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We have updated our terms and conditions and privacy policy Click "Continue" to accept and continue with ET BFSI ACCEPT THE UPDATED PRIVACY & COOKIE POLICY Dear user, ET BFSI privacy and cookie policy has been updated to align with the new data regulations in European Union. Please review and accept these changes below to continue using the website. You can see our privacy policy & our cookie policy. We use cookies to ensure the best experience for you on our website. If you choose to ignore this message, we'll assume that you are happy to receive all cookies on ET BFSI. * Analytics * Necessary * Newsletter NameProviderExpiryTypePurpose Google AnalyticsGoogle1 YearHTTPSTo track visitors to the site, their origin & behaviour.iBeat AnalyticsIbeat1 YearHTTPSTo track article's statisticsGrowthRx AnalyticsGrowthRx1 YearHTTPSTo track visitors to the site and their behaviour NameProviderExpiryTypePurpose optoutTimes Internet1 YearHTTPSStores the user's cookie consent state for the current domainPHPSESSIDTimes Internet1 dayHTTPSStores user's preferencesaccessCodeTimes Internet2.5 HoursHTTPSTo serve content relevant to a regionpfuuidTimes Internet1 YearHTTPSUniquely identify each userOSTIDTimes Internet1 YearHTTPSOauth secure tokenOSSOIDTimes Internet1 YearHTTPSOauth user identifierOSTPID Times Internet1 YearHTTPSused to sync accross portalsfpidTimes Internet1 YearHTTPSBrowser Fingerprinting to uniquely identify client browsers NamePurpose Daily NewsletterReceive daily list of important newsPromo MailersReceive information about events, industry, etc. I've read & accepted the terms and conditions NEWS SITES * Auto News * Retail News * Health News * Telecom News * Energy News * CIO News * Real Estate News * Brand Equity * CFO News * IT Security News * Government News * Hospitality News * HR News * Legal News * ET TravelWorld News * Infra News * B2B News * CIOSEA News * HRSEA News * HRME News Upcoming Event: CFO Meet & discussion on Revised Companies Act Sign in/Sign up * Follow us: * * * * * * * ETBFSI Exclusive * BANKING * INSURANCE * InsurTech * NBFC * FINTECH * Payments * Digital Lending * RegTech * Open API * BFSI Videos * Editor's View * Brand Solutions * LAY THE GROUNDWORK TO ACCELERATE BANKING INNOVATION * ETBFSI CXO CONCLAVE Connecting Financial Institutions Digitally * ETBFSI FINNEXT SUMMIT The Future of NBFCs and FinTechs * REIMAGINE NEXT * SIDBI-ET MSMES/STARTUPS Roudtable Discussion * REIMAGINE NEXT - THE FUTURE OF LEARNING * ETBFSI.COM CONVERGE BFSI: The world of Hyper-personalization * FUTURE READY SECURITY FOR DIGITAL-FIRST BFSI * LEARNFEST * ETBFSI EXCELLENCE AWARDS 2021 AWARDS FOR EXCELLENCE IN INNOVATION * THE DIGITAL NEXT: SERIES 2.1 Live Virtual Summit * 3RD EDITION OF ETBFSI CXO CONCLAVE Unlocking the BFSI Potential * JOIN THE ECONOMIC TIMES FINANCIAL INCLUSION SUMMIT 2021 * 2ND EDITION OF ETBFSI VIRTUAL SUMMIT 2021 * ET BANKING LEADERSHIP SERIES PRESENTED BY MANIPAL ACADEMY * NATIONAL COOPERATIVE SUMMIT * FINANCIAL INCLUSION & PAYMENT SUMMIT * Millennial Finance * FinTech Diary * BFSI Tech Tales * Green Finance * IBC * ETBFSI Explains * BFSI Movement * More * Blogs * Innovation Masters * POLICY * FINANCIAL SERVICES x Editor's View THE DOYENNE ARRIVES In an earlier conversation, Padmaja Chunduru, MD & CEO of NSDL and former MD & CEO of Indian Bank, had told me how she travelled to a village with her three-month-old infant during office posting. I am sure every lady has such a breathtaking journey. LATEST NEWS * 2h hrs ago Rupee snaps 11-week losing streak as RBI steps in * 2h hrs ago World leaders need to address climate change as promised in Glasgow: Alok Sharma, COP26 President * 2h hrs ago Insurance companies made ₹40,000 crore from PM Fasal Bima in 5 years * 2h hrs ago Digital lending entities should only carry out activities for which they have licenses, says RBI Guv * 2h hrs ago Foreign exchange reserves fall $7.541 billion to $572.712 billion * 2h hrs ago YES Bank Q1 preview: NII may grow 30%, YoY expansion in NIM likely * 1h hrs ago ED attaches gems, bank deposits worth over Rs 253 cr of Nirav Modi group in Hong Kong * 1h hrs ago Let PSB chiefs serve till 70 years like private banks: Former SBI chief Arundhati Bhattacharya View More Industry BFSI THIS WEEK : RBI, Q2, RUPEE, FINTECHS, AND MORE The week started off with rupee falling to its lowest and RBI taking steps to halt currency slides and making few policy announcements. CBDC, crypto regulations, fintech funding, remittances, RBI MPC, Q2 earnings, etc made the top headlines this week. ETBFSI brings to you a gist of the top developments of the week. Policy BALANCED APPROACH NEEDED FOR CLIMATE RISKS: RBI GOV DAS The RBI governor noted that the apex bank will seek for a collaborative approach to work in this area and will welcome suggestions from stakeholders which will be examined internally to go forward. The RBI is expected to come out with a discussion paper on climate change and climate related issues next week. Fintech APPLE TAP TO PAY GOES TO HIGH STREET Adyen has launched Apple Tap to Pay in the retail consumer market and is rolling out the feature to US merchant networks NewStore and NewBlack, as well as making it available directly to retailers and platforms including Nike, Lightspeed Commerce Inc, and Fresha. Policy NO PARTICULAR LEVEL OF RUPEE IN MIND, ZERO TOLERANCE FOR BUMPY MOVEMENTS: RBI GOV DAS RBI Governor Shaktikanta Das today said that the global situation remains grim with the challenges of Russia-Ukraine war, global monetary policy tightening, elevated commodity prices, EMEs being affected by capital outflows and currency depreciations. Fintech INDIA'S FINTECH ECOSYSTEM A STARK DEMONSTRATOR OF TECH'S POWER IN DIGITAL GOVT: MOS IT CHANDRASEKHAR Speaking at the conclusion of a three-day Fintech festival India event, organized in the national capital by Constellar and supported by the Niti Aayog and six central ministries, Rajeev Chandrasekhar, the minister of state for electronics and information technology (MeitY) and Baijayant Panda, national VP and spokesperson, BJP, talked about the role of technology in building India's digital economy, fintech revolution and recent policy changes. Here are the highlights. Banking INDIAN BANK'S LOAN GROWTH WILL BE BETTER THAN LAST YEAR: MD & CEO SHANTI LAL JAIN Indian Bank is showing good growth on several fronts. With about 61% share in advances, its RAM (retail agri and MSME) loans are growing 11%, the retail sector is growing 15%, while housing loans have posted are growing in housing loans 13%, while agri is growing 12 per cent. The bank