RBI releases list of 15 NBFCs in 'upper layer' under scale based regulations
The Reserve Bank of India on Thursday released a list of fifteen NBFCs figuring in the 'upper layer' under the scale based regulation for these lenders for the financial year 2024.

UPI-CBDC interoperability done; focus now on transactions: RBI DG Sankar
Mumbai: With the CBDC (Central Bank Digital Currency) now interoperable with UPI (Unified Payments Interface), the Reserve Bank of India’s focus now is on increasing the volume of e-rupee transactions, Deputy Governor T Rabi Sankar said.

RBI launches innovative program to revolutionize credit access for MSMEs
Mumbai: The Reserve Bank of India (RBI) has embarked on a groundbreaking initiative aimed at transforming the landscape for Micro, Small, and Medium Enterprises (MSMEs) in the country.
 

Facing recovery challenges, digital lenders reduce exposure to new-to-credit customers
Mumbai: Faced with challenges in recovering money from defaulting small ticket retail borrowers, digital or fintech lenders are reducing their exposure to new-to-credit (NTC) customers and relying more on higher credit score segments to boost profitability.

Seeing 15,000 retail CBDC transaction per day: RBI Deputy Governor T Rabi Sankar
Indian banks are witnessing roughly 15,000 retail central bank digital currency (CBDC) transactions per day, and the Reserve Bank of India (RBI) is aiming to take it to 1 million transactions per day by end of the current calendar year, said deputy governor T Rabi Sankar told reporters on the sidelines of the SME Finance Forum here today.

YES Bank, IndusInd Bank launch products for easing cross border payments
Private sector lenders YES Bank and IndusInd Bank on Thursday launched one product each for easing of cross border payments, according to media statements.

Bank of Baroda announces special interest rates
Mumbai Bank of Baroda (BoB) has announced special interest rates for the festive season with home loan rates starting at 8.40%, with a complete waiver of processing fees.

GST on brand name usage baffles banks
Banks are facing uncertainty on the applicability of goods and services tax (GST) on the use of a common brand name of the bank by all its branches and subsidiaries, said two people privy to the development.

AU Small Finance Bank plans microloan foray, open to acquisition

Kolkata: AU Small Finance Bank, which started its banking journey six summers ago with 95% secured loan assets and without any microfinance lineage, has now decided to explore the so-called bottom-of-the-pyramid customer segment. The lender, while planning its own microfinance loan product, is also said to be exploring the acquisition route which would help it with a ready microfinance platform.

Commercial papers, certificate of deposits are back in vogue

Indian companies are raising more funds directly from the market through commercial papers, or CPs, and banks are choosing certificates of deposit, or CDs, to benefit from negotiable borrowing costs.

AU Small Finance Bank plans entry into microfinance business, acquisition may bolster the plan

AU Small Finance Bank, which started its banking journey six summers ago with 95% secured loan assets and without any microfinance lineage, has now decided to explore the so-called bottom of the pyramid customer segment.

Indian Bank ties up with Maruti Suzuki for inventory financing
 

RBI imposes monetary penalty on four cooperative banks for rule violations
The Reserve Bank of India (RBI) imposed monetary penalties on four cooperative banks on Thursday for rule violations.

HSBC to boost startup funding across sectors
HSBC India plans to expand its funding corpus for startups after exhausting 80% of the $250 million earmarked last year, a senior executive said, underscoring the lender’s focus on the sector facing funding challenges.

DBS chief says China pessimism not 'overdone' but upbeat about India prospects
DBS Group Chief Executive Piyush Gupta said current widespread pessimism about China's economy was not "overdone" but he was upbeat about India, where the bank plans to triple its business in the next five years.

SIDBI to take stake in unrated NBFCs that lend to small, micro and nano enterprises
The Small Industries Development Bank of India (SIDBI) is planning to both lend to and invest in smaller, lower rated/ unrated non-banking finance companies (NBFCs), so that they grow to a scale to support micro and small enterprises (MSEs) across the country.

Former SBI chief Rajnish Kumar named Mastercard India chairman
On Thursday, Mastercard India made an official announcement regarding the appointment of Rajnish Kumar, the former head of SBI, as its non-executive chairman. In this vital non-executive advisory capacity, Kumar will provide guidance to Mastercard's South Asia executive leadership team, led by Gautam Aggarwal, who serves as Division President for South Asia & Country Corporate Officer, India. Mastercard India's statement highlights Kumar's role in helping them navigate the dynamic domestic payments landscape.

Banks don't want you to overpay card dues
Mumbai: Banks are either not allowing credit card users to pay an amount more than their outstanding or refunding excess amounts due to concerns over money laundering and fraud.
 

IndusInd Bank launches new credit card for cross-border payments
IndusInd Bank Ltd’s shares were up by 0.37 per cent after the company introduced the ‘Virtual Commercial Card’, for cross-border transactions for corporations and travel agents. Developed in collaboration with Visa and Juspay, this virtual card offers enhanced layers of security, allowing users to customise settings for each transaction. This level of control ensures a secure and seamless international payment experience.

Credit growth to moderate to 13.2 pc in FY24; NPAs will improve further: Icra
Credit growth in the banking system's will moderate to 12.1-13.2 per cent in the current fiscal from 15.4 per cent in the year-ago period, a domestic rating agency said on Thursday. Asset quality improvement will continue, while the Gross Non-Performing Assets (GNPA) ratio is expected to come down to 2.8-3 per cent by March 2024, as against 3.7 per cent at the end of the June quarter, domestic rating agency Icra said.

