BANKING

The Reserve Bank of India cut the benchmark repo rate by 25 basis points to 6%, prompting banks to lower interest rates for home, auto, and small business loans. This marks a 50 basis points reduction in 2025, including a February cut. The move benefits new borrowers and those with loans linked to external benchmarks like the repo rate.

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BANKING

Claypond Capital, Dr. Ranjan Pai's family investment office, has appointed Sekhar Garisa as Managing Director. Garisa brings two decades of experience from companies like Quess Corp, Microsoft, and P&G. He aims to make Claypond Capital the preferred partner for Indian entrepreneurs, emphasizing an 'Entrepreneur First approach' with long-term commitment.

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BANKING

RBI Governor Sanjay Malhotra announced that NPCI will have the autonomy to revise UPI transaction limits for in-person merchant payments, previously capped at ₹2 lakh. This decision was revealed alongside the MPC's decision to lower the repo rate by 25 basis points to 6.0%.

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BANKING

The finance ministry is set to consolidate 15 Regional Rural Banks across 11 states starting next month, aiming for enhanced operational efficiency and cost reduction. This fourth consolidation phase will reduce the number of RRBs to 28 from 43. The amalgamation, effective May 1, 2026, will create 'one state-one RRB' in states like Uttar Pradesh, West Bengal, and others.

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BANKING

The NCLAT has permitted Canara Bank and Indian Bank to pursue actions against former IL&FS directors, excluding those on the new board, to declare them wilful defaulters. This protection extends to reappointed professional directors. The decision comes after a Rs 90,000 crore debt crisis led to the government appointing a new IL&FS board in October 2018.

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BANKING

Shriram Finance Ltd., a prominent Indian shadow lender, is seeking the Reserve Bank of India's approval to establish a primary dealership through a new entity. This move aims to deepen its involvement in India's expanding bond markets, aligning with the nation's infrastructure investment drive.

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BANKING

The IndusInd Bank forex derivatives crisis highlights the challenges with current audit policies for commercial banks, NBFCs, and small finance banks. Experts note that stringent criteria and joint audits, introduced in April 2021, have increased operational complexity rather than improving audit quality. Despite multiple audit layers, IndusInd's issue went unnoticed for years, emphasizing the evolving challenges for auditors.

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BANKING

The finance ministry is formulating rules for investing the pool corpus under the new Unified Pension Scheme, which ensures an assured pension for central government employees. The scheme, effective from April 2025, includes government contributions to both individual funds and a separate pool corpus. Investment decisions for the pool corpus will be handled by the government to ensure long-term viability.

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BANKING

Women own 39.2% of bank accounts in India, with rural areas showing higher ownership at 42.2%, according to a government report. Female participation in DEMAT accounts and proprietary establishments is rising. The Gender Parity Index for education levels remains high, and female entrepreneurship is increasing. The Labour Force Participation Rate for women has also improved.

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BANKING

LIC has refuted US claims of receiving 'special treatment' from the Indian government and regulators, stating it operates in a competitive market with other insurers. The insurer emphasized that it is treated like any other insurance company and the guarantee from 1956 has never given it an undue advantage.

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BANKING

The NCLAT has permitted Canara Bank and Indian Bank to proceed with labeling former directors of IL&FS, not part of the current board, as 'wilful defaulters'. The new board has been in place since October 1, 2018, with protection extended only to reappointed professional directors.

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BANKING

Uday Kotak, Asia's richest banker, warns of a significant deposit crunch threatening banks with margin erosion. Retail deposit growth is slow, pushing banks towards expensive bulk deposits. This situation leads to negative lending margins, especially with home loans. The challenge persists amid high-term deposit rates, tighter liquidity, and RBI's policy rate cuts.

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BANKING

State-owned Bank of Baroda reported a 12.8% credit growth with advances reaching Rs 12.3 lakh crore in the March quarter. Total deposits rose by 10.25% to Rs 14.7 lakh crore. Bank of India and IDBI Bank also showed significant growth in loans and deposits in the same period.

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BANKING

LIC announced its branches will remain open over the weekend and on Monday, a public holiday due to Eid, to help policyholders deposit premiums. This includes normal operations on March 29-31 as guided by the IRDAI's advisory issued on March 12, 2025, to avoid any inconvenience for policyholders.

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BANKING

IndusInd Bank's auditors dropped 'derivative valuation' from their key audit matters in the 2023-24 financial year, despite it being a significant concern earlier. This shift occurred even as the RBI issued directives in 2023 affecting the bank's accounting practices, leading to the eventual announcement of ₹1,500 crore in derivative losses by March 2025.

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BANKING

Munich turnaround specialist Mutares plans to launch a $250 million India-dedicated fund to acquire underperforming companies in manufacturing. With $100 million already achieved in Indian revenues, Mutares aims for two to three deals per year. The initiative includes local and global assets, targeting $10 billion in sales by 2028 through strategic acquisitions and turnarounds.

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BANKING

Punjab National Bank recorded a credit growth of 13.6%, reaching Rs 11.17 lakh crore in the March quarter, alongside a 14.3% increase in deposits. Central Bank of India and Punjab & Sind Bank also reported advancements with loan growths of 16.20% and 16.39% respectively, indicating a robust performance in the public sector banking segment.

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BANKING

South Indian Bank experienced a 10% increase in gross advances, reaching Rs 88,447 crore by the end of FY25, while deposits grew at a slower rate of 5.5%, totaling Rs 1.08 lakh crore. The bank's CASA share slightly decreased compared to the previous year but showed improvement from December 2024 figures.

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BANKING

IDFC FIRST Bank has been authorized by the Central Pension Accounting Office (CPAO) to disburse pensions for central government pensioners, including high-ranking officials and former dignitaries. The bank's integration with CPAO is complete, allowing pensioners to receive their pension directly in their IDFC FIRST Bank savings account.

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BANKING

Kotak Alternate Asset Managers Ltd. plans to raise up to $2 billion for a new private credit fund in India. The fund will offer various financing options with expected returns of 18%-20%, relying on structured credit instruments. The private credit market in India is growing rapidly, reaching $9.2 billion across 163 deals last year.

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BANKING

Salila Pande has been appointed MD & CEO of SBI Card, effective April 1. With nearly three decades at SBI and key leadership roles in India and abroad, Pande is expected to drive innovation and growth for SBI Card. She previously led the retail business at SBI Mumbai Metro Circle and held international roles in Singapore and California.

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BANKING

As the RBI turned 90, Governor Sanjay Malhotra emphasized maintaining 'Goldilocks' balance between inflation and growth. He highlighted the importance of price and financial stability, praised the resilience of the banking system, and stressed on trust through transparency. Malhotra also aims for greater financial inclusion, collaborating with the government towards economic growth.

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BANKING

The Ministry of Corporate Affairs plans to launch an integrated portal by July-August for easier access to unclaimed dividends and shares. The portal will allow investors to submit claims online for assets held by the Investor Education and Protection Fund Authority. Additionally, the ministry is considering a handholding scheme for investors needing professional assistance.

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BANKING

Over the past few weeks, the Indian Income Tax department has been investigating whether the 1% TDS on crypto transactions via Binance has been duly collected. They are asking traders to provide proof of TDS deduction or substantiate its non-applicability. This scrutiny includes demands for tax returns to verify the sources of crypto funds.

