🍒 Indian Army, Bank of Baroda sign MoU for ‘Baroda Military Salary Package’ : Indian Army and Bank of Baroda have entered into a Memorandum of Understanding (MoU) for ‘Baroda Military Salary Package’. The MoU was signed by Lt Gen Ravin Khosla, DG(MP&PS) and Vikramaditya Singh Khichi, Executive Director, Bank of Baroda in presence of Lt Gen Harsha Gupta, Adjutant General, Indian Army who also chaired the meeting. The MoU lays don the basis on which banking services would be provided by Bank of Baroda to serving and retired personnel of Indian Army. Services under ‘Baroda Military Salary Package’ will be offered to serving and retired personnel of Indian Army through the Bank’s network of over 8,200 domestic branches and around 20,000 business correspondent touchpoints, an official release said. - Business Line
🍒 ICICI Bank launches online platform for foreign companies setting up shop in India : Private sector lender ICICI Bank has launched an online platform for foreign companies that plan to set up business in the country. “Called ‘Infinite India’, the platform offers them banking solutions as well as value-added services such as incorporation of a business entity, corporate filings, licences and registrations, HR services, compliances and taxation among others,” ICICI Bank said in a statement on Tuesday. This will help foreign companies, as it eliminates the need for coordinating with multiple touchpoints, leading to a hassle-free experience of doing business in India, it added. - Business Line
🍒 ICICI Bank seeks to gain market share in MNC banking : ICICI Bank is opening a new comprehensive online window for multinational companies (MNCs) wanting to establish or expand in India as it seeks to take advantage of the country's potential as an alternative to China and benefit from the challenges foreign banks face after the Reserve Bank of India's (RBI) recent restrictions on opening of current accounts. Executive director Vishakha Mulye said strong foreign direct investment (FDI) into India, the nation's young demographic profile and government measures to push India as an attractive destination for foreign investment will help the bank gain market share from foreign banks. "India along with China is one of the fastest growing markets in the world but recently the attractiveness of China has been going down. Added to that is the digital ecosystem that has been developed in India which will help improve governance and standards in the long run," Mulye said. - economic times
🍒 SBI Life and Apollo join the race for RCap assets : Reliance Capital's (RCAP) expression of interest (EOI) for asset monetisation garnered mega response with 60 bids being received. SBI Life and Apollo are among the 10 new bidders who have submitted expressions of interest for Reliance Capital's assets, taking the total number of bids to 60. December 1 was earlier the deadline for the submission of EOIs. Over 60 different bids have been received with SBI Capital Markets Limited and JM Financial Services Limited, the advisors to the lenders. Later the date for submitting the bids was extended to December 17. Over eight bidders have bid for entire RCAP assets on as-is-where-is basis. The prominent among them are Oaktree, J.C. Flower and multiple ARCs. - economic times
🍒 Industry bodies to press for holding back new wage definition in meeting with govt on Dec 24 : Representatives of industry bodies, including from CII and FICCI, will hold a meeting with the labour ministry top brass on Thursday to make a case for holding back implementation of new definition of wages, which would increase social security deductions and reduce take-home pay of workers. "The representatives of CII and FICCI among other industry bodies would meet union labour ministry top brass on December 24, 2020 to discuss the new definition of wages which is likely to be implemented by April 1, 2021," an industry source said. The new definition provides that the allowance of an employee cannot be more than 50 per cent of the total salary. This would increase the social security deductions like provident fund. - economic times
🍒 Distress funds are betting on rise in NPAs in India in the coming months due to Covid pandemic : Non performing assets (NPA) in the banking system is set to see a jump in the coming months and some of the distress funds or special purpose funds are betting big on that. Most banks have managed to keep their NPA under control as companies availed moratoriums or were allowed to delay repaying loans for some months due to Covid pandemic. Industry trackers now expect that this number will jump in the coming months. Some of the funds that bet on distressed companies are hoping that they could invest in these in the coming months. These funds had put their investments on hold even as the government postponed the IBC (Insolvency and Bankruptcy Code) process. - economic times
🍒 Covid claims: Insurers paying 100-150% more than the premium collected : Insurance companies have already paid claims that are 100-150 per cent more than the premium they received on corona-specific policies, according to industry experts. As mandated by the Insurance Regulatory and Development Authority of India (IRDAI), there are two corona-specific policies — Corona Kavach and Corona Rakshak. These policies have been brought in as standard covers, while the pandemic was at its fastest spread early this year. “Most of the companies have paid much more than what they had received. For Corona Kavach, we have paid 150 per cent than what we have received,’’ S Prakash, Managing Director, Star Health & Allied Insurance told BusinessLine. - Business Line
🍒 PhonePe introduces voice notification feature for Business app : India-based fintech platform PhonePe on Tuesday announced the launch of its new voice notification feature in vernacular languages on the PhonePe for Business app. The platform has introduced voice notifications in over nine vernacular languages on the PhonePe for Business app. “The voice confirmation helps merchants during peak business hours with a voice message announcing the amount received from a customer without the merchant having to check the customer’s phone screen, or waiting for a bank SMS,” PhonePe explained in an official release. - Business Line
🍒 Reliance Capital: 10 more bids submitted : Another 10 bids have been submitted for the assets of Reliance Capital. Sources said these include a bid by Apollo, which has submitted an expression of interest for Reliance Capital on an as is where is basis. SBI Life Insurance is also understood to have submitted a bid for Reliance Nippon Life Insurance. The Committee of Debenture Holders of Reliance Capital had on December 7 decided to extend the deadline for bids for certain subsidiaries of the debt ridden group to December 17. Reliance Capital had floated an expression of interest for selling stake in its subsidiaries as part of the process to pay off its dues to creditors. The initial deadline had been set as December 1. - Business Line
