West End Housing Finance applies for SFB licence

It was started by late PD Gupta, a Grade F Officer of Reserve Bank of India from Business Line - Money & Banking https://ift.tt/3EC05...

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Asheesh Pandey joins Bank of Maharashtra as Executive Director

He has handled a diversified portfolio in his professional career spanning more than 24 years from Business Line - Money & Banking https://ift.tt/3mGgC...

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Fintech platform WeRize achieves operational profit in 2-1/2 years of inception

The company attributes this feat to its social distribution model and lean approach l from Business Line - Money & Banking https://ift.tt/3eIZJ...

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Aditya Birla Health Insurance gross written premium jumps 39 pc to Rs 764 cr in H1 FY22

Aditya Birla Health Insurance Co. Limited. (ABHICL), the health insurance subsidiary of Aditya Birla Capital Limited (ABCL), has completed five years with a gross written premium (GWP) of Rs 764 crore in H1 FY22, the insurer said in a release. It had registered a gross written premium of Rs 550 crore in the first half of the last fiscal. from Banking/Finance-Industry-Economic Times https://ift.tt/3sMVX...

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RBL Bank’s board constitutes search panel to identify MD & CEO

Earlier, RBI had given the nod to appoint Rajeev Ahuja as Interim Managing Director & CEO from Business Line - Money & Banking https://ift.tt/3JsRu...

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Deadline relief: Bank KYC to GST returns

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/3FKLJ...

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RBL to hire search firm to zero in on next CEO

The RBL Bank board decided in its meeting on Thursday to hire a search firm to identify a new CEO. The board also appointed a search committee comprising directors to evaluate candidates for the top position at the bank. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/3pH0A...

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PB Fintech to invest up to ₹700 crore in Policybazaar Insurance Brokers

Also to invest up to ₹229.99 crore in Paisabazaar Marketing and Consulting from Business Line - Money & Banking https://ift.tt/32BSS...

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LIC, GIC Re and New India systemically important insurers: IRDAI

D-SIIs refer to insurers of such size, market importance, and domestic and global inter-connected, whose distress or failure would cause significant dislocation in the domestic financial system. from Business Line - Money & Banking https://ift.tt/3pIxl...

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Deadline relief: Bank KYC to GST returns

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/31g82...

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LIC, GIC and New India are “too big to fail", says IRDAI

Those are state-backed entities including Life Insurance Corporation of India, General Insurance Corporation of India and New India Assurance, the insurance regulator said in a release on Thursday. from Banking/Finance-Industry-Economic Times https://ift.tt/3zfMQ...

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RBL Bank raises Rs 2,600 crore via certificate of deposits

The move is also aimed at demonstrating investor confidence in the bank where a change of guard on Christmas Day was immediately preceded by central bank intervention in board composition. from Banking/Finance-Industry-Economic Times https://ift.tt/3eDBi...

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SBI set to embrace new benchmarks in LIBOR transition

“LIBOR Transition is a significant financial event for international financial markets,” said Ashwini Kumar Tewari, Managing Director (International Banking, Technology & Subsidiaries), SBI. “As the country’s largest bank, SBI has been assiduously tracking the global developments in the LIBOR space to align with the best practices and has proactively modified its systems and processes to embrace the change from LIBOR to ARR.” from Banking/Finance-Industry-Economic Times https://ift.tt/3qDco...

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LIBOR Transition: Systems and processes aligned to support transactions linked to ARR, says SBI

India’s largest bank said it has already started offering ARR-based products to the customers through its domestic and foreign branches from Business Line - Money & Banking https://ift.tt/3pAOG...

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Godrej Housing Finance partners with LeadSquared to drive sales efficiency

Digital lending in India is expected to become a $1 trillion market by FY23 from Business Line - Money & Banking https://ift.tt/3Jv81...

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RBI okays RBL Bank’s interim appointment

Rajeev Ahuja named interim MD and CEO for three months from Business Line - Money & Banking https://ift.tt/3qyOE...

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Pvt cryptocurrencies pose immediate risks to customer protection, prone to frauds: RBI

Longer-term concerns relate to capital flow management, financial and macro-economic stability, monetary policy transmission and currency substitution from Business Line - Money & Banking https://ift.tt/3sNHO...

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HDFC Bank to hold more fraud awareness workshops at educational institutions

HDFC Bank has planned to organise more financial fraud awareness workshops at schools, colleges and universities across the country to apprise students of major cyber threats with an aim to build a culture of safe banking digitally.In 2020, the bank had conducted over 1,000 workshops at educational institutions, including schools (X-XII students), colleges and universities, reaching out to around 30 lakh individuals. It has taken an ambitious target of organising over 2000 such workshops in the next few months. “India has witnessed unprecedented growth in digitisation. Today, younger ones at home are helping in ordering food, medicines and other household goods through multiple apps. We want...

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RBI reiterates concerns over private cryptocurrencies

The Reserve Bank of India (RBI) on Wednesday reiterated its concerns over private cryptocurrencies globally, saying such assets pose immediate risk to customer protection, complying with practices of anti-money laundering and combating financing of terrorism. Cryptocurrencies are prone to fraud and extreme price volatility, given their highly speculative nature, central bank said in its financial stability report. Longer term concerns related to private cryptocurrencies are capital flow management, financial and macro-economic stability, monetary policy transmission and currency substitution, the report said. It added that as per the Financial Action Task Force (FATF), the virtual asset ecosystem...

