Vikram Akula back into microfinance biz through Vaya Finserv

Hyderabad-based Vaya Finserv is set to launch microfinance operations, also marking the comeback of Vikram Akula into the sector he’d substantially influenced not long before. Debuting as a banking correspondent (BC) in 2015, Vaya is opening its first set of 15 microfinance branches this week in Bihar, a state where it sees a big need… Continue reading Vikram Akula back into microfinance biz through Vaya Finserv

RBI caps banks exposure to Reits, InvIts at 10% of unit capital

The Reserve Bank on Monday amended the statutes making it possible for lenders to invest in Reits and InvIts capping such exposures to 10 per cent of the unit capital of such instruments, and also to regulate their commodity derivatives play. In amendments to the Master Direction- Reserve Bank of India (Financial Services provided by… Continue reading RBI caps banks exposure to Reits, InvIts at 10% of unit capital

RBI awaiting govt notification for coming out with P2P lending norms

The Reserve Bank is waiting for a gazette notification from the government on getting the peer-to-peer lenders under its regulatory ambit before coming out with guidelines on the sector, a senior official said on Wednesday. “Following up on the consultation paper we did last year, we are shortly going to come up with guidelines on… Continue reading RBI awaiting govt notification for coming out with P2P lending norms

Govt changes banking regulations to authorise RBI for recovery of bad loans

The government has notified the Banking Regulation (Amendment) Act under which it can authorise the RBI to issue directions to banks to initiate insolvency resolution process to recover bad loans. The banking sector is saddled with non-performing assets (NPAs) of over Rs 8 lakh crore, of which Rs 6 lakh crore is with public sector… Continue reading Govt changes banking regulations to authorise RBI for recovery of bad loans

RBI allays concerns on note quality

The Reserve Bank of India (RBI) on Friday said that it maintained the quality of bank notes “well within the various tolerance parameters for dimension, placement of design, print features, etc,” and that its currency printing presses were state-of-the-art and well-documented. The RBI’s clarification came after the opposition Congress alleged that the RBI was printing… Continue reading RBI allays concerns on note quality

City Union Bank Q1 net up 14% at Rs 140 cr

City Union Bank (CUB) has reported a net profit of Rs 140.32 crore during the quarter ended June 30, 2017, as compared to Rs 123.52 crore, a year ago, an increase of 14%. The bank is planning to seek shareholders approval for a Rs 500-crore Qualified Institutional Placement (QIP). N Kamakodi, managing director and chief… Continue reading City Union Bank Q1 net up 14% at Rs 140 cr

Dual-camera Lenovo K8 Note launched in India, priced at Rs 12,999

Chinese smartphone maker Lenovo on Wednesday launched the much-awaited ‘K8 Note’ in India at Rs 12,999 (3GB RAM and 32GB storage version) that comes with a dual-camera setup (13MP+5MP sensor with flash). The 4GB RAM and 64GB ROM variant will cost Rs 13,999. The device with first stock Android (7.1.1) has 13MP selfie camera that… Continue reading Dual-camera Lenovo K8 Note launched in India, priced at Rs 12,999