Public sector banks cannot issue look out circular to defaulters, says Bombay HC
Mumbai: The Bombay high court' on Tuesday said public sector banks cannot issue look out circulars, or LOCs, against Indian and foreign citizens.

Extreme weather, prolonged geopolitical tensions pose risks to inflation in near-term: RBI article
Adverse weather conditions and extended geopolitical conflicts that can result in volatility in crude oil prices may pose a threat to inflation in the near term, an article published in the Reserve Bank of India’s (RBI) monthly bulletin said. Consumer price index (CPI) inflation has gravitated to 4.9 per cent in March after averaging 5.1 per cent in the preceding two months following the recent peak at 5.7 per cent in December 2023.

RBI declines Annapurna Finance’s universal bank request
The Reserve Bank of India, in a cautious move, declined Annapurna Finance Limited’s application for a universal bank license made in January 2023. The regulator, expressing hesitation about awarding a full-service bank license to the Odissa-based lender, largely focusing on microfinance loans, gave Annapurna Finance the option to become a small finance bank.

Cautious approach: Small finance bank model in the slow lane, say experts
Unity Small Finance Bank was the last one to get a  licence in the category in November 2021. As of December 2023, there were 12 small finance banks in the country. However, last month, the Reserve Bank of India approved the amalgamation of Fincare Small Finance Bank and AU Small Finance Bank (AU SFB). 

IndusInd Bank announces successful execution of RBI’s programmable CBDC pilot
IndusInd Bank announced successful execution of RBI’s programmable CBDC pilot, becoming the first Bank to do so. “This pilot project is executed in collaboration with Circularity Innovation Hub India Private Limited (CIH), as an alternate form of CBDC wherein the Bank can program the end use of funds, being disbursed to farmers in lieu of generation of carbon credits,” it said in a regulatory filing. 

Savings Account Charges: These 2 large banks to revise savings account fees from May 1 – Details
Do you have savings accounts running with ICICI Bank or YES Bank? There will be some changes regarding savings account charges for customers by these two banks, effective May 1, 2024, according to details shared by both the lenders on their official websites. Additionally, these two banks have decided to discontinue select account types.

This major bank overhauls certain tariffs for salary, savings accounts – All you need to know
Axis Bank has revised certain criteria, including average balance requirement, for salary and savings accounts with effect from April 1, 2024.

AU SFB launches multiple products like credit cards with exclusive features

The NOMO Credit Card marks AU SFB's debut into the realm of secured credit cards, backed by a fixed deposit, the bank's managing director Sanjay Agarwal said here. Additionally, he said, AU SFB has unveiled the AU 0101 Business App, designed to offer customized solutions for proprietorships and MSMEs, alongside AU0101 Version 2.0, engineered to provide customers with an enhanced mobile banking experience, complete with exciting new features. First time in Indian banking industry, he said, AU SFB has launched ATM Insurance, for the convenience of customers to buy insurance through AU SFB's ATMs with their debit card.
 

Poor risk assessment root of asset quality concerns: SBI chief Khara

"The unsecured lending becomes a problem if the assessment is not done properly," he told reporters on the sidelines of an event where the bank's credit card subsidiary SBI Cards launched a travel segment-focused card. It can be noted that late last year, the RBI increased the risk weights on unsecured lending to dissuade the lenders from undertaking more exposures to such riskier products which come without any collateral.
 

Tata Power, Indian Bank partner for solar rooftop financing
Tata Power Solar Systems Limited (TPSSL) has partnered with Indian Bank to promote adoption of solar rooftop systems in residences. The tie-up aims to facilitate financing solutions under the Pradhan Mantri Surya Ghar Muft Bijli Yojana scheme for installations up to 3 KW, as well as support for 3-10 KW installations under the regular scheme. 

Mahindra Financial Services KYC lapse under RBI scrutiny
Mumbai: The banking regulator is looking into the ₹150-crore KYC lapse that was disclosed by Mahindra and Mahindra Financial Services on Tuesday. According to highly placed sources aware of the matter, the RBI could impose some sort of curbs on the non-lender with respect to acquisition of new businesses. Whether these curbs would have a pan-India impact on the business or would be restricted to certain branches isn’t clear yet.

M&M Finance share price falls over 7% as company delays Q4 results after ₹150 crore fraud at a North East branch
Mahindra & Mahindra Financial Services share price dropped over 7% in early trade on Tuesday after the company deferred its board meeting scheduled for today after a fraud worth ₹150 crore was detected at one of its branches in the North East region. Mahindra Finance shares declined as much as 7.88% to ₹256.85 apiece on the BSE.

IIFL Home Fin targets Rs 5,000-crore green book
IIFL Home Finance is looking to increase its green housing portfolio to Rs 5,000 crore in the next three years, from around Rs 2,000 crore now.

Paytm Payments Bank’s board is independent, says Vijay Shekhar Sharma
The board of Paytm Payments Bank is independent and capable of addressing regulatory concerns, Paytm chief executive officer Vijay Shekhar Sharma said in a webinar on Monday.

Grover’s ZeroPe may find it tough to tap opportunities in medical lending
Ashneer Grover’s re-entry into the fintech space with ZeroPe, and that too in the fast-growing medical loans space, has enthused entrepreneurs, who feel the segment will see tremendous growth.

PeepalCo had plans to diversify since inception
PeepalCo, which recently entered stock trading, had plans to diversify into different asset classes since the inception of the company, said Ashish Singhal, co-founder and group CEO. PeepalCo is the holding company of CoinSwitch and stock broking app Lemonn.

NSE set to launch derivative contracts on Nifty Next 50
The National Stock Exchange (NSE) is set to introduce derivative contracts on the Nifty Next 50 index from Wednesday.

How new KYC norms have impacted MF investors
The recent Linkedin post by Himanshu Pandya, a registered investment adviser, said it all. He wrote, “Happy to inform you that I have successfully updated my KYC for the 18th time in my rather short adult life.” The latest KYC (know your client) update that Pandya highlighted pertains to his mutual fund account. Mutual funds have been asking investors to update their KYC with officially valid documents (OVDs), mainly Aadhaar, by 1 April to meet regulatory requirements. And, those unaware of the new KYC norms are being denied their upcoming investments.

Mirae Asset Mutual Fund tells investors to be careful of buying overseas ETFs on exchange
Mirae Asset Mutual Fund has cautioned retail investors against investing in overseas exchange traded funds (ETFs) through the stock market.

Physical Gold vs Gold Mutual Funds: Which is more efficient?
Indian households often hold gold as an asset class, passing it down from one generation to another as a symbol of wealth and heritage in India. There are many stories relating to gold and people love this metal as a jewellery more than just an asset.