BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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BANKING

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

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