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RBI has shortened the timeframe for classifying wilful defaulters. Banks now have six months to complete the process. This decision aims to prevent asset value decline. The process involves internal committees and hearings with borrowers. Borrowers deliberately delaying proceedings prompted the RBI's action. This move protects lenders and maintains financial stability.

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The Indian government is injecting Rs 500 crore into IFCI to bolster its financial standing before a planned restructuring and consolidation. This capital infusion, approved by Lok Sabha, increases the government's stake in the loss-making IFCI beyond the current 71.72%. The restructuring involves merging IFCI with StockHolding Corporation of India and other subsidiaries.

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Indian wealth soared in 2024. Billionaires' net worth increased substantially. Luxury real estate boomed, with significant domestic and international investments. Indians indulged in high-end goods and experiences. The Ambani family's extravagant events exemplified this trend. Wealthy Indians focused on investments, favoring equity, debt, and real estate. Portfolio Management Schemes yielded high returns. Philanthropy and ESG investments gained traction.

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NDR InvIT, India's first warehousing InvIT, secured a groundbreaking $75 million investment from IFC through sustainability-linked bonds. This funding will fuel warehouse expansion, improve infrastructure, and promote eco-friendly practices, including EDGE Certification for existing facilities. The investment reflects the burgeoning Indian warehousing sector's growth potential, projected to reach 500 million sq ft by 2030, driven by ecommerce and manufacturing.

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India secures a USD 350 million loan from the Asian Development Bank (ADB) to bolster its logistics sector. This funding, part of the Strengthening Multimodal and Integrated Logistics Ecosystem (SMILE) program, will support policy reforms aimed at enhancing efficiency, attracting private investment, and improving supply chain resilience. The program will also promote sustainable economic growth and job creation.

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Bajaj Finance helps manage festive expenses. Bajaj Finserv BBPS offers a single platform for bill payments. Bajaj Pay integrates UPI, wallet, and FASTag services. Users can make quick, secure transactions. Cashback and reward programs are available. Enjoy a stress-free festive season with Bajaj Finance.

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National Asset Reconstruction Co Ltd (NARCL) has offered ₹12,000 crore for the debt-ridden Jaiprakash Associates Ltd (JAL), sparking a Swiss Challenge auction. A dozen entities, including Phoenix ARC, Acre ARC, Arcil ARC, CFM ARC, Capri Global, and Cerberus Capital, have shown interest. The auction requires all-cash bids, potentially exceeding NARCL's offer, which includes government-backed security receipts.

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The national consumer court had in 2010 restrained banks from charging interest rates in excess of 30% per annum from the credit card holders for their failure to make full payments on due date.

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Indian companies ramped up overseas borrowings in 2024, exceeding $32 billion by October, surpassing the total for 2023. Non-bank finance companies (NBFCs) led the charge, borrowing over $16 billion, primarily for on-lending. High US interest rates didn't deter borrowing, with many companies prioritizing access to larger loan sizes and managing rupee exposure.

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India's government auditor unearthed costly mistakes. Oriental Insurance Company lost Rs 194 crore on a crop insurance scheme. They also lost Rs 14.92 crore on an uninsured policy. SBI Cards lost Rs 19.65 crore due to poor credit checks. UTI Infrastructure wasted Rs 5.71 crore by re-tendering a PAN card printing contract.

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GMR Sports Ventures refinanced ₹1,000 crore of debt through ADIA and Barclays at a lower double-digit interest rate. The bonds, originally raised at 16%, were refinanced to reduce costs. This is part of GMR Group's broader strategy to refinance debt across its businesses, including a recent ₹6,300 crore agreement with ADIA for GMR Infra Enterprises.

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Shriram Finance Ltd. secured a record $1.28 billion social loan, the largest offshore borrowing by an Indian shadow lender. The multi-currency deal includes dollar, euro, and dirham tranches with tenors ranging from three to five years. This borrowing follows tightened regulations on local currency loans, driving Indian shadow banks to seek offshore funding.

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Facing tighter regulations on unsecured lending, digital lenders in India are shifting towards secured options like property and business loans. This transition involves increased physical verification and collateral checks, prompting some lenders to adopt 'feet-on-the-street' approaches and explore physical branches. The move follows RBI's concerns over risks in the unsecured lending segment, particularly personal loans.

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Shriram Finance, India's second-largest NBFC, secures a record $1.27 billion multi-tranche loan from global lenders including HSBC, MUFG, and SMBC. The loan, with maturities of three to five years, diversifies Shriram's funding sources amidst tighter RBI regulations and will support its lending business, including expansion into MSME financing.

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The Indian government's Production Linked Incentive (PLI) schemes across 14 sectors have attracted Rs 1.46 lakh crore in investments, leading to over Rs 12.50 lakh crore in increased production and sales as of August 2024. These schemes have also generated over 9.5 lakh jobs and spurred exports exceeding Rs 4 lakh crore.

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India witnessed a rise in income tax return filings for the 2023-24 fiscal year, with over 8.09 crore returns submitted, compared to 7.40 crore the previous year. However, this represents only 6.68% of the population. Interestingly, nearly 4.90 crore individuals reported zero taxable income, a significant increase from the 4.64 lakh reported in 2022-23.

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India's banking system faced its highest liquidity deficit in nearly six months due to advance tax payments and likely central bank intervention to stabilize the rupee. The deficit reached ₹1.5 trillion ($17.7 billion) as of Monday, pushing up borrowing costs. The RBI's dollar sales and festive season cash withdrawals further strained liquidity despite recent measures to boost it.

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SBI alerted the public about deceptive videos circulating on social media. These videos falsely portray SBI officials endorsing investment scams. The bank clarified it has no connection with these schemes. SBI urged people to be cautious. These deepfakes use AI to manipulate videos. They can create realistic but fake depictions of individuals.

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LIC reported unclaimed maturity amounts of ₹880.93 crore in FY24, slightly up from the previous year. The government is employing various methods to reunite policyholders with their funds. Foreign Exchange Reserves dipped recently, while RBI cancelled the registration of thousands of NBFCs and ARCs.

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Indian banks wrote off substantial loans totaling Rs 12.3 lakh crore over the past decade. Public sector banks led write-offs, particularly in recent years. However, write-offs declined to Rs 1.7 lakh crore in FY24. Banks are actively pursuing loan recovery through various measures. Despite write-offs, public sector banks reported record profits in FY24, reaching Rs 1.41 lakh crore.

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​​The share of states in the bottom half of the market has gone up from 44% of the total borrowings in 2013-14 to 49% in 2023-24. Three states together account for more than half of all retail loans disbursed by banks, show the data.

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Banks are struggling to meet SEBI's January 1st deadline for implementing a new cybersecurity framework. The extensive regulations require frequent audits, robust disaster recovery plans, and data storage within India. Banks have requested more time, citing the complexity of the rules and the need for system upgrades. Non-compliance could lead to penalties.

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Karur Vysya Bank expanded its presence in Tamil Nadu by opening four new branches, increasing its total network to 862. These branches, located in Madurai, Tiruppur, Krishnagiri, and Chennai, will offer a full range of banking services.

