With the market having expanded, evident in the definitive uptick in travel loans, the average loan value per person has dropped about a quarter to Rs 1.5 lakh per person. The average value has seen a reduction given the large increase of younger travellers availing of loans -- for both domestic and short-haul overseas destinations.
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Saturday, December 30, 2023
BANKING
This is the probably last full review meeting before the presentation of Budget 2024-25 and general elections later next year. As per PTI sources, issues related to fraud and wilful defaulters and progress on the National Asset Reconstruction Company Ltd (NARCL) came up for discussion during the meeting.
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Friday, December 29, 2023
BANKING
RBI's assessment of notional losses in the HTM portfolio - which it started publishing recently - assumes significance in light of the collapse of the Silicon Valley Bank and a few other US-based lenders in March 2023, stressed by huge losses incurred on holdings of American bonds.
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Thursday, December 28, 2023
BANKING
The RBI has warned that 34 NBFCs may face stress in extreme liquidity conditions if they face negative cumulative mismatch in liquidity over the next year. The top 50 NBFCs have seen a shift towards longer-term funding sources and a decrease in short-term borrowing, with 76% of bonds having a residual maturity of up to five years in September 2023.
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BANKING
Service outages have been plaguing all lenders globally. Earlier this year, Canadian bank Laurentian replaced its chief executive after an IT outage. The bank noted that the new management's immediate priority would be to address the impact of a mainframe outage that occurred last month during a planned IT maintenance update. Amid all this, the RBI has asked banks to explore setting up a 'service availability web page' or SEWA dashboard that will help customers compare different banking facilities offered by lenders.
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Wednesday, December 27, 2023
BANKING
The Reserve Bank of India (RBI) has raised concerns over high levels of gross non-performing assets (NPAs) in urban cooperative banks, despite improved profitability indicators. The RBI has called for further strengthening of governance standards and risk management practices, and for co-operative banks to adopt global best practices of supervision.
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BANKING
During 2022-23, Irdai said, life insurers issued 284.70 lakh new policies under individual business, out of which public sector insurers issued 204.29 lakh policies (71.75 per cent) and private life insurers issued 80.42 lakh policies (28.25 per cent).
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Tuesday, December 26, 2023
BANKING
India's banking sector is poised for another strong year, with public sector banks expected to achieve a total profit of Rs 1.50 lakh crore. The robust economic growth and stable non-performing assets are contributing to this positive outlook. However, slower deposit growth remains a challenge for banks. The RBI Governor Das has indicated that interest rates will remain high for the next six months.
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BANKING
The continuation of a 14-month tussle with the RBI regarding the oversight of Clearing Corp of India (CCIL) will likely put French and German banks at a severe disadvantage relative to other foreign banks operating in India, especially after the UK formally recognised the local bond clearing house.
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BANKING
In terms of the amount settled, debit card transactions are just a third of the amount settled through UPI during the month. In value terms Rs 17 lakh was settled through UPI in November. Besides widespread usage in financially savvy urban centers, UPI is now picking up in semi urban and rural areas.
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BANKING
In terms of the amount settled, debit card transactions are just a third of the amount settled through UPI during the month. In value terms Rs 17 lakh was settled through UPI in November. Besides widespread usage in financially savvy urban centers, UPI is now picking up in semi urban and rural areas.
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BANKING
Finance Minister Nirmala Sitharaman is set to meet managing directors of public sector banks (PSBs) to review their financial performance. Public sector banks have reportedly earned a net profit of around Rs 68,500 crore during the first six months of the current financial year. The meeting will assess the progress made by banks in achieving targets for government schemes such as Pradhan Mantri Jan Dhan Yojana (PMJDY), Kisan Credit Card (KCC), Stand-Up India, and Pradhan Mantri Mudra Yojana (PMMY).
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Monday, December 25, 2023
BANKING
IL&FS is poised to divest its stakes in three road projects as part of the resolution process. This decision comes after the new board's inability to secure approvals for the original plan of transferring these assets to an infrastructure investment trust (InvIT). The road projects in question include Baleshwar-Kharagpur Expressway (BKEL), Jharkhand Infrastructure Implementation Company (JIICL), and Jharkhand Road Projects Implementation Company (JRPICL).
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Sunday, December 24, 2023
BANKING
The government has said that it will take up the matter with IRDAI to reevaluate the 24-hour hospitalization requirement for mediclaim policies. In response to concerns raised by the National Consumer Commission chief, Justice Amreshwar Prasap Sahi, the Consumer Affairs Ministry said that it aims to address the evolving nature of medical procedures.
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BANKING
"There would be far more scrutiny by banks on account holders making forex transactions on non-authorised platforms, including apps," said one of the officials who didn't want to be named. "The regulator wants lenders to further ensure that Know Your Customers (KYC) norms for all parties in such transactions are strictly followed."
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BANKING
These are among the key proposals made by the fund industry body in its representation to the Reserve Bank of India (RBI) in the wake of the central bank's sweeping measures, a person familiar with the subject told ET. The strict dos and don'ts imposed by RBI in a circular on December 19 are aimed at restraining lenders from using AIFs to move funds to help near-delinquent borrowers and hide the stress on loan books.
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Saturday, December 23, 2023
Friday, December 22, 2023
BANKING
The penalties imposed by the RBI are in line with its Clean Note Policy, which requires immediate penalty levying upon the detection of a shortage in soiled note remittances or chest balances, regardless of the number of pieces detected. This penalty serves as a reminder to banks to ensure the proper handling and remittance of soiled notes. The RBI's strict enforcement of the Clean Note Policy aims to maintain the integrity of currency circulation in the country.
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BANKING
A higher surrender value on nonpar policies, which guarantee survival or maturity benefit without depending on insurers’ profit, could lead to an increase in more people giving up on policies prematurely, according to the insurers. This could result in a decline in persistence levels — or the proportion of policyholders who opt to pay premiums regularly — for the life insurance sector, according to them.
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BANKING
The Indian Venture and Alternate Capital Association (IVCA) lobby group has approached the government, concerned that the measure will impact the flow of funds to the startup sector, ET reported on Friday. The RBI had been keeping a close watch on these practices for the past several months and clamped down after investments rose sharply, said a person familiar with the details.
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BANKING
Beacon Trusteeship Ltd, based in Mumbai, has achieved a significant milestone with its leading securitization platform, ProSec. The platform, responsible for managing and overseeing transactions, has now surpassed a total value of $3 billion. It processes approximately 70 lakh loans on a monthly basis, spanning across more than 200 pools within the platform.
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Thursday, December 21, 2023
BANKING
The gesture of giving gifts to each other is a lot about feeling and love. It is the thought that counts, after all. With the convenience and choice of sending gift cards in minutes from anywhere, anytime, it gives you the ultimate delight to #UnwrapHappiness for your loved ones.
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BANKING
Mitsubishi UFJ Financial Group Inc. plans expansion in India, citing the nation's strong growth prospects. CEO Hironori Kamezawa highlighted India's assured economic growth, contrasting it with potential challenges in China. The bank has been steadily growing its presence, opening branches and investing in Indian startups, aiming for further development. India's allure as an investment destination is rising, drawing interest as an alternative to China amidst perceived risks.
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BANKING
Banks with a smaller geographic presence are providing higher returns on savings accounts than the fixed deposit rates offered by larger banks. This highlights the growing competition to attract funds in an economy where credit growth outpaces deposit accumulation in the banking system.
