SBI launches YONO Merchant app to tap retail, enterprise players

This is in line with RBI creating a Payments Infrastructure Development Fund (PIDF) to encourage acquirers to deploy PoS infrastructure in lesser penetrated areas of the country

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Deccan Urban Co-op Bank put under RBI ‘Directions’ as of Feb 19

Withdrawals capped at ₹1,000 per depositor; 99.58% of depositors fully covered by DICGC insurance scheme

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Deccan Urban Co-op Bank withdrawals capped at Rs 1000 per customer; RBI bars from lending, investing

Although the withdrawal limit has been capped to just Rs 1,000 per account, RBI has said that depositors will be allowed to set off loans against deposits subject to some conditions.

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Corporate lenders vs taxman: Round one of bankruptcy bout goes to the lenders

The ruling will also set a precedent for several other IBC cases, say industry trackers. Often, the corporate lenders and the tax department are at loggerheads over who has the first right on the proceeds from the sale of an insolvent company.

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Deccan Urban Co-op Bank: RBI puts Rs 1,000 withdrawal cap for 6 months

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RBI puts Rs 1,000 withdrawal cap on Deccan Urban Co-operative Bank; fresh loans, deposits restricted

It has also asked the lender to desist from disbursing any payment whether in discharge of its liabilities or otherwise, or dispose of any of its assets except as notified in the RBI direction.

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PDs suffer in yield war between RBI and bidders

Government Securities (G-Sec) auctions are caught in a tug-of-war between bidders demanding higher yields and the Reserve Bank of India’s reluctance t

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General insurance sector may revive in Q4

The industry should focus on product innovation: SBI General Insurance official

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Transporters to join Bharat Bandh on Feb 26

Seek uniform diesel price, scrapping of E-Way Bill

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Karnataka Bank reports Rs 34.16-crore fraud to RBI

Private sector lender Karnataka Bank on Friday said it has reported to the RBI a fraud of about Rs 34.16 crore in credit facilities extended to IL&FS Transportation Networks, which is a dud account now.

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Fino Payments Bank to onboard 10,000 women as business correspondents in U.P.

Fino Payments Bank is working with the Uttar Pradesh State Rural Livelihood Mission (UPSRLM) to train and onboard 10,000 women from Self Help Groups (

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Transporters to join Bharat Bandh on Feb 26

Seek uniform diesel price, scrapping of E-Way Bill

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LIC Housing Finance disburses Rs 1,331 crore of loans via mobile app

It said the 'Homy' app facilitated 14,155 customer home loan applications since its launch on February 14, 2020. More than 7,300 of these customers have had their home loans sanctioned. Of these, loans were disbursed to 6,884 customers amounting to Rs 1,331 crore so far.

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Bank unions stage protest against privatisation; plan to march towards Parliament in March

About 10 lakh bank employees and officers under the banner of United Forum of Unions consisting of nine unions AIBEA, AIBOC, NCBE, AIBOA, BEFI, INBEF, INBOC, NOBW, NOBO are agitating against government's proposal, AIBEA said in a statement.

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Govt should strengthen PSBs instead of privatising: AIBEA

United Forum of Bank Unions to strike on March 16, 16 against government’s call to privatise two PSBs

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Indian Bank inks MoU with IISc arm for funding start-ups, MSMEs

SID will identify the start-ups and MSMEs and will refer them to the bank

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Indian Bank signs MOU with SID of IISc, for funding Start-ups and MSMEs

This initiative is a part of the Banks scheme Ind Spring Board for financing Start-ups and will empower Start-ups and MSMEs to realise their research efforts powered by financial support from the Bank and backed by incubation facilities offered by SID, it said in a release.

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U GRO Capital launches GRO Micro, adds 25 branches

The distribution channel will cater to unorganised micro businesses in non-metro markets

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SBI lures tweeple with ‘hai-nahi hai’ campaign to grow retail loans

The bank wants to expand personal, gold, and car loan portfolios as the non-performing asset level are below one per cent.

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Bank of Maharashtra, Vanaya Network tie up for channel financing

Bank of Maharashtra on Thursday entered into a strategic partnership with fintech company Vayana Network to offer channel financing service for MSMEs. Vayana is India’s largest supply chain financing platform offering financial support to MSMEs.

