Prime Minister Modi has urged banks to pass on the benefits of lower interest rates to customers to boost investment-led growth and assured them that decisions taken in good faith and with sound business rationale would not face a witch hunt.
To address the continuing decline in the share of PSBs in Indian banking, the Finance Ministry plans to kickstart an elaborate exercise whereby it will closely monitor their achievements on 16 key performance indicators (KPIs) at the branch, region, State and national level. The banks will then be benchmarked against the 18 PSBs’ average. If found lagging, specific action will be taken after consultation at various levels to crank up their performance. The 16 KPIs that the Ministry will be tracking include credit for infrastructure, farm sector, blue economy, housing, MSMEs, Stand-Up India scheme, education, exports, green economy, cleanliness activities, financial inclusion and women’s empowerment; and others such as direct benefit transfer, digital economy, ATM usage and performance, ease of living and corporate social responsibility.
The Aadhaar Enabled Payment System (AePS) regaining lost momentum. More than 206 million successful AePS transactions were recorded in July, up 11% from 185 million in June, according to the NPCI’s latest data.
HDFC Bank is planning to double its credit card base and triple the merchant acquiring business this fiscal year. The bank currently has a credit card base of 12.5 million and 9,00,000 unique merchants with 1.5 million acceptance points
Syndicate Bank expects to mobilise Rs 4,000 Cr from recovery of bad loans during the current fiscal. The recovery is likely from the cases before the NCLT under IBC and resolution of cases at bank level, including one time settlement, Syndicate Bank MD Mrutyunjay Mahapatra told.
Troubled mortgage lender Dewan Housing Finance has sought Rs 15,000- Crore immediate funding from banks for on-lending to retail customers as well as to project developers, say sources.
Reliance Industries LTD (RIL) will sell a 20% stake in its oil-to-chemicals business to Saudi Aramco at an enterprise value of $75 billion, making it one of the biggest Foreign Direct Investment (FDI) deals in the country. Mukesh Ambani, Chairman of RIL, today, said that the Co could become debt-free over the next 18 months.
Gulf carrier Etihad today, said it has decided not to reinvest in the airline due to unresolved issues concerning liabilities.
Union transport minister Nitin Gadkari said he had once recommended to the finance minister that the RBI governor “was no good and should be sacked outright”. Gadkari did not name anyone and referred to only “FM” and “RBI governor” in his speech.