Banking - NewNerve

Report Reveals Higher Deposit Rates for PSBs, Senior Citizens Embrace Banking

15Apr

By AnkitNo Comments

Banking, BFSI

Report Reveals Higher Deposit Rates for PSBs, Senior Citizens Embrace Banking

In a recent report by the State Bank of India (SBI), it has been highlighted that public sector banks (PSBs) in India have experienced a more substantial increase in deposit rates compared to private banks. Additionally, there has been a significant jump in deposits made by senior citizens. This development signifies the growing confidence of both banks and depositors in the Indian banking system. Let's delve deeper into the findings of the report. Deposit Rate Hike for PSBs: The report reveals that PSBs have been successful in raising deposit rates, despite the Reserve Bank of India (RBI) holding the rate since February 2023. The aggressive approach by select banks to attract deposits, coupled with fluctuating liquidity constraints, prompted the banking system to raise the deposit rates...

Haryana Police Retrieve Rs 70 Lakh in Cyber Fraud Case Targeting HR Executive

15Apr

By Ankit2 Comments

Regtech, Banking, Cyber Crime, Payments

Haryana Police Retrieve Rs 70 Lakh in Cyber Fraud Case Targeting HR Executive

In a significant victory against cyber frauds, Haryana police have successfully recovered Rs 70 lakh that was defrauded from a senior HR executive. The victim, identified as Sanjay Jain, fell victim to a sophisticated online scam orchestrated by cyber fraudsters. This incident highlights the growing threat of cyber frauds and the importance of robust cybersecurity measures to protect individuals and organizations. The Cyber Fraud: Sanjay Jain, a resident of Sector 47 in Gurgaon, reported the incident to the police on February 16. He disclosed that he had lost Rs 1 crore to cyber con artists who lured him through an investment link shared on WhatsApp. The fraudsters posed as representatives of a reputed financial services firm and enticed Jain with promises of high returns on investments ...

Small Finance Bank License: RBI denied licenses 2 more entities

13Apr

By Ankit1 Comment

Banking, BFSI, Lending, Microfinance, Payments

Small Finance Bank License: RBI denied licenses 2 more entities

In a recent development, the Reserve Bank of India (RBI) has turned down two more applications for (SFB) Small Finance Bank licenses, as reported by Moneycontrol. This decision marks a continuation of the stringent scrutiny exercised by the central bank in granting licenses for SFBs. Background of Bank Licenses The central bank had received a total of 12 applications for both small finance bank licenses and universal bank licenses. These applications were submitted by various entities aiming to set up financial institutions that cater to specific segments of the population. The RBI's decision comes amidst the backdrop of a rigorous evaluation process that assesses various aspects including financial stability, governance structures, and business models. With the Indian banking s...

Revolut India: Unlocking New Payment Horizons with RBI’s PPI License

12Apr

By Ankit1 Comment

Banking, Fintech, Payments

Revolut India: Unlocking New Payment Horizons with RBI’s PPI License

In a significant development, Revolut India has secured an in-principle approval from the Reserve Bank of India (RBI) for issuing Prepaid Payment Instruments (PPI). This includes both prepaid cards and prepaid wallets, positioning Revolut as a formidable player in the domestic payments market. Revolut India: Empowering Indian Consumers With this approval, Revolut India gains the ability to operate as a domestic player in the payments ecosystem. But what does this mean for Indian consumers? Let’s delve into the details: International and Domestic Solutions: Revolut India can now offer Indian consumers a comprehensive suite of payment solutions—both international and domestic—all within a single platform. Whether you’re making cross-border transactions or handling loca...

Freo’s Financial Revolution: Freo’s Revenue z FY24, attains profitability

10Apr

By Ankit1 Comment

Banking, Digital Lending, Finance, Fintech, Payments, Startups

Freo’s Financial Revolution: Freo’s Revenue z FY24, attains profitability

Digital banking Platform Freo, operated by Mwyn Tech, has achieved remarkable growth and profitability. Freo reported gross revenue of Rs 350 crore in FY24. The company has been profitable for the last four months since December 2023. Let’s delve into the key highlights: Impressive Revenue Growth: Freo’s gross revenues have surged 5Xover the past five years, reaching the significant milestone of Rs 350 crore. The company’s contribution margins also soared, from 16% in Q4 FY23 to over 40% in Q4 FY24. Diversified revenue streams: Fee-based revenue now accounts for over 45% of total revenue, alongside the 55% from interest-bearing products. User Base Expansion: Freo’s user base grew from 15 million in FY22 to an impressive 25 million by the end of F...

