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☕ 05.04.2020: Today's Banking / Financial News at a Glance
ЁЯНТ Central Bank of India extends interest free loans up to Rs 1 lakh to its employees : State-owned Central Bank of India has extended interest free loans up to Rs 1 lakh to its employees aiming to keep their morale high as they are facing hurdles to provide minimum banking services amid coronavirus outbreak. "The loan is for "purchase of protective necessities and anticipated medical expenses as a humanitarian gesture", the bank said in an internal communication on Friday. As the country observing a 21-day lockdown, mobility is highly restricted due to unavailability of public transport making bank employees across regions struggle to reach their branches or offices. The Mumbai-headquartered lender said it would extend one month gross salary in form of an interest free loan, not exceeding Rs 1 lakh, to all serving employees including those are in probation. Besides, employees will get one day special leave for every six days they work during the lockdown period. The bank has also extended work from home facility to pregnant staff and employees who are differently able. Employees on special leave, or with overdue loans, or under suspension will not get these benefits. - Economic Times
ЁЯНТ Govt nominates Indian Overseas Bank for collecting donations for PM Cares Fund : State-owned Indian Overseas Bank (IOB) on Saturday said the government has nominated it for collection of donations for PM-Cares Fund. The Prime Minister's Citizen Assistance and Relief in Emergency Situations Fund (PM-Cares Fund) was set up on March 28 to raise money for combating the Covid-19 crisis and to provide relief to the affected. "Indian Overseas Bank (IOB), has been nominated by the government for collection of funds, which will be used to support the community during the Coronavirus outbreak. The funds will be assigned to PM-Cares Fund," the bank said in a statement.The contributions can be made by RTGS, NEFT, IMPS, cheques and demand drafts drawn in favour of PM-Cares Fund.One can also remit contributions directly by electronic clearing system (ECS) to the designated savings bank account of Indian Overseas Bank. All such contributions will be entitled to 100 per cent income tax exemption under Section 80G of the Income Tax Act. - Economic Times
ЁЯНТ Bank of Maharashtra cuts repo linked lending rate by 75 bps : State-owned Bank of Maharashtra (BoM) on Saturday said it will reduce its repo linked lending rate (RLLR) by 75 basis points from April 7. All retail loans (housing, education, vehicle), and MSME loans, which are linked to RLLR, will now be available at cheaper rates, the bank said in a statement. Many banks have reduced their repo linked lending rates following the Reserve Bank of India's (RBI) recent decision to cut repo rate by 75 basis points.BoM further said it will also reduce its marginal cost of funds based lending rates (MCLR) across all tenors up to 25 basis points from April 7.The one-year MCLR will be revised to 8 per cent from 8.25 per cent, the bank said.For six months, MCLR rate has been revised to 7.80 per cent from 7.90 per cent.The reduction in MCLR is aimed to support economic growth and industrial development and ensure rate transmission, the lender said. - Economic Times
ЁЯНТ Increased lending capacity to be used to cater to corporates and MSMEs: Indian Bank : Chennai-headquartererd public sector lender Indian Bank has said the increased lending capacity gained post Allahabad Bank amalgamation would be utilised to serve corporate and MSME sectors. The coming together of two banks rich in legacy from the pre-Independence era — Indian Bank with 113 years and Allahabad Bank with 155 years — has created a bank with sound financial strength, nationwide connectivity with 6,000 plus branches, over 4,800 ATMs, 43,000 employees serving 120 million customers and business mix of Rs 8 lakh crore, said Padmaja Chunduru, MD & CEO, Indian Bank. The complementary branch presence has added to the network of Indian Bank in the northern, central and eastern states and the customers of both the banks will benefit from a wider geographical reach, she said. Effective April 1, 2020, all the branches of Allahabad Bank had started functioning as branches of Indian Bank. K Ramachandran, executive director of erstwhile Allahabad Bank has joined as ED of Indian Bank. - Financial Express
ЁЯНТ Punjab & Sind Bank declares Saptarishi Hotels a/c as fraud : Punjab & Sind Bank (PSB) on Saturday informed the exchanges that its exposure to Saptarishi Hotels Private Ltd involving a total amount of Rs 76.58 crore has been declared as fraud and reported to the Reserve Bank of India (RBI) as per regulatory requirement. The public sector bank, in a regulatory filing with BSE, said the amount outstanding in the case of this account as on date of non-performing asset (NPA) -- April 30, 2016 -- was Rs.76.58 crore.As per the filing, PSB is in the process of filing of Complaint/ FIR with Central Bureau of Investigation. The Bank said it has made this disclosure in terms of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and having regard to its policy on determination and disclosures of material events. - Business Line
