BANKING

In a post on X, Sitharaman said India's banking sector turned around due to Prime Minister Narendra Modi's strong and decisive leadership, and recently achieved a significant milestone by recording its highest-ever net profit of over ₹3 lakh crore. "During FY 2023-24, public sector banks recorded the highest-ever aggregate net profit of ₹1.41 lakh crore, almost 4 times higher than ₹36,270 crore in FY 2014," she noted, adding that the government has turned banks from being "NPA-laden nightmares" into "pillars of jan kalyan".

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M1xchange, an online invoice discounting and factoring solutions provider, has exceeded Rs 1,00,000 crore in throughput value. The platform's Small-to-Small (S2S) financing initiative is bridging the credit gap for tier 2 and tier 3 MSMEs, integrating them into the formal credit ecosystem. With a consistent 100% year-on-year growth, M1xchange discounted invoices worth INR 43,000 crores in FY24. The company aims to boost MSME growth by providing competitive interest rates, prompt disbursals, and streamlined processes. They have also signed MoUs with state governments to offer liquidity to local MSMEs.

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In FY23, for instance, the combined outstanding home loan portfolio of public sector and private banks and housing finance companies, which account for a big majority of the home loan market in the country was, Rs 3.62 lakh crore. But disbursements were much higher - at Rs 8.08 lakh crore. In terms of growth, while the outstanding portfolio grew 16%, the disbursements expanded 20%, according to the data released by the National Housing Bank.

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BANKING

Muthoot Finance's consolidated assets under management surged 25% YoY to Rs. 89,079 crores in FY24, with a 22% YoY increase in profit after tax to Rs. 4,468 crores. The chairman emphasized a pivot towards non-gold loan growth and digital strategies, aiming to boost subsidiaries' contribution and expand into diverse financial sectors.

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Finance minister Nirmala Sitharaman highlighted the Modi government's success in the banking sector, recovering over Rs 10 lakh crore from bad loans. The Enforcement Directorate investigated 1,105 bank fraud cases, attaching proceeds worth Rs 64,920 crore.

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Finance minister Nirmala Sitharaman on Thursday said the Insolvency and Bankruptcy Code (IBC) has rescued 3,171 distressed companies and assisted in the shutdown of unviable firms since its introduction eight years ago. This is a marked improvement from the resolution of stress in less than 3,500 firms under the erstwhile Board of Industrial and Financial Reconstruction (BIFR) regime in 30 years, she said, pitching the IBC as a landmark piece of legislation.

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The Reserve Bank of India (RBI) has allowed the opening of rupee accounts outside India as part of its strategic action plan to internationalise the domestic currency. The RBI has finalised a strategic action plan for 2024-25, focusing on liberalising the external commercial borrowing framework and 'Go-live' for phase I of the software platform for ECBs and trade credits reporting and approval (SPECTRA) project.

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BANKING

Shriram Life Insurance plans to expand into tier 2 and 3 towns across 15 states, focusing on underserved customer segments needing life insurance, said MD and CEO Casparus J H Kromhout. The company aims to deepen its presence in key states like Andhra Pradesh, Telangana, Tamil Nadu, Uttar Pradesh, Odisha, and Bihar.

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"The action is based on material concerns observed during the course of supervisory examinations, essentially arising out of the conduct of the group entities acting in concert, by entering into a series of structured transactions for evergreening stressed exposures of ECL, using the platform of EARCL and connected AIFs, thereby circumventing applicable regulations. Incorrect valuation of SRs was also observed in both ECL and EARC," the RBI said.

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One97 Communications responds to speculation of Adani Group chairman Gautam Adani considering acquiring a stake in Paytm's parent company. The company clarifies that no discussions are ongoing, emphasizing compliance with SEBI regulations.

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Gautam Adani, chairman of the Adani Group, is reportedly looking into acquiring a stake in One97 Communications, the parent company of Paytm, according to sources cited by The Times of India. Paytm's founder and CEO, Vijay Shekhar Sharma, met with Adani in Ahmedabad to discuss the details of the potential deal.