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Banks’ bad loans may soar to 9.5% by Sept 2022: RBI

The Financial Stability Report released by RBI on Wednesday projects banks’ gross NPAs rising to 8.1% of total assets by September 2022 from 6.9% in Sept 2021 under a baseline scenario and to 9.5% under severe stress scenario. All earlier projections after the pandemic reflected far worse outcomes than the present report. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/3HnjB...

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CEOs of public sector banks earn thrice the average pay

It is 75 times and 67 times more in small finance banks and private banks, respectively from Business Line - Money & Banking https://ift.tt/3EDPX...

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Success rate for discounting MSME receivables on TReDS improved in FY21: RBI

TReDS is an electronic platform for facilitating the financing/discounting of trade receivables of MSMEs through banks and non-banking finance companies from Business Line - Money & Banking https://ift.tt/3FJJo...

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With economic rebound, microfinance institutions set to grow at 12-15 per cent: ICRA

MFIs collections have bounced back to March 2021 level, and the asset quality remains monitorable. from Business Line - Money & Banking https://ift.tt/34a9P...

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Central Bank of India, NPCI tie-up to launch RuPay debit card for corporates

The new debit card offers an ATM withdrawal limit of ₹1 lakh and a host of other benefits. from Business Line - Money & Banking https://ift.tt/3mFgJ...

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Paytm Payments Bank expands its board, inducts three independent directors

Former DPIIT Secretary Ramesh Abhishek, banking veteran Manju Agarwal and former Citibank executive Shinjini Kumar inducted as Independent Directors from Business Line - Money & Banking https://ift.tt/3qvrL...

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Banks’ gross NPAs decline to 6.9%

Despite the pandemic, asset quality in the banking sector has improved. The gross non-performing asset ratio (GNPA) for scheduled commercial banks (SCBs) decreased to 6.9% as at the end of September from 7.3% in March, and 8.2% in FY20, due to lower slippages, according to data released by the Reserve Bank of India (RBI) on Tuesday. In absolute terms, the gross bad loans of banks stood at Rs 8.37 lakh crore at the end of March, lower than Rs 8.99 lakh crore a year ago. With the decline in delinquencies, the provisioning requirements of banks have also dropped and the net NPA ratio of both public and private sector lenders decreased to 3.1% and 1.4%, respectively, as per the RBI’s report...

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Karnataka govt partners with NPCI and SBI for enabling and implementing e-RUPI

Karnataka government will get e-vouchers delivered to the mobiles of eligible students from Business Line - Money & Banking https://ift.tt/3euXz...

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IndusInd Bank announce launch of ‘Green Fixed Deposits’

Investing in green deposits allows customers to build a cleaner and better society. from Business Line - Money & Banking https://ift.tt/3z5ue...

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Axis Bank is 2nd largest in PoS machines

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/3mCWh...

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Bank of Maharashtra, MAS Financial ink co-lending pact

Agreement to benefit both entities in the expansion of the portfolio. from Business Line - Money & Banking https://ift.tt/3FCZ8...

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Centre appoints Atul Kumar Goel as new MD & CEO of Punjab National Bank

Soma Sankara Prasad appointed as MD & CEO of UCO Bank from Business Line - Money & Banking https://ift.tt/3HhNg...

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RBL Bank’s financial health stable: RBI

The Reserve Bank of India (RBI) on Monday observed RBL Bank was well-capitalised and said the lender’s financial position is ‘satisfactory’. The central bank clarified the appointment of its executive Yogesh Dayal to the board of the private sector lender saying appointments of additional directors in private banks are undertaken under Section 36AB of the Banking Regulation Act, as and when it is felt the board needs closer support in regulatory or supervisory matters. The RBL Bank stock crashed 18% on Monday after developments over the weekend that saw the appointment of a central bank executive to its board and the sudden departure of CEO and MD Vishwavir Ahuja, six months ahead of the completion...

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RattanIndia Enterprises appoints Amitav Panigrahi as CEO for fintech biz

Rattanindia Enterprises Ltd. has appointed Amitav Panigrahi as Chief Executive Officer of its fintech business in Neotec Enterprises Ltd.Panigraphi w from Business Line - Money & Banking https://ift.tt/32A4K...

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Rupee falls 13 paise to 75.16 against US dollar in early trade

Forex traders said growing concerns over Omicron and its impact on economic recovery as well as firm crude oil prices weighed on the local unit from Business Line - Money & Banking https://ift.tt/3EpeG...

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RBL Bank's financial health remains stable: RBI

Allaying investors' concerns and calming speculations, the Reserve Bank of India on Monday issued a statement clarifying that the financial health of RBL Bank is stable. It further added that the private sector lender is well capitalised and that its financial position is satisfactory. from Banking/Finance-Industry-Economic Times https://ift.tt/3sC3e...

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IndusInd Bank, NPCI tie-up to offer remittances to India using UPI IDs

Becomes the first Indian bank to go live on UPI for Cross Border Payments/NRI Remittances. from Business Line - Money & Banking https://ift.tt/3z2iE...

