Public Sector Banks to Present 3-Year Business Plans by March
India’s public sector banks (PSBs) are burning the midnight oil to meet a critical deadline set by the government. As per recent directives, all PSBs must submit comprehensive business plans for the period 2024-27 by March 31st, 2024. This directive applies to all state-owned lenders, encompassing giants like State Bank of India (SBI), Punjab National […]
Muthoot Microfin Ventures into Telangana Market
Muthoot Microfin, a major player in India’s microfinance sector with over ₹9,209 crore in Assets Under Management (AUM) reported in FY23, announced its re-entry into the Telangana market after a 13-year hiatus. This strategic expansion is projected to significantly boost the company’s growth. Analysts predict a potential increase of over 35% in AUM to ₹12,500 […]
RBI Increases Retail Loan Scrutiny, Eyes Top-Up Home Loans
India’s central bank, the Reserve Bank of India (RBI), is signaling a shift in its stance on retail lending. According to a report by a leading credit rating agency, retail loan disbursements in India surged by a whopping 18% year-on-year in the first half of 2023, reaching a staggering ₹ 15 lakh crore. This rapid […]
Max India Antara, IIT Delhi Collaborate for Senior Citizen Care
India’s demographic is rapidly shifting, with the elderly population projected to reach a staggering 300 million by 2050. This necessitates innovative solutions to address the challenges faced by senior citizens, particularly concerning assisted living and healthcare. Recognizing this critical need, Max India’s subsidiary, Antara Assisted Living, has joined forces with the prestigious Indian Institute of […]
T+0 Settlement Beta: SEBI Begins Trading with 25 Scrips
The Indian stock market is set for a potential shakeup with the introduction of T+0 settlement beta. Announced by the Securities and Exchange Board of India (SEBI) in March 2024, this program marks a significant shift from the existing T+1 settlement cycle, where trades settle one business day after execution. T+0 Explained: Same-Day Settlement Under […]
IIT Roorkee, Ministry of Heavy Industries Partner in Auto, EV Sector
India’s electric vehicle (EV) sector is poised for a significant leap forward, fueled by a collaborative effort backed by a substantial financial investment. The Ministry of Heavy Industries (MHI) and IIT Roorkee have joined forces, signing a Memorandum of Understanding (MoU) to establish a Centre of Excellence (CoE) and an Industry Accelerator at the esteemed […]
Shivalik Bank, Arya.ag Partner for Commodity Financing
In a significant development for the Indian agricultural sector, Shivalik Small Finance Bank and Arya.ag, a leading integrated grain commerce platform, have joined forces. This strategic partnership aims to empower a critical segment of the economy – farmers, agro-processors, and micro-enterprises – by facilitating over ₹200 crore in warehouse receipt financing during the current financial […]
RBI Drafts Rules for Climate Risk Disclosure by Financials
The Reserve Bank of India (RBI) has taken a commendable step towards environmental sustainability in the financial sector by proposing mandatory climate risk disclosure for regulated entities. This move, outlined in the draft framework titled “Disclosure Framework on Climate-related Financial Risks, 2024”, signifies India’s commitment to integrating climate considerations into financial decision-making. A Four-Pillar Approach […]
RBI : No New Co-Branded Credit Cards from Federal, South Indian Banks
The Reserve Bank of India (RBI) has taken a significant step towards strengthening co-branded credit card regulations in India. Effective March 12, 2024, Federal Bank and South Indian Bank, which collectively hold a substantial market share in co-branded credit cards (estimated at 15-20% by industry analysts), have been barred from issuing new cards due to […]
bob Earth Green Term Deposit Scheme by Bank of Baroda
Public Sector Banking Giant Champions Environmental Responsibility In a significant move that underscores India’s commitment to environmental sustainability, Bank of Baroda, a leading public sector bank, announced the launch of the bob Earth Green Term Deposit Scheme on March 11, 2024. This innovative program caters to environmentally conscious individuals and Non-Resident Indians (NRIs) seeking to […]