BANKING

The funding will help the New Delhi-based micro loan provider to expand its portfolio. Satya has assets under management of nearly Rs 5000 crore. The fund is raised at around 11% rate, an official with the micro lender said. The lender has its average cost of funds at 12%. Established in October 2016, the lender has built a network of over 500 branches across 25 states.

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LIC Housing Finance took symbolical possession of a property in Churchgate, Mumbai, for which Essel Group Chairman Subhash Chandra acted as a guarantor due to unpaid debts. In a recent newspaper advertisement, LIC Housing Finance revealed that it had sent a demand notice to the borrower, Vasant Sagar Properties, PAN India Infraprojects, along with guarantor Subhash Chandra

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Private equity firm True North has agreed to sell a 20% stake in health insurance firm Niva Bupa to joint venture partner Bupa for approximately INR 2,700 crore ($362 million). The transaction is subject to regulatory approval. Following the deal, Bupa's shareholding in Niva Bupa will increase to around 63%, making it the majority shareholder.

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As per the data submitted by the bank, 99.53 per cent of the depositors are entitled to receive the full amount of their deposits from DICGC, the RBI said. Giving reasons behind the cancellation of the licence, the central bank said Lucknow Urban Co-operative Bank does not have adequate capital and earning prospects.

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True North is selling the 20% stake at a valuation of Rs2,700 crore, the PE firm said in a statement. The transaction is subject to insurance regulator IRDAI’s approval.

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BANKING

Life Insurance Corp of India (LIC), the largest insurer in the country, has been increasing its purchases of federal and state debt in order to reduce capital volatility. This shift has helped lower government borrowing costs and has resulted in states reducing their costs by more than 40 basis points over the past 15 months.

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BANKING

The company is currently completing all required procedures and obtaining all necessary regulatory approvals to implement the signed transaction, Reuters reported.

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BANKING

The company with 90% branch and business concentration in the southern market is setting up a dedicated team for the affordable loan segment. The official launch is planned in January, managing director Lakshminarayanan Duraiswamy told ET.

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BANKING

The Directorate General of Goods and Services Tax Intelligence (DGGI) has issued a notice to ICICI Lombard and six other insurance companies for not paying GST on reinsurance premiums. The notice claims that these companies received commissions from co-insurance companies but did not pay tax on it.

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BANKING

ICICI Lombard, a general insurance company, has been served a show-cause notice by a central law enforcement agency for allegedly not paying Rs 1,728.9 crore worth of tax over a period of five years. The Directorate General of GST Intelligence has been investigating 30 insurance companies for GST evasion, with discrepancies amounting to Rs 3,500 crore detected so far. ICICI Lombard had previously received a show-cause notice demanding Rs 273 crore in taxes. HDFC Life also received a similar notice demanding Rs 942 crore in taxes.

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BANKING

"With a market cap of $140 billion, HDFC Bank is now the seventh largest global large-cap bank. In our view, this can add a second dimension to investors' selection processes, whereby HDFC may now be stacked up against banks in global portfolios, not just for emerging market portfolios, and compared with Indian banks," Jefferies analysts Prakhar Sharma and Vinayak Agarwal said in a note.

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BANKING

IL&FS, the distressed infrastructure financier that collapsed five years ago, is set to make its first payment to creditors. The parent company and a unit of IL&FS Transportation Networks will pay around ₹1,600 crore to lenders and bondholders. This is the first recovery for lenders since the company's board was superseded. In addition, lenders will receive approximately ₹700 crore as an interim distribution from ITNL. The recoveries are expected to directly benefit banks, as the accounts are fully provided for.

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BANKING

Bank of Maharashtra did not receive any firm bids for its loans to Asian Hotels (North) at an auction. The reserve price was set at Rs 330 crore, but no asset reconstruction companies submitted firm bids. Asian Hotels (North) had faced financial difficulties due to the impact of Covid-19 and had entered into a one-time restructuring. Lenders agreed to a restructuring proposal involving a moratorium on payments, and the company challenged the declaration of its account as a non-performing loan in court.

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BANKING

The likes of Axis Bank, Motilal Oswal Financial Services and IIFL Finance are rolling out measures such as employee stock ownership plans (ESOPs) across the ranks, including the frontline workforce, internal career switch opportunities with promotions and salary increase, quarterly incentives, learning and upskilling opportunities, and festival bonuses, with an aim to create more career growth and earning opportunities at a time when poaching has become rampant.

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BANKING

IFIN had in February made an interim distribution payout of ₹3,200 crore to creditors. With the latest distribution, total interim payouts by IFIN currently stands at ₹4,007 crore.

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BANKING

The Reserve Bank of India (RBI) has cancelled the banking licence of Nashik Zilla Girna Sahakari Bank Limited due to inadequate capital and earning prospects. The bank is now prohibited from conducting any banking activities, including accepting and repaying deposits. The Maharashtra Cooperative Department has been requested to wind up the bank and appoint a liquidator. Depositors will be entitled to receive up to Rs 5 lakh in deposit insurance from the Deposit Insurance and Credit Guarantee Corporation (DICGC).

