City Union Bank Launches Eight Innovative Payment Products at Global Fintech Fest 2024.
At the Global Fintech Fest 2024, City Union Bank unveiled eight innovative digital payment products aimed at enhancing financial operations for Micro, Small, and Medium Enterprises (MSMEs) and retail customers. The offerings include Delegate payments, UPI Lite auto top-up, National Common Mobility Card, Credit line on UPI, Rupay credit card on UPI, Loan against securities (Mutual Fund), and Open Network Digital Commerce (ONDC) solutions for MSMEs and retail. These products streamline payment processes, improve transaction security, and facilitate better management of financial operations, showcasing the bank's commitment to advancing India’s fintech landscape in collaboration with fintech partners.
The new offerings will seamlessly integrate with existing banking infrastructure, minimizing disruption for customers.
Special attention has been given to ensure that these digital solutions are accessible to all customers, including those in rural areas.
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Asian Development Bank Approves United States Dollar (USD) 50 Million Loan for Water Resource Management and Climate Resilience in Meghalaya.
The Asian Development Bank (ADB) has approved a loan of United States Dollar (USD) 50 million to enhance water resource management and climate resilience in Meghalaya, India. This funding aims to improve the state's capacity to manage its water resources effectively and adapt to the impacts of climate change. The project will focus on sustainable practices, including the development of infrastructure for water supply and irrigation, as well as community engagement in resource management. ADB's support will contribute significantly to the state's efforts to mitigate water-related challenges and promote sustainable development in the region.
Improved water management will enhance agricultural productivity and support local farmers in Meghalaya, fostering economic growth.
Strengthening community involvement in resource management will ensure sustainable practices and better resilience against climate change impacts.
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SBI Sanctions ₹10,050 Crore Loan to Damodar Valley Corporation for Developing 1,600 Megawatt Ultra Super Critical Thermal Power Plant in Koderma.
State Bank of India (SBI) has approved a loan of ₹10,050 crore to the Damodar Valley Corporation (DVC) for the development of a 1,600 Megawatt Ultra Super Critical Thermal Power Plant (USCTPP) in Koderma, Jharkhand. This project aims to enhance the region's power generation capacity and improve energy supply reliability. The USCTPP will utilize advanced technology to ensure efficient and eco-friendly electricity production. The collaboration between SBI and DVC underscores the bank's commitment to supporting infrastructure projects that contribute to sustainable energy development and economic growth in the region.
The project will create numerous job opportunities, boosting the local economy and supporting community development in Koderma.
By adopting advanced technology, the plant aims to minimize environmental impact while meeting rising energy demands.
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RBI Allows Resident Overseas Citizens of India (OCI) Cardholders to Access Loans for International Studies.
The Reserve Bank of India (RBI) has announced that Resident Overseas Citizens of India (OCI) cardholders are now eligible for loans to study abroad. This new guideline aims to facilitate higher education for OCI cardholders residing in India, broadening their access to financial support. The RBI’s decision reflects a commitment to supporting international education opportunities and easing financial barriers for students. OCI cardholders, who are residents in India, can now apply for study loans under this updated framework, enhancing their ability to pursue academic programs at international institutions. This move is expected to benefit many students aiming for higher education overseas.
OCI cardholders residing in India can access education loans for undergraduate and postgraduate programs abroad.
The RBI’s move aims to support educational aspirations of OCI cardholders and enhance their global opportunities.
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Union Bank of India Becomes the First Major Bank to Join the Partnership for Carbon Accounting Financials (PCAF).
Union Bank of India has achieved a significant milestone by becoming the first major Indian bank to join the Partnership for Carbon Accounting Financials (PCAF). PCAF is a global initiative aimed at developing and implementing a standard for carbon accounting in the financial sector. By joining PCAF, Union Bank of India commits to measuring and managing the greenhouse gas emissions associated with its loan and investment portfolios. This move aligns with the bank's sustainability goals and demonstrates its leadership in environmental responsibility. It marks a crucial step in enhancing transparency and accountability in the financial industry's efforts to combat climate change.
Union Bank of India's PCAF membership will enhance its climate risk management and transparency in financial reporting.
The bank's PCAF involvement reflects a commitment to global climate initiatives and supports sustainable finance practices.
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TPSSL (Tata Power Solar Systems Limited) Partners with ICICI Bank to Offer Solar Loans.
Tata Power Solar Systems Limited (TPSSL) has teamed up with ICICI Bank to offer solar loans, aiming to boost the adoption of solar energy in India. This collaboration is designed to simplify the financing process for customers seeking to install solar power systems. The solar loans will feature attractive interest rates and flexible repayment options, making it easier for individuals and businesses to invest in renewable energy solutions. This initiative aligns with both TPSSL’s and ICICI Bank’s commitment to promoting sustainable energy practices and reducing carbon footprints across the country.
The partnership aims to accelerate India’s transition to renewable energy by making solar installations more affordable.
ICICI Bank’s expertise in financial solutions complements TPSSL’s leadership in solar technology, enhancing customer access.
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Piramal Finance and Central Bank of India Form Strategic Co-Lending Partnership.
Piramal Finance and Central Bank of India have announced a strategic co-lending partnership aimed at expanding access to credit for underserved segments. This collaboration will leverage the strengths of both institutions to provide customized financial solutions, enhance customer reach, and improve loan disbursement processes. The partnership seeks to combine Piramal Finance's expertise in retail lending with the Central Bank of India's extensive network, facilitating easier and more efficient loan access for individuals and small businesses. This initiative reflects a commitment to supporting financial inclusion and fostering growth in key economic sectors.
The partnership will offer innovative loan products tailored to specific needs of diverse customer segments.
Both institutions aim to streamline loan approval processes, reducing turnaround times for borrowers.
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India and ADB Sign $500 Million Loan Agreement to Enhance Tertiary Health Care and Medical Education in Maharashtra.
India and the Asian Development Bank (ADB) have signed a $500 million loan agreement aimed at improving tertiary health care and medical education in Maharashtra. The agreement will fund upgrades to health facilities, including new hospitals and advanced medical equipment, and enhance medical training programs to address the region’s healthcare needs. This initiative is expected to bolster the quality of healthcare services and medical education, providing better resources and training for healthcare professionals. The project is part of a broader effort to strengthen India's healthcare infrastructure and ensure more effective and accessible medical care across the state.
The loan will support the development of advanced diagnostic facilities and specialized medical training programs in Maharashtra.
The project aims to address healthcare disparities and improve overall health outcomes for the population in the state.
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BharatPe to Offer Secured Loans to Merchant Partners Through Partnership with OTO Capital and Volt Money.