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BANKING

National Bank for Agriculture and Rural Development (NABARD) and State Bank of India (SBI) have signed an MoU to boost rural growth in Assam. The partnership aims to finance Rs. 500 crores in FY 2025-26, with a target of Rs. 1,000 crores annually thereafter. The focus is on enhancing rural livelihoods and improving the credit ecosystem.

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BANKING

Stricter regulations and underwriting standards in the Indian microfinance sector are expected to slow down growth for lenders while reducing risk for borrowers, according to S&P Global Ratings. New rules aim to address asset quality issues caused by borrowers relying on new loans to repay old ones. Self-regulatory measures introduced will further cap lending from August 2024.

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BANKING

Reliance Capital’s lenders withdrew their petition against IndusInd International Holdings Ltd (IIHL) after successful execution of a resolution plan. IIHL transferred the required payment amounts, leading to the National Company Law Appellate Tribunal (NCLAT) allowing the withdrawal request. IIHL officially took control of Reliance Capital, completing the resolution process and settling payments with the firm's lenders.

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BANKING

Yes Bank has received a demand notice of Rs 2,209 crore for the assessment year 2019-20 from the income-tax department. The reassessment, done by the National Faceless Assessment Unit, made no additional disallowances. Despite this, a demand of Rs 2,209.17 crore, including interest, has been raised. Yes Bank plans to appeal and rectify this order.

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BANKING

The RBI's concerns stem from the higher-interest some finance companies charge borrowers. In recent months, the regulator had to impose lending curbs on a few finance companies, such as Navi FInserv, Arohan Financial Services and DMI Finance, due to the alleged usurious rates they charged borrowers.

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BANKING

The Centre has allocated Rs 4,011 crore to states for rural development schemes over the past month. Sanctions include 231 roads, 96 bridges, and contributions under various schemes like PM-JANMAN and PMAY-G. Funding aids numerous states with road and infrastructure development to enhance connectivity.

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BANKING

Jio Financial Services announced on Thursday that it has invested Rs 1,000 crore in Jio Finance, its wholly owned subsidiary. The investment was made through the subscription of 1,73,77,412 equity shares at Rs 10 each. The funds will be used by Jio Finance to support its business operations.

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BANKING

Shriram Finance Ltd reports an AUM of Rs 8,938.61 crore for Q4 2024, up from Rs 5,170.49 crore last year, driven by SME loan demand in various industries. The company is set to expand its branch network and digital lending, aiming for growth and increased market share in the SME segment.

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BANKING

Bank of India declared its Rs 616.30 crore exposure to Rolta India Ltd. as fraud, having fully provisioned the amount. Rolta, an IT solutions provider, had declared bankruptcy in January 2023 and owes approximately Rs 14,000 crore to various creditors. The case has been reported to the Reserve Bank of India.

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BANKING

The brisk pace in retail loans will mean the proportion of retail in its total loan book could increase to about 32% in the next three years from 27%. Home loans as a percentage of BoB's loan book are relatively lower at 51% compared to 55% for larger peer SBI. Mudaliar said early success in personal and auto loans meant the bank never stepped on the pedal on home loans but that is now changing.

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BANKING

The government will discontinue the Gold Monetisation Scheme from March 2025 due to evolving market conditions. Banks are allowed to continue short-term gold deposit schemes. Since 2015, GMS has mobilised 31,164 kilograms of gold from about 5,693 depositors, including medium and long-term deposits.

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BANKING

The payments industry body has requested Prime Minister Narendra Modi to implement a Merchant Discount Rate (MDR) on UPI and RuPay debit card transactions. The proposal suggests applying MDR to large merchants with an annual turnover exceeding 100 crore.

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BANKING

Banks in India, both public and private, will soon adopt a streamlined format to help account holders or their nominees reclaim over ₹78,213 crore in unclaimed deposits. The new system will feature common application forms and standard required documents, with full online retrieval operational by FY26.

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BANKING

Private banks in Mumbai are utilizing AI and advanced technology to enhance security and prevent fraud. They are introducing methods like mobile app-generated OTPs, biometrics, and customer-controlled payment options. Banks like Axis and HDFC are implementing time-based OTPs, transaction monitoring, and automated responses to safeguard against unauthorized transactions, significantly reducing customer fraud risk.

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BANKING

New Delhi, The Finance Ministry has launched a revamped e-auction portal 'BAANKNET' to enhance transparency and efficiency in disposing of banks' non-performing assets. The portal, designed to streamline the auction process, incorporates automated KYC tools and secure payment gateways. All 12 public sector banks and IBBI are utilizing the platform.

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BANKING

State-run banks face high credit card bad loan ratios, particularly from cards issued between September 2021 and October 2023 amid competition from fintechs. These banks' aggressive lending during the post-pandemic boom contributed to the issue, with current stress primarily in the sub-Rs 50,000 category.

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BANKING

This is primarily because of two reasons. First, banks are increasingly sourcing funds from global markets at cheaper rates. Second, demand for foreign currency loans from companies remains static. So, there is not much upward movement in foreign currency non-resident-bank (FCNR-B) deposit rates, although the central bank had raised the deposit rate ceiling at the last monetary policy announcement on December 6 by previous governor Shaktikanta Das.

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BANKING

IndusInd Bank hired Grant Thornton Bharat to conduct a forensic check on its derivatives operations after disclosing a potential ₹1,600 crore marked-to-market loss due to internal trades. The Reserve Bank of India directed the bank to appoint a new auditor, and the investigation will scrutinize the lapses, accountability, and financial implications within the bank.

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BANKING

Dividend payouts by public sector banks increased by 33% to Rs 27,830 crore in FY24, highlighting their improved financial health. The government received nearly 65% of the total dividends, and SBI alone contributed over 40% of the profit, showcasing strong performance among PSBs.

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BANKING

IndusInd Bank has appointed Grant Thornton to conduct a forensic review of accounting lapses detected this month and to investigate potential fraud or internal misstatements. The bank disclosed a 2.35% overvaluation of its derivatives portfolio, violating Reserve Bank of India rules.

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BANKING

Kotak Mahindra Bank appointed Bhavnish Lathia as its new Chief Technology Officer. Lathia, lauded for his contributions over the past three years, will drive technology-driven transformation and innovation at the bank. Managing Director Ashok Vaswani emphasized Lathia's role in advancing the technology agenda to enhance customer satisfaction and organizational efficiency.

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BANKING

Bain Capital will acquire an 18.6% stake in Manappuram Finance, a leading Indian gold loan company, through a primary infusion and secondary sale. The investment includes a mandatory open offer, potentially increasing Bain's stake to 41.7%. The deal, subject to regulatory approvals, aims to propel the company's growth.

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BANKING

The Reserve Bank of India has replied to Mumbai Police's inquiry concerning the alleged embezzlement of ₹122 crore from New India Cooperative Bank. Queries included details on statutory audits, roles of board members, and reasons behind the surprise inspection, aiming to uncover potential irregularities.

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BANKING

Zuno General Insurance introduces Zuno SmartDrive with the innovative Pay-How-You-Drive feature, integrating mobile telematics in car insurance. The product rewards safer driving with cost savings and personalized premiums based on real-time driving behavior. Users can track their driving score through the Zuno app, qualifying for additional savings and rewards.

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BANKING

Indranil Bhattacharyya has been appointed as the executive director of the Reserve Bank of India, effective from March 19. He will oversee the Department of Economic and Policy Research. Bhattacharyya brings nearly three decades of experience in monetary and fiscal policy, and has a postgraduate degree in economics from Jawaharlal Nehru University.

