Banking and Financial News Update for October 2, 2021

☕ 02.10.2021 : Today's Banking / Financial News at a Glance

🍒 Indian Bank inks MoU with NBFCs for priority sector lending : Indian Bank on Friday announced that it has entered into a memorandum of understanding with three leading non-banking finance companies (NBFCs) and housing finance companies (HFCs) for co-originate loans to the priority sectors.  The Chennai-based lender is partnering with Indiabulls Housing Finance, Indiabulls Commercial Credit and IIFL Home Finance on this co-lending arrangement. In November 2020, the RBI had issued ‘Co-Lending Model’ guidelines allowing banks to co-lend with all registered NBFCs (including HFCs) to priority sector lending with an aim to improve the flow of credit to unserved and underserved sectors and make funds available to borrowers at an affordable cost. - Business Line

🍒 Indian Bank picks up 13.2% stake in NARCL : Indian Bank on Friday said it has picked up 13.27 per cent stake in the proposed bad bank National Asset Reconstruction Company Ltd (NARCL). The lender has subscribed to 1,98,00,000 equity shares of NARCL for cash consideration of Rs 19.80 crore, it said in a regulatory filing. The investment of equity stake of 13.27 per cent would be reduced to 9.90 per cent by December 31, 2021, Indian Bank added. - Economic Times

🍒 HSBC, Bajaj Housing Finance reduce home loan rates : HSBC India on Friday announced that it has reduced its home loan interest rates by 10 basis points from 6.55 per cent to 6.45 per cent per annum.  “This offer will be applicable for Balance Transfer Home Loans,” it said, adding that the special rate will be effective from October 1 to December 31. It is available across all loan amounts, and the bank has also waived off the processing fee for these loans, it added. - Business Line

🍒 RBI may signal policy normalisation on October 8, Standard Chartered says : The Reserve Bank of India is likely to signal the start of an unwinding of its accommodative monetary policy, introduced to cushion the economic impact of the pandemic, at a meeting next week, economists at Standard Chartered Bank wrote in a research note on Friday. The consensus view is that the RBI will leave interest rates unchanged at its Oct. 8 MPC meeting and only start to unwind its accommodative monetary policy by reducing the gap between the repo and reverse repo rates early next year. - Economic times

🍒 RBI opens third cohort under the Regulatory Sandbox : The Reserve Bank of India on Friday announced the opening of third cohort under the Regulatory Sandbox (RS) with MSME Lending as its theme. The window for submission of applications for the Cohort shall be open from 01 October 2021 to 14 November 2021. “The MSME segment has emerged as the growth engine of Indian economy contributing significantly to the economic and social development of the country by fostering entrepreneurship and generating large employment opportunities through business innovations,” the RBI said in a statement. - Economic times

🍒 Lenders approach RBI after ₹30,000 crore Srei loans turn NPA ; A consortium of lenders led by UCO Bank has sought central bank directions on pursuing recovery of dues from the Srei Group after loans worth about Rs 30,000 crore to the Kolkata-based financier officially qualified to be moved to the list of non-performing assets (NPA) this quarter, two people aware of the development told ET. The Srei Group, however, said it expects banks to chalk out a debt recast plan that will map repayment milestones to future cash flows. - Economic Times

🍒 Banks ring in festivities with steep cuts in home loan rates : It’s raining festive offers at banks. On Friday, private lender ICICI Bank announced special offers for the festive season including home loans at 6.7% plus instant discounts and cashbacks available on thousands of products including luxury items from premium brands and leading e-commerce platforms.

Meanwhile, private lender Yes Bank too announced home loans at 6.7% interest rate for a limited period. The 90 days offer from the Bank, provides an additional 0.05% benefit (interest rate at 6.65%*) for prospective salaried women home buyers. Foreign lender HSBC too announced that it has reduced interest rates on home loans by 10 basis points from 6.55% to 6.45%. The special will be effective from 1st October 2021 to 31 December 2021. - Economic times

🍒 Customers to face disruption as only 60% banks are auto debit norm ready : With the Reserve Bank of India’s new auto-debit norms coming into effect from Friday, consumers may face some disruption as only about 60 per cent of the banks are ready with a new system. Industry experts say that most public sector banks are still working to meet the RBI requirement. For example, auto debit on State Bank of India’s debit card will go live only by mid-October while its credit card system is set up to meet the norms starting tomorrow. - Busines Line

🍒 BC Patnaik takes charge as MD of LIC : BC Patnaik has taken charge as Managing Director of Life Insurance Corporation of India on Friday. “He was appointed as Managing Director by Government of India notification dated July 5, 2021,” LIC said in a statement.  - Business Line

🍒 SRBC & Co LLP resigns as the auditor of IL&FS : SRBC & Co LLP, part of EY India, has resigned as the auditor of IL&FS citing recent regulations issued by the Reserve Bank of India. "SRBC and Co. LLP will be ineligible to continue as auditors of the company for the financial year 2021-22 beyond September 30, 2021 having completed audits for three years. - Business Line

🍒 Piramal Capital merges with DHFL : Piramal Capital and Housing Finance Ltd (PCHFL) has merged with Dewan Housing Finance Corporation Ltd (DHFL). “PCHFL has merged into DHFL with effect from September 30, 2021, pursuant to the reverse merger as contemplated under scheme of arrangement provided under the resolution plan,” Piramal Enterprises Ltd said in a stock exchange filing on Friday. - Business Line

🍒 World Bank to extend $150 million to Chennai’s Sustainable Urban Services Programme : The World Bank will give $150 million loan to support the Government of Tamil Nadu’s Chennai City Partnership: Sustainable Urban Services Programme, which seeks to help strengthen institutions, improve the financial health of service agencies, and drive significant improvements in the quality of four key urban services — water supply and sewerage, mobility, health, and solid waste management. - Business Line

🍒 UPI records 365 crore transactions worth ₹6.54-lakh cr in September : Digital payments continued to register robust growth in September amidst the festival season and normalisation of economic activities. The Unified Payments Interface (UPI) registered 365 crore transactions worth ₹6.54-lakh crore in September, as per data released by the National Payments Corporation of India on Friday. - Business Line

🍒 Improved revenue structure for NPS’ Point of Presence coming soon, says PFRDA Chief Bandyopadhyay : Pension regulator PFRDA (Pension Fund Regulatory and Development Authority) is currently undertaking a comprehensive review of Point-of-Presence (PoP) revenue structures and new rates are expected to be available in a month, its Chairman, Supratim Bandyopadhyay, said on Friday. “We have formed a committee for this purpose. The report is expected in a month,” Bandyopadhyay told a press conference on the occasion of ‘NPS Diwas’. - Business Line