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Wednesday, December 20, 2023
BANKING
India's Piramal Enterprises plans to set aside provisions for certain exposures to investments in alternate investment fund (AIF) units, following the Reserve Bank of India's tightening rules. The RBI has barred all entities from investing in AIFs with borrowers in the past 12 months. As of November 30, Piramal's AIF investments were valued at Rs 38.17 billion.
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BANKING
According to a recent report by the National Insurance Agency, over 400 million individuals, or about a third of the population, lack health insurance due to lower penetration, coverage inadequacy and rising healthcare costs.
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BANKING
A Reserve Bank of India (RBI) circular issued Tuesday prohibits banks and NBFCs from investing in AIFs to prevent questionable asset transfers. This will affect large banks and NBFCs involved in AIF investments. "This RBI measure imposes significant requirements on banks and NBFCs," said Sai Krishna Bharathan, Partner, Trilegal.
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BANKING
For years, 'evergreening of loans' - throwing new loans to help a stressed or delinquent borrower repay old loans - has worried the regulator. Since rules prohibit lenders from doing this blatantly, some of them, mostly non-banking companies, had figured out a different way some years ago. They cut special deals with foreign credit funds, which bet on comparatively lower-rated bonds, to set up local alternative investment funds (AIFs).
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BANKING
Sumitomo Mitsui Banking Corporation (SMBC), Japan's second-largest bank, closed a $120 million aircraft financing loan for Air India to acquire an Airbus A350-900. The transaction, facilitated by SMBC Singapore branch and Air India's subsidiary in Gujarat International Finance Tec-City, marks SMBC's first aircraft finance lease in the Indian market.
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Tuesday, December 19, 2023
BANKING
HFCs could see some pressure to either divest or fully provide for some assets as some of them have investments in AIFs, and those funds have invested in real estate companies. "It may also significantly impact the existing investments from the likes of banks, NBFCs and Sidbi in several AIFs," said Tejesh Chitlangi, Senior Partner, IC Universal Legal.
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BANKING
Over 20 asset reconstruction companies and non-banking finance companies have expressed their interest in acquiring Saraswat Bank's non-performing assets. These include Acre ARC, Asset Reconstruction Company (India) and Edelweiss ARC.
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BANKING
Karur Vysya Bank and HDFC Life have entered into a corporate agency agreement to offer life insurance products to Karur Vysya Bank customers. The agreement will allow customers to access HDFC Life's range of life insurance products, covering protection, savings, investment, retirement, and critical illness.
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Monday, December 18, 2023
BANKING
The investment bank wants to broaden the range of loans it offers through its shadow banking unit, according to Sonjoy Chatterjee, chairman and chief executive officer for Goldman in India. The firm also plans to get a license to scale up in currency trading, which would allow Goldman to deal with any counterparty such as financial investors, equity customers or a corporate customer, he said.
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BANKING
Lenders argued in a representation to the RBI earlier this month that penal interest rates lead to better credit discipline. They also said they needed time to reconfigure their internal systems. "We need more time to reconfigure our internal systems to adhere to guidelines, and accordingly, a representation was made to the regulator earlier this month," an executive of a leading public sector bank said on condition of anonymity.
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Sunday, December 17, 2023
BANKING
Cost of borrowing for companies, banks and non-banks through commercial papers (CP) and certificates of deposits (CD) has increased 15-25 basis points (bps) over the past month, data from Clearing Corporation of India (CCI) showed. One basis point is 1/100th of a percentage point. The increase in borrowing costs - particularly in the crowded three-month segment of borrowing - comes after the RBI on November 16 announced new regulatory measures for NBFC credit.
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BANKING
LIC is planning to launch a product specifically designed for rural areas to achieve 'Insurance For All by 2047'. The product will consist of life, health, and property insurance, with a women-centric distribution channel model. The IRDAI has proposed guidelines for 'Bima Vahaks', which seek to establish a dedicated distribution channel at the level of Gram Panchayats.
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BANKING
"A low-profile company, Lloyds Metals, has emerged the fastest wealth creator with 2018-23 price CAGR of 79 per cent," it said. Adani Enterprises Ltd, the flagship incubator firm of the Adani Group, is a close second with a CAGR of 78 per cent
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Saturday, December 16, 2023
BANKING
"As India globalises and a lot of Indians keep travelling abroad for work or leisure it's imperative to remove their pain of buying multiple policies separately for India and overseas," Reliance General Insurance CEO Rakesh Jain said.
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Friday, December 15, 2023
BANKING
IndusInd Bank has launched its 'Indus Solitaire Program', a community banking initiative designed for the diamond industry. The program will be offered through its flagship branches in Mumbai and Surat, providing exclusive benefits and features. The program includes 24x7 locker access, add-on family accounts, zero cross-currency markup fee on foreign exchange, customized diamond industry employee salary accounts amid other services.
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BANKING
India has been one of the rare hotspots for mergers and acquisitions as well as share sales in recent years as investors bet on the nation’s fast-growing economy. The South Asian country has seen more than $21 billion raised through sales of new and existing shares as well as rights offerings so far this year, data compiled by Bloomberg shows, defying a weak global market as interest rates jumped.
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Thursday, December 14, 2023
BANKING
The new rules would put insurers in a dilemma - they must either lower sales or lower profits to address premature policy closures. If insurers cut commissions to make room for higher payouts, it could impact sales. On the other hand, if they retain commissions or pay higher ones, they will suffer a loss in profits.
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BANKING
In this draft circular, the regulator has suggested changes in surrender value rules for non-linked life insurance policies. Under the current draft Irdai regulations on non-linked insurance products, surrender values are determined based on a percentage of premiums paid by the policyholder, which increases with the number of premiums paid.
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BANKING
This is the second big investment by BII, the UK's development finance institution and impact investor, in India in quick succession. It has recently committed to lend Rs 250 crore to non-bank lender Aye Finance. “The housing crisis in India has been exacerbated by urbanization and migration. In cities, many low-income families face challenges due to informal job natures and poor living conditions," said Gaurav Malhotra, Director for Financial Services at BII.
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BANKING
Federal Bank, a private lender in India, is planning to collaborate with fintech companies as part of its growth strategy. Shyam Srinivasan, MD&CEO of Federal Bank, stated that partnerships with fintech firms will provide the bank with broader customer reach, and the bank aims to leverage this strategy instead of competing. Fintech collaborations, particularly in client acquisition for opening digital savings accounts, have proven valuable for the bank.
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BANKING
Orbis Financial raises Rs 102 crore for market position strengthening, secures funds from investor Ashish Kacholia. The firm, founded in 2009, offers services to various investor segments, including FPIs, insurance companies, and high-net-worth individuals. This marks the second round of investment by Kacholia, following an earlier funding of Rs 111 crore, with Derivative Saint serving as the exclusive advisor in both funding rounds.
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Wednesday, December 13, 2023
BANKING
In the past two financial years, PSBs have made a turnaround, backed by a decrease in bad loans. In 2022-23, PSBs earned a record aggregate net profit of about ₹ 1.05 lakh crore, almost triple the net profit earned in 2013-14. The government has been pushing banks to review their systems and adopt best practices to tackle issues such as fraud and cybersecurity risks.
