RBI likely to revoke banking licence of Paytm Payments Bank
The Reserve Bank of India is likely to cancel the banking licence of crisis-hit Paytm Payments Bank, a latest media report said on Monday. According to the Hindu Business Line, the central bank will not only revoke the banking licence pf Paytm Payments but will also appoint an administrator to oversee the daily operations. In case the RBI decides to cancel the licence, this would be the first time in last 20 years that the banking licence of an entity would be revoked in India.

Government persistently making efforts to check cyber frauds under secure India project: Vaishnaw
The government has been persistently making efforts to check cyber frauds under the secure India project, at three levels- National, Organisational and Individual, said Ashwini Vaishnaw, Minister of Communications, Railway, and Electronics & Information Technology.

Launch of interoperable payment system for internet banking in 2024: RBI Governor
Reserve Bank Governor Shaktikanta Das on Monday said the launch of interoperable payment system for internet banking is likely in 2024 which will facilitate quicker settlement of funds for merchants.

RBI stops IIFL Finance from sanctioning gold loans over ‘material supervisory concerns’
In a major decision, the Reserve Bank of India barred IIFL Finance to stop disbursing gold loans with immediate effect on Monday. The central bank said that the decision had been taken after noticing ‘material supervisory concerns’ that were observed in the gold loan portfolio of the firm.

RBI approves AU Small Finance Bank acquisition of Fincare Small Finance Bank with effect from April 1
RBI approves Fincare SFB merger with AU SFB
The Financial Express

Fixed Deposit: This bank revises FD rates by 41 basis points, senior citizens to get 9.25%
Suryoday Small Finance Bank (SSFB) has revised interest rates on fixed deposits with effect from March 01, 2024. Interest rates for 25-month tenor was revised by 41 basis points (bps).

Axis Bank set to tap infrastructure bond market after 2 years: Report
Axis Bank is set to tap the infrastructure bond market to raise funds for the first time in more than two years, two bankers said on Monday.  
 

Banks go green, non-renewable exposure declines

With India’s focus on renewable energy on the rise, bank credit towards non-renewable energy is on the decline, said senior bankers.

Tata Capital Housing Finance expects to end FY24 with loan book of over ₹50,000 crore
Tata Capital Housing Finance is expecting to end FY24 with a loan book of over ₹50,000 crore, a rise of over 29 per cent on year, buoyed by the housing demand that is fuelling the housing finance segment. 

Despite higher risk weights, banks’ credit card exposure up 31% y-o-y
Credit card outstanding for banks grew by 31.3 per cent in January 2024, reaching ₹2.6 lakh crore, which is also slightly higher than the 31.2 per cent recorded in the previous year. The outstanding amount had stood at ₹2.5 lakh crore as of December 2023. For FY24 so far, the growth in credit card outstanding has been 26.3 per cent.

Leveraging internal rating solutions for enhanced risk management in financial institutions
In today’s fast-changing financial environment, where regulations change frequently, and market conditions are unpredictable, financial institutions have to navigate turbulent waters while maintaining strong risk management practices. Amidst this complexity, data-driven strategies have emerged as a promising solution, providing a transformative approach to strengthen risk management frameworks and navigate the complexities of modern finance.

Burmans can only be passive shareholders in Religare: Saluja
The Burmans, owners of Dabur India, can only be passive shareholders in Religare Enterprises’ (REL) management as they would need “explicit consent” from the board to assume control, according to executive chairperson Rashmi Saluja.

Ananya Birla’s MFI Svatantra to get Rs 1,930-cr infusion from Advent, Multiples
Private equity majors Advent International and Multiples on Monday committed to invest Rs 1,930 crore in Ananya Birla-promoted microlender Svatantra Microfin for an undisclosed stake.

Here's why IIFL Finance investors may have terrible Tuesday

The regulator came down hard on the financier after it observed deviations in assaying and certifying purity and net weight of the gold at the time of sanctioning loans and at the time of auction upon default.  

