RBI asks lenders to provide ‘key fact statement’ to borrowers
Mumbai: The Reserve Bank of India has asked lenders to provide ‘key fact statement’ (KFS) to the borrowers of all new retail and MSME term loans sanctioned on or after October 1, 2024, including fresh loans to existing customers. KFS contains key information regarding a loan agreement, includingan all-in cost of the loan, in asimple and easy to understand format.

License regime incoming: RBI likely to bring enhanced KYC, due diligence procedures for POS players
In an attempt to check incidence of financial frauds and fortify the financial ecosystem, the Reserve Bank of India is expected to come out with guidelines for issuing licenses to operate in the point of sales (POS) business, said media reports. Following this, third-party POS operators would have to obtain licenses to function in the space and this is expected to impact players such as Pine Labs, MSwipe, Paytm and BharatPe to name a few.

RBI likely to issue license framework for point-of-sale players soon, 3rd party operators may be affected, says report
The Reserve Bank of India (RBI) is soon likely to introduce guidelines for issuing licenses in the point of sales (POS) business, creating a new category within financial services, as per a Hindu Businessline report.

Banks push to grow deposits faster in bid to lower CD ratio
After the Reserve Bank of India raised concerns about the high credit-deposit (CD) ratio, banks have started taking steps to bring it down by growing deposits faster in the fourth quarter. The provisional figures show that the deposit growth of several banks has outpaced loan growth in the fourth quarter which will result in moderation of CD ratio.

Bank of India partners with IMGC for mortgage guarantee-backed products
IMGC ties up with Bank of India to offer mortgage guarantee-backed home loan products
The Hindu Business Line

Deposits of senior citizens soared about 150% to ₹34 lakh crore in 5 years: SBI report

Senior citizens are proving to be a great source of stable deposits for the banking system. The attraction of 50 basis points additional interest rate and higher deposit insurance cover ensures that the golden-agers don’t leave the safety of bank deposits for lucrative returns offered by non-convertible debentures issued by companies.

Kotak Bank services hit due to server outage, users take to social media

“We regret to inform that our technical servers are currently experiencing intermittent slowness. We are working diligently to resolve the issue and restore services as soon as possible. We apologise for any inconvenience this may cause and appreciate your patience and understanding,” it said. Several customers of the bank were unable to use the bank’s services since early morning, reportedly due to an outage in the bank’s core server, thus impacting several lines of business.

Motilal Oswal Financial Services to raise up to Rs 1,000 cr via NCDs
New Delhi: Motilal Oswal Financial Services on Monday said it plans to raise up to Rs 1,000 crore by issuing non-convertible debentures (NCDs) through public issue.

Jio Financial and Blackrock form JV to set up wealth management and broking business
https://economictimes.indiatimes.com/industry/banking/finance/fairfax-arm-infuses-rs-500-crore-into-iifl-finance/articleshow/109323304.cms

Gold finance cos enter FY25 with a bang
Listed gold loan financiers are in the spotlight as price of gold inches higher. On the Multi Commodity Exchange (MCX), gold is currently trading above the ₹72,000 per 10 grams mark. This rise in prices means a higher value of collateral and aids gold loan assets under management (AUM) of lenders. In the March quarter (Q4FY24), spot gold prices on the MCX increased 16% sequentially.

Brokerage firm Groww seals top spot with nearly 23% market share

The discount broker recorded a 77.5 per cent jump in the active client base in FY24 and a 42 per cent overall jump in the market share, a report by Motilal Oswal Financial Services said while citing National Stock Exchange (NSE) data.

Quantum MF objects to scheme of merger of ICICI Securities with ICICI Bank

Last month, ICICI Securities announced that about 72 per cent of its shareholders voted in favour of delisting and subsequent merger with ICICI Bank, even as the majority of retail investors opposed the scheme.

Quantum MF objects to I-Sec delisting
 

Stress test score of small-cap mutual funds improves
 

After AMC business, Jio and BlackRock in JV for wealth management, broking
“The company (Jio Financial), BlackRock, Inc. and BlackRock Advisors Singapore Pte. Ltd. have signed an agreement to form a 50:50 joint venture between the company and Blackrock, for the purpose of undertaking wealth business including incorporation of a wealth management company and subsequent incorporation of a brokerage company in India,” Jio Financial said in a release.

Analysts remain bullish on asset management companies
 

PE funding in real estate falls in the last five years
The total value of private equity deals in the real estate sector declined over the past five years to $3.67 billion in FY24, due to reduced activity by foreign investors. This marks a 16% year-on-year drop from $4.36 billion recorded in FY23, according to an Anarock report.

Amid exit talks, Citi confirms Arvind Vashistha to continue as head of India Equities
Mumbai: Amid reports of India capital market head Arvind Vashishtha leaving the organisation, Citi on Monday clarified that he will continue as head of India Equity Capital Markets (ECM) at Citi. He will report to Hong Kong-based Udhay Furtado and Ken Chow in Hong Kong, co-heads of Asia Equity Capital Markets.

PE deal value in Indian real estate down 30% from 2019-20: Anarock