News Highlights 07-02-2024

 HDFC Bank rolls out four credit cards for SME players
HDFC Bank on Tuesday launched four credit cards intending to tap small and medium-
sized entrepreneurs (SME) and grow its card business. The main highlight of the cards is that
they will provide 55 days of interest-free credit, the highest number of days offered by any
bank
 UPI payments failing amid server outages; multiple banks affected
Reports of UPI outage have poured in from various places as users struggle with digital
payments. Major platforms like Google Pay, PhonePe, and BHIM have been reportedly
affected, along with server issues in banks
 RBI cancels licence of Jai Prakash Narayan Nagari Sahakari Bank
as the lender, with its present financial position, would be unable to pay its present
depositors in full. The Commissioner for Co-operation and Registrar of Cooperative
Societies, Maharashtra, has been requested to issue an order for winding up the bank and
appoint a liquidator
 Retail lending credit growth slowed down across all products in September quarter
The volume of low value home loans, with value less than Rs. 35 lakhs, are 76% of the
originations have dropped by 4%, impacting the overall home loan growth. Overall, home
loans have shown a 9% growth in value in Q2 of this fiscal.
 RBI grants nod to HDFC Bank entities to acquire up to 9.5% stake in Yes Bank, IndusInd
Bank and four others
The RBI has granted HDFC Bank's entities approval to acquire aggregate
 RBI fines Power Finance Corporation for non-compliance with liquidity risk
management norms
The Reserve Bank of India has fined state-owned Power Finance Corporation Rs 8.80 lakh
for failure to maintain the mandated quantum of Liquidity Coverage Ratio (LCR) in
accordance with central bank norms on liquidity risk management for non-banking financial
companies.
 Paytm denies speculations on Jio Financial's acquisition of Paytm Wallet
In response to recent speculations surrounding the potential acquisition of Paytm Wallet by
Jio Financial, Paytm has refuted these claims. The company, in an official release, stated
that the news item suggesting such an acquisition is speculative, baseless, and factually
incorrect.
 NARCL makes binding offers for over half a dozen accounts:
NARCL is set to acquire loans of Simplex Infra following an uncontested Swiss auction. The
state-backed bad bank has made a binding offer of ?640 crore for debt-laden engineering,
procurement, and construction company Simplex Infrastructure, which is less than 7% in
recovery to lenders.

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