Money & Banking

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Despite signs of recovery, economy not yet out of the woods: RBI Governor

Continued policy support with a focus on revival and sustenance of growth is indeed the most desirable and judicious policy option at this moment, Shaktikanta Das says

PhonePe receives insurance broking licence

The digital payments platform can distribute products from any insurer in India

Deal Naspers’ arm-backed PayU to acquire BillDesk for $4.7 billion

Naspers’ arm-backed PayU to acquire BillDesk for $4.7 billion

Prosus’ payments firm makes one of the largest buys <EP>in fintech sector

India Mortgage Guarantee Corporation partners Clix Housing Finance

To offering mortgage guarantee backed home loans

Rupee inches 4 paise higher to 73.25 against dollar in early trade

Support from strong rally in domestic equity markets

Funds Northern Arc Capital raises $50 mn via ECB

Northern Arc Capital raises $50 mn via ECB

To cater to the credit demands of women borrowers.

Fintech Facebook, Xiaomi target India’s $1 trillion digital loan market

Facebook, Xiaomi target India’s $1 trillion digital loan market

India’s digital payments market is drawing the attention of some of tech’s biggest names after online transactions surged during the pandemic

Small bank Tally Solutions and Cosmea Financial Holdings apply to RBI for SFB licence

Tally Solutions and Cosmea Financial Holdings apply to RBI for SFB licence

Number of applicants wanting to set up small finance banks has gone up to six

Aceware Fintech launches Acemoney UPI/QR code payments in Kerala

It is the first Kerala-based company to offer UPI/QR payments

Axis Bank begins issuing debt securities under ₹35,000 crore-debt raise plan

The shareholders of the bank had approved the proposal in the annual general meeting held in July

Govt extends tenure of Bank of India executive director PR Rajagopal by two years

His current term was to expire on February 28, 2022

Co-op banks It’s defining times for Urban Cooperative Banks

They must be brought to the forefront to be as important as the big corporates for the prosperity of the masses

Bankruptcy Road to recovery: IBC sets itself on firm footing

But massive haircuts taken by financial creditors have led to questions from some quarters on the efficacy of the insolvency code

CBDT extends due dates for electronic filing of various forms

Due date for payment without additional amount under Vivad se Viswas also extended

NBFC Local audit firms see surge in NBFC clients with Sept 30 deadline for appointment of auditors

New RBI guidelines create level playing field; mid-size domestic audit firms gain opportunity to expand client base

Regulatory bite gets sharper for banks and non-banks

RBI to no longer confine self to monetary penalties; imposes business restrictions on non-compliant regulated entities

Indo-Nepal Remittance Facility: RBI enhances transaction ceiling 4-fold to ₹2 lakh

Cap of 12 remittances in a year per remitter has been removed

Stress test RBI, small finance bank chiefs take stock of stress build-up due to Covid

Even as SFBs continue to have significant exposure to unsecured advances even as they strive to diversify their portfolio

Barred SEBI bans Kotak Mahindra AMC from launching FMP for 6 months

Penalty for arbitrary ‘standstill’ deal with Essel Group in 2019 after investing in the debt of insignificant arms

Small change RBI hikes incentives for distribution of coins

Banks asked them to provide coins to bulk customers

Indo-Nepal Remittance Indo-Nepal Remittance: RBI enhances per transaction ceiling 4-fold to ₹2 lakh

The cap of 12 remittances in a year per remitter has been removed

Prepaid Payment Instruments RBI issues Master Directions on Prepaid Payment Instruments

Small PPIs can have cash upto ₹10,000 loaded per month

LIC launches Ananda mobile app for agents, intermediaries

A paperless KYC process can be done here using Aadhaar based e-authentication of the life proposed

indiagold funding indiagold to raise $12 mn round from PayU, Alpha Wave Incubation fund

The company aims to build a doorstep gold loan business

Tight fist EMIs rising as consumers sit on cash

Covid uncertainties have led to a shift in purchasing behaviour; more and easier ‘buy now pay later’ schemes have helped

Catch 'em young Fintech start-ups give Indian teens a taste of financial freedom

Pre-paid cards of apps like FamPay, YPAY & Junio allow them to buy online

RBI policy Industry welcomes RBI’s move to extend scope of tokenisation to all consumer devices

This update comes in the background of an RBI norm that prohibits payment gateways and payment aggregators from storing customer card details

PSBs to make additional provision of over ₹21,300 cr for higher family pension, NPS

Special dispensation will be sought from the RBI to allow provisions over next 5 years

LnD Pool launches certificate programme in banking and insurance

The programme is being offered in association with the BFSI Sector Skill Council of India

RBI appoints Ajay Kumar as ED

He will look after Department of currency management, foreign exchange, and premises department

Digital payments PhonePe gets in-principle approval as an account aggregator from RBI

This will help consumers avail financial services in a convenient manner

Three MDs and ten EDs of various PSU banks get term extensions

PNB’s Mallikarjuna Rao, UCO Bank’s Atul Goel and Bank of Maharashtra’s Rajeev get tenure extensions

Few takers for restructuring under RBI’s Resolution Framework 2.0: Crisil

95% of companies opting for restructiring belong to sub-investment grade rating category

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