Page 426 - Finance News
Special dispensation on voting rights not likely for IDBI Bank buyer
May be capped at 26%, irrespective of stake bought
 "Special dispensation on voting rights not likely for IDBI Bank buyer")
PSB recap bonds fair valuing to dent Tier-1 capital up to 1.75%: Ind-Ra
The rating agency said it understands that the five recipient PSBs may need to value zero-interest bonds at fair value instead of par value
 "PSB recap bonds fair valuing to dent Tier-1 capital up to 1.75%: Ind-Ra")
RBI to focus efforts on reviving growth: Deputy governor Michael Patra
India's central bank wants to focus all its energies on reviving the country's economic growth given that inflation's momentum is declining, Patra said
 "RBI to focus efforts on reviving growth: Deputy governor Michael Patra")
MFI Spandana Sphoorty expects to disburse Rs 1,000 cr in Q4 of FY22
The company had put disbursements on hold in Q3FY22 after its managing director Padmaja Reddy resigned abruptly last November
 "MFI Spandana Sphoorty expects to disburse Rs 1,000 cr in Q4 of FY22")
RBI alerts public about Gurugram-based unauthorised wallet operator sRide
sRide is a carpooling mobile app that connects people within the community to share rides. It is present across four Indian cities with over one million rides offered and 8 cities in the US
 "RBI alerts public about Gurugram-based unauthorised wallet operator sRide")
Maintain constant vigil on financial sector: FM Sitharaman to regulators
The Financial Stability and Development Council (FSDC) meeting attended by various financial sector regulators comes against the backdrop of rising tension between Russia and the US over Ukraine
 "Maintain constant vigil on financial sector: FM Sitharaman to regulators")
IDFC FIRST Bank CEO gifts shares worth over Rs 3.95 cr to trainer, driver
In addition, the bank said Rukmani Social Welfare Trust has disposed of 2 lakh equity shares to support social activities
 "IDFC FIRST Bank CEO gifts shares worth over Rs 3.95 cr to trainer, driver")
Banks will have to be a lot more friendly while serving customers, says FM
Responding to a query on hassle-free loans to startups, she said performance in servicing loans under MUDRA and SVANIDHI has been very good
 "Banks will have to be a lot more friendly while serving customers, says FM")
RBI imposes penalty on 3 co-operative banks for deficiencies in compliance
The Reserve Bank of India (RBI) on Monday said it has imposed penalties on three co-operative banks totalling Rs 5 lakh for deficiencies in regulatory compliance.
 "RBI imposes penalty on 3 co-operative banks for deficiencies in compliance")
'Gold loan NBFCs may adopt aggressive growth strategies amid competition'
Gold loan portfolio across banks has jumped by more than 89 per cent year-on-year to Rs 60,700 crore in FY21 and Rs 70,900 crore in the first nine months of FY22
 "'Gold loan NBFCs may adopt aggressive growth strategies amid competition'")
Capri Global Capital to enter gold loan business in first half of FY23
NBFC Capri Global Capital Ltd (CGCL) said it is planning to enter the gold loan business in the first half of the financial year 2022-23.
 "Capri Global Capital to enter gold loan business in first half of FY23")
FM Nirmala Sitharaman asks banks to be more customer-friendly
The minister also made it clear that banks do not have to be lenient on credit underwriting standards by taking any adverse risks on a proposal
 "FM Nirmala Sitharaman asks banks to be more customer-friendly")
Banks boost tech spend as super app space gains momentum in India
ICICI, Axis Bank now spend 8-9% of total operating expenses on technology
 "Banks boost tech spend as super app space gains momentum in India")
SBI, Bank of Baroda and Union Bank subscribe to shares of IDRCL
Public sector banks SBI, Bank of Baroda and Union Bank on Friday said they have subscribed to 99,000 shares each of the yet to be operational asset reconstruction company IDRCL
 "SBI, Bank of Baroda and Union Bank subscribe to shares of IDRCL")
NBFCs seek priority sector tag for 2-wheeler loans financed by bank credit
This would help them get cheaper funds from banks and increase lending, especially in rural areas
 "NBFCs seek priority sector tag for 2-wheeler loans financed by bank credit")
IDFC FIRST Bank appoints Jaimini Bhagwati on board as additional director
IDFC FIRST Bank on Friday said its board has approved the appointment of former economist and IFS officer Jaimini Bhagwati as an additional director on its board for three years.
 "IDFC FIRST Bank appoints Jaimini Bhagwati on board as additional director")
Bank of Baroda subscribes to 99,000 shares of IDRCL
Public sector Bank of Baroda on Friday said it has subscribed to 99,000 shares of asset reconstruction company India Debt Resolution Company Ltd (IDRCL).
 "Bank of Baroda subscribes to 99,000 shares of IDRCL")
Nepal to become first country to deploy India's UPI platform
Also, it will enable real-time cross-border P2P remittances between Nepal and India. Nepal becomes the first country outside India to adopt UPI
 "Nepal to become first country to deploy India's UPI platform")
DFS Secretary Sanjay Malhotra nominated as a director on SBI board
State Bank of India (SBI) on Thursday announced that the government has nominated Financial Services Secretary Sanjay Malhotra as a director on its board.
 "DFS Secretary Sanjay Malhotra nominated as a director on SBI board")
Rate cycle turns as commercial banks hike fixed deposit rates
Commercial banks in India have revised their deposit rates upward by 5-15 bps in an indication that the interest rate cycle has turned amid uptick in loan demand
 "Rate cycle turns as commercial banks hike fixed deposit rates")