SBI has distressed assets worth Rs 1.5 lakh crore: Rajnish Kumar

The State Bank of India (SBI) has about Rs 1.5 lakh crore in distressed assets, according to Rajnish Kumar, chairman and managing director of the public lender. “We have the dubious distinction of having the largest distressed assets portfolio in the country but not in terms of the percentage of …

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Banking Regulation Amendment Bill passed. What it means for banks, customers

“For the last two years, depositors of cooperative banks and small banks are facing problems. We are trying to bring this amendment in order to protect the depositors,” finance minister Nirmala Sitharaman said on Thursday in the Lok Sabha. Commenting on the new Bill, Mandar Agashe, founder, managing director & …

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Credit card firms explore ways to get repayments

Credit card companies are incentivizing those willing to pay their dues following the repayment moratorium, while some have increased penalties for errant customers in a move to check defaults. India’s largest credit card company, SBI Cards, is encouraging customers to avail of its own repayment plan or the Reserve Bank …

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Lok Sabha passes legislation to bring cooperative banks under RBI’s supervision

New Delhi: The Lok Sabha on Wednesday passed the Banking Regulation (Amendment) Bill, 2020 which seeks to bring cooperative banks under the supervision of the Reserve Bank of India (RBI) to improve their governance and protect depositors’ money while empowering the banking regulator to prepare a restructuring or amalgamation scheme …

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Changes in banking regulation law aimed at improving governance in cooperative banks: FM

Finance Minister Nirmala Sitharaman on Wednesday said amendments to the banking regulation law seeking to extend the supervision of RBI to cooperative banks are aimed at improving their governance and protecting depositors’ money. Moving the Banking Regulation (Amendment) Bill, 2020 in the Lok Sabha, Sitharaman said the government was compelled …

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Indian economy | Shaktikanta Das: RBI battle-ready, willing to take necessary steps to promote growth: Shaktikanta Das

NEW DELHI: Reserve Bank of India (RBI) Governor Shaktikanta Das on Wednesday said persistently large liquidity infusion by the central banks has ensured large borrowing by the government at a low rate and in a non-disruptive manner. He said the RBI will take all necessary measures to ensure liquidity in …

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Will take necessary measures to promote growth: RBI Governor

RBI Governor Shaktikanta Das on Wednesday assured the industry that the central bank will take all necessary measures to ensure liquidity in the system and promote economic growth. Indian economy contracted 23.9% in the first quarter of the current financial year. Addressing a virtual conference organised by industry body FICCI, …

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RBI stands battle-ready to take whatever steps needed for economy: Guv

RBI governor Shaktikanta Das today addressed the members of India Inc body FICCI. The RBI chief said economic recovery is not fully entrenched and recovery is likely to be gradual. Here are the highlights of what he said: Persistently large liquidity infusion by RBI has ensured large borrowing by the …

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