HDFC Bank ties up with Tone Tag and other top Banking news of the day

Round up of the major headlines that dominated the Banking sector, nationally and internationally.

The Reserve Bank of India (RBI) and the government don’t favour undervaluation of the exchange rate as a means to spur economic growth, RBI Governor Raghuraman Rajan said. “There are those who argue that in countries such as China, Japan, and Korea business enterprises grew via an undervalued exchange rate,” Dr. Rajan said at the India MSME Summit-2016 organised by the Confederation of Indian Industry(CII) on Monday.

RBI today imposed a penalty of Rs 2 lakh on the Kapadwanj People's Co-operative Bank for violation of norms, including those on advances and KYC. 

HDFC Bank customers will soon be able to pay at credit card swipe machines using sound from their handsets. The private bank has become the first to sign up with Bengaluru-based startup Tone Tag to provide a phone-based proximity payment service that requires neither special handsets nor any new acceptance device. 

As public sector banks’ (PSBs) non-performiing and restructured assets have constrained their profitability and market capitalisation, the Comptroller and Auditor General (CAG) of India is set to scrutinise these banks’ books for the first time to analyse how the capital provided by the Centre in the past five years was utilised by them. 

Country's fifth-largest private lender Yes Bank today signed an agreement with the Indian Renewable Energy Development Agency (IREDA) to foster renewable energy (RE) development in India. 

Prime Minister Narendra Modi met senior finance ministry officials last week to take stock of rising bad loans at state-run banks.