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Fintech platform Eko witnesses 30% month-on-month growth within seven months

While the nationwide lockdowns led to a sharp decline in the company's and its partners’ businesses, Eko embraced the digital route to acquire and retain users over its existing offline-only operations. The company quadrupled the volume of new transacting users in six months, exceeding the volumes of pre-covid offline acquisitions per month, it said in a statement. from Banking/Finance-Industry-Economic Times https://ift.tt/3eoIO...

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Delhi High Court orders stay on DRT proceedings against Yes Bank over Dish TV shares

The court was hearing a plea by the lender challenging an order of the DRT, which had directed Yes Bank to maintain status quo with regard to enforcing its rights on the 44.53 crore shares of Dish TV India that are currently held by the bank. from Banking/Finance-Industry-Economic Times https://ift.tt/3z7Nl...

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RBL Bank downplays fears of trouble, claims fundamentals intact

By PIYUSH SHUKLA After the worrying developments on Saturday when RBL Bank CEO Vishwavir Ahuja went on leave and the Reserve Bank of India (RBI) appointed Yogesh Dayal to the board of the private sector lender, interim CEO &MD Rajeev Ahuja on Sunday sought to downplay fears the bank might be in financial trouble. RBL Bank reported a loss of `459 crore in Q1 FY22 and the stock has lost 18.7% in the last six months. Ahuja asserted the fundamentals of RBL Bank are intact and that Saturday’s developments are not ‘on account of any concern on advances,...

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Biz fundamentals are intact, have RBI support: RBL Bank

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/3EreW...

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Banking sector to see significant reforms in 2022; privatisation, IDBI Bank disinvestment on agenda

The banking sector is set to witness significant reforms in the coming year with privatisation of public sector banks and strategic disinvestment of IDBI Bank on the agenda of the government for 2022. All said, the emerging coronavirus situation, especially in the wake of the Omicron variant, might pose headwinds in the pace of reforms. Going by the numbers, the banking sector has done reasonably well in 2021, notwithstanding the impact of the second wave of the pandemic. Pursuant to the government’s 4Rs strategy of Recognition, Resolution, Recapitalisation and Reforms, Non-Performing Assets (NPAs) of the banking sector have declined to Rs 8,35,051 crore as on March 31, 2021. As per the Financial...

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Airtel Payments Bank surpasses 1 bn transactions mark in Q2

This represents about 61 per cent year-on-year growth in transaction volume per quarter, underlining the bank's digital-first model and distribution of over 5,00,000 banking points that give it the ability to scale up rapidly. from Banking/Finance-Industry-Economic Times https://ift.tt/3mtbb...

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Indipaisa partners with NSDL Payments Bank to launch a new Fintech platform targeting India’s flourishing 63 million SME sector

from Banking/Finance-Industry-Economic Times https://ift.tt/3JhyK...

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Banking sector to see significant reforms in 2022; privatisation, IDBI Bank disinvestment on agenda

Pursuant to the government's 4Rs strategy of Recognition, Resolution, Recapitalisation and Reforms, Non-Performing Assets (NPAs) of the banking sector have declined to Rs 8,35,051 crore as on March 31, 2021. from Banking/Finance-Industry-Economic Times https://ift.tt/3psQK...

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Centre begins consultation on setting up national database on cooperatives

The Centre has started a consultation process with various stakeholders on building a national database on cooperatives which will help in convergence of various schemes implemented by states and the central government as well as in establishing good governance and market orientation. from Banking/Finance-Industry-Economic Times https://ift.tt/3ppPh...

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RBL Bank MD & CEO Vishwavir Anuja steps down

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/32yQh...

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RBI checks into RBL Bank board; CEO goes on leave

RBL Bank on Saturday saw a series of changes at the top management level starting with the RBI’s appointment of Yogesh K Dayal as an additional director. The bank’s board also accepted the request of the MD & CEO Vishwavir Ahuja to proceed on leave with immediate effect. Separately, the board approved the appointment of Rajeev Ahuja, executive director, as interim managing director & CEO with immediate effect. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://i...

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RBL Bank MD and CEO Vishwavir Ahuja steps down, Rajeev Ahuja takes over

The Board appointed Rajeev Ahuja (currently the Executive Director) as interim Managing Director & Chief Executive Officer of the Bank with immediate effect, subject to the regulatory and other approvals. from Banking/Finance-Industry-Economic Times https://ift.tt/3pqvx...

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RBI appoints Yogesh Dayal as additional director on RBL board

The appointment is for a period of two years, effective December 24, 2021, till December 23, 2023, or till further orders, whichever is earlier from Business Line - Money & Banking https://ift.tt/3syxk...

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Re-examination of tax incentives to encourage philanthropy urgently required: CSIP Director

Study says rate of incentives has declined due to policy changes even as lower personal income tax rates and abolition of inheritance and wealth taxes reduce attractiveness of tax incentives from Business Line - Money & Banking https://ift.tt/3Fs2y...

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PNB enters into co-lending arrangement with Lendingkart

Punjab National Bank (PNB) has entered into a co-lending arrangement with Lendingkart Finance Limited as part of its efforts to improve the flow of cr from Business Line - Money & Banking https://ift.tt/3eDWk...

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Govt likely to float new 10-year benchmark soon

Coupon rate may be in the 6.40-6.50 per cent range from Business Line - Money & Banking https://ift.tt/30Wxp...

