- DEUTSCHE BANK LOOKS TO GROW ITS RETAIL BUSINESS IN INDIA: Deutche Bank is looking to grow its retail business in India. It is planning to roll out a new digital platform for processing loans. The first part of the digital platform will be completed in June this year while the process will be completed by the end of this year.
- DEPOSITS IN JAN-DHAN ACCOUNTS INCHING TOWARDS Rs 1 LAKH CRORE MARK: As on March 2019, the number of accounts in Jan-Dhan Yojana crossed 35.39 crore. The Jan-Dhan accounts scheme which was launched five years ago is set to cross Rs 1 lakh crore mark soon. The total deposit in the said accounts touched to Rs 96,107 crore as on March 2019. As per the latest data available, the figure has touched an all-time high of Rs 97,665 crore as on April 3rd
- IRREGULARITEIS OF MORE THAN Rs 1 LAKH CROREFOUND IN COMPANIES UNDER INSOLVENCY & BANKRUPTCY CODE: Forensic audit of over 200 companies facing corporate insolvency resolution action under the Insolvency & Bankruptcy Code (IBC) has revealed irregularities of more than Rs 1 lakh crore. This also includes diversion of funds. The Ministry of Corporate Affairs, which is responsible for implementation of IBC is expected to initiate action against promoters, directors and even the auditors involved in such cases.
- BANKS IN SEARCH OF INFORMATION TECHNOLOGY TALENT: All banks are going more and more digital nowadays and due to this lenders (Private Banks, NBFCs and Fintech Companies) are trying to attract best of the Information Technology (IT) talent with fat pay packets with ESOPs (Employee Stock Options). A top class techie with a flair for analytics is in lot of demand. Many smaller Fintech companies are offering a partnership in the business with an equity stake if the candidate is top class.
- 28 to 30% CONSUMER COMPLAINTS TO RBI ARE ABOUT DIGITAL OR CARD PAYMENTS: About 28% to 30% of the complaints filed by consumers with RBI are in the space of digital transactions and card payments. As per the annual report by RBI on Banking Ombudsman Scheme 2017-18, 22% of the complaints pertained to banks not adhering to the “Fair Practice Code”, while ATM and debit card related issues made up the second largest category of complaints with more than 15%. Together with the credit-card related complaints and online banking issues, the total share of complaints on digital channels almost touched 30%.
- STATE BANK OF INDIA APPOINTS 8 NEW DEPUTY MANAGING DIRECTORS: The country’s largest bank, SBI with more than 25% share of country’s loan market, has elevated eight of its executives to the post of Deputy Managing Directors (DMD) in one of the biggest HR revamps. SBI is also in the process of identifying about 15 executives who would fill the positions as Chief General Managers.
- MICROFINANCE SECTOR TO GROW AT 22% IN FINANCIAL YEAR 2020: As per a report by rating agency Icra, the Microfinance industry is likely to grow at 20-22% in the current fiscal. The industry will require external capital of almost Rs 3,500 to 4,700 crore over the next 3 years to sustain the growth potential. There is a need for the Microfinance Industry to do a more thorough credit analysis/assessment of actual debt repayment capacity of the borrower.
This post first appeared on IMPACT OF DEMONITIZATION OF CURRENCY IN INDIA IN 2016, please read the originial post: here
