New Delhi: In the fortnight ended October 11, 2019, bank credit had stood at Rs 97.89 lakh crore and deposits at Rs 129.38 lakh crore. In the previous fortnight ended September 25, 2020, bank credit had grown by 5.15 per cent to Rs 102.72 lakh crore and deposits rose by...
Indian Bank commenced its first batch of Business Mentoring Program – MSME Prerana
Coimbatore: Indian Bank has commenced its first batch of Business Mentoring Program – MSME Prerana on 12.10.2020 for Entrepreneurs of Coimbatore, Salem, Tiruppur, Erode & Namakkal. Shri K Ramachandran, Executive Director, Indian Bank inaugurated the first batch and addressed all the participants through video conferencing. Shri K Ramachandran said, “Indian...
NPAs impact banks’ rate cut transmission, loan growth: Study
New Delhi: Non-performing assets (NPA) of a bank weakens the monetary policy transmission and loan growth rate, said a recent working paper prepared by the staff members of the Reserve Bank of India (RBI). The paper titled, 'Bank Capital and Monetary Policy Transmission in India' shows the requirement of bank...
RBI’s loan recast framework to support Covid-hit realty projects
The Reserve Bank of India’s framework for loan recast or stress resolution for the Covid-19 related stress which allows banks to restructure loans of real estate companies at the project level comes as a major relief for developers who have been hit amid the pandemic and their specific projects have...
RBI to conduct OMOs in SDLs worth Rs 10,000 cr
The Reserve Bank of India (RBI) on Friday announced the purchase of state development loans worth Rs 10,000 crore under open market operations. The auction will be conducted on October 22. The RBI, in a statement, said that it has been decided to conduct a purchase auction of SDLs under...
ICICI Bank services down early on Friday, resolved later
New Delhi: The glitch was however resolved later. Issues were reportedly faced in net banking, debit card and UPI transactions among others. According to the data from downdetector.in most of these issues were reported around 2 p.m. The data showed that around 69 per cent problems were reported in Internet...
Paytm Payment Gateway launches same-day bank settlement for businesses
Kolkata: Paytm, India's leading payment gateway service provider today announced the launch of same-day settlement facility for all kinds of fund transfers on its payment gateway. This will help business partners to settle money transfers anytime in their bank account on the same day of receiving payment, without waiting for...
Rate cut transmission improved since April: RBI Report
New Delhi: The Monetary Policy Report for October 2020 noted that the decline in both the lending and deposit rates is more pronounced for foreign banks. "The transmission of policy repo rate changes to deposit and lending rates of banks improved since the April 2020 MPR (Monetary Policy Report). The...
Digital payments soar manifold in 5 years to FY20: RBI
New Delhi: Between 2015-16 and 2019-20, digital payments have grown at a compounded annual growth rate of 55.1 per cent - from 593.61 crore in the year to March 2016 to 3,434.56 crore in the year to March 2020. In absolute terms, value has grown from Rs 920.38 lakh crore...
Worst time over for Indian economy: KK Mistry
New Delhi: Stating that the December quarter growth could outperform the expansion logged in the corresponding quarter a year ago, Mistry said that the Indian economy has shown its resiliency. Benign interest rate regime will continue going forward and that rates will go up only after economic activity gathers more...