DFS defers interviews to appoint PSB chiefs
The wait for some public sector banks to get their managing directors and chief executives is going to get a little longer. The Department of Financial Services (DFS) has deferred the interviews of executive directors for the post of MDs and CEOs of public sector banks. The department was scheduled to hold interviews of executive directors for the post of MDs and CEOs of at least two banks – Bank of Maharashtra and Indian Bank.

RBI’s crackdown on retail loan malpractices is welcome
The series of actions taken by the Reserve Bank of India (RBI) in the recent past against banks and NBFCs highlights the flagrant violation of regulations by these entities to drive the heady growth in their retail loan portfolios. It is just as well that the central bank is taking pre-emptive action when the credit boom is still going strong.

RBI, Bank of Indonesia sign MoU to promote use of local currencies in bilateral transactions
The Reserve Bank of India (RBI) and the Bank of Indonesia on Thursday signed a Memorandum of Understanding for establishing a framework to promote the use of local currencies viz, the Indian Rupee (INR) and the Indonesian Rupiah (IDR) for cross-border transactions. The MoU was signed by the Governor of Reserve Bank of India, Shaktikanta Das and the Governor of Bank of Indonesia, Perry Warjiyo.

RBI’s VRR auction sees huge demand amid liquidity fluctuation
Mumbai: The Reserve Bank of India (RBI) saw huge demand for funds at the 15-day variable rate repo (VRR) auction it conducted on Thursday, with banks seeking to draw about 2.86 times the notified amount of ₹50,000 crore. The fact that the aforementioned auction comes against the backdrop of a 15-day variable rate reverse repo (VRRR) auction on Wednesday underscores the liquidity fluctuation in the banking system.

RBI warns banks against activating unsolicited credit cards, mandates consent before issuance
Mumbai: The Reserve Bank of India (RBI) said if a customer receives an unsolicited credit card, he/she should refrain from activating or providing consent for the activation of the card through OTP or any other means. Card issuers are prohibited from issuing unsolicited credit cards and are required to seek prior and explicit consent from the customer before issuing a card.

RBI, Bank of Indonesia sign MoU promoting use of local currencies for trade
RBI, Bank Indonesia ink pact to promote local currencies

NBFCs, fintechs seek permission to offer credit on UPI

Non-banking financial companies (NBFCs) and fintechs have approached the Reserve Bank of India to allow such entities to offer credit on UPI, either through credit cards or pre-approved credit lines, both of which are currently reserved for banks.

RBI’s directive on credit cards: Experts say will promote fair and inclusive financial system, foster healthy competition
Experts and banks welcomed the Reserve Bank of India’s directive that said issuers of credit cards shall not enter into any arrangement or agreement with card networks that restrain customers from availing the services of other networks. The directive means customers will now be able to choose from card networks such as Visa, Mastercard and others at the time of issuance. “The RBI’s recent directive is a significant milestone in fostering a more consumer-centric approach within the credit card industry. By mandating the availability of multiple card networks for customers, it is embracing a culture of choice and empowerment. This directive underscores RBIs commitment to putting customers first, ensuring they have the freedom to choose the card network that best suits their needs. It aligns with the vision of fostering healthy competition and innovation within the market, ultimately leading to better outcomes for consumers,” said Suresh Shukla, CBO, SBI Securities. 

Celebrating Women's Day: The impact of mentorship in banking industry
Women bankers are celebrated on International Women's Day for their remarkable achievements and contributions to the finance industry. Shalini Warrier, Executive Director at Federal Bank, emphasises the importance of mentorship in career advancement, drawing from her own experiences of being guided by strong mentors.

BoB announces offers for women account holders
State-owned Bank of Baroda on Thursday announced special offers for its women account holders on the occasion of International Women’s Day.

Axis Bank mops up ₹3,851 crore via long-term NCDs
Mumbai: Axis Bank’s Committee of Whole-time Directors has approved the allotment of 3,85,100 long-term non-invertible debentures (NCDs) aggregating to ₹3,851 crore at a coupon rate of 7.64 per cent payable annually on a private placement basis.

