Page 426 - Finance News
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")
ICICI Bank to raise Rs 8,000 cr via bonds for transport, power projects
Rating agency Crisil has assigned "AAA/Stable" for Rs 10,000 crore of bonds
 "ICICI Bank to raise Rs 8,000 cr via bonds for transport, power projects")
Banks, financial institutions rush to raise funds as credit growth picks up
Overall credit growth for the current financial year may remain in single-digit in the current financial year, though there will be improvement as compared to 2020-21.
 "Banks, financial institutions rush to raise funds as credit growth picks up")
'Buy now pay later' in lifestyle purchases showing non-payments: Report
Micro businesses in states like Bihar, Rajasthan and Madhya Pradesh have the highest non-performing assets, while the UT of Jammu and Kashmir is the best performer, the report by OkCredit said
 "'Buy now pay later' in lifestyle purchases showing non-payments: Report")
Digital Rupee with specific end use to improve efficacy: Deloitte
Digital Rupee can play a big role in reducing the cost of cash since the country India has a relatively large proportion of cash in circulation as a percentage of GDP compared to other countries
 "Digital Rupee with specific end use to improve efficacy: Deloitte")
Not authorised any external entity to address public grievances: RBI
'Instances of misinformation being spread through certain sections of the social media about the Reserve Bank - Integrated Ombudsman Scheme 2021 (RB-IOS) - have come to the notice of the RBI'
 "Not authorised any external entity to address public grievances: RBI")
IndusInd Bank blames tech glitch for micro loans without customer consent
IndusInd Bank has said microfinance loan disbursals by its subsidiary during the Covid-19 period was the result of a "technical glitch", according to the findings of audit firm Deloitte
 "IndusInd Bank blames tech glitch for micro loans without customer consent")
HDFC Bank aims to recoup credit card spend market share loss
Since August 2021, HDFC Bank's market share - in terms of spend - is down 170-basis points (bps).
 "HDFC Bank aims to recoup credit card spend market share loss")
Borrowing costs rise sharply for states on Ukraine-led geopolitical strife
Cut- off for state Development Loans up by 19 bps this week over auction held last week
 "Borrowing costs rise sharply for states on Ukraine-led geopolitical strife")
Russia-Ukraine war: Rs 1.2 trn SME debt at risk, lower-rated unit worse off
India ratings says effects manageable; pharma, Fertiliser sector more exposed
 "Russia-Ukraine war: Rs 1.2 trn SME debt at risk, lower-rated unit worse off")
SBI appoints Nitin Chugh as DMD to lead digital banking operations
Chugh would be responsible for driving growth of customer acquisitions through digital channels, along with defining and implementing digital strategies.
We see clear advantages in a central bank driven digital currency: FM
FM Nirmala Sitharaman on Tuesday said the 'Digital Rupee' is a conscious call taken in consultation with the RBI and the government sees clear advantages in a central bank driven digital currency
 "We see clear advantages in a central bank driven digital currency: FM")