ЁЯНТ Assam unit of the All India Bank Officers’ Confederation opposes banks' normal functioning amid Covid outbreak : The Assam unit of the All India Bank Officers’ Confederation (AIBOC) has opposed Assam’s state level bankers’ committee (SLBC) notification announcing normal functioning of the banks amidst the global outbreak of COVID-19. AIBOC which comprises of around 10,000 members and operating over the seven states of North East Indi in a statement urged, “The Government should not lose sight of the plight of these unsung warriors of the economic ecosystem of our country who toils hard at every occasion to power our economy and build our nation. I request the Government to ponder over the issue with alacrity. The Banks, if they are to function for the full working hours and extend services without any restriction, it would surely become a hub of the spread of contamination as everyone is aware of the large gathering of people at the branches.” Dilip Kumar Roychoudhury, secretary Assam unit of All India Bank Officers’ Confederation stated, “While the Prime Minister urging everyone to stay at home, the news of open Banks would act like an incentive for the citizens of the state to come out of their homes risking their own lives as well a lives of millions others. A large number of bankers are above 50 years and being a citizen of this country they deserve the same protection as any other person of this country does. Banks, as has been asked to operate for full working hours, these officers and staff who are above 50 years would have no option but to come to the branches to serve jeopardizing their own lives along with lives of many of their near and dear ones." - Economic Times
ЁЯНТ Income tax dept extends validity of Forms 15G/H till June 30 : If you earn interest more than ₹40,000 but your total income is not taxable, you need not worry about submitting Forms 15G and 15H to the banks. However, the condition is that these forms must have been submitted for the financial year 2019-20. "To mitigate the hardships of small taxpayers, it has been decided that if a person had submitted valid Forms 15G and 15H to the banks or other institutions for FY 2019-20, then these forms would be valid up to June 30," Income Tax Departement said on Saturday. This will safeguard the small tax payers against TDS (Tax Deducted at Source) where there is no tax liability. Form 15G and Form 15H are forms that one can submit to prevent TDS deduction on interest income. Banks have to deduct TDS when one's interest income is more than ₹40,000 in a year (prior to FY 2019-20, the limit was ₹10,000). The bank adds deposits held in all its branches to calculate this limit. But if one' total income is below the taxable limit, he can submit these forms to the bank requesting them not to deduct any TDS. Form 15H is for senior citizens, those who are 60 years or older; while Form 15G is for others. - Business Line
ЁЯНТ DHFL extends deadline to submit final bids by 21 days to May 7 : DHFL had shortlisted 22 out of 24 applicants for the resolution of the troubled company. FE reported that 24 applicants had submitted the expressions of interest (EoIs) for DHFL. The company had given them the option to bid for the whole company or in parts. In a late night communication to bidders on Thursday, the deadline for submission of bids for troubled mortgage lender Dewan Housing Finance Corporation (DHFL) has been extended by 21 days to May 7, sources close to the development told FE. The earlier deadline for submission of bids was April 16, 2020. FE reported on March 25 that bidders for DHFL had requested to extend the deadline for bids beyond April 16 due to ongoing Covid-19 lockdown. This extension is in line with Insolvency and Bankruptcy Board of India (IBBI) notification to count lockdown as ‘exclusion’ period. IBBI notified on March 29 that lockdown imposed to contain the spread of novel coronavirus will be excluded from timelines mandated by the Insolvency and Bankruptcy Code (IBC) in the resolution process. - Financial Express
ЁЯНТ COVID-19 pandemic: Tata AIA Life offers additional Rs 5 lakh benefit at no cost : Tata AIA Life Insurance on Friday announced additional Rs 5 lakh benefit at no extra premium in the wake of the coronavirus pandemics. As part of Tata AIA Life's initiative, its individual policyholders will get COVID-19-related additional benefit up to Rs 5 lakh at no additional cost, it said in a release. Besides, all active agents of Tata AIA Life Insurance along with their spouse and children will be reimbursed up to Rs 25,000 in case of hospitalisation due to COVID-19. The company said all policyholders of Tata AIA will get an additional benefit equal to the base sum assured or Rs 5 lakh, whichever is lower for valid death claims due to COVID-19. This benefit is applicable for all valid death claims with date of death on or before June 30. Tata AIA Life Insurance MD & CEO Rishi Srivastava said, "We are all collectively facing a situation like never before. This is an opportunity for each one of us to come forward and serve society. - Moneycontrol.com..