🍒 J&K Bank gets shareholders' nod to raise up to Rs 2,000 cr via equity, debt : Jammu and Kashmir Bank on Friday said it has received shareholders' nod to raise up to Rs 2,000 crore through equity and debt to fund its business. The shareholders at the annual general meeting on Friday approved the plan to raise equity and debt capital of up to Rs 1,000 crore each. - Business Standard

🍒 ICRA flags asset quality pressure risk for IDBI Bank due to pandemic : While upgrading IDBI Bank’s ratings on sustained improvement in credit profile, rating agency ICRA flagged concerns over high asset quality pressures of the lender in the near term due to the pandemic. It said the bank’s return metrics could remain sub-optimal despite improvement in profitability. - Business Standard

🍒 IFSCA constitutes panel for development of sustainable finance hub : The International Financial Services Centres Authority (IFSCA) on Thursday set up an expert panel headed by former Enviornment and Forest Secretary C K Mishra to suggest a framework to develop a world-class sustainable finance hub at IFSC. India aspires to be a frontrunner in climate action, which is evident in its commitment towards its intended Nationally Determined Contributions under Paris Agreement, IFSCA said in a statement. - Business Standard

🍒 HDFC Bank raises Rs 739 crore via masala bond in overseas markets : HDFC Bank on Thursday said it has raised Rs 739 crore by issuing the rupee-denominated masala bonds in the overseas markets. HDFC Bank has issued and allotted rupee-denominated bonds overseas on September 30, 2021, the lender said in a regulatory filing. - Business Standard

🍒 Kotak Mahindra Bank launches NPS on mobile : Kotak Mahindra Bank Ltd on Friday said it has gone live with the launch of the National Pension System (NPS) on mobile, and customers can now open and operate their NPS accounts through the bank’s mobile banking platform. To open an NPS account through the Kotak mobile banking app, the customer only needs to upload a copy of the PAN card and a photograph, it said. The process is completely paperless, and the account can be opened instantly with just a few clicks, the lender said - Live Mint

🍒 RBI advises Dhanlaxmi Bank to ensure transparency in nominating directors : The Reserve Bank of India (RBI) in June had advised Dhanlaxmi Bank to ensure transparency in the nomination process of directors and follow the best corporate governance practices. The regulator also directed the bank to expedite and complete the process of appointment of directors. The lender currently has just 5 directors, against the maximum strength of 11. It also has two RBI nominees on the board as additional directors. Dhanlaxmi does not have a chartered accountant on board as director after the tenure of the former chartered accountant-director ended on September 30, 2020. - Financial express

🍒 Forex reserves down by $997 million to $638.646 billion : The country’s foreign exchange reserves declined by $997 million to reach $638.646 billion in the week ended September 24, RBI data showed on Friday. - Moneycontrol.

🍒 Gold prices rise by Rs 583 to Rs 46,434/10 gram, silver spikes by Rs 1,463 a kg : Gold prices surged Rs 583 to Rs 46,434 per 10 gram in the Mumbai bullion market tracking a sharp spike in the global market overnight as dollar dipped after US jobless claims rose for the third straight week. The yellow metal rose Rs 160 or 0.35 percent during the week in the domestic market. The price of 10 gram, 22-carat gold in Mumbai was Rs 42,534 plus 3 percent GST, while 24-carat 10 gram stood at Rs 46,434 plus GST. The 18-carat gold is quoted at Rs 34,826 plus GST in the retail market. Silver prices climbed by Rs 1,463 to Rs 59,581 per kg against its closing price on September 30.

🍒 Sensex slips 360 points, Nifty manages to end above 17,500 : The BSE Sensex closed at 58,765.58, down 360.78 points or 0.61 per cent. It hit an intraday high of 58,890.08 and a low of 58,551.14. The Nifty 50 closed at 17,532.05, down 86.10 points or 0.49 per cent.  It hit an intraday high of 17,557.15 and a low of 17,452.90. Mahindra & Mahindra, Coal India, IOC, Ultratech Cement and Dr Reddy were the top gainers on the Nifty 50 while Bajaj Finserv, Maruti, Asian Paints, Bajaj Finance and Bharti Airtel were the top losers.

🍒 Rupee slumps 12 paise to 74.35 against US dollar in early trade : The Indian rupee declined 12 paise to 74.35 against the US dollar in opening trade on Friday, tracking strength of the American currency in the overseas market and a muted trend in domestic equities. At the interbank foreign exchange, the rupee opened at 74.33 against the dollar, then fell further to 74.35, registering a fall of 12 paise over its previous close. - Business Line.

Banking and Financial News Updates for October 1, 2021

 Today's Banking / Financial News at a Glance

🍒 FinMin suggests holding clerical exams for PSBs in regional languages : The finance ministry has suggested the Institute of Banking Personnel Selection to hold clerical recruitment exam for public sector banks (PSBs) in 13 regional languages along with English and Hindi. This decision is based on the recommendation of a committee that was constituted by the ministry to look into the matter of holding examinations for clerical cadre in PSBs in regional languages, an official statement said. The ongoing process of holding the examination initiated by the Institute of Banking Personnel Selection (IBPS) was kept on hold until the recommendations of the committee were made available, it said. - Economic times

🍒 IOB jumps 11% on RBI largesse : Shares of Indian Overseas Bank on Thursday jumped over 11 per cent after the Reserve Bank removed it from the Prompt Corrective Action Framework (PCAF).  The stock zoomed 20 per cent to ₹24.60 during the day on the BSE. It closed at ₹22.80, ₹a gain of 11.22 per cent. The Reserve Bank on Wednesday removed Indian Overseas Bank from PCAF, following improvement in various parameters and a written commitment that the State-owned lender will comply with the minimum capital norms. IOB was placed under PCA in 2015. - Business Line

🍒 New auto debit rules of RBI set to kick in from Friday : With the Reserve Bank of India's (RBI) extended deadline coming to an end, there will be no automatic recurring payment for various services including recharge and utility bill as the additional factor of authentication (AFA) will become mandatory from Friday. On December 4, RBI had directed all banks including RRBs, NBFCs, and payment gateways that the processing of recurring transactions (domestic or cross-border) using cards or Prepaid Payment Instruments (PPIs) or Unified Payments Interface (UPI) under arrangements/practices not compliant with AFA would not be continued beyond March 31, 2021. - Economic times