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The Indian government is monitoring imports of laptops, tablets, and servers, focusing on 27 companies under the Production linked incentive (PLI) scheme 2.0 for IT hardware. The government is preparing to replace the current import management system with an import authorisation mechanism to make the country a global manufacturing hub.

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BANKING

India's Adani Group is seeking a licence to operate on the public digital payments network and is in talks with banks for a co-branded credit card. The conglomerate also plans to offer online shopping via the govt-backed Open Network for Digital Commerce (ONDC), according to the Financial Times.

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BANKING

LIC is considering entering the health insurance sector, as reported by The Times of India, quoting LIC chairman Siddhartha Mohanty. Mohanty stated that LIC is evaluating potential acquisition opportunities in this regard. This move aligns with expectations of the government permitting composite insurance companies in the sector.

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"There was a meeting last month between the heads of four European banks and top RBI officials. The banks have sought the RBI's approval on the proposed third-party model because there is no established rulebook for this kind of arrangement," a source aware of the developments said.

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EQT's $1.6 billion BPEA EQT Mid-Market Growth Partnership (MMG Fund) targets deals of $50 million-250 million in India, focusing on controlled investments in tech services, healthcare, and the financial sector, with a preference for single specialty hospitals, pharma, and diagnostics.

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BANKING

The penalty is imposed on Yes Bank because it levied charges on customers for non-maintenance minimum balance in certain savings accounts with insufficient or zero balance, which is in violation of RBI's guidelines, while ICICI Bank sanctioned term loan/ loans to certain entities in lieu of or to substitute budgetary resources envisaged for certain projects.

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BANKING

State-owned lenders plan to approach the government seeking changes to terms governing performance bank guarantees (PBGs), timely compensation from concessioning authorities, and greater immunity for board members sanctioning funds for infrastructure projects as they firm up their response to Reserve Bank of India (RBI) draft rules on project financing that call for higher provisioning.

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The details have been provided by the Insurance Regulatory and Development Authority of India (IRDAI) in response to the query filed by Supreme Court advocate K C Jain in April.

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The RBI has approved Pradeep Kumar Sinha's appointment as Part-time Chairman of ICICI Bank, effective July 1, 2024, for a three-year term.

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SBI introduces new loan clause transferring increased costs due to tighter provisioning regulations, amid industry resistance. RBI issues draft guidelines on project loan financing and provisioning. Banks, including SBI, seek relaxation from proposed norms impacting infrastructure project bids.

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The National Company Law Tribunal (NCLT) has accepted Srei Infrastructure Finance's request to commence a corporate insolvency resolution process (CIRP) against Supreme Infrastructure BOT due to its failure to repay a loan. Srei Infrastructure Finance had provided a term loan of Rs 150 crore to Supreme Infrastructure BOT for a duration of five years, earmarked for infrastructure projects.

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BANKING

The RBI carried out a statutory inspection of the company, assessing its financial status as of March 31, 2023. Following this inspection, the RBI found instances of non-compliance with its directives and corresponding communication. Consequently, the company received a notice prompting it to explain why penalties shouldn't be applied due to its failure to adhere to the directives.

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Bank scam message: How to identify bank scam message? Six ways to identify a bank scam and keep the account safe

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In 2023, non-mortgage security receipts dominated fresh issuances, driven by retail non-mortgage bad loans, per India Ratings. Asset Restructuring Companies (ARCs) must enhance recovery infrastructure to handle this shift. Legal resolutions improved for corporate and SME bad loans, but retail loan recoveries remain crucial. ARCs adapt strategies amid evolving NPL dynamics and anticipate legal reforms to transform the recovery landscape

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BANKING

Indian Overseas Bank is set to establish 88 new branches across India in FY24. The bank recently opned a new branch in Nagapattinam and its 126th ATM in Puducherry. Managing Director and CEO Ajay Kumar Srivastava said that the bank's expansion strategy aimed to serve unbanked rural areas with innovative products. The bank's total business has surpassed Rs 5 lakh crore.

