Page 371 - Finance News
Other nations showing interest in India's payment ecosystem: FM Sitharaman
India leading the way in building an inclusive financial world, she says
 "Other nations showing interest in India's payment ecosystem: FM Sitharaman")
Ahead of IDBI privatisation, Centre working on tightening disclosure rules
Bidders will have to share the details of legal proceedings against them, if any, until the completion of sale transactions
 "Ahead of IDBI privatisation, Centre working on tightening disclosure rules")
Transferring 18 NPAs to bad bank by October-end a tall order: Bankers
There is no way that lenders can bypass established regulatory norms including the step of inviting counter bids under Swiss challenge method, they said
 "Transferring 18 NPAs to bad bank by October-end a tall order: Bankers")
Centre seeks hiring plan after public banks see dip in staff strength
In the last 10 years, the number of branches of PSBs across the country have gone up, but staff strength has fallen
 "Centre seeks hiring plan after public banks see dip in staff strength")
RBI asks urban cooperative banks to appoint compliance chiefs by April 2023
RBI said this directive should be placed in the immediate next meeting of the Board of Directors for information
 "RBI asks urban cooperative banks to appoint compliance chiefs by April 2023")
FinMin calls meeting of PSB chiefs on Sep 21 to take stock of vacancies
The meeting would also review the procurement of banks and financial institutions through the Government e-Marketplace (GeM) portal.
 "FinMin calls meeting of PSB chiefs on Sep 21 to take stock of vacancies")
Surplus liquidity slumps to Rs 3K cr on tax outflows, shows RBI data
The RBI's average daily absorption of excess liquidity was at Rs 3.8 trillion during June-July against Rs 5.5 trillion in May and Rs 7.4 trillion a month ago
 "Surplus liquidity slumps to Rs 3K cr on tax outflows, shows RBI data")
RBI introduces compliance function for UCBs in Tier-3 and 4 categories
The compliance function would ensure strict observance of all statutory and regulatory requirements. UCBs with deposits of more than Rs 1,000 crore fall under Tier-3 & 4 categories
 "RBI introduces compliance function for UCBs in Tier-3 and 4 categories")
RBI mulls allowing P2P firms to diversify risks by entering secured lending
There has been exponential growth in P2P lending in recent years
RBI policy: MPC may raise repo rate 35-50 bps, shows Business Standard poll
Many expect the RBI to lower the GDP growth estimate to 7%
Centre's fund infusion into RRBs to hinge on viability plan execution
Financially-strong RRBs have been sent reminders to explore listing of their shares on the exchanges to raise capital
 "Centre's fund infusion into RRBs to hinge on viability plan execution")
PSU banks give digital lending a push as part of EASE reform agenda
Public sector banks are fast adapting to digital means as they have cleared digital lending of Rs 83,091 crore in the financial year ending March 2022
 "PSU banks give digital lending a push as part of EASE reform agenda")
Former RBI Governor Rangarajan bats for maintaining hawkish stance on rates
Ex-RBI Governor C Rangarajan advocated maintaining the ongoing hawkish stance by Reserve Bank of India to tame inflation and expected that the rupee will strengthen with resumption of capital inflow
Card-on-file tokenisation kicks in from Oct 1: Here's all you need to know
A tokenised card transaction is considered safer as the actual details of the card will not be shared with the merchant during transaction processing
 "Card-on-file tokenisation kicks in from Oct 1: Here's all you need to know")
Education loan redesign may overcome banks' reluctance to disburse more
Of the Rs 35 trillion of retaill loans deployed by banks, just Rs 84,375 crore or 2.4 per cent went towards education loans
 "Education loan redesign may overcome banks' reluctance to disburse more")
Foreign fund flows remain weak for banks despite RBI's liberal steps
The measures have brought in $1.5-2 billion so far; response to relaxed FX norms tepid as US rates higher, RBI not acting as counterparty
Be ready to meet the credit demand: FM Nirmala Sitharaman to banks
The finance minister said Indian banks have to plan for the Amrit Kaal. And for that, they have to become digitally savvy, especially the public sector ones
 "Be ready to meet the credit demand: FM Nirmala Sitharaman to banks")
Banks ensure their systems speak to each other for customer service: FM
The finance minister also underlined the need for ensuring that banking personnel converse in the local language so that their customers are served better.
 "Banks ensure their systems speak to each other for customer service: FM")
Eldeco partners HDFC Capital to form Rs 350 cr fund for housing projects
HDFC Capital, a subsidiary of Housing Development Finance Corporation Ltd, is in the business of managing private equity funds focused on the real estate sector in India
 "Eldeco partners HDFC Capital to form Rs 350 cr fund for housing projects")
RBI likely to raise repo rate by 50 basis points to 5.9%: Morgan Stanley
"We were earlier expecting a 35bp increase, however, sticky inflation and continued hawkish stance of DM central banks, warrants continued front loading of rate hikes, in our view," the report said
 "RBI likely to raise repo rate by 50 basis points to 5.9%: Morgan Stanley")