Banking

The new NPS representative body will promote the pension scheme as a retirement product, ensure transparency and collaborate with policymakers.

Banking Central | Illegal loan sharks in the line of fire, can't escape the net for long

Illegal loan apps have thrived over years leading to a total chaos in the small loan market. It is time to rein in such loan sharks

Vault matters | Barely discussed concerns in gold loans

The year 2024 belonged to gold loans clearly. From one of the largest players, IIFL Finance, being banned for a little over six months this year to the regulator waking up the irregularities in the sector, gold loans have become the product everyone wants to focus on. But if unsecured loans are being realigned as secured gold loans product, is that proposition well thought through?

BULA Bill: Draft law to crackdown on unregulated digital lending proposes ban and imprisonment

The draft of a bill to ban unregulated digital lending has been shared to seek feedback and comments, which has provisions to impose penalties and imprisonment, and seeks to create an online database of lenders operating in India.

Don’t see the need for rate cut as yet in India: Hitendra Dave, CEO, HSBC India

While rate cuts are widely expected, the relevant issue is where is the terminal rate, says Dave

Final binding bids for Avendus Capital come through

Nomura has bid for complete acquisition of Avendus Capital, while bids from Mizuho and other interested investors expected later this week, sources have told Moneycontrol

Shriram Finance seeks record $1.25 billion offshore loan split across currencies

The loan adds to this year’s rush of offshore debt sales by Indian shadow lenders after the nation’s central bank tightened rules in November 2023 that made it increasingly difficult for the sector to obtain local currency bank loans.

HDFC Bank gets administrative warning from Sebi over delayed disclosure of mortgage head's resignation in March

Sebi also said that the lender further violated regulations by failing to explain the reason for the delay in filing the disclosure in this regard.

HDFC Bank reopens stake talks with MUFG for HDB Financial

Ahead of possible changes to the holding norms proposed by the central bank, HDFC Bank is keen to onboard a large investor in HDB Financial before it goes public

Vault matters | Why credit bureaus need to be more borrower friendly

While the central bank has taking a slew of steps to ensure that there is accuracy and faster dissemination of credit history, more can be done to increase the efficiency of credit bureaus. Unlike corporate rating agencies, retail customers barely get a chance to make a case on why the rating score may be wrong. This needs to change for deeper retail penetration

IRDAI likely to bring norms to reduce bancassurance with parent bank

The regulator is likely to encourage diversification across multiple channels to ensure balanced growth, said sources

HDFC Bank assures necessary steps after Sebi's administrative warning over merchant banking rules

The bank informed that it will take necessary steps to address the concerns mentioned in the warning letter and there is no impact on the financial, operation or other activities of bank.

RBI to ensure growth to continue, stability in policy, says governor Sanjay Malhotra

Malhotra said he will uphold RBI's legacy and take it forward

How Sachin Bansal's Navi Finserv reversed RBI lending ban in quick time

Navi’s move to reduce the peak interest rates could also mean that it will naturally reduce its exposure to customers with higher risk profiles and is likely to help the company reduce its NPA during FY 25

RBI and Fin Min coordination at its best, says Shaktikanta Das in his farewell address

Shaktikanta Das underlined the need to restore the inflation-growth balance as a key task ahead for RBI, which the new governor will take forward.

Yes Bank – Why a no till a deal materialises

A pedestrian return on asset makes it difficult to justify valuation

MC Analysis | Sanjay Malhotra, who succeeds Shaktikanta Das as new RBI Governor, has a tougher task

Markets usually anticipate the incoming Governor to slash interest rates. This time around, with inflation being where it is, it needs to be seen whether there is adequate headroom to tinker with rates just yet. Malhotra’s decision on certain critical banking-related issues and the divestment of IDBI Bank will be interesting to note.

Revenue Secretary Sanjay Malhotra named RBI Governor for three years

Sanjay Malhotra, age 56, will take over from Shaktikanta Das on December 11 as the 26th Governor of RBI.

Shaktikanta Das: Career administrator, gold medalist and more - Key facts about one of RBI's longest-serving Governors

Shaktikanta Das Latest News: Shaktikanta Das has served as RBI Governor for six years. This makes him second-longest-serving RBI governor. The longest-serving Guv for RBI was Benegal Rama Rau, who held the position for 7.5 years in the 1950s.

Singapore’s Temasek forms $7.5 billion private debt platform

The portfolio will consist of direct investments and credit funds, Temasek said in a statement Friday.

RBI extends MuleHunter.AI to more banks, tightens noose around mule accounts

Developed by RBI's Innovation Hub, this in-house AI/ML-based tool, called MuleHunter.AI, is a system developed to identify suspected mule accounts.

RBI MPC meeting highlights: Expect tight liquidity in remainder of FY25, says Governor Das on CRR cut

The reduction in CRR would free up Rs 1.16 lakh crore in the banking system, says Das

ICICI Bank's three offices searched by Maharashtra GST officials

ICICI Bank said it is co-operating with GST officials of Maharashtra State government who have initiated search at three offices on December 4. The proceedings are on-going, the bank informed stock exchanges

UPI Lite: RBI raises limit of wallet to Rs 5,000, per transaction to Rs 1,000

Currently, the upper limit of an offline payment transaction is Rs 500 and the total limit for offline transactions on a payment instrument is Rs 2,000 at any point in time.

