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Union Bank of India can manage impact from RBI project finance draft if implemented: A Manimekhalai

Money Control

Money Control · 1y ago

Union Bank of India can manage impact from RBI project finance draft if implemented: A Manimekhalai

Union Bank of India's managing director and CEO, A Manimekhalai, stated that the bank will be able to manage the impact of the Reserve Bank of India's (RBI) proposed tighter regulations on project financing. The draft norms require lenders to set aside provisions of 5% of the loan amount during the construction phase, and reduce it to 2.5% once the project is operational, and further to 1% when there are adequate cash flows. The RBI also called for stricter monitoring of emerging stress and classification of loans after three years of project delays. UBI reported a 19% year-on-year growth in net profit in Q4 2023-24, with improved asset quality and increased interest income.

Related News

RBI guidelines for project finance, CRE: A smaller provisions hike's no big worry for banks, NBFCs

Economic Times

Economic Times · 6m ago

RBI guidelines for project finance, CRE: A smaller provisions hike's no big worry for banks, NBFCs

The Reserve Bank of India's new guidelines for project finance and commercial real estate provisions are expected to have a minimal impact on the profitability of banks and NBFCs, as they slightly increase liabilities. Analysts previously anticipated a significant impact, but the final guidelines reduced the required provisions compared to the draft. This minimal impact reassurance led to a surge in financial and banking stocks. The guidelines will be implemented from October, bringing more uniformity to loan applications.

TCS Under Fire: IT Union Slams Bench Policy as 'Coercive' and 'Punishing'

StartupTalky

StartupTalky · 5m ago

TCS Under Fire: IT Union Slams Bench Policy as 'Coercive' and 'Punishing'

Tata Consultancy Services' (TCS) new bench policy, mandating a maximum of 35 days without project allocation annually, is criticized by IT Union as coercive and punishing. Many employees express anxiety online, facing potential career setbacks if they exceed this period. While some support the policy, citing neglect of project responsibilities by some employees, the union has appealed to the Labour Minister, describing the policy as inhumane and exploitative. TCS aims to decrease bench time by motivating employees to self-manage project allocations.

RBI lifts lending ban on Asirvad Micro Finance, DMI Finance

VCCircle

VCCircle · 11m ago

RBI lifts lending ban on Asirvad Micro Finance, DMI Finance

The Reserve Bank of India (RBI) has lifted lending restrictions on Asirvad Micro Finance and DMI Finance, which were previously banned from issuing new loans due to excessive pricing. The companies implemented corrective measures and complied with the RBI's requirements to ensure fair loan pricing. Earlier, restrictions on Navi Finserv and Arohan Financial Services were also removed. The RBI continues to enforce stricter rules on the financial sector to prevent excessive practices.

Paytm QR Codes, Soundboxes To Remain Operational Only If Merchants Migrate To Other Banks: RBI

Inc42 · 1y ago

Paytm QR Codes, Soundboxes To Remain Operational Only If Merchants Migrate To Other Banks: RBI

According to the Reserve Bank of India (RBI) FAQs, Paytm QR codes, soundboxes, and card machines will still be operational after March 15, but only if merchants migrate to other banks. The RBI clarified that merchants can obtain a fresh QR code linked to an account with another bank or wallet to receive payments, and there will be no impact on merchants using Paytm QR codes and soundboxes linked to other bank accounts. Paytm founder Vijay Shekhar Sharma confirmed that Paytm's offerings will continue to work, but did not specify the requirement to migrate to other banks.

RBI Action On Paytm Payments Bank Has Drawn Fintechs' Attention To Compliance Of Laws: Chandrasekhar

OutlookIndia

OutlookIndia · 1y ago

RBI Action On Paytm Payments Bank Has Drawn Fintechs' Attention To Compliance Of Laws: Chandrasekhar

Union Minister Rajeev Chandrasekhar has emphasized the importance of regulatory compliance for fintech companies, citing Paytm Payments Bank as an example. He stated that compliance with laws and regulations cannot be optional for companies and that no company can escape consequences if it is non-compliant with the law. The Reserve Bank of India (RBI) recently barred Paytm Payments Bank from accepting new deposits due to persistent non-compliance and other supervisory concerns, prompting Chandrasekhar to highlight the need for fintech entrepreneurs to pay closer attention to regulatory compliance.

RBI Proposes Draft Rules To Regulate PoS For Online Payment Aggregators

Inc42 · 1y ago

RBI Proposes Draft Rules To Regulate PoS For Online Payment Aggregators

The Reserve Bank of India (RBI) has issued draft rules to regulate point-of-sale payment service providers (PA-P), which includes companies like Innoviti Payments, Pine Labs, and MSwipe. The draft rules state that these companies must apply for authorisation from the RBI by May 31, 2025. If they fail to obtain authorisation, they will have to cease their services. Additionally, payment aggregators must inform the regulator about their plan to seek authorisation within 60 days of the formal guidelines' issuance. The RBI has also introduced new guidelines for online payment firms, requiring them to monitor merchant activities and ensure compliance.

IIFL Finance shares plunge after RBI bars firm from offering gold loans

VCCircle

VCCircle · 1y ago

IIFL Finance shares plunge after RBI bars firm from offering gold loans

Shares of IIFL Finance, an Indian non-banking finance company, dropped 20% after the Reserve Bank of India (RBI) barred the firm from offering gold loans due to "material supervisory concerns" in its portfolio. The RBI found serious deviations in collateral assessment, breaches in loan-to-value ratio limits, and lack of transparency in charges. A prolonged restriction may impact earnings, lower co-lending income and increase cost of finances. IIFL Finance stated that it has been taking corrective action and the impact on financials will depend on the resolution time.

RBI moves to regulate PoS payment players

Economic Times

Economic Times · 1y ago

RBI moves to regulate PoS payment players

The Reserve Bank of India has released draft rules to regulate point-of-sale payment service providers (PA-P), including companies like Innoviti Payments and Pine Labs. The draft rules require these providers to apply for authorization from the RBI by May 31, 2025, and cease their services if authorization is not obtained. The RBI also emphasized enhanced customer due diligence and KYC compliance for these providers, as well as the classification of merchants into small and medium categories. The guidelines aim to strengthen the regulation of the digital payments ecosystem.

RBI supersedes board of Sabre Partners, Gojo-backed Aviom India Housing Finance

VCCircle

VCCircle · 10m ago

RBI supersedes board of Sabre Partners, Gojo-backed Aviom India Housing Finance

The Reserve Bank of India (RBI) has superseded the board of Aviom India Housing Finance Pvt. Ltd due to governance concerns and defaults on various payment obligations. Aviom, a mortgage lender backed by impact investors and private equity firm Sabre Partners, will now undergo an insolvency resolution process. The RBI appointed Ram Kumar, former chief general manager of Punjab National Bank, as the administrator for Aviom.

RBI guv Sanjay Malhotra clarifies on external commercial borrowing for real estate, backs acquisition finance for banks

Economic Times

Economic Times · 1m ago

RBI guv Sanjay Malhotra clarifies on external commercial borrowing for real estate, backs acquisition finance for banks

RBI Governor Sanjay Malhotra emphasized acquisition finance's vital role in banking and economy improvement. He clarified that external commercial borrowing (ECB) relaxation is for real estate projects adhering to foreign direct investment rules, excluding speculative purposes. The RBI draft ensures acquisition finance safety by limiting bank funding to 70% of deal values, among other restrictions. Malhotra also discussed the ECB framework's evolution, aiming for competitive rates and better hedging, encouraging banks to back acquisitions.

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