Let’s take India forward, CFO News, ETCFO

Let’s take India forward, CFO News, ETCFO

The monsoon is in full bloom in Mumbai. It’s really pleasant watching the rain through a car windshield at night, wiper blades working in tandem with melodious Hindi songs. The city’s landscape, bathed in the glow of yellow lamp posts amidst the showering rain, is enchanting. It’s not just Mumbai; rain is pouring across India, … Read more

India’s path to economic success lies in powering service sector: Rajan | Economy & Policy News

India’s path to economic success lies in powering service sector: Rajan | Economy & Policy News

Former RBI chief Raghuram Rajan | Photo: Bloomberg 2 min read Last Updated : Jul 11 2024 | 1:01 AM IST Former Reserve Bank of India (RBI) Governor Raghuram Rajan called on India to prioritise the enhancement of its service sector over the expansion of manufacturing to achieve sustainable economic growth and create jobs. … Read more

Auditor’s role must transcend from verification to assessing material risks: RBI DG Rao, ETCFO

Auditor’s role must transcend from verification to assessing material risks: RBI DG Rao, ETCFO

“>“External audit is an indispensable component of a robust regulatory framework,” stated RBI Deputy Governor, M Rajeshwar Rao The statutory auditors play a significant role in maintaining stakeholder confidence in audited financial statements, which is particularly important in the banking industry where the entire edifice is built on ‘trust’, said the Deputy Governor of RBI, … Read more

India’s Financial Inclusion Index improves to 64.2 in 2023-24

India’s Financial Inclusion Index improves to 64.2 in 2023-24

India’s Financial Inclusion Index (FI-Index) for the financial year ended March 31, 2024, has improved to 64.2 vis-a-vis 60.1 in March 2023, with growth witnessed across all sub-indices, the RBI announced on Tuesday. The improvement in the FI-Index reflects a deepening of financial inclusion across the country, the RBI said. The FI-Index has been conceptualised … Read more

Four years since the Yes Bank rescue, RBI okays its saviours’ exit plan

Four years since the Yes Bank rescue, RBI okays its saviours’ exit plan

A likely stake sale may value India’s sixth-largest private bank by assets at around $10 billion, two people with direct knowledge of the development said, in what would be the largest acquisition in India’s banking sector. The central bank gave its in-principle approval to Yes Bank and some of its key shareholders a few weeks … Read more

MobiKwik gains market share, becomes largest wallet player

MobiKwik gains market share, becomes largest wallet player

MobiKwik gains market share becomes largest Wallet player in terms of PPI Wallet transactions. MobiKwik has become the largest digital financial services platform in terms of PPI Wallet transactions by value for April and May, the company said on Monday. Quoting Reserve Bank of India (RBI) data, MobiKwik said it has gained its market share in financial … Read more

RBI penalizes five banks, including PNB, for regulatory non-compliance: Find out more

RBI penalizes five banks, including PNB, for regulatory non-compliance: Find out more

The Reserve Bank of India (RBI) has penalized five banks, including Punjab National Bank (PNB), in the first week of July for non-compliance with various RBI directions. The Reserve Bank of India (RBI) penalized five banks, including Punjab National Bank (PNB), in the first week of July (Reuters) Which banks did the RBI penalize? PNB … Read more

RBI imposes penalty on five banks including PNB for regulatory non-compliance: Report

RBI imposes penalty on five banks including PNB for regulatory non-compliance: Report

The Reserve Bank of India (RBI) penalised five banks including Punjab National Bank (PNB) with various RBI directions, reported The Economic Times. RBI imposed a penalty of ₹1.31 crore on PNB, which became the fifth bank for getting the wrath of the banking regulator. Other banks fined by the RBI are The Gujarat Rajya Karmachari … Read more

RBI’s bumper payout to limit big ticket divestment; govt to maintain Rs 50k cr target: Report, ETCFO

RBI’s bumper payout to limit big ticket divestment; govt to maintain Rs 50k cr target: Report, ETCFO

The record Rs 2.1 lakh crore dividend payout by the Reserve Bank of India will limit the need for big-ticket divestment, a domestic rating agency said on Thursday. Care Ratings said the new government will retain the interim budget’s Rs 50,000 crore target on receipts from divestments. “With a bumper dividend from the RBI, the … Read more

Now, you cannot use CRED, PhonePe, Amazon Pay, Paytm for credit card payments

Now, you cannot use CRED, PhonePe, Amazon Pay, Paytm for credit card payments

The Reserve Bank of India (RBI) tweaked the repayment of credit card outstanding amount and the changes are effective from July 1. The central bank said that all credit card bill payments via third-party applications must be routed through the Bharat Bill Payment System (BBPS)- managed by the National Payments Corporation of India (NPCI). This … Read more