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Tuesday, December 12, 2023
BANKING
The non-banking financial company (NBFC) plans to securitise part of its loan portfolio and then sell it to international investors, with major global banks set to meet investors in Hong Kong and Singapore this week to arrange the transaction, said people with knowledge of the matter.
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Monday, December 11, 2023
BANKING
State-run Indian Bank has put bad loans worth ₹610 crore on sale as it looks to clean up books by the end of this financial year. The loans include exposures to real estate firm Ashvi Developers, LMJ International and ACCIL Corporation.
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BANKING
In 2016, BNP Paribas had acquired Sharekhan from a clutch of private equity firms, including Citi Venture Capital International (CVCi), Baring Asia Private Equity and Samara Capital, for ₹2,100 crore. "BNP Paribas wants to focus mainly on the banking business. They had earlier exited the mutual fund and wealth management businesses also," said the second person quoted above.
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BANKING
"Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform that the Corporation has received communication/ demand order for collection of GST along with interest and penalty for Telangana state. The said order is appealable before Appellate Joint Commissioner (ST), Hyderabad Rural Division," LIC said in an exchanges filing.
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BANKING
The Reserve Bank of India (RBI) has issued a caution against misleading ads offering loan waivers, noting entities charging fees for unauthorised 'debt waiver certificates.' Some campaigns advise against paying bank dues, undermining regular repayment practices. RBI warns borrowers, emphasising that such activities harm financial stability and may lead to direct financial losses.
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Sunday, December 10, 2023
BANKING
The company's net interest income surged 38 per cent to Rs 13.52 crore from Rs 10.85 crore. During the September 2023 quarter, the net interest margin (NIM) declined to 2.73 per cent against 3 per cent in the year-ago period.
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Friday, December 8, 2023
BANKING
IBA-bank employee union wage revision agreement: The djustment is set to take effect from November 1, 2022, and will span a period of five years. According to the agreement, the wage revision will result in a total expenditure of Rs 12,449 crore for all public sector banks, including the State Bank of India (SBI).
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BANKING
Top executives from the State Bank of India, PC Kandpal and Rajay Kumar Sinha, are frontrunners for the post of Member Finance at the Insurance Regulatory and Development Authority of India (IRDAI). Interviews are expected to be held in the third week of the month, with the selection panel including financial services secretary Vivek Joshi and IRDAI chairman Debashish Panda.
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Thursday, December 7, 2023
BANKING
In a statement, the finance ministry said the review meeting involved assessments from both the perspective of recovery and enforcement action. "All measures should be taken to further improve coordination between the Central Bureau of Investigation, or CBI, and banks for expeditious investigation," it said, adding that large-value bank fraud cases may be monitored more closely by the chairmen, MDs and CEOs of banks for enforcement and recovery purposes.
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Wednesday, December 6, 2023
BANKING
The high court concluded that the rejection of the refund was illegal as it violated Article 265 read with Article 14, and observed that the department couldn't point out any provision under the Finance Act, 1994 that it allow them to retain the amount.
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Tuesday, December 5, 2023
BANKING
The alternative-asset industry in India has venture capital and hedge funds as its two bookends. The main body, however, consists of private equity and private credit. Whereas just a decade ago these two asset classes were a $200 million sideshow, now they command $83 billion, or more than four-fifths of the $100 billion committed by investors to private funds.
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BANKING
The authorities are now asking for details such as the specifics of office spaces, electricity bills, the roles and expertise of directors and employees in Singapore and Mauritius, locations of decision-making, and a thorough review of board meeting minutes.
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BANKING
The Ministry of Finance, Reserve Bank of India (RBI), Ministry of Electronics and Information Technology (MeitY) and National Payments Corporation (NPCI) of India are examining mandatory filters above a certain monetary threshold, including one-time passwords (OTP) for digital payments, a top government official told ET.
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BANKING
Providing an insight into DBS Bank India's renewable thrust into financing for the small and medium enterprises sector, Rajat Verma, head of institutional banking, DBS Bank India, cited the need for suppliers to benefit from this type of financing. He also stressed on the focus areas for the lender.
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BANKING
"Comprehensive steps have been taken to recover NPAs, enabled by which, SCBs have made an aggregate recovery of Rs 7,15,507 crore (RBI provisional data for FY 2022-23) in NPA accounts, including written-off loans, during the last five financial years," Minister of State for Finance Bhagwat Karad said.
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BANKING
Finance Minister Nirmala Sitharaman stated that Indian banks remain healthy, strong, and resilient despite global banking turmoil. She highlighted the recovery of Rs 33,801 crore from wilful defaulters by March 31, 2023, and efforts to combat defaults. Sitharaman emphasized the decline in NPAs and rising profit margins in Indian banks, contrasting with bank collapses in other countries.
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Monday, December 4, 2023
BANKING
During Diwali 2023, Visa reported a significant 25% increase in credit card spending on online platforms compared to the previous year. Overall credit card expenditures also grew by approximately 18%. This surge suggests a change in consumer shopping behavior, reflecting a robust economic outlook.
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BANKING
Banks have again approached the Reserve Bank of India (RBI) to request an extension in the deadline for classifying non-performing accounts as wilful defaulters, according to sources familiar with the matter. In September, the RBI had initially given banks six months to comply with the draft rules titled 'Framework for Compromise Settlement and Technical Write-offs' regarding the treatment of wilful and large defaulters.
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BANKING
According to Indian Banks' Association (IBA), Indian Banks' Digital Infrastructure Company (IBDIC) is working on implementing domestic Letter of Credit (LC) issuance on blockchain. According to Minister of State for Finance Bhagwat Karad, only a few banks are currently using blockchain technology The IBDIC, formerly known as Indian Banks' Blockchain Infrastructure Company (IBBIC), is a consortium of 18 banks
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BANKING
According to information provided by the Reserve Bank of India (RBI), 2,623 unique borrowers who are classified as wilful defaulters. These borrowers have a total outstanding debt of Rs 1,96,049 crore with scheduled commercial banks as of March 2023. The data pertains to borrowers with aggregate exposures of Rs 5 crore and above.
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BANKING
Geojit Financial Services has announced the appointment of Rahul Roy Chowdhury as the Chief Executive Officer of their Private Wealth Services and Gopinath Natarajan as the Chief Executive Officer of their Portfolio and Managed Assets services.
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Sunday, December 3, 2023
BANKING
L&T Finance Holdings has successfully completed the merger of three subsidiaries, namely L&T Finance, L&T Infra Credit, and L&T Mutual Fund Trustee, into a single entity. All lending businesses will now be consolidated under the equity-listed operating entity of L&T Finance Holdings. The merger, effective Monday, received approvals from various authorities
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BANKING
The new risk weightage norm is not a big challenge for Unity as we don’t have a big legacy book. But it will put a little deterrent to market players because 25% higher risk weightage always forces a rethink in the way business is done. At Unity, we are planning to get into personal loans. The starting point would be branded credit cards with three different partners, says Jaspal Bindra, chairman of Centrum Group.
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Saturday, December 2, 2023
BANKING
The National Company Law Appellate Tribunal has upheld the penalty imposed by the National Financial Reporting Authority (NFRA) on auditors of Dewan Housing Finance Corporation Ltd (DHFL). The NFRA had fined 18 DHFL auditors Rs 1 lakh each, with 14 of them being barred from practicing for six months to a year. The auditors were found guilty of misconduct during branch audits and were blamed for failing to detect fraud at DHFL.
