Tuesday, April 20

Finance

Bank holiday today: Banking services shut in many regions

Bank holiday today: Banking services shut in many regions

Finance
Banks are closed today (April 14) on account of Ambedkar Jayanti and a few other festivals such as Vishu, Bohag Bihu, Tamil New Year's Day, Cheiraoba and Biju Festival. While bank branches will remain off limits for customers, ATMs will remain functional subject to availability of cash. For banking services, one can use net banking or mobile banking. Cities/regions where banking services won't be available today include: Delhi, Mumbai, Kolkata, Chennai, Bengaluru, Hyderabad, Chandigarh, Guwahati, Bhubaneswar, Ahmedabad, Lucknow, Jaipur, Patna, Ranchi, Thiruvananthapuram, Agartala, Nagpur, Dehradun, Imphal, Kanpur, Kochi, Srinagar, Gangtok, Panaji, Jammu, among others. Banking services were shut in many parts on April 13 too — on account of Vaisakhi, Gudi Padwa, first day of Navratra, Telu
Irdai slaps Rs 17 lakh fine on Future Generali for violating certain regulations

Irdai slaps Rs 17 lakh fine on Future Generali for violating certain regulations

Finance
Insurance sector regulator Irdai has imposed a penalty of Rs 17 lakh on Future Generali India Insurnace Co Ltd for violating norms on protection of policyholders' interests and selling policies without seeking prior approval from the authority. The penalty has been slapped on the insurer post an on-site inspection by the Insurance Regulatory and Development Authority of India (Irdai) during January 15-25, 2018, followed by response from the insurer in November 2020 and personal hearing of the company's key personnel's in Janaury 2021. The authority had conducted an on-site inspection of Future Generali India Insurnace Co Ltd during January 15-25, 2018. The inspection report revealed certain violations of provisions of the Insurance Act regulations, guidelines and various circulars issue...
Advances grew 21% year on year while repayment collection efficiency improved: Bandhan Bank

Advances grew 21% year on year while repayment collection efficiency improved: Bandhan Bank

Finance
Private sector lender said its advances grew 21% year on year while repayment collection efficiency improved to 96% from 92% a quarter ago. Bandhan's loans and advances including off-balance sheet exposure rose to Rs 87,054 crore at the end of March against Rs 71,846 crore a year back. Deposits grew 37% to Rs 77,972 crore over the same period. Last week, HDFC Bank reported 14% rise in advances and 16.3% rise in deposits. too reported 28% deposit growth while advances growth was muted at 3%. Bandhan's current and savings account (CASA) -- which helps reduce cost of funds -- improved to 43.4% year-on-year from 36.8%. Retail to total deposits improved to 79% from 78% a year back. The bank's collection efficiency from micro loans was 95% while that of non-micro loans was 98%. Micro loans co...
Axis Bank customers can send money abroad in 100 currencies via mobile app

Axis Bank customers can send money abroad in 100 currencies via mobile app

Finance
customers can now send money abroad in over 100 currencies through their mobile application, the lender said on Monday. Announcing the addition of 'Send Money Abroad' feature to its Axis Mobile App, the lender said customers will be able to send money by following a simple two-step process given on the app. Customers can send money abroad in over 100 different currencies, without any need to visit a branch. They can send up to USD 25,000 per transaction for various purposes such as education fee payment, family maintenance, and health-related expenses, Axis Bank said in a statement. To make the proposition richer, Axis is also offering a preferential rate on digital channels. With this features, the bank has made this an omni-channel experience for its customers, as there is complete ...
SBI collected Rs 300 crore from zero-balance accounts for certain services in 5 years, reveals study

SBI collected Rs 300 crore from zero-balance accounts for certain services in 5 years, reveals study

Finance
Several banks, including (SBI), have been imposing excessive charges on certain services provided to poor persons having zero-balance or Basic Savings Bank Deposit Accounts (BSBDA), a study by the IIT-Bombay has revealed. The study observed that the SBI's decision to levy a charge of Rs 17.70 for every debit transaction beyond four by the BSBDA account holders cannot be considered as "reasonable." It highlighted that the imposition of service charges resulted in undue collections to the tune of over Rs 300 crore from among nearly 12 crore Basic Savings Bank Deposit Account (BSBDA) holders of SBI during the period 2015-20. India's second-largest public sector lender Punjab National Bank, which has 3.9 crore BSBD accounts, collected Rs 9.9 crore during the same period. "There had been syst...
Mini-lockdown may affect microfinance institutions’ collections: Crisil