BharatPe has announced a new initiative to provide secured loans to its merchant partners through strategic partnerships with OTO Capital and Volt Money. This collaboration aims to enhance the financial support available to small and medium-sized businesses by offering customized loan solutions. The secured loans will help merchants manage their cash flow more effectively and expand their operations. BharatPe’s move underscores its commitment to empowering local businesses and fostering growth within the sector. The integration with OTO Capital and Volt Money is expected to streamline the loan application process and provide more accessible financing options for BharatPe's extensive merchant network.
BharatPe's partnership provides tailored loan solutions, ensuring better financial flexibility and business growth for its merchants.
The collaboration aims to streamline loan processing, reducing turnaround times and enhancing accessibility for small businesses.
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SEBI Introduces New Guidelines for Borrowing by Category-I and Category-II Alternative Investment Funds (AIFs) and Loan and Venture Funds (LVF) Tenure Extension.
The Securities and Exchange Board of India (SEBI) has announced new guidelines affecting Category-I and Category-II Alternative Investment Funds (AIFs) and Loan and Venture Funds (LVF). The updated rules outline stricter regulations for borrowing by these funds to enhance transparency and financial stability. Additionally, SEBI has introduced provisions for extending the tenure of LVFs, providing more flexibility to fund managers in managing their investments. These measures aim to improve the overall functioning of AIFs and LVFs and ensure a more robust investment environment.
SEBI mandates enhanced disclosure requirements for borrowing activities of Category-I and Category-II AIFs to ensure transparency.
New guidelines also include stricter compliance norms for LVFs to mitigate risk and enhance investor protection.
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LIC Housing Launches "Griha Rakshak" Home Loan Scheme for Armed Forces Personnel.
LIC Housing Finance Ltd. has launched the "Griha Rakshak" home loan scheme specifically designed for armed forces personnel. This initiative aims to provide financial assistance for purchasing or constructing a home. The scheme offers competitive interest rates, flexible repayment options, and benefits tailored to the unique needs of military personnel. LIC Housing recognizes the dedication and service of the armed forces and seeks to support them in achieving their homeownership dreams. The "Griha Rakshak" scheme is expected to empower soldiers and their families by making homeownership more accessible and affordable.
The "Griha Rakshak" scheme includes special interest rate discounts for women applicants in the armed forces.
The scheme offers a simplified application process to accommodate the unique circumstances of military personnel.
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Bank of Baroda Secures ₹5,000 Crore Loan Deal with SAIL.
Bank of Baroda (BoB) has secured a significant loan deal worth ₹5,000 crore with Steel Authority of India Limited (SAIL). This agreement is expected to bolster SAIL’s financial position and support its expansion plans. The loan will help SAIL enhance its production capabilities and invest in infrastructure, aiming to improve operational efficiency and meet growing demand in the steel sector. The collaboration between BoB and SAIL highlights the bank’s commitment to supporting major industrial projects and SAIL’s focus on strengthening its market presence through strategic financial partnerships.
The loan agreement will enable SAIL to modernize its facilities and boost production efficiency.
Bank of Baroda aims to strengthen ties with major industrial clients through such large-scale financial arrangements. बैंक ऑफ बड़ौदा इस प्रकार की बड़ी वित्तीय व्यवस्था के जरिए प्रमुख औद्योगिक ग्राहकों से संबंध मजबूत करेगा।
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Kotak Band Announces Amalgamation of Sonata Finance and BSS Microfinance.
Kotak Band has announced the amalgamation of Sonata Finance and BSS Microfinance. This strategic move aims to consolidate their financial services and enhance their market position. Sonata Finance, known for its robust portfolio in retail lending, and BSS Microfinance, a leader in micro-loans, will now operate under a unified structure. The merger is expected to streamline operations, improve efficiency, and offer a broader range of financial products to customers. Kotak Band believes this integration will strengthen their foothold in the finance sector and create new growth opportunities for the combined entity.
The merger is set to enhance customer access to diverse financial services and expand market reach.
Both companies will leverage combined resources to innovate and improve financial solutions for their clientele.
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RBI penalized Bank of Maharashtra with Rs 1.27 crore for breaching directives like Know Your Customer(KYC).
The Reserve Bank on Friday said it has imposed a penalty of Rs 1.27 crore on Bank of Maharashtra (BoM) for violating its directions, including on Know Your Customer. The Reserve Bank of India (RBI) has, by an order dated August 8, 2024, imposed a monetary penalty of Rs 1.27 crore on Bank of Maharashtra for non-compliance with certain directions issued by RBI on 'Loan System for Delivery of Bank Credit', 'Cyber Security Framework in Banks' and 'Know Your Customer', the central bank said in a statement.
The penalty is for breaching regulatory directives, including lapses in Know Your Customer (KYC) compliance.
This fine reflects the RBI's enforcement of compliance standards and the consequences for banks failing to meet regulatory requirements.
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"Fintech Startup Jai Kisan Wins NBFC Licence and Targets Loan Distribution and Co-Lending.
Rural-focused fintech startup Jai Kisan has obtained a non-banking finance company (NBFC) licence following its acquisition of a majority stake in Kushal Finnovation Capital, an NBFC specialising in supply chain financing. Arjun Ahluwalia, cofounder and chief executive officer of Jai Kisan is a non-executive director of Kushal Finnovation Capital. With this new NBFC licence, Jai Kisan can now offer customised financial products including loans from its own portfolio. The company will also be able to enter into co-lending partnerships with financial institutions, including public sector banks in India.
Jai Kisan plans to leverage the licence for enhanced loan distribution and co-lending activities.
With the NBFC licence, Jai Kisan aims to offer more comprehensive financial services and improve access to credit in rural communities.
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Power Finance Corporation (PFC) Secures JPY 25.5 Billion Loan for OKPPL(Okinawa Electric Power Company) Wind Project.
Power Finance Corporation (PFC) has secured a loan of JPY 25.5 billion (approximately INR 1,700 crore) to support the wind energy project of OKPPL (Okinawa Electric Power Company). This significant financing will aid in the development and expansion of wind power capacity, aligning with PFC's commitment to promoting renewable energy sources. The funds will be utilized for various stages of the wind project, including infrastructure development and technology implementation, reinforcing PFC's role in fostering sustainable energy solutions.
The loan will enhance OKPPL’s wind energy capacity and contribute to Japan’s renewable energy goals.
PFC’s involvement underscores its role in financing global green energy initiatives and advancing sustainability.
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"RBI Extends Maturity Date Scheme for Kisan Credit Card (KCC) Agricultural Loans to FY25"
The Reserve Bank of India (RBI) has announced an extension of the Maturity Date Extension Scheme (MISS) for agricultural loans provided through the Kisan Credit Card (KCC) for the fiscal year 2025. This decision aims to provide additional support to farmers by allowing them more time to repay their loans. Under this scheme, the maturity dates of loans can be extended, helping farmers manage their financial commitments better, especially in challenging agricultural conditions. This move is expected to ease the financial burden on the farming community and improve their access to credit.