Have a Good day.. " ЁЯМ╗ЁЯСйЁЯСйЁЯСзЁЯСж
☕ 05.04.2020: Today's Banking / Financial News at a Glance
ЁЯНТ Central Bank of India extends interest free loans up to Rs 1 lakh to its employees : State-owned Central Bank of India has extended interest free loans up to Rs 1 lakh to its employees aiming to keep their morale high as they are facing hurdles to provide minimum banking services amid coronavirus outbreak. "The loan is for "purchase of protective necessities and anticipated medical expenses as a humanitarian gesture", the bank said in an internal communication on Friday. As the country observing a 21-day lockdown, mobility is highly restricted due to unavailability of public transport making bank employees across regions struggle to reach their branches or offices. The Mumbai-headquartered lender said it would extend one month gross salary in form of an interest free loan, not exceeding Rs 1 lakh, to all serving employees including those are in probation. Besides, employees will get one day special leave for every six days they work during the lockdown period. The bank has also extended work from home facility to pregnant staff and employees who are differently able. Employees on special leave, or with overdue loans, or under suspension will not get these benefits. - Economic Times
ЁЯНТ Govt nominates Indian Overseas Bank for collecting donations for PM Cares Fund : State-owned Indian Overseas Bank (IOB) on Saturday said the government has nominated it for collection of donations for PM-Cares Fund. The Prime Minister's Citizen Assistance and Relief in Emergency Situations Fund (PM-Cares Fund) was set up on March 28 to raise money for combating the Covid-19 crisis and to provide relief to the affected. "Indian Overseas Bank (IOB), has been nominated by the government for collection of funds, which will be used to support the community during the Coronavirus outbreak. The funds will be assigned to PM-Cares Fund," the bank said in a statement.The contributions can be made by RTGS, NEFT, IMPS, cheques and demand drafts drawn in favour of PM-Cares Fund.One can also remit contributions directly by electronic clearing system (ECS) to the designated savings bank account of Indian Overseas Bank. All such contributions will be entitled to 100 per cent income tax exemption under Section 80G of the Income Tax Act. - Economic Times
ЁЯНТ Bank of Maharashtra cuts repo linked lending rate by 75 bps : State-owned Bank of Maharashtra (BoM) on Saturday said it will reduce its repo linked lending rate (RLLR) by 75 basis points from April 7. All retail loans (housing, education, vehicle), and MSME loans, which are linked to RLLR, will now be available at cheaper rates, the bank said in a statement. Many banks have reduced their repo linked lending rates following the Reserve Bank of India's (RBI) recent decision to cut repo rate by 75 basis points.BoM further said it will also reduce its marginal cost of funds based lending rates (MCLR) across all tenors up to 25 basis points from April 7.The one-year MCLR will be revised to 8 per cent from 8.25 per cent, the bank said.For six months, MCLR rate has been revised to 7.80 per cent from 7.90 per cent.The reduction in MCLR is aimed to support economic growth and industrial development and ensure rate transmission, the lender said. - Economic Times
ЁЯНТ Increased lending capacity to be used to cater to corporates and MSMEs: Indian Bank : Chennai-headquartererd public sector lender Indian Bank has said the increased lending capacity gained post Allahabad Bank amalgamation would be utilised to serve corporate and MSME sectors. The coming together of two banks rich in legacy from the pre-Independence era — Indian Bank with 113 years and Allahabad Bank with 155 years — has created a bank with sound financial strength, nationwide connectivity with 6,000 plus branches, over 4,800 ATMs, 43,000 employees serving 120 million customers and business mix of Rs 8 lakh crore, said Padmaja Chunduru, MD & CEO, Indian Bank. The complementary branch presence has added to the network of Indian Bank in the northern, central and eastern states and the customers of both the banks will benefit from a wider geographical reach, she said. Effective April 1, 2020, all the branches of Allahabad Bank had started functioning as branches of Indian Bank. K Ramachandran, executive director of erstwhile Allahabad Bank has joined as ED of Indian Bank. - Financial Express
ЁЯНТ Punjab & Sind Bank declares Saptarishi Hotels a/c as fraud : Punjab & Sind Bank (PSB) on Saturday informed the exchanges that its exposure to Saptarishi Hotels Private Ltd involving a total amount of Rs 76.58 crore has been declared as fraud and reported to the Reserve Bank of India (RBI) as per regulatory requirement. The public sector bank, in a regulatory filing with BSE, said the amount outstanding in the case of this account as on date of non-performing asset (NPA) -- April 30, 2016 -- was Rs.76.58 crore.As per the filing, PSB is in the process of filing of Complaint/ FIR with Central Bureau of Investigation. The Bank said it has made this disclosure in terms of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and having regard to its policy on determination and disclosures of material events. - Business Line
