RBI wilful defaulter norms set to change
The Reserve Bank of India (RBI) has proposed that lenders should label defaulting borrowers as ‘wilful defaulters’ within six months of an account turning non-performing. The RBI now does not have a specific timeline within which such borrowers have to be identified.

Finance Ministry says no distress, household savings down because people are buying homes, vehicles
The Finance Ministry has dismissed “critical voices” about household savings in the country falling to a multi-decade low, arguing that households are now adding lesser financial assets than in the past because they have started taking loans to buy real assets such as homes and vehicles which is “not a sign of distress but of confidence in their future employment and income prospects”.

RBI wants lenders to classify wilful defaulters within six months of an account turning NPA
Mumbai: The Reserve Bank of India has issued a draft paper proposing revisions in the guidelines for handling wilful defaulters, wherein it has expanded the scope for regulated entities that can classify borrowers as wilful defaulters, broadened the definition of wilful default, and refined the identification process and mandates a review and finalisation on wilful default aspects within six months of an account being classified as a non-performing asset.

Indian banks would be able to comply with the minimum capital requirements even under severe stress: RBI Dy Gov
Mumbai: Macro stress tests for credit risk reveal that all banks in India would be able to comply with the minimum capital requirements even under severe stress scenarios, according to Michael Debabrata Patra, Deputy Governor, Reserve Bank of India.

'No distress', people investing in other financial products: Finance ministry on dip in household savings
Source Credit: PTI, The Times of India

ESMA pitches '17 MoU with RBI for clearing houses

The European Securities and Markets Authority (ESMA) is said to have proposed to the Reserve Bank of India to continue their existing Memorandum of Understanding on the treatment of clearing houses, a step that could resolve roadblocks to billions of dollars' worth of bond trading.

Indian banks reach out to RBI over US ban on ACU settlements

Indian lenders have approached the Reserve Bank of India (RBI) after the US Office of Foreign Assets Control (OFAC) asked banks there to refrain from processing payments linked to the Asian Clearing Union (ACU) mechanism.

RBI calls for better customer service by lenders, need to combat cyber crime

“The focus of the Top Management and Customer Service Committees of the Board should be on nurturing a customer-centric approach for continuing the trust of the customer in banking system,” he said, as per an RBI release. Swaminathan detailed five key areas of focus that include the need for a customer-centric approach, addressing the root cause of complaints, importance of resolution at first point of contact, responsible handling of complaints, including equipping front-line staff with authority, tools and training, and combating cybercrime.

Infosys Finacle selected for Guaranty Trust Bank’s digital transformation project
 

RBI introduces Basel-III capital framework for All India Financial Institutions
 

No signs of systemic risk build-up in bank credit: RBI's Michael Patra
 

Kinetic Green and SBI partner to provide finance schemes For E3Ws in North India
Pune: Kinetic Green Energy and Power Solutions Limited, a leading manufacturer of electric two and three-wheelers in India, and State Bank of India (SBI), Chandigarh Circle, have entered a strategic partnership to offer financing for Kinetic Green’s present and future range of electric three-wheelers in North India.

CSB Bank enters into partnership with Daimler India for CV financing program
New Delhi: CSB Bank Ltd has announced its strategic partnership with Daimler India Commercial Vehicle (DICV) to offer specialized vehicle-financing solutions. This collaboration marks a significant step towards offering enhanced support to dealerships and customers, while fostering growth and innovation within the sector.

Liquidity deficit in banking system to continue in near term, say experts
Liquidity in the banking system liquidity is likely to remain in a deficit mode in the near term, which could lead to elevated short-term borrowing rates, at least till September end, experts said. The Reserve Bank of India (RBI) injected Rs 1.15 trillion through the marginal standing facility (MSF) and the standing deposit facility (SDF) available to banks on Wednesday.

Axis Bank's investment of Rs 1612 crore to boost Max Life Insurance's solvency
 

Savings declined but resulted in rise in assets: SBI chief economist
 

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: The Citizens’ Co-operative Bank Ltd, HCBL Co-operative Bank Ltd, Shree Warana Sahakari Bank Ltd and he State Transport Co-operative Bank Ltd.

India local government bonds added to key JPMorgan index, to trigger billions in inflows
New Delhi: JPMorgan on Friday said it will include India in its widely tracked emerging market debt index, setting the stage for billions of dollars of inflows into the world's fifth-largest economy.
 

