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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Online PSB Loans raises ₹50 crore from HDFC Holdings and TransUnion

Both entities will be given strategic minority holdings in the online lending platform from Business Line - Money & Banking https://ift.tt/33twB...

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RBI comes out with PCA framework for NBFCs

The RBI said," NBFCs have been growing in size and have substantial inter-connectedness with other segments of the financial system. Accordingly, a PCA Framework for NBFCs has also been put in place to further strengthen the supervisory tools applicable to NBFCs." from Banking/Finance-Industry-Economic Times https://ift.tt/3oQty...

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Arcil offers 27% recovery to IndusInd Bank for ITNL promoted Chenani Nashri Tunnelway Ltd

Early this month, Ares SSG Capital-backed asset reconstruction company, Assets Care and Reconstruction Enterprise (ACRE) acquired Federal Bank’s debt, as reported by ET. from Banking/Finance-Industry-Economic Times https://ift.tt/3dMBn...

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Banks urge unions to withdraw two-day nationwide strike; make arrangement for normal functioning

Bank unions under the United Forum of Bank Unions (UFBU) umbrella have called a strike on December 16 and 17 against the proposed public sector bank privatisation. In the Budget 2021-22, the government had announced its intent to take up the privatisation of two public sector banks (PSBs). from Banking/Finance-Industry-Economic Times https://ift.tt/3IO6E...

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World Bank Group’s Chennai office celebrates 20th anniversary

The WBG’s flagship “Shared Services Center” in the city has over 1,200 staff from Business Line - Money & Banking https://ift.tt/3EV7C...

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Shriram Group likely to announce merger of two lending subsidiaries under Shriram Capital

​Shriram City Union Finance, the consumer finance arm of the group will be merged with Shriram Transport Finance, the larger commercial vehicle finance company of the group. ​The creation of a single lending entity is the second step for the group after it announced the creation of a management board to oversee the group's functioning late last month. from Banking/Finance-Industry-Economic Times https://ift.tt/30qsf...

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Motilal Oswal Housing Fin eyes to grow its balance sheet to ₹10,000 cr in 3-4 years

We are looking at 30-40% year-on-year growth, says Arvind Hali, MD & CEO from Business Line - Money & Banking https://ift.tt/31W8b...

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Banks lost Rs 2.85 lakh cr due to loan default of 13 firms; UFBU calls for bank strike on December 16, 17

According to the statistics given by the UFBU, the 13 corporates' outstanding dues were at Rs 4,86,800 crore and it was resolved at Rs 1,61,820 crore resulting in a loss of Rs 2,84,980 crore. from Banking/Finance-Industry-Economic Times https://ift.tt/3s4O8...

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Bank unions ready to defer strike, if govt drops plan to introduce Banking Privatisation Bill: AIBEA

All eyes on the conciliation meeting to held on December 14 from Business Line - Money & Banking https://ift.tt/3lYli...

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Processed over 1 bn merchant transactions in Nov 2021, offline payments up 200 pc YoY: PhonePe

PhonePe said offline merchant transactions on its platform have shown 200 per cent growth since last year, and it processed over a billion P2M (peer to merchant) transactions in the month of November. from Banking/Finance-Industry-Economic Times https://ift.tt/3dKKK...

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ICICI Bank scraps bell curve assessment: Hikes standardised, no more targets based on individual performance

Hikes and bonuses will now be linked directly to the bank's performance, meaning increases for most staff will be identical and will be directly related to its profitability, two people familiar with the development said. The HR policy restructuring is an extension of its vision under chief executive Sandeep Bakhshi focused on "one bank. from Banking/Finance-Industry-Economic Times https://ift.tt/3DN9f...

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Kotak Mahindra Bank appoints Ashu Suyash as director

The appointment is effective from January 24, 2022, up to January 23, 2027, the private sector lender said in a statement. Suyash was managing director of rating agency CRISIL. from Banking/Finance-Industry-Economic Times https://ift.tt/3IKYL...

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Bank of Maharashtra lowers home loan rate to 6.40%

State-owned Bank of Maharashtra (BoM) on Sunday announced a cut in interest rate on home loans to an all-time low of 6.40 per cent, from the existing 6.80 per cent under the 'Retail Bonanza-Festive Dhamaka' offer. from Banking/Finance-Industry-Economic Times https://ift.tt/3F3A8...

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NHB seeking agency for data collection on unsold residential units across 50 cities

The National Housing Bank (NHB) is scouting for an agency to collect data of unsold properties -- both underconstruction and ready-to-move-in ones -- across 50 cities from builders and developers for the computation of its key price index. from Banking/Finance-Industry-Economic Times https://ift.tt/31NEU...

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PM Modi sees depositors’ confidence in banking system going up

Recent legal changes will also increase banks’ risk taking ability in coming days, says Modi from Business Line - Money & Banking https://ift.tt/3pSx9...

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Govt unlikely to announce capital infusion for PSU banks in Budget 2022-23

Finance Minister Nirmala Sitharaman is expected to present the fourth budget of the Modi 2.0 government on February 1. It is to be noted that the net profit of PSBs surged to Rs 14,012 crore in the first quarter, which further rose to Rs 17,132 crore in the second quarter ended September 2021. from Banking/Finance-Industry-Economic Times https://ift.tt/3yhtk...

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Bank of Maharashtra cuts home and car loan rates

The new rates are effective from December 13, 2021 from Business Line - Money & Banking https://ift.tt/3lYA4...

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Deposit Insurance Scheme: 1 lakh plus depositors get over ₹1,300 crore payout

The scheme seeks to provide insurance for bank deposits and guarantees credit given by banks and financial institutions. It aims to provide depositors time-bound access to their insured deposit amount, in case they are restricted from accessing their bank deposits. from Banking/Finance-Industry-Economic Times https://ift.tt/31IH3...

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