🍒 IOB loan fraud : ED says accused who defrauded Indian Overseas Bank paid managers' flight, hotel bills : Probing a Rs 299-crore Indian Overseas Bank loan fraud case, similar to the alleged USD 2 billion worth PNB swindle, the Enforcement Directorate has found that the accused "paid" for the air travel and hotel stay of a senior bank manager and his family as kickbacks. The central probe agency said "lapses" were also detected on the part of at least three managers — Anil Kumar, P C Rana and N Chokalingam — of the IOB branch in Chandigarh, "as well as the concurrent auditors." The ED case is related to its criminal money laundering investigation "in a case related to buyers credit fraud of Rs 299.14 crore at the IOB, Chandigarh". The agency took congnisance of an FIR filed by the Central Bureau of Investigation (CBI), to file a case under various sections of the Prevention of Money Laundering Act (PMLA) against IOB Assistant Manager Ashu Mehra, properitor of heights international company Amanpreet Singh Sodhi, owner of vision procon company Dinesh Kumar and directors of a firm saibhakti impex Pvt ltd — Gaurav Kirpal and Aman Kirpal. - moneycontrol.
🍒 Securitisation volumes to get back on growth track in FY22: Icra : The securitisation volumes especially in retail loans of finance companies and mortgage lenders will see healthy growth in 2021-22 (FY22), after experiencing contraction in Fy21 so far, according to Icra. Also, the credit quality of the rated pass-through certificates (PTCs) should remain ‘Stable’ during FY2022. Even though collections may not have reached pre-Covid levels, the credit enhancement available in the transactions has further built-up on amortisation of the pools supporting their credit quality. The rating agency said increase in securitisation volumes for the rest of FY21 an in FY2022 would be supported mainly by growing investor confidence in asset quality due to improving collections. Higher funding requirement of originators on account of rising disbursements and improving business activity post end of lockdown and moratorium period would give a push to activity. “Collections across all asset classes have bounced back sharply since the dip in April 2020 following the nationwide lockdown," said Abhishek Dafria, Vice President and Group Head - Structured Finance Ratings at Icra. - Business Line
🍒 Govt has received 120-130 FDI proposals from China since April: Report : The government has received over 120 foreign direct investment (FDI) proposals worth about Rs 12,000 crore from China since April, when it was made mandatory for a company from countries sharing land border with India to invest in any sector only after getting government approval, sources said. As per that decision, FDI proposals from China need government approval for investments in India in any sector.An inter-ministerial committee has been formed by the government to scrutinise these proposals, they said adding most of the investments are for brownfield projects (means in existing Indian companies). In April this year, the Department for Promotion of Industry and Internal Trade (DPIIT) came out with a press note stating that a company or an individual from a country that shares land border with India can invest in any sector here only after getting government approval. The decision was taken to curb opportunistic takeovers or acquisitions of domestic firms due to the current COVID-19 pandemic. - Business Standard
🍒 Banks line up ARC sales as 2020 draws to close : The distressed asset market, which had gone into a deep freeze after the outbreak of Covid-19, has started to recover in Q3. Large banks have lined up a string of legacy non-performing assets (NPAs) for sale to asset reconstruction companies (ARCs). The deterioration of household incomes has also led banks to consider the ARC route for retail assets and the activity in this segment is now 30-40% higher than pre-pandemic levels. On Monday, State Bank of India (SBI) and ICICI Bank put out notices for the sale of their exposures to Action Ispat & Power (Rs 540 crore) and Gammon India, respectively. A consortium of lenders to Jindal India Thermal Power (JITPL), led by Punjab National Bank (PNB), has also sought bids for the project. Earlier, Bank of Baroda (BoB), Axis Bank and IDBI Bank have also run processes for NPA sales, according to sources. - financial express
🍒 Govt plans to set up a development finance institution in 3-4 months: DFS Secy : The government plans to set up a Development Finance Institution (DFI) in the next three to four months with a view to mobilise Rs 111 lakh crore required for funding of the ambitious national infrastructure pipeline, according to Financial Services Secretary Debasish Panda. “We need a development financial institution as infra financing needs patient capital, and banks are currently not suited for lending for long term projects which do not generate any cash for years,” he told PTI in an interview. Even deepening the bond market with regard to infrastructure financing is a matter which is receiving attention of the government and there is a need to do something more in order to have a robust bond market for infrastructure financing, he said. “To provide funding, to enhance credit rating of projects, a DFI is needed, and we are actively working on it, and soon such an institution will be in place. We are in the process of finalising details such as shareholding of the government and whether such a body will be formed through a statute. - financial express
🍒 SBI Card raises Rs 450 crore through non-convertible debentures : SBI Cards and Payment Services Ltd (SBI Card) has raised Rs 450 crore by issuing bonds on a private placement basis, the company said on Tuesday. The stakeholder relationship committee of the company has approved the allotment of 4,500 fixed rate, unsecured, rated, taxable, redeemable, senior, non-convertible debentures (NCDs) of the face value of Rs 10 lakh each aggregating to Rs 450 crore on a private placement basis, SBI Card said in a regulatory filing.The tenure of the debt instruments is five years with the date of maturity as December 22, 2025.The bonds bear coupon rate of 6 percent per annum, SBI Card said.The bonds will be listed on the Wholesale Debt Market Segment of BSE. Stock of SBI Card closed at Rs 822 apiece on BSE, up 0.78 percent over previous close. - moneycontrol.