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BANKING

Reliance Capital's administrator has filed a request for a 90-day extension to implement a resolution plan submitted by the Hinduja Group, which was approved by the National Company Law Tribunal (NCLT) Mumbai. The resolution plan, approved by the tribunal, was for IndusInd International Holdings Ltd's Rs 9,650-crore plan. Reliance Capital's board was replaced by the Reserve Bank in November 2021 due to governance issues and payment defaults. The company's debt is over Rs 40,000 crore.

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BANKING

Executives from some of the top lenders, including State Bank of India, Punjab National Bank and Canara Bank, met with a six-member US Treasury delegation last month. The discussions focused on Russian payments and a possible breach of the internationally imposed $60 a barrel purchase price on Russian crude.

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BANKING

The National Company Law Tribunal dismissed JM Financial Asset Reconstruction's application to intervene in an insolvency resolution application filed by Bank of Baroda against Arch Pharmalabs.

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BANKING

Karur Vysya Bank aims to open 100 new branches this year, with Chairperson Meena Hemchandra inaugurating the 840th branch in Ayodhya. MD and CEO B Ramesh Babu plans to add 100 branches, achieving a record net profit of Rs 1,605 crore, and maintaining a 0.40% NPA as of March 31, 2024.

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The corporate agency license would help in broadening Mahindra Finance’s product portfolio by incorporating insurance solutions. It would help customers with their financial and insurance needs being met by a single entity. The process would augment the company’s existing sources of revenue and profits as it deploys its common infrastructure of branch network and feet on street.

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Paytm, the Indian fintech pioneer, signalled job cuts and asset trimming after reporting its first sales decline on record due to a regulatory probe. The company's net losses surged to 5.5 billion rupees, with revenue dropping by 2.6%. Paytm aims to recover by streamlining operations and focusing on core businesses.

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This year, the tournament took Rs 10,000 crore insurance cover from New India Insurance, National Insurance, and United Insurance, insuring against revenue losses from events like rain cancellations. Matches between Gujarat Titans and Kolkata Knight Riders, Rajasthan Royals and KKR, and Sunrisers Hyderabad and Gujarat Titans, were affected due to rains.

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Mahindra & Mahindra Financial Services appoints Mahesh Rajaraman as Chief Risk Officer, replacing Mallika Mittal who resigned amid a fraud case involving Rs 135.9 crore. Rajaraman, with 29 years of banking experience, will lead the risk management function for a 5-year term.

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FSIB defers SBI Chairman selection interview for unknown reasons. New date post new government formation after June 4 to replace Dinesh Khara, retiring on August 28. FSIB recommends candidate, final decision by Appointments Committee of the Cabinet led by PM Narendra Modi. Selection panel includes former DoPT secretary Bhanu Pratap Sharma, Animesh Chauhan, Deepak Singhal, and Shailendra Bhandari.

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The International Financial Services Centres Authority is exploring the option of non-bank financial players acting as risk aggregators for small customers in GIFT City to facilitate FX transactions and manage interest rate risk exposures.

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Tata Motors has partnered with Bajaj Finance to offer supply chain finance solutions to its passenger vehicles and electric mobility subsidiaries. The partnership will help dealers access funding with minimal collateral, leveraging Bajaj Finance's extensive reach. The partnership will strengthen dealer partners' access to increased working capital, enabling them to seize opportunities in the growing passenger vehicles market.

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BANKING

India's banking sector reached a historic milestone with a net profit surpassing Rs 3 lakh crore in FY24. The combined profit of listed public and private sector banks surged by 39%, totaling Rs 3.1 lakh crore compared to Rs 2.2 lakh crore in FY23. This amount roughly equals the cumulative quarterly profits of all listed companies in the initial three quarters of the fiscal year.

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BANKING

Banks primarily issued LOCs to fraudulent borrowers and wilful defaulters - who they suspected could run off to take the residency or even citizenship of another country. However, last month, the Bombay High Court struck down the powers of chairmen, managing directors and CEOs of all public sector banks to issue LOCs on the grounds that the 'right to travel abroad' cannot be taken away by an executive action and the powers given to bank chiefs is arbitrary and unreasonable.

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BANKING

The housing finance company opened 100 branches last year, which will help in expanding business including in affordable segment.