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Friday, December 1, 2023
BANKING
An analysis of the age-wise generation of DLCs reveals that more than 24,000 pensioners above the age of 90 years used digital mode, the statement said. The leading states for DLC generation are Maharashtra, Uttar Pradesh, and West Bengal, having generated 5.07 lakh, 4.55 lakh and 2.65 lakh DLCs, it said.
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Thursday, November 30, 2023
BANKING
The private lender's portfolio comprises 8,529 accounts given to affordable home buyers with average principal loans ranging between Rs 10 lakhs and 12 lakhs. The bank reportedly invited offers in cash by December 2.
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BANKING
Net headcount addition in FY23 surged 61% over FY22 and is expected to beat the record high of FY11. The record additions are being driven by aggressive hiring by private banks across functions such as customer interface, lending, assurance, and technology to drive their branch expansion into tier 3 and rural areas.
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BANKING
The Reserve Bank of India (RBI) has imposed a penalty of Rs 10,000 each on Bank of America, N.A., and HDFC Bank Ltd for violations of certain norms. Bank of America was penalized for violating reporting requirements under the Liberalised Remittance Scheme of FEMA 1999.
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BANKING
On a year-on-year (y-o-y) basis, non-food bank credit rose 15.3 per cent in October 2023 compared with 18.3 per cent a year ago according to the latest data on sectoral deployment of bank credit was released by the Reserve Bank of India largely due to the merger impact of HDFc with HDFC Bank. Excluding the merger impact, credit offtake is higher 19.8 percent in October this year.
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Wednesday, November 29, 2023
BANKING
The Insurance Regulatory and Development Authority of India (Irdai) has increased scrutiny on the ultimate beneficiaries in share transfers within the insurance broking sector, leading to extended approval timelines. The regulator is examining general partners (GPs), alternative investment funds (AIFs), and venture capital/private equity funds associated with these transfers.
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Tuesday, November 28, 2023
BANKING
"The merits of the offer are not very good. They want to replace the board and the management," said Ahmed, also the chief executive officer of Hamdard Laboratories and chancellor of Jamia Hamdard University. "The company has come out of heritage problems. At such a time, the offer looks a bit fishy," said Ahmed, who joined Religare's board as an independent director two years ago.
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BANKING
The government assessed the readiness of banks and financial institutions to combat cybersecurity challenges and rising digital payment fraud. Financial services secretary Vivek Joshi revealed the suspension of seven million mobile numbers due to suspicious transactions. So far, Rs 900 crore defrauded money has been saved, benefiting 350,000 victim
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Monday, November 27, 2023
BANKING
HDFC Bank's board has approved the appointment of former NABARD Chairman Harsh Kumar Bhanwala's appointment as additional independent director. The board also gave its nod for appointing V Srinivasa Rangan as executive director for three years, pending shareholder approval. Bhanwala's tenure spans January 2024 to January 2027.
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BANKING
True North, a private equity fund, has announced its foray into private credit, raising over Rs 1,000 crore since 2022. The "True North Private Credit" will invest Rs 75 crore in companies and Rs 200 crore in co-investment pools, targeting an internal rate of returns between 15-18%.
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Sunday, November 26, 2023
BANKING
Lenders want the regulator to tweak the age-old rule. "We have told the Reserve Bank of India (RBI) to modify the regulation so bank boards are not involved in proposals on renewal of loans when there is a 'related party' issue," a senior banker told ET.
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BANKING
"About a quarter of our Asian funds have been invested in India. Could that be higher in the coming fund vintage? Given where India is and given where some of the other markets are, I think that's certainly possible," said Singh. Bain Capital believes that private equity activity will pick up pace in 2024, having seen a tepid 2023. Factors like the upcoming general elections next year are unlikely to impact PE investments in India, the firm feels.
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BANKING
"Private general insurers have a combined market share of 53.58 per cent YTD September 2023 with a growth rate of 21.13 per cent as compared to a market share of 50.81 per cent YTD September 2022 with a growth rate of 21.33 per cent," Irdai said.
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Saturday, November 25, 2023
BANKING
According to a senior executive from the management consultancy firm Arthur D Little, the anticipated increase in private sector investment in India is expected to follow a pattern similar to international investments in the country, rather than being broad-based.
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BANKING
Financial services secretary Vivek Joshi will hold some key consultations on the matter next week. Meetings will include those with the Reserve Bank of India (RBI), Trai, telecom department and the National Payments Corporation of India (NPCI), among others.
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Friday, November 24, 2023
BANKING
Mis-selling has transformed into a digital format involving deceptive design interfaces and tactics, tricking users into taking high-cost, short-term consumer credit by posing as instant loans, the RBI deputy governor said.
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Thursday, November 23, 2023
BANKING
RBI loan ban: The Reserve Bank of India (RBI) has implemented stringent measures impacting banks and non-bank financial institutions to address burgeoning consumer credit risks. Fitch Ratings highlighted these changes as a credit-positive step. Concerns arose due to the surge in unsecured credit card and personal loan growth, prompting regulatory action.
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BANKING
This is the second bank objection to the loan default resolution of Lavasa Corporation, billed as the first private hill town project to be built since Independence. It comes almost two years after creditors approved the plan overwhelmingly in December 2021 and months after the NCLT gave its nod in July this year.
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Wednesday, November 22, 2023
BANKING
On November 16, RBI announced increases in bank capital requirements for consumer loans and mandated lenders to set limits on various retail segment loans, signalling the central bank's vigilance on the unbridled growth in these types of advances.
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BANKING
HSBC India CEO Hitendra Dave said though technology has made banking easier, the risks are sometimes unknown. He cited the example of the ransomware attack on the world's largest lender by assets Industrial and Commercial Bank of China (ICBC) earlier this month which forced the bank to re-route trades using spreadsheets stored on portable drives and accessing the internet using dongles.
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BANKING
GMR will use ₹1,520 crore proceeds from the bonds to repay term loans, ₹227 crore for repayment of subordinated debt, ₹300 crore to repay sponsors' debt, ₹290 crore for capex of phase 2 of the airport construction, according to the bond documents available at the Bombay Stock Exchange.
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BANKING
Insurers frequently reject health insurance claims, with approximately 25% facing rejection due to the policyholder's non-disclosure of pre-existing conditions such as diabetes or hypertension during purchase. An additional 25% of rejections occur when policyholders are unaware of coverage terms and attempt to claim for outpatient department (OPD) or other treatments not covered by the policy.
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Tuesday, November 21, 2023
BANKING
Reserve Bank of India (RBI) Governor Shaktikanta Das emphasized the increasing connectivity between banks and Non-Banking Financial Companies (NBFCs). He urged banks to continually assess their exposure to NBFCs and the exposure of individual NBFCs to multiple banks, as concentrated linkages could pose "contagion risks."
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BANKING
Lenders say large- and small-value loan customers have previously falsified data for expanding their borrowing limits. Last year, Can Fin Homes detected fake ITRs in 37 accounts at its Bhilwara branch in Rajasthan, after complaints were made.
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BANKING
The ruling clarifies that the interim moratorium begins when the application is duly numbered by the tribunal, the Kerala High Court said. This order, along with the recent Supreme Court ruling on personal guarantees, would help creditors to exercise their rights.
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BANKING
Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey had last week said the IDBI Bank strategic sale transaction is "on course" but the transaction would not be completed in the current fiscal. "We practically don't think that before March we can conclude it (IDBI Bank stake sale)," Tuhin Kanta Pandey had said.