Ratings industry in better shape five years on: CRISIL ratings
Discussing at length the changes that have engulfed the credit rating industry and the dynamics around ESG ratings, Gurpreet Chhatwal, MD, Crisil Ratings, is confident that the credit ecosystem would be further strengthened.

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Shanghvi Finance exits RBI's upper layer NBFC list
Mumbai: Dilip Shanghvi-promoted NBFC Shanghvi Finance no longer is in the upper layer list of the Reserve Bank of India (RBI), according to the central bank's classification for 2023-24.

Axis Finance moves NCLAT against Zee-Sony merger
After IDBI Bank, Axis Finance became the second lender to challenge the National Company Law Tribunal’s (NCLT’s) nod to Zee Entertainment’s (ZEEL) merger with Culver Max Entertainment, formerly known as Sony Pictures. On Thursday, Axis Finance approached the National Company Law Appelate Tribunal (NCLAT) in Delhi. Last week, IDBI Bank had approached the tribunal.

Consumption unleashed with Credit line on UPI
The recent launch of ‘Credit line on UPI’ by NPCI is a pivotal point in India’s credit journey, one that will give rise to several fintechs. In essence, Credit line on UPI is set to become what Debit Card EMI aspired to be, and more.

Kinara Capital commits ₹575 cr in business loans to boost Karnataka’s MSME growth
“Karnataka is a vibrant, growing region with a diverse MSME sector. Kinara Capital is proud to be headquartered in Karnataka, and for over a decade, we have supported thousands of small business entrepreneurs in this State. Our commitment to disburse over ₹575 crore in FY24 to MSMEs in Karnataka will boost business growth and lead to the creation of 6,000+ new jobs in local economies,” said Thirunavukkarasu R (Thiru R), Chief Operating Officer (COO), Kinara Capital.

Mainstreaming cryptos: G20 move for coordinated regulation is wise, blockchain-based currencies here to stay
The G20 leaders have displayed pragmatism and foresight as they resolved not to lose sight of the potential of crypto assets to be a source of systemic risk to closely-regulated, mainstream financial markets, and at once endorsed the IMF-FSB view that a blanket ban on them would be ill-advised and hard to enforce. Guarding against the persistence of regulatory arbitrage, the G20, via the Delhi Declaration, has urged the Financial Stability Board to ensure implementation of globally coordinated crypto regulations. The leaders also called for swift implementation of the Crypto-Asset Reporting Framework, and a coordinated timeline for different jurisdictions to commence crypto exchanges. Essentially, they want all jurisdictions to accept a baseline for regulation and oversight of these assets, while holding their autonomous policy space. Also, it is now clearer that none of the G20 members would accord legal tender status to cryptocurrency.

Bitcoin rises above $26,200; Solana, Litecoin jump up to 5%

Major cryptocurrencies traded higher on Thursday on easing rate concerns after US consumer price data showed core inflation moderated to 4.3% in August from 4.7% in July. However, the overall retail inflation accelerated 3.7% in August, the most in 14 months, on rising gasoline prices.

HDFC AMC brings a new equity mutual fund scheme under pharma and healthcare theme. Check details
HDFC Asset Management Company (AMC) the investment manager to HDFC Mutual Fund, has launched HDFC Pharma and Healthcare Fund. In a statement, the AMC said HDFC Pharma and Healthcare Fund is an open-ended equity scheme that will invest in pharma and healthcare-related companies with a bottom-up approach for stock selection.

Values at new high, valuations are not; it’s not an overheated market: Anand Shah
Anand Shah, Head- PMS & AIF Investments, ICICI Prudential AMC, says “overall, on the valuations front, we are still finding select opportunities. So to that extent, it is not an overheated market. I can repeat that while the values are at new high, the valuations are not. So it is not that concerning that I need to raise significant cash in the portfolio at this point.”

HDFC Mutual Fund launches HDFC Pharma and Healthcare Fund

HDFC Mutual Fund has launched HDFC Pharma and Healthcare Fund, an open-ended equity scheme investing in pharma and healthcare companies.

Bandhan Mutual Fund files draft for multi asset allocation fund

Bandhan Mutual Fund has filed a draft for a multi asset allocation fund. Bandhan Multi Asset Allocation Fund will be an open-ended scheme investing in equity and equity-related instruments, debt and money market securities, and gold/silver index/ETFs.

Artha launches syndicate fund for family offices, HNIs
New Delhi: Artha Group has launched Artha Continuum Fund (ACF), a syndicate fund, for family offices and ultra-high net-worth individuals (UHNIs).

FIIs take U-turn, invest ₹295 crore in Indian equities as Sensex, Nifty scales record highs, DIIs sell ₹51 crore
Foreign institutional investors (FIIs) took a breather off its selling spell and shifted gears on Thursday, September 14, after domestic equity benchmarks Sensex and Nifty scaled fresh record-high peaks on positive macroeconomic data. The domestic institutional investors (DIIs) were net sellers and offloaded ₹50 crore in Indian stocks today.

JP Morgan to provide for taxes from September end

Mumbai: Starting later this month, one of JP Morgan's emerging market bond indices will have provisions for the impact of withholding taxes on international investors, a step that could be a possible precursor for the long-awaited inclusion of India's sovereign debt on a global index.

Back Citigroup starts layoff talks after management overhaul: Report
New York: As Citigroup embarks on a sweeping reorganization, support staff in compliance and risk management are among the most likely to lose their jobs, according to sources familiar with the situation.