Prashant Kumar set to earn Rs 2.85 crore as MD & CEO of Yes Bank

Shareholders will be considering and adopting a resolution on the salary for Kumar, who has been appointed till March 26, 2021, at the virtual AGM, according to the notice. Yes Bank’s managing director and chief executive Prashant Kumar, a veteran SBI hand who joined the bank as part of its bailout, is set to be paid a total remuneration of Rs 2.84 crore. In a notice to shareholders for the annual general meeting on September 10, the bank also said that it is looking at trebling up stock options to be granted to senior executives to 22.5 crore, in what can […]

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Govt eases credit guarantee scheme norms to ensure more liquidity for stressed NBFCs/HFCs

The maximum amount of guaranteed emergency credit line (GECL) funding under the scheme would also correspondingly increase from Rs 5 crore at present to Rs 10 crore. With a view to provide additional liquidity to crisis-ridden NBFCs and housing finance companies (HFCs), the government on Monday relaxed norms for Partial Credit Guarantee Scheme (PCGS) for purchase of bonds and commercial papers by public sector banks and extended its period by three months. Keeping in view the progress under the Scheme and the fact that the stipulated limit for AA/AA- rated bonds/CPs (commercial papers) has been nearly reached, while the appetite for […]

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RBI lifts restrictions on remuneration of Bandhan Bank MD

Bandhan Bank MD & CEO Chandra Shekhar Ghosh. (PTI) Bandhan Bank on Monday said the Reserve Bank of India has lifted restrictions on remuneration of the bank’s MD & CEO Chandra Shekhar Ghosh at the existing level. The curbs were withdrawn after the lender met RBI norms to reduce promoters’ stake to 40 per cent. “This is pursuant to Bandhan Bank’s promoter entity Bandhan Financial Holdings Ltd (BFHL), a non-operating financial holding company, successfully bringing down its stake to 40 per cent in the Bank from an earlier level of around 61 per cent by selling shares in a block deal on August […]

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Hunt for SIDBI Deputy MD: Banks Board Bureau seeks applications for PSU bank post

The BBB, headed by former Secretary Department of Personnel and Training B P Sharma, has asked eligible candidates to submit application for the post of DMD by September 15. Banks Board Bureau (BBB), the headhunter for state-owned banks and financial institutions, has invited applications for the post of Deputy Managing Director (DMD) of public sector financial institution SIDBI. Established in 1990, Small Industries Development Bank of India (SIDBI) is the principal financial institution for promotion, financing and development of micro, small and medium enterprises as well as coordination of functions of institutions engaged in similar activities. The BBB, headed by former […]

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IL&FS case takes new turn: Auditor BSR was not eligible, says govt report; finds multiple failures

IL&FS reported Rs 201.96 crores as Profit Before Tax (PBT) for the year 2017-18, which was after including the credit. The IL&FS crisis, which shook the foundation of non-banking financial services in India, has taken a new turn after the National Financial Reporting Authority (NFRA) released its new report today. In the Audit Quality Review Report (AQRR), the NFRA mentioned that the appointment of BSR as the statutory auditor of IL&FS Financial Services Ltd for the year 2017-18 was illegal since BSR was not eligible to be appointed as such auditor. Thus the BSR’s continuation as such statutory auditor was violative, […]

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US law firm Rosen plans lawsuit against HDFC Bank on alleged misleading info to investors

The HDFC Bank American Depository Receipt share price fell by 2.83 per cent following the report US-based Rosen Law Firm on Monday said it is planning to investigate potential securities claims against HDFC Bank following allegations of sharing “materially misleading business information” with investors. HDFC Bank said it was not aware of any lawsuit and prima facie it looked “frivolous as we believe we have been transparent in our disclosures”. “Rosen law firm is preparing a securities lawsuit on behalf of HDFC Bank shareholders,” the global investor right law firm said in a statement on its website. Citing some news reports […]

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Federal Bank to launch independent credit card in a year: Official

Federal Bank is looking to enter the credit card segment in the next one year to complete its suite of lending products, a senior official said on Sunday. The bank, which already has a co-branded card offering with SBI Cards, will focus on its existing customer base of over 1 crore to sell cards, its country head for deposit, cards and personal loans Nilufer Mullanfiroze told PTI. All major banks have a credit card offering of their own for the customers, but the ongoing pandemic, which has resulted in job losses and salary cuts, has led to concerns over asset quality […]

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Ujjivan Small Finance Bank expects contraction in interest, fee incomes in FY21

The bank said as digital payments have increased due to the pandemic, Ujjivan considers it as a good opportunity to expand initiatives and increase adoption to digital channels. Ujjivan Small Finance Bank (SFB) is expecting contraction in interest and fee incomes this fiscal due to business disruptions caused by COVID-19 and ensuing lockdowns, its annual report has said. The bank, however, said that the pandemic situation had a minimal impact on its books in FY 2019-20 as the nationwide lockdown was imposed in the last few days of March, by which time most of bank’s collections had already come. The 2019-20 […]

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Why Centre can’t make cash transfers to households amid Covid, explains Viral Acharya

Former RBI Deputy Governor Viral Acharya at the Idea Exchange session SUNNY VERMA: In recent years, the faith and trust of people in the Indian banking system have been shaken to a great extent. What is the way out?There are two ways to create this trust. One, you have a blanket deposit insurance, which is that no matter how large the deposits are, there is some government agency which is backing it up. Government resources are limited and so deposit insurance is not up to the highest possible level. And second, therefore, to substitute for public depositing insurance, you have to […]

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PNB launches campaign to promote digital banking

It envisages to encourage customers to use digital channels and participate in the noble cause of donating to the PM CARES Fund for COVID-19 by PNB, it said. State-owned Punjab National Bank on Saturday launched a campaign to encourage customers to use digital banking channels. Under the campaign ‘DIGITAL APNAYEN’, the bank will contribute Rs 5 towards the PM CARES Fund on behalf of each customer conducting the first financial transaction to activate their RuPay Debit card either on point of sale (PoS) or e-commerce platform, PNB said in a statement. The campaign launched by the bank’s Managing Director S S […]

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