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BANKING
Startup investments came in at USD 1.3 billion in October, more than double that of the year-ago period when the industry was passing through a funding winter. From a sectoral perspective, retail and consumer products led with USD 623 million of PE/VC investments across five deals, driven by the ADIA bet on Reliance Retail Venture.
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Monday, November 20, 2023
BANKING
Sorin Investments had raised a corpus of over ₹1,000 crore in August. Sorin has deployed about ₹70 crore till date in two startups. It plans to invest an additional about ₹70 crore in two more transactions by 2023, people said.
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Sunday, November 19, 2023
BANKING
Banks must provide customers with facilities of a website, phone banking, SMS, email, IVR and a dedicated toll-free helpline for reporting unauthorised transactions as well as loss/theft of payment instruments such as cards. They should also be given the facility to report these to the home branch.
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BANKING
Some customers in these cities earlier this month found that when they tried to transfer funds using the Immediate Payment Service (IMPS) from their IDFC First Bank savings accounts to Uco Bank, the amount got credited into the Uco Bank account without getting debited at IDFC First, according to the preliminary findings by Uco Bank.
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BANKING
The Finance Ministry has urged state-owned banks to review their digital operations following the UCO Bank incident. They are advised to check their cybersecurity robustness and strengthen them. The Finance Ministry and RBI have been educating banks on this issue due to the growing digitization in the financial sector.
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Saturday, November 18, 2023
BANKING
According to officials aware of the deliberations, the Indian Banks Association, or IBA, and National E-governance Services Ltd. (NeSL) are working to further improve the reporting system, which will now capture data on 'declaration of fraud' and 'declaration of wilful default,' a move that is expected to fast-track the process of establishing defaults and verify claims expeditiously.
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Friday, November 17, 2023
BANKING
As per the bid document, those selected for income verification and analysis will need to extract data from the bank statement, analyse the data, determine income and expenditure, and detect fraudulent transactions and other anomalies.
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BANKING
"The recent ruling has potential to improve the recovery in existing written-off accounts, many of which are through the bankruptcy code, and result in 5 percentage point incremental recovery from personal guarantees," said Hari Hara Mishra, CEO, ARC Association.
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BANKING
IIHL had emerged as the highest bidder with an offer of Rs 9,650 crore to take over debt-ridden Reliance Capital in the second round of auction concluded in April. The Reserve Bank of India (RBI) on November 29, 2021, superseded the board of Reliance Capital in view of payment defaults and serious governance issues.
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Thursday, November 16, 2023
BANKING
Ashok Vaswani has been approved as the Managing Director and CEO of Kotak Mahindra Bank for a three-year term starting from January 1, 2024. The appointment received approval from the Reserve Bank of India in October.
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BANKING
The Reserve Bank of India (RBI) increased risk weights on consumer loans from banks, non-banking finance companies (NBFCs) and credit card providers, making it more expensive for lenders across the spectrum to offer loans in these segments. That will mean higher interest rates for all borrowers.
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BANKING
Analyst estimates are mixed. A Macquarie report citing the company's investor presentation said out of the 3,580,000 customers added in the second quarter about 670,000 or 19% were EMI card customers. Digitally-sourced EMI card franchise stood at 4,200,000 or 10% of the EMI card base.
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Wednesday, November 15, 2023
BANKING
Stock brokers' profits surged in the September quarter due to a record-breaking stock market rally, driven by increased client addition and higher trading activity. A study of six firms' second-quarter earnings showed average net profit growth over 40% from the June quarter and 53% from the same period a year ago.
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BANKING
In response to the recent Supreme Court order upholding recovery provisions against personal guarantors, Indian lenders are now taking measures to protect their interests. They will require a negative lien on the assets underlying personal guarantees given by promoters of companies raising bank loans. This will prevent promoters from transferring these assets to a special trust that is bankruptcy remote.
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BANKING
Once the open offer is concluded, the Burman family-owned entities - currently the largest shareholding bloc at Religare - will nominate their directors on the board of the financial services company, Burman told ET.
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BANKING
The Reserve Bank of India has directed Bajaj Finance Limited to stop the sanction and disbursal of loans under two of its lending products – ‘eCOM’ and ‘Insta EMI Card’ with immediate effect as the non-banking financial company did not comply with certain norms.
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BANKING
The Reserve Bank of India (RBI) has ordered NBFC Bajaj Finance to cease lending under its eCOM and Insta EMI Card products due to non-adherence to RBI's lending norms, including non-issuance of Key Fact Statements and deficiencies in other digital loans.
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BANKING
According to the report, the MFI sector has immense growth potential with the market size estimated by MFIN to be around Rs 13 lakh crore during the current fiscal 2023-24. MFIN said that the new regulations have guided the strengthening of governance in microfinance operations.
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Tuesday, November 14, 2023
BANKING
The death of Sahara Group's chief Subrata Roy has brought attention to undistributed funds totaling over Rs 25,000 crore in the capital markets regulator Sebi's account. In 2011, Sebi ordered two Sahara Group firms to refund money raised from nearly 3 crore investors through Optionally Fully Convertible Bonds (OFCDs), report said.
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Monday, November 13, 2023
BANKING
The PSU banks continued to show a sustained improvement in the September quarter. At the aggregate level, the provisioning for bad loans or loan loss provisioning for the 12 listed PSU banks fell to Rs 16,552 crore compared with Rs 16,875 crore in the previous quarter and Rs 18,138 crore in the year-ago quarter.
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BANKING
The government is keen to take advantage of the sharp rally in share prices of public sector banks (PSBs) that are riding on much-improved financial performance and fundamentals. The stake sale can be conducted through the offer-for-sale route for lenders that are not inclined toward a rights issue, said people aware of the deliberations.
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BANKING
AU Small Finance Bank's move to acquire Fincare Small Finance Bank may encourage others to explore inorganic opportunities, industry captains believe, as bigger balance sheets would put them on a stronger platform to take on their bulge-bracket rivals, especially when it comes to mobilising public deposits.
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BANKING
Insurance Ombudsman for the Delhi region, Sunita Sharma, emphasized the need for insurance companies to prevent incidents of mis-selling. Sharma, a former LIC MD, stressed the importance of treating customers well and avoiding mis-selling practices. She noted that companies often engage with customers until the free look period, disappearing afterward, making it challenging for customers to claim mis-selling after that period.
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Sunday, November 12, 2023
BANKING
The latest data from the Insolvency and Bankruptcy Board of India (IBBI) show that a total of 2,289 cases related to personal guarantees involving corporate debt of Rs 1.63 lakh crore have been filed at the National Company Law Tribunal (NCLT). Of these, 282 have been admitted, out of which 21 have yielded Rs 91.27 crore. The order means cases stuck at the NCLT will move forward with banks likely making fresh pleas in this regard.
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Friday, November 10, 2023
Thursday, November 9, 2023
BANKING
An official said that the government has asked lenders to watch for any signs of incipient stress. "Almost all PSBs (public sector banks) have stated that in this segment there has been no spike in delinquencies and most borrowers have credit scores of 700 and above," he said, underscoring the stable asset quality of these loan accounts.