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ED releases Nirav’s assets for auction to recover dues

The Enforcement Directorate (ED) has de-attached assets worth Rs 1,000 crore, including the building that once housed Rhythm House music store at Kala Ghoda, a Nepeansea Road flat, an office building in Kurla and jewellery, of diamantaire Nirav Modi on court order for auction to recover the Punjab National Bank (PNB) dues. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/30VL5...

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G-Sec yields rise as RBI devolves three securities

4th G-Sec auction raised ₹7,000 crore from Business Line - Money & Banking https://ift.tt/3ekCd...

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Paytm Lending CEO gets additional role, will lead offline payments vertical

Paytm plans to hire over 30 senior leaders for product, technology and business roles from Business Line - Money & Banking https://ift.tt/3H8rN...

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RBI imposes Rs 30 lakh penalty on MUFG Bank

The Reserve Bank of India on Friday said it has imposed a penalty of Rs 30 lakh on MUFG Bank Ltd for non-compliance with the directions issued by it on “Loans and Advances — Statutory and Other Restrictions”. The central bank has also imposed penalties on two cooperative banks for deficiencies in regulatory compliance. MUFG Bank was earlier known as The Bank of Tokyo-Mitsubishi UFJ, Ltd. The RBI said the statutory inspection for supervisory evaluation of MUFG Bank, with reference to its financial position as of March 31, 2019, revealed, inter alia, non-compliance with the direction to the extent that the bank had sanctioned loans and advances to companies whose board of directors included person(s)...

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Retail credit demand outlasts festival season: TransUnion CIBIL COO

Credit-card spending crossed all-time high of ₹1-lakh crore in October from Business Line - Money & Banking https://ift.tt/3eo9c...

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Financial inclusion fosters societal intolerance to inflation: RBI Deputy Guv Patra

Sustaining thrust on financial inclusion will leave the RBI better off in achieving monetary policy transmission he said from Business Line - Money & Banking https://ift.tt/3ms9d...

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Banks roll over Financial Year 2022 AT-1 bonds

Public sector banks have managed to successfully roll over their AT-1 (additional tier-1) bonds that were due for call option in FY22. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/30TQU...

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A/c not KYC-compliant? Banks, fin cos will freeze it from Jan 1

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/3poVN...

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Banks, NBFCs need to build co-lending focused products for model to succeed, says Union Bank MD

Banks and non-banking finance companies (NBFCs) need to evolve co-lending specific loan products for the share of such assets to meaningfully increase in size, Union Bank of India managing director and chief e Union Bank of India xecutive officer (MD & CEO) Rajkiran Rai G said on Thursday. Speaking at the virtual FICCI-IBA banking conference, Rai said the co-lending model enables lenders to reach the unserved, NBFCs to tap banks’ high capital base at lower costs and at the same time serves customers’ interest. However, different practices adopted by banks and NBFCs for underwriting loans, collection, valuation, and margins are a challenge in the present co-lending model. “We (banks) are...

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Rural credit demand picking up but challenges remain

The credit demand from the rural economy is picking up, but challenges still exist in terms of last-mile connectivity, linguistic issues and limited structured financial information of consumers living in these areas, bankers said at the virtual FICCI-IBA banking conference held on Thursday. “From quarter 1 to quarter 2 (April-September), we have seen a huge jump in growth in home loans as far as tier-II and beyond cities are concerned…There is a 26% increase in the number of projects that are coming up for real estate in tier-II and beyond cities. The growth of home loans is more than 11%, which is better than the metro average. As far as State Bank of India is concerned, 60% of our home loan...

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Govt asks banks to share details of 'interest on interest' charged

An official confirmed the development and said that information has been sought on the methodology used for calculating the amount to be refunded or adjusted for different facilities. from Banking/Finance-Industry-Economic Times https://ift.tt/3ehUD...

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HSBC to acquire L&T Mutual Fund for $425 million

L&T Mutual Fund is ranked 12 out of 44 in the Indian mutual fund industry. Equity assets account for Rs 41,000 crore of the total cited above. HSBC is at 23 with assets of Rs 11,314 crore, of which equity accounts for Rs 4,264 crore. L&T Mutual Fund has 2.4 million active folios, is empaneled with leading banks and has a presence in 65 locations. from Banking/Finance-Industry-Economic Times https://ift.tt/32qRB...

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Kerala Financial Corp aims to double its loan portfolio size to ₹10,000 crore

Will focus on digital lending, technology upgradation in the coming years from Business Line - Money & Banking https://ift.tt/32dLh...

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IIFL Home Finance eyes Rs 24,000 crore AUM by March-end

By Piyush Shukla IIFL Home Finance is targeting assets under management (AUM) growth of 15-16% on a year-on-year basis to at least Rs 24,000 crore by March end, the company’s executive director and chief executive office (ED & CEO) Monu Ratra told FE. Ratra said that disbursements momentum has meaningfully picked up from June onwards and the first two months of third quarter, October-December, were ‘very promising’ in terms of credit growth. As on September end, IIFL Home Finance’s assets under management stood at Rs 21,474 crore and 99% of the housing loan customers onboarding was done via digital channels in the quarter ended September. In July-September, the housing financier’s disbursements...

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Physical and digital modes of financial services to co-exist in India: SBI chairman Dinesh Kumar Khara

"In India, we serve a variety of customers. We also serve those who are digital savvy and who would not like to have anything physical but on phone clicks. There are also customers who have financial and digital literacy as a major concern. from Banking/Finance-Industry-Economic Times https://ift.tt/30PA8...

