ATM cash crunch: Shortage to continue for 5-7 days; top 10 developments

A cash crunch at ATMs has hit a dozen states, including Uttar Pradesh, Madhya Pradesh, poll-bound Karnataka, Telangana, Andhra Pradesh, Bihar, Gujarat, Maharashtra, Rajasthan, and Punjab. With automated teller machines (ATMs) drying up, the central government and the Reserve Bank of India (RBI) stepped in to address the currency shortage, even as Finance Minister Arun… Continue reading ATM cash crunch: Shortage to continue for 5-7 days; top 10 developments

Axis Bank asset quality may deteriorate more than expected, says Moody’s

Global ratings agency Moody’s on Thursday said private lender Axis Bank‘s asset quality may deteriorate further and more than what was previously expected over the next 12-18 months. In addition, compared to the other rated Indian banks, the bank has been a laggard in recognising its asset quality problems, a credit negative for its credit… Continue reading Axis Bank asset quality may deteriorate more than expected, says Moody’s

AIF-II cheer as bank taps open

The Reserve Bank of India (RBI) has allowed banks to resume investing in AIF-II or Category-II Alternate Investment Funds (AIFs). It means that banks can again invest in equity and debt funds of private equity (PE) firms. This follows a master risk circular by the RBI on Monday which provides a cap on every type… Continue reading AIF-II cheer as bank taps open

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 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

Lenders take stock of progress in NCLT cases

Lenders will work out procedures to follow timelines and coordination in cases taken for resolution at the National Company Law Tribunal (NCLT). Senior public sector bank executives called Monday’s meeting a routine exercise where top bankers reviewed the progress made in work (for cases filed at NCLT). Banks will put in place necessary mechanism to… Continue reading Lenders take stock of progress in NCLT cases

Lenders meet today to review insolvency cases

Bank representatives are to meet here on Monday for a review of the work done on the resolution process under the Insolvency and Bankruptcy Code (IBC). It would be the first such exercise since the Reserve Bank of India (RBI), on June 13, directed action on 12 big-size bad loan cases. The aim is to… Continue reading Lenders meet today to review insolvency cases