The extension aims to provide relief during unpredictable weather conditions affecting agricultural productivity.
Farmers can now access longer-term repayment plans under the KCC scheme for better financial stability.
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"RBI Extends Maturity Date Scheme for Kisan Credit Card (KCC) Agricultural Loans to FY25"
The Reserve Bank of India (RBI) has announced an extension of the Maturity Date Extension Scheme (MISS) for agricultural loans provided through the Kisan Credit Card (KCC) for the fiscal year 2025. This decision aims to provide additional support to farmers by allowing them more time to repay their loans. Under this scheme, the maturity dates of loans can be extended, helping farmers manage their financial commitments better, especially in challenging agricultural conditions. This move is expected to ease the financial burden on the farming community and improve their access to credit.
The extension aims to provide relief during unpredictable weather conditions affecting agricultural productivity.
Farmers can now access longer-term repayment plans under the KCC scheme for better financial stability.
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RBI issues Master Direction on treatment of Wilful Defaulters and Large Defaulters.
The Reserve Bank of India (RBI) has issued new Master Directions concerning the treatment of Wilful Defaulters and Large Defaulters. These guidelines aim to provide clear procedures for banks and financial institutions to identify and manage borrowers who deliberately avoid repaying their loans or fail to settle large debts. The directions emphasize the importance of maintaining financial stability and ensuring that appropriate actions are taken against such defaulters. This step is part of RBI's ongoing efforts to enhance the effectiveness of credit management and uphold integrity within the financial system.
Banks must enhance monitoring mechanisms for early detection of wilful and large defaulters.
The directions mandate stricter reporting and compliance measures to curb default rates.
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J&K Bank Launches "Kisan Ka Samman" to Empower Farmers in Jammu & Kashmir.
J&K Bank has introduced the "Kisan Ka Samman" scheme to support and empower farmers across Jammu & Kashmir. This initiative aims to provide financial assistance and resources to enhance agricultural productivity and improve the livelihood of farmers in the region. The scheme offers various benefits, including easy access to credit, low-interest loans, and insurance coverage. By launching this program, J&K Bank reaffirms its commitment to boosting the agricultural sector and ensuring the welfare of farmers, who are the backbone of the state's economy.
The "Kisan Ka Samman" scheme also includes specialized training programs for farmers to adopt modern agricultural practices and improve crop yields.
J&K Bank will collaborate with local agricultural institutions to ensure the successful implementation of the scheme and provide continuous support to farmers.
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GoI & ADB Sign $200 Million Loan Agreement for Enhanced Urban Sanitation.
The Government of India (GoI) and the Asian Development Bank (ADB) have signed a loan agreement worth $200 million to enhance urban sanitation infrastructure across the country. This funding will support the development of new sewage treatment plants, improve existing sanitation facilities, and promote sustainable waste management practices in urban areas. The initiative aims to improve public health, reduce environmental pollution, and ensure better living conditions in cities. This collaboration is part of the broader effort by the GoI and ADB to address urban challenges and enhance the quality of life in India's rapidly growing cities.
The loan will prioritize underserved areas, aiming to provide equitable access to modern sanitation services.
ADB will also offer technical assistance to enhance the efficiency of the urban sanitation projects.
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MSDE Revamps Model Skill Loan Scheme, Raises Limit to Rs 7.5 Lakh.
The Ministry of Skill Development and Entrepreneurship (MSDE) has revamped the Model Skill Loan Scheme to enhance accessibility and support for skill development. The revised scheme now raises the loan limit to Rs 7.5 lakh, up from the previous limit, making it more feasible for individuals seeking financial assistance for vocational training and skill enhancement. This change aims to facilitate greater access to quality skill training programs and support the government’s efforts to improve employability. The updated scheme is expected to benefit a larger number of candidates by providing more substantial financial support for their skill development needs.
The increased loan limit will cover more comprehensive skill training programs and related expenses.
The revamped scheme supports the government's goal of enhancing vocational skills and reducing unemployment rates.
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SIDBI Partners C2Treds and Ugro Capital to Boost MSME Loans.
SIDBI has partnered with C2Treds and Ugro Capital to enhance credit access for Micro, Small, and Medium Enterprises (MSMEs) in India. This strategic alliance aims to simplify the lending process and improve liquidity for MSMEs by leveraging C2Treds' trade receivables discounting platform and Ugro Capital's financing solutions. SIDBI's collaboration with these platforms is expected to expedite the loan disbursement process, making it easier for MSMEs to secure funding. This initiative is a significant step towards supporting the growth and sustainability of MSMEs, which are crucial to the Indian economy.
This partnership aims to reinforce the financial backbone of India's MSME sector, driving economic growth.
The collaboration introduces advanced financing tools, ensuring MSMEs receive timely and adequate funding.
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ADB Approves $200M Loan for Nagpur Metro Expansion.
The Asian Development Bank (ADB) has approved a $200 million loan to support the expansion of Nagpur’s metro rail network and enhance urban mobility. This funding will be used to extend existing metro lines, improve connectivity, and reduce traffic congestion in the city. The project aims to provide a more efficient and sustainable transportation option for Nagpur's growing population. The loan reflects ADB's commitment to promoting infrastructure development and urban transit solutions in India, contributing to the country's broader goals of smart city growth and improved quality of life for its residents.
The loan will facilitate the addition of new metro stations and routes, boosting Nagpur’s public transportation efficiency.
This investment aims to reduce urban traffic congestion and enhance the overall quality of life for residents.
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Arka Fincap and Central Bank of India Partner for MSME Loans.
Arka Fincap has entered into a co-lending partnership with Central Bank of India to enhance funding for MSME loans. This collaboration aims to combine Arka Fincap’s expertise in lending with Central Bank’s extensive network to provide easier access to credit for small and medium-sized enterprises. The partnership will streamline the loan approval process, offer competitive interest rates, and facilitate faster disbursement of funds. This initiative is expected to support the growth of MSMEs by providing them with the necessary financial resources and improving their business operations.
The partnership aims to improve credit accessibility and streamline the loan process for small and medium enterprises.
Competitive interest rates and faster fund disbursement are key benefits of this co-lending arrangement.
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RBI Allows Banks to Use Brickwork Ratings with Conditions.
The Reserve Bank of India (RBI) has lifted restrictions on banks using ratings from Brickwork Ratings India Private Limited, two years after forbidding fresh ratings due to regulatory concerns. Banks can now utilize Brickwork Ratings' assessments for calculating risk weights for capital adequacy purposes, subject to certain conditions. These include limitations on new rating mandates for bank loans not exceeding Rs 250 crore, and surveillance requirements for existing ratings, especially for larger facilities.
