🍒 Loan restructuring, other measures announced by govt to cushion PSBs from shock: DFS Secy : Loan restructuring and other measures announced by the government to help the industry hit by the coronavirus pandemic may save public sector banks from "shock" in the next year, a top finance ministry official said. Despite the pandemic, the lockdown and the consequent damage done to the economy, there are quick signs of recovery, Financial Services Secretary Debasish Panda told in an interview. "There is a steady uptick in the credit growth. Retail, home and agriculture loans are doing well, and MSMEs again, with the intervention of the government through the ECLGS and other similar schemes, have also picked up," he said. Panda added that with the window for restructuring now made available by the RBI through the COVID-19 resolution plan, which offers resolution for all kinds of loans, the impact may not be that severe as had been projected earlier. However, it is difficult to exactly predict the numbers, he said. - economic times
🍒 YES BANK retail loan process to become easier and faster as it joins hands with Salesforce : YES BANK has joined hands with Salesforce, a global leader in customer relationship management, to build a next generation technology platform to smoothen its retail lending business. The private lender is the first bank in the country to collaborate with Salesforce for loan origination and processing. This collaboration aims to engage customers with a unified experience and drive aggressive retail led growth for the lender, the bank said in a statement. The Salesforce loan origination system for retail banking will help the bank to provide "personalised solutions and connected banking experiences for consumers across segments". YES BANK's capacity to process higher volumes of loan applications through enhanced automation and progressive API integrations will be bolstered. The new system will be faster and easier than manual loan sanctioning process. The turnaround time for a loan application will be improved, the bank said. It will also enable the bank to launch a new range of innovative products and services to support the evolving needs of customers faster than before. - Live Mint
🍒 Forex reserves up by USD 2.56 bn to record USD 581.131 bn : The country's foreign exchange reserves surged by USD 2.563 billion to touch a record high of USD 581.131 billion in the week to December 18, RBI data showed. In the previous week, the reserves had declined by USD 778 million to USD 578.568 billion. In the reporting week, the increase in reserves was due to a rise in foreign currency assets (FCAs), a major component of the overall reserves. FCAs rose by USD 1.382 billion to USD 537.727 billion, the Reserve Bank of India's (RBI) weekly data showed. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. The gold reserves increased by USD 1.008 billion in the reporting week to USD 37.020 billion in the week ended December 18, the data showed. - economic times
🍒 Aavas Financiers to raise ?100 crore through NCDs : The Executive Committee of the Board of Jaipur-headquartered Aavas Financiers Ltd on Thursday approved the issuance of Non-Convertible Debentures (NCDs) aggregating up to an amount of ?100 crore on a private placement basis. The NCDs, having a face value of ?10 lakh each, are rated, listed, senior, secured, and redeemable, the company said in a regulatory filing. Aavas Financiers (formerly known as Au Housing Finance) is primarily engaged in providing housing loans to customers belonging to low and middle-income segments in semi-urban and rural areas. - Business Line
🍒 Chinese national kingpin in instant loan app fraud : A Singapore-based Chinese national is a mastermind behind the instant loan application fraud that lured several people in Telangana and elsewhere. The app firms are charging high-interest rates (up to 35 per cent) as they disbursed short-tenure loans. If a customer fails in repayment on time, they would harass them by sending messages to all. The Cyberabad police have so far registered eight cases in connection with the fraud. The Cyberabad police, who have deputed teams to different cities to investigate the fraud, have raided a call centre Cubevo Technology Private Limited in Hyderabad. The call centre is headed by a Chinese national, Zixia Zhang, who is currently absconding, Cyberabad Police Commissioner V C Sajjanar has said. - Business Line
🍒 Fintech: Digital payments got a Covid boost in 2020 : In contrast to the gloom cast by the Covid-19 pandemic and lockdown across the economy, digital payments and fintech was one sector, which witnessed record highs in 2020 as a large number of people preferred to stay at home and maintain social distancing. With concerns over contracting novel coronavirus infection from visiting bank branches and using currency notes, many people — not only in metros but also in smaller towns — have started using their smartphones for making payments and even taking loans for smooth banking services. Digital payments touched a record high in 2020 with all channels from the Unified Payments Interface to the Aadhar-enabled Payment System (AePS) registering stellar growth. - Business Line
🍒 3.97 crore ITRs filed for 2019-20 fiscal till December 24 : As many as 3.97 crore taxpayers have already filed their income tax returns for assessment year (AY) 2020-21 (fiscal year 2019-20) till December 24, the Income Tax Department said on Friday. "Over 3.97 crore Income Tax Returns have already been filed till 24th of December, 2020. Have you filed yours as yet? If not, please do it TODAY! File your Return of Income Tax & ....Relax!," the department tweeted. This includes 2.27 crore taxpayers filing ITR-1, 85.20 lakh filing ITR-4, 46.78 lakh ITR-3 and 28.74 lakh filing ITR-2. The deadline to file I-T returns by individual taxpayers for the 2019-20 fiscal (AY 2020-21) ends on December 31, 2020, while the same for taxpayers whose accounts require to be audited is January 31, 2021. The due date has been extended from July 31 and October 31, 2020, respectively in view of the COVID pandemic. - moneycontrol.
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