The report said that "we have a game changing 5 years ahead of us as the financial services landscape is expected to have many strong actors on the stage, like large Incumbents, niche as well as diversified non-banks, new-age and mature fintechs, aggregators and Financial Service Providers". It, however, mentioned that "more than 70 per cent of respondents believe most Fintechs may not be profitable in the next 2-3 years. While scale is an important driver of profitability, early stage focus on 'unit economics' is a critical orientation needed".

Bajaj Housing Finance hiked its rate by 0.50 per cent, and the lowest priced product for the salaried and professional applicants will be 7.70 per cent now, as per an official statement. Despite the latest hike, the company claimed to be offering loans at competitive rates compared to most of its peers.

Experts said the move is likely to bring much needed relief to the importers, whose refund claims worth over ₹1,000 crore are stuck. "The importers must get their due after the Supreme Court order. There is still no clarity in this regard and a formal communication will help the early release of funds," said Abhishek Rastogi, partner at Khaitan and Co, who represented importers in the Mohit Mineral case.

Accordingly, by failing to conduct inspection of the books of accounts, records, registers of FHHPL, the noticee has violated DT (Debenture Trustees) Regulations. She also noted that the noticee had not taken any reasonable and necessary steps to fulfil its obligations, and hence can be made liable for the neglect and failure of FHHPL.

Last week a discussion paper put out by the Reserve Bank of India sought suggestions on whether charges should be levied on transactions through UPI and other payment systems and interchange fees on cards.

The Reserve Bank of India (RBI) had imposed several restrictions, including on withdrawals, by depositors of 17 cooperative banks in July in view of their deteriorating financial positions. Of the 17 cooperative banks, eight are in Maharashtra, four in Uttar Pradesh, two in Karnataka, and one each in New Delhi, Andhra Pradesh and West Bengal.

“Their networks and wealth of experience in startup investments, finance, and entrepreneurship are helping unlock new growth opportunities as we look to rapidly scale our capital gateway by 20 times in the next 12 months and also perfectly complements the existing skills we have in our team,” Bhavik Vasa, co-founder and CEO at GetVantage said.

The Reserve Bank of India on Thursday said the licence of Deccan Urban Co-operative Bank, Karnataka, has been cancelled as the lender does not have adequate capital and earning prospects.

Recovery has improved compared to the previous quarter and reached almost 99% in some states. However, Assam, West Bengal, Kerala, Tripura, and Chhattisgarh are among the major states which have shown below average recovery and are a drag on the overall asset quality.