The RBI's decision marks a reevaluation of Brickwork Ratings' status and its role in the banking sector's risk assessment framework.
RBI’s decision revisits Brickwork Ratings' credibility and integration into the banking risk assessment process.
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ADB approves $240.5 mn loan for rooftop solar systems in India.
The Asian Development Bank (ADB) on Wednesday said it has approved $240.5 million in loans to finance rooftop solar systems in India that will help the government expand energy access using renewable energy.The financing will support tranches 2 and 3 of the Multi-tranche Financing Facility (MFF) Solar Rooftop Investment Programme approved by ADB in 2016.
The funding aims to accelerate India's transition to renewable energy by enhancing rooftop solar installations.
This loan will boost private sector involvement in India's solar energy sector, fostering sustainable growth.
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BranchX becomes India's 1st neobank to launch ONDC loans for financial inclusion.
BranchX has made history as India's inaugural neobank to launch ONDC loans under the Open Network for Digital Commerce (ONDC) initiative. This move is geared towards enhancing financial inclusion by offering accessible credit solutions. By leveraging digital platforms, BranchX aims to empower underserved communities, fostering economic growth and participation in the digital economy. This initiative signifies a significant advancement in India's fintech sector, promising broader financial accessibility and inclusivity across the country.
ONDC loans aim to democratize finance by providing equitable access to credit across diverse demographics.
BranchX's initiative underscores its commitment to fostering inclusive economic growth and digital empowerment.
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Goi caps interest equalisation at Rs 1.66 crore per IEC for July-August 2024.
The Government of India has announced a cap of Rs 1.66 crore per Importer Exporter Code (IEC) under the Interest Equalisation Scheme for July-August 2024. This scheme aims to support exporters by subsidizing interest rates on loans. By limiting the subsidy amount, the government seeks to manage fiscal resources effectively while continuing to facilitate export growth. The decision comes amidst efforts to boost India's exports and enhance competitiveness in global markets.
This move aims to streamline subsidies and ensure targeted support for exporters during economic challenges. The decision reflects efforts to balance fiscal prudence with export promotion objectives.
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REC secures green loan worth ₹1,670 crore from Deutsche Bank's City branch.
This facility marks the first successful collaboration between an Indian government entity and Deutsche Bank AG’s City branch, setting a new benchmark for green financing in the Indian public sector.The loan will fund projects that adhere to stringent environmental standards, promote renewable energy, and help reduce carbon emissions across India.In a significant step towards sustainable development, REC Limited, a leader in the Indian power sector, has secured a green loan of JPY 31.96 billion (equivalent to USD 200 million) from Deutsche Bank AG's GIFT City branch.
This collaboration boosts India's green finance sector, promoting sustainable energy initiatives nationwide.
REC's green loan aims to set a precedent for environmentally conscious funding in public projects.
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Punjab National Bank signs pact with SAIL to offer loans.
State-owned Punjab National Bank has signed a pact with Steel Authority of India to provide home loan, car loan and education loan to the latter's employees at concessional rates. This strategic partnership aims to enhance the financial well-being of Steel Authority of India Ltd (SAIL) employees while expanding PNB's customer base within the steel sector, Punjab National Bank (PNB) said in a statement on Thursday.
The MoU was signed in the presence of PNB Executive Director Bibhu Prasad Mahapatra.
Under the agreement, PNB will provide various types of loans to SAIL, which could include working capital loans, term loans, or other financial products.
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ADB and Engie Group Sign Loan Agreement to Build 400MW Solar Power Plant in Gujarat.
The Asian Development Bank (ADB) and Engie Group have signed a loan agreement to construct a 400MW solar power plant in Gujarat, India. This initiative aims to bolster renewable energy infrastructure in the region, supporting sustainable development goals. The project will contribute significantly to Gujarat's renewable energy capacity, promoting clean energy adoption and reducing carbon emissions.
This project will create jobs and boost local economic development. The solar power plant aims to enhance energy security and reduce environmental impact in Gujarat.
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NABARD Integrates Jan Suraksha Schemes Across 43 RRBs with Online PSB Loans.
National Bank for Agriculture and Rural Development (NABARD) and Online PSB Loans Ltd. have signed a Memorandum of Understanding (MoU) to smoothen the enrolment and claim settlement processes under the Jan Suraksha Schemes for all 43 Regional Rural Banks (RRBs).
NABARD and Online PSB Loans streamline Jan Suraksha across RRBs.
NABARD and Online PSB Loans MoU enhances rural insurance accessibility.
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Axis Bank and Piramal Capital enter into a co-lending tie-up in 2022.
Axis Bank and Piramal Capital and Housing Finance Ltd (PCHFL) have formed a partnership to co-lend in the micro, small, and medium enterprises (MSMEs) as well as home loan sectors. This collaboration aims to leverage their respective strengths to enhance credit availability and support economic growth in these crucial segments, benefiting MSMEs and prospective homebuyers alike with tailored financial solutions.
Housing Finance Company (NBFC-HFC) and wholly owned subsidiary of Piramal Enterprises Limited (PEL), announced a strategic partnership under the co-lending business.
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SBI Launches 'Sahaj': A Cutting-Edge Web-Based Digital Solution for MSME Invoice Financing.
State Bank of India (SBI) has launched “MSME -Sahaj”, a web-based digital business loans solution for MSMEs’ (micro, small and medium enterprises) invoice financing. With the new web-based solution, SBI’s customers can avail finance against their GST registered sales invoices of up to ₹1 lakh in less than 15 minutes
The bank will offer the product through Yono digitally to existing customers, addressing MSME liquidity issues by unlocking instant cash flows.
Dinesh Kumar Khara, Chairman of SBI, described MSME Sahaj as designed to provide faster and easier finance for MSMEs via a digital.
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RBI Imposes Rs 1.45 Cr Penalty on Central Bank of India.
The Reserve Bank on Friday said it has imposed a penalty of Rs 1.45 crore on the Central Bank of India for non-compliance with certain directions related to 'loans and advances' and 'customer protection'. The RBI had conducted a statutory inspection for Supervisory Evaluation (ISE 2022) of the Central Bank of India with reference to its financial position as of March 31, 2022. A notice was issued to the bank, advising it to show cause as to why a penalty should not be imposed on it for its failure to comply with the directions, the RBI said.
The bank sanctioned a working capital demand loan to a Corporation against amounts receivable from the government by way of subsidies.
After considering the bank's response, the RBI found that charges against the bank were sustained.
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Policy Loan Facility mandated in all Life Insurance Savings Products CIS to simplify policy details.
Regulator IRDAI on Wednesday said the facility of policy loan is now mandatory in all life insurance savings products, enabling policyholders to meet liquidity requirements. Issuing a master circular which consolidates all regulations with regards to life insurance policies, the Insurance Regulatory and Development Authority of India (IRDAI) also said the free look period, which provides time to review the policy terms and conditions, is 30 days as against 15 days earlier.
