Financial Institutions

Account Aggregator ecosystem driving credit access, says Finance ministry

Account Aggregator ecosystem is poised to unlock new frontiers in formal credit access, especially for MSMEs and personal lending, contributing meaningfully to India's journey towards Viksit Bharat by 2047, the Finance Ministry said on Tuesday. The Account Aggregator (AA) framework was officially launched on September 2, 2021, establishing a secure, consent-based system for financial data sharing. In 2016, the Reserve Bank of India issued the Master Directions for the AA ecosystem. On the occasion of the 4th anniversary, the ministry in a statement said, the AA ecosystem has grown rapidly and is witnessing accelerated adoption across banking, securities, insurance and pension sectors, strengthening India's DPI (digital public infrastructure). As on date, 112 Financial Institutions have gone live both as Financial Information Providers (FIP) and Financial Information Users (FIU), while 56 have gone live solely as FIP and 410 as FIU, it said. Over 2.2 billion financial accounts are n

Jane Street episode unsettled some institutional investors: Jignesh Desai

Institutional investors wary of midcap valuations, regulatory risks, and global cues; manufacturing seen as key investment theme

Now hiring: Centre to fill 25 top posts in financial institutions soon

FSIB will conduct interviews and prepare the shortlist

Govt seeks merchant bankers for stake sale in PSBs, financial institutions

The Department of Investment and Public Asset Management (DIPAM) on Monday invited bids from merchant bankers to assist the government in its planned stake sale in public sector banks and listed financial institutions. As per the RFP (request for proposal) floated by DIPAM, the merchant bankers would be empanelled for a period of three years (further extendable by 1 year) and they would advise the government on the timing and the modalities of the transaction for dilution of equity in select PSU banks/select listed public financial institutions. The last day for putting in bids by merchant bankers is March 27. "The Government of India (GOI) intends to empanel BRLMs/MBSBs for a period of three years (further extendable by one year) in the context of dilution of GOI equity in select Public Sector Banks (PSBs), and select listed Public Financial Institutions (PFIs) (as defined under the Companies Act, 2013) using SEBI approved methods in accordance with the extant SEBI/RBI/IRDAI and ..

RBI working to create robust data analytics ecosystem: Dy Guv Swaminathan

RBI is working towards creating a robust data analytics ecosystem to support its supervisory functions, ensuring that the approach remains forward-looking and agile in a rapidly changing world, central bank's Deputy Governor Swaminathan J has said. Addressing 'High-level Policy Conference of Central Banks from the Global South' here last week, he said the supervision of banks and financial institutions is a relatively recent development - dating back around 50 years. However, the concept of overseeing banks is embedded in the very foundations of central banking. From the early days, central banks have fulfilled their role as the lender of last resort, ensuring that financial institutions remained solvent and protected against systemic crises, Swaminathan said. The senior RBI official further said that to build financial resilience, supervision must be proactive, continuous, forward-looking and risk-focused. An effective banking supervision system requires the supervisor to maintai

Trai's new traceability rules won't disrupt e-commerce OTP services

Trai's new mandate, set to take effect on November 1, would require traceability of messages sent by principal entities, including banks, e-commerce platforms, and financial institutions

Global banks to trial Swift for digital currency transactions from 2025

Central Bank Digital Currencies (CBDCs), digital versions of a country's official fiat currency, are also being trialled worldwide

What ails financial institutions when it comes to tackling data security?

Financial institutions are increasingly vulnerable to data security risks due to their dependency on external service providers, limited cybersecurity budgets, and poor implementation standards

Financial institutions plan to raise up to Rs 8,750 cr via bonds Tuesday

The bonds have received a AAA rating from India Ratings

How shift to digital credit underwriting helps financial org in India

Digital underwriting is not just about making decisions quickly through automation: It ensures greater financial inclusion and improves risk control

Banks, FIs to invest Rs 32.5 trillion in renewable energy by 2030: Centre

RE project developers commit 570 GW of capacity addition

Financial institutions should deploy measures to help MSMEs: RBI dy guv

Restructuring, grace periods and tailored repayment plans can be used as tools, says Swaminathan

Financial institutions plan annual ESG spending of up to $500,000: Study

More than half of global financial institutions find keeping up with changing regulations as a challenge in meeting ESG goals

L&T Finance Q4 results: PAT up 11% at Rs 554 cr, retail book grows 31%

The company reports strong retail franchise with a retail book size of Rs 80,037 crore

FSIB recommends Ashutosh Kumar for SBI MD, Asheesh Pandey for Indian Bank

FSIB, the headhunter for directors of state-owned banks and financial institutions, on Wednesday recommended Rana Ashutosh Kumar Singh for the post of Managing Director of State Bank of India (SBI). Singh is currently serving as deputy managing director at SBI. SBI, the country's largest lender, has four managing directors and one chairman. Declaring the result of the selection process, the Financial Services Institutions Bureau (FSIB) in a statement said the Bureau interviewed 16 candidates on April 23 and 24. "Keeping in view their performance in the interface, their overall experience and the extant parameters, the Bureau recommends Rana Ashutosh Kumar Singh for the position of MD in SBI," it said. The final decision on the FSIB recommendation would be taken by the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi. FSIB is headed by former Department of Personnel and Training (DoPT) Secretary Bhanu Pratap Sharma. Other members of the headhunter are

RBI proposes road map for REs to address climate-linked financial risks

RBI said in the draft disclosure framework said REs are already required to disclose information on material risks as a part of their Pillar 3 disclosures

Realty sentiment index moves upward as financial institutes remain bullish

Real estate developers and financial institutions are bullish on their outlook for the property market for the next six months and expect the high demand to sustain its momentum, according to a Knight Frank and NAREDCO report. Real estate consultant Knight Frank and realtors' body Naredco on Sunday released their 39th edition of Real Estate Sentiment Index for Q4 2023 (October-December 2023). As per the report, the current sentiment index score remained in the optimistic zone, rising to 69 from 59 in the third quarter of 2023 calendar year. The sentiment index is based on the survey of supply-side stakeholders like developers, investors and financial institutions. A score of above 50 indicates 'optimism' in sentiments, a score of 50 means the sentiment is 'same' or 'neutral'. The score below 50 indicates 'pessimism'. The future sentiment score, which indicates stakeholders' outlook, has also increased from 65 in Q3 2023 to 70 in Q4 2023, driven by general optimism about the Indian

Paytm Payments Bank saga: FASTag makers gear up as demand from FIs rise

According to industry sources, Airtel Payments Bank has placed 5x to 7x more orders for FASTags than they would place in a normal order

FM seeks more participation from French financial institutions at GIFT City

Finance Minister Nirmala Sitharaman on Friday met French President Diplomatic Advisor Emmanuel Bonne and sought greater participation from French financial institutions and operations in the International Financial Services Centre (IFSC) at GIFT City. "They discussed approaches for further enhancing collaborative positions on climate actions, strengthening international financial institutions and addressing the debt vulnerability in low-and-middle-income countries," the finance ministry said in a post on X. Recognising the synergy between Indian UPI and French Targeted Instant Payment Settlement (TIPS), they explored avenues for closer financial integration, it said. "Finance Minister Smt. @nsitharaman encouraged greater participation from French financial institutions and corporations in pathbreaking initiatives and operations in IFSC at @GIFTCity," it said. Bonne is in the national capital ahead of the upcoming visit of French President Emmanuel Macaron as the chief guest for the

RBI Deputy Guv Rao flags risks of AI deployment in financial institutions

He categorized these risks into three broad sets-data bias and robustness, governance, and transparency