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ETBFSI Newsletter | Tuesday, May 30, 2023


Daily Newsletter



Top Stories



UPI Lite adoption remains low despite advantages, potential
UPI Lite transactions account for only 2-3% of the total UPI transactions as
against 43% year-on-year growth in UPI transactions in April that hit a r..




Under PCA five years back, Bank of Maharashtra is best NPA performer now
At 0.25%, the bank's net non-performing asset ratio is the lowest among all
banks with total business above Rs 3 lakh crore.




SBI gets Rs 14,000 crore deposits in Rs 2,000 notes since RBI withdrawal order
The bank has also exchanged notes worth Rs 3,000 crore since the RBI withdrew
these notes.


 

Banking



Governance gaps found in certain banks, likely to cause volatility in banking
sector: RBI Governor
While addressing the Conference of Directors of Banks for Private Sector Banks,
he highlighted the urge to engage on this issue with all the Directors..




From Doom to Bloom: The turnaround story of Indian banks' bad loans and profits
India's banking system is witnessing a revival of sorts of late after suffering
from seething bad loan issues for nearly a decade. Policymakers' effor..




BoB aims at 15 pc credit growth in FY23
State-owned Bank of Baroda (BoB) on Monday said it expects 12-15 per cent credit
growth during the current financial year. During the last financial t..




Banks need to improve digitalisation and keep vigil on stressed asset: MoS
Finance
Karad said banks should do timely recognition of non-performing assets and make
adequate provisions so that the banking system remains healthy.




Latest Bank Fixed Deposit (FD) Interest Rates in India for 2023
FD interest rates: Here is a comparison of fixed deposit interest rates for
amounts below Rs 2 crore across various tenors of the top 13 banks.


 

Insurance



Arrival of Bima Sugam, a watershed moment for Insurance Industry: Leaders
On the news around IRDAI pushing to onboard Bima Sugam by 1st August, 2023,
Insurance leaders said that the forthcoming platform will mark a watershed..




Sebi reconstitutes intermediary advisory committee
Sebi has reconstituted its intermediary advisory committee, which suggests on
matters pertaining to changes in legal framework and enhancing transpare..


 

NBFC



Lenders vote for equitable distribution of proceeds from sale of Reliance
Capital
The majority of Reliance Capital lenders Monday agreed on equitable distribution
of proceeds among assenting and dissenting creditors, a move aimed to..




Power Finance Corp to boost loans to renewable projects
To achieve the target, the company's disbursements towards renewable energy
projects could go up to Rs 3 lakh crore in the next seven years, he said.T..




Reliance Capital Q4 net loss narrows to Rs 1,488 cr
Reliance Capital, a part of debt-ridden Anil Ambani-promoted Reliance Group on
Saturday said its consolidated net loss narrowed to Rs 1,488 crore in t..






Microfinance sector's bad loan stockpile declines to Rs 36,600 crore by March
Banks including the country's largest microfinance lender, Bandhan Bank, account
for about 45% of the sectoral bad loans, industry sources said. Banks..


 

Fintech



BNPL to record ten-fold growth, touch Rs 3191 billion by 2026 : Report
Buy Now Pay Later (BNPL) was a trending topic in news in 2022, aided by many
regulatory changes in the sector. Several BNPL providers saw dramatic red..




Binance names Richard Teng as head of regional markets outside US
Teng, who revealed his promotion on his LinkedIn profile, is already heading
regions like Asia, Europe and the Middle East. He joined Binance as CEO o..


 

Financial Services



How Apple is monetising trust with its financial services foray
The phone giant is poised to become an integral player in the Trust Economy as
it looks to leverage on its reputation as a data protector.




At $3.3 trillion, India's m-cap now 5th biggest in world
At the current level, India's market cap is at almost a five-month high. The
rally in the Indian market over the last two months, helped mainly by str..




Our financial services business is going to be leader for FY24: Anish Shah,
Mahindra Group
So as I said, Mahindra is not just an auto business or a farm business. We also
represent services across the breadth of all of the industries in I..


 

Policy



Bank boards, directors need to be vigilant to questionable corporate governance
practices: Shaktikanta Das
"The MD & CEO is expected to function under the overall supervision, direction
and guidance of the board and at the same time, maintain independence i..




RBI may reduce policy rate in fourth quarter of 2024: Oxford Economics
"The MPC will want to see clear signs that inflation is stabilising in the
middle of its target range before considering a dovish move - in our view t..




RBI revokes CoR of one NBFC, 19 surrender their license
Citing reasons like exit from the NBFI business, and unregistered CIC criteria,
the NBFCs have surrendered their licenses. Here are the details:


 

Industry



BRICS bank to consider Saudi Arabia's proposal for membership
The New Development Bank (NDB), set up by the BRICS member states, will consider
Saudi Arabia's proposal to join the multilateral organisation at its ..




9 years of Modi govt: FM Nirmala Sitharaman underscores key milestones
Taking the stage to commemorate the occasion of Modi govt's nine years in
office, Finance minister Nirmala Sitharaman touched upon a diverse set of is..




FM hits back at Chidambaram for Rs 2k note criticism
Finance Minister Nirmala Sitharaman has criticized former Finance Minister P.
Chidambaram for his remarks on the Reserve Bank of India's decision rega..

 

 





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   adoption remains low l Once under PCA, BoM best NPA performer now
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