BANKING

Singhi has worked across functions such as business operations, underwriting, claims, sales, marketing, and distribution. Having started his journey with ICICI Lombard, where he spent a decade and rose to his role as vice-president – health management, he later joined Reliance General Insurance first as chief operating officer and then as chief distribution officer, spearheading sales, distribution, marketing and strategic initiatives in retail and government business covering diverse product portfolios and channels.

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Rungta, currently serving as the Deputy CEO and CFO, will succeed Bruce De Broize, who is the MD & CEO until March 31, 2024.

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BANKING

Paytm Payments Bank has been instructed by the Reserve Bank of India to halt its basic banking services from March 16. Earlier this week, on Monday, Vijay Shekhar Sharma - the founder of Paytm - announced his resignation from the board of Payments Bank, which replaced its directors with new inductees, mostly from the banking and bureaucratic fraternity.

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BANKING

Blackstone is the largest owner and operator of office properties in India with an office portfolio of 135 million sq ft across 48 assets in seven key cities. The global investment major will continue to invest in office properties here besides increasing investments in new segments such as hospitality, data centres and warehousing.

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BANKING

NPCI International Payments Limited (NIPL), a subsidiary of NPCI, and Eurobank, a Greek bank, signed an MoU to enhance cross-border payments using the UPI platform. The focus is on streamlining remittances from Greece to India. This collaboration positions Greece as one of the first European countries to enable seamless UPI-based remittances for the Indian diaspora.

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BANKING

In November 2023, the regulator increased the risk weights for loans to NBFCs by 25 basis points. As a result, bank borrowing has turned more expensive for these entities.

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BANKING

The RBI has cancelled the licence of Sumerpur Mercantile Urban Cooperative Bank in Pali, Rajasthan, due to inadequate capital and earning prospects. Depositors will receive deposit insurance claim amount up to Rs 5 lakh from DICGC. As on November 30, 2023, DICGC has already paid Rs 45.22 crore of the total insured deposits based on the willingness received from the depositors concerned of the bank.

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BANKING

The commercial credit portfolio of Indian micro, small, and medium enterprises grew 11% YoY in Jul-Sep due to accelerating economic activity. The credit exposure reached Rs 28.2 lakh crores, and supply volumes grew by 20% YoY. Technology played a pivotal role in enhancing credit flow.

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BANKING

The government-backed asset reconstruction company appointed Shamik Roy, a veteran in the distressed loan segment who was earlier with HCC, IDBI Bank and Srei BNP Paribas, as chief executive officer, said people with knowledge of the matter.

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BANKING

The lending landscape in India is undergoing a change with the spread of digitisation and the advent of fintechs. In the past, banks were hobbled by the lack of infrastructure and costs involved in expanding their geographic footprint into the hinterland. But fintechs and advancements in technology enabled banks to extend their reach without significant inflation in fixed costs.

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BANKING

Khara told ET that India’s focus on building manufacturing muscle would further strengthen the growth capex trend and, in turn, banks that are expected to help finance India's spectacular and exciting journey along the competitiveness gradient.

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BANKING

Mizuho Financial Group Inc. showcased its business ties in India at Mumbai’s St Regis hotel. Mizuho announced its largest-ever acquisition in India. Adani Group, Hindenburg Research, and Japanese lenders have also played a significant role in Indian offshore loans. HSBC Holdings Plc. topped the league tables last year.

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BANKING

Among the proposals currently being discussed was the establishment of a single 'settlement bank' in GIFT City, with which other entities would have dollar balances. Subsequently, debits and credits would be conducted through the settlement bank, sources said.

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BANKING

More banks, contrary to expectations, are busy building brick-and-mortar presence across the country for access to something that has defined banking since it began: Deposits.

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BANKING

India is advocating for the adoption of open and interoperable payment systems, such as UPI (Unified Payments Interface), among WTO (World Trade Organisation) members to reduce the cost of remittances. The challenge of high remittance costs, averaging 6.18% globally, is a key issue India aims to address at the ongoing WTO's 13th Ministerial Conference (MC13) in Abu Dhabi.

