BUSINESS
Hit hard by second COVID wave, MFIs seek loan restructuring and fresh liquidity support from RBI
Compared to the first wave, the second had hit a larger number of MFI staff and created fear among employees, MFIs told the RBI at the meeting.
BUSINESS
EXCLUSIVE| Srei Group's lenders lift salary cap of top executives, may pay arrears soon
On March 17, Moneycontrol first reported about the lenders move to cap the top executive salaries.
BUSINESS
Uday Kotak says bank is prepared for a succession plan after his term ends in December, 2023
Kotak is at the top post of the bank since 2003-2004, when the bank started operations.
INDIA
In Kerala, it is time for the old Congress guard to make way for the young
The state’s senior Congress leadership, largely under the thumb of Mullappally-Chennithala-Chandy trio, has failed miserably to get the party combat-ready against the might of the Left Democratic Front
BUSINESS
Banking Central | Why are banks silent on coronavirus data of their employees?
Bank employees are susceptible to infection because of the nature of their work. Banks must share information on how coronavirus has affected their staff, so that steps can be taken to ensure their safety.
INDIA
Kerala poll outcome puts cold water on Twenty20’s bigger ambitions
The party’s experiment in local body elections worked well but that wasn’t enough to compete in state elections where local elements are only a part of the deciding factors.
POLITICS
How 'captain' Pinarayi Vijayan led LDF to historic win in Kerala
Vijayan consolidated the image of the party as a forward-looking, reform-oriented and no-nonsense administration through multiple crises. A weakened, divided opposition helped the party.
BUSINESS
T Rabi Sankar to succeed B P Kanungo as RBI deputy governor
RBI has four deputy governor posts of which fell vacant due to Kanungo's retirement. The other three deputy governors are Mahesh Kumar Jain, Michael Patra and M Rajeshwar Rao.
BUSINESS
Analysis | Yes Bank's Q4 numbers reflect a worrying picture of its actual stressed assets
The bank has written off Rs 10,323 crore of loans in the fourth quarter compared with Rs 1,747 crore in Q3 of FY21. The gross non-performing assets stand at 15.41 percent compared to 15.36 percent in the preceding quarter.
BUSINESS
Exclusive Interview | It hurts when something like this happens, says Samit Ghosh, Founder Ujjivan, on minority shareholders rejecting his appointment as MD & CEO
The veteran banker says it is a lesson that they should not have taken their eyes off the ball and should have maintained relations with their investors. `At the end of the day, being a holding company, we cannot directly intervene in the bank’s operations. But definitely, I will be actively in touch with the investors,' says the Non-Executive Chairman of Ujjivan Financial Services
BUSINESS
Ujjivan Financial Services' minority shareholders reject special resolution to appoint Samit Ghosh as MD&CEO
Ghosh, who will continue as the chairman of the company, told Moneycontrol that minority shareholders were probably upset with the share price performance during the COVID period.
BUSINESS
After NBFCs, MFIs raise alarm on COVID second wave, seek fresh liquidity support
In a letter to the FM, Sa-Dhan said the second wave of COVID pandemic has begun hurting the operations of microlenders.
BUSINESS
Explained | How new RBI rules change the way auditors function in banks
The role of auditors has been questioned repeatedly whenever bank frauds have happened in the past, including during the infamous PNB fraud and YES Bank, IL&FS episodes.
BUSINESS
Can big private banks’ aggressive retail bet go wrong?
Banks are aggressively shifting to retail loans, which makes sense at this point. But, the bet could boomerang if COVID second wave gets prolonged and vaccination drive doesn’t progress as planned.
BUSINESS
Axis Bank receives Rs 3,004 crore worth loan recast requests under COVID framework, implements Rs 623 crore so far
The bank expects some near-term impact from COVID-19 second wave but will look for growth opportunities in both secured and unsecured book, the management said.
BUSINESS
RBI’s 15-year tenure cap: These are the CEOs who will be impacted
Among those who will be affected by the new rule, though not immediately, are Kotak Mahindra Bank’s Uday Kotak, Bandhan Bank’s Chandra Shekhar Ghosh and AU Small Finance Bank's Sanjay Agarwal. How exactly will the new rules affect their tenures? Read on to find out
BUSINESS
Will new RBI rules on promoter-CEO tenure impact Uday Kotak?
The RBI rules allow Uday Kotak to continue till January 1, 2024 . However, the regulator has given a signal to the bank to plan the transition process.
BUSINESS
New RBI rules: Aditya Puri’s record as bank CEO with longest reign will now be unbroken
After a 26-year long tenure, former HDFC Bank boss Aditya Puri stepped down last year handing over the baton to Sashidhar Jagdishan.
BUSINESS
Banking Central: How reliable is MPC’s forward guidance?
The efficacy of MPC’s forward guidance has been questioned repeatedly, with some members saying that it should have the agility to respond adequately to surprises new data brings.
BUSINESS
Race For Citi India assets: HDFC Bank may join long list of suitors
In India, the US based financial powerhouse had about 30 lakh customers in retail, 22 lakh credit cards and 12 lakh bank accounts, as of March 2020.
BUSINESS
Analysis | ICICI Bank Q4 earnings show asset quality is under control, but COVID uncertainty looms ahead
During the call with reporters post the Q4 result announcement, ICICI Bank suggested there could be some impact due to COVID going ahead but it has a war chest ready to face the uncertainty.
BUSINESS
ICICI Bank says provided Rs 175 crore for compound interest refund
On April 7, the RBI had issued a circular which mandated all lending institutions to immediately put in place a Board-approved policy to refund/adjust the ‘interest on interest’ charged to the borrowers during the moratorium period, i.e. March 1, 2020 to August 31, 2020 in conformity with the Supreme Court judgement.
BUSINESS
After Citigroup, Africa's FirstRand to cut presence in India: Why the country is a minefield for foreign banks
Foreign banks have struggled in India to compete with the local rivals. The Indian central bank has strict rules for foreign banks to operate in the country including local incorporation and PSL
BUSINESS
Will COVID second wave force RBI to announce loan moratorium again?
Bankers are silently watching how states are reacting, but there is no panic seen as in last time. Some bankers are of the view that any big impact on asset quality is unlikely for big banks as they have already addressed much of the corporate bad loans.
