Odisha Govt signs MoU with six public sector banks to provide banking services in unbanked gram panchayats
The six public sector banks including State Bank of India, Punjab National Bank, Union Bank of India, UCO Bank, Bank of India and Bank of Baroda will be providing banking services in all unbanked gram panchayats of the state through CSP Plus banking outlets.

India's re-jig of banks' investment rules to boost govt debt appetite
The Indian central bank's removal of the cap on how much a bank can invest in bonds they intend to hold to maturity will boost lenders' appetite for government securities and benefit their bottom lines, four bankers said on Wednesday.

Decoding RBI’s new floating rate home loan guidelines
Most home loans are on floating rate. While banks offer fixed and floating-rate loans, there is a reason why it happens mostly on floating rate. Earlier, in particular in 2020 and 2021, interest rates were largely on the lower side.

Central Bank digital currencies to replace cash in the coming decade: report
Central bank digital currencies (CBDCs) have the potential to replace cash in the coming decade, according to a report by venture capital firm Blume Ventures shared with ET.

Return property documents within 30 days or pay fine of Rs 5000 per day to loan borrowers: RBI tells banks

The Reserve Bank of India (RBI) issued a directive mandating Regulated Entities (REs) including banks to surrender all original movable, immovable property papers and eliminate charges lodged with any registry within 30 days of the loan account being fully repaid/ else pay the fine on a delayed number of days.

RBI revises valuation, investment classification norms for banks
 

RBI asks lenders to release all original property documents within 30 days of loan settlement
 

Stable Money launches first fixed deposit marketplace
Fixed return investment platform Stable Money has launched the country’s first fixed deposit (FD) marketplace for retail investors. The platform offers FDs, comparing interest rates from over 200 banks and NBFCs, and enables customers to manage and track their FDs on the platform. Additional features include ‘Break FD’ which gives flexibility to access funds before maturity without sacrificing returns, and ‘FD Laddering’ that helps maintain a balanced portfolio by considering both liquidity and returns. The ‘Switch FD’ feature allows depositors to make swift adjustments in response to market changes.

How to invest in Sovereign Gold Bonds (SGBs) through top Indian banks like SBI, PNB, ICICI and Canara Bank
Sovereign Gold Bonds (SGBs) present a smart alternative to physical gold investment, combining capital appreciation and interest. Issued by the Government of India (GoI), these bonds mitigate risks tied to physical gold. The latest Sovereign Gold Bond Scheme 2023-24 - Series II, available for subscription until September 15, offers one gram of gold at Rs 5,923. Online applications with digital payments enjoy a discount of Rs 50 per gram. The bond's nominal value depends on the average gold price during September 6, 7, and 8, 2023, by the India Bullion and Jewellers Association Ltd (IBJA). Here's how to invest via top bank websites:

Banks tap certificates of deposit to meet rising credit demand
Mumbai : Banks are turning to cheaper certificates of deposit (CDs) to meet credit demand which has outpaced deposit growth, data showed.

We now operate like a tech company: Milind Nagnur, group president & CTO, Kotak Mahindra Bank
In the realm of modern-day banking, customer experience is nothing but technology experience, says Milind Nagnur, group president & CTO, Kotak Mahindra Bank. Responsible for technology strategy, enhancing digital capabilities and harnessing new age AI/ML technology solutions for all areas of the bank, he talks to Sudhir Chowdhary about the bank’s digital transformation strategy.

Citibank India introduces new WFH policy for working mothers to provide greater flexibility
In a move aimed at providing greater flexibility for working mothers, Citibank India has introduced a new work-from-home (WFH) policy allowing female employees to work remotely for up to 12 months following their 26-week maternity leave. Additionally, expectant mothers can request three months of WFH during their final trimester, subject to review and approval.

SBI Fixed Deposit feature that enables senior citizens to get over 2x in 10 years is nearing its end!
By enabling an additional interest of 0.5% over and above the existing extra 0.5%, SBI’s WECARE fixed deposit scheme has helped senior citizens earn more on their long-term deposits of 5 to 10 years. The scheme was launched during the pandemic on May 12, 2020, and it is valid till the end of this month, i.e. September 30, 2023, according to information on the SBI website.

