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MORNING DAILY - 2022-07-26

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ETBFSI Newsletter | Tuesday, July 26, 2022


Daily Newsletter



Top Stories



Open Banking to open finance, make fraud prevention intelligent: Experts
According to a report by Finextra the international emergence and diffusion of
new data sharing models, supported by innovations such as decentralised..




Will the card system hold after RBI's Sept 30 tokenisation deadline ends?
A marginal rise in technical and business declines after the RBI implemented its
mandate on recurring payment last October shows that the system may b..




UPI-credit card linkage likely to be operational in two months
Dilip Asbe, MD & CEO NPCI, said that Rupay Credit card - UPI linkage would
likely be operational in a couple of months, and that he is in talks with b..


 

Banking



Yes Bank-DHFL scam: CBI files charge sheet against builder Avinash Bhosale
The agency has also named Satyan Gopaldas Tandon, Metropolis Hotels LLP, ABIL
Infraprojects Pvt Ltd, ABIL Hospitality Pvt Ltd, Arindam Developers, Avi..




Bank fraud declines to Rs 3,785 crore in FY22: Union minister Bhagwat Karad
In reply to another question, Karad said the Government, in view of the
unprecedented and extreme COVID-19 situation, provided ex-gratia relief to eli..




Axis Bank Q1 PAT up 91% YoY, may get CCI approval for Citi buy in 6-8 weeks
Axis Bank today announced its Q1 results or the financial year. The bank's net
profit reached Rs 4125 crore, which is a 91% increase year on year. Th..




Canara Bank Q1 result: PAT up 71.8% YoY, total advances rise 14.5% above
industry avg
Canara Bank's total advances was higher than 10-11 percent average industry
level credit growth witnessed recently. It stood at Rs 7.83 lakh crore, u..




Bandhan Bank diversifying both geographically and into non-micro credit: Chandra
Shekhar Ghosh
Other than housing loans, there is a retail business which also has given 61%
year on year growth and SME has given 81% year on year growth. These ..


 

Insurance



Flood-hit farmland area goes up, insurance cover remains low
The estimated crop area affected by floods in eastern Vidarbha stands at 2.04
lakh hectares. The area has increased by 69,000 hectares two days after ..




City Union Bank partners with Aditya Birla Health Insurance, Royal Sundaram
General Insurance
On the other hand, Royal Sundaram General Insurance Co Limited has also entered
into a bancassurance partnership with CUB on Monday. This arrangement ..




More companies giving parents health insurance. Avg sum insured in group covers
hiked to Rs 5 lakh per family
According to Plum, an employee health insurance platform, 30% of its corporate
clients have parental covers as part of their GHI policies. Most of the..


 

NBFC



HDFC to raise up to Rs 11,000 crore by issuing bonds this month
Mortgage lender Housing Development Finance Corporation (HDFC) plans to raise up
to Rs 11,000 crore by issuing bonds on a private placement basis.




Micro finance institutions' securitisation volume more than doubles to Rs 3,500
crore in Q1: Report
Mumbai, Jul 26 (PTI) Securitisation volume originated by Micro Finance
Institutions (MFIs) stood at about Rs 3,500 crore in the first quarter of
fisca..


 

Fintech





Demand for 'Metaverse' skilled people on the rise
There were an estimated 55,000 job openings related to the metaverse ecosystem
at the beginning of this month in India, according to specialist staffi..




Innoviti gets RBI nod for payment aggregator licence
Founded in 2002, Innoviti provides technology-led payment solutions and
point-of-sale terminals for businesses, and offline merchants. It also helps e..




Uber brings mobility fintech Moove to India to boost driver ecosystem
Founded in 2020, mobility fintech Moove embeds its alternative credit scoring
technology onto ride-hailing platforms and leverages proprietary perform..


 

Financial Services



PM Narendra Modi to launch India International Bullion Exchange at GIFT IFSC
this week
After a year and a half of its scheduled launch, the India International Bullion
Exchange (IIBX) is all set to be inaugurated this week on Friday by P..




Emkay Global Financial Services, Abira Securities approach Sebi for MF licence
Emkay Global Financial Services and brokerage house Abira Securities have become
the latest entities to approach capital markets regulator Sebi for a ..




RBI 'correct' to use forex reserves to tackle rupee volatility: economic adviser
"I think that the RBI is correct to use the FX reserves to smooth movement in
the INR/USD... There is no point targeting a INR/USD level when USD is a..


 

Policy



Fed's united front on interest rates may soon be tested
The Fed is expected to raise its benchmark overnight interest rate by
three-quarters of a percentage point to a target range of 2.25% to 2.50% at the
..




RBI may be back to spot intervention in defense of rupee
In the April-May period, when the RBI ramped up forwards intervention,
annualized one-year dollar-rupee forward premium slid. That caused importers
to..




Companies face delays in transferring money abroad
Rupee has lost 6.77% to the greenback this year, ranking seventh among Asian
currencies. But the rupee has fared much better against other major curre..


 

Industry



Debt raised by state PSUs to be considered borrowing by state: FM Sitharaman
New Delhi, Jul 25 (PTI) Finance Minister Nirmala Sitharaman on Monday said the
borrowing by state public sector undertakings or their special purpose ..




India has zero probability of slipping into recession, says survey
The probability of recession for several other Asian economies remained
unchanged in the survey. Economists see a 20% chance that China will enter rec..




China vows privacy, information protection in using digital yuan
Limited anonymity is a key feature of the digital yuan, Mu Changchun,
director-general of the central bank's Digital Currency Research Institute
said,..




A recession in the United States will also come to India's tech hub
Look closer at the financial results of IT firms, and you'll see signs of
stagflation in plummeting profitability. Infosys managed to boost rupee ear..

 

 





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