Page 240 - Finance News

Not for everyday transactions, but cash still store of value: RBI report

Currency in circulation up despite rise of digital transactions

RBI's new risk-weight rules likely to spur co-lending by banks, NBFCs

The RBI recently decided to revise the risk weight norms for NBFCs to 125 per cent from 100 per cent

Salary hike, 5-day work week for PSB employees by mid-December: Report

The current wage agreement for PSB employees expired on November 1, 2022

RBI in discussions with US, Hong Kong, Swift on digital bank payments

Current practices involve routing funds through banks using the Swift platform. CBDCs could enable direct settlements between parties, offering advantages such as speed and cost-efficiency

PE firm True North forays into private credit, raises Rs 1,000 crore fund

The firm said it had set up a fund in 2022, and has already raised over Rs 1,000 crore. It intends to close the fund by the end of the year, as per a statement

Universal Sompo General Insurance records 47% rise under PMSBY scheme in TN

The PMSBY scheme is aimed at providing one year of accidental death and disability coverage at a premium of Rs 20 per annum

Private general insurers expand market share to 53.58% in H1FY24

The non-life industry had underwritten gross direct premium (GDP) of Rs 1,25,194 crore in the April-September period of 2022-23

Credit card spending in India rises to Rs 1.78 trn in Oct, sets record

Industry likely to see loan growth moderating after RBI asks banks, NBFCs to increase risk weight for unsecured lending

Unsecured personal loans jumped 4-fold to Rs 13.3 trn from FY17 to FY23

At the end of FY17, the amount was Rs 18.6 trillion, or 21.5 per cent of the overall loan book

FinMin calls meeting of bankers to deal with digital payment fraud

The meeting assumes significance in view of digital fraud witnessed by UCO Bank and Bank of Baroda in the recent past

RBI supersedes Abhyudaya Co-operative bank board, appoints administrator

No business restrictions, to carry out normal banking activities

IndusInd Bank to allow CNG bill payments through CBDC in Delhi-NCR

The users will also be allowed to scan any UPI QR using their digital Rupee app across all IGL stations in the region

RBI and NPCI look for offline methods to boost digital payment adoption

RBI has established a sandbox allowing startups to experiment with various central bank-backed digital currency (CBDC) use cases

RBI's move on unsecured consumer credit to constrain loan growth in segment

RBI's recent decision that require banks and non-bank financial institutions to allocate more capital against unsecured consumer credit will constrain loan growth in the segment, according to a report

Sitharaman stresses on building awareness among people to curb cyber fraud

She said at the micro level there is concern about people getting random calls putting them in a situation where they are getting trapped and as a result ending up losing money

Tamilnad Mercantile Bank finalises three candidates for MD and CEO post

It was at the end of September that the bank's MD and CEO, Krishnan Sankarasubramaniam, resigned from the post, citing personal reasons

Rupee appreciates by 2 paise to 83.30 against US dollar in early trade

The US currency also weakened against its major global rivals which supported the rupee sentiment despite FII outflows, forex dealers said

Fintechs may shift to secure products after RBI order on consumer loans

Central bank's directives not a complete surprise and will prompt sector to diversify business, they say

Financial sector must avoid 'all forms of exuberance': RBI governor

Sound caution on credit growth, model-based lending, high-interest rates charged by MFIs, contagion risks

Faceless scrutiny assessment under GST may take some time: GSTN official

The faceless assessment -- under which there is no physical interaction between the tax officer and the assessee and no physical submission of documents -- was first introduced by I-T dept