Banking Finance
Swiss National Bank exploring ways to tokenise financial assets, ET BFSI
ZURICH, - The Swiss National Bank is examining the best way that financial assets can be digitally tokenised as a way of making payments more secure and efficient, Chairman Thomas Jordan said on Monday.Jordan said central banks needed to decide how best to engage in...
Indian Bank to focus on mid-corporate business, BFSI News, ET BFSI
CHENNAI: Public sector Indian Bank will focus on the mid-corporate business and looks at 15% growth in the segment in FY25. The portfolio in this segment stood at Rs 41,000 crore in the end of FY24 against Rs 33,661 crore in FY23.Indian Bank MD & CEO S L Jain told...
‘Fresh capital infusion gives flexibility for expansion over 1.5 years’: Grihum MD&CEO, ET BFSI
Manish Jaiswal, the MD&CEO of Grihum Housing Finance Grihum Housing Finance, the erstwhile Poonawalla Housing Finance, has registered the highest ever yearly Profit After Tax (PAT) of Rs 140 crore, jumping 21% YoY and Rs 46 crore for Q4, up by 24% QoQ.Further,...
US Fed issues enforcement action with First Citizens Bank Of Butte -statement, ET BFSI
WASHINGTON, - The U.S. Federal Reserve Board has issued an enforcement action with First Citizens Bank of Butte in Montana, the board said in a statement on Tuesday.The enforcement action addresses issues with board management, anti-money laundering and suspicious...
CEO, BFSI News, ET BFSI
Rebello said that the company has started centralising operations in the last six months to overcome the challenges of decentralised operations - how it was structured historically. Updated On May 8, 2024 at 08:38 AM IST Mumbai: Mahindra & Mahindra Financial...
Indian lenders to appeal cenbank’s tough project finance proposal, sources say, ET BFSI
By Ira Dugal and Siddhi NayakMUMBAI -Indian lenders will appeal against a central bank proposal to tighten rules for infrastructure project loans, according to a banker and a source familiar with the matter.The Indian Banks Association (IBA) is gathering inputs and...
Japanese financial company SMFG to invest Rs 1.3k crore in Indian arm, ET BFSI
Mumbai: Japan's Sumitomo Mitsui Financial Group (SMFG) has invested Rs 1,300 crore in its Indian arm through a rights issue.SMFG India Credit (formerly Fullerton India Credit), in turn, has invested Rs 150 crore in its wholly-owned subsidiary SMFG India Home Finance....
PSBs’ spreads between lending and deposits rates hit 10-year low of 2.28%, ET BFSI
The spreads, or the difference between lending and deposit rates, for Public Sector Banks (PSBs) reached a new 10-year low of 2.28%, while Private Banks (PVBs) maintained a relatively higher spread of 3.81% compared to PSBs.In March 2024, India's Scheduled Commercial...
Waaree Energies, Ecofy partner to offer finance for solar rooftop projects, ET BFSI
New Delhi, Waaree Energies on Wednesday said it has partnered with Ecofy to provide financing solutions for installation of solar rooftop projects. "Ecofy is committing Rs 100 crore into the partnership, showcasing confidence in Waaree's capabilities and the renewable...
Profit jumps 18% YoY to Rs 3,757 crore; NII rises 11%, ET BFSI
Canara Bank on Wednesday posted 18% growth in its standalone net profit at Rs 3,757 crore for the quarter ended March 2024. The same stood at Rs 3,174 crore in the last year period.Net interest income (NII) for the reporting quarter increased 11% year-on-year (YoY) to...
RBI asks NBFCs to stick to loan cash payout limit of Rs 20,000, ET BFSI
India's central bank has asked non-bank finance companies (NBFC) to strictly adhere to a cap of 20,000 rupees ($240) in cash loans, according to a letter seen by Reuters and two people aware of the development, in a bid to deter cash transactions."Please refer to...
Earn up to 8.75% interest rate; check list of revised fixed deposit rates, ET BFSI
RBL Bank FD rates: RBL Bank has updated its fixed deposit (FD) interest rates for amounts below Rs 2 crore, effective from May 1, 2024. These revised rates could benefit a range of investors, including senior citizens and super senior citizens.Top interest rate: 8.75%...
22KT, 18KT, 14KT gold price today from Indian Bullion and Jewellers Association (IBJA), ET BFSI
The price of gold varies every day due to factors that affect the demand and supply of the precious metal. Investors prefer to invest in gold when there is recessionary pressure in the economy. Indians usually also buy gold for weddings or on auspicious days like...
Muthoot Microfin looking to raise $50 million in ECB, BFSI News, ET BFSI
Kolkata: Muthoot Microfin, the microfinance arm of Kerala-based financial services group Muthoot Pappachan Group, is looking to raise $50 million in external commercial borrowing (ECB) in a bid to diversify fund sources and elongate the liability profile.“We are in...
MD & CEO Shanti Lal Jain, ET BFSI
Indian Bank witnessed a 11 per cent increase year-on-year in total deposits and it touched Rs 6,88,000 crore as of March 31, 2024 while gross advances increased by 13 per cent to Rs 5,33,773 crore. Public sector Indian Bank has set a target to cross Rs 1 lakh crore...
Incred Alternatives raises Rs 330 cr PE fund, BFSI News, ET BFSI
Mumbai, Incred Alternative Investments on Tuesday said it has raised private equity fund worth Rs 330 crore. Incred Growth Partners Fund I, its maiden PE fund, has received commitments of Rs 330 crore in its first close and is targeting a final close of Rs 500 crore,...
Aadhar Housing Finance raises nearly Rs 900 crore from anchor investors, ET BFSI
Representative ImageNEW DELHI: Aadhar Housing Finance Ltd, which is backed by private equity major Blackstone, on Tuesday said it has mobilised Rs 898 crore from anchor investors, a day before the launch of its initial public offering (IPO). The company has decided to...
Banks’ commercial real estate exposure nears Rs 4 lakh crore, BFSI News, ET BFSI
Indian banks have shown a significant uptick in lending to the commercial real estate sector, indicating renewed confidence among lenders in the stability and appeal of the real estate market. According to the latest data from the Reserve Bank of India (RBI), the...
Saurabh Mukherjea | Saurabh Mukherjea Portfolio: Why Saurabh Mukherjea isn’t losing sleep over stress in HDFC Bank, Kotak and Bajaj Finance, ET BFSI
Three financial giants HDFC Bank, Kotak Mahindra Bank and Bajaj Finance, which is almost half of PMS fund manager Saurabh Mukherjea's Kings of Capital portfolio, are having a tough time. But the star stock picker isn't the one to switch sides when the going gets...
This bank offers up to 9.10% FD interest to senior citizens, 8.5% rate to others, ET BFSI
Utkarsh Small Finance Bank has revised interest rates of fixed deposit (FD) of less than Rs 2 crore. The revised rates are effective from May 1, 2024, according to the website. The revised rates are applicable for fresh fixed deposits as well as for the renewal of...
IndusInd sets itself a new Rs 4.2 lakh crore target, eyes 2030 timeline, ET BFSI
IndusInd International Holdings (IIHL) has set its sights on a new Rs 4.2 lakh crore target that it plans to fulfil by 2030, ToI reported on May 6.Under the new plan, IIHL is looking to set up a banking, financial services, and insurance portfolio worth $50 billion...
Recent trends driving the Housing Finance industry in India, ET BFSI
Recent trends driving the Housing Finance industry in IndiaDriven by rising incomes, enhanced affordability and substantial government support, the Indian housing finance industry is on a growth trajectory with a robust 13% Compound Annual Growth Rate (CAGR) over...
JPMorgan cuts at least six investment banking jobs in Hong Kong, ET BFSI
The job cuts were first reported by Bloomberg on TuesdayHONG KONG: JPMorgan Chase & Co has become the latest Wall Street firm to reduce its workforce in Hong Kong, two sources with knowledge of the matter said, amid a weaker market and dealmaking activities.The...
Belstar Microfin files papers for Rs 1,300-crore IPO, BFSI News, ET BFSI
The company is a NBFC-MFI (non-banking finance company - micro finance institution) offering loan products, such as micro enterprise, small enterprise, consumer goods, festival, education and emergency loans, and focuses on the lending model of 'self-help group'....
IDBI Bank gets Rs 2.97 crore GST demand order, ET BFSI
IDBI Bank disclosed that it has received a GST demand order of Rs 2.97 crore, including interest and penalty, for alleged excess availment of input tax credit (ITC). The order, issued by the Dehradun state tax department for the 2018-19 fiscal year, comprises a tax...
Rs 5 lakh crore wiped off! Poll jitters, banking & auto woes weigh on indices, ET BFSI
Amid nervousness in the market during voting for the third phase of the Lok Sabha election, Indian benchmark equity indices closed lower on Tuesday, dragged by index heavyweight Reliance Industries, banking and auto stocks.The 30-share BSE benchmark Sensex declined...
Securitisation volumes hit pre-Covid levels of Rs 1.9 lakh crore as NBFCs diversify funding, ET BFSI
Securitisation volumes in the financial year 2023-24 have surged back to record highs of Rs 1.9 trillion, reminiscent of pre-pandemic levels, despite notable market changes including HDFC Ltd's merger. This resurgence is largely attributed to non-banking financial...
J&K Bank records highest profit but high cost to income ratio and aggressive competition remain a challenge, ET BFSI
The Jammu and Kashmir Bank has reported a record profit of Rs 1767 crore for 2023-24 but the officials at the bank informed that cost to income ratio including the humongous costs on human resource remains a challenge for the bank, which they promise to address in a...
Wipro, Microsoft to launch GenAI-powered assistants for financial services, ET BFSI
New Delhi: Leading technology services and consulting company Wipro on Monday announced that it is teaming up with Microsoft to launch a suite of cognitive assistants for financial services powered by generative artificial intelligence (GenAI). According to the...
Net profit rises 24% YoY to Rs 46 crore, ET BFSI
Kolkata: Grihum Housing Finance, formerly Poonawalla Housing Finance, has earned Rs 46 crore net profit in the March quarter, registering a 24% sequential rise, backed by steady business expansion. The net profit rose 151% year-on-year over Rs 18 crore seen in the...
Axis Bank brings expats to India in push to woo global firms, BFSI News, ET BFSI
Axis Bank Ltd is on a lookout to hire Asian expatriates to help the lender win business from multinational companies. The bank, that recently overtook Kotak Mahindra Bank Ltd. to become the third largest private lender in India, is targeting mid-sized companies in...
FPSB India, IFSCA sign pact to promote GIFT IFSC as ‘Global Finance Hub’, ET BFSI
New Delhi, Financial Planning Standards Board India on Monday announced that it has signed a pact with the International Financial Services Centres Authority (IFSCA), GIFT City, Gandhinagar, to promote GIFT IFSC as a 'Global Finance Hub'. FPSB India and IFSCA aim to...
Net profit up 16% to Rs 133 crore, ET BFSI
Kolkata: Fusion MicroFinance on Monday reported a 16% year-on-year rise in March quarter net profit at Rs 133 crore against Rs 115 crore in the year ago period, supported by business expansion and higher earnings.The lender's net interest income was 32% higher at Rs...
PSBs set to develop road map for deploying GenAI systems, BFSI News, ET BFSI
State-run banks are set to develop a detailed strategy and road map for deploying generative artificial intelligence (GenAI) systems, with pilot use-cases to be rolled out within this financial year, said people familiar with the matter.The lenders will also establish...
GST has helped improve tax buoyancy, says Finance Minister, BFSI News, ET BFSI
New Delhi: Finance minister Nirmala Sitharaman on Monday said GST has helped improve the tax buoyancy from 0.72 (pre-GST) to 1.22 (2018-23), with the states' buoyancy estimated at 1.15, despite compensation ending two years ago. Tax buoyancy measures the change in tax...
Gift City allows non-banks to sell participatory notes, BFSI News, ET BFSI
Mumbai: International Financial Services Centres Authority (IFSCA), the regulatory body for the IFSC-GIFT City in Gujarat, has allowed non-banking entities like alternate investment funds and other fund managers to issue overseas derivative instruments from IFSC. ODIs...
Deutsche Bank CEO hopes for progress on EU capital markets union, ET BFSI
"The capital markets union is higher on the European policy agenda than it has been for years," Sewing, who is president of the German private bankers association BdB, told the German banking day on Monday. Updated On May 6, 2024 at 02:41 PM IST BERLIN - Deutsche Bank...
NCLAT dismisses Religare’s appeal against CCI nod, BFSI News, ET BFSI
Mumbai: The National Company Law Appellate Tribunal (NCLAT) has rejected Rashmi Saluja-led Religare Enterprises' appeal seeking a stay on the Competition Commission of India's (CCI) approval for the Burman family's proposed acquisition of shares of the financial...
M&M Fin Q4 net falls 10% on provisions, interest costs, ET BFSI
Mumbai: Mahindra & Mahindra Financial Services reported a 10% year-on-year fall in profit in the quarter to March amid a sharp rise in provisions and higher finance costs.Standalone net profit fell to ₹619 crore in the quarter from ₹684 crore a year ago, largely...
SNB raises minimum reserve requirement for banks, reducing interest costs, ET BFSI
ZURICH - The Swiss National Bank (SNB) is raising the minimum reserve requirement for domestic banks, it said on Monday, potentially saving it hundreds of millions of Swiss francs in interest payments each year.The SNB said in a statement that it is also raising the...
India’s forex reserves decline for third consecutive week, BFSI News, ET BFSI
India's foreign exchange reserves declined for the third week, after having risen for the seventh straight week to hit an all-time high of USD 648.562 billion.As per the latest data released by the Reserve Bank of India (RBI), the country's foreign exchange kitty...
REC gets RBI nod to set up subsidiary in GIFT City Gujarat, ET BFSI
The decision to expand operations into GIFT, a burgeoning hub for financial services in India, comes as REC continues to diversify its portfolio and explore new avenues for growth.REC Limited, a Maharatna Central Public Sector Enterprise under the Ministry of Power...
UPI Payments Now Available from ICICI Bank NRI Accounts with International Numbers, ET BFSI
Mumbai: ICICI Bank has enabled its non-resident customers to use their international mobile number for making UPI payments in India. This means that non-residents can now pay for utility bills, merchant and e-commerce transactions by linking their international mobile...
India’s exchanges spar for dominance in hot derivatives market, ET BFSI
By Jayshree P UpadhyayMUMBAI -India's top stock exchanges are luring investors with new products and lower fees as they battle for a share of the hot but fledgling derivatives market, in turn fuelling a surge in trading activity that is drawing regulatory scrutiny.The...
Shares of REC, PFC and IREDA plunge after RBI’s draft guidelines on project financing, ET BFSI
Shares of REC, PFC and IREDA plunge after RBI’s draft guidelines on project financingThe shares of REC Ltd., Power Finance Corporation Ltd. (PFC) and IREDA plunged on Monday to give up most of their previous week's gain after the Reserve Bank of India’s (RBI) draft...
HDFC Bank to keep margins at current levels, BFSI News, ET BFSI
HDFC Bank managing director Sashidhar Jagdishan said the lender "will not be chasing growth for the sake of growth" and "will be delighted even if the margins remain at the current levels". Addressing analysts on Saturday, soon after the bank declared its fourth...
Restatement of IL&FS accounts uncovers Rs 9,600cr loss instead of Rs 1,869 cr profit, ET BFSI
A major reworking of accounts has brought the scam-tainted IL&FS and two of its arms -- IL&FS Financial and ITNL -- back among big business headlines, ToI reported on May 6. Following the massive restatement of accounts, IL&FS’s loss has now been estimated...
IL&FS shows 9,600 crore loss in 5 years against 1,869 crore profit, ET BFSI
New Delhi: Fraud-tainted IL&FS, IL&FS Financial and ITNL have undertaken a massive restatement of accounts, with IL&FS's loss now estimated at Rs 9,600 crore during five financial years ending 2017-18, against a profit of Rs 1,869 crore estimated by the...
Macquarie’s banking unit to stop new car loans to focus on mortgage growth, ET BFSI
Australian financial conglomerate Macquarie Group said on Monday its banking and financial services unit will stop new car loans through direct, broker and novated lease channels in a bid to prioritise growth of home loan and deposit offerings."This decision will...
PSU bank stocks fall up to 6% as new RBI guidelines spoil mood, ET BFSI
Shares of PSU bank stocks, at least four of which have more than doubled in value in just 1 year, fell up to 6% today with Canara Bank, Punjab National Bank and Bank of Baroda leading the downside. India's largest lender State Bank of India (SBI) also fell over 3% as...
UGRO Capital Limited embraces Embedded Financing for credit need of small merchants, ET BFSI
PRNewswireMumbai (Maharashtra) [India], May 6: UGRO Capital Limited (NSE: UGROCAP) (BSE: 511742), a leading DataTech NBFC focused on MSME lending, today announced a significant development that underscores its commitment to growth, innovation, and delivering value to...
Banks may challenge CBI’s retro touch to fraud accounts, BFSI News, ET BFSI
Mumbai: The wrangle between the Central Bureau of Investigation (CBI) and high-street banks over crooked clients may soon boil over to the highest court. A few large banks are planning to move the Supreme Court to resolve the differences that have cropped up over...
Corporate earnings, global trends to guide trading in markets this week: Analysts, ET BFSI
New Delhi, May 4 (IANS) Markets are likely to turn volatile in the near term given the rising volatility index, analysts said.New Delhi, The ongoing fourth quarter earnings season, global factors and macroeconomic data would guide the trends in the equity markets this...
Sanjeev Nautiyal to be Ujjivan Small Finance Bank’s new MD & CEO, ET BFSI
Sanjeev NautiyalSanjeev Nautiyal, former deputy managing director of State Bank of India, will be taking the reins at Ujjivan Small Finance Bank from July 1 as the bank's managing director and chief executive officer.The Reserve Bank of India has approved his...
Wealth 360 One report, ET BFSI
New Delhi [India], May 5 (ANI): The business of striking deals in the country has been robust this year, with an average of three private investment deals being finalised daily.The number of deals and their total value had decreased by one-third compared to financial...
Muthoot Finance’s arm Belstar Microfinance files Rs 1,300-cr IPO papers with Sebi, ET BFSI
New Delhi, Muthoot Finance's microfinance arm, Belstar Microfinance Ltd, on Sunday filed preliminary papers with capital markets regulator Sebi to raise Rs 1,300 crore through an initial public offering (IPO). The Chennai-based entity's IPO is a combination of fresh...
CEO, BFSI News, ET BFSI
MUMBAI: Kotak Mahindra Bank’s CEO, Ashok Vaswani, said on Saturday that the bank will spend up to Rs 1,700 crore on technology upgrades to address Reserve Bank of India’s concerns regarding the bank’s technology capacity, risk management and resilience.Last month, RBI...
FPIs take cautious approach amid ongoing general elections; inject Rs 1,156 cr in May, ET BFSI
Foreign investors have adopted a "wait and watch" stance amidst the ongoing general elections and have infused just Rs 1,156 crore in the first two trading sessions of this month. This came after FPIs dumped equities worth Rs 8,700 crore in April, on concerns over a...
Management on RBI regulations, ET BFSI
Kotak Mahindra Bank on Saturday while announcing the results for the quarter ending March 31, 2024 said that the bank's focus is on customers, and that it is worried about the reputational risk more than that of the impact of its finance.While announcing the results,...
Carlyle sells 2% in Yes Bank for Rs 1,441 crore, BFSI News, ET BFSI
NEW DELHI: Carlyle Group on Friday divested nearly a 2% stake in private sector lender Yes Bank for Rs 1,441 crore through an open market transaction.US-based Carlyle Group, through its affiliate CA Basque Investments, offloaded shares in Yes Bank through a bulk deal...
Banks homing in on a bigger share of expanding real estate pie, ET BFSI
Bank loans to commercial real estate which also includes residential construction, last fiscal year nearly tripled at 23 percent, excluding the impact of the merger of HDFC with HDFC Bank. Outstanding loans amounted to Rs 3.97 lakh crore.If one includes the merger...
RBI approves reappointment of Atanu Chakraborty as part-time chairman of HDFC Bank for 3 years, ET BFSI
The Reserve Bank of India on Friday approved the reappointment of Atanu Chakraborty as part time chairman of HDFC Bank for a period of three years w.e.f. May 05, 2024 to May 04, 2027.Chakraborty served the Government of India for 35 years as a member of the Indian...
India’s Kotak Mahindra Bank beats estimates with 26% rise in Q4 net profit, ET BFSI
MUMBAI - India's Kotak Mahindra Bank reported a better-than-expected 26% increase in fourth-quarter net profit on Saturday, buoyed by higher core lending income and healthy loan growth. The private lender's standalone net profit, excluding subsidiaries, rose to 41.33...
HSBC has no plans to dispose of further businesses, says chairman Mark Tucker, ET BFSI
HSBC has no current plans to sell more assets, its chairman Mark Tucker said on Friday at the annual shareholder meeting of the bank, which has scaled back its presence in Western markets in recent years as part of a sweeping overhaul.HSBC shareholders met in London...
PSBs plan to set up ‘green cells’ for climate funding, BFSI News, ET BFSI
State-run lenders will look to set up specialised 'green cells' with dedicated employees for climate-specific initiatives. These measures are part of the Enhanced Access and Service Excellence (EASE) reform version 7.0, which was rolled out last week.A senior bank...
Forex reserves drop USD 2.41 bn to USD 637.92 bn in third consecutive week of decline, ET BFSI
Mumbai, India's forex reserves dropped USD 2.412 billion to USD 637.922 billion as on April 26, in the third consecutive weekly decline in the reserves, the Reserve Bank of India (RBI) said on Friday. In the previous reporting week, the overall reserves had declined...
Premji Invest in advanced talks for big stake in Bank of Baroda’s Nainital Bank, ET BFSI
Premji Invest, the family office of Wipro founder Azim Premji, is in advanced talks to acquire a majority stake in Nainital Bank, which is a subsidiary of the publicly owned Bank of Baroda, three people aware of the discussions said. The proposed investment is likely...
Airtel Payments Bank CEO, ET BFSI
Airtel Payments Bank has nearly 500,000 banking points spread across the country, today.Airtel Payments Bank CEO Anubrata Biswas is optimistic that the payments bank momentum in India will yield strong growth horizons and opportunities in the coming years, supported...
Indian Bank cuts TBLR-based loan rates, BFSI News, ET BFSI
New Delhi, State-owned Indian Bank on Thursday cut the Treasury Bills benchmark lending rates (TBLR) across tenure, with effect from May 3. The bank, however, retained the marginal cost of funds ( MCLR)-based lending rates. TBLR for loans of 3 months or less will have...
Private banks take NIM hit in Q4 due to higher deposit rates, ET BFSI
Private banks faced pressure on their Net Interest Margins (NIM) during the fourth quarter, as they offered higher deposit rates amid tight liquidity conditions.Lenders have reported a year-on-year decline in NIM ranging from 5 to 50 basis points in the fourth...
Stock market crash today: BSE Sensex plunges over 1,100 points to dip below 74,000; Nifty50 around 22,350 as bears growl
Stock market crash today: BSE Sensex and Nifty50, the Indian equity benchmark indices, tanked in trade on Friday, despite a strong opening and the Nifty reaching a new all-time high. Selling pressure in index heavyweights Reliance Industries (RIL) and HDFC Bank...
RBI lifts digital lending curbs on Bajaj Finance after 6 months, ET BFSI
MUMBAI: RBI has lifted digital lending restrictions on Bajaj Finance nearly six months after it imposed them for violation of its guidelines. RBI had, on Nov 15, 2023, directed Bajaj Finance to halt loan issuance through its 'eCOM' and 'Insta EMI Card'.RBI had imposed...
Ujjivan Small Finance Bank appoints Carol Furtado as executive director, ET BFSI
Kolkata: Ujjivan Small Finance Bank has appointed Carol Furtado as executive director for three years with effect from May 1.The Reserve Bank of India has approved the appointment.Ms Furtado has been with the bank since its inception and assumed various key positions...
16% uptick in overall outstanding loans in Mar’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 March, 2024. Deposit growth picked up yoy and is likely to see further uptick in the current rising interest rate regime. On...
What was Bajaj Finance’s Insta EMI Card controversy?, ET BFSI
What was Bajaj Finance’s Insta EMI Card controversy? Coming as a sigh of relief, the Reserve Bank of India (RBI) has lifted the restrictions on Bajaj Finance's two products eCOM and online digital Insta EMI Card, with immediate effect.With this development, the...
Indian Bank extends special FD deadlines to this date, ET BFSI
Indian Bank, a public sector bank, has extended the deadline to invest in its special fixed deposit offering higher interest rates. These special FDs are called “Ind Super 400” and “Ind Supreme 300 days”. What is the last date to invest in Indian Bank special FDsThe...
Thematic funds catch the eye of investors, draw Rs 1.22 lakh crore in FY24, ET BFSI
Mumbai: The popularity of mutual fund schemes betting on specific sectors and economic themes has shot through the roof in the past year as higher returns and aggressive push by asset managers have prompted investors to pump money into these schemes.Assets under...
Bajaj Finance shares jump over 7% as RBI lifts curbs in less than 6 months, ET BFSI
Shares of NBFC Bajaj Finance rallied 7.5% to the day's high at Rs 7,400 on BSE after the RBI lifted restrictions on the company's two key customer acquisition products eCOM and Insta EMI card with immediate effect."Investors can now be rest assured that Bajaj Finance...
Bank of Baroda shares drop 0.82% as Sensex falls , ET BFSI
Shares of the Bank of Baroda traded at Rs 277.0 on BSE at 11:58AM (IST) on Friday, down 0.82 per cent. The stock quoted a 52-week low price of Rs 172.85 and a high of Rs 285.5. Earlier in the day, the stock saw a gap up opening. At the prevailing price, the stock...
BSE Sensex plunges over 900 points to dip below 74,000; Nifty50 around 22,450 as bears growl, ET BFSI
Stock market crash today: BSE Sensex and Nifty50, the Indian equity benchmark indices, tanked in trade on Friday, despite a strong opening and the Nifty reaching a new all-time high. The decline was primarily influenced by losses in major index contributors such as...
