The board has decided to expand into all financial services for the rural population. SKS would, however, continue to be a strong player in the microfinance business. Financial inclusion would continue to be in the centre of our activities.
What some of our leaders were up to on Monday and Tuesday.
The Reserve Bank of India (RBI) has decided to give new banking licences to create more capacity and competition in the Indian banking space but the right size is yet to be determined. "The right size of a bank remains a debate for the industry," said Deputy Governor Subir Gokarn.
Amidst rising demand from banks that they be allowed to increase user fees and limit free ATMs, RBI Deputy Governor K C Chakrabarty said it is "ridiculous" for a bank to charge its own customers for these services.
The challenge for the RBI in 2024 is likely to be less about containing elevated inflation and more about curbing excessive financial market exuberance and a 'problem of plenty', notes Sajjid Chinoy, Chief India Economist JP Morgan.
The RBI Governor had earlier cautioned the banks on the risks involved in just hunting for numbers, asking them not to compromise on core objectives of the programme.
Raghuram Rajan has appointed him as head of several committees soon after taking charge.
While higher income, educated Indians are financially literate, they aren't really much better off when it comes to planning their financial futures
A healthy track record and 17 years of experience in financial services would be the key strengths of Edelweiss Financial Services in setting up a bank, says chairman and chief executive officer Rashesh Shah, in an interview with Business Standard.
"I would like to resign as an independent director of the bank with effect from January 27, 2020. Given an entity owned and controlled by me has made an application to the RBI for a universal banking license, I felt it was -- in the interest of propriety and corporate governance -- only appropriate that I stepped down from this role," Bansal said in his resignation letter, which was disclosed by Ujjivan SFB in the regulatory filing.
Welcoming the launch of the Bharatiya Mahila Bank, India Inc on Wednesday said the initiative will propel women's financial inclusion, encourage female entrepreneurs and empower women in the country.
While most of Mukherjee's lectures will be closed door for the students taking up the elective, the institute plans to open up one or two sessions for public in November this year.
The top performing microfinance institutions the world over are achieving high growth and profitability.
Walmart-owned digital payments app Phonepe on Thursday said it has raised $350 million at a valuation of $12 billion in a funding round led by private equity firm General Atlantic. "Marquee Global and Indian investors are also participating in the round," PhonePe said in a statement adding the investment marks the first tranche of an up to $1 billion total fundraise that commenced in January 2023. The fundraise follows PhonePe's recently announced change of domicile to India and full separation from Flipkart.
Facebook co-founder and CEO Mark Zuckerberg on Tuesday said India is a very special and important country with a remarkable entrepreneurship culture, as he sought to push deeper the just-launched payments services that allow users to make payments over WhatsApp. Last month, Facebook-owned WhatsApp received approval from the National Payments Corporation of India (NPCI) for rolling out its payments services in India. In 2018, WhatsApp started testing its UPI-based payments services in India -- a global first -- with about a million users.
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During his last visit to India, Khosla had said the focus of Khosla Labs would be to fund innovations around Aadhaar.
Mr Chidambaram could have done more to calm investors.
Foreign portfolio investors (FPIs) have withdrawn over Rs 12,000 crore from Indian equities this month so far, mainly due to a sustained rise in US bond yields and the uncertain environment resulting from the Israel-Hamas conflict. However, the story takes an intriguing turn on observing FPI activity in Indian debt as they have infused over Rs 5,700 crore into the debt market during the period under review, data with the depositories showed. Going ahead, the trajectory of FPIs' investments in India will be influenced not only by global inflation and interest rate dynamics but also by the developments and intensity of the Israel-Hamas conflict, Himanshu Srivastava, associate director - manager research, Morningstar Investment Adviser India, said.
India has undertaken a number of structural reforms.
RBI's licensing norms require a bank to bring down promoter holding to 40 % within 3 years of operation - which, for Bandhan Bank, will be by Aug 23
The gist of the reactions from various quarters to the Reserve Bank of India's (RBI's) discussion paper on entry criteria for new banks in the private sector, as published by RBI, shows that most would like RBI to ensure utmost transparency and discretion in the next stage of growth of Indian banking.
With UPA facing allegations of corruption, Prime Minister Manmohan Singh on Saturday said his government wants to use new technology to curb dishonesty and bring transparency in governance.
The payment mechanism is aimed at checking corruption and pilferage in the social sector schemes that seek to promote financial inclusion.
The lives of the kids Deepa Bhatia portrays in the series are bleak, with small periods of sunshine when they get picked for an ad or serial, punctuating the longer periods of struggle, observes Deepa Gahlot.
As many as 24.27 crore accounts have been opened under the scheme and the percentage of zero balance has come down to 24.43 per cent
After the finance minister directed public sector banks to join the account aggregator (AA) ecosystem, 5-6 major ones, including State Bank of India (SBI) and Bank of Baroda are expected to go live by July-end. Sahmati, an industry alliance for the AA ecosystem, has been working with PSU banks to get them onboarded for quite some time now. So far, Union Bank of India and Punjab National Bank (PNB) have gone live on the AA ecosystem. While Union Bank has been live for a while, PNB went live earlier this month.
As banks are looking at such infrastructure as ancillary assets, wanting to focus on core activity, they're reluctant to commit their resources here, throwing space open for other players.
The RBI has created a stunted business model by which payment banks are supposed to shoulder the noble objective of financial inclusion without being able to make much money.
The apex bank has come out with a discussion paper on entry of new private banks to broaden the reach of banking in the country.
Taking a dig at the system, Prime Minister Narendra Modi on Monday said things have started moving in India under him and the Jan Dhan scheme was being implemented at a rapid pace despite initial reluctance of RBI and bureaucracy.
Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates have been invited to join the grouping.
The submissions were made in an affidavit filed in response to a batch of pleas challenging the Centre's 2016 demonetisation decision.
Tamil Nadu is leaving no stone unturned in marketing its upcoming global investors meeting on January 7 and 8. While business veterans are promoting the positives of the state's industrial climate through the 'Titans of Tamil Nadu" campaign, the state is narrating the human stories behind its robust industrial growth via the 'One Trillion Dreams' campaign. Among the industry bigwigs, who are showcasing Tamil Nadu to the world through this mega marketing initiative include Venu Srinivasan of TVS Motor Company, K M Mammen of MRF Ltd, Pratap Reddy of Apollo Hospitals, P R Venketrama Raja of Ramco Group, Mallika Srinivasan of TAFE; and Vellayan Subbiah of Murugappa Group.
State Bank of India (SBI) wants to extend its footprint to 11,943 unbanked villages, with a population of at least 2,000, this financial year. The country's largest lender recently submitted its plan to the Reserve Bank of India (RBI).
Going by the RBI directive and the overall narrative, Paytm may have lost the rigour of stress tests, audits and compliance.
A senior RBI official said the regulator was focusing on performance of banks' statewise and in each district.
In a bid to step up financial inclusion, the Reserve Bank of India (RBI) has permitted all business correspondents (BCs) or representative of any one particular bank to conduct business for other banks as well.
Against National Democratic Alliance's 75 million target, United Progressive Alliance added 61 million in 2013-14.
Upcoming payment banks will lift lower income groups in distant villages.
More than three crore signatures submitted to PM seeking scrapping of Aadhaar.