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BANKING

Prudential Plc and Vama Sundari Investments will launch a standalone health insurance business in India, with Prudential holding 70% and Vama 30%. The venture, led by Amar Joshi as CEO, will address India's growing healthcare market. Health insurance in India is expanding rapidly, driven by increased awareness, and the venture will support the 'Insurance for All by 2047' goal.

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BANKING

Foreign insurers are retreating from India, despite regulatory reforms easing ownership rules. Challenges in scaling without strong local partnerships and high operational complexity remain deterrents. Recent exits include Allianz Group, while Zurich Insurance has expanded its presence, highlighting mixed investor responses.

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BANKING

Life Insurance Corporation of India (LIC) is set to announce its decision to acquire a minor stake in a health insurance company by the end of March. Concurrently, LIC is in talks with the Reserve Bank of India about issuing long-term government bonds with maturities of up to 100 years.

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BANKING

Short-term borrowing costs for Indian lenders are expected to decrease next month due to the central bank's liquidity infusion measures. These initiatives aim to lower rates for instruments like certificates of deposit (CD) and commercial paper (CP), potentially leading to reduced lending rates sooner than previously anticipated.

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BANKING

State Bank of India (SBI) has decided to delay its plans to raise 150 billion rupees ($1.7 billion) through bond sales this fiscal year due to persistently high bond yields, despite a recent rate cut and liquidity boost from the central bank. The bank had initially planned to issue the bonds by March but will now wait until the next financial year starting in April.

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BANKING

The lack of an external concurrent audit on IndusInd Bank's MTM derivative losses has exposed a significant vulnerability in internal processes. This deficiency has led to a ₹1,600 crore loss and raised concerns about the robustness of the bank's risk management systems and depositor confidence.

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BANKING

Last season, a single cancelled match led to claims of around Rs 16 crore to Rs 17 crore, forcing insurers to revise the pricing of risk. Event cancellation policies, once priced at approximately Rs 40 lakh to Rs 45 lakh, are now being re-priced to factor in the losses. Franchises, which previously took cover for around Rs 2 crore premiums, now face costs of Rs 4 crore to Rs 5 crore. The Board of Control for Cricket in India (BCCI), which organises the IPL, faces costs of roughly Rs 5 crore to Rs 6 crore per match.

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BANKING

State-run banks are planning to establish a common video KYC hub to integrate their processes with the central KYC registry (CKYCR) to enhance convenience and efficiency. This move is expected to streamline customer onboarding, reduce verification time, and prevent frauds with real-time updates and integration with DigiLocker.

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BANKING

State-owned Engineers India and MECON, alongside four private firms, have been shortlisted for RBI's project to modernize its currency management infrastructure. The project aims to create advanced storage, introduce automation, enhance security, and improve efficiency to meet future cash needs. RBI seeks to address challenges faced by other central banks and ensure sustainable currency management.

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BANKING

The Reserve Bank of India reassures the financial stability of IndusInd Bank, citing its solid capital adequacy and liquidity cover ratios. Despite recent discrepancies in derivatives accounting and a significant expected balance sheet impact, an external audit review is underway with results anticipated by the end of this month.

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BANKING

The court, in its order, said the investigating officer had not mentioned the settlement with Piramal Capital in a supplementary charge sheet filed with it. "He has not done it deliberately for reasons best known to him," it observed. The loan has now been settled and whether Yes Bank is at loss or not is between Yes Bank and Piramal Capital, the order said. The accused had not taken loans from Yes Bank directly, the court observed.

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BANKING

A special court has declined to take cognisance of the CBI's supplementary chargesheet naming businessmen Vinod Goenka and Shahid Balwa in the DHFL-Yes Bank fraud case, noting allegations are not made out. The court found no evidence of intent to cheat at the time of loan origination. Rana Kapoor, among others, remains accused.

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BANKING

The Reserve Bank of India reassured depositors that IndusInd Bank remains well-capitalized and financially stable. The bank's Capital Adequacy Ratio stood at 16.46%, and its Liquidity Coverage Ratio was 113%, exceeding regulatory requirements. Recent accounting discrepancies are being addressed, with external audits and corrective actions underway. Depositors were urged to ignore speculative reports.

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BANKING

IndusInd Bank's joint auditors requested a forensic audit of its derivatives portfolio due to discrepancies potentially impacting its net worth by 2.35% as of December 2024. The bank's board is now selecting an audit firm, with PwC already reviewing the portfolio. The issue has persisted for 5-7 years.

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BANKING

Digital lenders, NBFCs, and banks disbursed Rs 74,500 crore through the Account Aggregator framework in the first half of this fiscal year. The AA ecosystem facilitated 5.47 million loans, highlighting significant growth, particularly among salaried individuals, self-employed professionals, and small businesses.

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BANKING

Patanjali Ayurved, led by Yoga Guru Ramdev, and the Dharampal Satyapal Group (DS Group) will acquire Magma General Insurance from Sanoti Properties LLP for Rs 4,500 crore, marking Patanjali's entry into the general insurance sector.

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BANKING

HDFC Life Insurance announced Thursday that a data security incident reported in November has been resolved. The company stated the incident did not cause significant damage.

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BANKING

Satin Creditcare Network raises $100 million in external borrowing from Standard Chartered Bank and six Sri Lankan lenders, marking its first syndicated social term loan from overseas. The loan aims to enhance financial services, promote economic participation, and improve asset and liability management.

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BANKING

State Bank of India is establishing a unit for project financing focused on new age industries like AI, e-commerce, and fintech. The initiative aims to diversify the bank's project finance efforts, targeting sectors benefitting from increased infrastructure spending under Prime Minister Modi's upgrades.

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BANKING

Prosus-backed BRISKPE has received the RBI's in-principle authorisation to operate as a payment aggregator for cross-border transactions. This enables BRISKPE to enhance the efficiency of international payments for exports and imports, expecting a significant rise in transaction volume by the next financial year.

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BANKING

The RBI has requested IndusInd Bank to propose two external candidates for CEO and COO roles following a one-year extension for Sumant Kathpalia's tenure, now ending in March 2026. Kathpalia acknowledged RBI's reservations about his leadership. Additionally, the bank is examining its derivative portfolio discrepancies, potentially affecting its net worth by 2.35%.

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BANKING

The RBI is examining whether unhedged forex liabilities are an issue specific to IndusInd Bank or a broader banking problem. IndusInd Bank disclosed discrepancies in its derivative portfolio, possibly resulting in significant financial losses. Banks have been instructed to provide detailed hedging information and ensure compliance with guidelines.

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BANKING

Several hospitals in Ahmedabad will halt cashless treatment services for Star Health and Tata AIG General Insurance from April 1. This decision follows ongoing disputes over claim denials, unjustified deductions, and non-renewal of tariffs. The local healthcare industry accuses insurers of unfair practices, while insurers seek standardisation in healthcare costs.

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BANKING

The revenue growth of the top 100 large and liquid companies listed on the Bombay Stock Exchange (BSE) slowed significantly in 2024 compared to the previous year. While revenues grew by 9%, net profits surged by 32%, five times more than the 7% profit increase in 2023, reflecting successful cost-control measures.

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BANKING

As the global head of wealth and retail banking, Hsu oversees assets of $367 billion which grew 35% year-on-year in 2024, according to a presentation of the bank's annual results. Her business reported a pre-tax profit of $2.4 billion. The bank has set a target to attract $200 billion of net new money over the next five years and achieve a double-digit compounded annual growth rate for wealth solutions-related income.

