Banking Finance
Top 5 fixed deposits offering 7-8% interest, ET BFSI
~ Samriddhi Singh Mahar As the country grapples with inflation and economic uncertainty, senior citizens are seeking secure investment options to safeguard their savings. Fixed Deposits (FDs) have long been a preferred choice for this demographic, offering a steady...
Jio Financial forms JV with BlackRock Advisors Singapore; to invest Rs 3 crore towards initial share subscription, ET BFSI
Reliance's NBFC arm, Jio Financial Services, and BlackRock Advisors Singapore Pte. Ltd formed joint venture company named “Jio BlackRock Investment Advisers Private Limited' to undertake investment advisory business, company said through stock exchange filing.Jio...
Deposit growth in India expected to slow to 11.2 pc YoY in 2025: Report, ET BFSI
New Delhi [India], September 9 (ANI): The deposit growth in the country will decelerate to 11.2 per cent YoY in fiscal year 2025, as banks face slower mobilisation of new deposits, highlights a report by B&K Securities.As per the report at the end of fiscal year...
Shriram Finance plans to raise $1 bn from overseas in next 6 months, ET BFSI
NBFC Shriram Finance plans to raise USD 1 billion (about Rs 8,300 crore) from overseas in the next 6 months to fund its business growth. "We are planning to raise USD 300 million in the next few weeks, may be by October and rest USD 500-700 million during the...
Bandhan Bank launches facility to collect GST through online, offline modes, ET BFSI
Financial service provider Bandhan Bank on Monday launched the facility to collect Goods and Services Tax (GST), through the online and offline modes from its customers as well as noncustomers. Under this authorsisation, people can pay their GST through the bank’s...
Rupee may dip on risk aversion; Fed uncertainty persists, BFSI News, ET BFSI
By Nimesh VoraMUMBAI - The Indian rupee is likely to open weaker on Monday, tracking the decline in Asian equities and currencies fuelled by U.S. slowdown worries. The 1-month non-deliverable forward indicated that the rupee will open at 83.97-83.98 to the U.S. dollar...
Bajaj Housing Finance issue opens today; GMP signals 73% upside, ET BFSI
Bajaj Housing Finance is set to launch its initial public offering (IPO) on Monday, September 9. Ahead of the public issue, the grey market premium (GMP) for the company’s shares stands at Rs 51-52, indicating a potential upside of 73% above the issue price.The price...
Declining bank credit to hurt exporters; issue to figure in Sep 11 meeting with Goyal, ET BFSI
The declining bank credit to exporters will hurt the sector, and traders will flag the issue prominently during their meeting with Commerce and Industry Minister Piyush Goyal on September 11, an industry official said on Sunday. While exports grew by 15 per cent in...
Shriram Finance plans to raise $1 billion from overseas in next 6 months, ET BFSI
NEW DELHI: NBFC Shriram Finance plans to raise $1 billion (about Rs 8,300 crore) from overseas in the next 6 months to fund its business growth. "We are planning to raise $300 million in the next few weeks, may be by October and rest $500-700 million during the...
9 PSU banks stocks, 6 with an upside potential 36% to 48% in next 1 year, ET BFSI
There cannot be any doubt that the banking sector as whole is facing some headwinds and that is probably the reason why PSU banks have started to underperform. Right from rising cost of funds to higher operational cost to lower than expected growth. But the question...
Banks at disadvantage to mutual funds, says IBA chairman, ET BFSI
Banks are at a disadvantage to mutual funds (MFs) because they have to face regulatory restrictions like end use monitoring, which has made bank deposits unattractive, Indian Banks’ Association (IBA) chairman MV Rao said. Banks will need help from the government and...
Are banks open or closed this Saturday, September 7?, ET BFSI
It is the first Saturday of the month, but banks in several states are closed due to Ganesh Chaturthi, even though it's a regular working Saturday.Banks in India are closed on the second and fourth Saturdays of the month and on Sundays and other regional and national...
HDFC Bank, ICICI Bank, SBI Card, Kotak Mahindra Bank, Axis Bank, ET BFSI
By using a fuel credit card, you can conveniently buy petrol, diesel, and other fuels at fuel stations while enjoying various benefits that can enhance your travel experience and help you cut down on fuel costs.What is a fuel credit cardAccording to the Kotak Mahindra...
SBI chairman calls out a major ‘tech challenge’ that banks are facing, ET BFSI
State Bank of India (SBI) Chairman CS Setty has warned of growing cybersecurity challenges and the need for improved digital literacy in the banking sector. While investments in cybersecurity are on the rise, the availability of professional support for these...
Bankers on strengthening collection efficiency, ET BFSI
Sudipto Nag, President, Retail Portfolio Management Group at Axis Bank, began with the importance of understanding customer behavior to enhance collections. A large part of customers aren’t defaulting, they have shown credit hungriness. Banks will be able to read it....
Banks to hire young graduates as apprentices in a month; pay stipend of Rs 5,000, ET BFSI
Banks are mulling to hire graduates under 25 years of age as apprentices in a month, a top industry official said on Friday. Lenders will be paying a stipend of Rs 5,000 a month to such candidates who will get trained on a specialized skill set during the stint,...
Bank of Baroda raises Rs 5,000 crore through infra bonds at 7.26%, ET BFSI
Bank of Baroda on Friday raised Rs 5,000 crore through the sale of infrastructure bonds, garnering long-term funds to finance demand for loans amid a slower pace of deposit growth.The bank issued 10-year infrastructure bonds at a coupon rate of 7.26%, with the...
9 PSU banks stocks, 6 with an upside potential 36% to 48% in next 1 year, ET BFSI
There cannot be any doubt that the banking sector as whole is facing some headwinds and that is probably the reason why PSU banks have started to underperform. Right from rising cost of funds to higher operational cost to lower than expected growth. But the question...
What is the Public Provident Fund interest rate?, ET BFSI
The Public Provident Fund (PPF) is highly popular as a fixed income product because of its long-term guaranteed earnings and tax benefits. By contributing small amounts on a regular basis, the PPF scheme enables you to start saving and build a fund that aligns with...
Private credit market in India sees robust growth in H1 CY2024 with $6 bn in deals: EY report, ET BFSI
India's private credit market demonstrated robust growth in the first half of 2024 (H1 CY2024), with total investments amounting to $6 billion, according to EY report.This performance is a strong indicator of the market's vitality, especially when compared to the USD...
SATYA MicroCapital Limited Secures Rs 500 Cr (USD 60Mn) Debt Funding from Japan Based Sumitomo Mitsui Banking Corporation for Second Time, ET BFSI
NewsVoirNew Delhi [India], September 7: RBI-registered NBFC-MFI SATYA MicroCapital Limited has once again secured Rs 500 Cr (USD 60Mn) from Sumitomo Mitsui Banking Corporation (referred as SMBC hereafter), a renowned Japanese multinational financial services...
Indian FIs need granular climate risk models over countrywide approaches, says NABARD Chairman Shaji KV, ET BFSI
Shaji KV, Chairman of the National Bank for Agriculture and Rural Development (NABARD), stated the need for more granular climate risk models, pointing out that a one-size-fits-all, countrywide approach is insufficient, requiring localised solutions to effectively...
India cenbank continues selling bonds but quantum falls to eight-week low, ET BFSI
MUMBAI, Sept 6 - The Reserve Bank of India (RBI) sold government bonds from its portfolio for an eighth consecutive week, withdrawing liquidity from the banking system, but the sale was the smallest in this period, according to data released on Friday.The RBI sold...
SC notice to Chanda Kochhar, husband on CBI’s plea, ET BFSI
New Delhi, The Supreme Court on Friday sought responses from ICICI Bank's former Managing Director and Chief Executive Officer Chanda Kochhar and her businessman husband Deepak Kochhar on a plea filed against the Bombay High Court order declaring their arrest as...
India’s forex reserves hit a fresh high of $683.99 bn: RBI data, ET BFSI
India's foreign exchange reserves rose $2.3 billion in the week ending August 30 to a new record high of $683.99 billion, according to the latest data published by the Reserve Bank of India.This is the third consecutive weekly rise of forex reserves backed by healthy...
Deposit problem to ease if govt parks surplus funds with commercial banks instead of RBI, says Kotak MF’s Nilesh Shah, ET BFSI
Facilitating transfer of government funds to park funds as short-term deposits with banks could help ease the slowdown in deposits, according to Kotak Mutual Fund CEO Nilesh Shah.If the government parks funds with the banks instead of the Reserve Bank of India, the...
Sebi officers protest in Mumbai, demand chief Madhabi Buch’s resignation, ET BFSI
More than 500 Sebi officers across grades protested Thursday at the headquarters of the capital markets regulator in Mumbai’s financial nerve centre, demanding the resignation of chairperson Madhabi Puri Buch while also seeking withdrawal of the organization’s media...
Bajaj Housing Finance raises Rs 1,758 crore from anchor investors including JP Morgan, Morgan Stanley ahead of IPO, ET BFSI
Bajaj Housing Finance has raised Rs 1758 crore from marquee anchor investors ahead of its IPO, which will open for subscription on September 9.The company allocated the shares at around Rs 70 apiece, which is the upper price band for the public offer.Marquee anchor...
Sanjeev Mehta quits Standard Chartered Bank, set to launch new venture, ET BFSI
Sanjeev Mehta Sanjeev Mehta has stepped down as Standard Chartered Bank's managing director and head of transaction banking sales for corporate, commercial and institutional Banking for South Asia after a 17-year career at the bank. Mehta resigned in July this year...
Max Fin Services promoter firm sells 3.19 pc stake to repay debt, ET BFSI
Max Financial Services on Friday said its promoter group firm has sold a 3.19 per cent stake to repay their debt. Max Ventures Investment Holdings Pvt Ltd, a promoter company of Max Financial Services Ltd, sold 1.10 crore equity shares or 3.19 per cent in Max...
RBI imposes monetary penalties on Godrej Housing Finance, Aadhar Housing Finance over non-compliance, ET BFSI
The Reserve Bank of India on Friday imposed monetary penalties on Godrej Housing Finance Ltd and Aadhar Housing Finance Ltd over non-compliance with certain provisions of the 'Non-Banking Financial Company - Housing Finance Company (Reserve Bank) Directions, 2021'...
HDFC Bank, ICICI Bank, SBI Card, Kotak Mahindra Bank, Axis Bank, ET BFSI
By using a fuel credit card, you can conveniently buy petrol, diesel, and other fuels at fuel stations while enjoying various benefits that can enhance your travel experience and help you cut down on fuel costs.What is a fuel credit cardAccording to the Kotak Mahindra...
Banks at disadvantage to mutual funds, says IBA chairman, ET BFSI
Banks are at a disadvantage to mutual funds (MFs) because they have to face regulatory restrictions like end use monitoring, which has made bank deposits unattractive, Indian Banks’ Association (IBA) chairman MV Rao said. Banks will need help from the government and...
Deposit problem to ease if govt parks surplus funds with commercial banks instead of RBI, says Kotak MF’s Nilesh Shah, ET BFSI
Facilitating transfer of government funds to park funds as short-term deposits with banks could help ease the slowdown in deposits, according to Kotak Mutual Fund CEO Nilesh Shah.If the government parks funds with the banks instead of the Reserve Bank of India, the...
Africa’s biggest insurer eyes India wealth management as BlackRock, Jio join fray, ET BFSI
Sanlam Ltd. is joining the race to enter India’s burgeoning asset- and wealth-management industry as Africa’s biggest insurer by market value seeks to tap opportunities in the world’s fastest-growing major economy.The insurer plans to build out its partnership with...
More external benchmarked loans help private banks outperform on margins front, ET BFSI
India’s private sector banks are outperforming public sector lenders in maintaining and even expanding their net interest margins (NIMs) as they deftly manage balance sheets amid a challenging economic environment. The latest data from the Reserve Bank of India (RBI)...
Rupee inches up on hopes of weak US jobs report, BFSI News, ET BFSI
By Nimesh VoraMUMBAI - The Indian rupee rose on Friday after disappointing U.S. private payrolls data fuelled expectations of a weaker jobs report, prompting traders to avoid the U.S. dollar.The rupee was at 83.9350 to the U.S. dollar at 9:30 a.m. IST, up from 83.9825...
India’s credit card industry on track to reach 200 million cards by FY28-29: PwC, ET BFSI
The number of credit cards in India is projected to reach 200 million by FY28-29, driven by a compound annual growth rate (CAGR) of 15%, according to a report by PwC. Over the past five years, the credit card industry has experienced a 100% increase in the number of...
A bigger share of bank deposits comes at higher rates now, BFSI News, ET BFSI
Mumbai: More than two-thirds of the deposits mobilised by banks by the end of June 2024 were contracted at interest rates of 7% and above compared with 45% a year ago, latest central bank data showed, pointing to the higher returns lenders are now having to offer to...
Canara Bank raises USD 300 mn via its IFSC Banking Unit, BFSI News, ET BFSI
New Delhi, State-owned Canara Bank on Wednesday said it has mobilised USD 300 million via the IFSC Banking Unit. The net proceeds from the issue of the notes will be applied by the Issuer's IFSC Banking Unit at Gandhinagar towards the general corporate purposes,...
Ashok Leyland partners with Bandhan Bank for customised vehicle finance solutions, ET BFSI
Ashok Leyland offers a wide range of commercial vehicles, including intercity light commercial vehicles, long-haul trucks, and various types of buses. Ashok Leyland, India's leading commercial vehicle manufacturer and the flagship of the Hinduja Group, signed a...
These four banks have revised fixed deposit rates in September 2024, ET BFSI
Some banks have recently revised their fixed deposit (FD) interest rates for deposits under Rs 3 crore, effective from September 2024. The latest banks to revise their FD rates are Bank of India, City Union Bank, Bank of Baroda and Karnataka Bank. Let's take a look at...
What are the new Public Provident Fund rules?, BFSI News, ET BFSI
The Department of Economic Affairs under the Ministry of Finance has issued new guidelines concerning Public Provident Fund (PPF) accounts for minors, multiple PPF accounts, and the extension of PPF accounts by Non-Resident Indians (NRIs). These revisions, part of the...
Here is why, ET BFSI
India accounts for 46% of digital payments in the world, and UPI accounts for 80% of digital transactions that take place in India. In fact, Digital Payment Dashboard has been integrated with Integrated with 118 public sector, private sector, payments, and regional...
Personal loans grow 26% in Mar’24, home & auto loans slump: Report, ET BFSI
SOURCE: CRIF HIGH MARKPortfolio outstanding of consumption loans increased by 15.2 per cent YoY to Rs 90.3 Lakh crore as of March 2024. Consumption Lending includes home loans, personal loans, two-wheeler loans, auto loans, consumer durable loans and credit cards....
Hindujas’ acquisition of RCap hits tax dues hurdle, BFSI News, ET BFSI
Mumbai: Hinduja-owned IndusInd International Holdings' (IIHL) ₹9,861-crore acquisition of Anil Ambani-promoted Reliance Capital has hit another roadblock, with the Mauritius based company saying the final payment to creditors would have to be adjusted for more than...
Delhi High Court directs Axis Bank to review questionable debit freeze, ET BFSI
The Delhi High Court has instructed Axis Bank to treat the writ petition as a formal representation from the petitioner concerning the operation of their bank account. The court ordered the bank to make a reasoned decision within 15 days, after conducting a hearing...
Financial services sector must grow 20 times towards $30 trillion GDP goal by 2047: Report, ET BFSI
Mumbai, In order to achieve a $30 trillion GDP by 2047, India will require a 20 times growth in the financial services sector, with banks playing a pivotal role, a report showed on Thursday.Future growth will require $4 trillion of capital base in banks, one-third of...
Satin Creditcare Network raises Rs 120 cr in a securitization deal with HSBC India, ET BFSI
Kolkata: Microfinance company Satin Creditcare Network has raised Rs 120 crore in a securitization deal with HSBC India.The transaction was concluded with a coupon rate of 9.30%, the company said Wednesday. The deal involved issuance of pass-through certificates (PTC)...
Bank of India launches new FD tenure, Star Dhan Vriddhi, with higher interest fixed deposit rates, ET BFSI
Bank of India has revised its fixed deposit (FD) interest rates for amounts less than Rs 3 crore and launched a new special fixed deposit tenure with higher interest rates. The revised FD rates are effective from September 1, 2024.Aadhaar free update, new credit card...
Banks ready list of 3,000 entities involved in fraudulent practices, ET BFSI
New Delhi: Banks have drawn up a long list of around 3,000 entities involved in fraud that they will share and update on a real-time basis amid a spike in banking frauds, people familiar with the developments said. The list includes lawyers, builders, and gold loan...
AU Small Finance Bank submits application to RBI for voluntary transition to universal bank, ET BFSI
Kolkata: AU Small Finance Bank has formally made an application to the Reserve Bank of India for voluntary transition to universal bank, the bank announced Tuesday."We wish to inform (you) that the bank has submitted an application to the Reserve Bank of India to seek...
Recovery rate drops to 32%, timelines continue to increase, ET BFSI
The overall recovery rate till Q4FY24 was 32.10% implying a haircut of approximately 68%. The cumulative recovery rate has been on a downtrend, decreasing from 43% in Q1FY20 and 32.06% in Q1FY25 as larger resolutions have already been executed and a significant number...
SMFG India credit eyes AUM growth after capital infusion, BFSI News, ET BFSI
Sumitomo Mitsui Financial Group (SMFG), Japan's second largest bank with close to $2 trillion in assets has taken full control of its non banking finance company (NBFC) SMFG India Credit Co (SMICC) increasing its stake to 100% after infusing Rs 1,300 crore this...
Pwc, BFSI News, ET BFSI
New Delhi [India], September 4 (ANI): The number of credit cards in India is expected to reach 200 million with a CAGR of 15 per cent, highlighted a report by PwC.The report stated that the credit card industry has experienced significant expansion, doubling the...
Education loan AUM of NBFCs to top Rs 60,000 crore this fiscal, ET BFSI
Education loans, primarily those to fund courses overseas, will continue to be among the fastest-growing segments for non-banking financial companies (NBFCs) because of rising demand for higher education.After robust growth of over 80% and 70% in fiscals 2023 and...
Four financial and investment schemes for women launched by the government in India, ET BFSI
The government of India has launched many schemes for the empowerment of women. Last year, in Budget 2024, the Mahila Samman Scheme was launched for women investors and girl children. Sukanya Samriddhi was launched in 2015 as a part of the Beti Bachao Beti Padhao...
BlackSoil Capital and Caspian Debt announce share swap merger, Creating AUM of INR 2,000 Crore, ET BFSI
BlackSoil Capital, an alternative credit provider, and Caspian Debt, an impact investment lender, on Wednesday, announced a strategic merger through a share swap. This decision has received unanimous approval from their respective Boards of Directors and the combined...
Centralised system to enable pension withdrawal from any bank across India from Jan: Mandaviya, ET BFSI
New Delhi, Pensioners under Employees' Pension Scheme 1995 run by retirement fund body EPFO will be able to get pension from any bank or branch across India from January, Labour Minister Mansukh Mandaviya said on Wednesday. Mandaviya, who is also the chairperson of...
RBI DG highlights ‘huge addressable market’ in MSME lending; What data says?, ET BFSI
Michael Debabrata Patra, Deputy Governor of Reserve Bank of India has highlighted potentional addressable market for banks, FinTechs and NBFCs in terms of MSME lending.He said that the overall finance demand of India’s MSMEs is around US$ 1,955 billion, and out of...
Which banks offer the best fixed deposit rates for 1-year FDs? Check list, ET BFSI
Highest Fixed Deposit Interest Rates: A fixed deposit (FD) is a financial instrument that allows individuals to invest a predetermined sum of money for a specific duration. The tenure of the fixed deposit can be chosen by the investor, providing flexibility in...
Flipkart Fashion head set to join Angel One as CBO, BFSI News, ET BFSI
Representative ImageMumbai-based stock broking company Angel One is set to appoint Arief Mohamad as its new chief business officer, two people in the know said.Mohamad has already put in his papers at Flipkart, where he was heading the fashion vertical, the second...
ICRA predicts dip in NBFC-MFIs’ AUM growth to 17-19% in FY2025, ET BFSI
Rating agency ICRA on Wednesday said the evolving asset quality risks will dampen sectoral growth and earnings in the current fiscal, and expected the NBFC-MFIs’ AUM growth to dip to 17-19% in FY2025 from 29% in FY2024.Notably, in its recent report, ICRA highlighted...
Loan-to-deposit ratio to subside on its own in coming months: Motilal Oswal, ET BFSI
New Delhi [India], September 4 (ANI): Amid questions on the depleting loan-to-deposit ratio in Indian banks, a recent report by Motilal Oswal, a financial service company suggests that the loan-to-deposit (LD) ratio is likely to subside on its own in the coming...
Rupee’s decline capped by central bank’s recent behaviour, ET BFSI
Indian rupee declined on Tuesday.The Indian rupee declined on Tuesday, tracking weak Asian peers, but the central bank's repeated intervention at current levels in the recent past meant that the losses were fairly limited.The rupee was at 83.9475 to the U.S. dollar at...
HDB Financial Services taps global I-Banks for IPO, BFSI News, ET BFSI
HDB Financial Services, the non-banking finance arm of HDFC Bank, is in talks with Bank of America Securities, Morgan Stanley and Nomura to shortlist advisors to a proposed initial public offering (IPO), said people aware of the development. More banks may come on...
There is noticeable resurgence of dealmaking in 2024: Sanjay Singh, ET BFSI
BNP Paribas, the biggest French lender, is looking to expand its India client base, step up the ticket size of loans and take a strategic bet on the country. Sanjay Singh, CEO and head of territory, BNP Paribas India, also confirmed the bank has recently received a...
PSBs lose market share in credit as private banks gain ground: RBI, ET BFSI
Public Sector Banks (PSBs) have continued to lose ground in India's credit market, with their share in total credit declining to 53.1% as of June 2024, down from 55.8% a year earlier, according to the Reserve Bank of India's (RBI) latest quarterly data. In contrast,...
Credit growth slows across banks, may drop to 12.5% in FY25, BFSI News, ET BFSI
Systemic loan growth will decelerate to 12.5% in FY25, with private banks and public sector banks (PSBs) expected to see reduced growth rates, driven by a continued slowdown in unsecured retail lending and weaker corporate credit demand.The high credit-deposit (CD)...
Here’s all you need to know about the initiative, ET BFSI
Union Minister Shivraj Singh Chouhan on Tuesday launched the AgriSURE Fund and Krishi Nivesh Portal in New Delhi. The AgriSURE Fund aims to support those start ups that works towards the development in agriculture-boosting ideas and plans. Through this, the government...
India’s AU Small Finance Bank seeks cenbank nod for universal bank license, ET BFSI
BENGALURU - India's AU Small Finance Bank has sought approval for a universal bank license from the country's central bank, the lender said on Tuesday. In April, the Reserve Bank of India released a set of criteria that small lenders needed to meet to become universal...
AU Small Finance Bank submits application to RBI for voluntary transition to universal bank, ET BFSI
Kolkata: AU Small Finance Bank has formally made an application to the Reserve Bank of India for voluntary transition to universal bank, the bank announced Tuesday."We wish to inform (you) that the bank has submitted an application to the Reserve Bank of India to seek...
NPA provisions continue to rise sequentially in Q2 amid seasonal weakness, ET BFSI
The aggregate loan loss provisioning by publicly listed banks in the June quarter increased to a four-quarter high led by a select banks including public sector banks (PSBs) such as State Bank of India (SBI) and Central Bank of India and private sector banks such as...
Sebi study finds 54% of IPO shares allotted to investors sold within a week, ET BFSI
New Delhi, A study by markets regulator Sebi highlighted flipping behaviour among investors in the initial share-sale market with investors (excluding anchor) selling 54 per cent of IPO shares allotted to them by value within a week. The study found a strong...
How PM Mudra Yojana is transforming lives in Uttar Pradesh, ET BFSI
Lucknow, The Pradhan Mantri Mudra Yojana is benefitting a large chunk of people in Uttar Pradesh, as more than 11 lakh residents have received loans to the tune of Rs 11,000 crore in the financial year 2024-25 alone. The penetration of the Central government scheme...
Payment aggregators to develop centralised database to combat rising fraud, ET BFSI
In response to the growing incidence of payment fraud, payment aggregators are planning to establish a centralized "negative database" to track and prevent fraudulent transactions. This initiative aims to create a repository containing information on fraudulent...
HDFC Bank, ICICI Bank, SBI, Kotak, Axis lead list of banks with top m-cap, ET BFSI
~ Samriddhi Singh MaharAccording to latest data by the Bombay Stock Exchange, released on the last week of August, private banks HDFC Bank and ICICI Bank and public sector bank SBI lead the race in list of banks with highest market capitalisation.While various metrics...
Sebi member Bhatia, ET BFSI
The financial sector needs a detailed and joint approach to address various challenges faced by MSMEs, Sebi Whole-Time Member Ashwani Bhatia said on Monday. In a special address on 'Unlocking the True Potential of MSMEs: Financing Options' session at the Financing...
List of all bank hirings in September, BFSI News, ET BFSI
IDBI Bank, Union Bank, Bank of Baroda, Indian Overseas Bank and MP Apex Bank have declared vacancies for multiple positions in their organizations. Candidates are advised to submit their applications within the given deadline. Vacant positions and last date to apply:...
15% uptick in overall outstanding loans in July 2024, ET BFSI
The BFSI sector recorded a steady credit with strong growth in overall outstanding loans increasing by approximately 15 per cent on a yoy basis in July, 2024. Deposit growth picked up yoy and is likely to see further uptick in the current rising interest rate regime....
Sanjiv Bajaj just set his sights on the ‘HDFC of the future’, BFSI News, ET BFSI
Bajaj Finserv's chairman Sanjiv Bajaj is setting his sights on developing an "HDFC of the future" through Bajaj Housing Finance, ToI reported on September 3. According to the report (by Mayur Shetty), this comes after HDFC's reverse merger with its banking subsidiary...
Here’s the full list, ET BFSI
The month of September will have as many as 16 bank holidays as per the list of holidays released by the Reserve Bank of India (RBI). The month will observe festivities like Ganesh Chaturthi, Onam and more.These closures include weekend holidays, national festivals,...
SK Finance, Belstar Microfinance, Transrail Lighting gets Sebi’s go ahead to float IPOs, ET BFSI
New Delhi, Vehicle finance and business loans-focused non-bank lender SK Finance, Muthoot Finance's microfinance arm Belstar Microfinance and Transrail Lighting have received Sebi's go ahead to float initial public offerings (IPOs), an update with markets regulator...
India’s Bajaj Housing Finance targets $7 bln valuation in IPO, ET BFSI
BENGALURU, Sept 3 - India's Bajaj Housing Finance is targeting a valuation of 582.97 billion rupees ($6.94 billion) through its $782 million initial public offering, a term sheet showed on Tuesday.The home loan financing unit of Bajaj Finance has set a price band of...
India Post Payments Bank disbursed over Rs 45,000 cr in DBT in last 7 years, ET BFSI
New Delhi:India Post Payments Bank (IPPB) has successfully disbursed over Rs 45,000 crore in Direct Benefit Transfers (DBT) to beneficiaries under various government schemes, said the Ministry of Communication while marking IPPB's seventh Foundation Day on...
MUFG open to any opportunities it may have in India: Masakazu Osawa, ET BFSI
Mitsubishi UFJ Financial Group (MUFG), Japan's largest mega bank with close to $3 trillion in assets, last week placed its biggest bet in India: It doubled an existing investment with a further commitment of ₹4,712 crore on DMI Finance. Masakazu Osawa, Asia Pacific...
Corporate credit picks up in July 2024; personal, vehicle loans drop, ET BFSI
Credit to industry experienced a sharp rise of 10.2% year-on-year (Y-o-Y) in July 2024, up from 4.6% in July 2023, indicating strong economic growth, according to data from the Reserve Bank of India (RBI).Non-food bank credit also saw an increase, growing by 15.1% in...
Who can use it and more, ET BFSI
State Bank of India (SBI) has launched a new design for its FASTag which aims to reduce the travel time for commuters. According to a press release dated August 30, 2024, "The bank has introduced a new design for SBI FASTag in the Vehicle Class (VC-04) category. The...
Fund houses to ask Sebi to cut maturity time for AT-1 bonds, BFSI News, ET BFSI
Mumbai: Mutual funds plan to request the Securities and Exchange Board of India to relax maturity norms for additional tier-1 bonds to encourage fund houses to invest in these relatively high-yielding debt instruments that banks issue to shore up equity capital."The...
Want to open a bank locker? How to choose, eligibility, cost, other details, ET BFSI
A bank locker is a safe place to store valuable items, such as jewellery, important documents and other precious assets. Here’s how one can open a bank locker.Choosing the right bankMost banks offer lockers, but availability may vary. It’s advisable to choose a bank...
Personal loans grow 14% driven by cards & gold, BFSI News, ET BFSI
MUMBAI: Credit card dues have emerged as the fastest-growing segment among sectors that account for over 1% of total bank loans as of July end. Outstanding credit card balances grew 22% year-on-year to nearly Rs 2.8 lakh crore. The fastest growing segment in personal...
FSIB selects Rama Mohan Rao Amara for MD of SBI, BFSI News, ET BFSI
New Delhi, FSIB, the headhunter for directors of state-owned banks and financial institutions, on Monday recommended Rama Mohan Rao Amara for the position of managing director of State Bank of India (SBI). Amara is currently Deputy Managing Director of the bank. He...
HDFC Bank dominates credit cards market, SBI leads in debit cards in July’24, ET BFSI
India's largest public sector lender, the State Bank of India, remained the front runner in the Debit cards market, holding a whopping 24 per cent market share in July 2024 while in credit cards HDFC Bank maintained the top position with a 21 per cent market share,...
HDFC Bank has taken ‘temporary break’ from its Apple iPhone partnership, bank says ‘you can judge the quality of relationship by …’, ET BFSI
HDFC Bank has temporarily suspended its partnership with Apple, citing cost-to-income considerations. The move comes after a five-year collaboration that offered exclusive cashback and EMI benefits to HDFC Bank credit card holders on Apple products.Parag Rao, Group...
Sachin Seth appointed as Regional Managing Director, India and South Asia at CRIF, ET BFSI
CRIF S.p.A. on Monday announced its newest senior appointment, Sachin Seth as Regional Managing Director, India and South Asia.Sachin will report to Marco Benvenuto, Senior Advisor at CRIF Group. According to the company, he aims to drive growth by utilizing the CRIF...
Personal loan sees 14% growth; cards, gold major factors behind surge, ET BFSI
As of July's end, credit card dues emerged as the fastest-growing sector among those accounting for over 1% of total bank loans, increasing 22% year-on-year to nearly Rs 2.8 lakh crore, ToI reported on September 2. Loans against gold jewellery, however, grew the...
Wealth Management industry AUM could hit $ 1.8 trillion in next 4-5 years; 360 ONE top pick, ET BFSI
Wealth management in India is experiencing rapid expansion, becoming one of the fastest-growing sectors within the financial services industry.This growth is fuelled by the country's robust economic development and a rising number of ultra-high-net-worth individuals...
Bajaj Housing Finance Rs 6,560-crore IPO to open on September 9, ET BFSI
Bajaj Housing Finance is set to float its much-awaited Rs 6,560-crore initial share-sale for public subscription on September 9. The initial public offering (IPO) will conclude on September 11 and the bidding for anchor investors will open for a day on September 6,...
Bank of India launches new FD tenure, Star Dhan Vriddhi, with higher interest fixed deposit rates, ET BFSI
Bank of India has revised its fixed deposit (FD) interest rates for amounts less than Rs 3 crore and launched a new special fixed deposit tenure with higher interest rates. The revised FD rates are effective from September 1, 2024.Aadhaar free update, new credit card...
India’s foreign exchange reserves hit record high, BFSI News, ET BFSI
India's foreign exchange reserves reached a new all-time high of $681.688 billion, $7.023 billion more than the previous record of $674.919 billion, according to the latest data released by the Reserve Bank of India's latest data. The forex in 2024 alone increased by...
MD Girish Kousgi, ET BFSI
Mumbai: Carlyle-backed PNB Housing Finance aims to close FY27 with an affordable category loan book of ₹15,000 crore, the mortgage lender's chief executive told ET, underscoring the role these high-yield exposures would play in driving growth. The category now...
Indian banks’ body to seek easing of proposed norms for retail deposits, sources say, ET BFSI
The Indian Banks' Association is likely to ask the central bank to reduce the amount of additional funds lenders will need to set aside against some retail deposits and also seek a delayed and gradual implementation of the proposal, seven sources told Reuters.The...
Deposit and lending rates rise sequentially in July, BFSI News, ET BFSI
In a likely impact of the nudge given by RBI to banks to focus on deposit growth, both deposit and lending rates increased sequentially in July according to the latest data on lending and deposit rates of commercial banks released by the Reserve Bank of India. The...
Retail, services loans slow as RBI measures make banks cautious, ET BFSI
The impact of Reserve Bank's regulatory measures cautioning and restricting banks on loans to NBFCs and unsecured lending is seen on lending patterns of commercial banks.While loans to services and retail which were holding on to the banking sector's loan book are...
RBI imposes Rs 2.68 cr penalty on UCO Bank, BFSI News, ET BFSI
Reserve Bank of India on Friday said it has imposed a penalty of Rs 2.68 crore on UCO Bank for contravention of certain provisions, including on opening of current accounts, interest rate on deposits and frauds classification. The RBI has also imposed a penalty of Rs...
Axis chief aims at ultra personalisation, ET BFSI
"We want each customer to feel like they are the only one we’re serving. Personalisation is the key to achieving this vision. Axis Bank has invested heavily in technology, with 15 AI pilots currently running,” stated Amitabh Chaudhry, CEO, Axis Bank.These are...
Mastercard launches payment passkey service in India, enhancing online payment security, ET BFSI
Mastercard has made the global debut of its Payment Passkey Service, a pioneering solution designed to enhance the security and convenience of online shopping, in India. The service was unveiled at the Global Fintech Fest in Mumbai and is being piloted with major...
PE-VC investments reach around $20 billion till Aug CY2024, BFSI News, ET BFSI
CHENNAI: With 579 deals, India's private equity-venture capital (PE-VC) investments reached nearly $20 billion between Jan and Aug this year (CY2024). However, it is less by $4 billion when compared with the corresponding eight-month period of CY2023 at $24...
Jio Financial to launch home loans soon, BFSI News, ET BFSI
Jio Financial Limited (JFL), the financial services arm of Reliance Industries Ltd., is in the final stages of launching its home loan products, currently being rolled out in beta mode, according to the company's management at its first annual general meeting...
SBI introduces 3 new offerings to ease payments for commuters, ET BFSI
The State Bank of India (SBI) on Friday introduced three new offerings targeting the daily commuters.These include the MTS RuPay NCMC prepaid card, which provides an offline payment solution; the One View mobile app, a one-stop solution to manage all SBI NCMC prepaid...
RBI data, BFSI News, ET BFSI
Mumbai, Bank credit to industry strengthened significantly at 10.2 per cent in July 2024 compared with 4.6 per cent in the year-ago month, the Reserve Bank said on Friday. Credit to agriculture and allied activities remained robust, registering a growth of 18.1 per...
Axis Bank, Indian Bank eye infra bond route for fund-raise next month, ET BFSI
Axis Bank and Indian Bank are likely to raise funds worth up to Rs 9,000 crore through the sale of infrastructure bonds next month, as lenders continue to rely on debt issuances to mobilise funds amid a slower pace of deposit growth than credit growth.Private sector...
Are banks open or closed this Saturday, August 31st?, ET BFSI
Banks in India are closed on the second and fourth Saturdays of the month, as well as on Sundays and other regional and national holidays, per the guidelines set by the Reserve Bank of India (RBI).Saturday, August 31st: Are banks open on the fifth Saturday of the...
The scramble for India’s retail investor, ET BFSI
India's largest lender, SBI, hopes that the stock market, which has been in a long bull run, corrects. SBI managing director Ashwini Tewari on Wednesday said a correction in the equity markets "over time" can help banks get back the deposits they have ceded. "As the...
Icra, BFSI News, ET BFSI
Liquidity coverage ratio (LCR) of banks is set to decline as the share of wholesale deposits is set to rise with the relative share of retail deposits declining. This will require banks to deploy deposits in high quality liquid assets (HQLA) than credit which could...
How does FedNow, the US payment system, compare with India’s UPI?, ET BFSI
While India's Unified Payments Interface (UPI) is the foremost payment system in the world, the US FedNow is a relatively new system. Both aim to modernize financial transactions, but their approaches and technologies reflect the distinct needs and infrastructures of...
Union Bank report, ET BFSI
Liquidity in the Indian banking system has seen a significant decline this month says a research report by the Union Bank of India. It says the banking liquidity has fallen to Rs 0.95 lakh crore as on 28th August from a peak of Rs 2.86 lakh crore.The report highlights...
MFIs record 22.8% spike in AUM, East & North-East dominate geographically, ET BFSI
Representational imageThe Non-Banking Financial Company-Microfinance Institution (NBFC-MFIs) have witnessed 16.4% spike in the number of client to 4 crore as on 30 June, 2024 as compared to the last year, the MFIN Micrometer said. The Asset Under Management (AUM) of...
A closer look at India’s deposit-credit growth gap. Is RBI to blame?, ET BFSI
It's been the third year running that deposit growth in India has lagged in credit growth. As of July, deposit growth has been 10.5%, while credit growth is over 13%. Deposit pricing has remained stickily high for banks but not high enough on a tax-adjusted basis for...
In India, banking access extended to population equalling EU: PM Modi, ET BFSI
Prime Minister Narendra Modi on Friday highlighted the development posted by the Indian banking sector and said there was a time when in rural areas it used to take more than a day to access a banking service. “In the past decade, we’ve connected a population the size...
Bank unions want old pension scheme back after govt unveils UPS, ET BFSI
Bank staff unions are set to raise the demand for the restoration of the Old Pension Scheme (OPS) in their upcoming meeting with the Indian Banks’ Association (IBA). This move comes shortly after the central government announced the Unified Pension Scheme (UPS) for...
GST department penalises Yes Bank; levies penalty of Rs. 24 Lac, ET BFSI
The Yes Bank has been penalised by Goods and Services Tax (GST) department, Maharashtra raising demand for disallowance of input tax credit (ITC) along with interest and levy of a penalty of Rs. 24,92,978/-. The penalty is in accordance with Section 73 of the Central...
Jan Dhan accounts has propelled financial inclusion from 25 pc in 2008 to over 80 pc now, ET BFSI
New Delhi [India], August 28 (ANI): The Pradhan Mantri Jan Dhan Yojana (PMJDY) which completed ten years of its implementation on Wednesday has had a profound impact on every corner of the country.The scheme launched in 2014, has proven to be the foundation stone in...
Is there a nationwide bank strike today? Check if banks are open or closed today, August 28?, ET BFSI
On August 19, 2024, the All India Bank Employees Association (AIBEA) had called for a nationwide strike today, August 28, which could impact banking services and transactions nationwide. CH Venkatchalam, General Secretary of AIBEA, has tweeted about the same from his...
Deposit growth outpaces credit growth in August after RBI risk weights and comments, ET BFSI
Credit growth is trending down and continues to converge with deposit growth on an annual basis.Credit offtake increased by 5.8% compared to December 2023, to reach Rs. 168.8 lakh crore as of August 9, 2024, while deposits rose at 6.2% compared to December 2023 and...