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Online merchants can lose up to 40 pc revenues after December 31 due to tokenisation of user card info

The aim of the session was to bring to light the problems consumers were going to face from next year due to the RBI deadline of December 31 for tokenisation, CII said in a statement. from Banking/Finance-Industry-Economic Times https://ift.tt/3pkSX...

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Kotak Bank arm acquires portfolio from exiting Ford's captive finance unit

The deal comes three months after Kotak Mahindra Group's acquisition of the vehicle financing loan portfolio of Volkswagen Finance comprising passenger cars, two-wheelers and commercial vehicles. from Banking/Finance-Industry-Economic Times https://ift.tt/3pjC6...

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MPC Meet: RBI Governor for continued policy support amid headwinds ’emanating from global factors’

Uncertainty is emerging as the only certainty, said RBI Governor Shaktikanta Das as he emphasised on continued policy support at the December MPC meet during which members expressed concerns over spread of the Omicron variant of coronavirus, as per the minutes of the rate-setting panel released on Wednesday. After three days of deliberations, the six members of the Monetary Policy Committee (MPC) on December 8 unanimously voted for status quo on policy rates for the ninth consecutive time. At the meeting, the RBI Governor said risks stalking the global economy have amplified with rapid spread of the virus mutations, including the Omicron variant, leading to countries scrambling for restrictions. These...

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Public digital infra to facilitate financial inclusion, says Viral Acharya

He talked at the Almus Rupee Money Conference 2021 held on December 3 and 4. from Business Line - Money & Banking https://ift.tt/3pfWW...

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Supply chain fintech company Veefin raises $3 million in Series A funding round

Fresh funding will be used to build product and engineering teams from Business Line - Money & Banking https://ift.tt/3qbEN...

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Physical and digital modes of financial services to co-exist in India: SBI chairman

SBI Chairman Dinesh Kumar Khara on Wednesday said physical and digital modes of financial services delivery models will co-exist in India due to a wide geographical space. “In India, we serve a variety of customers. We also serve those who are digital savvy and who would not like to have anything physical but on phone clicks. There are also customers who have financial and digital literacy as a major concern. “So I think its not either/or situation perhaps for a country like India, the digital and physical, both will co- exist, its going to be phygital,” Khara said while speaking at the FIBAC 2021, jointly organised virtually by FICCI and IBA. On the emergence of the co-lending model in India,...

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MPAI, ADIF urge RBI to extend deadline for card on file tokenisation

Cite several operational challenges from Business Line - Money & Banking https://ift.tt/3qgPs...

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Technology bringing disruption in financial services sector, need for level-playing field: KV Kamath

"I think it is up to us bankers to make the case with the regulator what is required there to make the level playing field," Kamath said while delivering the inaugural address at the 'FICCI-FIBAC 2021' virtual event on Tuesday. from Banking/Finance-Industry-Economic Times https://ift.tt/3ehKH...

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Yes Bank gets nod to raise Rs 10,000 crore equity

Yes Bank’s board on Tuesday approved a proposal to raise Rs 10,000 crore through issue of equity or equity-linked instruments. The bank had said that it will now seek approval from shareholders. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/30RDt...

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Google Pay, Mastercard ink pact to provide tokenised card payments

Mastercard and Google on Tuesday announced a partnership through which Google Pay users can transact using Mastercard credit and debit cards on the app. Mastercard cardholders will be able to make payments through a digital token without sharing card details with merchants. Google Pay Android users will be able to scan and pay across all Bharat QR-enabled merchants and tap-and-pay machines, and make in-app transactions with their respective cards. In case the mobile device is misplaced, card details will remain secured as a digital token. The token can be updated by the card issuer in case of loss, expiration or replacement of the card. For registration, users will have to carry out a one-time...

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Niva Bupa aims to achieve Rs 5,000 cr GWP; to expand footprint by FY23-24

Standalone health insurance player Niva Bupa Insurance, formerly Max Bupa Health Insurance, was eyeing to clock Rs 5,000 crore on its Gross Written Premium at the national level and Rs 800 crore in southern region by financial year 2023-24, the company said on Tuesday. from Banking/Finance-Industry-Economic Times https://ift.tt/3ed2C...

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Recovery chances look slim for Rs 20,000 crore of micro loans

Microfinance lenders including banks and small finance banks may find it difficult to recover about Rs 20,000 crore worth of loans, which will be nearing 270 days past due (DPD) by the end of December. from Banking/Finance-Industry-Economic Times https://ift.tt/3JbuE...

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No Cabinet decision on privatisation of two Public Sector Banks: FM Nirmala Sitharaman

The Cabinet has not taken any decision on privatisation of two Public Sector Banks (PSBs), which the government had announced in Budget 2021-22, Parliament was informed on Tuesday. In the Union Budget for financial year 2021-22, the government had announced its intent to take up privatisation of two PSBs in the year and approval of a policy of strategic disinvestment of public sector enterprises, Finance Minister Nirmala Sitharaman said in a written reply in the Rajya Sabha on Tuesday. She was responding to a question on privatisation of two PSBs. The objectives of the policy include enablement of growth of public sector enterprises through infusion of private capital, technology and best practices,...

