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Showing posts with label Repayment of Loan. Show all posts
Showing posts with label Repayment of Loan. Show all posts

Tuesday, 27 June 2017

07:57

KEY ELEMENTS OF BEST PRACTICES -BANKING SCREENING TOOL(swiss)

KEY ELEMENTS OF BEST PRACTICES -BANKING SCREENING TOOL(swiss)
Key risk: Commitment is the foundation for sound corporate governance. If the company is not entirely committed, it means that its corporate governance is simply window-dressing. In this case the risk of poor governance is higher than it may first appear. A company that is not committed,or poorly understands its corporate governance duties is likely to disregard key areas of risk and accountability, including its responsibility to creditors, thus increasing the likelihood of loan default. Commitment to sound corporate governance is often best observed at the level of senior management and boards by seeing how the “tone from the top” disseminates through the company.

 

Source:IFC



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Friday, 7 April 2017

08:39

PayU India launches online deferral payment facility 'LazyPay'

PayU India launches online deferral payment facility 'LazyPay'

New Delhi : Apr 5 : PayU India on Wednesday announced the launch of a first-of-its kind premium deferral payment facility for consumers 'LazyPay' aimed at those who transact digitally for any amount between Rs. 500 and 2500, and is an option to pay later.

The aim of the product is to drive faster purchase experiences and convenience by reducing friction on online checkouts and achieving a zero drop situation for online payments.
It is a convenience product for anyone to pay later and the facility could extend for amounts from Rs. 3,000 and even up to Rs. 10,000, depending upon customer behaviour.

LazyPay appears as a payment option at the time of checkout on websites and apps integrating the product. It provides users a deferral payment facility for 15 days with a transaction limit decided as per the purchasing behavior of every individual.

Select consumers can now simply shop via LazyPay and conveniently settle the dues during the payment cycle instead of having to feed in card details or net banking credentials. This further makes the transactions smooth and seamless without transaction failures, need for passwords, etc.

"At PayU India, our endeavor is to provide world class experiences to consumers and drive higher conversions for merchants. LazyPay is the perfect example of our philosophy of simplifying the online payment process, wherein we separate the purchase and payment experiences and provide a deferral payment facility to the consumer. Furthermore, as a consumer-centric product, Lazy Pay delivers instant gratification to consumers, even thought they might be out of funds at the time of placing the order," said Managing Director PayU India, Jitendra Gupta.

"We want to provide users a privileged experience for payments, just like frequent flyers would experience privileges while checking-in at airports. We aim to recreate the kirana store experience where a shop owner allows you to take products home and pay later because he is acquainted with you," added Gupta.

The pilot for LazyPay went live in March 2017 and the initial response has been very encouraging. Within a month, LazyPay has 5 big merchants and more than 12 smaller merchants onboard including Zomato, Box8, Jazz Cinemas, Netmeds and Innerchef.

More than 10 million users have been qualified for LazyPay so far and the system is equipped with algorithms that will write off debts in real time. The said algorithms put in place for dynamic, real-time underwriting, are based on 80-odd variables. Proactive analytics and machine learning algorithms are a part of the internal architecture.

PayU India plans to invest USD 50 million in LazyPay over the next couple of years. The company aims to get over five million users onboard in the next one year. PayU India has largest merchant distribution network in the online payment space, which it will utilize for expansion. (ANI)

Source:TopNews
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Tuesday, 28 February 2017

07:54

Repayment of Gold Loan

Repayment of Gold Loan

RBI/2016-17/229
DBR.RRB.BC.No. 53/31.01.001/2016-17

February 16, 2017

All Regional Rural Banks
Dear Sir / Madam,
Repayment of Gold Loan
Please refer to circular RPCD.CO.RRB.BC.No.22/03.05.34/2010-11 dated September 22, 2010 wherein Regional Rural Banks (RRBs) were permitted to grant gold loans up to Rs.1.00 lakh with bullet repayment option.
2. On a review, it has been decided to increase the quantum of loan that could be granted under the scheme, from Rs.1.00 lakh to Rs.2.00 lakh subject to the following conditions:
(i) The period of the loan shall not exceed 12 months from the date of sanction.
(ii) Interest will be charged to the account at monthly rests but will become due for payment along with principal only at the end of 12 months from the date of sanction.
(iii) RRBs should maintain a Loan to Value (LTV) ratio of 75% on the outstanding amount of loan including the interest on an ongoing basis, failing which the loan will be treated as a Non Performing Asset (NPA).
(iv) The valuation of gold would be as per instructions contained in para 3 of the circular RPCD.RRB.RCB.BC.No.08/03.05.33/2014-15 dated July 1, 2014.
3. It is clarified that crop loans sanctioned against the collateral security of gold/gold ornaments shall continue to be governed by the extant income recognition, asset classification and provisioning norms for such loans.
Yours faithfully,
(Saurav Sinha)
Chief General Manager

Source:RBI
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Thursday, 26 January 2017

18:04

SBI installs ATM on board INS Vikramaditya

SBI installs ATM on board INS Vikramaditya

State Bank of India (SBI) has installed an ATM machine on board INS Vikramaditya, the largest warship and the latest aircraft carrier of the Indian Navy, which has a strength of over 1,500 personnel.
The ATM machine was inaugurated at the Naval Base Karwar by Rear Admiral KJ Kumar, Flag Officer Commanding, Karnataka Naval Area, and Rajnish Kumar, Managing Director and Group Executive (National Banking Group), State Bank of India.
Rajni Mishra, CGM (Bangalore Circle), S M Farooque Shahab, CGM Designate (Bangalore Circle) and R K Mishra, CGM (Personal Banking Unit) of the SBI were also present at the inauguration.
The ATM would service the requirements of Naval personnel on board the ship, which is a full-fledged township in itself. The facilities offered by the SBI include cash withdrawals, generation of mini-statements, access to bank balance details and change of PIN numbers. The facility would in future be upgraded to a recycler machine with cash deposit facility.
Additionally, facilities such as cash transfer, card-to-card transfer, credit card payment, mobile number registration and updation would also be available

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Thursday, 11 February 2016

11:25

Top 10 groups that figure in the ‘House of Debt’ are Essar, Reliance ADAG, Adani, GMR, GVK, Lanco, Jaypee, JSW, Videocon and Vedanta.

Top 10 groups that figure in the ‘House of Debt’ are Essar, Reliance ADAG, Adani, GMR, GVK, Lanco, Jaypee, JSW, Videocon and Vedanta.

Start repaying bank loans, Govt tells corporate majors

TAKING a tough stance to address the bad loan crisis, the government has asked about a dozen big corporate groups — some of the biggest borrowers from public sector banks — to start repaying loans at the earliest by selling off their non-core businesses.

“If we declare them as defaulters or classify their borrowings as bad loans, the market will smell ‘distress’ on any asset they want to sell. We have spoken to some of them and asked them to start paying back over the next couple of months,” a senior government official told The Indian Express.

The official said, “We all know who these industrialists are, and how much they have borrowed.” According to the official, loans taken by companies in the small and medium enterprise (SME) segment make up a bulk of the public sector banks’ non-performing assets.

A Credit Suisse report in October 2015 that analysed the debt of top 10 corporate houses said their combined borrowings had touched Rs 7,33,545 crore, 16 per cent more than in 2013. The 2013 report, called ‘House of Debt’, had estimated their cumulative debt at Rs 6,31,024 crore. The rising stress, it said, was visible in multiple instances of default over the past year.

The top 10 groups that figure in the ‘House of Debt’ are Essar, Reliance ADAG, Adani, GMR, GVK, Lanco, Jaypee, JSW, Videocon and Vedanta.

“The promoters of some of these companies have conveyed to the government that they are in the process of selling their assets to pay back. Jaypee and Reliance ADAG, for instance, have met senior government functionaries stating their intent to show meaningful progress in repaying the debt,” another official, who did not wish to be named, said.

The government, at its highest level, is tracking the loan recovery progress in banks. “We are keen that stalled projects are revived. We understand that some corporates had over-expanded and some suffered due to policy logjam during the last years of the previous government,” the official said.

Source:BankingNews
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Thursday, 7 January 2016

08:09

Bank told to pay 1 lakh for losing property deed

Bank told to pay 1 lakh for losing property deed

A bank has been directed by a consumer forum in the city to pay a compensation of Rs 1 lakh to a man who suffered extreme inconvenience and harassment after his documents were lost by the bank.

Kamal Kant Joshi, a resident of east Delhi, took a loan of Rs 50 lakh from the bank after depositing the original papers of his property with the bank. After repaying the loan amount, Joshi found out that his papers had been lost.

Observing that people are often left helpless in such situations due to the absence of any provisions for penalising financial institutions for dereliction of duty, the bench presided by N A Zaidi also asked the Reserve Bank of India to formulate stringent guidelines with regard to the liability of financial institutions. He also asked that a penalty be imposed.
Joshi approached the forum seeking a compensation of Rs 2 lakh from HDB Financial Services Ltd (respondent) after the bank, after much dilly-dally, admitted in November 2011 that it had lost the documents and suggested Joshi to sell the property to it. By then Joshi had already made a deal with someone else, which eventually got stuck since the bank had lost his original papers.

"The loss of title deeds would certainly diminish the value of the property, as without the original title deeds not only it would be a gruelling job to sell the property. The complainant is bound to suffer substantial financial loss on sale of the said property and no banking institution would give any loan to him in the absence of the original title deeds," the east district consumer forum said.

 Source:BankingUpdates
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