Canara Bank’s Tier I bond sale paves way for more issues, SBI may follow suit, ET BFSI
Canara Bank's successful issuance of Basel-III compliant tier-I bonds marks a significant moment for the bond market, potentially paving the way for other banks to follow suit.The bank raised Rs 3000 crore through these bonds at a coupon rate of 8.27%, demonstrating...
Foreign lenders lured by rare stake sales in India banks, but tighter rules weigh, ET BFSI
Talks to sell majority stakes in two Indian banks have attracted interest from foreign peers in Japan and the Middle East betting on a fast-growing economy, but tighter regulations and valuation concerns could curb their appetite, analysts and sources say.The rare...
Union Bank freezes accounts of state-run telecom firm MTNL over non-payment of dues, ET BFSI
Union Bank of India has frozen all accounts of state-run telecom company MTNL for non-payment of dues, a regulatory filing said on Wednesday. Union Bank of India informed the company on August 21 about freezing of all its accounts over non-payment of loans,...
Banks offering cheapest interest rates for home loans up to Rs 75 lakh, ET BFSI
A home represents stability, wealth, and a portion of one's aspirations for many Indians. Most of the people use home loans to fulfill this desire. There are two types of interest rates for home loans: fixed and floating.Note that many loan interest rates are linked...
ESAF Bank launches INORI-RuPay Credit Card, BFSI News, ET BFSI
New Delhi, ESAF Small Finance Bank has launched the INORI RuPay Platinum Credit Card, a premium financial product designed in collaboration with the National Payments Corporation of India (NPCI) to offer cardholders exclusive benefits and privileges. "The card's name,...
SEBI issues notice to Religare Ent’s Rashmi Saluja, ET BFSI
The Securities and Exchange Board of India has issued a show cause notice to Religare Enterprises chairperson Rashmi Saluja in connection with its investigation into alleged violations of insider trading regulations, people familiar with the matter said.The...
India’s Axis Bank likely to issue infra bonds in September, sources say, ET BFSI
By Siddhi Nayak and Dharamraj DhutiaMUMBAI - India's Axis Bank is set to join several other lenders in raising funds through infrastructure bonds and may announce the issue in September, three sources, including two merchant bankers, said.The Indian government's...
Paytm shares rally 5% on getting govt nod for downstream investment in payments arm, ET BFSI
Paytm shares jumped 5% on the BSE in Thursday's early trade, reaching a high of Rs 565, after the company received approval from the finance ministry to invest in its payment services business.After this approval, the payment services business, Paytm Payments Services...
Latest HDFC Bank, IDFC FIRST Bank credit card rules effective from September 2024, ET BFSI
HDFC Bank has modified the loyalty program for specific credit cards. IDFC FIRST has made major changes to its credit card payment terms, such as the minimum amount due (MAD) and payment due date. The updated regulations will take effect on September 1, 2024.A...
Senior Citizen Fixed Deposit rates: Top 5 senior citizen bank FDs
Top Senior Citizen Bank Fixed Deposits: Bank fixed deposits are the go-to savings option for risk averse investors. Most banks offer a higher interest rate on bank fixed deposits to senior citizens.Senior citizens can usually benefit from an additional 0.50 percent...
Shriram Finance to raise up to $1.5 billion from overseas, CEO says, ET BFSI
Indian non-banking lender Shriram Finance plans to raise up to $1.5 billion from the overseas market in the current fiscal year in a bid to diversify borrowings, its chief executive told Reuters on Tuesday."We are targeting to raise anywhere between $1.25 billion to...
SBI MD hopes market correction over time will get funds back to banking system, ET BFSI
Mumbai, SBI Managing Director Ashwini Tewari on Wednesday said a correction in the equity markets "over time" can help banks get back the deposits it has ceded. He also said the country's largest lender is betting on the small-ticket Prime Minister Jan Dhan Yojana...
How will the Unified Pension Scheme impact India’s finances?, ET BFSI
The newly announced Unified Pension Scheme (UPS) is set to increase the fiscal deficit by 15 basis points (bps) to 5.1% for the financial year 2025 (FY25), up from the budgeted 4.9%, according to a recent report by the Macquarie Group. The report estimates that the...
Aditya Birla Capital Digital Launches DigiGold Gifting, Family Health Scan and SIMPLiNVEST at GFF 2024, ET BFSI
NewsVoirMumbai (Maharashtra) [India], August 28: Aditya Birla Capital Digital Limited ("ABCDL"), the digital-first arm of India's leading financial services conglomerate, Aditya Birla Capital, today, announced the launch of a suite of three new product offerings -...
Will strive to make SBI most valued financial institution: Chairman Setty, ET BFSI
New Delhi, State Bank of India (SBI) will strive to become the most valued financial institution and also increase its net profit, the lender's new Chairman, C S Setty said on Wednesday as he asserted that this is India's decade. Soon after taking charge of the...
How UPI can become a global remittance channel as envisaged by RBI Governor Shaktikanta Das, ET BFSI
The Unified Payments Interface (UPI), India’s pioneering digital payment system, has the potential to transform into a global remittance channel. RBI Governor Shaktikanta Das has highlighted UPI’s potential to offer a more efficient and cost-effective alternative to...
Fusion Finance likely to face short term challenges amid rising credit costs, lower collection efficiency, ET BFSI
The stock of Fusion Finance (formerly Fusion Microfinance) has gained over 9% in three trading sessions to August 28 following the company’s announcement on exchanges that the Odisha State Tax department has dropped the show cause notice issued in May directing the...
Sailing SBI from Covid to 2nd largest profit-maker, ET BFSI
SBI Chairman Dinesh Kumar Khara retires Dinesh Kumar Khara, also called the ‘profit king’ as he led the State Bank of India (SBI) to impressive achievements during his tenure, retires on Wednesday. Khara’s tenure has been marked by extraordinary financial performance,...
Women are more likely to adopt digital financial services when introduced by local agents or women community influencers, ET BFSI
Mumbai (Maharashtra) [India], 28 August (ANI): Nalin Bansal, Chief Relationship Management at the National Payments Corporation of India (NPCI), speaking at the Global Fintech Festival 2024 on Wednesday, emphasized that only 25 per cent of payment users are women,...
Shriram Capital appoints Subhasri as its managing director & CEO, ET BFSI
Chennai, Subhasri's journey with Shriram Group began in 1991 as an officer in the non-banking finance business and in her over three decades of service she played a pivotal role in the company's growth and expansion, a press release said on Wednesday. "We are...
Deposit rate hikes higher than lending rates since RBI began tightening, ET BFSI
The tightening of monetary policy has led to a more significant increase in term deposit rates compared to lending rates. Since May 2022, the Reserve Bank of India's (RBI) monetary policy committee (MPC) has raised the policy rate by 250 basis points (bps). This has...
How many accounts opened, avg deposit & RuPay cards issued?, ET BFSI
10 years of PMJDY: How many accounts opened, avg deposit & RuPay cards issued?The Pradhan Mantri Jan Dhan Yojana (PMJDY), one of the largest financial inclusion initiatives, has completed its 10 years on August 28. Launched by Prime Minister Narendra Modi in 2014...
Heatwave, elections caused a sequential squeeze in India’s microfinance sector, ET BFSI
Kolkata: The severe heat wave in North India and the two-month long general elections have led to a sequential squeeze in the country's microfinance sector for the first time in 12 quarters with the sector's outstanding gross loan portfolio shrinking to Rs 4.33 lakh...
RuPay credit card reward point rules from September 1, ET BFSI
The National Payments Corporation of India (NPCI) has directed all banks issuing RuPay credit cards to ensure that the rewards points, benefits, features and other offers should not be lower for RuPay Credit Cards on UPI transactions. This directive by NPCI is...
Finarkein Analytics raises $4.75 million in funding from Nexus Venture Partners, others, ET BFSI
Data analytics firm Finarkein Analytics has raised $4.75 million in a pre-series A funding round led by Nexus Venture Partners. Existing investors IIFL Fintech Fund and Eximius Ventures also participated in the round, along with angel investors like Nitin Gupta of Uni...
L&T Finance Limited penalised for excess claim of input tax credit, ET BFSI
The L&T Finance Limited has been penalised Rs. 28 Lakh under Section 73 of the Central Goods and Service Tax Act, 2017 by the Deputy Commissioner of State Tax, Special Circle, Patna, Bihar, according to the exchange filling.The penalty is levied on the violations...
Spurt in travel spurs credit card spends overseas, BFSI News, ET BFSI
Overseas credit card spending increased more than prepaid payment instruments (PPIs) and debit cards over the past two years due to a spurt in travel after the easing of travel restrictions after the Covid-19 pandemic and higher reward points given by card issuers....
Banks are closed for 15 days in September; check complete state-wise holiday list, ET BFSI
In September 2024, banks will remain closed for 15 days in various states, including the second and fourth Saturdays as well as Sundays. The Reserve Bank of India (RBI) releases a monthly list of bank holidays to ensure that customers are not inconvenienced and can...
Yes Bank ousts its country head of financial markets Amit Sureka, ET BFSI
Yes Bank on Tuesday relieved Amit Sureka from his duties as the country head of its financial markets division.The lender, in a statement, did not mention the reason for Sureka's removal.Sureka, based in the lender's Mumbai branch, had joined Yes Bank in 2005.Yes...
Muthoot Microfin secures $15 million from Triple Jump, nears $35 million deal with BlueOrchard, ET BFSI
Muthoot Microfin has finalised a deal with Dutch development finance institution Triple Jump to raise $15 million in non-convertible debentures, while it is in advanced stage of discussions to raise another $35 million from Swiss impact investor BlueOrchard even as...
HSBC ramps up funding corpus for tech startups to $600 million from $250 million, ET BFSI
HSBC India has expanded its funding programme for local tech startups to $600 million as the UK-based bank bets on robust growth in the sector, which would prompt more and more firms to opt for global exposure, a senior executive said to ET.“What the bank decided five...
India Shelter Finance Corporation Limited Receives Upgraded Credit Rating from ICRA, ET BFSI
Gurugram, Haryana, India (NewsVoir) India Shelter Finance Corporation Limited, a one of the premier housing finance companies announces that ICRA Limited has upgraded the credit ratings of its Non-Convertible Debentures (NCD) and term loans. The rating for India...
report, BFSI News, ET BFSI
Cobranded credit cards are expected to account for about 25% of the Indian credit card market in terms of issuances by the end of FY28, growing at a compound annual growth rate of 35-40%, according to a report by fintech startup Hyperface and consultancy firm...
India’s Shriram Finance plans to raise up to $1.5 billion from overseas, CEO says, ET BFSI
BENGALURU -Indian non-banking lender Shriram Finance plans to raise up to $1.5 billion from the overseas market in the current fiscal year in a bid to diversify its borrowings, its chief executive told Reuters on Tuesday."We are targeting to raise anywhere between...
Small finance banks credit growth expected to slow down to 26% this fiscal, ET BFSI
Growth in small finance banks (SFB) is expected to slow down by a few percentage points to 26% this fiscal, from 28% in previous fiscal, as these banks are likely to explore alternate non deposit avenues to fund credit growth, said a report by Crisil.This estimates...
Convin secures $6.5 million in funding for expansion plan, BFSI News, ET BFSI
Convin, an AI-powered conversation intelligence platform, has raised $6.5 million in a funding round led by India Quotient.The money will be used for expanding the Bengaluru-based company’s core team and distribution channels, its chief executive, Ashish Santhalia,...
Yes Bank ties up with Newtap Finance to Offer Financing Solutions, ET BFSI
Private sector lender Yes Bank, has entered into a co-lending partnership with Newtap Finance to provide personalised financing solutions to creditworthy individuals on CRED.Dreamplug Technologies Private Limited (DTPL), which operates CRED, will serve as the Lending...
How TapFin is opening the funding tap for startups in sustainability space, ET BFSI
The focus on sustainability has in the past couple of years led to the rise of startups working to mitigate climate change. Mumbai-based sustainable financing platform TapFin is working on removing the financial barriers of these startups and also promoting more...
Reliance Home Finance, Reliance Power shares hit lower circuit limits, ET BFSI
New Delhi: Shares of Anil Ambani-led group firms -- Reliance Home Finance Ltd, Reliance Power and Reliance Communications -- hit their lower circuit limits on Monday as investors continued to desert the counters after markets regulator Sebi barred the industrialist...
Banks leaning on CDs for near-term funding needs, ET BFSI
Mumbai: With deposit mobilisation becoming a challenge, Indian banks are relying heavily on certificates of deposit (CDs) to meet their near-term funding needs, according to central bank data.In July, CDs issued by banks grew by more than 38% year-on-year to ₹4.3 lakh...
Domestic banks and NBFCs increase exposure to Adani Group to 36% of total debt, ET BFSI
Domestic banks and non-banking financial companies (NBFCs) now account for 36% of the Adani Group's total debt mix, having raised their exposure to the group by around 500 basis points through 2023-24, data showed. Debt at the Indian conglomerate rose on account of...
Banks up tech hiring with RBI pushing for enhanced risk management, ET BFSI
As India’s central bank steps up the emphasis on financial sector stability, banks are beefing up their technology teams and enhancing IT spending, as cybersecurity concerns and the need for AI-led services are increasingly becoming core to the sector.Even as overall...
Earn High Interest Rates with NBFC Fixed Deposits on Bajaj Markets, ET BFSI
HT SyndicationNew Delhi [India], August 26: Bajaj Markets, an online financial marketplace, offers a wide range of Fixed Deposits (FDs) through its partnerships with some of the leading Non-banking Financial Companies (NBFCs) in India. It allows investors to...
Latest HDFC Bank, IDFC FIRST Bank credit card rules effective from September 2024, ET BFSI
HDFC Bank has modified the loyalty program for specific credit cards. IDFC FIRST has made major changes to its credit card payment terms, such as the minimum amount due (MAD) and payment due date. The updated regulations will take effect on September 1, 2024.A...
REC to fund JNPA projects up to ₹45000 crore; MoU covers development of Vadhavan Port, ET BFSI
Rahul Dwivedi, Executive Director, REC, signed the MoU with Unmesh Sharad Wagh, Chairman, JNPA, in New Delhi on Monday.REC Ltd, Maharatna PSU under Ministry of Power and a leading NBFC, signed an MoU with Jawaharlal Nehru Port Authority (JNPA) for financing upto...
Small Savings Schemes: 6 new rules from October 1 for PPF, NSS, Sukanya Samriddhi Yojana & other schemes
Small Savings schemes latest news: The Ministry of Finance's Department of Economic Affairs has issued guidelines for regularizing irregularly opened accounts under the National Small Savings (NSS) schemes through Post Offices. These changes were announced in a...
Reliance Capital lenders move NCLAT over IIHL’s payment delay, ET BFSI
The secured lenders of Reliance Capital have moved the National Company Law Appellate Tribunal seeking to modify the tribunal's order to include interest on the delayed payment by Hinduja Group-owned IndusInd International Holdings (IIHL).The committee of creditors of...
HDFC Bank partners with Zeta for its credit line on UPI offerings, ET BFSI
HDFC's association with Zeta includes working together on PayZapp, the Bank’s payments app, the acceptance of which continues to grow at a very rapid pace.Zeta, a provider of next-gen banking technology to financial institutions globally, on Monday announced its...
Jio Financial Services gets nod to raise foreign investment limit to 49%, ET BFSI
Jio Financial Services Ltd Sunday said it has received approval from the Department of Economic Affairs to increase its aggregate limit of foreign investment (including FPIs) to 49% of the paid-up equity share capital on fully diluted basis.Foreign investors currently...
An initiative to connect MSMEs globally, ET BFSI
Representative ImageThe Union Government has recently initiated the creation of Trade Connect ePlatform, an initiative that aims to connect the Indian enterprises, specially the MSMEs to global platform.Union Minister of State for Commerce and Industry, Jitin Prasada...
Banks to remain closed in these states today, ET BFSI
This Monday the banks will remain closed in certain states across India due to Janmashtami. The festival varies differently from state to state, hence some states will not observe a holiday on 26th August.The following are the states where the banks will be closed...
Financing platform Velocity commits Rs 400 cr to fuel festive growth for digital brands, ET BFSI
Velocity founders -Abhiroop Medhekar, Atul Khichariya, and Saurav Swaroop New Delhi: In anticipation of a significant surge in festive season demand, debt financing startup Velocity has set aside Rs 400 crore to support digital-first brands with their inventory,...
60-65 per cent of India’s household gold loans market still untapped, goes to unorganised market: Jefferies, ET BFSI
New Delhi [India], August 25 (ANI): The gold loan market in India remains largely untapped. According to a report by investment banking and capital market firm Jefferies organized gold financiers account for just 5-6 per cent of the country's household gold tonnages...
Decline in loan to deposits ratios in banks is because of lower money creation by RBI and substantial increase in banks profits: Nomura, ET BFSI
New Delhi [India], August 26 (ANI): The decline in loan-to-deposit ratios (LDR) within the banking system has been attributed to lower money creation by the Reserve Bank of India (RBI) and higher profits accrued by banks over the past two years, according to Nomura...
NITI Aayog conducts study to transform Mumbai into a global financial hub, ET BFSI
New Delhi [India], August 24 (ANI): NITI Aayog conducted a study to make Mumbai and its adjacent areas a "global financial hub" and double the metropolis' GDP in the next five years, the policy body said on Saturday.The policy body said in a post on the social media...
How is it different from National Pension Scheme, ET BFSI
NEW DELHI: The Cabinet on Saturday approved the Unified Pension Scheme (UPS) for 23 lakh central government employees. The UPS ensures that all central government employees receive 50 per cent of their last drawn salary from the past 12 months as pension who have...
Which banks offer the best fixed deposit rates? Check List, ET BFSI
Bank Fixed Deposit Rates: Which banks offer the best FD rates? Which are the top 5 bank fixed deposits? Bank Fixed deposits or FDs are a favored investment option for risk-averse investors. Financial experts suggest that the present high interest rate environment may...
Why banks need to innovate to bridge credit-deposit gap, BFSI News, ET BFSI
India's banking sector is witnessing one of its best times in terms of profitability and asset quality, but the lagging deposit growth has emerged as a pain point in the last year or so. With bank credit growth continuing to outpace deposit growth, banks will have to...
HDFC Bank rejects MUFG’s $2 billion cheque for NBFC arm, BFSI News, ET BFSI
The largest foreign direct investment (FDI) proposal in financial services in the country—involving the biggest banks in Japan and India by market capitalisation—is now dead.The board of HDFC Bank on Wednesday rejected a proposed $2 billion purchase of a 20% stake in...
Are banks open or closed this Saturday, August 24?, ET BFSI
Private and public sector banks in India are closed on the second and fourth Saturdays of every month, as well as on Sundays, national and regional holidays, according to the Reserve Bank of India (RBI). Additionally, banks will be open on the first, third, and fifth...
HDFC Bank, ICICI Bank, SBI among 12 ‘buy’ ideas from brokerages post Q1 results, ET BFSI
While the banking sector witnessed a moderation in the April-June quarter earnings at around 10% with most banks reporting contraction in their margins and credit cost going up, brokerages remain positive on this sector. ETMarkets brings 12 stocks with buy ratings and...
ex-RBI deputy governor, ET BFSI
Former deputy governor of Reserve Bank of India (RBI) S S Mundra on Friday said that partnership between banks and fintech companies is a win-win proposition. Speaking at the foundation day lecture of private lender Bandhan Bank, Mundra said that data security and...
Which banks offer the best fixed deposit rates? Check List, ET BFSI
Bank Fixed Deposit Rates: Which banks offer the best FD rates? Which are the top 5 bank fixed deposits? Bank Fixed deposits or FDs are a favored investment option for risk-averse investors. Financial experts suggest that the present high interest rate environment may...
HSBC aims to duplicate its British wealth business, plans to reach among top five in UK banking, ET BFSI
HSBC’s head of wealth and personal banking, Jose Carvalho said that the bank is eyeing one of the top five positions in the United Kingdom supported by its global presence to attract customers in more than one market or who are from overseas. "International...
Centre moots NBFC under Sagarmala to tide over shipping woes, BFSI News, ET BFSI
The shipping ministry has proposed to launch a non-banking finance company (NBFC) under its Sagarmala initiative to meet the financing needs of the shipping and shipyard sectors, two senior officials familiar with the matter said.The finance ministry is currently...
Are banks open or closed today?, BFSI News, ET BFSI
Private and public sector banks in India are closed on the second and fourth Saturdays of every month, as well as on Sundays, national and regional holidays, according to the Reserve Bank of India (RBI). Additionally, banks will be open on the first, third, and fifth...
Rupee strengthens marginally, closes at 83.93 vs US dollar, BFSI News, ET BFSI
The Indian rupee strengthened marginally versus the US dollar on Friday and closed at 83.89/$1, due to mild corporate inflows into the domestic market.The local currency was stronger by 6 paisa, ending at 83.89 versus the US dollar, as against its previous close of...
Religare confirms ED raids on its senior officials, BFSI News, ET BFSI
Financial servicec provider Religare on Friday confirmed that the Enforcement Directorate (ED) had raided the residences of its top officials, including Dr. Rashmi Saluja, Executive Chairperson, Mr. Nitin Agarwal, Group CFO, Mr. Nishant Singhal, Group General Counsel...
Banks won’t send pre-debit notifications for these two types of recurring payment e-mandates, ET BFSI
The Reserve Bank of India (RBI) has announced that there will not be any pre-debit notification on auto-replenishment of FASTag and NCMC, as and when the balance falls below the preset limit.In its monetary policy meeting held in June 2024, the RBI announced the...
Banks, financial stocks suffer Rs 15,000 crore shock from FIIs. Should you go against the wind?, ET BFSI
Amid worries related to the timing of Fed rate cuts, foreign institutional investors (FIIs) pulled out Rs 14,790 crore from financial stocks in the first fortnight of August and chose to raise exposure to defensives like healthcare, FMCG and consumer services.As...
Scrutiny on top-up loans ensure money used for productive purposes: Lenders, ET BFSI
The Reserve Bank of India (RBI) Governor Shaktikanta Das has recently asked the banks and NBFCs to be well-advised to review top-up housing loans and gold loans. He said the entities to be aware of the practices and also take remedial action.The Governor observed that...
Leveraging the “zero tolerance” approach from the aerospace industry to fortify financial institutionsin India, ET BFSI
(Credits - Producer: Nilanjana Mookherjee & Vishal Oza; Video Editor: Jasmeet Rayat)India has emerged as the one of the fastest growing economies in the world, propelled by a competitive business environment and technology-led innovation. The country’s financial...
India’s ‘sweet spot’ lures bond funds amid global market turmoil, ET BFSI
Global funds have poured money into India’s debt market for 14 weeks in a second streak of buying this year, evidence of the country’s appeal amid the ructions of worldwide financial markets.With the prospect of interest rate cuts on the horizon and the rupee treading...
ED conducts searches on premises of Religare’s Rashmi Saluja, other officials, ET BFSI
Mumbai: The Enforcement Directorate (ED) conducted searches earlier this week at multiple premises linked to the senior officials at Religare Enterprises (REL), including its chairperson Rashmi Saluja, and seized several documents, official sources told ET. Among the...
SBI able to support loan growth, lower deposit growth not a challenge: Dinesh Khara, ET BFSI
Amid concerns over the continuing gap between deposit and loan growth, SBI Chairman Dinesh Khara on Friday said it is not posing any challenges for the country's largest lender as it is able to support the uptick in advances. The bank is unwinding a part of its excess...
RBI cancels registration of UP-based Margdarshak Financial Services over payment defaults, ET BFSI
Mumbai, The Reserve Bank of India (RBI) has cancelled the registration of Lucknow-headquartered Margdarshak Financial Services Ltd over high net NPAs and defaults on repayment to lenders. As on March 31, 2021, the company failed to maintain the minimum regulatory net...
FM Sitharaman urges SIDBI, Rural Regional Banks to ensure credit to MSMEs, ET BFSI
New Delhi [India], August 23 (ANI): Union Finance Minister Nirmala Sitharaman reiterated the Government's commitment to expand banking services for the benefit of small entrepreneurs.She emphasized this during an interaction with MSME (Micro, Small, and Medium...
Repco Bank gives ₹19.08 cr towards dividend to Union minister Amit Shah, ET BFSI
Repco Bank officials hand over a cheque for ₹19.08 crore towards dividend to Union Home Minister Amit Shah in New Delhi on Friday.Repco Bank handed over a cheque for ₹19.08 crore towards dividend to Union Home Minister and Minister of Cooperation Amit Shah in New...
Rupee weakens to 83.95 against US dollar on local demand, rising dollar index, ET BFSI
The Indian rupee weakened moderately on Thursday and ended at 83.952 versus the US dollar due to dollar demand from local banks and corporates. A moderate rise in the dollar index also added to the weakness in the rupee.The local currency ended weaker by 3 paisa,...
Sebi bans Anil Ambani, 24 other entities from securities market for 5 years, ET BFSI
Markets regulator Sebi has barred industrialist Anil Ambani, 24 other entities, including former key officials of Reliance Home Finance from the securities market for five years for diversion of funds from the company. Sebi has imposed a penalty of Rs 25 crore on...
Tata Power Solar Systems, ICICI Bank tie up to finance solar units, ET BFSI
New Delhi, Tata Power Solar Systems Ltd (TPSSL) has signed an agreement with ICICI Bank to provide financing for solar units to residential and corporate customers. As part of the agreement, the customers can avail themselves of loans up to Rs 90 lakh with...
Insurance and mutual funds to be soon available on ONDC, BFSI News, ET BFSI
The Open Network for Digital Commerce (ONDC), the aggregator platform that runs on open-source technology, is set to launch insurance and mutual fund products in the next two months and will partner MasterCard for credit cards. ONDC also launched six-minute digital...
Piramal Finance enters into co-lending partnership with Central Bank of India, ET BFSI
Piramal Capital and Housing Finance Limited and Central Bank of India have announced on Friday a strategic partnership to expand their co-lending business.The collaboration will provide loans to middle and low-income borrowers, focusing on middle and low-income...
Yes Bank offers for Agriculture and Food Businesses, ET BFSI
Leveraging on a firm national footprint with around 350 operational branches crosswise India, Yes Bank takes a step ahead to provide comprehensive financial solutions for MSMEs involved in the Agri and Food business. Different loan & finance plans offered under...
What are ONDC’s financial services expansion plans?, BFSI News, ET BFSI
The Open Network for Digital Commerce (ONDC), a government-backed initiative to enhance e-commerce penetration in India, is expanding its financial services venture. After successfully launching its digital lending platform, ONDC is now gearing up to offer sachetised...
Bank credit to NBFCs slows as RBI’s risk weight hike takes effect, ET BFSI
Bank credit to non-banking financial companies (NBFCs) has significantly slowed down following the Reserve Bank of India's (RBI) decision to increase risk weights on such loans last year. According to RBI data, the growth in bank loans to NBFCs dropped to 8.5% in...
Kotak Mahindra Bank to outperform Nifty, says JM Financial, BFSI News, ET BFSI
With Kotak Mahindra Bank having fallen from its previous swing high from 1,870 level to a swing low of 1,729 level, domestic brokerage firm JM Financial sees the bank stock outperforming the Nifty50 index in ratio trade.Kotak Bank has managed to move above the...
Asian equities climb ahead of central bank events: Markets wrap, ET BFSI
Stocks in Asia edged higher ahead of key events from the Federal Reserve and the Bank of Japan that will help define the global rates trajectory.The MSCI Asia Pacific Index climbed 0.2% as benchmarks in Japan, Australia and South Korea rose. That came after the...
S&P Global Market Intelligence, ET BFSI
Dividend growth at some of India's largest banks is expected to slow after surging in the fiscal year ended March 31, as per an analysis by S&P Global Market Intelligence. The anticipated slowdown comes as the rising cost of deposits and heightened competition for...
NCLT approves delisting of ICICI Securities, dismisses petition by minority shareholders, ET BFSI
The Mumbai bench of the National Company Law Tribunal (NCLT) on Wednesday approved the delisting application of ICICI Securities from the stock exchanges and also rejected objections filed by minority shareholders. The NCLT in an oral order approved the Scheme of...
Bandhan Bank aims to raise women customer base, BFSI News, ET BFSI
Kolkata, Private lender Bandhan Bank on Thursday said it plans to raise the customer base of women by launching products specifically tailored for them. The bank launched a women-specific debit card in collaboration with Mastercard with facilities like accident...
FPIs sell off big in financial services sector in August, BFSI News, ET BFSI
Foreign investors dumped shares in financial services companies worth ₹14,790 crore during the first-half of August. This is the highest selling by FPIs across sectors in this period. These investors sold shares worth ₹28,642 crore across 15 sectors between August 1...
8. Why deposits not keeping up with loans needs a rethink on tax front
Finance minister Nirmala Sitharaman’s call to state-run banks to step up deposit mobilisation has put the spotlight on an issue RBI has flagged in recent weeks.
Tax breaks are India’s lure as green debt misses bond frenzy, ET BFSI
India is making new efforts to ignite interest in its green debt as the category misses out on a torrent of foreign flows into local sovereign bonds.The nation will allow the trading of sovereign green debt from its newest finance hub in Prime Minister Narendra Modi’s...
NBFCs beat high cost of funds by increasing rates and reducing dependence on bank loans, ET BFSI
After facing persistent increase in funding costs non-bank lenders are looking at newer avenues of raising capital. Experts say that increasingly non-banks are diversifying away from bank lending and increasing proportion of higher yielding segments in their book."To...
Banks won’t send pre-debit notifications for these two types of recurring payment e-mandates, ET BFSI
The Reserve Bank of India (RBI) has announced that there will not be any pre-debit notification on auto-replenishment of FASTag and NCMC, as and when the balance falls below the preset limit.In its monetary policy meeting held in June 2024, the RBI announced the...
Gold loan market projected to double in 5 years to Rs 14.19 lakh crore: PwC India, ET BFSI
India's organised gold loan market is projected to double in next five years to Rs 14.19 lakh crore despite expected moderation in growth due to stricter regulations, said a PwC India report. In fiscal 2023-24, the organised gold loan market demonstrated substantial...
MUFG doubles down on DMI Finance investment with $334 million bet, ET BFSI
Japanese banking giant Mitsubishi UFG Financial Group (MUFG) has invested Rs 2798 crore ($334 million) in Delhi based digital lending company DMI Finance Pvt Ltd in yet another example of increasing appetite from Asia's second largest economy in India's financial...
Are banks open or closed on Monday, August 26?, ET BFSI
Banks will be closed in a few states for three days in a row starting this Saturday, August 24, 2024. Some states will observe a bank holiday on Monday, August 26 in observance of Krishna Janmashtami. Therefore, it is important for bank customers to verify if there is...
SEBI moots changes to debenture trustee norms, BFSI News, ET BFSI
New Delhi, Markets regulator SEBI on Wednesday proposed certain changes to regulations related to debenture trustees. A consultation paper has been issued to provide clarity on the term 'pecuniary relationship' of Debenture Trustee (DT) with the issuer under the...
CCI nod sought for merger of Tata Motors Finance with Tata Capital, ET BFSI
Tata Capital Ltd (TCL) has sought the Competition Commission of India's (CCI) approval for its proposal to absorb Tata Motors Finance Ltd (TMFL).In a filing with the antitrust regulator last week, the company said: "The proposed transaction involves the merger of TMFL...
Foreign banks await Fed speak on ‘soft or hard’ landing to gauge pace of India bond flows, ET BFSI
Foreign investment in Indian bonds has held firm amid global headwinds that have roiled markets and prompted overseas players to sell local stocks. Going ahead, what will determine whether local bonds turn into overseas favourites or see some volatility is the reasons...
Rupee dips; forward premiums rise amid near certainty on Fed rate cuts, ET BFSI
By Nimesh VoraMUMBAI, - The Indian rupee was marginally weaker on Thursday amid a pause in the rally in Asian peers, while forward premiums rose after Federal Reserve minutes and downward revisions to U.S. payrolls made it almostThe rupee was quoted at 83.9425 to the...
Offering healthcare benefits can help MSMEs attract and retain top talent, ET BFSI
MSMEs struggle with a variety of issues because of lack of access to finance, technology and raw materials. Talent availability is also a problem, and one of the barriers in employee development and retention is the absence of health insurance coverage.“Historically,...
Indian banks’ borrowings inching towards Rs 10 lakh crore amid credit-deposit gap, ET BFSI
Indian banks saw a significant increase in borrowing through market instruments, surpassing the Rs 9 lakh crore mark as of late July as they struggled to raise funds through deposits. According to data from the Reserve Bank of India (RBI), scheduled commercial banks,...
RBI’s new guidelines may hit investments, growth, but bring transparency, ET BFSI
The Reserve Bank of India's (RBI) recent overhaul of regulations for Peer-to-Peer (P2P) lending platforms is poised to reshape the industry, potentially leading to a decline in new investments and subdued growth. However, lenders and borrowers might benefit from...
The curious case of banking sector performance, BFSI News, ET BFSI
The first quarter earnings season for fiscal year 2025 (Q1FY25) drew to an end. The financial results were quite lacklustre.The overall data from the Nifty 500 Index shows a year-over-year (YoY) revenue growth of 6.6%, an operating profit increase of 3.3% YoY, and a...
L&T Finance partners with Cred to offer fast, unsecured personal loans, ET BFSI
L&T Finance has partnered with Cred to offer unsecured personal loans to Cred members who have high credit score and positive repayment history.L&T Finance (LTF) will be offering these loans with its co-lending partner Newtap Finance, a non bank finance...
S&P Global Market Intelligence, ET BFSI
New Delhi [India], August 21 (ANI): The banking sector in India could face "significant" liquidity risks due to the ongoing widening gap between credit and deposit growth, said S&P Global Market Intelligence.The gap between credit growth and deposit growth at...
Rupee closes higher boosted by inflows, broadly weaker dollar, ET BFSI
The Indian rupee ended stronger on Tuesday, lifted by likely inflows and a slump in the dollar index that helped Asian currencies across the board.The rupee closed at 83.7925 against the U.S. dollar, up nearly 0.1% from its close of 83.87 in the previous session.The...
Problems of over-lending in microfinance surface again, BFSI News, ET BFSI
The fault lines of overleveraging in microfinance has come to the fore again, a little over two years after the Reserve Bank of India brought out the uniform microfinance regulation trying to curb the possibility of it.Leaders in the microfinance sector pointed...
Highest Fixed Deposit Rates: Private vs Public sector banks FD interest rates compared
Highest Fixed Deposit Interest Rates: Fixed deposits (FDs) offered by banks are secure and interest-generating investment options. With FDs, you can expect a guaranteed return on your invested funds, which remain unaffected by market fluctuations. This is the reason...
FDI inflows increase 26% in Q1 amid signs of pickup globally, BFSI News, ET BFSI
NEW DELHI: Foreign direct inflows went up 26.4% to $22.4 billion during April-June, marking the fastest pace of expansion in nearly five quarters, amid signs that cross-border investment is rising globally.Although gross inflows had gone up around 23% in the previous...
evfin partners with River Mobility to offer financing solutions, ET BFSI
evfin to offer River customers loans starting at a competitive interest rate.New Delhi: Greaves Finance Limited, a non-banking financial company (NBFC) and a subsidiary of Greaves Cotton Ltd., has partnered with Bengaluru-based startup River Mobility Private Ltd. to...
Aditya Birla Finance and AU Small Finance Bank Launch Co-branded Credit Cards with Significant Reward Benefits for Customers, ET BFSI
NewsVoirMumbai (Maharashtra) [India], August 21: Aditya Birla Finance Limited ("ABFL"), a wholly owned subsidiary of Aditya Birla Capital, India's leading financial services conglomerate and AU Small Finance Bank Limited (SFB), India's largest small finance bank, has...
NRI deposits surge $4 billion in Q1 in contrast with a 24% drop in outward remittances, ET BFSI
Overseas Indians deposited approximately $4 billion into non-resident Indian (NRI) deposit schemes between April and June FY25, representing a significant 79% increase compared to the same period last year, as per data from the Reserve Bank of India (RBI) released on...
CCI clears Rs 4,630 cr deal between Warburg Pincus, Shriram Housing Finance, ET BFSI
The Competition Commission of India (CCI) has cleared Warburg Pincus' acquisition of Shriram Housing Finance through its affiliate Mango Crest Investment. The deal value was earlier pegged at Rs 4,630 crore.In a statement on Tuesday, the antitrust regulator said the...
SEBI announces expansion to its sustainable finance framework, ET BFSI
The Securities and Exchange Board of India (SEBI) has announced a significant expansion to its sustainable finance framework.It has unveiled plans to introduce a range of new financial instruments including Social Bonds, Sustainable Bonds, and Sustainability-linked...
General Atlantic set to sell up to 5.1% stake in PNB Housing via open market on Wednesday, ET BFSI
Mumbai: General Atlantic is set to sell up to a 5.1% stake in PNB Housing Finance through an open market transaction on Wednesday. According to a term sheet issued by IIFL Securities, General Atlantic Singapore Fund FII Pte will sell 1.33 crore shares at a floor price...
HDFC Bank taps retail bankers as wealth managers amid talent crunch, ET BFSI
Mumbai-based HDFC’s wealth business has about 800 relationship managers serving customers in about 100 cities and townsHDFC Bank Ltd.’s wealth management business is looking to retail bankers to help cover its wealthy clients amid an industrywide talent...
Reforming Delivery in the Financial Services Sector, ET BFSI
Pranesh K Babu, Global Practise Head – Network Managed Services, Sify Technologies Limited Nowadays, where digital transformation has become a mandatory part of every business operation, banks are also on a steady path to building a strong digital ecosystem with...
Aye Finance raises about $25 million from Goldman Sachs (India) Finance, ET BFSI
Kolkata: British International Investment-backed Aye Finance has raised about $25 million from Goldman Sachs (India) Finance, the non-banking unit of Goldman Sachs in India, in a securitisation deal.The deal, valued Rs 212 crore in local currency, was announced...
Banks’ borrowings cross ₹9 lakh crore as credit growth outshines deposits, ET BFSI
Mumbai: Bank borrowing through market instruments has climbed to its highest levels, racing past ₹9 lakh crore and drawing the regulator's attention, as a persistently faster growth rate for credit over deposits compels lenders to rely on alternative fundraising...
Banks tapping alternative sources as deposit growth slows: RBI, ET BFSI
Mumbai, Banks are tapping alternative sources like commercial paper and certificates of deposit as deposit growth lags credit growth, RBI August Bulletin said on Monday. In the primary market, certificates of deposit (CD) issuances amounted to Rs 3.49 lakh crore...
Federal Bank, BFSI News, ET BFSI
Deposit growth is the Indian banking sector’s biggest challenge as customers choose from an increasingly diverse range of investment alternatives, according to Shalini Warrier, retail business head at Federal Bank Ltd. “There is no silver bullet for this,” Warrier...
Yes Bank appoints Sumit Bali to head its retail business, BFSI News, ET BFSI
Bali has almost three decades of experience in retail banking, and worked at Kotak Mahindra Bank before joining Axis Bank, where he worked in multiple rolesBy Ashwin Manikandan and Siddhi NayakBENGALURU/MUMBAI: Indian private lender Yes Bank has appointed veteran...
