FINANCIAL NEWS फाइनेंशियल न्यूज  BULLETIN Dt-02-10-2021

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Indian Bank today announced that it has entered into a MOU with 3 leading NBFCs and HFCs for co-originate loans to the priority sectors. The bank is partnering with Indiabulls Housing Finance, Indiabulls Commercial Credit and IIFL Home Finance on this co-lending arrangement.
-Business Line

The RBI today announced the opening of third cohort under the Regulatory Sandbox (RS) with MSME Lending as its theme. The window for submission of applications for the Cohort shall be open from 01 Oct 2021 to 14 Nov 2021. “The MSME segment has emerged as the growth engine of Indian economy contributing significantly to the economic and social development of the country by fostering entrepreneurship and generating large employment opportunities through business innovations,” the RBI said in a statement.
-Economic Times

A consortium of lenders led by UCO Bank has sought RBI directions on pursuing recovery of dues from the Srei Group after loans worth about Rs 30,000 Cr to the Kolkata-based financier officially qualified to be moved to the list of NPA this quarter people aware of the development told. Since the group entities involved are NBFC, the lenders concerned compulsorily need the RBI’s approval to take the Srei Group to the NCLT for insolvency proceedings.
-Economic Times

HSBC India today announced that it has reduced its home loan interest rates by 10 basis points from 6.55% to 6.45% per annum. “This offer will be applicable for Balance Transfer Home Loans,” it said, adding that the special rate will be effective from Oct 1 to Dec 31. It is available across all loan amounts, and the bank has also waived off the processing fee for these loans, it added.
-Business Line

Kotak Mahindra Bank today announced it has launched the National Pension System (NPS) on mobile. The bank’s customers can now open and operate their NPS accounts conveniently through the bank’s Mobile Banking platform, it said.
-Moneycontrol.com

HDFC Bank said it has raised Rs 739 Cr by issuing the rupee- denominated masala bonds in the overseas markets. HDFC Bank has issued and allotted rupee- denominated bonds overseas on Sep 30, 2021, the lender said in a regulatory filing. The bank will use the proceeds from the issue for banking activities.
-Moneycontrol.com

Punjab National Bank has picked up 12.06% stake in National Asset Reconstruction Co (NARCL), that intends to resolve Rs 2 trillion soured loans.  “Punjab National Bank has subscribed to 1,80,00,000 shares of NARCL (pending execution of Investment Agreement),” the lender said in an exchange filing.  The lender’s equity stake of 12.06% will be reduced to 9% by Dec 2021.
-Business Standard

The RBI is likely to signal the start of an unwinding of its accommodative monetary policy, introduced to cushion the economic impact of the pandemic, at a meeting next week, economists at Standard Chartered Bank wrote in a research note today.
-Moneycontrol.com 

Inter-creditor agreements (ICAs) for all the assets identified for transfer to the National Asset Reconstruction Co (NARCL) in the first round have been signed, SBI chairman Dinesh Khara told.  In terms of the shareholding of NARCL, private-sector banks have come forward and they are in the process of obtaining the requisite approvals in order to invest in the entity, Khara said.
-Financial Express

Digital payments continued to register robust growth in September amidst the festival season and normalisation of economic activities. The UPI registered 365 Cr transactions worth ₹6.54-lakh Cr in Sep, as per data released by the NOCI today. The UPI platform had clocked 355 Cr transactions amounting to ₹6.39- lakh Cr in August.
-Business Line

Piramal Capital and Housing Finance Ltd (PCHFL) has merged with Dewan Housing Finance Corporation Ltd (DHFL). “PCHFL has merged into DHFL with effect from Sep 30, 2021, pursuant to the reverse merger as contemplated under scheme of arrangement provided under the resolution plan,” Piramal Enterprises Ltd said in a stock exchange filing  today.
-Business Line

BC Patnaik has taken charge as MD of LIC of India today. “He was appointed as MD by Govt of India notification dated July 5, 2021,” LIC said in a statement.
-Business Line

The World Bank will give $150 million loan to support the Govt of Tamil Nadu’s Chennai City Partnership: Sustainable Urban Services Programme, which seeks to help strengthen institutions, improve the financial health of service agencies, and drive significant improvements in the quality of four key urban services — water supply and sewerage, mobility, health, and solid waste management. This programme will support the Tamil Nadu Govt in its efforts to transform the city and its services, while accelerating Chennai’s shift to a lower carbon and a more resilient growth trajectory.
-Business Line

The Govt’s decision to privatise the national carrier Air India has received flak from the country’s leading trade unions. Amarjeet Kaur, General Secretary,  AITUC said, “It is not only most unfortunate to sell Indian airlines, but goes against the interest of people and the nation. For the Government not to have its own carrier and sell it as a part of its policy of privatisation and selling of public sector enterprises and even the assets of Govt departments is detrimental not only to the workforce engaged in these sectors but also to the national interest.”

Panchyat Bazar