"This is an important step in the series of reforms taken up by the insurance regulator with interests of the policyholders at the core. A conducive environment is now facilitated to spur innovation, enhance customer experience and satisfaction," IRDAI said.
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SBI launches 'SME Digital Business Loans', to sanction loans in 45 minutes.
“This innovative product marks a significant leap forward in digitalisation by offering SMEs a digital loan journey with an end-to-end sanction turnaround time of up to 45 minutes,” SBI said in a statement. The proposition eliminates the need for traditional credit underwriting and lengthy appraisal processes, ushering in a new era of simplicity, speed, and accessibility in MSME lending.
Waives of financial statement requirement for SME loans below Rs 50 lakh.
The country’s largest lender, State Bank of India (SBI), has floated ‘SME Digital Business Loans’ with the aim of sanctioning loans in 45 minutes.
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MSME lender Ashv Finance partners with HDFC Bank for co-lending MSME loans.
MSME-focused non-banking financial company Ashv Finance, part of the impact investor Aavishkaar Group, has signed a co-lending agreement with the private sector lender HDFC Bank to provide unsecured business loans to micro and small enterprises (MSEs). The co-lending deal is part of Ashv Finance’s focus on growing co-lending partnerships for lending to MSMEs.
The co-lending deal is part of Ashv Finance’s focus on growing co-lending partnerships for lending to MSMEs.
The unsecured business loans by Ashv Finance are offered between Rs 20 lakh and Rs 50 lakh for a minimum of 12 months and a maximum of 36 months.
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SBI and Muthoot Microfin join forces to support women entrepreneurs.
Muthoot Microfin partners with State Bank of India to provide financial services to women in rural and semi-urban areas. The co-lending initiative targets joint liability groups involved in agriculture and other income-generating activities, offering loans ranging from Rs 10,000 to Rs 3 lakh. Muthoot Microfin on Thursday announced a strategic co-lending partnership with the State Bank of India to extend its financial services to women in the economically weaker segment in rural and semi-urban regions across India.
Muthoot Microfin and SBI will co-lend to members of joint liability groups who are engaged in agricultural and allied activities as well as other income-generating enterprises.
The loan amounts will range from Rs 10,000 to Rs 3 lakh, Muthoot said.
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The RBI has placed restrictions the Edelweiss group — ECL Finance and Edelweiss Asset Reconstruction Company (EARCL) — over ‘evergreening’ stressed loans.
The RBI has placed restrictions on two companies of the Edelweiss group — ECL Finance and Edelweiss Asset Reconstruction Company (EARCL) — over ‘evergreening’ stressed loans. Evergreening of loans is the practice where lenders extend additional credit to borrowers who cannot repay their existing loans. ECL Finance offers corporate finance, loans against property and securities, MSME lending among others.
EARCL is among the largest companies dealing with the purchase and recovery of bad loans from lenders.
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PhonePe launches digital lending for consumers with 15 partnered banks, NBFCs, and Fintech.
PhonePe has announced the launch of its secured digital lending platform within the PhonePe app which will enable its over 535 million registered users to access loans across six separate categories including mutual fund loans, gold loans and car loans. The loans will be provided in partnership with a network of banks,non-banking financial companies (NBFCs) and other fintech companies including Tata Capital, L&T Finance, Hero FinCorp and Muthoot Fincorp. The platform currently has 15 lending partners with the intention of expanding them to 25 by the next quarter.
Fintechs, like PhonePe, have a higher risk appetite and sometimes more data to assess creditworthiness. As such they are more likely to extend credit to the underserved sections of society or those with a higher default risk.
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Credit growth to slip 200 bps to 14% in FY25 on revision in risk weights, slower GDP growth: CRISIL
Bank credit growth is likely to decelerate by 200 bps to 14 percent on year this fiscal primarily because of the economy losing its sheen this fiscal, partly due to a high base, says a report. Strong economic activity and retail credit demand drove loan growth last fiscal to a robust 16 percent. This fiscal, however, growth will be tempered by the high base effect, a revision in risk weights and a slower economy.
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IFC Extends US$500 Million to HDFC Bank to Ramp Up Microloans to Underserved Women Borrowers in India.
Women, especially microloan borrowers in semi-urban and rural areas, will have increased access to finance with IFC financing of up to US$500 million to HDFC Bank—the largest private sector bank in India—aiming to support lending for income generation purposes, fostering financial inclusion and socio-economic growth in the country.The Bank, with a long-standing history of lending to women, will use IFC’s financing for on-lending as microloans to Self-Help Groups (SHGs) and Joint Liability Groups (JLGs) enrolled in the Sustainable Livelihoods Initiative (SLI). SLI is the Bank’s business line responsible for microfinance lending programs exclusively for women borrowers. IFC’s loan will further enable the Bank to grow its microcredit and microlending to women, especially allowing SHG and JLG borrowers to graduate to individual lending schemes.
HDFC Bank emphasizes its commitment to empowering women through targeted lending to Self-Help Groups (SHGs) and Joint Liability Groups (JLGs), aiming to extend banking services to underbanked and unbanked populations.
These financial entities collectively serve approximately 47 million clients with a combined gross loan portfolio of US$31.6 billion as of December 31, 2023.
Non-banking financial entities, including microfinance institutions (MFIs) and small finance banks, play a significant role in lending to women for income generation, representing about 65.7% of total microfinance lending in India.
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YES Bank launches YES Grandeur for elite customers.
Yes Bank has launched premium banking services under the label ‘Yes Grandeur’ targeting elite and rising affluent class to drive business growth. Customers can also avail zero cross-currency markup charges on international debit card spends, complimentary airport lounge access, and lifestyle privileges.The exclusive banking program, tailored to meet distinctive financial and lifestyle needs, has an eligibility threshold of average monthly balance of ₹5 lakh or a Net Relationship Value (NRV) of ₹20 lakh, with additional consideration given to loan relationships.
YES Grandeur offers various benefits including zero cross-currency markup charges, complimentary airport lounge access, and lifestyle privileges across several brands.
India's affluent segment is forecasted to grow significantly over the next decade, according to the BCG CCI Proprietary Income Model, while a report by PRICE suggests a substantial increase in the middle class by 2046-2047.
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Asian Development Bank Approves USD 148 Million Loan To Improve Power Supply In Sikkim.