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Govt flags SBI-HDFC Bank-Bank of Baroda's NUE plan to rival NPCI

The government doesn't want public sector banks, which SBI and Bank of Baroda are, to compete against RuPay and UPI that are run by the National Payments Corporation of India (NPCI).

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Zero-MDR regime: Govt sites skip netbanking, foreign card schemes

At the same time, the disappearance of netbanking and card payment options for a section of users is causing great inconvenience.

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I want to run the bank professionally, create value for shareholders: JK Shivan, MD & CEO, Dhanlaxmi Bank

Corporate advances are marginally lower while gold loans have increased by 48.64% year-on-year and now stand at 26.06% of the total loan book.

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RBI tightens payments security norms for banks, digital payment operators

“The Master Direction provides necessary guidelines…to set up a robust governance structure and implement common minimum standards of security controls for digital payment products and services,” the central bank said in a circular.

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Government's initiatives brings back loan growth to pre-Covid levels

Enquiries by borrowers rose 13 per cent year-on-year as of December'20 with lending growth largely being driven by the MSME segment. The total on-balance-sheet commercial lending exposure in India stood at Rs 71.25 lakh crores in Sep’20, clocking a growth rate of 2.1% y-o-y.

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70 bps decline in price of 10-year G-Sec

Price of the benchmark 10-year Government Security (G-Sec) declined by about 70 basis points, with its yield rising about 10 basis points, as two of t

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‘REs should incorporate secure, safe usage guidelines for digital payments’

The Reserve Bank of India (RBI) wants regulated entities (REs) to make it mandatory for the consumer to go through secure usage guidelines vis-a-vis d

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Digital capabilities helped Karnataka Bank during pandemic: MD

Our BureauThe digital capabilities of Karnataka Bank Ltd (KBL) helped it to extend most of the banking transactions through online mode as well as al

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Magma Housing Finance eyes 20-25% growth in FY22

Magma Housing Finance, which has been growing at nearly 17-18 per cent during the pandemic, is looking to grow by nearly 20-25 per cent in 2021-22, ba

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RBI approves Piramal resolution plan for DHFL

SurabhiThe Reserve Bank of India is understood to have approved the resolution plan for Dewan Housing Finance Corporation Ltd submitted by Piramal Gr

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Education loan demand hits new high despite pandemic

Education loan companies – which include banks and non-bank lenders - have disbursed Rs 11,000 crore loans in the 12 months through September 2020, according to data from CRIF High Mark, a credit bureau.

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Erstwhile Allahabad Bank customers successfully migrates to Indian Bank app

Customer account numbers of both banks unchanged; login credentials of Internet banking, mobile banking retained

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RBI approves Piramal's resolution plan for DHFL

The CoC will now take the proposal to the National Company Law Tribunal

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As court rules Citi can't get back $500 mn it wrongly paid, what does India's law say

As court rules Citi can't get back $500 mn it wrongly paid, what does India's law say

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Max Life Insurance appoints Amrit Singh as Chief Financial Officer

Max Life Insurance Company Ltd (Max Life) has announced the appointment of Amrit Singh as Chief Financial Officer & Executive Vice President, Str

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Commercial credit growth rebounds to pre-Covid level: Report

The total on-balance-sheet commercial lending exposure in India stood at ₹71.25 lakh crore in September 2020, registering a growth of 2.1 per cent year on year, said the latest TransUnion CIBIL-SIDBI MSME Pulse Report

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IndusInd Bank raises ₹2,021cr of common equity capital through conversion of preferential warrants

IndusInd Bank said it has raised ₹2,021 crore of common equity capital through conversion of preferential warrants issued to the promoter entities –

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How Citibank committed “one of the biggest blunders in banking history”

A $900 million accidental transfer

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Banks under Directions: Govt, RBI working on allowing depositors withdraw up to ₹5 lakh

At present, when a bank is placed under Directions, deposit withdrawals are capped and it ranges from ₹1,000 to ₹1 lakh of the total balance held by a depositor.

