Page 60 - Finance News
Finance ministry seeks Claims portal control from health ministry
The department of financial services, under the ministry of finance has sought the Prime Minister's Office (PMO) regarding the same
 "Finance ministry seeks Claims portal control from health ministry")
India now makes fastest payments globally, driven by UPI: IMF note
UPI now processes more than 18 billion transactions per month and dominates other electronic retail payments in India, the note said
 "India now makes fastest payments globally, driven by UPI: IMF note")
Parliamentary panel on finance to meet today, review IBC, emerging issues
The central government is likely to bring an amendment in the Insolvency and Bankruptcy Code (IBC) in the upcoming monsoon session of Parliament
 "Parliamentary panel on finance to meet today, review IBC, emerging issues")
Banks flush with funds but reluctant to pursue aggressive lending
Loan growth for banks is yet to pick up despite a 100 bps cut in the policy repo rate by the Reserve Bank of India (RBI) since February
 "Banks flush with funds but reluctant to pursue aggressive lending")
Banks expect RBI to double VRRR auction as liquidity stays surplus
At 2-day VRRR auction, RBI receives bids worth ₹97,315 cr against notified ₹1 trn
 "Banks expect RBI to double VRRR auction as liquidity stays surplus")
Education loan growth at NBFCs to slow to 25% in FY26 on US visa curbs
The share of US in overall education loan portfolio has come down to 50% as on March 31, 2025, from a peak of 53% on March 31, 2024, and is expected to go down further over next few years
 "Education loan growth at NBFCs to slow to 25% in FY26 on US visa curbs")
NBFC credit should reach 50% of SCBs' volume by 2047: FM Nirmala Sitharman
The finance minister further said that financial inclusion cannot be used as a pretext for "financial exploitation"
 "NBFC credit should reach 50% of SCBs' volume by 2047: FM Nirmala Sitharman")
Financial bidding for IDBI Bank expected to conclude by October 2025
"All things have at the high pace and IDBI bank will be completed by October 2025," said the official.
 "Financial bidding for IDBI Bank expected to conclude by October 2025")
Trade union strike: Normal life remains unaffected; sporadic violence in WB
The trade unions claimed that the strike was successful, and a large number of workers abstained from work, impacting postal, banking, insurance, and mining sectors
 "Trade union strike: Normal life remains unaffected; sporadic violence in WB")
RBI issues draft directions for novation of OTC derivative contracts
Draft norms enable position transfer in OTC derivatives with consent and fair pricing; RBI mandates tripartite structure to ensure risk shift and regulatory adherence
 "RBI issues draft directions for novation of OTC derivative contracts")
RBI issues draft framework for novation of OTC derivative contracts
At present, the novation of OTC derivative contracts is governed by the RBI circular dated December 9, 2013
 "RBI issues draft framework for novation of OTC derivative contracts")
No proposal to introduce ₹50 coin as public prefers notes: Centre to HC
The Centre told Delhi High Court there is no plan to issue a ₹50 coin, citing RBI findings that people prefer banknotes over coins due to weight, size, and ease of daily use
 "No proposal to introduce ₹50 coin as public prefers notes: Centre to HC")
RBI accepts ₹97,315 crore in VRRR auction; cut-off rises to 5.49%
Market cautious ahead of expected ₹2 trn VRRR auction as call and TREP rates rise; overnight WACR climbs to 5.34%, RBI absorbs ₹97,315 crore against notified ₹1 trn
 "RBI accepts ₹97,315 crore in VRRR auction; cut-off rises to 5.49%")
Govt banks step up efforts to bridge linguistic chasm with customers
State-owned banks are prioritizing local language skills in their hiring to improve customer service and reduce language barriers, with Bank of Baroda and SBI leading the way
 "Govt banks step up efforts to bridge linguistic chasm with customers")
Rupee strengthens, tracking falling crude oil prices and dollar index
The Indian rupee appreciated by 22 paise, tracking declines in the dollar index and crude oil prices, while foreign equity inflows provided further support
 "Rupee strengthens, tracking falling crude oil prices and dollar index")
Ventive Hospitality signs 7 new hotels with Marriott International
Atul Chordia, chairman and executive director, Ventive Hospitality, told Business Standard that all these hotels would be operational in four years, with 200 to 250 rooms being added annually
 "Ventive Hospitality signs 7 new hotels with Marriott International")
RBI announces ₹1 trn reverse repo auction on July 9 to absorb liquidity
The move follows the central bank's decision last week to conduct a seven-day variable rate reverse repo auction worth Rs 1 trillion
Smart devices to be next bastion for UPI with IoT-ready payment system
NPCI builds Internet of Things rails as UPI targets 10x growth
 "Smart devices to be next bastion for UPI with IoT-ready payment system")
Expand financial inclusion using AI: DFS secy M Nagaraju to fintechs
At the CII summit, DFS Secretary M Nagaraju said fintechs must widen access to finance and develop AI-led tools to combat cyber threats and support rural economic growth
 "Expand financial inclusion using AI: DFS secy M Nagaraju to fintechs")
Wooing depositors: PSBs waiving minimum account balance penalties
May raise risk of increasing dormant accounts in the system
 "Wooing depositors: PSBs waiving minimum account balance penalties")