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Govt tells state-run banks to start up lending game

Economic Times

Economic Times · 1m ago

Govt tells state-run banks to start up lending game

The Indian government has urged public sector banks (PSBs) to boost lending to startups by collaborating with educational institutions and incubation centers to identify and monitor early-stage companies. Despite being among the largest global startup ecosystems, Indian state-owned banks like Bank of Baroda and Punjab National Bank had not sanctioned startup loans for FY25. Plans include a specialized risk rating framework and corporate lending enhancement to support emerging growth sectors.

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Sub-prime lending by PSBs rises on the back of govt guarantees

Economic Times

Economic Times · 1m ago

Sub-prime lending by PSBs rises on the back of govt guarantees

Public sector banks in India have increased lending to micro, medium, and small enterprises (MSMEs) with government-backed guarantees, despite a general trend towards lending to higher-quality borrowers. The proportion of subprime borrowers in public sector banks' MSME portfolios decreased from 33.5% in June 2022 to 23.3% in March 2025. Government schemes such as the Credit Guarantee Fund for Micro Units and the Emergency Credit Line Guarantee Scheme support this lending, which has led to improved asset quality in MSME portfolios.

YC-backed digital bank Onyx Private tells customers it’s closing their accounts TechCrunch Fintech

TechCrunch · 1y ago

YC-backed digital bank Onyx Private tells customers it’s closing their accounts TechCrunch Fintech

Onyx Private, a digital bank that catered to high-earning Millennials and Gen Zers, is discontinuing its bank operations. The Miami-based start-up, backed by Y Combinator, plans to shift to a B2B white-label platform-as-a-service model for community banks and credit unions. This change will allow them to offer digital apps targeted at young affluent consumers. The company had previously raised $4.1 million in venture funding. Onyx Private's CEO, Victor Santos, confirmed that the decision was strategic and not due to regulatory issues.

Govt departs from privatisation plans, may overhaul PSUs

VCCircle

VCCircle · 1y ago

Govt departs from privatisation plans, may overhaul PSUs

The Indian government is reportedly shifting away from its aggressive privatisation plans for state-run firms to instead focus on making them more profitable. The new plans aim to overhaul over 200 state-run firms by selling underutilised land owned by these companies and monetising other assets. The goal is to raise $24 billion in the current fiscal year and reinvest the funds in the companies, while setting five-year performance and production targets for each company. The plans include introducing succession planning and professional recruitment to company boards. The shift comes after Prime Minister Narendra Modi lost his parliamentary majority.

Telangana secures top performer position at DPIIT state start-up ranking

OutlookIndia

OutlookIndia · 1y ago

Telangana secures top performer position at DPIIT state start-up ranking

Telangana has emerged as the top performer in the DPIIT State Start-up Rankings 2022 and National Start-up Awards 2023. The state was honored at a felicitation ceremony in the presence of Piyush Goyal, the Union Minister of Commerce and Industry. Telangana was recognized for its holistic institutional support, inclusive policies, and funding initiatives for entrepreneurs. The state has registered over 1,800 start-ups, with special incentives for women-led ventures, and has provided incubation support and market access opportunities to several start-ups.

Strong dollar demand by banks weakens rupee by 28 paise

Economic Times

Economic Times · 2m ago

Strong dollar demand by banks weakens rupee by 28 paise

The Indian rupee weakened by 28 paise to 85.75 per dollar due to strong dollar demand from foreign and domestic banks, despite other Asian currencies strengthening. The Reserve Bank of India likely intervened by purchasing dollars through state-run banks, as the rupee traded between 85.44/$1 to 85.78/$1. Demand from nationalized banks, oil companies, and importers constrained the rupee, while the dollar index traded near a three-year low.

Govt raises $1.98 bn from divestments in FY24, misses target

VCCircle

VCCircle · 1y ago

Govt raises $1.98 bn from divestments in FY24, misses target

The Indian government has reportedly raised $1.98 billion from divestments in the financial year of 2023/24, falling short of its internal target of $2.26 billion. The government sold its stakes in approximately 10 state-run companies with hopes to raise funds for the country's economic development. However, the privatisation process has been impacted by upcoming general elections. Despite missing the divestment target, the government received higher dividends than expected from state-run companies, totaling approximately $8.36 billion in the same period. The government has not set a target for divestments in the current financial year.

PSU banks to hold majority in digital payment intel body

Economic Times

Economic Times · 16d ago

PSU banks to hold majority in digital payment intel body

State-run banks will lead the establishment of the Digital Payments Intelligence Platform (DPIP), holding over 50% in the entity aimed at reducing payment fraud through advanced tech. Set up as a non-profit, DPIP aims to share real-time intelligence to prevent fraud. A committee, including public and private bank members, will decide on the organization’s structure and capital. This platform will enhance fraud risk management and implement AI for proactive fraud detection.

Bihar Govt Conducts Product Launch Event Start-Up Spark 2.0

OutlookIndia

OutlookIndia · 1m ago

Bihar Govt Conducts Product Launch Event Start-Up Spark 2.0

The Bihar government's Department of Industries, in collaboration with B.HUB BSFC and IIT Patna's Incubation Centre, organized the Startup Spark 2.0 event. This initiative aligns with the Bihar Start-up Policy 2022 and provides startups with seed funding, coworking spaces, and mentorship. The event showcased innovative products ready for market introduction, offering startups exposure to investors and mentors. State officials emphasized supporting the entrepreneurial ecosystem, aiming to transform Bihar into a hub of innovation and entrepreneurship.

PSBs step on the gas in retail as private ones take foot off the pedal

Economic Times

Economic Times · 19d ago

PSBs step on the gas in retail as private ones take foot off the pedal

Public sector banks (PSBs) in India have significantly increased their retail lending, surpassing private sector banks. This shift is driven by fewer delinquencies, better pricing power, and a broad customer base. The State Bank of India, Bank of Baroda, and Punjab National Bank showed notable year-on-year growth, while private banks experienced slower growth due to higher delinquencies, especially in unsecured loans. Analysts expect competitive momentum to continue as the credit environment stabilizes for both sectors.

Rupee logs best intraday rise in more than five months

VCCircle

VCCircle · 1y ago

Rupee logs best intraday rise in more than five months

The Indian rupee experienced its best intraday rise in over five months, driven by exit polls projecting a third term for Prime Minister Narendra Modi's party and alliance. The rupee closed at 83.1425 against the U.S. dollar, up almost 0.4% for the day. Importer hedging and bids from state-run banks limited the currency's gains. The positive sentiment also led to record highs for benchmark Indian equity indices. However, investors remain cautious and await the official results of the national election on Tuesday.

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