Page 34 - Finance Sector

Govt planning to standardise 'know your customer' norms for banking checks

Wednesday's statement made no direct reference to Paytm Payments Bank, saying only the FSDC discussed Know Your Customer (KYC) norms

Govt must focus on exports to reach 10% economic growth: Finance Commission

India must focus on exports to achieve 10 per cent economic growth, Arvind Panagariya, Chairman of the 16th Finance Commission, has said. Paragariya also said that the temptation of import-substituting industrial policy is not unique to India. "I have looked at successful countries such as...Singapore, Taiwan, South Korea, China, and India - these are the...high-growth examples. "My conclusion is very clear - countries that have been open are the ones that have grown rapidly," he said in an interaction with 'Foundation For Economic Development'. He added that the intellectual support for industrial policy and import substitution remains strong in India. Panagariya also explained how the global export market was worth USD 32 trillion in 2022, almost ten times India's GDP. He pointed out that China acquired a very large share of certain products which gave the country a huge boost. "For 3-4 decades, it grew at 10 per cent a year," the economist said.

Asia will continue to stay on course with disinflation: RBI's Patra

Signs are pointing towards alignment with central bank targets, says RBI Deputy Governor Debabrata Patra

'Capital One-Discover deal could hurt Visa, Mastercard dominance'

The all-stock deal would give Capital One access to Discover's network of payments processing and settlement services, potentially allowing it to cut its reliance on Visa and Mastercard

Paytm doubling down on banking partnerships to streamline business

The company is moving swiftly to finalise these partnerships after the Reserve Bank of India (RBI) extended the deadline for restrictions on deposit and credit transactions of Paytm PB to March 15

Rate cut bets not unreasonable but economy is picking up: BoE's Bailey

"The market is essentially embodying in the curve that we will reduce interest rates during the course of this year," Bailey told lawmakers on the Treasury Select Committee

High institutional demand, supply shock could boost Bitcoin further

New entrants should invest systematically with at least a three-year horizon

Vladimir Putin signs decree allowing HSBC to sell Russian unit to Expobank

Monday's order said it was allowing Expobank to acquire 100% of the unit, owned by HSBC Europe BV

Nabfid takes derivatives cover for over Rs 10K cr to hedge rate risk

Hedges interest rate risk under asset liability management

Banks to conduct performance review of advocates to fast-track DRT cases

Banks will conduct periodical review of the performance of empanelled advocates at debt recovery tribunals (DRTs) and rationalise the cases assigned to them based on performance, the finance ministry said on Saturday. This is part of the issues discussed at a conference of Chairpersons of Debt Recovery Appellate Tribunals (DRATs) and Presiding Officers of Debt Recovery Tribunals (DRTs) chaired by Department of Financial Services Secretary Vivek Joshi. The meeting was also attended by senior officers from the public and private sectors banks; chief executive officer (CEO), Indian Bank Association (IBA); and senior officers from the Ministry of Finance and Insolvency and Bankruptcy Board of India (IBBI). The conference also discussed that DRTs and DRATs would take all possible steps to reduce pendency at various stages through strict monitoring. Several suggestions regarding changes and amendments in Debts Recovery Tribunal Regulations, SARFAESI Act and RDB Act discussed to make the

Not planning harsher rules to curb fintech, says RBI's P Vasudevan

There are "no harsher measures coming on fintech," P. Vasudevan, an executive director in charge of enforcement at the Reserve Bank of India, said on Friday

Foreign exchange reserves snaps two-week gaining streak, shows RBI data

The reserves fell by $5.27 billion in the reporting week, their steepest fall in a month, after having risen by a total of $6.36 billion in the prior two weeks

Deferred annuity plans and guaranteed sums explained in one chart

Here is how you can secure the finances you will need when you retire

JPMorgan Chase, State Street drop out of largest investor climate group

The changes "are not consistent with our independent approach to proxy voting and portfolio company engagement," said State Street spokesman Randall Jensen

'IFSCA to set up int'l arbitration centre at IFSC for dispute resolution'

The International Financial Services Centres Authority (IFSCA) is "on the job" to set up an international arbitration centre at the IFSC, Gandhinagar, to speed up dispute resolution, its chairman K Rajaraman said on Wednesday. Finance Minister Nirmala Sitharaman in her Budget speech in 2022 announced setting up of an international arbitration centre at Gujarat International Finance Tec-City (GIFT City). Currently, GIFT-IFSC is the maiden international financial services centre in India. "The proposal is under consideration of the government...we are already on the job", he said at an event organised by the PHD Chamber of Commerce and Industry. The centre could be on the lines of the Singapore International Arbitration Centre, or the London Commercial Arbitration Centre. Asked if crypto currency is allowed in IFSC, Rajaraman said it is not permitted as it is not a safe financial product. However, he said, IFSCA is working on tokenisation of real world assets and the regulator is .

Nabard Q3 results: Net profit rises 34% to Rs 4,495 crore, income up 25%

The national developmental bank Nabard has reported a 34 per cent on-year rise in net profit at Rs 4,495 crore for the 2023 December quarter, helped by robust income growth and balance sheet expansion. In the year-ago period, it had booked Rs 3,345 crore in post tax profit. The bottom line expansion was led by a margin increase of 18 basis points to 1.53 per cent, a marginal improvement in gross bad loans at 0.27 per cent and zero net Non Performing Assets (NPAs). Total income of the bank rose 25 per cent to Rs 35,503 crore in the latest December quarter from Rs 28,463 crore. During the same period, expenses increased 23 per cent to Rs 29,496 crore from Rs 24,042 crore, its chairman Shaji K V told PTI on Wednesday. The city-headquartered bank saw its assets size rising 15 per cent to Rs 8,31,091 crore as of December 2023 and the chairman said the same is likely to cross Rs 9.05 lakh crore by March end. Of the total assets, its own funds rose 10 per cent to Rs 71,261 crore. On the

Overnight index swap rates hint at late start to rate cuts: Traders

India's OIS market has seen 'paying pressure', with the impact being amplified amid unwinding of an earlier 'received position' by a large private bank, according to traders

Indian Overseas Bank to open 88 new branches this year: MD Srivastava

Public sector Indian Overseas Bank has drawn up expansion plans to open 88 new branches during the year commemorating the 88th Foundation Day celebrations, a top official said on Saturday. The Chennai-headquartered bank marking the occasion unveiled RuPay Credit Card variants, IOB Freedom Savings and Current Account Variant and Digital Documents Execution for online locker agreements. After paying rich tributes to the late M Ct M Chidambaram Chettiyar, who founded the bank on this day in 1937, the bank's Managing Director Ajay Kumar Srivastava said they plan to open 88 new branches during the year. "This bold expansion initiative underscores the bank's unwavering dedication to offering comprehensive financial services, thereby fostering economic vibrancy and inclusivity in communities spanning the length and breadth of the nation," he said. Meanwhile, Indian Overseas Bank said it has increased the interest rates on Rupees Retail Term Deposits for 444 days by 20 basis points with ..

Reliance Home Finance surrenders certificate of registration to the NHB

There are other nine non-banking finance companies which surrendered the Certificate of Registration (CoR), the RBI said

SoftBank results: First profit in 5 quarters with $6.6 bn net income

Net profit totalled 985.5 billion yen ($6.6 billion) in the three months to December, versus a 744.7 billion yen loss in the same period a year earlier