🍒 Non-food bank credit grows 6.7 pc in August: RBI data : The non-food bank credit grew by 6.7 per cent in August 2021 as compared to 5.5 per cent in the year-ago month, RBI data showed. Bank loans to agriculture and allied activities continued to perform well, registering an accelerated growth of 11.3 per cent in August 2021, as against 4.8 per cent in August 2020, the data showed. The Reserve Bank of India (RBI) on Thursday released data pertaining to 'Sectoral Deployment of Bank Credit - August 2021'. - Economic times

🍒 LIC invites application for post of CFO : IPO-bound insurance behemoth LIC has invited applications from eligible candidates for the post Chief Financial Officer (CFO). Life Insurance Corporation of India (LIC) in a public notice said that the post of CFO would be contractual in nature and the CFO would get remuneration of about Rs 75 lakh per annum. The appointment would be for a period of three years or 63 years of age whichever is earlier, it said, adding, performance will be reviewed on a half-yearly basis. - Economic times

🍒 Interest rates of PPF, Sukanya Samriddhi Yojana, other post office schemes kept unchanged by govt : To not face the ire of fixed income investors, for the sixth quarter in a row, the government has kept the interest rates of small savings schemes unchanged. What this means is that for the quarter ending December 31, 2021, investors in small savings schemes like the Public Provident Fund (PPF) and Sukanya Samriddhi Yojana (SSY) will continue to earn the same interest rate as they were earning during the quarter ending September 30, 2021. New investments made during the October-December 2021 quarter into these schemes will also earn the same interest rates as in the previous quarter. This was announced by the finance ministry via a circular dated September 30, 2021. As per the ministry circular, PPF will continue to earn 7.10%, the NSC will fetch 6.8%, and Post Office Monthly Income Scheme Account will earn 6.6%. - Economic times

🍒 AU Small Finance Bank signs pact with NABARD to boost rural development projects in Rajasthan : Private sector AU Small Finance Bank on Wednesday signed a pact with the National Bank for Rural and Development (NABARD) to boost ongoing rural development initiatives in Rajasthan. According to a statement issued by the bank here, the Memorandum of Understanding (MoU) was signed in the presence of NABARD Chairman G R Chintala, Jaideep Srivastava, Chief General Manager, Rajasthan, and Sanjay Agarwal, Managing Director, AU Small Finance Bank. - Business Line

🍒 Financial services company FIS to hire 10,000 people in India  : Global financial services provider FIS on Thursday announced plans to hire 10,000 people in India in the next one year amid increasing investment and growth prospects.  As part of its 12-month recruitment drive across India, the company plans to onboard more than 10,000 people at all levels and there will be a special focus on hiring graduates from tier II and III cities. - Business Line

🍒 Payback India launches Pay feature on its app, powered by BharatPe : Multi-brand loyalty programme Payback India, which was recently acquired by BharatPe, has launched the Pay feature on its mobile app that integrates QR-based UPI payments and loyalty in a single app. “Payback Pay will enable Payback India’s over 100 million members to make payments by scanning the UPI QR at any retail store or merchant outlet by using the Payback app and earn loyalty points on every transaction,” it said in a statement on Thursday. - Business Line

🍒 Indel Money ties up with IndusInd Bank for gold loan co-lending partnership : Indel Money has tied up with IndusInd Bank for a gold loan co-lending partnership to offer gold loans at competitive rates. “Under the co-lending partnership agreement, Indel Money will originate and process gold loans based on mutually formulated credit parameters and eligibility criteria. The company will service customers through the entire lifecycle of the loans, including sourcing, documentation, collection and loan servicing,” it said in a statement. - Business line

🍒 NPCI is estimating 25 million new mandate registrations for recurring payments by the end of fiscal : The National Payments Corporation of India (NPCI) is estimating a run rate of 25 million new mandates for customers getting registered every month for recurring payments by the end of this fiscal. The federal fintech firm is also looking at a target of processing one billion UPI transactions per day over the next three years. Speaking at The Global FinTech Fest 2021, Dilip Asbe, Managing Director and CEO, NPCI said, “Last year we had about 22 billion UPI transaction volumes and this year we are expecting that to touch 40-42 billion. And annually the value is over one trillion dollars. There is still a possibility of 10X growth in digital payments. We should process about 50 billion transactions on a monthly basis and one billion per day over the next three years. There is a lot to be done, we have just started.” - Busines Line

🍒 Dhanlaxmi Bank shareholders reject appointment of statutory auditor : Dhanlaxmi Bank on Thursday said its shareholders have rejected the appointment of statutory auditor P B Vijayaraghavan & Co. The bank had listed four agendas at its annual general meeting held on Wednesday (September 29), of which two were passed. The shareholders rejected the proposal of appointment of statutory auditors P B Vijayaraghavan & Co, Chartered Accountants, Chennai with 65.44 per cent votes cast against the ordinary resolution, Dhanlaxmi Bank said in a regulatory filing, disclosing the scrutiniser's report of the postal ballot. - Business Standard

🍒 Punjab National Bank buys stake in National Asset Reconstruction Company : Punjab National Bank (PNB) on Thursday said it has purchased 1.8 crore shares of the proposed National Asset Reconstruction Company Ltd (NARCL). "Punjab National Bank has subscribed to 1,80,00,000 shares of National Asset Reconstruction Company Ltd (pending execution of investment agreement)," the bank said in a regulatory filing. NARCL is yet to become operational. It will take over the bad assets of the banks in its own account for speedy resolution of such assets. PNB said the shares have been acquired at a cash consideration of Rs 10 per equity share (at par) and it will complete the transaction by the end of the last quarter of this fiscal. - Business Standard

🍒 Bank of India raises ₹1,800 cr through Basel-III-compliant bonds : Bank of India announced on Thursday that it has raised ₹1,800 crore by issuing Basel-III-compliant bonds. A company statement read, The bank raised ₹1,800-crore Basel-III-compliant tier-II bonds on September 29 on a private placement basis. - Live Mint

🍒 Citi expects 15 bps reverse repo hike in next week's RBI MPC meet : Citigroup Inc. predicts India’s central bank will raise its reverse repo rate next week rather than the December increase expected earlier, becoming one of the first big banks to forecast the rollback of emergency measures as growth recovers and inflation expectations stay high. Governor Shaktikanta Das will probably announce on Oct. 8 a 15 basis point increase in the rate at which banks park excess cash with the Reserve Bank of India, economists Samiran Chakraborty and Baqar Zaidi wrote in a note Thursday. At the same time, Das would reiterate that policy will keep supporting growth for an extended period of time, they added. - Live Mint

