Page 425 - Finance News
Why top lenders are laying the groundwork for digital-only banks
SBI is revamping its mobile application to turn to a complete digital bank, which will be named 'Only Yono'. HDFC Bank is working on a similar plan. What does this mean for future for banking?
 "Why top lenders are laying the groundwork for digital-only banks")
What is RTGS funds transfer system?
Real Time Gross Settlement or RTGS system has cut short the risk to high-value payment settlements among financial institutions. It is used by central banks worldwide. Find out more about the system
 "What is RTGS funds transfer system?")
NBFCs, housing finance firms need Rs 2.2 trn in fresh funds in FY23: ICRA
Rating agency in its report said the entities have worked to diversify sources of funds, even if the money came at a higher cost
 "NBFCs, housing finance firms need Rs 2.2 trn in fresh funds in FY23: ICRA")
Sanctions on Russia an opportunity to internationalise rupee: SBI report
'Moment of reckoning' for Indian currency as countries look to circumvent West's crackdown on Moscow, says research.
 "Sanctions on Russia an opportunity to internationalise rupee: SBI report")
Recouping lost credit card share to be 'gradual', says HDFC Bank
Analysts expect the bank's underperformance to reverse
 "Recouping lost credit card share to be 'gradual', says HDFC Bank")
Govt plans to float EoI for its stake sale in IDBI Bank next month
Necessary amendments to the IDBI Bank Act have already been made through the Finance Act 2021, and transaction advisors have been appointed
 "Govt plans to float EoI for its stake sale in IDBI Bank next month")
Reserve Bank of India removes interest cap for microfinance loans
Annual income criteria for loans hiked to Rs 3 lakh
 "Reserve Bank of India removes interest cap for microfinance loans")
MFIs welcome RBI's regulatory framework for microfinance loans
Microfinance institutions and an MFI-turned lender hailed the RBI's Regulatory Framework on microfinance loans saying that these guidelines will further deepen penetration of micro-credit in country.
 "MFIs welcome RBI's regulatory framework for microfinance loans")
Top headlines: Feb inflation rises to 6.07%; Chandra named AI chairman
Business Standard brings you the top headlines on Monday
 "Top headlines: Feb inflation rises to 6.07%; Chandra named AI chairman")
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
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.
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")