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Reliance General Insurance to launch nine sandbox approved products

Three are from the telematics segment and , while the rest are designed to address current and future policy requirements of customers from Business Line - Money & Banking https://ift.tt/3Eh5z...

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IT raids on 4 ARCs: Banks may become wary about selling NPAs

Bankers fear old cases of NPA sale to ARCs being opened up from Business Line - Money & Banking https://ift.tt/3GYrq...

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Mastercard and Google Pay partner for tokenisation for card-based payments

Google Pay Android users can scan and pay across all Bharat QR-enabled merchants from Business Line - Money & Banking https://ift.tt/3EghA...

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Banks, merchants seek permission from customers to tokenise card data

Full preparedness of the ecosystem is still some time away though most large banks and merchants are ready for the new norms that come into effect from January 1 from Business Line - Money & Banking https://ift.tt/32m6x...

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SBI invests Rs 100 cr in JSW Cement

The investment is by way of compulsorily convertible preference shares to acquire minority stake in JSW Cement from Business Line - Money & Banking https://ift.tt/32gI7...

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Banks recovered Rs 13,109 crore from sale of fugitives’ asset: Finance Minister Nirmala Sitharaman informs Parliament

Banks have recovered as much as Rs 13,109 crore from the sale of assets belonging to fugitive economic offenders Vijay Mallya, Nirav Modi and Mehul Choksi, finance minister Nirmala Sitharaman told Parliament on Monday. Replying to a discussion on the second batch of supplementary demands for grants, which was approved by the Lok Sabha amid protests by the Opposition, Sitharaman said the latest recovery from such sales was to the tune of Rs 792 crore on July 16, 2021, as she highlighted the government’s resolve to ensure the fugitives were made to pay for their illegal activities. The government had sought Parliamentary clearance to spend an additional Rs 3.74 lakh crore during the current fiscal....

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Retail and SME will be our focus: JK Shivan, MD & CEO, Dhanlaxmi Bank

Problems seem to be never-ending for Thrissur-based Dhanlaxmi Bank. Part-time chairman and independent director G Subramonia Iyer resigned from the board of directors this month. The board is engaged in a court battle with major shareholders and the lender reported a 74% Y-o-Y decline in its net profit to Rs 3.66 crore for the second quarter. JK Shivan, MD and CEO, talks to Rajesh Ravi on the lender’s performance and future outlook. Excerpts: Review of the second quarter performance?Total business has marginally grown YoY and there is improvement in CASA which stands at 34%. The cost of funds has significantly reduced to 4.70%. Low CD ratio is a concern contributing to lower income. What is...

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IDBI bank only has 16.72 crore outstanding loans to Sanghavi Exports: Stock Exchange Filing

The bank also stated that the account has been declared a non-performing asset and has been fully provided for. The lender has taken action to recover its dues as per its filing to the stock exchanges. from Banking/Finance-Industry-Economic Times https://ift.tt/3mkBn...

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Banks to offer ₹5,000 OD to women SHG members

It comes in the backdrop of looming threat of Omicron, which could impact incomes from Business Line - Money & Banking https://ift.tt/3yLQI...

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Bank employees responsible for customer's trust, not to be reinstated in case of loss of confidence: HC

​​ Justice Prathiba M Singh, while setting aside an industrial tribunal's order rejecting the termination of a bank employee who allegedly transferred funds to his personal accounts, stated that customers repose their faith in bank officials who enjoy a fiduciary relationship with them and even a suspicion of misconduct based on some evidence is sufficient to uphold their dismissal from service. from Banking/Finance-Industry-Economic Times https://ift.tt/3pcmG...

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Banks recover Rs 13,100 cr from assets sale of defaulters like Vijay Mallya, Nirav Modi: Nirmala Sitharaman

She said this while replying to a discussion on the second batch of Supplementary Demands for Grants which was approved by the Lok Sabha amid uproar by the Opposition over various issues. from Banking/Finance-Industry-Economic Times https://ift.tt/3pdKY...

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Axis Bank leads race for Citi’s India retail business

Citigroup had in April announced its decision to exit its consumer banking operations in India from Business Line - Money & Banking https://ift.tt/3e9sP...

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PSBs recover more than Rs 5.49 lakh crore over last 7 fiscal years: Govt in Lok Sabha

​​To a question related to PAN Card, Minister of State for Finance Pankaj Chaudhary said in some cases, persons have been allotted more than one PAN. However, all duplicate PAN cards, as per record, have been de-duplicated, he said. The number of PANs which have been de-duplicated is 12,12,527, he said, and added this does not include PANs which have been re-activated over a period of time. from Banking/Finance-Industry-Economic Times https://ift.tt/3Eqjg...

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Edelweiss General Insurance and PhonePe partner for digital motor insurance

Edelweiss General Insurance has partnered with PhonePe for digital motor insurance products. “The partnership will help EGI reach out to PhonePe’s vas from Business Line - Money & Banking https://ift.tt/33zCU...

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Reliance Naval lenders asked not to vote on resolution plan

Resolution professional (RP) Sudip Bhattacharya, backed by Duff and Phelps, has now cancelled voting on a plan scheduled for December 21. The RP has not yet admitted Citi Securities' ₹2,538-crore claim on the bankrupt shipbuilding company. from Banking/Finance-Industry-Economic Times https://ift.tt/3J1g7...