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BANKING

Indian banks are currently extending more loans than they are gathering deposits, with the incremental loan-to-deposit ratio reaching nearly 126%. This indicates a reliance on borrowed funds, as system-wide LDR hits its peak, leading to intensified competition for deposits particularly in low-cost CASA.

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BANKING

Microfinance credit stress is emerging this financial year due to RBI's preventive measures to manage risks, according to Finance Minister Pankaj Chaudhary. RBI has advised banks and NBFCs to improve underwriting and collection efforts.

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BANKING

IndusInd Bank expects a 2.35% decline in its net worth by December 2024 due to discrepancies found during an internal review. The bank has hired an external agency to independently validate the findings. Despite this, the bank assured that its profitability and capital adequacy remain strong enough to absorb the "one-time impact."

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BANKING

The National Company Law Tribunal (NCLT) has directed that resolution plans to acquire Jaiprakash Associates should be invited for the entire company as a going concern, not in divided business verticals. NCLT ordered the resolution professional to continue with inviting expressions of interest (EOI) for the whole company initially, and only consider splitting if no bids are received.

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BANKING

Concerns have arisen over the RBI's decision to extend IndusInd Bank CEO Sumant Kathpalia's tenure by just one year. This move raises governance and asset quality worries, potentially negatively impacting the bank's stock. Analysts note uncertainty and possible outcomes, including Kathpalia's early retirement or the appointment of a public sector CEO.

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BANKING

The collapse of ATM service provider AGS Transact is causing widespread disruptions, affecting major banks like SBI, ICICI Bank, and Axis Bank. SBI is the most impacted with 14,000 unserviceable ATMs, while ICICI Bank and Axis Bank are migrating their ATMs to other service providers to mitigate the issues.

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BANKING

IIFL Finance has launched seven new gold-loan branches run by female employees across NCR and MMR in celebration of International Women's Day. These 'Shakti' branches emphasize women's empowerment, offering special benefits and financial literacy programs for female entrepreneurs. Each branch provides employment opportunities for up to forty women.

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BANKING

Religare Enterprises has withdrawn its appeal against the CCI order allowing Burman group entities to acquire a stake in the firm. This follows the Burman Family gaining a controlling stake in Religare Enterprises Limited. The NCLAT dismissed the appeal, and the Burman Family’s total holding now exceeds 50 percent, solidifying their position as the largest shareholders.

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BANKING

Finance Minister Nirmala Sitharaman emphasized the need for the banking sector to innovate and lead amidst a changing global landscape. She expressed confidence that SBI will embrace technology, sustainability, and inclusivity. Speaking at SBI's Platinum Jubilee celebrations, she highlighted SBI's evolution and its position as a market leader, catering to a large customer base and driving sustainable growth.

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BANKING

Corporate India is projected to raise Rs 115-125 lakh crore in debt between FY26 and FY30 to fund capital expenditure, working capital, and NBFC financing. Around Rs 45-50 lakh crore will be needed for capital expenditure, with the infrastructure sector driving most of the investments.

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BANKING

The Reserve Bank of India's recent auctions to inject funds into the banking system saw lukewarm interest due to improving liquidity conditions. Despite a persisting liquidity deficit, it has narrowed significantly in March. Market participants remain optimistic about further RBI measures to manage advance tax and GST outflows.

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BANKING

According to the BharatLoan Lending Report 2025, there has been a significant increase in financial independence and credit market participation among India's salaried women. Female borrowers aged 25-35 constitute 50% of this group, with steady annual growth observed. Maharashtra and Karnataka dominate loan disbursements, highlighting regional variations and opportunities for increased lending awareness in North and East India.

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BANKING

Nippon Life Insurance Co.'s India unit may buy a minority stake in IndusInd Bank Ltd. to use the bank's network for selling its insurance products. They could initially buy a 4.9% stake and potentially increase it to 9.9%. The market value of IndusInd Bank is about 730 billion rupees.

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BANKING

India's banking sector liquidity is expected to shift to a strong surplus by March 2025 due to the Reserve Bank of India's Rs 1.9 lakh crore liquidity measures. Short-term challenges like GST outflows may tighten conditions temporarily, but overall improvement is anticipated by the financial year's end.

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BANKING

CreditAccess Grameen reported a rise in the default ratio for microloans in Karnataka after the state introduced an ordinance to regulate microfinance activities. The portfolio at risk increased to 7.9% in Karnataka by February, up from 4.3% previously. Despite this, assets under management grew, indicating an overall business normalization.

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BANKING

Piyush Gupta received SGD 17.58 million in total pay for 2024 as DBS Group's CEO, before his scheduled retirement in March 2025. Under his leadership, DBS achieved record net profits and a high return on equity. Gupta's digital transformation strategy earned high board appraisal, with significant growth in market capitalization and customer base.

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BANKING

India's credit card sector experiences a slowdown, showing the lowest growth in disbursement in four years. January 2025 witnessed a drop in total spending and a decrease in the number of credit cards. Major banks maintain market dominance, while cautious consumer sentiment and market saturation are evident.

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BANKING

The Reserve Bank of India announced measures to inject ₹1 lakh crore into the banking system and conduct a dollar/rupee swap auction of $10 billion. These steps aim to address the liquidity deficit and ensure the smooth transmission of lower policy rates amid expected tax outflows.

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BANKING

Indian banks are collaborating with the international messaging system SWIFT to migrate to the ISO 20022 instant settlement system by November 25. Only four Indian banks have made partial transitions, prompting discussions for smoother transitions and potential deadline extensions. SWIFT encourages expedited adoption, with possible penalties for non-compliance after the global deadline.

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BANKING

The Reserve Bank of India has directed large finance companies to stop renewing lines of credit for businesses due to concerns over disguised borrower stress. This credit facility allows flexible fund withdrawals and delayed principal repayment, making NBFCs less capable of gauging borrowers' real-time cash flows.

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BANKING

The demand for credit among women in India has tripled between 2019 and 2024, with 60% coming from semi-urban and rural areas. Business and gold loans are popular. A report highlights women borrowers' growth and the financial inclusion need. Women under 30 account for 27% of retail credit, lower than men.

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BANKING

The Reserve Bank of India may need to cut the Cash Reserve Ratio to alleviate the current liquidity pressure in the banking sector, according to an SBI research report. The report suggests using CRR as a regulatory intervention tool rather than relying on it solely for liquidity. A CRR cut would help stabilize liquidity and ensure smoother financial operations.

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BANKING

Indian banks are unlikely to resume significant lending to non-bank lenders and microlenders immediately, despite recent regulatory relaxations by the Reserve Bank. Asset quality is a major concern, with non-performing assets in the microfinance sector reaching an all-time high of ₹50,000 crore as of December last year.

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BANKING

Women borrowers in India have increased at a compounded growth rate of 22% over the past five years, with a significant number from semi-urban and rural areas. Most loans are directed towards consumption rather than business use. Financial awareness and self-monitoring of credit scores have risen notably.

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BANKING

Health insurance premiums have increased significantly, making some policyholders downgrade or drop their coverage. Rising medical costs and age are key factors. Half of those facing a 30% or more increase paid the full amount. Policyholders are using new plan structures and cost-saving measures to manage expenses.

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BANKING

Rajeev Misra, former SoftBank executive, is planning a significant investment in the Shapoorji Pallonji Group through his venture One Investment Management and a consortium of global funds. The funds will help refinance the group's high-cost debt, leveraging their stake in Tata Sons.

