Bajaj Finance may spin off its payments business into separate subsidiary

In the next 3-5 years it is also expecting to meaningfully scale up platforms and apps launched in the past 4-5 years.

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Ashwani Kumar new MD & CEO of UCO Bank

Ashwani Kumar has been appointed as the new MD and CEO of city-based public sector UCO Bank with effect from June one. Prior to this, he was the executive director of the state-owned Indian Bank and is a qualified chartered accountant, a statement by the bank said on Saturday.

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Working expeditiously on integrating Sahara Life’s policyholders: SBI Life Insurance

IRDAI had Friday announced that SBI Life will take over Policy liabilities of two lakh policies of Sahara Life

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RBI proposes cyber security framework for payment system operators, seeks feedback by June 30

The central bank had first announced issuing such directions as part of the monetary policy statement of April 2022.

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RBI fines Indian Overseas Bank ₹2.2 crore for breach of multiple norms

RBI had conducted the Statutory Inspection for Supervisory Evaluation as per Indian Overseas Bank’s financial position as on March 2021, wherein it found contravention of certain provisions.

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Price of 10-year benchmark G-Sec ends unchanged

Demand was relatively relatively less robust vis-a-vis previous auctions

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14-day VRRR auction sees muted response from banks

Of the notified ₹2-lakh cr for the auction, only ₹50,868 cr gets parked, indicating strong credit demand

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NPS assets grow 30% in May to ₹9.53-lakh crore

As of end-May 2022, the overall AUM of NPS was at ₹7.38-lakh crore

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IRDAI picks SBI Life Insurance as suitor for Sahara India’s life insurance biz

Regulator issues order for SBI Life Insurance to take over the policy liabilities of around two lakh policies of Sahara India Life Insurance

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India's forex reserves fall for second straight week

India's foreign exchange reserves fell for a second consecutive week and stood at a one-month low of $589.14 billion as of May 26, the Reserve Bank of India's (RBI) data showed on Friday. That was a decrease of $4.34 billion from the previous week. Reserves had fallen by $6.05 billion in the week ended May 19, the biggest fall in more than three months.

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ICICI Bank to donate Rs 1,200 cr to Tata Memorial Centre

Funds to be used to set up new blocks at TMC hospitals in Maharashtra, Punjab and Andhra Pradesh

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Japan's Nikkei closes at 32-year high as US default fears ease

Japanese stocks reached a three-decade high, with the Nikkei index up 1.21% to close at 31,384.93 points, and the Topix rising 1.55% to 2,182.70 points. The rise comes after the US government lifted its debt ceiling, avoiding a default, and due to the Bank of Japan being in no rush to tighten monetary policy. SoftBank Group rose 4.3% amidst booming AI investment, and T&D Holdings leapt 4.28%.

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NBFC-MFIs’ AUM to grow 25-30 per cent in FY24, credit profile to strengthen: Crisil

NBFC-MFIs have outpaced small finance banks, universal banks and other lenders with assets under management of Rs 1.3 lakh crore

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Rising risk appetite may affect some Banks' intrinsic credit profiles: Fitch

Says, ‘Rapid loan growth and higher exposure to certain asset classes are also likely to indicate greater risk appetite and could affect risk profiles’

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Growing preference for customised health insurance: Survey

Insurance company survey finds more demand for health covers aligned with specific needs, life stage

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RBI, IIT Madras to launch voice-banking solution

Voice-banking technology will be available in Hindi, Tamil and Telugu initially

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₹2,000 banknote exchange: SC refuses urgent listing of plea challenging RBI decision

RBI announced withdrawal of ₹2,000 currency notes on May 19.

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Gehlaut Trust, promoter group members cut stake in Indiabulls Housing Finance to 7.55%

Gehlaut earlier stepped down from board to ‘aid institutionalisation’ of Indiabulls Housing Finance

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Warbug Pincus investment to help Vistaar achieve AUM of Rs 5,000 crore: CEO

Capital infusion in Vistaar includes a contribution by newly appointed CEO Avijit Saha, who will hold around 1 per cent stake in the NBFC

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Counterfeit notes of ₹500 denomination rose 14% in FY23: RBI report

In terms of volume, ₹500 banknotes had the highest share at 37.9 per cent

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Karnataka Vikas Grameena Bank opens Retail Loan Processing Cell

Will cater to the needs of the city branches of Dharwad region in processing and sanctioning retail loan products

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Govt appoints Ashwani Kumar as UCO Bank MD & CEO

Ashwani Kumar will lead the public sector bank for three years

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Economists see India’s first rate cut in 2024 for durable growth

The Reserve Bank of India (RBI) is expected to keep interest rates on hold during its June meeting, according to Bloomberg survey results, as they focus on growth while inflation continues to moderate. The economists surveyed predict a 25 basis point cut in Q1 of 2024 as India's retail inflation dips below the RBI's upper limit of 6%, forecasting 5% for the current fiscal year.