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NCLT rejects GVFL plea against Hubtown

The ruling is expected to impact several such investment structures entered into by developers and financiers. GVFL had filed four petitions, claiming that it, as a secured shareholder, was entitled under the shareholder pact to call upon the developer, as the original promoter, to buy back shares at a minimum 26% IRR per annum. from Banking/Finance-Industry-Economic Times https://ift.tt/3FcU4...

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Razorpay raises $375 million

Valued at $7.5 billion, the fintech pans to expand in S-E Asia from Business Line - Money & Banking https://ift.tt/30Fy4...

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Applications to apps: A new banking era

Online consumerism, demand for personalised experience give rise to neobanks. from Business Line - Money & Banking https://ift.tt/3yDX0...

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IITL to sell entire stake in Future Generali Life for ₹225 cr

Subject to approvals, the transaction is likely to be completed before June 30, 2022. from Business Line - Money & Banking https://ift.tt/3yIo4...

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Indian corporates have more headroom to borrow: Study

The decline in investments post the global financial crisis cannot be solely attributed to weak economic conditions. Leverage has a greater role in determining the investment pattern of the corporates with there being a negative relation between the two. from Banking/Finance-Industry-Economic Times https://ift.tt/3GUaM...

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NCLT admits IDBI Bank's plea against Osian's Connoisseurs

The National Company Law Tribunal (NCLT) also appointed Girish Sriram Juneja as interim resolution professional (IRP) to oversee its day-to-day affairs and revival plans.Mumbai-based Osian's Connoisseurs is a pioneer art institution and auction house, and it houses an archive, library and a collection of antiquities, miniatures, sculptures as well as other cultural artefacts. from Banking/Finance-Industry-Economic Times https://ift.tt/3yEhU...

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The rise and rise of pension plans

As Covid-hit people looked for security in golden years, both NPS and Atal Pension Yojana surged 30% in number of subscribers & value the past year from Business Line - Money & Banking https://ift.tt/3miHC...

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Token issue: Global vendors refusing credit cards issued by Indian banks

Spells trouble for many outfits sourcing services, tools from Business Line - Money & Banking https://ift.tt/3EcSc...

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State Bank of India marks centenary year with Namaste UK

Backed up by a "robust" mobile application called YONO - You Only Need One, SBI UK chief expects further interest in the account in the New Year as more Indian students and professionals make their way to the UK. from Banking/Finance-Industry-Economic Times https://ift.tt/32kP5...

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Indiabulls Housing Finance ready for 3.0: CEO Gagan Banga

Promoter Sameer Gehlaut has sold 11.9% stake in the company via his promoter cos from Business Line - Money & Banking https://ift.tt/30C9u...

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IFCI gets shareholders’ approval to raise up to ₹1,000 cr via bonds

The fundraise through private placement was passed with requisite majority as over 99 per cent of the votes were cast in favour of the resolution from Business Line - Money & Banking https://ift.tt/30BEQ...

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Govt to mull changes in law to cut state’s stake in banks

The proposals -- if approved -- would allow the government to gradually lower its holding in state-run lenders to 26% from 51% without diluting its grip on management appointments, the people said, asking not to be identified as the deliberations are private. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/3e1xR...

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RBI authorises RBL Bank to collect indirect taxes

The bank had recently been authorised to collect direct taxes on behalf of the Central Board of Direct Taxes (CBDT). from Banking/Finance-Industry-Economic Times https://ift.tt/3Fb8a...

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HDFC Bank’s loan book to MSMEs crosses Rs 13,000 cr in Uttar Pradesh

Country’s largest private sector lender HDFC Bank on Friday said its MSME book witnessed a 17 per cent year-on-year growth to over Rs 13,000 crore as of September-end in Uttar Pradesh. As of September 30, 2021, the Micro, Small, and Medium Enterprises (MSME) loan book for Uttar Pradesh stood at Rs 13,154 crore, HDFC Bank said in a statement. The Mumbai-headquartered lender said it has offered loans to more than 66,000 MSMEs so far, in the most populous state in the country. Under the ECLGS scheme of the government, HDFC Bank has disbursed advances to over 5,950 MSME units in the state. The Emergency Credit Line Guarantee Scheme (ECLGS) was introduced during the pandemic in May 2020, to provide...

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ICICI Prudential Life Insurance signs the UN’s Principles of Responsible Investing

Becomes the first Indian insurance company to do so, demonstrates its commitment towards the environment, social and governance issues from Business Line - Money & Banking https://ift.tt/3GU3s...

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HDFC Bank's loan book to MSMEs crosses Rs 13,000 cr in Uttar Pradesh

HDFC Bank had started offering loans to MSMEs in Uttar Pradesh in 2004, and in the last 17 years, it has given loans to 66,869 companies in the state, the lender said. These enterprises demonstrate the spirit of entrepreneurship that forms the backbone of economic growth. HDFC Bank has so far extended loans to MSME customers in more than 500 cities and towns covering 75 districts in the state of UP, it said. from Banking/Finance-Industry-Economic Times https://ift.tt/3e2yp...

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NPCI enables the market on Tokenisation for RuPay users with NTS

Brands like Bigbasket and Goibibo have joined hands with NPCI to introduce the tokenisation facility from Business Line - Money & Banking https://ift.tt/32aJx...