Ugro Capital raises Rs 1,322 crore, acquires fintech lender MyShubhLife for Rs 45 crore, ET BFSI
Ugro Capital, a non-banking finance company catering to small and medium businesses, has raised fresh capital of Rs 1,322 crore from a mix of new and existing investors and family offices through compulsory convertible debentures and warrants.Samena Capital led the...
IDBI Bank seeks RoC help over board tussle with NTADCL, BFSI News, ET BFSI
Mumbai: IDBI Bank has written to the Registrar of Companies (RoC) alleging that New Tirupur Area Development Corporation (NTADCL), which underwent debt restructuring in 2011, has flouted an agreement regarding inclusion of the lender's nominee directors in its board...
Biz, trade caught between cyber cops & banks, BFSI News, ET BFSI
Mumbai: The plight of restaurants, retailers, small traders as well as larger companies, caught haplessly in the cross-hairs of banks and cops chasing the stolen money from cyber and phishing attacks is being called out by businesses whose funds are frozen. The...
Bank deposit rates rise, but yet to fully reflect repo hike, BFSI News, ET BFSI
Mumbai: While the regulator and the market may not agree on the extent of transmission of policy rates to lending and deposit rates, central bank data show that the full transmission of the 2.5-percentage-point hike in the benchmark repo rate since May 2022 is still...
Bank cuts rates by up to 15 bps; check latest fixed deposit rates, ET BFSI
Punjab National Bank (PNB) has revised FD interest rates on deposits below Rs 2 crore, according to the bank website. The new FD rates are effective from April 12, 2024.Latest Punjab National Bank FD ratesAfter revision, the bank offers FD interest rates between 3.50%...
Banks’ personal loans growth drops to 17.7% in FY24 after RBI tightens unsecured credit, ET BFSI
The growth of personal loans by banks slowed to 17.7 percent year-on-year in March 2024, down from 21 percent a year earlier, according to recent data from the Reserve Bank of India (RBI). This decline was primarily attributed to slower growth in vehicle loans and...
How is ICICI Bank placed in private banks’ race?, BFSI News, ET BFSI
ICICI Bank, one of India's leading private sector lenders, continues to shine in the market, showcasing robust profitability and investor appeal amidst challenges faced by its peers. Over the past two years, the bank has witnessed strengthened profitability, reduced...
ICICI Bank categorically denies report that said its CEO wanting to quit, ET BFSI
New Delhi [India], May 2 (ANI): ICICI Bank has categorically denied that Sandeep Bakshi, its MD and CEO, has indicated that he wanted to be relieved from his role, as reported by a news portal."We would like to categorically deny the information published in the...
PAT drops 11% QoQ to Rs 906 crore, BFSI News, ET BFSI
Federal Bank on Thursday reported a standalone net profit of Rs 906.30 crore for the quarter ended March 31, 2024, down by 11% on a quarter-on-quarter (QoQ) compared to Rs 1,006.74 crore reported in Q3FY24.The private lender has also announced a final dividend of Rs...
PAT drops 11% QoQ to Rs 906 crore, BFSI News, ET BFSI
Federal Bank on Thursday reported a standalone net profit of Rs 906.30 crore for the quarter ended March 31, 2024, down by 11% on a quarter-on-quarter (QoQ) compared to Rs 1,006.74 crore reported in Q3FY24.The private lender has also announced a final dividend of Rs...
More credit to large companies in FY24, personal loans slow, ET BFSI
Mumbai: The lending pattern of banks had seen a few changes in FY24.Lending to large companies that shrank during the Covid period recovered in the last fiscal year. The Reserve Bank of India stepped in to improve the quality of retail lending, asking lenders to...
Federal Bank in advanced stages for hiring new CEO, awaiting RBI approval: Shyam Srinivasan, ET BFSI
Private sector lender Federal Bank is in advanced stages of getting a new CEO appointed, replacing the current MD and CEO Shyam Srinivasan. "There is a board established search panel, and they are in advanced stages already. RBI had notified us in January and the...
Currency derivatives volumes dry up ahead of RBI deadline, BFSI News, ET BFSI
Mumbai: Volumes of exchange-traded currency derivatives on the National Stock Exchange (NSE) have plummeted by almost 90% ahead of the May 3 deadline to comply with the central bank's directive for trades to be backed by underlying exposures.Average daily turnover for...
‘Figment of imagination’, says ICICI Bank denying reports of MD & CEO wanting to quit, ET BFSI
The second-largest private sector bank of India, ICICI Bank, on Thursday, denied the reports of its MD & CEO Sandeep Bakhshi wanting to quit his current position.Calling the report published by The Morning Context as ‘baseless’ and a ‘figment of imagination’, the...
Axis Mutual Fund launches Axis Nifty Bank Index Fund, BFSI News, ET BFSI
Axis Mutual Fund has announced the launch of Axis Nifty Bank Index Fund, an open-ended index fund tracking the Nifty Bank TRI.This open-ended index fund aims to track the Nifty Bank TRI, providing investors with a mechanism to participate directly in the growth...
Will profit pool lie with PSU banks rather than private banks going ahead? Mahantesh Sabarad answers, ET BFSI
Mahantesh Sabarad, Independent Market Expert, says “when it comes to the corporate revival that is happening right now, it is being led by the capex theme and whenever there is a capex theme that comes up, you most often find the public sector banks take a lead when...
Think twice about selling in May and going away, BFSI News, ET BFSI
Mumbai: The old stock market adage 'Sell in May and go away' has not been proven true consistently for Indian equities for several years now. Benchmark Nifty, which closed at 22,604 on Tuesday after hitting a new high of 22,783 during the day, has closed positive in...
Shriram Housing Finance’s net profit grows 67% in Q4 FY24, BFSI News, ET BFSI
NEW DELHI: Shriram Housing Finance, an affordable housing finance company, registered a 67% growth in its profit after tax (PAT) to Rs 62.1 crore for the quarter ended March 31, 2024.The company's assets under management (AUM) grew to Rs 13,762 crore in Q4 FY24. It...
Profit jumps 41% to Rs 807 crore, ET BFSI
State-owned Central Bank of India on Tuesday reported a 41 per cent jump in its net profit to Rs 807 crore for the March quarter, helped by a decline in bad loans and a rise in interest income. The Mumbai-based lender had earned a net profit of Rs 571 crore in the...
How Indian banks are bolstering IT backbone amid RBI action on Kotak Mahindra Bank, ET BFSI
Banks in India are making substantial investments in information technology (IT) infrastructure to fortify their digital capabilities and ensure compliance with stringent regulatory requirements. These investments encompass a wide array of initiatives, including the...
Excluding the merger impact loans to services grew faster than retail in FY’24, ET BFSI
The year 2023-24 has seen a few changes in the lending pattern of banks. Lending to large corporates recovered after post COVID-19 contraction. The Reserve Bank stepped in to improve lending quality of retail loans which helped banks' loan books in recent years by...
PSBs told to speed up recovery at tribunals, BFSI News, ET BFSI
New Delhi: The Centre has directed state-owned lenders to avoid seeking unnecessary adjournments before debt recovery tribunals, a government official said.Banks have been asked to conduct monthly reviews to expedite the debt recovery process and reconcile cases that...
PSBs told to speed up recovery at tribunals, BFSI News, ET BFSI
The Centre has directed state-owned lenders to avoid seeking unnecessary adjournments before debt recovery tribunals, a government official said.Banks have been asked to conduct monthly reviews to expedite the debt recovery process and reconcile cases that have...
Neobanking startup Fi secures NBFC licence from RBI, BFSI News, ET BFSI
Neobanking startup Fi, backed by investors such as Peak XV and Temasek, has secured a non-banking finance company (NBFC) licence from the Reserve Bank of India, enabling it to provide loans from its own books.With this, Fi has joined the likes of Jupiter, Groww and...
KVS Manian likely to join Federal Bank after stepping down from Kotak Mahindra, ET BFSI
KVS Manian, earlier today, stepped down as the Joint MD of Kotak Mahindra Bank and is now likely to join Federal Bank, according to reports. At the time of the announcement, Manian said that he was tendering his resignation from Kotak Mahindra Bank to pursue other...
RBI cautions banks on gold loan disbursals through fintech startups, ET BFSI
The Reserve Bank of India (RBI) has cautioned banks about gold loan disbursals being made through fintech startups, according to people familiar with the matter. The central bank has flagged “concerns with the evaluation process” by these banks and fintechs,...
Manappuram Finance’s arm Asirvad Micro gets Sebi’s approval to float IPO, ET BFSI
New Delhi, Asirvad Micro Finance, a subsidiary of listed NBFC Manappuram Finance, has received Sebi's nod to raise funds through an initial public offer, an update with the markets regulator showed on Tuesday. The proposed initial public offering is only a fresh issue...
Report, BFSI News, ET BFSI
Generative AI could boost bank revenues by 6 per cent in the next three years. Banks which effectively adopt and scale generative AI could increase employee productivity by up to 30 per cent, streamlining numerous language-related tasks, revealed a latest report by...
1.3 crore mutual fund accounts on hold due to incomplete KYC; how MF investors can check KYC status online, ET BFSI
Around 1.3 crore mutual accounts are ‘on hold’ due to incomplete KYC, according to KYC registration entities (KRAs). The reason behind this is that the individuals have provided non-Aadhaar and non-officially valid documents (OVDs) during the initial KYC registration...
Aadhar Housing Finance’s Rs 3,000-crore IPO to open on May 8, BFSI News, ET BFSI
Representative ImageNEW DELHI: Aadhar Housing Finance Ltd, which is backed by private equity major Blackstone, is set to launch its Rs 3,000-crore initial public offering (IPO) on May 8. The initial share-sale will conclude on May 10 and the bidding for anchor...
Personal loan originations strong despite RBI clampdown on consumer credit growth, ET BFSI
During the festive season from October to December, personal loan origination volumes surged by 22.3% year-on-year (y-o-y), defying the Reserve Bank of India's (RBI) raised risk weight on unsecured consumer credit. A report by CRIF High Mark revealed that the total...
Gold’s correction extends to Rs 3000/10 gram in April. Has it made a near term top at life high?, ET BFSI
The recent sharp correction in Gold prices, where the yellow metal has corrected by nearly Rs 3000 per 10 gram or 4% from the lifetime high is its biggest fall in nearly two years. Can we expect the trends to reverse or a top has been made? This is what multiple...
Net profit jumps 24% YoY to Rs 1,058 crore, ET BFSI
Mumbai: Cholamandalam Investment and Finance Co’s net profit increased 24% year-on-year to Rs 1,058 crore in the quarter ended March 2024 from Rs 852 crore a year ago. Total loan disbursements increased 18% year-on-year during the quarter to a record Rs 24,784 crore...
Generative AI could boost bank revenues by 6% in next 3 years: Report, ET BFSI
About 25 per cent of bank employees, including customer service agents, could benefit from both automation and augmentation, thereby improving service quality and efficiency.Banks across the globe could witness a substantial increase in revenues over the next three...
Soaring prices no bar, demand for gold rises 8% in March quarter, ET BFSI
Kolkata: Demand for gold bars and coins, which are primarily bought as investment, rose 19% in the quarter ended March 31, at par with the first three months of 2022 when the growth was the strongest since 2014.Jewellery sales increased 4% to 95 tonnes, taking the...
Ambani’s Jio Financial plans to tap StanChart executive as unit CEO, ET BFSI
Among senior appointments, KV Kamath was tapped to be non-executive chairman for Jio Financial before it spun off from Ambani’s flagship company Reliance Industries LtdBillionaire Mukesh Ambani’s new financial services firm plans to tap Standard Chartered Plc’s India...
Standard Chartered Bank consumer banking head to join Jio Financial Services, ET BFSI
MUMBAI: The head of consumer banking (India) at Standard Chartered Bank, Kusal Roy, has tendered his resignation and is expected to join Jio Financial Services. The development comes amid Jio Financial Services' recent announcement of forthcoming consumer-focused...
Rupee declines on weakness in Asian peers, foreign banks’ dollar buys, ET BFSI
"Despite external pressures, the rupee is expected to maintain its resilience ... (and) may gradually strengthen to around 83.20 to 83.00," Amit Pabari.The Indian rupee weakened on Monday pressured by dollar demand from foreign banks and weakness in Asian currencies...
Kotak announces departure of KVS Manian, Joint MD, from the Group, ET BFSI
Kotak Mahindra Bank on Tuesday informed that its Joint Managing Director (designate), KVS Manian, has stepped down from his position.Manian, Whole Time Director designated as Joint Managing Director has stepped down from his position to pursue other opportunities in...
India Inc’s overseas bond listings treble amid rate cut uncertainty, ET BFSI
India Inc's overseas bond listings treble amid rate cut uncertaintyIndian companies have substantially increased their listings of foreign currency-denominated bonds on international exchanges in Gandhinagar during the first quarter of this year, totalling $3.74...
4 ways banks are overcharging borrowers on loan interest rates, as per RBI, ET BFSI
The Reserve Bank of India (RBI) has instructed banks, non-banking finance companies (NBFCs), and other financial institutions to carefully examine their practice of imposing interest charges on loans they disburse. The RBI issued the new directive after discovering...
Mutual fund investors are left with these options after RBI’s curb on overseas investments, ET BFSI
The once popular mutual fund route to foreign markets has largely closed due to the RBI restrictions on overseas investments. Many international funds have shut down or restricted inflows, only allowing investments to the extent of fund redemptions. Some accept SIP...
Banks are closed for 14 days across states; here is the state-wise holiday list for May, ET BFSI
Banks are closed for 14 days in May 2024, according to the Reserve Bank of India (RBI) holiday list. There are state-specific celebrations, national holidays, and significant observances among these holidays.Nonetheless, handling financial activities even over the...
Poonawalla Fincorp Reports Highest Ever Yearly PAT of Rs. 1027 Crore in FY24, Jumps 83% YoY, ET BFSI
BusinessWire IndiaPune (Maharashtra) [India], April 30: The Board of Directors of Poonawalla Fincorp Limited, a non-deposit taking systemically important NBFC focusing on consumer and MSME finance, today announced its audited financial results for the quarter and year...
Scam-struck UCO Bank lines up Rs 1,000 cr investment for digitisation drive, ET BFSI
Kolkata: Public sector UCO Bank has lined up Rs 1000 crore of investment for digitisation drive and upgradation of existing information technology system, managing director Ashwani Kumar said Tuesday.This is about 43% more than what the bank spent last year.Kumar said...
Decline in debit cards transaction volume by 14%, credit cards witness uptick in Mar’24, ET BFSI
According to latest data by 1Lattice, on a year on year basis, debit cards transaction volume has decreased by a massive 14 per cent while the value of transactions increased by approximately 29 per cent in March 2024. However, on a month-on-month basis, the total...
Standard Chartered Bank consumer banking head to join Jio Financial Services, ET BFSI
MUMBAI: The head of consumer banking (India) at Standard Chartered Bank, Kusal Roy, has tendered his resignation and is expected to join Jio Financial Services. The development comes amid Jio Financial Services' recent announcement of forthcoming consumer-focused...
Jana Small Finance Bank shares surge 19%, hit 52-week high post Q4 results, ET BFSI
Jana Small Finance Bank shares rallied 19% to hit a new 52-week high of Rs 592.8 in Tuesday's trade on BSE after the bank said it had doubled its March quarter net profit from ordinary activities to Rs 167 crore from Rs 81 crore in the year-ago period, backed by...
Abhay Bhutada, Poonawalla Fincorp, ET BFSI
"As you know we operate at 102 branches, but maximum we are gaining market share there and going forward whatever guidance we have given 35% to 40%, I think in the past also we have over-delivered. Going further, we will stick to our guidance and we are confident of...
Reliance Capital’s lenders want Hindujas to pay Rs 8,650 crore, finalise resolution, ET BFSI
Lenders of Reliance Capital (RCap) are pressing the Hinduja Group to expedite a cash payment of Rs 9,650 crore and finalise the resolution process by May 27, the deadline set for completion.During a meeting, representatives of the five-member Committee of Creditors...
The Indian banks’ tech you love is a banana peel for RBI battling potential scams, ET BFSI
After being saddled for years with the biggest bundle of bad loans anywhere in the world, the Indian financial system had only recently found its footing. But with profitability at a decade high and capitalization well in excess of the regulatory minimum, the...
Rupee counts on support from central bank before Fed policy decision, ET BFSI
The RBI will "in all likelihood" not want the rupee to slip below the all-time low of 83.5750, a trader at a different bank said.The Indian rupee will open broadly unchanged on Tuesday amid likely dollar demand and expectations that the central bank will not allow the...
Satin CreditCare Network reports 33% YoY jump in March quarter, ET BFSI
Microfinance company Satin CreditCare Network on Monday reported a 33% year-on-year jump in March quarter standalone net profit at Rs 125 crore, backed by robust business and revenue growth.The net profit was Rs 94 crore in the year ago period.The lender's net...
Banks may block your account for these fund transfers; here’s how to secure your account, ET BFSI
Imagine waking up to a notice that your hard-earned money is no longer accessible, all because your bank account or debit/credit card has been blocked. This was the reality for a customer of an Indian bank, who took to social media to share his ordeal. His credit card...
A HC ruling raises hopes of recovery for LVB bondholders, BFSI News, ET BFSI
In a landmark order, the Madras High Court directed the Reserve Bank of India (RBI) to conduct a fresh valuation exercise based on which the regulator should reconsider its decision to write off the tier-2 bonds of Lakshmi Vilas Bank (LVB), which was merged with DBS...
Private banks grapple with rising IT expenses amid surge in transactions, ET BFSI
NEW DELHI: Private banks are experiencing a significant increase in information technology expenses as most transactions are now conducted digitally. Unlike the one-time capital expenses incurred when they migrated to core banking, IT is now becoming a recurring cost...
Banks may block your account for these fund transfers; here’s how to secure your account, ET BFSI
Imagine waking up to a notice that your hard-earned money is no longer accessible, all because your bank account or debit/credit card has been blocked. This was the reality for a customer of an Indian bank, who took to social media to share his ordeal. His credit card...
Poonawalla Fincorp Q4 profit jumps 67 pc to Rs 332 cr, BFSI News, ET BFSI
New Delhi, Poonawalla Fincorp on Monday reported a 67 per cent jump in consolidated net profit to Rs 332 crore in the March quarter. The company had posted a net profit of Rs 199 crore during the corresponding quarter of the previous financial year. Its total income...
PSU banks will continue re-rating; SBI, ICICI Bank & Axis Bank poised for a breakout: Laurence Balanco, ET BFSI
"You can see from foreign flows perspective that that rebound in China is detracting from some of the investment in India. I do not think it changes the longer-term trends, but we are in one of those holding patterns similar to the fourth quarter of 2023," says...
Shareholders approach NCLT over ICICI Bank’s brokerage arm’s delisting plan, ET BFSI
Group of shareholders led by a Bengaluru-based investment manager has approached the National Company Law Tribunal over ICICI Bank's plan to delist its broking arm ICICI Securities from Indian bourses.ET on April 24 had reported Manu Rishi Guptha would approach the...
All About Digital Savings Accounts and How They Transform Your Banking Experience?, ET BFSI
In the digital landscape of India today, where technological advancements are shaping every aspect of life, the realm of banking is no exception. As the nation continues to embrace digitalisation with open arms, the traditional brick-and-mortar banking model is...
Minority shareholders of ICICI Securities file lawsuit against delisting move, ET BFSI
Minority shareholders of ICICI Securities led by Bengaluru-based investment manager Manu Rishi Guptha have filed a class action suit with National Company Law Tribunal (NCLT) against ICICI Bank's bid to delist its broking arm from the Indian bourses.Last month, nearly...
PNB Housing Finance Q4 profit rises 57 pc to Rs 444 crore, BFSI News, ET BFSI
New Delhi, PNB Housing Finance on Monday reported a 57 per cent jump in its net profit to Rs 444 crore in the fourth quarter ended March 2024. The housing finance company had posted a net profit of Rs 283 crore in the same quarter a year earlier. Total income during...
Expect a capital call from IDFC First Bank in FY25: V Vaidyanathan, ET BFSI
V Vaidyanathan, MD & CEO, IDFC First Bank, says: “You should expect a call to raise capital from us in FY25. Frankly, the markets have been quite giving for us in terms of the price to book. We are well-valued. We are running at a premium to the book. So,...
NBFC leaders bat for responsible lending and equitable partnership in co-lending with banks, ET BFSI
Non-banking finance company (NBFC) honchos have emphasised on responsible lending practices, equitable partnerships, and data-driven underwriting approaches in fostering co-lending between banks and NBFCs. Speaking at a panel discussion at ETBFSI NBFC Connect'24...
HDFC and SBI dominate credit and debit cards market, BoB records highest growth in Mar’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 24 per cent share in March 2024, revealed latest data by 1Lattice.Top banks followed the list like Bank of Baroda which held about 10 per cent...
Credit access exists for women entrepreneurs but with high degree of informal borrowing: Report, ET BFSI
A latest finding by FinTech company Tide revealed that while access to credit exists for women entrepreneurs, there is also a high degree of informal borrowing. About 52 per cent of women entrepreneurs have access to financial credit, indicating that 1 in 2...
Proactively engaging with regulators, says Indel Money CEO; IPO likely in 2027, ET BFSI
Indel Money CEO, Umesh MohananIn the recent past, the gold loan has no longer remained a taboo product but has become more of an optional product.Be it the business expansion plans or the personal requirements, gold loans have been trailing as the best and most secure...
RBI Innovation Hub is developing an AI model to reduce banking frauds using mule accounts, ET BFSI
The RBI Innovation Hub has embarked on a pioneering initiative to curb financial frauds, particularly those involving mule accounts, through the development and implementation of cutting-edge technological solutions.Mule accounts are bank accounts that serve as...
FIU notifies fresh money laundering, terror financing reporting alerts for capital markets, ET BFSI
A fresh set of 'alert indicators' have been issued by India's financial intelligence unit (FIU) for capital markets, insurance companies, online payment gateway intermediaries and crypto currency service providers for effective checking of suspicious transactions in...
Reliance Capital lenders urge Hinduja Group arm to stick to resolution plan deadline, ET BFSI
NEW DELHI: Concerned over slow progress, the lenders of debt-ridden Reliance Capital (RCAP) have asked the Hinduja Group arm, IndusInd International Holdings Ltd, to expedite the process of obtaining necessary regulatory approvals and stick to the resolution plan...
Bombay HC on LOCs, BFSI News, ET BFSI
MUMBAI: Public sector banks had become judge and executioner at once in having look out circulars or LOCs issued against defaulters, said Bombay high court while quashing the powers granted by Centre to such banks ostensibly in larger public interest.The fundamental...
Customer data leaked, BFSI News, ET BFSI
Many ICICI Bank customers have raised concerns on social media platform X (previously known as Twitter) about a glitch on the iMobile app. On their iMobile app, a number of users have claimed to be able to access details of other customers (people they don’t even...
India Yes Bank posts Q4 profit beat on lower provisions, ET BFSI
By Siddhi NayakMUMBAI -India's Yes Bank reported a bigger-than-expected rise in net profit for the January-March quarter on Saturday, helped by a drop in loan-loss provisions and higher non-interest income.The Mumbai-based private lender's standalone net profit more...
ICICI Bank beats Q4 profit estimates on strong loan growth, but margin shrinks, ET BFSI
By Siddhi NayakMUMBAI -ICICI Bank, India's second-largest private lender, reported a better-than-expected 17.4% increase in fourth-quarter net profit on Saturday, helped by robust loan growth even as its lending margin shrunk.The lender's standalone net profit,...
IDFC FIRST Bank Q4 profit falls 10% to Rs 724 cr on higher provisions, ET BFSI
IDFC First Bank reported an interest income of Rs 8,219.21 crore in the January-March quarter which was higher from Rs 6,424.35 crore reported in the year ago period. It was up by 28% on the year-on-year basis.New Delhi, IDFC FIRST Bank on Saturday reported 10 per...
Utkarsh SFB Q4 Results:Net profit jumps 19% YoY to Rs 160 crore on higher total income, ET BFSI
Kolkata: Utkarsh Small Finance Bank on Friday reported a 19% rise in March quarter net profit to Rs 160 crore, backed by higher business volume and total income. The net profit was Rs 134 crore in the year-ago period. Its operating profit was 35% higher at Rs 282...
Standalone PAT jumps 30% YoY to Rs 353 crore, ET BFSI
RBL Bank reported a net profit growth of 30% to Rs 353 crore for the quarter ended March 31, 2024 as against Rs 271 crore reported by the lender in the year ago period. The profit after tax (PAT) jumped 51% on the quarter-on-quarter basis versus 233 crore posted in...
Kotak Bank reveals how Indian banks fail to keep up with Modi’s ambitions, ET BFSI
Prime Minister Narendra Modi wants to export India’s digital payments system to the world. That plan now risks stumbling as clunky technology used by Indian lenders fails to keep up with his ambitions.In recent years, the fastest-growing major economy has invested in...
Motilal Oswal net profit soars, to issue bonus shares, BFSI News, ET BFSI
The company's revenue from operations soared by 108% to 2,141.3 crore from 1,027.4 crore in the previous year. For FY24, the company posted a consolidated net profit of 2,446 crore, reflecting a 161% growth over the previous fiscal year. The board has approved the...
RBI action on Kotak Mahindra Bank may restrain credit growth, profitability: S&P, ET BFSI
S&P Global Ratings on Friday said RBI's regulatory action on Kotak Mahindra Bank could restrain the lender's credit growth and profitability. The RBI on Wednesday barred Kotak Mahindra Bank from issuing fresh credit cards and onboarding new customers online....
US inflation rises in line with expectations in March, BFSI News, ET BFSI
U.S. inflation rose moderately in March, but that is unlikely to change financial markets' expectations that the Federal Reserve will hold off cutting interest rates until September.The personal consumption expenditures (PCE) price index increased 0.3% last month, the...
Bajaj Finserv Q4FY24 net profit rises 19.8% to Rs 2118 crore, BFSI News, ET BFSI
Mumbai: Bajaj Finserv, the holding company for Bajaj group's financial services business, reported a net profit of Rs 2118 crore for the quarter ended March 2024, an increase of 19.8% over Rs 1769 in the corresponding quarter last year. The company's board has...
