RCap must maintain an arm’s length from IndusInd Bank: RBI
The Reserve Bank of India (RBI), which has approved Reliance Capital’s (RCap) insolvency process, has directed the debt-laden firm to maintain an arm’s length from IndusInd Bank, a Hinduja Group company. The regulator also approved the appointment of five Hinduja Group representatives as directors on RCap’s board.

RBI mulls new penalty framework for banks
The Reserve Bank of India (RBI) is considering a comprehensive review of its penalty system, Business Standard reported citing a senior regulatory source. The potential changes might involve increasing the penalty amounts, this could be in accordance with the size of the regulated entities, their importance to the system, and the number of repeat offences, it added.

RBI approves RCap resolution plan
Mumbai: The Reserve Bank of India has granted its approval to Hinduja Group’s resolution plan for Reliance Capital (RCap), paving the way for the group’s takeover of the latter.

RBI slaps over ₹67 lakhs monetary penalty on 4 co-operative banks, 1 NBFC. Details here
 

ESAF SFB expects 3.5% rise in CRAR post IPO
Thrissur-headquartered ESAF Small Finance Bank (SFB) is expecting its capital adequacy ratio (CRAR) to rise by 3.5% to over 24% in December-end after the lender completed its Rs 463 crore initial public offering (IPO) earlier this month, MD & CEO K. Paul Thomas told FE. As of September end, the SFB’s CRAR stood at 20.57%.

Govt appoints Vinay M. Tonse as MD of SBI until Nov 30, 2025
The Government of India on Monday appointed Vinay M. Tonse as the Managing Director of State Bank of India until November 30, 2025.

In a sweet spot: SBI’s upgrades 60 NPA accounts through fintechs
State Bank of India’s (SBI) novel approach of distributing sweets and counselling borrowers to recover non-performing accounts (NPAs) have started yielding good results. The country’s largest bank has been able to upgrade nearly 60 NPAs, or around 13% of total accounts sent as a pilot project to fintech for resolution, said a senior official.

Repco Bank aims to achieve business mix of ₹20,000 cr. in FY24
Repco Bank Ltd., is moving swiftly towards achieving a business mix of ₹20,000 crore in FY24, said Managing Director R.S. Isabella.

YES BANK appoints Tushar Patankar as its chief risk officer
According to an official release, YES BANK announced the appointment of Tushar Patankar as Chief Risk Officer (CRO).

Unity Bank to foray into credit card, personal loan biz

Centrum group owned Unity Small Finance Bank will make an entry into credit card and personal loan space soon as part of its plan to diversify into retail lending even as the Reserve Bank of India (RBI) raised capital requirements for such loans.

FinMin asks PSU banks to take measures to strengthen cybersecurity
 

Accel Partners, Quona Capital to hike stake in Shivalik SFB
Interest in the Small Finance Bank (SFB) space is certainly on the rise. Global venture capital funds, Accel Partners and Quona Capital are set to increase their stake in Shivalik Small Finance Bank to 9.99 per cent each. Presently both VCs hold a 4.99 per cent stake each in the bank. Highly placed sources say both investors have approached the Reserve Bank of India to increase their shareholding in the bank and are awaiting final approval from the regulator.

RBI fines Pudukkottai Co-operative Town Bank for non-compliance of guidelines
The Reserve Bank of India (RBI) imposed a penalty of ₹25,000 on Pudukkottai Co-operative Town Bank Ltd for non-compliance of the  directions issued on ‘Board of Directors - UCBs’.

Sidbi, NSIC subsidiary to back startup fund Sorin

Small Industries Development Bank of India (Sidbi) and The National Small Industries Corporation (NSIC) will back Sorin Investments, the startup fund owned by Sanjay Nayar, the former head of private equity firm KKR India, in a major sign of confidence for the veteran banker and deal maker.

Credit card on UPI startup Kiwi raises $13 million

Fintech startup Kiwi has raised $13 million as a part of its latest round of funding led by Omidyar Network India. Existing investors Nexus Venture Partners and Stellaris Venture Partners also participated in the round.

RBI's consumer loan action is credit positive: Moody's
Lenders' need to allocate higher capital on unsecured personal loans, following the Reserve Bank of India's decision, will improve their loss-absorbing buffers and will turn out to be credit-positive, Moody's Investors Service said in a note on Monday.

RBI directs Reliance Capital's acquiring company IIHL BFSI (India) to maintain arm's length distance from IndusInd parent

The Reserve Bank of India (RBI) has directed that IIHL BFSI (India), the company acquiring Reliance Capital, should maintain an arm’s length distance from its parent company, IndusInd International Holdings Ltd (IIHL).

Fintechs bet big on credit line on UPI but banks tread with caution
Fintechs such as Freo, Jupiter and PayU are betting big on bringing a credit card-like payment experience for consumers on Unified Payments Interface (UPI) that has emerged as the fastest-growing payments platform in the country.

Fintech customers may switch to banks, NBFCs after rate hike
Fintech lenders may see their customers shifting to banks and non-banking financial companies (NBFCs) with an impending rise in their interest rates.

Indian payments space is changing beyond UPI
India’s UPI, or Unified Payments Interface, has captured headlines, thanks to the speed with which it scaled up and the innovations around it. India plans to export it to other countries, as a key element of ‘digital public infrastructure’ adopted in the recently concluded G20 summit. However, even outside of UPI, there have been significant changes in India’s financial landscape in the past year. Data from the Reserve Bank of India (RBI) shows that cash withdrawals from ATMs have dropped, credit cards are racing past debit cards, worrying the regulator, and companies are pushing prepaid cards, despite their low returns.

