Top Indian Banking Industry News & Updates - 26 April 2024,Friday
🗎 RBI / MoF / Govt. Policies
RBI warns against using prepaid payment instruments from unauthorised entities
Mumbai: The Reserve Bank of India (RBI) has cautioned members of the public against Prepaid Payment Instruments issued by unauthorised entities. In this regard, the central bank’s advisory referred to Gurgaon-based TalkCharge Technologies Pvt. Ltd. (entity), issuing Prepaid Payment Instruments/PPIs (Wallets) through its website and app (application) ‘TalkCharge’ without obtaining the required authorisation under the provisions of the Payment and Settlement Systems Act, 2007.
Hinduja Group likely to seek extension from RBI on transfer of RCap to IIHL
Mumbai: Hinduja Group’s IndusInd International Holdings (IIHL) is expected to seek a six-month extension from the Reserve Bank of India for the proposed transfer of control of Reliance Capital, sources told businessline. In addition to IIHL, parts of Reliance Capital’s business will be transferred to its subsidiaries IIHL BFSI (India) Limited (IIHL BFSI), and Aasia Enterprises LLP (Aasia).
📝 RBI plans curbs on suspect bank accounts to fight cyber fraud
📝 RBI’s latest recommendations to regulate payment aggregators in offline spaces | Explained
📝 RBI increases minimum net owned fund for ARCs to Rs 300 cr
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🏦 PSB / Pvt Banks
IndusInd Bank profit rises 15% in Q4
Private sector lender IndusInd Bank on Thursday posted a 15% year-on-year (y-o-y) rise to Rs 2,349 crore in its consolidated net profit for the fourth quarter, aided by higher core and other income growth.
Personal loan origination volumes rise 22% in October-December
Personal loan origination volumes rose 22.3% year-on-year (y-o-y) during the festive season in October-December despite the Reserve Bank of India (RBI) raising the risk weight on unsecured consumer credit, a report from CRIF High Mark showed on Thursday.
Kotak Bank MD says in discussions with RBI, working to address concerns
Mumbai: A day after Reserve Bank of India asked Kotak Mahindra Bank to stop onboarding new customers through its online and mobile banking channels and issuing fresh credit cards, MD and CEO Ashok Vaswani said that the lender is in constant discussions with the regulator to address its concerns.
Kotak loses fourth most valued bank tag to Axis
Kotak Mahindra Bank’s shares plunged by up to 13% on Thursday, wiping out nearly `40,000 crore in market value and paving the way for its rival Axis Bank to become the fourth-largest lender in terms of market capitalisation.
📝 Operations continue uninterrupted: Kotak Mahindra Bank CEO Ashok Vaswani writes to customers amid RBI action
📝 Kotak crackdown: The 'Regulatory Bank of India' is taking no chances
📝 Kotak Mahindra Bank is the latest student in RBI's classroom
📝 Axis Bank re-appoints Amitabh Chaudhry as MD & CEO for three more years, shares top 5%
📝 Kotak Bank deposit growth may be hit, shares fall 11%
📝 Kotak Mahindra Bank shares tank 13 per cent; mcap erodes by Rs 37,721 crore post RBI action
📝 Axis pips Kotak Bank as 3rd most valued private bank
📝 Axis Bank reports net profit of Rs 7,129.67 crore for quarter ended March 31 compared with loss of Rs 5,728.42 crore
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🏦 Development Banks
Nabard, RBIH link up to ease agri loan access
Mumbai: The National Bank for Agriculture and Rural Development (Nabard) has said it will integrate its e-KCC (electronic Kisan Credit Card) loan origination system portal with the Reserve Bank Innovation Hub’s (RBIH) public tech platform for frictionless credit (PTPFC).
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💳 ATMs / Credit Cards
ICICI Bank iMobile glitch: Portal raises alert as 17K card information erroneously mapped, bank restricts access…
A glitch in the ICICI Bank mobile banking application, iMobile Pay, has been flagged, with users claiming that they can view sensitive details of other people's credit cards on the platform.
📝 Online credit card spends rise 20% YoY in March to a record high of Rs 1 lakh crore
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🔍 Rating / Research
📝 Sebi gives approval to CRISIL subsidiary to provide ESG ratings
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🗎 NBFCs / FIs / MFI
Bajaj Finance profit rises 21%; asks RBI to review restrictions
The consolidated net profit of Bajaj Finance rose 21% to Rs 3,825 crore year-on-year (y-o-y) in the fourth quarter aided by a growth in assets under management (AUM). This is higher than the Rs 3,785 crore estimated by analysts at Bloomberg.
IIFL Samasta Finance adds three distinguished members to its Board
New Delhi: IIFL Samasta Finance, a non-banking microfinance company (NBFC-MFI), has appointed three members including former NABARD Chairman, Govinda Rajulu Chintala to its Board of Directors.
📝 Murugappa group company Wendt sees 2% drop in standalone net profit
📝 Loans bundled with insurance products by SFBs under scrutiny
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UPIs / Wallet / FinTech
Fintech players likely to request RBI for a simpler merchant KYC process
Fintech players told Business Standard some merchants might be “too small” to go through the full KYC process, which requires physical verification of such customers. This, in turn, may increase their costs.
📝 IPO-bound BankBazaar.com reports 36% revenue growth in FY24, losses nearly flat
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Crypto
📝 Bitcoin bulls pause leveraged bets as demand cools post-halving
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🗠 Mutual Funds / AMCs
AMFI knocks on SEBI doors to resolve KYC impasse
Mumbai: The Association of Mutual Funds in India (AMFI) has held multiple rounds of discussions with the Securities and Exchange Board of India (SEBI) to clear the logjam arising out of the validation of investor KYC records. This is in addition to separate talks held by individual fund houses and distributors with the regulator on the issue.
📝 Mid, smallcap cos to deliver 7-9% higher earnings growth than Nifty: Harsha Upadhyaya, Kotak Mahindra AMC
📝 Mutual fund industry AUM surges 35% at Rs 53.40 lakh crore in March: ICRA Analytics
📝 Best medium duration mutual funds to invest in April 2024
📝 Motilal Oswal AMC announces leadership changes; elevates Prateek Agrawal as MD, CEO
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🗎 Govt. Securities / Bonds
📝 India-US g-sec yield gap at all-time low, yet there's no stopping inflows
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✈ International
📝 Deutsche Bank Q1 Results: Profit jumps 10% as investment bank outperforms
📝 BNP Paribas Q1 Results: Co beats estimates as lower costs offset trading slump
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