Crypto transactions should be recognised as asset class, regulated centrally: RSS body

Adds that this will help the government unearth illicit transactions and take action against them

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Lower base: NBFC loan sanctions pick up in Q2, but below last year’s levels

The Reserve Bank of India’s (RBI's) guidelines on initial public offer (IPO) financing should further restrict LAS growth in the next quarter, FIDC expects.

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PM Modi to inaugurate key fintech event on December 3

Reliance Industries chairman Mukesh Ambani, SoftBank chairman and chief executive Masayoshi Son and Infosys co-founder Nandan Nilekani will be among the key speakers at the event.

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IDFC First partners up with HPCL to facilitate fuel payments using FASTag

This tie-up makes the purchase and use of tags convenient for about five million motorists, it said in a statement. “As a digital-first bank, our effort is to make all transit-related payments simpler. IDFC First Bank has issued close to five million FASTags and these tags are used actively by motorists across toll plazas with transactions averaging two million a day," said B Madhivanan, chief operating officer, IDFC First Bank.

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Majority of insurance buyers prefer physical copies of policy document: Survey

As per regulation 4 of IRDAI (issuance of e-insurance policies) Regulations, 2016, an insurer has to issue both physical and electronic insurance certificates to policyholders.

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Sundaram Asset gets nod for purchase of asset management biz of Principal Asset Management

There will be an ‘exit load free window’ for investors to redeem their investments

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Gold loans business is not a bed of roses, say Muthoot Finance Chief

George Alexander Muthoot on more players getting into the gold loans biz means vindicating its biz model honed over last eight decades.

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Industry players welcome RBI Working Group report on digital lending

Say it would ensure higher standards of ethical behaviour and code of conduct for such platforms

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NFRA to hire CAs as 'professionals' on contractual basis

Invites applications from CAs to fill about nine positions

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Maharashtra government files case against Reliance General Insurance

The state government had earlier informed the Centre that non-payment of claims by the company to many farmers could result in a "law-and-order situation" in the state as five other insurers had paid about 90% of the claims for the 2021 kharif season.

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PM Modi nudges banks to back wealth, job creators

Modi said the banking sector has to understand that in India it was time for investing in ideas. "It is time to support startups. Startup is an idea, there is no asset, it is just an idea," he said.

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RBI panel pitches for strict regulation of digital loan apps

The report said there were approximately 1,100 lending apps available for Indian Android users across over 80 application stores, of which 600 were illegal.

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Collections will sustain at pre-Covid levels if there is no lockdown: Sanjay Agarwal, MD & CEO, AU Small Finance Bank

Currently, we are providing no guidance on this as the situation remains fluid. However, we believe we are very strongly positioned in terms of balance sheet strength to capture the opportunities in the segments we operate in.

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Punjab National Bank raises Rs 1,919 crore via bonds

The bank has issued and allotted Basel III compliant tier-II bonds at a coupon of 7.10 per cent per annum aggregating to Rs 1,919 crore on a private placement basis, it said in a BSE filing.

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Auction of three G-Secs aggregating ₹24,000 crore sails through

G-Sec yields trended lower on the back of thaw in the US treasury yields

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Digital lending: RBI report spotlights customer protection, sacure ecosytem

Calls for verification process for online lending platforms and mobile apps

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Network International, NPCI International sign MoU

Collaboration will allow for the use of UPI on Network International’s merchant network in UAE

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Scripbox partners with Max Life, Aegon Life, HDFC Life to offer term life plans

Scripbox will provide solutions for customer’s needs. This will be supplemented by issuance and claims process assistance as well. Life insurance is one of the fundamental pillars of sound financial planning. While life insurance has been available in India for decades, the level of protection is quite low.

