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Budget 2024: The finance minister said 30 crore Mudra Yojana loans have been given to women in the last 10 years. "Saturation approach of covering all eligible people is true and comprehensive achievement of social justice and this is secularism in action," Sitharaman said. The ​FM also asserted that the government aims to transform India into a developed country by 2047.

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Investors question if Paytm Payments Bank can thrive without regulator's trust. The Reserve Bank of India's ban on deposit or credit transactions has frozen the bank. Paytm can switch fintech customers to another institution but the ban signals regulatory concerns. The RBI's ban follows persistent non-compliances and material supervisory concerns. It also mandates termination of accounts of One 97 Communications and Paytm Payments Services. Confidence in Paytm's mainstream business and banking partners may be affected. Paytm's goal to turn profitable may be delayed. The investment case for Paytm weakens.

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The RBI order further read that withdrawal or utilisation of balances by the bank's customers from their accounts including savings bank accounts, current accounts, prepaid instruments, FASTags, National Common Mobility Cards, etc. will be permitted without any restrictions, upto their available balance.

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NPST, a leader in digital payments and banking services, announced significant revenue growth in Q3, reflecting strong performance. The company achieved a notable 210% increase in revenues compared to the previous fiscal year. NPST's year-to-date revenue also showed a remarkable 332.18% increase. The company's Q3 results demonstrate its commitment to sustainable growth and the effectiveness of its overall strategy. NPST's presence in the payments industry has contributed significantly to the industry's growth.

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The Insurance Regulatory and Development Authority of India (IRDAI) is considering measures to enhance governance in the insurance sector. One proposal involves requiring prior approval from IRDAI for the appointment of insurance chairmen, aligning with practices in the banking sector. The regulator is also exploring the establishment of mandatory committees, including an Asset-Liability and Ethics Committee, and a board-approved Environmental, Social, and Governance (ESG) and Climate Risk Framework.

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Bajaj Finserv Health, a subsidiary of Bajaj Finserv, has acquired a stake in Vidal Healthcare Services, a Pune-based health-tech firm with a network of over 1,00,000 doctors, 5,500 labs, and 2,100 hospitals. The acquisition is expected to close by March and will expand Bajaj Health's capabilities in better servicing hospitalisation needs.

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The company has called it a creative showcase of products and services that have been reimagined to suit the ever-changing needs and preferences of everyone across the length and breadth of the country.

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The Indian insurance sector anticipates changes in Budget 2024 to boost insurance penetration and enhance financial security. Key proposals include reassessing tax deductions, equal tax treatment for pension products, increasing deduction limits for health insurance, and incentivizing group health insurance for MSMEs.

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Demand for legal and compliance professionals in the BFSI sector has surged, with companies making key appointments to strengthen regulatory adherence. There has been a sixfold jump in managing director level movement in legal and compliance functions. The need for skilled senior compliance professionals has increased, especially in the BFSI sector. Financial institutions are recruiting senior compliance officers to ensure customer protection and market transparency. The recent regulatory emphasis has fueled the demand for experts in compliance roles.

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The National Bank for Financial Infrastructure and Development (NaBFID) reported its earnings doubled in the quarter ending December 2023, with a net profit of Rs 632 crore. Its capital adequacy ratio stands at 191%, and it has issued non-convertible debentures of Rs 19516 crore.

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The Reserve Bank of India (RBI) has granted approval for Reliance Home Finance's voluntary exit from the home finance business. Authum Investment and Infrastructure Ltd, which acquired Reliance Home Finance a year ago, has proposed the voluntary liquidation. The housing finance company plans to execute a slump sale of all assets to Reliance Commercial Finance Ltd, another company acquired by Authum Investment.

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The government is planning to reduce bank guarantee and introduce new eligibility criterion for the selection of consultants for road projects. Contracts will be awarded at market-determined prices to ensure quality construction. The proposed changes aim to prevent contractors from quoting the lowest price, which compromises construction quality.

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“This transaction is aligned with our focus on monetizing non-core assets. The proceeds from the transaction will further strengthen our balance sheet,” Piramal Enterprises informed exchanges in a January 27 filing. The transaction, which will be conducted through a share purchase agreement, is subject to the receipt of requisite regulatory approvals by Shriram Ownership Trust, Piramal Enterprises said.

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Karnataka Bank has decided to allot Rs 100 crore worth of preferential shares to ICICI Lombard General Insurance as part of its plans to raise Rs 700 crore in fresh equity. The allotment is subject to regulatory and shareholder approval and will be raised through other permitted means. The bank raised Rs 800 crore through a preferential issue of shares in October last year.