IndusInd Bank gets RBI nod to set up mutual fund asset management business, ET BFSI
IndusInd Bank has received the Reserve Bank of India’s (RBI’s) nod to set up a mutual fund asset management business. It will be a wholly-owned subsidiary, the bank said in its filing to the exchanges on Monday.RBI has also allowed the private sector lender to infuse...
Bank of Baroda pips PSB peers to bag ₹5,000-crore SAIL loan, ET BFSI
Mumbai: Bank of Baroda (BoB) has pipped larger public and private sector lenders in a keenly contested ₹5,000 crore loan deal for state-owned steelmaker SAIL.BoB's bid at 7.49% for a five-year loan was the lowest and linked to the 364-day treasury bill, people...
Banks offering cheapest interest rates on gold loans, ET BFSI
Gold loans have grown in popularity due to its numerous perks. With a gold loan, which is a secured loan, you can use the value of your gold jewelry or ornaments as collateral to get money. It's an easy and quick option to obtain liquidity without sacrificing the...
Bharat Bandh on August 21; are banks, post offices open tomorrow?, ET BFSI
In response to the recent verdict on SC/ST reservations by the Supreme Court, the Reservation Bachao Sangharsh Samiti has called for a Bharat Bandh on August 21, 2024. There will likely be a large turnout for the bandh, which has the backing of Rajasthan's SC/ST...
Shriram Finance in talks with climate-based funds to raise capital for EV financing, ET BFSI
Mumbai: Shriram Finance, the country’s largest auto-focused, non-bank lender, has begun an initial round of discussions with climate focused private equity funds to raise capital for financing electric vehicles. Currently, the share of EVs in the Rs2.33 lakh crore...
Check which bank is offering lowest car interest rates, ET BFSI
The majority of car buyers finance their purchase with a loan. Having a comfortable car gives you a sense of security and safety, especially on regular commutes. Thanks to low interest rates on auto loans, it's easier than ever to acquire a car. Loan interest rates in...
Mynd IFSC launches M1NXT in GIFT City to push trade finance, BFSI News, ET BFSI
Delhi/ Gandhinagar, 20th August: Mynd IFSC Pvt. Ltd. has received permission from International Financial Services Centres Authority (IFSCA) for commencement of commercial operations of its International Trade Financing Services (ITFS) Platform.Mynd IFSC Pvt Ltd, a...
Small ticket business loans driving Shriram Finance’s MSME growth, ET BFSI
Mumbai: Non-banking finance company Shriram Finance Ltd expects its strong growth in the micro and small enterprises to continue due to demand for small ticket loans from entrepreneurs even as its main commercial vehicle business has undergone a change with...
How the Sumpoorn index is helping banks & policymakers understand MSMEs better, ET BFSI
The goods and services tax (GST) has revolutionised the tax economics of the country by transforming the way policymakers understand the workings of small and medium businesses. Leveraging on this, Hyderabad-based Jocata, a financial technology firm, has created an...
Gold-loan NBFCs shine despite RBI’s cash disbursement restriction, ET BFSI
Non-banking financial companies (NBFCs) focusing on gold loans are expected to see reasonable growth in disbursements this fiscal as demand for credit remains strong. Their growth in the recent past has been underpinned by operational resilience, agility and...
IBPS recruiting for 4455 posts, applications open till tomorrow, ET BFSI
The Institute of Banking Personnel Selection (IBPS) has announced recruitment for 4455 Probationary Officer/Management Trainee positions in six public sector banks across India.The IBPS is accepting applications only till tomorrow, 21st August, 2024. The aspiring...
Indian rupee strengthens amid weaker dollar, falling crude oil prices, ET BFSI
The Indian rupee strengthened versus the US dollar, closing at 83.87/$1on Monday, due to a weaker dollar index and a fall in crude oil prices which softens India's inflation and trade deficit.The rupee closed at 83.87 against the US dollar, versus its previous close...
A Comprehensive Guide to Apply for a Home Loan for First-Time Homebuyers, ET BFSI
How to Apply for a Home Loan: A Comprehensive Guide for Homebuyers Applying for a home loan is the first exciting step in your journey to owning your dream home. In today’s dynamic financial landscape, there needs to be an overwhelming step-by-step guide to the home...
Bank cuts EMIs from Wayanad survivors’ relief aid, sparks row, ET BFSI
WAYANAD: Kerala Gramin Bank has deducted loan EMIs from emergency relief disbursed by state govt to those who survived the July 30 Wayanad landslides. The move has added to the shock of the survivors still grappling with their losses from the disaster that claimed...
Central Bank of India nears deal for FEL’s insurance stakes, ET BFSI
Mumbai: Central Bank of India is on the verge of acquiring Future Enterprises' (FEL) stakes in two insurance joint ventures, as the debt-ridden conglomerate undergoes insolvency proceedings.The state-owned bank is likely to take over Future Enterprises' 25% stake in...
How risk-based premiums for bank deposits can lead to financial system stability, ET BFSI
Deposit insurance plays a crucial role in maintaining the stability of the financial system by protecting depositors in the event of a bank collapse. Traditionally, the Deposit Insurance and Credit Guarantee Corporation (DICGC) in India has charged banks a uniform...
Bank borrowings cross Rs 9 lakh crore mark; lenders face pressure to raise funds, ET BFSI
Banks’ borrowing through market instruments has climbed to its highest levels, jumping past the Rs 9 lakh crore mark, as a persistently faster pace of credit growth than deposit growth compels lenders to rely on other routes to raise funds – a phenomenon that has...
EU banks expect India bond trades to go on, BFSI News, ET BFSI
Mumbai : Four European banks are confident their national regulators will allow them to continue trading ahead of the deadline to stop transacting with India’s sovereign bond clearing house, while recent communications between domestic and Paris-based authorities have...
Chinese stock investors lose a key indicator to gauge sentiment, ET BFSI
London : China may see its first yearly outflow from equities in 2024 — but if and when it happens, investors won’t know from exchange data.That’s because the country’s stock exchanges will stop releasing daily data on overseas fund flows starting Monday, depriving...
TFCI plans to enter Short-Term Retail Lending segment, BFSI News, ET BFSI
New Delhi, Tourism Finance Corporation of India (TFCI), a non-banking finance company, on Monday announced its diversification into retail lending through FinTech platforms and its plans to establish an Alternative Investment Fund. "Partnering with FinTech companies...
Bank deposit growth at all time high, expanded by Rs 61 tln since FY22: SBI Report, ET BFSI
In FY23, all scheduled commercial banks (ASCBs) had registered the highest amount of growth in deposits and credit since 1951-52. Deposits grew by Rs 15.7 lakh crore and credit by Rs 17.8 lakh crore, which has pushed the incremental CD Ratio to 113 per cent. The same...
FPIs pull out Rs 21k crore from equities in August, BFSI News, ET BFSI
NEW DELHI: Foreign investors continued their relentless selling in the Indian equity markets in August, offloading shares worth Rs 21,201 crore due to the unwinding of the yen carry trade, recession fears in the US and ongoing geopolitical conflicts.This came after an...
Tourism Finance Corporation looks to set up alternative investment fund, ET BFSI
New Delhi: Tourism Finance Corporation of India (TFCI) will set up an alternative investment fund as it plans to enter retail lending, said its managing director Anoop Bali.The firm is also exploring ways to raise funds through long-term bonds and debentures, he told...
Banks offering cheapest interest rates on gold loans, ET BFSI
Gold loans have grown in popularity due to its numerous perks. With a gold loan, which is a secured loan, you can use the value of your gold jewelry or ornaments as collateral to get money. It's an easy and quick option to obtain liquidity without sacrificing the...
RBI introduces provisions for ‘Sovereign Green Bonds’, BFSI News, ET BFSI
On August 13, The Reserve Bank of India (RBI) has introduced provisions for 'Sovereign Green Bonds' providing that a person resident outside India who maintains a securities account with a depository in IFSC in India would be able to purchase or sell Sovereign Green...
Credit offtake cools in June 2024 on RBI crackdown on unsecured credit, NBFCs, ET BFSI
Gross bank credit offtake (ex-merger) slowed to 6.4% for the December-June period compared to the growth of 8.1% for the same period last year as RBI announcement on unsecured consumer credit and NBFCs took effect. Meanwhile, credit growth also slowed to 13.9% in June...
FM Sitharaman bats for critical multilateral development banks reforms, ET BFSI
New Delhi: India Saturday made a case for reform in multilateral development banks (MDBs) to allow them mobilise additional funds to help developing countries meet their development needs and address global challenges."It is critical that the financing requests made...
Amid deposit mobilisation challenges, Canara Bank on expansion mode: CEO, ET BFSI
Canara Bank chief executive and managing director K Satyanarayana Raju on Saturday said here that the bank is concentrating on expanding its business by launching new branches as deposit mobilisation has become a challenge in India nowadays. The chief executive noted...
Nisus Finance Services Co Limited Files DRHP With BSE SME, BFSI News, ET BFSI
PNNMumbai (Maharashtra) [India], August 17: Nisus Finance Services Co. Limited (Nifco, the Company), engaged in Fund and Asset Management and Transaction Advisory Services, has filed its Draft Red Herring Prospectus with the BSE SME in preparation for its IPO. The IPO...
Understanding Fixed Deposits and FD Calculation Methods, BFSI News, ET BFSI
Mumbai, Maharashtra, India (NewsVoir) Fixed Deposits (FDs) have long been a preferred investment option among Indian investors, providing a straightforward way to grow wealth with predictable returns. Shriram Finance, a trusted name in the NBFC space, offers investors...
RBI approves former SBI DMD Salee Nair as TMB CEO, BFSI News, ET BFSI
MUMBAI: Reserve Bank of India (RBI) has approved the appointment of former State Bank of India (SBI) deputy managing director (DMD) Salee Sukumaran Nair for a three year term, the bank in a stock market notice.Nair retired from SBI as DMD and chief credit officer...
Karnataka pauses its circular for 15 days after two banks pledge to resolve issue, ET BFSI
BENGALURU: Chief Minister Siddaramaiah on Friday asked the Finance department to keep its August 12 circular asking all departments, universities, PSUs and local bodies to withdraw their deposits from State Bank of India (SBI) and Punjab National Bank (PNB) and end...
Karur Vysya Bank announces lowering of lending rates, BFSI News, ET BFSI
Kolkata: Karur Vysya Bank announced lowering of lending rates on Friday, a day after the country's largest lender State Bank of India made loans costlier.The private sector lender reduced its repo linked external benchmark rate by 15 basis points to 9.90%. The new...
NII, NIM, CRR — what do these key banking terms mean?, ET BFSI
As India's banking sector continues to evolve, understanding the intricacies of banking terminology has become essential for individuals and businesses alike. From NIM to NPA, and CRR to CASA, the world of banking is filled with acronyms and jargon that can leave even...
Gold loan demand rises despite cash based disbursement curbs & price fluctuation, ET BFSI
MUMBAI: The demand for an analysis by rating agency Crisil showed that gold loans grew more than 20% in June over May 2024.Most banks and NBFC have maintained an LTV ratio of 60-65% despite regulatory requirement of 75% which gave them a cushion when gold prices fell...
Bank credit growth slows while deposit expansion lags, intensifying system-wide challenges, ET BFSI
Credit offtake continues to moderate and is converging with the deposit growth highlighting the system-wide challenge in shoring up deposits.Credit offtake increased by 5.3% compared to December 2023, to reach Rs 168.1 lakh crore as of July 26, 2024. Growth in...
What are HDFC Bank stock prospects after MSCI rebalancing?, BFSI News, ET BFSI
The HDFC Bank stock saw a drop after MSCI revealed an increase in weight of the stock below market expectations.The MSCI said that HDFC Bank’s weight in the index will be increased in two phases, with a modest 25 basis points adjustment in the upcoming rebalancing on...
RBI bars NBFC-P2P to flex features like assured returns, liquidity options, ET BFSI
RBIIn a bid to improve the transparency and compliance, the Reserve Bank of India (RBI) on Friday tightened norms for Non Banking Financial Company-Peer to Peer (NBFC-P2P) Lending Platforms. The central bank has issued a set of revised guidelines, a move in response...
SBI-led banks key to IBC case against Jaiprakash Associates, BFSI News, ET BFSI
MUMBAI: State Bank of India (SBI), ICICI Bank and IDBI Bank hold the key to the Jaiprakash Associates (JAL) insolvency resolution with admitted claims of more than Rs 51,000 crore, one of the biggest cases since the Insolvency and Bankruptcy Code (IBC) came into force...
RBI fines Poonawalla, Hinduja for pre-dated interest charge, KYC norms, ET BFSI
RBI fines Poonawalla, Hinduja for pre-dated interest charge, KYC normsTwo key NBFCs faced the heat of the Reserve Bank of India (RBI) as they wered fined by the central bank over violations of fair practices and KYC norms.A monetary penalty of Rs 10 lakh has been...
Canara Bank jumps at opportunity to tap deposits as Karnataka snaps ties with SBI, PNB, ET BFSI
Bengaluru-headquartered Canara Bank has drawn up a strategy and assigned a team of top officials to tap funds the Karnataka Government has decided to withdraw from the State Bank of India (SBI) and Punjab National Bank (PNB) to shore up its deposits.“I held a detailed...
Revised balance sheet, ET BFSI
New Delhi, IL&FS Financial Services (IFIN), a group company of debt-ridden IL&FS Ltd, has incurred a cumulative loss of Rs 5,654 crore for the five-consecutive fiscals -- from FY14 to FY18, according to the revised balance sheet of the firm undergoing...
Mahindra Finance appoints new CBO and CCO, BFSI News, ET BFSI
Mahindra Finance on Friday announced two senior leadership appointments viz. Bijoy Thaplial as the Chief Business Officer – Leasing, Partnerships, and Payments and Mod Narayan Singh as Chief Compliance Officer (CCO). The appointments will reinforce Mahindra Finance’s...
Karnataka suspends transactions with SBI and PNB over alleged embezzlement, ET BFSI
Mumbai/Bengaluru: A day after Karnataka finance department announced its decision to halt all transactions with State Bank of India (SBI) and Punjab National Bank (PNB) over alleged embezzlement of govt funds deposited with these financial entities, both the banks...
What are the minimum balance charges of savings account? HDFC Bank vs ICICI Bank vs PNB vs SBI vs Yes Bank compared, ET BFSI
Maintaining a minimum balance in your savings bank account is important since many banks charge customers in case they fail to maintain a minimum balance. This requirement ensures that account holders maintain a certain level of funds, which helps cover the cost of...
These 8 banks have revised loan interest rates in August, ET BFSI
The Reserve Bank of India (RBI) kept the repo rate unchanged at 6.50 percent at the latest monetary policy meeting. Many lenders have revised their marginal cost of lending rates (MCLR). Under the marginal cost-based lending rates (MCLR) regime, banks modify their...
Real estate creditors see Rs 3.4 lakh crore recoveries under IBC, ET BFSI
The Insolvency and Bankruptcy Code (IBC) has facilitated the resolution of 46% of the insolvency cases admitted in the real estate sector as of June 2024, according to data from the Insolvency and Bankruptcy Board of India (IBBI). Out of 1,400 insolvency cases...
Yes Bank appoints veteran banker Sumit Bali to head its retail business, ET BFSI
Indian private lender Yes Bank has appointed veteran banker Sumit Bali to head its retail business and collections, three sources directly familiar with the matter said on Friday.Bali will join Yes Bank from Aug. 26 and report to executive director Rajan Pental, one...
Shriram Finance in talks with climate-based funds to raise capital for EV financing, ET BFSI
Mumbai: Shriram Finance, the country’s largest auto-focused, non-bank lender, has begun an initial round of discussions with climate focused private equity funds to raise capital for financing electric vehicles. Currently, the share of EVs in the Rs2.33 lakh crore...
Special fixed deposit rates approach 9% as banks rush to raise funds, ET BFSI
Amid slow deposit growth, banks in India are increasingly turning to special fixed deposit (FD) schemes to attract funds. RBL Bank and Bandhan Bank launched new FD schemes this week, offering interest rates as high as 8.8% on tenures of 500 days, and one year and nine...
Gold-loan NBFCs grow in India despite cash disbursement restriction: Report, ET BFSI
New Delhi, Non-banking financial companies (NBFCs) focusing on gold loans are expected to see reasonable growth in disbursements this fiscal as demand for credit remains strong, a report showed on Friday.A CRISIL Ratings analysis of gold-loan NBFCs found that growth...
Lenders losing sleep over RBI’s new strictures, BFSI News, ET BFSI
Mumbai: Bankers are sweating over what is likely to be a tough time in the next fiscal year as the Reserve Bank of India (RBI) is expected to unleash stringent rules, tightening provisioning requirements for project finance, introducing a new expected credit loss...
Here’s the full list, BFSI News, ET BFSI
Banks to be shut for as many as 16 days in September 2024 according to the Reserve Bank of India. This includes the weekend holidays, that is, the second and fourth Saturdays and all Sundays. Internet banking services will continue to be operational during these days....
Karnataka government suspends all dealings with SBI, PNB, BFSI News, ET BFSI
BENGALURU: Close on the heels of back-to-back incidents of alleged embezzlement of public funds, Karnataka govt on Wednesday ordered suspension of all transactions with two public sector banks — State Bank of India (SBI) and Punjab National Bank (PNB) — with immediate...
Global banks’ tech revival sparks hope for $254 billion Indian IT sector, ET BFSI
By Sai Ishwarbharath B and Haripriya SureshBENGALURU - Global banks have started reviving the technology projects they put on ice in 2023, raising hopes for the $254 billion Indian IT sector that makes about a third of its revenue from banking, financial services and...
PM Modi, BFSI News, ET BFSI
New Delhi, Indian banks are among the few banks that are strong globally, owing to major reforms undertaken by his government, Prime Minister Narendra Modi said on Thursday. Addressing the nation from the ramparts of historic Red Fort, the Prime Minister said a strong...
SBI hikes interest rates on these loans by 10 bps; check latest State Bank of India lending rates, FD interest rates, ET BFSI
The State Bank of India (SBI) has increased the marginal cost of funds-based lending rate (MCLR) on loan by 10 basis points (bps) yer again for certain durations. This action will result in higher costs for most consumer loans, such as auto or home loans, for the...
PSU banks’ Q1 results decent, but are valuations supportive of next leg of the rally?, ET BFSI
Despite a decent Q1 performance, PSU bank stocks have struggled over the past month, falling nearly 6% (as of August 13), with concerns over valuations in the overall PSU sector weighing on the market. Experts ETMarkets spoke to anticipate stock-specific action rather...
RBI’s revised deposit norms unlikely to be onerous for housing finance companies, ET BFSI
Deposit-taking housing finance companies (HFCs) are unlikely to face difficulty in complying with the Reserve Bank of India’s (RBI) revised norms for raising public deposits issued on August 12, 2024.A CRISIL Ratings analysis of the 121 HFCs accepting public deposits...
Banks bat for frequent Lok Adalats to settle small-value loans, ET BFSI
New Delhi: Banks have reached out to the government, making a case for more frequent Lok Adalats to be held through Debt Recovery Tribunals, or DRTs, to settle distressed loans out of court. A representation was made by a few public sector banks (PSBs) last month on...
Chennai Metro commuters gets ready-to-use National Common Mobility Card, ET BFSI
Chennai Metro is now set to get instant issuance of ready-to-use mobility card enhancing their travel experience. Ongo, the digital payments platform of AGS Transact Technologies has announced the launch of ‘Ongo Ride’, an instant National Common Mobility Card (NCMC)...
IREDA may set up arm to help finance small biz, retail clients, ET BFSI
Indian Renewable Energy Development Agency Ltd (IREDA), the state-run shadow bank whose shares have risen four-fold since last year's listing, plans to form a subsidiary to help finance small businesses and retail customers seeking to set up rooftop solar and...
Muthoot Finance reports 28% growth in loan AUM, reaching Rs 98,048 cr in Q1 FY25, ET BFSI
The consolidated loan assets under management (AUM) of the gold loan company Muthoot Finance grew 28% Y-o-Y to Rs. 98,048 crores in Q1 FY25 as against Rs. 76,799 crores last year. During the quarter, consolidated loan AUM increased by 10% of Rs. 8,969 crores. The...
Standard Chartered names Aditya Mandloi as Head, Wealth and Retail Banking, India and South Asia, ET BFSI
Standard Chartered Bank on Wednesday announced the appointment of AdityaMandloi as Head, Wealth and Retail Banking (WRB), for India and South Asia.He will be responsible for driving the WRB business in India, Bangladesh, Sri Lanka, and Nepal. Aditya has already worked...
India’s biggest shadow bank Bajaj seeks up to $500 million loan, ET BFSI
India’s largest non-banking finance company by market value is planning to borrow up to $500 million offshore, people familiar with the matter said, the latest shadow financier to seek global funds after stricter regulations limited domestic options. Bajaj Finance...
PSU banks’ Q1 results decent, but are valuations supportive of next leg of the rally?, ET BFSI
Despite a decent Q1 performance, PSU bank stocks have struggled over the past month, falling nearly 6% (as of August 13), with concerns over valuations in the overall PSU sector weighing on the market. Experts ETMarkets spoke to anticipate stock-specific action rather...
Max Life total APE grows by 31 per cent and Profit before Tax by 46 per cent in Q1 FY25, ET BFSI
PRNewswireNoida (Uttar Pradesh) [India], August 14: Max Financial Services Limited has recorded consolidated revenue^ of Rs7,709 crore in Q1 FY25, a 21% growth buoyed by higher investment income. The consolidated revenue excluding investment income at Rs5,235 crore...
Investing in FDs with an NBFC? Check new RBI rules on premature withdrawal, nominations applicable from Jan 1, 2025, ET BFSI
The Reserve Bank of India (RBI) has issued a revised regulatory framework circular relating to HFCs (Housing finance companies) and NBFCs (Non-banking Finance Companies) on August 12, 2024. The revised guidelines include acceptance of public deposits like those...
Banks are intensifying measures to boost deposits amidst sluggish growth, ET BFSI
Amid Finance Minister Nirmala Sitharaman and the Reserve Bank of India's push to banks for raising deposits, banks are ramping up efforts to attract more depositors. To counter the challenge of losing deposits to other avenues such as mutual funds, banks are deploying...
Wise targets India’s $32 billion remittance market after infrastructure upgrade, ET BFSI
Money transfer company Wise is set to re-enter India's lucrative remittance market, estimated at $32 billion, after temporarily halting new customer sign-ups in the country. The London-based firm paused onboarding in recent months to enhance its infrastructure, a move...
RBI approves Tata Capital’s conversion into NBFC ICC from NBFC CIC, ET BFSI
The Reserve Bank of India (RBI) has approved the Tata Capital's conversion from non-banking finance company (NBFC)–investment credit company (ICC) from a NBFC–core investment company (CIC).Last year, the central bank categorised Tata Capital and its parent company...
RBI penalises CSB Bank, Union Bank of India, others, BFSI News, ET BFSI
The Reserve Bank of India on Monday imposed penalties on five entities, including CSB Bank, Union Bank of India and Muthoot Housing Finance for contravention of various regulatory norms. A penalty of Rs 1.86 crore has been imposed on CSB Bank for non-compliance with...
Rana AK Singh takes charge as MD at SBI, BFSI News, ET BFSI
Rana Ashutosh Kumar Singh has taken charge as managing director in charge of the risk compliance department and the stressed assets resolution group at State Bank of India after the government approved his appointment last week.Gajendra Singh Rana, former chief...
SBI aims to sell its Yes Bank stake worth Rs 18,420 cr by end-March, ET BFSI
State Bank of India (SBI), the country's largest lender, aims to strike a deal by end-March for the sale of its 24% stake worth 184.2 billion rupees ($2.2 billion) currently in smaller rival Yes Bank, four sources with direct knowledge said.Japanese lender Sumitomo...
Kotak Bank, BFSI News, ET BFSI
Kotak Mahindra Bank on Monday said Sonata Finance Private Ltd and BSS Microfinance Ltd, both wholly-owned subsidiaries of the bank, at their respective board meetings have approved a scheme of amalgamation. As per the scheme of amalgamation approved on Monday, Sonata...
Public sector banks hike MCLR following RBI Monetary Policy status quo, ET BFSI
Public sector banks, including Bank of Baroda (BoB), Canara Bank, and UCO Bank, have announced an increase in their marginal cost of fund-based lending rate (MCLR) following the Reserve Bank of India's (RBI) recent monetary policy statement. The rate hikes, effective...
RBI announces new regulations for NBFCs regarding deposit withdrawals, ET BFSI
Reserve Bank of India (RBI) has announced new regulations for non-banking financial companies (NBFCs) regarding deposit withdrawals. As per the statement, starting January 1, 2025, NBFCs will be required to return the full deposit amount to depositors within the first...
MSCI to increase HDFC Bank’s weightage in Global Standard Index in 2 tranches, ET BFSI
Global index service provider MSCI today announced that the India’s largest private lender HDFC Bank’s weightage will be increased in its Global Standard Index but in 2 tranches, leading to expected passive inflows of $1.8 billion in the Nifty stock.The long-awaited...
How will RBI’s proposed delegated payments feature in UPI work?, ET BFSI
The Reserve Bank of India (RBI) has announced a new feature for the Unified Payments Interface (UPI) called 'delegated payments." This feature is designed to enhance the reach and usability of UPI across India, particularly in areas where financial literacy is limited...
RBI tightens rules for housing finance companies, BFSI News, ET BFSI
The RBI on Monday issued revised guidelines as part of the phased transition towards tighter regulations for housing finance companies (HFCs) to harmonise them with Non-Banking Financial Companies (NBFCs).The revised regulations shall be applicable with effect from...
Why banks are being told to focus on small deposits
Finance minister Nirmala Sitharaman stressed the importance of mobilising small deposits, which she described as the “bread and butter” of banking operations.
ViewTrade Expands Global Presence with New Office in GIFT City, India and IFSC License, ET BFSI
PRNewswireJersey City (New Jersey) [US]/ Ahmedabad (Gujarat) [India], August 12: ViewTrade Holding Corporation ("ViewTrade") announced, today, the establishment of its newly licensed brokerage and fintech regional headquarters subsidiary, ViewTrade International IFSC...
PSU banks raise loan rates as deposit costs rise, ET BFSI
Public sector lenders Bank of Baroda (BoB), Canara Bank and UCO Bank on Sunday announced an increase in their benchmark marginal cost of fund-based lending rate (MCLR), a day after the Reserve Bank of India (RBI) released its monetary policy statement.BoB and Canara...
Jocata launches One Case Manager enabling Financial Institutions comply by RBI’s single dashboard circular, ET BFSI
VMPLNew Delhi [India], August 12: Jocata, a leading RegTech partner for the BFSI industry announces the pan-India rollout of its industry-first offering called 'One Case Manager'. Jocata One Case Manager comes at a time when RBI circular dated January 2024 directs the...
Check details of Banking Laws (Amendment) Bill, 2024, ET BFSI
Finance Minister Nirmala Sitharaman introduced the Banking Laws (Amendment) Bill, 2024, which includes a proposal to increase the number of nominees allowed per bank account and locker from the current limit of one to four.Bank locker charges 2024: SBI vs HDFC Bank vs...
Wealth management startup Neo Group secures Rs 400 crore from MUFG Bank, Euclidean Capital, ET BFSI
Wealth and asset management startup Neo Group has raised Rs 400 crore (around $47 million) in a fresh equity funding round led by Japanese lender MUFG Bank along with New York-based Euclidean Capital.Peak XV Partners, which had invested around $35 million in October...
IIHL transfers money to creditors in first step to take over Reliance Capital, ET BFSI
IndusInd International Holdings (IIHL), the winning bidder to take over Reliance Capital Ltd has transferred Rs 2750 crore to a designated escrow amount in line with the National Company Law Tribunal (NCLT) directions, one person with the direct knowledge of the...
Centre starts work to restore power of PSBs to issue look-out circulars, ET BFSI
The government and banks have held consultations with attorney general R Venkataramani on restoring the powers of public sector banks (PSBs) to issue look-out circulars (LOCs) against defaulters.Lenders have submitted their arguments and are hopeful of a swift...
Bajaj Finance gets show-cause notice for ‘GST evasion’ of ₹341 crore, ET BFSI
Recently, Bajaj Finance has received a ₹341 crore show-cause notice from the Directorate General of Goods and Services Tax Intelligence (DGGI) alleging tax evasion on loan processing charges, as per an Economic Times report.The consumer finance company faces 100%...
RBI raises concern for top-up home loans, BFSI News, ET BFSI
Recently, The Reserve Bank of India (RBI) has expressed its concern about home loan top-up asking lenders to be vigilant and conduct due diligence while issuing home loan top-up.The allure of top-up housing finance is undeniable, offering additional funds on existing...
CVC Capital Partners pips EQT, set to buy Aavas Financiers for Rs 7,000 crore, ET BFSI
MUMBAI: CVC Capital Partners, one of the largest European private equity groups, has trumped EQT to emerge as the highest bidder for Aavas Financiers (formerly AU Housing Finance).Current promoters of the affordable housing finance company, private equity firms...
Declining bank deposits raise concerns about NBFC’s fund raising capacity: Report, ET BFSI
Amid the concerns of declining deposits at banks, CareEdge Ratings anticipated that the credit-deposit ratios may pose a concern to the Non-Banking Financial Companies (NBFCs)."Bank's credit-deposit ratios raise concerns about NBFCs' ability to secure funds," it...
SBI vs HDFC Bank vs ICICI Bank vs Canara Bank, ET BFSI
IMPS, or Immediate Payment Service, offers a real-time money transfer service accessible 24/7 through multiple channels, including mobile, the internet, branches, ATMs, and SMS. It is a cutting-edge service that enables quick and secure movement of funds between banks...
Bank business tepid in July as deposit growth slows, ET BFSI
Bank business remained tepid in July as both credit and deposits failed to keep pace with last year's levels, the latest Reserve Bank of India data indicates.While deposits rose 10.6 percent year-on-year as of July 26 compared to 12.9 percent in the same period a year...
Are banks open or closed this Saturday, August 10?, ET BFSI
Many individuals keep their bank related work for Saturday; however such individuals should note that banks are open only on the first, third and fifth (incase). Banks are closed on the second and fourth Saturdays of the month.August 2024 bank holidays: Banks are...
Kotak Mahindra Bank appoints Kedarswamy Ravangave as head of marketing for consumer and commercial bank, ET BFSI
Representative imageKotak Mahindra Bank has announced the appointment of Kedarswamy (Kedar) Ravangave as head of marketing for consumer and commercial bank.Ravangave joins Kotak Mahindra Bank from Amazon India, where he was a pivotal member of the leadership team,...
‘After merger in 2022, HDFC faced hostile banking landscape’, ET BFSI
MUMBAI: HDFC Bank MD & CEO Sashidhar Jagdishan said that the banking landscape had changed dramatically after the lender decided to merge parent HDFC with itself in April 2022, but the bank was not apologetic about the decision.In a candid admission of how things...
HDFC Bank will “break-out” from slow loan growth period, BFSI News, ET BFSI
India's largest private sector lender HDFC Bank is undergoing a period of “adjustment” which may lead to slowing down of credit growth, but will “break out” soon, its managing director Sashidhar Jagdishan said on Friday. Jagdishan added that the bank was focused on...
Canara Bank hikes lending rate by 5 bps across tenors, BFSI News, ET BFSI
State-owned Canara Bank on Friday raised the marginal cost of funds-based lending rate (MCLR) by 5 basis points (0.05 percentage point), across tenors, making most of the consumer loans costlier. The benchmark one-year tenor MCLR, which is used to price most consumer...
Kotak Mahindra Bank appoints Kedarswamy Ravangave as head of marketing for consumer and commercial bank, ET BFSI
Representative imageKotak Mahindra Bank has announced the appointment of Kedarswamy (Kedar) Ravangave as head of marketing for consumer and commercial bank.Ravangave joins Kotak Mahindra Bank from Amazon India, where he was a pivotal member of the leadership team,...
FM Nirmala Sitharaman, ET BFSI
New Delhi, Finance Minister Nirmala Sitharaman on Saturday asked banks to come up with innovative and attractive schemes to mobilise deposits. Addressing the media after the board meeting of the Reserve Bank of India, she said that deposits and lending are the two...
SBI vs HDFC Bank vs ICICI Bank vs Canara Bank, ET BFSI
IMPS, or Immediate Payment Service, offers a real-time money transfer service accessible 24/7 through multiple channels, including mobile, the internet, branches, ATMs, and SMS. It is a cutting-edge service that enables quick and secure movement of funds between banks...
Enabling framework needed to help companies issue ESG bonds domestically: RBI official, ET BFSI
Mumbai, There is a need to create an "enabling framework" to help Indian companies issue environmental, social and governance (ESG) bonds locally, a senior RBI official said on Friday. Underlining that capital markets regulator Sebi which looks after the regulations...
How central banks can help in reducing market volatility, BFSI News, ET BFSI
We have seen that the actions of a single central bank can swiftly influence market sentiment, capital flows, and economic stability across multiple countries. Central banks wield immense power to influence the stock market, with their policy decisions acting as...
India’s forex reserves touch a fresh high of $674.9 bn as of Aug 2, ET BFSI
The Reserve Bank of Indias’ foreign exchange reserves touched a fresh high of $674.9 billion in the week ended 2nd August, central bank data showed.The total reserves rose by $7.5 billion and were primarily driven by foreign currency assets which rose $5.1 billion to...
PFC gets ₹1,400 crore loan from Japanese Bank for green business, ET BFSI
Power Finance Corporation has secured a long-term loan of JPY25.5 billion (₹1,400 crore) from the Japan Bank for International Cooperation (JBIC).The loan proceeds will be used to finance a 300 MW wind energy project of Ostro Kannada Power Pvt Ltd in Karnataka. The...
List of PSU banks offering highest FD interest rates in August 2024, ET BFSI
Many public sector banks (PSU) have revised their fixed deposit interest rates in the last two months. PSU banks, also known as Public Sector Banks, are Indian banking in which the government holds more than 50% of the capital.Banks that have revised fixed deposit...
NaBFID set to raise at least Rs 1,000 crore via 20-year bond issue, ET BFSI
Mumbai: The National Bank for Financing Infrastructure and Development (NaBFID), which funds India's infrastructure sector, is raising at least '1,000 crore by issuing a rare 20-year bond, the first of its kind from a development finance institution (DFI) from the...
Sundaram Home Finance eyes Rs 450 cr disbursements in Maharashtra this year, ET BFSI
Sundaram Home Finance has inaugurated its second branch in Pune as it aims to make disbursements of Rs 450 crore in Maharashtra this year, the company said on Friday. The wholly owned subsidiary of non-banking finance company Sundaram Finance Ltd achieved...
Gpay, WhatsApp Pay, PayTM, HDFC Bank app will not be available on this day, ET BFSI
HDFC Bank is undergoing an essential system maintenance due to which UPI services will not be available for three hours on August 10, 2024. The bank sent an email to customers informing them about this scheduled downtime for UPI services.Here is a look at the timings...
Governor Shaktikanta Das warns banks on asset-liability risks, ET BFSI
Reserve Bank of India (RBI) governor Shaktikanta Das has warned banks about asset liability mismatches that could occur if banks raise a higher amount of short-term bulk deposits. He asked banks to be innovative in garnering deposits at a time when households are...
Ashwini Kumar Tewari | SBI: What is SBI doing to resurrect deposit growth? Ashwini Kumar Tewari answers, ET BFSI
Ashwini Kumar Tewari, MD, SBI, says rural growth is coming back, consumption is improving and of course, whether it has reached the levels that we want and whether it is sustainable is something we have to see. But with the agricultural growth doing good and the...
Indian banks need to quell a looming threat as savers flock to stocks, ET BFSI
In what could be music to Indian banks’ ears, deposit growth outpaced credit offtake for the fortnight ending July 12, 2024. The slower credit growth was due to the high base effect and banks' efforts to manage the credit-to-deposit (CD) ratio.Yet, don’t get too...
PFC gets ₹14,800 crore loan from Japanese Bank for green business, ET BFSI
Power Finance Corporation has secured a long-term loan of ₹25.5 billion (₹14,800 crore) from the Japan Bank for International Cooperation (JBIC).The loan proceeds will be used to finance a 300 MW wind energy project of Ostro Kannada Power Pvt Ltd in Karnataka. The...
Nirmala Sitharaman tables Banking Laws (Amendment) Bill, 2024; Here’s what new, ET BFSI
Finance minister Nirmala Sitharaman With an aim to make significant changes to several key banking regulations, the Finance Minister Nirmala Sitharaman on Friday tabled the Banking Laws (Amendment) Bill, 2024, in the Lok Sabha.Notably, the proposed amendments will...
A new red line for rupee is forming as pressure mounts, BFSI News, ET BFSI
The Indian currency tested a series of record lows in recent days but stopped short of crossing that key level on likely intervention by the Reserve Bank of India, according to ANZ Banking Group Ltd. and Nuvama Institutional. Even while emerging-market currencies came...
Piramal Capital gets creditor status in Radius Project’s 5.4-acre Mumbai project, ET BFSI
MUMBAI: The National Company Law Tribunal (NCLT) has affirmed the legality of the charge held by Piramal Capital & Housing Finance on realty developer Radius Estate Projects’ development spread over a prime 5.4-acre land parcel in Santacruz, Mumbai’s western...
Rajan Pental, Executive Director, YES BANK, ET BFSI
YES Bank has been focussing on addressing credit demands of MSMEs and startups. In an interaction with ET Online, Rajan Pental, Executive Director, talks about the various aspects of the lender’s approach to MSME lending and how the bank aims to facilitate seamless...
Rupee rises 8 paise to 83.89 against US dollar in early trade, ET BFSI
Mumbai, Rupee appreciated 8 paise to 83.89 against US dollar in early trade on Friday, supported by a positive trend in domestic equities and a decline in the US dollar index. Forex traders said post the Reserve Bank of India's monetary policy announcement, markets...
Aadhar Housing Finance net profit jumps 37% to Rs Rs 200 crore in Q1 FY25, ET BFSI
Aadhar Housing Finance posted a 37% on year increase in their profit after tax to Rs 200 crore in the first quarter of this fiscal, from Rs. 146 crore a year ago. The total assets under management for the housing finance company stood at Rs. 21,726 crore, a 21% growth...
Canara Bank plans overseas bond issue to raise $300 million, BFSI News, ET BFSI
Public sector Canara Bank plans to raise at least $300 million by issuing bonds to investors abroad as it seeks to shore up its liability franchise amid strong credit growth. The bank has hired Singapore's DBS Bank, Japan's Mitsubishi UFJ Financial Group and France's...
Borrowing costs soften amid rising surplus liquidity in banking system, ET BFSI
Mumbai: The Reserve Bank of India may or may not ease its stance of withdrawing monetary accommodation on Thursday but borrowing costs in the economy have softened nonetheless as a build-up of surplus banking system liquidity has brought down rates on a host of debt...
EMIs to rise further, ET BFSI
HDFC Bank has increased its marginal cost of funds-based lending rates (MCLR), according to its official website on August 8, 2024. The bank has increased the loan interest rates by up to 5 basis points (bps) on certain tenures. HDFC Bank MCLR interest rates will now...
DBS Bank CEO Piyush Gupta to step down in Mar 2025; Tan Su Shan to take over, ET BFSI
Singapore: Piyush Gupta, the Indian origin Chief Executive of Singapore's largest bank DBS Group, will step down in March 2025. He will be succeeded by Tan Su Shan, who was appointed as deputy CEO, in addition to her current role as the group head of institutional...