New record on BSE: Turnover hits new record at Rs 192 Lakh Crore
In a historic feat, the Bombay Stock Exchange (BSE) has set a new record with over 29 crore contracts traded, reaching a peak Open Interest (OI) of 65.7, and boasting a remarkable notional turnover exceeding ₹192 lakh crore. The achievement marks a significant milestone in the exchange’s history and underscores the robust participation and confidence of market participants.

Major cryptocurrencies trade mix; Bitcoin gains 2% amid dollar weakness

Major cryptocurrencies traded mixed on Wednesday amid a fall in the greenback. Bitcoin (BTC) was trading at $37,198.42, up 1.84%. While top crypto tokens like Ethereum (ETH), BNB, XRP, Solana, Cardano, and Dogecoin were up between 1% and 3.70% around 10.15 IST. 

Bitcoins's gains over the past seven days have been to the tune of 0.80% while for Solana Dogecoin and Cardano, the uptick has been nearly 4%, 2%, and 5% respectively. The laggards on a seven-day basis include XRP (-4.6%), Ethereum (-1.83%), and Tron (-5%).

Major cryptocurrencies trade mix; Bitcoin gains 2% amid dollar weakness

Major cryptocurrencies traded mixed on Wednesday amid a fall in the greenback. Bitcoin (BTC) was trading at $37,198.42, up 1.84%. While top crypto tokens like Ethereum (ETH), BNB, XRP, Solana, Cardano, and Dogecoin were up between 1% and 3.70% around 10.15 IST. 

Bitcoins's gains over the past seven days have been to the tune of 0.80% while for Solana Dogecoin and Cardano, the uptick has been nearly 4%, 2%, and 5% respectively. The laggards on a seven-day basis include XRP (-4.6%), Ethereum (-1.83%), and Tron (-5%).

NFO collection surges 4 times to Rs 22,000 crore in Sep quarter
Mutual funds' collection through new fund offerings (NFOs) surged nearly four times to Rs 22,000 crore in the July-September period this fiscal compared to the preceding quarter as 48 new schemes hit the market. Going forward, more NFOs can be expected in the coming quarters as several AMCs become operational and offer similar and differentiated products to the equity and debt investors, Gopal Kavalireddi, Vice President of Research at FYERS, said.

Unifi Capital gets SEBI nod to launch MF business
Mumbai: Unifi Capital has received market regulator SEBI’s in-principle approval to launch mutual fund business. Established in 2001 as a registered portfolio manager, Unifi currently manages over ₹20,000 crore on behalf of about 10,000 Portfolio Management Services and Alternative Investment Funds clients across 22 States in India.

Kotak Mutual Fund launches Kotak Healthcare Fund
Kotak Mutual Fund has launched Kotak Healthcare Fund, an open-ended scheme that will invest in pharma, healthcare and allied sectors.

New Fund Offer: DSP Mutual Fund launches Banking and Financial Services Fund. Check details
DSP Mutual Fund has announced the launch of DSP Banking & Financial Services Fund (DSP BFSF), which is an open-ended scheme that offers investors an opportunity to partake in the long term structural opportunity in the banking and financial services space. 

DSP Mutual Fund launches DSP Banking & Financial Services Fund
DSP Mutual Fund announced the launch of DSP Banking & Financial Services Fund, an open-ended scheme that offers investors an opportunity to participate in the long term structural opportunity in the banking and financial services space.

Bajaj Finserv Balanced Advantage Fund launched
Bajaj Finserv Mutual Fund has announced the launch of Bajaj Finserv Balanced Advantage Fund, an open-ended dynamic asset allocation fund suitable for investors wanting to invest in equity and equity-related instruments including derivatives, and fixed income instruments.

Bajaj Finserv AMC launches Balanced Advantage Fund – Check details
Bajaj Finserv Asset Management has announced the launch of Bajaj Finserv Balanced Advantage Fund (BAF) – an open-ended dynamic asset allocation fund suitable for investors wanting to invest in equity and equity-related instruments, including derivatives and fixed income instruments.

Longer term growth for private banks can be faster than industry: Karthikraj Lakshmanan, UTI AMC

Private banks is one space where longer term growth can be faster than industry and the banking industry itself could grow faster than the nominal GDP, believes Karthikraj Lakshmanan, senior VP and fund manager - equity at UTI Asset Management.

Birla MF garners ₹200 crore via passive NFO
 

TVS Capital Funds appoints Ramesh Iyer as Board Member
A rupee capital growth PE fund manager TVS Capital Funds has appointed Ramesh Iyer as a Board Member. As the Vice-Chairman and MD of Mahindra Finance, Iyer's primary responsibility has been to promote inclusive growth and foster rural prosperity.

Indian pvt banks make largest single-day govt bond purchase in 7 years
Indian private sector banks made the largest single-session purchase of government bonds in seven years on Friday, including a big investment on behalf of a corporate, traders said.

India's tougher personal loan rules may force some NBFCs to tap bond market
Indian non-banking finance companies (NBFCs), including Bajaj Finance, L&T Finance and SBI Cards and Payment Services, are likely to tap the bond market to raise funds following the central bank's tighter rules for personal loans, six banking sources told Reuters.

Jio Financial Services in talks for maiden bond issue to raise Rs 5,000-10,000 crore: Bankers
India's Jio Financial Services is in early talks with merchant bankers for its maiden bond issue, four bankers told Reuters on Monday.

AMC Repo Clearing in talks with Sebi to cut costs

Mumbai: AMC Repo Clearing is in talks with the Securities and Exchange Board of India (Sebi) to find ways to bring down operational costs related to taxation rules and the role of intermediaries on the tri-party repo platform, which the government is banking on to deepen the corporate bond market.

Citigroup cuts over 300 senior manager roles in latest restructuring
Citigroup Inc. is eliminating more than 300 senior manager roles as part of Chief Executive Officer Jane Fraser’s efforts to simplify the Wall Street giant.