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BANKING

Bank of Maharashtra, a state-owned lender, demonstrated impressive growth in total business and deposit mobilization during the last fiscal year, outperforming many public sector banks struggling to achieve double-digit growth. With a 15.94% rise in total business and a 15.66% increase in deposits, Bank of Maharashtra led the pack, followed by SBI. It maintained its dominance in low-cost CASA deposits, crucial for reducing fund costs.

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BANKING

The bank’s gross non-performing assets ratio stood below 3% and net NPA ratio below 1% for two consecutive years, making it entitled to apply for a licence. "Next week, the process of reverse merger will be over. A call on universal banking will be taken later. We are not rushing for it," managing director Ittira Davis said.

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BANKING

Sundaram Home Finance plans to continue its growth momentum in the current financial year by expanding into smaller towns and exploring opportunities in Tier 4 towns in South India. The company, a subsidiary of Sundaram Finance Ltd, is optimistic about the real estate sector's outlook and expects growth momentum to continue. The company has opened 30 exclusive SBL branches in Tamil Nadu, with disbursements of over Rs 125 crore.

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BANKING

RBI deputy governor Swaminathan J emphasized proactive risk mitigation strategies in the face of cyberattacks and emerging banking risks, addressing challenges in regulations, corporate governance, and assurance functions to ensure bank safety and stakeholder trust.

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BANKING

HDFC Bank secured a USD500 million loan from IFC to support underserved women borrowers by providing microloans through self-help and joint liability groups. The initiative aims to promote financial inclusion and socio-economic growth, empowering women and benefiting the economy.

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BANKING

An active player in the Indian financial services space, Mizuho has already infused about $500 million (₹4,100 crore) into its India bank branches. Mizuho made an investment of $145 million for a 15% equity stake in credit card issuer Credit Saison’s Indian subsidiary, Kisetsu Saison Finance (India) recently.

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BANKING

The transactions will be facilitated by the UPI and LankaPay National Payment Network. Users can scan LankaQR code to make secure and quick payments without carrying cash or calculating currency conversions. The amount will be debited in Indian currency, showing the currency exchange rate.

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The CBI has booked a PNB official for allegedly siphoning off Rs 4.98 crore from the account of a Bhopal-based infrastructure construction company in collusion with a private person. The incident occurred at PNB's Delhi Road Branch in Hapur, Uttar Pradesh. Head cashier Mukul Singh and Vinod Kumar Singh are accused of merging the company's account with that of Star Raze and transferring the funds through internet banking, causing a loss to PNB. The CBI conducted searches and registered an FIR in this regard.

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BANKING

LIC Housing Finance targets "lower double-digit" loan portfolio growth this fiscal, focusing on affordable housing, says MD Tribhuwan Adhikari. March saw a 4.3% y-o-y loan portfolio rise to Rs 2.87 lakh crore. Annual loan disbursement dropped 8% to Rs 58,937 crore, partly due to cautious lending amid competition from other lenders.

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BANKING

Bank Loans: The Reserve Bank of India has issued a caution to non-bank finance companies, advising them against becoming overly reliant on algorithm-based credit models. RBI Deputy Governor Swaminathan J flagged the importance of maintaining a balanced approach in credit assessment, highlighting potential risks associated with over-reliance on historical data and algorithms.

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BANKING

Axis Bank has introduced the ‘ARISE ComeAsYouAre’ talent acquisition programme to recruit individuals from the LGBTQIA+ community across India for careers in banking. The initiative focuses on skills-based hiring, offering equal opportunities to fresh graduates and professionals up to 5 years of experience. The bank emphasizes diversity, equity, and inclusion, aiming to foster innovation and leverage talent diversity. This follows Axis Bank's previous efforts to support the LGBTQIA+ community, including offering joint accounts and insurance products.

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BANKING

IndiaFirst Life Insurance has announced the elevation of Rushabh Gandhi, currently the deputy CEO, as its new MD and CEO. Gandhi, with over 29 years of experience in Indian and international markets, will succeed R.M. Vishakha, who is retiring on June 30. Gandhi's appointment is effective July 1 or upon regulatory approvals. The move aligns with the company's succession planning, leveraging Gandhi's strategic vision and experience in driving growth and profitability. His appointment is subject to IRDAI approval and other statutory clearances.

