Muthoot Finance to buy IDBI Bank’s MF business

Gold loan financier Muthoot Finance Ltd is in advanced stages of acquiring IDBI Asset Management Ltd, the mutual fund unit of Life Insurance Corp. of India (LIC)-owned private sector lender IDBI Bank Ltd, three people aware of the development said. “The deal is expected to close this week. Initially, the binding offers had come in from Muthoot Finance and Vikas […]

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Android Pay gains support for 60 more banks in US

Google has once again updated Android Pay’s list of supported banks/financial institutions, adding as many as 60 new names this time, including Alabama Credit Union, Bank of Sullivan, Cabrillo Credit Union, Decorah Bank & Trust, and Equity Bank. The list also includes First Alliance Bank, Generations Bank, Hoosier Heartland State Bank, Isabella Bank, Lakeside Bank, […]

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Small Business Lending from Big Banks and Institutional Lenders Surges, Biz2Credit Reports

Big banks and institutional lenders continue giving small businesses a reason to smile. According to the newly released Biz2Credit Small Business Lending Index report for November 2016, loan approval rates at both big banks and institutional lenders continued to rise, improving to new highs. What’s more, small banks also showed an increase in small business […]

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Investment banks’ next trade will be EU education

Children wait for Pope Benedict XVI at St Mary’s University College Chapel in Twickenham in west London September 17, 2010. REUTERS/Max Rossi By Dominic Elliott | LONDON (Reuters Breakingviews) – Education could be the big trade of 2017 for investment banks. No European city has as many international school places as London. That’s a problem […]

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Banks face major hurdles in PoS installation

Typically, a PoS machine costs Rs8,000-12,000, which could cost less after the waiver on excise duty and special additional duty on all components used in their manufacture. But banks must still bear the operational costs. Photo: Hemant Mishra/Mint Installing one million card swipe machines in three months as recommended by a government task force may […]

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RBI caps group entity exposure limit for banks at 25%

The group entity exposure limit norms will be effective 1 April 2019. Photo: Aniruddha Chowdhury/Mint Mumbai: The Reserve Bank of India said on Thursday it will cap banks’ exposure to a single entity to 20% of a lender’s capital base and to 25% limit to a group of connected entities, according to a circular on […]

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RBI looks to limit banks’ bad loan risks

RBI gives banks until 2019 to meet the new capital exposure norms. Photo: Aniruddha Chowdhury/Mint Mumbai: The Reserve Bank of India (RBI) on Thursday said it would cap banks’ exposure to a group of connected companies at 25% of the lenders’ core capital, seeking to reduce concentration risk in a banking industry laden with bad […]

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Banks are driving financial inclusion

Photo: Aniruddha Chowdhury/Mint Halfway through 2016, global growth looks likely to come in under 3% for the fifth consecutive year. Policymakers in both mature and emerging markets continue to grapple with headwinds, relying on expansive monetary policy and struggling to push through structural reforms to accelerate growth. In the search for sources of growth, one […]

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Why banks can’t find buyers for stressed assets

Bankers blame the lack of support from the government and central vigilance agencies when it comes to taking hard decisions on valuation on stressed assets. Photo: Pradeep Gaur/Mint Debt recovery through sale of assets remains an exercise in futility for banks, when it comes to large accounts. The repeated failure of bankers to find bidders […]

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