Top Indian Banking Industry News & Updates - 18 March 2024,Monday
🗎 RBI / MoF / Govt. Policies
Tightening of compliance rules by RBI; banks to prefer big fintechs for co-branded cards
The tightening of compliance regulations by the Reserve Bank of India (RBI) may prompt banks to lean towards collaborating with larger fintech companies for co-branded card partnerships.
Banks asked to check mis-selling, safeguard account holders' interest: DFS Secy
New Delhi: Financial Services Secretary Vivek Joshi has said that public sector banks have been asked to check mis-selling of insurance products and ensure protection of account holders' interest.
All that glitters is not gold for Reserve Bank & FinMin
Early this month, the Reserve Bank of India (RBI) directed IIFL Finance Ltd to cease and desist from sanctioning, disbursing and selling gold loans with immediate effect. IIFL Finance, however, can continue with its existing gold loan portfolio and carry on the usual collection and recovery processes.
📝 RBI eases rules for centre’s mobility card after limited success
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🏦 PSB / Pvt Banks
IDBI Bank’s synergy building with LIC to be on hold due to strategic divestment plans
India Ratings and Research (Ind-Ra) expects a large part of IDBI Bank’s expected synergy building with the Life Insurance Corporation of India (LIC) to be on the backburner, given the impending strategic divestment plans of the Government and LIC.
Canara Bank remains bullish on gold loans
Even as the Department of Financial Services (DFS) has written to all public sector banks (PSB) asking them to review gold loan portfolios for any lack of regulatory compliance, Canara Bank, the largest gold loan provider amid PSBs, is confident of sustaining a higher double-digit loan growth in the segment, two senior officials told FE.
Fairfax sweetens the deal for IDBI Bank
Canadian billionaire Prem Watsa’s Fairfax is back in the fray bidding for IDBI Bank with a sweetened deal. According to highly placed sources aware of the matter Fairfax seems to have agreed for an all-cash compensation structure to acquire IDBI Bank. In addition, Watsa is said to have committed to ensure that the identity of IDBI Bank will be preserved after divestment.
📝 Public sector banks told to spell out 3-year business plans by March-end
📝 Banks asked to check mis-selling, safeguard account holders' interest: DFS Secy
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🏦 Foreign Banks / FIIs / I-Banks
📝 A year on from Credit Suisse’s rescue, banks remain vulnerable
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💳 ATMs / Credit Cards
Bandhan Bank to launch credit card in Apr-May; Piush Jha to head the unit
Source Credit: Manojit Saha, Business Standard
Mumbai: Private sector lender Bandhan Bank will be the latest to join the credit card market and the roll out is expected around April-May this year.
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🔍 Rating / Research
CRISIL upgrades InCred Finance rating to ‘AA-/Stable’
CRISIL Ratings has upgraded the long-term rating on InCred Finance to ‘AA-/Stable’ from ‘A+/Stable’.
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🗎 NBFCs / FIs / MFI
Startups are now crowding for revenue-based financing
Revenue-based financing (RBF), or non-collateralised debt against a percentage of gross revenue, is gaining traction amongst statups and digital SMEs, as venture capital flow continues to be dry and traditional credit remains out of reach for many.
📝 IDBI Capital Markets & Securities settle case with Sebi; pays Rs 13 lakh as settlement fee
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UPIs / Wallet / FinTech
Paytm users to get all services as before except for PPBL's wallet, FASTag
New Delhi: Paytm app users will continue to use all services like mobile and DTH recharges except for Paytm Payments Bank's offerings including wallet funds, FASTag and bank accounts, according to the company hit by RBI restrictions.
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🧔 Brokers / Distributors
Broking staff may get a sweeter deal on D-Streeth high
Pressure to Retain Talent
ICICI Securities wants to delist. Why are mutual funds buying its shares?
Mumbai: Multiple mutual funds bought shares of ICICI Securities in February, ahead of a pivotal shareholder vote that will decide if the broking company will remain publicly listed.
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Crypto
Why are crypto futures not taxable as VDA?
The crypto market has gained significant traction recently, especially with the growing popularity of Perpetual crypto futures within the crypto asset space. These perpetual futures stand out as some of the most widely used and liquid instruments in the crypto market.
‘Bitcoin to soon rise above $80,000’
Bitcoin is set to continue its record-breaking rally and rise above $80,000 as institutional investors pour more money into the crypto-backed exchange-traded funds, according to Binance chief executive officer Richard Teng.
📝 Binance CEO sees Bitcoin topping $80,000
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🗠 Mutual Funds / AMCs
'Correction cleared some smallcap froth, but largecaps still better placed'
Source Credit: Abhishek Kumar, Business Standard
HDFC Top 100 Fund: The top 30% ranking and steady asset growth
Source Credit: Business Standard
HDFC Top 100 Fund, launched in October 1996, featured in the top 30th percentile of the largecap funds category of CRISIL Mutual Funds Ranking (CMFR) for three consecutive quarters through December 2023.
Belying ‘froth fears’, SIP flows rise, to hit a new high in FY24
What to make of MF stress tests
For over three years now, mutual funds that invest in small and mid-cap stocks have been the toast of Indian investors. With three-year returns on these funds at 24 per cent and 22 per cent respectively, they have been attracting the lion’s share of equity inflows. The bountiful inflows, in turn, prompted these funds to accumulate more small and mid-cap stocks, thus keeping the party going.
How Edelweiss’s Radhika Gupta dialed up risk in her portfolio
At 40, she is the only woman chief executive officer (CEO) in the ₹54-trillion mutual fund (MF) industry. To top it off, Radhika Gupta, managing director and CEO of Edelweiss MF which has assets under management of ₹1.16 trillion. is one of the youngest chief executives in the industry.
📝 Maximizing tax efficiency with mutual funds: Understanding distribution types and taxation methods
📝 Debt fund investment: Debt fund managers are shunning roll-down strategy, what it means for investors
📝 Know Your Fund Manager: Anish Tawakley, Deputy CIO - Equity, ICICI Prudential AMC
📝 Stress tests of mutual funds show delays in exiting small caps
📝 Separate rules needed for each category of AIFs to fuel growth: Amit Agarwal
📝 The power of factor-based index funds
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🗎 Equities, Pvt. Equity / Hedge Funds
Oister Global to invest ₹4,500 crore in PE/VC funds in next two years
Mumbai : Oister Global, which invests in PE and VC funds, is looking to deploy ₹4,500 crore in private market funds in the next two years, a top executive said.
FPIs net equity inflows soar to ₹40,710 crore in March 1-15
Foreign portfolio investors (FPIs) seem to show strong conviction in the Indian equity markets’ growth prospects going by their notable net inflows of ₹40,710 crore into equities during the first fortnight of March, data from depositories showed.
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🗎 Govt. Securities / Bonds
📝 JM Financial Fund, Elham invest in GMR Sports' bond issue
📝 Bond yields likely to spike as states line up record borrowings
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