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BANKING

Setting aside the Karnataka High Court order that remanded the matter back to the commission to decide on the immunity from penalty and prosecution in the Kotak Mahindra Bank’s case (formerly ING Vysya Bank), a Bench comprising justices BV Nagarathna and Ujjal Bhuyan said that frequent interference by courts in disputes before such commissions could erode the confidence of the assesses who decide to approach settlement commissions.

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BANKING

According to Acuite Ratings & Research, pure-play microfinance lenders in India will need to raise fresh capital in FY25 to sustain their growth momentum. Acuite projects the country's microfinance portfolio to reach Rs 4 lakh crore by March 2024. The non-banking finance company-microfinance institutions (NBFC-MFIs) experienced a compounded annual growth rate of 24.6% in FY21-23 and increased their market share to 39.7%.

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Poonawalla Fincorp received RBI's approval to issue co-branded credit cards with IndusInd Bank, the company said in a press release on Tuesday. The partnership will enable the company to usher in a new age of flexible and versatile retail credit, said the company in a statement.

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BANKING

The government wants lenders to use DBUs to push its latest schemes, including PM Vishwakarma, where it offers collateral-free loans at concessional rates to artisans and craftsmen. "The Reserve Bank of India has also asked banks to submit feedback on DBUs. We will be working together with all stakeholders to further push the use of DBUs in digital financial inclusion," said an official aware of the developments, adding that there are almost 100 DBUs functioning all across the country.

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BANKING

The governor said that even as UCBs have their cumulative non-performing assets ratio improved to 8.7%, this is "not a comfortable number". The banking sector gross NPA has eased to a decadal low of 3.9% at the end of March. Granularly, some of the UCBs have very high NPA which according to Das "not at all satisfactory".

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BANKING

RBI Governor Shaktikanta Das expressed concern over the high gross non-performing assets (NPAs) ratio of 8.7% in urban cooperative banks (UCBs) and urged them to improve governance standards and focus on credit risks. Das emphasized the importance of protecting depositors' money and called for better credit risk management and avoidance of related-party transactions.

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BANKING

India is planning to spend Rs 60,000 crore ($7.2 billion) on subsidised loans for small urban housing over the next five years. The scheme, which will offer an annual interest subsidy of 3-6.5% on loans up to 0.9 million rupees, aims to benefit 2.5 million loan applicants in low-income groups in urban areas. This initiative comes ahead of key state elections and general elections in mid-2024.

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BANKING

The Reserve Bank of India (RBI) has given Indians until the end of September to return approximately $3 billion worth of now-withdrawn Rs 2000 notes. The notes were introduced in 2016 to meet currency requirements but were not widely used for transactions. As of August 31, 93% of the withdrawn notes had been returned to banks, leaving about 7% still with the public. After September 30, the notes will remain legal tender but will not be accepted for transactions and can only be exchanged with the RBI.

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BANKING

Analysts said due to strong management and aggressive strategies, private sector banks will continue to take market share from their public sector counterparts. They also believe private banks have strong subsidiaries in high-growth businesses like asset management, wealth management, and life and health insurance, where value will be unlocked in the coming years.

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BANKING

The board approved the appointment of Sanjeev Mantri, presently executive director of the company, as Managing Director (MD) & CEO with effect from December 1, 2023, or the date of approval from the Insurance Regulatory and Development Authority of India (IRDAI).

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BANKING

The Indian government is considering changes to the Insolvency and Bankruptcy Code (IBC) to give insurers the same status as banks in cases of default in infrastructure projects. Currently, surety bonds issued by general insurance companies do not provide the same recourse for recovery as bank guarantees.

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BANKING

Sanjeev Mantri has been appointed as the new Managing Director and CEO of ICICI Lombard, effective from December 1, 2023. He has spent 20 years with the company and has contributed to its growth in the retail business. Mantri is currently the Executive Director and heads the retail division. ICICI Lombard reported a 12% increase in net profit for the first quarter of this year compared to the same period last year.

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BANKING

Sundaram Home Finance, a subsidiary of Sundaram Finance Ltd, aims to achieve a 20% growth in Andhra Pradesh and Telangana. The company has opened a new office in Hyderabad to strengthen its presence in the region. Sundaram Home Finance plans to focus on Tier-II and III cities as it believes there is potential for growth in these areas.

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BANKING

The Delhi High Court has ruled that banks can only request the opening of look-out circulars (LOCs) against defaulters in exceptional circumstances that affect the country's economy. The court expressed dissatisfaction with banks using LOCs for debt recovery without initiating criminal proceedings, stating that there must be an application of mind before issuing such circulars.

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BANKING

Life Insurance Corporation of India (LIC) has received an order from Bihar Additional Commissioner State Tax demanding Rs 290 crore in goods and service tax, along with interest and penalty. LIC intends to file an appeal before the GST Appellate Tribunal against the order, which claims that LIC did not reverse the input tax credit availed and utilized on certain items.

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BANKING

Karnataka Bank has announced plans to raise approximately Rs 1,500 crore in fresh capital through a preferential issue, rights issue, QIP, or other permissible modes. The bank's board has approved the issuance of equity shares to several companies. The funds raised will be used to strengthen the bank's financial foundation for future growth and meet the needs of its growing business.

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Bhargav Dasgupta has been appointed as the Vice-President (Market Solutions) of the Asian Development Bank (ADB) for a period of 3 years. He will be responsible for managing the operations of ADB's Private Sector Operations Department and Office of Markets Development and Public-Private Partnerships. Dasgupta, who has over 35 years of experience, recently resigned from his position as MD and CEO of ICICI Lombard.

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BANKING

Dasgupta, who has served as MD and CEO for nearly 14 years, was originally expected to conclude his tenure in April 2024. As the succession planning process is initiated, ICICI Lombard is actively searching for a successor to fill this leadership role.

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BANKING

The Indian government is considering further liberalising foreign direct investment (FDI) norms in the space sector to attract overseas players and private companies. Currently, FDI in the space sector is allowed up to 100% in satellite establishment and operations through the government route only. After the successful mission of Chandrayaan-3, three G-20 countries have expressed interest in collaborating with India in the space sector.

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BANKING

The Insurance Regulatory and Development Authority of India (IRDAI) has instructed the Committee on Common Empanelment Process of Hospitals and 100% Cashless to submit a report on implementing fully cashless medical-insurance settlement in hospitals nationwide. Currently, only 49% of hospitals offer cashless settlement.

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Ved takes on the role following the retirement of Roopam Asthana, who was instrumental in establishing Liberty's business operations here. Liberty General India began operations in 2013 and has an employee strength of over 1,100.

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BANKING

"Our credit cost in the first quarter was 1.67%, much below our long-term average of 2%. That means we should be able to continue this good run for a longer time."

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BANKING

An independent investigation conducted by KPMG has found evidence of unauthorised actions and misrepresentation by alleged staff members at Fino Payments Bank. The bank stated that there may also be contributory negligence and collusion on the part of complainants in relation to irregularities and non-compliance with standard bank processes. The investigation is ongoing, but the bank has stated that it will not be held liable.

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State Bank of India (SBI) Card has introduced AURUM, an exclusive credit card that offers a range of tailored indulgences and luxury experiences. The card provides travel privileges, including access to over 1,000 international airport lounges, a low forex mark-up on international transactions, and four complimentary domestic airport lounge visits per quarter.

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BANKING

Despite facing challenges such as a share sale failure and allegations of currying favors from opposition politicians, tycoon Gautam Adani still maintains strong relationships with India's government and global banks. Adani's conglomerate, which has expanded its assets significantly, continues to have substantial relationships with 20 global banks. The conglomerate's hard assets, including ports, airports, mines, power stations, and more, make it an attractive prospect for financing.

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The ATM manufacturers argue that the costs of operating ATMs have risen due to factors such as increased interest rates, rupee depreciation, and higher inflation. White label ATM manufacturers, in particular, are facing losses and rely solely on interchange fees for revenue.

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BANKING

A start-up had challenged the bank’s eligibility criteria that mandated a bidder to have a minimum average annual turnover of Rs 150 crore in the past three years and also have prior experience of providing similar services for at least five years. It alleged that the eligibility criteria essentially barred start-ups from participating in the tenders.

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BANKING

In his letter addressed to the board, the largest shareholder, B Ravindran Pillai, proposed "removal of Mr Sridhar Kalyanasundaram from the board of directors", said two people aware of the development at the bank. Pillai proposed a special resolution at the annual general meeting scheduled on September 30 to remove Kalyanasundaram.

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BANKING

Finance Minister Nirmala Sitharaman has urged Regional Rural Banks (RRBs) to speed up their computerisation process to strengthen credit delivery in rural areas. She expressed concern over the slow progress of computerisation in RRBs and cooperative banks. Sitharaman also highlighted the importance of digitising RRBs and cooperative banks and stated that extending phone and internet banking facilities won't be effective without proper digitisation.

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BANKING

The chairman of Insurance Regulatory and Development Authority of India (Irdai) pointed out that India is expected to spend approx Rs 100 lakh crore on infrastructure through the National Infrastructure Pipeline in the next five years.

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BANKING

The original petition, a civil suit at the Delhi High Court (HC) and an FIR with the Economic Offences Wing of the Delhi Police, were filed against Lakshmi Vilas Bank (LVB), which later merged with DBS India on a direction from the Reserve Bank of India (RBI). After the merger, RFL sought to implead DBS in the criminal complaints along with former LVB officials.

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BANKING

Liquidity in the banking system in India has reached its lowest level in nearly six months, causing borrowing costs to rise. Outflows from corporate advance taxes and the Reserve Bank of India's efforts to stabilise the rupee have drained lenders of funds. The RBI has injected funds into the banking system to address the tight liquidity conditions. The rupee has been weakening against the US dollar due to higher crude oil prices, and the RBI has intervened in the currency market through dollar sales. The liquidity situation is expected to improve by the end of the week.

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BANKING

Global financial firms operating in India, such as HSBC, Morgan Stanley, and Citigroup, are expanding their maternity benefits in an effort to attract and retain female employees. These perks include extended paid maternity leave, the option to work from home for up to a year, and assistance with childcare expenses. India already mandates a minimum of 26 weeks of maternity leave at full pay, which is among the highest in the G20 economies.

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BANKING

The ARCs have recently made a pitch to the Reserve Bank of India (RBI) to let wealthy investors subscribe to and trade in 'security receipts' (SRs) which are issued by ARCs to part-pay for loan portfolios bought from banks. These receipts are closest to 'junk bonds' in the emerging Indian financial market for stressed loans.

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BANKING

​​ The central government owns 20.8 per cent in Sidbi, while State Bank of India holds 15.65 per cent and Life Insurance Corporation 13.33 per cent. The rest of the equity is held by other public financial institutions and banks. The shareholders will subscribe to the proposed rights issue.

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BANKING

The director, Sridhar Kalyanasundaram, who was appointed to the board in December last year, wrote a tell-all resignation letter to the board detailing his differences regarding rights issue of shares, complained of lack of support from other board members and raised concerns over their ‘lack of in depth banking knowledge’.

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BANKING

The American funding body will provide the debt at a 4.25% fixed rate for 15 years, Ummeed's founder and managing director Ashutosh Sharma said. "This DFC facility would allow us to extend longer tenure credit to the underbanked population to assist with home purchases, construction, and extension. This will also help us diversify the wagon wheel of liability while the funding is attractive from an interest rate perspective," Sharma told ET.

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BANKING

The finance ministry has invited applications for the post of Whole Time Member (Distribution) at insurance regulator Irdai. The applicant should have at least 25 years of experience in the relevant area and a minimum of three years experience at a senior level. The applicant should also have a minimum of two years of residual service and not exceed 60 years of age.

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BANKING

State Bank of India (SBI) is taking a unique approach to ensure timely repayments by retail borrowers. The bank plans to visit borrowers who are likely to default on their monthly installments at their homes unannounced, carrying a pack of chocolates as a reminder of their repayment obligations.

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BANKING

Former Reserve Bank of India Governor, C Rangarajan, praised India's achievement of becoming the world's fifth-largest economy but emphasized the need for the country to accelerate its economic growth to improve per capita income. He highlighted that India's per capita income rank was 142 out of 197 countries in 2020 and stressed the importance of sustained growth of at least 7% to address this.

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BANKING

Indian Bank has introduced the 'IB SAATHI' initiative, which aims to provide an integrated ecosystem for all stakeholders in the financial sector through the business correspondent route. The initiative will offer simplified delivery of services, including both basic and value-added offerings. Indian Bank plans to deploy around 5,000 banking correspondents by March 2024 to enhance accessibility and reach.

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BANKING

The MD and CEO handed over the dividend cheques for the FY23 to Lieutenant Governor Manoj Sinha. The bank approved 50 per cent dividend for FY23 at its 85th annual general meeting.

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BANKING

India, which has primarily been a cash-based economy, now leads the world in real-time digital payments, accounting for almost 40% of all such transactions. However, the adoption of payments other than cash in online retailing is still nascent.

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BANKING

Given the risks involved in long-term forex loans, Tewari urged multilateral lenders to allow borrowing banks to hedge their exposures so that green and financial inclusion funding can be more sustainable. Tewari also said the bank is increasing its exposure to green initiatives, including funding green buildings, battery recycling, solar rooftops plans among others.

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BANKING

Negandhi became the Co-CEO of the Axis Bank i-banking unit in 2018 along with his colleague Salil Pitale, after the unit's then CEO Dharmesh Mehta left the firm. Pitale will be the sole CEO of Axis Capital going ahead, sources said. Negandhi began his career as a lead analyst in 2005 at Enam Securities, which was acquired by Axis Bank in 2010 and renamed Axis Capital.

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DBS Group CEO Piyush Gupta has stated that Singapore's anti-money-laundering regime is robust, with banks investing heavily in anti-fraud technology. However, Gupta noted that no system is foolproof. Major banks in Singapore have recently been linked to a large money-laundering case. Despite this, Gupta believes that banks have become more cautious since the global financial crisis, investing in technology such as artificial intelligence (AI) to better understand customers and detect suspicious transactions.

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BANKING

The management of AU believes that foraying into microfinance, which is essentially offering small loans to economically weaker and largely under-banked customers without collateral, is a natural extension of its business strategy.

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BANKING

The lender, while planning its own microfinance loan product, is also said to be exploring the acquisition route which would help it with a ready microfinance platform. "We remain open to the idea of inorganic growth," executive director Uttam Tibrewal told ET, adding : "However, I can't comment on any media reports that suggest we are in discussion with somebody for a merger. We discuss so many things at our small finance bank forum."

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Karnataka's Chief Minister, Siddaramaiah, has announced the implementation of an insurance cover worth Rs 4 lakh for each gig worker in the state. The scheme will cover approximately 2.3 lakh gig workers and aims to provide social security to those in the unorganized sector, such as delivery personnel for companies like Swiggy and Zomato. This announcement fulfills a vow made during Rahul Gandhi's Bharat Jogo yatra. The Congress had promised in its manifesto to establish a gig workers' welfare board and ensure a minimum hourly wage for workers in the unorganized sector.

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BANKING

With the Reserve Bank of India (RBI) mandating banks to maintain an incremental CRR of 110% of net demand and time liabilities NDTL, and the resulting squeeze on liquidity, CD issues once again increased. Moreover, deposit growth at 13.2 percent is still lagging the credit growth, which was 14.2 percent as of end August. Deposits rose at a rapid space only when the Rs 2,000 notes were recalled. But they started slowing again after the majority of such notes was returned to banks.

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BANKING

The Reserve Bank of India has released a list of fifteen NBFCs that fall under the "upper layer" in the scale-based regulation for the financial year 2024. LIC Housing Finance Limited, Bajaj Finance Limited, and Shriram Finance Limited are among the top-ranking companies on the list.

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BANKING

Credit growth in the banking system is expected to moderate to 12.1-13.2% in the current fiscal, down from 15.4% in the previous year, according to rating agency Icra. The agency also predicts a decrease in the Gross Non-Performing Assets (GNPA) ratio to 2.8-3% by March 2024.

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BANKING

DBS Group CEO Piyush Gupta is optimistic about India's economy and plans to triple the bank's business in the country over the next five years. He acknowledges the challenges in China, particularly in the debt-ridden property sector, but sees growth prospects in sectors like electric vehicles. DBS also intends to increase its stake in Shenzhen Rural Commercial Bank. Gupta highlights the positive performance of DBS's wealth management business, fueled by inflows from Asia, the Middle East, and Europe.

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A bank executive said that the lenders made this representation to the government after widely held internal deliberations among state-run banks. "There are already various checks and balances in place. These guidelines create undue restrictions in normal business dealings," he argued. Former financial services secretary DK Mittal under whose tenure this circular was issued said that this was done after due consultation with all stakeholders.

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The matter was listed for hearing on Tuesday before the insolvency tribunal, however, it has now been adjourned to September 26. The NCLT said the Supreme Court on the plea filed by Torrent has 'abundantly' made it clear that it would be kept in abeyance until the parties have had an opportunity to obtain circulation and interim orders of stay in the proceedings.

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As part of Fair Practices Code and to make things uniform, RBI asked "REs to release all the original movable/immovable property documents and remove charges registered with any registry within a period of 30 days after full repayment/settlement of the loan account."

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The Reserve Bank of India (RBI) has removed the cap on how much banks can invest in bonds they intend to hold to maturity. This move is expected to increase their appetite for government securities and benefit their bottom lines. Government bonds are the most common form of investment in this category. The removal of the cap will also reduce earnings volatility and drive mark-to-market gains for lenders.

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IL&FS is selling its custody and depository business, IL&FS Securities Services (ISSL), and potential buyers can bid for either the custody or depository business separately or both together. ISSL is a non-bank custodian and has a depository license. The Reserve Bank of India no longer grants custodial licenses to non-banks, making ISSL an attractive proposition for entities looking to enter the business.

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Federal Bank, the largest private sector lender in Kerala, plans to open 100 more branches this fiscal year to cater to small businesses. The bank aims to focus on lending to SMEs, with one-third of its loan book already comprising SME loans. Most of the new branches will be located in Tamil Nadu, Karnataka, Andhra Pradesh, and Telangana.

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"We closed FY23 with a loan book of Rs 4 lakh crore, and the demand for refinance and direct funding is so strong that I am confident of clocking 25 per cent growth in asset creation this fiscal, which will take our total loan book to Rs 5 lakh crore or more by March 2024," Sidbi chairman S Raman told reporters here on Tuesday on the sidelines of a Sidbi-organised global SME financing summit as part of the just-concluded the G20 Summit.

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Microfinance Institutions (MFI) in Karnataka have a loan portfolio of Rs 46,000 crore, with a 10% year-on-year growth, according to a report by the Association of Karnataka Microfinance Institutions. The report states that 89% of surveyed customers preferred MFIs over other lenders and 90% of loans were for income-generating purposes.