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L&T Finance Ltd aims for a 25% compound annual growth rate (CAGR) in the coming years, focusing on strengthening its retail lending business. The financial services arm of Larsen & Toubro plans to exit the wholesale segment entirely by 2026, becoming a 100% retail non-banking financial company (NBFC). The company introduced a new offering, 'Complete Home Loan', signaling a fresh push in its mortgage business, expected to surpass microfinance in book size.

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NCLAT orders lifting of lien on ITNL's account, deeming Maharashtra tax department's attachment contrary to previous decision. PNB seeks interim distribution of Rs 12 crore from ITNL's account towards debt, allowing IL&FS board to consider fund distribution.

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BANKING

This initiative is part of the Viksit Bharat (developed nation) strategy for PSBs, which includes onboarding sector-specific advisors and developing credit underwriting models to expedite loan approvals.

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BANKING

The investment includes a secondary stake buy from an existing shareholder and also providing it with the non-core tier-II capital, a company statement said.

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BANKING

The deal will allow Warburg to foray into the ever expanding affordable housing space in the world's fourth largest economy. The New York-headquartered private equity firm finalised the deal on Monday with Chennai-based non-banking finance company (NBFC) Shriram Finance, which owned 84.82% in the mortgage lender.

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BANKING

Fitch Ratings warns of potential challenges to Indian banks' consumer loan quality due to rapid growth and "untested risks." Concerns include lower transparency in retail underwriting data and reliance on unsecured credit for margin expansion. While RBI measures aim to mitigate risks, their long-term effectiveness remains uncertain.

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The Apax strategy is more pivoted toward control deals, given its focus on being able to have a seat on the table to drive changes. It is, however, open to partnering with quality founders and management teams in minority settings "where there's a meeting of minds," Haldea said.

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SBI plans to onboard around 12,000 freshers in FY25, with 85% being engineering graduates. Chairman Dinesh Khara emphasizes no bias towards engineers, focusing on training for various business and IT roles. SBI invests heavily in tech training to meet increasing sector demands and regulatory standards, ensuring staff stay ahead in technology.

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According to sources familiar with the situation, the insurance regulator has granted approval for the Hinduja Group to acquire Reliance Capital's life, general, and health insurance businesses, with the condition that shares of the companies will not be pledged. However, the deal is still pending approval from the Reserve Bank of India (RBI) and the Competition Commission of India (CCI).

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The Insurance sector regulator IRDAI has conditionally approved Hinduja Group's IndusInd International Holdings Ltd (IIHL) for the acquisition of debt-ridden Reliance Capital.

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BANKING

Rising childbirth costs in India drive a surge in demand for maternity insurance, growing at 80% annually. PolicyBazaar data reveals 78% of policies are bought by men. Insurers see these policies as customer magnets despite expected claims. Factors like urbanization and increased C-sections contribute to the trend. Reliance General Insurance reports a 21.5% increase in C-section deliveries since 2016.

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India's central bank is set to hold a meeting with top management from asset reconstruction companies (ARCs) to discuss corporate governance and stressed-asset resolutions. This comes amidst concerns about potential back-door entry by defaulting promoters. The meeting, scheduled for May 17 in Mumbai, will see the participation of all 27 registered ARCs, along with RBI executives. Allegations have arisen that ARCs may strike deals with defaulting promoters, allowing them entry at a steep discount, bypassing regulations.

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BANKING

Irdai, the sector regulator, has issued a master circular directing life and non-life insurance players to meet certain percentages of business compulsorily towards rural, social sector, and motor third-party obligations by 2047. Life insurers must ensure a minimum percentage of lives in identified and allocated gram panchayats.

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BANKING

Without naming Go First, its Chief Executive and Managing Director Debadatta Chand said the bank recognised an aviation account with a Rs 1,700-crore exposure as a non-performing asset during the quarter, and also decided to provide for it fully within a single quarter leading to a huge jump in provisioning for NPAs to Rs 1,485 crore from the Rs 320 crore in the year-ago period.