is also leveraging on digital banking and employing API integration in collaboration with FinTechs. The data/numbers that he shared belongs to the previous year (FY2021-2022). View More TOP FEATURED STORIES Financial Services / 3 days ago 'THERE IS A DISCONNECT BETWEEN EVERYDAY FINANCE AND GREEN FINANCE' CHIEF SUSTAINABILITY OFFICER, MAS “We need to look at the brown parts, the heaviest carbon users, the industries that can be more polluting and work with them and use finance for good and say if you start to change and move into that direction, we will help finance that transition to help you be more sustainable and I think that’s the power of sustainable finance,” Dr McBain told ETBFSI at the Point Zero Forum in Zurich, Switzerland. * Banking NOT ALL BANK SYSTEMS ARE MEANT TO BE SUPPORTED BY CLOUD: CELINE LE COTONNEC * Insurance AFTER 21 YEARS OF PRIVATISATION AND EXTENSIVE EFFORT, HOW HAS INDIA'S INSURANCE SECTOR EVOLVED? * Financial Services HOW ARE GREEN, SOCIAL AND SUSTAINABILITY BONDS FARING IN INDIA? * NBFC 'OPEN TO MORE PARTNERSHIPS, POSSIBLY BE A LENDING-BACKED MARKETPLACE' View More BLOG * Ashok Haldia - Past Secretary, The Institute of Chartered Accountants of India BFIS SHOULD GEAR UP TO FACE CLIMATE CHANGE CHALLENGES * Abhay Bhutada - MD, Poonawalla Fincorp Limited HOW NEW-AGE NBFCS ARE CHANGING THE SMALL BUSINESS LOAN LANDSCAPE IN INDIA * Japan Doshi - Head of Product and Technology, Rupeek FINTECH LEADS THE GOLD RUSH WITH TECH-LED ASSET-BACKED LENDING * Ravi Subramanian - MD & CEO, Shriram Housing Finance SEMI-URBAN/RURAL AFFORDABLE HOUSING OUTPACING URBAN DEMAND * Vivek Veda - Co-Founder & CFO, KreditBee HERE’S WHY DIGITAL LENDERS ARE LEVERAGING NEW-AGE TECHNOLOGY FOR THEIR OFFERINGS * Rasleen Kaur - Head – Corporate Strategy and Investor Relations, Policybazaar.com TRANSFORMING THE DISTRIBUTION-CONTROLLED INSURANCE INDUSTRY WITH DIGITIZATION View More FINTECH Fintech / 19 hrs ago COINSWITCH ANNOUNCES ZERO-FEE BITCOIN TRADING FOR LIMITED PERIOD Bitcoin is the largest crypto by market capitalization and weighs over 35 per cent on CRE8, the real-time Indian crypto market index offered by CoinSwitch.The dominance of bitcoin in the crypto market, based on its shares in terms of market capitalization, stands close to 42 per cent. Bitcoin's total m-cap is close to $450 billion. * Fintech / 21 hrs ago FINTECHS SHOULD OPERATE UNDER THE LICENSES GRANTED: RBI GOVERNOR DAS * Fintech / 22 hrs ago INDIA'S FINTECH ECOSYSTEM A STARK DEMONSTRATOR OF TECH'S POWER IN DIGITAL GOVT: MOS IT CHANDRASEKHAR * Fintech / 22 hrs ago PAYTM ASKS BCCI TO TRANSFER TITLE SPONSORSHIP RIGHTS TO THIRD PARTY * Fintech / 1 day ago CRYPTO LOGICAL EXTENSION OF FINTECH, ITS USE AS ASSET, CURRENCY A CHALLENGE: MOS IT View More POLICY Policy / 3 hrs ago DIGITAL LENDING ENTITIES SHOULD ONLY CARRY OUT ACTIVITIES FOR WHICH THEY HAVE LICENSES, SAYS RBI GUV "Without permission if they are engaging in activities for which they have no license then it is not acceptable. This is going beyond the licensing requirement and there will be a risk build up which we cannot allow," Das said at an event organised by Bank of Baroda. * Policy / 4 hrs ago RBI IMPOSES RESTRICTIONS ON FOUR CO-OP BANKS, CAPS WITHDRAWALS * Policy / 1 day ago BALANCED APPROACH NEEDED FOR CLIMATE RISKS: RBI GOV DAS * Policy / 1 day