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Digital lenders disbursed 3 crore loans valued around Rs 37,000 crore by September quarter-end. Growth moderated to 19% compared to 44% last year. 34 FACE member companies participated. Total disbursements reached Rs 69,863 crore in the first half. Average loan size was Rs 10,891, with most loans between Rs 10,000 - Rs 25,000.

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Fund mobilisation by Indian companies grew tenfold over the last ten years, rising from Rs 12,068 crore in 2014 to Rs 1.21 lakh crore in FY25. Increased household participation and higher market capitalization reflect a robust economy and strong investor confidence. Savings in shares and debentures have also significantly increased, indicating higher household contributions to the economy.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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BANKING

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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