NFO Alert: Bajaj Finserv AMC’s Entry into ETF Market with Launch of Nifty 50 and Nifty Bank ETF
Bajaj Finserv Mutual Fund, a subsidiary of Bajaj Finserv Limited, has announced the launch of two new exchange-traded funds (ETFs) as part of its new fund offers (NFOs). The schemes, namely Bajaj Finserv Nifty 50 ETF and Bajaj Finserv Nifty Bank ETF, opened for subscription on January 15, 2024, and will close on January 18, […]
Digital Co-Lending Revolution: Karnataka Bank and Clix Capital Collaborate via Yubi Platform
A new partnership to serve the MSME sector Karnataka Bank, a leading private sector bank, and Clix Capital, a fast-growing new-age NBFC, have announced a strategic digital co-lending partnership through YubiCo.Lend platform. The partnership is aimed at providing loans to the Indian MSME sector, which is one of the biggest contributors to India’s GDP and […]
RBI’s Draft Guidelines for Fintech Self-Regulation: A New Era in Financial Technology
The Reserve Bank of India (RBI) has recently released a draft framework for recognising Self-Regulatory Organisations (SRO) for the FinTech sector, inviting comments and feedback from stakeholders and the public by the end of February 2024. The draft framework aims to achieve a healthy balance between facilitating innovation by the industry and meeting regulatory priorities […]
IREDA and Indian Overseas Bank Join Forces to Co-Finance Renewable Energy Projects
A New Partnership for Green Energy State-owned Indian Renewable Energy Development Agency (IREDA) and Indian Overseas Bank (IOB) have signed a memorandum of understanding (MoU) to co-finance renewable energy projects in India. The agreement was signed in the presence of IREDA CMD Pradip Kumar Das and IOB MD and CEO Ajay Kumar Srivastava in New […]
Housing Finance Companies to Follow NBFC Standards: RBI’s New Deposit Rules
In a significant regulatory shift, the Reserve Bank of India (RBI) has proposed new rules for Housing Finance Companies (HFCs) to align them with the standards applied to Non-Banking Financial Companies (NBFCs). This move aims to tighten deposit mobilization rules and introduce a more robust regulatory framework. Key Changes Proposed The RBI’s move to harmonize […]
Veefin’s SmartFin: Yes Bank’s New Solution for Streamlining Supply Chain Finance Digitally
Yes Bank, one of the leading private sector banks in India, has launched SmartFin, an advanced digital platform for supply chain finance (SCF) in collaboration with Veefin Solutions, a fintech company that specializes in SCF solutions. The platform aims to support micro, small and medium enterprises (MSMEs) by providing them with easy access to working […]
Breaking Records: REC Limited’s 61.1 Billion Yen Green Bonds Lead India’s Green Revolution
REC Limited, a leading government-owned infrastructure finance company in India, has made a significant foray into the international green finance market by successfully issuing its inaugural Yen Denominated Green Bonds. The issuance, totaling 61.1 Billion Japanese Yen (approximately 555 million USD), marks a milestone in REC’s commitment to sustainability and renewable energy initiatives. Green Bonds […]
India and Singapore Connect Through NPCI’s UPI-PayNow Linkage
Revolutionizing Cross-Border Transactions India and Singapore have taken a significant leap in financial technology by integrating their digital payment systems, UPI (Unified Payments Interface) and PayNow. This integration marks a major milestone in the evolution of international financial transactions, paving the way for a more connected global economy. The UPI-PayNow Linkage: A Game-Changer The linkage […]
Government Receives Whitelist of Loan Apps from RBI Governor Shaktikanta Das, Non-Compliant Apps to Face Repercussions
RBI Shares Whitelist of Loan Apps Reserve Bank of India (RBI) Governor Shaktikanta Das announced that the central bank has shared a whitelist of lending apps with the Centre. The list was compiled from loan apps used by regulated entities such as banks and non-banking financial companies (NBFCs). Action Against Illegal Loan Apps The Union […]
Shree Mahalaxmi Mercantile Co-operative Bank Loses Licence: RBI’s Immediate Action
Immediate Cancellation The Reserve Bank of India (RBI) has cancelled the licence of The Shree Mahalaxmi Mercantile Co-operative Bank Ltd., Dabhoi, Gujarat, with immediate effect. The bank has ceased to carry on banking business from the close of business on January 12, 2024. Reasons for Cancellation The Shree Mahalaxmi Mercantile Co-operative Bank does not have […]