Banking Sector
Banks to be closed for 21 days in October 2021 | Here’re details
This year, the total number of holidays go over the top as a long list of national holidays awaits the public. However, not all states will get the entire 21 days bank holidays as some of these festivals and holiday dates are unique to certain states all over the country.
91 Board positions lying vacant in 11 PSU banks: AIBEA
Ninety one out of 175 Board positions are vacant in the 11 nationalised banks, said C.H.Venkatachalam, General Secretary. Venkatachalam in a letter to Finance Minister Nirmala Sitharaman also said from 2014 when the National Democratic Alliance (NDA) came to power, the posts of Workman Director and Officer Director representing the employees and officers of the Banks remain vacant.
Gross NPAs of banks to cross Rs 10 lakh Cr by March 2022: ASSOCHAM-Crisil
"NPAs are expected to rise to 8.5-9 per cent by March 2022, driven by slippages in retail, micro, small and medium enterprise (MSME) accounts, besides some restructured assets," according to the study titled, 'Reinforcing the code,' conducted by The Associated Chambers of Commerce and Industry of India (ASSOCHAM) jointly with credit rating agency Crisil.
Public sector banks are stable now after PCA: Nirmala Sitharaman
The public sector banks were laden with huge non-performing assets (NPA) which was a serious concern for the future of the banking sector itself. Sitharaman said a problem in the banking sector would impact the entire economic activity. According to her, the government infused additional capital into public sector banks.
Share of insolvency process initiated by debtors declining over time
The IBBI data showed that operational creditors triggered 50.93 per cent of the CIRPs, followed by about 42.77 per cent by financial creditors and remaining by the corporate debtors. However, about 80 per cent of CIRPs having an underlying default of less than Rs 1 crore, were initiated on applications by operational creditors, while about 80 per cent of CIRPs, having an underlying default of more than Rs 10 crore, were initiated by financial creditors.
RBI extends curbs on UP-based People's Co-operative Bank
Section 35A of the Banking Regulation Act, 1949 gives the central bank power to give directions to banks and can take action, to prevent the affairs of any banking company being conducted in a manner detrimental to the interests of the depositors or in a manner prejudicial to the interests of the banking company.
Kotak Mahindra Bank to sell 8.5% stake in Airtel Payments Bank to Bharti Enterprises
Kotak Mahindra Bank Limited has executed a share purchase agreement for the sale, the bank said in a regulatory filing. It said that the shares were acquired for an aggregated consideration of Rs 200 crore invested in tranches during calendar years 2016 and 2017. The cash consideration for the share sale would be equal to or higher than Rs 294.8 crore.
Ex-SBI chief Rajnish Kumar joins HSBC Board in Asia
Kumar had retired as Chairman of the State Bank of India (SBI) in October 2020. "In addition to his extensive background with regulatory authorities, investors and businesses in India, Kumar has strong experience of global business and financial markets from his work with the SBI in the UK and Canada," said an HSBC statement. During his tenure as Chairman of the SBI, he also led the strengthening of the bank's digital banking platform.
Strong buffers to help Indian banks withstand asset risks: Moody's
"A severe deterioration of banks' asset quality is unlikely, despite an expected rise in new loan impairments, particularly among individuals and small businesses that were hit hardest by the virus outbreak. This is because government initiatives like the emergency credit linked guarantee scheme (ECLGS) have been effective in providing immediate liquidity for businesses," Moody's Vice President Alka Anbarasu said.
SEBI orders release of Rana Kapoor's bank, demat accounts
In March, the SEBI had attached his bank accounts, and mutual fund holdings to recover dues of over Rs 1.04 crore, after the Yes Bank founder failed to pay the fine imposed on him. The regulator had imposed a penalty of Rs 1 crore on Kapoor for violation of disclosure regulations regarding a transaction of Morgan Credits Pvt Ltd, an unlisted promoter entity of Yes Bank.
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