MPC comments suggest continuation of 'dovish' stance; growth remains a worry
The MPC retained the repo rate at 4 percent at its recent policy meeting and said the growth-supportive accommodative stance will continue as long as necessary till growth is revived.
Exclusive| Ramdev’s brother, Balkrishna gave personal guarantees to SBI, others for loan to fund Patanjali's Ruchi Soya acquisition
If Ruchi Soya fails to repay the loan, lenders can invoke the personal guarantees and LoCs issued by Patanjali promoters, including Balkrishna. Ruchi Soya has to pay back around Rs 824 crore by the financial year 2025 and Rs 1,553 crore by 2029.
NCLT examining Siva group-IDBI Bank loan settlement deal, next hearing likely on Friday
While it is not clear what exactly is the clarification sought by the NCLT from the lenders, there has been a debate of late on whether former promotes getting back control of their companies through out-of-court settlements will lead to dilution of the spirit of the Section 29 A.
Exclusive | HDFC Bank refunding GPS device commission to auto loan customers following RBI direction
This brings an end to a controversy surrounding alleged misselling of GPS devices to HDFC Bank's auto loan customers during the term of former CEO, Aditya Puri.
Analysis | Will high retail inflation force RBI to change its policy stance?
Former World bank chief economist Kaushik Basu calls it stagflation, others don't agree. But there is a consensus among majority that if inflation threats persists, the MPC may have to take a relook at the accommodative stance
Analysis | New RBI proposals for MFIs: By scrapping interest rate cap, is the regulator taking undue risk?
MFIs are elated by the prospect of getting a level playing field with banks, but some questions arise at this point.
HDFC Bank says temporary glitch in app now resolved
HDFC Bank has said the issues in its mobile banking app have now been fixed. Earlier today, the bank had asked customers to switch to net banking for transactions as the app was facing some technical glitch.
Banking Central: Which are the next pain points for banks?
The pain from the corporate sector may be limited this time, but the unforeseen stress could come from retail and contact-intensive sectors such as tourism and travel.
Analysis l ED action against crypto exchange WazirX underscores RBI’s concerns on virtual currencies
The move highlights the importance of RBI caution on crypto and, at least partly explains the concerns raised by the central bank.
For microfinance industry, life is not as tough in Covid second wave but pain persists
A large number of MFI borrowers and their families were ill, even in rural areas, when compared to last year's outbreak. Many MFIs reported normal collection levels in earlyApril but things worsened by May.
Profile | Shyam Srinivasan, who adores ‘Rahul Dravid’, is ready for his new innings
Srinivasan is among the few foreign bankers who chose to move to smaller Indian banks after long, successful stints in foreign banks. In the ten years, Srinivasan headed the bank, Federal Bank has changed its image of an old-generation private lender to a digital friendly private bank with national focus.
HDFC Bank plans big digital play even as it strives to come out of RBI ban
HDFC Bank, banned by the central bank from introducing new digital products and services because of frequent outages, wants to up its digital game under new CEO Sashidhar Jagdishan. Question is how soon the Reserve Bank will give it the go-ahead.
Exclusive Interview | Morgan Stanley's Sumeet Kariwala says impaired loan formation will remain elevated in H1-F22; mid-sized banks, PSBs to see relatively higher impact
According to Morgan Stanley, job losses in the formal segment have been contained so far but relatively higher impacted segments are the self-employed retail and MSME segment. Commentary from banks highlight material drop in collection efficiency during the past month in retail, MSME, Kariwala said.
Banking Central | Debate on RBI’s ‘forward guidance’ continues
MPC members like Jayanth Varma, had questioned the efficacy of RBI’s forward guidance in the previous policy review meetings
Exclusive Interview | This once-in-a-century public health shock has no playbook to follow, says Axis Bank Chief Economist Saugata Bhattacharya
RBI’s response since March 2020 has been exceptionally dynamic and proactive, using large surplus system liquidity levels as a significant instrument to anchor short term rates at low levels.
Analysis | It's crystal clear now - RBI doesn't endorse cryptocurrencies
RBI's repeated caution and reiteration that the central bank has concerns on cryptocurrencies is a strong message to investors about the high risk of dealing in crypto assets in the absence of clear regulations.
HDFC Bank withdraws its communication on cryptocurrency caution post RBI clarification
The bank had sent emails dated May 28, 2021 to some of the customers with the subject 'Caution Advice for dealing in virtual currency' probably due to the high-risk involved in such transactions.
Analysis | Why Deposit Insurance is a ray of hope for co-op bank customers amid RBI crackdown
Under DICGC scheme, on liquidation, every depositor would be entitled to receive deposit insurance claim amount of up to Rs five lakhs from the DICGC Act, 1961.
IndusInd Bank shares take a beating after year-old report of Cayman Islands cancelling Hinduja Bank permit resurfaces
Shares down 6% intra-day. In May, 2020 last year, Cayman Islands cancelled licence of Hinduja Bank for various rule violations
Analysis | RBI policy: No rate action likely, but watch out for FY22 GDP growth estimate
The concerns raised by the MPC in the last policy review on the growth-front remain broadly the same. Hence, a rate action is unlikely.
Will Aditya Puri, Carlyle group entry be a game changer for PNB HFL?
The Puri brand and Carlyle’s deep-pockets will give an edge to the PNB HFL but it will be long before the HFC can challenge its bigger competitors.
Analysis | Has RBI really endorsed crypto transactions in India?
The RBI has only asked banks not to shoot from its shoulder. The language indicates high caution. Banks will not have the backing of the regulator and will have to deal in crypto at their own risk.
RBI clarifies on 2018 cryptocurrency circular, asks banks to carry out customer due diligence
This RBI circular came shortly after major Indian banks started warning customers against using their services to trade in cryptocurrencies.
Banking Central: How helpful is the tweaked ECLGS scheme for COVID hit borrowers?
Considering the impact of Covid second wave lockdowns on the industries, especially small businesses, both the RBI and government will have to think beyond merely tweaking of ECLGS schemes.
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