RBI guidelines on credit and debit cards to help customers from misselling

Aims to bring more transparency; May pave way for NBFCs, fintechs to enter the business from The HinduBusinessLine - Money & Banking https://ift.tt/TvCgF...

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Finance ministry asks state-run banks to raise capital from markets

The finance ministry has asked state-run banks to further bolster their balance sheets from markets, which will enable them to reduce reliance on the government to shore up their capital adequacy. At a meeting with top executives of public sector banks (PSBs) on Friday, financial services secretary Sanjay Malhotra expressed optimism that the lenders, having registered good profitability in the first three quarters of FY22, will continue to perform well on relevant metrics in the coming years. “The underlying idea behind the exhortation is simple. Strong banks, with adequate capital, will be able to lend more and help economic growth. The government’s focus is on credit flow,” a top banker, who...

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Monetary policy needs to be nuanced, nimble: Das

Indicating that there can be no clear road map of policy action, RBI governor Shaktikanta Das has said that the central bank’s monetary policy committee (MPC) needs to constantly re-assess the situation and tailor response accordingly as the situation is dynamic. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/0UZHm...

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Muthoot FinCorp launches ‘Mera Gold Loan, Mera Interest’ TV commercial campaign

Royal Challengers Bangalore cricketers Virat Kohli, Dinesh Karthik, Mohammed Siraj, Harshal Patel and Finn Allen make an appearance from The HinduBusinessLine - Money & Banking https://ift.tt/K0oVx...

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Govt notifies 38 entities for Aadhaar KYC user agency license

More likely in the pipeline from The HinduBusinessLine - Money & Banking https://ift.tt/JDpMn...

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India committed to fighting money laundering, terror financing: FM Sitharaman

Attended FATF meet, also met global CEO of Deloitte, Mastercard, Accenture, Fed Ex from The HinduBusinessLine - Money & Banking https://ift.tt/LlK4R...

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‘Microfinance’s self-regulatory organisation role and responsible lending code have to revised’

With the revised RBI regulations, MFIN will have to look at supporting all players with the customer protection and sector growth: Vinay Singh of Microfinance Institutions Network from The HinduBusinessLine - Money & Banking https://ift.tt/xFLVp...

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Banks bulk up balance sheets in the last fortnight of Q4

Robust growth in credit and deposits from The HinduBusinessLine - Money & Banking https://ift.tt/AIH6N...

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RBI, Bank of Russia officials discuss payment options

This was the first meeting between the two central banks after Russia invaded Ukraine on February 24. The officials assessed the technical hurdles faced by exporters and importers in the two countries. from Banking/Finance-Industry-Economic Times https://ift.tt/T748X...

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EMI bounce rates inch up in March as inflation pinches, moratoria end

The share of failed auto-debit requests on the National Automated Clearing House (NACH) platform rose marginally to 29.6% in volume terms in March 2022, up 40 basis points (bps) from the previous month. In value terms, the bounce rate stood at 22.8%, up 36 bps from February 2022. Bounce rates had been easing since November 2021 and had reverted to pre-pandemic levels earlier this year, as the economy opened up and borrowers’ ability to repay loans improved. The trend may have been reversed to an extent in March as rising prices of food and fuel...

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RBL Bank recommends candidates for MD & CEO

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

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Sitharaman calls for effort towards protecting economies at G20 FMCBG

Global growth momentum is dampened by prolonged inflation, supply chain disruption, volatility in energy markets and investor uncertainty, finance minister Nirmala Sitharaman has said as she attended the G20 finance ministers and Central Bank Governors (FMCBG) meeting here. from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/V6IpN...

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Reliance ARC buys distressed loans from IOB, Jana SFB

It acquired a principal loan portfolio of ₹141 crore from Indian Overseas Bank at a reserve price of ₹84.8 crore under a structured deal of 25:75. Here, the ARC paid 25% of the transaction value upfront and the balance will be paid in the form of security receipts that will be redeemed as it recovers money from borrowers. from Banking/Finance-Industry-Economic Times https://ift.tt/2yhPt...

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Indian banks better their ranks in Asia; ICICI Bank in top 50

The assets size of the country’s top banks has improved in 2021 with State Bank of India (SBI) and HDFC Bank climbing up two notches in the latest S&P Global Market Intelligence’s ranking of the Asia-Pacific’s largest banks. What’s more, the third-largest lender – ICICI Bank — has found a place in the league table with the rank of 50. The three lenders together have an asset size of $1.2 trillion, which is 2.1% of the aggregate assets of the top banks in Asia. The ranking, which was based on the total assets, features the largest state lender SBI in 22nd position, whereas HDFC Bank occupied the 44th slot in the latest ranking. Among the top 25 lenders, only SBI and Industrial Bank Co of...

