Page 447 - Finance News
FSS, CSB Bank to open 1,000 Smart Cash franchisees for financial inclusion
Modelled on a branch-in-a-box service concept, Smart Cash franchisees would offer affordable banking, investment, credit, and insurance products to target segments
 "FSS, CSB Bank to open 1,000 Smart Cash franchisees for financial inclusion")
SBI planning to offload 6% stake in AMC through initial public offer
SBI currently holds 63 per cent stake in the mutual fund company and the remaining 37 per cent stake is held by AMUNDI Asset Management through a wholly owned subsidiary, Amundi India Holding
 "SBI planning to offload 6% stake in AMC through initial public offer")
RBI introduces tough PCA framework for large NBFCs, effective October 2022
An NBFC under the framework, caused by triggering the first threshold, will face restrictions on dividend distribution and promoters will be asked to infuse capital and reduce leverage
 "RBI introduces tough PCA framework for large NBFCs, effective October 2022")
No need to extend timelines for recast loans, says Axis Bank top exec
The deadline has already been extended once, and if the borrowers are not able to meet the parameters, banks are required to classify the loans as "non-performing"
 "No need to extend timelines for recast loans, says Axis Bank top exec")
No talks ongoing currently on acquiring Spandana Sphoorty: Axis Bank
Are we exploring other opportunities, there is nothing on the table at the moment, says top bank official
 "No talks ongoing currently on acquiring Spandana Sphoorty: Axis Bank")
Kotak Mahindra Bank partners with IndiGo to offer co-branded credit cards
Essentially, the cards will work on a reward proposition of an airline ticket for free
 "Kotak Mahindra Bank partners with IndiGo to offer co-branded credit cards")
RBI issues prompt corrective action framework for NBFCs
The PCA framework for NBFCs shall come into effect from October 1, 2022, based on the financial position of NBFCs on or after March 31, 2022
 "RBI issues prompt corrective action framework for NBFCs")
Banks lost Rs 2.85 trn due to loan default of 13 firms, alleges UBFU
In press release, UFBU's Convener B Rambabu said the organisation calls for a two-day all India bank strike on December 16 and 17 protesting against Banking Laws (Amendment) Bill 2021
 "Banks lost Rs 2.85 trn due to loan default of 13 firms, alleges UBFU")
Cabinet committee on privatisation yet to take decision on two banks: FM
Finance Minister Nirmala Sitharaman on Monday said the cabinet committee on privatisation is yet to take a decision with regard to divesting two public sector banks.
 "Cabinet committee on privatisation yet to take decision on two banks: FM")
As many as 41,177 posts vacant at public sector banks: Govt
State Bank of India had the maximum number of vacant posts at 8,544, according to official data
 "As many as 41,177 posts vacant at public sector banks: Govt")
Processed 1 bn transactions last month, offline payments up 200%: PhonePe
Digital payments major PhonePe on Monday said offline merchant transactions on its platform have shown 200 per cent growth since last year.
 "Processed 1 bn transactions last month, offline payments up 200%: PhonePe")
Fintech leading India's banking revolution but it's hampered by old rules
The country's licensing policy for financial institutions is past its sell-by date. Innovative solutions are out there but require regulation.
 "Fintech leading India's banking revolution but it's hampered by old rules")
What does a scheduled bank status mean for Paytm Payments Bank?
After a choppy IPO debut, Paytm received the RBI nod to operate as a scheduled payments bank. How does it change things for the company? This report makes sense of Paytm Payments Bank's new status
 "What does a scheduled bank status mean for Paytm Payments Bank?")
Ashu Suyash to join Kotak Mahindra Bank's board as an independent director
Suyash's appointment, for five years, will be effective from Jan 24, 2022
 "Ashu Suyash to join Kotak Mahindra Bank's board as an independent director")
Bank of Maharashtra slashes retail lending rates by up to 40 bps
The Pune-based lender's outstanding home loans stood at Rs 19,112 crore as of September 2021
 "Bank of Maharashtra slashes retail lending rates by up to 40 bps")
Govt unlikely to announce capital infusion for PSU banks in Budget 2022-23
To augment their resources, banks would be encouraged to raise funds from the market and also by selling their non-core assets, they added.
 "Govt unlikely to announce capital infusion for PSU banks in Budget 2022-23")
RBI announces proposal to push UPI payments through feature phones
USSD 2.0, which facilitates UPI for feature phones, accounts for only 0.003 per cent of total UPI volumes and value transactions
 "RBI announces proposal to push UPI payments through feature phones")
Entire loss of PMC Bank being thrust on depositors: Sahakar Bharati to RBI
Repay PMC depositors' money in 5 years and pay at least 6% interest per annum, the umbrella body of co-operative organisations tells RBI
 "Entire loss of PMC Bank being thrust on depositors: Sahakar Bharati to RBI")
State Bank of India raises Rs 3,974 crore capital through AT1 bonds
Union Bank is likely to hit the market next week with AT1 bond issue of Rs 1,500 crore
 "State Bank of India raises Rs 3,974 crore capital through AT1 bonds")
Banks want more time to meet card-on-file tokenisation norms
Tokenisation is the process of replacing the debit and credit card numbers with a set of characters or tokens
 "Banks want more time to meet card-on-file tokenisation norms")