Asian Development Bank (ADB) has approved a USD 148.5 million loan to help modernise and enhance the reliability, quality and resilience of electricity supply in Sikkim.This project fully supports Sikkim’s Power for All initiative, ensuring round-the-clock uninterrupted access to quality electricity for households, industries, businesses, and the public, ADB said in a statement on Thursday.The project will modernise Sikkim’s power distribution system by upgrading it with approximately 770 kilometres of climate-resilient medium-voltage underground and/or covered conductors, it added.Additionally, it will replace 580 kilometres of ageing and low-capacity bare conductors with new ones to increase distribution network capacity, the statement said.
Upgrade 26 power substations and install a supervisory control and data acquisition system.
Install 15,000 public streetlights in remote areas and conduct safety awareness programs in 28 villages.
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India's GDP to expand at 6.6% in FY25; will fuel NBFCs' growth: Moody's.
Moody's Ratings on Tuesday said the Indian economy is projected to expand 6.6 per cent in the current fiscal year and said strong credit demand fuelled by robust economic growth will support the NBFC sector's profitability. "We expect India's economy to expand 6.6 per cent in the year ended March 2025 (FY25) and 6.2 per cent the following year, and this will lead to robust loan growth at NBFCs, mitigating the impact of rising funding costs on their profitability," Moody's Ratings said.In a commentary on the non-banking finance companies, Moody's said robust economic conditions will help them preserve their asset quality even as rise in interest rates increase the debt burdens of their customers.Aggregate year-on-year loan growth at NBFCs accelerated to 20.8 per cent in September 2023 from 10.8 per cent a year earlier, driven by demand for retail loans, including financing for housing and automobiles.
Indian Economy Projection: Moody's predicts a 6.6% expansion for the Indian economy in FY25, supporting robust credit demand and profitability in the NBFC sector.
NBFC Sector Profitability: Strong economic growth is expected to fuel credit demand, aiding NBFCs' profitability despite rising funding costs.
Asset Quality Preservation: Moody's anticipates that robust economic conditions will help NBFCs maintain asset quality, even amidst increasing interest rates impacting customer debt burdens.
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Bank of India Signs MOU with Indian Coast Guard for BOI Rakshak Package.
Bank of India, one of the leading public sector banks, reinforced its commitment to the Defence Sector by signing an MOU with the Indian Coast Guard, offering a Defence service Salary Package with best-in-class features under its “BOI Rakshak Salary/ Pension Savings Scheme”.The Signing Ceremony was held on 9th May 2024 at the Coast Guard Headquarters, New Delhi with the Indian Coast Guard represented by Shri Narendra Singh, Deputy Inspector General & Principal Director (Administration) and Bank of India was represented by Shri Sharda Bhushan Rai, Chief General Manager Head Office (Resource/ Marketing/ GBD) Mumbai, Shri Lokesh Krishna, General Manager FGMO New Delhi and Shri Ajay Kumar Panth, Deputy General Manager, Government Business Department.Through this exclusive BOI Rakshak Package, Bank of India will offer numerous benefits to all Ranks of the Indian Coast Guard, Veterans, Recruits and Agniveers including Personal Accidental Insurance coverage upto 150 Lakhs, Permanent Total Disability cover upto Rs 50 Lakhs, Air Accidental Cover upto Rs 100 Lakhs and Permanent Partial Disability Cover of Rs 25 Lakhs. Apart from this the Bank will also offer Concessions in Retail Loans, Processing Charges and Locker Rentals.
Bank of India strengthens its commitment to the Defence Sector by signing an MOU with the Indian Coast Guard.
The "BOI Rakshak Salary/ Pension Savings Scheme" offers best-in-class features to Indian Coast Guard personnel, veterans, recruits, and Agniveers.
Benefits include personal accidental insurance coverage, disability cover, air accidental cover, and concessions in retail loans and processing charges.
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South Indian Bank has signed a MoU with Northern Arc Capital to explore and maximise business opportunities through combined efforts in the areas of loan origination, underwriting, disbursement, collection, and reconciliation processes.
South Indian Bank has signed a MoU with Northern Arc Capital to explore and maximise business opportunities through combined efforts in the areas of loan origination, underwriting, disbursement, collection, and reconciliation processes. The partnership will focus on co-lending and partnership lending activities, as well as facilitate seamless loan transfers between banks and originators. By joining forces, South Indian Bank and Northern Arc Capital aims to capitalize on emerging market trends, diversify their portfolios, and provide innovative financial solutions to a broader customer base.
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Fintech firm Pine Labs-owned Setu unveiled 'Sesame' India's first large language model (LLM), specifically designed for the BFSI sector.
Fintech firm Pine Labs-owned Setu unveiled 'Sesame' India's first large language model (LLM), specifically designed for the BFSI sector. The company has named this LLM 'Sesame', which was developed in collaboration with Bengaluru-based generative AI (GenAI) startup Sarvam AI. The unveiling took place at Adbhut India, an event organised by the non-profit People+ai. Sesame leverages the rich data ecosystem enabled by India's digital infrastructure to power features such as improved credit underwriting, fraud detection, loan monitoring, upsell/cross-sell and personal finance advisory.
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The Delhi Electricity Regulatory Commission (DERC) has granted regulatory approval to India’s first commercial standalone battery energy storage system (BESS) project.
The Delhi Electricity Regulatory Commission (DERC) has granted regulatory approval to India’s first commercial standalone battery energy storage system (BESS) project. The project is being developed by BSES Rajdhani Power (BRPL) in partnership with IndiGrid and the Global Energy Alliance for People and Planet’s (GEAPP). It is supported by GEAPP’s concessional loan, covering 70% of the total project cost. The approved project, a 20 MW/40 MWh BESS, will be strategically installed at BRPL’s 33/11 kV Kilokari substation and is on track to achieve commissioning within a record time of 18 to 20 months – purportedly the fastest for a BESS project. The project, located at a high demand sub-station, will improve power quality and enable 24/7 reliable power in the area for more than 12,000 low-income consumers.
GEAPP is targeting 1 GW of BESS commitments in India by 2026, in line with India’s ambitious goal of deploying 47 GW of BESS by 2032.
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Asian Development Bank (ADB) have agreed to a replenishment of $5 billion for ADB’s Asian Development Fund (ADF) 14 and Technical Assistance Special Fund (TASF) 8.
Asian Development Bank (ADB) have agreed to a replenishment of $5 billion for ADB’s Asian Development Fund (ADF) 14 and Technical Assistance Special Fund (TASF) 8. The commitment was made during ADB’s 57th Annual Meeting. The ADF 14 replenishment is about 22% higher than the $4.1 billion available in ADF 13, and will provide eligible ADB members with the largest-ever volume of ADF grants. TASF 8 will provide grants that help prepare projects, build capacity, and provide technical or policy advice. More than $2.5 billion, or 51%, of the replenishment will be funded by contributions from donors including two new countries: Armenia and Georgia. ADB will significantly increase its net income transfers to ADF, from just under $1.2 billion in ADF 13 to almost $1.6 billion in ADF 14, an increase of 35%. The remaining $0.9 billion will comprise transfers from earlier ADF cycles and income from liquidity investments. In parallel, ADB intends to provide $16.7 billion in concessional loans, which have very low interest rates over long repayment periods, during the ADF 14 period. The following donors announced contributions to ADF 14: Armenia; Australia; Austria; Canada; Denmark; Finland; France; Georgia; Germany; Hong Kong, China; India; Indonesia; Ireland; Italy; Japan; Luxembourg; Malaysia; Netherlands; New Zealand; Norway; People’s Republic of China; Philippines; Portugal; Republic of Korea; Spain; Sweden; Switzerland; Taipei,China; Türkiye; United Kingdom; and United States.
