MONEY & BANKING


Moneylife Digital Team 28 November 2022
The Reserve Bank of India (RBI) has asked Paytm Payments Services (Paytm) Ltd to re-submit the application to operate as a payment aggregator. The banking regulator put a pause on onboarding of online merchants by Paytm. The company will not on-board new online merchants until approvals...

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IANS 24 November 2022
The country's largest lender, State Bank of India (SBI) has warned customers against instant loan apps and even suggested measures to safeguard against the menace.   "Please refrain from clicking on suspicious links or giving your information to a company posing as a Bank or Financial...

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IANS 21 November 2022
Unified payment interface (UPI) payment apps like Google Pay, PhonePe, Paytm and others may soon impose a limit on the transaction.   Soon users may not be able to make unlimited payments via UPI payment apps.   The National Payments Corporation of India (NPCI), which operates...

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IANS 19 November 2022
While the government-owned State Bank of India (SBI) and leading private banks have addressed their asset quality challenges, the same cannot be said about many other Indian public sector banks (PSB), said S&P Global Ratings in its latest research report on the global banking...

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Moneylife Digital Team 15 November 2022
Bank credit is expected to grow about 15% per annum in fiscal 2023 and 2024, riding on broad-based economic recovery and stronger, cleaner balance sheets that allow lenders to expand credit, says a research note.   Krishnan Sitaraman, senior director and deputy chief ratings officer...

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Moneylife Digital Team 10 November 2022
The Bombay high court (HC) on Thursday held that the retrospective termination of Chanda Kochhar from ICICI Bank is prima facie a valid termination. The former managing director and chief executive (MD&CEO) of ICICI Bank is also restrained by the HC from dealing with any of the 6.90 lakh...

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IANS 07 November 2022
Even as the commercial banks are increasing their interest rates on select deposits, the risk premia over their core funding cost are not factored in the credit risk, said a top economist of State Bank of India (SBI).   In a research report Dr Soumya Kanti Ghosh, group chief economic...

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Moneylife Digital Team 05 November 2022
The Reserve Bank of India (RBI) announced on Monday that from 1 November 2022 it will begin pilot launch of the digital rupee for specific use cases. According to the notification, the first digital rupee pilot began in the wholesale segment on Tuesday. The pilot has been rolled out through...

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Moneylife Digital Team 03 November 2022
In a remarkable development, for the first time in 20 years, currency in circulation (CIC) declined during Diwali week. With the increased acceptance of digital payments in the country, over-reliance on cash is slowly fading away. Over the years, the Indian cash-led economy has now changed to...

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IANS 02 November 2022
The central bureau of investigation (CBI) has told the Supreme Court (SC) that IDBI Bank has declared the former promoters/directors of Amtek Auto Ltd as 'fraud' on 26th September and reported it to the Reserve Bank of India (RBI) on 4th October, and is in process of filing a complaint...

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Moneylife Digital Team 01 November 2022
The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs1.76 crore on Vakrangee Limited (the entity) for non-compliance with certain provisions of the White Label ATM (WLA) directions. The penalty has been imposed in respect to non-compliance with regulations on ATM deployment...

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IANS 01 November 2022
Nearly 76 per cent Indians now prefer using UPI (unified payments interface) during online checkouts while more millennials (84 per cent) are now using UPI when shopping online, a report showed on Tuesday.   As the physical, digital and virtual worlds are converging, Indians are...

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IANS 28 October 2022
Global technology brand Xiaomi on Friday said it has closed the Mi Financial Services in India as part of its strategic assessment activity and to focus more on core business services in the country.   The company launched Mi Pay in the country in 2019 which garnered more than 20...

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Moneylife Digital Team 11 October 2022
Buoyancy in securitisation, supported by a favourable macroeconomic scenario and healthy credit demand, resulted in volumes increasing by nearly 70% to Rs73,000 crore in the first half of FY22-23 (H1FY22-23). Mortgage-backed loans formed the largest chunk of total securitised volumes at about...

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Moneylife Digital Team 11 October 2022
Reserve Bank of India (RBI) on Monday cancelled the licence of Pune-based Seva Vikas Co-operative Bank as the urban cooperative bank lacked adequate capital and earning prospects. Bank ceases to carry on banking business, with effect from the close of business on 10 October 2022, RBI said in...

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Canara Bank, the country's fourth-largest public sector bank (PSB), continues to write off bad loans of big defaulters who have borrowed Rs100 crore and more. At the same time, the Bank refuses to share names of these big defaulters under the Right to Information (RTI) Act, again wrongly...

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Moneylife Digital Team 10 October 2022
Driven by the expected healthy growth in the assets under management (AUM) and the improvement in profitability, non-banking financial companies-microfinance institutions (NBFC-MFIs), are witnessing a turnaround. With healthy portfolio growth and improved profitability, NBFC-MFIs are...

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IANS 08 October 2022
The Finance Ministry on Friday invited expression of interest (EoI) for strategic disinvestment in IDBI Bank, a move which would allow sale of a joint stake of the government and LIC of up to 60 per cent in the bank.   As per the bid details issued by the Department of Investment and...

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Moneylife Digital Team 07 October 2022
The Reserve Bank of India (RBI) governor Shaktikanta Das on Thursday launched a new 'SupTech' initiative called DAKSH. This application will be the bank's advanced supervisory monitoring system, which is expected to make the supervisory processes more robust.   RBI said it has been...

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Moneylife Digital Team 30 September 2022
After maintaining the status quo for small savings rates for 27 months (nine quarters), the finance ministry has hiked interest rates on some of the small savings schemes for October-December.   Interest rates were marginally hiked for 2-year and 3-year time deposits, senior citizens...

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