'In FY21, as of October, LIC has booked a profit of Rs 18,800 crore through sale of equities.'
State Bank of India (SBI) wants to extend its footprint to 11,943 unbanked villages, with a population of at least 2,000, this financial year. The country's largest lender recently submitted its plan to the Reserve Bank of India (RBI).
RBI to issue discussion paper on new licence conditions this week.
Among other things, the agenda is likely to focus on increasing private investment, employment generation and giving relief to the farm sector
It generates huge end-user benefits as well as dramatic industrial spinoffs.
With the Reserve Bank of India allowing retired teachers, kirana shop owners and public call office (PCO) operators to be hired as business correspondents, banks are set to hire over 200,000 people over the next few years to push financial inclusion initiatives.
Telecoms investor Aditya Birla Nuvo Ltd and retailer Future Group were among the first big names to apply for licenses to run so-called payments banks
Sinha, who is steering Sebi efforts to tackle the ponzi menace, said that in regions like West Bengal and North East -- where penetration of banking services is low -- have seen a larger number of people getting trapped in illegal money pooling schemes that promise high returns.
A Krishna Kumar, deputy managing director (IT) of the bank, said on the sidelines of Infocom in Kolkata, "Given the reach of the facility, we expect the number to double within a year."
Vodafone Idea, the promoter of Aditya Bira Idea Payments Bank, said in a notification to the exchanges late on Friday that the board of the bank approved winding up the business, subject to approval from the Reserve Bank of India.
The bad loans of public sector banks were at 4.4 per cent in March 2014 compared with 2.09 per cent in 2008-09, it said, adding, the gross NPA increased by almost four times from March 2010 (Rs 59,972 crore or Rs 599.72 billion) to March 2014 (Rs 2,04,249 crore or Rs 2,042.49 billion).
Jalanga or its neighbouring villages do not have a single bank branch. The nearest bank branch, that of UCO Bank, where Das has an account, is located at Bhadrak, around 20 km from the village.
The banks are not ready to open accounts of the beneficiaries through the IT-enabled financial inclusion programme, which is running on a pilot basis in various districts of the state. "The panchayat staff do not co-operate with our business correspondents. They do not come forward to endorse the identity of the beneficiaries. How can we open accounts," asked an official from State Bank of Indore.
Prime Minister Narendra Modi is addressing the nation for the seventh time from the ramparts of the Red Fort on Independence Day on Saturday and it will be his second speech of the second term in office.
Various twists and turns by govt post-demonetisation prove that it has been tall order for the PM
The original intention of the 15-km restriction was to ensure timely service to customers, especially in the rural areas. But now, new generation private banks do not have an extensive branch network in semi-urban and rural areas.
With inflation turning positive after 13 weeks, the Reserve Bank on Thursday said the wholesale price index may rise to six per cent by this fiscal end a development that may pose challenges to the central bank in maintaining a stable monetary policy.
Upcoming payment banks will lift lower income groups in distant villages.
The committee headed by RBI's Deputy Governor Usha Thorat made a series of recommendations that include increasing banking penetration and strengthening of Regional Rural banks and Urban Co-operative banks in the region. It said post offices, traditional institutions and NGOs need to be co-opted by the banking industry so as to encourage economic activities.
The bank chiefs have also cancelled the customary media conference after the bi-annual policies.
Some believe the shift to mobile-based transactions will be seamless considering that the urban tele-density is 148%. In rural areas, it is touching 51%. But smartphone penetration in India is a mere 12%. Growth of mobile money has been extremely slow: It is currently 1%.
The bank will have around 501 branches.
"In response to India's payments data circular, we've built a system that stores payments-related data locally in India," WhatsApp spokesperson said in a statement.
The committee on financial inclusion, headed by C Rangarajan, the chairman of Prime Minister's Economic Advisory Council, has recommended that the profits transferred to their reserves by such banks should be exempted from tax till the banks achieve the standard capital adequacy ratio (CAR).
From auto, refrigerator, and mobile handset makers to real estate firms, companies are tying up with banks to dole out attractive finance schemes and discounts to make buying more affordable.
Fintechs need to behave with responsibility and transparency. A lot of mis-selling has been happening. Other issues have been plaguing the fledgling industry -- high interest rates, even higher processing fees, harsh collection process and, most critically, data leakage leading to rampant frauds, points out Tamal Bandyopadhyay.
Dean of ISB, M Rammohan Rao on ISB's new programmes, their unique selling proposition, placement programme, their recently launched pre-doctoral programme and dearth of quality faculty crunch faced by Indian management schools.
The Alibaba-backed company had introduced the fee on March 8 after it found multiple users using its platform to get free credit by using credit cards to top up their mobile wallets and then transferring the money back to their bank accounts at zero transaction cost.
The government has opted for the RuPay debit card over the Aadhaar-based platform for "last-mile" authentication in its Pradhan Mantri Jan Dhan Yojana.
Modi said his government has taken 'historic' decisions and the nation progressed rapidly in the last one year, even as he acknowledged that there is a lot that needs to be done and many challenges and problems face the country.
The top performing microfinance institutions the world over are achieving high growth and profitability.
Due to the prevailing uncertainty, the risk of loans going bad has certainly increased. This may result in lenders following risk-based pricing more diligently, notes Naveen Kukreja, CEO, Paisabazaar.com
High interest rate, policy uncertainty in the year of elections, along with risk aversion led to slow takeoff in credit demand on the corporate front.
India has a unique window of opportunity to effectuate long-lasting structural change in its banking sector, says Riju Agrawal.
FM will meet public sector bankers tomorrow in a pre-budget meet to stress on credit targets and enhancing credits to minorities.
Rajya Sabha member and former Chairman of Prime Minister's Economic Panel C Rangarajan on Monday said he expects inflation to ease to 10 per cent by December. He said inflation last year was moderate almost at the end of December, so base effect will be to heighten inflation in the current year.
Manish Khera, chief executive officer, Fino, tells Shriya Bubna that the smart card technology platform of Fino can help banks cut operational costs by one-third and MFIs, but connectivity remains an issue.
A senior official with Muthoot Finance said the group would also want to apply for a universal licence.
Chairing an exclusive roundtable with 42 global CEOs and top executives from across 20 sectors, Modi stressed on continued political stability in India, predictability of policy, and pro-development and pro-growth policies.
Receiving Ganga water by post could be a reality soon as the government endeavours to tap the e-commerce platform to bring the holy water at the doorsteps.
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