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BANKING
State-owned hydel unit Sikkim Urja lodged an insurance claim of ₹500 crore after unseasonal rains early in October caused the banks of the glacial South Lhonak Lake to breach, with a wall of water battering public infrastructure assets and drowning homes across a large swathe of urban Sikkim and the hilly reaches of West Bengal.
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Wednesday, November 8, 2023
BANKING
Pidilite Industries, a company that makes adhesives and building chemicals, intends to go into the banking market and offer small-value retail loans. According to a regulatory update, Pidilite Industries would purchase Pargro Investments, an existing NBFC that is a part of the Promoter Group, in order to facilitate this.
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BANKING
The Welspun Group has interests in textiles, line pipes, flooring solutions, warehousing, roads, and oil and gas, and is laying out an expansion strategy for each of its businesses. The group is focusing on four major segments with an aim to build a robust business in each segment.
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BANKING
“This growth can largely be attributed to the large-scale adoption of digitisation by the sector as well as the positive regulatory amendments brought in by RBI that have bridged the gap between rural and urban markets” said Sanjeet Dawar, managing director, CRIF High Mark.
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BANKING
On February 21, India and Singapore launched the real-term linkage between the UPI and PayNow to facilitate instant and cost-effective cross-border fund transfers. Money transfers can be made from India to Singapore using mobile numbers and from Singapore to India using virtual payment addresses.
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BANKING
Financial institutions need to focus on improving ease of transaction through digital means, Choudhary said, adding, the need of the customers in the changing time has to be addressed as per their convenience and ease.
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Tuesday, November 7, 2023
BANKING
According to some reports, the regulator may increase the risk weights for such loans, which moderates a lender's ability to lend to such segments as the capital charge goes up. "Growth can remain strong even with higher risk weights," the report by Axis Capital Research said.
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BANKING
Delhi High Court has overturned a decision by the Debt Recovery Appellate Tribunal (DRAT) that required Religare Finvest Ltd (RFL) to deposit 40% (approximately Rs 116.85 crore) of a Rs 306 crore debt due, along with interest, to pursue its petition.
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BANKING
"CCI approves acquisition of approx 49 per cent shareholding of Bharti AXA LifeInsurance Co. Ltd. by BhartiLife Ventures Pvt Ltd from AXA India Holdings & acquisition of approx 48.54 per cent shareholding of Bharti Management Services Ltd by BhartiEnterprises Ltd. from Societe Beaujon," according to a post by CCI on social media platform X on Tuesday.
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Monday, November 6, 2023
BANKING
Bandhan Bank, based in Kolkata, expanded its reach by opening a branch in Kargil, Ladakh, adding to its presence in 35 of India's 36 states and UTs. This follows the opening of a Leh branch in August. Bandhan Bank emphasizes its commitment to serving the diverse financial needs of Indians across the country, with a strong network of over 6,200 outlets and 3.2 crore customers.
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Sunday, November 5, 2023
BANKING
The RBI in a draft directive has suggested an in-person hearing at the review stage, which is the last stage before classification. Lenders hope recovery will improve - at least among the small-ticket borrowers - if a dialogue is initiated at an early or the identification stage.
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BANKING
"The caution on high-cost deposits is a part of the review of the asset liability risk management practices followed by banks," a government official said, adding that it was also pointed out that another challenge for public sector banks is to arrest the decline in current and savings account, or CASA, which has come down to 57% in March 2023 from 64.9% in 2018.
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BANKING
NIM, the difference between the yield a bank earns on loans and that it pays on deposits, dropped to 3.43% for SBI but ICICI held on to its margins at 4.53%. Smaller banks like Federal Bank also saw a 14 basis points drop in NIM year on year to 3.16%.
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BANKING
State-owned Bank of Maharashtra (BoM) retained the top spot among public sector lenders in loan and deposit growth in percentage terms during the second quarter of the current financial year. The deposit and advances of the Pune-based lender posted an over 20 per cent rise, the highest by any public sector bank during the July-September period.
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Saturday, November 4, 2023
BANKING
Bank of Baroda's former Chief Digital Officer, Akhil Handa, has clarified his employment status, asserting that he was not terminated from his position. Instead, he confirmed that he had voluntarily resigned from his role in August, citing personal reasons.
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BANKING
Bank of Baroda (BoB) clarified on Saturday that the 'bob World' initiative had a very insignificant and immaterial financial implication on the bank. The statement came as BoB's Managing Director, Debadatta Chand, announced its quarterly financial results and shared updates regarding the 'bob World' project.
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BANKING
State-owned lender UCO Bank is shifting its growth strategy to focus on expanding its corporate loan portfolio in a profitable manner. The bank will prioritize retail, MSME, and agriculture as its key drivers of growth in the coming quarters. This strategic shift coincides with delayed rate cut expectations due to global inflation and geopolitical uncertainties.
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Friday, November 3, 2023
BANKING
Recent meetings between senior officials of the Reserve Bank of India (RBI) and bank treasury executives have focused on market appetite for upcoming green bond sales even as the likelihood of liquidity-draining open-market auctions remain a concern for an anxious bond market.
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BANKING
The penalty was imposed on Punjab National Bank due to several violations, including levying SMS charges on certain accounts despite maintaining invalid mobile numbers in the Core Banking Solution (CBS), not strictly adhering to the interest rates as per the pre-disclosed schedule in several term deposit accounts, and failing to specify the interest reset date in MCLR-linked loans.
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Thursday, November 2, 2023
BANKING
UCO Bank initially directed its branches to distribute sweet packets to its top 10 non-performing borrowers but later withdrew the circular due to implementation difficulties and borrower cooperation issues. The move aimed to improve borrower relations during Diwali but faced backlash.
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BANKING
"In the last five years, we got to know India very well, the team has really formed well, so the foundation is solid. And now, because of what we are seeing in India, the growth of the economy, the transformation that has happened, we believe that we can set a target of $5 billion AUM in the medium term," said Mohammed Alardhi, executive chairman of Investcorp.
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BANKING
After the country's largest bank, the State Bank of India, another state-run lender, UCO Bank, has come out with a circular asking its branch officials to visit and distribute sweet packets to the top 10 non-performing borrowers. In comparison, in 2018, the Punjab National Bank had the passports of 150 willful defaulters impounded.
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Wednesday, November 1, 2023
BANKING
Kotak Mahindra Bank has sealed a deal with Zurich Insurance, where Zurich will invest Rs 4,051 crore to acquire a 51% stake in subsidiary Kotak General Insurance. This agreement involves a combination of fresh capital infusion and share purchase, with the potential for Zurich to acquire an additional 19% stake within three years of the initial investment.
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BANKING
With traditional lenders retrenching, alternative asset managers like Apollo Global Management are accelerating their efforts to fill the vacuum to position themselves as an alternative to the traditional banking system — offering corporates as well large PE funds who are saddled with big bets in their portfolios bought at higher prices — with loans and financing. Apollo’s private credit unit now manages more than $400 billion in AUM, four times the size of its buyout arm which historically was the lynchpin of its business.
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BANKING
Sources told ET that the new loan is expected to be raised at a significantly higher interest rate, around 17-18%, compared with prepayments from Oaktree and Trafigura, which were below 13%. This new financing would be utilised for the prepayment of 55% of the 13.875% bonds due in 2024, 5% of the 6.125% bonds maturing in August 2024, and 20% of the 8.95% bonds set to mature in March 2025.
