Page 422 - Finance News
Bank frauds fall over last 5 years to Rs 648 cr in Apr-Dec FY22: Minister
Improved detection and reporting along with comprehensive steps resulted in sharp decline of such frauds, he said
 "Bank frauds fall over last 5 years to Rs 648 cr in Apr-Dec FY22: Minister")
NBFC-retail's AUM likely to grow 5%-7% in FY22, 8%-10% in FY23: Report
The asset under management (AUM) of non-banking financial companies (retail) is expected to grow 5-7 per cent in fiscal 2022 and 8-10 per cent in fiscal 2023, according to a report.
 "NBFC-retail's AUM likely to grow 5%-7% in FY22, 8%-10% in FY23: Report")
Microfinance lenders cannot charge usurious interest rate: RBI
Microfinance lenders cannot charge usurious rate of interest from borrowers, the Reserve Bank said on Monday
 "Microfinance lenders cannot charge usurious interest rate: RBI")
RBI lifts interest cap on microfinance institutions, bans usurious rates
Borrower cannot be charged any amount not been explicitly mentioned in a factsheet, says regulator.
 "RBI lifts interest cap on microfinance institutions, bans usurious rates")
What is IMPS?
Swift transfer of money between bank accounts has made all types of transactions smooth. Through IMPS, we can now transfer money within seconds. Let's get some clarity about this efficient platform
 "What is IMPS?")
March out of retail: Why are foreign banks clinging to corporate banking?
Foreign banks set the template in consumer banking in its infancy, but have almost vacated this booming space
 "March out of retail: Why are foreign banks clinging to corporate banking?")
Provident fund interest rate for FY22 lowered to four-decade low of 8.1%
EPFO has a surplus of around Rs 450 cr after paying at a rate of 8.1%. Employee representatives sought higher interest rates but the Central Board of Trustees settled for 8.1%
 "Provident fund interest rate for FY22 lowered to four-decade low of 8.1%")
RBI lifts all restrictions on HDFC Bank's new digital launches
'Reserve Bank of India has lifted the restriction on the business generating activities planned under the Bank's Digital 2.0 programme,' announced HDFC Bank
 "RBI lifts all restrictions on HDFC Bank's new digital launches")
HDFC Bank says RBI has lifted all curbs on bank's new digital launches
'Reserve Bank of India has lifted the restriction on the business generating activities planned under the Bank's Digital 2.0 programme,' announced HDFC Bank
 "HDFC Bank says RBI has lifted all curbs on bank's new digital launches")
India's forex reserves rise by $394 million to $631.92 billion: RBI data
India's foreign exchange (forex) reserves rose by $394 million to $631.92 billion in the week ended March 4 led by a sharp jump in foreign currency assets, the Reserve Bank of India (RBI) data showed.
 "India's forex reserves rise by $394 million to $631.92 billion: RBI data")
Moderate asset quality pressure may re-emerge for banks: Fitch
Moderate pressures on asset quality of Indian banks may re-emerge as forbearance starts to unwind from 2023, Fitch Ratings said on Friday
 "Moderate asset quality pressure may re-emerge for banks: Fitch")
RBI bars Paytm Payments Bank from acquiring customers, calls for IT audit
The ban on customer acquisition shall cripple business growth for Paytm PB, which is targeting to add half a billion customers to its fold
 "RBI bars Paytm Payments Bank from acquiring customers, calls for IT audit")
Strong recovery seen as bounce rates ease further in Feb; lowest in 32 mths
According to NACH data, the metric improved by 100 bps by value over Jan, to 22.4%. By volume, it stood at 29.2%, an improvement of 40 bps over Jan
 "Strong recovery seen as bounce rates ease further in Feb; lowest in 32 mths")
Bank loans rose 7.9% YoY in two weeks to Feb 25, deposits up 8.6%: RBI
March 11 (Reuters) - Indian banks' loans rose 7.9% in the two weeks to Feb. 25 from a year earlier, while deposits rose 8.6%, the Reserve Bank of India's weekly statistical supplement showed
 "Bank loans rose 7.9% YoY in two weeks to Feb 25, deposits up 8.6%: RBI")
Innovative tech creating unprecedented disruption in banking sector: Khara
Digitisation and innovative technologies are creating unprecedented disruption in the banking sector, and lenders need to be agile to meet the rising expectations of customers, said SBI chief Khara
 "Innovative tech creating unprecedented disruption in banking sector: Khara")
50% customers ready to switch banks in next 12 months: Bain & Company
If it's a good deal, many willing to shift to fintech players, neo banks, among others
 "50% customers ready to switch banks in next 12 months: Bain & Company")
NPCI asks banks to enable customer onboarding onto UPI through Aadhar, OTP
The need for authentication through Aadhar with OTP arose because the number of UPI users was getting restricted to the customers who had debit cards.
 "NPCI asks banks to enable customer onboarding onto UPI through Aadhar, OTP")
Bank credit grows by 7.9% to Rs 116.27 trn; deposits by 8.6%: RBI data
Bank credit grew by 7.9'% to Rs 116.27 trillion and deposits rose by 8.6% to Rs 162.17trillion in the fortnight ended February 25, RBI data showed
 "Bank credit grows by 7.9% to Rs 116.27 trn; deposits by 8.6%: RBI data")
Centre lures candidates for DFI's top job with hefty pay package
The DFI is preparing to commence its operation in the first quarter of the next fiscal year.
 "Centre lures candidates for DFI's top job with hefty pay package")
PNB Housing Finance to raise up to Rs 2,500 cr via rights issue
In October 2021, PNB HFC dropped plans for a preferential issue of equity shares to raise Rs 4,000 crore from a group of investors led by private equity fund Carlyle
 "PNB Housing Finance to raise up to Rs 2,500 cr via rights issue")