🍒 Manappuram Finance raises Rs 400 crore via by issuing bonds : Manappuram Finance on Tuesday said it has raised Rs 400 crore by issuing bonds on private placement basis. The Financial Resources and Management Committee of the board of directors of the company has approved the allotment of 4,000 rated, secured, redeemable non-convertible debentures aggregating to Rs 400 crore, Manappuram Finance said in a regulatory filing. These bonds will mature in three years and carry a coupon rate of 7.45 percent per annum. Shares of Manappuram Finance were trading 1.79 percent lower at Rs 159.25 apiece on the BSE. - Business Line
🍒 Paytm Payments Bank outperforms all important banks in terms of UPI payments: NPCI report : Paytm Payments Bank (PPBL) outperformed all important banks in India in terms of the success rate of UPI transactions yet again. PPBL has the lowest technical decline rate at 0.02 percent among all UPI remitter banks and 0.04 percent among all UPI beneficiary banks, according to the latest report by the National Payments Corporation of India (NPCI). The technical decline rate is around 1 percent for all other major banks. “Our performance in the latest NPCI report is a testament of the hard work that the team puts in to provide the best technology infrastructure in the global banking space. We are well ahead of others when it comes to leveraging AI and Big Data to offer innovative products & services to our customers across the country. Our tech team which comprises of the best minds in the business, work round the clock to provide a seamless and efficient experience. This has helped us build a trusted & long-lasting relationship with our partners (sic)" Satish Gupta, MD & CEO of Paytm Payments Bank Ltd, said in a statement. - moneycontrol.
🍒 Rs 7,000-crore fraud: Ex-MP faked companies in name of maids, drivers, says CBI : The Central Bureau of Investigation (CBI) has said that Hyderabad-based Transstroy India Private Limited, which is embroiled in one of the biggest banking frauds in the country worth Rs 7,296 crore, had created fictitious companies in the name of maids, sweepers and drivers and made them directors to divert funds. Transstroy is owned by former TDP MP Rayapati Sambasiva Rao. In its FIR, CBI alleged that Padmavati Enterprises, Unique Engineers, Balaji Enterprises and Ruthwik Associates swindled Rs 6,643 crore. “Nine are non-existing companies, which have been created to run fraudulent operations with the assistance of employees,” the CBI alleged. A KPMG forensic audit revealed that the accused had borrowed Rs 9,394 crore from Canara Bank and 13 other banks. - Times of India.
🍒 Rupee widens losses by 5 paise at 73.84 against dollar : The rupee furthered its losses by another 5 paise to close at 73.84 against the US dollar on Tuesday in line with weaker Asian peers amid concerns over a new coronavirus strain. At the interbank forex market, the domestic unit opened at 73.95 against the US dollar and witnessed an intra-day high of 73.82 and a low of 73.95. The local unit finally closed at 73.84 against the American currency, registering a fall of 5 paise over its previous close.
🍒 Sensex, Nifty rebound : Nifty IT index gained over 3 per cent to 23,611 points India's benchmark stock indices Sensex and Nifty bounced back by more than 1 per cent in Tuesday's trading sessions after an over 3 per cent fall on Monday. Sensex rose by 452 points or 1 per cent to close at 46,006. The Nifty index gained 137 points or 1.03 per cent at 13,466 points.
🍒 Gold prices today fall for second time in three days, silver rates drop : Gold and silver prices edged lower in Indian markets mirroring similar trend in international markets. On MCX, gold futures edged 0.5% lower to ₹50,180 per 10 gram in second decline in three days while silver fell 2% to ₹67,660 per kg. In the previous session, gold prices had edged 0.2% higher while silver rose 1.5%. Though gold has recovered from lows of below ₹48,000, it remains significantly lower than the August highs of ₹56,200. Similarly, silver had also almost touched ₹80,000 per kg in the same month..
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