Return asset papers within 30 days of loan repayment: RBI

The Reserve Bank of India (RBI) on Wednesday said regulated entities have to release original property documents to retail loan borrowers within 30 days of full repayment, and any delay would attract a penalty. This would include consumer credit, education loans, loans given to create or enhance immovable assets and loans for investment in financial … Read more

Uday Kotak springs a surprise, quits as CEO 4 months before term-end

Uday Kotak, Asia’s richest banker by virtue of being the founder of Kotak Mahindra Bank, which he led for nearly two decades, on Saturday announced that he was stepping down as its managing director and CEO four months before the end of his term. The high-profile banker’s decision to become a non-executive director came as … Read more

Rising Risk: US Banks Face Deposit Flight Threat With Shrinking Profits

Moody’s, the credit ratings agency, recently issued a new cautionary message concerning the U.S. banking system. What Happened: Moody’s shared in a note its decision to lower the ratings of 10 regional banks and that it is contemplating whether to downgrade several major lenders, including Bank of New York Mellon Corp (NYSE:BK), U.S. Bancorp (NYSE:USB), State Street Corp (NYSE:STT), Truist Financial Corp (NYSE:TFC), Cullen/Frost Bankers, Inc (NYSE:CFR) and Northern Trust Corp (NASDAQ:NTRS). … Read more

M&M buys into RBL

In a sudden announcement, M&M has informed to have acquired 3.53% stake into RBL Bank. Stake has been acquired from secondary market at a total value of Rs 417 cr. Average acquisition price is estimated at around Rs 199 per share as against RBL’s current trading price of Rs 239/ share. M&M has informed that … Read more

RBI asks banks to remain extra careful and vigilant, focus on governance

Reserve Bank Governor Shaktikanta Das Tuesday asked Indian banks to be extra careful and vigilant in view of the adverse global developments while strengthening corporate governance. The governor held meetings with the MD and CEOs of public sector banks and select private sector banks in Mumbai. The meetings were also attended by Deputy Governors, M. … Read more

Final leg of IDFC restructuring announced

Background about the restructuring IDFC was granted in-principle approval by RBI to set up a bank in April 2014, leading to the creation of IDFC Bank Limited and IDFC Financial Holding Company Limited (IDFC FHCL). IDFC FHCL is the non operative holding company and in compliance with the RBI regulations, was mandated to hold the … Read more

SEC Fines JPMorgan For Mistakenly Deleting 47 Mln Records

he Securities and Exchange Commission fined JPMorgan Chase of $4 million for accidently deleting about 47 million electronic records which were requested by subpoenas in several investigations. As per the SEC order against J. P. Morgan Securities LLC, the banking major’s broker-dealer unit, it was accused that the bank failed to preserve electronic records as … Read more