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Friday, May 29, 2020
RBI to use any means necessary to revive growth, preserve financial stability: Governor Das, Reserve Bank of India RBI Governor Shaktikanta Das, Monetary Policy Committee MPC, RBI news india, indian economy news, business news india, indian express business news

Scrapping of 7.75% savings bonds to hit savers, pensioners

May 29, 2020 1:16:11 pm

According to fund managers and analysts, the 7.75 per cent Savings (Taxable) Bonds, 2018 was the favourite investment option for savers and pensioners who considered these bonds as safe and generating adequate returns.

SBI cuts interest rates on fixed deposits across tenors

May 28, 2020 5:09:19 pm

This is the second reduction in fixed deposits interest rates by the lender in May. It had reduced its deposit rates on May 12.

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BBB selects SN Rajeswari as CMD of Oriental Insurance via video interview

May 27, 2020 1:46:42 am

Rajeswari, General Manager of New India Assurance, is set to replace AV Girija Kumar, who retires this month.

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HDFC posts 22% fall in Q4 net, provisions rise on COVID-19 impact

May 26, 2020 3:05:52 am

It has reported an increase in provisioning, including impact for COVID-19, at Rs 1,274 crore (Rs 398 crore for COVID-19). The HDFC board has proposed a final dividend of Rs 21 per share as against a final dividend of Rs 17.50 the previous year.

Sluggish growth in bank credit to industry since FY16, micro & small sectors worst hit

May 25, 2020 1:56:59 am

While the government last week announced a credit guarantee scheme for bank lending to the MSME sector and others, data shows that micro and small industries have, over the last four years, witnessed an even slower credit expansion.

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Canara Bank announces credit support for borrowers affected by COVID

May 23, 2020 11:28:51 am

Canara Bank's MD and CEO, L V Prabhakar, said: We are sure that once the lockdown is completely lifted, our customers would be able to avail the sanctioned facilities to the full extent and improve their business.

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RBI extends moratorium on loans by three months

May 22, 2020 1:58:12 pm

Reserve Bank of India (RBI) Governor Shaktikanta Das extended the moratorium on loan repayments by three more months in view of coronavirus (COVID-19).

Loan EMIs set to get cheaper as RBI cuts repo rate

May 22, 2020 3:38:41 pm

Following the announcement by Reserve Bank of India (RBI) Governor Shaktikanta Das, the loan EMIs are set to get cheaper particularly the home loans that are linked to the marginal cost of funds-based lending rate (MCLR) of the lending banks.

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From rate cut to moratorium extension: Top announcements by RBI Governor Shaktikanta Das

May 22, 2020 1:48:21 pm

Reserve Bank of India (RBI) Governor Shaktikanta Das announced a cut in the repo rate by 40 basis points (bps) to 4 per cent, while the reverse repo rate was reduced simultaneously to 3.35 per cent.

Private banks overtake PSBs in number of borrowers, raise share in loan outstanding

May 22, 2020 6:36:12 am

An RBI report states that private sector banks led the credit expansion with their share in the total credit successively expanding to 35.7 per cent in December 2019, from 32.2 per cent a year ago and 30.0 per cent two years ago.

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As lockdown extends, banks seek another 3-mth moratorium from RBI

May 21, 2020 10:58:55 am

Banks are already facing sluggish credit offtake and a spike in non-performing assets (NPAs) due to the lockdown and the contraction in the economy.

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Franklin Templeton appoints Kotak Mahindra Bank to assist in monetising assets of 6 wind-up schemes

May 20, 2020 4:43:07 pm

Kotak Mahindra Bank, through its debt capital markets team, will work closely with the Franklin Templeton Trustees, to assist with all portfolio actions in these six schemes that are being wound up, Franklin Templeton Mutual Fund said in a statement.

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Nirmala Sitharaman announces 2% interest subvention for MUDRA-Shishu loans

May 14, 2020 6:43:09 pm

The minister said that "total relief will be worth Rs 1,500 crore," and added that this interest subvention is going to benefit over 3 crore people. Separately, she announced an extension of Credit Linked Subsidy Scheme (CLSS) for housing sector up to March 2021.

Move will restore stability in financial markets: SBI chief

May 14, 2020 3:15:30 am

Banks which were pressing for a guarantee from the government to lend money to NBFCs despite the Reserve Bank of India opening a liquidity window for NBFCs and microfinance firms have welcomed the government guarantee announced in the stimulus package.

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Public sector banks sanction loans worth 6 lakh crore in two months

May 12, 2020 4:58:58 pm

With the lockdown coming into effect from March 25, state-owned banks opened an additional line of credit of 10 per cent of the existing fund based on working capital limits, subject to a maximum of Rs 200 crore.

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Lockdown, slowdown: NPAs looming, PSBs put bad bank creation plan back on table

May 12, 2020 8:26:28 am

While bankers are pushing for this, and there is support for the proposal within a section of the government, the broader view in the Finance Ministry is that PSBs are “well-capitalised” and private asset reconstruction companies already exist in the banking system.

RBI gold reserves up 40.4 tonnes in 2019-20, more than half of total holdings held overseas

May 11, 2020 2:57:12 pm

The RBI’s total gold reserves were 612.56 tonnes in the preceding fiscal ended March 2019. With the addition of more stocks, the value of gold reserves rose to $30.57 billion (around Rs 2,32,000 crore) by March 2020 from $23.07 billion in March 2019.

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Currency with public continues to swell in line with coronavirus lockdown extension

May 11, 2020 3:00:22 am

The rise in currency with the public comes despite appeals by the government and the RBI to use digital payment tools amidst the coronavirus outbreak.

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ICICI Bank posts 26% rise in Q4 net, sets aside Rs 2,725 cr for COVID-19-related provisions

May 10, 2020 12:54:24 am

Gross non-performing assets of the bank fell to 5.53 per cent of advances (Rs 41,409 crore) in Q4 of FY20 from 6.70 per cent (Rs 46,291 crore) a year ago.

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AIIB clears $500-mn loan to support India’s fight against COVID-19

May 9, 2020 6:38:30 am

The project will be implemented by the National Health Mission (NHM), the National Centre for Disease Control (NCDC) and the Indian Council of Medical Research (ICMR).