ЁЯНТ Assam unit of the All India Bank Officers’ Confederation opposes banks' normal functioning amid Covid outbreak : The Assam unit of the All India Bank Officers’ Confederation (AIBOC) has opposed Assam’s state level bankers’ committee (SLBC) notification announcing normal functioning of the banks amidst the global outbreak of COVID-19. AIBOC which comprises of around 10,000 members and operating over the seven states of North East Indi in a statement urged, “The Government should not lose sight of the plight of these unsung warriors of the economic ecosystem of our country who toils hard at every occasion to power our economy and build our nation. I request the Government to ponder over the issue with alacrity. The Banks, if they are to function for the full working hours and extend services without any restriction, it would surely become a hub of the spread of contamination as everyone is aware of the large gathering of people at the branches.” Dilip Kumar Roychoudhury, secretary Assam unit of All India Bank Officers’ Confederation stated, “While the Prime Minister urging everyone to stay at home, the news of open Banks would act like an incentive for the citizens of the state to come out of their homes risking their own lives as well a lives of millions others. A large number of bankers are above 50 years and being a citizen of this country they deserve the same protection as any other person of this country does. Banks, as has been asked to operate for full working hours, these officers and staff who are above 50 years would have no option but to come to the branches to serve jeopardizing their own lives along with lives of many of their near and dear ones." - Economic Times
ЁЯНТ Income tax dept extends validity of Forms 15G/H till June 30 : If you earn interest more than ₹40,000 but your total income is not taxable, you need not worry about submitting Forms 15G and 15H to the banks. However, the condition is that these forms must have been submitted for the financial year 2019-20. "To mitigate the hardships of small taxpayers, it has been decided that if a person had submitted valid Forms 15G and 15H to the banks or other institutions for FY 2019-20, then these forms would be valid up to June 30," Income Tax Departement said on Saturday. This will safeguard the small tax payers against TDS (Tax Deducted at Source) where there is no tax liability. Form 15G and Form 15H are forms that one can submit to prevent TDS deduction on interest income. Banks have to deduct TDS when one's interest income is more than ₹40,000 in a year (prior to FY 2019-20, the limit was ₹10,000). The bank adds deposits held in all its branches to calculate this limit. But if one' total income is below the taxable limit, he can submit these forms to the bank requesting them not to deduct any TDS. Form 15H is for senior citizens, those who are 60 years or older; while Form 15G is for others. - Business Line
ЁЯНТ DHFL extends deadline to submit final bids by 21 days to May 7 : DHFL had shortlisted 22 out of 24 applicants for the resolution of the troubled company. FE reported that 24 applicants had submitted the expressions of interest (EoIs) for DHFL. The company had given them the option to bid for the whole company or in parts. In a late night communication to bidders on Thursday, the deadline for submission of bids for troubled mortgage lender Dewan Housing Finance Corporation (DHFL) has been extended by 21 days to May 7, sources close to the development told FE. The earlier deadline for submission of bids was April 16, 2020. FE reported on March 25 that bidders for DHFL had requested to extend the deadline for bids beyond April 16 due to ongoing Covid-19 lockdown. This extension is in line with Insolvency and Bankruptcy Board of India (IBBI) notification to count lockdown as ‘exclusion’ period. IBBI notified on March 29 that lockdown imposed to contain the spread of novel coronavirus will be excluded from timelines mandated by the Insolvency and Bankruptcy Code (IBC) in the resolution process. - Financial Express
ЁЯНТ COVID-19 pandemic: Tata AIA Life offers additional Rs 5 lakh benefit at no cost : Tata AIA Life Insurance on Friday announced additional Rs 5 lakh benefit at no extra premium in the wake of the coronavirus pandemics. As part of Tata AIA Life's initiative, its individual policyholders will get COVID-19-related additional benefit up to Rs 5 lakh at no additional cost, it said in a release. Besides, all active agents of Tata AIA Life Insurance along with their spouse and children will be reimbursed up to Rs 25,000 in case of hospitalisation due to COVID-19. The company said all policyholders of Tata AIA will get an additional benefit equal to the base sum assured or Rs 5 lakh, whichever is lower for valid death claims due to COVID-19. This benefit is applicable for all valid death claims with date of death on or before June 30. Tata AIA Life Insurance MD & CEO Rishi Srivastava said, "We are all collectively facing a situation like never before. This is an opportunity for each one of us to come forward and serve society. - Moneycontrol.com..
Have a Good day.. " ЁЯМ╗ЁЯСйЁЯСйЁЯСзЁЯСж
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