Banks push for low-cost CASA
Banks, especially the public sector ones, have started aggressively pursuing low-cost current account and savings account (CASA) deposits. And they are using innovation methods like deploying direct selling agents, giving perks to employees and others, multiple senior bankers told FE.

Banks seek relaxation in account takeover norms

The Centre is examining a suggestion made by lenders to relax existing guidelines that prevent state-run banks from taking over corporate accounts from another lender where its current top management was previously posted. Over a decade ago, the government, through an advisory, asked public sector banks, or PSBs, to stop this practice and seek board approval with specific reasons justifying the takeover of the account.

Axis Bank sees some stress in personal loans: Macquarie report

Mumbai: Small-ticket personal loans below ₹50,000 and some higher-end personal loans are seeing some stress, according to Amitabh Chaudhry, managing director of Axis Bank. Speaking to investors in Singapore, as per a Macquarie report, Chaudhry also highlighted some specific concerns about capital expenditure (capex) demand.

Exim Bank raises ₹8,288 cr in FY24 so far; lines up expansion plans
Export-Import Bank of India (India Exim Bank) has raised ₹8,288 crore so far in the current financial year. “During the period April-August 2023, the bank has raised an aggregate amount of ₹8,288 crore comprising foreign currency resources equivalent of approximately $600 million (₹4,940 crore) and rupee resources of ₹3,348 crore,’’ Harsha Bangari, Managing Director, Exim Bank told businessline.

Stable Money: Platform providing digital fixed-return investment opportunities launched
Stable Money, an online marketplace providing fixed-income investment opportunities to investors was launched and is now ready for customers to download, said the company through its press release on Wednesday.

Bajaj Housing Finance offers home loans at 8.45% per year
Bajaj Housing Finance has announced a festive offer on home loans with interest rates starting at 8.45% per annum for salaried applicants.

Reliance Capital insolvency: NCLT rejects Torrents's plea, to hear Hinduja's resolution plan approval on September 26
The National Company Law Tribunal (NCLT) will hear on September 26 the resolution plan for debt-ridden Reliance Capital submitted by Hinduja Group firm Indusind International Holdings Ltd (IIHL) as Torrent Investments' plea to keep the decision in abeyance has been rejected. The Mumbai bench of the insolvency tribunal has rejected the Torrent's plea to keep the application for approving IIHL's resolution plan in abeyance till a final order is passed by the Supreme Court in the matter.

Fundraising: Corporates, lenders turning to debt markets for lower costs
Mumbai: Indian companies are raising more funds directly from the market through commercial papers (CPs), and banks are choosing certificates of deposit (CDs), to benefit from negotiable borrowing costs.

AU Small Finance eyes Fincare SFB for acquisition
AU Small Finance Bank is said to be in preliminary talks to acquire the business of Fincare Small Finance Bank. According to highly placed sources, the development is quite recent, and discussions are at nascent stages.

Aditya Birla Capital Digital launches Payment Lounge in collaboration with PhiCommerce
Aditya Birla Capital Digital Limited, the wholly owned subsidiary company of Aditya Birla Capital Limited, on Wednesday, announced the introduction of Payment Lounge, powered by PhiCommerce. Payment Lounge is an omni-channel, multi-mode collections platform to enable merchants to provide a unified, secure, and faster transaction experience to their customers for making digital payments. The technology behind the payment infrastructure has been powered by omnichannel payment solutions company PhiCommerce.

IL&FS to sell custody & depository unit

The IL&FS board has put the group's custody and depository business, IL&FS Securities Services (ISSL), on the block almost five years after IndusInd Bank pulled out of a deal to acquire the entity following the collapse of the infrastructure financier in September 2018.

Want to UPI now and pay later? Find out how you can do UPI with insufficient bank balance
You can now make payments through UPI even if your account lacks sufficient money.The Reserve Bank of India (RBI) has recently given the green light to banks to offer a credit line facility to UPI users, allowing users to spend from a pre-sanctioned credit line and settle the dues later.

Paytm shareholders approve appointment of new statutory auditor SR Batliboi
S.R. Batliboi & Associates LLP has been approved as the new statutory auditor of Paytm for five years in the 23rd annual general meeting held on September 12, Paytm said in an exchange filing.
 

