5:10 AM
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The World Bank needs to reinvent, restructure, and recreate itself to harness private capital and foster multilateral cooperation. It should tap pension funds, attract private investors, and introduce pooled portfolio guarantees. A high-level expert group proposed a roadmap to reform MDBs and triple their lending by 2030.
4:10 AM
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The Indian banking and financial sector stocks, which have been performing well in recent years, may face challenges ahead. Rising pressure on the cost of funds, concerns about unsecured retail loans, and increasing operational costs could hinder the growth of Indian lenders in the coming years. Goldman Sachs has downgraded SBI, ICICI Bank, and Yes Bank, but maintained a 'buy' rating on HDFC Bank and upgraded Bajaj Finance to a 'neutral' rating from 'sell'.
6:10 PM
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The Reserve Bank of India (RBI) has announced additional measures to ensure smooth digital payments for customers using the @paytm handle. Paytm Payments Bank will no longer accept credits into customer accounts and wallets after March 15, 2024. The RBI has instructed the National Payments Corporation of India (NPCI) to consider One97 Communication Ltd (OCL) as a Third-Party Application Provider (TPAP) for UPI operations on the Paytm app.
1:10 PM
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Indian banks are struggling as urban savers prefer higher-yielding investment options like mutual funds and direct stock ownership, eroding the banks' access to low-cost deposits. The rise of technology and familiarity with the stock market among rural savers intensify the struggle for deposits. The collective CASA ratio of commercial banks in India has declined to 40.5% in September 2023.
3:10 AM
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8:10 PM
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Invest in Sovereign Gold Bonds (SGB) Scheme 2023-24 Series IV. Quick allotments within seven days. Insurance guaranteed. Check allotment details online. Collect certificate of holding from issuing banks or receive via email. Convert SGBs to demat form after allotment. Rs 50 discount for online purchases.
8:10 AM
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9:11 PM
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Club Vistara announces Points Fest 2024, offering bonus CV Points for transferring Bank/Hotel reward points. The campaign runs from February 20 to March 31 and includes eligible partners like American Express, HDFC Bank, and Yes Bank.
6:10 PM
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The Reserve Bank of India predicts inflation stabilization in India. Retail inflation eased to 5.1% in January. There may be renewed pressures from cereals and proteins. Input cost outlook and selling prices of manufacturing firms should improve. The global economy is expected to exhibit stronger-than-expected growth. India's debt-to-GDP ratio is projected to drop to 73.4% by 2030-31.
5:10 AM
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4:10 AM
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Rajeev Chandrasekhar, union minister of state for electronics & technology, stressed the importance of compliance with government regulations for entrepreneurs and companies. He added that govt maintains an open and consultative approach to regulations and the idea is not to play "rule maker". His comments come amid RBI's move to curb operations of Paytm Payments Bank due to "persistent non-compliance".
5:10 AM
Blogger
Banks' share in loans to microfinance companies dropped to 31% in Sept 2023. Non-banking finance companies and small finance banks gained market share. MFIs rebounded, growing their loan book by 86%. These loans qualify for priority sector.
2:10 PM
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Union Minister of state for electronics and IT Rajeev Chandrasekhar highlighted the importance of regulatory compliance for fintech firms, stating that the Paytm Payments Bank case has drawn attention to this issue. In an interview with PTI, he emphasized that non-compliance can have detrimental consequences for entrepreneurs in the digital economy.
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