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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 * 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 NBFC MUTHOOT GROUP BUILDING A SUPERAPP: SADAF SAYEED Sadaf Sayeed, CEO of Muthoot Microfin, the microfinance arm of Muthoot Pappachan Group, believes that the inflation will pull up the borrowing demand. He also spoke about how the group is going aggressive on digitisation, and is building its super app. LATEST NEWS * 4h hrs ago Paytm Payments Bank expects central bank curbs to be lifted in three-five months * 4h hrs ago Bandhan Bank to increase exposure to secured loans: MD&CEO * 4h hrs ago No capital support from govt needed this year: Punjab & Sind Bank MD * 4h hrs ago Bank of Maharashtra eyes 25-30 pc jump in net profit in FY23 * 4h hrs ago HDFC set to raise up to Rs 12,000 crore via bonds, in talks with LIC * 4h hrs ago Punjab National Bank earns over Rs 645 crore through ATM transaction charges in FY22 * 4h hrs ago India's top crypto app CoinSwitch calls for regulatory 'peace, certainty' * 4h hrs ago India mulls $13 billion extra borrowing to offset fuel-tax cut View More Fintech OUT OF 100 UNICORNS IN INDIA, 17 ARE FINTECHS India's wave of unicorns reached its 100th one this month - Open, a neobank. This is also the 17th FinTech to have gained the unicorn status. ETBFSI gives you the list of the 17 FinTechs, along with the views of FinTech leaders. Banking RBI MUST SACK GURUMURTHY FOR HIS INDECENT REMARKS THAT CAUSED AN OUTRAGE: FORMER AIBEA VP Following S Gurumurthy's indecent remarks of calling PSB employees 'Kazhichadaikal’ (hair thrown away after shaving), ETBFSI spoke to Vishwas Utagi, AIBOA leader and former VP of AIBEA. He said that Gurumurthy is shallow in his understanding of the Indian economy and public sector banks, hence does not deserve his seat on RBI. "In fact, now RBI and Central Govt must sack him," he added. Policy WHY THE LOW INTEREST RATES PARTY IS OVER With inflation shooting up globally on abundant liquidity, the Russian invasion of Ukraine and input shortages, the central banks have started coordinated policy rate hikes. This is set to end the era of low rates of the last few years. Here’s why. Blog PHYGITAL MODEL TO DRIVE THE NEXT PHASE OF FINANCIAL INCLUSION Fintech solutions are now a key factor driving inclusion over the world, and the trend is similar in India too. In fact, India had the highest fintech adoption rate in the world at 87 % in 2021 and yet many are still underserved. This is where the Phygital model steps in – a new and redefined outlook on financial development that is capable of revolutionising the sector. Major players have already begun unveiling their catalogue of phygital offerings and it is safe to assume that this model will usher in the next phase of financial inclusion. Blog SUSTAINABILITY REPORTING AS A MEAN TO DECIDE THE FUTURE Like every other regulation, CSR adoption experienced initial hesitation. Over time, it has evolved to be a strategic investment, generating intangible benefits in the form of stakeholder goodwill, positive brand reputation and social license to operate. With CSR gaining maturity, businesses are now looking to converge CSR to the larger theme