ago NO PARTICULAR LEVEL OF RUPEE IN MIND, ZERO TOLERANCE FOR BUMPY MOVEMENTS: RBI GOV DAS * Policy / 1 day ago RBI SEES REGULATION VIOLATION BY SBERBANK, RUSSIA’S LARGEST LENDER View More NBFC * IIFL FINANCE APPOINTS GAURAV SHARMA AS CHIEF TECHNOLOGY OFFICER * PNB HOUSING UP 8% ON SETTLEMENT WITH SEBI OVER CARLYLE CASE * CONFIDENT OF L&T FINANCE ROA TRIPLING TO 3% BY FY26: DINANATH DUBHASHI * PIRAMAL, INDUSIND, OAKTREE AND COSMEA MULL BID FOR RELIANCE CAPITAL * M&M FINANCE PARTNERS WITH CREDGENICS FOR RETAIL LOAN COLLECTIONS * NEARLY 8,000 COMPLAINTS RECEIVED BY RBI AGAINST NBFCS, LENDING APPS IN THE LAST ONE YEAR * SHRIRAM GROUP'S NON-BANKING FINANCIAL ENTITIES TO GET AMALGAMATED BY DEC QTR:MD & CEO YS CHAKRAVARTI * WADHAWAN ROUTED ₹115 CR TO JACK UP DHFL SHARES IN '18 * SECURITISATION VOLUMES SURGES 70% IN Q1 ON INCREASED ECON ACTIVITY * DEMAND REVIVAL TO HELP NBFCS POST BEST QUARTER IN TWO YEARS * STICKY MICRO LOANS AT RS 32,000 CRORE, BUT PROFITABILITY FOR NBFC-MFIS MAY IMPROVE * MFIS' GROSS LOAN PORTFOLIO RISES TO RS 2.9 LAKH CRORE AT MARCH-END: REPORT * DIGITAL DISRUPTION NEW NORMAL, WORKING ON ‘SHRIRAM ONE’ SUPER APP: REVANKAR AND CHAKRAVARTI * AROHAN LAUNCHES DIGITAL LENDING APP, EXPECTS TO RAISE LOAN PORTFOLIO BY RS 600CR BY FY23 * AROHAN FINANCIAL IN TALKS WITH PES TO RAISE RS 1,900 CR * NBFCS, HFCS SECURITISATION VOLUMES ALMOST DOUBLED TO RS 33,000 CRORE IN APRIL-JUNE: REPORT * NBFC-HFCS TO HAVE HEALTHY DISBURSEMENT MOMENTUM, STEADY QUARTER : REPORT * CSC, ADANI CAPITAL IN PACT TO OFFER WORKING CAPITAL TO 6K SELLERS * NIIF TO BRING NEW INVESTORS ON DEBT PLATFORM * CO-LENDING EASING CAPITAL ISSUES FOR NBFCS: GODREJ CAPITAL View More MORE FROM ETBFSI * Financial Services / 2h hrs ago RUPEE SNAPS 11-WEEK LOSING STREAK AS RBI STEPS IN The rupee snapped a 11-week losing streak on Friday, benefiting from Reserve Bank of India intervention after it fell through the 80-per-dollar mark. The partially convertible rupee ended at 79.8550 slightly stronger compared to its close of 79.9450 on Thursday and also marginally above last Friday's close of 79.8775. * Industry / 2h hrs ago WORLD LEADERS NEED TO ADDRESS CLIMATE CHANGE AS PROMISED IN GLASGOW: ALOK SHARMA, COP26 PRESIDENT With barely four months left for this year’s UN climate talks, much needs to done to keep the world on track to meeting the goals set in Paris and Glasgow. The challenges of the present moment—inflation and debt, energy and food crisis and the geopolitics--and the rising impacts of unchecked global warming being felt across the world are pushing governments. ET’s Urmi A Goswami spoke with COP26 President Alok Sharma on the prospects for climate action. * Insurance / 2h hrs ago INSURANCE COMPANIES MADE ₹40,000 CRORE FROM PM FASAL BIMA IN 5 YEARS Insurance companies in the last over five years made nearly Rs 40,000 crore under the Centre’s flagship crop insurance scheme, shows the compiled data of the Pradhan Mantri Fasal Bima Yojana (PMFBY) since its inception in 2016-17 to Kharif (summer crops) 2021-22. * Policy / 2h hrs ago DIGITAL LENDING ENTITIES SHOULD ONLY CARRY OUT ACTIVITIES FOR WHICH THEY HAVE LICENSES, SAYS RBI GUV "Without permission if they are engaging in activities for which they have no license then it is not acceptable. This is going beyond the licensing requirement and there