🍒 NBCFDC, NSFDC in pact with Central Bank of India for interest subvention : The Social Justice Ministry’s interest subvention scheme — VISVAS — got a major boost with the National Backward Classes Finance & Development Corporation(NBCFDC) and the National Scheduled Castes Finance and Development Corporation (NSFDC) signing agreements with Central Bank of India. The scheme will benefit OBC/SC SHGs with loans/borrowings up to ₹4 lakh and OBC/SC individuals with loan/borrowing up to ₹2 lakh with a quick interest subvention benefit of 5 per cent directly into the standard accounts of borrowing SHGs/beneficiaries, an official release said. The VISVAS Yojana is for financial empowerment of economically marginalised OBC/SC SHGs and individuals. The memorandum of agreements was signed by VK Mahendru, Field General Manager, Central Bank of India; Anupama Sood, General Manager (Projects), NBCFDC and Devanand, Chief General Manager, NSFDC in the presence of K Narayan, Managing Director NBCFDC /Chairman cum Managing Director NSFDC. The scheme is expected to benefit many entrepreneurs on a pan India basis, the release added. - Business Line
🍒 Bankers not to participate in Bharat Bandh on Tuesday : Bank unions said they will not participate in the ‘Bharat Bandh’ on Tuesday, even as they expressed solidarity with farmers protesting against the new farm laws. Farmer groups, camping at various Delhi border points for over a week, have called for a nationwide shutdown on Tuesday to protest against three recently enacted agriculture-related legislations. - financial express
🍒 SBI to boost retail loan book, sees earnings improving : State Bank of India will accelerate retail loans and expects most lenders to post stronger-than-anticipated earnings as the economy revives faster than expected, according to Chairman Dinesh Khara. The banks were expecting worse, so they strengthened risk management significantly,” Khara, who took charge as head of the country’s largest lender in October, said in an interview with Bloomberg Television on Monday. “That’s why we are expected to see much better results than at the beginning of the pandemic.” SBI’s bad loan ratio fell to 5.28 per cent at the end of September from 5.44 per cent three months earlier, but the bank warned that it expects a further 200 billion rupees ($2.7 billion) of loans to sour over the next six months as the pandemic hurts borrowers. However, the state-run bank has provided for its potential bad loans in advance, which will prevent significant pressure from building, Khara said last month. - Business Standard
🍒 SBI recasts only 4,000 retail loans : State Bank of India (SBI) has recast loans of just around 4,000 retail borrowers so far under the limited window of the Reserve Bank of India (RBI), indicating that barring micro, small and medium businesses, not many are availing of easier repayment norms. C.S. Setty, managing director of India’s top lender by assets, said in an interview that 100,000 retail borrowers logged on to its website to check their eligibility, but not many were found to have met the stringent conditions set by RBI. Lenders have till December-end to agree on recast plans for retail borrowers and an additional 90 days to implement them. “The reasons for borrowers not being eligible include loans being more than 30 days overdue on 1 March. That apart, many also wanted to check out (their eligibility) despite not having lost their jobs or income. There are people who have had no decline in income due to the pandemic but still checked their eligibility," said Setty. - Live Mint
🍒 We are taking steps to ensure Yono outage like incidents don't recur: SBI MD : Days after State Bank of India’s (SBI's) Yono mobile banking application faced a system outage, the bank has said it was caused by technical glitches, rather than heavy digital traffic. C.S. Setty, managing director of SBI told Mint that the Reserve Bank of India's decision to pull up HDFC Bank on outages has sent out a strong signal to all banks to ensure that they have a robust infrastructure in place along with a robust security system to take care of the growing customer usage. We had some technical glitches both on Thursday and Friday and I think 99% of them have been addressed. They are usual technical glitches and have nothing to do with the traffic. A lot of people were asking whether our app will be able to handle an increase in the number of users. The app is structured in a manner as to add as many customers as possible and handle as many logins as possible. We are building it based on our customer base. While we have a large base, we also have a substantial number of internet banking customers who would eventually move to the Yono app and it is not like all my 460 million customers are going to move to Yono. That kind of infrastructure is already created. The focus was on making the app available immediately and maybe in the next four to five days we will know how to prevent such problems in future. While Yono is our most important digital asset, we always have a fall-back mechanism for our customers. We have also created a lighter version of Yono and that was operational, however, we will definitely take care that such incidents do not happen in future. - Live Mint
🍒 BoB launches Atmanirbhar Women Gold Scheme : Bank of Baroda (BoB) has launched the Atmanirbhar Women Scheme as part of its Baroda Gold Loan. Under the scheme, the bank is offering loans at 0.50 per cent concession for women. The bank under the gold loan scheme is also offering agri-gold loan at 0.25 percent concession and for retail loan at 0.50 per cent concession. The scheme was launched at BOB's Ramamurthy Nagar branch in Bengaluru and simultaneously in 18 branches coming under 18 zones in the country, virtually by Sanjiv Chadha, MD & CEO, Bank of Baroda. M Ravindra Rai, head, gold loan vertical, said: “This Atmanirbhar scheme is exclusively meant for helping women to be self-reliant.” - Business Line
🍒 ICICI Bank opens up its mobile app for customers of rival lenders : At a time when the Reserve Bank of India (RBI) has tightened scrutiny over digital services offered by banks in light of increased instances of outages, private sector lender ICICI Bank has upgraded its mobile app to allow customers of rival banks to avail basic online banking services on its platform. The new app, which ICICI Bank claims is a first in the industry, will allow users to link their bank accounts, generate a UPI ID and avail services such as online transactions, opening savings accounts, making investments, applying for loans and credit cards without being an ICICI Bank account holder. The lender in a statement said that it aims to “extend the ambit of mobile banking apps which are hitherto restricted to only the customers of the respective banks.” - economic times
🍒 ICICI Bank launches interoperable banking app : The second largest private sector lender ICICI Bank on Monday launched a new version of its mobile payment app which is interoperable and allows payments and other banking services to customers of any other bank. The latest version of the bank's mobile banking app is called iMobile Pay, through which customers of other banks can link their bank account, generate a UPI ID and start paying, shopping, transfer funds to any bank account or to any other payment apps or digital wallets; or bill payments and online recharges, among others, ICICI Bank said in a statement. The app also offers instant banking services such as savings account, investments, loans, credit cards, gift cards, and travel cards, among others.- economic times.