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Yes Bank rejigs branding 3 years after rescue

Yes Bank MD & CEO Prashant Kumar said the last three years have been transformative for the institution and that it was focused on reinvigorating the brand. "Yes Bank vows to be responsive, agile, transparent, innovative, and uphold high integrity in all aspects, aligned with its corporate social responsibility (CSR) ethos," said Kumar.

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e-Rupee yet to take off in a big way

 Total e-Re in circulation stood at ₹16.39 crore in FY23

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Difficult to reduce share of commercial vehicle loans: Shriram Finance chief

Shriram Finance chief dwells on the bright side of merger, suppressed stock valuation, and more

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Yes Bank unveils new brand logo

Yes Bank’s new logo represents ‘soaring bird’

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Razorpay launches ‘Turbo UPI’ payment service

Turbo UPI allows customers of online merchants to make UPI payments directly without getting redirected to a third-party UPI app during checkout

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India's growth momentum likely to be sustained in 2023-24: RBI

On the back of sound macroeconomic policies and softer commodity prices, India's growth momentum is likely to be sustained in 2023-24 in an atmosphere of easing inflationary pressures, said the Reserve Bank's annual report released on Tuesday. It, however, added that slowing global growth, protracted geopolitical tensions and a possible upsurge in financial market volatility following new stress events in the global financial system could pose downside risks to growth.

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RBI guv flags governance lapses in some pvt banks

Das said gaps have been noticed despite the central bank's guidelines on appointment of chairpersons and conduct of board meetings, composition of board committees, age, tenure and remuneration of directors, and appointment of whole-time directors.

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A week after ₹2,000 note withdrawal, SBI gets ₹14,000-cr in deposits, exchanges ₹3,000-cr

Lists $750 million bonds at India INX GIFT City under $10 billion GMTN programme

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Warburg Pincus acquires controlling stake in Vistaar Finance

To back veteran banker Avijit Saha as CEO, Vistaar Finance

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Governance gaps found in some banks: RBI chief

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ICICI Bank to up stake in ICICI Lombard General Insurance

The board of ICICI Bank has decided to turn ICICI Bank Lombard General Insurance Company into a subsidiary of the bank

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ICICI Bank’s board approves reappointment of Batra as ED for two more years

ICICI Bank re-appoints Mundra, Sriram and Madhavan as Independent Directors

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Plan change: ICICI Bank to hike stake in ICICI Lombard

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RBI reviews bond value norms that shield banks

Banks invest around a fifth of their deposits in government bonds. However, they can avoid making MTM provisions on the bonds they classify as 'held to maturity' (HTM). However, banks have to provide for a fall in the market value of bonds in their trading or 'available for sale' portfolio.

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Bank of Maharashtra top performer in NPA management during FY23

Bank of Maharashtra has the lowest ratio among all banks having total business above ₹3 lakh crore and not just public sector banks

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Indiabulls Housing working on a new identity

Indiabulls Housing’s reorganisation likely to be an effort to retain the HFC tag; final decision likely by Sept 30

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Karnataka Gramin Bank’s business grows 7% to ₹61 cr in FY23

The bank’s deposits also grew 6.66 per cent to reach ₹33,905 crore

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Bank of Maharashtra’s advances to grow 1.5 times the banking industry average in FY24: Chief Rajeev

BoM to focus on loan against receivables portfolio, provide loans for creating health infrastructure, and continue its thrust on RAM advances in FY24

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Bank guarantee for making 120 Vande trains yet to be submitted

Sources said there is a tussle between the partners over the share holding in the joint venture of these two firms. This is the main reason behind the TMH not yet depositing the mandatory BG and this would attract penalty charges for the Russian company, they added.

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