Page 67 - Finance News

Co-op bank call market activity rebounds after RBI platform directive

Co-operative bank participation in the call money market has rebounded after a drop following RBI's mandate for NDS-CALL platform membership, says RBI report

PayPal to integrate UPI for cross-border payments with global partners

PayPal is partnering with NPCI International and global wallets to enable Indian users to make cross-border payments using UPI, starting with US-based merchants

RBI withdraws conditions on Religare Finvest under Corrective Action Plan

RBI withdraws CAP conditions imposed on Religare Finvest after noting compliance with regulatory requirements and changes in management and board composition

Kotak Mahindra Bank targets affluent clients with 'Solitaire' launch

According to the bank, the eligibility hinges on salaried individuals maintaining a relationship value of ₹75 lakh with the bank, and ₹1 crore for self-employed individuals

RBI net bought $1.76 billion in forex market in May, shows bulletin

The RBI said it purchased $9.1 billion and sold $7.3 billion during the month. In April, the central bank had sold a net of $1.66 billion

PayPal partners with NPCI, others to launch cross-border payments platform

PayPal's new global platform will enable UPI-based cross-border payments, backed by partners like Mercado Pago, Tenpay Global and Venmo, with rollout set for later this year

Finance Commission must focus on strengthening local bodies: Raghuram Rajan

Former RBI Governor Raghuram Rajan noted that the previous finance commissions devolved more funds to the local bodies and urged for greater decentralisation in India

HKMA penalises IOB's Hong Kong branch for breaching AML regulations

The Hong Kong Monetary Authority imposes a penalty on Indian Overseas Bank's Hong Kong branch for violating anti-money laundering regulations from May 2021 to January 2024

RBI's financial inclusion index hits 67 in March 2025, reflecting growth

The central bank on Tuesday said that growth was witnessed across all sub-indices - access, usage, and quality

WACR tops repo rate for the first time in FY26 amid GST outflows

The weighted average overnight call rate (WACR) breached the RBI's repo rate for the first time this fiscal, amid GST outflows, with liquidity surplus in the banking system at around 1% of NDTL

Lack of empathy in customer service driving complaints: RBI DG Swaminathan

'Systems respond with templated emails and helplines loop back endlessly'

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