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HDFC Bank Ltd. has tied up with online payments firm Paytm to expand its suite of digital banking services offered to individuals and merchants. → Read More
InCred-KKR India Financial Deal will see a transfer of the legacy corporate book, with a claw-back in the case of low recoveries. → Read More
Banks and ATM operators see the Reserve Bank of India's planned penalties on cash-out at teller machines as onerous. The rules, they caution, could lead to banks further reducing the number of ATMs, particularly in far flung areas. → Read More
Total debt recast by listed Indian banks, under the RBI's first round of restructuring stood at over Rs 1 lakh crore. → Read More
The Reserve Bank of India said it would amend the guidelines related to export credit in foreign currency and restructuring of derivative contracts as it looks to ensure a smooth transition away from the London Interbank Offered Rate or Libor. → Read More
India's latest digital payment solution, e-RUPI, may become the preferred mode for direct benefit transfers as it could help avoid leakages in subsidy transfers. The e-RUPI will be launched by Prime Minister Narendra Modi on Monday. → Read More
While it's fast gaining acceptance, UPI credit also operates in a regulatory grey area. → Read More
Banks can now grant personal loans of up to Rs 5 crore to directors at rival lenders as the Reserve Bank of India increased the limit from the existing Rs 25 lakh. → Read More
The “bounce rate” on auto-debit or recurring transactions rose in May, hinting at the possibility of stress among retail borrowers. The data, while directionally indicative, isn’t a precise indicator of stress as bounce rates are often driven by technology glitches as well. → Read More
The Reserve Bank of India has guided banks to continue doing due diligence on any crypto currency related dealings of their customers. The regulator has, however, said a 2018 circular from the RBI, that was set aside by the Supreme Court in March last year, cannot be cited as a reason to curb customer dealings in these tokens. → Read More
Rajat Raut, a 26-year old doctor from Beed in Maharashtra, hasn’t been able to deposit funds into his cryptocurrency wallet for the past three days. With deposits not working, Raut is unable to make any fresh investments. → Read More
Bandhan Bank Ltd. has been moving a larger share of joint liability group loans to individual loans, as it looks to become the “sole lender” to its micro-borrowers. The strategy, however, comes with its own risks at a time when income stress, particularly for self-employed borrowers, may persist. → Read More
Bandhan Bank Ltd.'s quarterly profit fell as provisions rose against an elevated level of bad loans. Net profit fell 80% year-on-year to Rs 103 crore in the January - March quarter, it said in an exchange filing. Analysts polled by Bloomberg had estimated a net profit of Rs 947 crore. → Read More
The RBI announced a special funding facility for SFBs worth Rs 10,000 crore for lending to affected micro- and small-businesses. → Read More
As the deadline for phasing out London Interbank Offered Rate nears, Indian banks, non-bank lenders and corporates are finding themselves at different stages of transition. → Read More
Abhishek and Sharma represent a growing pool of Indian crypto users who are now starting to look beyond Bitcoin, which had dominated trade so far across the country’s crypto exchanges. And as they do, stablecoins, which are pegged to an underlying asset such as the U.S. dollar and tend to be less volatile, are gaining popularity. → Read More
A surge in low-ticket transactions across gaming apps during the IPL season is proving to be a headache for India’s Unified Payment Interface, which processed over Rs 5 lakh crore in payments in March. → Read More
India is expected to receive a normal south west monsoon seasonal rainfall in 2021, the meteorological department said in it’s first forecast for the year on Friday. “We are expecting rainfall over the country as whole to be normal (between 96 to 104% long period average),” Madhavan Nair Rajeevan, secretary at the Ministry of Earth Sciences, said in a press conference. → Read More
“Large players, such as Shriram Transport Finance Company Ltd, Cholamandalam Investment and Finance Company Ltd, and Sundaram Finance Ltd have seen healthy growth in their new business over the last quarter, and considering the cost of funds is relatively lower for better-rated companies, their margins are also likely to improve,” he said. → Read More
Growth in credit to the agriculture sector rose to a four-year high in FY21, according to latest data from the Reserve Bank of India. This, as a strong monsoon helped the farm sector remain relatively immune from the Covid-19 pandemic and the ecosystem around the farm sector continued to develop. → Read More