"I would like to resign as an independent director of the bank with effect from January 27, 2020. Given an entity owned and controlled by me has made an application to the RBI for a universal banking license, I felt it was -- in the interest of propriety and corporate governance -- only appropriate that I stepped down from this role," Bansal said in his resignation letter, which was disclosed by Ujjivan SFB in the regulatory filing.
These banks need to build a significant deposit base to start full-fledged banking.
'You cannot have only one product or one market or one customer segment.'
Microfinance portfolio of SFBs saw a muted growth of about 3% last year
Fino Payments Bank (Fino) has become the first such entity to get an in-principle approval from the Reserve Bank of India (RBI) to transition into a small finance bank (SFB).
Yes, the entry of private bankers, particularly with global experience will add value to PSBs, points out Tamal Bandyopadhyay.
Ujjivan Small Finance Bank's initial public offering attracted heavy investor demand on the final day of bidding on Wednesday as the issue was subscribed a whopping 126.36 times.
Public-sector banks, which are the largest employers in the banking space, have seen a drop in clerical staff over the years.
One should avoid keeping excessive funds in one's savings account.
However, despite the reduction, their interest rates would be about 50-100 basis points higher than those of banks
A well-run non-banking company has better margins than a bank, but the objective of setting up Ujjivan was to provide comprehensive financial inclusion, Ujjivan Small Finance Bank MD & CEO Samit Ghosh tells Anup Roy in an interview.
Besides, two new entities-- IDFC and Bandhan -- have been given full-fledged banking licence.
The Department of Post, Tech Mahindra, Videocon Group and stock exchange NSE have joined big corporates like Ambanis and Birlas to seek entry into banking business through newly created niche category of Payments and Small Finance Banks.
Commemorating 75 years of India's independence, SBI has launched a 75-day Utsav Deposit Scheme, offering 6.10 per cent for fixed deposits. Senior citizens will get an additional 0.50 per cent and the offer is on until October 30, SBI said.
These banks are finding it hard to pick up seasoned bankers at the pay they are offering
RBI had received 72 applications for small finance bank licences.
The niche banks - small finance and payments banks -have been set up to further the regulator's objective of deepening financial inclusion.
Nearly 665 million Indians or 45 per cent of the rural population did not have access to the internet as of 2023. Difficulty in understanding internet procedures, insufficient awareness of its benefits, and a lack of interest have emerged as the top reasons for a gap in internet penetration in rural India, according to a joint report by the Internet and Mobile Association of India (IAMAI) and Kantar. "The proficiency of English in rural India is very low. While we have content in Hindi, the internet is English-heavy.
Even as you fight the ongoing health challenge, here are some tips to strengthen your personal finance in the time of coronavirus.
The Reserve Bank of India's (RBI's) latest order on unsecured loans is set to hit the banking sector's growth in the near-term, cautioned analysts, as they see banks slowing down on aggressive retail lending. Besides, cost of funds for non-banking finance companies (NBFC) is expected to inch up as banks will pass on higher capital charge to NBFCs. "We believe the fallout of the RBI action will be mainly on growth, given the rising dependence on unsecured retail loans and lending to NBFCs for growth.
Brokerages are expanding the universe of stocks they cover amid a boom in the market. Several stocks in the mid-cap universe are now tracked by more analysts than they were a year ago. For instance, SBI Cards and Payment Services is now tracked by 17 brokerages, compared to just four a year ago.
Ajit Mishra, vice president, research, Religare Broking, answers your stockmarket queries.
The mid-cap universe - comprising firms that rank 101-250 in terms of m-cap - could see as many as 17 new stocks move out. Similarly, over half a dozen stocks could exit the large-cap universe, which is defined as the top 100 entities in terms of m-cap.
Ajit Mishra, vice president, research, Religare Broking, answers your queries.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
PMAY-Gramin, which was launched in November 2016, aims to construct 10 million homes by March 31, 2019, with private sector and state government participation
Ajit Mishra, vice president, research, Religare Broking, answers your queries.
Ajit Mishra, Vice President, Research, Religare Broking, answers readers's queries on stocks they own or want to buy.
Ajit Mishra, vice president, research, Religare Broking, answers your queries.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Venture capitalists Adam Wolfensohn and Ameya Bijoor tell Anjuli Bhargava about the kind of investments and companies they are looking to invest in.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
'The recent US jobs report has eased fears of a hike in the Fed meeting.'
The move to ban Rs 500 and 1000 notes may not curb the root cause of black money.
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