Small finance banks seeking universal banking license need at least Rs 1,000-crore net worth: RBI, ET BFSI
Kolkata: The Reserve Bank of India on Friday said that small finance banks willing to seek universal banking license need to have at least Rs 1000 crore of net worth while the regulator laid down a detailed set of eligibility rules for such transition.RBI said that...
Bajaj Finance outlook reverses market trend, drags Sensex 609 points down after 5-day win run, ET BFSI
After a five-session winning streak, Indian equity indices took a negative turn and closed sharply lower on Friday, with financials bearing the brunt of Bajaj Finance's weak outlook.The 30-share BSE benchmark Sensex declined 609 points or 0.82% to settle at 73,730....
IIFL Samasta Finance adds three members to its Board, ET BFSI
New Delhi, IIFL Samasta Finance, one of India's largest non-banking microfinance companies (NBFC-MFI), has announced the appointment of three members to its Board of Directors. This strategic move reflects the company's commitment to further strengthen its governance...
RBI lays out criteria for conversion of Small Finance Banks to Universal Banks, ET BFSI
New Delhi [India], April 26 (ANI): The Reserve Bank of India (RBI) has set out certain provisions fulfilling which Small Finance Banks (SFBs) can voluntarily convert themselves into Universal Banks.Such conversion shall be subject to the fulfilling net worth...
Norwest raises $3 billion global fund, ET BFSI
New Delhi: Norwest Venture Partners backed by US financial giant Wells Fargo has raised its 17th global fund of $3 billion, the Menlo Park, US-based firm said Thursday.The early-to-mid-stage investor that has backed 700 companies globally focuses on three major...
NBFCs focus on customer-centric innovations amid regulatory, technological changes, ET BFSI
Leaders from prominent non-banking financial companies (NBFCs) stressed on the pivotal role of customer-centric innovation in preparing for the future amid rapid technological advancements and regulatory changes. Speaking at the ETBFSI NBFC Connect'24 Summit,...
US regulators seize troubled lender Republic First, sell it to Fulton Bank, ET BFSI
U.S. regulators have seized Republic First Bancorp and agreed to sell it to Fulton Bank, the Federal Deposit Insurance Corp said on Friday, underscoring the challenges facing regional banks a year after the collapse of three peers.The Philadelphia-based bank, which...
Sebi asks BSE to pay regulatory fee on options contract, ET BFSI
The Securities and Exchange Board of India (Sebi) has asked BSE to pay a regulatory fee to the former based on the annual turnover fee considering "notional value" in the case of the options contract.BSE in its filing to the exchanges on Friday stated that the...
Won’t back down, says Religare’s Rashmi Saluja amid tiff with Burman family, ET BFSI
Rashmi Saluja, executive chairperson, Religare Enterprises, said she is confident of her performance and won't retreat under 'false' allegations made by the Burman family, the leading shareholder seeking majority control of the financial company, as she has the full...
Bombay HC rules banks can’t issue Look Out Circulars against defaulters, ET BFSI
The Bombay High Court has said that issuance of a Look Out Circular (LOC) at the instance of public sector banks against alleged default borrowers in the absence of a statute or law is violative of a person's fundamental rights.The court made the observation on April...
Profit surges 45% YoY to Rs 1,218 crore, ET BFSI
State-owned Bank of Maharashtra (BoM) on Friday reported a 45 per cent jump in its net profit to Rs 1,218 crore for the March quarter, helped by a decline in bad loans and a rise in interest income. The Pune-based lender had earned a net profit of Rs 840 crore in the...
Axis pips Kotak Bank as 3rd most valued private bank, BFSI News, ET BFSI
MUMBAI: Axis Bank overtook Kotak Mahindra Bank on Thursday to become India's third most valued private lender after a rout in the latter's stock. Kotak Bank's stock opened deep in the red on Thursday a day after RBI restricted the lender from onboarding customers...
Economic offences wing clears Ajit Pawar’s wife in bank scam case, ET BFSI
MUMBAI: The Economic Offences Wing has given a clean chit to deputy CM Ajit Pawar's wife Sunetra in the Rs 25,000 crore Maharashtra State Cooperative Bank scam case. There was no illegality involved in Jarandeshwar Sugar Mills Pvt Ltd taking on rent Jarandeshwar Co-Op...
RBI imposes curbs on Maharashtra-based Konark Urban Co-op Bank, ET BFSI
The RBI on Tuesday imposed several restrictions, including on withdrawals, on The Konark Urban Co-operative Bank, Ulhasnagar (Maharashtra), in the wake of the bank's deteriorating financial situation. The eligible depositors will be entitled to receive a deposit...
RBI action halts Kotak Bank’s digital-only zero-balance saving accounts expansion, ET BFSI
In a significant shift in India's banking sector, digital savings accounts have been rapidly reshaping traditional banking norms, offering unparalleled convenience and efficiency. Leading the forefront of this transformation was Kotak811, exemplifying how digital...
Profit jumps 15% YoY to Rs 2,347 crore, beats estimates, ET BFSI
Private sector lender IndusInd Bank on Thursday reported a 15% year-on-year (YoY) jump in its March quarter net profit at Rs 2,347 crore, which was higher than the Street estimate of Rs 2,041 crore. Its net interest income or NII rose 13.9% to Rs 5,376 crore during...
HDFC Life and Peerless Financial Products Distribution Ltd. (PFPDL) Enter into a Corporate Agency Tie-Up, ET BFSI
BusinessWire IndiaMumbai (Maharashtra) [India], April 25: HDFC Life, one of India's leading insurers, and Peerless Financial Products Distribution Ltd. (PFPDL) have entered into a corporate agency tie-up. This partnership would enable PFPDL to distribute life...
Credit card data of 17K ICICI Bank users exposed; bank blocks cards, assures compensation, ET BFSI
New Delhi, After credit card data of at least 17,000 new ICICI Bank customers was exposed and reached "wrong users", the bank said on Thursday that it has blocked these cards and is issuing new ones to the customers.The issue surfaced after some ICICI Bank customers...
Kotak MD & CEO’s assurance to customers after RBI’s curb, ET BFSI
The MD & CEO of Kotak Mahindra Bank, a day after the RBI curb, assured its customers that the bank is working to address the concerns raised and is in constant communication with the regulator (RBI) to resolve any issues promptly. Ashok Vaswani in a letter to its...
FSIB Recommends Rana Ashutosh for State Bank’s MD Post, ET BFSI
Mumbai: The Financial Services Institutions Bureau (FSIB), the nodal body to select directors and CEOs in public sector financial institutions, has recommended Rana Ashutosh Kumar Singh to take over as managing director (MD) at State Bank of India (SBI) when the...
How will RBI’s action on Kotak Mahindra Bank affect the bank’s customers?, ET BFSI
The recent Reserve Bank of India (RBI) order barring Kotak Mahindra Bank from onboarding new customers through online and mobile channels and issuing new credit cards has sparked concerns about the bank's image and its impact on customer trust. These restrictions,...
Financial services platform Northern Arc secures $80 mn funding from IFC, ET BFSI
New Delhi, Financial services platform Northern Arc on Wednesday said that it secured $80 million in funding from the International Finance Corporation (IFC), a member of the World Bank Group. The investment comprises an equal split of equity and debt, each...
Axis Bank snatches the crown of 4th largest bank from RBI-hit Kotak in market value terms, ET BFSI
Despite enjoying a higher valuation premium on risk management and overall governance practices, Kotak Mahindra Bank has now lost its status as the fourth largest banking stock on Dalal Street to rival Axis Bank in market value terms.While Axis Bank shares were...
Asset management JV with BlackRock progressing well, says Jio Financial Services, ET BFSI
Jio Financial Services on Tuesday said its joint venture with BlackRock is "progressing well" with the recruitment of a leadership team and infrastructure set up as the company awaits regulatory approval for the launch of its asset management business. Jio Financial...
RBI crackdown triggers crash in Kotak Bank shares, BFSI News, ET BFSI
Mumbai, Shares of Kotak Mahindra Bank crashed by as much as 12 per cent in morning trade on Thursday to Rs 1,620 on BSE as investors dumped the stock following the RBI crackdown on the lender. The RBI had, on Wednesday evening, barred Kotak Mahindra Bank, with...
Mahindra Finance detects about Rs 150 cr fraud in loan portfolio, defers FY24 financial results till May 30, ET BFSI
New Delhi, Mahindra Finance on Tuesday said it had in March detected about Rs 150 crore fraud in its loan portfolio at one of its branches and has postponed finalisation of results for the fourth quarter and also for the financial year till May 30. Mahindra &...
Several ICICI Bank customers are now seeing details of other users when using mobile app, ET BFSI
Many ICICI Bank customers have raised concerns on social media platform X (previously known as Twitter) about a glitch on the iMobile app. On their iMobile app, a number of users have claimed to be able to access details of other customers (people they don’t even...
Outward remittances hit record high at $29 billion during Apr-Feb FY24, ET BFSI
Outward remittances from India, facilitated under the liberalised remittance scheme (LRS), have surged to a new peak, reaching $29 billion during the April 2023 to February 2024 period, according to recent data published by the Reserve Bank of India (RBI).Indians...
Axis Bank re-appoints Amitabh Chaudhry as MD & CEO for three more years, shares top 5%, ET BFSI
Private lender Axis Bank's board on Thursday approved the re-appointment of Amitabh Chaudhry as the Managing Director & Chief Executive Officer of the company for another three years, it said in a stock exchange filing.Chaudhry's reappointment is subject to the...
MAS Financial Services Limited Reports PAT of more than Rs 250 Crores for the FY 2023-24, While the Consolidated AUM Crosses Rs 10,700 Crores, ET BFSI
NewsVoirAhmedabad (Gujarat) [India], April 24: The Board of Directors of MAS Financial Services Limited (MAS Financial) (BSE: 540749, NSE: MASFIN), specialized in MSME financing, announced today the audited financial results for the quarter ended 31st March 2024.116...
Credit card spends rose 27% to Rs 18.26 lakh crore, ET BFSI
Credit card spending in India saw a significant surge in the financial year 2023-24, according to recent data released by the Reserve Bank of India (RBI). Year-on-year, credit card spends increased by 27%, reaching Rs 18.26 lakh crore compared to nearly Rs 14 lakh...
Once Adani-heavy, 8 FPIs look to settle with Sebi, ET BFSI
Mumbai: More than half a dozen foreign portfolio investors (FPIs) that owned substantial stakes in Adani Group firms are looking to settle securities violation matters with markets regulator Sebi, said people familiar with the matter. They have agreed to pay a certain...
Kotak Mahindra Bank assures to resolve issues and provide uninterrupted services, ET BFSI
After the RBI’s curb on its online and credit card business, the Kotak Mahindra Bank assures its customers to resolve issues and provide uninterrupted services. “We want to reassure our existing customers of uninterrupted services, including credit card, mobile and...
Vodafone Idea’s Rs 18,000 crore FPO fully subscribed on last day, ET BFSI
Mumbai: Vodafone Idea's Rs 18,000 crore follow-on public offer (FPO), India’s biggest, was fully subscribed on the third day, with global institutional investors like GQG, Capital Group, and Fidelity Investments showing strong interest in the telecom company. The...
India takes leading role in calling for multilateral bank reforms, ET BFSI
United Nations, As the Global South grapples with the ossified structure of the main multilateral development banks (MDBs), India has taken a leading role in calling for the reform of the institutions created after World War 2 reflecting the power structure of that...
Majority of top 100 Indian firms voluntarily report Scope 3 ESG data for FY23: Report, ET BFSI
Evolving sustainability reporting requirements reflect an increasing shift towards embracing environmental and social responsibility. About 51 per cent of India’s top 100 listed companies by market capitalisation disclosed their Scope 3 data for FY23 despite it being...
No writebacks post RBI provision on AIF exposure, bank to raise funds soon: Amitabh Chaudhary, ET BFSI
Axis Bank CEO Amitabh Chaudhary on Wednesday commented on AIF exposure, and said that there has been no writebacks post RBI provision. CEO’s remarks came while announcing the bank’s Q4 results highlighting that the bank reported a standalone net profit of Rs 7129.67...
FPIs lap up power, financial services stocks in April; IT, FMCG see biggest outflows, ET BFSI
Mumbai: Overseas investors were buyers of Indian equities worth ₹17,932 crore across 15 sectors between April 1 and 15, as per National Securities Depository Ltd (NSDL) data.Power sector received the highest inflow from foreign investors, who bought shares worth...
Asset management JV with BlackRock progressing well, says Jio Financial Services, ET BFSI
Jio Financial Services on Tuesday said its joint venture with BlackRock is "progressing well" with the recruitment of a leadership team and infrastructure set up as the company awaits regulatory approval for the launch of its asset management business. Jio Financial...
Lender back in black with profit of Rs 7,130 cr; NII jumps 22% YoY, ET BFSI
Axis Bank on Wednesday reported a standalone net profit of Rs 7,130 crore for the quarter ended March 31, 2024, against a loss of Rs 5,728.42 crore reported by the bank in the corresponding quarter of the last financial year.The net interest income for the reported...
NSE to waive off transaction charges for Junior Nifty F&O trades for 6 months, ET BFSI
The National Stock Exchange (NSE) today announced that it will not levy any transaction charges for the first 6 months in the F&O contracts of Nifty Next 50 index, also known as Junior Nifty."In order to encourage active participants in Futures and Options...
Mahindra Finance detects about Rs 150 cr fraud in loan portfolio, defers FY24 financial results till May 30, ET BFSI
New Delhi, Mahindra Finance on Tuesday said it had in March detected about Rs 150 crore fraud in its loan portfolio at one of its branches and has postponed finalisation of results for the fourth quarter and also for the financial year till May 30. Mahindra &...
RBI bans Kotak Mahindra Bank from onboarding new customers through online, mobile banking channels, ET BFSI
In a heavy action that has shocked the banking world, the Reserve Bank of India on Wednesday directed the Kotak Mahindra Bank Limited to cease and desist, with immediate effect, from onboarding of new customers through its online and mobile banking channels and...
NSE set to launch derivative contracts on Nifty Next 50 from Wednesday, ET BFSI
National Stock Exchange (NSE) is set to introduce derivative contracts on Nifty Next 50 index from Wednesday. This came following an approval received from markets regulator Securities and Exchange Board of India (Sebi). The Nifty Next 50 index represents 50 companies...
IIFL Finance starts special audit, BFSI News, ET BFSI
Mumbai: IIFL Finance commenced the special audit directed by the Reserve Bank of India (RBI) on Tuesday. This follows the central bank's embargo dated March 4, 2024, which suspended the disbursement of new gold loans by our company until the satisfactory completion of...
Big banks face probe over NDAs in swaps, clearing businesses, Bloomberg reports, ET BFSI
The Commodity Futures Trading Commission (CFTC) has reached out to a number of banks, including JPMorgan Chase, Bank of America and Citigroup to see if they have been preventing would-be whistleblowers from speaking out, Bloomberg News reported on Wednesday.CFTC is...
Surge in personal and consumer durable loans during festive season, Maharashtra dominates originations: Report, ET BFSI
India observes good growth in originations across major consumer lending product categories in the festive season from Q3 FY23 to Q3 FY24. Personal Loans witnessed 13 per cent growth in originations (value) from Rs 205.7 k crore to Rs 232.2 k crore from Q3 FY23 to Q3...
New MD & CEO appointed at Srei Infrastructure Finance under NARCL management, ET BFSI
Under the new management of the state-owned National Asset Reconstruction Company Limited (NARCL), Srei Infrastructure Finance Limited (SIFL) on Tuesday announced the appointment of Hardayal Prasad as its new Managing Director and CEO. Prasad, with 36 years of...
Tamilnad Mercantile Bank March-Quarter Net Profit At 2.53 Bn Rupees, ET BFSI
TAMILNAD MERCANTILE BANK MARCH-QUARTER GROSS NPA 1.44% VERSUS 1.69% PREV QUARTER Updated On Apr 22, 2024 at 04:43 PM IST Tamilnad Mercantile Bank Ltd :* TAMILNAD MERCANTILE BANK MARCH-QUARTER NET PROFIT 2.53 BILLION RUPEES VERSUS 2.53 BILLION RUPEES* TAMILNAD...
Rupee headed higher on softer oil prices, possible inflows, BFSI News, ET BFSI
Brent crude, which jumped to USD 90.75 on Friday, cooled to near USD 86.50 after Israel and Iran played down the risks of a further rise in hostilities in the Middle East after Israel's apparently small strike on Iran.The Indian rupee is likely to open slightly higher...
PSBs likely to report lower slippages due to better loan monitoring, ET BFSI
Public sector banks (PSBs) are likely to report a lower fresh slippage ratio than private banks in the fiscal year 2024-25, experts suggest. The term "slippages" refers to the addition of new bad loans in a given year.According to the banking outlook for FY25 by...
Bengaluru businessman loses Rs 5.2 crore to cyber crooks in stock market scam, ET BFSI
In a recent case of cyber fraud, a 52-year-old Bengaluru businessman, identified as Sharath (name changed), residing in Jayanagar, Bengaluru fell victim to a scam involving the stock market, resulting in a loss of Rs 5.2 crore, according to a report.Sharath, ToI...
IndusInd Bank executes maiden programmable e-rupee transaction in Ratnagiri, ET BFSI
Mumbai, IndusInd Bank on Monday said it has executed the maiden transaction of the programmable e-rupee transaction in Maharashtra's Ratnagiri district. The private sector lender said a pilot was done in collaboration with climate-tech company Circularity Innovation...
BSE Sensex ends 560 points up; Nifty50 above 22,300, ET BFSI
Stock market today: Indian equity benchmark indices, BSE Sensex and Nifty50, surged in trade on Monday. BSE Sensex closed the day at 73,648.62, up 560 points or 0.77%. Nifty50 ended the day at 22,336.40, up 189 points or 0.86%. Voltas surged 6% and Zomato was up 2%....
HDFC Bank decision to refrain from price war on deposits and infra bonds will help improve NIM: Analysts, ET BFSI
Mumbai: HDFC Bank’s plan to raise 60,000 crore in infrastructure bonds and refrain from participating in a price war for deposit mobilisation will help it improve margins in the coming quarters, said analysts.Unlike the 1-lakh-crore infrastructure bonds India’s...
What are forex cards and why is it preferred over credit cards for foreign travel?, ET BFSI
In India, people are constantly on the move for various purposes like work, leisure and more, and to solve for payments made abroad, forex cards have become a preferred option. Banks and fintechs are also increasingly partnering, like Zaggle and Visa, Jupiter, Scapia...
Deposits see a robust sequential uptick, CD ratio goes below 80%, ET BFSI
Deposit growth although improving has lagged credit growth for FY24 and consequently is anticipated to play a leading role in FY25 as banks take further efforts to shore up their liability franchise and ensure that lagging deposit growth does not constrain the credit...
Nifty Bank likely to face some resistance around 48,000, suggest analysts, ET BFSI
The Nifty Bank closed in the green for the second consecutive day on Monday tracking positive global cues.The Nifty Bank closed 350 points higher at 47,924 while the Nifty50 gained 189 points to close at 22,336.The Nifty Bank witnessed value buying at lower levels for...
MUFG likely to sweeten $1.7 billion offer for HDB Finance, BFSI News, ET BFSI
Tokyo: Mitsubishi UFJ Financial Group is considering sweetening its $1.7 billion offer for a minority stake in HDFC Bank's consumer lending unit in India, with a deal potentially hinging on valuation and the Japanese bank having a say in strategy, according to people...
Banks to be closed for 11 days in May 2024, BFSI News, ET BFSI
The second month of the new financial year will have 11 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 May will see some...
Report, BFSI News, ET BFSI
MUMBAI: Markets regulator Sebi found that a dozen offshore funds invested in Adani Group companies were in violation of disclosure rules and in breach of investment limits, two people with direct knowledge of the matter said on Monday. They declined to be named as...
NCLT admits Indiabulls Housing Finance insolvency plea against Subhash Chandra, ET BFSI
The bankruptcy court has admitted Indiabulls Housing Finance Ltd's (IHFL) application to initiate insolvency resolution proceedings against Essel Group chairman Subhash Chandra for default by a company called Vivek Infracon. Chandra was a personal guarantor against...
Public sector banks don’t have power to issue Look Out Circulars against defaulters: HC, ET BFSI
Mumbai, The Bombay High Court on Tuesday ruled that public sector banks do not have the power in law to issue Look Out Circulars (LOCs) against default borrowers. The HC's verdict would render all LOCs issued by such banks against defaulters as quashed. A division...
Airtel Payments Bank launches interoperable common mobility cards, ET BFSI
Both cards are being made from eco-friendly e-PVC material, which is certified for its environmental sustainability.Airtel Payments Bank on Monday launched its eco-friendly NCMC (National Common Mobility Cards) enabled debit and pre-paid cards. The bank has partnered...
Mahindra finance to delay Q4 results due to detected retail vehicle loan financial fraud, ET BFSI
New Delhi [India], April 23 (ANI): A financial fraud has been detected at the North East branch of Mahindra & Mahindra Financial Services during the end of the fourth quarter of the financial year ended March 31, 2024, the company informed the exchange in its...
These 5 banks have revised fixed deposit rates in April, ET BFSI
Several banks have revised their fixed deposit (FD) interest rates in April 2024. Depending on the deposit plan, these banks offer varying interest rates on FDs. The banks periodically announce changes in their deposit interest rates to the public. It's important to...
BlackSoil logs 40 pc investment growth, $118 mn in disbursement in FY24, ET BFSI
New Delhi: Alternative credit platform BlackSoil on Monday said it registered 40 per cent growth in portfolio investment in FY24, with total disbursement exceeding $118 million.In the last fiscal year, the company exited 18 deals while making strategic investments in...
Wells Fargo fires employee after data breach exposes customer information, ET BFSI
Wells Fargo has disclosed a data breach caused by the actions of one of its employees, resulting in the exposure of personal and mortgage account information for two of its customers.The incident, confirmed by the California-based banking giant, was not a cyber-attack...
US consumers on lower incomes face loan stress while banks pull back, ET BFSI
NEW YORK - U.S. borrowers on lower incomes are increasingly struggling to keep up with their loan payments, according to recent data and bank executives, prompting banks to become more cautious about dishing out credit cards and car loans.A growing number of Americans...
This HDFC Bank special FD offers up to 7.75% interest rate along with hospital cash insurance; who can invest, tenure, investment amount, interest payment
HDFC Bank offers a customised fixed deposit (FD) that combines the benefits of a term deposit with the security of a hospital cash cover. When you open HDFC Bank HealthCover fixed deposit, you will be eligible for hospital cash cover for the first year, as per the...
Best corporate bond mutual funds to invest in April 2024, BFSI News, ET BFSI
Are you planning to invest in relatively-safe debt schemes to take care of your near-term goals? Or are you searching for ‘relatively safe’ debt funds to invest for three years or more? If your answer is yes, you can consider investing in corporate bond funds in April...
SBI, HDFC Bank, ICICI Bank, PNB, ET BFSI
The Reserve Bank of India (RBI) has urged banks not to charge their savings account holders for NEFT cash transfers made online starting January 1, 2020. What is National Electronic Funds Transfer (NEFT)?According to the ICICI Bank website, "The National Electronic...
US bond bulls lean into latest selloff despite inflation scare, ET BFSI
NEW YORK - A sharp selloff in U.S. bonds so far in April is prompting some investors to consider allocating more funds to the asset class to lock in higher yields ahead of interest rate cuts by the Federal Reserve, a prospect that remains investors' base case despite...
SNB raises minimum reserve requirement for banks, reducing interest costs, ET BFSI
ZURICH - The Swiss National Bank (SNB) is raising the minimum reserve requirement for domestic banks, it said on Monday, potentially saving it hundreds of millions of Swiss francs in interest payments each year.The SNB said in a statement that it is also raising the...
Why these MFs may not be the right choice for investors, ET BFSI
The bull market rally that began after the Covid lows proved to be a turning point for ESG (environment, social, and governance) investing. Investors shifted their focus from how much money companies make to how they make it. In response, fund houses in India, like...
SBI customers can pay education fee to foreign universities in Indian rupee; check details, ET BFSI
The State Bank of India (SBI) has announced a partnership with Flywire, global payments enablement and software company, to allow Indian students and customers of the bank to pay educational fee to foreign universities and colleges in local currency, i.e., INR.Here...
Rupee ends higher on inflows, dollar sales by state-run banks, ET BFSI
MUMBAI - The Indian rupee rose on Monday aided by likely equity inflows and dollar sales from state-run banks, traders said.The rupee closed at 83.3625 against the U.S. dollar, up 0.1% from its close at 83.47 in the previous session.The currency had dropped to a...
Utility bill payments made with YES Bank and IDFC First Bank credit cards to get costlier from May 1, 2024, ET BFSI
Come May 1, 2024 and Yes Bank and IDFC FIRST Bank credit card customers will have to pay a higher amount as fees for paying utility billsHere is a look at the changed fee structure effective from May 1, 2024Yes BankYES Bank has revised various aspects of all of its...
Markets bounce as Middle East fears ease, US inflation in view, ET BFSI
Hong Kong, Apr 22, 2024 -Asian markets rose Monday, clawing back some of last week's losses, as Middle East worries subsided and traders looked ahead to the release of key US inflation data and corporate earnings.With Iran downplaying a reported Israeli attack on the...
Deutsche Bank CEO hopes for progress on EU capital markets union, ET BFSI
"The capital markets union is higher on the European policy agenda than it has been for years," Sewing, who is president of the German private bankers association BdB, told the German banking day on Monday. Published On Apr 22, 2024 at 03:15 PM IST BERLIN - Deutsche...
Hybrid mutual funds stage comeback; see Rs 1.45 lakh crore inflows driven by arbitrage investments, ET BFSI
Hybrid mutual fund schemes have seen a resurgence in 2023-24, garnering Rs 1.45 lakh crore in investments, driven by substantial inflows into the arbitrage category, following withdrawals in the previous fiscal year. The surge in assets was complemented by an increase...