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Baring Private Equity Asia set to raise up to $700 million through debt

Baring, which holds the credit for one of the early syndicated acquisition financing for a private equity fund when it bought technology firm Hexaware in 2013, is in talks with a group of banks including Nomura, MUFG, Investec, Barclays, Deutsche Bank and JP Morgan, three people with knowledge of the development told ET. from Banking/Finance-Industry-Economic Times https://ift.tt/YSWcx...

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Fino Payments Bank receives RBI nod to offer partner bank's FD, RD services

In its letter dated April 19, the RBI stated that Fino Bank can carry out referral services of term deposit products in the form of FD and RD as a Business Correspondent of Suryoday Small Finance Bank (SSFB). from Banking/Finance-Industry-Economic Times https://ift.tt/v9GIL...

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Small finance banks: Banking on digital tech to stay ahead of curve

One of the biggest challenges for small finance banks (SFBs) from a tech point of view is the lack of an automation process and the corresponding need for manual intervention. This makes the deployment of an integrated engagement platform vital to such entities. Such a solution breaks down organisational silos, allowing for a centralised view of customer profiles and sounder communication across channels. It also helps in easier collection of EMIs and installments from micro banking and retail loanees. This is why Ujjivan Small Finance Bank went for digital onboarding of customers, tying up with MoEngage for the purpose. But the change wasn’t easy since most of its customers came from unserved...

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Rising commodity prices push demand for bank loans

The surge in commodity prices in the wake of the Russia-Ukraine war may have turned out to be a boon for banks in India as lenders are now witnessing higher demand for working capital. The increased cost of raw materials has led to companies utilising their working capital limits and even seeking top-ups, according to bankers FE spoke to. The credit offtake improved during FY22, with the gradual return of normalcy after two waves of the pandemic and despite a relatively milder third wave. Non-food credit extended by banks grew 9.7% year-on-year (y-o-y) as on March 25, according to data released by the Reserve Bank of India. Growth in credit to industry recovered to 6.5% in February 2022 from...

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Poonawalla Fincorp ties up with KrazyBee, intends Rs 1,000-crore digital loan in FY23

Poonawalla Fincorp has entered the digital consumption loan space through a partnership with KrazyBee, to offer small ticket personal loans to individuals, the company said. Poonawalla Fincorp focuses on consumer and small business finance as a part of its strategy. The tie-up between both the entities is a step towards building a strong pact with partners which have demonstrated distribution at scale, and risk management capabilities along with their technology prowess. “We are a digital-first, technology-led lender, and this partnership with KrazyBee is a natural fit to our business strategy. The partnership brings together two lenders which are obsessed with customer satisfaction and want...

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RBI further tightens regulations for non-bank lenders

The Reserve Bank has announced a slew of regulatory changes for non-banking lenders by amending the October 2021 circulars on scale-based regulations, which have brought in large NBFCs almost on par with bankers when it comes to addressing their credit risk concentration. The regulator on Tuesday issued four separate circulars: Large exposures framework for NBFCs — upper layer; Disclosures in their financial statements; Scale-based regulation for capital requirements – upper layer; and Regulatory restrictions on their loans and advances. These are improvements on the October 22, 2021, circulars. On the large exposure framework with the upper layer, the regulator said these prudential guidelines...

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PSU bosses may be exempted from submitting passport info to banks

At present, passport details of promoters, directors and authorised signatories in respect of loan accounts of ₹50 crore and above must be furnished with the lenders. from Banking/Finance-Industry-Economic Times https://ift.tt/PLRjd...

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RBI allows rural co-operative banks to raise funds from preference shares, debt instruments

The Reserve Bank of India on Tuesday allowed Rural Cooperative Banks (RCBs) to raise funds from people in their area of operation or existing shareholders through a variety of instruments. RCBs, which include state co-operative banks and district central co-operative banks, can raise funds from preference shares and debt instruments, RBI said in a notification. RBI said the review is being done following the rural co-operative banks coming under the ambit of the amended Banking Regulation Act. Such lenders can augment their capital through the issue of preference shares, which can include issue of perpetual non-cumulative preference shares which will be eligible for inclusion in core tier I...

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SBI hikes MCLR by 10 bps on all types of loans

Almost all lenders are now likely to follow the SBI in raising their benchmark rates, with the Reserve Bank of India (RBI) likely tightening monetary conditions to restrain inflation. from Banking/Finance-Industry-Economic Times https://ift.tt/CpSem...

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State Bank of India ups benchmark rates after 3 years

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/Wn107...

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Digitally ready Bank of Baroda aims to click on more loans

At present, 50% of the bank's retail loans are sourced digitally. Out of this, 97% of the bank's personal loans are disbursed end-to-end digitally while the bulk of the home loan originations is done digitally. from Banking/Finance-Industry-Economic Times https://ift.tt/ILWrt...

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SBI raises $500 million through IFSC Gift City branch

This is the first offshore USD Secured Overnight Financing Rate (SOFR) linked syndicated loan raised by SBI through its Gift City branch, a release said. from Banking/Finance-Industry-Economic Times https://ift.tt/f5m7r...