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Punjab and Sind Bank, frustrated by the delay in resolving KSK Mahanadi Power's corporate insolvency, plans to sell its debt to asset reconstruction companies (ARCs). The bank has invited offers from ARCs for its loans to KSK Mahanadi Power and KSK Water Infrastructure.

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The integration with Nuvei will allow Ubuy to enter new markets seamlessly. Nuvei currently provides access to 634 APMs through a single integration, allowing online businesses to tailor their payment methods based on regional preferences, the company said in a statement.

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At present, each lender has its own format, which leads to data variation, an issue flagged by the banking regulator, leading to a rise in cases of customers facing denial of loan or reduction in credit limit. "We are working on a common format," said a bank executive familiar with the development.

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Interim Budget: The upcoming budget will be an interim budget rather than a full annual budget. The budget becomes a strategic pause that allows stakeholders to reassess and prepare for the unfolding landscape. Financial service providers are establishing 'Digital Banking' committees to assess and improve digital inclusion. Regulatory and tax relaxations are being considered to protect against fraud, ensure data privacy, and encourage digital innovation. The International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (GIFT City) is an example of India's ambitions to become a global financial leader.

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The State Bank of India (SBI) has officially removed the 'fraud' tag from Religare Finvest Limited (RFL) as per the Delhi High Court's order. RFL, a subsidiary of Religare Enterprises Limited, had been tagged 'fraud' by SBI in the Reserve Bank of India's database. SBI communicated this decision to RFL on Friday.

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Consumer credit in India is growing rapidly, but it is not reaching everyone. The industry primarily caters to affluent urban professionals. However, there is a push to broaden access and make growth more sustainable. The cost of adding new borrowers is a concern for lenders, especially for lower-income earners. One solution being explored is using India's smartphone-based payment protocol, Unified Payments Interface (UPI), to offer credit. This would reduce costs and allow lenders to serve a wider group of borrowers.

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In the initial bidding process, Prudent ARC made an offer of ₹165.6 crore for Katerra India, while JC Flower ARC proposed ₹133 crore for Indrajit Power. Interested bidders will have to submit offers at 7% mark-up to the base bid.Yes Bank has set the deadline for interested bidders to submit their offers by 7 February and plans to announce the highest bidder on 13 February.

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Fico, known for its consumer credit ratings and fraud detection software, recently launched its next-generation CRM (or customer relationship management) decision platform in India, which it expects to further expand its operations in the country.

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The General Insurance Council has introduced an initiative, 'Cashless Everywhere', to facilitate cashless hospitalization for policyholders even in non-empanelled hospitals. Hospitals with 15 beds, registered under the Clinical Establishment Act, can provide cashless hospitalization.

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Currently, there are 43 RRBs supported by a dozen public sector banks with 21,856 branches. The government has maintained that consolidation among RRBs has led to better efficiency, increased productivity, and greater credit flow to rural areas. As per the initial roadmap, the plan was to consolidate the number of regional lenders to 38, the official added. Under the viability plan created for each regional lender, the focus is to tap credit potential for MSMEs and put greater thrust on growing the network of rural branches in cluster areas.

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Releasing key statistics, the Central Board of Direct Taxes (CBDT) on Tuesday said the number of Income Tax Returns (ITRs) filed in FY23 stood at 7.78 crore, showing an 104.91 per cent increase as compared to the 3.8 crore ITRs filed in 2013-14.

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Gold loan NBFCs urge for fiscal measures in Union Budget 2024 to infuse liquidity and introduce partial credit guarantee scheme for onward lending to micro-enterprises. They also seek priority sector status, gold linked credit line via UPI, liquidity support from SIDBI or NABARD, regulatory easing for digital lending, and co-lending partnerships. Indian households' idle gold can be leveraged for financing. Giving priority sector status to eligible gold loans will benefit small borrowers, self-employed, micro business owners, and MSMEs. Extending priority status to all micro gold loans can enable gold loan NBFCs access to increased funding.

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“I am happy to announce the strategic leadership appointments of Sunder Natrajan as our CHRO and Amrish Maheshwari as the new CRO. Their proven expertise and dedication align seamlessly with our vision,” Vishakha RM, managing director, IndiaFirst Life Insurance, said in a statement.

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The move comes after Bharti Group in October 2023 announced plans to buy out its joint venture partner AXA Group's 49% stake in the life insurance business.