🍒 India reports current account surplus of USD 6.5 bln in June quarter : India’s current account balance recorded a surplus of USD 6.5 billion or 0.9 per cent of the GDP in the quarter ended June, primarily due to contraction in the trade deficit and increase in services receipts, according to RBI data. The country had registered a current account deficit of USD 8.1 billion or 1.0 per cent of the GDP in the fourth quarter (January-March) of 2020-21. It was a surplus of USD 19.1 billion or 3.7 per cent of the GDP in the year-ago period. - Financial express

🍒 Kerala High Court asks Dhanlaxmi Bank to adjourn AGM : The Kerala High Court on Wednesday directed Dhanlaxmi Bank to refrain from concluding the annual general meeting scheduled for Wednesday (September 29). The single bench of the high court gave an interim order directing the bank to adjourn the AGM to a day after one month after transacting the businesses included in the agenda for the meeting. The order by Judge PB Suresh Kumar came following a writ petition filed by KN Madhusoodanan, a shareholder of the company, P Mohanan and Prakash DL, seeking a direction to the respondents — the RBI and Dhanlaxmi bank — to discharge their statutory responsibilities under Section 160 of the Companies Act to inform the members about the candidature of the petitioners for the office of the director as mandated under Section 160(2) of the Companies Act. - Financial express

🍒 Foreign exchange reserves rise $34.1 billion in June quarter: RBI data : The country's foreign exchange reserves in nominal terms, including valuation effects, increased by $34.1 billion during the June quarter compared to $27.9 billion in the year-ago period, RBI data showed on Thursday. The valuation gain, reflecting the depreciation of the US dollar against major currencies and increase in gold prices, amounted to $2.2 billion during the April-June 2021 period. In the year-ago period, the same was at $8 billion. The Reserve Bank of India (RBI) on Wednesday released Sources of Variation in Foreign Exchange Reserves in India during April-June 2021. - Moneycontrol.

🍒 Gold prices decline 3.43% in September to Rs 45,851/10 gm; silver crashes Rs 1,734 a kg : Gold prices declined Rs 387 to Rs 45,851 per 10 gram in the Mumbai bullion market on stronger dollar, subdued global cues but the downside was capped by rupee weakness. The yellow metal traded in a tight range on prospects that the U.S. Federal Reserve could soon begin winding down the bond-purchase program. The price of 10 gram, 22-carat gold in Mumbai was Rs 42,000 plus 3 percent GST, while 24-carat 10 gram stood at Rs 45,851 plus GST. The 18-carat gold is quoted at Rs 34,388 plus GST in the retail market. Silver prices tumbled by Rs 1,734 to Rs 58,118 per kg against its closing price on September 29.

🍒 Rupee falls for 5th straight session, settles 9 paise down at 74.23/USD : The rupee declined by 9 paise to end at 74.23 (provisional) against the US currency on Thursday, marking its fifth straight session of fall, amid risk averse sentiments and foreign fund outflows. At the interbank foreign exchange market, the rupee opened on a negative note at 74.28 per dollar as against its previous close of 74.14. It hovered in the range of 74.18 to 74.36 per dollar during the day before ending at 74.23 against the American currency. 

🍒 Sensex drops over 150 points in early trade; Nifty slips below 17,700 : The 30-share Sensex was trading 178.60 points or 0.30 per cent lower at 59,234.67. Similarly, the Nifty declined 49.15 points or 0.28 per cent to 17,662.15. Reliance Industries was the top loser in the Sensex pack, shedding around 1 per cent, followed by PowerGrid, Kotak Bank, Maruti, Bajaj Auto and Axis Bank. On the other hand, Dr Reddy’s, Tata Steel, L&T, NTPC, Bharti Airtel and HUL were among the gainers.

Banking and Financial Updates for September 29, 2021

 29.09.2021 : Today's Banking / Financial News at a Glance

🍒 Indian Bank onboarded as partner bank for offline-online collection of treasury : Public sector Indian Bank on Tuesday said it has become the official partner bank for the collection of offline and online treasury for the Integrated Financial and Human Resources Management System. The Integrated Financial and Human Resources Management System is a portal developed by the government of Tamil Nadu to integrate human resources and finance related services providing a comprehensive management system, Indian Bank said in a bank statement. - Economic times

🍒 Centre starts talks with RBI to kick off bank privatisation process : The government is set to initiate consultations with the Reserve Bank of India (RBI) to devise a new security clearance framework for screening potential bidders of public sector banks (PSBs) as it kick-starts the privatisation process, beginning with the strategic divestment of IDBI Bank. As the government is moving ahead with strategic divestment of IDBI Bank and is looking to privatise two PSBs, the Department of Investment and Public Asset Management (DIPAM) is looking to put in place an appropriate framework as the potential buyers will have to meet the RBI’s fit and proper criteria, said an official. - Business Standard

🍒 Banks, big tech companies, fintech can collaborate to further financial services: Standard Chartered Bank MD Zarin Daruwala : Banks, big technology companies and fintech can collaborate for better customer acquisition and use analytics for an informed credit decision, Standard Chartered Bank MD Zarin Daruwala said on Tuesday. "It is about co-existence that to my mind, will evolve in the next few years," Daruwala said while speaking at a fintech webinar. The payment tech companies and fintech cater to the very low friction customer base and they feel very comfortable using it (their services), she said. "But having said that, the banks are also upping their ante. They are using cloud computing in a big way," she added. - Economic Times

🍒 FinTech regulation should be more entity-based than activity-based: RBI deputy governor : With FinTech and Big Tech players increasing emerging as competitors to incumbent banks, the Reserve Bank of India on Tuesday batted for lenders saying that banks are at the centre of the payments system as they work as a bridge between the depositors and borrowers. Without naming the Google and Equitas tie up to garner deposits, T Rabi Sankar, RBI deputy governor while speaking at the Global FinTech Fest also said that entities other than banks are not allowed to directly deal in deposits. “Banks are uniquely placed to provide this service because they can create money and credit and thereby act as liquidity providers to the economy,” said T Rabi Sankar, deputy governor, RBI. - Economic Times