What to expect from OPEC+’s Dec 5 meeting on output cuts for 2025

With crude oil prices largely trading below $75 a barrel in the second-half of 2024, OPEC is likely to further delay the planned phase-out of the oil supply cuts by three months (or the first quarter of calendar year 2025) to support prices.

Nirmala Sitharaman tables Banking Laws (Amendment) Bill. Here's what it aims to do

The bill seeks to improve governance and also ensure better protection for depositors and investors, the minister said

RBI removes restrictions on Sachin Bansal's Navi Finserv

RBI said it removed the curbs amid 'the company’s commitment to ensure adherence to the regulatory guidelines on an ongoing basis'

MFI loan disbursements likely to be muted in November

This would be the third straight month of weak disbursements for the sector. Industry leaders warn that prolonged shrinkage in monthly disbursements could significantly hamper access to bank funding for NBFC-MFIs in the near term.

Stress builds on the books of microlenders, what should investors do?

Higher delinquencies lead to higher provisioning and credit costs, thereby affecting their bottom line

Competition Commission approves Kotak Bank's acquisition of StanChart India's personal loans portfolio

The acquisition involves transfer of an unsecured personal loan book from Standard Chartered Bank's India arm to Kotak Mahindra Bank.

RBI Governor Shaktikanta Das may secure third term

Sources say his tenure may extended by up to two years. The final decision will be made by the Appointments Committee of the Cabinet (ACC), and an official communication from the government is expected soon

Three BofA bankers in India leave amid probe into stock sale, source says

A whistleblower complaint alleged that Bank of America shared non-public information with some investors before it sold roughly $200 million worth of stock for some clients in India, according to a Wall Street Journal report in September.

IIFL Finance to reorient its gold loan business

From a pure retail product, the lender is in the process of transitioning it into a SME-lending product

Central Bank Of India's insurance foray via Generali JV gets RBI nod

RBI has approved Central Bank of India's entry into the insurance business through a joint venture with Generali group.

Vault matters: Government should give a free hand to RBI on rate setting

The debate over optimal borrowing rates for India Inc. persists, with differing views between the government and the RBI. While rate cuts are popular, the stress in retail lending and bank profitability make them less feasible, with the RBI ultimately having the final say

Economists back RBI's rate cut caution despite Cabinet ministers' nudge

In the last few months, India’s CPI inflation remained on the upward trajectory due to persistent pressure from the food prices. The consumer price inflation touched a 14-month high of 6.21 percent in October, which, according to economists, might have reduced MPC’s room to cut the repo rate in the immediate future

Is RBI turning too conservative on credit risk amid growth worries?

Stifling credit growth in the name of risk management is akin to throwing the baby with the bathwater. Government has sent the right message.

A growing chorus for rate cut from Delhi to be RBI's next challenge

Possibly, the ministers are worried about the tell tale signs of slowdown in the economy

Govt's rate cut clamour grows as RBI governor's term nears end

Speaking at SBI’s Economic Conclave on Monday, Finance Minister Nirmala Sitharaman made a case for a rate cut by the Reserve Bank of India. Earlier last week, Commerce minister Piyush Goyal at CNBC TV18’s event also pitched for a reduction in the repo rate.

Banks have to give options to customers, no mis-selling, force selling should happen, says IRDAI Chairman Debasish Panda

Similarly, RBI Governor Shaktikanta Das on Nov 18 warned banks about unethical practices such as mis-selling of products or the opening of accounts without proper KTC verification

FM calls for affordable borrowing costs, ethical banking: Key takeaways from her speech

Finance Minister Nirmala Sitharaman called for more affordable borrowing costs to support industrial growth, addressed inflation concerns driven by perishable commodities, and emphasized the need for ethical banking practices and robust MSME lending.

India plans minority stake sale in four state-run banks, source says

The finance ministry is likely to seek approval of the federal cabinet in the coming months to dilute the stake in Central Bank of India, Indian Overseas Bank, UCO Bank, and Punjab and Sind Bank, the source said.

Shares of four PSU lenders rise on hopes of progress in minority stake sale plan

The Finance Ministry is likely to seek Cabinet approval in coming months, said the Reuters report.

Banks should target lending of Rs 6.12 lakh cr for FY26 and Rs 7 lakh cr for FY27 to MSMEs: FM Sitharaman

Sitharaman spoke at the 11th SBI Banking & Economics Conclave 2024 in Mumbai

State Bank of India raises Rs 10,000 crore via infra bond issuance

The total number of bids received was 85 indicating wider participation with heterogeneity of bids, the bank said

Ujjivan Small Finance Bank announces sale of NPA and written-off loans worth Rs 270 crore to an ARC

The lender's decision comes at a time when it said in recent past that it would apply for the universal banking licence no later than March 2025

Indian economy is sailing through smoothly due to stable financial system: RBI Governor

In this challenging environment, government bond yields are rising globally, says Shaktikanta Das at CNBC-TV18 Global Leadership Summit

Home-grown companies understand Indian consumers better than foreign players: HDFC Life MD Vibha Padalkar

In an exclusive interview to Moneycontrol, Padalkar says HDFC Life may not expand into health insurance at this juncture

Equitas SFB sees MFI stress for another two quarters after higher provisions dent profit

The worsening of the lender's MFI portfolio meant the first half of the year was 'turbulent' at an industry level, PN Vasudevan, MD, Equitas SFB said.