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BANKING

Demand for loan collection agents has surged by over 30% in the past six months due to rising unsecured retail advances. TeamLease has recruited around 7,000 new agents for various financial institutions, with a focus on enhancing recovery efforts and integrating technology to improve collection rates.

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BANKING

The Bombay High Court raised concerns over the arbitrary process by banks declaring loan accounts as fraudulent without following proper RBI guidelines. Industrialist Anil Ambani was advised to lodge a complaint with the RBI after the Union Bank of India tagged his account as fraud without a prior hearing.

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BANKING

Around 16% of India's credit card spending occurs on the RuPay network, driven by UPI-linked credit cards. With more than 30 banks issuing RuPay credit cards, transactions have significantly increased. The NPCI is expanding its influence with a new R&D centre and efforts to internationalize UPI.

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BANKING

Personal loan growth slowed to 14.2% by January 24, 2025, down from 18.2% a year earlier, due to reduced vehicle loans and credit card outstanding, according to RBI data. Non-food bank credit increased 12.5%, marking a three-month high, while credit to agriculture grew by 12.2%. Industry advances rose by 8.2%, driven by sectors like petroleum and chemicals.

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BANKING

Health insurance premiums in India surpassed Rs 1 lakh crore in the first 10 months of the current fiscal year, marking a 10% increase from last year. Individual health insurance saw the highest growth at 13.5%. Rising costs and medical inflation have raised concerns about affordability and accessibility.

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BANKING

HDFC Bank plans to expand its loan securitisation business to meet increasing investor demand while managing its balance sheet effectively. The bank targets reducing its loan-to-deposit ratio and aims for a substantial increase in securitisation volumes over the next three to five years.

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BANKING

State-run banks will present a strategic road map for capital-raising and expansion plans for FY 2025-26 to 2027-28 next month. The government plans to assess these projections to determine the timing and extent of its stake reductions in the banks, focusing on enhancing strategic capabilities like GenAI systems.

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BANKING

LIC received a demand notice of Rs 479.88 crore for the short payment of GST for the financial year 2020-21. The notice is from the Deputy Commissioner of State Tax, Mumbai. It includes GST, interest, and penalty amounts. The company said there is no material impact on their financial, operational, or other activities.

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BANKING

Non-performing assets in the microfinance sector soared to ₹50,000 crore at the end of December, reaching a 13% ratio of gross loans. The sector faced elevated stress from over-lending and deteriorating credit discipline, despite regulatory measures to lower capital allocation requirements for risky assets.

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BANKING

With the IMD issuing heatwave warnings, lenders in India are bracing for challenges. They anticipate a decline in collection efficiency and loan disbursals due to less active sales teams. To mitigate this, they are adopting digital collections and tightening underwriting standards for heavily impacted industries. Last year, extreme temperatures caused significant drops in loan collections, especially in North India.

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BANKING

The government urges lenders to strengthen credit evaluations and monitor micro loans for self-help groups (SHGs) to avoid multiple loans. A unified business correspondent registry and unique IDs for SHG members are being planned. This move supports financial inclusion, rural enterprise development, and targets identified sectors more effectively, ensuring better fund utilization.

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BANKING

The Reserve Bank of India has decreased capital requirements for banks to boost liquidity and credit flow, specifically enhancing lending to NBFCs and MFIs. Risk weights on such loans were reduced, expected to lower borrowing costs and improve margins for institutions. This move aims to encourage prudent growth and address the slowdown in bank credit to NBFCs.

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BANKING

Insurers, including HDFC Life, are preparing for a significant legal battle with GST authorities over allegations of wrongful input tax credit claims on agent commissions. The Adjudicating Authority recently confirmed a ₹2,400 crore demand against HDFC Life, indicating a potential industry-wide liability exceeding ₹5,500 crore.

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BANKING

Alpha Alternatives Fund Advisors have successfully raised over Rs 5,500 crore for its Structured Credit Opportunities Fund, surpassing the initial target. The fund focuses on special situations and debt restructuring, targeting returns of 24%. With diversified investor support, it aims to deploy the funds within 9-12 months. The firm's confidence is highlighted by its Rs 150 crore commitment.

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BANKING

The government is seeking bids from merchant bankers for stake dilution in select state-run banks and financial institutions, aiming to comply with the minimum public shareholding norm. The move involves considering a reduction in its stake in banks where it holds over 90%. Merchant bankers have until March 27 to submit bids, with contract terms outlined by DIPAM.

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BANKING

The Reserve Bank of India has relaxed restrictions on New India Co-operative Bank, allowing withdrawals up to Rs 25,000, effective February 27, 2025. This follows an assessment of the bank's liquidity position. Additionally, the bank’s General Manager was arrested for allegedly embezzling Rs 122 crore.

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BANKING

Bain Capital is nearing a deal to acquire a controlling stake in Manappuram Finance. The agreement involves fresh capital from Bain and a secondary share sale by promoters, potentially increasing Bain's stake to 46%. The deal is expected to bring management changes, with a new CEO and initial joint operations.

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BANKING

Federal Bank aims to become the fifth-largest private sector bank in India within three to five years. It plans to boost growth through both organic and inorganic strategies, enhance its product portfolio, and improve operational efficiencies to achieve higher profitability.

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BANKING

State Bank of India Chairman C S Setty announced the bank's goal to achieve Net-Zero emissions by 2055. The announcement coincided with the launch of the "SBI Green Marathon Season 5" in Mumbai, where over 10,000 participants competed in various distance categories to promote environmental sustainability.

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BANKING

State-owned Bank of Maharashtra has reduced interest rates on retail loans by 25 basis points following the RBI's 25 basis points cut in the repo rate. Home loan rates are now at 8.10% and car loans at 8.45%. Additionally, the bank will set up an International Financial Services Centre in GIFT City.

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BANKING

Rising temperatures and climate change may increase default risks in 30% of agricultural and housing loans in the next five years, according to a BCG report. Temperature increases negatively impact agriculture production and income, posing significant risks for banks. However, a $150 billion annual investment opportunity exists for banks in India's energy transition to renewable sources.

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BANKING

Real money gaming companies are struggling to comply with new Tamil Nadu regulations prohibiting minors and imposing 'blank hours.' They face technical challenges in swiftly implementing these laws. Some firms seek more time or are considering legal action, while potential criminal liability looms for non-compliance.

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BANKING

Hitesh Mehta, ex-general manager of New India Coop Bank, allegedly directed staff to hand over large sums of money to his associates, leading to a Rs 122 crore embezzlement. The Economic Offences Wing is investigating the case after an RBI inspection revealed the discrepancy. Statements from bank staff and auditors are being recorded to ascertain the details.

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BANKING

The Burman family has officially taken over Religare Enterprises Ltd (REL) and plans to infuse ₹2,000 crore by subscribing to preferential shares, increasing their stake to over 50%. They aim to rebrand Religare and appoint a new management team to transform it into a competitive non-banking financial company.

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BANKING

Intense competition among banks in the mid-sized corporate sector is leading to mispriced loans and increased risk exposure. Banks like HDFC and Kotak Mahindra are expressing concern over the trend, emphasizing the need for proper risk-adjusted pricing to maintain sustainable credit costs in the long term.

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BANKING

Punjab National Bank (PNB) has decreased interest rates by up to 25 basis points on retail loans including housing, auto, education, and personal loans following the RBI rate cut. PNB is offering perks such as waived processing fees and extended repayment tenures, with revised rates being applicable from February 10, 2025.

