Daily Banking News & Financial Awareness for 13th September 2022 around the web from the various Newspapers.
A representation made by IBA to the Government is likely to trigger a Competition Commission of India (CCI) probe into alleged cartelization by chip suppliers, which is seen to be hampering card issuance by banks. The trigger for the representation arose out of the difficulty faced by banks in providing RuPay cards to account holders under PMJDY which aims to expand affordable access to financial services such as bank accounts, remittances, credit, insurance and pensions. CCI is likely to take up the matter suo motu and initiate a probe, as such “shortage” has the potential to derail the flagship programme of the Government for financial inclusion, sources close to the developments said.
-News By Business Line
8 years after its launch, the Pradhan Mantri Jan Dhan Yojana (PMJDY) still shows strong growth in the addition of new accounts, becoming a game-changer for the poor and women who have been left out of the ambit of the banking system. The flagship financial inclusion scheme of the Centre was launched in 2014 with a slogan of ‘Mera Khata, Bhagya Vidhata’, and has been growing steadily since then. It has now become the fulcrum of implementation of almost all Government welfare schemes. As on August 31, 2022, PMJDY had 46.46 crore beneficiaries, with a total balance of ₹1,72,507 crore.
-Business Line
Small finance banks (SFBs) are seeking approval from the regulator to enter on-lending, a growing practice where nonbank financial companies are gaining an advantage over traditional lenders. These banks have written to the RBI to permit them to operate with bigger banks and NBFCs, as they have the products and reach but are at a disadvantage when it comes to resources, people familiar with the matter said.
-Economic Times
___________________
-Livemint
HDFC Bank became the first bank in the country to issue an Electronic Bank Guarantee (e-BG) in partnership with National E-Governance Services Limited (NeSL). The paper based, time-consuming process has been
-Livemint
The credit committee of Yes Bank will meet on Sep 15 to formally approve the sale of distressed loans totaling Rs 48,760 crore to J.C Flowers ARC, said people aware of the development. J.C. Flowers ARC won the non-performing loan portfolio in an uncontested Swiss auction for Rs 11,183 crore, after Cerberus Capital and Asset Reconstruction Co of India (Arcil) that had teamed up for a bid dropped out of the race.
-Economic Times
Deutsche Bank has appointed Janak Dalal as Head of Securities Services for India and Sri Lanka, the Bank said in a statement.
-Business Line
After 3 years of single-digit growth, NBFCs (excluding HFCs, microfinance institutions and government-owned NBFCs) are expected to see their assets under management (AUM) grow 11%-12% — a 4-year high — to about ₹13 lakh crore by the end of this fiscal, riding on macroeconomic tailwinds, according to CRISIL.
-Business Line
Retail inflation cut short its 3-month declining trend and inched up to 7% in August mainly due to higher food prices, according to official data released today. The consumer price index (CPI) based inflation was 6.71% in July and 5.3% in August 2021. The CPI inflation has remained above the RBI's comfort level of 6% for the 8th month in a row. The RBI factors in retail inflation while deciding on its monetary policy.
-Business Line
India's industrial production growth decelerated to a 4- month low of 2.4% in July, mainly due to poor showing by manufacturing, power and mining sectors, according to official data released today. The data showed that the previous low in industrial output growth was recorded at 2.2% in March this year. IIP grew 6.7% in April, 19.6% in May and 12.7% in June.
-Business Line
The IMF is looking for ways to provide emergency funding to countries facing war-induced food price shocks and will discuss measures at an executive board meeting today, sources familiar with the matter told.
-Business Line
Indian Railways reported a 38% increase in its overall revenue to ₹95,486.58 crore at the end of August 2022, which was an increase of ₹26,271.29 over the same period last fiscal. The Railways had total revenue of ₹69,215.29 crore between April and August 2021.
-Business Line
Also Read - Bank Union Opposes Government Banks' Loan Mela
USD / INR 79.53
Sensex 60115.13 (+321.99)
BSE Bankex 46468.97 (+180.00)
Nifty 50 17936.35 (+103.0)
Nifty Bank 40574.0 (+158.3)