BANKING

Starting October 8, India will allow users to authenticate Unified Payments Interface (UPI) transactions through facial recognition and fingerprints, using Aadhaar-based biometric data, sources said. The move follows new RBI guidelines permitting alternative authentication methods and replaces the current PIN-based system. The NPCI plans to showcase the feature at the Global Fintech Festival in Mumbai.

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The Reserve Bank India will use the wholesale leg of its central bank digital currency (CBDC) as the underlying layer for the exercise, RBI chief general manager Suvendu Pati said on Tuesday.

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BANKING

Sammaan Capital is set to significantly expand its affordable housing loan offerings. A substantial $1 billion investment from Abu Dhabi's International Holding Company will fuel this growth. The company aims for 1 trillion Indian rupees in assets under management by financial year 2027. This strategic move involves opening numerous new branches, primarily in smaller cities and suburban areas.

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Microfinance interest rates are rising, defying the general trend of declining rates, as lenders grapple with increased credit costs and persistent asset quality issues. Major NBFC-MFIs have hiked their lending rates, widening the range to 18-28% due to higher delinquency and funding costs.

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The Reserve Bank of India's October policy measures offer major relief to non-banking financial companies. A Morgan Stanley report confirms this supportive stance. The RBI removed business overlap restrictions for bank-promoted NBFCs. It also reduced risk weights on infrastructure project lending. These steps benefit infrastructure-focused NBFCs such as Power Finance Corporation and REC Limited. The repo rate remains unchanged.

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Bank of Maharashtra reported strong financial performance. Credit growth reached 16.8 percent in the second quarter. Total advances stood at Rs 2.17 lakh crore. Deposits increased by 12.1 percent to Rs 3.09 lakh crore. The bank's total business rose 14.2 percent. CASA ratio improved to 50.35 percent. These figures reflect robust growth.

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BANKING

ECL is a forward-looking accounting standard that requires banks to make provisions on expected losses based on past asset quality, instead of incurred loss-based provisioning. The already created buffer would come into play from the first quarter of FY28. "Banks with higher floating and contingent provisions would be less impacted by the ECL provisioning norm. Typically, a few large private banks have built material floating provisions as compared to their public sector peers," Icra senior vice president and co-group head Anil Gupta told ET.

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