Digital Financial News

RBI) has voiced its concerns over elevated levels of gross non-performing assets (NPAs) in urban cooperative banks, although profitability indicators have improved. It has called for a further strengthening of governance standards and risk management practices among other things in its assessment of the sector in the Report on Trend and Progress of Banking in India 2022-23. The RBI is asking the co-operative banks to adopt global best practices of supervision. «A further strengthening of the quality of governance, based on the three pillars of compliance, risk management, and internal audit, warrants priority,» it said in the assessment of the developments in the cooperative banking sector.

The regulator said that it is reviewing the non-fund based facilities offered by banks such as guarantees and letters of credit to come up with guidelines as they form an important role in the growth and development of the economy. Banking industry's clean up continued for the fifth straight year as the fall in gross bad loans helped report a higher net interest margin, a key measure of profitability. All banks meet the regulatory capital requirements with it at 16.8% as of September. «Lower slippages helped improve asset quality across all bank groups, with gross bad loans to total advances ratio of banks dropping to a 10-year low,'' the RBI said in its annual Report on Trend and Progress of Banking in India.

The National Payments Corporation of India (NPCI) has started the process to deploy ‘UPI Tap and Pay’ across digital payment providers soon after the apex body released details on the feature’s roll out, reported Business Standard. 

Moneyview has just revealed findings from its latest survey, offering insights into the changing dynamics of credit score awareness and financial preferences. The 2023 Consumer Credit Survey gathered responses from a diverse range of individuals, offering valuable perspectives on credit behaviours, loan aspirations, and the pivotal factors shaping financial decision-making.

online retailer Zulily is closing down, surprising customers and laying off hundreds of workers after efforts to salvage the business failed. The Seattle-based company said in a notice on its website that it had tried to fill all pending orders and expected to manage that within the coming two weeks. Zulily said it was trying to ensure that orders that could not be filled were cancelled and refunded and offered a contact for customers who did not get their orders or refunds.

urban cooperative banks though profitability indicators have improved. It has called for a further strengthening of governance standards and risk management practices among other things in its assessment of the sector in the latest `Trend and Progress in Banking’ released by the central bank on Wednesday.

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By Shubham Batra and Amruta Khandekar

Housing and macroeconomic analyst Amy Nixon says the post-pandemic home price correction has not started yet.

South Korea has announced that high-ranking public officials will be required to disclose their cryptocurrency holdings starting next year. 

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Sovereign Gold Bond (SGB) Series 2023–24 schedule for the fiscal year 2023-2024. Latest Sovereign Gold Bond (SGB) tranche issue price is the highest since launch in 2015

Tesla is expected to post another record quarter for electric vehicle (EV) deliveries, likely shy of an ambitious 2 million annual internal target that CEO Elon Musk touted at the beginning of the year. Faced with slowing sales, Tesla leveraged its industry-leading margins and slashed prices of its four car models globally in 2023, with a focus on China, where the company has lost market share to locals including BYD .

Americans are expected to spend nearly $30 billion on gift cards this holiday, according to the National Retail Federation

China's authority in charge of press and publications has approved 105 online games, saying it fully supports the industry after newly proposed curbs caused massive losses for major game companies

A distillery in southwestern China is aiming to tap a growing taste among young Chinese for whisky in place of the traditional “baijiu” liquor used to toast festive occasions

Rahul Bhuskute, CIO & EVP, Bharti AXA Life Insurance, says: “Given a relatively stable rupee, given inflation, which is sub-6%, given core inflation around the 5% handle, the probabilities of interest rate cuts in India going forward are going to increase and the market should definitely get a tailwind because of that. Have the markets harvested all the tailwinds and front ended all the earnings of all those potential interest rate cuts? We do not believe. So, there is some more to come around that factor.” Markets seem to be in very good shape right now but are the markets ignoring risks on valuation front or are you of the camp that earnings quality of corporate India, the corporate earnings to GDP ratio is actually improving and hence the decline will be cushioned by earnings. Which side of the camp are you? Rahul Bhuskute: I guess clearly markets are at a high and we do believe there are reasons for the markets to do so. First of all, globally the interest rate cycle has peaked out. There is an expectation that interest rates will start coming off. Definitely, in India, we have clearly passed the point of highest rate and therefore the opportunity cost for an equity investor is low and we do expect that to be a continued tailwind for the market going forward.

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