RBI issues regulations to govern payment aggregators in cross-border transactions
The Reserve Bank of India (RBI) on Tuesday issued regulations aimed at governing entities that facilitate payment and settlement for online cross-border export/import transactions. These regulations encompass Payment Aggregators (PAs), which are entities that support the processing of domestic transactions in online mode.

Q2 GDP numbers may surprise on the upside: RBI governor
Reserve Bank of India (RBI) governor Shaktikanta Das on Tuesday said that the second-quarter gross domestic product (GDP) numbers are expected to surprise everyone on the upside. The central bank had earlier projected the GDP to grow at 6.5% in the second quarter of the current financial year.

RBI concerns notwithstanding; Private banks’ personal loans surge in Q2
Private banks and non-banking financial companies (NBFCs) have significantly expanded their personal loan portfolios in the second quarter of the current financial year, despite concerns raised by the Reserve Bank of India (RBI).

RBI to directly regulate entities facilitating cross border payments
Mumbai: The Reserve Bank of India on Tuesday said all entities facilitating cross border payment transactions for import and export of goods and services will be directly regulated by it. Such entities will be treated as Payment Aggregator-Cross Border (PA-CB), the central bank said in a circular. “Keeping in view the developments that have taken place in the area of cross-border payments, it has been decided to bring all entities facilitating cross-border payment transactions for import and export of goods and services under direct regulation of the RBI,” it said. Currently, all Payment Aggregators (PAs), which facilitate processing of domestic transactions in online mode, are covered within the scope of RBI regulations.

RBI 'closely' watching high attrition at some private banks: Shaktikanta Das
Mumbai: RBI Governor Shaktikanta Das on Tuesday said attrition is seen to be high at some private sector banks and that the central bank is watching the issue "closely". Speaking at the annual BFSI Insight Summit organised by Business Standard, Das said the Reserve Bank of India (RBI) is looking at the issue as part of the regulatory supervision efforts.

GIFT taps RBI, finance ministry on family funds

Family offices, used by the rich to park some of their wealth overseas, have found a policy patron in the GIFT City regulator amid a broader, unstated dilemma of allowing unchecked outflows of money. The International Financial Services Centres Authority (IFSCA) is learnt to have approached the ministry of finance and RBI to explore regulatory changes that could pave the way for setting up family offices in GIFT City, the country's only financial services centre, a person familiar with the matter told ET.

No concerns on asset quality front in foreseeable future, says SBI chairman
Talking to Business Standard's consulting editor, Tamal Bandyopadhyay, at the Business Standard BFSI Insight Summit 2023 in Mumbai, Khara said, "We see no concerns on asset quality front in foreseeable future."
 

Banks seek talent for on-tap CXO hiring
State-run banks are increasingly turning to consultants, empanelling them to identify domain experts and speed up future hires as and when they need executives for specialized C-suite roles.

‘SBI and LIC should be recognised as Maharatnas’
Mumbai: While two public sector financial institutions — State Bank of India (SBI) and Life Insurance Corporation of India (LIC) — are in the list of top 10 most profitable companies, they remain conspicuous by their absence in the Maharatnas list, posing a question as to the appropriateness/relevance of the composite list, said SBI’s economic research department (ERD).

‘Don’t see buildup of stress in cards, MFI segments’: MD & CEO R Subramaniakumar, RBL Bank
Even as concerns around the rapid pace of banks’ loan growth in unsecured loan segment continue, RBL Bank is not seeing any buildup of stress in the credit card and microfinance (MFI) space, MD & CEO R Subramaniakumar told Piyush Shukla in an interview. Excerpts:  

IDBI Bank files insolvency plea against Mumbai Metro One

IDBI Bank has petitioned the Mumbai bankruptcy bench to initiate corporate insolvency against Mumbai Metro One Pvt Ltd, which operates the metro line from Versova to Ghatkopar. The lender is seeking recovery of Rs 133.37 crore, including interest component, from Mumbai Metro One, according to stock exchange disclosure.