The ADF is ADB’s largest source of grants for operations in its poorest and most vulnerable developing member countries and is replenished every 4 years.
ADF 14—marking the 13th replenishment since the fund’s establishment—will support grant operations during 2025–2028.
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Neobanking startup Fi, backed by investors such as Peak XV and Temasek, has secured a non-banking finance company (NBFC) licence from the Reserve Bank of India.
Neobanking startup Fi, backed by investors such as Peak XV and Temasek, has secured a non-banking finance company (NBFC) licence from the Reserve Bank of India. With this, Fi has joined the likes of Jupiter, Groww and Cred, all of which got into the lending business either by getting a fresh licence or by acquiring another NBFC. Acquiring an NBFC licence empowers fintechs to offer loans from their own books, thus establishing an asset base. Without this licence, they are limited to acting as intermediaries to connect borrowers with banks and other NBFCs.
In recent years, fintech startups have pursued NBFC licences to streamline their entry into lending, given the RBI's stringent regulations on online credit disbursal.
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Groww Pay, the UPI platform of brokerage firm Groww, has secured an online payment aggregator (PA) licence from RBI.
Groww Pay, the UPI platform of brokerage firm Groww, has secured an online payment aggregator (PA) licence from RBI. This licence allows Groww Pay to facilitate online transactions through its platform using its UPI app, Groww Pay. This move marks Groww's expansion into financial services beyond its usual investment and broking offerings. Since last year, Groww has been offering UPI payment services through its Groww Pay Private Limited feature, in partnership with YES Bank. The platform has been focusing on bill payments like electricity and water bills, DTH recharges, as well as loan and credit card repayments.
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REC Limited has secured green loan totaling JPY 60.536 billion from SACE to finance green projects across India.
REC Limited has secured green loan totaling JPY 60.536 billion from SACE to finance green projects across India. SACE, Italy, an innovative export credit agency, offers an 80 percent guarantee to the green facility as part of their push strategy programme. The partnership between SACE and an Indian government agency is innovative and the first of its type to be successful. This financing facility establishes a benchmark for green funding in the Indian public sector, showcasing an increasing focus on sustainable financing. It’s also SACE’s first loan transaction in Japanese Yen and its first green loan arrangement in India.
The green loan involves participation from banks across Asia, the USA, and Europe, with Crédit Agricole Corporate and Investment Bank, Bank of America, Citibank, KfW-Ipex Bank, and Sumitomo Mitsui Banking Corporation serving as mandated lead arrangers.
In April 2024, REC Limited and Chenab Valley Power Project Private Limited entered into an agreement to provide financial support through a term loan of Rs18.69 billion.
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The Reserve Bank of India (RBI) lay out with guidelines for the voluntary conversion of small finance banks (SFBs) into universal banks.
The Reserve Bank of India (RBI) lay out with guidelines for the voluntary conversion of small finance banks (SFBs) into universal banks. To be eligible for conversion into a universal bank, the RBI stipulates that only listed SFBs will qualify. Those intending to convert must have a minimum net worth of Rs1,000 crore. Also, the SFBs must have a scheduled status and a satisfactory track record of at least five years with a gross non-performing asset (NPA) of 3 percent or less and a net NPA of 1 percent or less in the past two financial years. Furthermore, interested SFBs must have reported a net profit in the past two financial years and met the prescribed capital adequacy norms. The RBI requires SFBs to provide a detailed rationale for their desire to convert into universal bank. Those with a diversified loan portfolio will be preferred. Further, upon transition, the bank will be subjected to all the norms including NOFHC structure (as applicable) as per the said guidelines.
The RBI granted licenses to the first set of SFBs, totalling 10, in 2015, and most of them began operations in 2016-17.
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The Asian Development Bank (ADB) committed $23.6 billion from its own resources in 2023 to help Asia and the Pacific progress on sustainable development.
The Asian Development Bank (ADB) committed $23.6 billion from its own resources in 2023, including $9.8 billion for climate action, to help Asia and the Pacific progress on sustainable development. These figures are among the financial and operational results published today in ADB’s Annual Report 2023. The report summarizes how ADB supported its developing member countries (DMCs) to address the worsening climate crisis as well as the impacts of conflicts, food insecurity, and increased debt burdens, among other challenges. The $23.6 billion comprised loans, grants, equity investments, guarantees, and technical assistance provided to governments and the private sector. Supplementing its own resources, ADB mobilized an additional $16.4 billion in cofinancing through its strong partnerships.
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NABARD partners with Reserve Bank Innovation Hub (RBIH) Hub to fast-track digital agri lending.
The National Bank for Agriculture and Rural Development (NABARD) has partnered with Reserve Bank's arm RBIH to put in place a system which will enable faster processing of agricultural loans. NABARD will integrate its e-KCC loan origination system portal with the Public Tech Platform for Frictionless Credit (PTPFC) of Reserve Bank Innovation Hub (RBIH), a wholly-owned subsidiary of the RBI. NABARD has developed the loan origination system portal to facilitate digital Kisan Credit Card (KCC) loan processing for cooperative banks and Regional Rural Banks (RRBs). The digitisation of agricultural lending will ensure instant doorstep delivery of credit to farmers while improving the efficiency of banks, advancing NABARD's mission of fostering rural prosperity. Through the integration with PTPFC, about 351 district and state cooperative banks and 43 RRBs will gain access to a range of services including digital state land records, satellite data, KYC, credit history and transliteration for more effective credit underwriting.
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Indian Bank has partnered with Tata Power Solar Systems Ltd (TPSSL) to empower residential consumers by providing them with financial support for solar installations.
Indian Bank has partnered with Tata Power Solar Systems Ltd (TPSSL) to empower residential consumers by providing them with financial support for solar installations. Under the alliance, Indian Bank will extend financial assistance to residential consumers under the PM Surya Ghar Muft Bijli Yojana scheme. The scheme offers support for installations up to 3 KW and extends further assistance for installations ranging from 3 to 10 KW under the regular scheme. Residential consumers can avail loans up to ₹2 lakh at an annual interest rate of 7 percent, with a nominal margin money requirement of 10 per cent and collateral-free financing. The repayment tenure is set at 10 years, ensuring convenience and flexibility for consumers. Interest rates ranging from 8.4 percent to 10.8 percent per annum ensure competitive financing options.
