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RBI to set up five-member panel on NUE licenses
- The Reserve Bank of India (RBI) will set up a committee to scrutinize applications and give recommendations on new umbrella entity (NUE) licenses.
- The five-member committee will be headed by RBI chief general manager P Vasudevan
- NUEs will establish their own payment infrastructure to compete with National Payments Corp. of India (NPCI)
- The RBI had in August 2020 issued guidelines for creating “for-profit NUEs”.
RBI removes lending curbs on UCO Bank
- State-owned UCO Bank will no longer be subject to strict lending curbs imposed by the Reserve Bank of India (RBI) in May 2017, as the central bank said on Wednesday that the lender has been taken out of the prompt corrective action (PCA) restrictions.
- Following UCO Bank’s exit, two banks -- Indian Overseas Bank and Central Bank of India -- remain under PCA
- RBI uses PCA framework to rein in banks that have breached certain regulatory thresholds in bad loans and capital adequacy
SEBI to allow T+1 settlement cycle on an optional basis from January 1
- Stock markets in India can soon transfer shares and money into client accounts in under 24 hours with SEBI set to usher in an T+1 (today plus one) settlement cycle for equity transactions from January 1, 2022.
- Now, it takes 48 hours or more for the shares to be transferred into the client account in case of purchase deals. This means a seller cannot demand payment for at least two days since India follows the T+2 settlement cycle.
Industrial production grows 11.5% in July on low-base effect: Govt data
- Industrial production surged 11.5 per cent in July mainly due to a low-base effect and good performance by manufacturing, mining and power sectors but the output remained slightly below the pre-pandemic level.
- The manufacturing sector, which constitutes 77.63 per cent of the Index of Industrial Production (IIP), grew 10.5 per cent in July, according to the data released by the National Statistical Office (NSO)
- In July 2021, the IIP stood at 131.4 points compared to 117.9 points in the same month last year. The index was at 131.8 points in July 2019, as per the NSO data.
- The IIP had contracted by 10.5 per cent in July 2020.
What is Index of Industrial Production (IIP)?
- Index of Industrial Production data or IIP as it is commonly called is an index that tracks manufacturing activity in different sectors of an economy. The IIP number measures the industrial production for the period under review, usually a month, as against the reference period
- There is a lag of six weeks in the publication of the IIP index data after the reference month ends. IIP index is currently calculated using 2011-2012 as the base year.
IIP Index Components:
- Electricity, crude oil, coal, cement, steel, refinery products, natural gas, and fertilisers are the eight core industries that comprise about 40 percent of the weight of items included in the Index of Industrial Production.
- Mining, manufacturing, and electricity are the three broad sectors in which IIP constituents fall.
Axis Bank lists $600 mn AT-1 sustainable bonds on IFSC exchanges
- Axis Bank has listed its $600 million Additional Tier 1 (AT1) sustainable bonds on IFSC (International Financial Services Centre) exchanges at Gujarat International Finance Tec-City (GIFT).
- Previous on August 26th, HDFC Bank became the first Indian lender to list its $1 billion foreign currency additional tier-I (AI-1) bonds, priced at 3.7%, on the International Financial Services Centre (IFSC) of the Gujarat International Finance Tec-City (GIFT).
PNB board approves Rs 6,000 crore capital raising plan
- The board of Punjab National Bank has approved raising of capital through Basel III-compliant Additional Tier-1 (AT-1) bonds and Tier II bonds up to an amount of Rs 6,000 crore.
- The plan approved by the lender’s board includes raising of AT-1 bonds or AT-2 bonds or a combination of both
Read About AT-1 Bond: What are AT-1 Bonds Issued By Banks? Benefits, Risk Associated and Basel -III Norms (Explained)
DBS partners SWIFT for real-time cross-border payment tracking
- DBS has launched real-time online tracking for cross-border collections for businesses in India in partnership with SWIFT Global Payments Innovation (gpi)
- DBS said it is the first bank in India and Asia-Pacific to offer this service to clients, which is expected to benefit close to 4,000 corporate and small business clients in India
Bank retail loans exceed lending to industry for first time
- The retail loans of banks as of 31 July stood at ₹28.59 trillion. On the other hand, the lending to the industry was a little lower at ₹28.25 trillion.
- Retail lending includes loans given to individuals to buy homes, cars, two-wheelers, etc. It also includes credit card outstanding and personal loans
- This is the first time that the outstanding retail lending by banks has crossed lending to the Industry since this date is available from April 2007 Onwards.
SBM Bank India partners fintech startup Lendingkart
- SBM Bank India said it has partnered Lendingkart, a fintech start-up in the working capital space, and launched a customised overdraft facility for over 1 lakh customers of the fintech.
- Indian MSMEs being catered by Lendingkart, can avail the unique overdraft facility powered by SBM Bank India on Lendingkart platform
- Sidharth Rath, managing director and chief executive of SBM Bank India
Jana SFB to build payment gateway for Namma Shaale Nanna Koduge initiative
- Karnataka government has roped in Jana Small Finance Bank (Jana SFB) to build digital payment infrastructure to support its Namma Shaale Nanna Koduge (Our school, my contribution) initiative.