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BANKING

The Mumbai bench of Income Tax Appellate Tribunal allowed ICICI Bank to avail ₹1,855 crore bad debt write-off as deduction. It dismissed the bank's appeal seeking ₹502-crore worth long-term capital loss allowance for 2015-16. The tribunal upheld PCIT's decision to declare an excess deduction of ₹159 crore as erroneous.

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BANKING

HDFC Bank received RBI approval to sell 90% stake in HDFC Credila, boosting Q4 income. The sale was approved by RBI and CCI. Details of credit rating report, stake divestment, and fresh equity infusion were mentioned. Availability of balance amount not specified. On July 1, last year, HDFC Ltd, the parent housing finance company, was amalgamated with HDFC Bank. Thus, the entire investment was transferred from the parent to the bank.

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BANKING

The United Forum of Bank Unions has urged Finance Minister Nirmala Sitharaman for a five-day workweek in a letter. They promise no reduction in total banking hours for customers or employees if implemented, aligning with an agreement with the Indian Banks' Association. The union highlights existing five-day weeks in RBI and LIC.

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BANKING

IDBI Bank has been focusing on reducing bad loans by selling NPAs and resolving stressed assets. The bank is looking to bring down its gross NPA ratio, which was 4.69% as of December 2023, gradually with a recovery target of ?3,000 crore. It wants to maintain the net NPA level at below 1%.

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BANKING

The rise in bad loans that will come as a consequence of the rise in unsecured loans will be seen in the coming quarters. Lenders such as IndusInd Bank, Bandhan Bank and Yes Bank have reported a higher-than-expected rise in bad loans due to stress from the rising unsecured retail segment.

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BANKING

The Reserve Bank of India (RBI) has taken steps to ensure seamless digital payments for UPI customers using the @paytm handle, as Paytm Payments Bank won't accept further credits after March 15, 2024. The RBI advises NPCI to examine Paytm's request to become a Third-Party Application Provider for UPI. @paytm handles must migrate seamlessly to newly identified banks to avoid disruption.

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BANKING

Indian banks face challenges as urban savers shift to Dalal Street instruments like mutual funds and stocks, causing a decline in low-cost current and savings account (CASA) deposits. Private sector banks are particularly affected, while public sector banks also face difficulties in attracting deposits from corporate and government accounts.

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BANKING

Shriram Group plans to raise ₹2,000-2,400 crore in debt to buy Piramal Enterprises' stake in Shriram Investment Holdings. Piramal Enterprises fully exits Shriram Group after selling its stake in Shriram Finance.

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BANKING

​​The company said that the deal has received approval from the Insurance Regulatory and Development Authority of India (IRDA). However, the financial details of the shareholding buy-out has not been disclosed by the companies.

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BANKING

The Reserve Bank of India has taken regulatory action against Paytm and Visa Inc., and more nonbank intermediaries may be targeted. The growth of neo-banking in India has increased the risk of fraud. KYC regulations and digital payments face challenges, and nodal accounts are used for real-time processing.

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BANKING

The Carlyle Group, among the world’s largest investment firms, is looking to sell the stake for Rs 7,000-7,500 crore, valuing Airtel’s data centre unit at Rs 24,000-29,000 crore ($3-3.5 billion, inclusive of debt), the people cited said. Bharti Airtel owns 75.96% of Nxtra Data, a leading player in India’s data centre industry. Airtel has first right of refusal on the stake but is reckoned to have waived it, said the people cited.

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BANKING

V. Jagannathan, the founder of Star Health and Allied Insurance Company, is launching a new venture in the health insurance sector called Galaxy Health. At 79 years old, he has applied for a preliminary license with the insurance regulator to establish the new company. Jagannathan is reportedly in talks with the TVS Group for potential equity participation in the venture, having previously partnered with the ETA Star Group.

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BANKING

Paytm: Indian regulators are cracking down on potential fraud in the financial sector, starting with Paytm. The Reserve Bank of India is getting tougher on customer verification lapses and may take more severe action against Paytm bank, which had backing from Warren Buffett and SoftBank Group Corp.

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BANKING

On Monday, the bank announced the appointment of KVS Manian as joint managing director and Shanti Ekambaram as deputy managing director with effect from March 1, 2024. Both were seen as internal candidates for the CEO position. Before this appointment, there were news reports that KVS Manian was in the fray for the CEO position at Federal Bank, where the incumbent isn't getting the regulatory nod for another term.