of ESG. Deep CSR engagement complimented by an all-round holistic view of risk across portfolio will eventually create the strong impact narrative. Blog LIFELONG RENEWAL OF PERSONAL ACCIDENT INSURANCE TO GIVE ADDED COVER TO POLICYHOLDERS Personal Accident insurance provides compensation against any kind of unforeseen incident that causes bodily harm to the policy holder during the tenure of the policy cover. The insurance company pays the sum insured or a predetermined sum of money in case of death, permanent total disability or partial disability—wherein the percentage of sum insured paid varies as per the disability suffered. View More TOP FEATURED STORIES Insurance / 17 days ago HOW INSURANCE COMPANIES ARE USING THE AA ECOSYSTEM TO TACKLE CHALLENGES The efficiency and reduction in the turn-around time has led insurers to ramp up their partnerships with account aggregators. ET BFSI spoke to BG Mahesh, the co-founder of Sahamati, among other leading voices from the sector to understand how the AA ecosystem is helping them tackle challenges. * Fintech HOW NEW RBI CREDIT CARD NORMS WILL HIT FINTECH FIRMS * Fintech 'THE FINTECH WAVE THAT FELT LIKE AN AVALANCHE, NOW SEEMS LIKE A STRONG WIND' * NBFC NBFCS NEED TO DO A BAJAJ FINANCE IF THEY DON'T WANT TO TURN INTO A BANK * NBFC UDAY KOTAK SAYS IL&FS CRISIS TAUGHT ME DON'T LEND IF YOU DON'T UNDERSTAND View More BLOG * Dhruv Jain - CEO, CASHe PHYGITAL MODEL TO DRIVE THE NEXT PHASE OF FINANCIAL INCLUSION * Shrutee Ganguly and Anantha Narayan - Shrutee is Principal - Corporate Advisory and Anantha is Advisor at Sattva Consulting SUSTAINABILITY REPORTING AS A MEAN TO DECIDE THE FUTURE * Sudeep Goswami - Senior VP - Finance (Banking & Special Projects) - Hinduja Group GLOBAL CONGLOMERATES CAN INSULATE BALANCES SHEET WHEN THE INTEREST RATE CYCLE TURNS * Anil Aggarwal - MD & CEO, Shriram General Insurance LIFELONG RENEWAL OF PERSONAL ACCIDENT INSURANCE TO GIVE ADDED COVER TO POLICYHOLDERS * Bhushan Parekh - Director, CRISIL SME Solutions PANDEMIC PROPELS MSMES TOWARDS DIGITALISATION, LAYS STRONG FOUNDATION FOR SPUR IN LENDING * Krishnan Sitaraman - Senior Director, CRISIL Ratings YEAR OF CORPORATE CREDIT BECKONS View More FINTECH Fintech / 1 hr ago OUT OF 100 UNICORNS IN INDIA, 17 ARE FINTECHS India's wave of unicorns reached its 100th one this month - Open, a neobank. This is also the 17th FinTech to have gained the unicorn status. ETBFSI gives you the list of the 17 FinTechs, along with the views of FinTech leaders. * Fintech / 1 hr ago PAYTM PAYMENTS BANK EXPECTS CENTRAL BANK CURBS TO BE LIFTED IN THREE-FIVE MONTHS * Fintech / 1 hr ago FINTECH COS GET INNOVATIVE TO CHARGE UP EV FINANCING * Fintech / 1 hr ago INDIA'S TOP CRYPTO APP COINSWITCH CALLS FOR REGULATORY 'PEACE, CERTAINTY' * Fintech / 1 day ago PAYTM FORMS JOINT VENTURE GENERAL INSURANCE FIRM; TO INVEST RS 950 CRORE IN 10 YEARS View More POLICY Policy / 1 hr ago WHY THE LOW INTEREST RATES PARTY IS OVER With inflation shooting up globally on abundant liquidity, the Russian invasion of Ukraine and input shortages, the central banks have started coordinated policy rate hikes. This is set to end the era of low rates of the last few years. Here’s why. * Policy / 1 day ago INDIAN GOVERNMENT