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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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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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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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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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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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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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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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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BANKING

​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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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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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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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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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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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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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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BANKING

Incorporated in November 2005, Pennant provides business-driven technology services and software products for the banking and financial services industry.

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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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BANKING

Analysts say the changes made by banks on credit cards this year reflect the new reality after the sharp 250-basis point increase in interest rates by the Reserve Bank of India (RBI) since May 2022 to restrain inflation. One basis point is 0.01 percentage point. ET analysed credit card rewards and charges for HDFC Bank, SBI Card and Axis Bank, which together make up more than 50% of the outstanding cards in the market.

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BANKING

Motorcycle maker Royal Enfield has partnered with finance start-up OTO Capital to launch an assured buyback program for its motorcycles. The program offers flexible tenure options, lower monthly payments, and a guaranteed buyback value of up to 77% depending on the tenure. Customers will have the option to trade, retain, or return their motorcycle at the end of the tenure.

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BANKING

Credit life insurance is a type of life insurance designed to help in loan repayment if the insured person passes away before the loan is fully repaid. While this policy is optional, if it is chosen, its cost is added to the loan's principal amount.

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BANKING

​he IEG presented the second volume of its report on strengthening MDBs to G20 finance ministers and central bank governors at the fourth and the last meeting under the Indian presidency in Marrakech.

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BANKING

The Department of Investment and Public Asset Management (DIPAM) has informed prospective asset valuers that IDBI Bank has deferred tax assets of Rs 11,520 crore and 120 properties in major cities. DIPAM stated that the intangible assets on the bank's balance sheet primarily consist of deferred tax assets, which can be adjusted against future tax dues.

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BANKING

Hinduja Group is in talks with offshore lenders to raise $800mn (Rs 6,660 crore equivalent) to acquire the finance company under the Insolvency and Bankruptcy Code, the people said. Lenders have unanimously voted in favour of a Rs 9,660-crore plan offered by IIHL in June.

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BANKING

Prime Minister Narendra Modi on Saturday announced that the governments of both India and Sri Lanka are working together on fintech sector connectivity by linking Unified Payments Interface (UPI) and Lanka Pay.

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BANKING

ET had reported on September 7 that the government's request for proposal (RFP) to appoint an asset valuer for IDBI Bank had made it mandatory for valuers to be registered with the Insolvency and Bankruptcy Board of India (IBBI). It had also set a turnover threshold whereby the registered valuer entities should have posted annual turnover of ₹5 crore a year for three consecutive years to be eligible to apply for the assignment.

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BANKING

The risk of Indian banks' unsecured retail loans turning bad is increasing due to lending to borrowers with overdue debt, according to UBS. Lenders have been expanding their unsecured lending portfolios as the financial strain on households eases. UBS has become more cautious on the banking sector and expects regulatory tightening on unsecured loans.

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BANKING

​The announcement comes within a fortnight of homegrown private equity major True North announcing a 20 per cent stake sale in the company to Bupa for Rs 2,700 crore, making the UK-headquartered company a majority owner in the company. "This latest injection of capital will play a pivotal role in propelling the company towards its long-term ambitions and strategic objectives," True North's partner Divya Sehgal said.

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BANKING

The Reserve Bank of India (RBI) has imposed a penalty of Rs 5.39 crore on Paytm Payments Bank for failing to comply with regulatory guidelines. The bank was found to have violated licensing guidelines, delayed reporting of cybersecurity incidents, and failed to secure mobile banking applications.

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BANKING

The Reserve Bank of India (RBI) has imposed a penalty of Rs 5.39 crore on Paytm Payments Bank for non-compliance with KYC norms and other provisions. The RBI found that the bank failed to identify beneficial owners of entities providing payout services and did not monitor payout transactions or carry out risk profiling.

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BANKING

India's central bank is expected to speed up the vetting process of potential buyers for IDBI Bank and complete it by the end of October. The government and Life Insurance Corp of India plan to sell a majority stake in the bank, and completing the process early could allow bids to be invited in the first quarter of next year.

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BANKING

The exchange filing stated that the plan proposed by the sole resolution applicant was rejected by the CoC with 87.41% dissent and now it is in the process of considering fresh steps to be taken as per the IBC framework. The lenders have also approached the National Company Law Tribunal (NCLT) to seek an extension of time.

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BANKING

Takis Georgakopoulos, the global head of payments at JPMorgan, has emphasised that while India has a multitude of fintech companies, they should strive to enhance their operations' profitability by moving up the value chain. In an interview with Rozebud Gonsalves, he also discusses the potentially uneven path toward central bank digital currencies (CBDCs). Below are summarised excerpts from the interview.

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BANKING

State-owned Bank of Maharashtra has announced an increase in its fixed deposit rates by up to 1.25%. The new rates will be effective from October 12 and will apply to both fixed deposits and special schemes. The rate hike aims to encourage individuals and businesses to save more, with a sharp increase of 1.25% in deposit rates for the 46-90 day tenure.

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BANKING

Reserve Bank of India Governor Shaktikanta Das last week said that the transmission of the 250 bps rise in the policy repo rate since May last year is still incomplete.

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BANKING

Dr. Bhagwat Karad, the Union Minister of State for Finance, has urged private banks to do more in extending the Centre's financial schemes to groups such as farmers, businesses, and street vendors. While nationalized banks have been actively involved in this effort, private sector banks need to step up their involvement.

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BANKING

Religare Enterprises, an Indian financial services company, has requested the police to initiate a new investigation into alleged fund misappropriation and business dealings that occurred under its previous leadership. This request comes after the Burman family, founders of consumer goods conglomerate Dabur, announced plans to raise their stake in Religare.

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BANKING

The transaction is subject to regulatory approvals and is expected to be completed by December 2023. Bharti Group aims to continue serving the Indian market and is exploring partnerships with other investors to further expand the business. Bharti and AXA had previously sold Bharti AXA General Insurance to ICICI Lombard in 2020.

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BANKING

The Reserve Bank of India (RBI) has instructed Bank of Baroda (BOB) to halt customer onboarding through its BOB World mobile application due to concerns about the acquisition process. Analysts predict that the ban may last for several quarters and could impact the bank's growth in retail product segments, particularly in the digital space.

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BANKING

This decision comes as SBI had categorised the loan as a non-performing asset (NPA) in 2020 when a central bank circular prohibited banks from classifying accounts as NPAs due to the ongoing pandemic.

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BANKING

Maharashtra Deputy Chief Minister Ajit Pawar has resigned as a director of the Pune District Central Cooperative (PDCC) Bank, citing an increase in workload and party responsibilities. Under Pawar's leadership, the bank's turnover increased from Rs 558 crore to Rs 20,714 crore. This move comes after Pawar split from the Nationalist Congress Party and joined the Shiv Sena-BJP government in July this year.

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BANKING

The central bank’s action comes almost three months after a news network exposed how the bank linked bank accounts to unregistered mobile numbers and signed up these numbers to the application. Even though customers were deregistered after they signed up, it led to an artificial increase in the number of downloads and sign-ups.

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BANKING

Six Indian banks are pursuing unpaid loans amounting to an estimated $2 billion, including interest, from GVK Coal Developers (Singapore) and associated companies. The case, which dates back to 2011 and 2014, opened in the High Court in London. The banks claim that the loans are long overdue, except for $83 million from the sale of a Bengaluru airport.

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BANKING

The Reserve Bank of India has ordered Bank of Baroda that it can not add customers to its mobile application. This comes after reports earlier that the bank's official had linked bank accounts to unrelated mobile numbers as they were under pressure to achieve high targets.

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BANKING

The insurance regulator has granted insurers the flexibility to determine commissions across their product range, allowing them to offer higher commissions to distributors for annuities compared to ULIPs and increase the sale of such products.

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BANKING

The survey would include details such as the average ticket size of payments made through UPI, the geographies in which the adoption of digital payment methods such as UPI is higher and whether people feel safer when making payments through UPI.

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BANKING

Federal Bank, the largest private sector lender in Kerala, has announced that it will completely stop funding for thermal power projects by 2030. As a first step towards this goal, the bank plans to halve its exposure to the thermal power sector by 2025. The bank currently has a green power sector exposure of Rs 5,083 crore, mainly in solar and wind projects. The bank's chief mentor, Ashutosh Khajuria, is confident that the bank will continue to achieve 20% credit disbursal growth this fiscal year, driven by home, business, and gold loans.

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BANKING

'The company has received a show cause cum demand notice from the Directorate General of GST Intelligence, Mumbai zonal unit under Section 74(5) of the Central Goods and Services Tax Act, 2017 (“the Act”), October 6, 2023 alleging a tax demand of Rs 38,99,77,849,' the company said in an exchange filing.

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BANKING

India has received a new set of Swiss bank account details as part of an annual automatic information exchange. Switzerland has shared information on nearly 3.6 million financial accounts with 104 countries. This is the fifth such exchange between Switzerland and India, with the new details including hundreds of accounts associated with individuals, corporates, and trusts.

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The Association of Healthcare Providers India (AHPI) has accused private insurance companies of unfairly rejecting claims and disregarding guidelines set by the Insurance Regulatory and Development Authority of India. The AHPI claims that these companies are forming a cartel and discontinuing cashless facilities for hospitals, which deprives patients of their right to choose treatment. The AHPI argues that insured patients are the real victims, as they are left needing funds to cover medical expenses while private hospitals face mounting costs and losses. The AHPI is considering legal action and seeking the attention of the Competition Commission of India.

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Non-banking finance companies-microfinance institutions (NBFC-MFIs) in India have seen a 43% year-on-year growth, allowing them to increase their share of the microfinance market to 41.28%, up from 35% a year ago. The overall gross micro loan portfolio grew 21% to Rs 3.59 lakh crore ($47.8bn) by the end of June. Small finance banks and other non-banking finance companies also saw their micro loan portfolios rise 24% each.

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Insurance companies in India are expected to experience strong premium growth in the second quarter of 2023, following a slow first quarter. This growth can be attributed to the sale of unit-linked insurance plans driven by a strong equity market. While Max Life Insurance and HDFC Life are expected to see robust new business growth, state-owned Life Insurance Corporation of India may face a decline in annualised premium equivalent (APE) due to a contraction in its group business. Premium growth in private general insurance companies is also projected to be strong, primarily driven by the retail health and crop insurance segments.

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Wealthy Indians are now being allowed to invest in offshore funds in financial centers like Singapore. In the past month, around four ultra-high net worth individuals have been permitted to remit money to foreign funds whose managers are regulated. This development is being closely followed by private wealth managers and financial experts catering to rich clients. Previously, the Reserve Bank of India (RBI) had imposed restrictions on overseas investments, including the requirement that investments in overseas funds be made only in "regulated funds".

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Non-banking finance companies (NBFCs) in India are expected to report a 20-30% growth in net profit for the second quarter, driven by strong loan disbursements. However, margins may be under pressure due to a rise in the cost of funds. Analysts expect consumer-facing sectors like microfinance, consumer durable and vehicle loans to lead growth, while affordable housing and gold-loan companies may lag behind.

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The Indian government has approved the appointment of 12 general managers as executive directors of various public sector banks. The appointments were made by the Appointments Committee of the Cabinet. The newly appointed executive directors will be joining banks such as Union Bank of India, UCO Bank, Canara Bank, Punjab National Bank, Punjab & Sind Bank, Bank of India, Indian Bank, Bank of Baroda, Central Bank of India, and Indian Overseas Bank.

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Reliance General Insurance Company (RGIC) has received multiple show cause notices from the Directorate General of GST Intelligence, amounting to Rs 922.58 crore. The notices are for GST demands on revenue generated from services like re-insurance and co-insurance. The company's auditors will have to provide for this amount as a contingent liability in its quarterly results. RGIC constitutes 70% of the total value of Reliance Capital, which is currently undergoing a debt resolution process.

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Modern banking depends on quick decision making, using a technology spine. A fintech firm, especially a unicorn, enjoys this technological advantage. With a robust capital parentage, such a firm can harness a moat-ensuring banking licence to carve a sizeable share of the loan pie.

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Bandhan Bank has written to the Reserve Bank of India seeking approval for his appointment, people familiar with the development said. Rajinder Kumar Babbar is currently heading HDFC Bank's transportation, infrastructure and tractor finance verticals. Earlier, he headed rural business. He would be Bandhan's second executive director.

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Barclays Plc is expanding its advisory business in India by hiring Sameer Sood and Srikanth Chakka from Credit Suisse. Sood will join as a managing director and Chakka will be the lead for industrials in the investment banking division. This move comes as Barclays trims its headcount globally by around 300 people.

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India saw over 10 billion cashless transactions in August, with most of them being online and cost-free. However, customers using mobile-phone wallets to pay bills over 2,000 rupees are subject to a 1.1% fee. Despite concerns about the lack of profit motive, India's payment revenue reached $64bn last year, making it the fourth highest globally.

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Banks in India will not provide a personal hearing to companies before classifying them as 'fraud' accounts, but will re-evaluate the decision if legally challenged. The procedure, which aims to codify the steps to classify companies with outstanding loans of ₹50 crore or more as fraud accounts, follows a Supreme Court direction in March 2023 to provide a hearing to borrowers before such a step is taken. Some bankers and legal experts believe the procedure may lead to court disputes.

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The overall volume of securitisation -- wherein one lender bunches up a loan or a set of loans and passes on the future receivables to another financier against an upfront payment -- had stood at Rs 75,000 crore in the April to September period, it said. It attributed the jump in activity to banks' continued interest in retail assets, and strong credit growth among originating Non-Banking Financial Companies (NBFCs).

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The Reserve Bank of India (RBI) has announced that 30 banks have been included on the UDGAM portal, which allows individuals to search and claim unclaimed deposits. Initially launched with seven banks, the portal now covers around 90% of unclaimed deposits in the Depositor Education and Awareness (DEA) Fund. Major public sector lenders, foreign banks, and private sector lenders are included in the list. The RBI received approximately Rs 35,000 crore of unclaimed deposits from public sector banks, with SBI having the highest amount at Rs 8,086 crore.

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A report by Deloitte predicts that the cyber insurance market in India will grow by 27-30% in the coming years. The current market is valued at $50-60 million and has maintained a steady compound annual growth rate (CAGR) of 27-30% over the past three years. The growth is expected to continue due to increased awareness of the need for cyber insurance. Industries heavily involved in digitization, such as IT, pharma, and manufacturing, are identified as prime targets for cybercriminals and are early adopters of cyber insurance.

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Transaction banking in India is undergoing significant changes, with treasury management becoming more strategic. Bank of America is focusing on providing globally consistent and locally relevant solutions in this market. Indian banks are competitive locally, but global banks are preferred for international transactions. Real-time treasury solutions are not universally demanded; instead, "On-Time Treasury" that optimally manages processes is favored.

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The bank's overall deposit growth remained strong in the second quarter of this financial year, showed performance data published at the end of the quarter. Deposits climbed 30% year-on-year to reach ₹21.7 lakh crore. On a quarterly basis, there was a 14% increase.

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Private equity investor KKR is expanding its presence in India with the opening of a new operations back-office in Gurugram. This move signifies the growing importance of India in KKR's global ecosystem. The office will provide support functions such as finance, operations, human capital, and technology to the firm's global operations. KKR expects to employ around 150 employees in Gurugram by early 2024, making it the firm's largest operations center outside of the US.

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India Ratings also expects operating costs to sustain with ongoing investments in technology, and the banking system would continue to see lower slippages (gross slippage less upgrades and recoveries of 0.5%-0.6% and credit costs (1%-1.3%) that could give them the wherewithal to withstand near-term pressures. The asset quality metrics for public sector banks and private banks are converging and profitability is at about steady state.

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The State Bank of India (SBI) has announced the introduction of a 'Mobile Handheld Device' for its financial inclusion customers. This device aims to bring banking services directly to the customers' doorstep, providing greater accessibility and convenience. The device will initially offer core banking services such as cash withdrawal, cash deposit, fund transfer, balance inquiry, and mini statements.

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Bandhan Bank experienced issues with its mobile and net banking services, leading to customer complaints on social media. The bank had recently migrated its core banking system and internet banking to a new platform. The bank acknowledged the problem and stated that it was working to resolve it.

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Bandhan's share of bulk deposits although came down sequentially was higher year-on-year. At the end of September, the total bulk deposits stood at Rs 29098 crore as against Rs 25705 crore a year back. It was at Rs 31240 crore three months back. The current and savings account (CASA) ratio was at 38.5% against 40.8% a year back while the ratio improved from 36% as of June.

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NPCI International Payments Ltd, the international arm of the National Payment Corporation of India, will sign an agreement with Al Etihad Payments to facilitate cross-border transactions. The memorandum of understanding (MoU) will focus on developing a domestic card scheme in the UAE based on India's RuPay debit and credit card stack. The agreement will be signed in the presence of Commerce and Industry Minister Piyush Goyal, who is leading a business delegation to Abu Dhabi. NPCI is also in talks to extend its UPI services to the US, European countries, and West Asia.

