RBI nudge pushes NBFC-MFIs to cut rates
The Reserve Bank of India’s (RBI) nudge to micro-finance lenders that they should pass on the benefits of higher margins to borrowers is beginning to bear fruit, as a number of players have already cut rates and many are planning to follow suit.

Battle for short term money likely to turn more intense in March
The mobilisation of funds via certificates of deposit has grown threefold to over Rs 60,000 crore in the fortnight ended February 23 from around Rs 20,000 crore in the fortnight of January 26, 2024, according to Reserve Bank of India data.

Rising interest rates prompting more people to go in for term deposits
Rising interest rates seem to be driving more people to go in for term savings plans as the share of such instruments in total bank deposits increased to 60.3 per cent in December 2023 from 57.2 per cent in March 2023, according to the Reserve Bank data.On an incremental basis, term deposits accounted for nearly 97.6 per cent of the total deposits during April-December 2023 and the shares of current account and savings account (CASA) deposits went down, said RBI’s Quarterly BSR-2: Deposits with Scheduled Commercial Banks – December 2023.

NEFT hits a new milestone with 4.10 crore transactions in a day: RBI
NEFT system has achieved a milestone on leap day i.e., on February 29, 2024, by processing 4.10 crore transactions, the highest ever in a day so far.

Amit Shah inaugurates National Urban Cooperative Finance and Development Corporation

Addressing a gathering to mark the launch of the apex body, Shah said that unless the strength to promote cooperation and mutual progress among cooperative institutions is provided, it cannot move forward. He mentioned that after nearly 20 years of struggle, NUCFDC is formed now. He said that several reports, including the Vishwanathan Committee, had recommended an umbrella body for UCBs.

Administrator likely to be appointed at Paytm Payments Bank after March 15
With less than a fortnight to go for Paytm Payments Bank to wind down its operations, highly placed sources in the banking circles say the bank could be the first significant instance in over two decades where the Reserve Bank of India may not hesitate to take a drastic step such as cancellation of its bank license. “If that be the case, an administrator could be appointed at the bank to oversee certain critical aspects,” said a person with knowledge of the matter.

Share of term deposits in banks’ total deposits up at 60.3% in Dec 2023: RBI
The share of term deposits in scheduled commercial banks (SCBs) total deposits increased to 60.3 per cent in December 2023 from 57.2 per cent in March 2023, according to RBI’s quarterly data.

Five-day work for bank employees likely ahead of model code
The government may approve the much-awaited five-day working week for banks before the the model code of conduct (MCC) kicks in later this month for the general elections, bringing in cheers to over 1.5 million bank employees, an official source said.

Private banks outpace public peers in raising FDs
Private banks outpaced their public sector counterparts in raising fixed deposits during the third quarter of the current fiscal. They raised Rs 1.59 trillion in fixed deposits during the three-month period, registering a 4% quarter-on-quarter (q-o-q) growth. Public sector banks managed to mobilise Rs 1.18 trillion during the same period, showing a growth of 1.7% q-o-q, according to the Reserve Bank of India’s (RBI’s) data. Small Finance Banks (SFB) have registered 6.9% q-o-q rise by raising Rs 8,390 crore during the reported quarter.

Angel One, Kotak Mahindra Bank arm executives to launch wealth mgmt biz
Domestic brokerage Angel One has roped in top executives from a Kotak Mahindra Bank arm to launch its wealth management business.
 

LIC Housing Finance plans to raise funds through green bonds in FY25
LIC Housing Finance Ltd (LICHFL) plans to raise funds through green bonds in the next financial year with an aim to finance environmentally-sustainable housing projects.

Plastic money. How to choose a credit card that suits your pocket
When used responsibly, a credit card can help you build a strong credit profile and save on your regular spends. However, choosing one from multiple options available may be a challenge, especially for young professionals with limited knowledge of credit cards.

Majority of users to stop using UPI if it attracts transaction fee: Survey
A majority of people will stop using UPI if a transaction fee is levied on it, according to an online survey by LocalCircles.

IIFL Finances launches ‘Ladies First’ Gold Loan Mela
IIFL Finance, which is one of India's largest non-banking finance companies has launched a unique 'Ladies First' Gold Loan Mela Campaign for women customers only. The industry-first initiative will offer an assured gift and zero processing fee to all new women customers, who will take gold loan from IIFL Finance branches across India between March 5 and March 12, 2024.

Fintech, age and central banking
It’s difficult to pinpoint who invented the car, but Karl Benz is most often identified as the inventor. He patented the three-wheeled motor car — called “Motorwagen” — in 1886. It was the first modern automobile.
 

Flipkart joins UPI race, 2nd Walmart co
Flipkart launches digital payments service Flipkart UPI
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Why Mirae’s Swarup Mohanty has ₹4 crore health cover for his family
Swarup Mohanty, 53, chief executive officer of Mirae Asset Mutual Fund (Mirae Asset MF), says he is very paranoid when it comes to medical insurance, especially after a family health crisis.

Smallcaps not in extreme bubble territory: IIFL Securities chairman & MD

Smallcap stocks across sectors have consistently exhibited higher earnings growth than largecap stocks over the past two decades. This, to some extent, suggests that we are not in an extreme bubble territory, according to R VENKATARAMAN, chairman and managing director of IIFL Securities. In an email interview with Sundar Sethuraman, Venkataraman observes that markets will also receive support from monetary easing globally.

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Fears of an asset bubble in small-cap stocks: Stagger investments in small-cap funds
With several fund houses restricting investments in their small-cap funds and the markets regulator also now expressing concerns over frothy valuations, individuals must exercise caution. They should opt for systematic investment plans (SIPs) and avoid lumpsum investments in this segment, say experts.

Deals digest: PE, VC investments surge after month-long lull
 

Angel rounds see uptick in Jan-Feb
While the larger funding environment still remains gloomy, funding by angel investors seems to be picking up. The January-February period has seen 62 angel rounds investing about $30 million, data from Private Circle showed. For comparison, November and December had recorded only 23 rounds of angel investments with a total of $7.2 million.

FPIs drive debt investment surge, hits 5-month high of $2.7 billion in February 2024
Foreign Portfolio Investors (FPIs) continued to double down on Indian debt, pumping in record ₹22,419 crore in this segment in February 2024. This was higher than ₹19,837 crore invested by FPIs in January this year.  This latest reading was the highest monthly infusion in debt markets by FPIs since the September 2023 announcement of India’s sovereign bonds inclusion in JP Morgan’s widely-tracked Government Bond Index-Emerging Markets (GBI-EM), depositories data showed.

LIC Housing Finance plans to raise funds via green bonds in next financial year
New Delhi: LIC Housing Finance, the mortgage arm of LIC, plans to mobilise funds through green bonds in the coming financial year to finance environmentally sustainable housing projects.