TRIMS TAX ON FUEL, ESSENTIAL COMMODITIES TO FIGHT INFLATION * Policy / 1 day ago CHINA BECOMES WILD CARD IN SRI LANKA'S RAGING DEBT CRISIS * Policy / 1 day ago RBI DIVIDEND TO CENTRE SLASHED BY 70% IN FY22 * Policy / 1 day ago INTEREST PAID TO BANKS CUTS DOWN RBI SURPLUS View More NBFC * MUTHOOT GROUP BUILDING A SUPERAPP, ALL GROUP SERVICES TO BE AVAILABLE: SADAF SAYEED * KARNATAKA BANK CAN’T ACT AGAINST SREI DUO: HC * INDIABULLS HOUSING FINANCE Q4 PAT UP 11 PC AT RS 307 CRORE * IIFL FIN PLANS TO BUY BACK OVERSEAS BONDS * LENDENCLUB APPOINTS MUDIT AGARWAL AS CBO * NIRMAL JAIN ON HOW IIFL FINANCE AIMS TO KEEP COST OF CAPITAL LOW EVEN AS RATES RISE * MANAPPURAM FINANCE PLUNGES 11% AS Q4 PROFIT DOWN 44% YOY * AJAY SRINIVASAN QUITS AS MD OF ADITYA BIRLA CAPITAL * WHISTLEBLOWER PLAINT HAS NO MERIT: ADITYA BIRLA CAPITAL * SOARING HIGH WITH FEET FIRMLY ON GROUND * UPBEAT ON GROWTH PROSPECTS, LULU FINANCIAL HOLDINGS TO EXPAND NBFC BUSINESS IN INDIA * INDIABULLS HOUSING FINANCE MOVES NCLT AGAINST RADIUS ESTATE PROJECTS * POONAWALLA FINCORP RETURNS TO PROFIT * IIFL HOME FIN AIMS RS 7,200 CR GREEN, AFFORDABLE HOME LOANS WITH ADB IN TELANGANA, ANDHRA BY 2025 * NEED HIGH TEENS GROWTH IN ALL THREE YEARS FOR DOUBLING BALANCE SHEET: MAHINDRA FINANCE CFO * ADITYA BIRLA CAPITAL Q4 RESULTS: PROFIT AFTER TAX RISES 20% TO RS 450 CRORE * LIC HOUSING FINANCE UPS HOME LOAN INTEREST RATE BY 20 BPS FOR SELECT BORROWERS * POONAWALLA FINCORP POSTS RS 118 CRORE Q4 PROFIT * CREDITACCESS GRAMEEN REPORTS 184% RISE IN PROFIT AT RS 160 CRORE * CHOLAMANDALAM FINANCIAL HOLDINGS REPORTS RS 36.30 CRORE AS STANDALONE NET IN Q4 View More MORE FROM ETBFSI * Fintech / 4h hrs ago PAYTM PAYMENTS BANK EXPECTS CENTRAL BANK CURBS TO BE LIFTED IN THREE-FIVE MONTHS In March, the Reserve Bank of India ordered a comprehensive audit of the company's IT systems, citing "material" supervisory concerns, without elaborating further, and barring it from taking on new customers. * Banking / 4h hrs ago BANDHAN BANK TO INCREASE EXPOSURE TO SECURED LOANS: MD&CEO Private lender Bandhan Bank will gradually increase its exposure to secured loans by enhancing advances to the housing and MSME sectors, an official said. * Banking / 4h hrs ago NO CAPITAL SUPPORT FROM GOVT NEEDED THIS YEAR: PUNJAB & SIND BANK MD Capital adequacy ratio of the bank improved to 18.54 per cent in March 2022 from 17.06 per cent as at March-end 2021 with the help of capital support from the government, bank's MD and CEO S Krishnan said. * Banking / 4h hrs ago BANK OF MAHARASHTRA EYES 25-30 PC JUMP IN NET PROFIT IN FY23 Mumbai, May 22 (PTI) State-run Bank of Maharashtra is eyeing a 25-30 per cent growth in its net profit in the current financial year, aided by a healthy growth in net interest income (NII) and fall in provisions for bad assets. * Banking / 4h hrs ago HDFC SET TO RAISE UP TO RS 12,000 CRORE VIA BONDS, IN TALKS WITH LIC The home financier is in talks with LIC of India, SBI Pension funds and LIC Pension funds that are expected to buy into these bonds, debt market sources familiar with the matter told ET. HDFC will likely use the proceeds to expand its loan book amid robust demand for new homes. * Banking / 4h hrs ago PUNJAB NATIONAL BANK EARNS OVER RS 645 CRORE THROUGH