HDFC Bank transition is like coastal road construction phase: CEO Jagdishan, ET BFSI
Mumbai: HDFC Bank's CEO, Sashidhar Jagdishan, has requested investors to be patient during the bank's transition, comparing it to the construction of Mumbai's coastal road, promising that benefits would follow the transition phase.During an investor call after the...
Japanese government bond yields rebound as fears of wider Iran-Israel conflict ebb, ET BFSI
TOKYO - Japanese government bond (JGB) yields rose on Monday as fears of further escalation in the Middle East conflict eased, with Iran playing down an apparent Israeli drone attack within its borders last week and indicating it had no plans for retaliation.The...
HDFC Bank Q4 profit grows 37% but falls short of estimate, ET BFSI
Mumbai: HDFC Bank on Saturday reported a 37% on-year growth in its fourth quarter net profit that failed to meet D-Street expectations, with one-time gains accruing from a stake sale in education loan subsidiary HDFC Credila Financial Services helping expand the...
Multilateral development banks eye up to $400 bln more lending over 10 years, ET BFSI
Following a retreat held in Washington at the IDB headquarters, on the sidelines of the International Monetary Fund and World Bank spring meetings, the MDBs said the agreed plan involves "joint steps to work more effectively as a system" to take action on climate...
Sluggish progress on climate finance at World Bank, IMF meetings, ET BFSI
The annual World Bank and IMF meetings have wrapped up without a concrete plan to mobilise the trillions of dollars needed to fight climate change, in a year where agreement on New Collective Quantified Goal (NCQG) or a new climate finance goal will be the key issue...
Government bonds face FPI selloff as US yields harden, BFSI News, ET BFSI
Mumbai: Sustained buying by overseas funds in the fully accessible category of Indian government bonds has met with a sudden trend reversal after persistently firm American economic data reduced visibility on rate cuts by the Federal Reserve, causing a surge in US...
Banks mull new move for faster freezing of fraudsters’ accounts in case of a cyberattack, ET BFSI
Banks have suggested integrating their systems with the National Cybercrime Reporting Portal (NCRP), a division of the Ministry of Home Affairs, to enable quicker freezing of fraudsters' accounts in the event of a cyberattack. The goal is to prevent digital criminals...
Anand James, Geojit Financial Services, ET BFSI
“We will look to add longs on Monday, on dips, which should not exceed 22045, while a direct fall below 21975 will re-activate bearish moves, this time aiming for 21500,” says Anand James, Chief Market Strategist, Geojit Financial Services.Edited excerpts from a...
Court punches holes in CBI case against Yes Bank’s Rana Kapoor, ET BFSI
Puncturing holes in the Central Bureau of Investigation (CBI) case against Yes Bank co-founder Rana Kapoor, a special CBI court, while granting him bail on Friday, held that his c detention without trial would amount to a "pre-trial conviction".The court held that the...
FPIs withdraw over Rs 5,200 crore in April so far amid tweaks in tax treaty with Mauritius, ET BFSI
New Delhi, Foreign investors dumped domestic equities worth over Rs 5,200 crore in April so far on concerns over tweaks in India's tax treaty with Mauritius, which would now impose higher scrutiny on investments made here via the island nation. This came following a...
Profit seen rising over 50% YoY; asset quality stable, ET BFSI
HDFC Bank is expected to show strong year-on-year (YoY) growth in net profit for the quarter ended March 2024, boosted by massive gains from treasury income.India’s largest private sector lender is scheduled to release its earnings on Saturday.The lender’s net profit...
Sensex plunges 600 points tracking weak Asian cues as Mideast conflict intensifies, ET BFSI
Benchmark equity indices opened lower for the fifth straight session on Friday, mirroring the trend seen in Asian markets, on reports of an escalation in geopolitical tensions in the Middle East.The S&P BSE Sensex was trading 598 points or 0.83% lower at 71,890....
Banks revise FD interest rates in April: IDBI, Federal Bank and more
Fixed deposit interest rates: Several banks have updated their fixed deposit (FD) interest rates in April 2024, offering varying rates depending on the deposit plan. These revisions are part of the banks' regular updates to their deposit interest rates. It's important...
Rupee falls 6 paise to 83.58 against US dollar in early trade, ET BFSI
Mumbai: The rupee depreciated 6 paise to 83.58 against the US dollar in early trade on Friday, weighed down by a negative trend in domestic equities and elevated crude oil prices. Forex traders said the strength of the American currency in the overseas market also...
Yes Bank co-founder Rana Kapoor gets bail in bank fraud case; to walk out of jail after four years, ET BFSI
Mumbai: A special court here on Friday granted bail to Yes Bank co-founder Rana Kapoor in the Rs 466.51 crore bank fraud case, paving the way for him to walk out of jail after four years. The Enforcement Directorate (ED) arrested Kapoor in March 2020 in a money...
Oil spike pushes Indian benchmark bond yield to over 3-month high, ET BFSI
MUMBAI - Indian government bond yields rose in the early session on Friday, with the benchmark yield jumping to a more than three-month high, tracking a rebound in oil prices, while fresh debt supply will also test investor appetite.The yield on the benchmark 10-year...
Banks mull options on using iris scans for verifying transactions, ET BFSI
New Delhi: India's commercial banks are looking to use iris scans for authenticating transactions, mainly to assist senior citizen customers, said people aware of the matter.The banks are in talks with Reserve Bank of India (RBI) among stakeholders, for using iris...
How Nifty may behave before results and which stocks to buy?, ET BFSI
As polling for the seven-phase-long Lok Sabha election began from today, Dalal Street's 9 crore investors would be closely tracking the mood of 96.8 crore voters spread across India. Ahead of the voting for the first phase, Sensex has given up almost all of its gains...
Bank credit surges 16% in fiscal year, marks fastest growth in a decade, ET BFSI
Kolkata: Bank credit during the fiscal year gone by grew by 16%, the fastest in the last 10 years reflecting their higher appetite for lending backed by stronger financial metrics with the systemic cleansing of their balancesheets.The economic recovery from the...
Banking & financials lift Sensex 599 points higher despite IT selloff, ET BFSI
Indian equity indices rebounded from a sluggish start to end higher on Friday, with banking and financial stocks leading the gains, despite concerns over escalating tensions in the Middle East dampening sentiment. The indices, however, posted a weekly loss owing to US...
In fight against online frauds, banks moot syncing systems with MHA’s cybercrime portal, ET BFSI
Mumbai: In what could pave the way for a faster freeze on fraudsters’ accounts in case of a cyberattack, banks have proposed an integration of their systems with the National Cybercrime Reporting Portal (NCRP), an arm of the ministry of home affairs.This is aimed at...
Rupee ends higher on likely cenbank support, foreign banks’ dollar sales, ET BFSI
The Indian rupee recouped opening losses to end higher on Friday, despite weakness across regional peers, helped by possible intervention from the Reserve Bank of India (RBI) and dollar sales from foreign banks.The rupee ended at 83.4700 to the U.S. dollar, up from...
Profit jumps 37% YoY to Rs 16,512 crore, NII up 24.5%, ET BFSI
India's largest private sector lender HDFC Bank on Saturday reported a 37.1% year-on-year (YoY) increase in its standalone profit at Rs 16,512 crore in the March quarter.Its net interest income (NII) during the quarter grew by 24.5% to Rs 29,077 crore.While announcing...
China, Hong Kong stocks end lower on Middle East tensions, ET BFSI
SHANGHAI - China and Hong Kong stocks declined on Friday, tracking their regional peers, pressured by reports of an Israeli attack on Iran that sparked rising safe-haven bets.** The latest developments prompted concerns over a widening of the Israel-Hamas war in Gaza...
Banks grow CASA deposits as rising liquidity eases pressure to raise funds, ET BFSI
Several banks have observed an improvement in their current account-savings account (CASA) ratios in the fourth quarter, following a decline over the previous quarters amid rising liquidity in the system.The shift towards surplus liquidity in the banking system is...
Mutual fund investment frozen for KYC? Know who can do Re-KYC online and who has to do it offline, ET BFSI
Mutual fund investment accounts of many were flagged for re-KYC and they had to complete the exercise by April 1, 2024, failing which their folio would have been frozen. One of the primary reasons for this exercise was because some changes were made to the list of...
Report, BFSI News, ET BFSI
The Tata Group has requested a waiver from the Reserve Bank of India (RBI) in order to avoid listing its holding company and non-banking finance firm, Tata Sons, ET Now has reported citing agencies.According to regulations revised by the RBI in October 2021, large...
Banks’ gold loan rush enters slow lane in 2024, BFSI News, ET BFSI
The robust growth trajectory witnessed in the gold loan portfolios of banks is now showing signs of moderation, attributed to increasing competition from gold loan companies and fintech firms, alongside higher gold prices impacting individuals' purchasing...
Investors hunt for value as India’s bond yield spike set to reverse, ET BFSI
MUMBAI - The recent rise in Indian government bond yields has investors scouting for value as yields are seen easing later this year despite the central bank holding rates, treasury officials said.A scaling back of U.S. rate cut expectations and a rise in oil prices...
Canara Bank fixes record date of May 15 for stock split, ET BFSI
State-owned Canara Bank on Friday said it has fixed May 15 as record date for determining shareholders' eligibility for stock split. The stock split is being done with an objective to improve liquidity of the stock. In February, the bank's board had approved splitting...
Best banking & PSU mutual funds to invest in April 2024, ET BFSI
Are you looking for relatively safe debt funds to invest for a few years? You can consider investing in Banking & PSU debt funds. These schemes have the mandate to invest at least 80% of their corpus in debt investments of banks, public sector undertakings, and...
Best banking & PSU mutual funds to invest in April 2024, ET BFSI
Are you looking for relatively safe debt funds to invest for a few years? You can consider investing in Banking & PSU debt funds. These schemes have the mandate to invest at least 80% of their corpus in debt investments of banks, public sector undertakings, and...
Norway wealth fund backs proposal to split Goldman CEO, chair roles, ET BFSI
STOCKHOLM - Norway's $1.6 trillion sovereign wealth fund, one of the world's largest investors, will support a resolution calling for Goldman Sachs to split the roles of CEO and board chair, it said on Friday.Proxy advisors Institutional Shareholder Services (ISS) and...
Credit limit, billing cycle and 10 other important credit card terms you must know, ET BFSI
Many people enjoy using credit cards for shopping due to the various benefits they offer, such as cash back and discounts provided by credit card companies. To effectively manage your credit card usage, it is crucial to be familiar with relevant terminology....
Investors pull money from cash to pay tax bills, sell US stocks: BofA, ET BFSI
LONDON - Cash equivalent funds saw a $160 billion tax-related outflow in the week to Wednesday, according to a Bank of America's weekly report that cites fund flows and asset allocation from data provider EPFR, while U.S. stocks suffered their second week of...
Europol, police of 19 countries take down website that stole passwords and bank details and more, ET BFSI
In a major victory against online crime, a coordinated international operation has shut down a website used to create fake websites that steal personal information. The global law enforcement operation has disrupted a website used by over 2,000 criminals to try to...
Credit limit, billing cycle and 10 other important credit card terms you must know, ET BFSI
Many people enjoy using credit cards for shopping due to the various benefits they offer, such as cash back and discounts provided by credit card companies. To effectively manage your credit card usage, it is crucial to be familiar with relevant terminology....
NBCC to set up shadow lender to help save over $100 million: Sources, ET BFSI
Representative ImageNEW DELHI: India's state-run NBCC plans to set up its own non-banking finance company (NBFC) later this year to lower its borrowing costs for key infrastructure projects, according to two sources directly involved in the matter.The construction and...
Utility bill payments made with YES Bank and IDFC First Bank credit cards to get costlier from May 1, 2024, ET BFSI
Come May 1, 2024 and Yes Bank and IDFC FIRST Bank credit card customers will have to pay a higher amount as fees for paying utility bills.Here is a look at the changed fee structure effective from May 1, 2024. Yes BankYES Bank has revised various aspects of all of its...
Cred receives in-principle approval from the RBI for payment aggregation business, ET BFSI
Fintech firm Cred has received in-principle approval from the Reserve Bank of India (RBI) for the payment aggregation (PA) business, said people familiar with the development.Once it gets the final approval, the Peak XV-backed Bengaluru-based startup, which primarily...
RBI approves Ajith Kumar KK as MD & CEO of Dhanlaxmi bank, ET BFSI
Mumbai: The Reserve Bank of India has approved the appointment of Ajith Kumar K.K as the Managing Director and CEO of Dhanlaxmi Bank for a three-year term, effective from the date he takes charge. The bank's board will meet in due course to approve the appointment and...
First-time stock market investors can bet on these sectors and categories, say experts, ET BFSI
The Covid pandemic has brought many first-time investors to the stock market. This record-high number of demat accounts opened since the pandemic is a testament to this. The index touching record highs have further fuelled the opening of demat accounts. While many...
ANZ Bank in talks with Australia Pensions on India investments, ET BFSI
ANZ Group Holdings Ltd. is in discussions with Australian pension funds about investing in India’s infrastructure assets and its debt market, according to a senior bank official.“We are currently in talks with a few Australian pension funds to bring them to India,”...
Rupee off record low on likely RBI intervention, Iranian official’s comment, ET BFSI
MUMBAI - The Indian rupee recovered after slipping to a record low on Friday, on likely intervention by the central bank and comments by an Iranian official that there was no missile attack on the country.The rupee was at 83.5175 to the U.S. dollar at 11:15 a.m. IST,...
Australia fines Macquarie Bank $6.4 mn for not preventing unlawful third-party transactions, ET BFSI
The Federal Court of Australia has fined Macquarie Bank A$10 million ($6.4 million) for its lack of controls to detect and prevent unauthorised fee transactions carried out by third parties on customer accounts, the securities regulator said on Friday.The bank allowed...
Jio Financial Services shares slump 3% ahead of Q4 results today, ET BFSI
Shares of Mukesh Ambani-led Jio Financial Services declined 3% at Rs 372 on BSE in Friday's early trade as the investors await the fourth quarter earnings’ result later in the day.Earlier this week, the firm announced that it signed an agreement with the asset...
SBI, ICICI, HDFC and 5 other top banks, ET BFSI
April 2024 bank loan interest rates: As of April 2024, various banks have revised their loan interest rates, while others have maintained their Marginal Cost of Funds Based Lending Rate (MCLR) unchanged. Here are the latest MCLR rates from the top eight banks, as...
Dollar rally stalls after rare FX warning from finance chiefs, ET BFSI
LONDON - The dollar fell for a second day on Thursday after a rare warning by the finance chiefs of the United States, Japan and Korea over the sharp decline in other currencies, which in turn offered the yen some rare respite.The yen got a modest lift after Japan's...
Banks offering highest FD interest rates for senior citizen investors, ET BFSI
A reliable source of income and capital security, fixed deposits (FDs) are a wise financial choice, particularly for older investors who need consistent returns. Because of its safety, consistent returns, and the greatest fixed deposit rates for older adults, this...
How India is better prepared among emerging markets, ET BFSI
As the dollar’s strength roils developing markets, the good news is that many are now well prepared with piles of reserves for just such a scenario.More than a dozen emerging-market currencies have tumbled versus the greenback this month, as the Federal Reserve looks...
Taking stock & looking ahead, ET BFSI
As the global policy community assembles in Washington DC to attend the IMF/World Bank Spring Meetings - from April 17 to 19 - one of the issues high on the agenda will be the reform of multilateral development banks (MDBs). The reform agenda encompasses efforts being...
Investor climate group sets target for assets in private equity, debt, ET BFSI
LONDON - The world's leading group of asset owners committed to turning their investment portfolios green said on Thursday it had set guidance for private assets for the first time and would also look to improve assessment of emissions tied to sovereign debt...
Muthoot Finance inaugurates its first Delhi Metr0 Branch at Okhla NSIC Station, ET BFSI
Muthoot Finance, the gold loan NBFC, has inaugurated its first-ever Delhi Metro Rail Station branch in Okhla NSIC. The ceremony held on 12th April 2024, was graced by esteemed dignitaries including Shri. Robin Hibu, Special Commissioner of Delhi Police, alongside...
0.96% rise in FY24! Why banks are increasing deposit rates, BFSI News, ET BFSI
Lenders increased deposit rates by an average of 96 basis points during the financial year 2024 despite the Reserve Bank of India (RBI) maintaining policy rates steady since February 2023. According to a State Bank of India research report released this week, there...
Best conservative hybrid mutual funds to invest in April 2024, ET BFSI
Many mutual fund advisors believe that 2024 is going to be the year of hybrid funds. Because of the uncertainties regarding the global economy and ever rising Indian stock market, advisors have been advising investors to move cautiously. In such a scenario they...
Digital-first affordable housing financer Altum Credo raises $40 million equity, ET BFSI
Tech-led affordable housing finance company Altum Credo has raised over $40 million through the conclusion of its Series C equity round with investors including Z3Partners and OIkocredit leading the same with participation from British International Investment, the...
Federal Bank revises fixed deposit interest rates, ET BFSI
Federal Bank has revised fixed deposit interest rates for both resident and non-resident accounts, effective April 18, 2024. The bank offers FD interest rates between 3% to 7.40% for general citizens for tenures between 7 days to 10 years. After the revision, the...
Rupee ends at record closing low, wedges between outflows, higher Asia FX, ET BFSI
MUMBAI - The Indian rupee logged a record closing low against the dollar on Thursday, but ended little changed as it was caught between equity outflows and a recovery in regional peers.The rupee ended at 83.5375, its weakest close on record, compared with its previous...
17 NBFCs complete the first cohort of NBFC Growth Accelerator Programme, ET BFSI
Launched in October 2023, the programme is the first-of-its-kind initiative aimed at addressing the funding challenges faced by smaller NBFCs. Small Industries Development Bank of India (SIDBI) and Global Alliance for Mass Entrepreneurship (GAME) have successfully...
Three Indian banks in top 50 banks in Asia-Pacific by assets: S&P Global, ET BFSI
Indian banks have been among the best-performing lenders among peers in Asia. Three Indian lenders made it to the list of top 50 banks by assets in the Asia-Pacific region in 2023, up from two in 2022. The aggregate assets of the lenders rose sharply by 50.5% y/y to...
Sanjiv Bhasin | Sanjiv Bhasin’s Top Bets: Sanjiv Bhasin on 3 bets that’ll make you money in near and medium term, ET BFSI
Sanjiv Bhasin, Director, IIFL Securities, says we are adding Hindustan Lever. For HUL, Rs 2,350 would be my short-term target, but I think it is headed back to Rs 2,450. Keep a stop loss of Rs 2,170. If the index has to move back, FMCG has to be a key. This is a...
NBFCs’ Q4 profit may surge 15% on strong loan growth, asset quality, ET BFSI
Mumbai: Strong disbursements and robust asset quality are likely to help non-banking finance companies (NBFCs) post a 15-17% increase in net profit in the fourth quarter ended March 2024. Higher cost of funds will, however, continue to pressure margins, analysts...
3.3 crore bank accounts opened in FY24, cash level rises by Rs 36K crore, ET BFSI
A remarkable 33 million new Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts were opened during FY24, pushing the cumulative tally to 519.5 million accounts. The total balance across these accounts surged to Rs 2,34,997 crore, compared to Rs 1,98,844 crore recorded in...
Proof of HRA claims of previous years; can you really take it easy after CBDT’s assurance of no review of old HRA cases, ET BFSI
If you have made certain claims to get an income tax deduction or exemption while filing your income tax return, then you need to keep documentary evidence of it as the income tax department may ask for it. There were media reports which indicated that the income tax...
Morgan Stanley, HSBC cutting dozens of Asia investment banking jobs on deal slowdown, ET BFSI
HONG KONG - Morgan Stanley and HSBC are cutting dozens of investment banking jobs in the Asia Pacific this week, sources with knowledge of the matter said, as weaker deal activities and sluggish markets in China and Hong Kong weigh on their business prospects.Morgan...
Impact manager Acre raises $100 mln for African climate infrastructure, ET BFSI
LONDON - Two former BNP Paribas bankers have raised almost $100 million for a new fund which aims to unlock billions of dollars of funding for climate-aligned infrastructure projects in Africa.Acre Impact Capital, a private-debt impact investment manager, is looking...
Banks in these cities will be closed on April 19 for phase 1 of general elections, ET BFSI
As the voting for Lok Sabha Election 2024 will begin from April 19 and the results will be declared on June 4, 2024, many banks will be closed on the election day in their respective cities, according to the Reserve Bank of India (RBI) holiday calendar for 2024. Some...
Volatility uncorked as US solo surge unleashes dollar, ET BFSI
LONDON - An almost eerie period of low financial market volatility appears to be ending as the exceptional U.S. economic expansion re-ignites the dollar and bond yields worldwide just as geopolitics worsen, emerging markets struggle and stocks wobble.While there are...
Abu Dhabi’s largest Islamic bank in talks to buy $1.1 bn stake in Indonesian lender: Sources, ET BFSI
Representative ImageAbu Dhabi's largest Islamic bank is in talks to buy a minority stake valued at around $1.1 billion in Indonesia's top Islamic lender, Bank Syariah Indonesia, sources said, with an aim to tap into a fast-growing market for such services in Southeast...
Euro zone bond yields steady as traders assess interest rate outlook, ET BFSI
LONDON - Euro zone bond yields paused for breath on Wednesday after this week's climb, trading near a 1-1/2-month high, as traders assessed central banks' possible next moves following robust U.S. data.This week's fall in demand for safe assets pushed bond yields...
SBI, HDFC Bank, ICICI Bank, PNB, ET BFSI
The Reserve Bank of India (RBI) has urged banks not to charge their savings account holders for NEFT cash transfers made online starting January 1, 2020.What is National Electronic Funds Transfer (NEFT)?According to the ICICI Bank website, "The National Electronic...
How it may impact investors, BFSI News, ET BFSI
Iran fired over 300 projectiles, including around 170 drones, cruise, and over 120 ballistic missiles at different speeds and altitudes on Israel in an apparent retaliation for a deadly strike on its consulate in Damascus, Syria. Most of this volley of drones and...
G20 watchdog says ‘non-banks’ should hold more cash to cope with margin spikes, ET BFSI
LONDON: "Non-banks" such as insurers, hedge funds, family offices and commodities traders should hold sufficient cash and draw up contingency plans for coping with spikes in collateral used to back derivatives positions against default, the G20's financial watchdog...
Standard Chartered has no intention to divest Chennai property for now, ET BFSI
Property developer Baashyaaam Constructions is in talks with Standard Chartered Bank to buy a 4.6-acre plot in Chennai in a deal estimated at about Rs 800 crore, as per industry sources. “The land originally belonged to ANZ Grindlays Bank and was part of the takeover...
CASHe ventures into E2W financing with ‘CASHe Green’, ET BFSI
Credit-led AI-driven financial wellness platform, CASHe has announced its entry into electric 2-wheeler (e2W) financing with the launch of 'CASHe Green.'CASHe Green offers customized finance solutions for the rapidly expanding e2W segment, which has experienced...
IIFL Finance to raise Rs 1,272 cr via rights issue, ET BFSI
New Delhi: IIFL Finance on Wednesday said its board has approved raising up to Rs 1,271.83 crore from a rights issue at a price of Rs 300 per share. Last month, the IIFL board approved raising an amount not exceeding Rs 1,500 crore by way of issue of shares on a...
No agreement in wage talks for Deutsche Bank’s Postbank: Source, ET BFSI
FRANKFURT - There was no agreement following a fourth round of talks between Deutsche Bank's Postbank management and the Verdi labour union in an ongoing wage dispute, a person with knowledge of the matter said on Wednesday.Deutsche Bank raised its offer to a 10% pay...
Small-cap mutual funds’ assets soar 83 pc to Rs 2.43 lakh crore in FY24 on retail investor boom, ET BFSI
New Delhi: Influx of flows, upsurge in retail investors' participation and bullish market conditions have boosted the assets for the small-cap mutual fund category to Rs 2.43 lakh crore mark at the end of March 2024, marking an 83 per cent surge compared to the...
SBI Balance Enquiry By SMS, Missed Call and Net Banking, ET BFSI
No longer do you need to wait in long queues at the bank for a balance enquiry. The State Bank of India (SBI) has seamless digital banking services, offering swift and convenient operations for various transactions. The SBI balance check feature enables you to...
Why the US dollar is causing chaos across Asia, BFSI News, ET BFSI
Emerging-market currencies have tumbled this year as the dollar has gone from strength to strength. Taiwan’s currency dropped to the lowest level in almost eight years this week, India’s rupee slumped to a record, and Malaysia’s ringgit is close to the weakest since...
Are banks closed today for Ram Navami? Check state-wise bank holiday list, ET BFSI
Banks in many states are closed today on the occasion of Ram Navami, according to the Reserve Bank of India holiday list. Rama Navami is a Hindu festival commemorating Rama's birth. Important ceremonies on this day take place at Ayodhya and at other Rama temples...
NSE IPO awaits SEBI’s green signal, says CEO Chauhan, ET BFSI
New Delhi: Ashish Kumar Chauhan, MD and CEO of the National Stock Exchange (NSE), on Tuesday said the exchange's much-anticipated initial public offering (IPO) is waiting for the green signal from the market regulator, the Securities and Exchange Board of India...
UBS sees Q1 single-digit growth in NII from wealth management, ET BFSI
UBS said on Tuesday that it now expects to report a low single-digit quarter-on-quarter increase in first-quarter combined net interest income (NII) for Global Wealth Management and Personal & Corporate Banking after publishing restated data.The Swiss bank...
Aditya Birla sees 19%-21% growth in key financial businesses in 3-5 years, ET BFSI
MUMBAI - India's Aditya Birla group's credit, investment and insurance businesses are expected to grow 19%-21% in the next three to five years, the cement-to-retail conglomerate's chairman Kumar Mangalam Birla said on Tuesday."The three leading components of our...
European banks want EU to designate them a ‘strategic’ sector, ET BFSI
FRANKFURT - European Banks are calling on the European Union to designate them a critically important "strategic" sector, warning that their competitiveness and the bloc's future are at stake, according to a report published on Tuesday.The pitch by the European...
