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Banking and Finance News

Will augur extremely well for economy: Das on corporate tax cut

Das was hopeful that the second-quarter GDP numbers will be better than the previous one, as the government has started spending again.

Banks to now pay Rs 100 per day penalty for not resolving ‘failed’ transaction issues

The central bank has said the newly announced framework will build customer confidence and bring uniformity in the processing failed transactions, where the customer is not at fault.

Yes Bank shares bounce back; zoom over 8 per cent

Morgan Credits Private Limited (MCPL), a promoter group firm of Yes Bank, on Thursday said it has sold 2.3 per cent shareholding in the private sector lender.

To bring new customers, camps in 400 districts for easy loans

Sitharaman said the thumb rule being used in such credit deployment activity is that for every old customer, banks should bring in five new customers. Banks will select these districts based on commercial potential.

Allahabad Bank board approves merger with Indian Bank

Finance Minister Nirmala Sitharaman had on August 30 announced the consolidation of 10 state-run banks into four large-scale lenders.

Financial exclusion: 40.9 per cent of small, marginal farmers not covered by banks

Despite so many initiatives and schemes aimed at financial inclusion, only 40.90 per cent of SMF could be covered by the scheduled commercial banks (SCBs), the report submitted by the RBI panel has said.

SBI wants to be lead-bank for Ladakh; opens 14th branch

On August 5, the government had announced that the entire region will cease to be a single state but would become two Union territories of J&K and Ladakh, wherein J&K will have a state Assembly under the lieutenant governor, while Ladakh will have no legislature.

‘On tap’ licence regime: RBI proposes `200 cr capital for small finance banks

An SFB is primarily set up to undertake basic banking activities of acceptance of deposits and lending to unserved and underserved sections, including small business units, small and marginal farmers, micro and small industries, and unorganised sector entities.

Replace interest subvention scheme with Direct Benefit Transfer, avoid loan waivers: RBI panel

The government should set up a federal institution, on the lines of GST Council, having participation from both the Centre as well as the states to suggest and implement reforms in the field of agriculture, the RBI group further said.

SBI to sell up to 4.5% stake in life insurance firm

The executive committee of the central board (ECCB) of SBI in its meeting held today gave its nod to the stake sale decision, SBI said in a regulatory filing on Wednesday.

State-owned banks step up NPA sale to ARCs to clean balance sheet

PSBs have put up nearly Rs 10,000 crore worth of bad loan assets for sale to ARCs since July, more than double of total bad debt of Rs 4,000 crore that was sold to ARCs in April-June.

Banks should use IBC only if other mechanisms fail: Govt

In the last five years, the government has recapitalised public sector banks (PSBs) by over Rs 2 trillion, and recently also announced an immediate capital infusion of Rs 70,000 crore in these lenders.