What is the RBI’s data localisation policy? What is the need for local data storage? The story so far: The Reserve Bank of India (RBI) on Wednesday banned Mastercard from issuing new debit and credit cards to customers in India with effect from July 22. According to the RBI, the U.S. card-issuer has failed to … Read more
HDB Financial Services Ltd (HDBFSL’s), subsidiary of HDFC Bank, posted a sharp drop (43.9 per cent) in net profit at Rs 130.6 crore in the first quarter ended June 2021 (Q1FY22) from Rs 232.7 crore a year ago. The second wave of Covid-19 hit the business volumes and collections in Q1FY22. HDBFSL’s net income in … Read more
MUMBAI: Reduction in non-performing assets (NPAs) due to write-offs for public sector banks (PSBs) stood at Rs 1,31,894 crore during fiscal 2020-21, according to an RTI response. The RTI query was filed by Nagpur-based Sanjay Thul seeking information on non-performing assets (NPAs) of state-run banks and bad loans write-off by PSBs in the last ten … Read more
Paytm, whose initial public offering is expected later this year, has cut down its marketing spend as it focuses on building revenue, and competes with PhonePe and Google Pay in the super application (app) space, according to a Bernstein report. “Within the UPI (unified payments interface) super-apps, PhonePe leads the pack on overall UPI … Read more
India’s $442 billion asset management industry is finally having to reckon with the passive investing juggernaut. After decades of sluggish growth, the number of accounts invested in index-tracking or exchange-traded funds more than doubled to 5.6 million in the year to April. Passive products now account for nearly a quarter of equity assets under management … Read more
The Centrum Group promoted by Jaspal Bindra, which has got the go-ahead to take over the Punjab and Maharashtra Cooperative (PMC) Bank, is going to face an uphill task to make recoveries to repay the depositors of the bank. The bank is fighting several legal cases against 25 companies associated with Housing Development and Infrastructure … Read more
RPG Enterprises Chairperson Harsh Goenka on Tuesday said the NCLT should be the next institution to be cleansed by the government to prevent “hard earned public money being stolen” as companies’ promoters stash away money on the side and get “80-90% haircut” from bankers during the insolvency resolution process. In an apparent reference to recent … Read more
In what could bring relief to thousands of depositors, RBI on Friday granted an in-principle small finance bank licence to Centrum Finance as part of its resolution for the Punjab and Maharashtra Cooperative Bank. Centrum Finance, upon conversion to a small finance bank, will acquire the business of PMC Bank that has been under a … Read more
Banks are likely to transfer about 80 large NPA accounts for the resolution to National Asset Reconstruction Company Ltd (NARCL), which is expected to be operational by next month. NARCL is the name coined for the bad bank announced in the Budget 2021-22. A bad bank refers to a financial institution that takes over the … Read more