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Hinduja Group's IIHL anticipates finalizing the Reliance Capital acquisition by January, aiming to triple its BFSI business to USD 50 billion by 2030. Post-acquisition, IIHL plans to retain the existing RCAP management, divest most subsidiaries, and potentially pursue an IPO after two years. The acquisition involves a Rs 9,650 crore bid and a subsequent Rs 200 crore solvency boost.

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Indian Public Sector Banks (PSBs) achieved a record net profit of Rs 1.41 lakh crore in FY24, with GNPA declining to 3.12% by September 2024. The first half of FY25 saw continued growth with a net profit of Rs 85,5206,000 crore. This success is attributed to improved asset quality, operational efficiency, and government support, including schemes promoting financial inclusion.

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The Indian government's PMJJBY has provided life insurance coverage to over 21 crore beneficiaries, paying out Rs 17,211.50 crore in claims. Meanwhile, PMSBY has enrolled nearly 48 crore individuals in accident insurance, and PMJDY has over 54 crore accounts with deposits exceeding Rs 2.3 lakh crore.

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Indian banks' bad loans dropped sharply. The NPA ratio fell to 2.67% in June 2024 from 11.18% in March 2018. The coverage ratio increased to 92.52% in June 2024. Public sector banks earned record profits. They earned Rs 1.41 lakh crore in 2023-24. Bank branches expanded significantly, reaching 160,501 by September 2024. Over 100,000 branches serve rural and semi-urban areas.

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India's Unified Payments Interface (UPI) processed a staggering 15,547 crore transactions worth Rs 223 lakh crore between January and November 2024. UPI's global reach extends to seven countries, including France, marking its European debut.

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The RBI has expressed concerns over fintech companies' aggressive lending practices, particularly to first-time buyers of used vehicles. These practices, including excessive top-up loans, are increasing borrower vulnerability and impacting lender balance sheets. The regulator has warned against high loan-to-value ratios and has taken action against some lenders for non-compliance.

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State Bank of India (SBI) is securing a ¥30 billion ($197 million), five-year loan from Mitsubishi UFJ Financial Group Inc. The loan, arranged in India's Gujarat International Finance Tec-City, has a 60 basis point margin over TONA. This adds to the surge in Samurai loans as Asian borrowers seek lower financing costs compared to dollar-denominated options.

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Deutsche Bank has loaned €91 million (₹813 crore) to SMFG India Credit. The three-year sustainability-linked loan will support small businesses and women borrowers in underserved semi-urban areas. Facilitated through Deutsche Bank's Gift City Branch, the loan aligns with SMFG India Credit's commitment to financial inclusion.

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Warburg Pincus is investing Rs 1,200 crore in Shriram Housing Finance, exceeding its initial commitment by 20%. This follows Warburg Pincus's Rs 4,630 crore acquisition of the lender, marking the largest housing finance sector M&A deal. The added capital will fuel Shriram Housing Finance's growth, building on its impressive AUM growth and low NPA ratio.

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Standard Chartered Bank has shortlisted three candidates to replace Zarin Daruwala as CEO for India and South Asia. Former JP Morgan India CEO PD Singh is reportedly the frontrunner, alongside HDFC Bank's Rahul Shukla and Standard Chartered's own Venugopal Ranganathan. The RBI is reviewing the nominations before a final decision is made, with Daruwala's term concluding in March.

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EQT Partners, a Swedish private equity firm, has invested significantly in India, deploying $6 billion in 18 months and realizing $2.4 billion in 24 months. They plan to expand into infrastructure, real estate, and industrial technology, with a focus on buyouts.

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Reliance Industries is discussing a potential $3 billion loan with banks to refinance debt due in 2025. This move would mark the conglomerate's return to offshore borrowing since raising over $8 billion in 2023. The loan comes as the Indian rupee weakens and Reliance Industries maintains a credit rating higher than India's sovereign grade.

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IL&FS Financial Services is selling ₹2,200 crore in loans to recover dues from SKIL Infrastructure, Gujarat-Dwarka Portwest, and SKIL-Himachal Infrastructure and Tourism. These loans, classified as NPAs in 2017, are part of a larger ₹5,000 crore recovery effort. The IL&FS group has resolved nearly 90% of its ₹61,000 crore debt target as of September 30, 2024.

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Friday's policy support reduces competitive intensity for deposits, but use of internal gauges for loan pricing and a higher proportion of short-duration liabilities give some state-run banks profitability edge through the initial months of a benign-rate cycle

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The Indian finance ministry has directed public sector banks to organize annual hackathons with academic institutions like IITs to bolster cybersecurity and fintech innovation. These hackathons will focus on critical areas such as fraud detection and user authentication. This initiative complements ongoing efforts by individual banks and the RBI to combat financial fraud, particularly involving mule accounts.

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The National Company Law Tribunal (NCLT) has directed Tata Capital and Tata Motors Finance to hold shareholder and creditor meetings. The meetings aim to secure approval for the proposed merger of the two Tata Group non-banking finance companies. The companies believe the merger will create growth opportunities and combine expertise.

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The Reserve Bank of India (RBI) cut the cash reserve ratio (CRR) by 0.50%, releasing ₹1.16 lakh crore into the banking system. Bankers lauded the move, expecting it to lower borrowing costs and boost lending. The RBI maintained the repo rate, signaling a focus on inflation control while supporting growth through CRR reduction and other measures.

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RBI Governor Shaktikanta Das announced a new initiative to combat financial fraud. The central bank is piloting an AI model, MuleHunter, to detect mule accounts. This model helps identify accounts used by fraudsters. RBI encourages banks to collaborate on this initiative. The bank also conducts a hackathon on “Zero Financial Frauds”.

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RBI MPC: The Reserve Bank of India (RBI) Governor Shaktikanta Das announced measures to address unclaimed deposits by segregating beneficiary accounts through Direct Benefit Transfer (DBT). The RBI also increased interest rate ceilings on Foreign Currency Non-Resident Bank (FCNR(B)) deposits to attract capital inflows, effective until March 31, 2025. Indian banks' financial parameters remain strong, and the RBI continues proactive supervision.

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Bank of Baroda and EPFO partnered to disburse pensions in West Bengal. The agreement benefits pensioners through the bank's extensive network. The bank has 300 branches and 400 ATMs across the state. This partnership simplifies pension withdrawals and documentation. The scheme supports retirees of central and state PSUs, municipalities, and industries. It also provides pensions for widows, children, and orphans.

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The Reserve Bank of India is partially reactivating ATM cash retraction, a feature disabled in 2012 due to fraud. This move combats a new "fake shutter overlay" scam where criminals trap dispensed cash. The reinstated retraction aims to give customers a better chance of recovering their money from compromised machines, focusing on ATMs susceptible to this fraud.

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ICICI Bank announced that GST authorities conducted searches at three of its offices, with ongoing proceedings. The bank is fully cooperating by providing requested data. The Maharashtra State GST Department carried out these operations under section 67(1), (2) of the MGST Act, 2017, as stated in an exchange filing.

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The finance ministry convened a meeting with public sector banks, government agencies, and investigative bodies like the CBI to expedite bank fraud investigations. Amendments to the Prevention of Corruption Act protect bankers' honest decisions, fostering better cooperation. These measures, along with the IBC and NARCL, aim to improve asset quality and resolve stressed banking assets.

