FinMin approves welfare measures for LIC agents, employees
The Finance Ministry on Monday approved a series of welfare measures, including enhancement of the gratuity limit and family pension, for the benefit of Life Insurance Corporation of India (LIC) agents and employees.

Old Pension Scheme could put severe strain on states' finances': RBI
Mumbai: The states, which revert to the Old Pension Scheme (OPS) could face "unsustainable" fiscal stress, says an article in the Reserve Bank of India's September bulletin. "Results indicate that the cumulative fiscal burden in case of OPS could be as high as 4.5 times that of NPS (National Pension Scheme), with the additional burden reaching 0.9% of GDP annually by 2060," wrote Rachit Solanki, Somnath Sharma, RK Sinha, Samir Ranjan Behera and Atri Mukherjee in the article in the RBI's September bulletin, which was released on Monday.

Finance Ministry moves Supreme Court against HC order quashing Yes Bank's AT-1 bonds write-off

The Finance Ministry on Monday moved the Supreme Court against the Bombay High Court’s January order that quashed Reserve Bank of India’s and Yes Bank's decision to write off additional tier-1 (AT-1) bonds worth Rs 8,415 crore. The ministry sought setting aside of the HC judgment on the ground that its implementation would result in “deleterious consequences” for the banking system and the future resolution of any bank facing similar level of stress.

Reserve Bank of India net-purchased $3.5 bn foreign currency in July
 

Dhanlaxmi Bank shares tank post director exit, recover to touch 52-week high
Mumbai: Shares of Dhanlaxmi Bank witnessed a volatile trading session on Monday, after the exit of independent director Sridhar Kalyanasundaram from the board of the bank, effective September 1.

SBI customers can now open NRE/NRO savings and current accounts online through YONO app. Here’s how
How to use YONO SBI NRI account opening service: State Bank of India (SBI) has introduced a digital facility for NRIs to effortlessly open NRE and NRO accounts (both savings and current accounts) through SBI’s YONO app. This service has been designed for“new to bank” customers, providing them with ease and efficiency in the account opening process, SBI said in a statement. 

HDFC ‘Bank on Wheels’
Source Credit: The Tribune

HDFC Bank has introduced ‘Bank on Wheels’ van in Charkhi Dadri. The van will offer 21 banking products and services, including cash deposit machine and ATM services.

Dhanlaxmi Bank independent director Sridhar Kalyanasundaram's resignation raises concerns over lender’s functioning

The resignation of Sridhar Kalyanasundaram from the board of directors of Dhanlaxmi Bank has raised concerns over the lender’s functioning. But this is not the first time such allegations have been levelled against the bank management.

Supreme Court quashes Religare Finvest's plea against DBS Bank India
The Supreme Court has quashed an FIR and the consequent criminal proceedings against DBS Bank India over a ₹791-crore fund diversion case filed by Religare Finvest Ltd (RFL).

DBS Bank India eyes to double Rs 6,300 crores gold loan book in 5 years
DBS Bank India is looking to more than double its Rs 6,300 crores gold loan book within the the next five years, the company said while launching new features to its credit offerings in return of the precious metal.

I-banks see 36% rise in IPO fee income in H1 as listings surge

Mumbai : The recent rush of initial public offerings (IPOs) in the Indian market has ensured that investment banks (i-banks) have seen better fee income generation in recent months. Bankers have seen their fee income grow by a sharp 36% to ₹509.2 crore in H1FY24, data analysed by ET showed. So far this fiscal, 19 companies have raised ₹17,419.7 crore through IPOs, as per data available with the Securities and Exchange Board of India (Sebi).
 

Ummeed Housing Finance receives $20 million from US DFC
Kolkata: Marquee investors-backed Ummeed Housing Finance (UHFPL), a digital affordable housing finance company, on Monday said it has received a sanction of up to USD 20 million (about Rs 160 crore) from the US International Development Finance Corporation (DFC).
 

SIDBI offers 100% funding for MSMEs’ green and clean projects
Small Industries Development Bank of India (SIDBI) has announced 100% funding for green and clean projects of MSMEs, marking a significant step towards green financing.

Premium cards to higher rates: How small saving banks are luring depositors
Source Credit: Sunainaa Chadha, Business Standard

New Delhi: It's advantage investor these days as banks are competing hard to attract depositors. While large lenders are resorting to special schemes, small savings banks are rolling out special cards, higher interest rates on savings accounts and competitive fixed deposit rates too. 

No major risk for banks from personal loans: ICRA
Lending to the retail sector does not pose any major risk to banks’ balance sheets despite this segment outgrowing overall credit growth and the share of unsecured loans rising within retail.
 

Bank lending to NBFCs jumps 23.6 pc in July to Rs 13.8 lakh crore: Report
Mumbai: Banks' credit exposure to non-banking financial companies rose 23.6 per cent on-year to Rs 13.8 lakh crore in July, pushing up their overall share to 9.3 per cent during the month, an analysis of the RBI's monthly data by a ratings agency showed. The month also saw lower borrowings from international markets due to the prevailing elevated global interest rates following tightening of monetary policies by global central banks, according to a note by Care Edge.

Tata Sons eyes 2025 IPO for NBFC arm
Mumbai : Tata Capital Ltd is restructuring its operations and expanding its board as part of the Tata group’s plan to take the non-bank lender public, two people with direct knowledge of the matter said.

NBFCs need to diversify funding sources, reduce reliance on banks: RBI
Source Credit: Abhijit Lele, Business Standard

Mumbai: Non-banking financial companies (NBFCs) need to diversify funding sources and reduce excessive reliance on banks as they pursue steady growth in loan book with robust asset quality and capital position, according to a Reserve Bank of India (RBI) study.

Liquidity in the banking system slips to 6-month low

Mumbai: Liquidity in the banking system has slipped into its deepest deficit in almost six months, inflating borrowing costs, as outflows due to corporate advance taxes and the Reserve Bank of India's likely actions to stabilise the rupee have drained lenders of funds.

Prevailing tight credit situation has been a major catalyst for gold loan growth: Umesh Mohanan, CEO, Indel Money

In an interview with ET, Umesh Mohanan, executive director & CEO of Indel Money, a non-banking finance company in the gold loan sector, talks about how the gold loan business is performing in Q2 of the current fiscal and the company’s plan to expand amongst intense competition in the gold loan sector.

Here are the excerpts:

5 things you need to know while using UPI
Unified Payment Interface, commonly known by its acronym ‘UPI’, is one of the most popular payment systems in India. The ease of use and secured platform make it a preferable choice for users. There are many UPI apps to help you transact funds hassle-free.

Unpacking Niyo Solutions’ zero forex markup cards
Here’s why fintech companies want you to opt for their debit and credit cards: A superior online banking experience, albeit such cards being issued in association with banks. Fancy that? Let’s take the case of Niyo Solutions. The firm has partnerships with Equitas, DCB Bank, Yes Bank and SBM Bank for its different offerings—prepaid cards for blue-collar salaried professionals, savings account-linked debit cards and the zero forex markup travel card, known as Niyo Global.

Bitcoin climbs above $27,000 for the first time since August
Bitcoin extended its rally from last week, rising above $27,000 for the first time since August. Other digital assets followed suit, with smaller tokens such as Solana, Litecoin and Bitcoin Cash rallying.

South Korea to adopt OTC crypto regulations
According to Cointelegraph, South Korean regulators have shifted to over-the-counter (OTC) crypto trades amid growing concerns about their use for criminal activities. The financial regulators in the country are expected to keep track of trading in the OTC crypto market.

India Blockchain Forum collaborates with Tokenize
According to an official release, India Blockchain Forum (IBF), an Indian blockchain organisation, announced its partnership with Tokenize, a blockchain and NFT tokenisation infrastructure company. This partnership is expected to upgrade the membership experience for IBF members and Special Interest Group participants by leveraging BharatID, a cutting-edge blockchain-based identity verification solution.

India’s growth potential can easily accommodate existing, new players in MF industry: JM Financial MF

Even though the mutual fund industry in India has been competitive, the growth has remained largely steady, thanks to the strong inflows, particularly in the last three years. With newer players such as Zerodha, Groww making their entry into the $560 billion mutual fund industry, and Jio Financial Services looking to soon enter, the competition is likely to get hot.

Rs 6,100 crore in 3 months: Riding the wave of floating-rate mutual funds
 

Ridiculous seed-stage valuations have gone: Capital A's Ankit Kedia
Bengaluru: Venture capital (VC) firm Capital A is gearing up to raise its second fund. It rolled out its first fund in 2021 with a corpus of ₹250 crore and invested in about 20 startups including cold chain logistics firm Tan90 and fintech startups DigiSparsh and Credit Fair. Over the next couple of years, it hopes to make 20 more investments through the first fund.

Two top partners exit Orios Venture Partners
 

US Federal Reserve will be mindful of the banking turmoil of March as it meets this week
Cadence Bank CEO Dan Rollins calls the regional banking crisis from earlier this year "March madness." Six months on, the craziness has abated, but the industry is scarred and still dealing with its consequences.