RBI cancels licence of Nashik Zilla Girna Sahakari Bank
The Reserve Bank of India (RBI) has revoked the banking license of Nashik Zilla Girna Sahakari Bank Limited. The central bank's decision is rooted in the bank's inability to maintain adequate capital and sustain profitable operations. As a result of this cancellation, the bank is no longer permitted to engage in any banking activities, including the acceptance and repayment of deposits, effective immediately.

RBI cancels licence of The Kapol Co-operative Bank over earnings prospects
The Reserve Bank of India (RBI) has cancelled the licence of Mumbai-based The Kapol Co-operative Bank Limited as the lender does not have adequate capital and earning prospects. Upon the cancellation of the licence, the cooperative bank has been prohibited from conducting the business of ‘banking’ which includes, among other things, acceptance of deposits and repayment of deposits with immediate effect, the RBI said in a statement.

Government approves one-year extension to RBI Deputy Governor Rajeshwar Rao
The government on Monday extended the term of RBI Deputy Governor M Rajeshwar Rao for a period of one year, according to sources. The Appointments Committee of the Cabinet has approved the re-appointment of M Rajeshwar Rao, Deputy Governor Reserve Bank of India, for a period of one year with effect from October 9, 2023, they said.

RBI Guv red-flags dominance of a few board members in large banks
 

RBI’s MPC will not tinker interest rate, to maintain hawkish stance: Economists
 

Ujjivan SFB partners with SMC Global Securities, shares up
Ujjivan Small Finance Bank Ltd.’s shares were up by 1.07 per cent after the company reported a partnership with SMC Global Securities Limited to extend online trading services to the bank’s clientele. This collaboration will encompass savings, demat, and trading accounts, streamlining the trading experience for Ujjivan SFB’s customers.

HDFC Bank passed Rs 1 trillion corporate lending opportunity due to pricing issues: Report
The country’s largest private sector lender, HDFC Bank has let go Rs 1 trillion in corporate lending opportunity due to unattractive pricing, brokerage house Motilal Oswal said in a report on Tuesday, after interacting with HDFC Bank’s top management, including MD and CEO Sashidhar Jagdishan.

REC partners with Punjab National Bank to finance projects in logistics, power, infra sectors
Power PSU REC Ltd and public lender Punjab National Bank on Tuesday inked an agreement to co-finance projects in power, infrastructure and logistics projects. The two entities will jointly finance loans worth Rs 55,000 crore, REC said in a statement.

Axis Bank plans to extend branch network in Gujarat Ahmedabad
Axis Bank plans to extend its branch network in the state by adding 28 more branches and 69 new ATMs this financial year, as it aims to enhance accessibility for the people of Gujarat.

Relief for Kotak Mahindra Bank; SC upholds immunity from penalty, prosecution for non-disclosure of lease rental income

Upholding a tax settlement commission's order that gave immunity to Kotak Mahindra Bank from prosecution and penalty for non-disclosure of lease rental income under the Income Tax Act, the Supreme Court ruled that scrutinising reasoned orders “may erode the confidence of the bonafide assesses” and also lead to a multiplicity of litigation.

Banking & financial companies go all out to retain staff

High attrition and increased competition for hiring talent are prompting companies in India's banking, financial services and insurance (BFSI) sector to line up a host of incentives, promotions and career progression plans to retain manpower, the frequent loss of which is posing a major challenge, said industry executives.

REC, PNB ink MoU to co-finance loans of ₹55,000 crore by 2026
 

RBI clears K N Madhusoodanan as part-time chairman of Dhanlaxmi Bank
 

Fincare Small Finance Bank gets SEBI nod for IPO
 

Cosmos Co-operative Bank concludes 18 mergers

Pune-based Cosmos Co-operative amalgamated with itself Sahebrao Deshmukh Co-operative Bank with ten branches in Mumbai and one in Satara post the Reserve Bank approving the voluntary merger between the two co-operative banks. The merger comes into effect from September 26.

JPMorgan sees India in its top 3 fastest-growing Asia markets in 2024
Mumbai: India could be among the three fastest growing markets for JPMorgan in the Asia Pacific region next year, alongside Australia and Japan, said a top official at the Wall Street bank.
 