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BANKING
The Insurance Regulatory and Development Authority of India (Irdai) has taken a proactive step by forming a high-level panel. The primary objective of this panel is to recommend measures that would enhance the involvement of banks in facilitating the accessibility of insurance products throughout the nation.
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BANKING
Canara Bank, Bank of India and IDFC First Bank are among the lenders looking to issue Tier-II bonds in the coming weeks on expectations that interest rates will remain elevated in the near term, merchant bankers said.
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BANKING
Bogus loans were sanctioned by the bank on the same property multiple times without the knowledge of members of society. Investigation has also revealed that benami loans were sanctioned to non members against inflated property valuations in the names of other members and such loan funds were siphoned off and laundered by the accused beneficiaries, the agency had said in a statement earlier.
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Tuesday, October 31, 2023
BANKING
DBS India has invited bids for a counter bid for the portfolio of the NPAs, which should be at a minimum of 5% markup on the base price. The bank will hold the Swiss challenge on November 7, according to the bid document.
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BANKING
Canara Bank is making a strategic move by converting its subsidiary, Canbank Computer Services, into a dedicated credit card unit. This transformation aims to extract greater value from the unsecured line of business, following in the footsteps of financial institutions like SBI Cards and BoB Cards.
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BANKING
SBI Card has partnered with Reliance Retail to launch the eco-friendly Reliance SBI Card credit card, granting shoppers at Reliance Retail access to rewards. The card offers benefits across various shopping categories and comes in two variants. The collaboration aims to enhance the shopping experience and provide exclusive discounts and rewards for customers.
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BANKING
Banks and insurance agents often favour endowment policies over term policies because endowment plans offer them higher commissions. These commissions are typically a percentage of the premium paid by policyholders, making endowment policies more financially attractive for agents and banks.
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Monday, October 30, 2023
BANKING
India's top court has rejected pleas which sought a review of its earlier judgment in which it said that statutory creditors like tax authorities would be considered secured creditors. This is a set back to lenders like State Bank of India and Indian Overseas Bank. The judgment ranks crown debts at par with workmen dues.
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BANKING
AU SFB, in a late evening regulatory filing on Sunday, announced its approval of the amalgamation. Post the deal announcement, Fincare's Rs 625-crore initial public offering will be on the back burner, said Divya Sehgal, a nominee director on its board and added that the promoter of the entity will infuse Rs 700 crore into the bank before the merger.
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Sunday, October 29, 2023
BANKING
As per the agreement between the two, shareholders of Fincare Small Finance Bank shall receive 579 equity shares of AU Small Finance Bank for every 2,000 shares held. The merger would be effective from February 1, 2024, according to a regulatory filing to stock exchanges late Sunday.
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BANKING
A process has been initiated for valuation of about 400 odd loans that were parked in the trust which have continued to remain non-performing. The loans will be sold after this exercise is completed to facilitate the closure of the bad bank, according to sources.
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BANKING
"Our overall capital adequacy ratio, including profit, stood at 17.84 per cent with a CET 1 ratio of 14.56 per cent. The Bank accreted 18 bps of CET-1 capital in Q2 FY24 and 54 bps in H1 FY24. Axis Bank is well capitalised with a self-sustaining capital structure for funding organic growth," he said.
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BANKING
TVS Credit Services Ltd, a non-banking finance company, reported a profit after tax of Rs 134 crore in the July-September quarter, marking a 40% increase compared to the same quarter in the previous financial year when the net profit was Rs 96 crore.
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Friday, October 27, 2023
BANKING
Managing director and CEO Amitabh Chaudhry stated that Axis Bank is aiming to increase small-ticket loans, crop loans to small and marginal farmers, and microfinance business loans for women borrowers from low-income households throughout the year. The bank has established a unique "Bharat Bank" unit with customised rural products, expanded branch and digital presence among other things.
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Thursday, October 26, 2023
BANKING
Rajiv Rattan has acquired a 50% stake of its joint venture (JV) partner Lone Star Funds in RattanIndia Finance for Rs 611 crore in an all-cash deal. In September 2021, Rajiv Rattan offered $65 million on the condition that Lone Star withdraw all the legal cases filed against him and his company.
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BANKING
RFL's senior counsel Rajeev Nayar and counsel Saurabh Seth contended before a bench of Justice Amit Mahajan and Justice Dharmesh Sharma that the DRAT has reached an "erroneous" conclusion and said the listed company is not in a position to deposit any further sum beyond 25% (₹76.61 crore) that had already been deposited before the appellate tribunal.
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BANKING
Irdai has set up a committee to simplify the wording of insurance policies to help people make an informed decision before buying cover. Eight-member committee has been asked to submit its recommendations within 8-10 weeks. The panel has been asked to examine the existing insurance policy wording and suggest "simple and plain" wording that is legally correct and enforceable.
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BANKING
"The underlying principle of the proposed directions is that the RE should ensure that outsourcing arrangements neither diminish its ability to fulfil its obligations to customers nor impede effective supervision by the supervisory authority," the Reserve Bank of India said after proposing stricter norms for recovery of overdue loans.
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BANKING
The Navsari Consumer Disputes Redressal Commission (CDRC) has ordered the State Bank of India (SBI) to compensate a victim of UPI cyber fraud. The victim lost Rs 59,078 from her account in the SBI's Fuvara branch. Despite reporting the incident and lodging a complaint, the bank failed to take prompt action to recover the remaining Rs 39,578.
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Wednesday, October 25, 2023
BANKING
The Supreme Court has criticized the Securities and Exchange Board of India (Sebi) for issuing a show cause notice to a company ten years after conducting an investigation. The case involves the alleged misuse of funds raised through preferential allotment of shares by Alps Motor Finance. The court has directed Sebi to hold an inquiry into the delay and submit a report.
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Tuesday, October 24, 2023
BANKING
In a rare move for an Indian lender, Kotak went outside its own ranks with the selection of Ashok Vaswani as chief executive officer. Some senior managers were shocked and disappointed, as investment banker K.V.S Manian was seen as the front runner, according to people familiar with the matter. The bank’s board submitted both names for consideration and The Reserve Bank of India, which approves all senior bank appointments, chose Vaswani.
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BANKING
"With gap between credit growth and deposit growth expanding during the year to 6 percentage points at the peak, banks have been pushed to invest in expanding networks with an objective to boost their deposit mobilisation,'' said Prakhar Sharma, analyst at Jefferies. "It is interesting that different banks are adopting different strategies to drive growth in retail deposits."
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BANKING
State-run banks in India are considering the establishment of a common blockchain platform to issue letters of credit and facilitate multi-party underwriting for their corporate clients. The platform would allow lenders to make faster decisions and provide a more efficient and secure solution for stakeholders and auditors.
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Monday, October 23, 2023
BANKING
On April 28, 2022, the RBI concluded a sell-buy foreign exchange swap under which banks bought US Dollars from the central bank and simultaneously agreed to sell the same amount of dollars at the end of the swap period. The maturity of the swap, which was due on October 23, would have released around ₹40,000 crore into the banking system as purchases of dollars by the RBI inject rupee liquidity into the banking system.
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BANKING
Senior management of HSBC, the sole arranger for the dollar loan, told ET that the facility had been upscaled from the original size of $150 million to $404 million. The deal will be concluded in the next few days. The loan, which saw syndication from 16 banks, is one of the most widely syndicated financing deals for an NBFC.