Rupee slips to record low as pressure from carry trade unwind lingers, ET BFSI
The Indian rupee weakened to yet another all-time on Wednesday, hurt by the continued unwinding of carry trades and on dollar demand from local importers.The rupee fell to its record low of 83.9725 to the dollar before closing at 83.9550, its weakest closing level...
SoftBank books small quarterly profit, unveils $3.4 billion buyback, ET BFSI
Japanese technology investor SoftBank Group said on Wednesday it plans to buy back a hefty $3.4 billion of its shares, answering in part calls from Elliott Management and other shareholders to bolster its stock price.Masayoshi Son's tech behemoth has been under...
FPIs invest $1.40 billion in Indian IT stocks in July, highest since 2022, ET BFSI
Foreign portfolio investors (FPIs) in July made significant investments in Indian IT stocks, purchasing a net worth of 117.63 billion rupees ($1.40 billion), according to data from the National Securities Depository (NSDL).This marks the highest investment since the...
Gpay, WhatsApp Pay, PayTM, HDFC Bank app will not be available on this day, ET BFSI
HDFC Bank is undergoing an essential system maintenance due to which UPI services will not be available for three hours on August 10, 2024. The bank sent an email to customers informing them about this scheduled downtime for UPI services.Here is a look at the timings...
Global financial services firm Charles Schwab picks Hyderabad for development center: Telangana CMO, ET BFSI
Hyderabad (Telangana) [India], August 8 (ANI): Charles Schwab, a global leader in financial services headquartered in Texas, has chosen Hyderabad as the prospective location for its first Technology Development Center in India."We are delighted to announce that...
Private banks struggle with declining CASA ratios as customers shift to fixed deposits, ET BFSI
Private banks are facing a significant decline in their current account-savings account (CASA) ratios as customers increasingly turn to fixed deposits (FDs) for higher interest rates. In the first quarter of the current financial year, private lenders experienced a...
Elon Musk’s X nears launch of payment service with new feature integration, ET BFSI
Social media platform X is reportedly advancing its efforts to introduce a comprehensive payment service. According to recent developments, the platform is working on adding a "Payments" button to its navigation bar, signifying its move towards becoming an "everything...
MFIs seek easier credit rating rules as they gasp for bank loans, ET BFSI
The microfinance sector has clamoured for easy credit rating rules from banks for the micro lenders with less than Rs 500 crore portfolio so that these entities get adequate doses of bank loans to grow their businesses.The small and medium sized micro lenders are...
ICICI Bank leads in pre-sanctioned limits as monthly credit transactions on UPI hit Rs 10K crore, ET BFSI
The National Payments Corporation of India (NPCI) is seeing significant growth in the use of its Unified Payments Interface (UPI) credit feature, with monthly transactions now reaching approximately Rs 10,000 crore. This uptick is primarily driven by the integration...
Investors make Rs 9 lakh crore as bulls return to D-St. 5 factors behind 875 pt Sensex rally, ET BFSI
Benchmark equity indices Sensex and Nifty closed over 1% higher on Wednesday, led by banking, metal and IT stocks, as global markets eased concerns about a US recession.The BSE benchmark Sensex advanced 875 points or 1.11% to settle at 79,468. The broader NSE Nifty...
Kotak’s auto financing arm bets on SUVs and used car business, ET BFSI
Mumbai: Kotak Mahindra Prime, the auto financing arm of Kotak Mahindra Bank, is betting big on the SUV and used car segment to expand its ₹30,000-crore book. The financing company expects the festive season to bring about a revival in the auto segment, which is seeing...
Mizuho plans to say no to Yes Bank deal; it’s SMBC vs Emirates NDB, ET BFSI
MUMBAI: Japanese financial giant Mizuho plans to exit the race for a significant stake in Yes Bank, leaving Sumitomo Mitsui Banking Corporation (SMBC) and Emirates NBD as the two serious contenders in the fray, said people with knowledge of the matter.India’s...
Govt wants sponsor banks to help RRBs upgrade technology, BFSI News, ET BFSI
The government has asked state-run banks to assist their regional rural arms in upgrading their technology and onboarding them to the National Payment Corporation of India's (NPCI) BASE platform that facilitates the direct benefit transfer (DBT) program.Last week,...
Govt appoints Rohit Das as RBI nominee director on board of Canara Bank, ET BFSI
New Delhi, State-owned Canara Bank on Tuesday said the government has nominated Rohit Das as RBI nominee director on its board. The central government vide notification dated August 5, 2024, has nominated Rohit Das as RBI Nominee Director in place of R Kesavan on the...
IDFC First Bank leases 4 entire floors of office space in Mumbai’s Goregaon, ET BFSI
IDFC First Bank has picked up an office spread over four entire floors of a commercial complex in Mumbai’s western suburb Goregaon through a long-term lease of over five years.The rentals for nearly 1.65 lakh sq ft office space in commercial tower Oberoi Commerz III,...
Banks write off loans worth Rs 9.90 lakh cr in last 5 financial years, ET BFSI
New Delhi, Banks have written off loans worth Rs 9.90 lakh crore in the last five financial years, Parliament was informed on Tuesday. During 2023-24, banks loan write off was at Rs 1.70 lakh crore, as against Rs 2.08 lakh crore in the previous fiscal, Minister of...
Restrictions on reward points, transactions that won’t earn points, ET BFSI
HDFC Bank has modified the loyalty program for specific credit cards. The updated regulations will take effect on September 1, 2024. A notification regarding these changes was sent to the relevant customers via email by the bank.New HDFC Bank credit card rules from...
Govt approves appointment of CS Setty as SBI chairman; Rana Ashutosh Kumar Singh to takeover as MD, ET BFSI
Challa Sreenivasulu Setty was appointed as the chairman of the State Bank of India on Tuesday. His tenure will be due to start for three years on or after August 28. The Appointments Committee of the Cabinet approved the decision. The government also appointed Rana...
No need to maintain minimum balance in Jan Dhan, basic savings accounts: FM, ET BFSI
New Delhi, Finance Minister Nirmala Sitharaman on Tuesday said there is no need to maintain minimum balance in Jan Dhan as well as basic savings accounts, and banks impose penalties only in cases where customers fail to maintain a requisite amount in their accounts....
Banks likely to boost AT-1 bond issues after SEBI’s valuation change, ET BFSI
The Securities and Exchange Board of India (SEBI) announced a significant change, stating that the valuation of additional tier-1 (AT-1) bonds by mutual funds will now be based on yield to call. This move, aligning with a long-standing market request, is expected to...
Why banks are offering higher deposit rates despite no fund crunch, ET BFSI
Several large banks have increased their medium-term deposit rates by 15-20 basis points over the last few weeks at a time when system liquidity remains sufficient, and the government expected to release funds after a temporary hold-up due to general elections.The...
Rupee hits record low for third day amid US growth concerns and equity outflows, ET BFSI
The rupee closed at a record low for the third consecutive day due to outflows in Indian equities and risk aversion due to signs of a growth slowdown in the USThe rupee closed at 83.96 versus the US dollar on Tuesday, a new record low, against the previous close of...
How Used Car Finance Apps Are Changing the Car Buying Landscape, ET BFSI
Buying a used car can feel like navigating a maze. The excitement of finding the right vehicle often gets bogged down by the complexities of securing financing. The challenge is not only to find the right car, but also the right financier. No matter the price of the...
PSU banks report over threefold increase in compensation for fraud cases to Rs 140 crore, ET BFSI
Public sector banks have posted a significant rise in compensation payouts for frauds and electronic frauds, with the total amount jumping over three-fold to Rs 140 crore during the fiscal year 2023-24, according to information provided to Parliament on Tuesday....
D-Street investors’ wealth erodes by Rs 22 lakh crore in three days of market crash, ET BFSI
New Delhi, Investors' wealth eroded by a whopping Rs 22 lakh crore in three days of market slump with the BSE benchmark Sensex tanking 4 per cent. In three days, the Sensex tumbled 3,274.48 points or 3.99 per cent. The massive correction came after the benchmark index...
IIFL Finance Q1 profit falls 28 pc to Rs 338 cr, BFSI News, ET BFSI
New Delhi, IIFL Finance on Tuesday posted 28 per cent decline in consolidated profit at Rs 338 crore for June quarter FY25 as RBI imposed ban on its gold loan business. The NBFC had earned a profit of Rs 473 crore in the same quarter a year ago. The Reserve Bank of...
RBI expected to hold repo rate steady in upcoming MPC meeting: Care Edge, ET BFSI
New Delhi [India], August 7 (ANI): Amid the speculations on the policy stance of the upcoming Monetary Policy Committee (MPC), credit rating agency, Care Edge has anticipated a stable repo rate."The stance is anticipated to remain at 'withdrawal of accommodation,'...
Gold prices rebound as consumers rush to buy amid geopolitical tensions, ET BFSI
Consumers are rushing to buy gold, some even placing advance orders, on fears that prices may start rallying again after a recent decline, said jewellers and trade executives. Prices of the yellow metal fell after a customs duty cut in the budget but have since...
Net profit soars 77% YoY to Rs 46 crore, ET BFSI
Grihum Housing Finance, formerly Poonawala Housing Finance, reported a net profit after tax of Rs. 46 crore for the first quarter of this fiscal, up 77% on year. The housing finance company has assets under management of Rs. 8,700 crore, up 33% on year.“Our...
ICICI Bank to target self-employed, scale up its private banking to build deposit base, ET BFSI
Mumbai: India’s second largest lender ICICI Bank is gearing up to target the self-employed individuals, scale up its private banking and wealth management clientele and focus on family offices to build its deposit base. In an interaction with Macquarie Capital the...
Over Rs 177 crore lost on account of ATM/credit card, internet banking frauds, ET BFSI
New Delhi: As much as Rs 177 crore was lost on account of credit, debit card and internet banking frauds in the 2023-24 fiscal, Parliament was informed on Monday. In a written reply to the Lok Sabha, Minister of State for Finance Pankaj Chaudhary said the amount of...
Public sector banks’ NPAs on Mudra loans fall to 3.4 pc in 2023-24: Sitharaman, ET BFSI
Public sector banks' non-performing assets associated with the Mudra loan category have declined to 3.4 per cent in the 2023-24 fiscal, Finance Minister Nirmala Sitharaman said on Monday. This marks an improvement from 4.77 per cent in 2020-21, 4.89 per cent in...
Permitted and prohibited items, bank responsibilities, and locker operations, ET BFSI
Bank lockers provide a secure way to store valuable items, but there are specific guidelines on what can and cannot be kept inside them. The bank is responsible for losses due to its own negligence or fraudulent actions, with compensation up to one hundred times the...
Bank account nominees to be increased to four, amid other key amendments, ET BFSI
The government is set to introduce two key Bills in the Lok Sabha during the week starting August 5. One of these, the 'Banking Laws (Amendment) Bill 2024,' aims to bring substantial changes to banking regulations.The Union Cabinet approved the introduction of the...
ICICI Bank promoting strong compliance culture: Sandeep Bakhshi, ET BFSI
India’s second largest private lender ICICI Bank is promoting a strong compliance culture to ensure balance between risk and rewards, its managing director and CEO Sandeep Bakhshi has said in his annual address to shareholders. The comments by Bakhshi which are part...
Banks write off loans worth Rs 9.90 lakh cr in last 5 financial years, ET BFSI
New Delhi, Banks have written off loans worth Rs 9.90 lakh crore in the last five financial years, Parliament was informed on Tuesday. During 2023-24, banks loan write off was at Rs 1.70 lakh crore, as against Rs 2.08 lakh crore in the previous fiscal, Minister of...
Heist at WazirX sparks security overhaul in Indian crypto industry, ET BFSI
The recent security breach at WazirX, resulting in the theft of over $230 million, has sent shockwaves through the Indian cryptocurrency market, prompting a reassessment of security measures across the industry. The heist, which compromised 45% of WazirX's crypto...
PSU banks’ compensation against fraud rises over three-fold to Rs 140 crore in FY’24, ET BFSI
New Delhi: Public sector banks have reported over three-fold jump in compensation towards frauds or e-frauds reported by their customers to Rs 140 crore during 2023-24, Parliament was informed on Tuesday. The amount of compensation paid by these banks stood at Rs...
Bajaj Housing, Baazar Style among 5 IPOs approved by Sebi, BFSI News, ET BFSI
Capital markets regulator Sebi has approved the public offers of five companies, but also returned the offer document of Sanathan Textiles. The approved IPOs include that of Manba Finance, Baazar Style, Deepak Builders, Diffusion Engineers and Bajaj Housing...
Indian banks’ bad loan write-offs drop to Rs 1.70 lakh crore in FY24, ET BFSI
Write-offs by scheduled commercial banks in India have decreased significantly over the last five years, dropping to just over Rs 1.70 lakh crore at the end of FY 2023-24 from over Rs 2.34 lakh crore in FY 2019-20, marking a decline of more than 27%, according to data...
NITI Aayog to lay out roadmap for deepening of corporate bond market, ET BFSI
NITI Aayog has kick-started holistic research on India’s corporate bond market and will soon firm up its recommendations on ways to deepen the corporate bond market, seen as an alternative to bank finance for borrowers, the Aayog said in its Annual Report 2023-24.“The...
State Bank of India forms a team of 2,000 bankers to attract the rich clients, ET BFSI
State Bank of India (SBI), the largest lender in the country, is giving its wealth management business a renewed push amid a surge in the number of affluent individuals in India. Chairman Dinesh Khara announced in earnings call that SBI is deploying about 2,000...
Sensex crashes 2,223 points; 2nd biggest M-cap loss ever, BFSI News, ET BFSI
MUMBAI: A global market sell-off, triggered by weak employment data in US and fears of large speculative losses in the forex market due to a strengthening Japanese yen, also swept Dalal Street, sending investors into a panic-selling mode on Monday and pulling down the...
DBS Bank India launches exclusive banking program for senior citizens, ET BFSI
DBS Bank India has launched "DBS Golden Circle," a priority banking program for senior citizens. The program, designed for resident Indian citizens aged 60 and above, offers exclusive benefits and services, including attractive interest rates on savings accounts and...
Investors to gain 122%; check SGB redemption price, ET BFSI
The Reserve Bank of India (RBI) has announced that August 5, 2024 shall be the final redemption date for SGB 2016-17 Series I tranche. As per a press release issued by the RBI on August 2, 2024, this SGB completes eight years from its date of issuance and is...
JioFinance goes international, enables app payments in this global tourist destination, ET BFSI
Jio Financial Services has announced the entry of the JioFinance app in the French capital, Paris. "To make it convenient for Indian travellers to transact digitally, JioFinance will enable international payments for buying tickets to visit the Eiffel Tower through...
Banks may offer small loans on UPI against FDs, BFSI News, ET BFSI
Private banks are likely to target new-to-bank customers for credit on UPI against fixed deposits as collateral. Although the National Payments Corporation of India (NPCI) is yet to launch credit-line-on-UPI service, banks have begun working on their...
Deposit crunch forces banks to raise rates, BFSI News, ET BFSI
MUMBAI: Even as analysts are forecasting the monetary policy committee meeting this week to vote for another pause with a rate cut pushed to December, banks have been selectively raising deposits and lending rates.According to SBI chairman Dinesh Khara, markets can no...
Banks’ profits healthy, but margins may shrink and deposits could disappoint, ET BFSI
Mumbai: Banks saw an increase in stress in unsecured retail, micro finance and some rural advances as seasonal impact of the heatwave, election season slowdown and higher risk weights led to increase in slippages during the first quarter. However, analysts do not...
IDBI Bank sells distressed Rs 6151 cr portfolio to Omkara ARC, ET BFSI
IDBI Bank is selling its Rs 6,151 crore legacy stressed asset portfolio to Omkara Asset Reconstruction Company (ARC) in a move that will help the government fetch an improved valuation for the proposed stake sale in the lender, people with knowledge of the matter told...
Utkarsh Small Bank Q1 net surges 28%, BFSI News, ET BFSI
Kolkata: Utkarsh Small Finance Bank's net profit for the June quarter rose 28% at ₹137 crore against ₹107 crore in the year ago period backed by healthy core income growth. This rise in profit was despite higher provisions and contingencies of ₹125 crore against ₹77...
Delhi High Court assigns special CBI court to speed up trial in biggest bank fraud, ET BFSI
New Delhi: The Delhi High Court has designated a special CBI Court to expedite the trial of India's biggest bank fraud. The Central Bureau of Investigation (CBI) has charged Dheeraj Wadhawan, Kapil Wadhawan-promoters of embattled Dewan Housing Finance Ltd (DHFL)-and...
How Rs 60,000 cr losses from F&O give banks hope for a savings revival, ET BFSI
Rs 60,000 crore losses, Sebi crackdown, and a hope for banksAs India shifts its investing habits, the allure of high-risk, high-return options is strong. However, this isn't for everyone, as Indian households are losing about Rs 60,000 crore in derivatives trades in a...
Permitted and prohibited items, bank responsibilities, and locker operations, ET BFSI
Bank lockers provide a secure way to store valuable items, but there are specific guidelines on what can and cannot be kept inside them. The bank is responsible for losses due to its own negligence or fraudulent actions, with compensation up to one hundred times the...
BookMyForex launches zero fee remittance & bundled deals for international students, ET BFSI
BookMyForex, India’s leading online retail foreign exchange platform has announced the launch of the “BookMyForex Student Offer,” designed specifically for Indian students embarking on their studies abroad this academic term. This exclusive offer includes zero-fee...
Leading NBFC Muthoot Capital Bags Rs.100 Crore Impact Funding for Electric Vehicle Portfolio, ET BFSI
Kochi, Kerala, India - Business Wire India Muthoot Capital Services Limited (MCSL), one of India's fastest-growing NBFCs and a publicly traded entity of 137-year-old business conglomerate Muthoot Pappachan Group announces its partnership with UK-based Development...
Public sector banks’ NPAs on Mudra loans fall to 3.4 pc in 2023-24: Sitharaman, ET BFSI
Public sector banks' non-performing assets associated with the Mudra loan category have declined to 3.4 per cent in the 2023-24 fiscal, Finance Minister Nirmala Sitharaman said on Monday. This marks an improvement from 4.77 per cent in 2020-21, 4.89 per cent in...
Avoid aggressive bets as markets may see volatility spike, ET BFSI
Technical analysts advise avoiding aggressive bets until global market conditions stabilise. If Nifty stays below 24,800 and VIX remains above 14.5%, a correction is likely, with key support at 24,540 and 24,210. Stocks like Nykaa, HDFC Bank, Sun Pharma, TCS, GAIL,...
Banks, NBFCs are bound to adopt a restructuring process for MSMEs without following 2015 framework: SC, ET BFSI
The Supreme Court has held that the banks and Non-Banking Financial Companies (NBFCs) are bound to adopt a restructuring process for Micro, Small and Medium Enterprises (MSMEs) on their own without there being any application by the latter, as directed by the Central...
Dinesh Kumar Khara, ET BFSI
Dinesh Kumar Khara, Chairman, SBI, says the bank has to balance the interests of multiple stakeholders and the shareholders are very important stakeholders. The bank has to create value for them and that is the reason SBI always wants to grow but not at the cost of...
DIIs close in on FIIs in high-stakes battle, BFSI News, ET BFSI
The gap between foreign institutional investors (FIIs) and domestic institutional investors (DIIs) in corporate ownership in India shrank to a record low of 115 basis points in the April-June quarter, according to data from primeinfobase.com.A basis point is a...
Reliance Capital administrator accuses IIHL of non-compliance with NCLT order, ET BFSI
NEW DELHI: The administrator of Reliance Capital (RCAP) has accused IndusInd International Holdings Ltd (IIHL) of failing to comply with the National Company Law Tribunal (NCLT) order to deposit Rs 2,750 crore in designated escrow accounts. The allegations, presented...
Bank of India clocks 10 pc rise in Q1 net profit at Rs 1,703 crore, ET BFSI
New Delhi, Government-owned Bank of India on Saturday reported a 10 per cent increase in its net profit to Rs 1,703 crore in the April-June quarter of the current financial year, compared to Rs 1,551 crore in the same quarter last year. Net Interest Income (NII), a...
Buffett’s sales of Bank of America top $3.8 bln, ET BFSI
By Jonathan Stempel- Berkshire Hathaway, run by billionaire Warren Buffett, extended its selling of Bank of America shares, and has shed more than $3.8 billion of the second-largest U.S. bank's stock since mid-July.Berkshire sold approximately 19.2 million Bank of...
PAT rises marginally YoY to Rs 17,035 crore, beats estimates, ET BFSI
Public sector lender State Bank of India (SBI) on Saturday reported a standalone net profit of Rs 17,035 crore for the quarter ended June 30, 2024, which was up by 0.9% over Rs 16,884.29 crore reported by the company in the year-ago period. It was higher than the...
Will banks continue to do heavy lifting for indices amid earning challenges?, ET BFSI
The last two weeks have been unusually busy for analysts. On one side, they had to track and listen to numerous earning calls, while on the other, they had to deal with the Union govt’s Budget arriving right in the middle of the earning season. Since the Budget...
India’s forex reserves come off record highs, fall to $667.39 billion as on July 26, ET BFSI
After jumping to record-high, India’s forex reserves dipped by $3.47 billion to $667.39 billion for the week ending on July 26, data shared by the Reserve Bank of India (RBI) showed on Friday.Previously, country's forex reserves jumped by $4.00 billion to hit an...
Indian banks want customers, but no smartphones please, BFSI News, ET BFSI
In the past year, more than 600 Indian banks moved $2.5 trillion, or 80% of gross domestic product, between customer accounts. All these transactions originated on smartphones, with people paying a mobile number, or settling bills by scanning QR codes.It’s surprising,...
200+ cooperative, rural banks face outage after malware attack, ET BFSI
MUMBAI: More than 200 cooperative and regional rural banks are experiencing outages because of a ransomware attack. Following the attack, the National Payments Corporation of India disconnected their core banking provider C-Edge Technologies - a technology company...
Kotak to buy IDBI Bank? RBI identifies eligible bidders for state bank’s stake sale, ET BFSI
The Reserve Bank of India has completed its review of potential buyers for a majority stake in IDBI Bank, approving Fairfax Financial Holdings, Emirates NBD and Kotak Mahindra Bank as bidders, three sources aware of the development said on Thursday.The Indian...
Indian banks allocate only 5% revenue on IT spends, BFSI News, ET BFSI
Indian banks allocate a lower percentage of their revenue to IT spending compared to global peers, a report by Boston Consulting Group has pointed out. Global banks typically invest 7% - 9% of their revenue on IT costs while Indian banks allocate only up to 5%, it...
all you need to know, BFSI News, ET BFSI
A ransomware attack on C-Edge Technologies, a major banking technology provider in India, on Wednesday caused a temporary shutdown of payment systems at nearly 300 small local banks.The Mumbai-based technology company is in the advanced stage of hiring a forensic...
Decline in debit cards transaction volume by 13%, credit cards witness uptick in June 2024, ET BFSI
According to latest data by 1Lattice, on a year on year basis, debit cards transaction volume has decreased by a massive 13 per cent while the value of transactions decreased by approximately 7 per cent in June 2024. On the other hand, credit cards transaction volume...
RBI okay with Tata Sons road map to avoid street, BFSI News, ET BFSI
Mumbai: The Reserve Bank of India (RBI) is said to be agreeable to a restructuring plan proposed by Tata Sons seeking a waiver for the mandatory listing of the group’s holding company. The Tata Group holding company has already implemented parts of the plan, including...
HSBC India’s profit up 7% to $798 million, BFSI News, ET BFSI
Profit from Hong Kong and Shanghai Banking Corp Ltd’s (HSBC) Indian operations increased 4% year on year led by a 7 per cent growth in both its global banking and markets division and commercial banking business.Profit before tax from India increased to $798 million...
Aditya Birla Cap net profit rises 17 pc to Rs 759 cr in April-June, ET BFSI
Mumbai, Non-bank lender Aditya Birla Capital on Thursday reported a 17 per cent increase in its consolidated net profit in June 2024 quarter at Rs 759 crore. The city-headquartered firm, which houses all the financial services businesses of the Aditya Birla Group, had...
5 banks revise fixed deposit interest rates in August 2024, ET BFSI
Several banks revised their fixed deposit interest rates in August. Federal Bank, Punjab National Bank (PNB), Karnataka Bank, and Union Bank of India changed their FD rates on August 1 and 2, 2024. Below is a list of the five banks that have modified their fixed...
Banking’s Nifty lag an opportunity to consider some bets, BFSI News, ET BFSI
The sector indices for banking and finance companies have underperformed the benchmark indices over the past three months, six months and 12 months reflecting broader concerns such as margin pressure, slowing deposit growth and regulatory changes. With relatively...
Lenders warn of remedial action against Hinduja’s IIHL, ET BFSI
Lenders of debt-ridden Reliance Capital (RCAP) have cautioned Hinduja Group arm IndusInd International Holdings of remedial action as it has failed to comply with the NCLT-imposed conditions, including a deposit of Rs 250 crore in an escrow account. IndusInd...
Earnings growth to moderate with likely PAT decline on higher expenses, provisions, ET BFSI
India's leading public sector lender State Bank of India (SBI) is likely to see a moderation in earnings for the first quarter ended June 2024 due to higher provisions.Net profit for the April-June 2024 period may decline 3% year-on-year, according to an average...
HDFC securities Partners with Vested Finance to Offer Access to Global Investing for Indians and NRIs, ET BFSI
Mumbai, Maharashtra, India - Business Wire India HDFC securities, the leading stock broking company, and a wholly owned subsidiary of HDFC Bank, announced a strategic tie-up with Vested Finance, a popular US-based investment platform for democratising global investing...
Aptus Value Housing Finance reports consolidated profit of Rs 171.74 crore in Q1 FY25, ET BFSI
CHENNAI: Housing finance company Aptus Value has said that it earned a consolidated profit after tax of Rs 171.74 crore for the April-June 2024 quarter, on the back of business growth, stable asset quality and higher productivity.The company's PAT was 142.25 crore in...
PNB hikes FD interest rates by up to 25 bps; now earn up to 8.05% fixed deposit rate, ET BFSI
Punjab National Bank (PNB) has raised its interest rates for fixed deposits (FD) by up to 25 basis points for amounts up to Rs 3 crore. The new FD interest rates are effective from August 2, 2024, according to the information available on the PNB website.Here a look...
Sebi fines JM Financial MF, ex-CEO, others for violations, BFSI News, ET BFSI
The Securities and Exchange Board of India (Sebi) has imposed a total penalty of ₹2 crore on JM Financial Asset Management, its trustee company, its former chief executive Bhanu Katoch and four other individuals for violating mutual fund rules.The regulator had...
Aditya Birla Cap net profit rises 17 pc to Rs 759 cr in April-June, ET BFSI
Mumbai, Non-bank lender Aditya Birla Capital on Thursday reported a 17 per cent increase in its consolidated net profit in June 2024 quarter at Rs 759 crore. The city-headquartered firm, which houses all the financial services businesses of the Aditya Birla Group, had...
SWIFT, Axis Bank launch AI pilot to tackle payment fraud, BFSI News, ET BFSI
Belgium-headquartered Society for Worldwide Interbank Financial Telecommunications (SWIFT), the global specialist in financial transactions, is launching an artificial intelligence (AI)-driven pilot in partnership with Axis Bank to help combat payments fraud occurring...
Changes HDFC Bank, ICICI Bank, IDFC FIRST Bank cardholders should know, ET BFSI
Several banks have updated the terms and conditions for credit and debit cards, with the changes taking effect in August, September, and October 2024. HDFC Bank, IDFC FIRST Bank, and ICICI Bank are among the banks that announced these revisions in the past week.Here...
Hindujas seek extension amid pending formalities, ET BFSI
Hinduja Group-backed IndusInd International Holdings (IIHL) has filed an intervention application with the Mumbai Bench of the National Company Law Tribunal (NCLT) regarding its acquisition of Reliance Capital (RCap). The application, submitted on Tuesday, outlines...
Registration, Activation, Fund Transfer & More, ET BFSI
With the help of the MahaMobile application, Bank of Maharashtra offers the Mobile Banking services to users. Through MahaMobile, users are able to perform multiple banking functions like and financial transactions from anywhere and at any time. Apart from being safe,...
Bank loans to NBFCs slow, card & gold continue to surge, BFSI News, ET BFSI
MUMBAI: The year-on-year growth in bank credit to non-banking finance companies has decreased sharply to 8.5% as of June 2024. However, credit card outstanding and gold jewellery loans continue to record high year-on-year growth of 23% and 30%, respectively.By May...
HDFC Bank cautions customers against investment frauds, BFSI News, ET BFSI
HDFC Bank, India’s largest private sector bank, has advised its customers to be cautious against fraudulent trading platforms that offer investment opportunities mostly through social media platforms. The aim is to increase awareness about potential investment frauds...
Mufin Green Finance board approves Rs 30 crore fund raising via NCDs, ET BFSI
New Delhi, Green financing firm Mufin Green Finance Ltd on Tuesday said its board has approved a proposal to raise Rs 30 crore through the issuance of non-convertible debentures. A decision was approved by the board at its meeting held on Tuesday, Mufin Green Finance...
Centre extends minimum public shareholding deadline for PSUs, including banks, ET BFSI
Centre has extended the deadline for central public sector enterprises (CPSEs) and public sector financial institutions to adhere to the minimum public shareholding (MPS) norm until August 2026.The move to grant an exemption is in the public interest allowing CPSEs,...
IndoStar Capital Finance Core (VF + HFC) AUM grows 54% and Disbursements 71% YoY, ET BFSI
MUMBAI, India, Aug. 1, 2024 /PRNewswire/ -- Q1 FY25 Quarter Performance: Core AUM (VF + HFC) at ₹ 8,718 crore, up 54% YOY from ₹ 5,669 in Q1FY24 Robust demand for used CV: VF AUM at ₹ 6,323 crore, up 13%, QOQ and 61% YOY Affordable Home Finance AUM at ₹ 2,395 crore,...
India’s private sector banks lead market cap gains on stronger metrics, ET BFSI
India's private sector banks led gains in market capitalization in the three months to June 30 amid improvement in their financial metrics and positive sentiment in the Indian stock market, research by S&P shows.Axis Bank Ltd.'s market capitalization rose 20.9% to...
Capital Group offloads 4.3 pc stake in SIS for Rs 258 cr, BFSI News, ET BFSI
New Delhi, Financial services company Capital Group on Wednesday offloaded a 4.3 per cent stake in SIS for over Rs 258 crore through open market transactions while Abu Dhabi Investment Authority bought shares in the company. Capital Group, through its two affiliates...
UGRO CAPITAL ANNOUNCES FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2024, ET BFSI
Reports AUM of INR 9,218 Cr, up 36% (YoY), and PAT of INR 30 Cr, up 20% (YoY) Key Highlights Equity Capital raised amounting to INR 1,265 Cr via CCDs and warrants. Net disbursement (adjusted for SCF*) during Q1'FY25 stood at INR 1,330 Cr compared to INR 1,268 Cr in...
Profit rises 9.5% to Rs 4,458 crore, ET BFSI
Bank of Baroda (BoB)'s net profit increased 9.5% year on year due to lower provisions even as loan growth slowed down and other income fell.Net profit increased to Rs 4558 crore in the quarter ended June 2024 from Rs 4070 crore a year ago as provisions almost halved...
SEBI proposals for derivatives will improve market stability, protect retail investors: Brokerages, ET BFSI
New Delhi [India], July 31 (ANI): India's financial market regulator SEBI has been worried about the speculative activities happening in the derivatives segment, which go against the purpose for which those asset categories were introduced.As per definition,...
SIDBI partners C2treds, UGRO Capital to facilitate loans to MSMEs, ET BFSI
New Delhi, Small Industries Development Bank of India (SIDBI) has partnered with C2treds and UGRO Capital to facilitate loans to the MSME sector. SIDBI has onboarded C2treds, a platform that offers MSMEs liquidity within 24 hours through an online bidding process,...
HDFC Bank lead credit cards market, SBI frontrunner in debit cards in June 2024, ET BFSI
India's largest public sector lender, the State Bank of India, remained the front runner in the Debit cards market, holding a whopping 24 per cent market share in June 2024 while in credit cards HDFC Bank maintained the top position with a 21 per cent market share,...
Sebi clarifies on reports mandating T+0 system for all, BFSI News, ET BFSI
New Delhi, Capital markets regulator Sebi on Wednesday clarified on media reports pertaining to making the T+0 system mandatory for all. "This has been erroneously reported in a section of the press as Sebi bats for making the T+0 system mandatory for all," the...
Bank loans to NBFCs slow, card & gold continue to surge, BFSI News, ET BFSI
MUMBAI: The year-on-year growth in bank credit to non-banking finance companies has decreased sharply to 8.5% as of June 2024. However, credit card outstanding and gold jewellery loans continue to record high year-on-year growth of 23% and 30%, respectively.By May...
IDFC First Bank grew retail deposit base, better show likely in Q3, ET BFSI
Mumbai: The need for aggressive growth in deposits and branches is tapering off as IDFC First Bank replaces erstwhile IDFC's wholesale deposits with sticky retail deposits, its chief executive officer told ET in an interview.V Vaidyanathan also said he expects...
RBI directs banks to provide all information to borrower on classifying them as wilful defaulter, ET BFSI
The Reserve Bank of India (RBI) asked banks to issue show-cause notices to borrowers identified as wilful defaulters, give them a personal hearing, and provide them at least 21 days to reply.The regulator also directed banks to disclose to the borrower all information...
Is RBI allowing rupee fall to avoid overvaluation?, BFSI News, ET BFSI
The Reserve Bank of India (RBI) appears to be guiding the rupee towards a gradual depreciation, according to recent market trends. Despite the rupee being a theoretically market-determined currency, the central bank's actions suggest a strategic approach to managing...
India’s top private lenders see farm loan defaults rising amid weak rural economy, ET BFSI
Top Indian private lenders are seeing more farmers and rural borrowers delay loan repayments as unpredictable weather impacts output and rising agricultural costs stretch their incomes further, according to quarterly earnings reports and a dozen bankers.The largest...
Cannot allow Paytm type contamination in stock markets: Sebi chief, ET BFSI
Stressing on the point that due diligence in financial services is sacrosanct, the Securities and Exchange Board of India (Sebi) chairperson Madhabi Puri Buch said that the KYC Registration Authority (KRA) system in the stock markets is absolutely essential to keep...
Indian banks grapple with piling debt amid efforts to expedite recovery, ET BFSI
Indian banks are currently facing a significant backlog in debt recovery cases, with a projected timeline of seven years to resolve them at the present rate. Over 200,000 cases are awaiting resolution in Debt Recovery Tribunals (DRTs), which manage approximately...
Cannot allow Paytm type contamination in stock markets: Sebi chief, ET BFSI
Stressing on the point that due diligence in financial services is sacrosanct, the Securities and Exchange Board of India (Sebi) chairperson Madhabi Puri Buch said that the KYC Registration Authority (KRA) system in the stock markets is absolutely essential to keep...
Financial bids for IDBI bank likely this fiscal; PSU banks sale on hold: DIPAM Secretary, ET BFSI
The government hopes that IDBI Bank will receive financial bids by the end of this financial year.In an exclusive interview with ANI, Tuhin Kant Pandey, Secretary of the Department of Investment and Public Asset Management (DIPAM), said, "In early August, we will be...
Mcap of BSE-listed firms hit new all-time high of Rs 460 lakh crore, ET BFSI
New Delhi, The market capitalisation of BSE-listed firms hit a new all-time high of Rs 460 lakh crore on Tuesday, helped by a record-breaking rally in equities. The 30-share BSE Sensex closed higher by 99.56 points or 0.12 per cent at 81,455.40 -- its all-time closing...
ICICI Bank to continue on growth path despite NIM pressures and rising costs: Analysts, ET BFSI
ICICI Bank has reported a solid performance in its Q1 FY25 results, demonstrating healthy credit growth and stable asset quality. Analysts predict that the bank will continue to sustain its growth trajectory, although challenges such as narrowing net interest margins...
Sebi proposes to relax disclosure framework for certain FPIs, BFSI News, ET BFSI
The Securities and Exchange Board of India (Sebi) has proposed to relax disclosure norms for large foreign portfolio investors belonging to land-bordering countries (LBCs).It has suggested linking disclosure requirements to a minimum threshold for identification of a...
Here’s the full list, BFSI News, ET BFSI
Banks to be shut for as many as 13 days in August 2024 according to the list by the Reserve Bank of India. This includes the weekend holidays, i.e., the second and fourth Saturdays and all Sundays. Internet banking services will continue to be operational during these...
IIFL Fintech Fund picks up 10% stake in genAI startup Vitra, ET BFSI
IIFL Fintech Fund – backed by diversified financial services conglomerate IIFL Group – has made its first investment in a generative AI startup - Vitra.ai, a firm specialising in advanced language translation solutions powered by Generative AI. IIFL Fintech Fund has...
Will abolishing angel tax end funding winter for startups?, BFSI News, ET BFSI
The central government has abolished the angel tax, a significant move expected to end the funding winter for startups and attract substantial foreign investment. This decision, announced in the Union Budget 2024-25, aims to simplify the investment process and bolster...
Host of challenges ahead for private banks in Q2, BFSI News, ET BFSI
Mumbai: India's non-state banks are likely entering a period of margin compression, deterioration in asset quality, rising provisions and high credit costs, the June-quarter results for most private sector lenders have signalled. Banks are also expected to see intense...
Banks borrow more than they raise deposits to fund loan demand, ET BFSI
Banks borrowed a record Rs 1.19 lakh crore from the market to fund demand for loans while they could mobilised lesser deposits - Rs 1.02 lakh crore in early July, according to the latest Reserve Bank of India data (RBI) data, highlighting the challenges faced by banks...
Yes Bank in stake sale talks to give exit to its lenders, ET BFSI
Private sector lender Yes Bank is working toward giving an exit to its current shareholders, particularly State Bank of India (SBI), chief executive Prashant Kumar told ET."Banks led by State Bank of India had come in to support the reconstruction scheme. As per...
Indian Bank to sell Rs 400 crore NPAs to ARCs in FY25, BFSI News, ET BFSI
CHENNAI: Indian Bank will sell about Rs 400 crore of non performing assets (NPAs) to asset reconstruction companies (ARCs) in the current financial year of FY25. During the last fiscal of 2023-24, the public sector bank sold Rs 464 crore of NPAs to ARCs.Indian Bank MD...
RBI, BFSI News, ET BFSI
MUMBAI: The digital decade has triggered a major shift in jobs in the financial sector. With most clerical work being automated, middle and lower-end jobs are disappearing. The ratio of officers to support staff has changed from 50:50 in FY11 to 74:26 in FY23 (see...
It’s important to learn his ‘basic lesson’ from the recent Microsoft outage, ET BFSI
India's nodal cyber security agency Cert-IN has warned organisations about hacking attacks related to the recent CrowdStrike outage that brought down 8 million-plus Microsoft Windows machines across the world. "There are reports of an ongoing phishing campaign...
New charges, late payment fee, bill payment rules, and more, ET BFSI
HDFC Bank has made some important changes regarding terms and charges for its credit card customers. These changes are effective from August 1, 2024, as per the HDFC Bank website.New HDFC Bank credit card fees, charges applicable from August 1, 2024Rental...
