surged as much as 7% as many brokerages upgraded the stock and increased its target price after the lender reported better than expected earnings. SBI gained as much as 6.8%, to hit a high of Rs220.95 on BSE. At 9.50am, the scrip was trading at Rs218.15 on BSE, up 5.4% from its previous close.SBI reported a 52% year-on-year (y-o-y)jump in net profit in the September quarter to Rs4,574 crore backed by robust growth in retail loans and lower provisions for bad loans. "SBI’s current core valuation is lower than other state banks, which is unwarranted, given SBI’s strong deposit franchise, market leadership in home loans and strong traction in retail disbursals. We revise our earnings to build higher NIM and fees," said Elara Capital in a note to its investors. - Live Mint
🍒 Pay adequate compensation to shareholders during mergers, IRDAI tells insurers : Insurance Regulatory and Development Authority of India (IRDAI) on November 5 said that in merger cases between two insurers, adequate compensation must be paid to shareholders of the acquired insurers. In draft guidelines on compensation payable during insurers' mergers, IRDAI said that shareholders of acquired insurer will be eligible for compensation.Here, IRDAI said that the residual value of the assets shall be the total quantum available for payment of compensation. - moneycontrol.
🍒 Gold prices rise for fourth straight day to Rs 51,532/10 gm, silver soars Rs 1,556/kg : Gold prices surged for the fourth straight day by Rs 226 to Rs 51,532 per 10 gram in the Mumbai retail market on a sharp decline in US dollar and positive global cues, but the gains were capped by a stronger rupee. The rate of 10 gram 22-carat gold in Mumbai was Rs 47,203 plus 3 percent GST, while 24-carat 10 gram was Rs 51,532 plus GST. The 18-carat gold quoted at Rs 38,649 plus GST in the retail market. Silver prices climbed by Rs 1,556 to Rs 62,799 per kg from its closing on November 4.
🍒 Sensex surges 724 pts; SBI up 5 per cent : After a strong start, the 30-share BSE index maintained its upward trajectory throughout the session to close at 41,340.16, up 724.02 points or 1.78 per cent. Similarly, the broader NSE Nifty zoomed 211.80 points or 1.78 per cent to finish at 12,120.30. All Sensex components closed in the green.SBI was the top gainer, soaring over 5 per cent, followed by Tata Steel, IndusInd Bank, Bajaj Finance, Bajaj Finserv and HCL Tech.
🍒 Rupee settles 40 paise higher at 74.36 against dollar : The rupee strengthened by 40 paise to close at 74.36 (provisional) against the US dollar on Thursday amid indications of Joe Biden’s victory in the US presidential elections. Traders said positive domestic equities and a weak American currency overseas also supported the local unit. At the interbank forex market, the domestic unit opened at 74.35 against the US dollar, and finally closed at 74.36, registering a rise of 40 paise over its previous close
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