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The State Bank of India has asked the Reserve Bank to include non-financial transactions like balance checking to keep accounts active. The SBI is also addressing inoperative accounts and ensuring better outreach, especially for accounts with mobile phones. The bank aims to prevent misselling of products like insurance and focuses on CSR efforts for the differently abled.

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Standard Chartered plans to target $200 billion in new assets and aims for double-digit income growth from its wealth business over the next five years. The bank will focus on serving wealthy Chinese and Indian clients with offshore assets and cross-border needs. This strategy includes increasing relationship managers and investing in technology.

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PNB Housing Finance plans to grow its retail loan book to ₹1 lakh crore by March 2027. It will expand the affordable housing segment by 60-70% each year and aims for high yields. The lender's assets under management were ₹74,724 crore in September 2024. It also aims to increase branches to 200 by FY25.

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The government is currently not considering any further mergers of public sector banks, according to Minister of State for Finance Pankaj Chaudhary. Chaudhary noted that previous reforms and mergers have strengthened the banks' financial conditions, improved their capital adequacy ratio, and reduced non-performing assets. The 2019 mergers consisting of several banks have led to enhanced synergies and technological integration.

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The Reserve Bank of India has instructed banks to reduce inoperative or frozen accounts by organizing special activation campaigns and facilitating Aadhaar updates at branches. Emphasizing an empathetic approach, the RBI aims to help economically weaker sections to reactivate their accounts smoothly, ensuring seamless KYC updates and uninterrupted credit of government scheme funds.

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The finance ministry proposes allowing insurers to expand beyond insurance. The draft suggests new services like guarantee and indemnity services and managing repossessed properties. The proposal includes reforms such as composite registration, reduced capital requirements, and increased FDI. Comments are open until December 10, 2024. Provisions for distributing financial products were excluded.

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The Reserve Bank of India announced that 98.08 per cent of the Rs 2,000 banknotes issued have been returned to the banking system, leaving only Rs 6,839 crore worth still in public hands. The notes remain legal tender and can be exchanged or deposited at RBI issue offices across 19 cities.

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The RBI has cancelled the certificate of registration of Zavron Finance due to irregular lending practices, including outsourcing core decision-making functions and failing to carry out proper due diligence. The company has also violated fair practices code by not providing loan agreements in vernacular language. Zavron Finance is now barred from operating as a non-banking financial institution.

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The Reserve Bank of India announced the removal of supervisory restrictions on Navi Finserv Limited. This decision follows multiple interactions and submissions from the company, which led to rectifying deficiencies and implementing revamped processes. The RBI is satisfied with the company's commitment to regulatory guidelines, particularly concerning fairness in loan pricing.

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Payments through the UPI platform decreased by 7% in volume to 15.48 billion transactions in November. The transaction value also fell by 8% to Rs 21.55 trillion. October saw the highest transactions since UPI's launch in 2016. On a yearly basis, there was a 38% growth in volume and 24% growth in transaction value.

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RBL Bank is set to regain its credit card sales pace within a quarter following the end of its tie-up with Bajaj Finance. About 30% of its cards remain co-branded, but new distribution strategies and partnerships, including IRCTC and Mahindra Finance, aim to maintain steady card dissemination and boost cross-selling of other financial products.

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Gold loans by banks have grown by 50.4% in the first seven months of the financial year. This increase is due to a shift from NBFCs and a preference for secured loans. The total gold loans outstanding as of October 2024 stand at Rs 1,54,282 crore. Other personal loan segments saw single-digit growth.

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Union Finance Minister Nirmala Sitharaman urged Regional Rural Banks (RRBs) to prioritize onboarding rural customers to digital services like Internet Banking, Mobile Banking, and UPI, with a target set for December 2024.

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The Reserve Bank Innovation Hub is collaborating with banks to use its Mulehunter.AI tool to detect financial fraud through mule accounts. This AI-powered tool has already shown better accuracy and efficiency than manual methods. The initiative aims to enhance technology in the banking sector and prevent cyber fraud, aligning with the government's emphasis on digital literacy.

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BANKING

The Reserve Bank Innovation Hub is collaborating with banks to use its Mulehunter.AI tool to detect financial fraud through mule accounts. This AI-powered tool has already shown better accuracy and efficiency than manual methods. The initiative aims to enhance technology in the banking sector and prevent cyber fraud, aligning with the government's emphasis on digital literacy.

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State-run banks in India are planning to launch a new credit assessment model for micro and small enterprises by December, which will base lending decisions on digital transactions and cash flow metrics like electricity bills and employee provident fund contributions, rather than traditional parameters such as tax returns.

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Indian banks, including State Bank of India and ICICI Bank, are reassessing their exposure to Adani Group after U.S. bribery accusations against Chairman Gautam Adani, although this review may not change lending strategies.

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Sa-Dhan has partnered with the Indian Institute of Banking & Finance (IIBF) to create a certification course for job seekers in the microfinance sector, open to individuals who have completed 12th grade. The online course aims to address high attrition rates, currently over 50%, which disrupts loan collections. IIBF will conduct quarterly exams and provide certificates to successful candidates.

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Mizuho Financial Group is exploring a move into India's private equity and venture capital market. The Japanese bank is considering launching this initiative next year, aiming to connect with prolific dealmakers and offer services like debt funding and wealth management, similar to strategies employed by other global and domestic banks.

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Aviom India Housing Finance is under investigation for potential fraud after the National Housing Bank discovered inflated mutual fund investments. The company, backed by Nuveen and Gojo & Co, informed lenders of a cash crunch and delayed payments, citing discrepancies in their books and sticky receivables. A forensic audit is underway, and Aviom is exploring options for raising additional capital.

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The bill proposes 100% foreign investment in the insurance sector. It also reduces capital requirements for insurance companies. A composite license will allow companies to offer various insurance products. The bill aims to increase insurance coverage in India. The government seeks final approvals before presenting the bill to Parliament.

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Financial literacy and awareness at the ground level is crucial, not just for young people but also for the older generation, he said observing that the country's fintech industry is the third largest in the world, spread across sectors such as agriculture, lending, payments, wealth management and disaster management.

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"The government has been pushing lenders to look at internal collaboration, create common utilities, and scale them up to improve their performance and competitiveness. We expect banks to roll out some of these initiatives within this fiscal," said a government official requesting anonymity.

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India is restructuring IFCI Ltd, halting its lending operations due to capital limitations. The government-owned non-bank lender will transition into an infrastructure advisory firm, focusing on evaluations for state and green projects. A capital infusion of 5 billion rupees is planned to prevent defaults, alongside asset monetization and office space rentals.

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The fraudulent transactions have affected Aviom's cash flows, which will impact repayment capabilities, the people said. The housing finance company, founded by Kajal Ilmi, has built a loan book of Rs 1,752 crore by the end of March 2024 and catered to underserved masses with a focus on women borrowers.

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Finance Minister Nirmala Sitharaman's Mahila Samman Savings Certificate scheme has garnered over 4.33 million depositors since its April 2022 launch. Maharashtra leads with 746,223 accounts, followed by Tamil Nadu and Odisha. The scheme offers a 7.5% interest rate on a maximum deposit of ₹2 lakh and will be available until March 2025, promoting women's financial independence.

