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ETBFSI Newsletter | Tuesday, July 2, 2024


Daily Newsletter



Top Stories



Credit, deposit growth remain robust despite marginal sequential dip
Over the last 12 months, credit offtake expanded by Rs 26.9 lakh crore to reach
Rs 167.1 lakh crore as of June 14, 2024.




Fintech disbursements grown 41% CAGR during FY21-23, says a report
A recent report by Praxis Global Alliance has shown exponential growth in
digital lending volumes and values in digital transactions. Here's what the ...




India's UPI to be linked with four payment systems in Asia under BIS' Project
Nexus
Under the project, rather than an IPS operator building custom connections for
every new country to which it connects, the operator only needs to make...




Watch: KreditBee's Karthikeyan K. on FinTech Trends, Regulation, and Innovation
Watch this insightful conversation with Karthikeyan K. of KreditBee, at the 3rd
Edition of ETBFSI FinNext Summit 2024 in Bangalore. In this exclusive ...


 

Banking



PSBs on the margins in credit cards, but NPAs ahead by a wide margin
Public sector banks in India are navigating the credit card market, facing
challenges with high NPAs. The focus on tier-II and tier-III cities is driv...




SBI launches online quick loan solution for MSMEs
The solution, named "MSME Sahaj - End to End Digital Invoice Financing", has
been developed that will provide solutions ranging from applying the loan...




Staff associations of mainstream lenders and regional rural banks at loggerheads
over merger proposal
The All India Regional Rural Bank Employees Association strongly opposes the
merger proposal, citing concerns about the treatment of RRB employees and...




ESAF Small Finance Bank creates micro banking vertical with 5,200 staff
ESAF Small Finance Bank has absorbed 5,200 employees from ESAF Swasraya
Multi-State Agro Co-operative Society Ltd (ESMACO) as part of a strategic
busi...


 

Insurance



Government working on aggregation of CA firms, accounting standards for
insurance sector
Government and ICAI collaborate to boost global accounting firm presence.
Efforts include setting standards for insurance sector and LLPs, and reducin...




Bond yields are falling, life insurers may raise rates
As part of their balance sheet management, insurers have to set aside a certain
amount for claims they expect to pay over the next four decades, from ...




LIC redesignates Chairman Siddhartha Mohanty as MD & CEO
Started working with LIC in 1985, Siddhartha Mohanty brings nearly four decades
of experience. The insurance giant is yet to announce details on the ...


 

NBFC



REC loan sanctions grow 24% to Rs 1.12 lakh crore in Q1; Rs 40K cr for
renewables
REC Ltd sanctioned Rs 1,12,747 crore in loans during April-June FY25, reflecting
a 24.17% growth from the previous year. The company's focus on renewa...




Axis Bank and Piramal Finance partner for co-lending business
The partnership will leverage the financial expertise of Axis Bank and the loan
processing technology of Piramal Finance to assess the credit profiles...


 

Fintech



UPI transactions witness marginal dip in June, clocks 13.89 bln in volume
Unified Payments Interface (UPI) which had crossed the 11 billion mark in
October with 11.41 billion transactions, 12 billion mark in December with 12...






Revolut's 2023 revenue rises to 1.8 billion pounds, CNBC reports
FINTECH-Revolut's 2023 revenue rises to 1.8 billion pounds, CNBC reports




US fintech platform TIFIN debuts in Indian market with conversational AI
assistant MyFi
MyFi is a personalised product designed specifically for India. It derives
inspiration from its counterpart magnifi, which has successfully establishe...


 

Financial Services



Groww aims to debunk misinformation to over 1.5 crore customers amid concerns
As multiple customers juggled to validate their Groww portfolio on mutual fund
transfer agencies CAMS and Kfintech amid concerns, the financial servic...




Hindenburg faces Sebi scrutiny, Kotak Bank dragged in Adani saga
Adani-Hindenburg Case: Hindenburg Research's disclosure of suspected violations
by India's securities regulator regarding Adani Group's short bet led ...




Budget 2024: What is fiscal deficit and why is it always in news?
Budget: India's fiscal deficit stood at Rs 16.54 lakh crore in FY24, compared to
the budgetary target of Rs 17.86 lakh crore, reaching 95.3 percent of...




Niva Bupa Health Insurance files for Rs 3,000 crore IPO
Niva Bupa Health Insurance IPO: Niva Bupa intends to utilize Rs 625 crore of the
net proceeds from the fresh issuance to augment its capital base and ...


 

Policy



97.87 pc of Rs 2000 banknotes returned by June 2024: RBI
The total value of Rs 2000 banknotes in circulation, which was Rs 3.56 lakh
crore at the close of business on May 19, 2023, when the withdrawal of Rs ...




RBI and ASEAN central banks team up for faster cross-border payments
The agreement was signed on June 30, 2024, in Basel, Switzerland, involving the
central banks of Malaysia, Thailand, the Philippines, Singapore, and I...




RBI appoints Charulatha S Kar as new Executive Director
As Executive Director, Kar will oversee the Department of Communication, the
Human Resource Management Department, and serve as the Right to Informati...




RBI appoints Arnab Kumar Chowdhury as new Executive Director
As Executive Director, Chowdhury will oversee the Deposit Insurance and Credit
Guarantee Corporation, the Foreign Exchange Department, and the Interna...


 

Industry



Budget 2024: India's GST kitty remains central focus; a look at overall
collection
India GST Collection Budget 2024 | Finance Minister Nirmala Sitharaman is set to
incorporate robust Goods and Services Tax (GST) collections, hitting ...




Integrating climate finance into India's economic blueprint
Pradeep S. Mehta, Secretary-General of CUTS International, suggested that
India's 2024-25 Budget should include dedicated climate finance institutions...




What next for GST after seven years of existence?
Industry stakeholders want the government to address challenges in audits,
implement a robust dispute resolution mechanism, rationalise GST rates, and...

 

 





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 * July 02, 2024 : Credit, Deposit Growth Stable | Fintech Disbursements Soar |
   UPI Joins Project Nexus
 * July 01, 2024 : Insurers' goals for 2024 & beyond I Why central banks moving
   gold home I More banks to line up infra bond
 * June 30, 2024 : Sunday Morning Roundup: Most Read Stories of Last Week (in
   case you missed)
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 * June 27, 2024 : $1.5 trn FinTech market by 2030 l Money laundering across
   APAC I 0.76 mln credit cards added in May
 * June 26, 2024 : Size of MSME lending l e-rupee usage fall l India's external
   debt rises
 * June 25, 2024 : Former RBI ED on FinTechs l AI impact on banking jobs l Apple
   shuts BNPL biz
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