UCO Bank IMPS scam: CBI raids 67 locations in Rajasthan, Maharashtra
CBI raids 67 locations in Rajasthan, Maharashtra in connection with ₹820 crore IMPS scam in UCO Bank
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Sustenance of SBI rally to hinge on earnings growth
 

Mahashivratri 2024: Are banks open on March 8-10? Details here
Bank Holidays in March 2024: Banks will remain closed today in most states on March 8 due to Mahashivratri, Except for the states of Tripura, Mizoram, Tamil Nadu, Sikkim, Assam, Manipur, Itanagar, Rajasthan, Nagaland, West Bengal, New Delhi, Goa, Bihar, and Meghalaya, where banks will function as usual.

AU SFB to focus on integration over the next 9-12 months
Mumbai : AU Small Finance Bank plans to extend its product offerings to Fincare Small Finance Bank's branches, marking the initial phase of the integration process between the two entities, according to AU’s managing director and CEO Sanjay Agarwal.

HDFC Bank raises its MCLR, base rate, prime lending rate. Check the latest interest rates here
HDFC Bank revised its marginal cost of funds-based lending rates, also known as MCLR, on Thursday. The MCLR for overnight duration rose by 5 basis points to 8.95 percent.

RBI tightens norms for credit, debit cards used with business accounts
The Reserve Bank of India (RBI) on Thursday tightened rules for credit and debit cards used for business accounts.

Monitor end use of funds for business cards, says Reserve Bank of India
“Card-issuers may issue business credit cards to business entities/individuals for business expenses… The card-issuers shall put in place an effective mechanism to monitor end use of funds,” the amended provision of the master direction said.

Credit card latest rules: You can now decide the billing cycle of your card. Details here
The Reserve Bank of India (RBI) has released amendment to the master direction-- credit card and debit card — Issuance and Conduct directions 2022. The latest amendments will come into force from March 7, 2024 onwards. 

SEBI bars JM Financial from acting as lead manager to new public debt issues
Mumbai: Two days after the Reserve Bank of India asked JM Financial Products to stop financing against shares and debentures, the capital markets regulator SEBI on Thursday barred the parent company JM Financial from acting as the lead manager for any new debt public issue. As per the order, JM Financial will no longer be able to act as a lead manager for any public debt issue. However, it has been allowed to continue as lead manager for existing debt public issue mandates for another 60 days.

IIFL Finance board to consider fundraise on March 13 after RBI clampdown
Source Credit: Abhijit Lele, Business Standard

Mumbai: The board of IIFL Finance Ltd will meet on 13 March 2024 to consider a proposal to raise funds by issuance through instruments like equity shares, convertible bonds, debentures and any other equity-linked securities.

IIFL Finance's lending partners mull options to grow gold loan book
Source Credit: Abhijit Lele, Business Standard

Mumbai: IIFL Finance’s co-lending partner banks for gold loans are reviewing the arrangements and exploring various options, including inorganic routes, to grow the gold loan book.

Processing UPI transactions: Paytm's TPAP request awaits bank tie-ups

To offer Unified Payments Interface (UPI) services, Paytm must connect with banks other than Paytm Payments Bank (Paytm PB). 

International Women's Day 2024: How Kinara Capital’s Hardika Shah is bridging gender gap, empowering women in MSMEs
With nearly 20% of women ownership in India’s Micro, Small and Medium Enterprises (MSME) sector, there is a high requirement for women-oriented loan products to address the skewed representation of gender parity in the industry, believes Kinara Capital CEO Hardika Shah, one of the leading ladies striving for gender inclusivity in the fintech sector. 

International Women's Day 2024: This is how fintech enables financial inclusion of women
The fintech sector is dynamic and constantly evolving, leading to a significant transformation in the banking and financial industries. India's recent ascent to the world's fifth-largest economy, surpassing the UK and France, underscores its progress in financial inclusion. However, despite this achievement, there remains a substantial journey ahead to empower women and bridge the existing gender gap.

Stock market holiday: NSE, BSE to remain closed today on Mahashivratri 2024
Stock market holiday: On account of the Mahashivratri 2024 holiday, trading at BSE (Bombay Stock Exchange) and NSE (National Stock Exchange) will remain closed on 8th March 2024 i.e. today. This means, there will be no trading activity taking place at the Indian stock market today. As per the list of stock market holidays in March 2024, trading on BSE and NSE will remain closed for the entire Friday session i.e. on 8th March 2024.