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While this will have an impact for marine cargo insurance policies, which is important for businesses involved in shipping and transporting goods across the Israel/Gaza/Lebanon region, insurance companies generally take such steps to avoid increase in reinsurance rates.
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BANKING
Earlier this month, the finance ministry amended the Income Tax Rules, exempting non-residents opening a bank account from the requirement of submitting a permanent account number (PAN). "This will further give a boost to retail deposits and attract more capital from NRI investors," said the official.
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Sunday, October 22, 2023
BANKING
Bank CEOs are tapping top legal minds, alerting their compliance teams, and discussing with each other to spot the pitfalls of the Digital Personal Data Protection Act (DPDPA) - a statute under which hundreds of crores of fines can be imposed on organisations for breaches. The law that came into existence this year lays down that data can be collected only to the extent it is required, used only for the purpose for which it is taken and cannot be held on to beyond a point.
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BANKING
Vaswani's challenges as the CEO of the country's fourth largest bank with a market value of ₹3.51 lakh crore would include ensuring management stability, building scale in commercial banking, maintaining margins while growing the balance sheet, and preserving a culture built on conservatism rather than aggressive growth, industry watchers said.
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BANKING
The Finance Ministry will consider capital infusion in three public sector general insurance companies based on their financial performance. The infusion, if needed, will be made in the fourth quarter of the current financial year. The companies have been asked to improve their solvency ratio and meet the regulatory requirement of 150%.
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Saturday, October 21, 2023
BANKING
Vaswani will be the second full-time chief executive at Kotak Mahindra Bank that began as a bill-discounting firm in the 1980s and converted into a full-fledged commercial bank early this century. It is among the few institutions that lives up to the name of a financial supermarket offering a full suite of services — from brokerage, to insurance to multi-billion-dollar advisory services and M&A.
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BANKING
Shashanka Bhide, a member of the Reserve Bank of India's Monetary Policy Committee (MPC), believes that supply-side price pressures in sectors like oil will require coordinated policy responses. He also mentions that upside risks to inflation will be considered for future policy decisions. Bhide expresses concern about uneven rainfall distribution and its potential impact on inflation.
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BANKING
During the quarter ended September 30, the bank received income tax orders related to matters under appeal, which resulted in a tax provision write-back for previous years of ₹222.9 crore (pre-tax of ₹297.8 crore). The bank utilised this write-back to create contingent reserves of 100 basis points on credit card and microfinance advances, of ₹252 crore. A basis point is a hundredth of a percentage point.
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BANKING
Founded by IIT Kharagpur alumni, Manuraj Jain and Surajit Ray, the company provides on-demand liquidity in contingencies through group savings by integrating money pooling mechanics. With a total pooled amount of over Rs200 crore, the platform has investors, including July Ventures, Blume Discovery Fund, Venture Catalysts, SOSV VC. It has secured a funding of $4 million so far up till their last Pre Series A round.
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BANKING
Kotak Mahindra Bank has announced that the Reserve Bank of India (RBI) has approved the appointment of Ashok Vaswani as the bank's Managing Director and Chief Executive Officer (MD & CEO) for a three-year term. Vaswani, who previously worked with Barclays, will succeed Uday Kotak, who stepped down from his position on September 1. Vaswani has a strong track record in building and growing global businesses and will help transform Kotak Mahindra Bank into a customer-centric financial institution.
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Friday, October 20, 2023
BANKING
State Bank of India (SBI) and IL&FS have different views on debt restructuring at ITPCL, the bankrupt financier's power joint venture entity. SBI wants an assessment of the liquidation value before signing on the proposal, while IL&FS, as part of its resolution framework, is not obligated to undertake a liquidation assessment for this asset. Last month, lenders approved a restructuring plan for ITPCL, with 59% of its debt classified as sustainable and the remaining 41% converted into non-convertible debentures. ITPCL operates a 1,200-MW power plant in Tamil Nadu.
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Thursday, October 19, 2023
BANKING
The Madras High Court has issued a restraint order against SEPC Ltd and Twarit Consultancy Services, preventing them from disposing of or creating third-party rights on some of their assets in a dispute with Gaja Capital. Gaja Capital had sought enforcement of an arbitration award of approximately ₹280 crore against SEPC Ltd, claiming that the amount had not been paid despite the tribunal's order.
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BANKING
A research paper by Reserve Bank of India economists states that large banks benefit more from short-term spikes in interest rates, as they can lend funds at higher rates. The paper also highlights that monetary policy shocks due to interest rate increases contribute to the volatility of the yield curve.
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BANKING
India's state-owned 'bad bank,' National Asset Reconstruction Company Ltd (NARCL), has acquired three more accounts in the past two weeks, including Dharani Sugars and Chemicals, SPML Infra, and Parenteral Drugs. The finance ministry has urged NARCL to expedite the acquisition process. Differences between NARCL and India Debt Resolution Co Ltd (IDRCL) have caused delays.
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BANKING
Banks in India have disbursed over Rs 1,400 crore ($190 million) in loans through the 'frictionless credit' platform since its launch in August, according to a senior Reserve Bank of India official. The platform allows lenders to quickly disburse retail loans, such as those to agriculturists, by aggregating borrower information from multiple sources. The official also mentioned that around 20,000 central bank digital currency transactions are taking place daily. The RBI is piloting the scheme and expects it to have great prospects in the future, with reduced operational costs for lenders.
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Wednesday, October 18, 2023
BANKING
Bank of Baroda (BoB) has suspended employees and launched an investigation after being banned by the RBI from onboarding new customers onto its 'bob World' mobile app. The suspensions are mainly in smaller towns outside the metros. The RBI banned BoB due to concerns over how the bank was taking on customers, following a news network's exposure of the bank linking accounts to unregistered mobile numbers to boost downloads and sign-ups. The RBI stated that further onboarding will be subject to the bank rectifying the deficiencies and strengthening related processes.
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BANKING
Insurance Regulatory and Development Authority of India (Irdai) further said the compulsory cover of IMT-29 should be provided as an in-built coverage under the Compulsory Motor Third Party Liability Section of Private Car Package/ Bundled Policies and under standalone policies insuring Compulsory Motor Third Party Liability.
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Tuesday, October 17, 2023
BANKING
ICICI Bank has been penalised for contraventions pertaining to loans and advances-statutory and non-compliance with RBI directions on fraud classification and reporting, the central bank said on Tuesday. Kotak Mahindra Bank has been fined for non-compliance with directions on managing risks and the code of conduct in outsourcing of financial services by banks as well as failure to comply with RBI directions on recovery agents and customer service.
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BANKING
The Reserve Bank of India (RBI) has tightened customer due diligence (CDD) norms by requiring banks and regulated entities to adopt a risk-based approach for periodic updating of Know Your Customer (KYC) information. The amendments to the Master Direction on KYC follow government instructions related to money laundering rules, unlawful activities, and the prevention of weapons of mass destruction. The RBI has also updated instructions in line with recommendations from the Financial Action Task Force. The amended provisions will come into effect immediately.
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Monday, October 16, 2023
BANKING
Jio Financial Services (JFS), backed by billionaire Mukesh Ambani, plans to expand its offerings by launching auto, home loans, and other financial products. JFS aims to establish itself as a full-service financial services firm in India, where the penetration of financial investment products is low compared to the size of the economy. The company has already launched personal loans and consumer durable loans, and it now plans to introduce business and merchant loans.
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