BANKING

India plans to reduce the number of regulations in the insurance sector and create a one-stop platform for insurance services. The country aims to promote ease of doing business and make insurance accessible to all income levels. India also plans to adopt a risk-based capital regime and harness technology for product diversification.

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BANKING

Vijay Shekhar Sharma, founder of Paytm, considered resigning from Paytm Payments Bank due to mounting regulatory pressures. Discussions were held to address compliance concerns and maintain a distance between the bank and Paytm app. Independent directors have also resigned from the bank's board.

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BANKING

Sankar emphasized the increasing importance of cyber security as banks become more reliant on technology. He urged a closer examination of cyber security measures, recognizing that breaches are not a matter of if, but when. Sankar emphasized the need to stay informed about global developments in cyber security.

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BANKING

Airtel Payments Bank CEO Anubrata Biswas reported a significant increase in online applications for opening bank accounts and obtaining services like FASTag in recent days. While Biswas didn't confirm if this surge was due to users shifting from Paytm Payments Bank post-RBI's action against Paytm, Airtel Payments Bank has experienced a notable rise in digital product applications, approximately 5-7 times higher than January rates.

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BANKING

Addressing a NBFC summit organised by the Confederation of Indian Industry (CII) Rao said though total assets of NBFCs have increased to 18.7% of the banking sector assets from 13% a decade ago, there are certain risks in their business models or balance sheets which need to be monitored for necessary actions.

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BANKING

When Yes Bank was in trouble, the RBI rejected the offer from distressed funds manager JC Flowers and instead arranged a merger with a group of local banks. This demonstrates the RBI's focus on finding the most suitable solution for the financial sector.

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BANKING

The Reserve Bank of India (RBI) has requested banks and NBFCs to provide borrowers from retail and micro and small enterprises with a key fact statement (KFS) detailing loan agreement information, including all-in-cost. The move aims to increase transparency and disclosure in loan pricing by regulated entities.

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