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Standard Chartered secured in-principle approval to offer wealth management products in GIFT City. The International Financial Services Centres Authority granted this crucial regulatory approval. The bank plans to launch its retail wealth management offerings within the next few months. This move supports GIFT City's goal of becoming a leading international financial services hub. Standard Chartered is the first foreign bank to operate in GIFT City since 2020. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/AlRqIO8 via IFTTT

Finance minister Nirmala Sitharaman said public sector banks are operating with “considerable strength” and urged them to use it with “greater ambition”. At the PSB Confluence, she asked banks to launch a month-long ‘Banking for Youth’ campaign from October 2 and build awareness among young people about formal credit. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/exSR63G via IFTTT

The RBI’s proposed curbs on flexi loans could reshape how India’s self-employed workers and small businesses borrow. While the move aims to prevent evergreening of bad debt, it could also restrict a useful source of flexible working capital. The bigger question is whether tighter oversight can curb misuse without shutting out genuine borrowers. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/pgDrY3W via IFTTT

Axis Bank is broadening its corporate banking services beyond just lending. The lender targets fee income and low-cost deposits from corporate ecosystems. It handles collections, payments, trade finance, and salary accounts for businesses. Investment banking and wealth management services are also offered to companies and their promoters. This strategy aims to build liability and fee franchises by managing more corporate cash flows. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/lBXskuA via IFTTT

Finance Minister Nirmala Sitharaman on Monday said India’s banking sector is in its strongest position to undertake the next phase of reforms, aided by historically low non-performing assets. She said the High-Level Committee on Banking for Viksit Bharat will be announced soon to align the sector with India’s growth ambitions. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/tzWlLUf via IFTTT

Finance Minister Nirmala Sitharaman said the government will soon set up a high-powered committee to chart the banking sector's role in building a "Viksit Bharat", with the panel set to draw on ideas and research emerging from two days of intensive discussions with banking sector stakeholders. Calling India's banks well placed to undertake reforms with NPAs at their lowest levels, Sitharaman said the committee's recommendations would help determine the future direction of banking and enable the government to accelerate reforms and "rev up the Indian economy" over the next two decades. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/QASx9uL via IFTTT