🍒 Lakshmi Vilas Bank name board gets DBS logo, tagline on new ownership : DBS Bank India, the new owner of 94-year Lakshmi Vilas Bank (LVB), has retained the latter's identity and logo in name boards at LVB's Head Offices, branches and website. The only new additions are DBS Bank India's logo and a line under Lakshmi Vilas Bank saying: 'Now part of DBS Bank India Ltd'. With effect from November 27, 2020, LVB has been amalgamated with DBS Bank India Ltd (DBIL), the subsidiary of DBS Bank, Singapore. While DBS India did not comment on whether this is a permanent or a temporary arrangement, experts and LVB employees believe that the LVB name will be retained. Sources said as per the scheme of amalgamation, the appointed date is November 27. This means LVB ceased to exist from that date and DBS Bank India Ltd took over. This would be a discretionary business decision of DBS. Even in the merger of Syndicate Bank with Canara Bank, every name board carries the word Syndicate. This is required to avoid confusion in the minds of the public. But for how long, is a question to be decided by the management by prudence, bank officials said. - Business Standard
🍒 Fino Payments Bank firms up plan to convert into Small Finance Bank : Fino Payments Bank which started generating profits (post-tax) three quarters ago, has started back-end planning to eventually convert into a small-finance bank (SFB). Enthused by the recent internal working group report that advocated allowing payments bank (PB) to convert to SFB after three years of operations from the current five years, Fino is also looking to give stakeholder comments to RBI on the issue. “These are progressive guidelines we are yet to study this in further details, there is obviously uncertainty whether the final guidelines will take into account these suggestions so we will have to wait and see on that but we are looking at this very positively,” said Rishi Gupta, CEO, Fino Payments Bank. - economic times
🍒 ICICI Bank tells analysts technical outages can happen anytime, banks can only reduce probability : Chiming in support of peer HDFC Bank, private lender ICICI Bank has told analysts that technical outages are an unfortunate but harsh reality and can happen anytime, a report by Macquarie Capital has revealed. The ICICI bank management also told analysts that the only thing a bank can do is minimise the probability of such events, Macquarie has said. Last week, the Reserve Bank of India had asked HDFC Bank to halt launches of all new digital offerings and stop onboarding credit card customers. This is the first time the regulator has imposed business sanctions on a bank for a system outage, indicating a strict stance here on for similar episodes. - economic times
🍒 Suspension of new digital initiatives, credit cards negative for HDFC Bank: Moodys ; The Reserve Bank of India's (RBI) directions on HDFC Bank due to multiple outages in its internet banking, mobile banking and payment services in the last two years are credit negative for the bank and it will delay the launch of new digital initiatives and could likely increase spending which will strain the bank's profitability, global credit rating agency Moody's said in a report. "The RBI action will delay the launch of HDFC Bank's Digital 2.0 initiative, under which the bank aims to consolidate all customers' digital transactions, including payments, savings, investments, shopping, trade, insurance and advisory services, into one platform. This has the potential to increase spending to improve the bank's digital infrastructure, which would strain its profitability," Moody's said.- economic times
🍒 Kotak MF launches REIT Funds of Funds scheme : Kotak Mahindra Asset Management Company has launched of Kotak International REIT Fund of Funds, which is India’s first diversified Real Estate Investment Trusts (REIT) Mutual Fund. The open-ended scheme will invest in units of SMAM Asia REIT Sub Trust Fund. This MF scheme will have a diversified investment portfolio comprising of listed REITs which will invest in real estate projects such as residential, office, data centres, warehousing, retail and hospitality. The New Fund Offer will be open for subscription till December 21. Kotak International REIT Fund of Funds offers an opportunity for domestic investors to invest and benefit from growth in real estate market without actually owning the entire asset. REIT owns, operates, or finances income-generating real estate. - Business Line
🍒 Covid-19 impact: Rise in demand for higher sum assured under health insurance : The Covid-19 pandemic and the rising costs of medical treatments seem to be pushing people to opt for a higher sum assured under health insurance. Insurance companies have been witnessing a surge in the number of people opting for higher sum assured or going in for top-up policies over their existing cover. The average sum assured under the indemnity policy, which was usually in the range of ₹2-3 lakh, has now increased to ₹5-7 lakh, with a fair share of people also opting for sum assured of ₹10 lakh and above.- Business Line
