The Reserve Bank of India (RBI) will meet top executives of asset reconstruction companies (ARCs) on Friday to take stock of the sector. During the meeting, ARCs will also seek clarity from the regulator on bank borrowing. While there is no regulatory ban in place, ARC sources said banks often refuse funding.
'As these segments are growing at 25 per cent for the last three years, credit quality has been extremely good.'
The BJP has again fielded Prataprao Patil Chikhalikar who humbled Ashok Chavan in the 2019 Lok Sabha polls by over 40,000 votes.
Most members of the Reserve Bank of India's monetary policy committee (MPC) decided to stick to the course on bringing retail inflation to the target of 4 per cent while voting for maintaining status quo in the April review, except external member Jayanth Varma who voted for a 25 bps cut in the repo rate. "I believe that the extant monetary policy setting is well positioned," RBI governor Shaktikanta Das said in the minutes of the policy review, which came out on Friday. "Monetary policy transmission is continuing and inflation expectations of households are also getting further anchored.
Bandhan Bank's managing director (MD) and chief executive officer (CEO) Chandra Shekhar Ghosh (pictured), who has decided to step down, on Wednesday said the bank will need at least three months to identify his successor. He has also written to his employees, asking them "not to worry" over his surprise decision. "Whatever, our experience in the earlier selections, when we selected two executive directors on the basis of that experience we need a minimum three months of time for selection of candidates and then it will go to RBI and then whatever is the time taken by RBI for approval," Ghosh said.
Sir Osborne Smith was the first governor of the Reserve Bank, serving from April 1, 1935, to June 30, 1937.
'The focus needs to shift towards the ability to collect payments, particularly in tier-3 to tier-4 areas where acceptance is still lacking.'
'You cannot have only one product or one market or one customer segment.'
More than half a dozen private-sector banks are awaiting regulatory approval for the appointment of a second whole-time director on their boards.
It is 10 years since Bandhan Financial Services became the first microfinance institution (MFI) to receive the universal bank licence. A year later, in 2015, it started operations. Bandhan's entry into banking was seen as a vote of confidence by the Reserve Bank of India (RBI) for the country's microfinance sector. Subsequently, the RBI awarded small finance bank licences to nine MFIs.
HDFC Bank has been conscious in not accepting high-cost deposits, which have resulted in slower growth in October-December, said Sashidhar Jagdishan, managing director and chief executive officer, during an interaction with Goldman Sachs recently. He said during times of tight liquidity, short terms hardened, as was the case in October-December. "Not only did we participate, but we also gave up which came up for maturity," he said.
Standard Chartered's India strategy will focus on wealth management while credit card will remain core to its business though will avoid competition with the country's private banks, said a senior executive of the British lender. "Our focus on wealth management and affluent clients are central to our existence. "We are strong in these areas and we want to grow in these areas.
The incident remains a reminder of the inherent fragilities of all geopolitical relationships.
'Our unsecured loan is not exactly unsecured. It is backed by cash flow of customers.'
The income-tax department is set to launch a screen-based automated reconciliation system for plugging mismatches between returns filed by taxpayers and information processed by the department.
'For the first time ever it has come below 1 per cent, at 0.97 per cent.'
A cultural preference for sons in India may be expressed as 'son preference' or 'daughter aversion', arising from patrilocality, patrilineality, the cost of dowry, and old-age support from sons.
'Investment creates capacity and reduces inflation. Income, employment, and savings rise.'
The new scheme may be announced before the Lok Sabha elections.
The bottom lines of several private sector banks have taken a hit following the recent guidelines released by the Reserve Bank of India (RBI) on alternate investment fund (AIF) investments. Last month, the RBI announced that regulated entities, such as banks, non-bank lenders, and home financiers, cannot invest in AIFs that have directly or indirectly invested in companies that have borrowed money from the lenders. In case an entity had already made such an investment, they must liquidate the investment or make 100 per cent provision, RBI had said.
