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The smartphone is becoming India’s most important financial advisor

India's financial landscape is rapidly digitizing, with smartphones becoming central to everyday money management. Once separate, banking and investment activities now converge on single platforms, making financial planning more accessible. This shift, driven by convenience and proximity, empowers millions entering formal finance to make informed decisions, transforming income into resilience and savings into wealth. The smartphone is emerging as a key guide in this evolution. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/I0lyjtK via IFTTT
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Banks seek RBI clarity on leveraged NRI FCNR deposit structures

Indian banks are seeking clarity from the RBI on allowing overseas branches to lend to non-residents for FCNR(B) deposits. Some lenders, like SBI, have already launched structured products enabling this, with deposits as collateral. Bankers hope for explicit regulatory comfort to boost NRI deposits before a special RBI window closes in September, potentially offering significant leveraged yields. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/p6eLJ9N via IFTTT
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RBI overhauls Lead Bank Scheme after review, issues new guidelines

The Reserve Bank of India has revamped the Lead Bank Scheme to boost district-level credit planning and financial inclusion. New guidelines, released on June 19, aim to enhance credit flow to priority sectors and improve access to financial services. A three-tier committee structure has been introduced to strengthen coordination between banks and government agencies, with Lead Banks now appointing dedicated managers to oversee scheme implementation across all districts. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/NHETChF via IFTTT
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SBI's improving performance warrants better valuation, chairman Setty says: Report

State Bank of India's chairman believes the bank is undervalued, citing improvements in financial strength, customer base, and earnings. He highlighted the success of the Yono digital platform, strengthened capital position, and the significant growth in value from its subsidiaries. SBI is also focusing on technology adoption, including AI, and sees opportunities in power, MSME, and retail lending, positioning itself for future growth despite evolving funding landscapes. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/zqAG769 via IFTTT
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PhonePe wallet inactivity fees do not affect bank accounts or UPI transactions

PhonePe clarifies inactivity fees apply solely to its prepaid wallet, not linked bank accounts or UPI transactions. Users receiving notifications despite app usage are reminded wallet and UPI activities are tracked separately. The company assures no deductions from bank accounts or negative wallet balances, offering 15 days' notice for users to reactivate, withdraw, or close their wallets. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/ts1HOjK via IFTTT
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SBI, Axis Bank among lenders set for $2 billion ECB fundraising via RBI swap

Major Indian banks, including SBI, Axis Bank, and Bank of Baroda, alongside Power Finance Corporation, are set to raise over $2 billion from overseas markets next week. This move capitalizes on the Reserve Bank of India's 1.5% fixed-rate swap incentive for external commercial borrowings, aimed at bolstering the rupee. HDFC Bank's recent successful dollar bond sale has spurred this wave of fundraising. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/d1HegkN via IFTTT
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PhonePe wallet inactive? You will now be fined for not using it

PhonePe is now charging a Rs 100 quarterly fee for inactive wallets. This fee applies if users have not made any financial transactions through the PhonePe Wallet in the past 365 days. The charge supports platform improvements. Users receive multiple notifications before the fee is deducted. A single wallet transaction reactivates the account and avoids the charge. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/ywoPa1K via IFTTT
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