🍒 Data privacy should not be compromised in using fintech: FM : Finance Minister Nirmala Sitharaman on Tuesday said there should be no compromise on data privacy and safeguard of client data with an increasing number of Indians now using digital mode of payment. Addressing the fintech industry, the minister said the value of digital transactions jumped to Rs 6 lakh crore in January-August 2021 from Rs 4 lakh crore and Rs 2 lakh crore in 2020 and 2019, respectively. "Data privacy is one of the things which is very important and it is an issue on which there can be a lot of contentious views. However, basic respect for privacy...as the guiding principle is well appreciated. - Economic times

🍒 Yes bank scam: HC rejects bail pleas of Rana Kapoor’s wife, daughters ; The Bombay High Court Tuesday rejected bail pleas filed by jailed banker Rana Kapoor’s wife Bindu Kapoor and their daughters Roshini and Radha Kapoor Khanna in a case of alleged fraud caused to Yes Bank Ltd (YBL). Kapoor is the cofounder of YBL who was arrested in the said matter in March, 2020. Justice Bharati Dangre, after hearing all the parties had posted the matter today for the pronouncement of the order. The court gave an oral in the said matter. - Economic times

🍒 ICICI Bank faces intermittent downtime on payment stack : Private lender ICICI Bank on Tuesday faced intermittent issues in its digital delivery for a few hours with some users taking to social media to complain about problems in processing transactions. While it could not be ascertained what was the glitch, it was fixed in a few hours.  Prior to the lender fixing the issue, bank users complained that they were unable to access either their net-banking or the mobile app. Some other users also complained about failure in UPI related transactions. - Economic times

🍒 DHFL lenders set to mark ₹37,400 crore recovery this week, the biggest among NPAs this fiscal : Lenders led by State Bank of India (SBI) are set to log recoveries of ₹37,400 crore this week, as Piramal Capital and Housing Finance's (PCHF) acquisition of Dewan Housing Finance (DHFL) should be completed this month itself, multiple people aware of the deal told ET. Banks will get a mix of upfront cash and non-convertible debentures (NCDs) due in seven years to complete what is billed as the biggest recovery of stressed loans this fiscal. - Economic times

🍒 Insurance cos hope for a hike in PMJJBY premium : Life insurance companies have pitched for a re-pricing of the government’s flagship Pradhan Mantri Jeevan Jyoti Beema Yojana.  According to calculations, the premium would have to be fixed at a little over ₹400 per annum per policy from the current ₹330. - Business Line

🍒 NPCI, YES Bank launch RuPay On-the-Go : The National Payments Corporation of India (NPCI) has partnered with YES Bank to launch a contactless payments solutions --- RuPay On-the-Go. This was launched on Tuesday in association with fintech infrastructure partner, Neokred, and manufacturing partner- Seshaasai at the Global Fintech Festival 2021. “RuPay On-the-Go will allow customers to make small and large value transactions from the accessories they wear every day. This innovative wearable payment solution would redefine the contactless payments space by eliminating the need to carry a physical card and enabling instantaneous payments with a simple ‘Tap, pay, go’ mechanism,” said a statement. - Business Line

🍒 NFRA Chief’s term ends on Thursday; no clarity yet on successor, second term : National Financial Reporting Authority (NFRA) Chairperson Rangachari Sridharan is expected to demit office on Thursday with his three-year tenure coming to an end on September 30. There is still no clarity on whether he will get reappointed although the rules provide for such a step, official sources said. The “competent authority” is yet to take the final call, they added, noting that the matter has to go to the Appointments Committee of the Cabinet (ACC) for approval. Over 70 persons including bureaucrats, chartered accountants and retired judges have applied for the post, it is learnt. - Business Line

🍒 Muthoot Finance launches AI-powered virtual assistant 'Mattu' : Muthoot Finance has joined hands with Senseforth.ai, a leader in Conversational AI technology to launch ‘Mattu’, an AI-powered virtual assistant. Available on the website and mobile app, the intelligent assistant enables users to apply for various kinds of loans, address concerns, and perform transactions like checking account balance, paying gold loan interest, availing loan top-ups, making part payments and much more. - Business Line

🍒 SEBI tightens risk management rules for mutual funds : India's market regulator on Monday tightened risk management rules for mutual funds,including specifying guidelines to identify, measure and report various risks, in an effort to protect the interest of investors in a fast-growing industry. The new rules mandate the appointment of a chief risk officer, creation of risk management committees and maintaining metrics such as investment risk, liquidity risk and credit risk for each scheme, the Securities and Exchange Board of India (SEBI) said. - Business Line

🍒 Bond market sees signals of normalisation in RBI move on 7-day reverse repo : In what is being interpreted as a normalisation signal by the bond market, the Reserve Bank of India (RBI) on Tuesday let the cut-off for the 7-day variable rate reverse repo at 3.99 per cent, or the existing repo rate. RBI accepts excess overnight liquidity from banks at 3.35 per cent, its reverse repo rate. But it also conducts a separate variable rate auction for a longer period under its variable rate reverse repo window. Ideally, the rate should be closer to the reverse repo rate, but the latest cut off touches the repo rate of 4 per cent. - Business Standard

🍒 FinMin officials pitch for better sovereign rating outlook with Moody's : Finance Ministry officials and representatives of rating agency Moody's on Tuesday discussed economic growth prospects, during which India pitched for an upgrade in its sovereign rating outlook. Sources said the meeting was attended by Chief Economic Advisor K V Subramanian and other officers from the Department of Economic Affairs and Moody's analyst. The meeting is a precursor to Moody's annual sovereign rating action. - Business Standard

🍒 Banks put loans worth over Rs 10,000 crore on sale in Q2 : Fifteen banks have placed bad loans worth a total Rs 10,201 crore on sale to asset reconstruction companies (ARCs) so far during Q2FY22, data compiled by FE showed. The assets on the block include some large accounts as well as some loans to small businesses where exposure is under Rs 50 crore. Lenders have been looking to offload some retail and micro, small and medium enterprises (MSME) loans as also some larger non-performing assets (NPAs) where they expect quick resolutions through an auction process. Some of the large assets which are at various stages of the auction process include JBF Industries, Imagicaaworld Entertainment, JBF Petrochemicals, Sew Infrastructure and IVRCL Chengapalli Tollways. - Financial express

🍒 ICICI Bank, SBI customers complain of digital outage in internet, mobile banking channels : Some customers of private sector lender, ICICI Bank and country's largest lender State Bank of India (SBI) on September 28 reported digital outages in the internet and mobile banking platforms. According to the downdetector, a website that tracks digital outages, the outage happened between around 8 AM to 11 AM. Around 217 ICICI Bank customers reported problems with internet banking. According to the website, some customers of the State Bank of India (SBI) too reported problems with internet banking channels. The problems appear to have been resolved at the time of filing this story. - Moneycontrol.

