"We view the RBI's panel report related to the ownership of private sector banks as progressive in nature. Suggestions for corporate/industrial houses on how to get a banking license, and allowing NBFCs (even belonging to industrial houses) above asset sizes of Rs 50,000 crore to get banking licenses would increase healthy competition, making the banking system more efficient, reducing intermediation cost, and ultimately increasing credit penetration in the system," Motilal Oswal said. … [Read more...] about Top 12 stocks to look at from banking & financial space after RBI panel recommendations
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In the reporting month, personal loans registered a decelerated growth of 9.3 per cent as compared with 17.2 per cent growth in October 2019. Within this sector, vehicle loans continued to perform well, registering accelerated growth of 8.4 per cent in October 2020 vis-a-vis a growth of 5 per cent in October 2019. … [Read more...] about Non-food bank credit growth decelerates to 5.6% in October: Report
"Advances in mobile banking technology enable you to exercise social distancing and conduct banking transactions at the same time. Banking technology and services provide the convenience of conducting banking transactions with your computer, smartphone, or mobile computer device," the FDIC noted. … [Read more...] about Are Banks Open on Black Friday 2020? Bank of America, Chase, Wells Fargo Hours
The scheme would be applicable to all loans sanctioned under ECLGS during the period from the date of issue of these guidelines by NCGTC to March 31, 2021 or till guarantees for an amount of Rs 3 lakh crore crore is sanctioned under the ECLGS (taking into account both ECLGS 1.0 and 2.0), whichever is earlier. … [Read more...] about How will govt’s credit guarantee scheme 2.0 work?
the Emergency Credit Line Guarantee Scheme (ECLGS) to the health sector and 26 other sectors identified by the Kamath Committee. The National Credit Guarantee Trustee Company Limited (NCGTC) has issued the operational guidelines for implementation of ECLGS 2.0 scheme, the finance ministry said in a statement. The scheme was announced by the government earlier this month as part of the Rs 2.65 lakh crore Atmanirbhar Bharat 3.0 package. "Under ECLGS 2.0 entities with outstanding credit above Rs 50 crore and not exceeding Rs 500 crore as on February 29, 2020, which were less than or equal to 30 days past due as on February 29, 2020 are eligible," the statement said. The loans provided under ECLGS 2.0 will have a five-year tenor, with a 12-month moratorium on repayment of principal, it said. "These entities or borrower accounts will be eligible for additional funding up to 20 per cent (which could be fund based or non-fund based or both) of their total outstanding credit (fund based only) … [Read more...] about ECLGS 2.0 scheme: Govt extends credit guarantee scheme to 27 sectors