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BANKING

Bajaj Allianz Life and Satin Creditcare have partnered to improve financial inclusion in rural India. Customers can now secure loans with insurance plans from Bajaj Allianz Life across Satin Creditcare's branches, with insurance services facilitated by Coverfox. The collaboration aims to provide financial security and customer-centric innovation.

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BANKING

Milind Nagnur will be elevated to chief operating officer starting April 1, 2024. He will continue to be the bank's chief technology officer and take additional responsibility for bank operations, group technology architecture and cyber security functions. "In his new role, he will be responsible for building the critical enablers that will fuel our aspirations for scale," the bank said.

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BANKING

An expert committee, led by TK Viswanathan, has recommended mediation between lenders and borrowers at the pre-default stage for faster out-of-court resolutions. It proposes a phased introduction of voluntary mediation as a dispute resolution mechanism. The report addresses the issues of insolvency cases exceeding the time frame, erosion of impaired assets, and haircuts by creditors.

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BANKING

The insurance regulator is looking to tighten scrutiny and enhance transparency to prevent misselling of complex insurance products targeting individuals over 55. Measures include mandatory video verification, audits, and the use of assessment criteria and templates for policy documents. In December 2023, financial services secretary Vivek Joshi held a meeting with chiefs of state-run banks over issues related to bancassurance, including its effectiveness in increasing insurance penetration and challenges in the form of misselling.

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BANKING

India's Enforcement Directorate has not found any foreign exchange management act violations at Patym Payments bank, a unit of One 97 Communications. The bank's shares have plunged over 50% since the Reserve Bank of India announced it could no longer accept new funds into its accounts or wallet. The investigation found some lapses related to know-your-customer rules that verify user profiles. The Enforcement Directorate is still ascertaining whether to bring charges for any potential violations.

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BANKING

Karnataka Deputy Chief Minister DK Shivakumar called for reviving Karnataka's banking legacy lost in recent mergers. He urged Karnataka Bank to bring back the region's banking pride, emphasizing its rich history. Shivakumar highlighted the unique ecosystem in Dakshina Kannada and urged the bank to contribute to the region's development. He praised Karnataka Bank's growth and expressed interest in opening an account with them.

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BANKING

The Directorate of Enforcement investigation into Religare Finvest reveals that ₹400 crore was allegedly diverted to Hong Kong. Former Fortis promoters Malvinder and Shivinder Singh are charged under the Prevention of Money Laundering Act in the investigation. Four shell companies and inter-corporate deposits were used to divert ₹750 crore to erstwhile Lakshmi Vilas Bank.

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BANKING

Bandhan Bank has been authorized by the West Bengal government to collect tax and non-tax receipts through the Government Receipt Portal System (GRIPS). This mandate allows people to pay taxes such as property tax, motor vehicle tax, and professional tax through the portal. Bandhan Bank will soon integrate with the West Bengal government to start collecting payments. Debraj Saha, head of government business at Bandhan Bank, stated that West Bengal is one of the bank's top three markets, with over 1,700 transaction outlets in the state. GRIPS is an online platform for various tax and non-tax payments to the West Bengal government.

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BANKING

The Life Insurance Corporation (LIC), has garnered over ₹21,740 crore in refunds from the income-tax department, with an additional ₹3,700 crore pending. These reimbursements, related to tax disputes over surplus utilization and interim bonuses, will fortify LIC's financial position

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BANKING

The road tolling authority has advised highway users to buy FASTags from authorized banks, listing 32 banks except Paytm Payments Bank. This signals to over 20 million Paytm FASTag users to get new RFID stickers as Paytm FASTags will become inoperative after February 29 due to RBI's directive barring Paytm Payments Bank from offering services from next month. IHMCL, the electronic tolling arm of NHAI, shared the list of authorized banks on its official handle.

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BANKING

The rating agency expects system-level credit growth to moderate to 14% in FY25, starting April 1, from about 16% annual growth in the first three quarters of FY24, with margins also set to fall.

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BANKING

PayU has partnered with NPCI to roll out the 'Credit Lines on UPI' feature on its platform, aiming to provide financial security and growth for merchants. The integration will enable pre-sanctioned credit lines by banks through UPI, empowering businesses and consumers. PayU expects over 380 million UPI users to have easier access to Credit Lines.

