Page 16 - Finance Sector

RBI asks banks to collaborate with MuleHunter.AI to find mule accounts

The RBI on Friday asked banks to collaborate with its initiative MuleHunter.AI to weed out mule accounts which are used to commit financial fraud. A mule account is a bank account used by criminals to launder illicit funds, often set up by unsuspecting individuals lured by promises of easy money or coerced into participation. The transfer of funds through these highly interconnected accounts makes it difficult to trace and recover the funds. "Use of money mule accounts is a common method adopted by fraudsters to channel proceeds of frauds," Reserve Bank of India (RBI) Governor Shaktikanta Das said. Unveiling the December 2024 monetary policy, he said the RBI is currently running a hackathon on the theme 'Zero Financial Frauds' which includes a specific problem statement on mule accounts, to encourage development of innovative solutions to contain the use of mule accounts. Another initiative in this direction is the AI/ ML-based model called MuleHunter.AI, piloted by Reserve Bank ..

Want to grow loans cautiously: Yes Bank MD & CEO Prashant Kumar

Prashant Kumar discussed the bank's deposit strategy, loan growth trajectory, the status of stake sale, and other key developments

PNB HF aims to close FY25 with loan book of Rs 5k cr in affordable segment

With focus on the affordable segment, PNB Housing Finance aims to expand its loan book size to Rs 5,000 crore by the end of the current financial year. The mortgage lender closed the loan book under the affordable segment called 'Roshini' at Rs 3,000 crore at the end of the second quarter of FY'25. "We hope to expand our loan look under the affordable housing segment to Rs 5,000 crore by this year-end to touch Rs 15,000 crore by March 2027," PNB Housing Finance MD and CEO Girish Kousgi told reporters here. The loan growth will be helped by implementation of Pradhan Mantri Awas Yojana-Urban 2.0 (PMAY 2) and branch expansion. He also said the housing finance company plans to set up a new vertical for 'Loan Against Property' beginning next financial year. To fund loan growth of 17 per cent, he said, the housing finance company plans to raise USD 100-125 million through External Commercial Borrowings (ECBs) this fiscal. The board has already given approval for raising USD 125 million

B2B supply chain financing platform Mintifi raises $80 million from Prosus

The investment firm acquired a 10.65 per cent effective interest in the Mumbai-based fintech with the latest round of fund infusion

SBI planning to open 500 new branches across India in FY25: MoS Finance

The State Bank of India (SBI) is planning to open 500 new branches across India during the current financial year, Parliament was informed on Monday. Of this, 135 new branches have already been opened till October 31, 2024, Minister of State for Finance Pankaj Chaudhary said in a written reply in the Lok Sabha. Currently, the endeavour of the government is to ensure availability of a banking outlet (bank branch/business correspondent/ India Post Payments Bank) within 5 kilometres of all inhabited villages in the country, he said. Availability of banking outlets is monitored by a Geographic Information System (GIS)-based app, namely, Jan Dhan Darshak (JDD) app, he said. To another question regarding shortage of staff in SBI, Chaudhary said, public sector banks (PSBs) including SBI are board governed commercial entities. The requirement of manpower in each PSB is determined by the respective PSB keeping in view various factors which include, inter-alia, business requirement, spread

Governance premium to rise sharply, banks to be put through the wringer

In European banks, you have a supervisory board for governance, another for management of business

Sensible trade policy key to tackling climate change on a global scale

A key agreement at Baku was on establishing high integrity carbon markets, following a breakthrough on establishing standards for a centralised international carbon market

Growth in bank credit to NBFCs declines sharply to 6.4%: RBI data

Non-food credit increased at slower clip of 12.8% in October compared to 15.5% a year ago, says RBI

Italian companies invested $6.5 bn in India: European House Ambrosetti

The European House Ambrosetti group's senior partner Lorenzo Tavazzi on Friday said Italian companies have invested USD 6.5 billion in India, which speaks of the importance accorded to the world's fastest growing major economy, and stressed that there are a lot of opportunities for growth. Tavazzi, who heads TEHA's Scenarios and Intelligence Areas, was speaking in Mumbai after the inauguration of the Villaggio Italia exposition, being held to coincide with the port of call of Amerigo Vespucci, an Italian Navy ship used for training and supporting national diplomacy. Speaking at a panel discussion curated by top Italian news agency ANSA in connection with the ship's arrival in Mumbai, Tavazzi said Italy can help India's aspirations on the energy transition and transport fronts with its expertise in sustainable technologies and also high-speed rail. Alessandro Giuliani of SDA Bocconi Asia Center, a Mumbai-based management education institute, said that given the commonality on the ...

