As loan growth hits 9-year high, deposit rates set to rise

With liquidity shrinking, banks will need to mop-up deposits by hiking rates

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DCB Bank to exercise call option on subordinated debt aggregating ₹450 cr

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RBI ready to bring card tokenisation norms into effect from Oct 1

Several people were cheated in the last few years by cyber frauds because they have stored their card data on the merchants website for future payments.

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Peerless General Finance targeting a turnover of ₹1,000 crore by FY’25

The company is currently evaluating strategies to optimize its hotel assets

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Banks’ front desk must know local language: Sitharaman

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SBI acquires 100 pc stake in SBI Global Factors

SBI paid Rs 67.84 crore for the acquisition of 13.42 per cent stake in SBI Global Factors Ltd (SBIGFL), it said.

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Warburg eyes 30% stake in Indian shadow bank Vistaar for $150 mn: Sources

Founded in 2010, Vistaar provides small business loans to shops, mills, hotels and manufacturers. It operates 196 branches in 12 Indian states and has lent more than $300 million so far, according to its website. It says it typically extends business loans of $1,200 to $60,000 for five to 10 years.

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Next year by this time we will know my successor: Murali Natarajan, MD & CEO DCB Bank

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Federal Bank ranked 63rd in Best Workplaces in Asia 2022 by Great Place to Work

Federal Bank becomes the only bank in India to be chosen for this recognition

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IndusInd Bank board approves Kathpalia’s reappointment as MD&CEO

As part of the core leadership team, he has been pivotal in turning it around, says the regulatory filing

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SBI says it's not a nodal bank for Russia-related transactions

The country's largest lender, State Bank of India (SBI) on Thursday clarified that it has not been identified as a nodal bank for handling Russia-related transactions.

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State Bank opening rupee accounts for trade with Russia

State Bank of India (SBI), the country’s largest lender, is opening special rupee accounts to handle Russia-related trade settlements in the local currency but is not the main bank for such business.

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India drops two rankings in global crypto adoption index

Legal and regulatory pressures continue to afflict Indian exchanges

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SBI clarifies it is not nodal bank for Russia-related transactions

Dismisses media reports claiming otherwise

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Cash on delivery still the most preferred payment option - Gokwik report

However, the number of transactions through the Unified Payments Interface (UPI) has seen a steady increase over the past one year. Data from GoKwik shows that 64% of all orders were placed via COD in Q2 2022, although preference for UPI has also increased by nearly 20% in the last one year.

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Tamilnad Mercantile Bank to focus on phygital platform, network expansion: MD&CEO

The Tamil Nadu-based bank's Managing Director and CEO S Krishnan who recently assumed office said retail, agriculture and micro, small and medium enterprises (RAM) segments would be the focus areas as this vertical comprises 88 per cent of the bank's exposure.

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Reliance Commercial Finance heads to a resolution by the month-end

Reliance Commercial owes creditors ₹9,017 crore. Authum has offered ₹2,207 crore - a 75% haircut for secured creditors - largely funded by internal cash reserves accumulated in the debtor and also some cash payment by Authum.

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Big Billion Days 2022: Paytm partners Flipkart as payments partner

Paytm offers cashback on payments made through Paytm UPI and Paytm Wallet Partnership between two homegrown brands to assure customers a leisurely shopping and payment experience

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UIDAI looking to onboard more NBFCs for online authentication service

UIDAI CEO said nearly 155 Sebi-regulated entities have been notified for authentication services over the past few months

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SBI raises benchmark lending rate by 0.7 per cent

The increase in the benchmark lending rates comes weeks ahead of the Reserve Bank of India's (RBI) monetary policy meeting, which is again expected to hike rates to tame inflation. According to the schedule, the next three-day monetary policy meeting will be held from September 28 to September 30.

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Insurers brace for rise in claims after Bengaluru floods

Insurance companies like ICICI Lombard and Bajaj Alliance gear up as property and motor claims rush in

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ICICI Lombard introduces digital voice agent to track claim status

In collaboration with Skit.ai, the insurance major has launched a AI-based feature assisting customers with the status of health and motor insurance policies

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M2P Fintech launches a digital-first core lending suite

The digital-first lending suite facilitates end-to-end lending solutions, including origination, management, operations, and collections under a single stack

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Crypto nurses post-CPI losses as clock ticks to Ethereum upgrade

Bitcoin back near $20,000 on prospect of large Fed rate hikes

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IRDAI eases NPS regulations

Currently, retirees submit an exit form to NPS and a proposal form to insurers at the time of superannuation. The insurance sector regulator has also allowed insurance companies to take the annual life certificate through digital means.

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Loan waiver not a benefit, banks exempt from 10% TDS for one-time settlement

CBDT said in a detailed clarification that OTS or loan waiver by a bank will not be treated as a benefit or a perquisite and not face Tax Deducted at Source as they would have to bear the additional cost of tax deduction besides the haircut.

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Compliance relief: Irdai reduces number of returns to be filed by insurers for health insurance

In India, insurers are mandated to submit various returns to the regulator, including financial statements on annual basis, valuation of assets and liabilities as well as solvency margin and actuarial report.

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IppoPay appoints Shabareesh Suresh as general counsel

Suresh has close to 10 years of experience across law firms including AZB & Partners and Cyril Amarchand Mangaldas. He brings in-depth understanding of legal, compliance, regulatory, transactional, and structuring aspects of multiple sectors, including banking, information technology, manufacturing, e-commerce, real estate, retail, healthcare, insurance, and education.

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Soft landing for India means fast, if not fastest, growth

Economists see Reserve Bank of India governor Shaktikanta Das and his monetary policy panel colleagues to begin dialing down the pace of interest-rate hikes this month after data showed a weaker-than-expected recovery last quarter.

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5 key investing advice for individuals to follow for a secure future

Advices an individual can use while investing in the market for wealth creation

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PSB Alliance eyeing talent to steer IT platforms and business services for state-owned banks

PSB Alliance is an umbrella organisation of all PSBs and in the process of taking over all the activities of the ‘eBkray’, a common e-auction platform for PSBs

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Retail inflation up in August to 7%, IIP slows sharply

Retail inflation accelerated in August on the back of high food prices, reversing a three-month downward trend and remained above the Reserve Bank of India’s (RBI) upper tolerance level of 6% for the eighth consecutive month, which may prompt the central bank to raise interest rates again. The retail inflation data showed cereal and product prices rose 9.6% in August while vegetable prices shot up 13.2% during the month.

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Reliance Commercial Finance heads to a resolution by the month-end

Reliance Commercial owes creditors ₹9,017 crore. Authum has offered ₹2,207 crore - a 75% haircut for secured creditors - largely funded by internal cash reserves accumulated in the debtor and also some cash payment by Authum.

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Steps to check prices will be felt more significantly in coming months: FinMin

This is the second time since the RBI implemented the inflation targeting approach that retail inflation has exceeded the upper tolerance limit of 6% for eight straight months – the first time was from April 2020 to November 2020. The finance ministry, on the other hand, expressed optimism that the government's export ban on atta, rice, maida, and other grains would help to keep prices in check.

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Deutsche Bank appoints Janak Dalal as Head of Securities Services for India and Sri Lanka

He most recently served as the Head of the Deutsche CIB Centre global delivery hub

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Backed by vehicle sales revival, Future Generali aims 20 per cent growth in FY23

To target millennials and Gen Z with new products; intends reaching out to remotest places for expansion

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Smaller rate hike likely in MPC’s September meeting

Q2 GDP growth to be in 6.5-7.0% range, higher than the RBI rate-setting committee’s current projection of 6.2%

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Sale of Yes Bank’s bad loans to take off soon

JCFlowers ARC won the non-performing loan portfolio in an uncontested Swiss auction for Rs 11,183 crore, after Cerberus Capital and Asset Reconstruction Company of India (Arcil) that had teamed up for a bid dropped out of the race, as reported by ET on September 9.

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Banks seek govt help to check chip shortage

Banks collectively through the Indian Banks' Association (IBA) reached out to the government over the issue last month, people familiar with the development said.

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Jan Dhan@8: A game-changer for the unbanked

But financial inclusion schemes must be suitable to the local conditions, instead of one-size-fits-all-type policies

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Citibank tech integration to take up to 18 months post acquisition: Axis Bank MD

Axis Bank has permission to use the Citibank’ brand for ‘sufficient time’, says Amitabh Chaudhry

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Reliance Cap suitors seek extension of up to 4 months for submission of binding bids

New Delhi, Sep 11 (PTI) Suitors for debt-ridden Reliance Capital Limited (RCL) have sought extension of up to 4 months for submission of binding bids as part of its resolution process.

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