RBI may undertake comprehensive review of architecture of payment banks
This all-encompassing exercise, almost a decade after licensing terms were issued on November 27, 2014, is to take into account standards of governance, the viability of the payment bank (PB) business model, and changes, if any, if needed. This will also impact PBs seeking to convert into small finance banks (SFBs), as a comprehensive review of the regulatory capital framework for the latter is also under consideration, as mentioned in the Report on Trend and Progress of Banking in India (2022-23).  
 

97.62% of Rs 2,000 notes returned, Rs 8,470 cr yet to come back
The Reserve Bank of India (RBI) on Friday said Rs 8,470 crore of the Rs 2,000 bank notes, which were withdrawn from circulation from May last year, are yet to be returned to the banking system.

Paytm Payments Bank fined Rs 5.49 crore over money laundering, says Finance Ministry
The Financial Intelligence Unit-India (FIU-IND), under the Ministry of Finance, imposed a penalty of Rs 5.49 crore on Paytm Payments Bank for breaching its obligations under the Prevention of Money Laundering Act (PMLA), on March 1.

Paytm board approves discontinuation of inter-company agreements with Paytm Payments Bank
The Board of Directors of One 97 Communications Ltd (Paytm) on Friday approved the discontinuation of its various inter-company agreements with its associate entity Paytm Payments Bank Limited (PPBL). 

Paytm, SBI, and FASTag users face crucial deadlines: Top 5 financial changes that come into effect in March 2024
New financial changes are lined up to come into effect across the country from March 1, 2024. From Paytm Payments Bank to GST regulations, these changes will significantly impact tax implications and financial decisions for nearly all banking customers.

FIU-Ind imposes ₹5.49 cr penalty on Paytm Payment Bank
New Delhi: The Financial Intelligence Unit-India (FIU-IND) on Friday imposed a penalty of ₹5.49 crore on beleaguered Paytm Payments Bank Ltd with reference to violations of its obligations under the Prevention of Money Laundering Act.

RBI on ₹2000 withdrawal: Total value of banknotes in circulation declined to ₹8,470 crore by Feb-end
Mumbai: The Reserve Bank of India (RBI) on Thursday said 97.62 per cent of the ₹2,000 banknotes in circulation as on May 19, 2023, had been returned by February 29, 2024, with the remaining notes in circulation continuing to be legal tender.

RBI steps up interactions with fintechs and industry bodies
Keeping up with the pace of rapid changes in the fintech sector, the Reserve Bank of India (RBI) has stepped up its interaction with the fintech companies. The banking regulator has held over 200 meetings with the fintech companies and industry representatives in the past six months.  

Central banks’ functioning more transparent now, says RBI DG Rao
Even as communication for central banks is a “bit of tight rope”, as they must avoid inconsistency between what they say and what is understood and interpreted by the markets and stakeholders, the world has come a long way since the days when their commentary was shrouded in mystery, Reserve Bank of India (RBI) deputy governor M Rajeshwar Rao said at the Dr M V Pylee Memorial Lecture in Kochi.

Reserve Bank of India widens scope of BBPS to non-bank payment aggregators
BBPS is an integrated bill payment platform that enables payment and collection of bills through multiple channels including mobile apps, bank branches, among others. Various payment methods such as Unified Payments Interface (UPI), internet banking, prepaid payment instruments (PPIs), among others can be used to pay bills.
 

Kotak Mahindra Bank rolls out Smart Choice Gold Loan; key details here
Kotak Mahindra Bank has announced the launch of Smart Choice Gold Loan meant for aspirational customers. The private lender — in a statement — said the loan offers five key features and would turn out to be a compelling alternative to conventional credit options. 

Diversified NBFCs to grow 20% in FY25, focus to be co-lending: India Ratings
Mumbai: Large and diversified NBFCs are expected to grow 20 per cent year-on-year in FY25, slower than 27 per cent in FY24 due to capital constraints and increased regulatory scrutiny, according to India Ratings. “Regulatory scrutiny and compliance have been the ongoing need of the hour for NBFCs. This is because they are scaling up and their dependence on and inter-connectedness with banks is increasing,” the rating agency said while maintaining a ‘neutral’ outlook on the sector.

MFI portfolio touches Rs 4 lakh crore across India
Micro-finance Institutions portfolio has touched almost Rs four lakh crore during the third quarter of the current financial year, according to the self-regulatory organisation Microfinance Industry Network (MFIN) report.

Microfinance Q3 disbursements at ₹78,584 crore, AUM grows 25%
Microfinance loans for the financial services sector grew 24.6 per cent on year to ₹3.99 lakh crore as of December 2023, serving 7.4 crore unique borrowers through 14.6 crore loan accounts.