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HDFC Life Insurance announced on Monday that it had received customer data from an unknown source with "mala fide intent." The company did not specify whether the data was obtained through a security breach or detail the type of data involved.

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Parliament was informed on Monday that the recommendations of the Group of Ministers (GoM), which is examining issues related to GST on life and health insurance, will be presented to the GST Council once received. The matter of exempting or reducing GST on life and health insurance was discussed at the GST Council's 54th meeting on September 9, 2024.

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A new bill, expected to be introduced in Parliament's winter session, seeks to amend bank nomination laws, allowing up to four nominees for fixed deposits (FDs) to ease the distribution of funds after the account holder’s death. The bill would offer two nomination options: simultaneous, where nominees receive specified shares, and successive, where one nominee replaces another upon death.

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The Financial Services Institutions Bureau (FSIB) has recommended Binod Kumar, current Executive Director of Punjab National Bank, as the next Managing Director of Indian Bank. Kumar is set to replace S L Jain, who retires next month. The decision follows a rigorous selection process that involved interviewing 15 candidates. The final appointment awaits approval from the Prime Minister-led appointments committee.

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Central Bank of India received approval from the Reserve Bank of India to enter the insurance business. The bank will form a joint venture with Generali Group under FGIICL and FGILICL, offering a range of insurance products. This follows approvals from the Competition Commission of India and IRDAI.

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The Reserve Bank of India and the Maldives Monetary Authority have signed an agreement to allow cross-border transactions using the Indian Rupee and the Maldivian Rufiyaa. This framework aims to reduce transaction costs, promote bilateral trade, and strengthen economic ties between the two nations.

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Private banks are pushing for a reduction in Mudra loan targets, citing concerns about potential stress on MSME loans. While government data shows low NPAs in the Mudra segment, lenders anticipate a rise in bad loans across the MSME sector in the coming months.

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The Employees' Provident Fund Organisation (EPFO) is poised to relax regulations, enabling more private banks to collect provident funds. This initiative aims to streamline business operations for companies, enhance convenience for subscribers, and expedite fund transfers for the retirement body.

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As per the notification, the scheme shall come into force from FY24. To qualify, banks must meet at least three criteria, including a positive return on assets (RoA), net NPAs (non-performing assets) below 1.5%, a capital to risk-weighted asset ratio (CRAR) exceeding the regulatory requirement by 200 basis points, and a cost-to-income ratio of no more than 50%.

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Debasis Panda, IRDAI Chairman, urged bankers to prioritize their core functions and avoid solely focusing on insurance sales. While acknowledging the benefits of bancassurance in expanding insurance penetration, Panda highlighted concerns about mis-selling and emphasized the need for ethical practices. He stressed the importance of restoring confidence in the system through collaborative efforts between banks and insurers.

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In a circular on September 30, the regulator pointed out irregularities in granting loans against gold ornaments and jewellery. This was after the central bank found issues in the sourcing of gold loans, valuation, due diligence, end-use monitoring, auction transparency, loan-to-value (LTV) ratio monitoring, and the application of risk weights. The regulator also found that rolling over gold loans with only part payment was a deficient practice.

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SBI Chairman C.S. Setty highlighted that India's improving investment climate and digitalization are shifting people towards diverse investment options beyond traditional bank deposits. He acknowledged that banks haven't prioritized deposit mobilization in recent years, but expressed optimism that deposits will regain importance as incomes rise.

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Fusion Finance, a microfinance company, is facing financial difficulties. The company reported a significant loss for the recent quarter. Deloitte, the company's auditor, issued a warning. Deloitte stated that Fusion Finance's ability to continue operating is uncertain. The company is in talks with lenders to secure a loan moratorium.

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100% FDI in Insurance: The Indian government is poised to permit 100% foreign direct investment in the insurance sector, aiming to attract global players and boost insurance coverage. The move, part of the upcoming Insurance Amendment Bill, will also allow agents to sell policies from multiple companies, enhancing market efficiency and consumer choice.

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Piramal Enterprises Ltd and Bain Capital Credit have relinquished their license for India Resurgence Asset Reconstruction Company to the Reserve Bank of India. Regulatory obstacles and a shrinking pool of distressed assets have made the ARC business less appealing, leading to increased exits from the market.

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Indian banks are intensifying their efforts to attract deposits from non-resident Indians (NRIs), particularly in Kerala, a hub for NRI remittances. Banks are expanding their operations in the Gulf countries and offering specialized products and services to cater to the growing NRI customer base.

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WestBridge Capital and Tata AIG's outgoing CEO, Neelesh Garg, are teaming up to launch a new AI-driven general insurance venture. The venture will focus on health and motor insurance, aiming to tap into India's large uninsured population. WestBridge will hold a majority stake, with Garg owning 10%. The new entity is expected to launch by mid-2025, pending regulatory approvals.

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Cedar-IBSi Capital is actively seeking to invest in 10-15 startups specializing in banking and insurance technology. With commitments reaching Rs 50-75 crore from their Rs 240 crore early-stage fund, they aim to allocate Rs 4-10 crore per company. Their primary focus is on startups that offer innovative solutions to modernize outdated systems within financial institutions.

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Credit card users in India spent more online in September, driven by e-commerce discounts and festive sales. Online card spending reached Rs 1,15,168 crore in September, surpassing in-store spending. E-commerce platforms like Flipkart and Amazon saw significant sales growth, particularly in mobile phones and electronics.

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The recovery rate for creditors of bankrupt firms in India saw an uptick in the September quarter, reaching nearly 97% of the companies' fair value. However, this still translated to a lower recovery against the total claims filed by creditors, which stood at 28.33%.

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Indian banks are turning to certificates of deposit (CDs) to bridge the gap between loan demand and deposit growth. CD issuances have surged by 69% this fiscal year as banks compete for deposits amid tight liquidity. Analysts predict that deposit rates will remain elevated despite anticipated rate cuts.

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Chennai-based matchmaking service provider, Matrimony.com, has introduced a new financial technology platform designed to provide financial assistance for marriages. The platform offers comprehensive loan solutions through partnerships with leading financial institutions, aiming to simplify wedding planning and budgeting while prioritizing financial well-being.

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State Bank of India is seeking a five-year loan of up to $1.25 billion, marking the largest dollar-denominated loan from India's financial sector this year. The loan, arranged by CTBC Bank, HSBC, and Taipei Fubon Bank, will be used for general corporate purposes.

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RBI Deputy Governor Swaminathan J urged urban cooperative banks to embrace digitalization and strengthen cybersecurity, emphasizing the need for improved liquidation processes to safeguard depositors. He highlighted the importance of collaboration between RBI and registrars of co-operative societies. Deputy Governor Rao stressed cooperative banks' role in financial inclusion and urged stronger governance and risk management.

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India's largest lender, SBI, raised its marginal cost of fund-based lending rate (MCLR) by 0.05% for several tenors, including the one-year MCLR, which now stands at 9%. This is the second such increase recently, attributed to rising deposit costs and concerns about potential impacts on lending rates. SBI Chairman, C.S.

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The TReDS platform has significantly helped Indian MSMEs receive faster payments. It allows them to sell unpaid invoices to financiers at a discounted rate, providing quick access to working capital. This has been crucial for their growth, addressing the challenge of delayed payments from larger buyers.