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BANKING

Parent Shriram Finance, which is mainly involved in commercial vehicle financing, owns 84.82% of Shriram Housing Finance Ltd, which focuses on affordable homes. San Francisco-based PE Valiant Capital Management owns most of the remaining stake.

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BANKING

State-owned National Asset Reconstruction Company (NARCL) and Manish Lalwani-promoted Omkara Assets Reconstruction Company (ARC) are in the fray to acquire the debt of wind turbine manufacturer Wind World (India) that has been under corporate insolvency process for over five years.

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BANKING

While we maintain a very healthy capital adequacy ratio, we have been judiciously churning tier-2 capital that was quite expensive. We have a follow-up round of tier-1 capital planned which will facilitate book-growth. Our NPA is largely from the historic book that has been adequately provided for, and our coverage ratio is high. We will, however, monitor and control any further slippages, says Srikrishnan H, MD & CEO, Karnataka Bank.

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BANKING

Notices under Benami Transactions (Prohibition) Amendment Act, 2016, have been sent to insurance agents. They have\ been told to share info on their money transactions with the intermediaries. The benami amount is estimated to be in excess of Rs 25,000 crore.

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BANKING

Mizuho Bank has acquired a 15% stake in digital non-banking finance company Credit Saison India for INR 1,200 crore ($160 million). This is Credit Saison's first investment from an external investor, allowing it to continue its growth and profitability.

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BANKING

The app aims to be a digital enabler for customers -- both metro and non-metro -- helping them with 24x7 access to products and solutions in a "secure, streamlined, and simple manner", a company statement said.

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BANKING

The governor, however, said an FAQ will be issued this week to address concerns of customers and depositors, including FASTag holders and wallet users, who could be impacted by the RBI restrictions on PPBL. "We take decisions after a lot of consideration and analysis. At the moment, there is no review of the decision (on PPBL)," he told reporters in the national capital on Monday after finance minister Nirmala Sitharaman's customary post-budget address to the RBI board.

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BANKING

The National Payments Corporation of India (NPCI) and banks from both the United States and India are in advanced discussions to establish a real-time payment connection between the two countries. This initiative aims to capitalize on NPCI's progress in establishing cross-border payment systems.

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BANKING

The board of Reliance General Insurance Company Ltd made a Rs 118 crore provision in the quarter ending December 2023 to provide a one-time incentive to the senior officials of the company, a move opposed by the administrator of parent Reliance Capital, said people with knowledge of the matter.

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BANKING

Title insurance benefits homebuyers with clear ownership and lenders with secure investments. It potentially lowers interest rates and improves access to financing. Investors also benefit from reduced risk exposure in Indian real estate.

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BANKING

Tina Jain Mehta, director of Pineapple Consulting, suggests that the new owners can focus on building products in the branded communities segment. This can help the company withstand commodity price fluctuations and gain market recognition.

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BANKING

Withdrawal or utilisation of balances by its customers from their accounts, including savings bank accounts, current accounts, prepaid instruments, FASTags, and National Common Mobility Cards, are to be permitted without any restrictions up to their available balance.

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BANKING

Life Insurance Corporation of India has received an income tax refund order of Rs 25,464 crore, and it is likely to be realised during the current quarter, its chairman Siddhartha Mohanty said. Last month, the Income Tax Appellate Tribunal (ITAT), Income Tax Department, issued intimation for a refund of Rs 25,464.46 crore. The refund is related to interim bonuses to policyholders in the past seven assessment years.

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BANKING

RBI Deputy Governor T Rabi Sankar emphasised the importance of the banking sector and its stakeholders being vigilant about legal and cyber risks, as well as addressing skill gaps arising from Artificial Intelligence (AI). Speaking at the 19th Annual Banking Technology Conference organized by the Indian Banks' Association (IBA) in Mumbai, he urged banks to prioritize customer convenience and tailor their services accordingly.

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BANKING

Bandhan Bank had a loan portfolio of Rs 1.16 lakh crore, up 18.6% over corresponding quarter last year. Its share of secured portfolio stood at 44.5% for the quarter ending December 2023 as against 44% in the previous quarter, he said

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BANKING

India plans to reduce the number of regulations in the insurance sector and create a one-stop platform for insurance services. The country aims to promote ease of doing business and make insurance accessible to all income levels. India also plans to adopt a risk-based capital regime and harness technology for product diversification.