Mini-lockdown may affect microfinance institutions’ collections: Crisil

Finance
Microfinance institutions (MFIs) may face challenges in loan recoveries if more states look at imposing mini-lockdowns like Maharashtra amid a surge in COVID-19 cases, according to a report. Maharashtra, which is seeing the maximum number of cases, has announced the most stringent restriction - a mini-lockdown through April 30. Many other states have also announced night curfews and weekend lockdowns. "If more states follow Maharashtra and impose mini-lockdowns of their own to curb the pandemic, and these continue for an extended period, (MFIs) PAR (portfolio at risk) recovery would be affected," Ratings said in a report. Maharashtra is among the top five states in terms of microfinance loans, with assets under management (MFI AUM) of around Rs 16,700 crore as of December 2020, which a...
CRMNEXT Wins the 2021 “Dream Company to Work For” Award Presented by Times Ascent and the World HRD Congress

CRMNEXT Wins the 2021 “Dream Company to Work For” Award Presented by Times Ascent and the World HRD Congress

Finance
CRMNEXT has been recognized as the 'Dream Company to work for' and the Best IT Employer in Platform as a Service (PaaS) category by the Times Ascent at World HRD Congress 2021. CRMNEXT is a leading global banking and insurance digital transformation and customer experience platform. It has to its credit the largest banking CRM implementation globally with over a million bankers and a billion customers managed on its platform. The award is a testament to CRMNEXT's exceptional working environment that empowers employees to push their boundaries with a holistic care and work enablement ecosystem, innovative technology stack and continuous learning model to meet the evolving needs of its customers. Times Ascent World HRD Congress is the largest HR event in the world, with over 1800 profess...
insurance: Insurers allowed to invest in fund of funds backing startups

insurance: Insurers allowed to invest in fund of funds backing startups

Finance
The insurance regulator Irdai has eased the rules for Indian insurers investing in domestic Fund of Funds (FoF) including those which back startups. The move comes as a major fillip to scores of startups looking at alternative modes of financing other than foreign private equity and venture capital funds. This will also allow Indian insurance companies to widen their portfolios from conservative modes of investment avenues such as government bonds and public infrastructure projects. However, insurers are not allowed to invest in fund of funds that invest in overseas companies, the Insurance Regulatory and Development Authority of India (Irdai) said in a circular modifying regulations for insurance cos investing in SEBI-approved AIFs. The existing guideline which reads “no investment is
Airtel Payments Bank announces ‘Rewards123’ savings account; offers benefits on digital transactions

Airtel Payments Bank announces ‘Rewards123’ savings account; offers benefits on digital transactions

Finance
Airtel Payments Bank on Friday announced its new savings account 'Rewards123' that offers benefits and value to customers when they transact digitally using the bank account. Customers can get 'Rewards123' at an annual fee of Rs 299 and avail benefits ranging from certain cashback per month on payments for prepaid recharges, post-paid, broadband, landline, and DTH bill payments, load money benefits and shopping rewards. Other benefits include zero minimum balance, and free Platinum Online Mastercard Debit Card. Announcing the 'Rewards123' digital savings account, Airtel in a statement said this is "designed to offer consistent value, with assured rewards on different types of digital transactions throughout the year". The new savings bank account offers regular benefits throughout the yea...
Pay: Pay scale for bank CGMs made almost equal to EDs, executives say its against natural justice

Pay: Pay scale for bank CGMs made almost equal to EDs, executives say its against natural justice

Finance
Pay hikes, especially steep ones, should make executives smile, but not so in the case of public sector banks. A recent government note allowing banks to raise pay scales for chief general managers by as much as 62% has not gone down well with a section of bank executives. This makes their remuneration almost at par with that of executive directors. The new pay scale structure, several top bank executives say, is against principles of natural justice. The new pay scale for bank CGMs has been fixed at Rs 166350-183950 from Rs 103,000-113900 and this would be effective retrospectively from the date when they assumed charge in their respective banks, the Department of Financial Services said in a letter to chief executives of nationalised banks. This is in line with CGM pay scale in , the DF...