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See whats happening in BFSI sector right now
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Why is RBI taking strong action?
After the collapse of banks in Europe and the US, the Indian central bank has become very cautious. It has already seen the havoc created by the PMC Bank fraud and the challenges while imposing a moratorium on Yes Bank. The RBI does not want any of the situations to repeat and is trying its best to be proactive and avoid any risk, whether it’s a systematic or any individual bank’s operational risk.
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Private banks take NIM hit in Q4 due to higher deposit rates
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Federal Bank in advanced stages for hiring new CEO, awaiting RBI approval: Shyam Srinivasan
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Account Aggregator will be the UPI of financial information, says BG Mahesh of Sahamati
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‘Figment of imagination’, ICICI Bank denies report of MD & CEO wanting to quit
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NIPL partners with Bank of Namibia to develop UPI-like payment system in Africa
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UPI transactions value dips in April to Rs 19.78 lakh crore
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Banks' personal loans growth drops to 17.7% in FY24 after RBI tightens unsecured credit
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How is ICICI Bank placed in private banks' race?
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India to grow 6.6 % in next two years, driven by public sector demand: OECD
According to the latest Economic Outlook from the OECD, India's GDP is estimated to have expanded by 7.8 percent in the recently concluded financial year 2023-24, with forecasts indicating growth rates of around 6.6 percent for each of the subsequent two fiscal years. However, global near-term developments present challenges to achieving higher growth.
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RBI says 97.76% of Rs 2000 currency notes returned
On May 19, 2023, the RBI announced the withdrawal of Rs 2000 denomination banknotes from circulation.
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Almost 43 pc health insurance policyholders struggled to get claims processed in last 3 yrs: Survey
"Despite some interventions by the Insurance Regulatory and Development Authority of India (Irdai) consumers continue to grapple with insurance companies to get their health claims," Localcircles said in a statement.
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Ugro Capital raises Rs 1,322 crore, acquires fintech lender MyShubhLife for Rs 45 crore
The deal with MSL enables Ugro Capital to enter the tech-enabled embedded finance market. The non-bank lender will initially pay Rs 28 crore to acquire 76% of MSL, while the remaining Rs 17 crore will be paid later to secure full ownership of the company.
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Gilty, My Lord! Pension funds bond more with govt debt
NPS drives record investment in government bonds to 4.4%, totaling ₹4.67 lakh crore. Shift towards debt, influenced by market performance, particularly in fixed-income, reflects security-focused investment decisions amidst changing yield dynamics and retirement strategies.
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Thematic funds catch the eye of investors, draw Rs 1.22 lakh crore in FY24
Assets under management (AUM) of this equity category in FY24 soared by ₹1.22 lakh crore to ₹2.93 lakh crore from ₹1.7 lakh crore a year ago - the highest growth in assets under management (AUM) collected by any equity category in this period.
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RBI lifts digital lending curbs on Bajaj Finance after 6 months
RBI lifted digital lending restrictions on Bajaj Finance, allowing the company to resume loan issuance through 'eCOM' and 'Insta EMI Card'. The ban lift followed remedial actions by Bajaj Finance, impacting Q4FY24 profit by 4%.
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Ranjan Pai, Axis Bank may back gold loan startup Rupeek
Claypond Capital, Axis Bank, and new investors plan to invest in Rupeek at a reduced valuation. Investment details are being finalized, with existing investors also considering selling shares. Rupeek previously raised funds from 360 One at a significant discount.
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Ujjivan Small Finance Bank appoints Carol Furtado as executive director
Carol Furtado appointed as executive director at Ujjivan Small Finance Bank for three years from May 1, approved by RBI. With 29 years in banking, she played key roles in the bank's development.
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Why is RBI taking strong action?
After the collapse of banks in Europe and the US, the Indian central bank has become very cautious. It has already seen the havoc created by the PMC Bank fraud and the challenges while imposing a moratorium on Yes Bank. The RBI does not want any of the situations to repeat and is trying its best to be proactive and avoid any risk, whether it’s a systematic or any individual bank’s operational risk.
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Private banks take NIM hit in Q4 due to higher deposit rates
Banks including HDFC Bank, ICICI Bank, Yes Bank, IDFC Bank, and RBL Bank, reported a year-on-year decline in NIM ranging from 5 to 50 basis points in the fourth quarter.
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Indian Bank cuts TBLR-based loan rates
TBLR loans for less than a year and that of between 1 year to less than 3 years will carry interest of 7.05 per cent compared to 7.10 per cent presently.
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Financial inclusion, digital growth to drive payments bank momentum in India: Airtel Payments Bank CEO
"In India, digital payments has come, deepened and transformed the financial landscape. The time for digital banking has now come... people will use digital bank accounts to make payments, feel safe, and then look at many other second order needs."
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Premji Invest in advanced talks for big stake in Bank of Baroda’s Nainital Bank
Premji Invest in talks to acquire majority stake in Nainital Bank at around Rs 800 crore. Public sector lender Bank of Baroda, which owns around 98% of Nainital Bank, is expected to divest its entire shareholding
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MoEngage’s Flagship #GROWTH Summit to Roll into the City of Dreams on 9th May 2024
Industry veterans, leaders, and avid practitioners from the country’s leading banking and financial institutions are set to attend the 2024 edition of MoEngage’s flagship #GROWTH Summit in Mumbai.
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‘Figment of imagination’, says ICICI Bank denying reports of MD & CEO wanting to quit
Calling out the report published by 'The Morning Context', ICICI Bank categorically denied the information published in the article. It appears that this rumour is being spread with an ulterior motive and malicious intent, the bank said.
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Federal Bank in advanced stages for hiring new CEO, awaiting RBI approval: Shyam Srinivasan
Federal Bank reported a flat profit on Thursday for Q4 FY24. In the bank's presser, it's MD and CEO, Shyam Srinivasan revealed that the bank is in advanced stages for hiring a new CEO. He further spoke on the bank's increased IT spends and co-branded cards biz post RBI ban. Here's what he said:
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Paytm Money CEO Varun Sridhar steps down; Rakesh Singh appointed as chief executive
Paytm Money, the wealth management platform of One 97 Communication, has replaced chief executive Varun Sridhar, at the helm since 2020, with Rakesh Singh. Singh was the chief executive of broking services at Fisdom, a PayU-backed fintech.
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Axis Mutual Fund launches Axis Nifty Bank Index Fund
Axis Nifty Bank Index Fund aims to track the Nifty Bank TRI, providing investors with a mechanism to participate directly in the growth narrative of leading Indian banks, the fund house said in a release.
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Federal Bank Q4 Results: PAT drops 11% QoQ to Rs 906 crore
Federal Bank Q4 Results: The private lender has also announced a final dividend of Rs 1.20/share for the financial year 2023-24. On a year-on-year basis, the profit after tax (PAT) was marginally higher by 0.40% compared to Rs 902.60 crore reported in Q4FY23.