Ind-AS to crimp public sector banks’ growth due to higher provisioning

Public sector banks would need to divert an estimated Rs 63,000 cr, or about 41% of the total money that the government has promised, to meet increased provisioning requirements for loans under the new Ind-AS accounting standard, India Ratings said, adding that this would ‘knock down’ their growth aspirations and hurt market share. Provisioning refers […]

State Bank of Mauritius gets banking license in India; Woori, PPF in queue

State Bank of Mauritius has become the first foreign entity to receive a license to start a bank in India. The bank, along with DBS of Singapore, had received preliminary approval several months ago. It has now received the final banking license on Dec 6, banking sources confirmed. Mauritius, despite being a tiny Island nation […]

Inter-ministerial group on telecom woes dismissed crisis theory, blamed telcos for high debt

The problem of high debt levels faced by some telecom companies in India was of their own making and the government had a limited to role to play in resolving the same, the inter-ministerial group set up to address the concerns of telecom sector found. The cash flow issues faced by the companies is related […]

NPA crisis: We’re not out of the woods yet – SBI official

A senior State Bank of India official warned against assuming that the bad loan malaise affecting the Indian banking sector has started declining. Praveen Kumar Gupta, MD in charge of retail and digital banking, said one cannot directly draw conclusions by extrapolating trends seen in the first two quarters of the current financial year. In […]

RCom says majority of lenders oppose China bank’s insolvency petition

Reliance Communications, the embattled telecom service provider from the Anil Ambani stable, said a majority of its lenders opposed the move by China Development Bank to move ahead with insolvency proceedings on the company. “At a Committee of Financial Creditors Meeting on 29 November 2017, a majority of Reliance Communications’ lenders, foreign and Indian, aggregating […]

Exchanges seek clarification from Bharti Airtel on Aadhaar misuse charges

Stock exchanges in India have sought a clarification from India’s largest telecom company by revenue, Bharti Airtel, on a report that it was under investigation by a government agency for allegedly misusing customer data to open bank accounts in their names. “(The) exchange has advised the company to provide clarification/confirmation on the news item in […]

Infosys launches inter-bank blockchain network

Infosys said it launched Finacle Trade Connect, a network-based system of distributed record keeping for banks based on the block chain technology. A blockchain-based record is open to all participants and all participants have a copy of all the data. Moreover, all transactions are recorded on a real-time basis on every copy of data. In […]

Ramco wins multi-million managed services deal from British MNC Bank

Cloud-based enterprise software provider Ramco Systems said it won a multi-million dollar order from a big British MNC financial group to provide managed payroll services. Ramco will help the company, part of the FTSE 100 index, to consolidate its payroll operations in 14 countries on a unified platform. It will cover 8500+ employees across Asia […]

MobiKwik creates wallet app for bank even as rivals focus on payments bank

Wallet app provider MobiKwik announced a tie-up with IndusInd under which it has launched an app exclusively for the bank’s 10 mln customers. The move is in line with the app company’s strategy to be a partner and solutions provider to traditional financial services companies such as banks, instead of recreating the whole banking infrastructure […]

Tata Teleservices to merge mobile business with Bharti Airtel

Bharti Airtel Limited, India’s largest telecommunications services provider and Tata, India’s leading conglomerate, today announced that they have entered into an understanding to merge Consumer Mobile Businesses (CMB) of TTSL and TTML into Bharti Airtel. The move is likely to give Airtel access to sub-GHz spectrum for expanding its 4G network, while preventing Tata Teleservices […]

Tata Teleservices says all options on table; no final decision, denies reports

Tata Teleservices Maharashtra, the listed unit of TTSL, said it had not taken any “firm decision” on how to go forward, reacting to a news article in the Business Standard that said the company will shut down this month. Reacting to media reports, the company said it “continues to explore all options in respect of […]

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