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Banking


NARCL STUMPS BANKS BY OFFERING JUST 8% OF TOTAL LOAN VALUE IN ITS FIRST BID

The bad bank offers just Rs 80-85 crore for Rainbow Papers, which has an
outstanding of over Rs 1,100 crore. The lead banker IOB would hold a meeting of
member banks to take a call on future course of action.


LATEST NEWS

 * 5h hrs ago BFSI This Week : RBI, inflation, insurance, rupee and more
 * 5h hrs ago Fintech Leads The Gold Rush with Tech-led Asset-Backed Lending
 * 8h hrs ago Inflation will come down to 6.3% by March and to 5.5% by FY24:
   Indranil Sengupta
 * 8h hrs ago India's long-term growth prospects embedded in public capital
   expenditure programmes: FM Sitharaman
 * 8h hrs ago Forex reserves fall to $580.3 billion
 * 8h hrs ago SBI raises lending rates by 0.10 pc across tenors
 * 9h hrs ago FM Nirmala Sitharaman calls for sharing information on
   non-financial assets among G20 nations
 * 9h hrs ago Sensex rises after 4-day hiatus amid gains in FMCG, auto stocks

View More
Financial Services

WHAT RBI HAS DONE SO FAR TO STABILISE RUPEE

The Reserve Bank of India has been trying to stabilise the currency since the
outbreak of the Russia-Ukraine war in February. The Indian rupee briefly touched
the Rs 80 mark late last night, leading to the risk of dearer import cost,
cheaper export cost, and rise in current account deficit and inflation. Here's
what RBI has done so far.

Fintech

FINTECH PLAYERS USING LOCATION DATA MAY BE HIT BY NPCI'S CONSENT RULE

UPI players will now have to take the consent of users for collecting this
location data. This will impact customers who use location points to build risk
profiles of customers.

Financial Services

PHYGITAL MODEL TO ADDRESS CHALLENGES AND EXPAND IN RURAL BHARAT: EXPERTS

Recently, Spice Money provided access to essential financial services for Komic,
the world's highest village in Himachal Pradesh. Paynearby also expanded its
services to Jammu and Kashmir, Sela Pass on the Indo-China Border and Lakhpat on
the Indo- Pakistan border, and Fino Payments Bank installed banking points at
highest Indo-China border location in Uttarakhand, Jonai & Sabroom near
Bangladesh border, Pasi Ghat, Chambal, etc. While BFSI companies are
aggressively driving financial inclusion in rural Bharat, ETBFSI spoke to few
industry stalwarts on this.

Banking

PSU BANKS TO GO LIVE ON ACCOUNT AGGREGATOR SYSTEM BY JULY-END

SBI, Canara Bank, Punjab National Bank and Indian Bank have started their
implementation while others are in various phases of testing.

Fintech

NEW STREET TECH, FEDERAL BANK PARTNER TO TEST BLOCKCHAIN TECH FOR MSME LOANS

The co-lending product will be launched on New Street Tech’s MiFiX platform and
will be tested in partnership with Federal Bank. Post the testing phase of the
project is completed, Federal Bank will be one of the first institutions to
launch a regulatory compliant blockchain enabled co-lending product.

Fintech

5IRE BECOMES UNICORN, RAISES $100 MILLION

The funds raised will be used for business expansion and expanding 5ire’s
presence in the continents of Asia, North America and Europe. The blockchain
network will also be working on strengthening its blockchain and hiring talent
across product, engineering and marketing functions.

View More


TOP FEATURED STORIES

Banking / 12 days ago


NOT ALL BANK SYSTEMS ARE MEANT TO BE SUPPORTED BY CLOUD: CELINE LE COTONNEC

Ever since the pandemic, BFSI companies have been opting for technological
advancements, and have switched to data centers, cloud systems, etc. Celine Le
Cotonnec, Chief Data Innovation Officer, Bank of Singapore, spoke to ETBFSI, on
the sidelines of the Point Zero Forum in Zurich, on this emerging trend. Read
the full interview here.

 * Insurance
   
   AFTER 21 YEARS OF PRIVATISATION AND EXTENSIVE EFFORT, HOW HAS INDIA'S
   INSURANCE SECTOR EVOLVED?

 * Financial Services
   
   HOW ARE GREEN, SOCIAL AND SUSTAINABILITY BONDS FARING IN INDIA?

