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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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CBI conducts searches in Kolkata in PNB fraud cases

The Central Bureau of Investigation (CBI) has conducted searches on Wednesday, at 8 locations in Kolkata, West Bengal, in connection with three separate cases registered against Tantia Construction Ltd., Brahm Alloys Ltd. and Amrit Feeds Ltd. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/SPClDo1 via IFTTT
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Banks seek RBI nod to let NRIs break & rebook existing deposits

To incentivise foreign currency inflows, the Reserve Bank of India will swap fresh dollar term deposits raised until end-September at par. In effect, the RBI will bear the entire hedging cost on deposits mobilised under the Foreign Currency Non-Resident (Bank), or FCNR(B), scheme. In line with the RBI's expectations, banks are passing on almost the entire benefit to depositors, making these deposits more attractive. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/4tC25ka via IFTTT
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RBI cancels licence of Karnataka-based Shree Mahalaxmi Urban Co-operative Credit Bank

The Reserve Bank of India has cancelled the banking license of Karnataka-based Shree Mahalaxmi Urban Co-operative Credit Bank due to its deteriorating financial condition. The bank's inability to meet its obligations and its lack of adequate capital and earning prospects led to this decision. Approximately 97.9% of depositors are expected to receive their full deposit amounts from DICGC upon liquidation. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/lUghD8C via IFTTT
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Credit flow to bottom tier slows as microfinance lenders turn to safer borrowers: SIDBI-Equifax

Credit access for bottom-of-the-pyramid borrowers in India has slowed as microfinance lenders turn cautious after two years of asset quality stress, increasingly favouring customers with established credit histories. A joint SIDBI-Equifax study shows the share of new-to-credit borrowers fell sharply to 20% from 33% three years ago, reflecting tighter risk filters. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/jp5bZo7 via IFTTT
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Digital systems secure, says Axis Bank amid AI platform-driven vulnerability claims on cybersecurity

Axis Bank assures its digital systems are secure. The bank states cyber fraud largely occurs when customers are tricked by external communications, not due to weaknesses in its own cybersecurity. Officials highlighted that advanced AI models like Mythos can accelerate vulnerability discovery. Axis Bank is enhancing its response to identified weaknesses and deploying new security tools to protect customers. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/IT4CcB8 via IFTTT
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