BUSINESS
RBI to review feedbacks on MFI guidelines when needed, says deputy governor Rao
Some NBFC-MFIs have been requesting the regulator to revise the criteria relating to annual household income limit for giving microloans in view of their growing needs of individual borrowers. They want this limit upped from the existing Rs 3 lakh to about Rs 5 lakh.
BUSINESS
RBI plans discussion paper on capital raising routes for urban co-op banks
RBI Governor Shaktikanta Das said that to provide more flexibility and avenues for urban co-operative banks (UCBs) to raise capital, the apex bank will issue a discussion paper soon.
BUSINESS
RBI keeps close watch on stress in microfinance, credit card loans, says governor
The Reserve Bank of India is closely monitoring the incoming information and will take measures, as may be considered necessary, Das said.
BUSINESS
RBI gears up on green drive with plans to create data repository for climate change risks
The Reserve Bank proposed to create a data repository - Reserve Bank – Climate Risk Information System (RB-CRIS). This comes after climate change is emerging as a significant risk to the financial system world over
BUSINESS
Banks, NBFCs need to give attention to inoperative, mule accounts, cybersecurity: RBI governor
The RBI Governor also said that the health parameters of banks and NBFCs continue to be strong but highlighted some concerns on unsecured loans.
BUSINESS
RBI MPC meet: Transaction limit of UPI123 Pay increased to Rs 10,000, UPI Lite Wallet limit hiked to Rs 5,000
The Reserve Bank of India (RBI) has also increased the per transaction limit for UPI Lite to Rs 1,000 from Rs 500. It also introduced a beneficiary verification system in the RTGS and NEFT systems. This was earlier only available in UPI and IMPS systems.
BUSINESS
Utkarsh SFB’s reverse merger expected to get completed by October 2025, says MD and CEO
The lender, according to MD and CEO Govind Singh, is experiencing pressure on the growth and asset quality of its microfinance book as the sector is seeing some stress
BUSINESS
MPC poll: RBI may maintain status quo in Oct policy, likely to change stance to neutral in Dec
The expectation of a change in stance and an interest rate cut in the next quarterly monetary policy meeting — to be held in December — looms large. The sentiment abounds after US Federal Reserve effected a 50 bps rate cut in September.
BUSINESS
NBFCs' unsecured, MFI portfolio may see some pressure on asset quality: Rating agencies
Ratings agency CRISIL and ICRA highlighted that non-banks may see some pressure on asset quality in some pockets of personal and unsecured loan but the larger asset quality trends will remain healthy.
BUSINESS
Tamilnad Mercantile Bank confident of maintaining NIM at 4%, plans to open 40 branches in FY25, says CEO
The bank is aiming to double its deposit growth rate from the current level, MD and CEO Salee S Nair said.
BUSINESS
MFI stocks trade 7-58% down as finances come under pressure, management issues emerge
Through the past few months, the MFI sector has been facing issues on high provisioning costs and on the management front, besides a slump in collection efficiency
BUSINESS
Pramerica Life Insurance targeting 30% CAGR for next two years, says CEO
The insurer has no plans to go public at least in the next two years, Pankaj Gupta, MD and CEO said. As of now, the company is in a restructuring phase and will be looking at growing aggressively and launching new products.
BUSINESS
Banks expected to report up to 12 bps NIM contraction in Q2: CRISIL's Ajit Velonie
Lenders are experiencing stress in the unsecured SME portfolio. However, the larger unsecured portfolio is under control and mostly the non-banking institutions are under the pump, says Ajit Velonie, Senior Director, CRISIL.
BANKS
RBI Bulletin: Gap between credit-deposit growth narrowing
In the past few months, banks have been lagging in garnering deposits leading to high credit-deposit ratio for some banks. This, the regulator had highlighted earlier, needs to be worked on by introducing innovative products.
BUSINESS
IIFL Finance to make slow growth in gold loan after RBI lifts curbs; profitability may be hit: Brokerages
The regulator had on September 19 lifted restrictions on the gold loan lender. This would allow the lender to restart its gold loan operations but brokerages expect that the lender would look at growing slowly as it will look at keeping all the compliance measures in check.
BUSINESS
Jana SFB introduces FD for short-term liquidity needs, offers 6.75% interest
Highlighting some of the key features of the FD, Ajay Kanwal, MD and CEO of the bank, said to Moneycontrol that customers can opt for instant overdraft facility, same day redemption and availability of partial withdrawal feature.
BUSINESS
Mutual funds, insurance and pension funds should step in corporate lending, says SBI Chairman
Highlighting how some portion of household savings is going towards these funds, CS Setty, Chairman, SBI, said that there is a need for these funds to come into corporate financing.
BUSINESS
Slowing personal, farm lending drags bank credit growth by 6 percentage points
Banks reported a credit growth of 13.7 percent in July 2024, compared to 19.5 percent in July 2023. This was due to the banks’ focus on managing the credit-deposit (CD) ratio and slow growth in personal and agriculture loans, research reports said.
BUSINESS
HDFC Bank working towards becoming carbon neutral by 2032, says Dy MD
Under the bank's CSR initiative Parivartan, by 2025, the lender aims to increase the income of five lakh marginal farmers earning less than Rs 60,000 annually.
BUSINESS
India's private credit market sees $6 billion deals in H12024: EY report
About 58 percent of the transactions involved global funds whereas the remaining 42 percent had domestic funds.
BUSINESS
MC Exclusive | Fintech data, compliance-readiness high on FACE agenda as self-regulatory body
The Fintech Association for Consumer Empowerment (FACE) is the first self-regulatory body for the fintech space. Sugandh Saxena, the chief executive officer (CEO) of FACE, in an exclusive conversation with Moneycontrol explains how the organisation will look at bringing in more and diverse set of FinTechs, making FinTech’s products and solutions regulatory compliant and being a bridge between the regulator and the industry to unlock the full power of fintechs for good.
BUSINESS
Banks should have aspects of climate resilience in all products, say industry experts
In April 2023, the RBI announced the framework for acceptance of green deposits of regulated entities. The idea was to foster and develop a green finance ecosystem in the country, the central bank said.
BUSINESS
Star Health chief pitches for lower GST levy of 12% on health insurance
“Obviously, we are a protection-driven organization. Health insurance is a protection plan. Life insurance protection plans will be something that we will be interested in. Similarly, on the non-life side, we are evaluating multiple things like motor and two-wheeler and so on,” Roy said.
BUSINESS
Indian banks need more technocrats and technology understanding at top level, says BCG’s Ashish Garg
In the past few months, public as well as private sector banks have seen several issues relating to cybersecurity. This, according to Garg, is an evolving feature of the industry where banks are continuously investing and innovating but demands a more focused approach.