Interpreting global education resource inequality: CoinEx charity assists in the path of knowledge popularisation
In today’s world, the issue of unequal distribution of educational resources is becoming increasingly prominent, as inequality lowers the quality of educational resources available to students. With the widespread adoption of digital technology, the digital divide has also become a major challenge in global education resource inequality. According to a United Nations report, approximately 320 million children and adolescents worldwide lack reliable internet access, limiting their ability to access more educational resources and further exacerbating the phenomenon of educational resource inequality. In this context, CoinEx Charity has decided to contribute to addressing the issue of educational resource inequality by conducting global public welfare lectures.

Bitcoin’s price is surging. What happens next?
For a brief moment, everyone who owned bitcoin had made money from it. On March 5th the crypto token rose to an all-time high of just above $69,000—a level sure to delight the meme-loving crypto-crowd—before slipping back a little. The record capped a remarkable comeback from the dark days of November 2022, when interest-rate rises were crushing risk appetite and ftx, a crypto exchange, had just gone bust. At the time, buying bitcoin on such exchanges seemed like little more than a fun and novel way to get robbed.

Investors bullish on DeFi cryptos in 2024; Polygon (MATIC) and Retik Finance (RETIK) emerge as top picks
2024 has marked a significant surge in enthusiasm among investors for decentralized finance (DeFi) tokens. Among the myriad of options available, two stand out prominently: Polygon (MATIC) and Retik Finance (RETIK). These two DeFi gems have captured the attention of investors, with projections indicating substantial growth potential throughout the year.

AMFI calls for stress test on mid, small-cap schemes
Mumbai: The Association of Mutual Funds in India (AMFI) has asked fund houses to conduct stress test on their mid- and small-cap schemes based on last month data and disclose the findings before March 15. The move comes on the back of market regulator SEBI’s concern over froth in these schemes amid relentless flow despite large fund houses restricting inflows due to lack of investment opportunity at right valuation.

Helios Mutual Fund plans to launch 6 new equity-oriented funds by March, 2025
Kolkata: Helios Mutual Fund plans to launch as many as six new equity-oriented funds by March next year to increase its assets under management (AUM). “We want to launch at least five-six more funds by March, 2025, so that the obvious big categories are completed. These would be equity-oriented funds,” Helios Capital Founder Samir Arora told businessline.

New Fund Offer: DSP Mutual Fund launches DSP US Treasury Fund of Fund – Check details
DSP Mutual Fund has announced the launch of DSP US Treasury Fund of Fund (DSP UST FoF), an open-ended fund of funds scheme investing in units of ETFs and/or Funds focused on US Treasury Bonds.

International Women's Day 2024: How can investing in a mutual fund scheme empower women financially?
World of women is evolving every day. We aspire to be self-reliant and independent. We have the potential to nurture colourful dreams and achieve difficult goals in life. And we realise that financial freedom is one of the most important things we must have to chase our dreams.

AMFI issues circular on ‘stress test’ of mutual fund schemes; all you need to know
As per a recent directive from the Association of Mutual Funds in India (AMFI) in collaboration with the Securities and Exchange Board of India (SEBI), asset management companies (AMCs) are now required to disclose the results of stress test for small and mid-cap schemes by March 15 each year, based on the preceding month's data. 

Colossa Ventures plans to raise entire Rs 500 crore for first fund in 18-24 months
Mumbai-based venture capital firm Colossa Ventures intends to raise the entire Rs 500 crore for its maiden fund in the next 18-24 months, for which it is in discussions with a host of Indian and global institutions. Separately, the firm also marked the first close of the woman-centric fund, Colossa WomanFirst Fund, at Rs 100 crore, a top executive said.

IIFL Fin may put dollar bond issue on hold amid RBI curbs
Mumbai : IIFL Finance, which had plans to sell dollar bonds, may now have to put the proposed fundraising on hold after the central bank ordered curbs aimed at de-risking its gold-loan business.
 

Look who scooped up Indian bonds since the JP Morgan move
Mumbai : Foreign banks, sovereign wealth funds (SWFs), two categories of investment managers, and broker dealers gorged on Indian debt after JP Morgan Chase & Co. greenlit Indian government bonds for its emerging market index, depository data showed.