🍒 LIC seeks to appoint CFO before its mega IPO planned in 2021/22 : State-backed Life Insurance Corp of India (LIC) is seeking to appoint a chief financial officer, according to a notification on its website, ahead of an initial public offering slated before the end of the fiscal year. The move to hire a CFO follows a decision to re-designate LIC's top job to chief executive officer from chairman earlier this year. - Moneycontrol.

🍒 Suryoday Small Finance Bank to discontinue ATM services from October 1 : Suryoday Small Finance Bank will discontinue its ATM services from October 1. The bank on its website said, "due to operational reasons, Suryoday Bank ATMs will be discontinued w.e.f. 1st Oct 2021." However, one can continue to use their Suryoday Bank ATM/Debit Card at any other Bank’s ATM for your cash withdrawal requirements, it added. - moneycontrol.

🍒 Sensex, Nifty down 1% amid volatility : The BSE was trading near the day’s low of 59,305.65 at 59,325.43, down 752.45 points or 1.25 per cent. It hit an intraday high of 60,288.44. The Nifty 50 was trading at 17659.45, down 195.65 points or 1.1 per cent. It hit an intraday high of 17,912.8 and a low of 17,654.05. Powergrid, NTPC, Coal India, IOC and ONGC were the top gainers on the Nifty 50 while Bharti Airtel, Divi’s Lab, Bajaj Finance, Tech Mahindra and HCL Tech were the top losers.

🍒 Rupee inches 8 paise higher to 73.75 against US dollar in early trade : At the interbank foreign exchange, the rupee opened at 73.79 against the dollar, then edged higher to 73.75, up 8 paise over its previous close. On Monday, the rupee had settled at 73.83 against the US dollar.

🍒 Gold rate today falls further, near lowest in 6 months; silver rates slump : Gold prices weakened further today in Indian markets amid a slide in global rates. On MCX, gold futures were down 0.52% to near six-month low of ₹45,828 per 10 gram while silver rates dropped 1.3% to ₹59,843 per kg.

Banking and Financial News Update for September 28, 2021

28.09.2021 : Today's Banking / Financial News at a Glance

🍒 RBI imposes Rs 2 crore penalty on RBL Bank : The Reserve Bank of India on Monday imposed a penalty of Rs 2 crore on RBL Bank for breaching deposit, board composition norms. An examination carried out the the RBI showed that the private lender was non-compliant in opening five savings deposit accounts for a co-operative bank. The Statutory Inspection for Supervisory Evaluation (ISE) of the bank was conducted by RBI which took into the account the lender’s financial position as on March 31, 2019. “The examination of the Risk Assessment Report and Inspection Report pertaining to ISE 2019, RBI letter dated October 27, 2020 and related correspondence in the matter, revealed, contravention of directions and non-compliance with opening of five savings deposit accounts in the name of a co-operative bank and failure to comply with the provisions of section 10A(2)(b) of the Act relating to composition of Board of Directors,” the RBI said in a statement. - economic times

🍒 HDFC plans to raise Rs 6,000 crore via bonds : The country's largest mortgage lender Housing Development Finance Corporation (HDFC) will raise up to Rs 6,000 crore by issuing bonds on a private placement basis to augment its long term resources. The bonds in the nature of secured redeemable non-convertible debentures (NCDs) have a base issue size of Rs 3,000 crore with the option to retain oversubscription up to Rs 3,000 crore, HDFC said in a regulatory filing on Monday. - moneycontrol.

🍒 RBI imposes ₹11-lakh penalty on The Jammu & Kashmir State Co-operative Bank :  The Reserve Bank of India has imposed a monetary penalty to ₹11 lakh on The Jammu & Kashmir State Co-operative Bank, Srinagar. The penalty, imposed by an order on September 23, is for contravention of section 23 read with section 56 of the Banking Regulation Act, 1949. “This penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking Regulation Act, 1949,” the RBI said on Monday. - Business Line

🍒 DHFL Case: NCLAT to hear FD, NCD holders and Wadhawan's plea on September 29 : The National Company Law Appellate Tribunal (NCLAT) will hear pleas by fixed deposit and NCD holders of Dewan Housing Finance Corp Ltd (DHFL) and it's former promoter Kapil Wadhawan against the approval of Piramal Capital and Housing's resolution plan for the bankrupt NBFC. In June, the Mumbai bench of the National Company Law Tribunal (NCLT) approved the resolution plan of Piramal Capital and Housing Finance Limited. However, the order was challenged by Wadhawan at the appellate tribunal. - economic times

🍒 Recurring card payments to be affected as new credit, debit card rules kick in from October 1 : Cardholders might witness standing instructions for the payment of their credit card, crash from next month. Instructions may include the likes of content platforms, edtech firms and online ad payments. With the deadline less than a week away, some merchants are yet to be in compliance with RBI’s new requirement of additional factor authentication (OTP) for repetitive payments.As per a TOI report, about 75% banks have set up the technology required to meet RBI's directive. Although, some banks are still in the wait-and-see mode. Banks are intimating customers that some transactions may fail. - economic times

🍒 Avanse Financial Services appoints Vineet Mahajan as CFO : Education-focused non-banking financial company (NBFC) Avanse Financial Services has brought on board Vineet Mahajan as its chief financial officer, said a statement issued today.Mahajan brings a wealth of experience to his new role of managing the financial operations of the organisation, and has more than two decades of extensive experience across various segments of the financial industry. He comes with a strong track record in portfolio securitisation, resource raising, balance sheet finalisation, budgeting, management reporting, regulatory compliance, asset and liability management, and more. - economic times

🍒 Securitisation pool collections improve as restrictions ease: Crisil Ratings : With the gradual phasing out of social restrictions, there has been an improvement in the monthly collection ratios of securitised pools rated by Crisil Ratings.  These had declined between April and June 2021 following the second wave of the Covid-19 pandemic. “The trend in improving collection efficiencies has been seen across asset classes and in a number of segments, the levels are quite close to pre-pandemic levels. Collection ratios in mortgage-backed securitisation (MBS) pools have rebounded to near-100 per cent―their pre-pandemic normal ― in the pay-out months of July and August 2021,” Crisil Ratings said on Monday. - Business Line