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BANKING

Citigroup Inc.'s India unit plans to significantly boost its asset-backed securities portfolio to over $1 billion by the end of the fiscal year to provide liquidity as domestic lenders face sluggish deposit growth. The securitization market in India is growing, driven by large private banks and non-bank financing companies.

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BANKING

Google Pay has started charging a convenience fee for bill payments made with credit and debit cards, with fees ranging from 0.5% to 1% of the transaction value plus GST. This move highlights a shift towards monetizing UPI transactions to offset processing costs as UPI adoption grows.

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BANKING

HSBC, Europe's largest lender by assets, reported an 11% increase in pre-tax profit in its Indian operations to $1.68 billion for the last calendar year, driven by growth in both wholesale and retail banking. The bank, recently approved to expand in India, aims to leverage new local opportunities.

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BANKING

The Urban Cooperative Banks (UCBs) sector is under scrutiny following regulatory actions, with 1,472 banks and significant deposits and advances. As of March 2024, two scheduled UCBs had critically low capital ratios, leading to enhanced monitoring and corrective measures by the RBI, including potential license cancellations.

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BANKING

The Enforcement Directorate (ED) seized ₹1,646 crore assets in a probe into a $2.4-billion ponzi cryptocurrency scam and plans to work with global authorities to restore the funds to victims worldwide. The ED interrogated Satish Kumbhani, the mastermind, and plans to secure his arrest. BitConnect defrauded investors using a fake trading program, collecting $2.4 billion.

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BANKING

Thousands of Indian investors are struggling to recover almost $100 million from a Ponzi scheme involving Falcon Invoice Discounting, which promised high returns. The scheme defrauded nearly 7,000 investors, with police making arrests and searching for the key founder, Amardeep Kumar.

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BANKING

ICICI Bank Ltd. is considering purchasing an additional 3% stake in ICICI Prudential Asset Management Co. from Prudential Plc ahead of the company's potential IPO. This would allow ICICI to maintain its 51% shareholding even after allocating 3% to employees under a stock options plan. Prudential has hired Citigroup as the arranger for the IPO.

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BANKING

Life Insurance Corporation of India launched the 'One Man Office' service to create a digital ecosystem for its sales force, improving efficiency and productivity. It includes features for policy sales, after-sales services, business tracking, and training resources, accessible via mobile phones.

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BANKING

The government plans to streamline compliance in the insurance sector by identifying redundant regulations, aiming for improved ease of business. Proposed amendments to the existing insurance laws will support 100% FDI and seek to enhance policyholder security and market competition.

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BANKING

Paytm is committed to becoming profitable in the next quarter. The company has a strong focus on digital payments and is recalibrating its credit activities. Regulatory compliance improvements are underway. The goal is to generate profits and continue growing its user base while benefiting from government initiatives and the National Digital Retail initiative.

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BANKING

IL&FS Group has started an interim distribution of Rs 5,000 crore, including Rs 3,500 crore in InvIT units and Rs 1,500 crore in cash for debt resolution. These units belong to Roadstar Infra Investment Trust, holding six major road assets. This interim payout will increase IL&FS’ total resolved debt to Rs 43,000 crore, crossing 70% of their overall resolution target.

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BANKING

IndusInd International Holdings (IIHL), backed by the Hinduja Group, seeks to raise ₹800 crore from Standard Chartered and other funds for a 60% stake acquisition in Invesco Asset Management (India). The deal awaits final approval from SEBI. A borrowing rate target of 11-12% is aimed, but private credit investors may find it unattractive.

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BANKING

The Reserve Bank of India has approved Bank of Maharashtra to establish an International Financial Services Centre Banking Unit at GIFT City, Gujarat. This unit will be the bank’s first international branch for offshore banking, enhancing its international banking business and services, and contributing to India's vision of becoming a global financial hub.

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BANKING

Indian authorities have ordered Aviva India's local unit to pay $7.5 million in back taxes and penalties for creating fake invoices, paying illegal commissions, and claiming incorrect tax credits. Aviva plans to appeal the order, stating it will not impact their operations.

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BANKING

Irdai emphasised on the need for stress testing, scenario analysis and effective asset-liability management (ALM). The National Bank for Financing Infrastructure and Development (NaBFID) presented insights on infrastructure investments and the bond market and discussed opportunities for insurers to diversify their portfolios.

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BANKING

Food subsidy expenditure forms over 50% of India's total subsidy spending in FY 2024-25, with Rs 1.64 lakh crore allocated for April-December 2024, up from the previous year. Fertilizer subsidy spending decreased slightly to Rs 1.36 lakh crore. Non-debt capital receipts declined, and FDI inflows weakened, highlighting revenue collection challenges and increased foreign investor outflows.

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BANKING

The RBI has replaced the board of New India Cooperative Bank, appointing Shreekant as Administrator for 12 months. Restrictions have been imposed on loan issuance and withdrawals due to governance issues and liquidity concerns. Depositors can claim insurance up to ₹5 lakh under the deposit insurance scheme.

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BANKING

State-owned Life Insurance Corporation of India (LIC) has launched its MarTech platform, marking the first significant step in its Project DIVE initiative for digital transformation. This platform enables LIC to offer hyper-personalized customer engagement and reinforce its commitment to global leadership in digital insurance innovation.

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BANKING

Moody's has identified a rise in new romance scam profiles, with India among the top 10 countries. The United States leads with 38%, followed by Nigeria, India, and the UK. The pandemic heightened vulnerability to financial grooming scams, contributing to a 14% increase in 2024. This escalation underscores significant reputational risks and fines for banks.

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BANKING

The Reserve Bank of India has approved Zulia Investments, a Temasek unit, to increase its stake in AU Small Finance Bank up to 7%. Currently holding a 1.37% stake, Zulia could become the largest foreign portfolio investor in the bank, reflecting strong foreign interest and confidence in AU SFB’s growth.

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BANKING

Welcoming the move to lift restrictions, the bank spokesperson said that the Kotak will work with the RBI to shortly resume digital onboarding of new customers and issuing fresh credit cards. Kotak Mahindra Bank's managing director, Ashok Vaswani had indicated to media soon after declaring December quarter results that the RBI's restrictions had cost the bank around ?450 crore annually.

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BANKING

The Supreme Court granted Danny Gaekwad Developments & Investments an extension until Thursday to deposit Rs 600 crore for acquiring a stake in Religare Enterprises Ltd. Despite the Burman family's allegations, the court allowed the US investor extra time due to difficulties in transferring the funds without RBI's permission. All other terms from the previous court order remain valid.

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BANKING

The Reserve Bank of India (RBI) has lifted the restrictions on Kotak Mahindra Bank that were imposed in April 2024 due to supervisory concerns. After the bank implemented remedial measures and an external audit verified compliance, the RBI decided to remove the restrictions, allowing the bank to resume normal operations.

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BANKING

State Bank of India's chairman, Challa Sreenivasulu Setty, views tighter credit reporting rules as a solution to retail loan default concerns. With an updated fortnightly credit report mandate, lenders can better assess customer leverage. SBI, with a substantial loan book and strong asset quality, aims to target affluent customers by enhancing premium banking services and deploying relationship managers.

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BANKING

Irdai has initiated quarterly monitoring for eight insurers exceeding their 30% expenses of management limits to enforce financial discipline. New accounting norms require insurers to report premiums annually. High commissions in bancassurance are also under review, with a significant rise in expenses since April 2023.

