BANKING

C-Edge Technologies, a tech service provider for cooperative banks, experienced a ransomware attack that disrupted online payment services for over 100 banks. The National Payments Corporation of India (NPCI) responded by isolating C-Edge from its payment systems to prevent further issues.

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BANKING

Indian banks transferred $2.5 trillion, or 80% of GDP, through smartphones. However, the RBI is now raising liquidity requirements for mobile-linked deposits, drawing a parallel to the SVB failure. This move aims to ensure banks' stability but could affect credit growth and net interest margins.

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BANKING

The government's National Credit Guarantee Trustee Co Ltd has released ₹301 crore to Bank of Baroda (BoB) as part of its claim from loans given to the defunct Go First Airlines under the Emergency Credit Line Guarantee Scheme (ECLGS). This marks the first recovery for any lender from the bankrupt airline, with other lenders now looking to follow suit to recover their dues.

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BANKING

The government aims to receive financial bids for IDBI Bank by the end of this financial year, moving from the due diligence phase. DIPAM Secretary Tuhin Kant Pandey highlighted the complexities of strategic disinvestment, including management control shifts, regulatory approvals, and addressing employee-related issues. The disinvestment strategy aligns with broader public asset management goals.

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BANKING

Care Ratings reported that since January 2024, credit growth has been slower than deposit growth by Rs 3.5 lakh crore. Additional credit reached Rs 8.4 lakh crore, while deposits grew by Rs 11.9 lakh crore. By July 12, 2024, the credit-to-deposit ratio was 79.4%, suggesting potential difficulties for future credit expansion.

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BANKING

IDFC First Bank's CEO V Vaidyanathan mentioned that the bank reduced its need for aggressive deposit and branch expansion as it transitioned to retail deposits. Provisions were projected to remain elevated in the near term due to asset quality issues, with improvement expected from Q3 onwards. The bank adjusted its deposit and credit growth targets accordingly.

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BANKING

The RBI released new guidelines for banks and NBFCs to tackle wilful defaulters, mandating scrutiny of accounts with outstanding debts of Rs 25 lakh and above. Lenders have a six-month window to classify a borrower as a wilful defaulter. No additional credit will be given to these defaulters for a year post removal from the list.

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