RBI’s role in financial innovation
The recent clampdown by RBI on a well-known payments bank has stirred up, among other things, a debate on the proportionality of regulatory action. There is no shortage of critics particularly from Fintech.

Paytm effect: BSE asks members to avail other bank facilities
Following the the Reserve Bank of India’s recent restrictions on Paytm Payments Bank Ltd, BSE has advised its trading members to have additional bank accounts to avoid any impact on transactions on account of the central bank directive. “Investors are hereby informed that restrictions may impact securities market transaction of those investors who have registered bank accounts of only Paytm Payments Bank Ltd., with their trading members. In view of the same, investors are advised to review their current banking arrangements,” BSE said in a statement.

Private banks’ share in deposits rises to 34%
The share of private sector banks in total deposits has risen to 34% as of December 2023, from 25% at the end of 2017-18, helped by aggressive interest rate offerings and an improved customer relationship management. The share of public sector banks in the space has declined to 59% from 66% at the end of the financial year 2017-18, according to the Reserve Bank of India data.

SBI submits electoral bonds details to Election Commission
New Delhi: The election commission confirmed on Tuesday that, following the ruling by the Supreme Court, the State Bank of India (SBI) has submitted electoral bond data. The commission is required to make the data public by 5 p.m. on March 15 as per the Apex Court’s directions.

Bank of Baroda launches special FD scheme with attractive rates: 5 things to know about bob Earth Green Term Deposits
Bank of Baroda has introduced the BOB Earth Green Term Deposit Scheme to gather funds for eco-friendly projects. Both existing and new customers can open a Green Deposit at any Bank of Baroda branch in India.

Non-housing portfolios of HFCs seen growing faster than home loans
Mumbai: Non-housing portfolios of housing finance companies (HFCs) are seen growing faster than pure home loans given increased demand for such products and stabilisation in home loan growth.

SIDBI plans to raise Rs 5,000 crore via rights issue next financial year
Small Industries Development Bank of India (SIDBI) on Tuesday said it plans to raise Rs 5,000 crore from rights issue next financial year to fund business growth. The refinancing entity for SME finance is witnessing a strong credit growth and to further grow the business, capital would be required, he said.

What should you do if a credit card is issued without your consent?
Unsolicited Credit Card is a credit card issued without a specific written/digital request or an application therefor.
 

Virtual Card: Features, benefits, how they work – Here’s all you need to know
A recent survey by security.org found that globally 65% of the debit and credit card holders have had a fraudulent charge on their account at least once. The option for a virtual card provides users with an additional layer of protection. It improves the security of account holders especially while making online purchases by means of preventing sensitive details from falling into the hands of criminals. Many major credit card issuers provide virtual cards.

ATM ecosystem players looking to adapt UPI for making cash deposits
If UPI (Unified Payments Interface) can be used for cardless cash withdrawal at an ATM, can it not be adapted for making a cash deposit at a cash recyler machine (CRM)? This may be possible, going by the innovation that players in the ATM ecosystem are working on.

RMBS to help revive mortgage loan pools: Ind-Ra
The formation of RMBS Development Co will help revive mortgage loans as a securitisation asset class, India Ratings and Research said in a report on Tuesday. The National Housing Bank, in collaboration with the Reserve Bank of India, recently set up the entity to promote the residential mortgage-backed securities (RMBS) market.

L&T Finance signs $125-m pact with JICA to aid rural, peri-urban financing
Mumbai: L&T Finance Holdings Ltd (LTFH) has signed a financing pact with Japan International Cooperation Agency (JICA) for $125 million to support financing in rural and peri-urban areas in India, particularly women borrowers.

IIFL effect: NBFCs slam brakes on disbursing gold loans in cash
Mumbai: A week after the RBI ban on IIFL Finance’s gold loan business, the NBFC industry is in the process of finding an alternative for cash channels in dealing with these loans, particularly with respect to disbursements.

Rating agency ICRA places IIFL Finance's long-term ratings under watch

On March 4, 2024, the Reserve Bank of India had debarred IIFL Finance, a non-banking financial company (NBFC), from sanctioning and disbursing fresh gold loans following “material supervisory concerns” and to protect the interests of customers with immediate effect.