Mutual fund folios doubled in 5 years at 17.79 lakh crore: ICRA Analytics, ET BFSI
The total number of mutual fund folios have nearly doubled in the last five years and reached 17.79 lakh crore in March 2024, up from 8.97 lakh crore in March 2020. The reasons behind this were increasing awareness and a growing interest among retail investors for...
PHF Leasing raises USD 10 mn in equity, debt, ET BFSI
New Delhi: PHF Leasing Ltd, a deposit accepting NBFC, on Tuesday said it has raised USD 10 million capital through a mix of equity and debt which will be used for expanding into newer geographies. This includes around 60 per cent equity and 40 per cent debt, the...
Senior citizen term deposits accounts double in 5 years, ET BFSI
The share of senior citizen term deposits doubled in the last five years to 30% in FY24 as many have locked in their lifetime savings before the Reserve Bank of India (RBI) starts cutting rates, said a research report.The 30% share is in the number of term deposit...
Where to invest to create retirement corpus of Rs 6 crore in 20 years, ET BFSI
I am 29 and earn a monthly salary of Rs 75,000. I don’t have any investments. I aspire to retire within 20 years. How can I retire with a corpus of Rs 6 crore?Naveen Kukreja, CO-FOUNDER AND CEO, PAISABAZAAR.COM: Consider allocating 50% of your current salary towards...
Aditya Birla sees 19%-21% growth in key financial businesses in 3-5 years, ET BFSI
MUMBAI - India's Aditya Birla group's credit, investment and insurance businesses are expected to grow 19%-21% in the next three to five years, the cement-to-retail conglomerate's chairman Kumar Mangalam Birla said on Tuesday."The three leading components of our...
12 most important credit card terms you should know, BFSI News, ET BFSI
Lots of people like using credit cards for shopping because they come with lots of benefits. Credit card companies give rewards like cash back and discounts. But to use your credit card well, it's important to know the words related to it. Understanding what credit...
Motilal Oswal Mutual Fund files draft document with Sebi for five funds, ET BFSI
Motilal Oswal Mutual Fund has filed draft documents with Sebi for five funds: Nifty MidSmall Financial Services Index Fund, Nifty MidSmall Healthcare Index Fund, Nifty MidSmall IT and Telecom Index Fund, Nifty MidSmall India Consumption Index Fund, and Quant...
Aditya Birla Capital launches ‘ABCD’ fintech app, aims to add 30 million new customers, ET BFSI
Aditya Birla Capital announced the launch of its omnichannel D2C platform ABCD making “Everything Finance as Simple as ABCD”. This platform is housed under Aditya Birla Capital Digital Limited (“ABCDL”), a wholly owned subsidiary of Aditya Birla Capital Limited...
CEIB pushes for mandatory clearance for private banks, posing loan challenge, ET BFSI
Central Economic Intelligence Bureau has written to the department of financial services, finance ministry, to ensure all private banks seek mandatory clearance from CEIB, as in the case of government banks, on whether any enforcement case is pending against a company...
Dollar rises to 5-month high, puts heat on yen; GDP data boosts yuan, ET BFSI
TOKYO - The dollar rose to a five-month high against major peer currencies on Tuesday following hotter-than-expected U.S. retail sales figures, raising worries of an intervention from Tokyo as the yen languished at its lowest since 1990.The Chinese yuan edged...
Sources, BFSI News, ET BFSI
A subsidiary of Fairfax Financial Holdings provided a Rs 500-crore lifeline to IIFL Finance, which is banned by the Reserve Bank of India from offering gold loans due to irregularities in its lending process, said people with knowledge of the matter.Odyssey...
Banks in these cities will be closed on April 19 for phase 1 of general elections, ET BFSI
As the voting for Lok Sabha Election 2024 will begin from April 19 and the results will be declared on June 4, 2024, many banks will be closed on the election day in their respective cities, according to the Reserve Bank of India (RBI) holiday calendar for 2024. Some...
Rupee falls to record low on rising US yields; RBI likely steps in, ET BFSI
The rupee would have declined "way more" if the RBI had not intervened, he said.The Indian rupee dropped to a record low on Tuesday, weighed by the rise in U.S. Treasury yields on bets that the Federal Reserve will delay rate cuts and on simmering worries that the...
NFRA acts against Reliance Capital’s joint auditor, BFSI News, ET BFSI
NEW DELHI: National Financial Reporting Authority (NFRA), the regulator for auditors and audit firms for listed and large companies, has acted against Pathak HD & Associates - the joint auditor for Reliance Capital, then an Anil Ambani group company - and its two...
Climate investors target Japan’s top banks, this time on board oversight, sources say, ET BFSI
TOKYO - A coalition of climate groups filed shareholder proposals with Japan's top three banks, including Mitsubishi UFJ Financial Group, calling for stricter board oversight of climate-related risk, people familiar with the matter told Reuters.The proposals from...
Southeast Asia ‘woefully off track’ on green investment, Bain says, ET BFSI
SINGAPORE - South East Asia is "woefully off track" on green investments to reduce emissions and needs new policies and financial mechanisms to help bridge the gap, the global consultancy Bain & Company said on Monday.With energy consumption in the region expected...
How digitisation is helping MSMEs improve customer management, ET BFSI
Digitisation is among the foremost requirements in the present era for MSMEs to communicate with customers and vendors quickly and easily. It ensures high levels of productivity. Adoption of digital tools also increases cost efficiency and eases customer management....
Deposit rates moved up more for PSBs, significant jump in senior citizen deposits: Report, ET BFSI
Indian Banks since FY22, have been remarkably successful in transmitting the calibrated hike in policy rates to both borrowers as also lenders over the time curve ably supported by twin synchronous pillars; unconventional yet strategically woven fiscal and other...
67% largecap mutual funds outperform their benchmarks in 2024 so far, ET BFSI
Around 67% large cap mutual funds have managed to beat their respective benchmarks in 2024 so far, an analysis by ETMutualFunds showed. Out of 30 large cap schemes, 20 schemes have managed to outperform their respective benchmarks. In other words, 10 large cap schemes...
Banks offering cheapest interest rates for home loans above Rs 75 lakh, ET BFSI
A home loan is a type of secured loan that a borrower gets in order to buy a home. When evaluating the eligibility of your home loan, you should also examine its cost. Interest payments, processing fees, administrative costs, prepayment penalties, and other expenses...
Banks offering cheapest interest rates for home loans above Rs 75 lakh, ET BFSI
A home loan is a type of secured loan that a borrower gets in order to buy a home. When evaluating the eligibility of your home loan, you should also examine its cost. Interest payments, processing fees, administrative costs, prepayment penalties, and other expenses...
Best aggressive hybrid mutual funds to invest in April 2024, BFSI News, ET BFSI
You might have heard from your favorite mutual fund manager or experts that hybrid funds are likely to show their mettle in the coming year. Hybrid mutual funds or schemes that invest mostly in equity and debt fare better in an uncertain or volatile environment....
NFRA’s order reveal multiple lapses by Pathak HD & Associates in Reliance Capital audit; debars audit partners, ET BFSI
NFRA's order reveal multiple lapses by Pathak HD & Associates in Reliance Capital audit; debars audit partners India's audit regulator, the National Financial Reporting Authority (NFRA), has taken decisive action against Pathak HD & Associates, the joint...
Pinarayi Vijayan lying on Karuvannur Coop Bank scam, says PM Modi, ET BFSI
Trissur (Kerala): Prime Minister Narendra Modi on Monday launched a blistering attack on Kerala Chief Minister Pinarayi Vijayan, saying that the latter has told lies for the past three years in the Rs 300 crore Karuvannur Cooperative Bank scam, in which several CPI(M)...
European stocks kick off week on cautious note amid geopolitical tensions, ET BFSI
European shares inched up on Monday, with defence stocks among top gainers, as investors assessed the wider implications of escalating tensions in the Middle East, while optimism around imminent interest rate cuts also aided sentiment.The pan-European STOXX 600 gained...
Focus on ‘G’ factor in ESG to be critical for MSMEs, says Acuité’s Sankar Chakraborti, ET BFSI
Environmental, social and governance (ESG) compliances have today become important for organisations of all types. Experts assert that Indian businesses will increasingly face environmental, social and governance risks. Mumbai-based ESGRisk.ai, a wholly-owned...
Five PSBs asked to raise public shareholding to 25% by August, ET BFSI
The finance ministry has asked five public sector banks to increase their minimum public shareholding to 25% by August 1, aligning with regulatory requirements. This move comes as part of the Securities Contract (Regulation) Rules, which mandate all listed companies,...
ETMarkets Smart Talk: Steel & cement capex themes likely to make a decisive move post election: Rajesh Cheruvu, ET BFSI
“Primary industries like steel and cement capex will likely make a decisive move post-general election, adding to the ongoing incentives-led capex,” says Rajesh Cheruvu, Managing Director and Chief Investment Officer at LGT Wealth India.In an interview with ETMarkets,...
NFRA takes action against auditors of Reliance Capital for lapses and fraud, ET BFSI
The National Financial Reporting Authority (NFRA), the regulatory body overseeing auditors and audit firms for listed and large companies, has taken action against Pathak HD & Associates (PHD), the joint auditor for Reliance Capital, formerly an Anil Ambani group...
Finance ministry may have this plan to deal with frauds, ET BFSI
The Finance Ministry is reportedly proposing stricter measures to protect citizens from cyber fraud. This comes after a surge in incidents, including the recent Bank of Baroda World app scam. These measures are said to be part of a broader national effort to combat...
Is it mandatory to submit Aadhaar to invest in small savings schemes?, ET BFSI
Is it mandatory to provide Aadhaar to invest in small savings schemes such as the Public Provident Fund (PPF), Senior Citizen Savings Scheme (SCSS), Sukanya Samriddhi Yojana (SSY), etc.? The answer is yes. While opening a fresh account in any of the small savings...
There is a strong case for Centre and states cleaning up budget books: D Subbarao, ET BFSI
In his new memoir titled ‘Just A Mercenary? Notes from My Life and Career’, Duvvuri Subbarao candidly admits the mistakes he made as a civil servant and as RBI governor, including those on managing non-performing assets. Subbarao, a senior fellow at the Yale Jackson...
Who can avail home office deductions?, ET BFSI
Tax season is here in the US and Work From Home (WFH) individuals are looking to make the most of it. Can WFH employees avail tax benefits? Tax experts caution that employees opting to work remotely from home often bear the brunt of related expenses, without the...
Emerging-market bulls tout Modi premium as election nears, ET BFSI
Under Prime Minister Narendra Modi, India’s stocks have commanded an unprecedented premium to emerging-market peers. As he seeks a third successive term, investors are betting that the performance can continue.Modi is likely to spend heavily on manufacturing and...
Payment mechanism for traders importing pulses from Myanmar simplified: Govt, ET BFSI
The government on Saturday said the payment mechanism for traders importing pulses from Myanmar has been eased and simplified. The importers have been asked to utilize Rupee/ Kyat direct payment system using Special Rupee Vostro Account (SRVA) through Punjab National...
Do you need to do KYC again? Check new rules here, ET BFSI
The proverbial monkey on the back is tormenting investors yet again. After changes in Know Your Customer (KYC) norms, starting 1 April, millions are now staring at another bout of KYC updates or risk a freeze on all transactions.Many investors are discovering that...
ITC, TCS among top largecap additions by mutual funds in March, ET BFSI
Largecaps ITC and Tata Consultancy Services (TCS) witnessed significant buying action in March from mutual funds, which bought shares worth Rs 7,700 crore in the former and Rs 5,700 crore in the latter, a Nuvama report suggested.Among the funds shopping for ITC were...
FPSB India CEO, ET BFSI
New Delhi: The country needs a "new breed of financial planning professionals" who can act as consultants for customers, Financial Planning Standards Board (FPSB) India CEO Krishan Mishra said. India currently has 2,731 certified financial planners (CFPs) who are...
Are banking fortunes set to surge with PSU sector’s strength? Vinit Bolinjkar answers, ET BFSI
“Real estate as a pack has got substantial room for growth given the fact that the affluence in the system is increasing at a very rapid rate. There is a need for nuclear family housing and we are going to see the smaller towns, tier II and tier III, grow much faster...
Block deals worth over Rs 10,851 crore this week. Tata Technologies, Adani Ports among stocks with major action, ET BFSI
Amid high volatility, the holiday-shortened week saw the Nifty end with 0.4% gains on a weak-on-weak basis. It was laden with top action where over three dozen companies from large, mid and smallcap segments witnessed prominent block deals worth Rs 10,851 crore on...
Why Goldman Sachs, Morgan Stanley and other big Wall Street banks are considering slashing analysts hiring, ET BFSI
Major Wall Street banks, including Goldman Sachs and Morgan Stanley, are considering significant cuts to their junior analyst hiring, with some suggesting reductions of up to two-thirds, as artificial intelligence (AI) increasingly takes over tasks traditionally...
Israel-Iran conflict, Q4 earnings among 11 factors that will steer D-Street this week, ET BFSI
The Nifty 50 ended with weekly gains of 0.4% amid significant volatility and a sell-off in bluechip stocks on Friday after concerns of greater scrutiny on investments done from Mauritius soured D-Street sentiments. When markets resume trading on Monday, a host of...
In Dire Straits, Trichy’s Msmes Count On New Mp To Change Their Fortunes, ET BFSI
Trichy: MSME units that were once abuzz and the backbone of Trichy’s economy are facing a slow death. Though the thermal power plant orders in the pipeline for Bhel Trichy offer hope of reviving the ancillary units, entrepreneurs are sceptical. There are issues such...
Which one should you opt for? Let’s compare, ET BFSI
Corporate FDs vs Bank FDs: When it comes to investing your money, fixed deposits (FDs) are a popular choice for their guaranteed returns and security. However, choosing between corporate FDs and bank FDs can be a daunting task. Here’s how both the FDs compare:...
City Police Bust ₹26 Cr Online Job Fraud; 2 Held From Kerala, ET BFSI
Hyderabad: Hyderabad cyber crime police busted an online fraud and arrested two persons from Kasaragod in Kerala on Saturday. Since 2020, the accused and their associates have duped job-seekers and gullible youth across the country to the tune of 26 crore.Deputy...
MUDRA loan limit to be hiked to Rs 20 lakh from Rs 10 lakh, ET BFSI
The loan limit for the Micro Units Development & Refinance Agency (MUDRA) scheme will be hiked by 100 per cent if the Bharatiya Janata Party is voted back to power, the party said while announcing its manifesto on Sunday."The BJP has decided to raise loan limit...
New capital requirements for Swiss banks will slow growth at UBS, says finance minister, ET BFSI
ZURICH: The Swiss government's proposed tougher capital requirements for the banking industry will impact UBS's ability to grow, the country's finance minister said in an interview published on Saturday.Switzerland's largest bank will have to hold more capital if the...
Ex-iaf Officer (82) Gets ₹1.3 Cr He Lost To Cyber Crooks After Arrest Of Bankers, ET BFSI
GURGAON: Police recovered Rs 1.3 crore lost by an 82-year-old retired IAF officer to cyber cons in Feb this year by following the trail of money transferred into multiple bank accounts and arresting seven suspects allegedly involved in the plot.Among those arrested...
Vietnam sentences real estate tycoon Truong My Lan to death in its largest-ever fraud case, ET BFSI
HANOI - Real estate tycoon Truong My Lan was sentenced Thursday to death by a court in Ho Chi Minh City in southern Vietnam in the country's largest financial fraud case ever, state media Vietnam Net said.The 67-year-old chair of the real estate company Van Thinh Phat...
Stock market today: BSE Sensex plunges 650 points; Nifty50 below 22,600
Stock market crash today: BSE Sensex and Nifty50, the Indian equity indices, plunged in trade on Friday due to concerns over high U.S. inflation data impacting Federal Reserve rate cuts. Investors are now focusing on the upcoming domestic earnings season, starting...
Kunal Shah, Nirmal Bang, ET BFSI
Kunal Shah, Head of Commodities Research, Nirmal Bang Securities, says all the major central banks, especially the Chinese and Russian ones, are buying gold aggressively. They are diversifying their foreign exchange reserves slowly and gradually towards gold and the...
Cashback, annual fee, discounts, ET BFSI
RuPay is India's very own initiative for debit and credit card payments where just like Visa and MasterCard, it is a payment network through which banks or credit card issuers can issue debit or credit cards. The RuPay credit card was launched in 2017 and these enable...
Banks seek flexible reserve norms as RBI weighs risks, BFSI News, ET BFSI
Banks have made representations to the Reserve Bank of India (RBI) urging flexibility on maintenance of a key reserve requirement at a time when the central bank is taking stock of lenders' preparedness for sudden deposit outflows in the era of 24x7 banking...
Foreign investors turn to derivative proxies to gain exposure to Indian debt, ET BFSI
MUMBAI - Overseas investors seeking exposure to India's debt ahead of its inclusion in global benchmark indexes are using proxy instruments such as offshore swaps as they aim to overcome the country's onerous investment regulations.Foreign investors have flocked to...
RBL Bank appoints ex-South Indian Bk MD as independent director, ET BFSI
Mumbai, Private sector lender RBL Bank on Thursday announced the appointment of banking industry veteran Murali Ramakrishnan as an independent director on its board. Ramakrishnan, who retired as the managing director and chief executive of South Indian Bank till 2023,...
Sensex falls 800 points. Mauritius link and 5 other factors behind the selloff, ET BFSI
Sensex today ended 793 points while Nifty also shed nearly 1% with foreign investors believed to have offloaded stakes in bluechips as those investing from Mauritius may now face greater scrutiny. Smallcaps and midcap indices were largely unaffected in today’s...
Japan’s MUFG set to pick 20% stake in HDFC Bank arm HDB Financial for $2 bn, ET BFSI
Bank of Tokyo-Mitsubishi UFJ (MUFG) is buying a 20% stake in HDB Financial Services, a non-banking subsidiary of HDFC Bank at a $9-10 billion valuation, ahead of its proposed IPO, said people aware. The final decision is likely to take place next week at the HDFC Bank...
Sensex falls 793 points. Mauritius link and 5 other factors behind the selloff, ET BFSI
Sensex today ended 793 points while Nifty also shed nearly 1% with foreign investors believed to have offloaded stakes in bluechips as those investing from Mauritius may now face greater scrutiny. Smallcaps and midcap indices were largely unaffected in today’s...
World Bank chief pushes internal reforms at spring meetings, BFSI News, ET BFSI
By David LawderWASHINGTON, - World Bank President Ajay Banga said on Friday he plans to highlight a range of process improvements next week to speed up the development lender's loan approvals, improve the accountability of its 16,000 employees and attract private...
New-age brokers ride on futures option to the bank, BFSI News, ET BFSI
As fintechs scramble to shore up revenues and find a path to profitability, stock broking startups stand out with strong positive bottom lines. They are mostly riding the rapid adoption of F&O trading in the country, which helps them generate strong revenue...
Japan’s MUFG may cut $2b cheque for 20% in HDB Financial Services, ET BFSI
Mumbai: Japan's Mitsubishi UFJ Financial Group Inc (MUFG), the world's second-largest bank holding company, is in advanced negotiations to buy a 20% stake in HDB Financial Services (HDB), a non-banking subsidiary of HDFC Bank, at a $9-10 billion valuation, said people...
Smallcap mutual fund investors await release of 2nd round of stress test results, ET BFSI
The mutual fund (MF) industry recorded its first outflow in smallcap schemes after a gap of 30 months and investors are now waiting for the results of the second round of the Sebi-mandated stress test results due by April 15.Leading to outflow in smallcap funds...
RBI rejects two applications for small finance bank, BFSI News, ET BFSI
The Reserve Bank of India has rejected two more applications, including that of Dvara Kshetriya Gramin Financial Services, for setting up small finance banks. Earlier in July 2023, it had rejected three applications. RBI had received about a dozen applications to set...
Navi Mumbai man booked for duping 27 job seekers of Rs 2.2 crore, ET BFSI
Thane: The Navi Mumbai police have registered a case against a man for cheating 27 individuals of more than Rs 2 crore promising them jobs in the Reserve Bank of India, an official said on Friday. Airoli resident Sadanand Bhosale (41) lured the victims claiming that...
JPMorgan names Florence Kui as China market head for private bank business, ET BFSI
HONG KONG - JPMorgan Chase has appointed Florence Kui as the head of China markets for the bank's private bank business, it said on Friday.Kui will join the bank at end of May, and will be based in Hong Kong. She will report to Harshika Patel, CEO of JPMorgan's...
Why India is a tough game for global mutual funds?, BFSI News, ET BFSI
India is probably the fastest-growing asset management market in the world, with the mutual fund industry's assets under management (AUM) multiplying more than five-fold in the past decade - to ₹55 lakh crore now, from ₹10 lakh crore in 2014. Record investor additions...
Barclays names Avinash Thakur new APAC head of capital markets financing, ET BFSI
HONG KONG - Barclays promoted Avinash Thakur to the head of capital markets financing in Asia Pacific on Friday, according to an internal memo seen by Reuters and confirmed by a company spokesperson.The appointment of Thakur, who was most recently head of the...
U-turn! 81% smallcap mutual funds underperform their benchmarks in 2024 so far, ET BFSI
Around 81% smallcap mutual funds have underperformed their respective benchmarks in 2024 so far. There were around 27 smallcap mutual fund schemes in the market. Out of 27 smallcap schemes, 22 schemes have underperformed their respective benchmarks. In other words,...
Check last date to invest in special FDs with higher interest rates, ET BFSI
Many banks offer special fixed deposits to their customers with higher interest rates. However, one should know that these special FDs come with end dates which banks revise occasionally. Here are big banks such as SBI, HDFC Bank and IDBI Bank special FD details and...
Pound hits five-month low as dollar rallies on lower Fed bets, ET BFSI
Sterling fell to a five-month low on Friday even as data showed the British economy was on course to exit its shallow recession, with all major currencies coming under pressure from a dominant dollar.The pound was down 0.48% at $1.249, the lowest since mid-November....
Banks offering cheapest interest rates for home loans above Rs 75 lakh, ET BFSI
A home loan is a type of secured loan that a borrower gets in order to buy a home. When evaluating the eligibility of your home loan, you should also examine its cost. Interest payments, processing fees, administrative costs, prepayment penalties, and other expenses...
Bank accounts of rickshaw-puller, labourer used in Rs 1.3 crore cyber fraud, ET BFSI
GURGAON: An investigation into a Rs 1.3 crore cyber-fraud, reported by a retired IAF officer, led police to layers of bank accounts, including those belonging to a labourer and a rickshaw-puller. They were paid a small sum for use of their accounts for the fraudulent...
With 13% returns in 2024 so far, gold bulls leave Sensex behind by miles, ET BFSI
In the race of returns, gold appears to have left the S&P BSE Sensex behind by miles in 2024. The yellow metal has approximately given 13% returns on a year-to-date (YTD) basis as against a 4% gain delivered by India's heartbeat index. In the 30-stock index, 10...
This NBFC offers 9.4% FD interest rate for these investors; check details, ET BFSI
Shriram Finance, the retail NBFC, has increased interest rates on fixed deposits by 0.05 to 0.20% for various maturity tenures, according to a press release issued by the company on April 11, 2024. The revised FD rates are effective from April 9, 2024.Which customers...
Cashback, annual fee, discounts, ET BFSI
RuPay is India's very own initiative for debit and credit card payments where just like Visa and MasterCard, it is a payment network through which banks or credit card issuers can issue debit or credit cards. The RuPay credit card was launched in 2017 and these enable...
Rupee ends lower pressured by broad dollar rally, notches weekly decline, ET BFSI
MUMBAI - The Indian rupee weakened on Friday as the greenback extended recent gains and rose to its highest level in nearly five months, while state-run banks' dollar sales helped limit losses, traders said. The rupee closed at 83.4125 against the U.S. dollar, down...
Co-lending partners to focus on MSME, home loans in FY25; personal loans to slowdown, ET BFSI
Co-lending partners to focus on MSME, home loans in FY25; personal loans to slowdown Since it's coming into the play, the co-lending model remained a key lending module for both the banks and the non-banking financial companies (NBFCs). A recent report by CRISIL has...
Mumbai police arrest close aide of Cox & Kings owner in Rs 400-crore bank fraud case, ET BFSI
The Mumbai police's Economic Offences Wing (EOW) has arrested a close aide of the owner of tour and travel company Cox & Kings in connection with a Rs 400-crore fraud case involving Yes Bank, officials said on Friday. Ajit Menon (67), a British national, was...
CAMS share price jumps over 5% on RBI nod to operate as online payment aggregator, ET BFSI
Computer Age Management Services (CAMS) shares jumped 6% to Rs 3,220 in Friday's trade on BSE after the Reserve Bank of India (RBI) granted authorisation to the company to operate as an online payment aggregator.CAMS got an in-principle authorisation from RBI back in...
Check issue size, price band, GMP and other details, ET BFSI
The SME IPO of Greenhitech Ventures opened for subscription on Friday and will close on April 16. The company aims to raise about Rs 6.3 crore through the SME IPO and list the shares on BSE SME platform. Here are 10 key things investors need to know about the public...
Are banks closed on Saturday, April 13?, ET BFSI
If you are one of them who has kept bank related work for this Saturday, you may need to postpone it. This is because banks in India are closed on National holidays, regional holidays, Sundays, second and fourth Saturdays of the month. Though many banking transactions...
Equity MF inflows drop 16% in March, debt funds record Rs 2 lakh crore outflows, ET BFSI
The inflows in equity mutual funds dropped by nearly 16% in March, shows data released by AMFI on Wednesday. The inflows in March stood at Rs 22,633.15 crore as against Rs 26,865.78 crore in February. In the equity category, all segments barring smallcap funds...
SEBI issues settlement order to Utkarsh Small Finance Bank, BFSI News, ET BFSI
New Delhi, The Securities and Exchange Board of India (SEBI) has issued a settlement order to Utkarsh Small Finance Bank upon the payment of Rs 1.24 crore by the lender.SEBI had issued a show-cause notice dated March 16, 2023, to Utkarsh Small Finance Bank whereby the...
