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Punjab & Sind Bank cuts MCLR by 20 basis points for various tenors

State-owned Punjab & Sind Bank (PSB) on Saturday said it has lowered its marginal cost of funds based lending rate (MCLR) by up to 0.20 per cent for various tenors. «Our bank has reviewed the marginal cost of fund based lending rate (MCLR) for differen
Finance

Punjab & Sind Bank cuts MCLR by 20 basis points for various tenors

State-owned Punjab & Sind Bank (PSB) on Saturday said it has lowered its marginal cost of funds based lending rate (MCLR) by up to 0.20 per cent for various tenors. «Our bank has reviewed the marginal cost of fund based lending rate (MCLR) for different tenors and the same will be effective from 16.08.2019,» Punjab & Sind Bank (PSB) said in a regulatory filing. The public sector bank has lowered the benchmark one-year MCLR to 8.50 per cent from 8.70 per cent earlier. Most of the consumer loans such as personal, auto and home are priced on the basis of the one-year MCLR. PSB has lowered MCLR on overnight, one-month, three-month and six-month duration loans by 0.15 per cent to 8.20 per cent, 8.30 per cent, 8.40 per cent and 8.50 per cent, respectively. It also reduced MCLR on three-year tenor loans by 0.5 per cent to 9.20 per cent. The rate cut follows an MCLR cut by the country's largest lender SBI post the RBI's decision to reduce the key interest rate (repo) by 0.35 ...

UBI mulls special loan offers for start-ups, brainstorms on $5-trn GDP goal

The PSB has organised a meeting of all branch heads wherein collective consultative and ideation process was undertaken to align banking with national priorities
Finance

UBI mulls special loan offers for start-ups, brainstorms on $5-trn GDP goal

The PSB has organised a meeting of all branch heads wherein collective consultative and ideation process was undertaken to align banking with national priorities

IL&FS money laundering case: Enforcement Directorate files 1st chargesheet

The prosecution complaint was filed in a special court of the Prevention of Money Laundering Act, charging former senior management personnel of IL&FS along with Aircel founder C Sivasankaran
Finance

IL&FS money laundering case: Enforcement Directorate files 1st chargesheet

The prosecution complaint was filed in a special court of the Prevention of Money Laundering Act, charging former senior management personnel of IL&FS along with Aircel founder C Sivasankaran

Stress in agriculture, MSME sector may impact banks' retail loan portfolios

Over the last few quarters, due to stress in the corporate loan sector, banks have been trying to focus on retail loans
Finance

Stress in agriculture, MSME sector may impact banks' retail loan portfolios

Over the last few quarters, due to stress in the corporate loan sector, banks have been trying to focus on retail loans

IL&FS may not have disclosed bad loans for years: RBI report

Reserve Bank of India's (RBI) report, dated March 22, 2019, found that non-performing assets on IL&FS's books were as high as 70% of its total loans and advances by March 31, 2018
Finance

IL&FS may not have disclosed bad loans for years: RBI report

Reserve Bank of India's (RBI) report, dated March 22, 2019, found that non-performing assets on IL&FS's books were as high as 70% of its total loans and advances by March 31, 2018

RBI asks banks not to count failed attempts in 'free ATM transactions'

Besides, use of ATMs for balance enquiry and fund transfers too should be not part of the free transactions facility given to a customer
Finance

RBI asks banks not to count failed attempts in 'free ATM transactions'

Besides, use of ATMs for balance enquiry and fund transfers too should be not part of the free transactions facility given to a customer

SBI proposes to dilute stake in credit card business through IPO route

State Bank of India (SBI) on Wednesday said it is planning to dilute stake in its card business through the initial public offer (IPO) route. The country's largest lender currently holds 74 per cent stake in SBI Cards & Payment Services Private Limited. Th
Finance

SBI proposes to dilute stake in credit card business through IPO route

State Bank of India (SBI) on Wednesday said it is planning to dilute stake in its card business through the initial public offer (IPO) route. The country's largest lender currently holds 74 per cent stake in SBI Cards & Payment Services Private Limited. The Executive Committee of Central Board of the bank at its meeting held on Wednesday «has given in-principle approval to explore the possibility of diluting SBI's stake in SBI Cards & Payment Services Private Limited, a subsidiary company through IPO route at an opportune time, subject to the approval of RBI and other regulatory agencies in this regard,» the bank said in a regulatory filing. Further, specific disclosures on offer for sale (OFS) by promoters will be be given, once the same is finalised by the bank, it said. The bank had launched SBI Card in October 1998. In December 2017, SBI and the Carlyle Group acquired GE Capital's stake in the joint venture. SBI holds 74 per cent, while Carlyle holds 26 per cent in the ...

Increased forced lending to NBFCs can land banks in trouble: Fitch report

NBFC disbursements have declined steeply as a result, with knock-on effects to other sectors, particularly consumption
Finance

Increased forced lending to NBFCs can land banks in trouble: Fitch report

NBFC disbursements have declined steeply as a result, with knock-on effects to other sectors, particularly consumption

RBI finalises regulatory sandbox framework for innovation in fintech firms

If a fintech firm requires interface with a core banking system for example, a real-time and scaleable model of it will be made available
Finance

RBI finalises regulatory sandbox framework for innovation in fintech firms

If a fintech firm requires interface with a core banking system for example, a real-time and scaleable model of it will be made available

Banks to get two-year guarantee to purchase 'pooled assets' of NBFCs

The government has allowed the NBFCs and HFCs to buy back their assets 'after a specified period of 12 months' as a repurchase transaction, on a right of first refusal basis
Finance

Banks to get two-year guarantee to purchase 'pooled assets' of NBFCs

The government has allowed the NBFCs and HFCs to buy back their assets 'after a specified period of 12 months' as a repurchase transaction, on a right of first refusal basis

On-lending by NBFCs to 'needy' segments to be priority sector loans: RBI

Under the revised on-lending model, banks can classify only the fresh loans sanctioned by NBFCs out of bank borrowing
Finance

On-lending by NBFCs to 'needy' segments to be priority sector loans: RBI

Under the revised on-lending model, banks can classify only the fresh loans sanctioned by NBFCs out of bank borrowing

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