AGP Executive Report
Last update: 3 hours agoRBI Enforcement: India’s central bank fined Kedarnath Urban Cooperative Bank ₹40,000 for KYC lapses, including delayed uploads to CKYCR and deposit-rate breaches under supervisory rules. Borrower Protection: RBI also moved to stop banks from disabling phones or other device functions for missed EMIs from Jan 1, 2027, while keeping essential services like calls and emergency SOS available. Digital Lending Push: Indian Bank plans a unified digital portal to digitise MSME loans up to ₹5 crore, aiming for in-principle approvals in about 30 minutes via APIs and account aggregators. Banking Sector Moves: Jefferies reshuffled its India long-only holdings, removing HDFC Bank and PB Fintech and adding MCX and Lenskart, citing improving credit growth and renewed foreign inflows. World Bank Guarantee: The World Bank backed a $750m guarantee for Indonesia’s Bank Mandiri to expand low-interest MSME lending under the KUR program. Cyber Fraud Probe: Mumbai Police opened an investigation after a bank senior official allegedly lost ₹4.27 lakh via unauthorised credit card transactions, with a suspected link to public Wi‑Fi at CSMT. Political/Policy Tension: Nigeria’s EFCC independence is questioned after President Tinubu ordered the Osun state account freeze order vacated ahead of elections.
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