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The financial services platform offers alternative investment tools, and funds raised will help accelerate the launch of its flagship product Altitude Prism, a structured fixed income instrument, which the company aims to list on the National Stock Exchange, it said in a statement.

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HDFC Bank chief executive Sashidhar Jagdishan has split retail loans into mortgage and non-mortgage segments, with two group heads and two regional heads for branch banking, which would be pivotal for liability growth - a key investor metric for the biggest Nifty constituent by weighting.

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Bajaj Allianz General Insurance Company, a subsidiary of Bajaj Finserv, has received a show cause cum demand notice from the Directorate General of Goods and Services Tax (GST) Intelligence. The notice alleges a tax demand of Rs 1,010.05 crore for failure to pay GST between July 2017 and March 2022.

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State-owned Power Finance Corporation (PFC) has approved loans worth Rs 15,000 crore for various projects, including funding for airport projects. PFC also sanctioned its first financing for a greenfield airport project in Andhra Pradesh. The company's board of directors discussed its diversification strategy, exploring new market segments, renewable energy funding, and improving asset quality. PFC is involved in financing India's energy transition goals and implementing key government initiatives in the power sector.

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IL&FS Group, which went bankrupt five years ago, has resolved Rs 35,650 crore of its debt through asset monetization and settlements with banks. This means the company has completed over half of the Rs 61,000 crore debt it aimed to resolve. The group has also made interim distributions of around Rs 10,000 crore to lenders across its entities.

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“The demand for funds is high given the credit growth of 15-16 percent. Banks need to garner more funds through deposits even at higher rates” said Sachin Gupta, chief rating officer CareEdge Ratings “ Besides some banks are focusing on building durable long-term and stable funding sources even if it means paying higher interest.”

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Banks in India have proposed to the Reserve Bank of India (RBI) that the first unpaid education loan should be reclassified as 'standard' and the repayment period extended. This proposal aims to help students who choose to gain work experience before pursuing higher studies. Currently, if a borrower partially repays an existing loan, it is classified as 'restructured', resulting in higher interest rates for borrowers taking out a fresh loan.

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HDFC Bank, which had initially raised concerns about SpaceMantra's debt resolution proposal for Future Retail Ltd (FRL), surprised everyone by voting in favor of the Rs 550 crore offer. However, the offer did not receive the necessary majority support. The voting results showed that 58.38% of lenders voted against SpaceMantra's offer, which means that the company may now be liquidated.

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“The demand for funds is high given the credit growth of 15-16 percent. Banks need to garner more funds through deposits even at higher rates” said Sachin Gupta, chief rating officer CareEdge Ratings “ Besides some banks are focusing on building durable long-term and stable funding sources even if it means paying higher interest.”

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Ahmedabad-based MAS Financial Services, a micro, small, and medium enterprises (MSME) financer, has seen significant growth in its loan assets and stable asset quality. The company expects to double its loan book every three to four years and aims to reach over Rs 10,000 crore in assets under management (AUM) by September 2023. MAS Financial Services has a strong presence in Gujarat and plans to increase its loan disbursement through direct distribution. Analysts predict an annual AUM growth of 25% for the company between FY23 and FY25.

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The Tata Group is reportedly considering whether to bid for UTI Asset Management Company, following the entry of Jio Financial Services into the market. The salt-to-software conglomerate is closely monitoring Jio's future plans and their impact on the industry. Four state-owned entities collectively own just over 45% stake in UTI AMC and are exploring options to sell their stake. Earlier talks between the Tata Group and the public sector entities fell through due to a disagreement regarding the selling process. Jio Financial Services has attracted attention due to its appointment of KV Kamath to head its financial services business.

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HDFC Bank, India's most valued lender, has seen a decline in its stock value in the past three months, raising concerns about its impact in the banking sector. The bank's performance has been relatively subdued compared to public-sector lenders, and uncertainties surrounding its merger with its home-financing parent have weighed on the stock. However, HDFC Bank has been focusing on expanding its branch network in areas with limited competition from private banks, allowing it to compete with public-sector banks for deposits. This strategy is expected to benefit the bank in the coming years and drive earnings growth.

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Contact the customer service department of your bank or UPI service provider right away. Provide all pertinent information, such as the transaction reference number, the date, and the amount.

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