M Nagaraju, Secretary, Department of Financial services At the...
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High employee attrition of 25% in private banks pose operational risk: RBI
"High attrition and employee turnover rate pose significant...
Climate change risks impacting financial system, need India-specific data: RBI’s Dy Gov
“Over the last few years, we have taken several incremental...
India’s fintech market to triple to Rs 6.2 lakh cr by 2025: MoS Finance Karad
Minister of State for Finance Bhagwat K Karad said that India has been ranked number one in terms of digital transactions and the total digital transactions have crossed 25 billion.
India provides a great ecosystem for Fintech development like access to bank accounts under the PM Jandhan Yojana, digilockers and scalable platforms including UPI.
LIC picks up nearly 4 pc stake in Bank of India through open market transaction
LIC has picked up nearly 3.9 per cent (15,90,07,791 shares) of the bank through open market acquisition on September 2, 2021, Bank of India said in a regulatory filing.
Before the latest acquisition of shares in the bank, LIC held over a 3.17 per cent stake in the state-owned bank.
India aims to open finance to millions with user-data system
Regulators agreed to allow banks, pension funds, tax authorities, insurers and other finance firms to pool together customer information — once the user consents — to make transactions smoother. If the system works, firms will be able access large amounts of data within seconds to assess the creditworthiness of a small business, recommend a wealth management product for an individual, or tailor an insurance policy for a family.
The Account Aggregator system, years in the planning, was formally introduced on Thursday. It’s an ambitious approach that combines privacy protection with credit reporting.
Axis Bank raises $600 mn through ESG-compliant AT1 bonds sale overseas
Merchant bankers also said this was only the third environment, social and governance (ESG)-themed bond issue by any lender globally and the first one in India.
RBI issues direction on compensation of private banks’ top officials
The RBI issued the clarification saying “it has been observed” that banks do not recognise grants of the share-linked compensation as an expense in their books of account concurrently.
Jan Dhan accounts exceed 430 mn in 7 yrs, total deposits over Rs 1.46 trn
This national mission was launched to ensure people have access to financial services, namely, banking, remittance, credit, insurance, pension in an affordable manner.
On the road ahead, the finance ministry said, eligible PMJDY account holders will be sought to be covered under the Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).
As on August 18, 2021, the number of total PMJDY accounts stood at 430.4 million. Of this, 55.47 per cent (23.87 crore) Jan-Dhan account holders are women and 66.69 per cent (28.70 crore) holders are in rural and semi-urban areas, the finance ministry said in a statement.
Out of total 430.4 million PMJDY accounts, 368.6 million or 85.6 per cent are operative, and the average deposit per account is Rs 3,398, as per the statement.
Increase in average deposit is another indication of increased usage of accounts and inculcation of saving habit among account holders, it said.
RBI extends scope of tokenisation to laptops, wearable devices
Tokenisation, which aims at improving the safety and security of the payment system, refers to the replacement of actual card details with a unique alternate code called the ‘token’, which is unique for a combination of card, token requestor and identified device.
China’s planned anti-sanctions law for Hong Kong unsettles financial sector
Under the planned law, if financial institutions in Hong Kong implement U.S. sanctions, they may be exposed to legal risk in Hong Kong for doing so, financial sector executives and lawyers said.
“Many foreign multinational companies are asking about the impact of the anti-foreign sanctions law, especially international banks and financial institutions,” said Shaun Wu, a Hong Kong-based partner at law firm Paul Hastings.
FDI proposal for bank-promoted insurance firm to be vetted by RBI, Irdai: Govt notification
”Applications for foreign direct investment in private banks having joint venture or subsidiary in insurance sector may be addressed to the Reserve Bank for consideration in consultation with the Insurance Regulatory and Development Authority of India (IRDAI), in order to ensure that the limit of foreign investment applicable for the insurance sector as specified in serial number F. 8.1 and F. 8.2 is not breached,” the notification said.
FM to meet CEOs of public sector banks on Aug 25 to review financial performance
Interestingly, this would be the first physical review meeting since the outbreak of the pandemic in March last year. The meeting is expected to take stock of the banking sector, progress on restructuring the 2.0 scheme announced by the Reserve Bank of India (RBI), sources said, adding that banks may be nudged to push loan growth in productive sectors.
The revamped Rs 4.5 lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) would also be reviewed during the meeting likely to be held in Mumbai, sources said.