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KKR India NBFC, InCred set for all-stock merger

KKR will end up owning 33-35% of the entity that will emerge from the merger of KKR India Financial Services and InCred, while InCred and its promoters will own the rest.

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IndusInd pays premium to redeem warrants

Post the conversion of the warrants into shares, the promoter holding will increase by 1.7% to about 15%, the company said.

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Lufthansa India aims to reach out-of-court settlement with 100 terminated staff

Forum GandhiLufthansa India is looking for an out-of-court settlement with nearly 100 Indian staff who were laid off recently.Over 103 Indian cabin cr

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No bank has been finalised for privatisation: Bank of Maharashtra MD

-Rutam VoraWith a lot of buzz around the privatisation of Bank of Maharashtra and other public sector banks, a top official from the bank informed th

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IndusInd Bank promoters complete capital raise via rights issue

IIHL plans to list outside India by first week of Sept

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Covid-19 claims register marginal decline: Insurers

Medical costs and insurance claims for Covid-19 treatment seem to have declined in recent months, with treatment costs now largely standardised and be

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S&P says India ‘on track’ for economic recovery in FY22-end

India is on track for an economic recovery in the fiscal year ending March 2022, according to S&P Global Ratings.In S&P’s view, the Indian ban

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ICICI Lombard partners with Flipkart to offer Hospicash insurance

Flipkart has partnered with ICICI Lombard General Insurance to offer Hospicash insurance, which allows consumers to avail a fixed amount for each day

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ICICI Lombard partners with Flipkart to offer 'Hospicash' benefit to consumers

Compared to the standard indemnity health insurance policies, Group SafeGuard is a benefit offering that allows consumers to avail a payout for each day of hospitalisation, a joint statement said on Wednesday.

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Magma Fincorp open offer from April 8

Magma Fincorp’s open offer will start on April 8 and close on April 26, it said in a regulatory filing on Wednesday.“Submission of the detailed publi

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IndusInd Bank promoters complete capital raise

IIHL plans to list itself outside India by first week of September

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Budget plan to privatise two PSBs: Centre may have to tweak the ‘nationalisation’ laws

Changes to the two laws that enabled govt to takeover lenders in 1970 and 1980 may be made in the monsoon session

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NBFC stressed assets may hit Rs 1.5-1.8 lakh crore by fiscal-end, says Crisil

Operations of most of these lenders were curbed the most in the April-June quarter, when disbursements and collections were severely affected by the complete standstill in economic activity

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RBI releases guidelines on credit default swaps

The Reserve Bank of India (RBI) plans to allow retail users undertake transactions in permitted credit derivatives for hedging their underlying credit

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NBFCs' stressed assets may touch Rs 1.5-1.8 lakh crore by March-end: Report

The report had said the asset quality of non-bank players is expected to deteriorate further due to disruption of business operations caused by the pandemic, especially in the industry sector, one of the major recipients of NBFC credit.

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New Covid-19 strains from Brazil, South Africa spotted in India

Strains’ higher transmissibility sets off alarm bells

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Start-up Machint Solutions launches fintech solution platform

Machint Solutions, a fintech start-up, has launched Uluka – a digital platform that helps financial institutions enhances customer engagement process.

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Max Bupa Health Insurance targets ₹5,000 cr by FY25

Max Bupa, a leading standalone health insurance, which has been growing at a CAGR of over 30 per cent, expects to close 2020-2021 at about ₹1,700 cror

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Indian Bank completes CBS integration with Allahabad Bank

Indian Bank has announced the successful go-live of the consolidated CBS (core banking solution) platform, a move that follows the merger of Allahabad

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CRISIL upgrades rating of Muthoot Finance’s long-term debt facilities to AA+

CRISIL Ratings has upgraded its ratings on the long-term debt facilities of Muthoot Finance to ‘CRISIL AA+/Stable’ from ‘CRISIL AA/Positive’.CRISIL R

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Move to use digital solutions helps Karnataka Bank in data-driven transformation: BCG

The Mangaluru-based Karnataka Bank Ltd’s (KBL) decision to embrace digital and technology solutions under ‘Project KBL Vikaas’ has helped it to succes