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SBI announces successful execution of $500 mn offshore borrowing from IFSC Gift City

It is the first offshore USD secured overnight financing rate-linked syndicated loan by SBI from The HinduBusinessLine - Money & Banking https://ift.tt/vYeBH...

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Crypto payments frozen across India, hitting trading

Daily trading volumes has tumbled by between 88 per cent and 96 per cent since peaking last year from The HinduBusinessLine - Money & Banking https://ift.tt/wt1vc...

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State Bank of India hikes lending rate by 10 bps across all loan tenors

from Banking/Finance-Industry-Economic Times https://ift.tt/5Au0n...

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Debit card usage to drop as RBI pushes for UPI-based cash withdrawals

The Reserve Bank of India’s (RBI) push to enable Unified Payments Interface (UPI)-backed cash withdrawals from ATMs is likely to cause a severe dent in the usage of debit cards, according to payment industry executives. Already a preferred mode of payments at storefronts and for small-value online transactions, UPI is now set to eat into the debit card’s last-remaining bastion of cash withdrawals. At Rs 1.63 trillion, the value of merchant UPI transactions in February 2022 was well above the value of debit and credit card transactions at point of sale (POS) terminals, which was Rs 1.43 trillion. According to a recent report by HDFC Securities, UPI accounts for nearly three-fourth of all transaction...

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Nirmala Sitharaman leaves for US to attend World Bank, IMF meetings

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/O8ARp...

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Shift to safer assets hits margins and income in Q4: HDFC Bank

A pandemic-era shift to safer and better-rated assets resulted in a hit to margins and interest income in Q4FY22, HDFC Bank told investors. Supply chain issues in the vehicle segment and slower growth in credit card loans have resulted in a muted trend in retail loan growth, the bank’s management said. HDFC Bank’s Q4 core net interest margin (NIM) of 4% counts among the lowest ever posted by the lender. Net interest income (NII) growth was also subdued at 10.2% year-on-year (y-o-y). Srinivasan Vaidyanathan, chief financial officer of HDFC Bank, said on a post-results conference call that the bank’s asset mix has shifted towards higher-rated segments during the Covid period, albeit at lower yields....

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UPI to stay on top; BNPL, digi currency to drive digital payments growth in next 5 years: Report

Retail online transaction platform UPI will likely continue to dominate the digital payments space in the country even as newer methods such as BNPL and digital currency are expected to define the future of payments, a study has said. Unified Payments Interface (UPI), Buy Now Pay Later (BNPL), Central Bank Digital Currency (CBDC) and offline payments will drive growth of digital payments in India in the next five years, PwC India said in a report. UPI is expected to continue to be the major contributor in the digital payments space, followed by BNPL, it said. The Indian digital payments market saw steady growth at a CAGR of 23 per cent (volume wise), and is expected to reach 217 billion (21,700...

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UPI to stay on top; BNPL, digi currency to drive digital payments growth in next 5 years: Report

Retail online transaction platform UPI will likely continue to dominate the digital payments space in the country even as newer methods such as BNPL and digital currency are expected to define the future of payments, a study has said. Unified Payments Interface (UPI), Buy Now Pay Later (BNPL), Central Bank Digital Currency (CBDC) and offline payments will drive growth of digital payments in India in the next five years, PwC India said in a report. from Banking/Finance-Industry-Economic Times https://ift.tt/IikKf...

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UPI to stay on top; BNPL, digi currency to drive digital payments growth in next 5 years: Report

In 2020-21, UPI transactions reached a record of 2,200 crore from The HinduBusinessLine - Money & Banking https://ift.tt/8feN7...

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Decline in bad loans to improve profitability of banks: Report

The report further said, gradual increases in domestic interest rates will boost net interest margins because banks will be able to pass on higher rates to borrowers, while their funding costs will increase marginally because banks have reduced the share of high-cost corporate term deposits in total deposits. from Banking/Finance-Industry-Economic Times https://ift.tt/ZnP2w...

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HDFC Bank Q4 net profit rises 23% to Rs 10,055 crore

HDFC Bank on Saturday reported a 22.8% year-on-year (y-o-y) growth in net profit for the quarter ended March to Rs 10,055 crore on the back of a 29% y-o-y fall in provisions to Rs 3,312.35 crore. The country’s largest private bank saw its net interest income (NII) growing 10.2% to Rs 18,872.7 crore, while non-interest income grew just 0.6% y-o-y to Rs 7,637 crore due to losses and revaluation of assets in the investment book. A rise in bond yields during the fourth quarter was expected to hit banks’ treasury books. The four components of other...

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HDFC Bank sees 23% rise in net profit in Q4

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/wPN14...

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HDFC Bank to raise Rs 50,000 cr via bonds; re-appoints Renu Karnad as director

The funds will be raised in the period of next 12 months through private placement mode, subject to approval of shareholders among others. from Banking/Finance-Industry-Economic Times https://ift.tt/1fKkF...

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