Sundaram Home Finance steadily increasing presence outside South India: MD, ET BFSI
Chennai, Sundaram Home Finance is in the process of steadily increasing its presence outside the southern parts of the country, a top official of the company has said. The company, a wholly-owned subsidiary of Sundaram Finance Ltd, has registered a 16 per cent...
This private bank revises interest rates on fixed deposits, ET BFSI
RBL Bank has revised the interest rates of fixed deposits for amounts below Rs 3 crore. The revised FD interest rates are effective from July 29, 2024. The bank has also revised savings account interest rates. The new rates are effective July 1, 2024.Up to 8% FD rate:...
Sanjay Shukla assumes charge as MD of National Housing Bank, BFSI News, ET BFSI
New Delhi, The National Housing Bank on Tuesday said Sanjay Shukla has assumed the charge of Managing Director following an approval from the government. Prior to this, Shukla served as the Managing Director & CEO of Centrum Housing Finance Ltd (CHFL) since...
Liquidity tightness to continue in the near term, how will banks fare? Gaurav Kochar answers, ET BFSI
Gaurav Kochar, Fund Managers, Mirae Asset Investment, says for banks with very strong liability franchises, large private banks, the large PSU banks, deposit mobilisation is not that big a challenge. While the challenge is real for all banks, but the larger banks...
RBI imposes penalties on 3 payment system operators including Visa Worldwide, ET BFSI
NEW DELHI: The Reserve Bank of India has imposed penalties on three payment system operators, namely Visa Worldwide, Ola Financial Services, and Manappuram Finance, for the companies failure to adhere to regulatory compliance.Visa Worldwide Pte Limited has been fined...
August 2024 Bank Holidays: Banks closed up to 13 days
August 2024 Bank Holidays: In August, banks across India, both public and private, will be closed for up to 13 days, including Sundays, national and regional holidays, and the second and fourth Saturdays of the month.Various festivals will be celebrated in different...
Investor moves court over Sebi waiver for ICICI Sec delisting, ET BFSI
An investor in ICICI Securities has moved the Bombay High Court, contesting the Securities and Exchange Board of India's decision to grant parent ICICI Bank relaxation from rules on delisting the broking firm.Aruna Modi, a shareholder of ICICI Securities, said in a...
The clerks are going missing in this digital decade, ET BFSI
The financial sector is undergoing significant changes due to advancements in digital technology. Since the onset of the digital decade, automation has increasingly replaced clerical work, resulting in a decline of middle and lower-end jobs. This shift has impacted...
Rupee flat; interbank paying lifts forward premiums ahead of Fed meet, ET BFSI
By Jaspreet KalraMUMBAI, -The Indian rupee was little changed on Tuesday supported by mild dollar sales from state-run banks, while sustained interbank paying interest helped dollar-rupee far forward premiums hold near a six-month high.The rupee was nearly flat at...
Annual employment generation in MSMEs spikes, 20.51 crore jobs created in 4 years, ET BFSI
Annual employment generation in MSMEs spikes, 20.51 crore jobs created in 4 yearsA total of 20.51 crore jobs are reported by MSMEs on the Udyam Registration Portal and Udyam Assist Platform, said the Union Minister of Micro, Small and Medium Enterprises Jitan Ram...
Banks told to speed up IBC resolutions, BFSI News, ET BFSI
NEW DELHI: Taking strong exception to slow action under the Insolvency & Bankruptcy Code (IBC), govt has started monitoring the top 20 cases, while also asking bank chiefs to closely follow the top 20 cases with their banks. This has led to movement in Jaiprakash...
US Fed interest rate decision, Q1 earnings to drive stock markets this week: Analysts, ET BFSI
New Delhi: The US Fed interest rate decision, ongoing quarterly earnings, macroeconomic data and FII trading activity are the major triggers that will drive stock markets this week, analysts said. Investors would also track global market trends and the movement in...
PSU banks may get another 2-year extension to comply with MPS norms, ET BFSI
New Delhi, Public sector banks are expected to get another two-year extension to comply with Sebi's minimum public shareholding (MPS) norms, a top government official has said. Out of 12 public sector banks (PSBs), five are yet to comply with MPS norms and the...
FPIs invest Rs 33,600 cr in equities in July amid continued policy reforms, good earnings season, ET BFSI
Foreign investors injected over Rs 33,600 crore into Indian equities so far this month on the expectation of continued policy reforms, sustained economic growth and a better-than-expected earnings season. However, they pulled out over Rs 7,200 crore from equities in...
Indian banks record 15 pc credit growth, surpassing 13pc deposit growth in FY24: BCG report, ET BFSI
New Delhi [India], July 29 (ANI): Unified Payments Interface (UPI) transactions experienced substantial growth, increasing by 57 per cent YoY in FY24. Within this segment, PhonePe and Google Pay dominated, holding a combined market share of 86 per cent, according to...
White Matter Advisory acquires 90% stake in Fairexpay
The acquisition of Fairexpay represents a natural extension of White Matter Advisory's strategic vision. This deal aligns perfectly with the company’s goal to expand its capabilities in the fintech space, leveraging their expertise to reduce costs by 3-5%, the company...
IDFC FIRST Bank Q1 FY 25 PAT at Rs. 681 Crores, Core Operating Profit up 30.2 per cent YOY, ET BFSI
NewsVoirMumbai (Maharashtra) [India], July 29: The Board of Directors of IDFC FIRST Bank, in its meeting held today, approved the unaudited financial results for the quarter ended June 30, 2024.Deposits & BorrowingsTotal Deposits of the Bank increased by 35.8% YOY...
Concerns over rupee overblown, stable currency benefits equities and exports: Morgan Stanley, ET BFSI
Morgan Stanley has said that investor concern over INR is overblown and a cheap but stable currency benefits both equities and exports.While fundamentals remain strong, the RBI should keep INR competitive, it said."The long INR consensus has reversed recently after...
REC net profit grows 16 pc, return on net worth up by 19 pc in Q1 FY25, ET BFSI
REC net profit grows 16 pc, return on net worth up by 19 pc in Q1 FY25The Ministry of Power-owned REC Limited has posted a net profit of Rs 3,442 crore, an increase of 16 per cent in the first quarter of the financial year 2025 from the same period last year. Last...
CSB Bank Q1 profit falls 14 pc to Rs 113 crore, BFSI News, ET BFSI
New Delhi, CSB Bank on Monday reported a 14 per cent decline in the June quarter net profit at Rs 113 crore due to an increase in bad loans. The private sector lender had earned a net profit of Rs 132 crore in the year-ago period. However, total income increased to Rs...
After Kotak twist & China spies, Hindenburg vs Adani gets murkier as new details emerge in the drama, ET BFSI
After Kotak and the Chinese spy twist, more details have emerged in the Adani-Hindenburg saga. As per the latest details, the US short-seller had shared an advance copy of its report against Adani group with New York-based hedge fund manager Mark Kingdon about two...
UGRO announces co-lending partnership with SIDBI, ET BFSI
UGRO Capital on Monday announced its strategic co-lending partnership with the Small Industries Development Bank of India (SIDBI). This collaboration will facilitate inclusive growth and socio-economic development across the country by enabling MSMEs to access the...
PSBs set to catch up with private sector banks on key metrics: S&P Global, ET BFSI
India's state-owned banks are set to narrow their performance gap with their private sector peers as they reap the rewards of government reform and the nation's rapid economic growth.The government's decision to merge smaller public sector banks that had weak...
16% uptick in overall outstanding loans in June 2024, ET BFSI
BFSI sector recorded a steady credit with strong growth in overall outstanding loans increasing by approximately 16 per cent on a yoy basis in June, 2024. Deposit growth picked up yoy and is likely to see further uptick in the current rising interest rate regime. On a...
Indian fintech NBFCs sanctioned 9 cr loans worth record Rs 98,111 cr in FY24: Report, ET BFSI
New Delhi, Contributing to India's digital inclusion, fintech Non-Bank Financial Companies (NBFCs) sanctioned nearly 9 crore loans worth Rs 98,111 crore in FY24, doubling their share in six years, a report showed on Monday. This accounts for 65 per cent of loan...
New charges, late payment fee, bill payment rules, and more, ET BFSI
HDFC Bank has made some important changes regarding terms and charges for its credit card customers. These changes are effective from August 1, 2024, as per the HDFC Bank website.New HDFC Bank credit card fees, charges applicable from August 1, 2024Rental...
BofA, BFSI News, ET BFSI
Mumbai: The rupee may have recently charted new lows against the US dollar, but market players are not unduly worried, with a senior Bank of America executive pointing to key metrics that reflect stability in the local currency and fundamental drivers that will boost...
EQT closing in on Aavas Financiers, Rs 7,000 cr deal up for grabs, ET BFSI
Mumbai: Buyout group EQT has emerged as a top contender to acquire affordable housing finance company Aavas Financiers Ltd (formerly AU Housing Finance Ltd) as promoters, private equity firms Kedaara Capital and Partners Group, are looking to exit their eight-year-old...
ICICI Bank has posted a net profit growth of 14.6 pc, NII up by 7.3 pc, ET BFSI
New Delhi [India], July 28 (ANI): Private sector banking major, ICICI Bank has posted a net profit growth of 14.6 per cent year-on-year (YoY) in the first quarter of financial year 2025 (Q1FY25), reaching to Rs 11,059 crore.The net interest income (NII) of the bank...
Bank credit continues to outpace deposit growth, BFSI News, ET BFSI
MUMBAI: The annual increase in bank credit continues to outpace deposit growth by a high margin even after the base effect created by the merger of HDFC with HDFC Bank dissipated post-merger. According to data released by RBI, bank credit grew by 14% year on year as...
Election, heatwave impact bring down IndusInd Bank’s Q1 disbursements, ET BFSI
Private sector lender IndusInd Bank on Friday said that elections and the heatwave across the country led to slow disbursements in the June quarter. The bank which also saw its asset quality worsen sequentially, said it expects improvements in the September...
Yes Bank in stake sale talks to give exit to its lenders, ET BFSI
Mumbai: Private sector lender Yes Bank is working towards giving an exit to its current shareholders, particularly State Bank of India (SBI), managing director and chief executive Prashant Kumar told ET. Kumar also confirmed that the lender is in talks with potential...
RBI deputy chief, ET BFSI
Mumbai, The Indian financial system is stronger than in the past and the country's economy is an outlier which is growing steadily even as the global financial system is facing strong headwinds, according to RBI Deputy Governor M. Rajeshwar Rao. "If we exclude...
Axis Bank misses Q1 profit expectations due to higher credit costs, ET BFSI
Axis Bank reported a 15% quarter-on-quarter decline in profit after tax (PAT) for Q1 FY25 to Rs 603 5 crore. This figure fell short of BNP Paribas expectations and consensus estimates by 5% and 3.7%, respectively. The primary cause of the shortfall was a rise in...
City Union Bank posts 16% growth in Q1, BFSI News, ET BFSI
CHENNAI: Private sector City Union Bank (CUB) on Friday posted 16% growth in profit after tax (PAT) at Rs 264 crore in the quarter ended June 30, 2024 against Rs 227 crore in the corresponding quarter of last year. Its total deposits increased by 6% in Q1 FY25 at Rs...
All you should know, ET BFSI
The Reserve Bank of India (RBI) recently issued a new framework on Domestic Money Transfer (DMT) for regulated firms, making stricter Know Your Customer (KYC) record standards, focusing on banking services, payment systems. The new guidelines will come into effect...
Banks are closed for 13 days in August 2024; Check state-wise bank holiday list, ET BFSI
All public and private sector banks across India will remain closed for up to 13 days including Sundays, national, regional, second and fourth Saturday of the month. Festivals in the month of August Banks are closed on the occasion of Ker Puja, Tendong Lho Rum Faat,...
Three including bank employee arrested for fraud, BFSI News, ET BFSI
Gurugram, A cyber crime team of the Gurugram Police have arrested three persons including a bank official for allegedly cheating people on the pretext of earning money daily, police said. Police said on March 23 they received a complaint in which the complainant...
PAT falls 52% to Rs 63 crore, ET BFSI
The bank made a 33% higher provisions and contingencies of Rs 169 crore, in line with rise in gross non-performing assets ratio to 6.6% at the end of June from 1.65% a year back.Its net interest income remained flat at Rs 588.4 crore while total income was merely 3.7%...
PAT slumps 87% to Rs 26 crore on jump in provisions, contingencies, ET BFSI
Equitas Small Finance Bank on Friday reported a 87% year-on-year drop in net profit at Rs 26 crore, on account of a five-fold rise in provisions and contingencies.The bank said that it has set aside Rs 180 crore in the form of floating provisions to strengthen its...
Net profit rises 19% to Rs 182 crore, ET BFSI
State-owned Punjab & Sind Bank on Friday reported a 19 per cent rise in net profit to Rs 182 crore in the June 2024 quarter, helped by a decline in bad loans. The Delhi-based lender had earned a net profit of Rs 153 crore in the year-ago period. During the...
Net profit soars 47% on healthy business expansion, lower credit cost, ET BFSI
Bandhan Bank's net profit for the June quarter soared 47% year-on-year at Rs 1063 crore backed by healthy business expansion and lower credit cost.The net profit was Rs 721 crore in the year ago quarter.The bank's net interest margin for the quarter rose 30 basis...
India’s forex reserves jump $4 billion to record high of $670.857 billion: RBI, ET BFSI
NEW DELHI: India's foreign exchange reserves surged by $4 billion to reach $670.857 billion for the week that ended on July 19, according to the Reserve Bank of India (RBI) on Friday.The overall reserves had jumped by $9.699 billion to an all-time high of $666.854...
Profit jumps 25% to Rs 433 crore, ET BFSI
PNB Housing Finance has reported a 25% growth on year in the first fiscal to get a profit of Rs. 433 crores, from Rs. 347 crores a year ago as the company saw good productivity in the 100 branches it added from December last year to March 2024.PNB Housing, an arm of...
SBI Amrit Vrishti FD interest rate vs other big banks’ 400-day fixed deposits, ET BFSI
State Bank of India (SBI) has introduced a new special fixed deposit (FD) known as SBI Amrit Vrishti, offering higher interest rates for a limited time. Here is a comparison of the interest rates for SBI Amrit Vrishti FD with other banks like PNB, Canara, Bank of...
G-sec demand may rise by Rs 4-5 lakh cr as new LCR norms come into play, ET BFSI
Mumbai: Demand for short-term government securities is expected to rise between ₹4 lakh crore and ₹5 lakh crore, with the banking regulator proposing to revise norms on the computation of Liquidity Coverage Ratio (LCR), said officials from rating companies and bank...
PAT up 29.7% at Rs 942 crore, ET BFSI
Cholamandalam Investment and Finance Company has reported a 29.7 per cent growth in its profit after tax for the April-June 2024 quarter at Rs 942 crore. The company, which is the financial services arm of diversified conglomerate Murugappa Group, had registered a...
AU Small Finance Bank to apply for universal bank licence by Aug-end, ET BFSI
New Delhi, AU Small Finance Bank Managing Director Sanjay Agarwal on Thursday said the lender will apply for universal bank licence to the Reserve Bank of India (RBI) next month. "The board has decided to go for a universal licence and approved the constitution of a...
Banks need to focus on their core business: Nirmala Sitharaman, ET BFSI
Banks need to get back to their core business of mobilising deposits and lending, finance minister Nirmala Sitharaman said, laying down a marker for them amid concerns over slowing deposit growth.The 12.5% capital gains tax on property without indexation, which the FM...
‘Banks to follow home loan growth story for MSMEs’, BFSI News, ET BFSI
NEW DELHI: Banks will be asked to tap into the "digital footprint" of small businesses, including salary payments, electricity bills and municipal taxes paid by them, along with GST and provident fund details, to decide on loans given to them as govt seeks to...
PAT up 30% to Rs 503 crore, NII up 54%; to apply for universal banking licence, ET BFSI
AU Small Finance Bank on Thursday formalised a plan to make an application for universal banking license while reporting a 30% year-on-year rise in net profit for the June quarter at Rs 503 crore.The bank has received its board approval for applying for the coveted...
Indian banks selling retail loan portfolios as deposits lag, BFSI News, ET BFSI
India’s private banks are selling portfolios of retail loans as regulators pressure them to improve credit-deposit ratios.India’s largest lender, HDFC Bank Ltd., sold a 50 billion rupee ($597 million) loan portfolio to an undisclosed buyer in June, Chief Financial...
Financial services secretary Vivek Joshi, ET BFSI
New Delhi: Banks need to devise new strategies to attract depositors, financial services secretary Vivek Joshi said, even as he noted that Indian banks' low-cost deposits, current and savings accounts (CASA), are comfortable at around 41% of their total deposits.In a...
Morgan Stanley, Societe Generale buy shares worth Rs 447 crore in RBL Bank via block deals, ET BFSI
Morgan Stanley Asia Singapore Pte bought over 1.25 crore shares worth Rs 285 crore in RBL Bank on Thursday via a block deal. It was not the only buyer as France's Societe Generale too purchased nearly 71 lakh shares at a total cost of Rs 162 crore. The shares were...
‘Banks to follow home loan growth story for MSMEs’, BFSI News, ET BFSI
NEW DELHI: Banks will be asked to tap into the "digital footprint" of small businesses, including salary payments, electricity bills and municipal taxes paid by them, along with GST and provident fund details, to decide on loans given to them as govt seeks to...
Cons PAT rises 2% YoY to Rs 2,171 crore, NII jumps 11%, ET BFSI
IndusInd Bank on Friday reported a consolidated profit after tax (PAT) of Rs 2,171 crore for the quarter ended June 30, 2024, which was up by 2% over Rs 2,124 crore reported by the lender in the year-ago period. The net interest income (NII) grew by 11% YoY to Rs...
India to push forward IDBI Bank stake sale after key clearance, ET BFSI
By Nikunj Ohri and Manoj KumarNEW DELHI - India will press ahead with the delayed sale of a majority stake in IDBI Bank after central bank clearance, opening bids for the lender before the end of the financial year, a top finance ministry official said on Friday.The...
SBI Amrit Vrishti FD interest rate vs other big banks’ 400-day fixed deposits, ET BFSI
State Bank of India (SBI) has introduced a new special fixed deposit (FD) known as SBI Amrit Vrishti, offering higher interest rates for a limited time. Here is a comparison of the interest rates for SBI Amrit Vrishti FD with other banks like PNB, Canara, Bank of...
India New Issue-Tata Capital Housing to reissue multiple tenor bonds, bankers say, ET BFSI
MUMBAI, - India's Tata Capital Housing Finance plans to raise 10 billion rupees ($119.4 million), which includes a greenshoe option of 8 billion rupees, through the reissue of 7.8445% September 2026 bonds and 8% November 2027 bonds, two merchant bankers said on...
RBI deputy chief, ET BFSI
Mumbai, The Indian financial system is stronger than in the past and the country's economy is an outlier which is growing steadily even as the global financial system is facing strong headwinds, according to RBI Deputy Governor M. Rajeshwar Rao. "If we exclude...
Cons PAT jumps 19% YoY to Rs 2,023 crore, meets estimates, ET BFSI
Shriram Finance on Friday reported a consolidated net profit of Rs 2,022.8 crore (attributable to owners of the company) for the quarter ended June 30, 2024, which was in line with Street's estimates of Rs 2,021 crore. It was up by 19% over Rs 1,705 crore reported by...
Why are largecap banks underperforming? Sandip Sabharwal explains, ET BFSI
"Indian markets have held up, but given the overall result construct as well as the valuations at this stage, this is a time to be cautious in the markets. I would think that markets need to give up some gains for them to come to levels where fresh money can be put to...
Benchmark g-sec yield eases further following Budget announcements, ET BFSI
Mumbai: India's 10-year benchmark sovereign bond yield retreated Thursday, closing at 6.951%, following budgetary announcements that sought to narrow the fiscal gap through judicious use of the bumper surplus the government received from its money manager - the...
Hinduja Leyland Finance to go public via reverse merger with NXTDigital, ET BFSI
Mumbai: Ashok Leyland will be listing its vehicle finance unit, Hinduja Leyland Finance (HLF), on the stock exchange via a reverse merger with NXTDigital, a listed media company of the Hinduja Group, in the current financial year as the company seeks to unlock the...
Higher bad loans due to seasonal stress in agri biz, indicates Axis Bank, ET BFSI
Axis Bank, India’s third-biggest private lender by market value, Wednesday indicated that sequential decline in asset quality metrics was due to seasonal effect on the agriculture business.Asset quality for the lender deteriorated sequentially, rising 11 basis points....
EQT AB is likely to sell a 7.9% stake in RBL Bank on Thursday through block deals, ET BFSI
EQT AB is likely to sell its entire 7.9% stake in RBL Bank on Thursday through an open market transaction. The deal is estimated at around Rs 1,081 crores ($129 million) at the floor price.IIFL Securities is the sole book runner for the deal. According to the term...
SC stays Madras HC order asking RBI to evaluate assets of LVB & Indian arm of DBS Singapore, ET BFSI
In a relief to Reserve Bank of India, the Supreme Court on Wednesday stayed a Madras High Court order asking it to determine the value of shares, assets and investor bonds of the cash-strapped Lakshmi Vilas Bank (LVB) and the Indian subsidiary of DBS Bank of...
Profit rises 10% YoY to Rs 3,905 crore, NII up 6%, ET BFSI
Canara Bank on Thursday posted a net profit of Rs 3,905 crore in the first quarter, up about 10% from Rs 3,534 crore in the same quarter of last year.Net interest income (NII) during the reporting quarter increased 6% year-on-year (YoY) to Rs 9,166 crore against Rs...
Security clearances in place, RBI’s nod expected soon, ET BFSI
The potential investors in IDBI Bank have received necessary security clearance from the Home Ministry and a nod from the Reserve Bank is expected to come in soon, an official said on Thursday. The government along with LIC is selling a nearly 61 per cent stake in...
Govt focus on fiscal health spurs FPI flows into g-secs, BFSI News, ET BFSI
Mumbai: The Centre's commitment to fiscal consolidation in the budget seems to have spurred foreign investors to step up purchases of government bonds, with overseas investment in such debt well poised to head past the $2 billion-per-month flow that was expected after...
Security clearances in place, RBI’s nod expected soon, ET BFSI
The potential investors in IDBI Bank have received necessary security clearance from the Home Ministry and a nod from the Reserve Bank is expected to come in soon, an official said on Thursday. The government along with LIC is selling a nearly 61 per cent stake in...
Rupee’s downward bias likely to persist; cenbank expected to help out, ET BFSI
Foreign investors withdrew more than USD 350 million from Indian shares on Tuesday. They had invested nearly USD 5 billion this month before Tuesday.The Indian rupee is expected to decline further on Wednesday due to a rise in the dollar index and a possible slowdown...
India’s PNB Housing Finance posts Q1 profit rise on steady home loan demand, ET BFSI
BENGALURU - India's PNB Housing Finance reported a near 25% rise in first-quarter profit on Thursday, helped by a steady demand for home loans.The company's consolidated net profit rose to 4.33 billion rupees ($51.7 million) for the quarter ended June 30, up from 3.47...
Indian banks selling retail loan portfolios as deposits lag, BFSI News, ET BFSI
India’s private banks are selling portfolios of retail loans as regulators pressure them to improve credit-deposit ratios.India’s largest lender, HDFC Bank Ltd., sold a 50 billion rupee ($597 million) loan portfolio to an undisclosed buyer in June, Chief Financial...
Outward remittances from India witnessed 6% uptick in May’24, BFSI News, ET BFSI
The outward remittances from India has witnessed a slight uptick of approximately 6 per cent, month on month in May 2024 after a 2 per cent dip in April, 14 per cent increase in March and 23 per cent dip in February, revealed latest data by 1Lattice.For the past 3...
Latest HDFC Bank, SBI, ICICI Bank, Axis Bank fixed deposit rates compared, ET BFSI
HDFC Bank has increased its fixed deposit interest rate by 20 basis points (bps) on certain tenures. The announcement was made earlier this week by the private sector banking giant.State Bank of India also launched a new fixed deposit scheme with higher interest rate...
MAS Financial Reports 24% Growth in AUM & 26% in PAT in Q1FY25; Consolidated AUM Crosses Rs. 11,000 Crores, ET BFSI
Ahmedabad, Gujarat, India (NewsVoir) We witnessed a healthy growth in business activities across the segments we serve, during the quarter. The consolidated disbursement was Rs. 2774.91 Crores during the quarter ended 30th June 2024. During the quarter, the Company...
CCI dismisses complaint against Indiabulls Housing Finance, 19 others, ET BFSI
NEW DELHI: Competition watchdog CCI has dismissed a complaint against Indiabulls Housing Finance and 19 officials, including MD and Chairman, alleging that the firm abused its position through misleading advertisements while offering loans against property at...
Bankers hope tax changes make FDs more attractive, ET BFSI
MUMBAI: The increase in short-term and long-term equity capital gains taxes and discontinuation of indexation benefits for property sales have reduced the regulatory arbitrage that other investments held over deposits, potentially drawing more future savers to...
Indian shares on five-day losing run as Axis Bank adds to tax woes, ET BFSI
By Manvi Pant and Bharath RajeswaranBENGALURU -Indian shares fell for a fifth straight session on Thursday as Axis Bank's disappointing results added to the sour sentiment since the government raised taxes on equity trading.The NSE Nifty 50 fell 0.5% to 24,280.65 as...
Bajaj Finance loan growth strong in Q1 but provisions and margins hit profits, ET BFSI
Bajaj Finance Ltd reported mixed results for the first quarter of FY25 (Q1 FY25), highlighting concerns about its future growth and profitability. Despite strong asset growth, net profit increased by only 14 percent year-on-year (YoY), significantly below the typical...
Govt reiterates rupee internationalisation commitment but not so easy, say bankers, ET BFSI
Finance minister Nirmala Sitharaman has reiterated the government's intention to promote the rupee as an international currency.In her budget speech Sitharaman said the government will simplify rules and regulations to promote foreign direct investment (FDI) and...
SC stays Madras HC order asking RBI to conduct fresh valuations of assets and shares of banks, ET BFSI
The Supreme Court on Wednesday stayed a Madras High Court order that asked the Reserve Bank of India to conduct a fresh valuation of shares and assets of Lakshmi Vilas Bank and DBS Bank India in their 2020 merger case.The Madras High Court had asked the central bank...
India New Issue-NABARD accepts bids for Sept 2027 bond reissue, bankers say, ET BFSI
MUMBAI, - India's National Bank for Agriculture and Rural Development (NABARD) has accepted bids aggregating to 50 billion rupees ($597.4 million) for a reissue of 7.70%, September 2027 bonds, three bankers said on Wednesday. The company has set a yield of 7.6280% on...
Profit seen to jump 11% YoY; NIMs to decline, ET BFSI
Private lender Axis Bank is likely to post double-digit growth in its net interest income (NII) for the first quarter ended June 2024. The company will announce its results on July 24.NII for the reporting quarter is seen rising 11% year-on-year, according to an...
Small biz to play big role in bank lending, ET BFSI
Mumbai: Banks traditionally focused on providing corporate credit, home loans and loans against property will now need to develop new capabilities to lend to small businesses without requiring collateral or credit history.The finance minister has asked public sector...
PAT rises 18% YoY to Rs 1,009 crore, NII rises 19%, ET BFSI
Federal Bank on Wednesday reported a standalone net profit of Rs 1,009.5 crore for the quarter ended June 30, 2024, up by 18.2% on a year-on-year (YoY) compared to Rs 853.74 crore reported in Q1FY24.Meanwhile, on a quarter-on-quarter (QoQ) basis, the profit after tax...
Axis investing in tech and cybersecurity for a future-ready Bank: Amitabh Chaudhary, ET BFSI
Chaudhary emphasised that the bank is focused on firing up bank acquisition engines for the retail, savings account franchise.Private lender, Axis Bank has been focused on three core areas of the execution of their strategy, namely becoming a resilient all-weather...
Deutsche Bank posts quarterly loss over litigation provision, BFSI News, ET BFSI
Frankfurt, Jul 24, 2024 -Deutsche Bank said Wednesday it had suffered a loss of 143 million euros ($155 million) in the second quarter, as it booked a huge litigation provision over a legacy issue.The group's revenues meanwhile rose by two percent from the same period...
Standalone PAT rises 4% YoY to Rs 6,035 crore, NII jumps 12%, ET BFSI
Axis Bank on Wednesday reported a standalone net profit of Rs 6,035 crore for the quarter ended June 30, 2024, which was up 4% versus Rs 5,797 crore reported by the lender in the year-ago period. The profit was lower than the Street estimates of Rs 6,348 crore.The...
DPIIT to create strict timelines for govt agencies, depts for clearance of FDI proposals, ET BFSI
File photo. (ANI Photo/Mohd Zakir)New Delhi: The Department for Promotion of Industry and Internal Trade (DPIIT) will formulate strict timelines for different government agencies and departments for clearance of Foreign Direct Investment (FDI) proposals from...
Karnataka Bank posts record profit of Rs 400.33 crore in Q1, BFSI News, ET BFSI
New Delhi, Karnataka Bank on Wednesday reported a record 7.99 per cent rise in net profit to Rs 400.33 crore for the June 2024 quarter. In the year-ago period, the bank posted a net profit of Rs 370.70 crore. The bank also achieved its highest business turnover at Rs...
STCG tax move to halt excess trading activities, will not dissuade investors in long run: Market Experts, ET BFSI
Finance Minister Nirmala Sitharaman has announced changes in capital gains taxes during her Budget presentation on Tuesday. While the market sentiment is negative, Industry experts believe that this will bring about better investor behaviour since investors will want...
Federal Bank to open 100 branches in FY25; sustainability of profitability important, says CEO Shyam Srinivasan, ET BFSI
Federal Bank which opened about 140 odd branches in the previous financial year, now plans to open about 100 more branches by FY25, highlighted the bank's MD & CEO, Shyam Srinivasan in the bank's quarterly results presser on Wednesday. He further stated that out...
India may cut borrowing if small saving inflows are high, official says, ET BFSI
By Nikunj OhriMUMBAI - India could look at cutting gross borrowing later in the financial year if inflows into national small saving schemes (NSSF) are high, Economic Affairs Secretary Ajay Seth told Reuters on Wednesday.NSSF consists of public investments in schemes...
What are the 8 new measures announced for MSMEs in Budget 2024?, ET BFSI
What are the 8 new measures announced for MSMEs in Budget 2024? In the Union Budget 2024, the Narendra Modi-led NDA government provided special attention to the Micro, Small and Medium Enterprises (MSMEs), and manufacturing, particularly the labour-intensive...
HDFC bank raises FD rates for 35 and 55 months, ET BFSI
HDFC bank has increased its fixed deposit interest rates on two tenures starting today. Deposits for 35 months will attract a 7.35% interest rate, and 55 months will attract 7.4% rate. For senior citizens, a 35 month FD will have an interest rate of 7.85%, and 55...
Rupee settles at record closing low as equity tax hikes hurt sentiment, ET BFSI
The Indian rupee slipped to record lows on Tuesday as the government raising tax rates for capital gains from equity investments and on equity derivative trades hurt market sentiment.The rupee ended slightly lower against the U.S. dollar at 83.6875, its weakest ever...
Profit rises 14% YoY to Rs 3,912 crore; NII jumps 25%, ET BFSI
Bajaj Finance Ltd on Tuesday reported 14% year-on-year (YoY) growth in its consolidated net profit at Rs 3,912 crore for the first quarter ended June 2024. The profit was slightly below the Street estimate of Rs 3,947 crore.Net interest income (NII) for the reporting...
Kotak Mahindra Bank bets on deeper ties with customers, BFSI News, ET BFSI
Kotak Mahindra Bank, the country's fourth-biggest private lender by market value, said its margins and unsecured loan business are affected by the Reserve Bank of India's (RBI) embargo, but it has made progress in deepening relationships with Kotak 811 customers and...
Banking stocks drop as Budget 2024 skips privatisation, divestment, ET BFSI
Banking stocks saw a sharp decline following the 2024 Budget's lack of significant sector reforms with shares of major banks falling over 1 per cent.Investors had anticipated measures such as the consolidation of government-owned banks, divestment initiatives, or...
HDFC Bank MD expresses disappointment with deposits, ET BFSI
HDFC Bank managing director Sashidhar Jagdishan expressed disappointment over the deposits in the quarter to June, a period when volatility in current account flows caught the country’s largest private bank off guard.“I know that the most important part of our...
RBI clears KVS Manian’s appointment as MD & CEO of Federal Bank, ET BFSI
MUMBAI: The Reserve Bank of India (RBI) has approved the appointment of KVS Manian as the MD and CEO of Federal Bank for a term of three years, the bank informed exchanges on Monday evening. Manian, former joint MD of Kotak Mahindra Bank, will replace Shyam...
NARCL lines up another Rs 1.25 lakh cr of NPAs from banks, BFSI News, ET BFSI
The government backed National Asset Reconstruction Co Ltd (NARCL) has offered to acquire another Rs 1.25 lakh crore of non-performing assets (NPAs) from banks with offers at various stages of due diligence and evaluations, the finance ministry said in the pre-budget...
SBI MD, BFSI News, ET BFSI
Mumbai: Lowering the cash deposit ratio or the proportion of deposits which banks are mandatorily required to park with the RBI will help the lenders facing low deposit growth, SBI Managing Director Ashwini Kumar Tewari said on Monday. Conversations for such a cut are...
Changing customer behaviour forces India’s banks to recalibrate strategies, ET BFSI
As a time when persistent inflation is eating into people's bank savings but banks are resisting a raise in interest rates on savings deposits, savers are turning themselves into investors, pushing banks to rethink their strategies, ToI reported on July 22. According...
Indian Overseas Bank reports Q1 net at Rs 633 cr, up by 26.6%, ET BFSI
Chennai, Public sector Indian Overseas Bank on Monday reported a 26.60 per cent rise in its net profits for the April-June 2024 quarter at Rs 633 crore. The city-headquartered bank had registered a net profit of Rs 500 crore during the corresponding quarter of last...
Shri Ramasubramanian S, Union Bank of India, ET BFSI
"See, ROA, actually speaking if you are looking at our previous records we have had a vision for a ROA of more than 1% in March 2025 only but we reached last year itself and we try to maintain above 1% in the coming days also, which we have taken various steps,...
Biggest India fund sees Budget arming central bank with liquidity tool, ET BFSI
India’s federal budget should arm the central bank with a time-tested tool to deal with a potential surge in bond flows on the nation’s entry into a key global index, according to the nation’s largest asset manager.“Rather than selling long bonds from their book and...
Rural borrowers share in microfinance space scales to 10-year-high, ET BFSI
Rural borrowers share in microfinance space scales to 10-year-highThe Economic Survey for FY24 highlighted that the share of rural borrowers in the microfinance space scaled a 10-year higher of 74% in 2022-23.During FY23, the microfinance sector rebounded strongly,...
List of banks offering best interest rates on 5-year senior citizen FDs, ET BFSI
Fixed deposits (FDs) are one of the best investment options for those investors who want a stable income securely. There are a few banks that continue to offer up to 8% interest on senior citizen FDs of up to Rs 3 crore maturing in five years. This high FD interest...
Sensex falls over 300 pts as RIL & bank stocks tumble, Nifty below 24,400, ET BFSI
A day ahead of the union budget, Indian benchmark equity indices traded lower on Monday, dragged down by index heavyweights Reliance Industries and banking stocks.The BSE Sensex was trading 355 points, or 0.44%, lower at 80,247. The Nifty50 was down 148 points, or...
PAT may rise 16% YoY; NII should see strong growth, ET BFSI
Leading NBFC Bajaj Finance is expected to post healthy growth in its core earnings for the first quarter ended June 2024.Net interest income for the reporting June quarter is likely to grow 26% year-on-year, according to an average estimate of four brokerages. Profit...
Polls, heatwave hit loan collections in Q1, asset quality declines, ET BFSI
Indian lenders are seeing an asset quality decline spawned by a protracted heatwave that crimped the ability of on-the-ground representatives to speed up collections. Polls through the summer also affected asset quality at mainstream lenders.HDFC Bank and Kotak...
Capital gains exemption limit hiked, long term cap gains tax increased to 12.5% from 10%, ET BFSI
Finance Minister Nirmala Sitharaman has announced changes in capital gains taxes during her 7th consecutive Budget presentation at Lok Sabha on Tuesday.Investors will have to allocate a greater chunk for taxes with the government increasing both short and long term...
Piramal Capital & Housing Finance issues initial price guidance for maiden dollar bonds, ET BFSI
Representative ImageMUMBAI: India's Piramal Capital and Housing Finance has provided an initial price guidance of 8.25% for its debut issue of sustainability dollar bonds through which it plans to raise up to $500 million, two bankers said on Monday.The non-bank...
HDFC Bank CEO expresses concerns over deposits in Q1, BFSI News, ET BFSI
HDFC Bank managing director Sashidhar Jagdishan expressed disappointment over deposits in the quarter to June, a period when volatility in current account flows caught the country's largest private bank off guard."I know that the most important part of our strategy is...
Suryoday Small Finance Bank buys office space in Navi Mumbai for Rs 100 crore, ET BFSI
Representative ImageSuryoday Small Finance Bank has acquired office space in Navi Mumbai’s Nerul from Larsen & Toubro’s real estate development arm L&T Realty for Rs 100 crore.The office space spread over a total 12 units across three wings of one of the...
Mcap of 8 of top-10 most valued firms jumps Rs 2.10 lakh cr; TCS, LIC sparkle, ET BFSI
The combined market valuation of eight of the top-10 most valued firms jumped Rs 2,10,330.26 crore in a holiday-shorted last week, with Tata Consultancy Services (TCS) and Life Insurance Corporation of India emerging as the biggest gainers. Last week, the BSE...
CBI plea for custody of ex-Gitanjali Group international head rejected, ET BFSI
MUMBAI: A special court on Saturday rejected the CBI's plea for 14-day custody of Sunil Varma- accused in the Rs 13,000 crore Punjab National Bank-related scam. Varma, the former international head of Gitanjali Group of Companies, appeared in court this week three...
NRI deposits see fourfold surge to nearly $3 Billion in early FY25, ET BFSI
In a significant surge, overseas Indians deposited nearly $3 billion into non-resident Indian (NRI) deposit schemes during April and May FY25, marking a fourfold increase from the $623 million deposited in the same period last year, according to data released by the...
Bank of Baroda unveils AI-powered virtual assistant and new payment app among 10 new initiatives on Foundation Day, ET BFSI
Mumbai: Bank of Baroda announced the launch of several digital initiatives on the bank's Foundation Day, including a GenAI-powered virtual relationship manager and a new app for payments.In all the bank has launched ten new initiatives. “On the Bank’s 117th Foundation...
Rupee may test record low; India’s federal budget in spotlight, ET BFSI
The Indian rupee may slip to a record low this week, with traders eyeing cues from the country's federal budget, while the government likely sticking to fiscal discipline could cheer bond traders.The rupee closed at a record closing low of 83.6625 against the U.S....
Bank credit disbursal hits Rs 164.3 Lakh Crore, GNPA Ratio drops to 12-year low, ET BFSI
The Economic Survey 2024 has highlighted the strong performance and resilience of India's banking sector, showcasing notable improvements in asset quality, capital adequacy, and profitability."Credit growth remains robust, mainly driven by lending to services and...
SGB framework rated as ‘medium green’ with good governance score by CICERO, ET BFSI
The ‘Framework for Sovereign Green Bonds’ released in 2022 has enabled the mobilisation of resources from diversified investors for green projects, deepening the bond market. The framework has been rated as ‘Medium Green’ with a ‘Good’ governance score by CICERO, a...
Net profit jumps 147% YoY to Rs 551 crore, ET BFSI
State-owned UCO Bank on Monday reported a 147 per cent year-on-year jump in net profit to Rs 551 crore in the April-June quarter. The lender's bottomline in the corresponding period a year ago stood at Rs 223 crore. Operating profit in the reporting quarter was Rs...
SAFE market makes comeback as some Indians dodge rules to bet on foreign startups, ET BFSI
Lured by hopes of multi-bagger returns, many moneyed Indians are treading a regulatory twilight zone to bet on foreign startups.They are investing in 'SAFEs', which are hybrid notes standing for 'simple agreement for future equity', sold by overseas firms trying to...
Net profit rises 40% YoY to Rs 1,719 crore, NII drops 19%, ET BFSI
IDBI Bank on Monday reported 40% year-on-year (YoY) growth in its standalone net profit at Rs 1,719 crore for the first quarter ended June 2024. The same stood at Rs 1,224 crore in the last year quarter.Net interest income (NII) for the reporting quarter declined 19%...
Economic Survey 2024 cautions on heightened stock market activities & retail investor participation, ET BFSI
The financialisation of economies has not ended well, even for advanced economies. The global financial crisis of 2008 is an obvious example. Developing countries face debilitating crises when financial market ‘innovations’ and growth run ahead of economic growth....
Capital position of NBFCs remain healthy, GNPA ratio at 2.5%, says Report, ET BFSI
NBFCs have demonstrated strong financial health, similar to the banking sector. As of the end of March 2024, the gross non-performing assets (GNPAs) of both scheduled commercial banks (SCBs) and NBFCs were below 3 per cent of total advances. Provisional data shows...
Changing customer behaviour forces India’s banks to recalibrate strategies, ET BFSI
As a time when persistent inflation is eating into people's bank savings but banks are resisting a raise in interest rates on savings deposits, savers are turning themselves into investors, pushing banks to rethink their strategies, ToI reported on July 22. According...
Budget 2024, Q1 earnings action among 11 factors to impact D-Street mood this week, ET BFSI
Nifty ended with 0.9% gains in a week helped by gains in IT even as metals and consumer durables pulled the markets back. When markets resume trading on Monday, a host of important domestic and global events lined up during the holiday-truncated week are likely to...
Piramal Capital gives initial price guidance for maiden dollar bonds, bankers say, ET BFSI
MUMBAI, - India's Piramal Capital and Housing Finance has provided an initial price guidance of 8.25% for its debut issue of sustainability dollar bonds through which it plans to raise up to $500 million, two bankers said on Monday.The non-bank lender is looking to...
Fintechs seek banking partnership, BFSI News, ET BFSI
The fintech sector is making a strong pitch for closer cooperation with traditional banks, while simultaneously eyeing substantial support in the upcoming Union Budget 2024-25. Industry leaders believe that a synergistic relationship between the two can revolutionise...
India Kotak Mahindra Bank appoints external auditor post RBI order, ET BFSI
By Siddhi NayakMUMBAI -India's Kotak Mahindra Bank has appointed Grant Thorton Bharat as an external auditor for its IT systems, months after the central bank (RBI) barred the lender from adding new clients digitally, its chief executive officer said on Saturday.The...
Foreign banks turn biggest investors in India debt ahead of JP Morgan bond inclusion: RBI Bulletin, ET BFSI
Foreign banks have emerged as the largest investors, with their investments exceeding the value of net inflows into index-eligible bonds, according to the RBI Bulletin. "Some of the world’s largest sovereign wealth funds have significantly increased their investments...
Banks line up special plans to lure retail deposits, ET BFSI
Indian banks are stepping up their efforts to attract retail deposits by offering special plans that provide savers with interest rates at least 25-30 basis points higher than current rates for comparable tenures.Several major banks, including State Bank of India...
RBI chief, BFSI News, ET BFSI
Mumbai, RBI Governor Shaktkanta Das on Friday said banks and NFCs must be fair in their conduct and practices with consumers as this fosters confidence and public trust in financial institutions which strengthens their stability.He pointed out that RBI has issued...
IndusInd Bank Plans Rs 30,000 crores fund raise, ET BFSI
Private lender IndusInd Bank on Friday said that the board of directors of the bank had approved fund raise of more than Rs 30,000 crore bank. The lender has taken a board resolution for an equity fund raising of Rs 10,000 crores. The bank’s board also approved fund...
Minor impact of outage on banks, BFSI News, ET BFSI
Mumbai: Ten banks and finance companies reported minor disruptions because of the Microsoft outage; however, most customer-facing banking operations were largely unaffected.According to the Reserve Bank of India (RBI), a large-scale outage in Microsoft services has...
RBI chief, BFSI News, ET BFSI
Banks must be fair in conduct with consumers: RBI chiefMumbai: RBI Governor Shaktkanta Das on Friday said banks and NFCs must be fair in their conduct and practices with consumers as this fosters confidence and public trust in financial institutions which strengthens...
IndusInd Bank Plans Rs 30,000 crores fund raise, BFSI News, ET BFSI
Private lender IndusInd Bank on Friday said that the board of directors of the bank had approved fund raise of more than Rs 30,000 crore bank. The lender has taken a board resolution for an equity fund raising of Rs 10,000 crores. The bank’s board also approved fund...
Standalone PAT grows 81% YoY to Rs 6,250 crore, beats Street’s estimates, ET BFSI
Kotak Mahindra Bank today reported a standalone net profit of Rs 6,250 crore for the quarter ended June 30, 2024, which was up by 81% over Rs 3,452 crore reported by the lender in the year ago period. The profit after tax (PAT) was above the Street's estimates of Rs...
Standalone PAT grows 47% YoY to Rs 502 crore, net interest income jumps 12%, ET BFSI
Yes Bank on Saturday reported a standalone net profit of Rs 502.43 crore for the quarter ended June 30, 2024, which was up by 47% over Rs 342.52 crore reported by the lender in the year ago period. The interest earned in the reported quarter stood at Rs 7,719.15...
RBL Bank Q1 net profit grows 29 pc to Rs 372 cr, BFSI News, ET BFSI
Mumbai, Private sector lender RBL Bank on Saturday reported a 29 per cent jump in net profit to Rs 372 crore for the June quarter. The bank's core net interest income grew 20 per cent to 1,700 crore on the back of a 19 per cent rise in advances. Its net interest...
Standalone PAT grows 35% YoY to Rs 16,175 crore, falls 2%QoQ, ET BFSI
HDFC Bank today reported a standalone net profit of Rs 16,175 crore for the quarter ended June 30, 2024, which was up by 35% over Rs 11,952 crore reported by the lender in the year ago period. However, it was down by 2% sequentially versus Rs 16,512 crore reported in...
CreditAccess Grameen net profit rises 15% YoY to Rs 398 crore, ET BFSI
Microfinance lender CreditAccess Grameen on Friday reported a 15% year-on-year rise in net profit at Rs 398 crore for the first quarter of the fiscal, backed by robust business expansion while the lender's asset quality slipped.The net profit was Rs 346 crore in the...
Karnataka CM Siddaramaiah, ET BFSI
BENGALURU: Chief minister Siddaramaiah sought to blunt accusations from opposition BJP and JD(S) over financial irregularities in Karnataka Maharshi Valmiki ST Development Corporation, asserting that while funds were indeed misappropriated, it happened without his...
Sebi enables ESG rating providers to undertake activities under IFSCA, ET BFSI
Capital markets regulator Sebi on Friday allowed credit rating agencies and ESG rating providers to undertake their activities under the International Financial Services Centres Authority (IFSCA). IFSCA has been added to the list of financial sector regulators to...
Infomerics, BFSI News, ET BFSI
Non-bank financial companies have increased their share in total credit to more than one-fourth now from a share of only one-sixth a decade ago, Infomerics rating agency has said.As per an analysis done by the rating agency, between September 2022 and September 2023,...
HDFC Bank to grow deposits aggressively, slowdown loan growth, ET BFSI
India’s largest private sector lender HDFC Bank on Thursday said that going forward its advances will grow slower than its deposits, as it adjusts to its merger with parent HDFC limited. In his annual address to shareholders, managing director Sashidhar Jagdishan said...
Are banks, NBFCs affected due to Microsoft outage? RBI clarifies, ET BFSI
Are banks, NBFCs affected due to Microsoft outage? RBI clarifies Amid the major technical glitch at the US tech giant Microsoft and American cyber security company Crowdstrike disrupting slew of services across the globe, the Reserve Bank of India (RBI) releases...
Bank of India raises Rs 5,000 crore via infra bonds, BFSI News, ET BFSI
Bank of India has raised ₹5,000 crore through the issuance of infrastructure bonds, with the state-owned lender receiving bids far in excess of the notified amount for the debt sale.On Thursday, Bank of India sold 10-year infrastructure bonds for a total of ₹5,000...
These 4 banks special FDs will end on September 30, ET BFSI
Many big banks including SBI, IDBI Bank, Indian Bank and Punjab & Sindh are offering limited period special fixed deposit with higher interest rates. However, they come with deadline. Investors should make sure to invest before the deadline. Here is a look at...
Fired Citigroup banker says COO intended to deceive regulator on bank’s metrics, ET BFSI
NEW YORK, - A former Citigroup managing director who said she was fired because she refused to mislead a federal regulator about the bank's risk management accused Citigroup's chief operating officer of intentional deception, according to an amended lawsuit filed late...
HDFC Bank CSR spend crosses Rs 945 cr in FY24, BFSI News, ET BFSI
New Delhi, Private sector HDFC Bank has reported a corporate social responsibility (CSR) spend of Rs 945.31 crore for the financial year 2023-24, an increase of nearly Rs 125 crore from the previous year. The bank's CSR programme, Parivartan, has been active for over...
Financial assets of Indian households rose 3% CQGR during 2011-23; liabilities rose 3.3%, ET BFSI
As of March 2023, total household financial assets are estimated at Rs 363.8 lakh crore, equivalent to 135.0 percent of the gross domestic product (GDP).In contrast, the outstanding liabilities amounted to Rs 101.8 lakh crore, accounting for 37.8 percent of GDP. The...
RBI Guv Das, ET BFSI
">"Credit growth should not run ahead of deposit growth by miles," noted RBI Governor Shaktikanta DasReserve Bank of India (RBI) Governor Shaktikanta Das on Friday said that the rise in share of the retail portfolio within overall bank credit is a recent...
Significant uptick in mainboard IPOs in FY24, $97 bln raised by Indian financial services companies: Report, ET BFSI
FY24 marked a significant uptick in mainboard IPOs, with 76 listings— the highest since FY17. This surge reflects a notable 111 per cent increase from the 36 listings in FY23 and a substantial 62 per cent rise from the 47 listings in FY22, revealed a latest report by...
Jio Financial Services makes steady progress in Q1 FY25, BFSI News, ET BFSI
Jio Financial Services Limited (JFSL) has released its financial and operational update for the first quarter of FY25, showcasing steady growth and strategic advancements across its business segments.The company's net interest income (NII) saw a significant decline of...
Bank union AIBOC pitches for expanding financial inclusion, meeting credit needs of small borrowers, ET BFSI
New Delhi, Bank officers' union AIBOC on Thursday underscored the need for expanding financial inclusion and focus on meeting credit needs of small borrowers. There are reports of farmers' suicides from different parts of the country, a fallout of exorbitant interest...
WGC asks Finmin, RBI to draft guidelines, BFSI News, ET BFSI
Kolkata: World Gold Council (WGC) has made presentations to the Union finance ministry and Reserve Bank of India to come out with appropriate guidelines and regulatory framework for digital gold business in India. The council has asked the authorities to introduce...
Double MUDRA loan limits, reduce financing cost, MSMEs ask, ET BFSI
Budget 2024: Double MUDRA loan limits, reduce financing cost, MSMEs ask As the Finance Minister Nirmala Sitharaman set to present the first Union Budget of Modi 3,0 on July 23, the expectations from various sectors are high.The Micro, Small & Medium Enterprises...
Why are banks raising rates ahead of RBI monetary policy meet?, ET BFSI
Public sector lenders, including the State Bank of India (SBI) and Bank of Baroda (BoB), have increased their marginal cost of funds based lending rates (MCLR). This move is expected to be mirrored by other lenders, raising borrowers' interest rate burden.The...
Citi to boost investment banking headcount in India betting on deals surge, ET BFSI
By Dhwani PandyaMUMBAI - Citigroup plans to bolster the headcount in its India investment banking unit, betting on a surge in equity capital market and M&A deals in one of the world's fastest growing economies, a top country executive said."We haven't firmed up...
PV Subramanyam calls Sebi’s move to start new asset class fantastic, ET BFSI
Hailing Sebi’s move to start a new asset class to fill the gap between mutual funds and portfolio management schemes, PV Subramanyam, CEO, www.subramoney.com, says, "It is a fantastic move by SEBI because SEBI has acknowledged that people with Rs 10-15 lakhs are...
ESAF SFB gets RBI nod for re-appointment of K Paul Thomas as MD & CEO, ET BFSI
New Delhi: ESAF Small Finance Bank on Wednesday said it has received the Reserve Bank of India's (RBI's) nod for re-appointment of K Paul Thomas as its Managing Director & CEO for another three years. This approval was communicated via the RBI's letter dated May...
Sebi mulls over raising F&O contract value from Rs 5 lakh to Rs 25 lakh: Report, ET BFSI
Markets regulator Securities and Exchange Board India (Sebi) is likely to consider increasing the minimum value of each F&O contract from Rs 5 lakh to Rs 25 lakh as part of its strategy to curb speculative trading to protect the retail investors.The agenda is a...
Rising Chinese, Indian NBFC issuance may build future USD debt wall, ET BFSI
A robust pick-up in US dollar bond issuance by Chinese and Indian non-bank financial institutions (NBFIs) in the first half of 2024 has helped to mitigate refinancing risks associated with debt maturing this year, but will lead to increased refinancing needs in 2027,...
Credit and deposit growth witness a noticeable decline; outlook positive, ET BFSI
Credit offtake continued to grow albeit at a slower pace, increasing by 17.3% year-on-year (y-o-y) to reach Rs 168.8 lakh crore, for the fortnight ending June 28, 2024. The impact of HDFC’s merger with HDFC Bank (which would subside by the end of Q1FY25) along with...
FBSB India CEO, ET BFSI
A top official of the FPSB India (Financial Planning Standards Board) here on Wednesday said India is facing the issue of unemployability in the financial services sector because there were no takers of nearly 18 lakhs jobs last year. GIFT City in Gandhinagar, which...
Arka Fincap signs co-lending partnership with Central Bank of India for MSME loans, ET BFSI
Non-bank financial company Arka Fincap, a part of Kirloskar Group on Wednesday announced that it had partnered with Central Bank of India to offer MSME loans.Under the co-lending arrangement, Arka will offer loans to MSMEs at competitive rates and further expand its...
How to receive OTP for online transactions on add-on credit card, ET BFSI
A primary credit cardholder can apply for add-on cards for children, spouse, or even your parents. The benefits and features of the add-on card are similar to that of the primary Credit Card and the number of add-on cards one can own varies from bank to bank. This...
ICAI partners with OpenAI to enhance CA practice with GPT technology, ET BFSI
The Institute of Chartered Accountants of India (ICAI) has collaborated with OpenAI to develop the CAGPT, a fenced GPT that operates without external resources. This tool, after successful beta testing, is now officially launched and available to ICAI members. Another...
NBFC Seeds Fincap raises over $8.5 million funding from Lok Capital, Z47, ET BFSI
Non-banking financial company (NBFC) Seeds Fincap has raised over $8.5 million in a Series A funding round led by Lok Capital and Z47 (formerly Matrix Partners India).The funds will enable the Gurugram-based firm to expand its lending capabilities, enhance...
Kotak Mahindra Bank, ET BFSI
Kotak Mahindra Bank aims to be a full-service provider and not just a lender even as it is focusing on SME and mid-market segments for growth, a senior official said.“We want to grow sensibly. We do not want to be loan junkies. We want to give a loan and we also want...
Moody’s affirms HDFC Bank’s credit ratings, maintains stable outlook, ET BFSI
Moody's Ratings on Tuesday said they have affirmed HDFC Bank Limited's Baa3 long-term deposit ratings and baa3 Baseline Credit Assessment (BCA). The rating agency also maintained the stable outlook on the lender. The affirmation of HDFC Bank's ratings with a stable...
Morgan Stanley’s profit jumps as investment banking recovers, BFSI News, ET BFSI
- Morgan Stanley's profit rose in the second quarter as investment banking activity rebounded.Net income rose to $3.1 billion, or $1.82 per share, in the three months ended June 30, the bank said on Tuesday. That compares with $2.2 billion, or $1.24 per share, a year...
Lenders bank on special plans to raise retail deposits, ET BFSI
Mumbai: Indian lenders have intensified efforts to garner retail deposits through special plans that offer savers at least 25-30 basis points more than current commitments of comparable tenures, signalling policy interest rates will remain elevated for some time...
NBFC Mirae Asset Financial Services Foray into Unsecured Personal Loan Segment, ET BFSI
BusinessWire IndiaMumbai (Maharashtra) [India], July 15: In a bid to capture the larger pie of India's credit growth story, Mirae Asset Financial Services, arm of Mirae Asset Group has launched personal loans for salaried employees across selected cities.The launch...
Kotak Bank hopes to offset digital curbs with brick and mortar push, ET BFSI
Facing a ban on the digital onboarding of customers, private lender Kotak Mahindra Bank is pivoting its growth strategy and once again focusing on the expansion of its physical network.The private lender that had opened less than 350 branches in the last four years...
Revised financial statements of 2 IL&FS group firms submitted before NCLT, ET BFSI
New Delhi, Revised financial statements of two IL&FS group firms, IL&FS Transportation and IL&FS Financial Services, for the financial years 2013 to 2018 have been submitted before the National Company Law Tribunal (NCLT). A two-member bench of NCLT Mumbai...
Gold loan companies want govt to grant eligible gold loan NBFCs with ‘priority sector status’, ET BFSI
Gold loan companies want the government to grant eligible gold loan NBFCs with ‘priority sector status' and to reduce the import duty on gold in the upcoming Union Budget.George Alexander Muthoot, managing director of Muthoot Finance said " We urge the government to...
State Bank of India launches Amrit Vrishti, a limited period FD with higher interest rate, ET BFSI
The State Bank of India (SBI) has launched a new term limited period deposit scheme known as "Amrit Vrishti", an FD scheme offering higher interest rates and catering to both domestic and non-resident Indian customers. The new scheme is effective from July 15,...
Indian brokerage Angel One’s Q1 profit rises as orders jump, BFSI News, ET BFSI
BENGALURU - Indian brokerage Angel One reported a higher first-quarter profit on Monday, boosted by a surge in orders amid increased trading activity.Consolidated profit increased by 32.6% year-on-year to 2.93 billion rupees ($35.1 million) in the three months to June...
Cons PAT jumps 29% YoY to Rs 686 crore, ET BFSI
NBFC firm L&T Finance on Tuesday reported a 29 per cent rise in consolidated net profit to Rs 686 crore for the first quarter ended June 2024 on the back of healthy interest income. The non-banking financial company had posted a net profit of Rs 531 crore in the...
Indian banks have ‘special plans’ for offering higher deposit rates, ET BFSI
Mumbai: Indian lenders have intensified efforts to garner retail deposits through special plans that offer savers at least 25-30 basis points more than current commitments of comparable tenures, signalling policy interest rates will remain elevated for some time...
Sebi mulls new asset class to fill gap between mutual fund, PMS, ET BFSI
Markets regulator Sebi on Tuesday proposed introducing a new asset class designed for high risk-risk profile investors that can bridge the gap between mutual funds and portfolio management services (PMS). In its consultation paper, the regulator suggested a minimum...
WhiteOak Capital Asset Management appoints Nitin Shah as Group CFO, ET BFSI
Nitin Shah, Group Chief Financial Officer, White Oak CapitalWhiteOak Capital Asset Management on Tuesday announced the appointment of Nitin Shah as its Group Chief Financial Officer.Shah comes with 30 years of financial leadership experience, according to a...
Kotak Mahindra Bank says it has to do more to leverage technology, ET BFSI
Facing a RBI ban on tech related loopholes, the newly appointed chief of Kotak Mahindra Bank, Ashok Vaswani in his maiden annual letter to shareholders has said that technology will be at the centre of the lender’s efforts to transform and scale further. Addressing...
Banks look to form their own self-regulatory body for fintechs, ET BFSI
New Delhi: Banks are likely to soon set up a Section 8 entity under the Companies Act to apply for a self-regulatory organisation (SRO) license for the fintech sector under Reserve Bank's framework, people familiar with the deliberations said. Lenders have also held...
Axis Bank completes migration of Citibank customers to its systems, ET BFSI
Private lender Axis Bank which has completed migration of Citibank customers to its systems on Monday faced glitches during the process. Several erstwhile Citi customers took to social media to complaint that they were unable to access their accounts on the Axis...
IMF raises India’s growth projection to 7% for FY25, ET BFSI
International Monetary Fund (IMF) on Tuesday raised India’s growth projection for FY25 by 20 basis points to 7% citing ‘improved prospects’ for private consumption, particularly in rural areas.It expects gross domestic product (GDP) growth in FY26 to slow down to...
Seasonal weakness, higher cost of funds to weigh on bank numbers, ET BFSI
ET Intelligence Group: The banking sector is expected to report a muted performance for the June 2024 quarter on sequential basis given weakness related to general elections and heatwave and a strong base growth in the previous quarter. The six banks in the Nifty 50...
The artificially intelligent future of finance, ET BFSI
India’s large lenders are rewiring through GenAI to improve their customer interface and get a leg up on their younger, disruptive competitors, report Beena Parmar & Annapurna Roy A slew of banks, including the country’s largest lender, State Bank of India (SBI),...
Axis Bank completes migration of Citibank customers to its systems, ET BFSI
Private lender Axis Bank which has completed migration of Citibank customers to its systems on Monday faced glitches during the process. Several erstwhile Citi customers took to social media to complaint that they were unable to access their accounts on the Axis...
State Bank of India launches Amrit Vrishti, a limited period FD with higher interest rate, ET BFSI
The State Bank of India (SBI) has launched a new term limited period deposit scheme known as "Amrit Vrishti", an FD scheme offering higher interest rates and catering to both domestic and non-resident Indian customers. The new scheme is effective from July 15,...
Know the services provided by credit card customer care, ET BFSI
In today’s fast-paced world, credit cards have become an essential financial tool for managing expenses, earning rewards, and building credit history. However, with the convenience of credit cards comes the occasional need for assistance. Whether it’s a billing query,...
ARC growth halves in FY24 as bank NPAs drop, BFSI News, ET BFSI
The asset reconstruction sector experienced a slowdown in growth to 15% in the last financial year, down from nearly 32% in 2022-23. This deceleration is attributed to the continuous decline in gross non-performing assets (NPAs) within the banking system and the...
Banks Q up for Rs 40,000 crore equity fundrace, ET BFSI
Mumbai: Banks are preparing for collective equity fundraise of nearly ₹40,000 crore in the second half of this financial year, show data compiled by ET. They are expected to use the fresh capital to reinforce balance sheets, mainly to support expansion.The boards of...
Northern Arc Capital gets Sebi’s go ahead to float IPO, BFSI News, ET BFSI
New Delhi, Non-bank financial institution Northern Arc Capital Ltd has received Sebi's approval to raise funds through an initial share sale, an update with the markets regulator showed on Monday. The proposed Initial Public Offer (IPO) is a combination of a fresh...
Kotak Mahindra Bank announces new distribution structure to enhance customer experience, ET BFSI
Private sector lender Kotak Mahindra Bank on Tuesday unveiled its new Distribution structure as part of its growth strategy. This is aimed at bringing together all the ways in which its customers interact with the Bank and to deliver an omni-channel seamless...
India’s wholesale inflation surges to 16-month high of 3.36 per cent in June, ET BFSI
India's wholesale inflation, measured using the Wholesale Price Index, surged to a 16-month high of 3.36 per cent on an annual basis in June as against a 15-month high of 2.61 per cent last month, government data showed on Monday.The inflation rate for primary...
NBFCs to have special committee, 21-day notice for fraud prevention, ET BFSI
NBFCs to have special committee, 21-day notice for fraud prevention The Reserve Bank of India (RBI) on Monday released a circular to curb the fraudulent activities in the Non-Banking Financial Companies, including Housing Finance Companies. It aimed at the prevention,...
HDFC Bank imparts skill training to 3.25 lakh youth under CSR initiative, ET BFSI
New Delhi, HDFC Bank on Sunday said it has imparted skill training, covering high-demand sectors like IT/ITeS, healthcare and manufacturing, to about 3.25 lakh youth in the last 10 years under its corporate social responsibility (CSR) initiative. Skill development and...
BoB’s Monsoon Dhamaka Deposit Scheme to offer upto 7.9% returns, ET BFSI
Bank of Baroda (BoB) has declared a new financial product for Domestic Retail Term Deposits called bob Monsoon Dhamaka Deposit Scheme, which provides interest rates at a substantial level for individuals securing retail deposits up to Rs. 3 Crore. This scheme can be...
SBI hikes benchmark MCLR rate, BFSI News, ET BFSI
State Bank of India (SBI) has hiked its benchmark marginal cost of fund based lending rate (MCLR) by 5 to 10 basis points in majority of tenures effective Monday.In an update on its website the country's largest lender said MCLR on one month to three years has been...
‘Will cut middlemen out to help improve farmers’ income’, ET BFSI
The National Bank for Agriculture and Rural Development (Nabard) is promoting entrepreneurship among farmers with value addition, marketing and direct selling of their produce, says R Anand, its chief general manager and officer-in-charge of Chennai regional office,...
Banks plan record infra bonds issuances on govt capex push, ET BFSI
Indian banks are poised to raise a Rs 40,000 crore through infrastructure bonds during July and August, setting the stage for a record high for a consecutive second year.If successful, the funds accumulated through these bonds in the first five months of the current...
Banks in these states will be closed on Wednesday, July 17, ET BFSI
Banks in some states will be closed on Wednesday, July 17, 2024 on the occasion of Muharram. It is the first month of the Islamic calendar, and one of the four sacred months of the year.In India every month on the second and fourth Saturdays, all private and PSU will...
Banks, financial companies among MFs’ top picks, some exit PSUs, ET BFSI
Mutual fund managers added bets on select companies across sectors such as banking, fi nancial services, and insurance (BFSI), auto & auto ancillaries, and IT in June. HDFC Bank was one of the top picks of equity schemes. Among fi nance cos, fund managers bought...
Why are IT, private banks not bouncing back properly? Hemant Shah answers, ET BFSI
Hemant Shah, Fund Manager, Seven Islands, PMS, says the triggers are the numbers, the results, and the guidance going forward by the management and the US is going to play the key role in determining the future of the IT sector and it is widely owned, see it is widely...
FOREX-Dollar sees safe-haven gains; sliding yen stays on intervention watch, ET BFSI
By Rae WeeSINGAPORE, - The dollar rose on safety bids on Monday in the wake of the attempted assassination of former U.S. President Donald Trump, which in turn left the yen struggling to stay afloat despite Tokyo's suspected intervention efforts.Trading was thinned in...
Banks seek hike in foreign investor cap, BFSI News, ET BFSI
Banks have requested the Reserve Bank of India (RBI) to increase transaction limits for foreign participation in certain rate derivatives, which have seen heightened activity since JP Morgan announced the inclusion of local bonds in its Emerging Market Bond Index,...
Indian stock market eyes first quarter results, budget, and global cues in upcoming week, ET BFSI
New Delhi [India], July 14 (ANI): As the week gone by saw Indian stock markets touching fresh all-time highs and at the same time volatile trading days, the market is likely to see stock specific moves gain traction on the back of ongoing earning season, as per the...
Profit jumps 47% YoY to Rs 1,293 crore; NII rises 20%, ET BFSI
State-owned Bank of Maharashtra (BoM) reported a 46.6% increase in its net profit to Rs 1,293 crore for the June quarter. The Pune-based lender had earned a net profit of Rs 882 crore in the year-ago period.During the quarter, the bank's total income increased to Rs...
FPIs invest Rs 15,352 cr in equities in first two weeks of Jul, ET BFSI
New Delhi, Foreign investors infused Rs 15,352 crore into Indian equities during the first half of this month, driven by the government's commitment to ongoing reforms, low US Federal rates, and strong domestic demand. According to the data with the depositories,...
Shares climb ahead of announcement, ET BFSI
Shares of Jio Financial Services rose nearly 2% to Rs 355 in Monday's intraday trade on BSE ahead of the company's Q1 FY25 results due later in the day.At 11:18 am, the stock was trading 0.6% higher at Rs 352.4 on the BSE. Year-to-date, the stock has surged over 50%,...
Banks to drive earnings growth as Nifty firms enter slow lane in Q1, ET BFSI
The net profit growth of Nifty 50 companies is expected to decelerate in the June quarter, as the advantage of lower commodity prices observed in recent quarters has diminished and demand improvements remain sluggish.Estimates indicate that the cumulative net profit...
Risk factors that are often overlooked in IPO papers, BFSI News, ET BFSI
With stock markets hovering around record high levels, the IPO season is ruling strong. For an investor, the red herring prospectus provides comprehensive information to assess the risk of investing in an IPO-bound company. Here are the key governance risk factors...
NBFC sector seeks more funds to improve liquidity, regulatory reforms from Budget, ET BFSI
New Delhi [India], July 14 (ANI): Ahead of the upcoming Union Budget scheduled to be presented on July 23, the Non-Banking Financial Company (NBFC) sector is expecting enhanced financial inclusion and reinforcing digitalization efforts to sustain the sector's...
Post office savings account vs SBI, HDFC Bank, ICICI Bank, PNB, Union Bank, IDFC FIRST Bank, ET BFSI
The Post Office Savings Account (SB) functions similarly to any other retail bank savings account. The minimum deposit is Rs 500, while the minimum withdrawal amount is only Rs 50. There is no maximum investment amount, and a tax exemption of up to Rs10,000.The post...
RBI makes adverse remarks against top PSU Bank Exec, BFSI News, ET BFSI
In a rare instance, the Reserve Bank of India (RBI) has made certain adverse observations regarding the conduct of a senior executive chosen to head a state-owned bank.The banking regulator has made certain remarks in a letter on the conduct of Asheesh Pandey,...
Bank credit growth outpaces deposits again, albeit at a sluggish pace, ET BFSI
Bank credit rose 14% on-year as of June 28, outpacing deposit growth at 11%, putting the spotlight yet again on central bank's concerns over the gap that could lead to asset-liability mismatches.Latest Reserve Bank of India (RBI) data showed the growth in deposits and...
RIL, Paytm, Infosys, Jio Financial, Kotak Mahindra Bank, and YES Bank, ET BFSI
Several widely tracked companies, including Jio Financial, Paytm, Bajaj Auto, Bajaj Auto, Asian Paints, LTIMindtree, Infosys, Reliance Industries, Wipro, Union Bank of India, Kotak Mahindra Bank, Tanla Platform, Tata Technologies and YES Bank, will be releasing their...
Trading activity to hinge on Q1 results, global trends in holiday-shortened week: Analysts, ET BFSI
New Delhi, As the results season kicks in, the quarterly earnings numbers of several blue-chip firms -- such as Infosys and Reliance Industries -- along with global trends and trading activity of foreign investors, will determine equity market movement in the...
FPIs invest Rs 15,352 cr in equities in first two weeks of Jul, ET BFSI
New Delhi, Foreign investors infused Rs 15,352 crore into Indian equities during the first half of this month, driven by the government's commitment to ongoing reforms, low US Federal rates, and strong domestic demand. According to the data with the depositories,...
Profit jumps 25% to record, fuelled by investment banking, ET BFSI
JPMorgan Chase's profit rose 25% in the second quarter, buoyed by rising investment banking fees and an $8 billion accounting gain from a share exchange deal with Visa.The lender beat estimates for second-quarter profit on Friday as a resurgence in dealmaking and...
Profit beats on surge in investment banking, services strength; but shares fall 3%, ET BFSI
Citigroup beat Wall Street expectations for second-quarter profit on Friday, boosted by a 60% jump in investment banking revenue and gains in its services division, but shares fell 2.9% amid investor worries about expenses and market share.The third largest U.S....
Govt may tweak laws to push banking sector reforms in Budget session, ET BFSI
The government is likely to introduce amendments to Banking Regulation Act 1949 and other laws to push banking sector reforms during the upcoming Budget session. Apart from this, amendments in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970,...
Axis Bank services to be affected this Saturday, Sunday due to Citibank migration; full list of services you can, cannot use, ET BFSI
Axis Bank informed its customers via email and SMS that their banking services might be interrupted on the internet banking and mobile banking platforms as they are in the last stages of the transition of Citi's consumer business in India to Axis Bank.Citibank credit...
NABARD set to introduce Rs 750 crore agri fund for startups, rural enterprises, ET BFSI
The National Bank for Agriculture and Rural Development (NABARD) is all set to introduce a Rs 750 crore ‘Agri-SURE’ fund, an agri fund for start-ups and rural enterprises.The fund is being launched by NABVENTURES, a subsidiary of NABARD with an initial corpus of Rs750...
These 7 banks have revised loan interest rates in July, ET BFSI
The proportional risk factor of each consumer is taken into account while determining loan interest rates. In the past, banks took a while to adjust their lending rates for borrowers when the RBI lowered the repo rate. Under the marginal cost-based lending rates...
India’s forex reserves hit an all-time high of $657.16 bn, BFSI News, ET BFSI
India’s forex reserves jumped by $5.16 billion to hit an all-time high of $657.16 billion as of July 5, data shared by the Reserve Bank of India showed on Friday.Previously, forex reserves dipped by $1.71 billion to $652 billion for the week ending on June...
HDFC Bank has this ‘UPI transactions and Fastag’ message for its customers, ET BFSI
HDFC Bank customers, attention! If you are experiencing temporary disruptions to online banking services, fret not! The bank has scheduled a system upgrade for Saturday, July 13, which has temporarily impacted several services, including UPI transactions and Fastag...
Budget history telling traders to not chase prices higher this week: Anand James, ET BFSI
The pre-Budget rally that has seen Sensex and Nifty touch unclaimed peaks this week may not sustain in the run-up to the D-Day, according to historical market trends ahead of the Budget.“If history were to repeat, we should see a dip prior to the Budget announcement....
These 7 banks have revised loan interest rates in July, ET BFSI
The proportional risk factor of each consumer is taken into account while determining loan interest rates. In the past, banks took a while to adjust their lending rates for borrowers when the RBI lowered the repo rate. Under the marginal cost-based lending rates...
Quant Mutual Fund clarifies CFO resigned in February before Sebi’s raid, ET BFSI
Quant Mutual Fund, which has been under Sebi’s investigation in a suspected front-running case, has informed investors that its Chief Financial Officer (CFO) Harshal Patel resigned in February before the market regulator’s raid last month.“Shashi Kataria has been...
NABARD set to introduce Rs 750 crore agri fund for startups, rural enterprises, ET BFSI
The National Bank for Agriculture and Rural Development (NABARD) is all set to introduce a Rs 750 crore ‘Agri-SURE’ fund, an agri fund for start-ups and rural enterprises.The fund is being launched by NABVENTURES, a subsidiary of NABARD with an initial corpus of Rs750...
Is chasing momentum stocks a good bet at market peaks?, BFSI News, ET BFSI
Amid a runaway stock market, momentum has outrun almost everything else. Over the past five years, the Nifty200 Momentum 30 index has clocked 25.7%, compared to 17.4% by the Nifty 200 index. The underlying strategy of chasing recent winners has worked like a charm,...
Shriram Finance Offers Fixed Deposit Plans Tailored for Senior Citizens, ET BFSI
NewsVoirMumbai (Maharashtra) [India], July 13: Shriram Finance, a leading name in the financial services sector, is now offering fixed deposit plans designed to meet the financial needs of senior citizens. This initiative comes at a pivotal time when the financial...
Union Bank of India is investing in becoming a next-generation digital bank, says ED Nitesh Ranjan, ET BFSI
Union Bank of India (UBI) is ramping up its tech infrastructure to become a next generation digital bank as it strives to stay competitive and relevant in the digital-first era, with the bank investing Rs 1,000 crore as a first step to drive this transformation, UBI...
Rupee settles marginally higher at 83.53 against US dollar; 10-year G-Sec ends flat, ET BFSI
Mumbai: The rupee strengthened marginally versus the US dollar on Friday as lower-than-expected US inflation data bolstered the expectation of a rate cut by the Federal Reserve. The rupee closed at 83.53/$1 on Friday, versus 83.56/$1 on Thursday, Reuters data showed....
Piramal Capital eyes up to $400 million via bond issue, BFSI News, ET BFSI
Mumbai: Non-bank lender Piramal Capital, which had acquired Dewan Housing Finance in one of the few successful debt resolutions of a finance company, is set to raise up to $400 million in its first overseas bond issue, with Deutsche Bank, Barclays, Standard Chartered,...
Yes Bank stake not being evaluated by us, says First Abu Dhabi Bank, ET BFSI
First Abu Dhabi Bank on Thursday clarified that it was not evaluating any possible offer for a stake in Indian private lender Yes Bank, as per news agency Reuters.The Middle Eastern lender was apparently among those evaluating a $5 billion stake in Yes Bank for around...
HDFC Bank, Axis plan outage this weekend, BFSI News, ET BFSI
MUMBAI: HDFC Bank and Axis Bank have announced scheduled downtime of their systems for some services over the weekend. HDFC Bank's downtime will be in the early hours of July 13, while Axis's outage will stretch through July 13 and July 14. Published On Jul 12, 2024...
High court refuses bail to Chhabria in Yes Bank-DHFL laundering case, ET BFSI
MUMBAI: Bombay high court refused bail to developer Sanjay Chhabria of Radius Group who was arrested by ED in the Yes Bank and DHFL money laundering case, reports ."This court is unable to record its satisfaction that there are reasonable grounds for believing that...
Punjab National Bank signs pact with SAIL to offer loans, ET BFSI
State-owned Punjab National Bank has signed a pact with Steel Authority of India to provide home loan, car loan and education loan to the latter's employees at concessional rates. This strategic partnership aims to enhance the financial well-being of Steel Authority...
Moody’s upgrades YES Bank outlook to positive, affirms ratings, ET BFSI
Mumbai: Moody's Ratings has affirmed private lender YES Bank’s Ba3 long-term foreign currency and local currency ratings. The agency also changed the outlook to positive from stable.The change in outlook reflects Moody’s expectations that a gradual improvement in YES...
Canara Bank MD hands Rs 1,838 cr cheque to FM Nirmala Sitharaman, ET BFSI
Canara Bank MD & CEO K Satyanarayana Raju has handed a dividend cheque of Rs 1838 crore to Finance Minister Nirmala Sitharaman for the financial year 2023-24. Raju handed the cheque at an event in Delhi on Wednesday attended by Prashant Kumar Goyal, joint...
Special focus areas explained, ET BFSI
By Bikash Narayan MishraIndian banks are all set to chart a new course. As India aspires to be a $5 trillion economy in the next three years and touch $7 trillion by 2030, the banking system needs to be strong and resilient so that it can power the economy and absorb...
