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India is mulling changes in law to cut govt's stake in banks: Report

The proposals -- if approved -- would allow the government to gradually lower its holding in state-run lenders to 26% from 51% without diluting its grip on management appointments, say sources

India's largest lender SBI increases benchmark lending rate by 0.1%

State Bank of India (SBI) has increased benchmark lending rate or base rate by 0.1 per cent, a move that may be followed by other lenders.

RBI refuses to relax asset classification, provisioning norms for NBFCs

This will give rise to bad debt numbers of such para banks on technical grounds while making asset quality norms standardised across banks and NBFCs

Rupee gains, bond yields stable after US Fed keeps policy rates unchanged

The rupee closed at 76.09 a dollar, up from its previous close of 76.23 a dollar

Need to harmonise rules on taxation and recovery for NBFC too: FIDC

Urges govt to exempt TDS on interest payment made to NBFCs, as in the case of banks and life insurers

Indian Rupee rises 23 paise to end day at 76.09 against US dollar

Meanwhile, the US dollar index, which measures the greenback's strength against the basket of six currencies, fell 0.37 per cent to 96.15

PhonePe is first payments firm to tokenise cards on Visa, Mastercard, Rupay

The company claims the tokenisation solution will help businesses save significant time and effort by removing the need to integrate with multiple card networks while complying with RBI norms

Banking services impacted as 900,000 employees go on two-day strike

Staffers take out marches in protest against privatisation of public sector banks; a few customer service centres kept functional

What is general corporate purpose, why it is under SEBI lens?

SEBI has proposed change in listing norms to bring in more transparency. One was to cap the amount companies, mainly start-ups, can raise under general corporate purpose or GCP. Find out what is GCP

Capital norms for operational risks of banks to be revised: RBI

The revised directions will apply to all commercial banks in India

Scheduled payment banks, SFBs to do government agency business: RBI

Bank executives said this is step to broad-base set up and enhance quality of service for government business

Jury still out on giving bank licences to industrial houses: RBI official

Given that banking is a highly leveraged business dealing with public money, it makes sense to keep industry/business and banking separate, says RBI deputy governor M Rajeshwar Rao

PSU bank staff to go on two-day strike from Thursday; services may get hit

Most of the banks, including SBI, have already cautioned their customers about the strike's possible impact on banking operations like cheque clearance and fund transfer

RBI fines ICICI Bank Rs 30 lakh and PNB Rs 1.8 cr for non-compliance

RBI found non-compliance on part of ICICI Bank with directions related to levy of charges for non-maintenance of minimum balance in saving accounts

RBI imposes monetary penalty on ICICI Bank, Punjab National Bank

RBI has imposed a monetary penalty of Rs 1.8 crore on Punjab National Bank and Rs 30 lakh on ICICI Bank

Rupee plunges 40 paise to 20-month low against dollar on low risk appetite

The rupee had closed near this level on April 24, 2020, previously

Micro-loan disbursement up 154.5% QoQ to to Rs 64,899 cr in Sept: MFIN

The number of loans disbursed also rose sharply to 18.5 million in Q2FY22 from 7.1 million in Q1FY22

FSS, CSB Bank to open 1,000 Smart Cash franchisees for financial inclusion

Modelled on a branch-in-a-box service concept, Smart Cash franchisees would offer affordable banking, investment, credit, and insurance products to target segments

Rupee slumps 22 paise, slips below 76/$ level in early trade

The rupee declined 22 paise and slipped below the 76 per US dollar level in opening trade on Wednesday as persistent foreign fund outflows and Omicron worries kept the pressure on the local unit

SBI planning to offload 6% stake in AMC through initial public offer

SBI currently holds 63 per cent stake in the mutual fund company and the remaining 37 per cent stake is held by AMUNDI Asset Management through a wholly owned subsidiary, Amundi India Holding

No talks ongoing currently on acquiring Spandana Sphoorty: Axis Bank

Are we exploring other opportunities, there is nothing on the table at the moment, says top bank official

RBI issues prompt corrective action framework for NBFCs

The PCA framework for NBFCs shall come into effect from October 1, 2022, based on the financial position of NBFCs on or after March 31, 2022

RBI introduces tough PCA framework for large NBFCs, effective October 2022

PCA will be activated for large NBFCs once their capital adequacy falls by 300 bps, or net NPA ratio rises above 6%

Kotak Mahindra Bank partners with IndiGo to offer co-branded credit cards

Essentially, the cards will work on a reward proposition of an airline ticket for free

Indian Rupee declines by 10 paise to 75.88 against US dollar

In the previous session, the rupee had settled at 75.78 against the greenback

RBI issues Prompt Corrective Action framework for NBFCs

The PCA framework for NBFCs shall come into effect from October 1, 2022, based on the financial position of NBFCs on or after March 31, 2022

No need to extend timelines for recast loans, says Axis Bank top exec

Rajiv Anand, deputy MD (designate), says the restructured book in the lender's portfolio is small and that it is performing up to expectations

Rupee falls 17 paise to 75.95 against US dollar in early trade

The rupee declined by 17 paise to 75.95 against the US dollar in opening trade on Tuesday, as muted domestic equities and persistent foreign fund outflows weighed on the local unit

Cabinet committee on privatisation yet to take decision on two banks: FM

Finance Minister Nirmala Sitharaman on Monday said the cabinet committee on privatisation is yet to take a decision with regard to divesting two public sector banks.

Banks lost Rs 2.85 trn due to loan default of 13 firms, alleges UBFU

: Public sector banks have lost nearly Rs 2.85 lakh crore on account of loan dues of 13 corporates even as the banks are used to bail out ailing financial institutions such as Yes Bank and IL&FS, United Forum of Bank Unions alleged on Monday. In press releas

Equitas SFB, Cholamandalam MS for women-centric health insurance policy

Equitas Small Finance Bank (SFB) on Monday said it has tied up with Cholamandalam MS General Insurance to launch a women-centric health insurance policy Chola Sarva Shakti.

As many as 41,177 posts vacant at public sector banks: Govt

State Bank of India had the maximum number of vacant posts at 8,544, according to official data

Rupee gains 15 paise to 75.63 against US dollar in early trade

The rupee appreciated 15 paise to 75.63 against the US dollar in opening trade on Monday, tracking a positive trend in domestic equities. However, surging crude prices in the international market and unabated foreign capital outflows capped the appreciation

Processed 1 bn transactions last month, offline payments up 200%: PhonePe

Digital payments major PhonePe on Monday said offline merchant transactions on its platform have shown 200 per cent growth since last year.

Fintech leading India's banking revolution but it's hampered by old rules

The country's licensing policy for financial institutions is past its sell-by date. Innovative solutions are out there but require regulation.

What does a scheduled bank status mean for Paytm Payments Bank?

After a choppy IPO debut, Paytm received the RBI nod to operate as a scheduled payments bank. How does it change things for the company? This report makes sense of Paytm Payments Bank's new status

RBI announces proposal to push UPI payments through feature phones

USSD 2.0, which facilitates UPI for feature phones, accounts for only 0.003 per cent of total UPI volumes and value transactions

Bank of Maharashtra slashes retail lending rates by up to 40 bps

Revised rates are linked to borrowers' credit score and come into effect on December 13

Govt unlikely to announce capital infusion for PSU banks in Budget 2022-23

To augment their resources, banks would be encouraged to raise funds from the market and also by selling their non-core assets, they added.
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