Eurasian Group identified over 600 terror financiers this year: EAG chief

The Eurasian Group (EAG) has identified more than 600 people linked to international networks involved in terror financing this year, its top official said here on Friday. Identifying ways of financing international terrorists and their financiers has emerged as the biggest challenge at present and this issue was discussed at length during the 41st plenary meeting of the EAG comprising nine countries, EAG chairman Yuri Chikhanchin said. He was addressing a press conference after the conclusion of the five-day meet that began on November 25. Belarus, China, Kazakhstan, Kyrgyzstan, India, Russia, Tajikistan, Turkmenistan and Uzbekistan are the nine member countries of the EAG. "This is the biggest challenge that we are facing - identifying channels of financing, financiers and sustainment of international terrorists because we all are international these days," Chikhanchin said. "This year itself, over 600 people have been identified in our region via the analysis of financial ...

Regulation-first approach to drive success for fintechs: Paytm founder, CEO

He added that it is the responsibility of entities in the financial services domain to ensure the safety of users through measures involving customer education

Closer coordination among regulators key to NBFC stability: RBI DG

The RBI has implemented a scale-based regulatory framework for the NBFC sector, categorising them based on their scale of operations and potential interconnectedness

BCFI to push for SRO status; explores solo, strategic partnership options

BCs have of late been sounding off to the Ministry of Finance, warning that the channel is becoming increasingly unviable

Loan book of Axis Bank's GIFT City unit doubles to $4 billion in 5 years

Private lender Axis Bank on Wednesday said the asset book of its IFSC Banking Unit (IBU) at Gujarat International Finance Tec-City (GIFT City) in Gandhinagar has doubled to USD 4 billion from USD 2 billion in 2019. The bank unveiled a spacious IBU office at GIFT City here that spans nearly 8,000 square feet and is nearly three times bigger than the previous facility located here. "In terms of size, today our asset book here is a little over USD 4 billion, which is among the largest in GIFT City. Similarly, on the liability side, we have a USD 1 billion deposit, which once again makes us among the highest in terms of deposits as well...from USD 2 billion in 2019, we have doubled our asset book," its Deputy Managing Director Rajiv Anand told mediapersons. "The office is an expression of our ambition aligned with the ambition for GIFT City to serve our customers. We continue to show very solid growth on multiple fronts," said Axis Bank's President and Head of Wholesale Banking Products

Explained: How will PAN 2.0 be different from the existing setup?

Here is all you need to know about the initiative and its impact on your tax filings.

COP29 summit: India leads Global South to reject 'unfair' finance deal

COP 29 president pushed decisions despite objections, citing procedural norms

ICAI framing compulsory qualifications for forensic audit professionals

The criteria may include mandatory completion of Forensic Standards Course and ICAI membership

Other side of financialisation: Unsecured loans flowing into stock market?

There's been a dramatic rise in loans against gold in the past one year, but growth in unsecured loans is slowing. Bank loans to the NBFC sector have also dipped

Delegates of 18 nations join RBI conference for Global South central banks

Delegates from 18 countries, including central bank governors, deputy governors and other central bank officials from the Global South, attended a two-day high-level policy conference that concluded on Friday. High-Level Policy Conference of Central Banks from the Global South was organised here as part of the commemoration of the Reserve Bank of India's 90th year since its establishment. In his keynote address, RBI Governor Shaktikanta Das highlighted that maintaining overall stability, which includes sustained growth, price stability, and financial stability, is a daunting challenge for the countries of the Global South amidst global spillovers, external sector imbalances, limited fiscal space, elevated debt levels and continuing financial market volatility. Central banks need to work towards more robust, realistic and nimble policy frameworks that use monetary, prudential, fiscal and structural policies synergistically to achieve better societal outcomes, he added. RBI Deputy ..

New global climate finance draft poses challenges for developing world

Latest version of the Global Climate Finance plan fails on most counts to meet India and other developing countries' demands or expectations