Capital goods, BFSI and IT top draws for foreign funds

Foreign portfolio investors sold shares worth Rs 20,000 crore across 13 sectors between September 1 and 15, according to data from the National Securities Depository. Mining, metals, power, oil and gas, telecom, and construction materials are among the sectors that saw foreign investors booking profits.

National financial institutions including Exim, SIDBI, NABARD to implement basel 3 norms from April 2024

The Reserve Bank of India has brought in national financial institutions such as NABARD, SIDBI and EXIM Bank under the Basel III prudential regulations that would strengthen financial stability.

AURUM Credit Card: Exemplifying the seamless blend of luxury and refinement
The relentless pursuit of refinement in every aspect of your credit card experience is now entering a new dimension. Meet AURUM by SBI Card, which is poised to redefine your aspirations and elevate the way you experience life. Aesthetically crafted with a metallic finish and cloaked in a striking matte black finish, this by-invite-only card introduces a world of tailored indulgences created especially for you.

How add-on credit cards can be useful for your family
If your track record is very clean, then most banks would like to offer you add-on credit cards with a higher credit limit and added features. An add-on card is like a supplementary or secondary card. These cards can be used by your spouse, children and even parents and siblings.

Low interest rates drove Indian households towards physical assets, says SBI Ecowrap report
A low-interest rate regime in India during the pandemic resulted in a "paradigm shift" of households' savings from financial to physical assets, according to a report by SBI Research.

No reason for Canadian pension funds to back out from India: Official
The ongoing diplomatic row between India and Canada is unlikely to have any immediate effect on investment relations between the two countries, a top government official said on Thursday. The official said that the Canadian pension funds are getting higher returns in India, and they have investments in the Indian infrastructure sector.

Muthoot Finance Ltd to raise ₹700 crore through NCD issue
Muthoot Finance Ltd. has announced its 32nd series of public issues of secured redeemable non-convertible debentures with a face value of ₹1,000 each (Secured NCDs). The issue has a base size of ₹100 crore with an option to retain oversubscription up to ₹600 crore, aggregating to a tranche limit of ₹700 crore (“Issue”).

Muthoottu Royal Gold rolls out Lord Ganesha gold coins
Kochi: Muthoottu Royal Gold has launched its 24-karat gold coin engraved with the image of Lord Ganesha. Highlighting the importance of Ganesh Chaturthi, the launch has taken place at Pillayarpatti Karpaga Vinayagar temple, Madurai. The coin is themed around Lord Ganesha, the remover of obstacles, and the God of Wisdom. It is available in four variants: 1gm, 2gm, 4gm, and 8gm, and features a 3D figure of Lord Ganesha sitting with his companion-Divine Mooshak.

Trucap Finance, HDFC Bank commence co-lending partnership for MSME business and gold loans

TruCap Finance Limited (TRU), a non-banking finance company dealing in gold and business loans, and HDFC Bank have entered into a co-lending partnership where TRU will leverage its Lending-as-a-Service (L-a-a-S) model to offer quality credit solutions to underserved borrowers. Under this partnership, HDFC Bank and TRU will offer MSME business loans and Gold Loans to borrowers predominantly in non-urban locations.

HDFC Bank launches three digital payment products on UPI
HDFC Bank has launched three digital payment products on unified payment interface (UPI).

KPMG finds unauthorised actions and misrepresentation by some employees: Fino Payments Bank

Kolkata: KPMG, hired by Fino Payments Bank to carry out an independent investigation on the alleged fraud committed by some of the bank employees, has prima-facie found unauthorised actions and misrepresentation by the alleged staff, the bank said.

IPOs likely in fintech sector, M&As yet to see traction: Elevation Capital
 

RazorpayX Payroll enables payslip, reimbursement filing through Whatsapp
 

Perfios acquires Chennai-based open finance platform Fego.ai
 

WhatsApp to support UPI payments apps such as Google Pay, PhonePe and Paytm
 

Don’t see a reason for more co-branded cards partnerships: Amazon Pay’s Vikas Bansal
Vikas Bansal,Whole-time Director, Amazon Pay India spoke exclusively with businessline on a variety of topics ranging from the company’s successful co-branding tie up with ICICI Bank, introduction of credit lines through UPI and more.