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Over the past one week, some companies acting as agents and marketing intermediaries of insurance companies have received notices under the Benami Transactions (Prohibition) Amendment Act, 2016, for allegedly routing funds to sidestep regulations.

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At Axis Capital, Mehra will be responsible for overseeing equity capital markets, business operations, mergers and acquisitions, securities markets, research, institutional equities, loan syndication and other related business activities, said the people.

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While talks with ICICI Bank, HDFC Bank, and Axis Bank are ongoing, the finalisation is pending. Among NBFCs, Tata Capital and Aditya Birla Finance are in talks, and discussions with ICICI Prudential Credit Fund and Axis Finance are underway in the credit fund space.

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IDFC First Bank plans to double its branch network in five years, while reducing bad loans. The bank aims to expand assets by 20% annually and deposits by 25%. With a stable operating business and improved visibility, the bank is confident in achieving its targets. It has successfully improved CASA and increased its loan book. The bank plans to open branches based on deposit goals and grow deposits at a CAGR of 25%. Loans and advances will see a CAGR of 20.3% while keeping asset quality under control.

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IDBI Bank has reported a 57% increase in net profit to Rs 1,458 crore for the third quarter, with net interest income rising 17% to Rs 3,435 crore. The bank's net advances grew by 18% to Rs 1.75 lakh crore, aided by growth in the retail segment. Gross net performing assets were down to 4.69%, while provision coverage ratio improved to 99.17%.

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Can Fin Homes, a mortgage lender promoted by Canara Bank, reported a 32% increase in net profit to Rs 200 crore for the quarter ending December 2023. This growth was driven by a 27% rise in interest income, offsetting a rise in provisions due to a fraud. The company's gross non-performing assets ratio stood at 0.91%.

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Policy researchers suggest using debt-to-income (DTI) limits and loan-to-value (LTV) ratios as effective macroprudential tools for retail loans. A study by RBI economists highlights the importance of monitoring the retail segment for stress build-up. The sustainability of retail credit flows depends on the health of households, banks, and non-bank financial corporations. Policymakers should consider using structural prudential tools like debt-service ratio and DTI limits. Additionally, credit underwriting and account aggregators can strengthen lender resilience and improve credit monitoring.

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Merger and acquisition deal values dropped 72 per cent to USD 25.2 billion across 494 transactions, impacting the overall number the most, the report by Grant Thornton Bharat said.

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PhonePe has contributed to over 65% growth in two-wheeler digital insurance in India. It has facilitated over 75 million vehicle insurance quotes and 400 million quotes across insurance products. The company has sold over 9 million policies since the inception of insurance on the platform, with 4 million sold in the last year alone. PhonePe introduced a monthly premium plan for health insurance, offering actual monthly payouts and enhanced affordability.

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India's insurers have faced unique challenges in reviewing motor accident claims, including damage caused by stray dogs, falling coconuts, and elephants. The most common type of accident claim is rear-end collisions, followed by frontal collisions and hit-and-run cases. Regions like Assam, West Bengal, Karnataka, Kerala, and Tamil Nadu have seen a significant number of accidents resulting from human-elephant conflicts.

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HDFC Bank, India's largest private sector lender, is seeking approval for a banking license in Singapore. The bank aims to tap into the Indian diaspora in Singapore for savings and term deposits, as well as cross-sell products like mortgages. HDFC Bank already has a presence in London, Hong Kong, and Bahrain. With a customer base of 93 million, the bank is expanding its reach overseas after a merger with Housing Development Finance Corp. last year.

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Apart from the deceleration in government spending, higher direct tax collections and a likely sharp rise in issuances of Treasury Bills by the Centre in FY24 were factors pushing up the government's cash balances, analysts said. The flow of government cash balances to and from the banking system is a key factor that influences liquidity conditions.

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The Union health ministry is also planning to double the beneficiaries to 100 crore under the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB PM-JAY) to include Kisan Samman Nidhi recipients, construction workers, non-coal mine workers and ASHA workers in the next three years.

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India is predicted to have the fastest-growing insurance sector among G20 nations for the next five years to 2028, with a real-term growth of 7.1% in total insurance premiums. The life insurance segment is expected to expand 6.7% due to increased demand for term life coverage and the adoption of Insurtech.

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HSBC had got its books and records audited for the period March 2007 to 2012. The auditor pointed out that HSBC had not paid service tax on the interchange income earned during this period. As a result of the audit report, HSBC had deposited Rs 56 crore voluntarily, although no service tax demand was made by the tax department.

