Page 430 - Finance News

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.

'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

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.

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

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

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

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

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.

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).

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

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.

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

LIC IPO applications: Banks told to raise UPI per-transaction cap

A specially created working group found processing of many applications failed if UPI was selected as a mode of payment by retail investors due to per transaction caps imposed by banks

RBI move to defer revised NPA norms eases provision burden in Q4

RBI's decision to defer the implementation of revised NPA norms by six months for finance companies will save them from the burden of making additional provisions

Sa-Dhan introduces credit assessment framework for microfinance borrowers

Sa-Dhan, a self-regulatory organisation for the microfinance sector, Thursday said it has introduced the credit assessment framework (CAF) for microfinance borrowers.

HFCs' bad loans jump by 70 bps following new asset quality norms: Report

RBI had on November 12, 2021, introduced tighter asset quality reporting norms for all lenders, which brought in housing financiers and NBFCs on par with commercial banks

India Ratings upgrades outlook on banking sector to 'improving' for FY23

Key financial metrics are likely to continue to show improvement in FY23, backed by strengthened balance sheets, an improving credit demand outlook and expected commencement of corporate capex cycle.

Banks told to tighten monitoring, have ironclad KYC to avoid new 'Jamtara'

Banking sources indicate there have been brazen violations of Section 17 of the RBI's Master Direction on KYC norms

Govt to initiate investor outreach for IDBI Bank sale from Feb 25

The roadshows for the strategic disinvestment of IDBI Bank will be held virtually as investors are not keen on physical meetings due to pandemic fears.

CreditAccess Grameen gets board approval to raise up to Rs 5k cr via debt

Microfinance lender CreditAccess Grameen on Wednesday said its board has approved a proposal to raise up to Rs 5k crore through debt securities and an additional $7.4 million by issuing masala bonds.