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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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