RBI in dialogue with other central banks to reduce cost of cross border remittances
The Reserve Bank of India has initiated dialogues with countries having sizable Indian diaspora to bring down cost of remittances, deputy governor T Rabi Sankar said.

Govt hikes interest rate to 6.7 pc on five-year recurring deposit, retains rate on other small savings schemes
The government on Friday raised the interest rate on five-year recurring deposit scheme to 6.7 per cent from 6.5 per cent for the December quarter and retained the rates for all other small savings schemes.

RBI grants approval to IFC for acquiring 9.7% stake in Federal Bank
Reserve Bank of India (RBI) has granted approval to the International Finance Corporation (IFC) to acquire a 9.7% stake in Federal Bank.

‘RBI paid over ₹1,300 crore to procure over 370 crore pieces of ₹2,000 notes’
New Delhi: With the deadline for deposit/exchange of ₹2000 paper notes approaching this Saturday, over 370 crore pieces of currency notes with a total supply price of over ₹1300 crore will become part of history. In May this year, the Reserve Bank of India (RBI)withdrew these notes from circulation.

Banks’ non-food credit growth decelerates to 15% y-o-y in August 2023: RBI
Mumbai: Scheduled commercial banks’ (SCBs) non-food credit growth declined to 15.0 per cent year-on-year (y-o-y) in August 2023 as compared with 16.0 per cent a year ago due to deceleration in credit demand from industry and personal loans. According to RBI’s data on sectoral deployment of bank credit, credit to industry registered a lower growth of 6.1 per cent y-o-y in August 2023 as compared with 11.4 per cent in August 2022. Among major industries, credit growth (y-o-y) to ‘basic metal & metal products’ and ‘textiles’ accelerated in August 2023 as compared with the corresponding month of the previous year, while that to ‘chemicals and chemical products’, ‘food processing’ and ‘infrastructure’ decelerated, RBI said in a statement.

Standing Advisory Committee reviews flow of credit to MSMEs
 

India in talks with more jurisdictions to make material impact on cross-border payments: RBI Deputy Governor
 

Indian Bank rolls out digital initiatives to enhance customer experience
Public sector lender Indian Bank has rolled out a series of digital initiatives aimed at serving its customers, including offering loans to micro, small and medium enterprises up to Rs 25 crore, it said on Friday.

Small savings rates stay unchanged, barring RD
New Delhi: The finance ministry on Friday left interest on all small savings instruments unchanged, barring five-year recurring deposits, which will fetch 6.7% during the October-December quarter, instead of the current 6.5%.
 

Kotak Mahindra Bank activating branches for gold loans
Mumbai: Kotak Mahindra Bank (KMB) is gradually activating its branches to give gold loans in view of healthy demand, according to a senior official. This is notwithstanding the fact that growing the loans against gold jewellery (LAGJ) portfolio is akin to running on a treadmill as these loans get repaid within a year.

Bank of Maharashtra appoints Pradeep Kumar Srivastava as Chief Technology Officer
Mumbai: Bank of Maharashtra (BoM) said it appointed Pradeep Kumar Srivastava as Chief Technology Officer (CTO) effective September 28, 2023. Before joining BoM, Srivastava was Vice President- Lead Enterprise Architect with Barclays Global Technology Centre in Pune.

Karnataka Bank enables GST payment through multiple modes
Mangaluru: Karnataka Bank has enabled the service of collection of Goods and Service Tax (GST) through multiple modes of collections such as over-the-counter and through Internet banking facility.

Banks plan to come up with separate rating framework for risk profiling startups, says report
In a bid to boost credit disbursement among startups, banks are reportedly planning to come with with separate rating framework for risk profiling startups.

Capital Small Finance Bank files IPO papers with Sebi
Capital Small Finance Bank has filed draft papers with markets regulator Sebi to mobilise funds through an Initial Public Offering (IPO). The bank's IPO comprises a fresh issue of equity shares aggregating up to Rs 450 crore and an Offer For Sale (OFS) of up to 24.12 lakh equity shares by existing investors, according to the Draft Red Herring Prospectus (DRHP).

Tamilnad Mercantile Bank MD S Krishnan resigns citing 'personal reasons'

Tamilnad Mercantile Bank managing director S Krishnan resigned from his position citing "personal reasons", merely 13 months of assuming charge.

RBI cancels licence of Lucknow Urban Co-operative Bank
The Reserve Bank of India on Friday said it has cancelled the banking licence of Lucknow Urban Co-operative Bank, as the lender does not have adequate capital and earning prospects. The Commissioner and Registrar of Cooperative, Uttar Pradesh, has also been requested to issue an order for winding up the bank and appoint a liquidator for the cooperative bank, the Reserve Bank said.

ADB’s capital reforms to unlock $100 bn funds for Asia, Pacific in next ten years
New Delhi: Asian Development Bank (ADB) on Friday approved capital management reforms that unlock $100 billion in funds over the next 10 years to support Asia and the Pacific region with resources to manage a complex set of overlapping crises and climate change challenges.