Gold loan NBFCs make hay while sun shines
Gold loan providers Muthoot Finance Ltd and Manappuram Finance Ltd are currently in the spotlight with prices of the yellow metal scaling new highs.

Bitcoin’s bounce holds a lesson for central banks
The world’s original cryptocurrency, Bitcoin, scaled a fresh peak on Monday. It touched $72,234 per token, whipping past its pandemic summit of almost $69,000 back in November 2021. It lost about three-fourths of its value in a prolonged slump after that, with cryptosceptics gloating over the deflation of an ‘asset’ with neither any intrinsic value nor yield. Today, with the tables turned, what was dismissed as a covid blip is back in the spotlight. The latest upshoot was mostly on the back of US flows into recently launched exchange-traded crypto funds, but it’s the underlying scarcity of Bitcoin that explains its basic appeal as an investor pick. This April, the supply of new tokens will halve, as it’s designed to do every four years. While new Bitcoin can be ‘mined’ online by expending energy and exercising minds to validate open-ledger transfers on its ‘blockchain,’ Satoshi Nakamoto—as Bitcoin’s mystery originator likes to be called—had capped the total at 21 million coins in all. Since the periodic halving of new tokens will ensure all Bitcoin ever created will converge to that figure, it is destined to stay scarce. Hence, so long as demand exists, it can act like a form of digital gold: No matter how hard alchemists try, they can’t add to its overall stock. Which, of course, was the big idea.

Why is Bitcoin rising, will the rally hold and altcoins, follow suit?
Bengaluru: Bitcoin, the poster child of decentralised digital currency, after a lull period has picked up great steam in the last couple of weeks and finally hit an all-time high of $72,710.68 on March 11. A perfect storm of Bitcoin ETF approval luring in institutional investor interest and upcoming Bitcoin halving event resulting in improved market sentiment is driving the rise and rise story.

Why Africa is crypto’s next frontier
“Bitcoin mining is like pouring water on an even floor. It will always go to the lowest point,” says Erik Hersman, a tech entrepreneur in Nairobi, Kenya’s capital, explaining how the energy-intensive activity of creating, or “mining”, the digital currency gravitates to places with the cheapest power costs.

ICICI Pru AMC suspends lumpsum investments in its midcap and smallcap funds
New Delhi: ICICI Prudential Asset Management Company has suspended fresh subscriptions through lumpsum mode and switches into ICICI Prudential Smallcap Fund and ICICI Prudential Midcap Fund effective 14 March. 

NFO Alert: Helios Mutual Fund launches Helios Balanced Advantage Fund; all you need to know
Helios Mutual Fund announced the launch of the Helios Balanced Advantage Fund, an open-ended dynamic asset allocation fund suitable for investors seeking

NFO Alert: Navi Mutual Fund launches the Navi NiftyIT Index Fund; all you need to know
Navi Mutual Fund announced the launch of the Navi NiftyIT Index Fund. The scheme opened for public subscription on March 11, 2024, and will close on March 22, 2024.

Mutual funds sell 25% in Paytm holding, continue to lap up HDFC Bank
Mutual funds (MFs) offloaded around 25 per cent of their holdings in One97 Communications (Paytm) after the Reserve Bank of India's (RBI’s) action against Paytm Payments Bank.

My realty investments have bettered those of equity: White Oak's Somaiyaa
The covid pandemic has been one reason why the real estate sector is getting the cold-shoulder treatment from investors. The pandemic dealt a blow to the returns generated by this investment avenue. Post the pandemic, there were lots of doomsday prophecies about the real estate sector, says Aashish Somaiyaa, chief executive officer of White Oak Asset Management Company (AMC). That was when he took a contrarian view and diversified his portfolio into real estate. There have been no regrets. “It has played out really well. For me real estate has outperformed the equities portfolio," he says in an interview with Mint for Guru portfolio series. In this series, leaders in the financial services industry share how they manage their own money. Edited excerpts from the interview: