LOAN PROTECTION
NABARD partners with Online PSB Loans Ltd to digitalize Jan Suraksha Schemes for regional rural banks
National Bank for Agriculture and Rural Development (NABARD) and Online PSB Loans Limited have signed an agreement to promote financial inclusion through regional rural banks. The collaboration seeks to smoothen the process of enrolment and claim settlement under the Jan Suraksha Schemes for all 43 Regional Rural Banks (RRBs) onboarded on one platform through the JanSuraksha Portal.
Centre may prepay market loans taken to compensate states for GST revenue loss during Covid years
The compensation cess was initially brought in for five years to make up the revenue shortfall of states, following the implementation of the Goods and Services Tax (GST). The compensation cess expired in June 2022, but the amount collected through the levy is being used to repay the interest and principal of the Rs 2.69 lakh crore that the Centre had borrowed during COVID-19.
Top five features of instant loan apps that make them an ideal choice for emergencies
Access quick funds with instant loan apps like Bajaj Finserv's Insta Personal Loan, offering convenience and speed for emergencies.
The ‘buy now, pay later’ option is like a disease: Satish Mehta, Athena CredXpert
"A credit card is the most expensive piece of plastic in the world. You are charged 40% interest if you don’t pay on time. You would think it’s fine to pay 5% minimum due balance, but they still charge an interest on the outstanding amount. One should avoid treating credit cards like money in pocket," says Satish Mehta, Founder, Athena CredXpert.
RBI imposes Rs 1.45 cr penalty on Central Bank of India
The Reserve Bank on Friday said it has imposed a penalty of Rs 1.45 crore on the Central Bank of India for non-compliance with certain directions related to 'loans and advances' and 'customer protection'. The RBI had conducted a statutory inspection for Supervisory Evaluation (ISE 2022) of the Central Bank of India with reference to its financial position as of March 31, 2022.
The Life Insurance Rule: How much money will your family need if your income stops?
Life insurance rule: A common rule of thumb for life insurance coverage is to have a life insurance policy that is at least 10 times your current income. This coverage should take into account any outstanding debts and loans you have. By following this rule, you can estimate the income your family would need to maintain their standard of living if you were to pass away.
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Banks need to push CASA for deposit growth and protect margins
At the system level, the share of low cost CASA- Current and Savings Accounts - deposits have dipped 271 basis points ( one bps is 0.01 percent) bps year-on-year in Q4 of FY’2023-24 . This means that banks need to focus on CASA for improving margins as these are very cheap source of funds for banks compared to term deposits.
Surprise poll results impact startups' plans, and other top stories this week
In a week charged with political buzz, the BJP government came back to power after a stormy election, but without a full majority that left it dependent on the whims of its alliance partners. Unnerved, the markets went into a tailspin on counting day, with both benchmark indices, Sensex and Nifty50, dropping 8% intraday. They recovered a day later as hopes of a stable government revived.
Macro risks might lead to valuation derating for SBI, says JM Financial
JM Financial believes that there could be de-rating of SBI's valuations due to macro risks. In view of recent market volatility, SBI gives the analysts confidence on the back of its strong liability franchise.
Byju’s lenders petition to put subsidiaries in bankruptcy in the US
Creditors led by HPS Investment Partners filed involuntary Chapter 11 cases in Delaware against Neuron Fuel Inc., Epic! Creations Inc. and Tangible Play Inc. on Wednesday. All three were once affiliated with Byju’s Alpha, a unit of the once high-flying startup that was put into bankruptcy earlier this year after defaulting on $1.2 billion of debt.
Will this bank continue to offer 9.2% interest on fixed deposit post-merger? Know what changes for FD investors
Interest rates on small finance bank FDs had gone up and small finance banks (SFBs) were offering 9% to 9.5%. Earlier, Fincare Small Finance Bank used to offer 9.21% to senior citizens on FDs maturing in 750 days. Now Fincare SFB merged with AU Small Finance Bank, effective from April 1. Now, customers should be aware of what will happen to the FDs they had opened in Fincare SFB before the merger? Will they be eligible for the deposit insurance protection of up to Rs 5 lakh, including principal and interest? Will the IFSC codes change after the merger?
RBI releases finalised framework for Indian fintech sector's self-regulatory body
The Reserve Bank of India (RBI) has finalized a framework for self-regulatory organizations (SROs) in the fintech sector, considering stakeholder feedback on draft norms from January 15. These SROs will be industry-led, responsible for regulatory standards, ethical conduct, market integrity, dispute resolution, and fostering transparency, the central bank said in a statement.
Reliance General Insurance's new accident policy covers EMI, loan liabilities
Reliance General Insurance has introduced a new accident policy, Reliance Personal Accident 360Shield, offering coverage for an individual's financial liabilities, hospitalisation expenses, and aftercare needs in case of an incident. The policy aims to provide 360-degree protection to individuals and families from the impact of personal accidents. The policy includes legal assistance and worldwide coverage.
Greater transparency: No indemnity clause in NPA sale pact between banks and ARCs
High-street banks and stressed asset firms in Mumbai adopted a 'model agreement' for selling loans but couldn't agree on 'indemnity'. Lenders can declare an account 'fraud' post-sale to ARCs. The industry body approved the Model Assignment Agreement and Model Trust Deed for adoption by banks, financial institutions, finance companies, and ARCs.