The reforms were introduced through an update of ADB’s Capital Adequacy Framework (CAF). They expanded the bank’s annual new commitments capacity to more than $36 billion, an increase of approximately $10 billion, or about 40 per cent. “The Asian Development Bank (ADB) today approved capital management reforms that unlock $100 billion in new funding capacity over the next decade to address the region’s overlapping, simultaneous crises,” ADB said in a

Demand for RuPay credit cards up 37% in Jul-Sep on UPI integration
Mumbai: Demand for Rupay credit cards rose by 37 per cent sequentially in Q2 FY24, higher than 23 per cent in the previous quarter, according to a consumer report by fintech platform ZET.

Customers can now choose from multiple card networks from October 1
 

Trust of depositors is with banks, not with fintechs: Mastercard India boss
 

SBI Cards likely to gain as higher spending expected in third quarter
The Reserve Bank of India (RBI) credit card data for August 2023 indicates healthy growth for credit card usage. Card spending rose by 3 per cent month-on-month (M-o-M) in August, and year-on-year (Y-o-Y) growth was 32 per cent (versus 5 per cent M-o-M and 25 per cent Y-o-Y for July ’23).

Kerala HC seeks response on delay in KTDFC’s release of matured deposits
The Kerala High Court on Friday sought the responses of the State Government and Kerala Transport Development Finance Corporation Limited (KTDFC), a non-banking finance company owned by the Government, to a plea by a Kolkata-based company for a directive to the KTDFC to immediately release its four matured fixed deposits lying with the finance company. When the petition filed by Lakshminath Tradelink Private Limited came up, Justice Devan Ramachandran observed that the State Government had to answer why the company was not giving back the matured deposit.

PayU Global CFO Aakash Moondhra resigns
 

NSE registered investor base surpasses 8 crore mark
The National Stock Exchange of India (NSE) said the number of its unique registered investors crossed 8 crore. Total number of client codes registered with the exchange touched 14.9 crore as clients could register with more than one trading member.

Crypto stars in India: India’s most prominent crypto personalities
In the dynamic and ever-evolving world of cryptocurrency, India has emerged as a hotspot for crypto enthusiasts and visionaries. From technocrats to entrepreneurs and policy influencers, India’s crypto landscape boasts a diverse array of personalities who have made significant contributions to the global crypto revolution. In this article, we will introduce you to some of India’s most prominent crypto stars who are leading the way in this exciting digital frontier.

PayPal to create its own NFT marketplace
According to Cointelegraph, PayPal made progress toward creating its own blockchain ecosystem by filing a patent application for a nonfungible token (NFT) purchase and transfer system. The application is believed to have been filed in March and published on September 21, 2023. The new application might describe a means of carrying out transactions with NFTs, both on- and off-chain.

Bitcoin rises above $27,100; Ethereum, Tron, Solana surge up to 5%

The major cryptocurrencies were trading higher on Friday as the uptrending dollar, US bond yields, and Brent crude are showing signs of easing. Meanwhile, the global cryptocurrency market cap rose 2.7% to around $1.07 trillion in the last 24 hours.

Smart traders turn to crypto perps to escape TDS on virtual digital assets

Mumbai: Some of the savvy, well-heeled traders in India are trying their luck on 'crypto perps', a futures product which they think could be a way to escape the stifling Tax Deducted at Source (TDS) imposed on virtual digital assets (VDAs).

Multi cap or flex fund? Where should you invest and why
Source Credit:Sunainaa Chadha, Business Standard

New Delhi: Even though small-cap funds continued to be the most sought-after in  August, multi-cap, mid-cap, and Flexi Cap Funds also received substantial flows from retail investors.

True North sells 20% stake in Niva Bupa, aims for ₹1,100 cr raise
Mumbai: Homegrown private equity fund True North has sold 20% of its stake for around ₹2700 crore in Niva Bupa, a general insurance company, to its joint venture partner Bupa, an international healthcare company headquartered in the UK.

With bond power, comes great responsibility
It is often said that when stars are aligned, magic happens. They couldn’t have been better aligned for India’s case for its inclusion in the JP Morgan EM bond index.

India misses out on FTSE Russell government bond index inclusion
Global index provider FTSE Russell said on Friday it would not yet include India in an government bond index, a week after JPMorgan said India would be part of its influential GBI-EM index suite starting next year. “Areas for improvement in the Indian government bond market structure highlighted by international investors remain largely unchanged from the previous March 2023 review,” FTSE said in its annual country classification review for the FTSE Emerging Markets Government Bond Index (EMGBI) Indian government bonds and the local currency took the news in their stride.

Nabard plans first green bond sale by March, to seek Rs 5,000 cr

Mumbai: The National Bank for Agricultural and Rural Development (Nabard) is likely to sell its first set of green bonds worth around ₹5,000 crore by the end of FY24, with the apex rural financier aiming for overall debt sales of ₹55,000 crore for the financial year.

Bank of England tells lenders to watch more closely for risky borrowers
The Bank of England wrote to lenders on Friday to urge them not to underestimate the risk of loan defaults as higher inflation and increased interest rates hit more vulnerable borrowers.