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BoM opens 2,000th branch at Tirumala

The milestone branch will cater to a diverse customer base

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PM Modi exhorts banks to support startups, invest in ideas

Wants each bank branch to have at least 100 fully digital business customers by August 15 next year

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Disprz raises $13 mn from Dallas Venture Capital, others

The firm will use this investment further to scale up product and engineering teams, establish a sales and marketing division in the US among others

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Democracies need to work together for safe cryptocurrency operations: PM

Says India has created robust framework of data protection, privacy, security

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Paytm's Sharma goes from 'ineligible' bachelor to billionaire

Forbes puts Sharma's net worth at $2.4 billion

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Democracies need to work together for safe crypto currency operations: PM

Says India has created robust framework of data protection, privacy, security

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RBI authorises RBL Bank to collect direct taxes

Private sector lender RBL Bank has been authorised by the Reserve Bank of India to collect direct taxes on behalf of the Central Board of Direct Taxe

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Modi exhorts banks to support wealth, job creators; increase country's balance sheet

Addressing bankers at the symposium to 'Build Synergy for Seamless Credit Flow and Economic Growth', Modi said banks have to now adopt a partnership model to help businesses thrive and move away from the idea of being a loan "approver" to a loan "applicant".

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The China angle that could hamper Paytm's forward march

Global financial services major Macquarie isn't enthused and sees a 40% downside from its issue price in what it described as a 'cash guzzler'.

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NSDL e-Governance gets RBI’s in-principle nod as Account Aggregator

It's a first-of-its-kind consent framework that empowers individuals with control over their data and the ability to securely and digitally access and share the same.

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Retail advances will drive growth this fiscal: Axis Bank

Private-sector lender expects revival of unsecured lending in the second half

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Ensure cryptocurrency does not end in wrong hands: PM to democratic nations

Modi said the country is investing in developing indigenous capabilities in diverse areas including in 5G

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India received $87 billion in remittances in 2021; US is the top source

Remittances are projected to grow three per cent in 2022 to $89.6 billion

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Payment channels show pick-up in Oct driven by festive spends

Electronic toll payments also recorded an increase. The value of transactions through prepaid payment instrument (PPI) cards, however, fell 16% MoM to Rs 2,498 crore.

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Bank lending as well as deposits pick up by over Rs lakh crore during Diwali fortnight

Bank loans rose Rs 1.19 lakh crore during the fortnight ended November 2021 to Rs 111.63 lakh crore. This translates into year-on-year growth rate of 7.14 per cent compared to 6.8 per cent in the previous fortnight. Bulk of the loan demand is , bulk of which is expected to be in the retail space as consumers spent a a record Rs 1.25 lakh crore this Diwali according to data by Confederation of All India Traders.

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PhonePe says clocked record 2 billion monthly transactions in October

PhonePe, part of Walmart-controlled Flipkart Group, clocked more than two billion transactions across payment channels in October. It was only in February that PhonePe had recorded one billion monthly transactions.

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SAT allows PNB Housing Finance to withdraw appeal in Carlyle deal

Soon after the preference issue of shares was announced in May this year, controversy erupted with regard to the valuation of the shares to be offered to the investors and the capital markets regulator Sebi intervened and stalled the deal until there was revaluation of the shares.

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RBI slaps Rs 10.5 lakh penalty on Shri Kanyaka Nagari Sahakari Bank, Chandrapur

Further, the bank delayed the reporting of frauds on many occasions, and also granted director-related loans in contravention of/ non-compliance of directions. A show cause notice was issued to it.

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Bank credit grows at 7.14 pc, deposits at 11.42 pc: RBI

In the previous fortnight ended October 22, 2021, bank credit had grown by 6.84 per cent and deposits by 9.94 per cent. In FY2020-21, bank credit had risen by 5.56 per cent and deposits by 11.4 per cent.