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BANKING

Creditors have recovered Rs 3.58 lakh crore through the resolution of 1,119 cases under the insolvency law by December 31, 2024. Minister Harsh Malhotra informed that 2,707 cases ended in liquidation, and 1,274 cases yielded Rs 0.13 lakh crore for creditors.

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BANKING

The government plans to utilize Artificial Intelligence to identify mule accounts where cyber fraudsters park illegal funds. Home Minister Amit Shah highlights the blocking of apps and website links for national security, and preventive measures against suspicious transactions amounting to Rs 2,038 crore.

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Health insurers are seeking clarity from IRDAI on how the 10% annual premium hike cap for senior citizens affects long-term policies. The cap aims to protect financially vulnerable older adults from steep premium increases. Insurers must also standardize pricing and obtain regulatory approval before discontinuing or modifying products.

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The government has directed state-run banks to create a standardised induction programme for new recruits across all cadres, focusing on training for leadership roles and cross-bank participation. This is part of a broader effort to enhance employee development, streamline HR functions, and improve competitiveness.

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Uco Bank has increased its one-year marginal cost-based lending rate (MCLR) by 5 basis points despite the RBI reducing the policy repo rate by 25 basis points. Conversely, Uco Bank, along with Bank of India, Indian Bank, and Karur Vysya Bank, has reduced repo-linked lending rates effective immediately. MCLR-linked loan impacts typically take two quarters to materialize.

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The due diligence process for the privatisation of IDBI Bank is currently in progress, with government and LIC selling nearly 61 percent stake. Essential clearances from the Ministry of Home Affairs and Reserve Bank of India have been obtained, and due diligence by qualified bidders has commenced.

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The government is meticulously watching banks to ensure the transmission of the recent RBI rate cut to borrowers, as officials warn that insufficient rate cuts would be addressed. The RBI's quarter-percentage-point cut aims to reduce borrowing costs, but historical precedents show mixed transmission effectiveness.

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Bankers are relieved with Malhotra's emphasis on a consultative approach with minimum disruption to the financial system. With the expected increase in provision costs and tighter regulations for project finance now on the back burner, lenders can focus on business growth over the next one year, bankers said.

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Realty firm Signature Global reduced its net debt by 29% to Rs 720 crore in the October-December quarter, driven by strong pre-sales and collections from customers. The company also bought a 16.12-acre land in Gurugram to expand its business, and is eyeing further expansions in Noida and Greater Noida.

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Zaggle Prepaid Ocean Services reported a 29.6% rise in consolidated profit after tax to Rs 19.7 crore for the October-December quarter, compared to Rs 15.2 crore in the same period last year. Revenue from operations surged 68.8% year-on-year, reaching Rs 336.8 crore in Q3 FY25.

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BANKING

India's central bank governor announced a one-year deferral, until March 2026, for the proposal requiring banks to set aside more funds for digitally-linked deposits. The RBI will further review the norms due to the feedback received to avoid disruptions. Additional review time is also needed for draft guidelines on expected credit loss and project financing.

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RBI Governor Sanjay Malhotra announced new security measures to make internet banking safer, including the implementation of a 'bank.in' domain for Indian banks and extending Additional Factor of Authentication (AFA) to international digital payments. These steps aim to combat rising cyber threats and digital frauds, urging banks and NBFCs to improve their cyber risk controls.

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IIHL's acquisition of Reliance Capital faces delays as deadlock over escrow agreements stalls the final Rs 4,300-crore funding. The stalemate concerns the unwinding mechanism during litigation, with NCLT intervention sought to resolve the issue.

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The Reserve Bank of India's upcoming monetary policy announcement is anticipated to benefit NBFCs and banks through an accommodative stance. Continued liquidity support and regulatory relaxations are expected to sustain credit growth and manage funding costs, particularly favoring well-diversified and highly rated NBFCs.

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Finance Minister Nirmala Sitharaman confirms the government's commitment to privatisation and disinvestment, emphasizing their cabinet-backed strategy. The government and LIC plan to sell their 60.7% stake in IDBI Bank, with the process expected to commence soon. Valuations of the targeted companies have significantly improved.

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PSP Investments, a major Canadian pension investor, is in early discussions to acquire a significant minority stake in Maple Infrastructure Trust, owned by CDPQ. The trust seeks to raise $300-400 million, which will help finance its recent acquisition of toll road assets from Ashoka Concessions. Rothschild has been hired to manage the fundraising process.

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Bupa is planning to increase its stake in Niva Bupa Health Insurance after India's budget announcement on 100% foreign direct investment in the sector. Niva Bupa reported strong growth in Q3FY25, with profit after tax of Rs 13.2 crore and a retail health market share increase to 9.6%.

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Life Insurance Corporation of India (LIC) has received a demand notice amounting to Rs 105.42 crore for short payment of GST over seven financial years. The notice, received on February 5, includes interest and penalties for various states and can be appealed before the Commissioner (Appeals) in Lucknow.

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BANKING

Banks are focusing on medium-term deposit mobilization to comply with new liquidity coverage ratio rules and improve asset-liability management. Non-callable deposits with two-to-five year maturities are preferred despite higher costs. Revised rules effective from April 1 mandate a higher run-off factor, prompting banks to invest more in liquid securities.

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Ashu Khullar, Citi’s India chief, is appointed as the global co-head of GAM, based in London, and will oversee EMEA and Asia. K Balasubramanian will succeed him as India's CEO, pending RBI approval. During Khullar's tenure, Citi's revenue grew significantly, reflecting his effective leadership.

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The Reserve Bank of India's recent notification aimed at promoting the use of the Indian rupee for international transactions has raised questions about the ability of Russian banks to invest in Indian stocks using funds from special Vostro accounts. Legal experts believe such transactions may be possible, but custodians await RBI's clarification.

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Finance Minister Nirmala Sitharaman will address the RBI central board on February 8 to discuss key points of the Budget FY26, which includes significant income tax relief aimed at boosting demand. The meeting follows the RBI's expected announcement of a rate cut to stimulate GDP growth.

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The finance ministry plans to present a draft bill to raise the foreign direct investment limit in the insurance sector to 100% from 74%, along with a unified license for insurers.

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Bill Winters, CEO of Standard Chartered Plc, will visit India to enhance the bank's presence and launch a global wealth campaign. He is set to meet key clients and business heads in Mumbai and New Delhi to strengthen wealth management and cross-border strategies. Standard Chartered was the leading arranger for Indian issuers' dollar bonds last year.

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BANKING

Gold loans by commercial banks surged by 68% in the first nine months of FY25 due to rising gold prices. Non-bank lenders also saw a rise in gold loan sanctions. The increase in gold prices has allowed lenders to offer higher loan amounts due to higher collateral value, enhancing lender comfort despite regulatory scrutiny on gold loan portfolios.

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The National Financial Reporting Authority has fined auditor Neeraj Bansal Rs 5 lakh and barred him for five years due to lapses in auditing Religare Finvest Ltd for 2017-18. Violations include failure to report fraud, assess risks, verify future taxable income, question investments, and obtain sufficient audit evidence. NFRA's actions follow their investigation and show cause notice in May 2024.

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The RBI's strict capital and investment norms might hinder the National Bank for Financing Infrastructure & Development from establishing a partial credit enhancement facility for infrastructure corporate bonds. Despite potential benefits in credit rating, the higher costs and demanded investor premiums make these instruments less viable compared to bank loans.