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Previously banks would rely on complaints raised by customers to check fraudulent activities, but now they are trying to set up parameters which can detect mule accounts even before they get used for large value transactions

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India's digital economy is booming, with fintech driving digital payments and e-markets expanding rapidly. Deputy Governor of Reserve Bank of India, Michael Debabrata Patra, stated that the digital economy currently makes up a tenth of India's GDP and is projected to reach a fifth by 2026.

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The Reserve Bank of India has again designated SBI, HDFC Bank, and ICICI Bank as Domestic Systemically Important Banks for 2024. This classification requires these banks to maintain higher capital reserves to ensure financial stability. SBI, categorized in the highest bucket, will need to increase its Common Equity Tier 1 capital to 0.

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Proposal includes primary infusion into the shadow bank, secondary share sale by promoters, open offer; Founder Nandakumar denies any selloff plan.

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Samir Subberwal, global head of wealth solutions, deposits and mortgages at the bank said shifting focus to the affluent in retail banking will help Standard Chartered to play from a position of strength in India which is a difficult market to compete in the mass market space where local banks dominate.

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DBS Bank India is set to have a new CEO. Rajat Verma, the current head of institutional banking, has been nominated for the role. Verma will replace Surojit Shome, who is retiring. Shome has been at the helm of DBS Bank India since 2015. The nomination has been submitted to the Reserve Bank of India for approval.

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The GST Council is likely to consider lowering the tax rate on certain insurance plans, including potentially eliminating the 18% tax on term life insurance. They may also eliminate the tax on health insurance for senior citizens and those with coverage up to Rs 5 lakh. However, broader GST changes are unlikely due to concerns from some states about potential revenue loss.

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Several lenders said that they now prefer offering loans to customers with credit scores of more than 750 from a cap of 720 seen prior to the onset of stress. Banks are also keeping a very close watch on days past due (DPD), where collection machinery gets triggered at day zero DPD.

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Pushpa Girimaji, a member of the IRDA's Insurance Ombudsman Advisory Committee, called upon insurance companies to simplify the language used in their policy terms and conditions. This move, she argued, would lead to a decrease in customer grievances.

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Congress MP Manickam Tagore has written to Finance Minister Nirmala Sitharaman expressing concerns about recent LIC policy changes. Tagore argues that the changes negatively impact agents and policyholders, particularly in rural and low-income communities, by increasing premiums, reducing commissions, and lowering bonus rates.

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Some large state-owned banks in India are exploring the possibility of offering home loans to individuals without traditional income proof. This initiative aims to assess borrowers' earnings through alternative methods, such as evaluating QR code transactions for street vendors or estimating the business of roadside eateries based on customer volume and average billing.

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State Bank of India (SBI) Chairman, CS Setty, told analysts that the bank has a 35-basis-point cushion on its lending rate, providing flexibility even if deposit rates increase. Despite potential RBI rate cuts impacting lending rates, Setty believes SBI's margins will remain stable due to a significant portion of loans linked to MCLR and adjustments in pricing for short-term loans.

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Despite tighter lending norms impacting unsecured credit disbursal, credit-fueled consumption in India has surged, particularly for smartphones, electronics, and white goods, driven by aggressive no-cost EMI offers and a growing credit card user base, though lenders are cautiously tightening underwriting standards to manage potential defaults.

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India Infrastructure Finance Company Ltd (IIFCL) is establishing a subsidiary to securitize its assets through asset-backed securities (ABS) and covered bonds. This strategic move aims to optimize capital utilization, fuel business expansion, and enhance financial performance by reducing borrowing costs and improving profitability.

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India's life insurance sector saw significant growth in October 2024, with new business premiums surging by 13.16% year-on-year. This impressive performance was driven by a strong focus on customer acquisition and digital transformation. However, the number of new policies issued declined, indicating a potential shift in consumer behavior.

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National Stock Exchange (NSE) Chief Business Officer, Sriram Krishnan, downplayed concerns regarding recent foreign portfolio investor (FPI) selling in Indian stock markets. He emphasized India's strong economic fundamentals and attractiveness as an investment destination. Krishnan also mentioned the NSE's ongoing investor education initiatives, particularly targeting young investors, and confirmed the exchange is awaiting regulatory approval for its anticipated IPO.

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The Indian government has advised public sector banks to exercise caution in microfinance lending, particularly through co-lending with shadow banks. While banks reported no significant stress in their retail portfolios, the government emphasized robust underwriting processes for unsecured loans and sensitive loan recovery practices.

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Cashfree Payments has partnered with Indian companies like Swiggy and Nykaa to enable international customers to make payments in India. This pilot program caters to users of RuPay cards and UPI, which are not typically recognized for global transactions. Cashfree's cross-border payments license allows them to facilitate seamless transactions for both import and export businesses, as well as individual users.

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Debasish Panda, IRDAI Chairman, advocated for 100% foreign direct investment in the insurance sector during the Business Standard's annual BFSI event. He emphasized the need for increased capital and new players to achieve the 'insurance for all' goal by 2027. Panda believes opening the sector to full FDI will attract more participants and boost domestic investment.

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Indian lenders are bracing for a surge in microfinance loan defaults after the central bank tightened lending rules. The Reserve Bank of India's move to halt the practice of issuing new loans to borrowers with existing debts is expected to trigger a wave of defaults in the coming months.

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S&P Global predicts that Indian banks will face pressure on net interest margins, potentially dropping by 20 basis points to 3% over the next few years. This squeeze is anticipated due to increased competition for deposits amidst an expected decline in interest rates and steady credit growth.

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Muthoot Microfin is lowering its lending rates for the third time this year, benefiting borrowers with a quarter-percentage point reduction. This move follows RBI's scrutiny of microfinance lenders charging high interest rates. Despite the reduction, Muthoot Microfin's net interest margin improved due to lower funding costs, reaching 12.94% in the first half of the year.

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Visa appointed Rishi Chhabra as Country Manager for India. Chhabra, with over 20 years of experience in financial services and payments, will lead Visa's India business strategy and strengthen client relationships. He will focus on promoting financial inclusion and digital growth, especially for small and medium enterprises.

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Indian banks are shutting down more ATMs despite record-high cash circulation. This trend is attributed to the rise of digital transactions and UPI payments. While cash remains significant, ATM numbers have declined, particularly off-site machines. Industry experts point to bank consolidation and the push for digitalization as key drivers.

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The CBI has alleged that Yes Bank co-founder Rana Kapoor sanctioned loans worth ₹4,733 crore to DHFL in exchange for ₹600 crore in kickbacks. These loans were then allegedly diverted to Mumbai-based builders who had previously defaulted on loans from Yes Bank, according to the agency's latest charge sheet.

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At a review meeting on Tuesday, financial services secretary M Nagaraju exhorted PSBs to continue to strengthen their financial and operational frameworks, particularly in light of the evolving market dynamics and cybersecurity needs, the finance ministry said in a statement.

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India's shadow-banking sector is showing signs of stress six years after its last crisis. Major lenders like Bajaj Finance and Shriram Finance reported increased delinquencies on unsecured loans, leading to higher provisions and lower profits. The Reserve Bank of India has expressed concern over the 'growth-at-any-cost approach' of some lenders and has already taken action against a few.