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No objection certificate from IT dept not required for voluntary liquidation: IBBI

Teh move will help speed-up the process of liquidation under the IBC

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Banks see robust festival season credit growth

Lent ₹1,27,742 crore in the fortnight ended Nov 5

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Velocity.in raises $20 million in funding led by Peter Thiel’s Valar Ventures

Offers revenue-based financing to e-commerce biz as an alternative to venture capital and traditional bank debt

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Fino Payments Bank to expand product offering

Not looking to convert to SFB as of now, says MD and CEO

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Bombay HC allows DHFL’s plea to discharge its name from the CBI investigation

The Bombay High Court has allowed the petition filed by Dewan Housing Finance Ltd (DHFL) to discharge its name and drop proceedings against it in an ongoing investigation by the Central Bureau of Investigation (CBI).

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Mahindra Finance launches vehicle leasing, subscription business

Quiklyz will launch services in metro cities

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NPCI takes UPI global, ties up with leading payments provider PPRO

The agreement aims at expanding RuPay card and UPI acceptance across PPRO’s global clients such as payment service providers (PSPs) and global merchant acquirers.

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LIC IPO expected to hit market by Q4: Dipam Secy

Department of Investment and Public Asset Management Secy Tuhin Kanta Pandey has said that the much-awaited LIC IPO is expected to hit the market by the fourth quarter of the current fiscal.

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PhonePe surpasses two billion mark in monthly transactions in October

This growth comes on the back of rapid traction across Tier II, Tier III cities and beyond

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Under co-lending tie-up, SBI and U GRO aim to disburse ₹500 cr to MSMEs by March 2022

The tie-up is under the alternative option of RBI's revised co-lending guidelines involving post disbursal takeover of the bank's share in the loan on a back-to-back basis.

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IndusInd Bank launches mobile app for merchants

Any current account holder can download the app and start using it

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Why investors should invest in equities or mutual funds

One important aspect of investing through mutual fund schemes is the selection of the right distributor. Investors should always select a distributor with high integrity, high experience, and deep knowledge of the stock market.

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Reliance General Insurance's refusal to pay crop claims can become a law & order issue, Maharashtra tells Centre

RGICL, which covers 10 districts of Maharashtra under the Pradhan Mantri Fasal Bima Yojana (PMFBY), in its correspondence with the state commissioner (agriculture), had said it “has constraints towards disbursements of kharif 2021 claims before settlement of kharif 2020 and rabi 2020 claims”.

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RBI officers, employees withdraw call for agitation

Human Resources Department intervenes in wage revision issue

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Real capex will revive in 9-12 months. says Axis Bank CEO Amitabh Chaudhry

Chaudhry had pivoted the bank toward a better quality franchise and the bank would soon catch up with the NIMs and RoAs reported by the likes of ICICI Bank and HDFC Bank.

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Microfinance sector: Average collection efficiency improves to 95% in Q2 from 85% in Q1

Asset quality of the lenders of the sector improved on a sequential basis with portfolio at risk (PAR) above 30 days falling to 10.18% as on September 30 from 16.56% as on June 30, 2021, according to the quarterly review of the sector by Sa-Dhan, a self-regulatory organisation for the sector.

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India Ratings sees NBFCs, HFCs AUM rising 10% in H2FY22; GNPAs to increase

The rating agency said since the second wave of Covid-19, especially during the July-September period, the risk appetite in the system has reasonably improved led by strong corporate performance, better external conditions and sustained ultra-loose monetary policy conditions.

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NBFC bad loans set to rise with RBI clarification on IRAC norms, say analysts

Analysts said while banks have been following the new rule on upgrades, it will be a fresh start for most NBFCs.

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Have far deeper issues with cryptocurrencies: RBI chief

For the second time in a week, RBI Governor Shaktikanta Das on Tuesday expressed concern over cryptocurrencies, saying there are “far deeper issues”

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Bank boards must diligently discharge oversight functions: RBI Governor

They ‘carry the responsibility of being guardians of trust reposed by depositors’

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IOB lowers yearly profit to Rs 646 cr on asset classification divergence

While the bank reported Gross Non-Performing Assets (GNPAs) at Rs 16,323 crore in FY21, the Reserve Bank assessed it at Rs 17,023 crore, leading to a divergence of Rs 700 crore in gross bad loans.