Canara Bank prepares subsidiary for credit card business

Canara Bank is poised to convert its subsidiary Canbank Computer Services into a credit card unit as it attempts to derive more value from the unsecured line of business just as SBI Cards and BoB Cards have done.

Public sector lender BoB's head of digital lending Akhil Handa quits

BOB, in a late-night exchange filing, said Kadgatoor Sheetal Venkatesmurt will handle this charge in addition to her role as head of digital channels and operations. The reason for the change is due to the cessation of employment of Akhil Handa.

Cayman Islands’ exit from FATF grey list to boost FDI inflow in India
The Cayman Islands’ removal from the Financial Action Task Force (FATF) grey list is expected to have a positive impact on global private equity funds seeking to invest in India, say experts. 

DBS India puts ₹437-cr bad loans on the block, seeks all-cash bids
Mumbai: DBS Bank India has initiated the process to sell ₹437 crore non-performing loans including 69 accounts and asked for bids on an all-cash basis. The bank has set the reserve price at ₹30 crore, based on an anchor bid, which entails a recovery of 7%.

PNB Housing will resume corporate lending in 2-3 quarters
PNB Housing Finance will resume corporate lending in the next 2-3 quarters, managing director and chief executive officer Girish Kousgi has said. However, this will be with the sole purpose of fuelling growth in its retail segment.

Vridhi Home Finance secures ₹150 cr from Elevation Capital
Bengaluru: Vridhi Home Finance, a housing finance lender, has raised ₹150 crore in its maiden round of funding from venture capital firm Elevation Capital. With the fresh funding, the lending startup wants to scale up operations, raise credit lines from larger lenders and expand in North Karnataka and Andhra Pradesh. Founded in 2022 by senior finance professionals Sunku Ram Naresh, Chief Executive Officer, Sunil Mehta, Chief Finance Officer and Sandeep Arora, Chief Operating Officer. The Bengaluru-based start-up recently received its home finance license. It currently operates 20 branches across Karnataka and Andhra Pradesh.

Reliance & SBI Card tie-up to launch lifestyle-focused credit card
SBI Card has tied up with Reliance Retail to launch the Reliance SBI Card credit card, giving customers who shop at its retail outlets access to rewards and benefits, the company said in a statement on Tuesday.

Reliance SBI Card: From reward points to annual fee, all you need to know
SBI Card and Reliance Retail have joined hands to launch Reliance SBI Card with two variants: Reliance SBI Card Prime and Reliance SBI Card. 

Almost 10% RuPay cardholders have registered on UPI: SBI Card MD
Mumbai: Nearly 10 per cent of SBI Card’s RuPay cardholders have registered their cards on the UPI platform, MD and CEO Abhijit Chakravorty said on Tuesday.

Religare eyes to become a full-fledged bank: Chairperson
New Delhi: Religare Enterprises Ltd (REL) will aim to become a full-fledged bank in the coming years even as Dabur Promoter Burman family is looking to gain management control of this financial services holding company, its Executive Chairperson Rashmi Saluja said on Tuesday.

Motilal Oswal Alternates gets CCI nod for stake buy in SK Finance
Fair trade regulator Competition Commission of India (CCI) on Tuesday cleared Motilal Oswal Alternates’ acquisition of stake in SK Finance Ltd.

Muthoot Microfin Q2 Results: Net profit jumps 25-fold to Rs 110 crore

Muthoot Microfin has seen its net profit for the September quarter jumped to Rs 110 crore against Rs 4.5 crore in the year-ago period, backed by healthy business, earnings growth and asset quality improvement.

Reliance bets big on AI to power its consumer finance business

Led by veteran banker KV Kamath, Reliance Group-owned Jio Financial Services (JFS) is chalking out a startup business plan backed by artificial intelligence (AI) and a digital focus to compete effectively on costs as a late-comer in the business. Officials close to the matter said Jio will use technology and data to tap a huge chunk of middle-class and low middle-class consumers in urban markets and hinterlands with existing Reliance centres and Jio World Centres as touch points.