🍒 Federal Bank partners with NPCI for RuPay credit card : Federal Bank has partnered with the National Payments Corporation of India (NPCI) to launch the Federal Bank RuPay Signet Contactless Credit Card. “One of the major highlights of this card is, it comes with the lowest Annual Percentage Rate (APR) starting from just 5.88 per cent per annum,” the private sector lender said in a statement on Monday. - Business Line

🍒 ICICI Bank to offer instant OD to sellers registered on amazon.in : ICICI Bank on Monday announced that it has partnered with Amazon India to offer overdraft (OD) facility upto ₹25 lakh to individual sellers and small businesses registered on the e-commerce marketplace amazon.in. “Driven by API integration, the partnership enables sellers to avail an OD from the Bank in a process — from application to sanction to disbursement — that is entirely digital. Even customers of other banks can avail the OD facility from ICICI Bank, if they are registered as sellers with amazon.in,” it said in a statement. - Business Line

🍒 IndusInd Bank, Vistara launch co-branded credit card : Private lender IndusInd Bank on Monday said it has partnered full-service airline Vistara to launch a co-branded credit card.  Called Club Vistara IndusInd Bank Explorer credit card, it aims to fulfil the requirements of customers who prefer being on the go, the bank said in a statement. “It provides the cardholder with a complimentary gold class membership to Club Vistara (CV), the frequent flyer programme of the airline under which, they can earn points on every flight. Cardholders can even redeem their earned CV points to avail award flights," it said. - Live Mint

🍒 ATM players in a tough spot : Stakeholders in the ATM ecosystem, including banks, White Label ATM Operators (WLAOs) and managed service providers (Brown Label ATM operators/ BLAOs), may take a long hard look at their networks in the wake of the Reserve Bank of India deciding to bring in a ‘Scheme of Penalty for Non-replenishment of ATMs’ with effect from October 1. While all players in the ecosystem appreciate the objective of the central bank’s scheme, which seeks to ensure that sufficient cash is available to the public through ATMs, they emphasise it does not take into account the fact that they are up against infrastructure bottlenecks. - Business Line

🍒 Rupee declines by 15 paise to 73.83 versus US dollar : The rupee dropped by 15 paise to close at 73.83 against the US dollar on Monday as a stronger greenback against key rivals and rising crude oil prices weighed on investor sentiment.  Besides, analysts observed that multiple bouts of volatility on the domestic equities front and mixed cues from global financial markets put the rupee under pressure. At the interbank foreign exchange market, the rupee opened on a weak note at 73.70 and slid to the day's lowest level at 73.84 a dollar towards the fag-end of the session. It ventured into positive territory for a brief period and touched a high of 73.60 in the first half of the session.

🍒 PSBs hire just 400 in FY21, but private banks add 17,000 employees : Hiring at Indian banks, one of the country’s largest employers, has come to a disappointing halt. Public Sector Banks (PSBs), having the largest employee base among all commercial banks in the country, hired as fewer as 400 employees in FY21, according to the RBI’s latest Basic Statistical Returns of commercial banks released last week. This is perhaps the lowest net addition ever in the Indian banking history. - the newindia express

🍒 Sensex, Nifty end flat as volatility index roars above 18 : The BSE Sensex closed at 60,077.88, up 29.41 points or 0.05 per cent. It hit an intraday low of 59,887.19. The Nifty 50 closed at 17,855.10, up 1.90 points or 0.01 per cent. It hit an intraday high of 17,943.50 and a low of 17,802.90. Maruti, Mahindra & Mahindra, Tata Motors, ONGC and Hero Motocorp were the top gainers on the Nifty 50 while HCL Tech, Tech Mahindra, Wipro, Divi’s Lab and Bajaj Finserv were the top losers.

🍒 Gold prices dip to Rs 46,170/10 gm on muted global cues, firm dollar; silver down Rs 69 a kg : Gold prices slipped by 104 to Rs 46,170 per 10 gram in the Mumbai retail market on subdued global cues, stronger dollar but the downside was capped by rupee depreciation. The yellow metal was supported by increased demand in China, safe-haven appeal as investors track the ongoing situation of cash-strapped property developer Evergrande.  The price of 10 gram, 22-carat gold in Mumbai was Rs 42,292 plus 3 percent GST, while 24-carat 10 gram stood at Rs 46,170 plus GST. The 18-carat gold is quoted at Rs 34,628 plus GST in the retail market. Silver prices eased by Rs 69 to Rs 60,341 per kg against its closing price on September 24..

Banking and Financial News Updates for September 27, 2021

 27.09.2021 : Today's Banking / Financial News at a Glance

🍒 Banks must turn to markets for money, says Nirmala Sitharaman : Banks should raise funds from markets for their growth rather than depend on the government for recapitalization, Finance Minister Nirmala Sitharaman said. The minister was addressing the annual general meeting of Indian Banks' Association on Sunday. “Banks are today less burdened because books are cleaner,” the finance minister said. “As a result they will able to go and raise money from markets. I have absolute self-interest in pressing this particular aspect because I would think burden on government to recapitalize you will be far lesser.” Sitharaman said the country will need four or five large lenders such as the State Bank of India to meet the challenges of economy and industry. - economic times

🍒 HDFC Bank to double rural reach to 2 lakh villages in two years : Private lender HDFC Bank aims to cover a third of India’s villages, by expanding its reach to two lakh villages in the next 18-24 months. Currently the bank covers 1 lakh villages. The bank plans this expansion through a combination of branch network, business correspondents, business facilitators, and digital outreach platforms. "India's rural and semi-urban markets are under-served in credit extension,” said Rahul Shukla, Group Head – Commercial and Rural Banking, HDFC Bank. “They present sustainable long-term growth opportunities for the Indian banking system. Going forward we dream of making ourselves accessible in every pin code.” - Economic Times

🍒 IBA should push up efforts to deepen banking presence: FM : Union Finance Minister Nirmala Sitharaman on Sunday appealed to banks to reach the nook and corner of the country which have high level of economic activity but continue to lack banking services. Addressing banking industry lobby grouping Indian Banks Association, Sitharaman asked lenders to push up efforts of deepening presence. “Even today many panchayats don’t have a bank branch, I am not saying that you need to have a physical presence everywhere, digitisation has saved a lot of costs without compromising the service banks provide,” the minister said. - Economic Times

🍒 India needs 4-5 'SBI size' banks to meet growing needs of economy: FM Nirmala Sitharaman : India needs 4-5 "SBI size" banks to meet the growing needs of the economy and industry, Finance Minister Nirmala Sitharaman said on Sunday. Addressing the 74th Annual General Meeting of the Indian Banks' Association (IBA), she said the industry needs to imagine how Indian banking has to be in the immediate and long-term future. As far as the long-term future is concerned, she said it is going to be largely driven by digitised processes and there is a need for seamless and interconnected digital systems for a sustainable future for the Indian banking industry. - Economic Times