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Sajjan Jindal family plans to dilute 14% of its promoter stake in JSW Infrastructure to fund a ₹39,000-crore capex over the next five years. The company, listed in September 2023, aims to maintain a 70:30 debt-to-equity ratio and utilize internal cash accruals. JSW Infra will look at acquisitions and aims for increased revenue growth and Ebitda margins.

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Microfinance leaders anticipate the implementation of a new Grameen credit score framework to restore lending discipline following a decline in repayment culture. The proposed framework by Sitharaman aims to enhance creditworthiness among self-help groups and rural borrowers, potentially benefiting the entire sector and addressing issues of credit discipline.

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The bold budget focuses on enhancing growth through agriculture, MSMEs, investments, and exports. It emphasizes fiscal responsibility, infrastructure development, and inclusive policies to boost productivity and employment. Reforms in tax brackets, regulatory support, and financial sector liberalization aim to strengthen India's global competitiveness and economic stability.

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India Post will be revamped into a major public logistics entity, enhancing its role in the rural economy with its vast network. The government plans to establish a new urea plant in Assam and will increase credit access for MSMEs to bolster exports, while supporting the National Cooperative Development Corporation's lending operations.

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The government has increased the FDI limit for the insurance sector from 74% to 100% in the Budget for 2025-26. This move aims to attract more foreign investment and improve domestic financial services. The Insurance Amendment Bill, intended to enable global players to independently enter the market, was supposed to be tabled during the winter session of Parliament.

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Punjab National Bank aims to recover 170 billion rupees in bad loans this financial year, focusing on large corporate accounts. In the December quarter, the net profit more than doubled due to improved asset quality. The bank raised its loan growth target to 13%-14%, leveraging its extensive branch network across India.

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BANKING

In December 2024, lending rates of commercial banks eased while deposit rates saw a marginal rise according to RBI data. The weighted average lending rate on fresh rupee loans fell to 9.25%, while the average domestic term deposit rate on fresh deposits increased to 6.57%.

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BANKING

Banks in India have significantly improved their financial health over the past decade, with asset quality in a comfortable position and gross non-performing assets at a 12-year low of 2.6% in September 2024. Profitability surged, and net NPAs declined to 0.6%, contributing to a stronger balance sheet despite a slight contraction in net interest margin.

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BANKING

The Insurance Regulatory and Development Authority of India (Irdai) has mandated that insurers cannot increase health insurance premiums for senior citizens by more than 10% annually. This directive aims to address the steep premium hikes observed in certain health insurance products for those aged 60 and above.

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Banks in India have found that many foreign nationals, including US citizens, have opened accounts using incorrect tax identification numbers (TINs). The tax office has alerted banks to these anomalies. To avoid non-compliance, Indian banks want regulations requiring foreign nationals to provide authentic documents verifying their TINs, as per FATCA and CRS standards.

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The Reserve Bank of India has initiated a corporate insolvency resolution process against Aviom India Housing Finance due to governance issues and payment defaults. A three-member advisory committee and an administrator have been appointed to manage the New Delhi-based firm during this process.

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India Post Payments Bank (IPPB) and PNB MetLife India Insurance Company Limited have partnered to offer life insurance solutions to millions across India. This collaboration aims to promote financial inclusion by providing life insurance products through IPPB's extensive network and reaching underserved populations, ensuring better financial security for customers.

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The RBI has developed 'supervisory discomfort' with some small finance banks due to high concentration risks and rising asset quality stress. These banks have been advised to explore mergers to mitigate these concerns. Small finance banks with significant exposure to the microfinance sector and certain geographic areas are particularly affected.

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Apax Partners LLP appointed Harjot Dhaliwal as the new India head after Anurag Sud's departure. This aligns with the firm's strategy shift in India, focusing more on technology and internet consumer investments while exiting the healthcare sector. The announcement follows significant transactions including the sale of Healthium Medtech to KKR.

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Credit card usage in India has surged, with active cards doubling to 108 million and transaction value tripling to ₹20.37 lakh crore in five years. Debit card growth was modest as digital payment methods gained traction. Public sector banks' market share in debit cards fell while credit card debt rose 19%, highlighting a shift in consumer credit preferences.

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Union Bank of India is selling 41 bad-loan accounts, including those of Nirmal Lifestyle, Future Brands, Sahara Hospitality, and Panduranga Energy Systems, totaling ₹1,561 crore. Interested parties can bid by February 11, with auctions on February 12 and a second round on February 20.

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Banks have requested the government for an extension of the deadline for implementing Sebi's Cybersecurity and Cyber Resilience Framework to June, citing a need for more time to comply. Currently, the deadline has been extended to April 2025, but lenders argue that additional time is necessary for proper implementation.

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Cred becomes the first fintech platform in India to offer access to the e-rupee, a digital currency launched by the Reserve Bank of India. The rollout will initially target a select set of users with YES Bank facilitating the issuance of e-rupee tokens. Adoption of the digital currency has faced challenges globally.

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"We have seen a shift toward the pure protection products as compared to the return of premium policies," said SBI Life recently. "Now 57% policies out of the protection segment are with the return of premium whereas the mix in pure protection has increased to 43% and that is being reflected in our product portfolio for the December quarter."

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UPI has transformed India's digital payment landscape, making up 83% of total payment volume by 2024, a sharp rise from 34% in 2019. UPI transactions hit 17,221 crore, driving the overall payment volume to 20,787 crore. RBI highlights UPI's impressive CAGR of 74% over five years in boosting digital payments in India.

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BANKING

Retail credit growth is slowing, with declines in home, auto, and credit card loan originations by up to 24% year-on-year by September 2024. Personal loans saw modest growth, while overall consumption-driven loan values fell, impacting CIBIL's Credit Market Indicator, which dropped to a three-year low.

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Navin Wadhwani has stepped down as head of investment banking at JP Morgan India after just over two years. His duties will be shared between Nitin Maheshwari and Ravi Shankar. Wadhwani's exit comes amid a market slowdown, having joined JP Morgan in 2022. Maheshwari and Shankar have been with the bank since 2015 and 2017, respectively.

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BANKING

India's banking sector has shown improvement, with Gross NPAs falling to a 12-year low of 2.6%. The upcoming Budget 2025-26 aims to introduce preemptive steps and systemic reforms to ensure sustainable asset quality, focusing on judicial efficiency, regulatory restructuring, and technological integration.

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BANKING

The RBI faces challenges providing liquidity amidst India's banking system issues, as traditional OMOs have limited impact due to regulatory and structural constraints. Reforms in CRR and LCR requirements could inject direct liquidity, while innovative measures like long-term repo operations and dynamic LCR adjustments might support broader credit growth and equitable economic growth.

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BANKING

Private lenders and all-India financial institutions will now have access to CEIB data before sanctioning or renewing loans. This initiative aims to assist with verification and decision-making processes, placing private lenders on an equal footing with state-owned banks and improving efficiency in financing high-value projects.

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BANKING

Consumer complaints against banks and NBFCs rose significantly in FY23-24, largely due to issues with loans, digital banking, and deposit accounts. The RBI focused on strengthening the consumer grievance mechanism as complaints against private and public sector banks increased, while ATM/debit card complaints saw a decline.

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The State Government has decided to take strict action against micro-finance institutions (MFIs) demanding high interest rates and harassing borrowers. A helpline for complaints is being set up, and new laws will be implemented to prevent forced recoveries and harassment. The CM emphasized the need for compliance with RBI guidelines and the importance of safeguarding borrowers' rights.

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