ATM TRANSACTION CHARGES IN FY22 Revenue earned by Punjab National Bank from ATM transaction charges stood at Rs 645.67 crore in financial year 2021-22, the bank said in response to an application seeking information under the Right to Information (RTI) Act. In 2020-21, the bank had earned Rs 170 crore by levying charges on customers for not maintaining minimum balance in their accounts. * Fintech / 4h hrs ago INDIA'S TOP CRYPTO APP COINSWITCH CALLS FOR REGULATORY 'PEACE, CERTAINTY' India must establish rules on cryptocurrencies to resolve regulatory uncertainty, protect investors and boost its crypto sector, CoinSwitch CEO Ashish Singhal said on Sunday. * Industry / 4h hrs ago INDIA MULLS $13 BILLION EXTRA BORROWING TO OFFSET FUEL-TAX CUT Higher collections from GST as well as personal income taxes will be neutralized by additional spending on food and fertilizer subsidies that the government is giving to the poor and farmers. View More THREE YEARS OF ETBFSI * ETBFSI ANNIVERSARY SPECIAL: A LOOK-BACK ON OUR TOP 30 STORIES * LIC IPO SEEN INCREASING EQUITY PARTICIPATION: FINTECHS, BROKERAGES ON DEMAT ACCOUNT MANIA * NBFCS CAN'T HAVE BANK-LIKE REGULATIONS: RAMAN AGGARWAL * L&T FINANCE AIMS TO BECOME RETAIL NBFC, 'FINTECH @ SCALE' IN 4 YEARS * WEALTHTECH WONT MAKE YOU RICH ASAP; IT'S A LONG TERM BUSINESS SAYS ATUL SHINGHAL OF SCRIPBOX * MERGER WITH SHRIRAM TRANSPORT MAY COMPLETE BY OCT, 5 JOINT MDS DESIGNATED: YS CHAKRAVARTI * HOW WILL SOVEREIGN GREEN BONDS FARE? * HOW COLLABORATIONS BETWEEN INSURANCE COMPANIES AND INSURTECHS HAVE A MULTIFOLD EFFECT * NEXT 2 YEARS TO BE 'BIG BANG MOMENT' FOR B2B-BNPL: FLEXILOANS CO-FOUNDER DEEPAK JAIN View More SUBSCRIBE TO OUR NEWSLETTER 50000+ Industry Leaders read it everyday I have read Privacy Policy and Terms & Conditions and agree to receive newsletters and other communications on this email ID. CRYPTOCURRENCY * NINE DUPED OF RS 40 LAKH IN CRYPTO INVESTMENT FRAUD; 2 BOOKED * CRYPTO MARKET CAP CRASHES OVER $1 TRILLION IN LAST FEW DAYS. WHAT’S NEXT? * COINBASE INDIA HEAD TO RELOCATE TO US AMID HIRING SLOWDOWN * $1.6 BN WORTH ETHEREUM CRYPTOCURRENCY LOST FOREVER SINCE ITS 'PRESALE' * WAZIRX SAYS IT COMPLIED WITH ALL 1,023 REQUESTS FROM LAW ENFORCEMENT IN OCT-MAR * ELON MUSK REAFFIRMS THAT DOGECOIN HAS POTENTIAL AS A CURRENCY * CENTRAL BANK OF CHILE STUDIES HOW TO ISSUE ITS CENTRAL BANK DIGITAL CURRENCY * CRYPTOS CAN LEAD TO DOLLARISATION OF ECONOMY: RBI OFFICIALS TO PARLIAMENTARY PANEL * FIVE TRENDS POISED TO SHAPE THE FUTURE OF INDIA’S FINTECH SECTOR View More BFSI VIDEOS * INDIA’S LENDING SEGMENT UNTAPPED: CASHE FOUNDER V Raman Kumar, founder and chairman of CASHe, in this week's FinTech Diary told ETBFSI that he believes the reason why FinTechs are opting for lending is because it is an untapped market in India. CASHe has a lending run rate of around Rs 2,400 crore, with an average ticket size ranging from Rs 10,000 to Rs 3 lakhs. "Proof of the pudding is how our business model works, and we wanted to put our money where our mouth was.. so we are a lender on record.. so we lend on our own balance sheet, and pay the bad debts.. We are currently running with about a 2-2.5% of bad debts," Kumar said. 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