Spends through credit cards touch Rs 1.5 trillion in August
Credit card spends touched Rs 1.5 trillion in August, rising 2.7% month-on-month, aided by a sharp rise in transactions at point of sale terminals and e-commerce websites. Spends grew 32.2% year-on-year, boosted by rising consumption in tier-II and tier-III cities. In July, spends had risen 5.5% month-on-month to Rs 1.45 trillion.

Avg ticket size on UPI dips 10%, rises 22.6% on cards in H12023: Report
 

Bad loans ratio at pre-AQR level: CARE Ratings
Mumbai: The gross non-performing assets (GNPA) ratio of scheduled commercial banks (SCBs) has reached pre-asset quality review (AQR) levels in Q1FY24 and this trend is expected to continue in FY24, according to CARE Ratings.

‘Upper layer’ tag may pose challenges for some NBFCs
The Reserve Bank of India’s (RBI) ‘upper layer’ tag is likely to weigh on some non-banking financial companies(NBFCs) given the higher regulatory compliance that comes with the category. The increased compliance requirements may discourage some non-bank lenders from climbing into the upper-layer, say experts.

Religare to be run by independent board: Mohit Burman
Mumbai/ New Delhi: Religare Enterprises is now more than a financial investment for the Burman family, Dabur India chairman Mohit Burman said, after its proposal to take control of the insurance and financial services firm. In August, the family had categorised its stake in Religare as a financial investment.

Can Bajaj Finserv still dominate the credit game?
Mumbai: Sometime in 2008, a team from financier Bajaj Finserv was at a consumer durables store when a family of four walked in. They wanted to buy a 32-inch television on loan but were told it would take at least three days. The Bajaj team wondered why the loan could not be processed the same day so that the family could take the TV home by evening. That’s when the (then) new kid on the block decided to disrupt the appliance and consumer electronics market.

Poonawalla Fincorp gets RBI nod to issue credit cards with IndusInd Bank
Cyrus Poonawalla-owned Poonawalla Fincorp on Tuesday received Reserve Bank of India's (RBI) permission to issue co-branded credit cards with IndusInd Bank, the company said in a press release.

Aditya Birla Finance's NCDs offer around 1% higher returns than fixed deposits - know about AAA rated alternative
Are you a conservative investor? Investors seeking to diversify their fixed-income portfolios beyond traditional fixed deposits have an opportunity with Aditya Birla Finance's Non-Convertible Debentures (NCDs). These NCDs offer approximately 1% or 100 basis points higher returns compared to deposits from top-rated lenders, states an ET report.
 

Aditya Birla Capital infuses ₹750 crore into its financial services arm Aditya Birla Finance Limited
Aditya Birla Capital, the financial services arm of the Aditya Birla Group, on Tuesday said that it has infused ₹750 crore that, Aditya Birla Capital Limited (“the Company" or “ABCL") has on 26 September 2023, made an investment of Rs. 749,99,98,868 (Rupees Seven Hundred Forty Nine Crore Ninety Nine Lakh Ninety Eight Thousand Eight Hundred and Sixty Eight Only) on rights basis, in the equity shares of Aditya Birla Finance Limited (“ABFL"), which is a a wholly owned material subsidiary of the Company.

Microfinance lenders need to raise fresh capital in FY25

Kolkata: The pure-play microfinance lenders, which are back on a strong growth trajectory after the pandemic blip, would need to raise fresh capital in FY25 to keep the momentum going, Acuite Ratings & Research said.

IL&FS Financial Services approves interim distribution payout of Rs 807 crore

IL&FS Financial Services Ltd (IFIN), an IL&FS Group subsidiary, on Tuesday approved an interim distribution payout of ₹807 crore, marking the second such payout by the company this year.

Dalmia Nisus Finance exits from Puranik Builders’ two projects in Thane

Dalmia Nisus Finance Investment Managers LLP, an alternative asset manager of Nisus Finance Group, has exited its investment worth Rs 125 crore in two residential-led projects of realty developer Puranik Builders.