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The Indian government is seeking a new deputy governor for the Reserve Bank of India. Applications are due by November 30. The position will succeed Michael Patra, whose term ends in January. Candidates need 25 years of experience in relevant fields. The appointment is for three years with a possibility of re-appointment. The government encourages applications from exceptional candidates.

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Bandhan Financial Services Ltd (BFSL), promoter of Bandhan Bank, has ventured into the IT sector by acquiring Genisys group of companies for nearly Rs 100 crore. This strategic move aims to leverage technology for business solutions and enhance shareholder value. Genisys, specializing in AI-enabled solutions for various sectors, will operate under BFSL with expanded capabilities.

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Indian banks are seeing a slowdown in loan growth as they prioritize attracting deposits to improve their liquidity. The loan-to-deposit ratio has dropped to its lowest point in 30 months, but regulators remain cautious. Banks are expected to focus on attracting more deposits, even if it means higher interest rates and potential pressure on profits.

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Alliance Insurance Brokers, after 21 years in business, is expanding. The company will offer services in new sectors like aquaculture and renewable energy. It will also provide insurance for loans and purchases through partnerships with banks. Alliance Insurance Brokers currently operates in 14 cities in India and works with clients in 14 countries.

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Banks in India have sought the Reserve Bank's approval for integration with its Centralised Information Management System (CIMS) to enable real-time tracking of limit utilisation under the Liberal Remittance Scheme (LRS). This integration aims to expedite the inclusion of international credit card spending under LRS regulations and ensure seamless tax remittance.

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Ujjivan Small Finance Bank aims to secure a universal banking license by March 2025. The bank is focusing on building a diverse business mix and strengthening its secured loan portfolio. Efforts include expanding product lines and improving digital and IT infrastructure to address RBI requirements.

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Canara Bank plans to recover Rs 6,000 crore from bad loans in the second half of the fiscal year. The bank expects Rs 3,000 crore in recovery for both the third and fourth quarter. Additionally, it anticipates the IPO of Canara Robeco Asset Management Company to happen in the fourth quarter.

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Banks have slowed down credit card issuances due to increasing defaults among customers. The Reserve Bank of India reported a significant decline in new card additions from August to September. Experts warn that this cautious approach may continue as lenders are wary of rising delinquencies and new regulatory measures affecting unsecured loans.

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Partha Pratim Sengupta has assumed the role of MD & CEO at Bandhan Bank, following RBI approval. With four decades of experience, his focus will be on stabilizing asset quality in the microfinance portfolio and consolidating retail lending. The bank's recent quarter saw a hike in non-performing assets due to increased microfinance sector stress.

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Larsen & Toubro is expanding its aerospace division to strengthen its role in India's growing private space sector. This follows the government's effort to open the industry to private firms. The company plans to leverage its long-standing relationship with ISRO for manufacturing launch vehicles and aims to tap into the future demand for commercial satellite launches.

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Bank of Baroda (BoB), Punjab National Bank (PNB), Union Bank of India, Central Bank of India, ICICI Bank and Axis Bank have either committed or are in the process of committing funds to the $4-billion polyvinyl chloride (PVC) project at Mundra in Gujarat, people familiar with the developments said.

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The NCLAT is examining the issue of whether a stay on insolvency admission orders impacts the moratorium on payment of dues, following an appeal by Axis Bank. The NCLT had ruled that moratoriums continue even with a stay, reversing transactions during the stay.

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Stressed assets undergoing liquidation under insolvency laws will now be listed and auctioned on the eBKray platform, run by PSB Alliance. This move, facilitated by IBBI and Indian Banks' Association, aims to maximize recovery for creditors by improving transparency and making asset details continuously available to the public.

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Axis Bank says artificial intelligence will alter work processes but won't result in overall job cuts. The bank is increasing its digital staff and focusing on technology and customer-facing roles. It is using AI for customer service and targeting advertisements, aiming for growth and efficiency while keeping its workforce intact in the future.

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BANKING

Indian lenders such as Kotak Mahindra Bank, IndusInd Bank, IDFC First Bank, and RBL Bank foresee ongoing asset quality issues in the microfinance sector for several more quarters. Overleveraging and rural economic slowdown are cited as major reasons, leading to increased provisions and cautious disbursement strategies.

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The Reserve Bank of India has permitted Navi Finserv to resume disbursing scheduled home loans sanctioned prior to October 20. This decision comes as a relief to homebuyers waiting for their loans amid earlier restrictions imposed due to supervisory concerns. Similar restrictions were placed on three other NBFCs.

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American insurance broker Lockton has acquired Arihant Insurance Broking Services Limited, with approval from India’s IRDAI. The acquisition aligns with Lockton's strategy to meet rising demand for sophisticated risk management solutions in India, leveraging its global expertise to enhance the Indian insurance sector.

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Jio Payment Solutions Limited received approval from the RBI to operate as an online payment aggregator, boosting its digital payment services. Effective from October 2024, this authorization supports Jio Financial Services' ambition to lead in digital finance, with significant growth in digital transactions and a notable presence in payment systems.

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Mahindra Finance plans to launch a co-branded credit card with RBL Bank after receiving approval from the RBI. This new offering aims to cater to customers' aspirational needs, aligning with the rise of e-commerce and tech advancements. Mahindra Finance holds a 3.53% strategic stake in RBL Bank.

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A digital credit line offers flexible and convenient borrowing options by allowing users to access funds as needed within a pre-approved limit. Interest is charged only on the amount withdrawn, making it an ideal solution for managing short-term expenses and fluctuating cash flows.

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BANKING

Bengaluru-based fintech startup Slice completed its merger with North East Small Finance Bank on October 27, obtaining all necessary approvals. The merger aims to create a technology-driven bank, enhancing operations and customer experience while expanding its reach across India, particularly in the Northeast.

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BANKING

Large multinational banks have requested that the RBI amend rules to enable same-day settlement of stock trades (T+0) for foreign portfolio investors in India. This change, aimed for late December or early January, necessitates a directive to allow banks to issue irrevocable payment commitments.

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State Bank of India (SBI) was named the Best Bank in India for 2024 by Global Finance Magazine at its 31st Annual Best Bank Awards in Washington. SBI Chairman CS Setty received the award, recognizing the bank's commitment to exceptional services and financial inclusion nationwide.

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Shaktikanta Das, the Governor of Reserve Bank of India (RBI), on October 26, received award for A+ grade in Central Bank Report Cards 2024, for the second consecutive year.

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IDFC First Bank's profit dropped 73% year-on-year to ₹201 crore in September 2024 due to a significant increase in provisions for its microfinance business. Provisions rose to ₹1,732 crore with microfinance and toll account impacts. Net interest income grew by 21% while microfinance's portfolio percentage reduced.

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The Insurance Regulatory and Development Authority of India introduces new guidelines to combat online fraud in the insurance sector. Insurers must implement anti-fraud policies, fraud monitoring units, and advanced cybersecurity measures. Regular fraud awareness programmes for employees, agents, and policyholders are also mandated to increase vigilance and protect sensitive data from cybercriminals.

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Star Health has taken legal action against Telegram and a hacker for leaking personal data of policy holders through chatbots. A Tamil Nadu court has ordered Telegram to block any chatbots or websites in India that offer the data online. Telegram has not responded to the allegations yet.