Stock market fraud via WhatsApp, Facebook, Telegram: Two investors lost over Rs 3 crore; how to identify scam and protect yourself
Stock market scams via WhatsApp, Telegram, Facebook or Instagram: Two investors lost over Rs 3 crore in separate scams, highlighting a concerning trend. Fraudsters lure victims via social media with promises of high returns. They use fake profiles, apps, and WhatsApp groups to build trust before blocking withdrawals. Beware social media stock tips promising high returns. It's a scam! Learn how to identify fraudsters and protect yourself. Read for modus operandi and red flags here.
Manappuram Finance Q4 Results: Profit beats Street estimates on healthy loan growth
Indian gold-loan provider Manappuram Finance reported a better-than-expected fourth-quarter profit on Friday, helped by strong loan growth at both its gold and non-gold segments.
Frauds by bank employees: Take these steps to ensure branch manager or any other employee does not run away with your money
Fraud by bank employees: Many reports of bank employees defrauding customers of the bank. These are the cases where the bank and its customers both are the victims of fraud by the employee(s). In a recent judgement by the SC, it was said that banks would be held liable for criminal misconduct by its employees.
Starting your own business? Take these financial precautions before quitting your job
He has worked for 25 years and has held senior management positions in large companies. He holds a large portfolio of assets, including real estate, equity, mutual funds and bonds. He is fairly confident that his business idea will scale up. His two children are currently pursuing their graduation.
LIC Housing Finance eyes lower double digit loan portfolio growth in FY25
LIC Housing Finance targets "lower double-digit" loan portfolio growth this fiscal, focusing on affordable housing, says MD Tribhuwan Adhikari. March saw a 4.3% y-o-y loan portfolio rise to Rs 2.87 lakh crore. Annual loan disbursement dropped 8% to Rs 58,937 crore, partly due to cautious lending amid competition from other lenders.
DHFL bank loan case: Dheeraj Wadhawan moves court for bail after his arrest
Former DHFL director Dheeraj Wadhawan seeks bail on medical grounds after arrest by CBI in bank loan fraud case. Bail plea listed on May 18 at Rouse Avenue Court. Directed for physiotherapy and medical care in jail. Previously granted protection by Bombay High Court.
What's the new RBI proposal giving cold sweats to lenders?
The Reserve Bank of India (RBI) has proposed stringent new rules for project finance, aiming to minimize risks associated with long-gestation infrastructure projects. These regulations include higher provisioning during construction phases and classification of delayed projects as non-performing assets. However, banks and NBFCs fear these rules may hinder project viability and impede India's capital expenditure momentum.
Paytm shares plummet 5%, hit all-time low as lending partners invoke loan guarantees
Paytm Share Price: Paytm shares plummeted to an all-time low after Aditya Birla Finance invoked loan guarantees due to repayment defaults. Other partners like Piramal Finance and Clix Capital have also terminated their partnerships, reflecting stress in Paytm's lending business amidst regulatory actions and market conditions.
Aditya Birla Finance, others may have invoked Paytm’s loan guarantees
Aditya Birla Finance invoked loan guarantees from Paytm due to defaults. Partnership stress with other lenders. Paytm's lending business faces challenges post central bank's ban. Changes in top management. Reduced consumer loan portfolio to less than 1%.
RBI scanner on gold loan startups; setback for P2P lending firms
Happy Wednesday! After the central bank's action on IIFL Finance, concerns have been raised over gold loan evaluation by fintechs and their partner banks. This and more in today’s ETtech Morning Dispatch.
Does the new income tax regime suit you? Find out who should move from the old tax regime to the new one
With the start of the new financial year, companies are reaching out to their employees to select the tax regime for 2024-25. This is an important decision because you can do it only once in a financial year. Once you make a choice, your income will be taxed as per the tax structure of that regime
New AI law to protect Indian publishers; Navi eyes $2 billion valuation
News publishers in India have been seeking changes to the information technology rules to ensure fair compensation for the use of their content by generative AI models. The Digital News Publishers Association (DNPA) grouping has sent a letter and made representations to the ministries of electronics and information technology, and information and broadcasting, seeking protection from likely copyright violations by AI models, ET reported in January.
You won't lose money in banking frauds if you remember these two things: RBI shares tips
How can you protect yourself from frauds? The Reserve Bank of India (RBI) has time and again come up with various guidelines and to-do lists to save customers from frauds. First thing that you must do is to activate instant alerts for all banking transactions. Here are the other rules you need to keep in mind to minimise your loss in financial frauds. RBI shares useful tips for you.
Why only Paytm? If SBI refuses to listen to RBI, they will take action against it also: Rajnish Kumar, BharatPe
Rajnish Kumar of BharatPe says "UNO, owned by a bank with good governance, follows design principles for security and compliance. Fintechs, without a banking license, need self-regulation. Responsible behavior is crucial in the payment ecosystem to mitigate risks of fraud, cybercrime, and data breaches. Today, if you are seeing that India's banking system is much stronger, it is because the RBI has played a very critical role in providing that necessary supervision, guidance and regulations."
1% of sum insured as weekly income for 2 years, coverage for coma, 6 key features you must have in accidental policy
Many times trauma caused by an accident may require very costly treatment for a prolonged period where a comprehensive health policy with limited sum insured may fall well short in meeting the entire expenses. Taking care of household becomes difficult and many people often end up spending their savings built over many years or have to sell their assets or at worst have to resort to big debt. This is where an accidental policy helps you afford a costly treatment and taking care of household expenses as well.
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