Page 70 - Finance News
Citi India's commercial banking head Bhanu Vohra to exit firm after 25 yrs
Citigroup Inc's Bhanu Vohra is exiting after nearly 25 years with the bank; the veteran banker most recently headed a team providing global banking solutions to mid-sized Indian companies
 "Citi India's commercial banking head Bhanu Vohra to exit firm after 25 yrs")
Nearly a decade into its existence, IBC framework needs to be reimagined
The famous "tareekh pe tareekh" dialogue from the Hindi movie Damini captures where we are now
 "Nearly a decade into its existence, IBC framework needs to be reimagined")
Amount parked in RBI's SDF window declines on back of VRRR auctions
The amount parked by banks in the Reserve Bank of India's SDF window has fallen significantly, driven by VRRR auctions, with the call rate aligning closer to the repo rate
 "Amount parked in RBI's SDF window declines on back of VRRR auctions")
Indian Bank hands over sanction letters worth ₹1,011 cr to over 3,000 women
More than 3,000 women from various self-help groups across Tamil Nadu were part of the event
 "Indian Bank hands over sanction letters worth ₹1,011 cr to over 3,000 women")
Multiple road acquisitions, BOT projects in pipeline: Vertis Invit
Vertis is an infrastructure investment trust (InvIT) backed by private equity major KKR as well as Ontario Teachers' Pension Plan (OTPP)
 "Multiple road acquisitions, BOT projects in pipeline: Vertis Invit")
Banks' loan offtake gains pace at end of first quarter, shows data
Bank credit growth slowed further to 9.5% YoY in the fortnight ending June 27, with deposits growing at 10.1%, outpacing credit growth, data showed.
 "Banks' loan offtake gains pace at end of first quarter, shows data")
Rupee breaks 3-day gaining streak on renewed tariff threat by US
Traders are waiting developments on the anticipated tariff announcement between India and the US, which could significantly influence sentiment
 "Rupee breaks 3-day gaining streak on renewed tariff threat by US")
RBI fines HDFC Bank, Shriram Finance for violations of regulatory norms
The Reserve Bank of India imposed a penalty of ₹2.70 lakh on Shriram Finance and ₹4.88 lakh on HDFC Bank for violating regulatory norms
 "RBI fines HDFC Bank, Shriram Finance for violations of regulatory norms")
RBI likely to replace WACR with TREPS as operative target, says Nomura
Nomura reports that the RBI may shift its liquidity management target from WACR to TREPS or a SORR-like composite, in line with global best practices and increased volumes in secured money markets
 "RBI likely to replace WACR with TREPS as operative target, says Nomura")
50 million duped: PACL director arrested in India's biggest Ponzi scam
PACL lured investors with land-for-deposit schemes and paid old investors with new funds, duping 50 million people across 10 states in a massive fraud
 "50 million duped: PACL director arrested in India's biggest Ponzi scam")
RBI to intensify scrutiny of bank auditors after governance lapses
With governance concerns at IndusInd and Karnataka Bank, RBI is expected to tighten its engagement with statutory auditors and examine the role of board sub-committees more closely
 "RBI to intensify scrutiny of bank auditors after governance lapses")
Parliamentary panel for dedicated NCLT, NCLAT courts for IBC cases
A parliamentary panel recommends dedicated NCLT and NCLAT courts to expedite IBC cases and urges the RBI Governor to support banking correspondents, who are facing increasing challenges in their roles
 "Parliamentary panel for dedicated NCLT, NCLAT courts for IBC cases")
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")