Retik Finance price prediction 2024-2030: How much can RETIK grow?
Retik Finance (RETIK) has emerged as a promising player in the rapidly evolving landscape of decentralized finance (DeFi), offering innovative solutions and opportunities for investors seeking exposure to the burgeoning crypto market. With its recent conclusion of the presale stage, selling RETIK tokens at $0.12, Retik Finance has demonstrated strong fundamentals and garnered significant investor interest, setting the stage for potential growth in the years ahead. Totaling 400,000,000 tokens sold and raising $32,050,000 in funds, Retik Finance has laid a solid foundation for its future growth and expansion. With a total of 30,245 holders already onboard, Retik Finance is poised for a successful launch with an expected price of $0.15. The project’s ecosystem encompasses a range of DeFi products and services, including yield farming, decentralized exchanges, and lending protocols, aimed at empowering users and driving adoption.

Spot Bitcoin ETFs and AI triggered ‘gold rush’ for Bitcoin, says Michael Saylor
Michael Saylor, chairman, MicroStrategy, mentioned that Spot Bitcoin ETFs can boost institutional “gold rush” for Bitcoin (BTC). It is believed autonomous artificial intelligence can also contribute to this rise, stated Cointelegraph. 

Bitcoin breaches $68000, nears its all time high
Bitcoin breaches $68000, nears its all time high.

Crypto trading volumes on Indian exchanges hit a 10-month high
The bull run on Bitcoin has breathed some life into Indian exchanges with trading volumes on the top exchanges touching a ten-month high in February.

Bitcoin reaches new heights, crosses $64,000
Bitcoin reached a two-year high on March 4, 2024, crossing the $64,000 level. Bitcoin posted a value of $64,285 which is expected to be its highest since late 2021, and was last 2% firmer for the session at $63,850. Bitcoin’s record high is $68,999.99 set in November 2021.

Merger called off unilaterally by Sony: Zee to mutual funds
Media company Zee Entertainment (Zee) on Monday organised an investor call for mutual funds to address concerns over the collapse of its merger with Sony Pictures Networks India (Culver Max Entertainment) in January.

Nippon India Mutual Fund looking to increase presence in UP: CEO Sikka
Asserting that Uttar Pradesh will be the "flag bearer" of the mutual fund industry, Sundeep Sikka, the ED and CEO of Nippon India Mutual Fund said that the company remains "committed to UP".

Mid & small cap mutual funds: Regulators took these 4 steps to protect investors from high valuations
As per AMFI data released for January 2024, the number of folios for mid-cap funds has reached 1.33 crores, and for small-cap funds has reached 1.78 crores. In comparison, the large-cap fund folios stand at 1.33 crores. The assets under management (AUM) for mid-cap funds have reached Rs. 2.90 lakh crores nearing the Rs. 2.99 lakh crores AUM for large-cap funds. The AUM for small-cap funds at Rs. 2.47 lakh crores is not far from that of large-cap funds.

Groww adds 1.2 million new mutual fund SIPs in January

Financial service platform Groww has added over 1 million new SIPs (Systematic Investment Plans) in January, accounting for 25 per cent of total new SIPs in the country. The company has added 12 lakh SIPs in January, while the industry number was 51.84 lakh. While, in December 2023, new SIP accounts added on Groww was 10 lakh, while the industry number was 40.8 lakh.

We have shifted focus from debt to equity schemes, says Ravi Jha of LIC Mutual Fund
In an interview with MintGenie, Ravi Kumar Jha, MD and CEO of LIC Mutual Fund, who started as an LIC Assistant Administrative Officer in 1989, talks about his plans for digital expansion, branch network growth, and integrating LIC agents into a broader financial services model.

Ananya Birla’s Svatantra Microfin gets ₹1,930 crore investment from Advent International and Multiples Private Equity
Mumbai: Ananya Birla’s Svatantra Microfin Pvt. Ltd. has entered into a definitive agreement with Advent International and Multiples Private Equity for an investment of ₹1,930 crore, or $230 million. This deal marks the largest investment by private equity investors in the microfinance sector in India.

PE fund Lighthouse invests Rs 229 cr in Safari for undisclosed stake

The investment by the mid-market consumer and healthcare-focused platform is the second bet taken by its newest fund, Lighthouse India Fund IV AIF, as per an official statement.

Funds see big opportunity in land funding
With banks and non-banking finance companies (NBFCs) being barred from lending for buying land and related purposes, home-grown alternative investment funds are making the most of the situation.

SBI moves Supreme Court, seeks more time to furnish electoral bond details
New Delhi: Citing operational difficulty, State Bank of India has moved the Supreme Court for extending the date to submit details of electoral bonds till June 30, 2024. Earlier, the Court had asked the bank to submit the details by March 6, while quashing the scheme.