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Axis Bank's CEO Amitabh Chaudhry has been reappointed for a third term, effective January 2025 to December 2027, following RBI approval. His tenure saw significant improvements in asset quality, digital capabilities, and retail offerings. The bank recently reported an 18% rise in net profit for the September quarter.

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Real estate developer TARC Ltd raised Rs 1,000 crore from a consortium led by Kotak Mahindra Bank, at 12.75% interest, to refinance existing debt and secure Rs 250 crore additional working capital. Projects TARC Kailasa and TARC Tripundra's cash flows anchor the refinancing.

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Finance Minister Nirmala Sitharaman states that a pathway has been built for multilateral development banks to address global challenges effectively. She emphasizes India's ongoing commitment to disaster resilience, debt management, and comprehensive reforms to achieve sustainable development goals by 2030.

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Religare Enterprises informed stock exchanges that the Reserve Bank of India rejected its proposal to appoint Rakesh Asthana as a director. This rejection occurred on May 15, 2024. Religare attributed the delay in disclosure to an oversight and faces legal challenges from the Burman family regarding the appointment and AGM postponement.

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Axis Bank on Thursday reappointed Amitabh Chaudhry as the Managing Director and Chief Executive Officer of the bank for the next three years starting January 1, 2025.

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India's automotive industry, which accounts for 7.1% of the nation's GDP, has boosted the growth of motor insurance. This sector now represents around 45% of the total business of general insurance companies. Car dealers, as primary intermediaries in the customer purchasing journey, have become a critical distribution channel for motor insurance.

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"We have said we would like to continue to invest in the franchise, given the opportunity," Puneet Sharma, chief financial officer of Axis Bank, told analysts in post-earnings call. "Where we are required to tighten our belts, we do have the ability to tighten our belts. On expenses last year, we were growing at the 27% to 29% year-on-year growth range. You will see moderation in growth of costs through FY25."

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Jio Financial Services Ltd., led by Mukesh Ambani, is in early talks with Allianz SE to form insurance companies in India. Allianz seeks to exit existing ventures with Bajaj Finserv due to a directional dispute, but remains committed to the Indian market.

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Speaking at an industry event organised by the CII on Tuesday, Insurance Regulatory and Development Authority of India (Irdai) chairperson Debasish Panda said the 1.4 billion population base offers massive growth opportunities. "There is scope for more than 70 insurance companies to cater to 1.4 billion people. I encourage more conglomerates to enter the insurance sector. It is an exciting time for the industry," said Panda.

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The Petroleum and Natural Gas Regulatory Board (PNGRB) is considering extending insurance coverage to piped natural gas (PNG) consumers, similar to LPG users. This move aims to protect consumer interests and mitigate risks, with 13.4 million consumers currently using PNG.

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Irdai has asked insurance companies to check their IT systems for vulnerabilities after data breaches at Star Health and Tata AIG. Both companies are investigating, isolating affected systems, and working with cybersecurity experts. They have informed regulatory bodies and are implementing a containment and recovery plan. The breaches are being thoroughly examined.

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Paytm reported a consolidated profit of Rs 928.3 crore for the quarter ended September 2024, largely due to a one-time gain in its ticketing business with Zomato. The company aims to revive its customer base, expand merchant payment innovations, and increase financial services revenue while adopting a compliance-first approach after RBI action earlier this year.

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Union finance minister Nirmala Sitharaman has approved the creation of additional senior level posts in nationalised banks to enhance administrative efficiency. The number of Chief General Manager posts across 11 Nationalised Banks is increased from 80 to 144, with corresponding increases in other senior positions.

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Ghosh brings more than 30 years of experience across corporate and development banking, venture capital. He started his career in 1993 and spent a decade with ICICI, Reliance and Rabo India before joining Yes Bank as group president in 2004.

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India's private credit market is rapidly expanding with new local participants, raising concerns about potentially weakened lending standards. Experts highlight possible risks while regulators emphasise the sector's resilience. Despite challenges, the long-term outlook remains positive as investor interest grows.

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Commercial banks are raising outflow rates on retail deposits as they prepare for new liquidity coverage ratio rules. These changes, effective from April 1 next year, will require more investment in high-quality liquid assets. This aims to mitigate risks of mass withdrawals, similar to the collapse of Silicon Valley Bank in the US.

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Indel Money launches its fifth public issue of secured NCDs, offering a base amount of Rs 75 crore with an option to retain oversubscription up to Rs 75 crore, totaling Rs 150 crore. The coupon yields up to 13.44% per annum. Funds will be used for lending, financing, and corporate purposes.

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UCO Bank recovers Rs 414 crore from 26 accounts through NCLT in Q2, with Rs 393 crore resolved and Rs 21 crore under liquidation. Gross NPA ratio drops to 3.18% from 4.14% last year. Domestic advances up by 21.62% year-on-year.

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The finance ministry is considering increasing Chief General Managers in public sector banks to support business growth and profitability. Current guidelines, issued in 2019, permit one Chief General Manager for four General Managers. PSBs posted record profits, with SBI contributing over 40% of total earnings.

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HDFC Bank plans to lower its loan-to-deposit ratio to pre-merger levels within 2-3 years. Post-merger, the ratio spiked to 110%, prompting securitization of 190 billion rupees in loans. LDR is an important metric for banks as it helps assess their liquidity position by gauging whether they have enough deposits to fund loan growth.

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Several state-owned banks, including Central Bank of India and Punjab National Bank, have waived processing fees on home loans during the festive season to boost demand. While public sector banks offer lower rates, private sector banks have not announced similar waivers.

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Kotak Mahindra Bank has announced it will acquire Standard Chartered Bank's personal loan book in India, worth Rs 4,100 crore. The deal is expected to finalize within three months. This move aligns with Kotak’s strategy to expand its market share and grow in the affluent customer segment, ensuring a smooth transition.

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Kotak Mahindra Bank said on Friday it will buy Standard Chartered Bank's personal loan book in India, which is worth 41 billion rupees ($488 million).

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Indian banks, including HDFC and Kotak Mahindra, are grappling with increased credit costs and challenges in attracting customer deposits as people shift towards equity funds. HDFC aims to improve its high loan-deposit ratio, while Kotak Mahindra faces restrictions impacting its profitability.

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The Reserve Bank of India has banned four finance companies, including Navi Finserv and DMI Finance, from issuing new loans due to excessive interest rates. This follows warnings about aggressive growth practices. The companies must submit remedial actions to the RBI for review to resume their loan services.

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The Reserve Bank of India has directed Asirvad Micro Finance Limited, Arohan Financial Services Limited, DMI Finance Private Limited, and Navi Finserv Limited to halt loan sanction and disbursement starting October 21, 2024, due to concerns over their excessive interest rates and non-compliance with established financial regulations.

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Axis Bank became the fourth largest credit card issuer in Q2 FY25, with a 14% increase in Cards in Force. Credit card transactions surged, especially in lifestyle, fashion, and electronics. However, millennial defaults are rising, with outstanding debt reaching substantial highs.

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Multiples appoints Rahul Chawla, a senior executive from Deutsche Bank, as the managing director for credit strategy. Chawla, with nearly three decades of experience and extensive expertise in structured finance, is set to lead Multiples' new venture into the credit investing space.