🍒 Many districts lack bank branches despite high economic activity: FM : Union Finance Minister Nirmala Sitharaman on Sunday said despite the huge thrust on financial inclusion and high economic activity, there are districts in the country not having any banking presence at all. She asked the lenders to get their act together and open either a full-fledged brick-and-mortar branch or an outpost rendering banking services, wondering how banking presence eludes even pockets which have high economic activity. - Business Standard

🍒 DIPAM shortlists Cyril Amarchand Mangaldas as legal advisor for LIC IPO : An official has said that the Government has shortlisted Cyril Amarchand Mangaldas for giving legal advice on upcoming mega initial public offering (IPO) of India's largest insurance company Life Insurance Corporation (LIC). Four law firms — Crawford Bayley, Cyril Amarchand Mangaldas, Link Legal and Shardul Amarchand Mangaldas & Co — had made presentations before the Department of Investment and Public Asset Management (DIPAM) on September 24. - Business Line

🍒 Monetary policy tightening by RBI is several quarters away: Former Dy Guv R Gandhi : The Reserve Bank of India (RBI) is expected to continue with its current accommodative stance to maintain sufficient liquidity in the system and monetary policy tightening is several quarters away as the economic revival has not reached the pre-Covid level, the apex bank's former deputy governor R Gandhi claimed. He said the low-interest rate regime will continue to support the economic activities. "In my assessment, normalisation or monetary policy tightening in India is several quarters away. Definitely, not in the current fiscal. Economy is reviving but we have not reached the absolute pre-Covid level of 2019-20," Gandhi said at an event organised by the Bengal Chamber of Commerce and Industry on Friday. "RBI will do (monetary policy tightening) when the economy will be growing sustainably," he said. - Moneycontrol.

🍒 Now, PFRDA opens doors for more custodians to enter pension space : Pension regulator PFRDA has now paved the way for more players to offer custodial services in the domestic pension market. It has now amended its existing 2015 ‘Custodian of Securities’ regulations, relaxing the entry norms specified earlier.  The relaxation has altered an earlier stipulation requiring a pension fund or its sponsor, trustee bank or a Central record-keeping agency, to hold directly or indirectly not more than 50 per cent shareholding in the custodian. - Business Line

🍒 As China bans cryptocurrencies, Indian exchanges ‘feel the heat’ : China’s blanket ban on crypto mining and transactions resulted in a 9.26 per cent fall in the global cryptocurrency market capitalisation on Sunday and a 29.8 per cent decrease in trading volume. Indian crypto trading ecosystem, too, witnessed a slowdown in trading volume by about 30 per cent. For example, CoinSwitch Kuber saw its total crypto transactions over the weekend plunge by nearly 30 per cent, while there was a 50 per cent decrease in the volume of transactions compared to the average monthly trade volume. - Business Line

🍒 FM Sitharaman thanks IBA for coming up with NARCL, says it is not a 'bad bank' ; Union Finance Minister Nirmala Sitharaman on Sunday said National Asset Reconstruction Company Ltd (NARCL) is not a “bad bank", as is the case in the United States, because it is purely bank driven. “It's a formulation which has saved us from imitating something which we were all averse to, at least for its name. This is not a 'Bad Bank.' It is fine for US to have a ‘Bad Bank’, and eventually we might do the same thing, but because it is bank driven, we will not call it the same," Sitharaman said. - Live Mint

🍒 Sitharaman's address highlights: 'Banks should tell customers about portfolios, offerings 24x7,' says FM : Union Finance Minister Nirmala Sitharaman on Sunday addressed the 74th Annual General Meeting of the Indian Banks' Association (IBA) in Mumbai.  The FM spoke about a slew of issues regarding the banking sector. She said the economy is in a critical stage and banks are the backbone. “I wish IBA rises to this occasion and provides India the best of financial services," she added. - Live Mint

🍒 Rupee Coop Bank depositors oppose DICGIC decision to pay Rs 5 lakh to account holders of stressed coop banks : A group of people claiming to represent the interests of account holders and depositors of Rupee Cooperative Bank has opposed the decision taken by the Deposit Insurance and Credit Guarantee Corporation (DICGC) to pay depositors of 21 stressed cooperative banks a sum of Rs 5 lakh within 90 days. The DICGC has said that, following the amendment of the DICGC Act, it will make payments to depositors within 90 days. Besides PMC, the large banks include Rupee Cooperative Bank, Kapol Cooperative Bank, Maratha Coop Bank, and City Coop Ban, all from Maharashtra. Depositors in these banks have been waiting for years for their money. RBI had placed the banks under its all-inclusive directions, which included restrictions on withdrawal of deposits. - Financial Express

🍒 Primary agriculture cooperative societies to get larger role in running farm schemes: Amit Shah : Union home minister Amit Shah, who also holds the cooperation portfolio, on Saturday said that the Centre will soon unveil a new cooperative policy that will entrust the primary agriculture cooperative societies (PACS) with the task of implementing various government schemes in the farm sector. The government is also planning to facilitate the creation of more PACS so that one such entity is present in every two villages. - Financial Express

🍒 ICICI Pru Life in discussion for onboarding Account Aggregator system: Official : ICICI Prudential Life Insurance Company Ltd (ICICI Pru Life) is in discussion for onboarding the Account Aggregator system, a financial data sharing platform to be regulated by the Reserve Bank. Earlier this month, the government unveiled the Account Aggregator (AA) network to allow sharing of financial data of individuals, which can be used by various financial services providers such as banks, insurers, fintech companies.  “We really look forward to that. We have been in discussion for onboarding on that platform. What the system can really do is that it will digitise the whole journey (of data collection)…today if I have to ask a customer, I will have to ask for his bank statement, income tax statement among others. - Financial Express

🍒 'Sensex can double by 2027, but in near term 5-10% correction can't be ruled out' : Atish Matlawala, Senior Analyst at SSJ Finance & Securities believes the market will remain bullish over the longer time frame due to various policy measures taken by the government. "But we need not rule out correction of 5-10 percent in the shorter term," he said in an interview to Moneycontrol's Sunil Shankar Matkar.We can see considerable upside over the next four years but looking at expensive valuations, we do not believe it can become double by 2025 but of course we believe it can double by 2027..