HDFC Bank launches Shaurya Kisan gold card for defence personnel

Shaurya KGC will come with an insurance cover of Rs 10 lakh. HDFC Bank on Friday launched an agricultural loan offering, Shaurya Kisan gold card (KGC), targeted at the 45 lakh military and paramilitary professionals for catering to their family’s agricultural needs. Shaurya KGC will come with an insurance cover of Rs 10 lakh. This card will provide finance for production of crop, post-harvest maintenance and consumption needs. Customers can also avail of this funding to purchase farm machinery, irrigation equipment or construct storages tructures. Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, […]

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Post-Covid revival: Microfinance institutions’ collections rebound to 70-75% in July

Most MFIs received moratorium from banks and hence had low debt repayments, while disbursements were negligible. Collections of microfinance institutions (MFIs), which had plunged to near zero in April because of the nationwide lockdown to stem the spread of the Covid-19 pandemic, have rebounded to 70-75% in July, with restrictions being lifted gradually, Crisil said on Friday. According to the rating agency, while the bounce-back has been faster than that envisaged earlier, improving it to the pre-pandemic levels of 98-99% will be an important monitorable from an asset quality perspective. “To create a buffer for potential pandemic-related credit costs, MFIs are […]

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Indian Bank’s Q1 net profit rises to Rs 369 crore

The provision coverage ratio was at 80.52 % as against 74.35%. Chennai-based public sector lender Indian Bank on Friday reported a net profit of Rs 369 crore for the first quarter of FY21in the first combined balance sheet of the bank after the merger of the Allahabad Bank into itself. The net profit of the combined entity in the corresponding quarter of the previous fiscal stood at Rs 492 crore. The amalgamation of Allahabad Bank came into effect on April 1, 2020. Accordingly, the combined financial as on June 30, 2019 has been arrived at by aggregation of audited numbers of […]

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Withdrawal limit of Rs 1 lakh on PMC bank can’t be increased due to lack of liquidity: RBI tells Delhi High Court

RBI has told the high court that against a total deposit liability of approximately Rs 10,000 crore as on March 26, 2020, liquid assets available with the PMC bank were to the tune of Rs 2,955.73 crore . The Reserve Bank of India (RBI) on Friday told the Delhi High Court that presently it would not be possible to raise the withdrawal limit of Rs one lakh imposed on scam-hit Punjab and Maharashtra Cooperative (PMC) Bank Ltd due to its lack of liquidity. RBI has told the high court that against a total deposit liability of approximately Rs 10,000 crore as […]

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Opportunity for banks in rural sector in post COVID-19 scenario, says Bandhan Bank’s CEO Chandrasekhar Ghosh

Bandhan Bank has already disbursed around Rs 3,500 crore in rural locations last month, Ghosh said during a webinar organised by the MCCI. Private lender Bandhan Bank on Friday said banks will have an opportunity to tap the rural sector in the post COVID-19 scenario, as the pandemic has not severely effected its economy. “The future opportunity lies in the hinterland. The rural economy is less affected. Banks ,including Bandhan, would like to focus on enterprises that have a good network in rural areas,” MD and CEO of Bandhan Bank Chandrasekhar Ghosh said. Bandhan Bank has already disbursed around Rs 3,500 […]

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Central Bank of India cuts MCLR by 5 bps across tenors

Overnight and one-month MCLRs have been revised to 6.60 per cent as against 6.65 per cent. State-run Central Bank of India on Friday said it is reducing its marginal cost of funds based lending rate (MCLR) by 5 basis points across all tenors effective August 15.  The bank has revised its one-year MCLR to 7.15 per cent from 7.20 per cent, it said in a release.  Since April 1, 2020, the lender has slashed its benchmark rate by 85 basis points from 8 per cent to 7.15 per cent, the release said. Overnight and one-month MCLRs have been revised to 6.60 […]

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SBI introduces review feature in YONO app: Bank to facilitate farmers to revise limit on Kisan Credit Card banking section

The lender said since all farmers may not have access to smartphones, it has also streamlined the KCC review process at its branches. State Bank of India (SBI) on Friday said it has introduced a review feature in its one-stop solution app ‘YONO Krishi’, facilitating farmers to revise limits on their Kisan Credit Cards (KCCs) without the need to visit a branch.With KCC review option on YONO Krishi, farmers will no longer need to travel the distance to visit the branch to apply for a revision in their KCC limit, SBI said in a release. KCC review option will help farmers […]

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MFI collections recover by 70-75% after lifting of COVID-19 restrictions: Report

Given the momentum in collections and outflows largely limited to operating expenses, liquidity levels have improved over April. The collections of microfinance institutions (MFIs), which had plunged to near zero in April because of the coronavirus lockdown, rebounded to 70-75 per cent in July on account of gradual lifting of restrictions, says a report.“Collections had wallowed in single digit through May because of the moratorium granted by MFIs to their borrowers on an opt-out basis, but sprang to 55-60 per cent in June and continues to improve,” the report by ratings agency Crisil said. While the bounce-back has been faster than […]

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Yes Bank investigation: Special court rejects Rana Kapoor’s anticipatory bail plea

According to the CBI, Kapoor entered into a criminal conspiracy with Kapil Wadhawan for extending financial assistance to Dewan Housing Finance Corporation Ltd (DHFL) through Yes Bank. A special court here on Friday rejected the anticipatory bail plea filed by Yes Bank founder Rana Kapoor in a cheating and criminal conspiracy case registered against him by the CBI. Kapoor is currently in a judicial custody after being arrested by the Enforcement Directorate (ED) in a related case. He had moved the anticipatory bail application before the special CBI court in June. During the pendency of Kapoor’s plea, the central agency had […]

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