will be a risk build up which we cannot allow," Das said at an event organised by Bank of Baroda. * Financial Services / 2h hrs ago FOREIGN EXCHANGE RESERVES FALL $7.541 BILLION TO $572.712 BILLION During the reporting week ended July 15, the fall in the reserves was on account of a decline in the Foreign Currency Assets (FCAs), a major component of the overall reserves, and also in the gold reserves, the central bank said. * Banking / 2h hrs ago YES BANK Q1 PREVIEW: NII MAY GROW 30%, YOY EXPANSION IN NIM LIKELY The bank’s deposits rose to Rs 1,93,241 crore from Rs 1,63,295 crore a year ago but were lower compared with the March quarter's Rs 1,97,192 crore. * Industry / 1h hrs ago ED ATTACHES GEMS, BANK DEPOSITS WORTH OVER RS 253 CR OF NIRAV MODI GROUP IN HONG KONG Some assets of Nirav Modi group of companies in Hong Kong were identified in the form of gems and jewelleries lying in private vaults and bank balances in accounts maintained there and these have been provisionally attached under sections of the Prevention of Money Laundering Act (PMLA), it said. * Banking / 1h hrs ago LET PSB CHIEFS SERVE TILL 70 YEARS LIKE PRIVATE BANKS: FORMER SBI CHIEF ARUNDHATI BHATTACHARYA Defending the state-run banks' performance, she said one has to look at different parameters like financial inclusion and connecting up with the masses while assessing a lender's performance and not from investors' favourites like cost to income ratio. 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CRYPTOCURRENCY * CRYPTO LOGICAL EXTENSION OF FINTECH, ITS USE AS ASSET, CURRENCY A CHALLENGE: MOS IT * "GLOBAL COLLABORATION" NEEDED: SITHARAMAN ON RBI'S RECOMMENDATION TO BAN CRYPTO * RBI BATS FOR CRYPTO BAN, GOVT SEEKS GLOBAL COLLABORATION FOR BETTER IMPLEMENTATION: FM SITHARAMAN * IAMAI DISSOLVES BACC; INDUSTRY SAYS WILL CONTINUE TO BAT FOR REGULATIONS * NFT MARKETPLACE OPENSEA SLASHES 20% OF JOBS * INTERNET BODY TO DISMANTLE BLOCKCHAIN AND CRYPTO ASSETS COUNCIL * GLOBAL REGULATORS BACK 'SAME RISK, SAME REGULATION' FOR STABLECOINS * COINBASE'S BRIAN ARMSTRONG EXPLAINS EFFICIENCY MEASURES AMID RISING VOLATILITY * BITBNS INTRODUCES TAX SHIELD TO 'AVOID' TDS ON SIP INVESTMENTS IN CRYPTOS View More BFSI VIDEOS * CREDIT GROWTH PICKING UP ACROSS ALL SECTORS; NO DAMPER IN CASE OF RATE HIKES: SHANTI LAL JAIN Shanti Lal Jain, MD and CEO, Indian Bank, in conversation with Amol Dethe, editor of ETBFSI, said that he sees credit growth picking up in all sectors this year — retail, MSME as well as corporate. He also highlighted how the normalisation of interest rates is happening and the he is not seeing any damper on account of interest rate hikes. "In terms of credit growth, when the commodity prices increase, the utilization levels of the working capital is increasing and in the credit side as well, sector by sector we are seeing growth. As far as interest rate is concerned, 1-2 years back when there wasn't enough liquidity, naturally creditor interest rate was lower and the growth was also lower. Now that the growth is happening, the demand is increasing and interest rates also will be normalized. So it won't have any impact on growth plans and I'm not seeing any damper on account of interest rate hikes", Jain said. Tune in to listen to his insights. 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