Banking Trojans: The Malware Undercover Agents

10Apr

By Ankit1 Comment

Banking, Fintech, Payments

Banking Trojans: The Malware Undercover Agents

In the ever-evolving landscape of cybersecurity, banking trojans stand out as a formidable adversary. These malicious programs, often disguised as legitimate software, infiltrate systems with the intent to steal sensitive information, particularly from online banking users. In this article, we delve into the world of trojans, exploring their origins, tactics, and the ongoing battle to defend against them. What Is a Trojan? A trojan is a type of malware that masquerades as a benign or useful program. Just like the legendary Trojan horse from ancient Greek mythology, these digital counterparts deceive users by appearing harmless while harboring malicious intent. Banking trojan, in particular, follow this pattern—they pose as something beneficial but have a hidden agenda. ...

RBI’s Vigilance Drive: Unauthorised Forex Trading Platforms Under Scrutiny, Banks Called to Action

10Apr

By AnkitNo Comments

Fintech, Banking, Finance, Regtech, Wealthtech

RBI’s Vigilance Drive: Unauthorised Forex Trading Platforms Under Scrutiny, Banks Called to Action

The Reserve Bank of India (RBI) has intensified its efforts to combat unauthorised forex trading platforms, emphasizing the need for heightened vigilance among banks. Governor Shaktikanta Das has raised concerns about banking channels being exploited for funding these platforms, prompting the RBI to take decisive action. Framework for Authorisation of Electronic Forex Trading Platforms The RBI has implemented a robust framework for the authorisation of electronic trading platforms since 2018. This framework ensures strict compliance with regulations and is currently being updated to keep pace with technological advancements that have revolutionized financial markets. Cautionary Advice and Alert List: In response to complaints of cheating and fraud associated with unauthorised trading p...

RBI Imposes Penalty on The Uttarakhand Grameen Bank for Regulatory Non-Compliance

9Apr

By AnkitNo Comments

Banking, Finance, NBFC

RBI Imposes Penalty on The Uttarakhand Grameen Bank for Regulatory Non-Compliance

Dehradoon. The Reserve Bank of India (RBI) has recently wielded its regulatory authority by imposing a monetary penalty of ₹5.00 lakh on The Uttarakhand Grameen Bank located in Dehradun. The penalty comes as a result of the bank's failure to adhere to the provisions outlined in the Banking Regulation Act, 1949. This move by the RBI underscores the importance of regulatory compliance within the banking sector. The penalty, issued on March 27, 2024, stems from the bank's contravention of section 26A(2) in conjunction with section 51 of the BR Act. The statutory inspection of the bank, conducted by the National Bank for Agriculture and Rural Development (NABARD), highlighted non-compliance with statutory provisions, prompting the RBI to initiate necessary action. During the inspection, ...

FinTech Funding Surge: March Records $591 Million in Investments”

8Apr

By Ankit2 Comments

Banking, Finance, Fintech, Payments, Startups

FinTech Funding Surge: March Records $591 Million in Investments”

The FinTech sector is buzzing with excitement as the month of March draws to a close. After a relatively quiet period, funding has surged, and investors are placing their bets on promising startups. Let’s dive into the numbers and explore the recent developments in the world of financial technology. A Remarkable Rise in Investments The last month of the new calendar year witnessed a significant rise in investments for the FinTech sector, compared to the previous few months. According to data collated by 1Lattice, FinTech funding experienced an uptick in March, recording an impressive $591 million from 16 funding rounds. This substantial increase comes after a comparatively modest $250.25 millionraised from 13 rounds in the previous month. Key Players and Noteworthy Rou...

FD Interest Rates of 8-9% Expected to Continue as RBI Holds Repo Rate: Maximizing Returns

6Apr

By Ankit1 Comment

Banking, Wealthtech

FD Interest Rates of 8-9% Expected to Continue as RBI Holds Repo Rate: Maximizing Returns

In recent times, fixed deposit (FD) investors in India have been enjoying the benefits of a high-interest rate regime. This has been possible due to the Reserve Bank of India (RBI) keeping the repo rate unchanged for the seventh consecutive time at its recent bimonthly monetary policy committee meeting. The sustained repo rate hike over the past year has resulted in FD interest rates reaching a new high of 8-9%. In an unexpected yet welcome move for fixed deposit investors, the Reserve Bank of India (RBI) has maintained the repo rate at its current level, signaling a continuation of the high interest rate period for fixed deposits. This decision, rooted in the latest monetary policy review, offers a lucrative window for investors seeking stability and impressive returns in a volatile ma...