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Medical expenses key reason for digital loans during pandemic: CASHe survey

Emergency funds during the Covid-19 pandemic for medical expenses and credit refinancing was the main reason why millennials took digital loans in 202

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RBI board reviews current economic situation

The Central Board of Directors of the Reserve Bank of India reviewed the current economic situation, global and domestic challenges, among others, at

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Religare hopeful of finalising debt restructuring soon: Nitin Aggarwal

Optimistic about revival of lending businesses after restructuring, says CFO

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Digital insurer ACKO aims Rs 1,500 crore biz next fiscal

The company did a business of about Rs 370 crore in the last fiscal year and this year also, despite the pandemic, there has been a growth.

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TCS BaNCS solution to help BankservAfrica drive Rapid Payments Program in South Africa

Tata Consultancy Services on Tuesday announced that its TCS BaNCS for Market Infrastructure solution has been selected by the South African Bankers Se

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Employees’ union voice concerns against privatising BoM

Our BureauBank of Maharashtra’s (BoM) employees’ union wants the government to maintain the public sector character of the bank in the backdrop of the

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Govt could raise up to ₹12,800 cr if it divests in 2 PSBs: CARE Ratings

At the lower end, it could mop up ₹6,400 cr; the banks in question are IOB, BoI, Bank of Maharashtra, Central Bank of India

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Government to bring amendments to two Acts to enable privatisation of PSU banks

Amendments would be required in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 for privatisation

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NBFCs’ stressed assets could touch ₹1.5-1.8-lakh cr by fiscal end: Crisil Ratings

That’s 6% to 7.5% of their AUM; personal loan segment to be the ‘big challenge’ this year

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Unclaimed deposits: RBI may nudge banks to streamline information access for nominees/heirs

As of December 2019, there are 6.41 crore unclaimed deposits totalling ₹18,379.52 crore

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Mastercard and Razorpay partner to make digital payments more accessible for MSMEs and startups

Mastercard said in a statement on Tuesday, noting that the Covid-19 pandemic has accelerated the adoption of digital technologies

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Bond market will stabilise once there is visibility on RBI’s intervention, says Rajeev Radhakrishnan of SBI MF

The bond market is in a turmoil due to the large borrowing program announced by the Centre. A war of nerves is currently on between the bond market an

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DHFL’s fake branch used to siphon Rs 12,000 crore, says ED

Promoters of Dewan Housing Finance Corporation Ltd (DHFL) had opened a fictitious branch in Bandra which boasted of over two lakh dummy homebuyers and had been created to siphon off Rs 12,000 crore, according to information obtained by the Enforcement Directorate from DHFL senior executives.

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BOJ Governor says stock boom reflects economic optimism, defends ETF scheme

Premature to debate end to BOJ’s ETF buying; warns of high uncertainty, risks to Japan’s economic outlook: Haruhiko Kuroda

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RBI announces expert committee on primary urban cooperative banks, to be chaired by NS Vishwanathan

The committee’s terms of reference will include taking stock of the regulatory measures taken by the RBI and other authorities in respect of UCBs and assess their impact over the last five years to identify key constraints and enablers, if any, in fulfilment of their socio-economic objective.

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Operation Twist: RBI to hold next round of simultaneous purchase & sale of government securities on Feb 25

“On a review of current liquidity and financial conditions, the RBI has decided to conduct simultaneous purchase and sale of government securities under open market operations (OMO) for an aggregate amount of ₹10,000 crore each on February 25, 2021,” the RBI said in a notification on Monday.

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Luxembourg is route of choice for FPIs

10-fold rise in FPIs originating from Europe’s tax haven in a decade

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Indian Bank integrates core banking software of erstwhile Allahabad Bank

The bank has successfully completed process of technical migration of CBS/ITMS software of erstwhile Allahabad Bank with CBS/ITMS software of Indian Bank, it said in a regulatory filing.

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MSME lender SIDBI posts Q3 net profit of Rs 630 crore as NII grows, credit growth remains strong

Credit and Finance for MSMEs: For the nine-month period ended December 31, 2020, SIDBI reported a 38.4 per cent jump in net profit from the year-ago period.