Fintech apps: As money moves without changing hands, extra caution needed
In recent years, the use of fintech apps in India has skyrocketed. These apps allow users to easily manage their finances, invest in stocks, and make payments, among other things. 

Why should you consider linking your credit card with UPI?
In an age where technology continues to shape our financial landscapes, it is crucial to stay ahead of the curve. One such advancement that demands our attention is the fusion of credit cards with UPI (Unified Payments Interface). This innovative marriage of traditional and contemporary financial instruments offers a plethora of benefits.

Temple and Panchayat payments go digital in next fintech wave

The next wave of digital payments will be led by ‘person-to-government’ payments moving away from cash.

Bitcoin holds above $34,200 ahead of Fed interest rate decision; Solana jumps 10%

The major cryptocurrencies traded higher on Tuesday ahead of the US Federal Reserve's decision on interest rates scheduled for tomorrow.

Fidelity Investment, BNY Mellon’s foray into crypto a boon, not bane: Giottus Crypto

Big financial institutions such as Fidelity Investments’ foray into the cryptocurrency market is a boon rather than a bane for the asset class and will aid in building the ecosystem further, according to Vikram Subburaj, CEO, Giottus Crypto Platform.

NFO Review: Should you invest in the newly launched Aditya Birla Sun Life Transportation and Logistics Fund?
The clamour for higher returns has caused many investors to put their money into thematic or sectoral funds. More investors are looking forward to new fund offers (NFOs) launched by mutual fund houses. Take for example the recent launch of the Aditya Birla Sun Life Transportation and Logistics Fund by Aditya Birla Sun Life Mutual Fund that has again caused many investors to ask if the same is worth considering. 

Kotak Alternate Asset Managers’ Iconic Fund raises ₹1,000 crore
Chennai: Kotak Alternate Asset Managers Limited on Tuesday said that its Kotak Iconic Fund has raised ₹1,000 crore. The fund has maintained a flexible approach by adopting diversified active and passive strategies across market capitalisation and tactical allocations.

Anicut Capital receives over Rs 30 crore infusion from HDFC AMC’s Fund of Funds
Anicut Capital, which makes investments through its debt and equity funds, said it has received an investment of over Rs 30 crore from HDFC Asset Management Company’s (AMC) Fund of Funds, with an additional allocation expected in the near future.

27 equity funds offer over 15% in 3, 5, 7, 10 years on lumpsum investments

Most investors dream of pocketing ‘good’ returns from their mutual fund investments in every possible horizon. Like most dreams it just remains a dream. However, thanks to the upward march of the stock market, the dream is reality now. Around 27 equity mutual funds have offered more than 15% in three, five, seven, and 10 year horizons on lumpsum investments, revealed an analysis of performance of around 144 equity mutual fund schemes that have completed 10 years of existence.

BS BFSI Summit 2023: No funding winter in PE investments, say experts
There is no funding winter in private equity (PE) investments in India, industry experts said at the Business Standard's BFSI Insight Summit 2023 in Mumbai on Tuesday.

Surging yields drive Indian corporate bond sales to 5-yr low in Oct
The private placement of bonds by Indian corporates likely hit a five-year low in October as tight liquidity and the central bank's plan of debt sales prompted companies to push back their fundraising goals.

To tap FPIs, govt plans to GIFT wrap masala bond issue

Mumbai: About a decade after the International Finance Corp helped facilitate the initial sale of masala bonds, New Delhi plans to test the waters with an initial bond sale worth around ₹20,000-25,000 crore.

Debut of 50-year India bond lures insurers hungry for yields

Insurers in India are lining up to grab a share of the nation’s debut 50-year bond offering, highlighting the growing heft of long-term investors in the nation’s $1 trillion debt market.