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BANKING

Vijay Shekhar Sharma, founder of Paytm, considered resigning from Paytm Payments Bank due to mounting regulatory pressures. Discussions were held to address compliance concerns and maintain a distance between the bank and Paytm app. Independent directors have also resigned from the bank's board.

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BANKING

Sankar emphasized the increasing importance of cyber security as banks become more reliant on technology. He urged a closer examination of cyber security measures, recognizing that breaches are not a matter of if, but when. Sankar emphasized the need to stay informed about global developments in cyber security.

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BANKING

Airtel Payments Bank CEO Anubrata Biswas reported a significant increase in online applications for opening bank accounts and obtaining services like FASTag in recent days. While Biswas didn't confirm if this surge was due to users shifting from Paytm Payments Bank post-RBI's action against Paytm, Airtel Payments Bank has experienced a notable rise in digital product applications, approximately 5-7 times higher than January rates.

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BANKING

Addressing a NBFC summit organised by the Confederation of Indian Industry (CII) Rao said though total assets of NBFCs have increased to 18.7% of the banking sector assets from 13% a decade ago, there are certain risks in their business models or balance sheets which need to be monitored for necessary actions.

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BANKING

When Yes Bank was in trouble, the RBI rejected the offer from distressed funds manager JC Flowers and instead arranged a merger with a group of local banks. This demonstrates the RBI's focus on finding the most suitable solution for the financial sector.

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BANKING

The Reserve Bank of India (RBI) has requested banks and NBFCs to provide borrowers from retail and micro and small enterprises with a key fact statement (KFS) detailing loan agreement information, including all-in-cost. The move aims to increase transparency and disclosure in loan pricing by regulated entities.

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BANKING

According to Counterpoint, the share of credit-based purchases of smartphones increased. Sales growth of apparel, footwear, beauty products, and quick service restaurants halved in 2023. Cars and electronics recorded growth mostly in the premium segment.

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BANKING

Advent International believes that Indian valuations are not a barrier to making deals, as they are relative to growth opportunities and risk returns. The firm views the premium valuations in India as a reflection of the significant growth opportunities and the relative attractiveness of the market. Last year alone, it invested $7 billion in new opportunities ranging from cybersecurity to pharma, but more importantly, realised $8.4 billion via exits — higher than their previous five-year average of $5.7 billion.

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BANKING

Banks are urging for incentives, such as relaxed norms on risk-weighted assets (RWA) and cash reserve ratio (CRR), for sustainability-linked loans. These loans tie interest rates to a company's sustainability performance, promoting adherence to environmental, social, and governance (ESG) norms. Discussions with stakeholders, including the RBI, are ongoing, with proposals to include green financing in priority sectors like electric vehicles (EVs) and renewable energy.

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BANKING

"No other bank has such a complete range of products addressed to the SME segment as HDFC Bank," said Vidya Pradeep, executive vice-president, credit and debit card portfolio, HDFC Bank. She also said that the bank will soon be launching GIGA business card catering to freelancers and gig workers.

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It will acquire the remaining 49 per cent over a period of two years, subject to completion of certain conditions, according to a regulatory filing.

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BANKING

The four lenders include Punjab National Bank (PNB), which is targeting a follow-on public offer (FPO) by September, and Central Bank of India, which is seeking approval for an offer for sale (OFS) to expand public float, the people said.

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BANKING

Oka will take charge of steering ADB operations in India and fostering relations with the government and the country's other development partners, ADB said in a statement. She will lead the implementation of ADB's country partnership strategy, 2023-2027 that is designed to catalyse robust, climate-resilient, and inclusive private sector-led growth in India, it said.

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BANKING

On Monday, financial services secretary Vivek Joshi held a review meeting to address banking and insurance related issues faced by exporters and importers. "To ensure a seamless process, banks were advised to engage with clients to expedite resolution of their problems while appropriately examining compliance requirements," the ministry noted in a statement.