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Inside Freecharge’s neo banking gameplan

It will provide a host of services including fixed deposits, lending, BNPL, digital credit cards, and investing options in one app

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Board’s carry responsibility of being guardians of trust depositors have reposed in a bank: Das

RBI Governor says certain banks have a skewed priority for serving only the interest of their investors

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Borrowers moving towards fixed rate loans: RBI chief

‘RBI has started taking a closer look at the business models and strategies of banks’

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PIDF corpus at ₹614 crore

Over 57 lakh acceptance devices deployed by September-end

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Maveric Systems to hire 1,200

Estimates to close current fiscal with ₹520 crore in revenue

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MFI's gross loan portfolio dip 1.1 pc to Rs 2,25,331 crore at September-end: Report

​​Total disbursement of all lenders during the second quarter of FY22 was Rs 66,694 crore compared to Rs 34,135 crore disbursed during the same quarter of the last year, the report said. Sa-Dhan Executive Director P Satish said the sector, which was affected in the first quarter of this financial year due to the second COVID wave, has seen improvement in repayments and fresh disbursements.

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India has the potential to grow at a reasonably high pace: RBI Governor

Shaktikanta Das said at the conclave, “I firmly believe that India has the potential to grow at a reasonably high pace in the post-pandemic scenario.”

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Post-Covid work arrangements bring cyber insurance into spotlight

Moody's said that entities that fail to adapt will be at the most risk with risks rising across the board during periods when organizations transition to new cybersecurity procedures. Also, reduced cyber security coverage will have a negative impact on the credit profile of companies.

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Significant percentage of borrowers prefer online mode for securing loan: Survey

The HIB study was conducted across 9 cities that includes Delhi, Jaipur, Bangalore, Hyderabad, Bhopal, Mumbai, Kolkata, Patna, Ranchi. The primary sample size was over 1,200 respondents (Home Credit customers) in the age group of 21-45 years, with an income of less than Rs 30,000 per month.

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PMC Bank: Proposed scheme of amalgamation could be a test case for RBI

Will the central bank treat retail deposit and individual bulk deposit on an equal footing vis-a-vis withdrawal?

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UST named ‘leader’ in blockchain services for banking

NelsonHall NEAT report highlights the company’s strengths in organisational transformations

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Kotak Mahindra Bank, PVR launch co-branded debit card

Addressing a virtual press conference, Kotak Mahindra Bank President – Products, Alternate Channels and Customer Experience Delivery - Puneet Kapoor said, the bank has been associated with PVR for over 10 years and wants to add more to the existing products of the two co-branded Kotak PVR credit cards.

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Business correspondent FIA Global eyes direct lending venture

FIA Global, which works with as many as 35 banks including State Bank of India, HDFC Bank and Axis Bank as their business correspondent, is now planning to venture into direct lending, leveraging the 47 million customers it mobilized in its nine-year journey.

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Kotak Mahindra Bank, PVR Cinemas launch co-branded movie debit card

Kotak PVR debit cardholders will get automatically enrolled to the PVR Privilege Plus programme

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RBI officers, staff chalk out agitation plan to press wage revision

Mass casual leave proposed on Nov 30

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Bankers plan to seek safeguards against undue vigilance action

Industry chambers and financial institutions, including non-banking financial companies (NBFCs), have been invited to the conference.

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SFBs report fall in Q2 PAT as asset quality worsens

AU Small Finance Bank, which had gross advances of Rs 36,405 crore as on September end, reported a net profit of Rs 279 crore, lower 13% than the previous year.

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Issue of RBI disparity towards cooperative banks being addressed: MoS cooperation

"The NCUI President talked about the problem faced due to RBI's different approach towards cooperative banks ... such issues have been discussed point-wise with the RBI chief and the Finance Minister. There was a positive discussion and the decision is in the pipeline. That decision will be in our favour," Verma said.