No immediate plans to shift domicile to India, says Razorpay CBO
Razorpay has no immediate plans to shift the domicile of its parent entity to India from US, says Chief Business Officer Rahul Kothari.

IIFL Fintech Fund Invests Rs 50 crore in Supply Chain Finance Platform Xtracap Fintech
IIFL Fintech Fund, the early-stage investment vehicle of IIFL Group, has invested `50 crore for a 51% stake in Xtracap Fintech India Private Ltd, a supply chain finance platform that focuses on channel financing. This is IIFL Fintech Fund’s first investment in a supply chain finance company.

Nifty PSU Bank index hits multi-year highs
Mumbai: The Nifty PSU Bank index hit a fresh 52-week high on Wednesday, gaining 4.2 per cent to close at 4,938. The gauge has gained 10.5 per cent in September and is up 56 per cent in the last one year. In comparison, the Nifty 50 has gained 11.1 per cent in the past year. The top gainers on Wednesday were J&K Bank (9.4 per cent), Punjab National Bank (8.5 per cent) and Indian Overseas Bank (8.2 per cent). State Bank of India, the country’s largest lender, was up 1.4 per cent.

‘FPI allocation to India will remain strong despite US rate hike’
Mumbai: The record number of demat accounts being opened is a clear indication that small investors are flocking to the stock market big time even as concerns are being raised on market valuation. Tactical investment and new fund offers have ensured a steady inflow into equity mutual funds. Nilesh Shah, Managing Director, Kotak Mahindra Asset Management Company spoke to businessline on the way ahead.

Excerpts:

Kotak Flexicap Fund completes 14 years; offers 14.04% since inception

Kotak Flexicap Fund crossed a milestone of 14 years on September 11. The scheme has given 14.04% returns since its inception. The scheme manages assets worth Rs 40,086.25 crore, making it the second largest scheme based on assets managed in the flexi cap category.

11 equity funds offer more than 20% on SIP investments in 10 years

Individual investors mostly invest through monthly SIP or Systematic Investment Plan in equity mutual funds to create wealth over a long period. That prompted ETMutualFunds to find schemes that have offered attractive returns on SIP investments over a period of 10 years. An analysis of SIP performance of equity mutual funds showed that around 11 equity schemes have offered more than 20% on SIP investments in the 10-year horizon.

Banking sector is in the best form and shape today: Vinit Sambre, DSP Mutual Fund
"There are actually no any big negative signs or any big negative triggers which can spiral into a problem as of now but I am saying that the world is in a very disorderly state," says Vinit Sambre, DSP Mutual Fund.

Mutual Fund News: These factors led to the surge in net inflows for equity mutual funds in August
Equity mutual funds inflows surged to ₹20,245 crore in August, the Association of Mutual Funds in India (Amfi) data showed. Investors poured in a record ₹15,813 crore in August through systematic investment plans (SIP) last month. 

PE Investments into India decline 57% y-o-y in August at $651 million: Refinitiv
New Delhi: Private equity (PE) investments into India declined 57 per cent year-on-year in August 2023 to $651 million ($ 1,496 million), showed latest data from Refinitiv, an LSEG business.

Bank of India raises ₹2,000 cr via Tier II bonds
Mumbai: Bank of India (BoI) on Wednesday raised ₹2,000 crore via Basel-III compliant tier-II bonds at 7.88 per cent coupon rate through NSE’s Electronic Bidding Platform.

Russia's exclusion to give India more play in bond index, draw big money

Mumbai: Odds are shortening that Indian sovereign debt will be included in JP Morgan's emerging market bond index after this month's scheduled rebalancing of the gauge seeks to fill the vacuum created by Russia's exclusion, potentially lowering borrowing costs in the world's fastest-expanding major economy.

Short-end bond yields may stay elevated on fiscal slippage worries

Mumbai: As the finance ministry prepares for an interim budget early next year, government bond traders are contending with the growing possibility of the Centre overshooting its fiscal gap threshold due to the evolving tax revenue trends and likely higher spending in a poll-bound nation.

Goldman Sachs fires several executives in transaction banking -memo
Goldman Sachs fired several executives in its transaction banking unit after they violated the firm's communications policy, according to a memo seen by Reuters on Wednesday.