UPI transactions rise 61% in Feb to 12.1 billion
Transactions on the unified payments interface (UPI) rose 61% year-on-year (y-o-y) to 12.1 billion in February, latest data from National Payments Corporation of India (NPCI) showed.

NPCI International ties up with Greece’s Eurobank for cross-border UPI payments
Mumbai: NPCI International Payments Ltd (NIPL), a subsidiary of National Payments Corporation of India (NPCI), has signed an MoU with Greece-based Eurobank S.A. to enhance cross-border UPI payments.

UPI transactions dip slightly in Feb due to fewer days, technical disruptions
Mumbai: After starting 2024 on a strong note, the Unified Payments Interface (UPI) saw transactions dip slightly in February but remain above December 2023 levels.

Paytm and Paytm Payments Bank to discontinue inter-company pacts amid RBI action
Amid RBI’s action on its associate firm, One 97 Communications on Friday said the board has approved the discontinuation of inter-company pacts with Paytm Payments Bank to reduce dependencies.

Financial Intelligence Unit imposes Rs 5.49 crore fine on Paytm Payments Bank
FIU imposes Rs 5.49 crore fine on Paytm Payments Bank under anti-money laundering law

Why Retik Finance (RETIK) is the best crypto investment for summer 2024 gains
In the dynamic landscape of cryptocurrency investments, where trends shift rapidly and new projects emerge almost daily, identifying the most promising investment opportunities requires thorough research and analysis. Among the myriad options available, Retik Finance (RETIK) stands out as a prime candidate for investors seeking substantial gains in the summer of 2024. With its innovative approach to decentralized finance (DeFi) and recent developments propelling its growth, Retik Finance presents a compelling investment case. This article explores the key reasons why Retik Finance is poised to deliver significant returns for investors in the upcoming summer months.

Bitcoin breaches $63K as CoinEx teases Bitcoin Halving 2024 promo video mysterious billboards hint at upcoming Bitcoin Halving campaign
Earlier this month, Bitcoin crossed the historic $63,000 price threshold for the first time since December 2021. As Bitcoin continues its rally, curious citizens in Istanbul and Manila were greeted with an unusual sight on February 26th- a large billboard advertising a Bitcoin Halving 2024 promo video with the statement “Bitcoin Halving, a story of Less is more”. The mysterious advertisement piqued public interest and speculation over who was behind it.

Explainer: How can fractional ownership of NFTs channel bullishness for digital assets
Since the time non-fungible tokens (NFTs) were introduced, users seem to have found an ‘innovative’ way to approach sectors such as gaming assets, digital art, and real estate. However, the expense of owning NFTs is believed to be a topic of discussion, which can range into millions. To counter that, the concept of fractional NFTs came into light, which refers to a single NFT being segregated into parts for being traded separately. “Fractional NFTs represent ownership splits in NFTs, that allow multiple investors to collectively own a share of an NFT. The concept aims to democratise access to high-value digital assets, allowing individuals to invest in assets that would, otherwise, be financially out of reach. For example, a piece of digital art worth $100,000 can be divided into 10,000 fractional shares, each representing a share of $10. Several blockchains are considered suitable for fractional NFTs, the most prominent being Ethereum and Tezos,” Sathvik Vishwanath, co-founder and CEO, Unocoin, a cryptocurrency exchange, told FE TransformX. 

Retail participation in mutual funds still below global average, says G Pradeepkumar of Union AMC
Large cap stocks are not cheap anymore, but are not in a bubble zone either. And their valuation may continue to rise further on growing inflows from overseas investors, believes G Pradeepkumar, CEO of Union Asset Management Company (AMC). 

´ Moderation in earnings growth likely to weigh on equities this year´
Source Credit: Business Standard (Delhi Print Edition)

How do you see the market positioned at this juncture? What is your outlook, considering the valuations and earnings growth expectations?

Six institutional investors allotted more than 5% of equity shares offered in Union Bank’s ₹3,000 cr QIP issue
Mumbai: Morgan Stanley Asia (Singapore) Pte., Societe Generale, HDFC Life Insurance, BNP Paribas Financial Markets, SBI Life Insurance, and Sundaram Mutual Fund have been allotted more than 5 per cent of the equity shares offered in Union Bank of India’s ₹3,000 crore Qualified Institutional Placement (QIP) issue.

Adani Group tells investors sale of new overseas bond worth $409 million due next week: Report

The Indian conglomerate’s capital-raising activities are under close scrutiny after a scathing report by short-seller Hindenburg Research alleging malfeasance triggered a rout in its stocks and bonds.