- The Namma Shaale Nanna Koduge software was launched on September 5 to provide accessibility to donors who wish to donate money to government schools in Karnataka.
Hurun India Future Unicorn List 2021: India becomes the world's third largest startup ecosystem, follows USA, china
- The Hurun Research Institute released the Hurun India Future Unicorn List 2021, a ranking of India’s start-ups founded in the 2000s, worth at least US$200mn, not yet listed on a public exchange and most likely to ‘go unicorn’ within 2 years (Gazelles) or 4 years (Cheetahs).
- As per the report, India is the third largest Unicorn ecosystem in the world after US and China.
South Indian Bank launches SIB-OneCard credit card
- The Kerala-based lender South Indian Bank, in association with OneCard, launched the SIB – OneCard Credit Card.
- The internationally valid credit card on the Visa Signature platform can be controlled through the OneCard App.
- Previously, SBM Bank partners with OneCard to launch mobile-based credit card
Karnataka Bank launches WisePOSGo
- Karnataka Bank in collaboration with Mswipe Technologies Pvt., Ltd. launched WisePOSGo – a point of sales (POS) device that processes business payments of its merchant customers.
- The POS machine is an all-in-one swiping machine loaded with advanced features, including contact-less payment, mobile phone, QR Code, Pay by link, Magstripe, barcode scanner, 5 megapixel camera etc.
- Karnataka Bank managing director and CEO M.S. Mahabaleshwara
Paytm Money launches wealth and investment advisory marketplace on its platform
- Paytm Money, a wholly owned subsidiary Paytm, has partnered with WealthDesk, a start-up, to offer curated investment portfolios called WealthBaskets.
- The partnership with WealthDesk is the first step of Paytm’s efforts to create a wealth and investment advisory marketplace on its platform, to offer curated advisory services and products to retail investors.
- Paytm Money CEO, Varun Sridhar
Kuvera ties up with Amazon Pay India for wealth management services
- Investment platform Kuvera.in has tied up with Amazon Pay India to provide its wealth management services to Amazon Pay’s users.
- To begin with investments into mutual funds and fixed deposits will be made available.
Amul ranks 18th in Rabobank 2021 Global Dairy Top 20 Report
- Amul, Gujarat Cooperative Milk Marketing Federation (GCMMF) has dropped two places to rank 18th in Rabobank’s 2021 Global Top 20 Dairy Companies list.
- Amul was placed at 16th spot in 2020. Amul has achieved an annual turnover of $5.3 billion.
- French-based dairy company Lactalis has topped the list as the world’s largest dairy company with a turnover of US $23.0 billion.
Exim Bank extends line of credit of USD 40 million to Maldives
- Export-Import Bank of India on Thursday said it has extended USD 40 million (around Rs 292 crore) worth of line of credit (LOC) to the Maldives government to provide finance for the development of sports infrastructure.
- With this, Exim Bank till date has extended five LOCs to Maldives, on behalf of the Indian government, taking the total value of LOCs to USD 1.33 billion
- Exim Bank has now in place 276 LOCs, covering 62 countries in Africa, Asia, Latin America Oceania and the Commonwealth of Independent States (CIS), with credit commitments of around USD 27.02 billion, available for financing exports from India
Exim Bank extends $100 mn loan to Africa Finance Corp for infra development
- Exim Bank of India has extended a line of credit of USD 100 million (Rs 730 crore) on behalf of the Indian government to the Africa Finance Corporation (AFC) to develop infrastructure in the continent and boost economic revival of countries in the region.
- AFC is an infrastructure solutions provider in the African continent. The tenure of the soft loan is 10 years.
PhonePe launches the "Pulse" of Digital Payments, India's first interactive geospatial website
- Payments and financial services company, PhonePe, on Thursday announced the launch of PhonePe Pulse, an interactive geospatial website, which provides insights and granular data on digital payment trends in India.
- PhonePe Pulse is India's go-to destination for accurate and comprehensive data on digital payment trends
- The Pulse website reveals digital transaction habits of over 300 Mn Indians at a district level
PayNearby launches NeoDukaan to modernize trade and accelerate digital adoption
- PayNearby has associated with Retailers Association's Skill Council of India (RASCI) to launch “PayNearby NeoDukaan” to digitally upgrade its retail partners and gear them towards a better livelihood.
- NeoDukaan offers one-click process to take stores online with digital ledger for better credid management and unified platform offering wholesale procurement options.
- Mr. Anand Kumar Bajaj, Founder, MD & CEO, PayNearby
BharatPe ties up with Axis Bank on point of sale devices
- BharatPe announced a strategic partnership with Axis Bank under which the private lender will act as the acquiring bank for BharatPe’s point of sale (PoS) business BharatSwipe.
- BharatPe launched its PoS machine, BharatSwipe, last year as India’s first zero rental and zero merchant discount rate (MDR) PoS machin
Ujjivan Financial Services Ltd, the holding company of Ujjivan Small Finance Bank appointed its company secretary Sanjeev Barnwal as the chief executive, effective 10 September.
News Source : ET, BL, BS, FE and Mint
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