Invesco plans to exit MF business in India, BFSI News, ET BFSI
Mumbai: US asset manager Invesco, which oversees investments of about Rs 86,000 crore in India, has signed an option deal to sell its remaining 40% stake in the local mutual fund business to Hinduja Group-owned IndusInd International Holdings (IIHL) as part of a...
RBI stops customers from withdrawing money; what are your rights as depositors if your bank fails?, ET BFSI
Customers of Shirpur Merchants' Co-operative Bank in Maharashtra cannot withdraw money from their accounts now after the latest direction of the Reserve Bank of India (RBI). Amid the deteriorating financial condition of the bank, the RBI has imposed several...
Analysts advise caution after Sensex’s swift run up to 75,000, ET BFSI
Mumbai: India's equity benchmarks notched new records on Wednesday with the Sensex closing above the 75,000-mark for the first time, continuing the bullish momentum. While the undertone remains bullish, analysts are advising caution in the near term as the market may...
5 PSU stocks give 5-15 times returns in Modi’s 10-year rule; 17 turn multibaggers, ET BFSI
With nearly a week left for the first vote to be cast for the 18th Lok Sabha, an ETMarkets analysis shows that five PSU stocks delivered 5-15 times returns in the last 10 years of the Modi government. Bharat Electronics Limited (BEL) tops the chart, with nearly 16...
‘I have Rs 7-8 lakh surplus funds but don’t want to invest in stock markets’, ET BFSI
Navigating the intricacies of mutual funds can often pose challenges, especially when faced with queries regarding existing SIPs or optimizing surplus funds.Sangram Kumar Dey's (ET Mutual Funds reader) queries echo common concerns among investors, seeking clarity on...
Top Goldman Sachs executive Philip Berlinski to join hedge fund Millennium, ET BFSI
Goldman Sachs' global treasurer, Philip Berlinski, is leaving the bank for New York-based hedge fund Millennium Management, the Financial Times reported on Thursday, citing two people familiar with the matter.Berlinski will become Millennium's co-chief operating...
5 PSU stocks give 5-15 times returns in Modi’s 10-year rule; 17 turn multibaggers, ET BFSI
With nearly a week left for the first vote to be cast for the 18th Lok Sabha, an ETMarkets analysis shows that five PSU stocks delivered 5-15 times returns in the last 10 years of the Modi government. Bharat Electronics Limited (BEL) tops the chart, with nearly 16...
Where did the funds come from? Banks ask Indians moving money abroad, ET BFSI
MUMBAI: Banks have begun questioning the 'source' of money that individuals are moving abroad, particularly to acquire properties overseas.Sometimes they are scanning past income statements to figure out the origin of the fund while a few banks recently enquired...
Pimpri Chinchwad police unearth Rs 4 crore online share trading racket, 5 arrested, ET BFSI
PUNE: The cyber cell of the Pimpri Chinchwad police on Wednesday claimed to have unearthed a Rs4-crore online share trading racket involving the use of bogus online trading app, money mule accounts (individuals allowing someone else use their bank accounts to transfer...
DIPAM rejects PFC-REC debt resolution proposal for KSK Mahanadi project, ET BFSI
New Delhi: The Department of Investment and Public Asset Management (DIPAM) has turned down Power Finance Corporation (PFC) and REC Ltd’s proposal for a debt resolution plan for the beleaguered 1,800-MW KSK Mahanadi Power Company project.The state-owned duo had sought...
HDFC becomes first private bank to open branch in Lakshadweep, ET BFSI
Private lender HDFC Bank opened a branch at Kavaratti Island in Lakshadweep, making it the only private sector bank to have a branch in the Union Territory.This branch is aimed at upgrading the banking infrastructure in the Union Territory by offering a wide range of...
Top Goldman Sachs executive Philip Berlinski to join hedge fund Millennium, ET BFSI
Goldman Sachs' global treasurer, Philip Berlinski, is leaving the bank for New York-based hedge fund Millennium Management, the Financial Times reported on Thursday, citing two people familiar with the matter.Berlinski will become Millennium's co-chief operating...
Swiss banking plan leaves ‘relieved’ UBS out of immediate firing line, ET BFSI
ZURICH - UBS could take years to feel the bite of new regulations after the Swiss government set out plans aimed at keeping the "monster bank" in line that were light on detail and heralded a tortuous political process to enshrine them in law.Shares in the...
ETMarkets Smart Talk: Sensex@75K! BFSI, auto, healthcare looking attractive for FY25 asset allocation: Sahil Kapoor, ET BFSI
“For equity allocation, the focus should be on the better-priced section of the market like BFSI, Autos, Healthcare,” says Sahil Kapoor, Head - Products & Market Strategist, DSP Mutual Fund.In an interview with ETMarkets, Kapoor said, “Well for someone who has a...
ED files prosecution complaint against two Delhi-based oil firm promoters, ET BFSI
The Directorate of Enforcement (ED) has filed a prosecution complaint before the Special Court (PMLA) against two promoters of a Delhi-based oil and gas integrated services provider firm under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, in...
How to get CIBIL score without PAN Card?, BFSI News, ET BFSI
The Credit Information Bureau (India) Limited, or CIBIL, is a credit information bureau, that provides credit scores for borrowers, among other things. The credit score or CIBIL score is crucial because it enables banks to only extend credit cards and loans to...
Railway police constable wins case against PNB after 10 years; what to do in such cases?, ET BFSI
Imagine going to an ATM to withdraw money from your bank account and seeing that a significant portion of the money that you saved in the bank account is withdrawn through unauthorised means. This is exactly what happened in 2013 with a constable of the Railway...
Foreign investors pour money into Egypt T-bills after IMF deal, ET BFSI
CAIRO - Foreign investors have poured billions of dollars into Egyptian treasury bills in the month since it announced an $8 billion financial support agreement with the International Monetary Fund on March 6, bankers said.The announcement followed a record $35...
In line with Q3, a moderate quarter likely. Top stocks to buy, ET BFSI
Banks will continue to see softening of net interest margins even in the fourth quarter, given the tight liquidity and the competition for deposits.During the March quarter, private banks are likely to outperform public sector lenders as the latter were impacted by...
Japan’s 10-year bond yield hits near 4-week high on caution over BOJ rate hike, ET BFSI
TOKYO - Japan's 10-year government bond yield hit a near four-week high on Wednesday amid caution over the likelihood of another interest rate hike by the Bank of Japan's (BOJ).The 10-year JGB yield rose 1.5 basis points (bps) to 0.795%, its highest since March 15....
Icra revises downwards banking sector outlook to stable on credit growth moderation in FY25, ET BFSI
Domestic rating agency Icra on Wednesday revised downwards its outlook for the banking sector to 'stable' from 'positive' on expectations of a moderation in credit growth and profitability. The agency said the credit growth will moderate to 11.6-12.5 per cent in FY25...
Bradman-like record can’t be ruled out for Sensex, but beware of the ducks, ET BFSI
Donald Bradman averages a staggering 99.94 in test matches. The next batsman is in the 60s.His record of six consecutive test centuries remains unbroken after 87 years. Like Bradman, the Sensex has set a record by giving positive returns and hitting all-time highs in...
HDFC Credila raises USD 100 mn through ECB route for loan book expansion, ET BFSI
Mumbai: Education loans-focused lender HDFC Credila Financial Services on Tuesday said it has raised USD 100 million in external commercial borrowing (ECB). DBS Bank's IFSC banking unit in Gujarat International Finance Tec-City (GIFT City) said in a statement that it...
Rekha Jhunjhunwala trims stake in multibagger Canara Bank & a smallcap in March quarter, ET BFSI
Ace investor Rekha Jhunjhunwala trimmed her stake in multibagger PSU bank stock Canara Bank and smallcap counter Raghav Productivity Enhancers during the quarter ended March 31, 2024. Jhunjhunwala cut her stake in Canara Bank by 62 bps to 1.45% in the January-March...
40 equity mutual funds double lumpsum investments in three years. Take a look, ET BFSI
Many mutual fund investors look for those equity mutual funds which have doubled or tripled their investments in a short span of time. ETMutualFunds did some analysis and found that around 40 equity mutual funds doubled lumpsum investments in the last three years....
Bajaj Finance Hikes Fd Rates, BFSI News, ET BFSI
Pune: Bajaj Finance has announced hikes in FD rates across most tenures. Effective April 3, the company has increased FD rates for senior citizens by up to 60 basis points in the 25-to-35-month tenure and 40 basis points in the 18-to-24-month tenure. For non-senior...
Strikes at Deutsche Bank’s Postbank escalate as labour demands 15.5% pay rise, ET BFSI
FRANKFURT, - A months-long wage dispute at Deutsche Bank's Postbank arm is escalating with additional strikes ahead of a fourth round of talks next week as employees demand a 15.5% pay raise.The pressure comes as Germany's largest lender tries to keep a lid on costs...
Is the stock market open for Eid-Ul-Fitr (Ramzan Eid) tomorrow?, ET BFSI
Equity markets BSE and NSE will remain closed for trading on Thursday on the account of Eid-Ul-Fitr (Ramzan Eid). India's largest agri commodity exchange NCDEX will also be shut tomorrow, while MCX will be closed for the first session between 9 am and 5 pm and resume...
Despite valuation concerns, this AMC’s equity portfolios remain 95% invested, ET BFSI
Notwithstanding the valuation concerns in certain sections of the market, Motilal Oswal Asset Management is nearly fully invested in equities. “Our current cash position for equity-oriented funds ranges from 1% to 3% across various products. This allocation reflects...
Nischal Maheshwari on next triggers for the market; 2 bank stocks to bet on, ET BFSI
Nischal Maheshwari, CEO, Centrum Broking, says monsoon and the earnings season could be the next triggers for the market. Maheshwari says: “HDFC Bank is our top pick and a smaller bank, RBL, also looks very interesting in the private sector space. These are the two...
Cornerstone Ventures to invest $200 million in emerging B2B enterprise tech firms, ET BFSI
New Delhi: Leading venture capital firm Cornerstone Ventures on Wednesday announced a $200 million fund for emerging B2B enterprise tech opportunities across software platforms and marketplaces.With its second fund, Mumbai-based Cornerstone Ventures said in a...
Labour codes may top new govt’s 100-day plan, BFSI News, ET BFSI
The government has already begun working on possible challenges and is deliberating on how to monitor implementationThe pending implementation of streamlined labour codes could top the 100-day agenda of a new government led by the Bharatiya Janata Party (BJP) after...
Banking trojan posing as security app, BFSI News, ET BFSI
Security researchers have discovered a new version of the Vultur banking trojan that is posing as a security to steal data from Android users. Researchers claim that the latest version of the malware includes more advanced remote control capabilities and an improved...
Best focused mutual funds to invest in April 2024, BFSI News, ET BFSI
Many mutual fund investors believe that a concentrated portfolio would help them to earn better returns. They believe many mutual fund schemes offer average returns because they have an extremely large diversified portfolio. Such investors may consider investing in...
Banks will be closed for Eid al-Fitr in these states, ET BFSI
Banks in some states will be closed on Thursday on the occasion of Ramzan-Id (Id-Ul-Fitr), according to the Reserve Bank of India (RBI) holiday list.Note that the commencement of Eid al-Fitr hinges on the sighting of the crescent moon, symbolizing the onset of the...
Corporate FDs vs bank fixed deposits; Which offers higher interest rate?, ET BFSI
Banks provide a range of fixed deposit investment options tailored to meet the needs of both short-term and long-term investors. Fixed deposits boast numerous benefits. One of the key advantages is the assurance of a guaranteed return on your investment. Additionally,...
NBFC home loan sanctions drop 2% in Q3, BFSI News, ET BFSI
Home loan sanctions by non-banking finance companies (NBFCs) dropped 2 two percent Y-o-Y in Q3 FY24 to Rs 47,199 crore during the third quarter ending December 2023 (Q3 FY24) from Rs 48,122 crore in Q3 FY23. Sequentially, the contraction was more pronounced, with a 13...
UBS weighs Credit Suisse China stake swap with Beijing government, Bloomberg News reports, ET BFSI
UBS is in talks to acquire full ownership of its China platform by swapping its holding in Credit Suisse's onshore securities venture with a Beijing government investment fund, Bloomberg News reported on Monday.UBS is proposing to buy the remaining 33% stake in UBS...
Bank mutual funds disappoint investors in last 3 months with just 3% return. Should you stay put?, ET BFSI
Driven by the underperformance of financial heavyweights, banking & financial services sector-focused equity mutual funds have given an average return of just 2.81% in the last 3 months. During the period, Bank Nifty has underperformed with just 2.4% return as...
IRDAI raises concern over Hinduja Group-led IIHL bid for Reliance Capital, ET BFSI
Insurance regulator IRDAI has expressed some reservations over Hinduja Group firm IndusInd International Holdings' (IIHL) resolution plan for debt-ridden Reliance Capital, which is also in the insurance business, including non-life, sources said. Insurance Regulatory...
Jaipur A/c Used For ₹4.5cr Transactions, 10th Banker Held In Cyber Fraud Probe, ET BFSI
Gurgaon: A former sales officer of AU Small Finance Bank was arrested in Jaipur by Gurgaon police, making him 10th bank employee to be taken into custody in cybercrime cases this year. Since Feb, ten employees of four different banks — Yes Bank (5), Kotak Mahindra...
Why following successful investors may set you up for failure, ET BFSI
Suppose you want to know how to become rich or how to become a good investor. How would you go about it?A logical way to do it appears to be to look at the richest people in the world or the most successful investors, study the techniques that they have employed, and...
Phoenix ARC buys two stressed loans from IIFL, BFSI News, ET BFSI
Mumbai: Kotak Mahindra Bank-sponsored asset reconstruction company Phoenix ARC has bought ₹1,800 crore of two real estate developer loans from IIFL in a structured deal, offering around 83% recovery to the Fairfax-backed non-bank lender, people aware of the...
Here’s the full list, BFSI News, ET BFSI
Banks to be shut for as many as 11 days in May 2024 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 May will see some significant festivals...
There’s high interest in Indian market among global fund managers; Jiten Doshi decodes FII behaviour, ET BFSI
“Most of the FIIs preferred China and other EM peers over India and are revisiting their exposures given nuances of those markets,” says Jiten Doshi, Co-founder & Chief Investment Officer, Enam AMC.In an interview with ETMarkets, Doshi who has over 30 years of...
Muthoot Microfin records 32% YoY asset growth, loan collection efficiency soars, ET BFSI
Muthoot Microfin, one of the few listed pure-play microfinance lenders, said that its assets under management grew 32% year-on-year while loan collection efficiency improved leading to improvement in profitability.The NBFC-MFI's (non-banking finance...
Only few days left to invest in this FD with higher interest rate, ET BFSI
HDFC Bank offers higher interest rates on its special fixed deposit offered only to senior citizens known as Senior Citizen Care FD.The last date to invest in HDFC Bank Senior Citizen Care FD is April 15, 2024, according to the HDFC Bank website.HDFC Bank Senior...
Most Asian markets gain as ‘critical’ US inflation data looms, ET BFSI
Hong Kong, Apr 09, 2024 - Asian stocks mostly rose Tuesday as attention turned to crucial US inflation data that could play a pivotal role in the Federal Reserve's decision-making on interest rates, with investors lowering their expectations for how many cuts it will...
Crisil, BFSI News, ET BFSI
New Delhi, Co-lending assets under management (AUM) of non-banking finance companies (NBFC) are nearing Rs 1 lakh crore after more than five years since the model came into being, Crisil Ratings said on Monday. A study of about 100 NBFCs, accounting for over 90 per...
HSBC to sell Argentina business to Grupo Financiero Galicia in $550 mn deal, ET BFSI
HSBC Holdings said on Tuesday it will sell its Argentina business to Grupo Financiero Galicia in a deal valued at $550 million as the lender moves to sharpen focus on its core Asian operations.HSBC expects to record a $1 billion pre-tax loss related to the deal in the...
Only few days left to invest in this FD with higher interest rate, ET BFSI
HDFC Bank offers higher interest rates on its special fixed deposit offered only to senior citizens known as Senior Citizen Care FD.The last date to invest in HDFC Bank Senior Citizen Care FD is April 15, 2024, according to the HDFC Bank website.HDFC Bank Senior...
Tourism Finance Corporation India undergoes major leadership shift, ET BFSI
The Tourism Finance Corporation India Ltd (TFCIL) has undergone a major leadership shift with GD Mundra putting in his papers as the Director of the public finance institution. In March this year, TFCIL informed the Bombay Stock Exchange (BSE) and the National Stock...
SBI changes IFSC codes of 1,300 branches. Here’s help to find out your branch’s code, ET BFSI
State Bank of India (SBI) has changed the IFSC codes and names of 1,300 branches after the merger of five its associates. The banking behemoth has changed the names and IFSC codes of branches located in major cities such as Mumbai, New Delhi, Bengaluru, Chennai,...
Funds transfer now allowed from prepaid wallets using third party apps, ET BFSI
UPI Access for prepaid instruments: Now you can transfer funds from prepaid wallets using third party appsThe Reserve Bank of India (RBI) in its monetary policy committee (MPC) meeting said that now individuals can make payments from prepaid payment instruments like...
REC sanctions record Rs 3.59 lakh crore loan in FY24, BFSI News, ET BFSI
New Delhi: State-owned REC has made record loan sanctions worth Rs 3.59 lakh crore during 2023-24, posting a year-on-year rise of 33.66 per cent. It had sanctioned Rs 2.68 lakh crore as loan during the preceding 2022-23 fiscal, the company said in an exchange filing....
UBS on the brink of Switzerland’s ‘too big to fail’ reckoning, ET BFSI
ZURICH - Since UBS rescued its stricken rival Credit Suisse a year ago, it has been waiting to hear how authorities will protect Switzerland from the risk of the country's only remaining big bank also imploding. It is about to find out.The Swiss government is this...
Does the new income tax regime suit you? Find out who should move from the old tax regime to the new one, ET BFSI
Not paying enough attention to tax matters can put you in a tight spot. Having coughed up a high tax for the past three months, Shilpa Bose knows this too well. The Delhi-based marketing professional submitted investment proof and other documents before the 15 January...
This NBFC has hiked FD interest rates by up to 60 bps; earn up to 8.85% on this fixed deposit tenure, ET BFSI
Bajaj Finance, part of Bajaj Finserv, has announced hikes in fixed deposits (FDs) interest rates across most tenures. The new rates will be effective from April 3, 2024, according to the NBFCs press release issued on April 8 2024.FD rates for general citizensFor...
HSBC targets wealthy expats, bullish Asian firms to drive Europe unit: Executive, ET BFSI
LONDON - HSBC's European chief is betting on rising regional wealth and overseas expansion by Asian corporate clients to boost his unit's contribution to group profit after a multi-year reboot turned the business from laggard to profit engine.The turnaround in Europe,...
Which can generate higher return, where you should invest, ET BFSI
The active-passive investing debate has gained momentum with the release of the 2023 S&P Indices Versus Active Funds (SPIVA) India Scorecard. It shows that a large chunk of actively managed Indian equity mutual funds underperformed their benchmarks. Many advocate...
Eid business keeps textile market upbeat, BFSI News, ET BFSI
Representative imageEid-ul-Fitr is around the corner and the city’s textile market is buzzing with activity. Retail demand has been high, leaving the market in a bullish mode for the festival season ahead. The order cycles usually run around four months ahead of each...
Last date to invest in SBI Amrit Kalash extended, ET BFSI
State Bank of India (SBI) has extended the validity of the Amrit Kalash special fixed deposit (FD) scheme. The special fixed deposit scheme for retail customers offers higher interest rates for regular and senior citizens.What is last date to invest in Amrit...
Rupee settles on flat note at 83.31 against US dollar, BFSI News, ET BFSI
Mumbai: The rupee settled on a flat note on Monday at 83.31 (provisional) against the US dollar, as the support from positive domestic equities was negated by the strength of the American currency in the overseas market. Forex traders said investor sentiments got a...
Blackstone-backed Aadhar Housing Finance gets Sebi nod to launch Rs 5,000 crore IPO, ET BFSI
Capital markets regulator Sebi has approved the IPO of leading affordable housing finance company Aadhar Housing Finance. The company, which aims to raise around Rs 5,000 crore through the offer, had filed its draft papers in February.Earlier, Aadhar Housing filed...
Swiss government’s ‘too big to fail’ proposals loom for UBS, ET BFSI
ZURICH - The Swiss government will this month present proposals aimed at protecting the country against the risk of banks deemed "too big to fail" in response to UBS's emergence as the country's sole big lender with its 2023 takeover of Credit Suisse.Following are key...
Eye on banks! ICICI Bank, Bank of Baroda could give up to 15% return in 1 year, ET BFSI
Systemic credit growth remains robust at 16.5% for the fortnight ending 8th Mar’24, and we anticipate this trend to be mirrored across our coverage universe.This healthy growth is fuelled by sustained momentum in retail and business banking, along with a gradual...
Phoenix ARC buys two stressed loans from IIFL, BFSI News, ET BFSI
Representative Image Kotak Mahindra Bank-sponsored asset reconstruction company Phoenix ARC has bought ₹1,800 crore of two real estate developer loans from IIFL in a structured deal, offering around 83% recovery to the Fairfax-backed non-bank lender, people aware of...
Outgoing Bandhan chief Chandra Sekhar Ghosh gives a peek into his next plan of action, ET BFSI
Chandra Shekhar Ghosh, who recently announced he would resign as Bandhan Bank's CEO & MD this July, told ET Now in in a interview that he felt the time was right for him to hang up his boots.He said he took the decision to move on after a look at the bank's...
China may surge 30% in next 12 months but India is vastly superior to any emerging market long term: Mark Matthews, ET BFSI
Mark Matthews, MD, Julius Baer, says: “China is not a good market to invest for the long term and if you put $100 into India 30 years ago, it would be about $1,800 today, which is remarkable considering what the rupee has done over that period of time. $100 in China...
Global cues, Q4 earnings, FII flows among six factors to set Dalal Street trajectory this week, ET BFSI
MUMBAI: Indian equities kickstarted the new financial year on a good note as benchmark indices scaled fresh lifetime highs. The action however, was more prominent in the broader market, as smallcap stocks got their mojo back and outperformed the largecaps. After a...
Fearless Stock Bulls Start Hedging as Fed Policy Pivot Stalls, ET BFSI
A bumpy week for the S&P 500 Index prompted long-complacent traders to look at the hedges they’ve ignored for months.The demand for broad market insurance plunged to multi-year lows in the first quarter as US stocks posted a series of fresh highs despite growing...
What’s driving the Big growth?, BFSI News, ET BFSI
Ecommerce, gaming, utilities, government services, and financial services reportedly dominated online transactions in the second half of 2023, accounting for nearly 80% of the total volume. The findings are of a recent report by French payment firm Worldline on...
Markets to monitor Q4 results in upcoming week, BFSI News, ET BFSI
New Delhi: Investors are expected to closely monitor developments in the upcoming week as Q4 results are unveiled, says Vinod Nair, Head of Research, Geojit Financial Services.The auto sector anticipates positive results in Q4 due to volume growth in the premium...
PMO asks commerce ministry to examine model text of investment treaty, ET BFSI
The Prime Minister's Office (PMO) has asked the commerce ministry to examine the model text of the bilateral investment treaty (BIT) and suggest modifications to further improve the ease of doing business, according to sources. The exercise assumes significance as...
Now you can transfer funds from prepaid wallets using third party apps, ET BFSI
The Reserve Bank of India (RBI) in its monetary policy committee (MPC) meeting said that now individuals can make payments from prepaid payment instruments like digital wallets using UPI that too through any third party app. RBI Governor Shaktikanta Das has said...
Four of top 10 valued firms add Rs 1.71 lakh cr to mcap; HDFC Bank, LIC lead gainers, ET BFSI
New Delhi: Four of the top 10 valued firms added Rs 1,71,309.28 crore to their market valuation last week with HDFC Bank and Life Insurance Corporation of India (LIC) emerging as the biggest gainers in line with an overall positive trend in equities. On the other...
Fundraise by InvITs, REITs surges multi-fold to Rs 17,116 cr in FY24 on promising returns, ET BFSI
Investor enthusiasm towards InvITs and REITs is on the rise, with fundraising through these routes reaching Rs 17,116 crore in 2023-24, a 14-fold year-on-year surge fuelled by the prospect of stable returns. Going ahead, the outlook for infrastructure investment...
FPIs withdraw Rs 325 crore from Indian equities so far in Apr, ET BFSI
New Delhi: FPIs have turned cautious as they pulled out Rs 325 crore from Indian equities in the first week of this month owing to relatively high valuations and the upcoming general elections. The net outflow came after a staggering investment of Rs 35,000 crore in...
Top banks offering up to 8.1% interest rates on 1-3 year FDs; check list, ET BFSI
Fixed Deposit Interest Rates: Fixed deposits (FDs) offer a secure avenue for investment, particularly favored by risk-averse individuals and senior citizens. Recently, several top banks have raised their FD interest rates, with some offering up to 8.1% on 1-3 year...
Small & midcap stocks may be headed towards a pre-election rally: Abhishek Basumallick, ET BFSI
Abhishek Basumallick, Founder & Chief Equity Advisor, Intelsense Capital, points to two sectors which have not been in the public limelight, chemicals and insurance. “While I am pretty bullish on insurance, chemicals sector is getting to the stage where we are...
No justifications for gold’s recent rally, investors riding on Fed rate cut hope, ET BFSI
Spot gold closed with a solid gain of 1.76% at $2330 Friday as the metal rallied for the third straight week. It hit a fresh record high just above $2330. It posted a whooping gain of nearly 4.50% on the week despite surging yields and a largely steady US Dollar. Part...
2 Trichy Women Lose 24 Lakh To Online Fraudsters, BFSI News, ET BFSI
Trichy: Two women of Trichy city have lost around 24 lakh to online fraudsters. A 65-year-old woman from Ponmalaipatti, in her complaint on National Cybercrime Reporting Portal (NCRP), said she opened a link (Esky ticketing) received on her Telegram on Dec 8 and it...
