RBI suggests action plan to promote financial education

The ‘National Strategy for Financial Education 2020-2025’ (NSFE), released by the RBI, has suggested a multi-stakeholder-led approach for creating a financially aware and empowered India. The Reserve Bank of India (RBI) on Thursday came out with a ‘5-Core Actions’ approach for promoting financial education, which among other things include development of relevant content for school children and adults, community participation and collaboration among various stakeholders. The ‘National Strategy for Financial Education 2020-2025′ (NSFE), released by the RBI, has suggested a multi-stakeholder-led approach for creating a financially aware and empowered India. The five Cs, outlined by the strategy paper, are: Content, Capacity, […]

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Axis Bank launches hiring initiative ‘Gig-a-Opportunities’, to hire up to 1,000 in a year: Official

The hiring model comprises two working patterns, first is full-time permanent job and the second is based on the duration of a project. Axis Bank has plans to employ nearly 1,000 people under its new hiring initiative ‘Gig-a-Opportunities’, a model devised to attract skilled talent that can work with the bank remotely, from anywhere in the country, according to a company official. This hiring model comprises two working patterns, first is full-time permanent job and the second is based on the duration of a project. “Our idea is that Gig would be large (regular) jobs. We wanted to make it as […]

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MSME credit guarantee scheme: Banks disbursement crosses Rs 1 lakh crore-mark

At the same time, sanctioned amount too have surged past Rs 1.50 lakh crore at the end of August 18 under the 100 per cent ECLGS for micro, small and medium enterprises. The finance ministry on Thursday said banks have disbursed more than Rs 1 lakh crore under the Rs 3-lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) for the MSME sector, impacted by the economic slowdown due to COVID-19. At the same time, sanctioned amount too have surged past Rs 1.50 lakh crore at the end of August 18 under the 100 per cent ECLGS for micro, small and medium enterprises. […]

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Indian Overseas Bank profit at Rs 121 crore in Q1

IOB stock closed at Rs 11.43 on BSE, up 3.63 per cent from previous close. Indian Overseas Bank on Thursday posted a net profit of Rs 121 crore for June quarter 2020 mainly due to fall in bad loans. The state-owned lender posted a net loss of Rs 342.08 crore for the same quarter a year ago. In March quarter, the bank had a profit of Rs 144 crore, Indian Overseas Bank said in a regulatory filing. Total income of the bank during April-June 2020-21 rose to Rs 5,233.63 crore from Rs 5,006.48 crore in the same period of the previous […]

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4 PSU banks to become private by end of this year; govt draws list of these names for stake sale

The PMO had written a letter to the Ministry of Finance to accelerate the process of privatisation. The government may privatise four PSU banks as early as by the end of this fiscal year, Reuters reported citing unidentified officials. The government has drawn a list of four PSU banks, namely, Punjab & Sind Bank, Bank of Maharashtra, UCO Bank, and IDBI Bank, in which it directly or indirectly holds majority stakes, and wants to disinvest equity. Senior officials told Reuters that the move is made in an effort to generate government revenue, which is severely hit amid the coronavirus crisis. Recently, […]

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Banks may recast loans worth Rs 8.4 lakh crore: India Ratings

India Ratings expects the provisioning requirement to fall by around 10% on the restructured pool in FY21 from earlier expectations on loans that could have turned bad. Banks may restructure loans worth Rs 8.4 lakh crore, or around 7.7% of the total bank credit at end-March 2020 from the corporate and non-corporate segments under the current framework, India Ratings and Research said on Wednesday. The value could be higher if restructuring in non-corporate segments exceeds 1.9% of the total bank credit. “Ind-Ra estimates that almost 60% of Rs 8.4 lakh crore was already susceptible to slip into the NPA (non performing […]

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PNB Housing Finance gets board nod to raise Rs 1,800 crore

PNB Housing Finance had earlier reported a 9.6% year-on-year (y-o-y) decline in its consolidated net profit to Rs 257.2 crore. The board of PNB Housing Finance on Wednesday approved raising Rs 1,800 crore equity capital by way of preferential or rights issue. The mortgage financier had earlier told FE that it is looking to raise capital by way of rights issue.  The company had also said that modalities of the issue will be decided by the largest shareholder, Punjab National Bank (PNB). The parent bank held a 32.65% stake in PNB Housing Finance as on March 31, 2020. “The board of […]

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Banks likely to restructure loans up to Rs 8.4 lakh crore; here’s what to learn from past

The provisioning required by banks under the restructuring framework is lower, compared to the normal slippages into GNPA. Bank loans worth up to Rs 8.4 lakh crore are likely to be restructured by banks under the recently announced resolution framework for alleviating the Covid-19 related stress. Out of the overall loans set to be restructured, almost 60 per cent of them were susceptible to slip into the NPA category post-lockdown, in absence of restructuring, said a report by India Ratings. It added that the provisioning required by banks under the restructuring framework is lower, compared to the normal slippages into GNPA. […]

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RBI releases framework for new umbrella entity for retail payments

No single promoter shall have more than 40% investment in the capital of the NUE. The Reserve Bank of India (RBI) on Tuesday released the final framework for authorisation of a new umbrella entity (NUE) for retail payments, following the draft released on February 10. The guidelines demand that applicants have at least three years of experience in the payments space and a minimum paid-up capital of Rs 500 crore. At present, only National Payments Corporation of India (NPCI), a not-for-profit company, performs this role. The NUE could choose to be a for-profit entity or a not-for-profit as defined under Section […]

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