Bajaj Finance’s USD1 billion fundraising plan triggers stock rerating, share up 5 per cent
 

Share of P2M UPI transactions rises to 58% in June 2023
Mumbai: The share of person-to-merchant (P2M) trades in UPI transactions has risen to 57.5 per cent in June 2023 from 40.3 per cent in January 2022, and is expected to keep growing, according to Worldline India’s Digital Payments Report for H1 2023.

UPI transactions surge to 9.3 billion in June 2023: Report
Bengaluru: The number of UPI transactions increased from 4.6 billion in January 2022 to 9.3 billion in June 2023, which was primarily driven by the growth in person-to-person (P2M) transactions, according to a report by Worldline. In January 2018, the number of UPI transactions stood at 151 million. 

Affluent segment is key focus market: Amazon Pay
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:

Zerodha revenue zooms to Rs 6,875 cr, profit at Rs 2,907 cr
Zerodha has reported a 38% growth in both revenue and the net profit in FY23, the company said on Tuesday. The brokerage clocked Rs 6,875 crore in revenue for the year ended March 2023 while the net profit came in at Rs 2,907 crore.

Zerodha only broker in India to charge ₹200 to open a demat account; here's why
Stock broker Zerodha in its recent business update on September 26 said that it continues to be the only broker in India to charge ₹200 to open a demat account. In its update, Zerodha explains why it has kept the account opening charge at a nominal rate.

Zerodha's FY23 profit growth slows, but remains bullish on F&Os
India’s largest stock broking platform Zerodha saw slower growth in its bottom-line as well as its top-line in the financial year that ended March 2023 as compared to its tremendous growth in the previous two fiscals.

Preview – Sam Bankman-Fried’s trial to test dueling explanations for collapse of crypto exchange
In U.S. prosecutors’ telling, Sam Bankman-Fried embezzled money from depositors in his FTX cryptocurrency exchange ever since he launched it in 2019, and the resulting shortfall led directly to its collapse as crypto prices swooned last year. But in his own version and in explanations put forth by his lawyers, Bankman-Fried thought FTX, like a bank, could make investments with customers’ money as long as they were able to withdraw it – and he did not know that actions taken by his closest colleagues had jeopardized the availability of funds.

Hong Kong crypto firm hit by $200 million hack
Hackers stole around $200 million from crypto firm Mixin early on Saturday, the company said on social media platform X on Monday, in what researchers say is the largest crypto theft so far this year.

Bitcoin holds above $26,200; BNB, Polygon rises up to 2%

The major crypto tokens were trading higher on Tuesday. The global cryptocurrency market cap was trading at around $1.05 trillion, rising 0.76% in the last 24 hours.

UTI Mutual Fund launches ‘UTI Innovation Fund’: Nine things to know
UTI Mutual Fund (UTI) launched UTI Innovation Fund, an open-ended equity scheme following the innovation theme to bring the next generation edge to investor’s portfolios. The Fund would follow a bottom-up approach for investing in innovation-oriented businesses and disruptors with the potential for non-linear growth outcomes. “UTI Innovation Fund marks a significant step forward for investors in navigating the ever-growing landscape of investment opportunities. It is a unique portfolio that is true-to-label, investing predominantly in innovative businesses and disruptors. In an era of rapid technological advancements and evolving market dynamics, it's an opportunity to embrace innovation, adapt to market dynamics, and participate in potential wealth generators that could grow in a non-linear fashion," said Ankit Agarwal, Fund Manager, UTI AMC.

Mid and small-cap rally to persist in India, says DSP Mutual Fund's Kalpen Parekh
The rally in India's mid- and small-cap stocks will continue amid more inflows into these segments, the head of India's tenth-largest mutual fund said on Tuesday.
 

Does it make sense to go for separate retirement-based mutual funds? R Sivakumar explains
R Sivakumar, Head Fixed Income, Axis MF, says “what we are trying to do is to have more of a bias towards debt than to equity. This is therefore suitable for someone who is closer to retirement age than someone who is only in the savings part of your career and therefore, as you get older, you will need to de-risk your portfolio. The objective here is that while you get closer to your retirement, either you switch into this fund or increase your allocation into a fund like this which then reduces the risk of your portfolio as you get closer to retirement. ”

Mutual Fund Nominee Update: Where to Check or Update Online Before Last Date September 30
Mutual Fund Nominee Update Last Date: For all existing mutual fund unit holders, it is mandatory to nominate or opt out of nomination before September 30, 2023, failing which the folios shall be frozen for debits, according to the Securities and Exchange Board of India (SEBI).