Experts decode policy impact on stock markets. Here’s what they said, ET BFSI
The Reserve Bank of India (RBI) on Friday left the repo rate unchanged at 6.5% for the 7th straight time, while remaining focused on the withdrawal of accommodation to ensure that inflation progressively aligns to the target while supporting the growth.The policy was...
Delhi police bust gang of cheaters; one accused held, BFSI News, ET BFSI
New Delhi [India], April 5 (ANI): Delhi police said it has busted a gang for allegedly indulging in cyber fraud and cheating businessmen across the country on the pretext of providing high profit through investment in IPO trading.A team of Cyber Police Station West...
Is profitability at the peak?, BFSI News, ET BFSI
The deposit lag, coupled with the repricing of deposits and a liquidity deficit in the market, is likely to elevate the cost of funds in the near term exerting pressure on banks’ net interest margins, potentially leading to a moderation in overall profitability. The...
Sensex, Nifty end flat as RBI holds rates; realty stocks jump, ET BFSI
Indian shares ended flat on Friday, recovering from earlier losses as banks and real estate stocks received a boost from the country's central bank standing pat on rates, while IT stocks dropped amid uncertainty around U.S interest rate cuts.The BSE benchmark Sensex...
Private bank loses Rs 4.5cr in online transaction failure fraud; 3 held, ET BFSI
Mumbai: Cyber crime police have arrested three men, including a BTech (IT) graduate from Ghaziabad, for their alleged involvement in an online transaction failure fraud causing a loss of nearly Rs 4.5 crore to a private bank. The trio were beneficiaries, police said,...
Mutual fund managers decode RBI rate pause for investors, ET BFSI
The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) in its bi-monthly monetary policy review again decided to keep the policy rate unchanged at 6.50%. The MPC of the central bank also retained its stance of remaining focussed on “withdrawal of...
FPIs pare stakes in HDFC Bank, but not enough for ETF gush, BFSI News, ET BFSI
Mumbai: HDFC Bank may have missed out on the prospect of fresh foreign purchases of its stock by a whisker.Overseas investors' stake in the bank fell in the March quarter but this fell short of index provider MSCI's requirements to increase the stock's weight on the...
Global shares mostly decline, as investors look toward US jobs report, ET BFSI
TOKYO - Global shares mostly declined Friday as investors looked to a key U.S. jobs report due later in the day to gauge the health of the economy and see what the Federal Reserve might do on interest rates. France's CAC 40 declined 1.3% in early trading to 8,042.05,...
Bandhan Bank posts 18% loan growth in FY24, BFSI News, ET BFSI
Kolkata: Bandhan Bank on Thursday said its loans and advances have clocked Rs 1.28 lakh crore at the end of the fourth quarter of the 2023-24 fiscal, registering a 17.8 per cent growth year-on-year. The lender said the same was Rs 1.09 lakh crore by the end of March...
What should fixed deposit investors do as RBI keeps repo rate unchanged?, ET BFSI
High Fixed Deposit Rates: If fixed deposits are your go to investment avenue, then the RBI monetary policy meet has good news for you. RBI governor Shaktikanta Das announced that the MPC has decided to keep the repo rate unchanged at 6.5%. This means that the higher...
SFBs believe rupee interest derivative products will boost balance sheet resilience, ET BFSI
The Reserve Bank of India (RBI) on Friday announced its decision to allow Small Finance Banks (SFBs) to use permissible rupee interest derivative products. While announcing the key outcomes of the Monetary Policy Committee (MPC) decision, the RBI Governor Shaktikanta...
Dollar steadies, yen touches two-week high ahead of key US jobs data, ET BFSI
LONDON - The dollar headed for its first weekly loss in a month on Friday, but pulled away from two-week lows, ahead of a key U.S. jobs report later in the day, while tensions in the Middle East kept investors on edge.Demand for safe-haven currencies, along with more...
RBI penalises IDFC First Bank, LIC Housing Finance, BFSI News, ET BFSI
The Reserve Bank on Friday said it has imposed a penalty of Rs 1 crore on IDFC First Bank and Rs 49.70 lakh on LIC Housing Finance for violation of certain norms. The penalty on IDFC First Bank has been imposed for non-compliance with certain directions on 'Loans and...
Rahul Gandhi’s bet on record Dalal Street rally makes him richer, ET BFSI
Indian opposition leader Rahul Gandhi’s wealth rose more than 28% in the past five years, aided by his stock investments amid a bull run in Indian equities.Gandhi, who is being positioned as a challenger to Prime Minister Narendra Modi in the national elections that...
Chandra Shekher Ghosh to retire as Bandhan Bank’s chief in July, may play active role in the holding company, ET BFSI
MUMBAI: Chandra Shekher Ghosh, founder managing director and CEO of Bandhan Bank, will retire in July, ending nearly a quarter of century of leading the financial institution that started as a microfinance lender.Ghosh informed the company board that he would retire...
India’s forex reserves hit record high at $645.58 billion for week ending on March 29, ET BFSI
The Reserve Bank of India’s foreign exchange reserves touched a new record high of $645.58 billion in the week ended March 29, topping the previous high of $642.49, latest central bank data showed.Forex reserves increased by $2.9 billion in the week ended March 29,...
PNB reports 11.5 pc loan growth in Q4, BoB’s up 12.4 pc, BFSI News, ET BFSI
State-owned Punjab National Bank (PNB) on Friday said it has posted a credit growth of 11.5 per cent at Rs 9.85 lakh crore for the March quarter. Total advances were Rs 8.84 lakh crore at the end of March 31, 2023, PNB said in a regulatory filing. The lender reported...
FD interest rates of 8-9% to continue for a longer period as RBI holds repo rate; how to invest in fixed deposits, ET BFSI
The Reserve Bank of India (RBI) has kept the repo rate unchanged for the seventh consecutive time, at its bimonthly monetary policy committee meeting held on April 5. The previous repo rate hike happened in February 2023 when it was raised from 6.25% to 6.5%. An...
IndusInd Bank records 18 pc loan growth in Q4, BFSI News, ET BFSI
New Delhi, Private sector lender IndusInd Bank on Thursday said it has posted an 18 per cent growth in advances at Rs 3,42,857 crore during the March quarter. Net advances stood at Rs 2,89,924 crore at the end of the fourth quarter of the last financial year, IndusInd...
Soon, you can deposit cash through UPI at ATMs, announces RBI, ET BFSI
Unified Payments Interface (UPI) has become a part of our day-to-day life in the last few years. However, we mostly use it to transfer money or scan the QR code and pay at shops. But, the usage of UPI is just not limited to payments. Now, you can withdraw cash from...
Are banks closed this Saturday, April 6?, ET BFSI
Banks in India are closed on national holidays, regional state holidays depending on the state, and the second and fourth Saturdays of every month and Sundays. Likewise, the first, third and fifth are working Saturdays for banks.Is it a bank holiday this Saturday,...
New Tax Regime Hits Pvt Sector Addition To Nps, ET BFSI
NEW DELHI: The pension scheme for the corporate and individuals, regulated by Pension Fund Regulatory and Development Authority (PFRDA), may have been hit by the new tax regime, which offers lower tax rates but no exemptions, such as, those for investment.Latest data...
Bank of Maharashtra logs 16% loan growth in Q4, BFSI News, ET BFSI
New Delhi: State-owned Bank of Maharashtra (BoM) on Friday said it has posted a credit growth of 16.31 per cent at Rs 2.03 lakh crore for the March quarter. The outstanding credit was Rs 1.75 lakh crore at the end of March 31, 2023, BoM said in a regulatory filing....
Top crypto assets to watch & buy in April 2024, BFSI News, ET BFSI
2024 continues to be a great year for crypto enthusiasts. Bitcoin has registered seven green months in a row and is aiming to do one better in April – its halving month. The current pullback and consolidation is likely a healthy flush out needed to push for the next...
NBFCs record strong growth led by retail loans, ET BFSI
Non-banking finance companies (NBFCs) have continued their strong growth numbers in the third quarter led by retail loans while Poonawalla Fincorp recorded its highest-ever disbursement at Rs 9,680 crore. L&T Finance's retail disbursements were at Rs 15,030 crore,...
RBI’s policy decision a prudent step, affirmation of goldilocks for India: Bankers, ET BFSI
RBI Governor Shaktikanta DasThe Reserve Bank of India Monetary Policy Committee announced on April 5, 2024 its decision of keeping the repo rates unchanged at 6.5 per cent for the seventh straight time. The RBI Governor Shaktikanta Das forecasts the India GDP growth...
Japan’s Nikkei slumps in worst week since Dec 2022 as tech tumbles, ET BFSI
Japan's Nikkei share average tumbled nearly 2% to a three-week low on Friday, logging its worst week since December 2022, as tech shares slid on Wall Street's lead.Investors were also cautious ahead of a key monthly U.S. jobs report due later in the day, with the...
SIDBI’s Prakash Kumar, ET BFSI
Small Industries Development Bank of India (SIDBI) has undertaken a number of initiatives to boost the MSME sector. The MSME Cluster Development Initiatives, for instance, aim to support clusters in addressing skilling, technology, marketing and credit facilitation...
What should fixed deposit investors do as RBI keeps repo rate unchanged?, ET BFSI
High Fixed Deposit Rates: If fixed deposits are your go to investment avenue, then the RBI monetary policy meet has good news for you. RBI governor Shaktikanta Das announced that the MPC has decided to keep the repo rate unchanged at 6.5%. This means that the higher...
Rupee ends higher on foreign, state-run banks’ dollar sales, ET BFSI
MUMBAI - The Indian rupee rose on Friday, bolstered by dollar sales from foreign and state-run banks and after the Indian central bank kept rates unchanged for a seventh consecutive meeting.The rupee closed at 83.2950 against the U.S dollar, up nearly 0.2% compared...
India’s Aavas Financiers hits near 3-month high as assets under management rise, ET BFSI
Shares of Aavas Financiers Ltd up 6.3% at 1,544 rupees, their highest since Jan. 17.Mortgage bank lender's assets under management (AUM) up 22% y/y as of March-end, disbursements up 20%.Citi believes AVAS can maintain margins despite rise in financing costs, sees AUM...
RBI to review liquidity coverage ratio norms for banks, ET BFSI
Mumbai: The RBI has decided to undertake a comprehensive review of the liquidity coverage ratio (LCR) framework for banks to prevent a situation where a sudden withdrawal of money by a very large number of customers from their accounts could precipitate financial...
RBI’s policy will create stability in financial market and growth for Indian economy: Nilesh Shah, ET BFSI
Nilesh Shah, MD, Kotak AMC, says “the monetary policy is reaffirming that RBI's policy will create stability in the financial market, trust in the financial market, and growth for the Indian economy. The equity markets today will be less bothered about food inflation....
“Be mindful…” RBI Governor Das flagged this to banks and NBFCs over public money during MPC meeting, ET BFSI
Reserve Bank of India governor Shaktikanta Das on Friday called upon financial entities like the NBFCs, banks to be mindful of the fact that they are dealing with public money."Let me emphasise that banks, NBFCs and other financial entities must continue to give the...
HDFC Bank’s Q4 deposits up 7.5%, Macquarie report says ‘fantastic outcome’, ET BFSI
The largest private lender, HDFC Bank, gave a solid push to deposit mobilisation in the fourth quarter of FY24, resulting in 7.5% growth or Rs 1.6 lakh crore in the last quarter alone, according to disclosures made by the bank to the exchange.Its total advances rose...
Three small cap funds fail to beat benchmark in two consecutive years, ET BFSI
Three small cap schemes have continuously underperformed their respective benchmarks in two consecutive years (2022 and 2023), an analysis of yearly returns of the category by ETMutualFunds showed.Around 23 small cap schemes have completed two years of existence in...
EFL secures INR 400 crore to boost MSME financing, BFSI News, ET BFSI
"This association with two leading social impact investors helps us support small businesses to thrive and deliver resilient, low-carbon growth," said Shilpa Pophale, MD & CEO at EFL.Electronica Finance Ltd (EFL) said on Thursday it has secured INR 400 crore in an...
J&K Bank partners with Paymart to launch Virtual ATM Facility, ET BFSI
J&K Bank on Thursday announced its partnership with Paymart India Pvt Ltd to introduce a Virtual ATM (VATM) facility. The partnership aims to introduce cardless cash withdrawal for the Bank’s customers through their neighbourhood merchants. The goal of the...
7 smallcaps with double-digit returns in each of last three months turn multibaggers!, ET BFSI
After a rocking 2023, the party in the smallcap universe has continued unabated in 2024, as some of the stocks have turned multibaggers in just three months. ETMarkets gauged the performance of stocks with a market capitalization of over Rs 1,000 crore in the first...
Government penalises Planify Capital for bending law to raise funds, ET BFSI
NEW DELHI: Govt has imposed a penalty on Planify Capital, which calls itself a startup marketplace to invest in startups pre-IPOs and unicorns, and a small-time retailer Mayasheel Retail for using the platform to sell shares indirectly to investors. Maximum penalty...
HDFC Bank loan book crosses Rs 25 lakh cr in Q4, BFSI News, ET BFSI
HDFC BankNew Delhi: Private sector lender HDFC Bank on Thursday said its loan book crossed Rs 25 lakh crore in the fourth quarter ended March 2024. The bank's gross advances aggregated to Rs 25.08 lakh crore as of March 31, 2024, a growth of 55.4 per cent over Rs...
If you have money anxiety, knowing your financial attachment style can help, ET BFSI
London, Apr 4 (The Conversation): The number of people struggling with money in Britain is at a record high. Financial charities say that people are contacting them for help with debt, paying bills and insolvency. The campaign group Debt Justice found in a survey that...
Strong AUM Growth of 13% QoQ, Asset Quality Improves, ET BFSI
Poonawalla Fincorp Limited provided the following information with respect to the quarter ended 31st March 2024: 1. Disbursements: Total disbursements during Q4FY24 were highest ever at approximately Rs. 9,680 crore up 52% YoY and 11% QoQ compared to disbursements of...
Valuation gap between mid-tier and frontline banks has narrowed, ET BFSI
New Delhi: With outperformance by other private and mid-tier PSU banks, the valuation gap between mid-tier and frontline banks has narrowed, Elara Securities said. Frontline banks - HDFC, ICICI and Kotak Mahindra among private banks - and State Bank of India among PSU...
Japan won’t intervene unless yen slides below 155, says ex-FX diplomat Watanabe, ET BFSI
TOKYO - Japanese authorities likely won't intervene in the currency market unless the yen plunges below 155 to the dollar, former top currency diplomat Hiroshi Watanabe said on Thursday.Markets are on alert for the chance of yen-buying intervention by Japanese...
NCLT admits insolvency resolution plea against the erstwhile promoter of DHFL Kapil Wadhawan, ET BFSI
The National Company Law Tribunal (NCLT) has admitted Union Bank of India’s application to initiate insolvency resolution proceedings against Kapil Wadhawan, the erstwhile promoter of Dewan Housing Finance (DHFL), for a Rs 3,958-crore default by the mortgage...
EU banks are ‘robust’ as some loans show stress, says watchdog, ET BFSI
LONDON - Banks in the European Union hold record high levels of capital backed by improving levels of liquidity, but there are early signs that loans, such as those linked to real estate, have come under pressure, the bloc's banking watchdog said on Thursday.The...
London stocks edge higher with economic data in focus, BFSI News, ET BFSI
April 4 (Reuters) - British stocks edged higher on Thursday supported by a rise in mining and automobile shares, while caution prevailed ahead of a slew of domestic and global economic data that could provide cues on the interest rate path.As of 8:13 GMT, the FTSE 100...
Securitisation volume growth slows to 4 pc in FY24 on HDFC merger: Icra, ET BFSI
Mumbai: The overall securitisation volume growth slowed to 4 per cent in FY24 to Rs 1.88 lakh crore due to the impact of the HDFC twins merger, domestic rating agency Icra said on Thursday. In FY23, the securitisation volume had grown by 33 per cent to Rs 1.80 lakh...
Decline in debit cards transaction volume by 13%, credit cards witness uptick in Feb’24, 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 decreased by approximately 4 per cent in February 2024. However, month-on-month, the total debit cards transaction...
Why is rupee at an all-time low when all economic indicators are favourable? Indranil Sengupta explains, ET BFSI
Indranil Sengupta, Thematic Economist & Head of India Research, CLSA, says the dollar is strengthening and as a result, the rupee is weakening. It is not necessarily weakening against everybody. It is only weakening against the dollar. Sengupta points out that...
Microfinance loan accounts jump 9% to 14 crore as NBFC disbursements surge 32%, ET BFSI
The microfinance sector is experiencing significant growth, as indicated by a 9% year-on-year increase in the number of loan accounts serviced by micro lenders, totalling 140.8 million as of December 31. Notably, microfinance disbursements by diversified NBFCs surged...
Baldev Prakash, J&K Bank, ET BFSI
"So, for us, the current account and the saving bank has been quite encouraging. We have ended the year above 50% of CASA," says Baldev Prakash, MD & CEO, J&K Bank.Let us first understand how things are stacked up because last couple of quarters have been...
How to secure an overseas education loan top-up with an existing loan, ET BFSI
Pursuing higher education abroad is a dream for many Indian students, but the financial burden associated with it can be overwhelming. While an initial education loan may cover the tuition and living expenses for the first year or two, the costs often escalate...
Iob Gets 620 Crore Demand Notice From Income Tax Dept, ET BFSI
Chennai: Public sector Indian Overseas Bank (IOB) has received a demand notice of Rs 620 crore from the income tax department for the assessment year (AY) 2022-23. The Notice of Demand under Section 156 of Income Tax Act, 1961 was on account of certain additions and...
Get name, DOB details mismatch in PAN and mutual fund folio corrected by April 30, here’s why, ET BFSI
It is now mandatory to provide your name and date of birth in your mutual fund (MF) folio as listed on your PAN card or other provided proof of identity. You have to make sure that there is no mismatch, and if there is a mismatch, you should rectify it by April 30,...
SBI forecasts 15% growth in deposits for FY25; expects RBI rate cut only in Q3FY25, ET BFSI
The State Bank of India (SBI) has unveiled expectations of substantial growth in both deposits and credit for the fiscal year 2025. SBI forecasted deposits to grow at a rate of 14.5 per cent-15 per cent and credit to expand between 16.0 per cent-16.5 per cent in FY25,...
What type of gift is taxed and what is exempted? Arnav Pandya explains, ET BFSI
Arnav Pandya, Founder, Moneyeduschool, says “if the value is less than 50,000, then no income will be considered as taxable, while gifts of value of above 50,000 are the ones which are liable to be taxed under. Then we come to the third point, which is that if a gift...
Goldman sees Indian banks’ profitability coming under pressure, ET BFSI
Goldman Sachs Group Inc. sees increasing headwinds for India’s banks, and expects their returns on assets to decline in the coming quarters.Indian banks were in a Goldilocks period over the last couple of years, during which lenders improved their top line and enjoyed...
5 HRA tax exemption proofs you must have in case income tax dept asks, ET BFSI
Most salaried individuals have House Rent Allowance (HRA) as part of their salary structure. To save income tax, many people claim HRA tax exemption for living in rental accommodation during the financial year. As per a Times of India report, the Income Tax Department...
Microfinance industry body wants members to explore underserved market, ET BFSI
India's microfinance operations have remained highly concentrated, with top 10 states accounting for 85%of the total market, leaving a majority of districts and villages under-penetrated in terms of access to credit despite recent giant strides toward boosting...
Standard Chartered picks new regional heads amid investment banking reshuffle: Sources, ET BFSI
DUBAI - Standard Chartered has picked new regional heads, according to a person with knowledge of the matter, as the Asia-focused bank undergoes a major management reshuffle in its corporate and investment banking business (CIB) business.The new appointments are...
Best small cap mutual funds to invest in April 2024, ET BFSI
Small cap mutual fund schemes are in focus these days. These schemes that invest in the stocks of very small companies have given over 40.44% in 2023. No wonder, investors are in love with these schemes. They invested Rs 2,922.45 crore in small cap funds in...
Warburg Pincus frontrunner to buy Shriram Housing Finance, ET BFSI
Mumbai/Kolkata: Warburg Pincus is closing in on Shriram Housing Finance Ltd (SHFL), having emerged as the frontrunner to acquire the unit of Chennai-based non-banking finance company (NBFC) Shriram Finance, said people in the know. In a closely fought race, Bain...
CCI clears Axis Bank-Max Life Insurance Company deal, BFSI News, ET BFSI
New Delhi, Fair trade regulator Competition Commission of India (CCI) on Tuesday said it has approved Axis Bank's proposed acquisition of a stake in Max Life Insurance Company Ltd. Last year in August, the company announced a capital infusion by Axis Bank by issuance...
Turmoil in India’s exchange-traded FX options on forced position unwinding, ET BFSI
Indian rupee's exchange-traded options went into a tizzy on Wednesday after brokers asked clients to submit proof of underlying exposure on their derivative contracts or unwind their existing positions, three market participants said.This came after brokers thought a...
Macquarie, BFSI News, ET BFSI
Mumbai: Shares of Aditya Birla Capital surged over 10% to a six-and-a-half-year high on Tuesday after brokerage Macquarie initiated coverage on the stock with an outperform rating and a price target of ₹230. The price target implies an upside potential of 14.4% from...
Citi to lay off 430 employees in New York across units, BFSI News, ET BFSI
The bank last week ended a sweeping overhaul, its biggest in decades, as part of an effort to simplify its structure and improve performanceCitigroup will lay off 430 employees across different divisions in New York, the bank disclosed in filings with the State...
Why financial space could turn out to be a dark horse of FY25, says Satish Ramanathan, ET BFSI
“Financials continue to trade at valuations below their historic average and could be a dark horse, as also pharma and chemicals,” says Satish Ramanathan, CIO - Equity, JM Financial Asset Management.In an interview with ETMarkets, Ramanathan said: “In FY’25, Indian...
Aspire and Innovative Advertising stock lists with 5% premium on NSE SME platform, ET BFSI
The shares of Aspire and Innovative Advertising debuted on the NSE SME platform with a premium of 4.6%. The stock was listed at Rs 56.5, compared with an offer price of Rs 54.Ahead of the debut, the company's shares traded with a GMP of Rs 5 in the unlisted market.The...
For PSB employees, stock may be an option; decision on proposal likely after elections, ET BFSI
New Delhi:The government has resumed talks with public sector banks (PSBs) on offering stock options to eligible employees, rekindling hope for this longstanding demand of the lenders.The proposal to offer employee stock ownership plans or ESOPs, has been on the...
FOREX-Dollar hits 5-month high while jawboning supports yen, BFSI News, ET BFSI
LONDON/TOKYO - The U.S. dollar hit its highest in almost five months on Tuesday as stronger-than-expected economic data caused investors to cut their bets on a June rate cut, boosting the currency.Fears of intervention by Japanese officials slowed the dollar's gains...
IREDA logs highest-ever loan sanctions, disbursements in FY23-24, ET BFSI
IREDANew Delhi: The state-owned Indian Renewable Energy Development Agency (IREDA) on Tuesday said that it has recorded its highest-ever annual loan sanctions and disbursements in fiscal 2023-24. The company has sanctioned loans amounting to Rs 37,354 crore and...
Bank of China says net interest margin will continue to face pressure, ET BFSI
BEIJING - Bank of China (BoC) said its net interest margin (NIM) - a key gauge of profitability - will still face significant pressure this year.Vice President Zhang Yi made the remarks in an earnings press conference on Tuesday. Five of China's largest lenders have...
Bitcoin dominates FY24 with over 150% surge, outpacing traditional markets, ET BFSI
As we bid farewell to fiscal year 2024, investors across the financial spectrum are contemplating a year marked by remarkable gains in various sectors, spanning traditional equities, bonds, gold, and the ever-evolving world of cryptocurrencies.Amidst this dynamic...
Aditya Birla Capital shares jump 7%, Macquarie says stock can double in 3 years, ET BFSI
Shares of Aditya Birla Capital on Tuesday rose 7.3% to Rs 195 on NSE after global broking firm Macquarie initiated coverage on the NBFC with an outperform rating. It has set a target price of Rs 230 on the stock for the next 12 months and also said the scrip can even...
Two go on trial in Switzerland over ‘kleptocracy’ scandal involving Saudi oil firm, Malaysian bank, ET BFSI
Geneva, Apr 2 (AP): Two managers of a Saudi oil exploration company went on trial in Switzerland on Tuesday for alleged fraud and money laundering over a scandal years ago linked to a Malaysian sovereign wealth fund that the US Justice Department once described as the...
Investors flock to sustainable opportunities in 2024, ET BFSI
India, along with many developed countries, is accelerating its efforts to ensure growth based on globally accepted principles of sustainable economic development. Various regulatory controls and processes have been mandated, like the Energy Conservation (Amendment)...
Naman In-Store shares list at 40% premium over IPO price on NSE SME platform, ET BFSI
The shares of Naman In-Store listed on the NSE SME platform on Tuesday at a premium of 40.45%. The stock debuted at Rs 125 as against an offer price of Rs 89.Ahead of the listing, the company's shares traded at a premium of Rs 45 in the unlisted market.The IPO, which...
Goldman Sachs digital asset head says crypto rally driven by retail investors, ET BFSI
The recent surge in cryptocurrency prices has been driven by retail investors, but institutions are starting to join in, Goldman Sachs' head of digital assets Mathew McDermott said on Tuesday.Bitcoin, the biggest cryptocurrency, hit a new all-time high of $73,794 last...
Nifty may surge to 23,400 before general election outcome, says ICICIdirect; here’s why, ET BFSI
Nifty is expected to hit 23,400 levels around the time of the general election outcome led by BFSI, auto, capital goods and metal stocks according to estimates by ICICIdirect, which sees largecaps outperforming the broader market. The brokerage picks nearly 8 dozen...
iThink Logistics onboards ONDC to strengthen outreach to SMEs, MSMEs, ET BFSI
Mumbai: Logistics startup iThink Logistics on Tuesday announced it has onboarded ONDC (Open Network for Digital Commerce) to strengthen its outreach to SMEs and MSMEs. iThink Logistics going live on the ONDC Network unfolds advantages for Small and Medium-sized...