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RBI allows AD Cat-I Banks to post and collect margin in India

The Reserve Bank of India (RBI) has allowed Authorised Dealer (AD) Category-I Banks to post and collect margin in India, on their own account or on be

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Bank credit growth at 90% of FY20 level

Bank credit growth in FY21 so far (up to January 29) has reached about 90 per cent of the year-ago level, going by the Reserve Bank of India’s data on

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KreditBee secures $75 m Series C funding

Fintech lending start-up KreditBee recently concluded its Series C equity round worth $75 million from Premji Invest, Mirae Asset Naver Asia Growth Fu

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India shortlists four banks for potential privatisation: Sources

The four banks on the shortlist are Bank of Maharashtra, Bank of India, Indian Overseas Bank and the Central Bank of India, two officials told Reuters on condition of anonymity as the matter is not yet public.

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Future of banking is a digital business model

Consumers have become more demanding of digital experiences. The pandemic has only amplified the need for easy access to banking products, services and information.

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‘Life insurance industry could grow up to 15% in FY22’

Rebound in GDP growth next fiscal could mean improved prospects for savings and life insurance companies, believes Vidbha Padalkar, MD and CEO, HDFC L

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RBI sets up eight-member panel to strengthen UCB sector

The Reserve Bank of India (RBI) has set up an eight-member expert committee to examine the issues and to provide a road map for strengthening the urba

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RBI sets up panel to suggest steps for strengthening, consolidating urban co-operative banks

The panel will "draw up a vision document for a vibrant and resilient urban co-operative banking sector having regards to the Principles of Cooperation as well as depositors' interest and systemic issues," said the terms of reference of the committee which will be required to submit its report to the RBI in three months.

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Kerala Financial Corporation to launch debit cards

Kerala Financial Corporation, a leading State Financial Corporation, is the first among government financial institutions in Kerala to introduce its

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Kotak Mahindra Bank announces launch of Kotak Remit on mobile

For the first time, Kotak customers can conveniently transfer money internationally to their beneficiaries straight from their mobile, Kotak Mahindra Bank said in a release.

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Why proactive regulatory actions are the need of the hour

This will sustain the recovery being seen in the financial sector and, in turn, retain the confidence of lenders and investors

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PSBs privatisation: Guessing the list

Though experts have their own take on the subject, there is no clear indication on what’s in store

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RBI announces OMO of ₹10,000 crore on Feb 25

The Reserve Bank of India (RBI) on Monday said it will conduct simultaneous purchase and sale of Government securities (G-Secs) under Open Market Ope

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Small Finance Banks gear up for expansion, higher disbursements

Collection efficiency at pre-Covid level; some customer segments, however, remain impacted

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‘Max Life to up its cloud game as it goes more digital’

No immediate plans for capital structure rejig, says CEO

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Irdai asks insurers to issue Digilocker to policyholders to preserve documents

In order to promote the adoption of Digilocker in the insurance sector, the Authority advises all insurers to enable their IT systems to interact with Digilocker facility to enable policyholders to use Digilocker for preserving all their policy documents.

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Gold loans: A place to be in, for banks

Seen as safe bet in terms of both growth and asset quality

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Finance Ministry to infuse Rs 3,000 crore in general insurance companies this quarter

The cabinet had also decided to increase the authorised share capital of National Insurance Company Limited (NICL) to Rs 7,500 crore and that of United India Insurance Company Limited (UIICL) and Oriental Insurance Company Limited (OICL) to Rs 5,000 crore each to give effect to the capital infusion decision.

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Non-life insurers direct premium rises by 6.7 per cent in Jan

25 general insurance companies witnessed 10.8 per cent increase in their collective premium in January 2021

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Non-life insurers direct premium rises by 6.7% in January

25 general insurance companies witnessed 10.8 per cent increase in their collective premium in the first month of 2021 at Rs 16,247.24 crore as against Rs 14,663.40 crore in January 2020, according to Irdai data.

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Three public sector general insurers lose market share in 2019-20: IRDAI report

New India largest general insurer; LIC maintains market share at 66 per cent

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