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Sashidhar Jagdishan set to be next CEO of HDFC Bank; Aditya Puri's successor joined back in 1996
Business

Sashidhar Jagdishan set to be next CEO of HDFC Bank; Aditya Puri's successor joined back in 1996

Jagdishan, a chartered accountant by profession, is a science graduate and has a Master's degree in Economics of Money, Banking and Finance. He has over 29 years of experience in the banking industry

Banks' bad debt to rise sharply from 8.5% to 12.5% by March 2021 amid COVID-19: RBI report
India

Banks' bad debt to rise sharply from 8.5% to 12.5% by March 2021 amid COVID-19: RBI report

The RBI governor said preserving long-term stability of the financial system is the key to recovery of economic growth

Only way a bank can survive is by growing or else NPAs will become unmanageable: KV Kamath tells Network18
India

Only way a bank can survive is by growing or else NPAs will become unmanageable: KV Kamath tells Network18

The interest rates have started dropping, but they need to drop even further if the banks have to come around without too much pain, veteran banker KV Kamath tells Network18 Group Editor-in-Chief Rahul Joshi in an exclusive interview.

Ex-CEO of Karnataka's Guru Raghavendra Sahakara Bank found dead in his car in Bengaluru
India

Ex-CEO of Karnataka's Guru Raghavendra Sahakara Bank found dead in his car in Bengaluru

The ACB had recently raided the office and residence of former CEO Vasudeva Maiya and a few other executives of the bank in connection with a fraud case

At $0.6 bn, India records current account surplus in fourth quarter of FY20 for first time in 13 years, says RBI
India

At $0.6 bn, India records current account surplus in fourth quarter of FY20 for first time in 13 years, says RBI

The RBI data also showed the current account deficit for the October-December quarter of fiscal 2019-20 was revised to $2.6 billion or 0.4 percent of GDP from $1.4 billion earlier.

Google Pay says all transactions are fully protected by redressal processes laid out by RBI, NPCI
Business

Google Pay says all transactions are fully protected by redressal processes laid out by RBI, NPCI

The statement comes against the backdrop of social media buzz that issues that might arise while transferring money through Google Pay cannot be redressed under law as the app is unauthorised.

Over 1,500 cooperative banks to be brought under RBI's supervision, says Prakash Javadekar
India

Over 1,500 cooperative banks to be brought under RBI's supervision, says Prakash Javadekar

Prakash Javadekar further said that the Union Cabinet has approved a scheme "for interest subvention of 2 percent to Shishu loan category borrowers under Pradhan Mantri Mudra Yojana, outstanding as on 31 March, 2020, for one year to eligible borrowers."

Finance Ministry credits govt, RBI for ‘green shoots of economic revival’ as agriculture, petroleum, electricity indicators pick up
Business

Finance Ministry credits govt, RBI for ‘green shoots of economic revival’ as agriculture, petroleum, electricity indicators pick up

The Finance Ministry cited "green shoots" of recovery in agriculture, manufacturing and services sectors, and said the prompt policy measures taken by the government and RBI have helped reinvigorate the economy with minimal damage

Ensure there are no complaints from Maharashtra farmers about not getting crop loans, Uddhav Thackeray tells officials
India

Ensure there are no complaints from Maharashtra farmers about not getting crop loans, Uddhav Thackeray tells officials

Uddhav Thackeray has asked state agriculture minister Dadaji Bhuse and co-operation minister Balasaheb Patil to ensure proper disbursement of crop loans.

More bad loans in offing? Carmakers tie-up with banks to offer low interest rate schemes to attract customers
Business

More bad loans in offing? Carmakers tie-up with banks to offer low interest rate schemes to attract customers

Banking sources say the Finance Ministry is pressuring banks to increase lending, though they are already saddled with over $120 billion of bad loans,

Uday Kotak sells 5.6 cr shares in Kotak Mahindra Bank, ends standoff with RBI; shares surge over 7% in early trade
Business

Uday Kotak sells 5.6 cr shares in Kotak Mahindra Bank, ends standoff with RBI; shares surge over 7% in early trade

Kotak, the richest banker in Asia, is the Managing Director of Kotak Mahindra Bank, which is the fourth largest private sector lender in the country.

COVID-19 impact: Extension of concession period for toll road operators unlikely to provide adequate relief, says ICRA
Business

COVID-19 impact: Extension of concession period for toll road operators unlikely to provide adequate relief, says ICRA

Post-resumption of tolling, toll collections reached 30-35% of pre-COVID-19 levels in last week of April 2020, which subsequently improved to 50-55% in May 2020, it added.

Rupee settles 8 paise higher at 75.54; govt's reopening plan for domestic economy boosts investors sentiment
Business

Rupee settles 8 paise higher at 75.54; govt's reopening plan for domestic economy boosts investors sentiment

The rupee appreciated 8 paise to provisionally close at 75.54 against the US dollar on Monday supported by optimism over the government's reopening plan for the domestic economy

Rupee jumps 32 paise to 75.30 in early trade; govt's reopening plan for domestic economy boosts investors sentiment
Business

Rupee jumps 32 paise to 75.30 in early trade; govt's reopening plan for domestic economy boosts investors sentiment

The rupee appreciated 32 paise to 75.30 against the US dollar in opening trade on Monday supported by the government's reopening plan for the domestic economy

Rupee appreciates 14 paise to close at 75.62; forex traders say investors await Q4 GDP data
Business

Rupee appreciates 14 paise to close at 75.62; forex traders say investors await Q4 GDP data

The rupee appreciated 14 paise to provisionally close at 75.62 against the US dollar on Friday as foreign fund inflows and weak American currency boosted investor confidence

Rupee rises 11 paise to 75.65 in early trade ; foreign fund inflows, weak US dollar boosts investor confidence
Business

Rupee rises 11 paise to 75.65 in early trade ; foreign fund inflows, weak US dollar boosts investor confidence

The rupee appreciated 11 paise to 75.65 against the US dollar in opening trade on Friday as foreign fund inflows and weak American currency boosted investor confidence

Coronavirus Lockdown: GDP data set to show economy grew at its slowest pace in 2 years in March quarter, says report
Business

Coronavirus Lockdown: GDP data set to show economy grew at its slowest pace in 2 years in March quarter, says report

Unlike some advanced economies, India’s stimulus package has largely focussed on subsidised credit to small businesses and farmers, while direct fiscal stimulus was limited to around 1 percent of the GDP, economists said.

Govt measures to deal with coronavirus impact 'very positive', says former RBI governor Bimal Jalan
Business

Govt measures to deal with coronavirus impact 'very positive', says former RBI governor Bimal Jalan

Former Reserve Bank Governor Bimal Jalan on Thursday described the initiatives taken by the government to mitigate the impact of COVID-19 as "very positive" and hoped that these would help in containing the decline in growth

Forced lending to cripple banks; NPAs to soar by up to 600 bps in 2 years: Fitch Ratings
Business

Forced lending to cripple banks; NPAs to soar by up to 600 bps in 2 years: Fitch Ratings

With incremental bank lending making up the bulk of the government's nearly Rs 21 lakh crore stimulus package, lenders face significant asset quality challenges which can increase their dud loan ratios by up to 6 percentage points over the next two years, warns a report