 * NBFC
   
   'OPEN TO MORE PARTNERSHIPS, POSSIBLY BE A LENDING-BACKED MARKETPLACE'

 * Insurance
   
   'PIRAMAL ELIGIBLE TO BID FOR RCAP'S GENERAL AND HEALTH INSURANCE BIZ'

View More


BLOG

 * FINTECH LEADS THE GOLD RUSH WITH TECH-LED ASSET-BACKED LENDING

 * SEMI-URBAN/RURAL AFFORDABLE HOUSING OUTPACING URBAN DEMAND

 * HERE’S WHY DIGITAL LENDERS ARE LEVERAGING NEW-AGE TECHNOLOGY FOR THEIR
   OFFERINGS

 * TRANSFORMING THE DISTRIBUTION-CONTROLLED INSURANCE INDUSTRY WITH DIGITIZATION

 * FRAUDSTERS 'HACKING' CONSUMERS' MINDS TO STEAL MONEY

 * THE SHIMMER OF SECURITISED GOLD LOANS

View More


FINTECH

Fintech / 15 hrs ago


NEW STREET TECH, FEDERAL BANK PARTNER TO TEST BLOCKCHAIN TECH FOR MSME LOANS

The co-lending product will be launched on New Street Tech’s MiFiX platform and
will be tested in partnership with Federal Bank. Post the testing phase of the
project is completed, Federal Bank will be one of the first institutions to
launch a regulatory compliant blockchain enabled co-lending product.

 * Fintech / 19 hrs ago
   
   5IRE BECOMES UNICORN, RAISES $100 MILLION

 * Fintech / 21 hrs ago
   
   MAJOR CRYPTO EXCHANGES UNDER ED PROBE FOR FLOUTING KYC, ANTI-MONEY LAUNDERING
   RULES

 * Fintech / 23 hrs ago
   
   NFT MARKETPLACE OPENSEA SLASHES 20% OF JOBS

 * Fintech / 1 day ago
   
   FINTECH PLAYERS USING LOCATION DATA MAY BE HIT BY NPCI'S CONSENT RULE

View More


POLICY

Policy / 23 hrs ago


ECO GAINS HOLDING, BUT RISKS REMAIN: FINMIN

India’s macro risks have receded in the last six weeks due to the steps taken by
the Centre & the Reserve Bank of India (RBI), and the decline in oil prices due
to global recession fears, the finance ministry said in a report on Thursday.