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BANKING

Bijith Bhaskar has resigned from his position as Head of various departments including Cards, Payment Solutions, E-Commerce Ecosystem, Merchant Ecosystem, and Consumer Finance at ICICI Bank, effective May 18, 2024. The bank confirmed his resignation in an exchange filing, stating it was accepted at 14:20 p.m. Bhaskar cited personal reasons for his decision to pursue opportunities outside the bank in his resignation letter.

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BANKING

Capital Small Finance Bank targets a 22-24% advances growth in FY25, doubling last fiscal's pace, fueled by geographic expansion, including a move into Jammu. After raising growth capital through an IPO, the Jalandhar-based lender plans accelerated growth, having maintained steady NPA ratios through recovery-based management.

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In 2023, Indian PE and VC investments declined by 35% to USD 39 billion. PE dropped by 18% to USD 29.6 billion, and VC saw a sharper decline. The report highlighted global investment trends and a surge in exit values.

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BANKING

Pradip Kumar Das, Chairman & Managing Director of IREDA, said, "This subsidiary not only positions IREDA to extend its global reach but also acts as an offshore platform for securing competitive funding to drive the renewable energy sector's growth." He added that IREDA's entry into the IFSC is anticipated to unlock fresh business prospects and establish its global footprint in the renewable energy sector.

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BANKING

The UPI payment ecosystem is currently under the sway of two major players – Google Pay, commanding a substantial 47% market share, and PhonePe, a Walmart subsidiary, holding a significant 37% share. This duopoly underscores the competitive landscape and the uphill battle faced by smaller players.

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BANKING

The lender, backed by billionaire Uday Kotak, has already brought on board more than 500 engineers from scratch over the last two years, according to Milind Nagnur, the bank’s chief technology officer. It has pulled them from firms like Google and Amazon.com Inc. as well as from Paytm and PhonePe Pvt., Nagnur said in an interview.

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State-owned Power Finance Corp (PFC) is seeking legal counsel regarding the approval of a ₹15,000 crore loan to the promoters of the Shapoorji Pallonji (SP) Group, leveraging their 18.37% shareholding in Tata Sons as collateral. Earlier this year, the Mistry family, who are the promoters, proposed obtaining funds from the lender based on cash flows from their real estate business and their Tata Sons shares.

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BANKING

Adani Enterprises plans ₹80,000 crore capex, focusing on ANIL and airports. Ganga Expressway gets ₹12,000 crore. Shah mentions coal-to-PVC and data center. Debt rises 31%. ANIL includes green hydrogen, wind turbines, and large monocrystalline unit.

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BANKING

Muthoot Microfin, headquartered in Ernakulam and part of the Muthoot Pappachan group, aims to secure $50 million through external commercial borrowing (ECB) to diversify its funding sources and extend liability duration. The CEO anticipates a syndicated deal at a lower cost than the current average cost of funds.

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BANKING

Axis Bank Ltd. aims to boost its global business by hiring Asian expatriates, targeting mid-sized companies from countries like South Korea, Japan, US, Germany, Italy, and France. Facing challenges with South Korean and Japanese firms due to language barriers, the bank has recruited expatriates to facilitate connections and expand its corporate banking division.

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BANKING

The top officials of the bank informed that with the Government of J&K’s majority shareholding of 63.41 percent in the bank as on June 30, 2023, it is now “a public sector bank for all practical purposes” but as of now may not be strictly classified as such as per the RBI guidelines.

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BANKING

According to sources familiar with the matter, state-owned banks are preparing to devise a comprehensive strategy and roadmap for implementing generative artificial intelligence (GenAI) systems. Pilot projects are slated for launch within the current fiscal year.

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BANKING

Under the new plan, IIHL is looking to set up a banking, financial services, and insurance portfolio worth $50 billion (Rs 4.2 lakh crore) by 2030. This is including its investment in IndusInd Bank, apart from the new businesses under Reliance Capital, which IIHL won in insolvency proceedings.

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Several top executives of the three companies and auditors associated with some of them now face criminal charges due to the irregularities. Additionally, both auditors and their firms are undergoing disciplinary procedures. Meanwhile, the new leadership has divested a substantial portion of assets to settle a significant portion of debts owed to creditors.