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Praveen A Kutty has been part of the DCB Bank leadership team for the past 16 years. He, alongside the current MD and CEO and management team, played a key role to turnaround the bank.

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​​The maximum of 2002 accounts were frozen in Deoghar district, followed by 1,183 in Dhanbad and 959 in Ranchi, a CID official said.

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Non-banking financial companies (NBFC), however, are unlikely to be provided any relief by the RBI, with industry sources saying the primary goal of the original directive was to de-risk AIF exposures of NBFCs with downstream loan relationships with AIF beneficiaries, and prevent potential evergreening of doubtful advances to struggling corporates.

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Former head of Mahindra & Mahindra's private equity unit, Parag Shah, has recently launched his own fund called Amara Partners. Notably, this new venture has attracted industrialist Anand Mahindra as an anchor limited partner. Shah revealed that the fund aims to raise ₹400 crore in its initial close and will primarily focus on investing in privately held mid-sized companies.

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Many banks have approached the Ram Mandir Trust for opening its bank accounts, given the donations and payments for various events at the temple. The upcoming consecration of the Shri Ram Janmabhoomi Mandir at Ayodhya has thrown open huge business opportunities for banks and financial services firms.

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Kravis spoke to Arijit Barman on a range of topics that included US jobs and capital markets and the impact on deal-making, exits, PE consolidation and where in India KKR, one of the world's biggest private equity firms, will make the next big investment. From cyber security to data centres and financial services and AI, the scope is broad. If India can be a low-cost and efficient producer and the infrastructure and red tape continue to get better, Kravis is confident the economy will attract more overseas investment.

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The plan is expected to help HUDCO raise funds at a 6.5-7% rate. HUDCO is also looking to expand its loan book to ₹1.5 lakh crore by FY26 from around ₹80,000 crore now, and ECBs would be a key component to bring down overall cost.

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The Central Bank of India has extended its festival offer until March 31 to boost its retail asset book. The bank is offering low interest rates, waivers in processing fees, and other facilities. The Cent Grih Laxmi Scheme and Cent Business Scheme offer the lowest interest rates across the industry. The bank held a meeting with major real estate developers.

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Further, a fine of Rs 1 crore has been imposed on Punjab and Sind Bank for non-compliance with certain directions on 'Loans and Advances - Statutory and Other Restrictions'. The central bank has also imposed a penalty of Rs 29.55 lakh on ESAF Small Finance Bank for non-compliance with the directions issued by it on 'Customer Service in Banks'.

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HDFC Bank has distributed a million-plus cards with Tata Group’s super app Tata Neu and around 120,000 with foodtech major Swiggy, two people in the know told ET.

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While the flexible inflation targeting provided the elbow room to address the supply side shocks, the regulator post Covid put together a mechanism to strengthen the institutions through prudential norms and heightened supervision and inspection, Governor Shaktikanta Das said.

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Manish comes with a proven track record of over 20 years in the Indian equities market, managing equity funds, driving high-quality equity research, and with expertise both on the buy and sell sides. He has held senior positions with leading financial institutions such as Nomura / Lehman Brothers, ICICI Securities, and most recently with Ambit Investment Advisors, where he was managing their Coffee Can Portfolio having an AUM of approx. Rs 1,150 crores.

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Finance Minister Nirmala Sitharaman is set to announce measures in the Union Budget 2024 on February 1. The health of public banks, highlighted as relatively healthy by the Reserve Bank of India, will be closely monitored by executives and shareholders. With 2024 being an election year, a vote on account is expected in February, and the full budget presentation will follow after the General Elections.

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The Indian banking and financial sector has seen a significant turnaround since the Covid pandemic, contributing to the country's economic recovery. Reserve Bank of India Governor Shaktikanta Das emphasized the importance of preserving the trust built on the system, stating that the bank has improved its regulatory and supervisory systems to adapt to emerging trends like digital penetration and credit analytics.

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The move comes after government expressed concerns over large haircuts and delays in resolution under the Insolvency & Bankruptcy Code and directed lenders to build an effective framework for monitoring the progress of legal processes. Since the roll out of IBC in 2016, creditors have recovered 32.6% of their admitted claims against large, stressed firms.

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"The new venture is expected to solidify EaseMyTrip's position in the industry and cater to a Rs 7.9 trillion market with EaseMyTrip's own 20 million userbase," the company said in a regulatory filing.

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The public sector lender contended for maximisation of the assets and submitted if a fresh process and fresh valuation were done, Lavasa Corporation would achieve more value.

