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DFS Secretary M. Nagaraju urged banks to lower lending rates for small borrowers and businesses to 6-7%, aiming to boost credit penetration without incurring losses. He highlighted the need to bridge the significant gap in India's bank credit to GDP ratio, which stands at 57% compared to global benchmarks, to achieve the Vikshit Bharat 2047 vision. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/SkBsmp4 via IFTTT

India Debt Resolution Co Ltd (IDRCL), the managing arm of the government-backed bad bank, has successfully resolved two accounts, distributing approximately Rs 330 crore to banks. This marks the bad bank's first recoveries since commencing operations in 2022, with resolutions for Metenere Ltd and Helios Photo Voltaic. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/H6UAavu via IFTTT

Public sector banks are set to propose changes to the RBI's climate finance guidelines, citing a lack of incentives for green deposits. Lenders seek a reduction in the cash reserve ratio for green deposits and greater clarity on climate finance taxonomy. These proposals aim to boost the adoption of green finance initiatives. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/QU7rwR6 via IFTTT

Federal Bank is set to receive a substantial Rs 686 crore tax refund, marking the resolution of a long-standing tax dispute. This significant financial boost, covering assessment years 2012-13 and 2013-14, is expected to positively impact the bank's profitability in the upcoming quarter. The development follows recent orders from the Income Tax Appellate Tribunal. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/dAaly0e via IFTTT

India public sector banks: Foreign investors increased their stake in top state-run lenders including State Bank of India Ltd., Bank of Baroda, Canara Bank Ltd. and Punjab National Bank to the highest in at least a year, shareholding data of as Dec. 31 show. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3tVx6W1 via IFTTT

Seven public sector banks are using generative AI for 32 new applications. These initiatives aim to boost efficiency and credit assessment. Ten banks have formal AI policies. The EASE 8.0 reforms encourage AI for complex tasks and faster decisions. Future reforms, EASErise, will focus on risk management and economic shock absorption. This technology push aligns with national financial goals. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/pQ4Hg7E via IFTTT