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3 Indian banks, SBI, HDFC Bank and ICICI Bank, have been included in the top 50 banks of the Asia-Pacific region according to a report of S&P Global Market Intelligence released.
3 Indian banks, SBI, HDFC Bank and ICICI Bank, have been included in the top 50 banks of the Asia-Pacific region according to a report of S&P Global Market Intelligence released. The list dominated by mainland Chinese banks has been ranked based on their assets (loans). SBI was ranked 20, HDFC Bank 33 and ICICI Bank 48 on the list. Only two Indian banks, SBI and HDFC, were included in the top 50 Asia-Pacific regions based on their assets in the 2022 list. The aggregate assets of these three top Indian lenders rose sharply by 50.5 percent to $1.51 trillion in 2023. Mainland Chinese banks dominated the list. Out of the top 10 banks in the Asia -Pacific region , 6 were Chinese banks.
SBI improved its ranking from 20th in 2023 to 21 in 2022. In 2023, SBI's assets increased to $780.05 billion.
HDFC Bank, was the second-highest-ranked Indian bank in 2023. In 2022, it was ranked 46, while in 2023, it jumped to 33.
ICICI Bank, was included for the first time on the list of the top 50 Asia Pacific banks. ICICI Bank was ranked 48th.
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The International Financial Services Centers Authority (IFSCA) has set up a standing committee that will come up with a framework for launching climate finance products.
The International Financial Services Centers Authority (IFSCA) has set up a standing committee that will come up with a framework for launching climate finance products. The committee is expected to submit its report to the government by the end of May 2024. The project would become a hub for climate finance. Banks in GIFT City have already started extending “green and sustainable credit. The 5 percent of the credit given by banks shall be green or sustainable. Secondly, many of them have started lending too. So far about $700 million has been extended as green and sustainable credit out of the $60 billion dollars of outstanding loans. Similarly, out of the $55.5 billion worth of bonds raised from GIFT City, $14 billion is green, social or sustainable or sustainable-linked bonds. Apart from banks and the bond market, more climate funds are scheduled to be launched in GIFT City.
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RBI has directed all banks and regulated entities that it all lenders will have to provide key facts statement (KFS) about the loan agreement terms, including all-inclusive interest cost to borrowers for retail and MSME loans, with effect from 1st October 2024.
RBI has directed all banks and regulated entities that it all lenders will have to provide key facts statement (KFS) about the loan agreement terms, including all-inclusive interest cost to borrowers for retail and MSME loans, with effect from 1st October 2024. This is being done in order to enhance transparency and reduce information asymmetry on financial products being offered by different regulated entities (REs), thereby empowering borrowers to make an informed financial decision. Currently, KFS is specifically mandated with respect to loans by commercial banks to individual borrowers, digital lending by RBI- (REs) and microfinance loans. The harmonised instructions shall be applicable in cases of all retail and MSME term loan products extended by all regulated entities.
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Bank of India and Indian Mortgage Guarantee Corporation (IMGC) have signed agreement to provide mortgage guarantee-backed home loan products in the affordable housing segment.
Bank of India and Indian Mortgage Guarantee Corporation (IMGC) have signed agreement to provide mortgage guarantee-backed home loan products in the affordable housing segment. It will cover salaried and self-employed home loan customers. IMGC's guarantee will mitigate the risk of defaults for the bank, allowing it to potentially offer more favourable loan terms to borrowers. The products will promote financial inclusion and aid in early home ownership. IMGC has surpassed Rs 25,000 crore in home loan guarantees for over one lakh customers across 400 locations nationwide.
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Karnataka Bank has partnered with FISDOM to offer 3-in-1 (savings, demat and trading accounts) through the bank's mobile banking app 'KBL Mobile Plus'.
Karnataka Bank has partnered with FISDOM to offer 3-in-1 (savings, demat and trading accounts) through the bank's mobile banking app 'KBL Mobile Plus'. This strategic association is all set to enhance the current value proposition of enabling customers to invest in stocks and mutual funds. This offering will empower its customers with seamless access to both investment opportunities and trading functionalities, all within a single, user-friendly interface. The 3-in-1 facility enables customers to streamline their investment journey by consolidating their demat and trading accounts. Karnataka Bank offer a wide range of customized products and services, including loans, deposits, and international banking solutions.
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Small Industries Development Bank of India (SIDBI) signed an agreement with a fintech Onion Life Private Limited to use its technology platform KarmaLife for a pilot to provide small enterprise loans to gig workers.
Small Industries Development Bank of India (SIDBI) signed an agreement with a fintech Onion Life Private Limited to use its technology platform KarmaLife for a pilot to provide small enterprise loans to gig workers. Onion Life’s innovative technology platform “KarmaLife” will help gig workers access micro loans through a mobile app and eliminates the hassle of extensive paperwork or physical documentation. The partnership with Onion Life will help understand and assist the new and emerging enterprise class of gig workers. The pilot will also help in developing an institutional mechanism for assessment of credit risk of this segment.
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Union Bank of India has raised $500 million (about Rs 4,200 crore) from foreign markets to fund overseas business growth.
Union Bank of India has raised $500 million (about Rs 4,200 crore) from foreign markets to fund overseas business growth. The fund was arranged by Dubai International Financial Centre (DIFC), Dubai Branch. A syndicated term loan of $ 500 million ($400 million and Green Shoe of $100 million) would be drawn in two tranches with tenure of 3 and 5 years.
The first tranche of $100 million was drawn on 3rd April 2024.
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Canara Bank launched a slew of new products, including a loan scheme to meet shortfall of hospital expenditure.
Canara Bank launched a slew of new products, including a loan scheme to meet shortfall of hospital expenditure. A healthcare-focused loan product called Canara Heal is aimed at meeting the shortfall of hospitalisation expenditure while settling through TPA healthcare insurance claims of self and/or dependents. The loan for meeting hospital expenses will be available at 11.55 percent per annum on a floating basis and 12.30 percent at fixed interest rate basis. The bank also introduced a customised savings account for women called Canara Angel with unique features such as cancer care policy, pre-approved personal loan Canara ReadyCash and online loan against term deposit product Canara MyMoney. The bank also unveiled 'Canara UPI 123PAY ASI', a user-friendly payment interface, and 'Canara HRMS Mobile App for Staff', an HR management solution for the bank's employees.
Canara Bank becomes the first bank to offer seamless doorstep digital services to self-help groups (SHGs) in collaboration with Reserve Bank Innovation Hub.
Digital SHG will help the customers to get instant digital credit in their accounts.
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