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The government has recently announced the appointment of Rajay Kumar Sinha as the member of finance and investment at the Insurance Regulatory and Development Authority of India (IRDAI). Sinha, who is currently serving as the MD and CEO of SBI Capital Markets Limited (SBICAPS), will hold the position for a duration of three years from the date of assuming charge. This appointment comes as the term of the previous member, Rakesh Joshi, came to an end in November.

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With ships passing through the region becoming the target of increasing attacks and the resultant declaration by the JWC of Lloyds and other reinsurers of these waters as a high-risk area for shipping, major global shipping companies have proactively decided to avoid taking this route, a Tata AIG spokesperson said.

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Neetika Bhatia has previously worked with companies like Citibank, Atos Origin, and Trica. Bhatia has an MBA in Human Resources from Management Development Institute (MDI), Gurgaon.

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Bandhan Bank has clarified that the National Credit Guarantee Trustee Company is conducting an audit of its loan claims under a guarantee scheme. The bank clarified that the regulator has not initiated an audit of the bank, but only the CGFMU claim pertaining to the portfolio. The bank applied for a second tranche of around Rs 1,290 crore after receiving the first tranche of recovery from the Credit Guarantee Fund of Micro Units (CGFMU).

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Term deposit rates have increased between 70 and 120 basis points, mostly in the third quarter. Analysts say that the margin compression could hence be severe, particularly year on year, as banks have lost most benefits from the rise in interest rates in their bid to garner funds. One basis point is 0.01 percentage point.

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The National Company Law Appellate Tribunal has dismissed Authum Investment & Infrastructure's appeal against the takeover of the twin Srei NBFCs by the National Asset Reconstruction Co Ltd (NARCL), clearing all roadblocks for the smooth takeover of the companies. The order is a boost to NARCL, which has been struggling to complete transactions.

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REC has opted for a Regulation S offering which will make it compliant with US laws without the need for the company to register with the stock market regulator there. The offering will be open to multiple investors who invest in Yen-denominated securities based in and outside Japan.

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Reserve Bank of India (RBI) data showed average bank borrowings on a fortnightly basis were at Rs 6.39 lakh crore from January 13 to December 15, 2023. That's 67% higher than average fortnightly borrowing of Rs 3.81 lakh crore over the comparable period in 2022.

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Brookfield and Everstone-backed IndoStar sells bad loans under a senior-junior structure under a Swiss auction. The senior class comprises 38-40% of the principal amount which Encore will pay as upfront cash. The junior class which is 60-62% of principal loan, is split into cash and security receipts. Of the junior class, IndoStar would receive cash and subscribe to the security receipts.

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Life insurance payouts declined by about Rs 6,000 crore in 2022-23 due to a lesser number of death claims compared to the previous year, impacted by COVID-19. The industry paid a total benefit of Rs 4.96 lakh crore in 2022-23, compared to Rs 5.02 lakh crore in FY22. Benefits paid on surrenders/withdrawals increased by 25.62 per cent to 1.98 lakh crore in 2022-23, with public sector insurers accounting for 56.27 per cent.

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Interest rates on select retail loans, excluding home loans, are rising as banks adjust their marginal cost of lending rates (MCLR). While the RBI has kept the repo rate unchanged since February 2023, loans such as auto and personal loans not linked to the repo rate, are affected. SBI and other banks have increased rates, citing increased fund costs and market tightness.

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RBL Bank sold small business loans worth ₹360 crore for ₹20 crore in an all-cash deal at an auction to the ARC, equating to less than 1% recovery. Separately, Bandhan Bank sold a ₹719-crore home loan portfolio for ₹289.6 crore at a Swiss auction, equating to a 40% recovery for the bank. Both transactions closed in the last week of December.

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Banks in India are set to establish a common website to promote digital currency transactions and increase awareness of its adoption. The Reserve Bank of India has requested lenders to explore creating a platform to onboard customers and promote e-rupee. The proposed website is expected to have around 500,000 hits per month, potentially doubling by the end of the first year of operations. The website may be set up through the Indian Banks' Association (IBA).

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Analysts however do not expect a sharp slowdown in bank lending to NBFCs, despite the RBI increasing risk weights on such loans in November. The central bank increased the risk weight on consumer credit for banks and NBFCs to 125% from 100%.

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Satin Creditcare chairman HP Singh said: "This strategic alliance with Karnataka Bank is a significant milestone for SCNL. By combining our strengths, we aim to uplift women entrepreneurs in rural and semi-urban India, thereby enhancing sustainable economic growth. Co-lending opens the door to more opportunities of broadening our presence. We look forward to the positive outcomes this collaboration will bring for the communities we serve."

