Lenders to miss March-end deadline to resolve key insolvency cases Indian lenders are set to miss March-end deadline to resolve several key bankruptcy accounts including Reliance Capital and Videocon Industries resulting in blockage of funds worth over Rs 1 trillion. The banks were targeting to conclude the entire process by March-end so that they can resolve these accounts. ...

FDIC, US Fed discuss fund to backstop deposits if more banks fail The Federal Deposit Insurance Corp. and the Federal Reserve are weighing creating a fund that would allow regulators to backstop more deposits at banks that run into trouble following Silicon Valley Bank’s collapse. Regulators discussed the new special vehicle in conversations with banking ...

SBV with Massachusetts branches seized by FDIC as depositors pull cash The Federal Deposit Insurance Corporation seized the assets of Silicon Valley Bank on Friday, marking the largest bank failure since Washington Mutual during the height of the 2008 financial crisis. The FDIC ordered the closure of Silicon Valley Bank and immediately took position of ...

Bank of Baroda plans to divest 49% stake in credit card subsidiary Public sector lender Bank of Baroda (BoB) is planning to rope in a strategic investor for its credit card subsidiary, BOB Financial Solutions (BFSL), by divesting 49 per cent stake. At present, BoB holds 100 per cent in the entity. While ...

RBI: ICICI Bank given time till Sept 2024 to pare stake in ICICI Lombard The Reserve Bank of India (RBI) has approved private sector lender ICICI Bank’s request seeking extension of time till September 9, 2024 for divesting its shareholding in its general insurance subsidiary, ICICI Lombard General Insurance, below 30 per cent. In a ...

Bank credit grows 15.5% YoY in Feb 24 fortnight to Rs 134.5 trillion Credit growth in the banking system has moderated further, growing at 15.5 per cent year-on-year (YoY) in the fortnight ended February 24, to Rs 134.50 trillion, latest data released by Reserve Bank of India (RBI) showed. While credit growth has moderated from ...

Self-regulation useful tool for setting rules for fintechs: RBI’s M K Jain The country’s fintech sector should attempt to organise itself under a self-regulatory organisation (SRO) that monitors the conduct of member fintech entities. This approach can help protect consumer interest and improve governance standards in fintech entities, said M K Jain, Deputy Governor, Reserve Bank of ...

NPS, APY subscribers rise 23% in FY23; over 1 crore customers added to APY The number of subscribers under the National Pension Scheme (NPS) and Atal Pension Yojana (APY) increased 23 per cent to over 6.24 crore as of March 4, the Finance Ministry said on Friday. Of this, there was over 28 per cent ...

Subscriptions in Atal Pension Yojana (APY) sees 28% growth in last one year [ad_1] Atal Pension Yojana, one of the popular pension schemes in India, has seen a growth of 28.46% in subscribers year-on-year, according to a Pension Fund Regulatory and Development Authority (PFRDA) press release issued on March 10, 2023.The Atal Pension Yojana accounts have increased by 28.46% from ...

Rupee depreciates 8 paise to 82.14 against US dollar in early trade The rupee depreciated by 8 paise to 82.14 against the US dollar in early trade on Friday, weighed down foreign fund outflows and losses in domestic equities. At the interbank foreign exchange, the domestic unit opened weak at 82.12 against the dollar fell ...