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Kotak Mahindra Bank's digital platform for corporate clients, Kotak fyn, has led to 68% of the bank's corporate banking transactions being conducted digitally, according to Shekhar Bhandari, president of global transaction banking at Kotak. The platform, which was launched in April, aims to reduce the cost of funds for business units by approximately 14% and has already onboarded around 40,000 customers, a quarter of whom are new customers. The bank plans to increase this number to 100,000 by the end of the fiscal year.

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The proposed mechanism will ensure that such suspected transactions are flagged immediately, giving intelligence agencies enough time to take swift action, said people aware of the development. "This is being actively pursued," an official said on condition of anonymity, adding that counterparty transactions help investigating agencies track frauds, siphoning off of funds and other such illegal activities in accounts under the radar.

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"The market is large enough. There are many bigger brothers and sisters that we have. Even being present in 4,000 cities (currently) with assets close to ₹3 lakh-crore, we still have less than 2% of India's credit market," Sanjiv Bajaj said, responding to Bain Capital chairman Amit Chandra during a fireside chat after delivering a speech at an event organised by the Indian Merchants Chambers (IMC).

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The Supreme Court has asked the Reserve Bank of India (RBI) to clarify whether its circulars require banks to provide loan documents and inform borrowers of interest rate changes and annual loan statements. The court made the request during a hearing of Punjab National Bank's appeal against a judgement by the Punjab and Haryana High Court. The High Court had quashed the bank's demand notice and instructed it to classify the borrower's non-performing asset account as standard, as well as refund interest.

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ICICI Bank has received approval from the Reserve Bank of India (RBI) to reappoint Sandeep Bakhshi as its Managing Director and CEO. Bakhshi's reappointment was approved by shareholders at the bank's Annual General Meeting. He has been in the position since October 2018 and has been with ICICI Group since 1986.

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Banks in India are unlikely to engage in a deposit war despite an anticipated increase in credit demand during the festive season. Most lenders are hesitant to raise deposit rates in order to protect their margins. Instead, they plan to use the excess liquidity buffer maintained through the statutory liquidity ratio (SLR) to address any short-term funding mismatches.

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Bank deposit rates in India are expected to rise as bank credit growth outpaces deposit growth. In the first five months of the financial year, bank credit increased by 9.1% to Rs 124.5 lakh crore, while deposits grew by 6.6%. The merger of HDFC with HDFC Bank has widened the credit-deposit gap.

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You will soon be able to connect yout payment mode to your car's infotainment system. Along with paying for fuel, the technology will also let you recharge the car's Fastag. ToneTag's innovation aims to make digital payments accessible to everyone, including those who struggle with app-based payments or digital literacy.

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Lenders to Bansi Mall Management Co (BMMCPL), which owns SOBO Central Mall in Mumbai's Haji Ali area, have initiated Sarfaesi poceedings to recover their dues totalling ₹571 crore. Canara Bank and Punjab National Bank (PNB) are the two primary charge holders as they are direct lenders to the company. Canara Bank is the lead lender with ₹131 crore of loans outstanding, while PNB has primary dues of ₹90 crore, people familiar with the matter said.

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The Reserve Bank of India's frictionless credit initiative has resulted in a 70% reduction in customer acquisition costs for lenders and a 6% saving for borrowers, according to a senior official. The pilot programme, which began in April with an all-digital kisan credit card lending scheme in Tamil Nadu and Madhya Pradesh, has since been extended to four additional states.

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State-run general insurers in India now account for less than a third of the industry premium, as larger private non-life insurers have strengthened their position in the market. Public sector insurers saw their premium income decrease by 1% to Rs 34,203 crore during the first five months of the fiscal year.

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Despite high inflation and slowing economic growth, many middle-class Indians are still buying consumer products on credit. Unsecured loans, including loans for consumer goods and credit cards, have become a key driver of consumption in the country. The demand for financing consumer durables primarily comes from the low- to middle-income segment, with young professionals and millennials being the most substantial demand drivers.

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The G-20 leaders have agreed on the swift implementation of a reporting framework for crypto assets to prevent tax evasion. The framework, known as the Crypto Asset Reporting Framework (CARF), aims to ensure that non-financial assets like cryptocurrencies are not used to conceal unaccounted wealth. The G20 leaders also reaffirmed their commitment to a globally fair and modern tax system.

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The Income Tax department reportedly found that the bank has not filed statements of financial transactions pertaining to cash deposits of over Rs 2,700 crore. Tamilnad Mercantile Bank said, "...we wish to inform you that during the verification, it was observed that few SFT returns were not filed and certain errors/deficiencies were observed in a few of the filed SFT returns".

