97.69 per cent of Rs 2000 currency notes returned: RBI
The Reserve Bank of India (RBI) on Monday said nearly 97.69 per cent of the Rs 2000 denomination bank notes have returned to the banking system, and only Rs 8,202 crore worth of the withdrawn notes are still with the public.

RBI 90 Years: PM Narendra Modi on Indian banking system, UPI success, taking Indian Rupee global & more | Top 10 Updates
RBI Celebrates 90 Years: Prime Minister Narendra Modi on April 1 praised the widespread adoption of UPI and stressed the importance of the Reserve Bank of India (RBI) focusing on promoting digital transactions and financial inclusion over the next decade.

PM Modi applauds RBI, says Indian banking sector’s transformation a global case study
Prime Minister Narendra Modi on Monday, while addressing an event commemorating the 90th anniversary of the Reserve Bank of India, applauded the central bank for achieving its targets and objectives. Stating that the RBI is known across the world for its professionalism and commitment, he said that the country’s GDP is dependent on coordination between monetary and fiscal policies. The prime minister said that the central bank has been able to stabilise G-sec yields despite monetary tightening and has also been successful in anchoring inflationary expectations. The Prime Minister asserted that this decade is key for achieving Viksit Bharat.

RBI imposes ₹74 crore fine on 64 lenders amid heightened supervision in FY24
Mumbai: With economic conditions largely stable and banks sitting on strong balance sheets, Reserve Bank of India seems to have used the relative calm of FY24 as an opportunity to strengthen supervision and crackdown on regulatory breaches.

PM calls for need to study newer banking structure, funding options
Mumbai: Prime Minister Narendra Modi on Monday called for the need to study a a “newer banking structure” to meet the evolving changes in the financial landscape which may require newer ways of financing, operating and business models. The banking industry needs to ensure credit access and availability for projects that are necessary for the country’s growth, he said, also highlighting various risks such as artificial intelligence and blockchain, which are changing banking, cyber security and increasing reliance on digital banking.

PM asks RBI to consider innovative credit policies for youth in new sectors
He highlighted the growth of the green energy sector, specifically the advances in solar energy, green hydrogen and ethanolblending. He mentioned the 5G technology and rising defence sector exports, and emphasised the importance of setting clear targets for the next decade. The PM pointed out the need to monitor the changes brought about by the cashless economy while promoting digital transactions.

Finance Minister Sitharaman praises RBI’s economic management amidst challenges
Finance Minister Nirmala Sitharaman commended the Reserve Bank of India (RBI) deft handling of economy amidst global challenges and professional stewardship of the Central Bank. She emphasised its pivotal role in bolstering India’s resilience against external imbalances and uncertainties. Speaking on the occasion of the RBI’s 90th anniversary, the Finance Minister praised its efforts in improving the balance sheet challenges confronting banks.

Private bank offers 4% and hotel offers 8% gains from stock moves
On a strongly trending day for the markets, the Nifty closed with a decent gain despite coming off from the high point of the day.

‘Small’ isn’t beautiful for small finance banks
Mumbai: Shakespeare may have wondered what’s in a name, but for small finance banks, it perhaps makes a world of difference.

Banks put non-core asset on block to free up growth capital
Riding high on the bullish sentiment in the economy, banks are rushing to put either sell their non-core assets or dilute their stake to partially make up for their shrinking margins amid high cost of funds and free up growth capital. Despite banking regulator giving two years time to HDFC Bank for holding stake in its wholly-owned subsidiary HDFC Education and Development Services (providing services to three education schools), the bank is planning to sell its entire stake via Swiss challenge process to derive the maximum price for the asset.

PNB Housing Finance gets three credit rating upgrades in a quarter
PNB Housing Finance, a home loan provider focused on the retail segment, on Monday said it has secured credit rating upgrades thrice in a single quarter.  This has been achieved in the just ended fourth quarter of fiscal 2023-24.   India Ratings, ICRA and CARE Ratings affirmed and upgraded the company’s ratings to ‘Asian Age’ from ‘AA’ with ‘Stable’ outlook. 

Credit quality outlook of India Inc positive in FY25; supply chain disruptions, geopolitical tensions bear watching
The credit quality outlook for fiscal 2025 remains positive with upgrades continuing to outpace downgrades, said a report by CRISIL Ratings. This, it added, was driven by domestic demand, low corporate debt levels and tailwinds from the ongoing infrastructure build-out. The CRISIL Ratings’ credit quality framework for the corporate and infrastructure sectors – the COIN framework – provided credit quality outlook for FY25 on 38 sectors that accounted for ~72 per cent of the rated debt. 

NBFC Namdev Finvest raises $20 million in equity funding
Bengaluru : Non-banking finance company Namdev Finvest Private Ltd (Namdev) on Tuesday said it has raised $20 million in an equity round in its pre-series-C funding.

Microfinance industry’s loan portfolio grows by 21% to touch ₹3.93 lakh crore
The microfinance industry’s loan portfolio grew robustly 21 per cent as December 2023 to touch ₹3.93 lakh crore, according to latest data compiled by Sa-Dhan . According to this RBI-approved Self Regulatory Organisation (SRO), Microfinance Institutions (MFIs) continued to occupy the largest share in the pie, with 40 per cent, followed by banks at 32 per cent, and SFBs at 18 per cent, NBFCs at 11 percent, and Non-Profit MFIs at 0.18 percent. “Microfinance sector is on a boom with overall improved performance in every parameter. This growth story has been continuing for last 2 quarters and expected to continue a few more years”, Jiji Mammen, ED & CEO, Sa Dhan said.

UPI ends FY24 on a high note, transactions worth ₹199 lakh crore processed
Mumbai: The Unified Payments Interface (UPI) ended FY24 on a strong high, setting new records for both the volume and value of transactions undertaken during March 2024. This was despite transactions dipping slightly in February 2024 due to the fewer number of days in the month, and increased investment activity ahead of the financial year end.

Cryptocurrency scam: ED attaches assets worth Rs 433 cr of Darji, others
The Enforcement Directorate (ED) has provisionally attached movable properties worth Rs 433 crore of Divyesh Darji, the Asia head of a UK-based crypto company – Bitconnect, and others for their alleged involvement in a cryptocurrency scam in Gujarat.

Active funds shine as equity markets see broad-based gains in FY24
Contrary to past trends, active largecap funds fared much better than midcap and smallcap funds when it came to outperforming the benchmarks.

Private equity investment falls 6-year low to $24.2 billion in FY24
Investments via PE deals are down 47 per cent compared to FY23, when private equity deals worth $45.8 billion were signed.

‘Fundraising momentum to be sustained in FY25’: Neha Agarwal
 

Inclusion in key global bond indices boosts money flows into India
Cash pouring into India from its watershed inclusion into key global bond indexes is already reshaping markets in a country long keen to insulate itself from hot money flows.