RBI imposes penalty on Bank of India, Bandhan Bank
The Reserve Bank of India (RBI) on Wednesday said it has imposed a penalty of Rs 1.4 crore on Bank of India for non-compliance with certain regulatory norms.

Finmin asks PSU banks for comprehensive review of their gold loan portfolio
The finance ministry has directed all state-owned banks to review their gold loan portfolio as instances of non-compliance with regulatory norms have been noticed by the government.

Banks not collecting data protection Act-compliant consent, says IDfy
Several banks in the country are not collecting user consent as mandated under the Digital Personal Data Protection (DPDP) Act, which was passed in August last year, according to a report by IDfy, an integrated identity verification and digital onboarding platform.

RBI bars Federal Bank, South Indian Bank from issuing co-branded credit cards
Reserve Bank of India has issued notices to Federal Bank and South Indian Bank to stop issuing new co-branded cards, the lenders notified the exchanges on Wednesday. “We have stopped issuance of new co-branded credit cards. The Bank is in the process of rectifying the areas that are deficient and will seek regulatory clearance prior to resumption of new issuance,” Federal Bank said. 

RBI unveils draft guidelines on climate-related financial disclosures
On February 28, the Reserve Bank of India (RBI) unveiled draft guidelines on the disclosure framework on climate-related financial risks for regulated entities (REs). These guidelines are set to apply to a wide array of REs, including scheduled commercial banks, Tier IV primary urban co-operative banks (UCBs), foreign banks operating in India, all Indian financial institutions (AIFIs), and top and upper layer non-banking financial companies (NBFCs). REs have been requested to furnish their comments and feedback by the end of April. 

SBI vs Bank of Baroda green fixed deposits (FDs): Check tenure, interest rate, and other details here
SBI vs Bank of Baroda green fixed deposits (FDs): State Bank of India (SBI), and Bank of Baroda (BoB) have launched a special fixed deposit (FD) scheme to mobilise funds to support environment-friendly initiatives and projects.

Anita Sudhir Pai and Neeta Mukerji join Fino Payments Bank as Independent Directors
Mumbai: Fino Payments Bank has appointed financial industry veterans Anita Sudhir Pai and Neeta Mukerji as Additional Directors in the capacity of Independent Directors on its board. With the new additions, the bank’s board has three women directors. Deena Mehta is already an Independent Director on the board. Pai has more than three decades of experience in the BFSI space, having worked at HDFC Bank, Standard Chartered, ICICI Bank, ICICI Prudential Life Insurance Company and Yes Bank in various capacities.

Wanted: A new owner for Yes Bank
Mumbai : Private sector lender Yes Bank Ltd is looking for a new promoter to sell up to 51% stake, and has hired Citigroup’s India unit to find a buyer, two people aware of the development said. The bank has also invited some Indian lenders, including some of its existing shareholders, to join as promoter.

RBI amendments enhance data privacy for card users
The recent amendments by the Reserve Bank of India (RBI) to the guidelines on debit and credit card issuances will boost customers’ data privacy. According to the directives, co-branded partners will have to display the data to the customer without storing them. They won’t have access to customer data as it will be transmitted in the encrypted form. Earlier, there were no clear restrictions for co-branded partners regarding storage of customer data.

Federal Bank, South Indian Bank stop issuance of new co-branded cards
Federal Bank and South Indian Bank have stopped issuing new co-branded credit cards after the Reserve Bank of India (RBI) asked the lenders to refrain from onboarding new customers for such cards. Both lenders will continue to service existing customers.

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.

ARC ecosystem likely to see consolidation due to higher minimum NOF requirement: Crisil Ratings
 

IIFL Finance board approves Rs 1500 crore rights issue and NCDs worth Rs 500 crore
The IIFL Finance board has given its nod for raising Rs 1500 crore through a rights issue. Additionally, the Board has also given its approval for raising Rs 500 crore via issuance of non-convertible debentures through a private placement. 

After Fairfax investment, IIFL Finance to raise ₹2,000 crore via rights issue, NCDs
Mumbai: The board of IIFL Finance has approved raising up to ₹1,500 crore by way of issue of equity shares on a rights basis, the lender notified the exchanges. In addition to the rights issue, the NBFC will also look to raise up to ₹500 crore through the issue of non-convertible debentures (NCDs) on a private placement basis.

NHAI advises Paytm FASTag users to switch to other FASTags by March 15 or face penalties
The National Highways Authority of India has advised Paytm FASTag users to procure a new FASTag by a different issuing bank before March 15, 2024 to ensure seamless travel experience and avoid inconvenience at toll plazas.

Layoff fears at Paytm as deadline for bank cutback just a day away
A Paytm spokesperson denied any layoff move, stating: “We continue to transform our operations with artificial intelligence- (AI)-powered automation to drive efficiency. This involves redefining certain roles and tasks to better align with our growth and cost-efficiency goals”.

SaaS fintech company Perfios raises $80 million from Teachers’ Venture Growth

“This investment will further help us in strengthening the digital transformation journey of our partners, thereby powering financial inclusion and providing access to financial services to billions across the globe. I am glad to have Teachers’ Venture Growth as a new investor in our Perfios family,” said Sabyasachi Goswami, CEO, Perfios. TVG India Director Darius Vakil is set to join Perfios’ board as a nominee director.

Fintech GIPL merges with North East Small Finance Bank, gets CCI nod
The Competition Commission of India (CCI) has approved the merger of Garagepreneurs Internet Private Limited (GIPL), a fintech, with the North East Small Finance Bank (NESFB). The proposed transaction comprises the merger of a financial technology company, GIPL (including Quadrillion Finance Private Limited (QFPL) (an NBFC-SI-ICC) and Intergalactory Foundry Private Limited (IFPL)) with North-East Small Finance Bank Limited (NESFB) (including RGVN (North-East) Microfinance Limited (RGVN)). GIPL operates under the brand name “slice” and focuses on facilitating payments and credit products through digital means in India. 

Crypto exchange OKX receives in-principle approval for Singapore payments licence
Cryptocurrency exchange OKX’s Singapore subsidiary has received in-principle approval for a payments licence to operate in the city-state, the firm said on Wednesday.

The sweet spot lies in the mid-caps, says Niket Shah of Motilal Oswal
Before deciding to invest, young investors are advised to go through a company’s financial investment rather than adhering to the advice they receive on X (formerly twitter), believes Niket Shah, fund manager, Motilal Oswal Asset Management Company (MOAMC) in a telephonic interview with MintGenie.

There’s a need to be cautious in the market… there’s little bit of froth in low floating stock counters: Nilesh Shah
Nilesh Shah MD, Kotak Mahindra Asset Management Company, says there is a need to be cautious in the market so that people don’t end up getting swayed by the low floating stocks, prices and valuations in uncharted territory. “This is the reason why the regulator and the mutual fund industry are trying to caution people that if they are coming to small caps, they should not come with last one year’s return expectation, that’s not going to happen,” Shah says in in an interview to HITESH VYAS and GEORGE MATHEW.

Indian equities not in bubble territory: Uday Kotak
Veteran banker Uday Kotak has said that Indian equities are showing signs of froth but ruled out the build-up of a serious bubble akin to what the Japan’s equity market witnessed in 1989.