 * Policy / 1 day ago
   
   BROKERS SEEK EASIER NORMS, URGE SEBI TO APPROACH RBI

 * Policy / 2 days ago
   
   FED COULD WEIGH 100 BPS HIKE AFTER INFLATION SCORCHER

 * Policy / 2 days ago
   
   INFLATION BY MARCH 2023 SEEN CLOSER TO 5%: REPORT

 * Policy / 2 days ago
   
   RBI CANCELS CERTIFICATE OF REGISTRATION OF FOUR NBFCS

View More


NBFC



 * WADHAWAN ROUTED ₹115 CR TO JACK UP DHFL SHARES IN '18

 * SECURITISATION VOLUMES SURGES 70% IN Q1 ON INCREASED ECON ACTIVITY

 * DEMAND REVIVAL TO HELP NBFCS POST BEST QUARTER IN TWO YEARS

 * STICKY MICRO LOANS AT RS 32,000 CRORE, BUT PROFITABILITY FOR NBFC-MFIS MAY
   IMPROVE

 * MFIS' GROSS LOAN PORTFOLIO RISES TO RS 2.9 LAKH CRORE AT MARCH-END: REPORT

 * DIGITAL DISRUPTION NEW NORMAL, WORKING ON ‘SHRIRAM ONE’ SUPER APP: REVANKAR
   AND CHAKRAVARTI

 * AROHAN LAUNCHES DIGITAL LENDING APP, EXPECTS TO RAISE LOAN PORTFOLIO BY RS
   600CR BY FY23

 * AROHAN FINANCIAL IN TALKS WITH PES TO RAISE RS 1,900 CR

 * NBFCS, HFCS SECURITISATION VOLUMES ALMOST DOUBLED TO RS 33,000 CRORE IN
   APRIL-JUNE: REPORT

 * NBFC-HFCS TO HAVE HEALTHY DISBURSEMENT MOMENTUM, STEADY QUARTER : REPORT

 * CSC, ADANI CAPITAL IN PACT TO OFFER WORKING CAPITAL TO 6K SELLERS

 * NIIF TO BRING NEW INVESTORS ON DEBT PLATFORM

 * CO-LENDING EASING CAPITAL ISSUES FOR NBFCS: GODREJ CAPITAL

 * SHRIRAM TRANSPORT FINANCE GETS SHAREHOLDERS, CREDITORS NOD FOR MERGER

 * FIRED EXECS DIDN’T IMPACT OPS, LIQUIDITY, SAYS AXIS MF

 * MYSHUBHLIFE AIMS TO DISBURSE RS 550 CRORE WORTH OF LOANS BY THE NEXT
   FINANCIAL YEAR

 * MFIS MAY SEE IMPROVED PROFITS ON FLEXIBLE LENDING RATES

 * MUTHOOT FINANCE GETS RBI NOD TO OPEN 150 NEW BRANCHES ACROSS INDIA

 * HDFC AND HDFC BANK MERGER PROPOSAL GETS NOD FROM BOURSES

 * DOMESTIC HOUSING SECTOR SET TO GROW IN NEXT 5 YEARS: PNB HOUSING FINANCE

View More


MORE FROM ETBFSI

 * Industry / 5h hrs ago
   
   
   BFSI THIS WEEK : RBI, INFLATION, INSURANCE, RUPEE AND MORE
   
   The week started on a muted note, with RBI introducing mechanism for
   international trade settlements in rupees and India's CPI and WPI inflation
   data being released. IRDAI, LIC, fintechs, cryptocurrency, Q1 performance
   outlooks, etc were among the top headlines this week. ETBFSI brings to you a
   gist of the top developments of the week :

 * Blog / 5h hrs ago
   
   
   FINTECH LEADS THE GOLD RUSH WITH TECH-LED ASSET-BACKED LENDING
   
   A rising trend where technology is rapidly disrupting traditional gold loan
   business unlocking a massive amount of credit for millions of Indians. Today,
   FinTech start-ups have boomed because they are digitizing the age-old process
   of availing of gold loans and making them hassle-free. Digitizing
   asset-backed lending has led to destigmatizing the process of pledging gold
   to a consumer and providing a quick and seamless experience at their
   doorstep.

 * Industry / 8h hrs ago
   
   
   INFLATION WILL COME DOWN TO 6.3% BY MARCH AND TO 5.5% BY FY24: INDRANIL
   SENGUPTA
   
   “All commodity prices are falling and effectively speaking, inflation in
   India has already peaked. Commodity prices are coming down globally as well
   as the RBI’s high FX reserves provide protection to the rupee. As the numbers
   begin to roll down, both the equity and the bond markets will be convinced
   that inflation is yesterday’s story, at least for India.”

 * Industry / 8h hrs ago
   
   
   INDIA'S LONG-TERM GROWTH PROSPECTS EMBEDDED IN PUBLIC CAPITAL EXPENDITURE
   PROGRAMMES: FM SITHARAMAN
   
   Finance minister Nirmala Sitharaman on Friday said India's long-term growth
   prospects are embedded in public capital expenditure programmes. Sitharaman,
   while attending the third G20 Finance Ministers and Central Bank Governors
   (FMCBG) meeting hosted by Indonesia in Bali, also said evidence-based policy
   making is vital for resilient economic systems.

 * Financial Services / 8h hrs ago
   
   
   FOREX RESERVES FALL TO $580.3 BILLION
   
   The RBI announced steps to attract capital inflows on July 6, but the
   measures would take time to foreign currency demand-supply imbalance,
   economists said. The central bank on July 11 allowed the use of rupee for
   settlement of trade flows which is primarily aimed at reducing the demand for
   foreign exchange for settlement purposes and preventing the rapid depletion
   of forex reserves.

 * Banking / 8h hrs ago
   
   
   SBI RAISES LENDING RATES BY 0.10 PC ACROSS TENORS
   
   The benchmark one-year tenor MCLR (Marginal Cost of Fund based Lending
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 * Industry / 9h hrs ago
   
   
   FM NIRMALA SITHARAMAN CALLS FOR SHARING INFORMATION ON NON-FINANCIAL ASSETS
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   "Investigations carried out by India had revealed that tax evaders were
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 * Financial Services / 9h hrs ago
   
   
   SENSEX RISES AFTER 4-DAY HIATUS AMID GAINS IN FMCG, AUTO STOCKS
   
   "Investors have turned their focus on upcoming Fed policy in the backdrop of
   heightened US inflation," said Vinod Nair of Geojit Financial Services.

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CRYPTOCURRENCY

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