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BANKING

Kotak Mahindra Bank's CEO discusses potential impact of RBI restrictions on profitability. The bank prioritizes prudence in credit growth and aims to mitigate the impact while focusing on smart business growth strategies.

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Indian Overseas Bank to e-auction 92 non-performing loans worth Rs 13,471.68 crore. Loans include consortium arrangements, NCLT cases, sole banking ventures. Gross NPA reduced to 3.90% by December 31, 2023.

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BANKING

IIHL, an investment arm of the Hinduja brothers, aims to improve valuation of its investment to $50 billion by 2030. IIHL has already received RBI nod to raise its state in IndusInd Bank to 26%. The investment arm also plans to grow life and non-life businesses, start its health insurance operations and will retain Reliance Securities and ARC businesses.

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BANKING

Indian Overseas Bank successfully reduces Gross NPA to 3.90%. Sale announced for 92 NPA loans totaling Rs 13,471.68 crore. Recovery strategies include Securitisation, Compromise Settlement, Asset Reconstruction, with e-auction on May 28, details on www.iob.in.

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Bhavesh Gupta, Chief Operating Officer (COO) and President of One 97 Communications (OCL), the parent company of the Paytm brand, has resigned. The fintech firm announced this to stock exchanges on Saturday. Gupta will shift to an advisory role at the office of Paytm CEO Vijay Shekhar Sharma by the end of this month.

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BANKING

"What is evident is that our efforts have fallen short of what the regulator expects. My commitment is to further accelerate our efforts and investments. Winning back the trust and reputation with our customers and regulators is number one priority for me and management,” Vaswani said after a board meeting to discuss March quarter earnings.

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BANKING

Kotak Mahindra Bank aims to redistribute resources to mitigate the effects of RBI's recent measures, which prohibited the bank from onboarding new customers online and issuing fresh credit cards. The bank emphasized its collaboration with regulators to enhance technology standards and bolster IT infrastructure through increased investments.

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RPG Group Chairman Harsh Goenka has raised alarm over a resurgence of stock market malpractices akin to the Harshad Mehta/Ketan Parekh era, particularly in Kolkata. He expressed concerns about promoters inflating profits and colluding with brokers to artificially boost stock prices to unsustainable levels. Goenka urged SEBI and the Finance Ministry to step in and investigate to protect small investors from potential losses. The warning follows a significant market decline, with the BSE Sensex and NSE's Nifty both experiencing sharp drops.

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Atanu Chakraborty has been reappointed as the part-time chairman of HDFC Bank by the Reserve Bank of India for a three-year term from May 5, 2024, to May 4, 2027. With a 35-year tenure in the Indian Administrative Service (IAS) in the Gujarat cadre, Chakraborty has extensive experience in finance, economic policy, infrastructure, and petroleum and natural gas sectors. He held key positions in the Union Government, including Secretary in the Ministry of Finance-Department of Economic Affairs, where he oversaw economic policy-making and budget formulation.

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This follows the recent approval received by C2FO's wholly-owned subsidiary, C2FO Factoring Solutions Private, from the Reserve Bank of India, to operationalise the TReDS platform, the company said in a release. TReDS, an initiative introduced by the Reserve Bank of India (RBI) and backed by the Ministry of Micro, Small & Medium Enterprises (MSME), addresses the liquidity & working capital challenges faced by MSMEs.

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BANKING

According to RBI, the penalty, imposed by an order dated April 29, 2024, has been invoked under the powers vested in RBI, conferred under section 47A(1)(c) read with sections 46(4)(i) and 56 of the BR Act.

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Restaurants, retailers, small traders, companies face frozen funds due to cybercrimes. Urging action from finance ministry, LEAs, police. I4C initiative tackles cybercrimes. Banks, LEAs face frozen funds challenges.

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BANKING

New York Life Insurance Co. invests ₹388 crore for 49% stake in Max Estates' commercial projects in Delhi and Noida, expanding to all projects in Delhi-NCR. They now own 49% of Max Tower, Max House, and more.

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