Deposits grow faster than loans in June quarter, BFSI News, ET BFSI
MUMBAI: The banking sector's outstanding loans rose 4.8% in the first quarter - from Rs 168.7 lakh crore as of end-March 2024 to Rs 176.8 lakh crore on June 28. During the same period, deposits grew 5.3% to Rs 220.6 lakh crore from Rs 209.3 lakh crore. In the past...
How to avail, interest rate, processing fee, ET BFSI
State Bank of India (SBI) launches an online loan facility against mutual fund (MF) units via Internet Banking (INB) and the YONO App. This digital solution allows consumers to apply for loans from the comfort of their own homes, with a completely paperless and...
Are banks open or closed this Saturday, July 13?, ET BFSI
In India every month on the second and fourth Saturdays, all private and PSU will be closed along with Sundays, national and regional holidays, as per the Reserve Bank of India rules. So bank customers must make sure that their bank related work is not hampered on...
LRS for foreign currency accounts in GIFT city, BFSI News, ET BFSI
The Reserve Bank of India this week widened the ambit – or the list of permissible transactions – of the liberalised remittances scheme (LRS) for foreign currency accounts in the GIFT city. The LRS, first introduced a decade after liberalization, has been a pronounced...
MF exposure to NBFCs’ commercial paper hits pre-pandemic levels, ET BFSI
Mutual fund debt exposure to NBFCs, including Commercial Papers (CPs) and Corporate Debt, remained above the Rs 2 lakh crore mark for the second consecutive month touching Rs 2.09 lakh crore in May 2024.This marks an increase of 22.0% y-o-y and 0.5% sequentially, with...
Fully invested in market; banks continue to remain reasonably priced: Anand Shah, ET BFSI
"They still remain expensive relative to the market. The growth is still muted relative to the market and everybody is hoping, because they have done very well prior to 2020 and it is large part of people's portfolio, they are hoping that they will start doing well,"...
RBI’s decision on LRS enhances attractiveness of GIFT IFSC: Tapan Ray, ET BFSI
New Delhi: The Reserve Bank has significantly enhanced the attractiveness and utility of GIFT IFSC by clarifying the use of LRS for investments and enabling transactions like insurance and education loan payments in foreign currency, said GIFT City MD and group CEO...
Jio Financial Services gets RBI nod to become core investment company, ET BFSI
The Reserve Bank of India on Thursday approved the conversion of Jio Financial Services from a Non-Banking Financial Company (NBFC) to a Core Investment Company (CIC), the company said in a filing.Jio Financial Services is the demerged entity of energy-to-telecom...
Inside Goldman Sachs’ expanding but risky financing engine, BFSI News, ET BFSI
A Goldman Sachs bet put in place in 2021 on lending to private funds has helped drive record revenues in fixed-income financing. Now, the Wall Street bank is pushing even deeper into the growing but risky market.The fund finance unit, housed in the bank's global...
Rupee settles marginally lower at 83.6 against dollar, ET BFSI
Mumbai: The Indian rupee weakened by four paise versus the US dollar on Thursday due to dollar demand from local oil companies and state-run banks amid volatility in oil prices. The rupee closed at 83.56/$1 on Thursday, marginally lower versus the previous close of...
LIC Housing Finance accepts bids for over 2-year bonds, bankers say, ET BFSI
MUMBAI, - India's LIC Housing Finance has accepted bids worth 7.50 billion rupees ($89.78 million) for bonds maturing in two years and one month, three bankers said on Friday. The company will pay 7.8650% coupon and had invited bids from bankers and investors for the...
ICICI Bank, SBI among Nomura’s 4 preferred banking stocks ahead of Q1 results, ET BFSI
Stating that LDR-led growth disparities are likely to become more pronounced, global brokerage firm Nomura picked ICICI Bank, SBI, Kotak Mahindra Bank and Federal Bank as its preferences in the banking sector ahead of the Q1FY25 results.The global brokerage firm has a...
HSBC reshapes investment banking to look more like rivals, BFSI News, ET BFSI
HSBC Holdings Plc is revamping parts of its investment bank in a move that will make it look more like rivals such as Citigroup Inc.Executives in HSBC’s global banking business will winnow its existing sector teams into five larger groups, according to a memo to staff...
Banks seek hike in interest subvention on farm loans, ET BFSI
Banks have urged the government to increase the interest subvention on short-term agriculture loans, said people aware of the matter.Currently, lenders receive an interest subvention relief of 1.5% on short-term farm loans of up to ₹3 lakh. Banks have argued that a...
Indian Bank pays Rs 1,193 crore dividend to Centre, BFSI News, ET BFSI
CHENNAI: Public sector Indian Bank paid a dividend of Rs 1,193.5 crore to the Centre for the financial year 2023-24. Its MD & CEO S L Jain handed over the dividend cheque to Union finance minister Nirmala Sitharaman, Indian Bank said in a statement on Wednesday....
Four PSU banks pay Rs 6,481 cr dividend to Govt, BFSI News, ET BFSI
New Delhi, Four public sector banks, including Canara Bank and Indian Bank, on Wednesday presented dividend cheques worth Rs 6,481 crore to Finance Minister Nirmala Sitharaman for financial year 2023-24. "Smt @nsitharaman receives a dividend cheque of Rs 2,514.22...
All India Bank Officers’ Confederation re-elects Rupam Roy as general secretary, ET BFSI
New Delhi, All India Bank Officers' Confederation (AIBOC), the largest officers' trade union, has re-elected Rupam Roy as general secretary. Balachandran P M was also re-elected president of AIBOC during 13th Triennial General Council Meeting held in Guwahati. The...
Registration for 1,500 Apprentice posts begins, direct link here, ET BFSI
The Indian Bank has commenced the registration process for the post of Apprentice under the Apprentices Act, 1961. Interested and eligible candidates can visit the official website of Indian Bank, indianbank.in, to complete the registration. The bank is conducting...
Retail securitisation market contracts 13% in Q1, may emerge stronger in FY25, ET BFSI
The retail asset securitisation market for Q1FY25 contracted by around 13% compared to the same period in the previous year likely due to surfeit of liquidity available with originators."In Q1FY25, the market witnessed a total volume of approximately Rs 48,000 crore,...
Satin Creditcare Network raises 15 million euros from Development Bank of Austria, ET BFSI
Microfinance company Satin Creditcare Network has raised 15 million euros in debt from OeEB – Oesterreichische Entwicklungsbank AG – the Development Bank of Austria.The external commercial borrowing with a tenure of five years is raised at a rate linked to Euribor and...
Dispute at Bandhan Employees Welfare Trust grows, ET BFSI
Members of the Bandhan Employees’ Welfare Trust have escalated their agitation against Bandhan founder Chandra Shekhar Ghosh and the Trust’s management, seeking legal help to fight for their rights allegedly violated. They are also alleging possible misappropriation...
Residents can open foreign currency a/cs at GIFT City under LRS, ET BFSI
Resident Indians can open foreign currency accounts (FCA) at Gift City under the liberalized remittances scheme (LRS) even for sending gifts to friends abroad, buy property abroad, buy insurance, make fixed deposits, education loan payments, and also fund for overseas...
Banks and MFs increase debt exposure to NBFCs amidst market growth, ET BFSI
In a notable trend, mutual funds' debt exposure to Non-Banking Financial Companies (NBFCs), including Commercial Papers (CPs) and Corporate Debt, remained above the ₹2 lakh crore mark for the second consecutive month, touching ₹2.09 lakh crore in May 2024. This marks...
Indian shares drop on profit booking, banks’ drag, ET BFSI
By Bharath RajeswaranBENGALURU -Indian shares reversed course to trade lower on Thursday, dragged by heavyweight bank stocks on earnings worries and due to profit-booking with the benchmarks near record highs.The NSE Nifty 50 fell 0.29% to 24,256.8 as of 11:17 a.m....
Discount brokers grow client base as demat accounts hit 162 mln in June, ET BFSI
In June 2024, the total number of demat accounts in India reached 162 million, witnessing a significant jump of 4.2 million new accounts, with an average of 3.4 million accounts added monthly so far in FY25, according to Motilal Oswal Financial Services.The Central...
Muthoot re-taps May bond to raise $100 million, ET BFSI
Muthoot Finance has re-tapped its May bond issue, raising an additional $100 million from offshore investors. This re-tap involves a 7.125% bond due in 2028, with a final price guidance of 6.73%.Deutsche Bank and Standard Chartered were the arrangers for this...
BNP Paribas, Mistral AI ink partnership deal, BFSI News, ET BFSI
BNP Paribas has entered into a comprehensive partnership agreement with Mistral AI, covering all its current and future commercial models, the French bank said on Tuesday.The deal, which expands a relationship that started in September, will see BNP Paribas implement...
Rupee to inch up before US inflation print, tracking Asian peers, ET BFSI
By Nimesh VoraMUMBAI - The Indian rupee is poised to open marginally higher on Thursday, in the wake of an uptick on Asian peers before data that may be key to the Federal Reserve cutting or holding rates at its September meeting. Non-deliverable forwards indicate the...
Piramal Capital raises $100-million social loan, BFSI News, ET BFSI
Piramal Capital & Housing Finance raised its maiden dollar syndicated social loan of $100 million (₹835 crore). The entire loan is pre-funded by Standard Chartered Bank and the foreign lender is expected to syndicate the loan in the next few months.The loan has a...
Foreign banks’ dealing rooms buzz with G-Sec trades as PSBs mind their gap, ET BFSI
Public sector banks, the traditional heavyweights in bond trading, are ceding ground to foreign lenders as a scramble for deposits compels state-owned players to liquidate bond holdings while the international players aggressively court rising global interest in local...
Kerala Bank records net profit of Rs 209 crore this year, says Minister V N Vasavan, ET BFSI
Thiruvananthapuram, Kerala Bank has posted a net profit of Rs 209 crore in the year 2023-24, with deposits, loans and overall business showing a rising trend, state Cooperation Minister V N Vasavan said on Monday. Vasavan was responding to a submission moved by Leader...
AU Small Finance Bank shares tumble over 4% as total deposits decline QoQ, ET BFSI
Shares of AU Small Finance Bank fell 4.25% to the day’s low of Rs 644 on the BSE after the bank reported a marginal decline of 0.4% quarter-on-quarter (QoQ) in its total deposits, amounting to Rs 97,290 crore for the first quarter ended June 2024.The company's CASA...
RBI, BFSI News, ET BFSI
MUMBAI: RBI has raised concerns again over misuse of 'internal' accounts in some banks. The central bank's inspections have revealed that some internal accounts - which are used by a bank for its own operations - have been used as a conduit for fraud and...
Bandhan Bank’s CS Ghosh bids adieu as MD & CEO, BFSI News, ET BFSI
Kolkata, Chandra Sekhar Ghosh, the Managing Director and CEO of Bandhan Bank, has announced his retirement from the post, expressing gratitude to the account holders for their support over the past nine years. In a letter addressed to the lender's customers, Ghosh...
Finmin ask private banks to give more thrust on serving the marginalised sections of society, ET BFSI
Financial Services Secretary Vivek Joshi on Tuesday chaired a review meeting on the progress of financial inclusion schemes with senior executives of private sector banks and exhorted them to give more thrust on serving the marginalised sections of the society and...
SBI raises Rs 10,000 Cr via sixth 15-year infra bond, ET BFSI
State Bank of India (SBI) raised Rs. 10,000 crores today at a coupon rate of 7.36 per cent through its sixth infrastructure bond issuance.The issue attracted overwhelming response from investors with bids in excess of Rs. 18,145 crores and was oversubscribed by around...
Company says Axis Bank refused to accept demonetised notes, Supreme Court issues notice, ET BFSI
NEW DELHI: One-and-a-half years after validating the Union govt's Nov 8, 2016, decision to demonetise Rs 1,000 and Rs 500 currency notes, SC has entertained a petition by a company which complained that Axis Bank had refused to accept demonetised notes worth Rs 3.2...
Margin squeeze to dent banks’ Q1 profits, loan growth may offer silver lining, ET BFSI
State-run and private sector banks may face modest earnings growth in the fiscal first quarter squeezed by pressures on net interest margin (NIM) mainly due to higher deposit costs. While compressed NIM can hurt profitability, this will be partially offset by loan...
PNB introduces Safety Ring mechanism to enhance security for internet, mobile banking users, ET BFSI
State-owned Punjab National Bank (PNB) on Tuesday introduced a new security feature 'Safety Ring' within its internet banking system and mobile banking system in response to the increasing number of cyber frauds. This mechanism provides an additional safety layer to...
BofA downgrades HDFC Bank, cuts target price after 20% rally from Feb-lows, ET BFSI
Following a 20% rally in shares of HDFC Bank on the back of value buying and optimism around the likely increase in MSCI weightage, global brokerage firm BofA has downgraded the private sector lender to neutral from buy and also reduced the target price to Rs 1,830...
Gold shines! RBI adds $5.6 billion in gold reserves in April-June quarter; value of reserve gold up $3.8 billion, ET BFSI
India’s Forex Reserves: The Reserve Bank of India (RBI) saw a significant increase in its gold reserves during the April-June quarter, accounting for 69 percent of the total reserves pile-up. The central bank benefited from both increased gold purchases and valuation...
This new RBI rule can lower loan costs for you; comparison of home loan charges of SBI, HDFC Bank, ICICI Bank, PNB, Kotak Mahindra Bank, ET BFSI
The Reserve Bank of India released the Fair Practices Code guidelines a few months ago, requiring all lenders to charge interest from the date of actual disbursement of funds to the customer, following an annual inspection that revealed instances of lenders engaging...
ESG financing in India ahead of target, says DBS, ET BFSI
Mumbai: DBS Bank, which had planned 60% growth this year for its one billion Singapore dollar Environmental Social and Governance (ESG) finance book in India is far ahead of that target, with the country featuring in the top three markets for the foreign lender, a top...
NBFCs set to post tepid results in Q1 on poll, heatwave disruptions, ET BFSI
Non-banking financial companies (NBFCs) are likely to experience a slowdown in disbursements during the April-June period due to prolonged electoral activities and disruptions caused by extreme heatwaves. Despite this temporary setback, the long-term outlook for the...
Yes Bank stake sale report is factually incorrect, got no approval from RBI: Bank clarifies, ET BFSI
Calling a media report 'factually incorrect', private lender Yes Bank on Tuesday clarified in a stock exchange clarification that it hasn't received any in-principle approval from the Reserve Bank of India for a stake sale.Earlier today, Mint reported that the RBI...
Rupee flat; state-run banks’ dollar sales support as Asian peers slip, ET BFSI
By Jaspreet KalraMUMBAI - The Indian rupee was largely flat in early trading on Tuesday as mild dollar sales from state-run banks supported the currency even as most of its Asian peers slipped.The rupee was at 83.4775 against the U.S. dollar as of 10:10 a.m. IST,...
DBS CEO says bank hunting for bolt-on deals, not game-changing ones, ET BFSI
(Rewrites story, leading on M&A comments)By Sameer Manekar and Una GalaniSINGAPORE, - DBS Group is looking for bolt-on acquisitions that would support its geographic and business strategy but has ruled out making a major buy to save itself from distraction, Piyush...
Bulk of rise in forex reserves in Q1 due to gold, BFSI News, ET BFSI
Gold accounted for 69 percent of reserves pile-up for the Reserve Bank of India during the April-June quarter benefitting from both volumes in terms of gold purchases and valuation gains due to price rise.Reserve Bank of India added $5.6 billion to its stock of...
Bandhan Bank launches products to facilitate international trade, ET BFSI
Kolkata, Private lender Bandhan Bank on Tuesday said it has launched an array of products to facilitate international trade. The bank said in a statement that the products have been designed to streamline various aspects of global trade by catering both to importers...
Investors shift to Singapore after Indian central bank’s curbs on local rupee futures, ET BFSI
By Nimesh VoraMUMBAI, - The jump in open interest on rupee/dollar currency futures on the Singapore Exchange indicates that investors are shifting their arbitrage and hedging activity to the city-state after the Indian central bank imposed restrictions on local...
Till when can you use your Citibank credit card post migration?, ET BFSI
Axis Bank has informed that the migration of Citibank credit cards to Axis Bank credit cards will be completed by July 15, 2024. This is as per migration FAQs available on the Axis Bank website. After the migration is finished, which is on or before July 15, 2024,...
Neo Asset Management appoints Neeraj Sanghi as MD, BFSI News, ET BFSI
New Delhi, Neeraj Sanghi has joined Neo Asset Management as managing director and operating partner to lead infrastructure operations and build-out of Neo's infrastructure platforms. Sanghi was CEO of Highway Concessions One (HC1) -- a road platform originally owned...
Securitisation volumes grow 17% to Rs 45,000 crore in Q1 as bank originations gather pace, ET BFSI
Securitisation volume rose to Rs 45,000 crore in the first quarter of the current fiscal, marking a 17% on-year, like-to-like growth (adjusted for the exit of a large HFC and regulatory measures on gold loan securitisation). Over 95 originators, including NBFCs and...
Many HDFC Bank services to be down for almost 14 hours on July 13, ET BFSI
HDFC Bank is conducting a system upgrade on Saturday, July 13, 2024, to upgrade and enhance customers' banking experience by improving performance speed, expanding capacity for high traffic and boosting overall reliability.HDFC Bank increases loan interest rates by up...
LIC Mutual Fund appoints Nikhil Rungta as Co-Chief Investment Officer–Equity, ET BFSI
LIC Mutual Fund appointed Nikhil Rungta as co-chief investment officer – equity (Co-CIO) starting June 19, 2024. The fund informed unitholders of this change through a notice-cum-addendum.Nikhil Rungta has over 16 years of experience in the equity and capital markets...
Sebi puts SK Finance’s Rs 2,200-cr IPO in abeyance, BFSI News, ET BFSI
Capital markets regulator Sebi has kept in 'abeyance' the proposed initial share sale of vehicle finance and business loan-focused non-bank lender SK Finance. Without disclosing the reason, Securities and Exchange Board of India (Sebi) said "issuance of observations...
Many HDFC Bank services to be down for almost 14 hours on July 13, ET BFSI
HDFC Bank is conducting a system upgrade on Saturday, July 13, 2024, to upgrade and enhance customers' banking experience by improving performance speed, expanding capacity for high traffic and boosting overall reliability.HDFC Bank increases loan interest rates by up...
Equity MF inflows cross Rs 40,000 crore mark in June, debt outflows above Rs 1 lakh crore, ET BFSI
In June, inflows into equity mutual funds rose 17% to Rs 40,608 crore, up from Rs 34,697 crore in May, with more than half of the inflows coming from sectoral/thematic funds.Sectoral/thematic funds saw a 16% increase in inflows, reaching Rs 22,351 crore. Meanwhile,...
RBI cancels licenses of 2 NBFCs for breach of rules, BFSI News, ET BFSI
The RBI on Monday announced that it has cancelled the licenses of two non-banking financial companies (NBFCs) for violating its guidelines. The NBFCs include Polytex India Ltd, based in Mumbai, and Finserv India Ltd which operates out of Banjara Hills in Hyderabad.The...
Lenders face NIM pressure, rising credit costs, ET BFSI
In the April-June 2024 quarter, analysts predict a moderate decline of 10-15 basis points (bps) in net interest margins (NIM), a crucial profitability metric. HDFC Bank and YES Bank are set to kick off the reporting period on July 20 with their Q1 results. Concerns...
Retailers call out rampant fraud, press no on easy EMIs for phones, ET BFSI
New Delhi: Mobile phone retailers have called for scrapping of the popular financing schemes that allow individuals to purchase products without any down payment, saying 10-12% of all such purchases were fraudulent. These frauds, they said, result in financial losses...
Piramal Finance plans up to $500 million debut dollar-bond issue, ET BFSI
India’s Piramal Capital and Housing Finance is planning its maiden dollar-bond sale as tighter regulations by the nation’s central bank stifle domestic funding sources for shadow lenders, according to people familiar with the matter.Billionaire Ajay Piramal’s firm is...
Chandra Shekhar Ghosh likely to be Bandhan Group’s executive head, ET BFSI
Kolkata: Bandhan Bank founder Chandra Shekhar Ghosh is likely to get an executive role in Bandhan Financial Services, which is the promoter of Bandhan Financial Holding and Bandhan Bank. Ghosh, who will retire from the bank on July 9 as managing director, will oversee...
Bandhan Bank appoints Ratan Kumar Kesh as interim MD and CEO, BFSI News, ET BFSI
Kesh's appointment as Interim MD & CEO is subject to the approval of the Shareholders of the bank, it addedNew Delhi: Private sector Bandhan Bank on Saturday said its board has approved the appointment of Ratan Kumar Kesh as interim MD and CEO from July 10, a day...
Private sector banks in India lead market cap surge; Axis Bank shines with 20.9 pc growth: S&P GCI, ET BFSI
New Delhi [India], July 8 (ANI): India's private sector banks have emerged as significant gainers in market capitalization over the last quarter, with Axis Bank Ltd. stood out with 20.9 per cent rise in market capitalization, reaching 3.911 trillion rupees, according...
HDFC Bank increases loan interest rates by up to 10 basis points; loan EMIs to rise further, ET BFSI
HDFC Bank has increased its marginal cost of funds-based lending rates (MCLR), according to its official website on July 8, 2024. The bank has increased the lending rates by up to 10 basis points (bps) on certain tenures. HDFC Bank MCLR interest rates will now range...
Bandhan Bank appoints Ratan Kumar Kesh as interim MD and CEO, BFSI News, ET BFSI
Kesh's appointment as Interim MD & CEO is subject to the approval of the Shareholders of the bank, it addedNew Delhi: Private sector Bandhan Bank on Saturday said its board has approved the appointment of Ratan Kumar Kesh as interim MD and CEO from July 10, a day...
Dealmaker DAM Capital Advisors plans public issue, ET BFSI
Mumbai: Boutique Indian dealmaker DAM Capital Advisors is considering a public float, demonstrating Mumbai's rapid emergence as a top investment-banking hub that's feeding the massive funding appetite in Asia's third-largest economy through numerous public issues,...
HDFC Bank increases loan interest rates by up to 10 basis points; loan EMIs to rise further, ET BFSI
HDFC Bank has increased its marginal cost of funds-based lending rates (MCLR), according to its official website on July 8, 2024. The bank has increased the lending rates by up to 10 basis points (bps) on certain tenures. HDFC Bank MCLR interest rates will now range...
Gold lingers near one-month high on Fed rate-cut bets, BFSI News, ET BFSI
Gold prices eased on Monday but hovered near a more than one-month high scaled in the previous session, after softer U.S. data boosted prospects of an interest rate cut by the Federal Reserve in September.FUNDAMENTALS* Spot gold was down 0.2% at $2,386.58 per ounce,...
Bank of Baroda declines 3.72% as Sensex slides , ET BFSI
Shares of Bank of Baroda traded at Rs 263.5 on BSE at 02:11PM (IST) on Monday, down 3.72 per cent from previous close. The stock quoted a 52-week low price of Rs 185.75 and a high of Rs 298.45. Earlier, the stock saw a gap down opening in the morning. A total of...
Sebi likely to act against ‘silent’ PMS firms, BFSI News, ET BFSI
The 'silence' of many 'portfolio management service' (PMS) firms has raised the regulator's hackles in a runaway market. The Securities and Exchange Board of India (Sebi) is unable to reach out to a large number of PMS service providers who are not responding to...
Bajaj Finance bucks industry trend, cuts deposit rates by 20 basis points in its top slab, ET BFSI
Kolkata: At a time when several banks are facing stiff challenges in garnering public deposits, leading non-bank company Bajaj Finance has decided to lower deposit rates by 20 basis points on its highest rate slab, bucking the industry trend. One basis point is a...
SBI wants tax parity on bank FDs with mutual funds & equity markets in Budget, ET BFSI
As bank credit growth exceeded the increase in deposits in FY24 by Rs 2 lakh crore, the State Bank of India (SBI) has sought income tax parity on bank fixed deposits (FDs) in line with other asset classes in Budget 2024."In line with mutual funds and equity markets,...
Demand for travel loans soars after pandemic, BFSI News, ET BFSI
PUNE: Vacation-related expenses have been soaring and many are now opting for personal loans for travel. “Everything has become more expensive post-pandemic. Flights, hotels and even food has become costlier. We took a loan in January this year for our trip to the US....
Ex-Citi chief Vikram Pandit to exit Kampani’s fin biz in Rs 3k crore deal, ET BFSI
MUMBAI: Former Citigroup CEO Vikram Pandit is set to exit the real estate financing business established by veteran dealmaker Nimesh Kampani. INH Mauritius, an investment fund managed by Pandit, will sell 49% in JM Financial Credit Solutions (JMFCS) - the realty...
Mashreq appoints Tushar Vikram as Country Head and CEO of India, ET BFSI
Mashreq, a prominent financial institution in the MENA region, has announced the appointment of Tushar Vikram as its new Country Head and CEO of India, effective June 2024. In this role, Tushar Vikram will oversee Mashreq's operations in India, driving strategic...
How fraudsters are using WhatsApp, Facebook, X and Telegram for investment scams in India, ET BFSI
Various reports in the past have suggested how fraudsters are targeting Indians with investment scams. They defraud people by offering high returns, convincing them to invest huge amounts of money and the victims later realise that they have been scammed. According to...
HDFC Capital bets big on affordable housing, to invest $2 billion by 2025 end, ET BFSI
HDFC Capital Advisors is betting big on affordable and mid-income housing with plans to invest more than $2 billion in this segment across India's top property markets by the end of 2025 to support easing of supply side constraints, said a top company executive.The...
Incremental credit slows down until mid-June, BFSI News, ET BFSI
Bank lending slowed down in the June quarter compared to last year’s levels, likely reflecting a wait and watch attitude by the investors pending election results during the quarter.Incremental loans increased Rs 2.79 lakh crore or 1.7 % this fiscal year up to June 14...
Mcap of BSE-listed firms hit all-time high of Rs 449.88 lakh crore, ET BFSI
New Delhi, The market capitalisation of BSE-listed firms hit a record peak of Rs 449.88 lakh crore on Friday despite equity benchmark Sensex slipping marginally in a volatile trade. The 30-share BSE Sensex dropped 53.07 points or 0.07 per cent to settle at 79,996.60,...
Only 7 pc of MSME credit to women; low female labour force participation drag on growth: RBI ED, ET BFSI
Mumbai, Reserve Bank's executive director Neeraj Nigam on Friday said low labour force participation among women is a barrier to financial inclusion efforts and also to broader economic growth. He said there is also a need to up the credit supply to women, pointing...
RBI imposes Rs 1.31 cr penalty on Punjab National Bank, BFSI News, ET BFSI
The RBI on Friday said it has imposed a monetary penalty of Rs 1.31 crore on Punjab National Bank for non-compliance with certain directions related to KYC and 'loans and advances'. The Reserve Bank said it conducted a statutory inspection of the bank with reference...
RBI, BFSI News, ET BFSI
NEW DELHI: India's foreign exchange reserves declined by $1.7 billion to $652 billion, in the week ending June 28, coinciding with the inclusion of the country's debt in JPMorgan's emerging market index, as per the recent data released by the Reserve Bank of...
Securitisation volumes in India reach Rs 45,000 crore in Q1 FY25: Report, ET BFSI
New Delhi, The overall securitisation volumes stood at Rs 45,000 crore in the first quarter of the current fiscal (FY25), down 20 per cent from the same period last year, largely due to the exit of a large housing finance company (HFC) in 2023, a report showed on...
RBI penalizes PNB, four other banks for regulatory non-compliance in first week of July, ET BFSI
In the first week of July, the Reserve Bank of India (RBI) penalized Punjab National Bank (PNB) and four other banks for non-compliance with various RBI directions. PNB was penalized with a penalty of Rs 1.31 crore, becoming the fifth bank for getting the brunt of the...
Sebi issues new guidelines to streamline operations of credit rating agencies, ET BFSI
Markets regulator Sebi has issued new guidelines to streamline operations and enhance the ease of doing business for credit rating agencies. The circular introduces specific timelines for dealing with appeals made by companies regarding rating actions carried out...
Greaves Finance appoints P B Sunil Kumar as its new ED & CEO, BFSI News, ET BFSI
Previously Kumar worked in diverse sectors like finance, consulting, and healthcareMumbai: Greaves Finance has appointed P B Sunil Kumar as its new Executive Director and Chief Executive Officer to accelerate financing in the electric vehicle segment, the company said...
Indian banks know climate is their biggest threat, BFSI News, ET BFSI
Twice a year, the Reserve Bank of India reviews the stability of the country’s financial system. Its latest report made for good headlines: The proportion of loans that have gone sour is at a multiyear low, and likely to decline further.But buried in the report is a...
EU banks likely to seek more time for CCIL trade cut-off, BFSI News, ET BFSI
Four foreign banks caught in a regulatory stalemate between European Union and Indian regulators are likely to make a request to their individual home authorities in the coming days to extend a deadline to trade with the principal local clearing house for government...
Bandhan Bank shows strong growth in deposits and Advances for June, ET BFSI
Leading private bank Bandhan Bank has reported impressive year-on-year growth in loans & advances, reaching Rs 1,25,619 crore in June 2024, marking a 21.8 per cent surge from the previous year's figure of Rs 1,03,169 crore. The Bank's total deposits also...
Bank of Maharashtra logs 19 pc loan growth in Apr-Jun, BFSI News, ET BFSI
New Delhi, State-owned Bank of Maharashtra (BoM) on Friday reported a 19 per cent growth in credit to Rs 2.09 lakh crore for the April-June quarter. The outstanding credit was Rs 1.75 lakh crore at the end of June 30, 2023, BoM said in a regulatory filing. The...
SBI announces initiatives to mitigate risks in agri loan portfolio, ET BFSI
New Delhi, The country's largest lender SBI on Thursday announced 11 new initiatives -- including enhancement of its digital banking features and opening of 35 new Agricultural Centralised Processing Cells -- to mitigate risks in its agricultural loan portfolio. On...
HDFC Bank falls as India’s top private bank posts sequentially weak Q1 loans, deposit growth, ET BFSI
BENGALURU - Shares of India's top private lender HDFC Bank fell over 3% on Friday, a day after it reported a drop in loans during the three months ended June 30, and no rise in deposits from the previous three months.HDFC Bank on Thursday said its gross advances...
Manish Kothari, Kotak Mahindra Bank, ET BFSI
With the Indian economy expected to see a growth rate of 7.2% in FY25, the firms in the MSME segment too would see good growth. This presents a great opportunity for banks, says Manish Kothari, Head, Commercial Banking, Kotak Mahindra Bank. Banks would also have to...
Ujjivan Small Finance Bank raises secured business share, BFSI News, ET BFSI
Kolkata: Ujjivan Small Finance Bank has scaled up its secured loan business by 440 basis points over the past one year to 31.5% at the end of June as part of its diversification plans while its overall loan portfolio rose 19% to Rs 30,091 crore.About 27% of its gross...
PSU banks will continue to ride on strong loan growth & benign credit cycle in FY25: Rahul Malani, ET BFSI
Rahul Malani, Equity Research Analyst, Sharekhan, says PSU banks are reporting strong loan growth versus their private peers right now. In terms of PNB has reported a sequential pickup in the loan growth versus the numbers also. So, Sharekhan continues to believe that...
HDFC Bank mulling loan portfolio sale amid growth scrutiny, BFSI News, ET BFSI
HDFC Bank Ltd. is mulling the sale of a loans portfolio, according to people familiar with the matter, amid heightened regulatory scrutiny on the nation’s lenders as their credit growth surges.India’s biggest private sector bank has approached public sector lenders,...
Bajaj Finance AUM jumps 31% as aggressive customer acquisition pays, ET BFSI
Bajaj Finance, a leading non-banking finance company (NBFC), reported a 31 percent year-on-year increase in its Assets Under Management (AUM) for the quarter ended June 30, 2024. The company's AUM rose to Rs 3.54 trillion, up from Rs 2.70 trillion in the same period...
RBL Bank shares tumble 4% after Q1 update disappoints, BFSI News, ET BFSI
Shares of RBL Bank fell by 4.2% to a low of Rs 255 after the company’s June quarter update disappointed D-street. The bank’s total deposits recorded a 2% quarter-on-quarter (QoQ) decline in its total deposits at Rs 1.01 lakh crore.However, the number was an 18%...
Sebi extends deadline for annual submissions by stock brokers, depository participants till Oct 31, ET BFSI
Capital markets regulator Sebi on Thursday extended the deadline till October 31 for submitting the annual audited accounts and net worth certificates by stock brokers and depository participants. According to a circular issued by Sebi, the markets watchdog has...
Indian banks know climate is their biggest threat, BFSI News, ET BFSI
Twice a year, the Reserve Bank of India reviews the stability of the country’s financial system. Its latest report made for good headlines: The proportion of loans that have gone sour is at a multiyear low, and likely to decline further.But buried in the report is a...
Indian shares open lower dragged by HDFC Bank, BFSI News, ET BFSI
BENGALURU -Indian shares opened lower on Friday, dragged by top private lender HDFC Bank, which reported a sequential decline in loans in the June quarter.The NSE Nifty 50 was down 0.45% at 24,193.05 points, while the S&P BSE Sensex shed 0.58% to 79,591.47 points...
Banks report credit card and forex spends separately in AIS, ET BFSI
Representational imageIn a move to enhance transparency and ensure accurate reporting of financial transactions, banks have begun to report credit card and foreign exchange (forex) spends separately in the Annual Information Statement (AIS). This move aims to provide...
Banks in a bind over Trai mandate on digital consent, BFSI News, ET BFSI
Banks are in a fix over the latest regulation from the Telecom Regulatory Authority of India (Trai) that mandates digital consent for sending commercial communication.Lenders have reached out to the government, seeking clarity on whether consent is needed even for...
Bandhan Bank shows strong growth in deposits and Advances for June, ET BFSI
Leading private bank Bandhan Bank has reported impressive year-on-year growth in loans & advances, reaching Rs 1,25,619 crore in June 2024, marking a 21.8 per cent surge from the previous year's figure of Rs 1,03,169 crore. The Bank's total deposits also...
Bank of Maharashtra logs 19 pc loan growth in Apr-Jun, BFSI News, ET BFSI
New Delhi, State-owned Bank of Maharashtra (BoM) on Friday reported a 19 per cent growth in credit to Rs 2.09 lakh crore for the April-June quarter. The outstanding credit was Rs 1.75 lakh crore at the end of June 30, 2023, BoM said in a regulatory filing. The...
Why did Zomato exit NBFC, payments space?, BFSI News, ET BFSI
Zomato, a major player in the Indian food tech industry, has decided to exit the financial services sector. Zomato's wholly-owned subsidiary, Zomato Financial Services Limited (ZFCL), announced the voluntary withdrawal of its application to operate as a non-banking...
Bank of Maharashtra, Uco report low deposit growth, while advances rose much faster, ET BFSI
Kolkata: A day after the Reserve Bank of India (RBI) urged banks to bridge the gap between deposit and credit growth, two public sector banks reported subdued deposit mobilisation yet again.Bank of Maharashtra (BoM) and Uco Bank declared sub-10% deposit growth in...
Jump in FII long-short ratio sans correction may be a new Normal, ET BFSI
The market current rally has enough elements to confuse even veteran traders. The FII long-short ratio, now beyond all traditional parameters, is probably the most puzzling of the lot.Until recently, the FII long-short ratio - a measure of the number of bullish bets...
Federal Bank leads in loan expansion among Kerala banks in Q1, ET BFSI
Kolkata: Federal Bank led the way in gross loan expansion among Kerala-headquartered lenders that have published their business numbers for the quarter ended June while CSB Bank showed the highest deposit growth.Federal Bank reported a 20% year-on-year rise in gross...
Report, BFSI News, ET BFSI
Mumbai, Investors are bullish on India as the economic growth rate is the fastest in the world. Private equity (PE) and venture capital (VC) funds invested $6.9 billion in May 2024 which is 54 per cent more on a year-on-year (YoY) basis, according to the EY-IVCA...
NABARD partners with Online PSB Loans Ltd to digitalize Jan Suraksha Schemes for regional rural banks, ET BFSI
New Delhi, National Bank for Agriculture and Rural Development (NABARD) and Online PSB Loans Limited have signed an agreement to promote financial inclusion through regional rural banks. The collaboration seeks to smoothen the process of enrolment and claim settlement...
Sensex breaches 80,000 level for 1st time, Nifty at record high on gains in banking shares, ET BFSI
Mumbai, Benchmark BSE Sensex breached the historic 80,000 level intraday for the first time while Nifty raced more than 162 points to close at a fresh lifetime high on Wednesday following heavy buying in banking and FMCG shares amid firm global market trends. The...
Indiabulls Housing Finance rebrands itself, name changed to Sammaan Capital, ET BFSI
Non-banking finance company Indiabulls Housing Finance has changed its name to Sammaan Capital following the receipt of Certificate of Incorporation from the Registrar of Companies (RoC) and Certificate of Registration as an NBFC-ICC (Investment and Credit Company)...
Mitsubishi UFJ’s talks for stake in HDFC Bank said to hit snag, ET BFSI
Mitsubishi UFJ Financial Group Inc.’s negotiations for a minority stake in HDFC Bank Ltd.’s consumer lending unit are stalling due to differences over how much say it will have in company strategy, according to people familiar with the matter.While MUFG is still...
Rupee to trade in narrowest range in about 30 years on RBI’s actions, ET BFSI
By Anant ChandakBENGALURU -The Indian rupee will trade within the narrowest range in nearly three decades over the coming year as the Reserve Bank of India (RBI) continues to maintain its tight grip on the currency's movements, according to a Reuters poll.While most...
Growth in NBFC sanctions slows to 1.8% in Q4FY24 on RBI measures, ET BFSI
Mumbai: Lending by NBFCs grew 1.8% year on year on the fourth quarter of FY24 reflecting a moderation that was induced by the Reserve Bank of India. In November 2023, RBI made bank lending to NBFCs more expensive by increasing risk weightage for some segments.The...
Bank credit offtake remains robust and broadbased in May, personal loans cool down, ET BFSI
Gross bank credit offtake (ex-HDFC merger basis) witnessed an increase of 16.1% in May 2024, higher by 70 bps on a y-o-y basis.The services sector experienced strong credit growth of 20.7% y-o-y in May 2024, slightly lower than the 21.3% recorded in May 2023. This...
3 reasons why bank and financial services stocks may bounce back, ET BFSI
Stating that the banking and financial services sector is a structural long-term theme with potential to grow faster than the economy, domestic brokerage firm WhiteOak Capital said the sector is likely to bounce back soon.Below are the three reasons why the domestic...
HDFC Bank shares may gain amid potential MSCI Index weight change, ET BFSI
HDFC Bank shares are expected to attract significant attention in the near term due to a potential change in their weight in the MSCI Standard Index. Analysts estimate that a 50 basis points decline in foreign institutional investors' (FII) stake in the June 2024...
Sebi’s levy order likely to erode Rs 2,000 crore from discount brokers’ income, hit client base, ET BFSI
The regulatory order to stock exchanges to collect uniform levies could shrink brokerage incomes by more than ₹2,000 crore, disproportionately affecting discount platforms and dashing popular zero-brokerage plans.Shares of several brokerages fell up to nearly 9% on...
Banks to be closed for 13 days in August 2024, BFSI News, ET BFSI
The fifth month of the new financial year will have as many as 13 bank holidays as per the list of holidays released by the Reserve Bank of India (RBI). This includes the weekend holidays, i.e., the second and fourth Saturdays and all Sundays.The month of August will...