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Don’t ban cryptos: Experts, stakeholders to House panel

Suggest regulating cryptocurrencies to Finance Standing Committee, which began looking at digital units ahead of Winter Session

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Economy set to recover on low interest rates, softening inflation: RBI bulletin

Authors see several positives on the Covid-19 front, in terms of reduced infections and faster vaccinations

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Customer service and claims experience will be key focus areas: PB Fintech

‘We are in no hurry to be profitable’

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Karnataka Bank launches CASA campaign

Under this scheme, customers can have a new current account by maintaining a monthly average balance of ₹25,000 and can avail a host of premium facilities

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Karnataka Bank launches premium product for SME businesses

The scheme allows customers to have a new current account by maintaining a monthly average balance of Rs 25,000 and avail a host of premium facilities, the bank’s new chairman P Pradeep Kumar and MD & CEO MS Mahabaleshwara told reporters on Monday.

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RBI introduces internal ombudsman mechanism for select NBFCs

The implementation of the IO mechanism will be monitored by the NBFC’s internal audit system

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The biggest mistake we made was we did not go to the bankers before going court: Hemant Kanoria

Former promoter of SREI Group spoke on how the group companies landed in the CIRP net

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KVG Bank making efforts to improve digitisation in rural areas: Chairman

The bank has helped over 40 village to get digital banking access

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HDFC Bank to hold 2,000 workshops to prevent financial frauds

The campaign will tell the customers about ways to safeguard themselves against financial fraud, starting with not disclosing any information on banking details.

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‘More touchpoints needed for PMJDY account holders to withdraw cash’

Cash in circulation rises to ₹ 29-lakh crore now from the pre-demonetisation level, says AGS Transact CMD

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Bank of Maharashtra tops PSU lenders chart in terms of loan, saving deposit growth in Q2

The Pune-headquartered lender recorded an 11.46 per cent increase in gross advances at Rs 1,15,236 crore in the July-September period of 2021-22, according to the published data of BoM.

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Paytm Money launches AI-powered ‘Voice Trading’

Lets a user to place a trade or get information about stocks via a single voice command

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Ever heard about value funds? Here's what you should know

Value funds are suitable for investors looking for diversification in investment style over growth funds. Investors may also consider investing in value funds to build one’s core portfolio holding and looking for achieving long-term goals.

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October bounce rates for auto-debit transactions at pre-Covid level

NACH is a web based solution to enable interbank, high volume, electronic transactions which are repetitive and periodic in nature

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Rupee surges 12 paise to 74.33 against US dollar in early trade

The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.12 per cent to 95.01

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Edelweiss General Insurance rolls out initiatives to support flood-hit customers

Edelweiss General Insurance has rolled out a host of initiatives to support customers in the wake of the devastation caused by incessant rains over the last few days in the city, the company said on Sunday.

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Govt to soon clear list of independent directors for various banks

There have been vacancies at the independent director level across the public sector space, leading to regulatory non-compliance, sources said.

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Insurance products emerge as preferred financial tools to meet future goals: Survey

Insurance products emerged as the preferred choice of savings and investments for parents after the pandemic, as they consider these as low-risk and reliable financial tools to meet future goals, according to a survey.

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Manappuram Finance Q2 net profit declines at Rs370 crore

Declares interim dividend of ₹ 0.75 per share.

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Manappuram Finance Q2 net profit declines 8.8% to Rs 370 crore

However, the company’s consolidated assets under management (AUM) grew by 5.7% to Rs 28,421.63 crore from Rs 26,902.73 crore a year ago, and by 14.8% in comparison to Rs 24,755.99 crore reported in the preceding quarter (Q1).

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'Keep top-up premium recovered from staff out of GST'

The Maharashtra AAR ruling in an application filed by Tata Power said the recovery of insurance premium is not an activity done "in the course of business or for the furtherance of business" and hence, should be outside the gamut of GST.

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