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BANKING

LIC Housing Finance plans to boost business growth by increasing its stake in the affordable segment of the housing loan market. Managing director Tribhuwan Adhikari stated that the lender aims to raise the share of the affordable home loan portfolio to one-fifth of the total portfolio. The lender's outstanding loan portfolio grew 5% to Rs 2.81 lakh crore. They will now target the self-employed segment, which has shown significant demand.

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BANKING

The Directorate of Enforcement (ED) has been investigating Paytm since 2021 over alleged money laundering and illegal betting. While Paytm denied that it was under ED scrutiny, the agency has flagged concerns over Indian payment gateways being used for trade-based money laundering, illegal betting, and diversion of funds to crypto wallets. The ED has not booked Paytm in any money laundering cases, but the company has faced scrutiny, with offices searched, documents sought, merchant accounts frozen, and executives questioned by the agency.

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BANKING

The last date for submitting expressions of interest is February 9 and e-bidding will take place on February 21. Bidders are expected to offer 5% mark-up on 20% cash and 80% SR base bid, with preference to bids with a higher cash portion.

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BANKING

Private companies in Karnataka must now partner with insurance firms and pay an annual premium towards gratuity obligations under the Karnataka Compulsory Gratuity Insurance Policy Rules, 2024. The regulation applies to companies with more than 10 employees and requires registration with the controlling authority under the Labour department. This regulation mandates compulsory insurance for gratuity payments as per the Payment of Gratuity Act, 1972.

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BANKING

Bank of Maharashtra (BoM) has recorded the highest growth rate in terms of deposit mobilisation among public sector lenders at a time when most lenders are facing difficulty in achieving double-digit growth. Out of 12 public sector banks, only BoM and State Bank of India (SBI) could log a double-digit growth in deposits in the third quarter ended December 2023.

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State Bank of India (SBI) has reported a sharp 35% decline in its net profit for the December quarter due to increased salaries and pensions. The bank expects the burden to rise to around Rs 26,000 crore by March. The fall in profit is attributed to a provision of Rs 7,100 crore made towards salaries and pensions, following a wage hike settlement reached in November 2022.

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Kotak Mahindra Bank-backed Phoenix ARC and Edelweiss Asset Reconstruction Company are interested in acquiring State Bank of India's loan to Hindusthan National Glass (HNG). Prudent ARC, UV ARC, and Omkara ARC have also submitted expressions of interest. HNG, the largest glass bottle maker, was admitted for insolvency on a petition by DBS Bank. HNG has received resolution plans from AGI Greenpac and Madhvani Group.

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Vijay Shekhar Sharma, India's startup king, faces a crisis as investors plunder Paytm's valuation due to regulatory action by the central bank, threatening significant business disruptions. Sharma aims to restore investor confidence and keep operations running. Paytm's valuation has crashed after its IPO, and analysts say the company needs to restore credibility. Sharma's ambitions and the demonetisation move in 2016 transformed Paytm into India's premier digital payments platform. Despite the challenges, Sharma remains undeterred and committed to serving the nation. The future of Paytm's expansion plans and customer retention are uncertain due to the regulatory roadblock.

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BANKING

The Reserve Bank of India (RBI) on Wednesday ordered the payments bank unit of One 97 Communications, popularly known as Paytm, to stop accepting fresh deposits in its accountsor popular wallets from March.

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On Friday, the weighted average rate on tri-party repos closed at 6.32%, almost 20 basis points lower than the RBI's repo rate of 6.5%, Clearing Corporation of India (CCIL) data showed. In theory, overnight rates are supposed to be closely aligned with the repo rate, which is the rate at which the RBI lends to banks.

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On what should be done in the event of receiving any request for KYC updation, RBI said directly contact their bank/financial institution for confirmation/ assistance."Obtain contact number/ customer care phone number of the bank/ financial institution only through its official website/ sources," the central bank said.

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BANKING

The statement by the banking regulator said that the company did not take prior written permission from the RBI for change in management, resulting in a change in more than 30% of the directors, excluding independent directors.

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Finance Minister Nirmala Sitharaman in her interim budget highlighted that the GIFT IFSC (International Financial Services Centre) and the unified regulatory authority IFSCA have established a strong channel for the influx of international capital. The primary aim of GIFT IFSC, situated in Gandhinagar, Gujarat, is to foster and advance the trading of global securities, encompassing commodities, and assume a leadership role in determining prices for such commodities traded globally.

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