RBI sends letter of displeasure to Bajaj Finance on co-branded credit cards, sources say
The Reserve Bank of India (RBI) has sent a letter of displeasure to Bajaj Finance regarding its co-branded credit card operations, confirmed a report by CNBC TV18. The RBI communication, citing its earlier letter dated Jan 31 and the company’s response on Feb 22, said that the company has failed to proactively identify operational gaps and vulnerabilities. The letter also flagged significant risks to customers. 

Banks pitch SORR as overnight benchmark ahead of RBI policy meeting
 

Finance ministry asks banks to work on deposit mobilisation strategies
 

Poonam Gupta: RBI’s first woman deputy governor in 14 years, eminent economist
The central government on Wednesday approved the appointment of Poonam Gupta as the new deputy governor (DG) of the Reserve Bank of India (RBI), to succeed former DG Michael Patra, who helmed some of the key departments during his term between January 2020-2025. She is the first female DG appointed at the RBI after a period of nearly 14 years.

Banks’ NIM likely to have contracted in Q4, experts say
Banks’ net interest margin (NIM), a key indicator of their profitability, is likely to have moderated in the quarter ending March, as lenders struggled to reduce deposit rates amid stiff competition in Q4 and were forced to cut interest rate on loans linked to external benchmark after the 25-basis points (bps) rate cut by the Reserve Bank of India (RBI) in February, experts say.

State Bank of India withdraws special fixed deposit scheme Amrit Kalash
The country’s largest lender, State Bank of India (SBI), has withdrawn its special fixed deposit scheme — Amrit Kalash — which offered 7.10 per cent interest for 400 days, with effect from April 1. SBI had introduced this special deposit scheme in April 2023. Other banks, including HDFC Bank and Yes Bank, have also trimmed interest rates on fixed deposits for select tenures. HDFC Bank — the country’s largest private sector lender — reduced deposit rates by 35 basis points on fixed deposits with a tenure of 2 years and 11 months (35 months), and by 40 basis points on fixed deposits with a tenure of 4 years and 7 months (55 months). Yes Bank lowered FD rates on select tenures by 25 basis points.

IDFC First Bank share price jumps after Q4FY25 business update.
IDFC First Bank share price jumped over 3 per cent on Thursday, April 3, after the lender posted a business update for the fourth quarter of the financial year 2024-25 (Q4FY25). 

Banks report strong growth in Q4 advances, deposits
HDFC Bank, Bank of Baroda, Bank of India and IDFC First Bank have reported strong growth in advances and deposits for the fourth quarter of 2024-25, according to the provisional business updates.

Surplus liquidity prompts HDFC Bank, Yes Bank to cut deposit rates
Banks have started cutting term deposit (TD) rates as their liquidity has swung into a surplus even as credit demand is traditionally muted in the first quarter. Private sector banks such as HDFC Bank and Yes Bank have kicked off the deposit rate cut cycle. These Banks reduced their TD (or fixed deposit/FD) rates by 35-40 basis points (bps) and 25 bps, respectively, on select maturity buckets.

Bank of Baroda and Bank of India miss FY25 deposit growth guidance
Bank of India, which clocked 11.21 per cent year-on-year (Y-o-Y) growth in domestic deposits to Rs 7 trillion as on March 31, 2025, fell short of the guidance of around 13–14 per cent. The domestic credit growth of the bank stood at 14.28 per cent Y-o-Y at Rs 5.63 trillion.

Axis Bank first to go live with a pioneering B2B collections solution for a Fortune 500 company on NBBL's Bharat connect
 

Recent decline in headcount not due to AI use: SBI Deputy MD Nitin Chugh
 

Public Sector Banks embrace AI-driven debt collection with Spocto X, boosting recoveries by 60 Percent
 

KVG Bank launches e-Bank Guarantee service

Beneficiaries can view the e-BG on the NESL portal immediately after issuance, eliminating the need for additional confirmation. He emphasised that this digital advancement will benefit customers specially in semi-urban and rural areas while enhancing transparency in banking transactions.

Understanding Home loans in India: the ultimate guide
 

Federal Bank, RuPay and visa jointly launch Fed StarBiz - a credit card for MSME Customers
 

Credit card fintech Scapia raises $40 million in Series B funding round
 

Bajaj Finance gets ‘letter of displeasure’ from RBI on co-branded cards business
Non-banking finance company (NBFC) major Bajaj Finance has received a “letter of displeasure” from the Reserve Bank of India (RBI) over its co-branded credit card business. According to a report by CNBC-TV 18, the RBI’s letter says Bajaj Finance has not proactively identified gaps and vulnerabilities in its co-branded cards business, and also flagged the significant risk it poses to customers. The RBI said Bajaj Finance has more of a reactive approach and the NBFC fails to maintain adequate internal controls. Letter also contests Bajaj Finance’s claim that its role was limited to customer solicitation.

Piramal Finance raises over Rs 2,300 crore via ECB route
https://economictimes.indiatimes.com/markets/bonds/piramal-finance-raises-over-rs-2300-crore-via-ecb-route/articleshow/119923775.cms

Fintech firm Scapia raises $40 million in Series B round
Scapia, a travel fintech startup, raised $40 million in a Series B funding round led by Peak XV Partners, with participation from Elevation Capital, Z47 (formerly Matrix Partners India), and 3STATE Ventures. The company offers a co-branded credit card in partnership with Federal Bank and allows users to book flights, trains, stays, and other travel experiences on its app. 

Kissht parent’s AUM crosses Rs 4,000 crore in FY25
OnEMI Technology, the parent company of digital lending platform Kissht, has grown its assets under management (AUM) by 55% in the financial year 2024-25, to more than Rs 4,200 crore, founder and executive director, Krishnan Vishwanathan, said. In FY24, their AUM had doubled to Rs 2,700 crore.

UPI experiences temporary outage for second time within a week
New Delhi: The Unified Payments Interface (UPI) experienced a temporary outage for the second time within a week.
 

UPI transactions soar in FY25 but fall short of govt aim; all eyes now on MDR charges
Mumbai: The Unified Payments Interface (UPI) broke records in FY25, processing an unprecedented 186 billion transactions worth ₹261 trillion.

Razorpay POS sees surge in offline payments across merchant network
Razorpay POS, the offline payments division of fintech firm Razorpay, reported a rise in weekday spending across its network of over 500,000 in-store touchpoints. The company recorded growth across categories such as apparel, bookstores, cafés and restaurants, and jewellery, among others, between April 2024 and March 2025. The data is derived from its merchant network only for weekdays—Mondays to Fridays—for the past financial year (FY). The report added that transactions at apparel stores and salons and spas grew 29 and 27 per cent respectively on a year-on-year (Y-o-Y) basis, with a 43 per cent spending growth in the jewellery category.

Bitcoin succumbs to risk asset slump
Bitcoin and other major cryptocurrencies dipped after President Donald Trump imposed tariffs on US trading partners worldwide, triggering a slump in risk assets. The largest digital asset fell as much as 4.5% to about $81,770 as of 10:06 a.m. in New York, while other tokens including Ether and XRP also declined. Solana tumbled 10%.

Indian equities brace for a bumpy ride as tariffs kick in
The stock market may have to brace for yet more volatility as tariffs imposed by the US on Indian exports may spur global risk aversion, causing overseas investors to reduce exposure to emerging markets such as India.