FM asks Banking Secretary to submit a report on banks’ disbursal of KCC loans
New Delhi: Finance Minister Nirmala Sitharaman on Tuesday asked Department of Financial Services Secretary, Vivek Joshi, to submit a report in a month on the cause of slower disbursal of farm credit under the Kisan Credit Card (KCC) scheme by scheduled commercial banks, while assuring that banks will comply with uploading of necessary data by December 31.

States’ reverting to the Old Pension Scheme would be taking a major step backwards: RBI Bulletin
Mumbai: States’ reverting to the  Old Pension Scheme (OPS) would be taking a major step backwards which can increase their fiscal stress to unsustainable levels in the medium to long-term, according to an article in the latest RBI Bulletin. “Cumulative fiscal burden in case of OPS could be as high as 4.5 times that of New Pension Scheme (NPS), with the additional burden reaching 0.9 per cent of GDP annually by 2060. Thus, short-run reduction in States’ pension outgo which may be driving decisions to restore OPS, would be eclipsed by the huge rise in future unfunded pension liabilities in the long-run,” the article said.

To look into lower farm loan sanctions by co-operative banks: FM Nirmala Sitharaman
Finance Minister Nirmala Sitharaman on Tuesday asked senior finance ministry officials to find out in a month’s time the reasons for lower farm share in loan sanctions by cooperative banks despite them having a larger share in Kisan Credit Card (KCC) accounts compared with scheduled commercial banks.

SBI: NRIs can now open new bank accounts through the YONO app in three quick steps. Here is how
The 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. This service is designed for NTB or “new to bank" customers, providing them with ease and efficiency in the account opening process.

RBI approves re-appointment of Sashidhar Jagdishan as MD, CEO of HDFC Bank
The Reserve Bank of India on Tuesday approved the re-appointment of Sashidhar Jagdishan as MD, CEO of HDFC Bank.

RBI extends HDFC Bank MD’s tenure by 3 years
The Reserve Bank of India on Tuesday approved the re-appointment of Sashidhar Jagdishan as MD, CEO of HDFC Bank.

HDFC Bank may face margin, net worth hit
Mumbai : HDFC Bank Ltd expects a worsening of net interest margin (NIM), net worth and asset quality in the short term following its merger with parent Housing Development Finance Corp. (HDFC), analysts who attended a meeting with a top bank executive said.

IDBI Bank special FD scheme with higher interest rate extended. Interest rate, other details here
IDBI Bank has extended the validity for special fixed deposit (FD). In July, IDBI introduced a special FD scheme called Amrit Mahotsav FD for a tenure of 375 and 444 Days days. It has extended these special fixed deposit deadlines to October 31 from the earlier September 30 deadline.

OTO teams up with Suryoday Bank in 2W financing space
Bengaluru: OTO, a digital two-wheeler commerce and two-wheeler financing platform, has collaborated with Suryoday Small Finance Bank, a new-age bank, to focus on two-wheeler financing, particularly for the underserved customer segments. OTO has set an ambitious target to disburse more than ₹1,000 crore in FY 2024 through its lending partners and anticipates that this partnership will significantly contribute to achieving this milestone.

IDBI Bank extends last date to invest in special FDs with higher interest rates

IDBI Bank has revised fixed deposits interest rates for amounts less than Rs 2 crore. The rates are effective from September 15. Further, IDBI Bank has extended the validity date for special FDs dubbed as Amrit Mahotsav FD for 375 days and 444 days tenure, according to the bank website. It has extended these special fixed deposit deadlines to October 31 from September 30, 2023.

Attempt to remove Dhanlaxmi independent director may've led to abrupt exit

Even as an independent director of Dhanlaxmi Bank was planning a dramatic exit from the board of the Kerala-based lender, another story was unfolding.

