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ETBFSI Newsletter | Monday, April 10, 2023


Daily Newsletter



Top Stories



Are banks investing enough in digital banking infra to prevent outages?
Banking transactions have increased fivefold in the last five years but banks
have not invested proactively in digital infrastructure to support this ..




PSBs lagging on climate change, sustainable finance agenda but RBI has a roadmap
PSBs are lagging on almost all criteria, including risk management, governance,
climate-related financial disclosure, human resource-related capacity ..




Adani FPOs, D-Street prop up investment bank earnings as M&As hit seven-year low
Goldman Sachs tops as investment bankers earned $261.5 million in fees, a 2 per
cent increase compared to the same period last year. Follow-on offerin..


 

Banking



Banks want cover for one-time settlement option under ECLGS
At present, lenders need to initiate legal proceedings to avail of the full
credit guarantee coverage provided by the NCGTC under the scheme. One-time..




FM leaves for US; to host G20 meeting and attend IMF, World Bank meetings
Indian Finance Minister Nirmala Sitharaman will attend the 2023 Spring Meetings
of the World Bank and International Monetary Fund (IMF) in the US, alo..




Banks sanction Rs 23.2 lakh cr to about 41 crore beneficiaries under Mudra
Yojana
India's Pradhan Mantri MUDRA Yojana (PMMY), which provides collateral-free
micro-credit loans of up to Rs 10 lakh to non-corporate, non-farm small and..


 

Insurance



Insurer must compensate all 3rd-party claimants: HC
An insurer cannot refuse to pay compensation to a third-party claimant, merely
because it has satisfied the award of compensation to 12 other affected..




Criticality of consumer experience in the insurance segment
Having a strong customer experience can help ensure that a brand is
well-equipped to weather any storm that comes its way. It streamlines the
brand-cu..




Six reasons new insurer can reject you while porting health insurance cover
People mistakenly think that they don't need to update their medical history
during porting as it's not a new policy, just a switch. This can be a r..


 

NBFC



Reliance Capital resolution process deadline may be extended
Lenders of Reliance Capital may consider extending the deadline for completing
the resolution process until May 30 as the second auction round is yet ..




Indiabulls ropes in Oaktree to buy its loans
The infusion of debt capital will happen through a jointly-formed special
purpose vehicle (SPV) which would float instruments like debentures that Ind..




Arohan Financial Services raises Rs 730 crore in share sale to private equity
investors
American asset manager Nuveen and Dutch development bank FMO have put in Rs 165
crore each in Arohan while Piramal Alternatives and a European develop..


 

Fintech



ZestMoney to lay off 100 employees after PhonePe acquisition falls through
ZestMoney's founders and leadership informed employees about the layoff at a
town hall meeting on April 6, they said. The impact is expected to be fe..


 

Financial Services



India still better investment destination; debt as an asset class is also
looking lucrative now
The global economy is now confronted with serious financial stability challenges
arising from the recent liquidity crisis in the banking sector in som..




Global headwinds to slowdown GDP growth; India resilient than many large
economies: HDFC Chairman Parekh
Global headwinds may affect India's GDP growth, but the country is more
resilient than many large economies, according to Deepak Parekh, the chairman ..




India's foreign exchange earnings through tourism rise 107% in 2022
India received 6.19 million Foreign Tourist Arrivals (FTAs) during 2022 as
compare to 1.52 million during the same period of 2021, Minister of Culture..




Indian Overseas Bank to revise interest rates from April 10
Chennai, Apr 9 (PTI) Public sector lender Indian Overseas Bank would revise the
interest rates on term deposits by upto 40 basis points from April 10,..


 

Policy



RBI differs with World Bank on growth, inflation; expects higher crop output to
help ease price pressures
The Reserve Bank of India differed with the World Bank and painted a better
picture of India's growth prospects and expected price pressures to eas..




RBI launches PRAVAAH to speed up approvals for entities
RBI is going to launch a centralized web portal PRAVAAH to simplify and
streamline regulatory approvals for licenses and to facilitate ease of doing b..




As liquidity tightens, bank CD sales jump 3-fold in FY23: RBI policy report
The RBI's March bulletin had said that banks' fund mobilisation through CD
issuances was Rs 6.3 lakh crore in 2022-23 up to March 10, as against Rs 2 ..


 

Industry



US job growth strong in March; unemployment rate falls to 3.5%
Nonfarm payrolls increased by 236,000 jobs last month, the Labor Department said
in its closely watched employment report on Friday. Data for February..




IMF chief calls on central banks to continue inflation fight
Since last year, central banks have been raising their benchmark lending rates
to tackle inflation, which rose to levels not seen for decades in many ..




World Bank, IMF chiefs to discuss complex challenges facing global economy
The 2023 Spring Meetings will be held in Washington, D.C., from April 10-16
under the theme " Building Resilience and Reshaping Development''.




Jamie Dimon says banking crisis has increased the odds of a recession
Only a handful of lenders have the problems that toppled Silicon Valley Bank,
and when the industry starts reporting quarterly earnings next week, the..




Walmart CTO says India is retailer's tech backbone
"Walmart Global Tech has a number of centres in the US, but the India centres
are bigger," Kumar said. WGT has around 11,500 people across Bengaluru, ..




Japan's new central bank chief assumes office as global risks loom
JAPAN-ECONOMY/BOJ (PIX)Japan's new central bank chief assumes office as global
risks loom




Small, medium IT companies hit by high attrition rate after lockdown, says
survey
Releasing the report of this survey of 700 IT units on Wednesday, D S Rawat,
Chairman, MSME-EPC, said that a large number of employees in MSME sector ..

 

 





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