All Banking & Crypto Related Details

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"The government has been pushing lenders to look at internal collaboration, create common utilities, and scale them up to improve their performance and competitiveness. We expect banks to roll out some of these initiatives within this fiscal," said a government official requesting anonymity. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/v3iwHs1 via IFTTT

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Finance Minister Nirmala Sitharaman's Mahila Samman Savings Certificate scheme has garnered over 4.33 million depositors since its April 2022 launch. Maharashtra leads with 746,223 accounts, followed by Tamil Nadu and Odisha. The scheme offers a 7.5% interest rate on a maximum deposit of ₹2 lakh and will be available until March 2025, promoting women's financial independence. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/oIFy5Kz via IFTTT

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Private banks are pushing for a reduction in Mudra loan targets, citing concerns about potential stress on MSME loans. While government data shows low NPAs in the Mudra segment, lenders anticipate a rise in bad loans across the MSME sector in the coming months. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/pyZ5urX via IFTTT

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Indian banks are turning to certificates of deposit (CDs) to bridge the gap between loan demand and deposit growth. CD issuances have surged by 69% this fiscal year as banks compete for deposits amid tight liquidity. Analysts predict that deposit rates will remain elevated despite anticipated rate cuts. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/9NAki7a via IFTTT

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RBI Deputy Governor Swaminathan J urged urban cooperative banks to embrace digitalization and strengthen cybersecurity, emphasizing the need for improved liquidation processes to safeguard depositors. He highlighted the importance of collaboration between RBI and registrars of co-operative societies. Deputy Governor Rao stressed cooperative banks' role in financial inclusion and urged stronger governance and risk management. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/e8upSvx via IFTTT

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Samir Subberwal, global head of wealth solutions, deposits and mortgages at the bank said shifting focus to the affluent in retail banking will help Standard Chartered to play from a position of strength in India which is a difficult market to compete in the mass market space where local banks dominate. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/tZnP4OE via IFTTT

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State Bank of India (SBI) Chairman, CS Setty, told analysts that the bank has a 35-basis-point cushion on its lending rate, providing flexibility even if deposit rates increase. Despite potential RBI rate cuts impacting lending rates, Setty believes SBI's margins will remain stable due to a significant portion of loans linked to MCLR and adjustments in pricing for short-term loans. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/zoCxdu1 via IFTTT

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Finance Minister Nirmala Sitharaman urged regional rural banks in South India to boost lending under government schemes like Mudra and PM Vishwakarma. She emphasized increasing agricultural credit, particularly for allied activities, and mobilizing deposits for sustainable credit growth. Sitharaman also called for special drives to reactivate dormant PM Jan Dhan Yojana accounts. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/DsVn6xF via IFTTT

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At a review meeting on Tuesday, financial services secretary M Nagaraju exhorted PSBs to continue to strengthen their financial and operational frameworks, particularly in light of the evolving market dynamics and cybersecurity needs, the finance ministry said in a statement. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/lAvULgI via IFTTT

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Indian banks are establishing a committee to address concerns regarding the Reserve Bank of India's (RBI) proposed regulations. The new rules mandate one entity per banking group for specific businesses, impacting subsidiaries. Banks find the two-year compliance window too short, particularly for listed subsidiaries, and plan to engage with the RBI and government stakeholders. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/yinhZzD via IFTTT

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Banks in India have sought the Reserve Bank's approval for integration with its Centralised Information Management System (CIMS) to enable real-time tracking of limit utilisation under the Liberal Remittance Scheme (LRS). This integration aims to expedite the inclusion of international credit card spending under LRS regulations and ensure seamless tax remittance. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/3Q6CV1S via IFTTT

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