Banking Sector

Speaking at the 'Banking Conclave on Exports' organised by FIEO in Mumbai on Friday, the minister announced formation of various groups to address the problems raised by exporters and other stakeholders consisting of FIEO, leading banks, IBA, Ministry of Commerce and Ministry of Finance including one on challenges of e-commerce retail exports.

Commentary by BFS firms on IT spends in the Sep-21 quarter is similar to that in the previous quarters. A similar outlook has been shared by a newer set of players indicating that the trend is broad based. Accelerated investments in cloud and digital will continue in the near term and beyond making 2022E a strong year of IT spending.

Collection efficiency, including overdue collection, for the most affected asset classes, viz microfinance and SME loans, reached close to 100 per cent for September 2021 from a low of 80 per cent seen in May 2021. Collections in the housing loan segment continued to remain healthy during Q2 FY2022, post swiftly recovering to pre-second wave level in June 2021.

In April, the RBI had imposed restrictions on Diners Club International from on-boarding new domestic customers onto its card network from May 1, 2021 for non-compliance of payment system data storage norms. Diners Club International is a direct banking and payment services company. It offers access to more than 1,300 airport lounges worldwide, and providing corporations and small business owners with a complete array of expense management solutions.

The new AIS can be accessed by clicking on the link "Annual Information Statement (AIS)" under the "Services" tab on the new Income Tax e-filing portal. The display of Form 26AS on TRACES portal will also continue in parallel till the new AIS is validated and completely operational.

The City watchdog and Bank of England have been investigating if Staley's relationship to the dead financier was closer than first thought. Barclays said it had been made aware of the conclusions of the probe and "Mr Staley's intention to contest them". Regulators began investigating after getting a cache of emails between the men from Staley's former employer.

Initially, the two key indices had a flat opening but witnessed a strong recovery. On the global front, stocks held their ground after eight consecutive sessions of gains, as traders weighed the prospects of strong corporate earnings in the backdrop of widening inflation risks from multi-year high crude oil prices.

She also said the company is in discussions with re-insurers on rate revision and a decision on it is expected to happen by the end of this year. The process of merging Exide Life Insurance is progressing well, she added. Announcing the financial results, Padalkar said the company posted a lower net profit owing to increased provisioning against claims.

The rating agency said that capital ratios have risen across rated banks in the past year because most have issued new shares. Public sector banks' ability to raise equity capital from the market is particularly credit positive because it reduces their dependence on the government for capital.

The Covid-19 relief measures such as the restructuring dispensation, and the Emergency Credit Line Guarantee Scheme (ECLGS) will help limit the rise, the report added. With 2 per cent of bank credit expected under restructuring by the end of this fiscal, stressed assets-comprising gross NPAs and loan book under restructuring-should touch 10-11 per cent.