Survey finds most mutual fund investors rely on past performance
Mutual fund managers and advisors may be repeating that the past performance does not indicate future performance. However, most mutual fund investors rely on past performance. A recent survey revealed that 59% investors still consider past performance as one of the key benchmarks for investing in mutual funds.

Kotak Mutual Fund launches investor education program in partnership with CBSE
Kotak Mutual Fund on Tuesday launched an investor education and awareness program in partnership with the Central Board of Secondary Education (CBSE).

Not many Mutual Fund investors are aware of this major tool that can protect them from losses: Survey
India has seen unparalleled growth in the number of investors entering mutual funds in the last decade. According to AMFI data, the AUM of the Indian Mutual Fund Industry has grown sixfold from Rs 7.66 trillion as of August 31, 2013, to Rs 46.63 trillion as of August 31, 2023. The total folios as of 31st August 2023 stood at 15.42 crores.

Bandhan Retirement Fund: A New Fund Offer for Retirement Goals; Check details
Bandhan Mutual Fund has announced the launch of the Bandhan Retirement Fund, which will aim to provide long-term capital appreciation by investing in a mix of equity, debt, and other instruments to help investors meet their retirement goals. In a statement, Bandhan Mutual Fund said that the dynamic asset allocation strategy of the new fund will provide investors with an opportunity to participate in the equity market upside while cushioning the potential downside during a market fall.

Mutual Funds, Foreign Institutional Investors lap up Coforge
 

SBI Funds elevates DP Singh as Deputy MD and Joint CEO
 

KKR to carve out RE Sustainability unit
Mumbai : KKR & Co. plans to carve out the municipality business from RE Sustainability Ltd (formerly Ramky Enviro Engineers Ltd) that it acquired five years ago, and sell the unit back to its original promoters, two people aware of the matter said.

FIIs offload ₹693 crore in Indian equities as US bond yields climb to 10 year-high, DIIs invest ₹715 crore
Foreign institutional investors (FIIs) continued their selling streak as Sensex and Nifty closed lacklustre on Tuesday, September 26, tracking weak global cues. The domestic institutional investors (DIIs) turned net buyers and invested ₹715 crore in Indian stocks today.

Government to offer 50-year gilts, green bonds this fiscal
Mumbai: The government plans to borrow Rs 6.55 lakh crore, unchanged from what it had announced earlier, during the second half of the current fiscal. It further said that it would introduce bonds with a 50-year maturity as well as green bonds - both firsts for sovereign debt papers.
 

Record demand for sovereign gold bonds despite price rise
Investor demand for sovereign gold bonds (SGBs) surged to a record 11.67 tonnes valued at ₹6,914 crore in the second tranche of the current fiscal year despite high gold prices.

India bond yields dip as investors eye second-half borrowing calendar
Indian government bond yields ended marginally lower on Tuesday as expectations of a tweak in the government's borrowing plan for the rest of the year offset the impact of elevated U.S. Treasury yields and oil prices.

India 10-yr yield surge to provide good entry point for investors: Star Health CIO
India's benchmark bond yield will likely rise further in the next few weeks amid higher crude prices and surging U.S. yields, providing the right entry point for investors, a senior fixed income official at Star Health Insurance said.

Nabard raises ₹1,040 crore via social bonds

These bonds are set to be listed on the Bombay Stock Exchange (BSE) on September 29, 2023. The base issue size of the social bonds was ₹1,000 crore, with an option to retain oversubscription up to ₹2,000 crore. NABARD said it received bids aggregating ₹8,590.50 crore but accepted ₹1,040.50 crore at coupon rate of 7.63 per cent.

Canara, PNB, Nabard hit Bond Street; raise Rs 8,000 cr

Mumbai: Canara Bank and Punjab National Bank on Tuesday raised funds worth ₹8,000 crore through different sets of debt instruments.