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Bank strike continues for second day; services across country hit

Lakhs of employees of public sector banks continued their strike on the second day on Friday as well to protest against proposed privatisation of banks by the government impacting normal operation across the country. Shutters of branches across many parts of the country on Friday were down following the strike call given by the United Forum of Bank Union (UFBU), an umbrella body of nine bank unions including All India Bank Officers’ Confederation (AIBOC), All India Bank Employees Association (AIBEA) and National Organisation of Bank Workers (NOBW). As a result, services such as deposits and withdrawal at branches, cheque clearance and loan approvals remains paralaysed due to the two-day strike...

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HomeFirst enters into co-lending partnership with Union Bank

Under this partnership, HomeFirst will originate loans as per the agreed credit policy of UBI in line with the provisions of RBI’s Co-Lending Model from Business Line - Money & Banking https://ift.tt/3ywNA...

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YES Bank board to meet on December 21 to consider fund raise

The board of YES Bank will meet on December 21 to consider raising funds.“…a meeting of the Board of Directors of YES Bank is scheduled to be held on from Business Line - Money & Banking https://ift.tt/33BmC...

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PhonePe tokenised cards on Visa, Mastercard and Rupay

A token is a string of randomly generated numbers from Business Line - Money & Banking https://ift.tt/3E58O...

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PSU bank strike: Banking services at state-own lenders affected

Customers were inconvenienced due to the strike and as most of the ATMs ran dry due to the lack of replenishment. from Banking/Finance-Industry-Economic Times https://ift.tt/3E0vl...

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Shriram Transport risk appetite heightens with proposed merger, says Fitch

Any rise in risk appetite following the merger could subsequently pressure asset quality and credit costs from Business Line - Money & Banking https://ift.tt/324vZ...

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Paytm expands rent payment services; offers cashback up to ₹10,000

Adds car, furniture, guesthouse rentals, wedding venue and services payment, and society maintenance. from Business Line - Money & Banking https://ift.tt/3q1i1...

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HDFC sells 4.51% in Ansal Housing

Housing Development Finance Corporation Limited has sold 26.8 lakh shares representing 4.51 per cent of the paid-up share capital of Ansal Housing Lim from Business Line - Money & Banking https://ift.tt/33AHI...

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Bank strike today. Here's all you need to know

The two-day strike on December 16 and 17 was called by the United Forum of Bank Unions (UFBU). UFBU is an umbrella body of nine unions from Banking/Finance-Industry-Economic Times https://ift.tt/3m8Kc...

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Tata Motors to sign a retail finance MoU with Bandhan Bank

Bandhan Bank will provide loans to Tata Motors’ customers at an interest rate starting from 7.50 per cent from Business Line - Money & Banking https://ift.tt/3EXUZ...

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UBS says it remains committed to India as advisory services move

"We remain committed to our business in India and retain a significant presence onshore and in the region," UBS said in an emailed statement. from Banking/Finance-Industry-Economic Times https://ift.tt/3EZlf...

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SBI to explore possibility of offloading 6% stake of the bank

SBI looking to go through the IPO route from Business Line - Money & Banking https://ift.tt/3E3NH...

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AutoPay continues to see robust growth in November

Major merchants live on AutoPay include Netflix, Paytm, Gaana, Disney Hotstar, Policybazaar from Business Line - Money & Banking https://ift.tt/3oW9w...

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Microfinance loan portfolio grows 5.16 pc to Rs 2.43 lakh crore as on September-end: Report

MFIN is an industry association comprising of 58 NBFC-MFIs and 39 associates including banks, small finance banks (SFBs) and NBFCs. The industry served 5.65 crore unique borrowers, through 10.52 crore loan accounts as of September-end. from Banking/Finance-Industry-Economic Times https://ift.tt/3s5Od...

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Paytm launches Paytm Wealth Academy

A first of its kind tech-powered educational platform for traders and investors from Business Line - Money & Banking https://ift.tt/33lS1...

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MODIFI announces $145 million in debt financing

Says funds will be used to address increasing demand and help more small and medium-sized enterprises from Business Line - Money & Banking https://ift.tt/3pUzF...

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Why cryptocurrencies must be regulated

Cryptocurrency is an asset that has no intrinsic value. It is driven up by speculative frenzy from Business Line - Money & Banking https://ift.tt/3ypjb...

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Kerala govt writes to RBI to withdraw caution notice on use of word 'bank' by co-op societies

In November, the RBI cautioned the public against co-operative societies using 'bank' in their names as well as accepting deposits from people who are not their members. The RBI had said in a statement that it has come to notice that some cooperative societies are using the word 'bank' in their names in violation of the Banking Regulation Act. from Banking/Finance-Industry-Economic Times https://ift.tt/3m5tT...

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Kotak Mahindra Bank wants to be the preferred credit card product for every Indian

Bank is looking to replicate KMB’s recent success in home loans in credit cards as well: Consumer Assets President Chandna from Business Line - Money & Banking https://ift.tt/3ETDK...

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Axis Bank not for extending timelines on loans recast; no deal-talk with Spandana

Its deputy managing director (designate) Rajiv Anand also made it clear that there are no conversations around a deal with Spandana Sphoorty at present, denying reports of the third-largest lender being interested to buy the microlender. from Banking/Finance-Industry-Economic Times https://ift.tt/3EZkg...

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