🍒 Companies raise over Rs 73,000 cr from capital markets in October : Companies raised Rs 73,215 crore from the capital markets in October, with private placement of debt instruments continuing to be the most-preferred route for funding. The funds have been mopped up mainly for business expansion plans, loan repayments and working capital requirements.According to monthly bulletin published by markets regulator Sebi on Monday, firms raised a total of Rs 73,215 crore in October compared to Rs 75,232 crore in September through issuance of equity and debt securities.Prior to this, companies had mopped up Rs 1.1 lakh crore in August.Out of the cumulative Rs 73,215 crore garnered in October, Rs 62,331 crore was mopped up from private placement of debt securities and Rs 4,144 crore through private placement of equity, which include qualified institutional placement (QIP) and preferential allotment routes. Individually, a total of Rs 2,200 crore were raised through the QIP route and Rs 1,944 crore were raised through issuance of shares on a preferential allotment basis. - Business Standard
🍒 Franklin seeks investors’ nod for ‘orderly winding up’ of six debt schemes : The Trustee of Franklin Templeton Mutual Fund in India has approached the unitholders to seek consent for the orderly winding up of the six debt schemes, as directed by the interim order of the Supreme Court. The Trustee has partnered with K Fintech for the electronic voting process and a meeting of the unitholders to seek their consent. Voting will take place from December 26-28 and the meeting of unitholders of the relevant schemes on December 29. - Live Mint
🍒 Ujjivan SFB launches neighbourhood banking channel : Ujjivan Small Finance Bank on Monday said it has introduced a new channel to make banking services accessible to customers in their neighbourhood. The channel – Money Mitra – will facilitate entrepreneurs running local businesses like Kirana, medical stores and insurance agencies to offer retail banking solutions to the bank’s customers exclusively. In these outlets, the lender’s customers can make a deposit, withdraw money, pay loan EMI and perform fund transfer without having to travel to branches, the bank said in a release. “We believe that Money Mitra is in-line with our purpose of building banking behaviour specifically among our micro banking customers. Now, Ujjivan SFB customers can opt for banking facilities even if they go to buy daily essentials in their neighbourhood,” the bank’s managing director and CEO Nitin Chug said. - financial express
🍒 Gold Prices Fall For Second Day In A Row To Rs 49,199 Per 10 Gram; Silver Slips : Gold prices on December 7 fell by Rs 117 to Rs 49,199 per 10 gram in the Mumbai retail market on a rebound in US dollar and negative global cues. This is the second straight day of fall in gold prices. The precious metal price had risen nearly 1 percent last week in the domestic market. The rate of 10 gram 22-carat gold in Mumbai was Rs 45,066 plus 3 percent GST, while 24-carat 10 gram was Rs 49,199 plus GST. The 18-carat gold quoted at Rs 36,899 plus GST in the retail market. Silver prices dropped Rs 916 to Rs 62,148 per kg from its closing on December 4.
🍒 Rupee settles 10 paise lower at 73.90 against US dollar : The rupee dropped by 10 paise to settle at 73.90 (provisional) against the US currency on Monday due to a stronger dollar in overseas markets. At the interbank forex market, the domestic unit witnessed a volatile trading session. It opened at 73.79 and rose to an intra-day high of 73.70 and dropped to a low of 73.96.
🍒 Shares of ICICI Bank have seen renewed buying on the bourses in the last few days as its focus on digital has been welcomed by analysts. The stock on Monday closed at ₹510.65 on the BSE, up 1.7 per cent. In the last one week, ICICI Bank has gained 7.8 per cent and in the last one month15.3 per cent. The stock’s 52-week high and low figures are ₹552.40 and ₹269, respectively.nvestors warm up to ICICI Bank as its digital strength is back in focus : "New digital innovations have positioned the bank well to gain incremental market share across key product lines," the note added
🍒 Sensex rallies 347 pts to end at fresh peak; Nifty tops 13,350 for first time : After touching a record intra-day high of 45,458.92, the 30-share BSE index settled 347.42 points or 0.77 per cent higher at 45,426.97. Similarly, the broader NSE Nifty rose 97.20 points or 0.73 per cent to an all-time closing high of 13,355.75. It touched its record intra-day peak of 13,366.65 in early trade. Bharti Airtel was the top gainer in the Sensex pack, rising around 3 per cent, followed by HUL, HDFC, ITC, IndusInd Bank, SBI, Sun Pharma, ONGC, Tech Mahindra, L&T and Asian Paints. On the other hand, Kotak Bank, Nestle India, Tata Steel, Bajaj Finance and HDFC Bank were among the laggards..
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