After facing multiple outages that irked the regulator, the country's largest private sector lender, HDFC Bank, is revamping its technology infrastructure by making large scale investments, wherein it is bringing new talent, getting into cloud-native stacks, a shift from the traditional monolithic IT infrastructures, and working with strategic partners for better products and services. The bank management is clear that it will do whatever it takes in line with its growth path to ramp up its technology infrastructure.
'The overall death claims have gone up.'
The National Company Law Tribunal (NCLT) has approved the resolution plan of Twin Star Technologies -- a promoter entity of the Vedanta Resources group -- for the Videocon group. But it has pointed out that the successful resolution applicant is "paying almost nothing" as the amount offered is only 4.15 per cent of total outstanding claim. It noted the hair cut for all the creditors is 95.85 per cent and suggested to both committee of creditors (CoC) and the successful applicant an increase in the payout.
High inflation print is the price that the Reserve Bank of India (RBI) will have to pay to nurse a fragile growth back, say economists. Wholesale Price Index-based inflation rose to a record high of 12.94 per cent in May, aided by low base effect, but also because of higher fuel and commodity prices. Retail inflation, too, surprised by rising to 6.30 per cent, while the core inflation, which is the non-food and non-fuel component, rose to an 83-month high of 6.55 per cent. These numbers are much above RBI's upper limit of 6 per cent inflation target, but there is very little that the RBI can do at this moment.
Auto-debit payment bounces have gone up for the second consecutive month in May, emphasising the stress building up due to a halt in economic activities as authorities lock down various parts of the country to stop the spread of the virus in the second wave. According to the National Automated Clearing House (NACH) data, in May, of the 85.7 million transactions initiated, 35.91 per cent, or 30.8 million transactions, failed.
The Mumbai Bench of the National Company Law Tribunal (NCLT) on Monday approved Piramal Group's resolution plan for the beleaguered Dewan Housing Finance Ltd (DHFL), which has been reeling from the insolvency process since 2019. The plan put forward by Piramal Group, which has offered to pay Rs 37,250 crore, has been approved by the committee of creditors (CoC), the Reserve Bank of India (RBI), and the Competition Commission of India (CCI).
Public sector banks, including the country's largest lender State Bank of India (SBI), have come out with a templated approach for restructuring retail and small business loans of up to Rs 25 crore under the Reserve Bank of India's (RBI) Covid restructuring package 2.0. They have also come out with standardised products to make funds available to business entities for improving healthcare infrastructure and to individuals for meeting Covid treatment expenses. Business loans have been divided into three categories.
The Reserve Bank of India (RBI) booked massive gains on its foreign currency sales and needed to provide much lesser for its reserves in 2020-21 (FY21), helping it to carve out a significant Rs 99,122-crore dividend for the government, revealed the RBI's annual report for FY21. By doing so, the central bank's risk buffers have reduced to the bare minimum, which may restrict some of RBI's scale of operations, and would likely hamper dividend payout for financial year 2021-22, said analysts. The annual accounts are for nine months ended March 31, 2021 since the RBI changed its accounting year from July-June to April-March from FY21.
Those hardest hit by the second wave of the pandemic have been blue-collared workers, doctors and healthcare workers, law and order and municipal personnel, individuals eking out daily livelihood, and small businesses. And there should be more measures taken to alleviate their pain, the Reserve Bank of India (RBI) said on Monday. The report also indicated that the RBI's growth numbers might have to be revisited as the central bank's real GDP growth projection of 26.2 per cent given in the MPC's resolution of April 7 for the first quarter of 2021-22, were "made before the full fury of the resurgence." Nevertheless, the "resurgence of COVID-19 has dented but not debilitated economic activity in the first half of Q1: 2021-22.
The Reserve Bank of India (RBI) is precariously balancing two opposing objectives - maintaining easy financial condition in the domestic market, while ensuring external stability - and economists have started taking note. They say India is going through the classic trilemma of the 'Impossible Trinity'. The RBI cannot have an independent monetary policy (setting domestic interest rates) in an environment of an open capital account and flexible exchange rates. What is even more complicated for the central bank now is that financial market stability overlays all the other three objectives.
Theoretically, the currency with the public should expand in sync with the nominal income, which again moves in relation to the nominal growth rate of the economy. But the correlation breaks easily when other factors come into play, says Anup Roy.
These products are extremely transparent and are the lowest charged products in the insurance space. The policyholder has to only pay the fund management charge. Hence, from the cost side, ULIPs are very competitive.
Covid-19, US yields, dollar to weigh on equity flows in the near term.
Although such alerts are not compulsory for the banks, this may become the norm now if payments are missed even for a day.
New-generation private sector banks such as ICICI, HDFC, Axis, Kotak etcetera owe their existence to the recommendations of the first Narasimham Committee.
The bank has decided to embark on a 'Technology Transformation agenda' to provide its customers smoother, faster, and better banking experience.
The unprecedented rise in Covid-19 infections in the country, which many are terming as the second wave, has also resulted in a rise in Covid-related claims for general and health insurance companies as hospitalisations have gone up. The insurers have received more than a million Covid-related claims as of April, 2021. According to the data compiled by General Insurance Council, the reported claims total 1.014 million, amounting to more than Rs 14,800 crore.
The sudden movement of the rupee - post the monetary policy - is not a reason to panic, said currency dealers. According to them, a correction was overdue for the rupee that remained the best performing currency in the region for well over a month. The rupee closed at 74.72 a dollar on Friday from its previous close of 74.60. It had dropped 1.52 per cent against the dollar on April 7 after the Reserve Bank of India (RBI) announced its monetary policy, committing to buy Rs 1 trillion of bonds in the June quarter. A weak rupee goes well with the export narrative of the government, and is consistent with the RBI's intervention strategy that prevented an appreciation.
The Reserve Bank of India (RBI) on Wednesday proposed to make interoperability mandatory for digital payments firms. It also allowed users to withdraw cash from e-wallets and fintech companies to process RTGS and NEFT transactions. The RBI expressed dissatisfaction over prepaid payment instruments' (PPIs') failure to migrate towards full-KYC (know your customer) PPIs, and therefore interoperability, even two years after guidelines were issued.
For development finance institution to succeed now, the government must stand like a rock behind it and be patient.
© 2025 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances