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Paytm The initial plan of Paytm Payments Bank to approach the Reserve Bank of India (RBI) for a small finance bank (SFB) licence by June end has been delayed as the RBI-directed IT audit will take longer to complete, two sources aware of the developments told Moneycontrol on June 29. The IT audit is being done by one of the big four consultants. “The auditor will submit an IT audit report to the RBI in next two to three weeks,” a source said requesting anonymity. Payments bank can apply for conversion to a small finance bank after successfully operating for five years. Paytm Payments Bank commenced its operations on May 23, 2017 and completed five years of operations last month. On March 9, Moneycontrol reported that the lender will likely apply to the RBI for a SFB licence by June quoting a senior Paytm official. IT audit Close The audit process is going in line with expectation and nearing completion, said a source cited earlier. The RBI had barred … [Read more...] about Paytm Payments Bank SFB plans gets delayed; IT audit report to be submitted to RBI in 2-3 weeks: Sources

Representative image (Source: ShutterStock) A proposal to allow part-resolution of stressed assets of companies under the insolvency process, if implemented, could help lenders maximise their recoveries, bankers and insolvency experts told Moneycontrol on June 29. The Insolvency and Bankruptcy Board of India (IBBI) on June 28 released a 12-page discussion paper to augment the value of stressed assets. In the paper, it proposed that the resolution professional and the committee of creditors (CoC), entities in charge of the company under the insolvency process, can be enabled to explore resolutions of part of the assets or businesses by allowing submission of different resolution plans for them. However, such an option can be made only when there was interest expressed by potential resolution applicants or bidders while submitting expression of interest, but where a resolution plan was not received within the stipulated time frame. “Many a times, the resolution process … [Read more...] about Bankers, IBC experts cheer proposal for part-resolution of assets

The board of state-run Bank of Baroda (BoB) has approved raising up to Rs 5,000 crore through bonds in financial year 2022-23, a regulatory filing stated on June 27. The targeted amount would be raised in single or multiple tranches, the bank said, adding that it would be used for financing "infrastructure and affordable housing". "Board of Directors in their meeting held today has approved the proposal of raising of long term bonds for financing of infrastructure & affordable housing to the tune of Rs 5,000 crores in single or multiple tranches during financial year 2022-23," it informed the stock exchanges. "These bonds shall be senior, unsecured and will not form part of capital of the bank", the lender further noted. The shares of BoB closed at Rs 100 a piece at the NSE today, up 0.05 percent as compared to the previous day's close. Close The announcement of raising Rs 5,000 crore in FY23 comes days after the bank released its financial results for … [Read more...] about Bank of Baroda board approves raising up to Rs 5,000 crore in FY23

Pesident Rodrigo Roa Duterte at the Reception hall of Malacañan Palace before the presentation of credentials of Ambassadors from Bangladesh, Vietnam and Egypt. INQUIRER PHOTO/JOAN BONDOC Despite earlier misgivings, President Duterte signed on Tuesday the Paris Agreement detailing commitments to deal with climate change. Mr. Duterte submitted to the Senate the instrument of accession, dated Feb. 28, for ratification. “After examining the text thereof, I find it advisable to accede to the Paris Agreement and seek the Senate’s concurrence thereto,” he said. The Paris Agreement aims to strengthen the global response to the threat of climate change by keeping the global average temperature rise this century to well below 2 degrees Celsius above preindustrial levels. The pact also seeks to pursue efforts to limit the temperature increase to 1.5 C above preindustrial levels. The Philippines earlier pledged a 70-percent cut in emissions by 2030. On Wednesday afternoon, … [Read more...] about Duterte finally signs Paris Agreement on climate change