Insurance cover for lending to jewellery industry- SBI

Recently, the largest lender of India, State bank of India stated that alll the jewellery and gems industry must have insurance covered for banks to lend courageously to the sector. According to the SBI deputy managing director-“Absence of an insurance cover is hurting lending to the gems and jewellery industry by banks. If there is … Read more Insurance cover for lending to jewellery industry- SBI

Categories SBI

Over 2.4 Lakhs ATMs will get Recaliberated

There are reports that around 2.4 lakh automated teller machines (ATMs) Will get recalibrated in the coming months, Mahesh Ramamoorthy, Managing Director (Banking Solutions — APMEA) at FIS, said that consumers would not have to worry about it. The recalibration will increase the number of withdrawals as only ower denomination notes were likely to be … Read more Over 2.4 Lakhs ATMs will get Recaliberated

Banks will be closed in Bengaluru, Mumbai and other cities for 3 days

Starting from today, Banks are going to remain closed for consecutive three days. This will be in several cities including Mumbai, Bengaluru and Ahmedabad. This is due to the festival of Mahashivratri for which Reserve Bank of India (RBI) has declared a bank holiday today in several cities. Normally, bank holidays are on every second … Read more Banks will be closed in Bengaluru, Mumbai and other cities for 3 days

Government should continue reforms for recovery: RBI governer

Reserve Bank Governor Shaktikanta Das recently said that to support the countercyclical measures which are taken by the government, structural reform are required to be continued to revive demand and support the economy. He also said that the green shoots are now visible and need to be sustained to pull India out of its current … Read more Government should continue reforms for recovery: RBI governer

RBI may soon sync its Accounting year with government’s fiscal year

On Saturday, Reserve Bank of India governor Shaktikanta Das gave a hint that the central board of RBI may decide to sync the RBI’s accounting year with the fiscal year of the government. “We are examining that. It is under consideration. You will very shortly hear on that from RBI,” Das told reporters after a customary post-Budget … Read more RBI may soon sync its Accounting year with government’s fiscal year

Categories RBI

LIC housing finance referred 14 projects that are stuck for last mile funding

LIC Housing Finance Ltd. has recently mentioned 14 real estate projects for last-mile funding through the alternative investment fund (AIF) which is to revive the stalled housing projects, said chief executive Siddhartha Mohanty. Mohanty told reporters that LIC Housing Finance’s exposure to these projects is about ₹1,100 crore and it is the poly financier for all … Read more LIC housing finance referred 14 projects that are stuck for last mile funding

Banks will seek Clarification for CRR exemption

The Reserve Bank of India’s (RBI’s) move to help real estate sector in credit flow by giving cash reserve ratio (CRR) exemption is pending until fine print is out. Banks will seek clarity on the implementation of this CRR exemption for incremental credit disbursed to automobiles, residential housing, and micro, small and medium enterprises (MSMEs), two … Read more Banks will seek Clarification for CRR exemption

PNB will streamline the NPAs after merger, Said CEO

State-owned Punjab National Bank (PNB) is looking to recalibrate its non-performing loan classification and branch network following its merger with United Bank of India (UBI) and Oriental Bank of Commerce (OBC), said PNB managing director and chief executive officer S.S. Mallikarjuna Rao. Rao said the Reserve Bank of India asked it to harmonise the bad … Read more PNB will streamline the NPAs after merger, Said CEO

RBI extended the one time restructuring scheme of the MSME Loan

After presenting Union Budget 2020 on 1st February, Finance Minister Nirmala Sitharaman said the government has asked the Reserve Bank of India (RBI) to extend the debt restructuring window by next year ending March 31, 2021. In Monetary Policy Review Meeting today, RBI said that will extend the scheme to 31st December 2020. RBI said … Read more RBI extended the one time restructuring scheme of the MSME Loan

RBI will have more power on Co op Banks

The Union cabinet gave more power to Reserve Bank of India regulate cooperative lenders and prevent frauds such as the one seen at Punjab and Maharashtra Co-operative Bank Ltd by making changes in the Banking Regulation Act. After getting clearance by the Parliament,  cooperative banks will get audited as per RBI’s norms and the central … Read more RBI will have more power on Co op Banks

Due to the increased deposit insurance, small banks may get trust vote

The Union budget proposal to raise deposit insurance fivefold is expected to increase confidence in small private sector banks, small finance banks and cooperative banks, two industry officials said. Against the backdrop of a shaky financial system and the recent collapse of the Punjab and Maharashtra Co-operative (PMC) Bank, the Union budget proposed to raise deposit insurance … Read more Due to the increased deposit insurance, small banks may get trust vote

Banking Operations got affected at PSUs due to Nationwide Strike

The two day Nation wide bank strike had affected banking operations at large, including cash withdrawal and cheque clearance. The strike was held by the United Forum of Bank Unions (UFBU), an umbrella body of nine bank unions, including All India Bank Officers’ Confederation (AIBOC), All India Bank Employees Association (AIBEA) and National Organisation of … Read more Banking Operations got affected at PSUs due to Nationwide Strike