Edited excerpts:

Bitcoin holds at $27,000 after FOMC keeps rates unchanged

The major crypto tokens were trading in the red in Thursday's trade as the US Federal Reserve's hawkish stance dampened risk sentiment.

Ex-crypto CEO caught up in partying claims at Bitcoin conference
 

HDFC AMC receives RBI approval to acquire up to 9.5% stake in Karur Vysya Bank, DCB Bank
HDFC Asset Management Company received approval from the Reserve Bank of India (RBI) to acquire additional holdings of up to 9.5 per cent in Karur Vysya Bank and DCB Bank, the banks said in a regulatory filing. 

Are Mutual Funds (MFs) competing against bank deposits?
Bank deposits are likely to face competition from Indian mutual funds as households are willing to take more risk, according to a report by Bank of Baroda (BoB).

How Bajaj Finserv MF uses behavioural finance in investment philosophy
Source Credit: PTI, Business Standard

Bajaj Finserv Asset Management Ltd. Here's how Bajaj Finserv Mutual Fund uses behavioural finance in its investment philosophy Pune, Maharashtra, India (NewsVoir) In the world of finance, emotions and human psychology often play an important role in shaping investment decisions and market behaviour. Understanding the relationship between these psychological factors and financial markets is the essence of behavioural finance. Behavioural finance offers valuable insights into why investors often make irrational decisions and how these decisions impact investment outcomes. Bajaj Finserv Mutual Fund has recognized the importance of behavioural finance and integrated its principles into its investment philosophy.

FIIs dump ₹3,007 crore in Indian equities as Nifty extends losses for 3rd day, DIIs invest over ₹1,150 crore
Foreign institutional investors (FIIs) continued their selling streak as Sensex and Nifty extended losses for the third straight session on Thursday, September 21. The domestic institutional investors (DIIs) turned net buyers and invested ₹1,158.14 crore in Indian stocks today.

JPMorgan to include India in emerging market debt index, opening doors for billions in investments
New Delhi: JPMorgan on Friday said it will include India in its widely tracked emerging market debt index, setting the stage for billions of dollars of inflows into the world's fifth-largest economy. India's local bonds will be included in the Government Bond Index-Emerging Markets (GBI-EM) index and the index suite, benchmarked by about $236 billion in global funds according to JPMorgan.

Vedanta's board approves Rs 2,500-cr fundraise via NCDs
Mumbai: The board of Vedanta Limited has approved raising up to ₹2,500 crore through the private placement of non-convertible debentures, it informed exchanges on Thursday. These funds will be raised in one or more tranches.

10-year yields hit 16-year peak as Fed seen higher for longer
Benchmark 10-year U.S. Treasury yields rose to 16-year highs on Thursday, a day after the Federal Reserve surprised investors by flagging the potential for an additional rate hike, and an expectation for fewer cuts next year.

ICICI, Canara Bank may raise up to Rs 9,000 crore

Mumbai: ICICI Bank and Canara Bank are likely to raise up to ₹9,000 crore worth of funds through the issuance of 10-year infrastructure bonds in coming days, sources aware of the developments said.

Fed hawkishness prompts HSBC to raise 10-year Treasury yield target
The Federal Reserve's expectations that the U.S. economy will continue to expand and necessitate additional interest rate hikes to combat inflation prompted HSBC to raise its year-end forecast for 10-year U.S. Treasury yields to 3.5% from 3%, strategists at the bank wrote in a note on Thursday.

Bank of England halts run of interest rate hikes as economy slows
The Bank of England halted its long run of interest rate increases on Thursday as the British economy slowed, but it said it was not taking a recent fall in inflation for granted.

Japan's 10-year bond yield hits decade high after hawkish Fed
Japan's 10-year government bond yield rose to its highest in a decade on Thursday, tracking U.S. Treasury yields after the Federal Reserve held interest rates steady but stiffened its hawkish stance with a further hike projected by the year-end.

Deutsche Bank’s trading revenue to decline for third consecutive quarter: Report
Deutsche Bank AG will likely see a third consecutive quarter of declining revenue from trading, according to a report by Bloomberg. The fixed-income unit will see a ‘normalization’ between July and September compared to the strong performance a year ago, Chief Financial Officer (CFO) James von Moltke said at a conference hosted by Bank of America Corp, according to Bloomberg.