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ETBFSI Newsletter | Wednesday, July 31, 2024


Daily Newsletter



Top Stories



House is a house, can't be an asset: Revenue Secretary on indexation benefits
Revenue Secretary, Ministry of Finance clarified that the rollover benefits will
continue on capital gains of up to Rs 10 crore under the new structur...




Revenue Secretary shares 3 reasons for changes in Capital Gains tax in Budget
2024
Revenue Secretary Sanjay Malhotra revealed that changes in the capital gains tax
in the Union Budget 2024 were driven by simplicity, fairness, and equ...




Is RBI allowing rupee fall to avoid overvaluation?
This adjustment may be due to the rupee being overvalued compared to its trading
partners, as indicated by the real effective exchange rate (REER), wh...




RBI mandates examination of wilful defaulters in NPA accounts over Rs 25 lakh
The primary aim of the central bank's directions is to establish a transparent
and non-discriminatory procedure, upholding the principles of natural j...




CISO-level official, online alerts mechanism: RBI's measures for non-bank PSOs
The Reserve Bank of India issued directions on Cyber Resilience and Digital
Payment Security for non-bank Payment System Operators. The guidelines man...


 

Banking



RBI directs banks to provide all information to borrower on classifying them as
wilful defaulter
The Reserve Bank of India (RBI) has instructed banks to issue show-cause notices
to borrowers identified as wilful defaulters. The banks must provide ...




IDFC First Bank grew retail deposit base, better show likely in Q3
IDFC First Bank's CEO V Vaidyanathan mentioned that the bank reduced its need
for aggressive deposit and branch expansion as it transitioned to retail...




Bank Jobs Disappearing: The clerks are going missing in this digital decade
The financial sector is experiencing a digital transformation, with automation
replacing traditional roles, impacting job ratios and skill requirement...




RBI to banks: It's important to learn his 'basic lesson' from the recent
Microsoft outage
India's cyber security agency warned organizations about hacking attacks linked
to a recent CrowdStrike outage, which affected over 8 million Microsof...




August 2024 Bank Holidays: Banks closed up to 13 days - check full list of
state-wise bank holidays
August 2024 Bank Holidays: In August, banks across India were closed for up to
13 days due to Sundays, national holidays, and regional festivals. Key ...


 

Insurance



MP Cabinet approves over Rs 12 crores for providing benefits of govt insurance
schemes to Anganwadi, mini Anganwadi workers
State Cabinet minister Kailash Vijayvargiya said, "The cabinet has approved that
all the Anganwadi workers will be covered under the Pradhan Mantri Je...


 

NBFC



Sundaram Home Finance steadily increasing presence outside South India: MD
Sundaram Home Finance is in the process of steadily increasing its presence
outside the southern parts of the country, a top official of the company h...




Sanjay Shukla assumes charge as MD of National Housing Bank
The National Housing Bank on Tuesday said Sanjay Shukla has assumed the charge
of Managing Director following an approval from the government. Prior t...


 

Fintech





Fintech personal loan sizes decrease as youth borrowing rises: RBI Report
More than 59% of the total loans disbursed by fintechs were given to users below
the age of 35, and the average ticket size of personal loans decrease...




Navi Finserv closes $38 mln securitization deal with JP Morgan
The funds will be used to expand the digital personal loans segment and
capitalise on technological advancements to be part of India's growing
digital...




Zaggle posts 714% surge in Q1 net profit
Zaggle Prepaid Ocean Services Ltd reported a net profit surge of nearly 714% for
the first quarter ending June 30, 2024, reaching Rs 16.7 crore. Reven...


 

Financial Services



Cannot allow Paytm type contamination in stock markets: Sebi chief
Sebi chairperson Madhabi Puri Buch pointed out that every market participant
will have to adhere to the highest standards of KYC to ensure bad apples ...




Sebi proposes to relax disclosure framework for certain FPIs
The Securities and Exchange Board of India proposed relaxing disclosure norms
for large foreign portfolio investors from neighboring countries. Sebi r...




Mcap of BSE-listed firms hit new all-time high of Rs 460 lakh crore
The NSE Nifty edged up 21.20 points or 0.09 per cent to settle at an all-time
closing high of 24,857.30. During the day, it surged 135.65 points or 0....


 

Policy



Reserve Bank of India to hold rates in August, first cut in Q4
INDIA-RATES-Reserve Bank of India to hold rates in August, first cut in Q4




RBI releases master direction for wilful and large loan defaulters
Central Bank's Master Direction on wilful and large defaulters, guidelines
effective 90 days from publication, aims to create a transparent framework ...




RBI issues norms to improve safety of payment systems
The RBI on Tuesday said non-bank payment system operators will have to put in
place a real-time fraud monitoring solution to identify suspicious trans...


 

Industry



Budget session: FM Nirmala Sitharaman responds to INDIA bloc's questions in Lok
Sabha
Union Finance Minister Nirmala Sitharaman answered the questions raised by the
Opposition INDIA bloc in the Lok Sabha on Tuesday. She thanked Prime Mi...




'Pressured RBI to ... ': Sitharaman's 'Harvard & Oxford' dig at Chidambaram
Finance minister Nirmala Sitharaman addressed the opposition on Tuesday during
discussions on the Union Budget. She criticized senior Congress leader ...




Asian Development Bank commits USD 200 mn loan for Swatch Bharat Mission 2.0
The loan agreement has been named as the Swachh Bharat Mission 2.0-Comprehensive
Municipal Waste Management in Indian Cities Program.

 

 





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