Groww aims to debunk misinformation to over 1.5 crore customers amid concerns, ET BFSI
New Delhi, As multiple customers juggled to validate their Groww portfolio on mutual fund transfer agencies CAMS and Kfintech amid concerns, the financial services platform on Monday said some of the customers are not able to see all their investments because there...
AI is changing banking, UBS executive says, BFSI News, ET BFSI
ZURICH - UBS is seeing a shift in the way clients are interacting with their bankers powered by artificial intelligence, the head of the Swiss bank's domestic business Sabine Keller-Busse said on Tuesday.She likened the shift to the way in which patients go to the...
India’s cost of capital to slide further, says Axis Capital, ET BFSI
MUMBAI, - Demand for Indian federal and state bonds is expected to exceed supply for next few years, driving down the cost of funds for the current, as well as next financial year, a top analyst at brokerage Axis Capital said.Though combined borrowings of central and...
What’s Kotak Bank’s role in the Hindenburg-Adani saga?, BFSI News, ET BFSI
Hindenburg Research has strongly refuted allegations made by India's securities regulator, the Securities and Exchange Board of India (Sebi), accusing the US-based short-seller of colluding with a US asset manager to use non-public information for its short bet...
Unstoppable bulls! HDFC Bank drives Sensex past 80,000 for the first time, Nifty hits record high, ET BFSI
Indian stock market surged to an all-time high on Wednesday, driven by index heavyweight HDFC Bank following a likely increase in its MSCI weightage. Sensex jumped over 570 points to cross the 80,000 level for the first time ever. The 50-componenet Nifty was on the...
More banks to line up infrastructure bond issues after SBI, ICICI Bank fundraises, ET BFSI
Indian banks are swiftly moving to raise infrastructure bonds with the State Bank of India and ICICI Bank raising such bonds at a time when lenders face increased pressure to mobilize funds due to credit growth outpacing deposit growth.SBI set a new benchmark by...
Rule changes can help onboard customers from anywhere in India: Deutsche Bank, ET BFSI
Mumbai, German lender Deutsche Bank will be focussing on the digital channel over the branch model to grow its business in the country, a top official said. Changes in rules by the RBI mandating geographical location restrictions while onboarding customers will be of...
Credit, deposit growth remain robust despite marginal sequential dip, ET BFSI
Credit offtake continued to grow at 19.2% year-on-year (y-o-y) to reach Rs 167.1 lakh crore, for the fortnight ending June 14, 2024. This rise can continue to be attributed to the impact of HDFC’s merger with HDFC Bank along with the growth in personal loans....
Nine NBFCs surrender license to RBI, BFSI News, ET BFSI
The Reserve Bank of India (RBI) on Tuesday stated that nine Non-Banking Financial Companies (NBFCs) have surrendered their Certificates of Registration (CoR).The RBI, exercising its authority under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has...
Hindenburg was never a client or investor in K-India Fund, says Kotak Mahindra Bank, ET BFSI
In response to allegations by Hindenburg Research, Kotak Mahindra International Ltd (KMIL) has said that Hindenburg Research has never been a client or investor in its fund, K-India Opportunities Fund Ltd (KIOF)."Kotak Mahindra International Limited (KMIL) and KIOF...
Bajaj Housing Finance launches Sambhav Home Loans for first-time home buyers, ET BFSI
Bajaj Housing Finance is venturing into the affordable housing finance sector and has launched Sambhav Home Loans today targeting first time home buyers with affordable income criteria. The income norm for first-time homebuyers, under this new product, starts from Rs....
ESAF Small Finance Bank creates micro banking vertical with 5,200 staff, ET BFSI
ESAF Small Finance Bank on Monday absorbed about 5,200 employees from ESAF Swasraya Multi-State Agro Co-operative Society Ltd (ESMACO), a corporate business correspondent of the bank, as part of a strategic business restructuring. The bank will now directly manage the...
Staff associations of mainstream lenders and regional rural banks at loggerheads over merger proposal, ET BFSI
Kolkata: Staff associations at mainstream lenders and their linked rural counterparts appear to have a vertical split in their ranks – and the feared loss of identity for the latter through proposed mergers has turned one-time comrades into future combatants.The All...
Credit Card issuance soars despite worries over unsecured loans, ET BFSI
Credit card base grew 18% year on year (y-o-y) to reach an outstanding base of 103 million as on end May 2024, with HDFC bank adding the highest number of new cards, and Kotak Mahindra bank seeing a sharp drop amid RBI restrictions. Spendings by credit cards also grew...
HDFC Bank scheduled downtime next week for more than 12 hours; UPI, ATM withdrawals, other banking services to be impacted, ET BFSI
HDFC Bank has emailed its customers to inform them that an upcoming system upgrade will improve their banking experience by enhancing performance speed, extending capacity to manage high traffic, and increasing overall dependability.HDFC Bank scheduled downtime is on...
Tight liquidity forces banks to tap debt markets, shell out more, ET BFSI
Bank borrowings through money markets and certain types of bonds jumped 60% from a year earlier during April-June as tighter cash conditions compelled lenders to take the debt route to raise money, with the cost of funds rising after a multi-year era of easy liquidity...
PSBs on the margins in credit cards, but NPAs ahead by a wide margin, ET BFSI
Mumbai: Indian public sector lenders have been late entrants into credit cards, and the latest data on delinquencies and expenditures showed they remain relative stragglers in a revenue stream dominated by privately owned banks. But, at the same time, the state-run...
Hindenburg faces Sebi scrutiny, Kotak Bank dragged in Adani saga, ET BFSI
U.S-based short-seller Hindenburg Research said on Monday that India's securities regulator had sent it a letter outlining suspected violations over its short bet against Adani Group last year and revealed it may "barely come out above breakeven" on its trade....
REC loan sanctions grow 24% to Rs 1.12 lakh crore in Q1; Rs 40K cr for renewables, ET BFSI
State-owned REC Ltd on Monday said it sanctioned Rs 1,12,747 crore worth of loans during April-June FY25, posting a year-on-year growth of 24.17 per cent. It had sanctioned Rs 90,797 crore as loan during the year-ago period, the company said in an exchange filing....
Amitabh Chaudhry, MD, Axis Bank, ET BFSI
Axis Bank may have cleaned up its bad loans and reoriented the business, but it has a long way to go in terms of market share and dominance in various segments, says chief executive Amitabh Chaudhry. The Reserve Bank of India would only tighten and not loosen...
Punjab & Sind Bank plans to raise Rs 2,000 cr via QIP likely in H2 FY25, ET BFSI
State-owned Punjab & Sind Bank plans to raise Rs 2,000 crore in the second half of this fiscal via Qualified Institutional Placement (QIP) to fund business growth. "The board has already given approval, and merchant bankers should be on-boarded by August," Punjab...
Banks put on alert! RBI warns banks of ‘credible threat intelligence’ regarding cyberattacks, ET BFSI
Banks on alert! The Reserve Bank of India (RBI) has cautioned banks across the nation to be vigilant against potential cyberattacks, following credible intelligence reports. Banks have been instructed to actively monitor their systems round the clock to detect any...
Banks scanning proprietor A/Cs to spot ‘money mules’, BFSI News, ET BFSI
Wary bankers and deceptive 'mules' are playing a cat-and-mouse game. Several high-street banks have either stopped or slowed down opening sole proprietorship and individual current accounts of firms that are less than a year old amid suspicion that they could be...
Card dues & gold loans beat bank credit growth of 20%, BFSI News, ET BFSI
MUMBAI: For banks, credit card outstanding and gold loans remain outliers in growth. The segments recorded a year-on-year increase of 26.2% and 29.7% respectively as of May 2024.This is much higher than the 19.8% growth in overall bank credit which - adjusting bank's...
Tight liquidity forces banks to tap debt markets, shell out more, ET BFSI
Bank borrowings through money markets and certain types of bonds jumped 60% from a year earlier during April-June as tighter cash conditions compelled lenders to take the debt route to raise money, with the cost of funds rising after a multi-year era of easy liquidity...
FPIs invested Rs 26,565 cr in June after selling in April and May in stock market, ET BFSI
New Delhi[India], June 30 (ANI): The Foreign Portfolio Investors (FPIs) significantly increased their investments in the Indian stock markets in the last week of June, according to data from the National Securities Depository Limited (NSDL).The net investment by FPIs...
CS Setty gets FSIB approval to head SBI as next chairman, ET BFSI
Challa Sreenivasulu Setty has been selected as the next chairman of State Bank of India (SBI) by the Financial Services Institution Bureau (FSIB), an arm of the central government. The two other contenders were Ashwini Tiwari and Vinay Tonse. Setty will succeed...
Analysts, BFSI News, ET BFSI
Nifty could extend its gains as momentum remains strong with technical charts suggesting a positive bias. If the Index crosses and sustains above the 24,200 level, the momentum could push it towards 24,500-24,600. Analysts recommend stocks such as Reliance, ICICI...
For people’s man Challa Sreenivasulu Setty, the challenge is to take high-flying SBI to newer heights, ET BFSI
Mumbai: Soft spoken, versatile and a people's man are some of the adjectives current and former colleagues use to describe Challa Sreenivasulu Setty, the State Bank of India managing director who is set to take over as the lender's 27th chairman at the end of...
Groww aims to debunk misinformation to over 1.5 crore customers amid concerns, ET BFSI
New Delhi, As multiple customers juggled to validate their Groww portfolio on mutual fund transfer agencies CAMS and Kfintech amid concerns, the financial services platform on Monday said some of the customers are not able to see all their investments because there...
SBI launches online quick loan solution for MSMEs, BFSI News, ET BFSI
Mumbai (Maharashtra) [India], July 1 (ANI): Lender State Bank of India (SBI) has unveiled a web-based digital business loans solution for MSMEs' Invoice Financing, aimed at facilitating MSME loans with a fast turn-around-time.The solution, named "MSME Sahaj - End to...
Fresh capital raised via IPOs surges to a 9-year high, hints at private capex revival, ET BFSI
Mumbai: Amid massive selling by promoters and private equity players in the secondary market, fresh capital raised via initial public offerings (IPOs) in the first-half of the year has surged to the highest in nine years, indicating a slow revival in capital...
Banks put on alert! RBI warns banks of ‘credible threat intelligence’ regarding cyberattacks, ET BFSI
Banks on alert! The Reserve Bank of India (RBI) has cautioned banks across the nation to be vigilant against potential cyberattacks, following credible intelligence reports. Banks have been instructed to actively monitor their systems round the clock to detect any...
How to Choose the Best eLITE Credit Cards; pros and cons, BFSI News, ET BFSI
Imagine going on a luxury vacation, shopping from your favourite brands, having early access to special events, enjoying premium benefits and rewards, and more!Well, why imagine when you can enjoy these with an eLITE credit card?eLITE credit card is an all-rounder...
Banks scanning proprietor A/Cs to spot ‘money mules’, BFSI News, ET BFSI
Wary bankers and deceptive 'mules' are playing a cat-and-mouse game. Several high-street banks have either stopped or slowed down opening sole proprietorship and individual current accounts of firms that are less than a year old amid suspicion that they could be...
Niva Bupa Health Insurance files for Rs 3,000 crore IPO, ET BFSI
Niva Bupa Health Insurance Ltd (formerly Max Bupa) has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO) worth Rs 3,000 crore.The IPO will comprise a fresh...
Axis Bank and Piramal Finance partner for co-lending business, ET BFSI
India’s private sector lender, Axis Bank, and Piramal Finance, a Mumbai-based NBFC-HFC, announced a co-lending partnership on Monday.Through this partnership, both lenders will offer loans to middle and low-income segment borrowers, focusing on rural and semi-urban...
Bandhan Bank commences online collection of direct taxes, BFSI News, ET BFSI
Kolkata: Bandhan Bank on Friday said it has launched a facility for online collection of direct taxes, enabling its customers and others to pay taxes seamlessly across India. As an RBI-appointed agency bank, it also accepts offline payments through its 1,700 branches,...
Banks told to stay vigilant amid intel on cyberattack threat, ET BFSI
Banks across the country have been put on alert amid tip-offs received by the regulator on possible cyberattacks.They have been told to proactively monitor their systems for threat detection on a 24/7 basis."In the light of credible threat intelligence received...
Ten big banks settle US interest rate swaps rigging litigation, ET BFSI
Ten large banks including Bank of America, Goldman Sachs and JPMorgan Chase will pay $46 million to settle a long-running antitrust lawsuit accusing them of conspiring to rig the now $465.9 trillion market for interest rate swaps.Lawyers for investors filed a...
Bank of Maharashtra to issue tier-II bonds, bankers say, ET BFSI
India's Bank of Maharashtra plans to raise up to 10 billion rupees ($119.88 million), including a greenshoe of 7.5 billion rupees, through Basel III compliant tier 2 bonds maturing in 10 years, three people said on Friday. The state-run bank has invited bids from...
Personal loans dearer post RBI risk nudge, BFSI News, ET BFSI
Mumbai: Private lenders such as HDFC Bank, ICICI Bank, Kotak Mahindra Bank and Axis Bank have raised lending rates on personal loans by 30-50 basis points (bps) in the past few months after the Reserve Bank of India (RBI) increased the risk weighting for such loans to...
RBI imposes Rs 29.6 lakh penalty on HSBC, BFSI News, ET BFSI
The RBI on Friday said it has imposed a penalty of Rs 29.6 lakh on The Hongkong and Shanghai Banking Corporation Limited (HSBC) for non-compliance with certain directions related to cards. The penalty has been imposed on HSBC for non-compliance with certain directions...
Rate sensitivity on the rise in PSB portfolios, BFSI News, ET BFSI
Mumbai: The interest rate sensitivity of a major trading portfolio for state-owned public sector banks and foreign banks increased from September 2023 to March this year, implying greater exposure to the impact that volatility in bond yields can have on profits and...
Decline in debit cards transaction volume by 16%, credit cards witness uptick in May’24, ET BFSI
According to latest data by 1Lattice, on a year on year basis, debit cards transaction volume has decreased by a massive 16 per cent while the value of transactions decreased by approximately 9 per cent in May 2024. On the other hand, credit cards transaction volume...
Retail loans moderate for the 10th straight month, ET BFSI
Bank lending to the retail sector continued to moderate for the tenth straight month in May (to 17.8% from 19.1 percent in the same period a year ago) over the previous comparable period according to the latest data released by the Reserve bank of India on...
States to sell 2.64 lakh crore of bonds in July-Sept, BFSI News, ET BFSI
State governments and Union Territories plan to raise funds worth Rs 2.64 lakh crore through bond sales in July-September, while the Centre aims to raise Rs 2.60 lakh crore through the sale of Treasury Bills in the second quarter, the Reserve Bank of India said.In an...
Rates on fresh loans and deposit moderate sequentially in May, ET BFSI
Weighted average lending rates on fresh loans and deposits fell marginally by 16bps and one bps ( one basis point is 0.01 percent) respectively in May according to the latest data released by the Reserve Bank of India.The weighted average lending rate (WALR) on fresh...
Sensex rally takes breather after crossing record 79k, BFSI News, ET BFSI
MUMBAI: The sensex and Nifty ended their four-day rally in Friday's session. After hitting new highs in the first half of the day, profit booking in banking and IT stocks led to both indices closing in the red.The sensex declined 210 points to close at 79,033 after...
Citi urges dismissal of ex-managing director’s whistleblower lawsuit, ET BFSI
Citigroup urged a judge to dismiss a lawsuit by a former managing director who accused the bank of firing her in retaliation for refusing to give regulators false information.Citi said Kathleen Martin was lawfully terminated because she lacked the leadership and...
Government bonds enter JP Morgan’s index, BFSI News, ET BFSI
MUMBAI: Indian govt bonds made their entry into the JP Morgan emerging market bond index on Friday, a development that can reduce the cost of long-term borrowings for businesses, add stability to the rupee and improve the country's balance of payments position.The...
M&M Finance CFO Vivek Karve resigns, BFSI News, ET BFSI
Mahindra Finance announced that Vivek Karve, the Chief Financial Officer, has tendered his resignation from the company to pursue personal, social, and professional interests beyond full-time employment.Karve joined Mahindra Finance as its CFO in 2020. He has agreed...
Credit card industry adds 0.76 million cards in May 2024, BFSI News, ET BFSI
The credit card industry saw a net addition of 0.76 million credit cards in May’24 (0.74 million in April 2024 and 1.2 million in March 2024), led by healthy traction by HDFC Bank, ICICI Bank, Axis Bank, and SBI Card. HDFC Bank added the highest numbers of new cards...
Bank Unions write to Finance Minister for merger of RRBs with Sponsor Banks, ET BFSI
New Delhi: Two bank unions -- AIBOC and AIBEA -- have demanded the merger of Regional Rural Banks (RRBs) with their respective Sponsor Banks to ensure overall efficiency and viability of the banking sector. It is imperative that for ensuring the desired level of...
Banks well capitalised to handle macro shocks, BFSI News, ET BFSI
Mumbai: Various tests reveal that banks are well capitalised and capable of absorbing macroeconomic shocks, with lenders likely to report higher-than-required capital ratios even under the most severe stress scenarios, the Reserve Bank of India (RBI) said."Under the...
AU Small Fin Bank plans to raise up to Rs 11,000 crore, ET BFSI
Kolkata: AU Small Finance Bank board on Thursday approved a plan of raising up to Rs 5,000 crore by selling equities and mobilising up to Rs 6000 crore in debts.The equity may be raised through private placement or qualified institutions placement (QIP) or...
RBI’s new valuation rule may hit banks’ trading gains in Q1, BFSI News, ET BFSI
Mumbai: Banks, which tend to reap trading profits when government bond yields fall, may be deprived of large gains on that account in the June quarter due to recently implemented regulatory changes but the new norms will likely strengthen capital ratios for...
RBL Bank to raise Rs 65 billion via institutional placement of shares, debt issue, ET BFSI
Indian private lender RBL Bank said on Thursday it will raise up to 65 billion rupees ($779 million) through a combination of qualified institutional placement (QIP) of shares and debt sale. The bank will raise 35 billion rupees through QIP and 30 billion rupees...
HDFC Bank sets new terms for credit card holders from August 1, ET BFSI
HDFC Bank has announced significant updates to the terms and charges for its credit card holders. These changes, which take effect on August 1, 2024, are detailed on the bank's official website. The revisions cover a range of transaction types and fees.Customers using...
HSBC taps metaverse to win business from India’s rich diaspora, ET BFSI
HSBC Holdings Plc is testing a range of new products and services as part of its push to win a larger share of business from India’s affluent diaspora, who sent more than $100 billion back home last year.The bank plans to offer dollar-denominated products to...
RBI cautions against surge in private credit between corporates and non-banks, ET BFSI
The Reserve Bank of India has cautioned against surge in private credit with a potential interconnectedness between banks and non-banks could create systemic risk in the financial system. In the latest edition of the financial stability report, the regulator said that...
Pranav Gundlapalle, Sanford C Bernstein, ET BFSI
Pranav Gundlapalle, Senior Research Analyst, Sanford C Bernstein, says expects private sector banks to outperform the public sector banks from now onwards, both in terms of the EPS growth numbers or even the fundamental metrics. What has not helped them from a stock...
HDFC Bank frontrunner in credit cards market, SBI leads in debit cards in May’24, ET BFSI
India's largest public sector lender, the State Bank of India, remained the front runner in the Debit cards market, holding a whopping 24 per cent market share in May 2024 while in credit cards HDFC Bank maintained the top position with a 20 per cent market share,...
Banks may relatively underperform compared to rest of the market: Ajay Srivastava, ET BFSI
"It is good for everybody, good for investors, good for savers, good interest rate and with the rains coming I think we finally can hear sigh of relief that what was the biggest question mark in the economy possibly will get addressed in the next 30-60 days," says...
Sensex breaches historic 79,000-mark; Nifty hits new record peak, ET BFSI
Mumbai, Benchmark indices rebounded after falling in early trade on Thursday, with the Sensex breaching the historic 79,000-mark for the first time and the Nifty hitting its fresh record high, amid buying in blue-chip stocks. The 30-share BSE Sensex jumped 339.51...
Globalization of MSMEs critical for India to achieve the $5 trillion economy goal, ET BFSI
It's not just a good opportunity for Indian MSMEs to go global, it's necessary for a developed India.The 27th day of June is commemorated as World MSME Day 2024 to acknowledge the contribution of Micro, Small, and Medium Enterprises towards the achievement of the...
Are banks open or closed this Saturday, June 29, 2024?, BFSI News, ET BFSI
The Reserve Bank of India plays a crucial role in determining the bank holidays for the entire year in India. This includes all types of banks, such as cooperative, rural, regional, private, and public sector banks. As per the regulations, all banks will be closed on...
These government employees to get higher salary, ET BFSI
The Employees' Provident Fund Organisation (EPFO) has decided to discontinue the deductions under the Group Insurance Scheme (GIS) with immediate effect for government employees who joined service after September 1, 2013."It is directed to discontinue the deductions...
SIDBI bats for sustainable development of MSMEs, BFSI News, ET BFSI
Kolkata: Small Industries Development Bank of India (SIDBI) has been making efforts for sustainable development of the MSME sector, which plays a key role in the economy, a senior official of the financial institution said on Thursday. Deputy Managing Director of...
Big US banks withstand Fed’s commercial real estate shock scenario, ET BFSI
Big U.S. banks survived a hypothetical 40% drop in commercial real estate values as a part of the U.S. Federal Reserve's annual health test, easing fears about the banking sector as landlords struggle in a higher-for-longer interest rate world.As risks mount in the...
Over 1.5 lakhs money laundering accounts across APAC, 108% rise in voice scams: Report, ET BFSI
According to a latest report by BioCatch, a total of over 1.5 lakhs money laundering accounts were found across APAC. Further, it is to be noted that there was an increase in voice scams of about 108 per cent.Across the APAC region, mobile frauds has grown...
Fairfax Group likely to sell 9.72% in CSB Bank, BFSI News, ET BFSI
Mumbai: Indian-born Canadian billionaire Prem Watsa's Fairfax Group is likely to sell a 9.72% stake in CSB Bank on Thursday through block deals to raise about ₹595 crore. According to the term sheet issued by the banker IIFL, FIH Mauritius Investments, an entity...
World Bank report, ET BFSI
Washington, India received USD 120 billion in remittances in 2023, which is almost twice of USD 66 billion received by Mexico during the same period, the World Bank said in a report released on Wednesday. China (USD 50 billion), the Philippines (USD 39 billion), and...
Banks will be closed for 12 days in July; here’s the full state-wise bank holiday list, ET BFSI
Banks will be closed for 12 days in July 2024 across different states, according to the Reserve Bank of India (RBI) holiday list. The holidays include regional, national holidays as well as both the second and fourth Saturdays as well as Sundays.Banks will be closed...
Gilts to shine brighter from tomorrow, BFSI News, ET BFSI
Mumbai: From Friday, a new era of global interconnectedness begins for the Indian sovereign debt market with government bonds' inclusion in an international bond index set to attract billions of dollars of foreign money and increase worldwide scrutiny on the country's...
Bandhan Employees’ Welfare Trust to move court following allegation against Chandra Shekhar Ghosh, ET BFSI
Bandhan Employees' Welfare Trust, which is in the midst of a storm following agitations by a section of its members against Bandhan group founder Chandra Shehar Ghosh for alleged irregularities in running the trust, has termed the agitation "baseless and motivated,...
Sadaf Sayeed, CEO of Muthoot Microfin, appointed as Co-Chair of Sa-Dhan, ET BFSI
Sadaf Sayeed, CEO of the Kochi-based Muthoot Microfin, has been appointed as the Co-Chair of Sa-Dhan, the largest and oldest association of microfinance and impact finance institutions in India.The re-election took place during Sa-Dhan's 26th Annual General Body...
Banks’ gross NPAs at 12-yr low, may fall further to 2.5 pc: RBI report, ET BFSI
Mumbai, The bad assets or gross NPAs of commercial banks fell to a 12-year low of 2.8 per cent in March 2024 and may go down further to 2.5 per cent by the end of the current fiscal, said the RBI's Financial Stability Report (FSR) released on Thursday. Scheduled...
Emkay Investment Managers launches new AIF; eyes Rs 500 crore, ET BFSI
\New Delhi, Portfolio management firm Emkay Investment Managers Ltd (EIML) on Thursday announced the launch of an alternative investment fund -- Emkay Capital Builder Fund-- through which it is aiming to mobilise Rs 500 crore in the next 6 to 8 months. The open-ended...
AI-led credit assessment APIs essential to address $530bn MSME credit gap, ET BFSI
As India is aspiring to become a $7 trillion economy by 2030, the country’s MSME sector needs to grow by 40-50% as it has contributed roughly one-third of India’s GDP in the last decade. In order to empower the MSME sector, it is essential to address the credit gap,...
SBI raises Rs 10,000 cr via bond sales to fund infra projects, ET BFSI
Mumbai: State Bank of India on Wednesday raised ₹10,000 crore through a sale of infrastructure bonds, with the lender's first debt issuance of the current financial year witnessing firm demand from the investors.Separately, ICICI Bank is likely to carry out a sale of...
FIIs have sold Rs 1 lakh crore worth of stocks from these 5 sectors in H1 of CY24, ET BFSI
A large bulk of selling by foreign institutional investors (FIIs) have been concentrated in the five big sectors of financials, oil & gas, FMCG, IT and construction so far in the first 6 months of calendar year 2024. The cumulative outflow from these 5 sectors has...
Indian financiers’ debt lures buyers on widest spread since 2020, ET BFSI
Indian shadow lenders are luring some of the nation’s biggest fund managers as their notes offer the biggest premium in nearly four years over sovereign bonds.Asset managers such as ICICI Prudential Life Insurance Co., Edelweiss Asset Management Ltd. and Star Health...
ICICI Bank hits $100 billion market cap, what’s driving the performance?, ET BFSI
ICICI Bank has been demonstrating impressive growth and strategic development, outpacing system credit growth with a strong focus on quality underwriting and diversification. This performance is driven by a combination of robust loan growth, technological...
How rupee went from most to least volatile in Asia, BFSI News, ET BFSI
The rupee has gone from being one of Asia's most volatile currencies to among its most stable in the span of a decade. The turnaround reflects India's growing economic heft and RBI's interventions to manage the rupee's wild swings. With Indian bonds set to join an...
Akme Fintrade shares list at 6% premium over issue price, BFSI News, ET BFSI
The shares of Akme Fintrade listed on the exchanges on Wednesday with a premium of 6% on NSE. The stock debuted at Rs 127 on the NSE and at Rs 125.70 on BSE (up 4.75%) against an issue price of Rs 120.Ahead of the listing, the company's shares were trading with a GMP...
Yes Bank restructures workforce, lays off 500 employees in cost-cutting move, ET BFSI
Yes Bank confirmed that it’s looking to become operationally efficient by optimising its workforcePrivate sector lender Yes Bank has given marching orders to at least 500 employees in a restructuring exercise that could see more such layoffs in the coming days,...
YES Bank board to consider fundraising via debt, ET BFSI
YES Bank's board of directors on Tuesday approved borrowing/raising funds by issue of debt securities, the company said in its filing to the exchanges.The lender plans to raise funds in Indian/foreign currency through the issue of debt securities. The options could be...
Banks seek clarity from RBI on credit card network norms, BFSI News, ET BFSI
Some banks have approached the Reserve Bank of India (RBI) for clarity on guidelines requiring them to offer existing credit card customers a choice of networks such as Rupay, Visa, and MasterCard. According to the Reserve Bank guidelines issued in March, card issuers...
ICICI Bank 6th Indian company to join the league, ET BFSI
Mumbai: ICICI Bank on Tuesday became the sixth Indian company to achieve a market capitalisation of $100 billion after the stock rose by 2.48% to close at a record high of ₹1,199.05. The private lender is the second-largest bank in India by market capitalisation,...
Kogta Financial raises USD 148 Mn from Ontario Teachers’ Pension Plan, ET BFSI
Creador and Morgan Stanley PE-backed NBFC, Kogta Financial, announced on Wednesday that it has secured USD 148 million (INR 1230 crore) in Series E funding from the Ontario Teachers’ Pension Plan.This investment will see Rahul Mukim, Director of Private Capital,...
RBI downgrades Kerala Bank, curbs on personal loans, BFSI News, ET BFSI
THIRUVANANTHAPURAM: The Reserve Bank of India has downgraded Kerala Bank to 'C' class, based on a report from Nabard. As per the latest classification, the bank will not be eligible to give personal loans above Rs 25 lakh.Kerala Bank has written to its branches,...
Sensex breaches 78,000 mark for 1st time, Nifty at record high as bank stocks surge, ET BFSI
MUMBAI: The BSE Sensex rose 712.4 points (0.9%) to cross the 78,000 mark for the first time. It hit a high of 78,053.5 on Tuesday, led by a surge in bank and finance stocks that had been underperforming earlier in the year. The NSE Nifty also climbed by 183.5 points...
Yes Bank sacks at least 500 employees; more staff may be laid off in coming days, ET BFSI
Yes Bank, a private sector lender, has recently laid off at least 500 employees as part of a restructuring exercise, according to multiple sources familiar with the situation. The layoffs, which could continue in the coming days, have affected various departments,...
Exempt selectively sovereign funds, RBI, BFSI News, ET BFSI
The Centre is seeking carve-outs on merits from provisioning rules for banks and NBFCs to curb evergreening of loans through alternative investment funds (AIF). Last year, RBI closed a loophole in the discovery of dodgy loans by pulling bank lending out of investment...
Banks seek clarity from RBI on credit card network norms, BFSI News, ET BFSI
Some banks have approached the Reserve Bank of India (RBI) for clarity on guidelines requiring them to offer existing credit card customers a choice of networks such as Rupay, Visa, and MasterCard. According to the Reserve Bank guidelines issued in March, card issuers...
How Quant Mutual Fund took India’s stock market by storm, ET BFSI
Quant Mutual Fund took India’s market by storm in recent years, using computer models to generate 560% returns and boost assets by almost 400-fold. That spectacular growth is under threat in India’s latest regulatory probe. The Securities and Exchange Board of India...
Akme Fintrade shares to list tomorrow. What GMP signals ahead of listing?, ET BFSI
The shares of Akme Fintrade will list on the exchanges on Wednesday. Ahead of the listing, the company's shares were trading with a GMP of Rs 18 in the unlisted market.Considering the upper price band of Rs 120, the stock is expected to list at a premium of 15% over...
16% uptick in overall outstanding loans in May’24, ET BFSI
BFSI sector recorded a steady credit with strong growth in overall outstanding loans increasing by approximately 16 per cent on a yoy basis in May, 2024. Deposit growth picked up yoy and is likely to see further uptick in the current rising interest rate regime. On a...
Digital Rupee transactions slump after reaching initial RBI target, ET BFSI
Usage of India's digital currency, the e-rupee, has slumped to just a tenth of the peak hit in December, four sources said, reflecting the struggles several countries have experienced in trying to generate public support for digital currencies.The Reserve Bank of...
How big is the MSME lending opportunity for banks and NBFCs?, BFSI News, ET BFSI
With about 64 million MSMEs in India overall, the total funding requirement for the sector is projected to reach Rs 134.40 lakh crore. Of this, total debt demand is estimated at Rs 106.11 lakh crore, of which Rs 56.24 lakh crore or 53% is anticipated to be the...
Big US banks expected to be cautious on shareholder payouts, BFSI News, ET BFSI
Big U.S. lenders are expected to show they have ample capital to weather any renewed turmoil during this week's Federal Reserve health checks, but will be conservative on investor payouts amid economic and regulatory uncertainties, analysts said.The central bank on...
RBI appoints additional director for Bandhan Bank, BFSI News, ET BFSI
Mumbai: The Reserve Bank of India has appointed Arun Kumar Singh as additional director on the board of Bandhan Bank for a term of one year, the bank said late Monday evening. The move is likely to guide the bank in succession planning. Bandhan Bank’s founder MD &...
HDFC Bank launches SmartWealth app, BFSI News, ET BFSI
HDFC Bank has launched a new digital investment platform. The HDFC Bank SmartWealth app aims to take wealth services to every Indian and make investments simple and transparent. HDFC Bank SmartWealth is claimed to e targeted at both existing and new investors.With...
Banks in a GST fix over RBI’s directive to levy penal charges, ET BFSI
The ban on 'penal interest' on borrowers is posing a tax dilemma for banks. Banks fear that the Reserve Bank of India's (RBI) directive to levy penalty only in the form of 'penal charges' as against the hitherto practice of imposing 'penal interest' would attract the...
JPMorgan India bank CEO Singh quits before end of term, BFSI News, ET BFSI
Prabdev Singh, chief executive officer of JPMorgan Chase & Co.’s bank in India, has stepped down before the end of his term.Pranav Chawda, head of commercial banking for India, will expand his current responsibilities to become the head of India Corporate Banking...
Bank of Baroda appoints Chayani Sundar as the new Chief Financial Officer, ET BFSI
Bank of Baroda has named Chayani Manoj Sundar as its new Chief Financial Officer (CFO), effective from June 21, 2024. Chayani, a seasoned professional with over 19 years of experience in the banking sector, brings expertise in financial and credit operations. He holds...
FSIB to hold interview for SBI chairman’s position on June 29, ET BFSI
New Delhi: FSIB, the headhunter for directors of state-owned banks and financial institutions, is scheduled to hold interviews to select a suitable candidate for the post of State Bank of India (SBI) chairman. Last month, the interview was unexpectedly postponed...
AI may hit banking jobs more than any other sector: Citi report, ET BFSI
Approximately 54% of jobs within the banking sector have a high potential to be automated, with an additional 12% of roles capable of being augmented by artificial intelligence (AI), according to a report by Citigroup . The study underscores a growing trend among...
NHB invites applications for managerial positions. Here are the details, ET BFSI
The National Housing Bank (NHB) has announced the NHB Recruitment 2024, presenting a golden opportunity for bank job seekers across India. Known for its pivotal role in advancing housing finance institutions and ensuring sector stability, NHB aims to fill 48 vacancies...
BoB aims to double tech team headcount to 3,000 by FY26-end, BFSI News, ET BFSI
Apart from the 1,500 in-house workers, there are also contractual employees engaged by the bank in the IT function, Chand saidMumbai: State-owned Bank of Baroda is aiming to double its in-house technology team headcount to 3,000 in the next two years, a top official...
NeuCoins you will earn from UPI transactions on Tata Neu Infinity HDFC Bank Credit Card from August 1, 2024, ET BFSI
HDFC Bank has informed its Tata Neu Infinity credit card customers through mail regarding the change in Neucoins that will be issued on UPI transactions. The change is effective from August 1, 2024.“NeuCoins are the rewards a customer earns when transacting on the...
India & China’s banks’ efficiency erodes as expenses outpace income: Report, ET BFSI
The operating efficiency of lenders in mainland China and India eroded over the 12 months ended March 31 due to rising operating expenses, according to S&P Global Market Intelligence.It said that the Indian banks' aggregate cost-to-income ratio, a key measure of...
SAT stays Sebi order on former PTC India CMD Rajib Kumar Mishra, ET BFSI
The Securities Appellate Tribunal (SAT) has stayed a Sebi order that restrained former PTC India chairman and managing director Rajib Kumar Mishra from being a director in a listed entity for six months in a matter pertaining to corporate governance lapses. Following...
Citi appoints Jeegar Shah as the new Chief Financial Officer for India, ET BFSI
Citigroup today announced the appointment of Jeegar Shah as the new CFO for its India franchise, effective June 1, 2024.In this role, Shah will serve as the single point of contact for all financial matters in India. He will also be responsible for providing strategic...
Reliance Capital lenders set out conditions to grant extension to Hindujas, ET BFSI
Lenders to Anil Ambani-promoted Reliance Capital have filed an affidavit with the bankruptcy court stating that the winning bidder - a Hinduja Group entity - can be granted a 90-day extension only if it deposits Rs 2,750 crore in a lender's escrow account and pays 12%...
Share of bank term deposits offering 7-8% doubles in FY24, BFSI News, ET BFSI
Approximately 58.9 percent of banks' term deposits carried an interest rate between 7 and 8 percent, a substantial increase from 30.3 percent a year earlier. Additionally, 5.5 percent of TDs offered interest rates above 8 percent, up from 3.4 percent in March 2023.In...
Latest gold loan interest rates of 24 banks, ET BFSI
A gold loan is a flexible financial instrument that meets a range of objectives, from supporting your foreign trips to handling unforeseen bills. Unlike other loans, which need a complicated approval procedure and a lot of paperwork, gold loans are convenient.The...
Northern Arc Capital secures $75 mln from FMO via Senior Secured Debentures, ET BFSI
Northern Arc Capital Limited, a diversified non-banking financial company (NBFC) in India, has successfully raised $75 million (INR 620 crore) through the issuance of senior secured, listed Non-Convertible Debentures (NCDs). This substantial investment comes from FMO,...
Canara Bank”s X account “compromised”, investigation underway, ET BFSI
Bengaluru: State-owned Canara Bank on Sunday said that its account on social media platform X has been "compromised"."Canara Bank would like to inform all concerned that the bank's official X (formerly Twitter) account has been compromised. All concerned teams are...
Mcap of three of top-10 most valued firms jumps Rs 1.06 lakh cr; HDFC Bank, ICICI Bank shine, ET BFSI
The combined market valuation of three of the top-10 most valued firms jumped Rs 1,06,125.98 crore in holiday-shortened last week, with HDFC Bank and ICICI Bank emerging as the biggest gainers. Last week, the BSE benchmark Sensex climbed 217.13 points or 0.28 per...
Government asks PSBs to identify non-performing vendors, create negative list, ET BFSI
New Delhi: Service providers to public sector banks (PSBs), including vendors, law and consulting firms, and IT companies, may face challenges securing contracts from all PSBs if they underperform or delay projects of any one bank. The government has asked lenders to...
Few takers for banks’ green deposit schemes, more incentives needed, say experts, ET BFSI
Lenders including the State Bank of India (SBI) are grappling with challenges in mobilising green deposits, despite efforts to promote environmentally friendly financing options. More than a year after the Reserve Bank of India (RBI) introduced guidelines for banks to...
Consumer durables demand sparks bank lending boom in India, BFSI News, ET BFSI
The demand for consumer durable loans in metro cities has surged dramatically over the past five years, driven by robust consumer spending on electronic gadgets and home appliances. According to Reserve Bank of India (RBI) data, these loans have skyrocketed from Rs...
Bank of Baroda appoints Chayani Sundar as the new Chief Financial Officer, ET BFSI
Bank of Baroda has named Chayani Manoj Sundar as its new Chief Financial Officer (CFO), effective from June 21, 2024. Chayani, a seasoned professional with over 19 years of experience in the banking sector, brings expertise in financial and credit operations. He holds...
Kotak Mahindra Bank to add up to 200 branches in FY25, ET BFSI
India's Kotak Mahindra Bank will increase its pace of opening new branches and add about 175 to 200 branches in the financial year 2024-25, a senior official at the bank said, months after the central bank barred the private lender from sourcing new customers...
GT Force partners with ESAF Small Finance Bank to simplify E-2W Financing, ET BFSI
ESAF Small Finance Bank, headquartered in Thrissur, Kerala, is providing banking services and small loans to the underbanked, making it an ideal partner for GT Force in expanding its customer base.New Delhi: GT Force, a pioneer in electric two-wheeler manufacturing,...