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National Payments Corporation of India (NPCI) has teamed up with The Times of India to launch a national campaign on digital payment safety. Using the iconic cartoon character Common Man, the campaign aims to educate users about different types of digital payment frauds and provide tips for secure transactions, especially focusing on UPI payments.

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The Indian payments industry is projected to grow to $49 trillion in value by 2028 from $30 trillion in 2023, with transaction volumes expected to increase to 434 billion. Revenue growth in this sector is forecasted at 11%, with credit cards and fund transfers leading the expansion.

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Capital India Finance Ltd has sold its housing finance subsidiary, Capital India Home Loans Limited, to Weaver Services Private Limited for Rs 267 crore. Weaver will raise up to Rs 800 crore from private equity funds to finance this acquisition. The focus will be on innovative home loan products for self-employed individuals in Tier 2 and Tier 3 towns.

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Kotak Mahindra Bank, aiming to be India’s third largest private sector lender by 2030, faces significant M&A risks and integration challenges, Bernstein Research a part of the Société Générale group has said. A 7% profit growth over Axis Bank appears elusive organically, prompting potential inorganic growth through acquisitions like IDBI Bank or smaller banks.

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Biz2X, a subsidiary of Biz2Credit, has surpassed Rs 9,000 crore in loan disbursements, driven by its AI-integrated platform, DigiKred. The company expects to facilitate an additional Rs 5,000 crore by FY2025. Strategic collaborations and expansions into UAE and Saudi Arabia bolster their growth.

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Acko appoints founding member Sandip Goenka as CEO of its new life insurance business. Goenka, with over two decades of experience, will develop product offerings and ensure long-term growth, operational efficiency, and financial performance. His leadership signals Acko's commitment to expanding their life insurance sector presence.

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National Insurance Company faces an ₹8,000 crore solvency shortfall, with a negative 0.49% solvency margin against the regulatory minimum of 1.5%. The insurer plans to address the gap by liquidating key assets, including stakes in Agriculture Insurance Company and India International Insurance Singapore, pending necessary approvals.

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During this year's festive season sales, there was a significant rise in the usage of credit cards and credit-based payment instruments such as pay-later products, with a recorded increase of 35-50% in transactions compared to the previous year, particularly in lifestyle, fashion, and electronics.

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Hospitals in India introduce additional charges, such as disinfection fees and peak operation theatre charges, leading to a 20% rise in medical costs. Insurers struggle as previously bundled services are unbundled, causing unpredictability in healthcare expenses and potential increases in insurance premiums.

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Wealthy Indians are uncertain about investments abroad after a directive from the International Financial Services Centres Authority. It restricts fixed deposit terms in GIFT City to under 180 days, conflicting with Reserve Bank of India guidelines. This confusion affects funding to offshore banks and the liberalised remittance scheme for high-net-worth individuals.

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Indian Overseas Bank has inaugurated 15 Retail Loan Processing Centres, both physically and virtually, across various cities including Chennai and Bengaluru to enhance loan approval efficiency. These centres are equipped with advanced digital tools for quicker turnaround and improved risk management, supporting the bank's retail growth strategy.

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SBI plans to increase the threshold of the instant loan scheme for MSMEs from Rs 5 crore. SBI aims to simplify MSME credit by leveraging digital tools and reducing the need for collateral. Additionally, SBI intends to open 600 new branches this financial year, enhancing its extensive network.

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Housing finance companies are anticipating a delay in the festive season demand surge due to pending government guidelines on the PMAY and Affordable Housing Refinance Scheme. The PMAY subsidy aims to provide ₹1.80 lakh for home loans up to ₹25 lakh, while the refinance scheme offers a 5% interest rate for housing loans disbursed in the past year.

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The RBI has instructed all banks and non-bank payment system providers to review and modify their digital payment systems for better accessibility to disabled persons. PSPs must refer to the Ministry of Finance’s Accessibility Standards and ensure security is not compromised. Details of changes must be reported to RBI within a month.

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Reliance's JioFinance App, launched on May 30, 2024, now offers diverse financial products including loans and digital savings accounts. Over six million users have provided feedback, enhancing the app's user experience. The JioFinance app also includes seamless UPI payments and insurance plans, aiming to democratize financial services in India.

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Irdai is intensifying scrutiny of cybersecurity lapses in the insurance sector following a major data breach at Star Health Insurance. Over 31 million customers' data was compromised. The regulator has mandated an extensive audit of Star Health's cybersecurity framework. The audit aims to identify control gaps and recommend measures to prevent future breaches.

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Banks raise alarms over fraudulent entities impersonating them in text messages to dupe customers. They seek intervention from the finance ministry, TRAI, and telecom service providers, and plan to approach the RBI to address compliance challenges with cybersecurity advisories.

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The Reserve Bank of India has directed banks, NBFCs, and other entities to utilize all relevant information sources for risk assessments. This measure aims to mitigate money laundering, terrorist financing, and proliferation financing risks. It highlights the importance of an enterprise-level risk assessment and advises against a siloed approach to ensure effective risk management.

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India's UPI transaction volume surged 52% year-on-year to 78.97 billion in H1 2024, with the transaction value rising by 40%. PhonePe led as the top UPI app. Average ticket size dropped by 8%, despite substantial growth in use for micro-transactions in sectors such as e-commerce and government services.

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India's largest health insurer, Star Health, investigates a claim suggesting its CISO, Amarjeet Khanuja, may have facilitated a customer data leak involving medical records disseminated by a hacker on Telegram. Despite the allegation, no evidence implicating Khanuja has been found yet.

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The Reserve Bank of India advises non-banking financial companies, including microfinance and housing finance institutions, to prioritize compliance, adhere to fair practices, and sincerely address customer grievances. While monitoring these entities' exposures and risk practices, the RBI emphasizes the need for self-correction to avoid systemic risks, underscoring potential financial stability concerns with excessive returns and high indebtedness.

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The National Company Law Tribunal in Ahmedabad approved ICICI Bank’s plan to delist ICICI Securities Ltd. Two objections to the delisting were dismissed. Earlier, the NCLT Mumbai also approved the delisting scheme. ICICI Bank argued that the objections didn't meet the required shareholding threshold. The delisting was approved by a significant majority of ICICI Securities' shareholders.

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Zarin Daruwala, CEO of Standard Chartered India & South Asia, will retire in March after over eight years in the role. Turning 60 in February, she has significantly grown the India franchise with a focus on corporate, investment, and retail banking. Her successor's search has begun.

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During the recent Monetary Policy Committee meeting, RBI Governor Shaktikanta Das expressed concerns about some Non-Banking Financial Companies (NBFCs) aggressively pursuing growth without proper administration. He advised them to review their target-based compensation structures and assess their exposures in unsecured loans, emphasizing the need for robust underwriting and monitoring standards.

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Mumbai-based EPS is backed by investors like the UK's Apis Partners and Dutch Entrepreneurial Development Bank FMO. The licence has made it the country's fifth white-label ATM operator alongside Tata Communications Payment Solutions, India1 Payments, Hitachi Payment and Vakrangee. The RBI had last issued this licence in 2014 to India1 Payments. Earlier, three other companies had surrendered their licences.

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