The group has also recommended that large corporate or industrial houses may be allowed as promoters of banks only after amendments to the Banking Regulation Act and strengthening of the supervisory mechanism for conglomerates, including consolidated supervision.
The Administrator appointed by the Reserve Bank of India (RBI) for LVB, T N Manoharan, assured depositors that the bank has enough liquidity to pay back their money deposited in the bank.
Lakshmi Vilas Bank: Talking to reporters, the Reserve Bank of India (RBI)-appointed administrator T N Manoharan said that his top priority is to assure depositors that their money is safe and that the bank has enough liquidity to pay back the depositors.
The Lakshmi Vilas Bank's problems had been simmering for quite some time. It posted a net loss of Rs 397 crore in the September quarter of FY21, as against a loss of Rs 112 crore in the June quarter.
Sources said the Reserve Bank of India (RBI) plans to provide additional liquidity to banks that can be used to buy bonds or other debt instruments of stressed companies.
In India, MIFOR, with LIBOR as a component, is a key benchmark used in interest rate swap markets.
The Indian Banks’ Association (IBA), the apex body of the banks, concluded the 11th bipartite wage negotiations with bank unions and associations, which will be effective from November 1, 2017.
Banks have been permitted by the RBI to undertake a one-time restructuring exercise of loans affected by the pandemic, which will provide relief in terms of bad loan recognition and provisioning.
The bank said it had announced the portfolio touching the Rs 1 lakh crore mark in 2016 and expects the next one lakh crore addition to happen sooner.
Finance Minister said, “Ideally by December, if not by March 31, 2021, every account should have a PAN where needed and applicable and Aadhaar in every case.”
She said the financial inclusion story is not over and banks still have inclusion to carry forward. There are many accounts which are not linked with Aadhaar.
After Rs 500 and Rs 1,000 notes were withdrawn from the system in November 2016, currency with the public, which stood at Rs 17.97 lakh crore on November 4, 2016, declined to Rs 7.8 lakh crore in January 2017 soon after demonetisation.
“This would make the financial sector sound and resilient while allowing a majority of NBFCs to continue under the regulation-light structure,” Rao said.
Total income rose 8.1 per cent to Rs 5,431 crore during the quarter under review as against Rs 5,024 crore in the same quarter of 2019-20, Indian Overseas Bank (IOB) said in a regulatory filing.
Total income rose to Rs 12,477.79 crore in July-September 2020-21 from Rs 12,062.55 crore in the year-ago period, the state-owned lender said in a regulatory filing.
"We are facing difficulty due to order banning declaring of NPAs," senior advocate V Giri, appearing for RBI, told the bench while requesting it to lift the interim order.
While overall asset quality improved, bad loans in the agriculture sector rose to Rs 31,234 crore (14.8 per cent) in the September quarter of 2020-21 from Rs 27,577 crore (13.62 per cent) a year ago.
PMC Bank is under regulatory restrictions after the Reserve Bank of India (RBI) found out financial irregularities in its functioning, hiding and classification of loans given to Housing Development Infrastructure Ltd (HDIL).
State Bank of India allows free cash withdrawals only twice in a month for customers keeping an average monthly balance of Rs 25,000. SBI made the last revision in charges with effect from October 1 this year.
Bank of Baroda deposit & withdrawal charges: Bank of Baroda has informed in a fresh circular that in view of the current prevailing COVID-19 pandemic and its impact on the economy, it decided to withdraw the changes with immediate effect.
Franklin Templeton MF had closed six debt mutual fund schemes on April 23, citing redemption pressures and lack of liquidity in the bond market.
The platform has seen tremendous growth over the last eight months as the limited use of cash has forced users and businesses to shift priorities to online payments nearly overnight.
Bank of Baroda deposit & withdrawal Charges: Savings bank (SB) account holders of Bank of Baroda will be charged Rs 40-50 per transaction for depositing money beyond three free deposits in a month and Rs 100-125 post three free withdrawals.
The rise in net profit was aided by the bank’s low base as it incurred taxes of Rs 3,712 crore in the September 2019 quarter due to one-time additional charge.
The Reserve Bank imposed the penalty by an order dated October 28, DCB Bank said in a BSE filing.