Muthoot Finance chairman MG George passes away

Mathai George George Muthoot was born in November 1949 in Kozhencherry in the present day Pathanamthitta district of Kerala as the son of M George Muthoot, who began the finance business and as the grandson of Muthoot Ninan Mathai, the group founder….

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DHFL auditor Grant Thornton finds another fraud of Rs 1,424 crore

The company, which is undergoing a corporate debt resolution process in the National Company Law Tribunal (NCLT), is being run by an administrator in the aftermath of IL&FS crisis in 2018 and unearthing of massive fraud in the company….

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Kotak Mahindra Bank appoints agricultural economist Ashok Gulati as additional director

Gulati is an MA and PhD from Delhi School of Economics and is currently the Infosys Chair Professor for Agriculture at the Indian Council for Research on International Economic Relations (ICRIER), the statement said….

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PNB Housing Finance, YES Bank sign strategic co-lending pact for retail home loans

PNB Housing and Yes Bank will synergise capabilities to provide an efficient and seamless experience to existing and new retail home loan customers, PNB Housing Finance said in a regulatory filing….

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Kotak Mahindra Bank divests 10 per cent stake in ECA Trading Services to its arm

Kotak Mahindra Bank has sold 1,09,48,925 equity shares of Rs 10 each (10 per cent of its stake) of ECA Trading Services Limited to Kotak Securities (a wholly-owned subsidiary of the bank), at a consideration of Rs 1.98 crore, it said in a regulatory filing….

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Banks may seek extension of freeze on NCLT proceedings

As part of its Covid relief measures, the government had issued on June 25 a notification to suspend insolvency proceedings by six months. In December, the centre extended the suspension by another three months….

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Bad bank is a great initiative but can turn into an accounting gimmick unless foreign investors are brought in: K Balasubramanian, Citibank India

Bad bank is a great initiative and much needed for the country, with most public sector banks carrying a high level of non-performing loans. This would free up capital for banks saddled with bad assets. It will be helpful for them to concentrate on regular good business. …

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ICICI Bank targeting to serve 20 lakh customers of rival banks through app

The lender expects the number of such customers, who are using the app for instant UPI-based payments and recharges, to double in the next three months, the company said in a statement….

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Kotak Mahindra Bank to handle salary account of Indian army personnel

“Through the Kotak salary account, all personnel of the Indian army will get access to the full range of Kotak’s products and services including a zero-balance salary account that earns up to 4% interest per annum with free unlimited ATM transactions on all VISA ATMs and anywhere banking across the bank’s network of 1,603 branches and 2,573 ATMs across India,” the bank said….

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Adar Poonawalla-led Rising Sun Holdings notifies CCI of Magma Fincorp Deal

The deal which involves the preferential allotment of shares worth Rs 3,206 crore, would give RSHPL a controlling stake in the non-banking financial company (NBFC)….

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ICICI, HDFC, SBI will have to offload Rs 1.2 lakh cr if RBI caps stake in insurance arms: Report

​​ Quoting unnamed RBI officials, a media report earlier this week said the monetary authority is not comfortable with banks owning controlling stake in non-core businesses like insurance ventures which are capital guzzlers and wants banks to cap ownership in insurance arms/ companies at a maximum of 20 per cent….

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More women borrowed personal loans in pandemic: Report

The active loans to women borrowers stood at 6,482 in the personal loan segment, as against 4,354 home loans, while auto loans witnessed a 4 per cent de-growth to 1,818 women borrowers, the report released in the run-up to the women’s day said….

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Bank of Baroda petitions Delhi HC to vacate stay on Reliance Home asset sale

The case refers to inter corporate deposits (ICDs) of Rs 200 crore invested by SPG subsidiary Always Remember Properties Pvt Ltd in June 2019 into RHFL which defaulted in its payment obligations. Reliance had promised to pay back the total dues by raising money out of the money raised through its stake sale in its asset management company….

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Andromeda targets 20 pc increase in loan disbursal in FY22 at Rs 30K cr

V Swaminathan, CEO Andromeda & Apnapaisa, said the company’s loan disbursal is expected to grow to Rs 25,000 crore this fiscal year from Rs 18,000 crore in the previous year despite the COVID-19 pandemic….

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India Ratings flags systemic risk issues on banking exposure to NBFCs

As per the agency, banks exposure to non-bank finance companies have risen to less that 6% of overall loans in FY15 to nearly 10% in FY20. At the end of September quarter state-run banks alone contributed more than 64% of overall Bank-NBFC funding….

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J&K govt withdraws nomination of Zubair Iqbal as MD of J&K Bank

Zubair Iqbal had served J&K bank for 15 years before moving to HDFC bank in 2004. After serving HDFC bank for about 16 years, he quit in May last year to join the bank as what would have been its first MD&CEO. After his appointment he was supposed to get a clearance from the RBI within 90 days….

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Asset growth at NBFCs, HFCs to see nine percent jump in FY22, says India Ratings report

The wide differential among NBFCs’ funding costs is likely to push the sector to consolidate, especially in the sectors with a thin margin profile and limited product differentiation, it said, adding the strong regulatory support in FY21 ensured adequate liquidity….

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Indian state-run banks likely to see moderate bad loan additions: Morgan Stanley

Some of the country’s state-owned banks have long struggled with a pile of bad loans, prompting the government to pump in more funds to shore up their balance sheets….

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Banking services may get affected later this month due to proposed strike: Canara Bank

Canara Bank said it is taking necessary steps for smooth functioning of bank branches and offices on the days of the proposed strike….

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Insurance policy holders can now make e-complaints

​​ The new rules notified through an official gazette also pave way for setting up a complaints management system to enable policyholders to track the status of their complaints online….

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HDFC follows SBI, Kotak, cuts home loan rate

HDFC is the second company to cut its home loan rate after Kotak Mahindra Bank which also followed SBI’s reduction and cut its rate by 10 basis points on Monday. Kotak is now offering a 6.65% rate till March in a limited period offer….

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Axis Bank partners WhatsApp to offer basic banking services

Axis Bank said all the services on WhatsApp Banking will be available 24X7, including holidays. To get on-board, customers need to send a Hi to 7036165000 on WhatsApp….

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Ujjivan Small Finance Bank’s micro loan collection in Assam suffers following loan waiver promise

Micro loan waiver is turning out to be a major political ploy in the northeastern state, derailing the repayment culture for the state’s Rs 12,000-crore big microfinance sector. Ujjvan has Rs 364 crore microfinance book in the northeastern state. This is about 3.5% of its total microfinance loans and 2.7% of total loan portfolio of Rs 13,638 crore….

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