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As much as ₹19,243 crore of the loans were non-current, long-term, borrowings, as per disclosures in RRL's latest annual report. As of March 2022, it had a mere ₹1.74 crore in bank loans on its books. The retail business also raised ₹13,304 crore in long-term debt from holding company Reliance Retail Ventures Ltd (RRVL), taking its cumulative debt 73% higher from a year ago to ₹70,943 crore, as per the FY23 report.

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The industry saw premiums amounting to Rs 19,291 crore, marking a 12.80% increase compared with the same month last year. Bajaj Allianz General Insurance saw 64% growth while Tata AIG General Insurance saw a 26% jump in the gross written premium, when the listed state-run insurer New India Assurance grew 2.63%.

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A G20 document prepared by the World Bank has praised India's digital public infrastructure (DPI) for its transformative impact on the country's financial inclusion rate. The document highlights the role of the JAM (Jan Dhan-Aadhaar-Mobile) trinity, along with other ecosystem variables and policies, in driving up India's financial inclusion rate from 25% in 2008 to over 80% in the last six years. The DPI network has also facilitated transfers of $361 billion directly to beneficiaries and has brought efficiency and cost savings to the private sector.

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The World Bank has praised India's Digital Public Infrastructure (DPI) for its transformative impact and rapid achievements. The bank highlighted the role of government policies, such as the JAM trinity (Jan Dhan, Aadhar, Mobile), in propelling financial inclusion rates from 25% in 2008 to over 80% in past six years.

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The Reserve Bank of India (RBI) on Friday approved the appointment of Dipak Gupta as interim MD and CEO of Kotak Mahindra Bank. Gupta have been assigned the position for two months, as of now.

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“The Nation First Transit Card powered by RuPay and National Common Mobility Card (NCMC) technology, is set to revolutionise the commuting experience and is aligned with the national vision of One Nation One Card,'' said Dinesh Kumar Khara, chairman, State Bank of India said.

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The instruction comes in the wake of many taxpayers moving courts to get their bank accounts and provisional attachment revoked. One of the writ petitions filed by a taxpayer sought that the commissioner should also follow up by issuing an intimation of release of such provisional attachment because banks/relevant authorities seek such a communication.

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IBM has partnered with the Indian Bank to deploy new front-end banking applications and provide safe compute infrastructure. The public sector bank aims to consolidate its Front Branch Servers and run CBS workloads on IBM Power servers, reducing costs and improving resource utilization.

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Daiwa Securities Group Inc, a Japanese financial services firm, plans to expand its presence in India through an investment in Ambit. The company sees India as an ideal partner in the current global economic and political order. Daiwa first entered India in 2007 but faced difficulties scaling up its business.

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State Bank of India's mobile banking app, Yono, will expand its availability to four more countries within the next year, according to a senior official. Currently accessible in nine countries, including the UK, Canada, and Sri Lanka, the app aims to enhance the user experience and extend its reach to countries such as the US, Singapore, and Oman.

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"We have 100-plus countries participating. This allows India to showcase not only the talent it has but also the technology and platform that it has been able to achieve at scale to solve the problems," Sanjeev Mehta,MD, Head of Transaction Banking (TB) sales-Corporate, Commercial and Institutional Banking-South Asia at Standard Chartered Bank told in an exclusive interview.

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Also, most hospitals don't allow cashless admissions even though the insurance product offers such a facility, citing one or other excuses.

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"Foreign delegates or participants will be given Rs 500-1,000 in their UPI wallets for doing UPI transactions,” a government official told ANI, adding it has earmarked around Rs 10 lakhs for it. UPI is India’s mobile-based fast payment system, which facilitates customers to make round-the-clock payments instantly, using a Virtual Payment Address (VPA) created by the customer.

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“Once this is commercially launched over the next few months, Nokia feature phone users in India, will be able to access the digital Rupee thanks to this collaboration which will empower the Nokia feature phone users with this latest technology and strengthen our government’s vision of inclusive digital economy for all,” said Ravi Kunwar, vic president (India and APAC), HMD Global.

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"Conversations regarding MoUs (Memorandum of Understanding) are going on regularly with the ESMA. The others (other global regulators) have taken a much more relaxed stance. Efforts are on to find a solution," a senior central bank official told ET on condition of anonymity.

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The Reserve Bank of India's decision to allow banks to offer pre-sanctioned credit lines on the Unified Payments Interface (UPI) system will contribute to the growth of transactions, according to UCO Bank MD and CEO Ashwani Kumar. UPI transactions have already reached 10 billion per month and are expected to reach 20 billion in the next 18-24 months.

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Indian Bank has partnered with IBM to improve its infrastructure and enhance scalability and agility. The bank will consolidate its front branch servers under its 'Project Paradise' initiative, aiming to achieve better manageability and availability. The collaboration with IBM will accelerate the bank's modernization path and provide a flexible and secure infrastructure for deploying new front-end banking applications.