Dhanlaxmi Bank saga puts spotlight on independent directors on bank boards
 

RBI imposes monetary penalty on four co-operative banks. Details here
The Reserve Bank has imposed monetary penalties on four co-operative banks for deficiencies in regulatory compliance. These co-operative banks are: Lalbaug Co-operative Bank Ltd, The Co-operative Bank of Mehsana Ltd, The Harij Nagrik Sahakari Bank Ltd and The National Co-operative Bank Ltd.

FM Sitharaman calls for full digitisation of RRBs to ensure better services in rural areas
Finance minister Nirmala Sitharaman on Tuesday called for full automation of regional rural banks and cooperative banks, and directed the Department of Financial Services to study the gap between loan sanction and disbursement for these lenders.

DBS Bank India aims to more than double gold loan portfolio in 5 years
 

Ummeed Housing Finance secures $20 million DFC sanction for affordable housing expansion
The Gurgaon-based, digital affordable housing finance company will use the funds to offer long-tenure housing finance to the Economically Weaker Sections (EWS), Lower-Income Groups (LIGs) and Middle-Income Groups (MIGs) in Tier 2, 3 and 4 cities.

Rising credit card dominance: Debit cards decline in India’s payment landscape
Rising credit card transactions and spending are eating into the market for debit cards, which are both declining in the volume and value of transactions. Credit spending jumped 47.4 per cent in FY23 to ₹14.32 lakh crore, with the number of transactions rising to 291 crore from 224 crore in the previous year, as per data from RBI’s Handbook of Statistics on the Indian Economy for FY23.

To mitigate risks, India needs two vibrant bourses, says BSE CEO
Sundararaman Ramamurthy, who assumed the position of managing director and chief executive of BSE Ltd on 4 January, says his mandate is to ensure that Asia’s oldest stock exchange becomes more vibrant with increased participation by retail, foreign and domestic institutional investors and algo traders. He has requested brokers to change their front-end software solution to include BSE’s cash and derivatives segments to offer more choices to participants. And many of them have obliged. He is also in talks with custodians, clearing corporations, trading and clearing members to facilitate offering a consolidated best price for foreign institutions. Further, he is in discussions with mutual funds to bolster their presence on the exchange and deepen liquidity. Investors have given a thumbs up to Ramamurthy’s efforts, with the BSE share rising 128% from ₹547.3 on 4 January to ₹1,246.35 on 18 September.

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itcoin rises above $26,800 ahead of Fed meeting; Solana, Toncoin surge up to 5%
The crypto tokens were trading higher in Tuesday's trade ahead of a key US Federal Reserve policy meeting tomorrow. Bitcoin (BTC) rose 0.92% to $26,864, whereas Ethereum (ETH) was above the 1,600 level.

Hong Kong’s crypto push gets blunt warning as probe erupts
A crypto controversy has erupted in Hong Kong amid a probe of a trading platform that has ensnared social-media influencers and unleashed criticisms against the key regulator.

Valuations have moved up; markets may be volatile in the near term, says Shibani Sircar Kurian of Kotak Mahindra AMC
Shibani Sircar Kurian, senior EVP and the head of equity research at Kotak Mahindra Asset Management Company (AMC) pointed out that mid-cap and small-cap valuations are above their long-term averages. On a relative basis to large-caps, mid and small-cap valuations are at significantly higher levels as compared to long-term averages. In an interview with Mint, she talked about market fundamentals and macroeconomic scenarios.

Motilal Oswal Mutual Fund launches Motilal Oswal Developed Market Ex US ETFs Fund of Funds

Motilal Oswal Mutual Fund has launched Motilal Oswal Developed Market Ex US ETFs Fund of Funds, an open-ended fund of funds scheme investing in units of Global ETFs which track the performance of developed markets excluding US.

IRDAI chief Panda urges stakeholders to harness surety bonds
Asserting that the current Bank Guarantee capacity of banks is insufficient to meet the credit demand for infrastructure development in the next five years, IRDAI Chairman Debasish Panda has called upon stakeholders to come together to tap the rich potential of “Surety Bonds” in meeting the gap in demand.