Banking & Finance

Bad Bank to solve Rs 2 lakh crore bad loans, take NPAs off banks’ books; here’s how it will work

If it works as intended, Bad Bank may help cut system-wide bank NPAs (non-performing assets) by over 1%, and help recover some of bad debts too.

Plea alleges unauthorized access of Aadhaar and banking data by GPay: HC seeks RBI, UIDAI response

A bench of Chief Justice DN Patel and Justice Jyoti Singh issued notice on the petition and also sought the stand of Google India Digital Services Private Limited.

google pay old logo

UPI to be linked to Singapore’s PayNow by July 2022

The linkage will enable users of each payment system to make instant, low-cost fund transfers on a reciprocal basis without getting on board the other system, the Indian central bank said.

The platform has seen over 4.9 million registrations, as on January 3, according to the Association of Banks in Singapore.

Six entities complete test phase in ‘First Cohort’ under RBI’s regulatory sandbox scheme

The entities whose products have been found meeting the norms set by the RBI in the First Cohort are Nucleus Software Exports (PaySe), Tap Smart Data Information Services (Citycash), Natural Support C

Reserve Bank of India (RBI)

NBFC, payment system operators can submit requests with RBI for Aadhaar e-KYC licence

In May 2019, the finance ministry had come out with a detailed procedure for processing of applications (under the PML Act) for use of Aadhaar authentication services by entities other than banking co

RBI for Aadhaar e-KYC licence

New umbrella entities explained: Why India has delayed their retail payment systems

RBI’s decision to defer private umbrella entity licenses in light of data security concerns came much to sheer dismay of Tata & Reliance consortiums among other applicants, eager to venture into ret

The NUE license shall be granted by RBI according to the power of authorization of payment operations conferred under Section 4 of the Payment & Settlement Systems Act (‘PSSA’), 2007.

BBB invites bids for conducting background verification of candidates

The firm will prepare a candidate verification report for every aspirant to provide the necessary inputs to the BBB members before the interactions of the individual personages with the bureau, accord

bank jobs

Bank loans to NBFCs grow slower as credit to small lenders dries up

Credit outstanding to non-bank lenders has been growing in the low single digits through much of the current year, with banks’ NBFC book actually shrinking 2.2% y-o-y in June 2021.

credit to small lenders

Restored normalcy in PSU banks hamstrung by sticky bad assets: Finance minister Nirmala Sitharaman

The Centre, apart from infusing required capital, monitored  the PSU banks with regular assessment and reviews while taking prompt corrective actions.

nirmala sitharaman

Banks should embrace digitisation to ensure govt schemes reach needy: FM

Stating that the government distributed Rs 1,500 in three installments to the needy through their bank accounts during the Covid-19 outbreak, she said there are lot of changes happening in the banking

Finance Minister Nirmala Sitharaman, financial inclusion for a wider reach, digitisation, government schemes, government's financial disbursements, transact through a RuPay card,

Fintechs are paving path for greater financial inclusion in India

Fintech organizations have a wide scope of business in India, particularly around payment lending, personal finance management, and regulation technologies.

Kotak Mahindra Bank to offer home loans at 6.5% through festive season

Ambuj Chandna, president – consumer assets, Kotak Mahindra Bank, said that at 6.5%, the lender’s pricing will be significantly more attractive than that of some of its competitors.

While the special rate will be available across all loan amounts, a borrower will need to have a minimum credit score of 800 to be offered a loan at 6.5%.

Bank will expand exposures on lower-rated, unsecured segment with proper due-diligence: AK Goel, MD & CEO, Uco Bank

PCA had not put restrictions on lending to big ticket size loan, except some restriction on low rated customers, unsecured loans, exposure in non-fund based business.

AK Goel, managing director & chief executive officer, Uco Bank

South Indian Bank launches credit card with fintech company OneCard

The internationally valid credit card on the Visa Signature platform can be fully controlled through the powerful OneCard app.

The premium metal-based card on the Visa Signature platform, having NFC facility, offers contactless easy management of EMIs from the EMI dashboard in the app. It has the lowest forex fee in the market at just 1%.

RBI removes UCO Bank from Prompt Corrective Action framework

The RBI said the lender has provided a written commitment that it would comply with the norms of minimum regulatory capital, net NPA and leverage

The Kolkata-based bank came out of the PCA restrictions after more than four years. The RBI had initiated prompt corrective action in May 2017 in view of high non-performing assets and negative return on assets.

Industry view: Tokenisation circular modifications give banks more control over card data

The tokenisation or encryption of card data shall be done with explicit customer consent with an additional factor of authentication (AFA) validation by the card issuer.

The facility of tokenisation shall be offered by TSPs only for the cards issued by them, and the ability to tokenise and de-tokenise card data shall be with the same TSP.

UCO Bank out of PCA watchlist: RBI

The restrictions disable banks in several ways to lend freely and force them to operate under a restrictive environment that turns out to be a hurdle to growth.

uko bank

Amazon Pay also set to help users book deposits, even as GPay service under RBI watch

Amazon Pay India on Wednesday announced a tie-up with investment platform Kuvera.in through which the former's customers will be able to invest in mutual funds and fixed deposits, a statement said.

amazon pay

India’s fintech market to triple to Rs 6.2 lakh cr by 2025: MoS Finance Bhagwat K Karad

Highlighting that India is a leader in adopting financial technology among emerging markets, he said, the country had an adoption rate of 87 per cent in March 2020, as compared to the global average o

fintech

Surplus liquidity, firm demand of MF drive down yields on CPs

As of September 7, yields on CPs issued by non-banking finance companies (NBFC) maturing in three months were hovering between 3.50% and 3.65%, and those on papers issued by manufacturing companies we

Post Devolution Revenue Deficit Grant is provided to the states under Article 275 of the Constitution.

India Ratings maintains stable outlook on banking sector in FY22

It estimates gross non-performing assets (GNPA) of the banking sector to be at 8.6 per cent and stressed assets at 10.3 per cent for fiscal 2021-22.

india banking sector

India’s banking sector survives covid scare but needs to address these challenges now

Over the last 7 years the NDA government has been infusing capital into the public sector banks using recapitalization bonds. However, following COVID and the expectations from the Union Budget 2021-2

Banks

IDBI Bank-led consortium seeks EoIs to sell exposure to IVRCL road asset

IVRCL was among the companies named by the Reserve Bank of India (RBI) in 2017 in its second list of bad assets to be resolved under the insolvency code.

IDBI bank

UCO Bank partners with Fisdom to offer wealth management solutions

The collaboration between Fisdom and Uco Bank will focus on enabling large-scale facilitation and distribution of all mutual fund schemes through the bank's network of over 3,000 branches and all digi

This partnership aims at augmenting the bank’s customer value proposition by making high-quality wealth management services accessible, affordable and truly digital.
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