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The Reserve Bank of India has requested Federal Bank to submit two candidates to replace current Managing Director and CEO Shyam Srinivasan, whose term ends on September 22, 2024. The bank is advised to submit a fresh proposal with a panel of at least two fresh names, considering the candidate's likely tenure and the bank's longer-term requirements.

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The sudden change of guards at the government-promoted asset reconstruction has surprised many industry players that acquires bad loans by offering cash and security receipts guaranteed by the centre. Natarajan Sundar is the second person among NARCL's top management to resign from the post before completing his tenure. Last August, Karnam Sekar, chairman of NARCL, resigned without specifying any reason ahead of his term.

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BANKING

The largest small finance bank saw its advance portfolio rising to Rs 67624 crore while gross deposits were at Rs 80120 crore. The bank securitized loan portfolio of Rs 2,738 crore during the quarter to diversify funding profile and optimise cost, according to the provisional quarterly data filed with the stock exchanges.

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Lenders have divided FEL into three clusters. The first is the company's stakes in its life and general insurance ventures with Italian partner Assicurazioni Generali S.p.A. Banks are hoping for some recovery from FEL's remaining 26% stake in Future Generali India Insurance Co and also its residual stake in Future Generali India Life after Generali hiked its stake to above 70% in 2021.

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Some of the measures being considered may include a cap on commission charges paid to banks for selling insurance products, stricter disclosures of commission while selling policies, and delinking bank employees' performance appraisals from insurance sales targets, said the people.

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The government considers mandating audio-video recordings of insurance agents' sales pitches to combat mis-selling. Consumer affairs department urges clearer communication and regional language use in policies. Recommendations include explicit inclusions/exclusions disclosure and updating hospitalization clauses for medical claims.

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The award in the unlisted subsidiary ascribed its value in a band of Rs150-260 crore. Previously, proxy advisory firm InGovern had estimated the Esops awarded to Saluja in Religare Enterprises as well as its health insurance subsidiary Care Health Insurance to be worth Rs480 crore.

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State-run Bank Of India has introduced a 'super special fixed deposit' at an interest rate of 7.5% for deposits between ₹2 core and ₹50 crore, while DCB Bank has launched a savings account that offers cashback for digital transactions.

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BANKING

The Reserve Bank of India (RBI) has revised its guidelines for the declaration of dividends by banks. The RBI has requested banks to consider divergence in classification and provisioning for Non-Performing Assets (NPAs) and the trend observed under supervisory findings. Banks must also consider auditors' findings and Emphasis of Matter in the Audit report before declaring dividends.

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BANKING

Canara Bank is set to launch a separate cyber-security wing from April 1 to enhance its investment in cybersecurity initiatives and protect customers from online fraud. The wing, headed by a general manager, will monitor digital transactions in real-time and trigger alerts for potential fraud.

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BANKING

A savings as well as current account is treated as inoperative or dormant if there are no customer-induced financial or non-financial transactions in the account for over a period of two years. Changing transaction limit, requesting for issue of cheque book or credit card and debit card and making a balance enquiry are non-financial transactions.

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BANKING

Vaswani, a seasoned banker with experience at Barclays and Citigroup, is known for his role as a 'digital evangelist' at Barclays, where he pioneered digital banking, contributing to the bank's recovery after the 2008 financial crisis. As a chartered accountant and company secretary, Vaswani played a key role in reshaping Barclays' retail strategy after the global financial crisis. He is also associated with introducing Europe to digital banking through the innovative 'Pingit' mobile payments service.

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The Reserve Bank of India (RBI) has relaxed the process for reactivating dormant accounts and increased norms to limit fraud in inoperative accounts. Activation can be done through KYC details or video-customer identification processes. Banks are not allowed to charge fees for inoperative account activation or penalize non-maintenance of minimum balances.

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After 2014, a total of 60 cooperative banks -- both urban and rural -- were closed due to failure while three banks were revived including the Punjab & Maharashtra Cooperative Bank, which was merged with Unity Small Finance Bank. In 2022, a total of 12 cooperative banks shut shop.

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BANKING

Dhanlaxmi Bank, a private sector bank, reported a 12% year-on-year growth in its advances, with deposit mobilization showing a slightly slower increase of around 11%. As of the end of December, the bank's gross advances reached Rs 10,347 crore. The bank shared the business update after the market hours. Its share price rose 0.75% to Rs 30.95 on BSE.

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