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Financial Services Secretary Vivek Joshi on Tuesday said the credit market, led by the digital lending segment, is on course to grow to USD 350 billion (around Rs 3 lakh crore) by the end of the year. The digital lending segment stood at USD 270 billion at the end of 2022, Joshi said on the opening day of the fifth edition of the global fintech festival here.

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Vinay M Tonse has been recommended for the position of Managing Director of State Bank of India (SBI) by FSIB, the headhunter for directors of state-owned banks and financial institutions. Tonse, who is currently serving as deputy managing director at SBI, was selected after interviews with 13 candidates.

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Sundaram Home Finance, a subsidiary of Sundaram Finance, has announced plans to enter the affordable home loan segment. The company will focus on tier 2 and tier 3 towns and sees this segment as a potential source of long-term growth. Sundaram Home Finance currently manages assets worth Rs 11,200 crore and recorded a net profit of Rs 215 crore in the previous financial year.

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Shamina Singh, executive vice-president of sustainability at Mastercard in an exclusive interaction talks about last-mile financial inclusion, how the Center is helping millions of small businesses reap the benefits of the digital economy, and its newest programme with Airtel Payments Bank to support 1 lakh women-owned businesses.

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Indian UHNWIs are setting up family offices in Dubai for investment diversity, tax benefits, and strategic location, boosting UAE-India trade

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DBS Bank (DBS) and Keppel on Monday announced that they have signed a memorandum of understanding (MoU) to jointly scale up sustainable urbanisation and digitalisation solutions in Asia, with a focus on India. The attention on India comes due to DBS’ increasing presence in the country. The collaboration aims to accelerate the adoption of energy optimisation and sustainable solutions across energy intensive segments including healthcare, hospitality, as well as commercial and industrial real estate, said the company.

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Shivalik Small Finance Bank has partnered with fintech firm Falcon to develop financial products such as instant Digital FDs and savings accounts. The collaboration aims to create a tech platform that surpasses traditional systems and enables the bank and tech companies to launch products more quickly and cost-effectively.

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Uday Kotak, the founder of Kotak Mahindra Bank, has stepped down as MD and CEO ahead of the end of his term, causing concern among businesses and investors. Kotak reflects on his decision, stating that he wanted to make the succession process smoother and that he had completed his responsibilities. He also emphasizes the importance of institutions over individuals and expresses his confidence in the future growth of the bank.

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Uday Kotak, the founder of Kotak Mahindra Finance and former MD & CEO of Kotak Bank, has explained his decision to step down before the end of his tenure. Kotak stated that he wanted to do what was best for the institution and ensure a smooth transition. He also mentioned personal and family commitments as a reason for his early departure. Kotak assured that the bank has submitted a succession application to the RBI and that he will remain committed to the investors and the markets as a non-executive director and significant shareholder.

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In a handwritten letter, accessed by TOI, addressed to the bank's chairman, Prakash Apte, Uday Kotak stated, "I have mulled over this decision for some time and believe this is the right thing for the institution." He further explained that his resignation would occur after the completion of the financial year and the Annual General Meeting (AGM) for FY2023, strategically considering the transition and stability aspects.

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Kotak, the 64-year-old founder-promoter of Kotak Mahindra Bank, is the richest banker in the country by virtue of owning 26 per cent of the bank which was valued at over Rs 3.5 lakh crore as of Friday's close. The private sector lender he founded is the only one sporting the family name, and till Friday, had a family member at the helm as the managing director and chief executive officer in an industry where professional managers have the strongest currency.

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Uday Kotak, the founder of Kotak Mahindra Bank, has stepped down as the bank's Managing Director and CEO. Under his leadership, the bank grew from a small bill-discounting business to India's third-largest private lender by market value. Kotak's knack for spotting financial opportunities, such as car financing and forming partnerships with global firms, helped the bank thrive. He also made banking look cool and built an intelligible brand through innovative marketing campaigns.

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Uday Kotak on Saturday resigned as the Managing Director and Chief Executive Officer of private lender Kotak Mahindra Bank, the company said in a stock exchange filing. In the interim, Dipak Gupta, the Joint MD will takeover the responsibilities of Kotak until December 31, subject to the approval of the Reserve Bank of India and the members of the bank.

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Bank highlights procedural lapses in the resolution process to lenders.

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The Indian government has initiated the process of selling a majority stake in IDBI Bank by inviting bids for an asset valuer. The chosen valuer will evaluate the bank's assets and provide support during the sale. Interested parties have until October 9 to submit their bids. The Department of Investment and Public Asset Management (DIPAM) is overseeing the strategic sale, pending clearance from the Reserve Bank of India. Once clearance is obtained, due diligence will be conducted by bidders.

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India Inc's credit metrics are expected to show further improvement in the September quarter, driven by factors such as softening commodity prices, price hikes by companies, and anticipation of favorable demand, according to Icra Ratings. The agency predicts that the interest coverage ratio will improve to 4.5-5 times in Q3 from 4.5 times in Q2.

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