Lenders in India have requested the Reserve Bank of India (RBI) to double the housing loan amount considered as priority sector lending. Currently, a housing loan of ₹35 lakh in a metropolitan city is considered priority sector lending. The lenders argue that this amount does not reflect the current real estate prices, which have increased since the limits were set in 2018.
"Drumroll please! UPI has just shattered records with an astonishing 10 billion plus transactions. Join us in celebrating this incredible milestone and the power of digital payments. Let's keep the momentum going and continue to revolutionize the way we make transactions with UPI!." NPCI, which run the payment system, said on social media platform 'X', formerly known as Twitter.
Max Financial Services on Thursday issued a clarification on share sale transactions involving Axis Bank and Max Life Insurance Company Limited (‘Max Life’). The company dismissed reports of violation of norms in the Axis-Max Life deal, as reported by CNBC TV18 on August 31, 2023.
Piramal Enterprises plans to double its loan book by FY28, with a focus on retail loans, according to Chairman Ajay Piramal. The company aims to reduce the size of its wholesale book and lend to mid-sized corporates while exiting its legacy wholesale book. The new loan book will be more granular, with smaller loan sizes and a focus on interest and regular repayments.
Finance Minister Nirmala Sitharaman has urged Regional Rural Banks (RRBs) to eliminate duplicate accounts under the Pradhan Mantri Jan Dhan Yojana (PMJDY) and focus on increasing penetration of the Pradhan Mantri MUDRA Yojana (PMMY). Additionally, the finance minister called for the mapping of RRBs with MSME clusters and the expansion of rural branches in these areas.
The Reserve Bank of India (RBI) has urged the directors of Urban Co-operative banks (UCBs) to enhance governance practices to ensure stability. RBI governor Shaktikanta Das highlighted the importance of a professional Board of Management and emphasised the need to strengthen compliance, risk management, and internal audit. He also called for proactive asset liability management and improved liquidity risk management.
In its appeal, Torrent Investment said the matter is pending with the Supreme Court and if the tribunal approves IIHL's Rs 9,650 crore resolution plan it will become infructuous if the apex court rules against the Committee of Creditors (CoC) decision on the extended challenge mechanism. However, the counsel for the administrator said, the apex court did not stay the proceedings on NCLAT's order on the extended challenge mechanism.