Page 57 - Finance News

Fintech self-regulator issues code of conduct for regtech companies

Members of FACE (Fintech Association for Consumer Empowerment) that provide regulatory technology products must implement the code within six months

Credit Card in force stays flat in June; ICICI, Axis Bank cards decline

Credit card issuances remain flat in June 2025, with ICICI Bank and Axis Bank showing declines in card numbers, while overall spending drops sequentially

Public sector bank NPAs drop to 2.58% from 9.11% in 4 yrs: Finance ministry

Gross NPAs of public sector banks dropped from 9.11% in 2021 to 2.58% in 2025, driven by RBI and government reforms, stricter recovery laws, and improved asset resolution frameworks

Customer complaints rising fast, bankers lacking empathy, says RBI DG

The DG said a banker has to act quickly, endure uncertainty, recover from setbacks, and stay focused over the long run

Govt forgone ₹99K cr in FY24 due to corporate tax incentives: MoS Finance

Corporate tax rates have been gradually reduced since 2016 while phasing out the exemptions and incentives

Govt ups engagement with rating agencies to show economic strength: FinMin

MoS Finance Pankaj Chaudhary told Rajya Sabha that the Centre has made sustained efforts to boost India's economic outlook, positively influencing its sovereign credit profile

Top banks' fresh hiring slowed in FY25 amid moderation in business growth

Hiring by India's major commercial banks, including HDFC Bank, SBI, and Axis Bank, has declined significantly in FY25 due to slower growth, reduced branch expansion, and improved attrition rates

Anup Saha resigns as Bajaj Finance MD; Jain redesignated as VC & MD

Anup Kumar Saha resigns as Bajaj Finance MD, with Rajeev Jain re-designated as Vice Chairman and Managing Director for the remainder of his term

Overnight money market rates near policy repo rate post RBI's VRRR auctions

Overnight money market rates climb following the RBI's VRRR auction and GST outflows, with WACR approaching the policy repo rate

Rate cuts by RBI not magic bullet to propel investments: Raghuram Rajan

Rajan further said interest rates, at this point, are not overly high and the impact of rate cuts announced by the RBI will take time to play out

Banks must boost cyber resilience amid rising threats: DFS Secretary

Speaking at a prize distribution ceremony of the 'Code Against Malware' hackathon at PNB headquarters here, Nagaruaju highlighted the growing importance of cybersecurity in the banking sector

EduFund secures $6 million in Series A round to expand beyond metro cities

EduFund has raised $6 mn in a Series A round. The funding will support its expansion into Tier-I and Tier-II cities, with new AI tools and expanded loan offerings

India's VC funding hits $3.5 bn led by fintech amid global slowdown: KPMG

Global venture capital (VC) investment declined to $101.05 billion across 7,356 deals in the second quarter of 2025, compared to Q1's $128.4 billion: KPMG's latest Venture Pulse report

Select Committee submits report on Income Tax Bill, 2025; seeks key edits

A panel of 31 Lok Sabha members, led by Baijayant Panda suggested over 30 changes to ensure clarity, fairness, and alignment with existing laws in the proposed Income Tax Bill, 2025

Govt changes timing of overnight rate release with effect from Aug 4

Financial Benchmark India will publish the daily Mumbai Interbank Offer Rate at 12:45 p.m. IST, instead of the current 10:45 a.m. IST

Firstsource signs pact to acquire UK-based Pastdue Credit Solutions

The acquisition is subject to UK Financial Conduct Authority approval, Firstsource said in an exchange filing

Private sector bank chiefs take home hefty compensation cheques in FY25

Public sector banks' chiefs trail far behind, with the chairman of SBI, India's largest lender, earning a fraction of what private sector banks' chief executives make

IFC announces equity investment of $20 million in Transvolt Mobility

IFC makes its first-ever equity investment in an EV platform, investing $20 million in Transvolt Mobility to help scale its electric fleet and create 8,200 jobs over the next five years

₹25K cr SBI QIP draws bids worth ₹1 trn; LIC, domestic MFs lead charge

LIC bids over Rs 5,000 crore in SBI's Rs 25,000 crore QIP, joined by major MFs and FPIs; fundraise to boost capital adequacy by 60 bps with 3.47% equity dilution

Rupee drops to three-week low as dollar strengthens, FPIs limit fall

The rupee fell past 86 per dollar to close at a three-week low amid dollar strength, but FPI inflows and exporter sales helped limit the extent of depreciation