Page 54 - Banking Sector

SBI relocates financial inclusion to Delhi for better synergy with govt

In a bid to promote financial inclusion and better coordination with the government, State Bank of India (SBI) on Friday relocated the financial inclusion and micro market (FI&MM) division from its Mumbai corporate office to the national capital. The FI&MM division takes care of 8,000 rural and semi-urban branches catering to bottom of the pyramid segment and 64,000 customer service points (CSPs) managed by business correspondents and 58,000 ATMs. Besides, the division is responsible for running all the government-sponsored schemes, including direct benefits trasfer like PM-KISAN, in coordination with various departments and ministries. According to SBI Chairman Rajnish Kumar, the focus of the Delhi-based division will be community service, financial inclusion and running government-sponsored schemes. The new office of the vertical inaugurated by the SBI chairman will be headed by Deputy Managing Director Sanjeev Nautiyal. Earlier, the vertical was part of retail overall ...

Russia's Sberbank enters tech space; to compete with Google, FB, Amazon

The 179-year-old bank, which commands a market valuation of $67 billion and is majority-owned by the Russian government, is present in 17 other countries, including in India through branches

India Ratings maintains negative outlook on NBFCs, HFCs for H2 FY21

It has revised its outlook for tractor loans to stable for the second half of 2020-21 from negative

Covid-19: Indian banking system to be among the last to recover, says S&P

Path to recovery will be more painful and banks' recovery to long-term averages for key asset quality and profitability ratios will take years, it added

Big banks let $2 trn in illicit funds move around world: FinCEN Files

Almost 90 financial institutions appear in the roughly 2,100 documents obtained, a fraction of the 2 million reports filed annually.

Ind-Ra cuts banking outlook to negative on rising NPA, credit cost

As per Ind-Ra's bear case, the spike in stressed assets due to pandemic is expected to double the credit costs for banking system

India Ratings gives 'negative' outlook for banking sector in H2FY21

India Ratings and Research has revised its outlook on the banking sector to 'negative' from 'stable' for H2FY21

YES Bank: Why investors should not be taken in by rating upgrades

At current valuations, the lender's stock trades at a premium to IndusInd Bank and RBL Bank, leaving little room for error at current multiples

As Covid ravages India, NBFCs ride out the storm with help of stimulus

India's non-bank lending sector was hit by a crisis in 2018 when a large financier unexpectedly defaulted, and the nation now needs it to stay healthy

Huge liquidity surplus unlikely to be inflationary, say economists

Instead of pushing up inflation, the huge surplus liquidity, bordering at Rs 7 trillion daily, is helping in policy rate transmission and aiding govt to borrow at a cheaper rate

Deja vu on DFIs

The bank-led model of infrastructure financing is fraught with difficulties. But DFIs are not a quick fix

NBFCs need access to credit history like banks, says Gunit Chadha

NBFCs don't have an equivalent body to represent their well-filtered voice with the regulators and government, says APAC Financial Services founder

Loan restructuring: This time is different

It marks a reversal in the approach to tackling bad loans, but it is not kicking the can down the road

Australian banks ask for loan repayments after six-month virus grace period

The country's banking sector is treading a sensitive path as it faces pressure to revert to profit growth

Start-up loans of up to Rs 50 cr under priority sector as RBI revises norms

Advances to weaker section now 12% of credit for scheduled banks and SFBs, rule doesn't apply to foreign lenders with under 20 branches. RRBs already have to lend 15% to weaker sector

Emerging market central banks deliver 19th month of interest rate cuts

August marked the 19th straight month of net cuts - the longest easing cycle for emerging market central banks since 2013

Moratorium on loan repayment shouldn't be at the cost of economic recovery

Hopefully, the court will recognise that the legal system should not undermine the financial system

Banks need to overhaul anti-money laundering mechanism: Deloitte Report

The survey will be released on August 26

Banking system has to be liberated from risk aversion mode, says RBI

As the pandemic has brought about dire need for liquidity, the RBI has said that the banking sector needs to get out of the risk aversion mode and give credit to the productive sector of the economy

Governance more important than ownership of banks, says SBI chairman

A government move to reduce its stake in some public sector banks will not do any harm, he says.