SBI leads debit cards market, HDFC Bank dominates credit cards share in Feb’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 24 per cent share in February 2024, revealed latest data by 1Lattice. Top banks followed the list like Bank of Baroda which held about 10 per...
World Bank set to issue up to $1 bln in debut hybrid note this year, ET BFSI
LONDON - The World Bank is looking to issue up to $1 billion in a debut hybrid note on capital markets this year, a senior executive told Reuters, as development banks face increasing pressure to find new ways to boost their lending.The G20 group of major economies...
IIT-Kanpur Alumnus Sandeep Jain takes charge as new FISME president, ET BFSI
Auto-component manufacturer and alumnus of IIT-Kanpur, Sandeep Jain, has been unanimously elected President of the Federation of Indian Micro and Small & Medium Enterprises (FISME) for 2024-25.His name was approved in the meeting of the Central Executive Committee...
With AI, blockchain, RBI should study a new banking structure to fund future needs: PM Modi, ET BFSI
Speaking at the 90th-anniversary celebration of the Reserve Bank of India (RBI), Prime Minister Narendra Modi on Monday asked the central bank to assess a newer banking structure to fund future needs. PM Modi said an assessment of the credit needs should be done by...
Taxman puts some FPI assessments on hold for more information, ET BFSI
After a flurry of probing questionnaires over the past few months, the income tax (I-T) department has held back assessment orders on several foreign portfolio investors (FPIs) to fish out more information on them from jurisdictions such as Mauritius.While the...
Digitisation will be key driver for Mahindra Finance, says MD designate, ET BFSI
Mahindra Finance is undergoing a paradigm shift in senior management with vice chairman Ramesh Iyer handing over the baton to Raul Rebello this April-end. Analysts feel that while it may take time to create new business models, the company’s robust rural reach and...
Credit quality outlook of India Inc positive in first half of FY25: Crisil Ratings, ET BFSI
Crisil Ratings on Monday said the credit quality outlook for Indian corporates remains positive for the April-September period of the 2024-25 fiscal year with upgrades continuing to outpace downgrades. In the last fiscal year, Crisil gave 409 rating upgrades and 228...
China stocks see biggest jump in 1-month on strong PMI data, BFSI News, ET BFSI
China stocks jumped on Monday, logging their biggest daily gain in a month, after the latest manufacturing activity data signalled that the economy's recovery is gaining traction, while the Hong Kong market was closed for a holiday.China's manufacturing activity...
Bank of India receives Rs 1,128 cr tax demand order, ET BFSI
Bank of India on Sunday announced that it has been issued a demand notice totaling Rs 1,127.72 crore by the Income Tax Department's Assessment Unit, pertaining to the assessment year 2016-17.The Bank has received a demand notice under section 156 of the Income Tax...
A comprehensive guide to 3-in-1 accounts, ET BFSI
Non-Resident Indians (NRIs) looking to invest in the Indian stock market can opt for the NRI 3-in-1 Account - a combination of a bank account, demat account, and trading account into a single online platform, providing convenience and efficiency for NRI investors.The...
RBI directs banks to step up hassle-free loans to Self Help Groups, ET BFSI
Mumbai: The RBI on Monday directed all banks to provide adequate incentives to their branches in financing the Self Help Groups (SHGs) and establish linkages with them, making the procedures simple and easy. "The group dynamics of working of the SHGs need neither be...
How to save tax on House Rent Allowance, BFSI News, ET BFSI
For most employees, House Rent Allowance (HRA) is a part of their salary structure. Although it is a part of your salary, HRA, unlike basic salary, is not fully taxable. Subject to certain conditions, a part of HRA is exempted under Section 10 (13A) of the Income-tax...
Time for Nifty and Bank Nifty to hit new highs; be neutral to bullish on IDFC First Bank: Aditya Arora, ET BFSI
Aditya Arora, Adlytick, says this time, it would not be a domestic rally, but a global-led rally because Nasdaq is at lifetime high, Dow Jones is at lifetime high. Now it is time for Nifty and Bank Nifty to hit new highs. Arora’s target for Nifty is 22,500 to 23,000...
This large cap mutual fund gave 15% returns in three years; should you invest?, ET BFSI
ET Wealth collaborates with Value Research to analyse top mutual funds. We examine the key fundamentals of the fund, its portfolio and performance to help you make an informed investment decision.ICICI PRU BLUECHIPBASIC FACTSDATE OF LAUNCH23 MAY...
PM Modi pitches for studying a newer banking structure to fund future needs, ET BFSI
Mumbai: Prime Minister Narendra Modi on Monday said there is a need to study "newer banking structure" with the evolving changes in the financial industry's landscape. Speaking at the inauguration event for the commemoration of 90 years of the Reserve bank of India...
Best large cap mutual funds to invest in April 2024, ET BFSI
Mutual fund advisors have been recommending investing in large cap schemes in the coming year. They believe that the large cap category may do well as the market is entering into the expensive territory. They say that the stock market is at an all-time high and the...
Centrum’s fund modulus ropes in SBI veterans to drive growth, BFSI News, ET BFSI
Mumbai: Modulus Alternatives, the ₹2,500-crore private credit fund run by Jaspal Bindra's Centrum Group, has hired three State Bank of India veterans to lead functions such as deal origination, fundraising and governance.Raghavendra Rao, a former deputy managing...
No urgent relief to Wadia Group in Bank of Baroda case, ET BFSI
The Bombay High Court refused to grant urgent relief to the Wadia Group, which sought to restrain the Bank of Baroda from invoking a corporate guarantee given by one of its group companies at the instance of Go First Airlines to the tune of Rs 500 crore. Nowrosjee...
Ola Electric raises $50 million in debt financing from EvolutionX Cap, ET BFSI
Initial public offering (IPO)-bound electric two-wheeler maker Ola Electric Mobility Ltd has raised Rs 410 crore (about $50 million) through non-convertible debentures from EvolutionX Debt Capital, showed regulatory filings made with the Registrar of Companies...
TP Ostwal on how new tax laws will help MSMEs and its pitfalls, ET BFSI
TP Ostwal, Tax Expert, strikes a word of caution. He says: “I would take a view that if the interest liability is already provided, which is penal in nature, why should there be a disallowance if the taxpayer makes the payment before filing his tax return to the MSME?...
Rakuten Group aims to integrate bank, fintech units, ET BFSI
Rakuten Group plans to integrate its fintech businesses into one group, it said on Monday, aiming to strengthen collaboration and customer acquisition across areas from online banking and credit cards to securities and insurance.Rakuten Group and Rakuten Bank entered...
Can you claim HRA tax exemption for rent paid to wife, parent or any other relative?, ET BFSI
The Income Tax Act, 1961, allows individuals to save income on house rent allowance (HRA) received as a part of their salary provided they have lived in a rented accommodation and paid rent in the financial year concerned. However, many salaried individuals use the...
PNB Housing Finance’s shares jump 14% on CARE Ratings upgrades, ET BFSI
Shares of PNB Housing Finance shot-up over 14% on Monday to hit the day's high of Rs 720.40 on the NSE following rating agency CARE Ratings upgrading various facilities/instruments of PNB Housing Finance to CARE AA+ (Stable) from CARE AA (Positive), the company...
State Bank of India net banking, YONO mobile app, UPI will be down today during this time, ET BFSI
State Bank of India (SBI) said that the services of Internet Banking, Yono Lite, Yono Business Web & Mobile App, YONO and UPI will not be available on April 1, 2024 due to Annual Closing activity. SBI stated this on the website.When SBI digital services will not...
RBI policy, FII flows among 10 factors that will steer D-Street this week, ET BFSI
Nifty ended the March series on Thursday with gains of 1.6% amid significant monthly volatility. When markets resume trading on Monday, a host of important domestic and global events are likely to impact them. "Benchmark indices logged a second week of gains, ending...
Will investing in PPF and SSY on March 30 and March 31 qualify for tax benefits in FY 2023-24?, ET BFSI
Individuals who need to make any tax-savings investments for FY 2023-24 may be looking forward to making use of March 30 and March 31, as these are the last two dates of the financial year. If any individual misses to do so there will be no opportunity to invest in...
Sebi chief on T+0 settlements, ET BFSI
Attaining the global first of T+0 settlement involved a lot of problem-solving and personal discomforts, Sebi chairperson Madhabi Puri Buch has said giving the analogy of "onion peeling" for the achievement. Speaking at the annual convocation of the Indian Institute...
Looking For A Job Or Shares? Beware Of Cyber Fraudsters, ET BFSI
BHOPAL: The Covid pandemic made work-from-home the new normal, but cyber fraudsters are preying on those looking for WFH jobs.Such scams, called ‘task-frauds’, are spreading like a virus and making it that much more difficult for cybercops to clamp down on these...
Fundraising via QIP hits Rs 78,000 crore in FY24 on strong market sentiment, ET BFSI
Fuelled by improved market sentiments and robust underlying demand, fundraising by issuing shares/units to institutional investors soared to Rs 78,000 crore in 2023-24, a more than seven-fold surge year-on-year. The 2024-25 fiscal is expected to be very robust as...
Market valuation of 7 most valued firms climbs Rs 67,260 crore; Reliance top gainer, ET BFSI
New Delhi: The combined market valuation of seven of the 10 most valued firms climbed Rs 67,259.99 crore in a holiday-shortened last week, with Reliance Industries emerging as the biggest gainer, amid an overall optimistic trend in equities. Last week, the BSE Sensex...
RBI mulls to set up Digital India Trust Agency to check illegal lending apps, ET BFSI
As part of its efforts to curb growing cyber fraud, the Reserve Bank is considering establishing a Digital India Trust Agency (DIGITA) to stop the mushrooming of illegal lending apps. The proposed agency will enable verification of digital lending apps and maintain a...
Delay in salary and other payments, ET BFSI
HDFC Bank has informed its customers that National Electronic Funds Transfer (NEFT) transactions may not be available on April 1, 2024, due to procedures regarding financial year-ending. Even if the NEFT facility is available for select HDFC Bank customers, it may get...
Centre gets a dividend boost as receipts from state-run undertakings surpass revised estimates by 26% to Rs 63,000 cr, ET BFSI
The Centre's kitty got a boost as dividend receipts from state-run undertakings exceeded the revised budget estimate by 26 per cent to about Rs 63,000 crore. Finance Minister Nirmala Sitharaman had revised dividend receipts in the Interim Budget to Rs 50,000 crore for...
Rule on timely payment to MSMEs comes into force from Monday, ET BFSI
New Delhi: The Income Tax rule disallowing businesses from claiming tax deductions for payments beyond 45 days to MSMEs for supply of goods and services will come into effect on Monday. According to Section 43B(h) of the Income Tax Act, introduced through Finance Act...
HDFC Bank proposes to sell its subsidiary HDFC Education, ET BFSI
HDFC Bank has decided to sell its 100 per cent stake in HDFC Education and Development Services Private Ltd. The transaction will be undertaken through the Swiss challenge method, HDFC Bank said in a regulatory filing on Saturday. "In this regard, HDFC Bank has, on...
From fake refunds to AI phishing attacks, hackers are cashing in, ET BFSI
Cybercriminals are getting ready to take advantage of people during tax season by using a variety of tactics to steal personal information and refunds. Scams such as AI-powered phishing emails, QR code schemes, and the sale of sensitive tax documents on the dark web...
Exporters seek exemption from 45-day payment rule for supplies from MSEs, ET BFSI
Indian exporters have urged the government to exempt them from the 45-day payment rule for goods bought from micro and small enterprises (MSEs) as it will impact their businesses. In a letter to Prime Minister Narendra Modi, chiefs of major export promotion councils...
BoI raises lending rate by 10 basis points, BFSI News, ET BFSI
State-owned Bank of India (BoI) has announced a hike in lending rate by 10 basis points, a move which will make loans, including retail, expensive. The lending rate increase comes ahead of the monetary policy announcement by the Reserve Bank of India on April 5. The...
The unintentional tax-saving investment that most salaried employees do, ET BFSI
The last date to complete tax savings exercise for the current financial year, 2023-24, is just a few days away - March 31, 2024. Many people tend to do last-minute tax-saving investments around this timeHowever, there are only two categories of individuals who should...
US inflation cools; Japanese Yen stays weak, ET BFSI
A key measure of underlying US inflation favored by the Federal Reserve cooled last month, and consumer spending rebounded sharply.Earlier in the week, the collapse of a major bridge in Baltimore will cause weeks or months of transportation disruptions in the...
A complete guide for NRIs to invest in government securities via RBI, ET BFSI
Investing in government securities has become significantly more accessible via the Reserve Bank of India's (RBI) retail direct platform, specially for non-resident Indians (NRIs). This platform offers several advantages, including the absence of brokerage fees,...
Submit tax-saving proofs to employer by March 31 deadline as claiming LTA in ITR is a hassle, ET BFSI
Salaried individuals usually have to submit necessary proof of expenses and investments to their employers to claim deductions and exemptions under various sections of the Income-tax Act. If you are contemplating whether or not to submit proof to your employer now as...
Is the stock market open on Good Friday today?, ET BFSI
Equity markets will remain closed on Friday on account of Good Friday, according to the market holiday calendar of BSE. Accordingly, all the segments including, the equity segment, derivative segment, and SLB segment will be closed today.The Multi-Commodity Exchange...
Nifty scores at 28% in FY24; investor wealth surges Rs 133,00,000 cr, ET BFSI
Mumbai: Traders carried forward fewer bullish bets in Nifty futures to the April series on Thursday - the expiry day of the March contracts - amid uncertainty as to whether the index would extend its two-day winning run. The Nifty and Sensex notched up nearly 1% gains...
These 3 sectors had a blast in a tentative March month. What to look forward to?, ET BFSI
Fiscal 2024 has come to an end with a lot of churn in the broader market, which spilled, to a certain extent, onto the largecap stocks as well.If we look at the overall year, it was a rewarding period for Indian investors, where large caps rallied substantial 33%,...
Founder Amit Jain, ET BFSI
Amit JainAutotech and financial solution provider CarDekho Group is eyeing over 40 per cent consolidated headline growth in FY25 and is on the prowl for value-accretive acquisitions, chief executive and co-founder and Shark Tank India judge Amit Jain has said. Jain...
Fake govt official, origin numbers like +92, ET BFSI
A new modus operandi by the cyber fraudsters leading to financial crime has been highlighted by the government on Friday. These fraudsters are duping as personnel from the Department of Telecommunications (DoT), Ministry of Communications, and ask for the personal...
ICICI Securities gets shareholder nod to delist, setting up merger with ICICI Bank, ET BFSI
BENGALURU - India's ICICI Securities has secured shareholders' nod to delist its stock, the brokerage said in the early hours of Thursday, paving the way to merge with parent and majority shareholder ICICI Bank.About 71.9% of the brokerage's minority shareholders...
Amidst regulatory scrutiny, banks look for ‘audit ready’ partners for co-branded cards biz, ET BFSI
Co-branded credit cards have quite been the flavour of 2024, as banks started to increasingly partner with good, popular brands offering exciting rewards, specific features and benefits alongwith cashbacks. Co-branded credit cards have now gone beyond fuel and travel,...
How will India’s credit growth fare in FY25?, ET BFSI
Bank credit growth is likely to be in the range of 14%-14.5% at FY25 end on account of economic expansion, rise in capital expenditure, growth in retail credit and the anticipated expansion in capex spending especially by the private sector."The growth is anticipated...
These 43 equity mutual fund schemes deliver up to 70% in FY24, ET BFSI
Around 43 equity mutual fund schemes have offered up to 70% in FY24, an analysis by ETMutualFunds showed. There were 249 equity mutual fund schemes in the market during the year.Quant Value Fund, the topper in the list, offered 69.40% CAGR on a lumpsum investment made...
3,50,000 frauds happen daily via SMSs, BFSI News, ET BFSI
~Shrishti SharmaWhat does your SMS inbox look like? The usual flurry of texts, appointment reminders, discount codes for your favorite stores, utility bills, travel updates, and more. Amidst this, there is one message that stands out: a seemingly official notification...
Short yuan-long rupee trades catch the eye, RBI unlikely to stay on sidelines, ET BFSI
Mumbai: The Federal Reserve's commentary and the course of the dollar may dominate global market discussions, but a set of India-focused investors are moving their rupee trading calls to the Chinese yuan from the greenback, with Mint Road seen smoothening swings in...
Karnataka Bank Approves Allotment Of Equity Share Capital Of ₹600cr Under Qip, ET BFSI
Mangaluru: The Committee of Directors of Karnataka Bank, in its meeting held on Thursday, has approved the allotment of shares under the Qualified Institutional Placement (QIP), at Rs 227 per equity share (including premium of Rs 217 per share), amounting to an...
FPIs make remarkable comeback; infuse Rs 2 lakh cr in equities in FY24, ET BFSI
New Delhi: Foreign investors made a strong return by injecting more than Rs 2 lakh crore into Indian equities in 2023-24, driven by optimism surrounding the country's robust economic fundamentals amidst a challenging global environment. Looking forward to 2025, Bharat...
L&T Finance Holdings receives approval for name change from RoC, ET BFSI
New Delhi, The name of L&T Finance Holdings (LTFH) has been changed to L&T Finance Ltd following approval from the Registrar of Companies (RoC), the company said in a statement on Friday. Mumbai-headquartered L&T Finance, formerly known as L&T Finance...
Banks’ GNPAs set to improve further to 2.1 pc by FY25: Report, ET BFSI
The gross non-performing assets (GNPA) of the Indian banking system are set to improve further to up to 2.1 per cent by the end of FY25, a report said on Friday. GNPAs are likely to come at 2.5-2.7 per cent in FY24 and will improve further to 2.1-2.4 per cent by the...
India’s foreign exchange reserves hit fresh all-time high, ET BFSI
New Delhi [India], March 29 (ANI): India's foreign exchange reserves rose for the fifth straight week to hit a fresh all-time high of USD 642.631 billion in the week ending on March 22, as per the latest data released by the Reserve Bank of India (RBI).Prior to the...
L&T Finance Holdings receives approval for name change from RoC, ET BFSI
New Delhi, The name of L&T Finance Holdings (LTFH) has been changed to L&T Finance Ltd following approval from the Registrar of Companies (RoC), the company said in a statement on Friday. Mumbai-headquartered L&T Finance, formerly known as L&T Finance...
Bank credit growth in India expected at 14-14.5% in FY25: CareEdge Ratings, ET BFSI
CareEdge Ratings estimates bank credit growth in India to be in the range of 14-14.5 per cent in financial year 2024-25. In current financial year 2023-24, credit offtake is anticipated to close with a growth of around 16 per cent excluding the HDFC merger.According...
Rs 70,000 crore pipeline awaits IPO market in FY25, featuring some household names, ET BFSI
The primary market is witnessing a tremendous surge in activity with high liquidity and enhanced investor appetite for new issue launches irrespective of the market sentiments.Companies raised Rs 62,000 crore through initial share sales in fiscal 2024 and the pipeline...
Some Axis Bank customers hit by fraud international transactions, ET BFSI
Mumbai: Axis Bank said on Thursday that the fraudulent credit card transactions reported by some of its customers appeared to be a `BIN attack'. The bank said there was no indication of any breach anywhere, and as the frauds were undertaken with basic card...
Sustainable packaging startup Bambrew raises $7 million in funding led by Blume Ventures, ET BFSI
Bambrew, a cleantech startup operating in the sustainable packaging space, on Friday said it has raised Rs 60 crore (about $7 million) in Series A funding round led by Blume Ventures.The funding was a mix of equity and debt. The equity element totalled to about Rs 30...
Bank loans to industry and services grow, retail lags in February, ET BFSI
The pace of expansion in retail loans, hitherto the primary growth lever for several high-street lenders, moderated in February after the banking regulator enhanced the risk weighting on such exposure over concerns of potential future defaults. Overall credit demand...
1 in every 5 stocks in Nifty 500 doubled your money in a year, ET BFSI
India’s stock market concluded the financial year 2023-24 on a buoyant note, with the Nifty jumping nearly 28.6%, making it one of the top-performing markets in the world.The index’s performance is also its second-best in the previous 10 years. Mid- and small-cap...
Govt updates list of banks authorised to import gold, silver during FY25, ET BFSI
The government on Thursday updated the list of banks authorised to import gold and silver during 2024-25. As per the list, 11 banks, including HDFC Bank and ICICI Bank, have been authorised by the Reserve Bank of India to import gold and silver for 2024-25 with effect...
PPF, SSY, Senior Citizen Savings Scheme, other post office schemes interest rates for April- June quarter 2024, ET BFSI
The government revises small savings schemes interest rates every quarter. For the quarter April-June 2024, the government has kept the interest rates of post office schemes unchanged from the rates prevailing during the January March 2023 quarter."The rates of...
When you should opt for what?, ET BFSI
When it comes to managing your home loan, understanding the differences between home loan refinancing and restructuring is crucial. Let's delve into each option.Home loan refinancingThis involves replacing your existing home loan with a new one. Essentially, you take...
Bank of India gets Rs 564 cr I-T penalty order, BFSI News, ET BFSI
New Delhi, The Income Tax department has levied a penalty of Rs 564.44 crore on Bank of India, the public sector lender said on Thursday. The bank is in the process of filing an appeal before the Commissioner of Income Tax, National Faceless Appeal Centre (NFAC)...
Here’s all you need to know, ET BFSI
India's stock market is set to usher in the T+0 settlement system from today, making it among the handful of countries to implement the shorter trade settlement cycle. To start with, a 'beta version' will be implemented to ensure the smooth functioning of the shorter...
Canara Bank to sell 13% stake in Canara Robeco MF via IPO, BFSI News, ET BFSI
Canara Bank will sell a 13% stake in arm Canara Robeco Mutual Fund through an initial public offering of shares, and the lender has received the board’s consent for the same.This is, however, subject to approvals of the Reserve Bank of India, the finance ministry, and...
S&P 500 records best first quarter since 2019 going into Easter break, ET BFSI
In an impressive display of resilience, the S&P 500 and the Dow Jones Industrial Average soared to new heights in New York on Thursday, marking a significant prelude to the Easter holiday break. This rally not only set new records but also signaled the best start...
Banking transactions you can do on March 30, 31, ET BFSI
The Reserve Bank Of India (RBI) has said that all agency banks should keep their designated branches open for over the counter transactions related to government transactions up to the normal working hours on March 30 and March 31, 2024.According to the RBI...
NBFC-MFIs continue to dominate market share in microfinance, banks follow: Report, ET BFSI
Representative ImageEver since the AP crisis in 2010 and the creation of a new category of NBFC-MFIs in December 2011, the regulations have carefully nurtured the growth of microfinance in India.The microfinance sector in India today is growing rapidly, allowing small...
Wanted man held for killing bank employee at Delhi bar, BFSI News, ET BFSI
New Delhi: Delhi Police's Crime Branch has arrested a wanted man in connection with the death of a Bank employee following a quarrel that broke out between "Yaaran Da Adda" restaurant workers and customers over some misunderstanding during birthday celebrations in the...
Japan’s Nikkei posts biggest point gain for fiscal year, ET BFSI
TOKYO - Japan's Nikkei share average ended higher on Friday, driven by chip-related heavyweights, and posted a record fiscal-year gain in terms of points amid heavy foreign buying.The index hit successive record highs this month, after breaking levels on Feb. 22 last...
Transactions you can do on March 30, 31 2024, ET BFSI
It is the financial year end weekend this weekend, however, March 31 is a Sunday and March 28 is Good Friday, which is a holiday for many institutions like banks, insurers and even the tax department. March 31 is the also the last day to complete one's tax-saving...
Stupendous FY24 drives market cap of 25 cos by Rs 1 lakh crore; Zomato among them, ET BFSI
A stellar run by domestic equities in FY24 saw the market capitalization of 25 companies rise by atleast Rs 1 lakh crore in a year. Of this, 17 of them are part of benchmark Nifty 50.The Nifty has gained nearly 29% in FY24 and it also tested a lifetime high after a...
Aye Finance projects 40% spike in AUM next fiscal, to launch IPO in FY26, ET BFSI
Sanjay Sharma, MD of Aye FinanceSanjay Sharma, MD of Aye Finance, shared that the AUM growth of the NBFC is likely to close at Rs 4300 crore by March-end of the Financial Year 2023-24. While the AUM, which was recorded in FY23 at Rs 2700 crore, is likely to close at...
How to block Axis Bank credit card, get money back, ET BFSI
Many Axis Bank credit card customers have taken to social media to complain about fraudulent activities they have noticed. They said they have been noticing transactions they have not authorized or are getting OTPs for transactions they have not done. Some are even...
What would Japanese intervention to boost a weak yen look like?, ET BFSI
TOKYO - Japanese authorities are facing renewed pressure to combat a sustained depreciation in the yen, as traders drive down the currency on expectations that any further interest rate hikes by the central bank will be slow in forthcoming.The yen rallied after Tokyo...
Avanse Financial Services secures Rs 1,000 crore investment from Mubadala and Avendus PE, ET BFSI
Kolkata: Warburg Pincus-backed Avanse Financial Services has raised Rs 1000 crore in equity from Abu Dhabi-based Mubadala Investment Company and Avendus PE Investment Advisors.Avanse, the education-focused non-banking financial company, announced the development...
Warburg Pincus likely to sell entire 2.3% stake in IDFC First Bank via block deals: Report, ET BFSI
Private equity major Warburg Pincus is likely to exit IDFC First Bank by selling its entire 2.3% stake in the lender through block deals on Thursday, according to news reports. Cloverdell Investment, an affiliate of Warburg Pincus, is likely to offload 15.9 crore...
8 reasons why old tax regime is still attractive for many taxpayers in this income tax bracket, ET BFSI
If your income falls under the taxable category, you have to choose between the old tax regime and the new tax regime to calculate taxes. While the income tax rates are relatively lower in the new tax regime, the old tax regime gives you an opportunity to claim higher...
Report, BFSI News, ET BFSI
Mumbai: Microlending portfolio across lenders of all categories grew 30.9 per cent to Rs 4.02 lakh crore during the December quarter. When compared with the preceding September quarter-end, the overall portfolio showed a 6 per cent growth, the report by a credit...
UBS looks to keep, grow shipping loans in post-merger green overhaul, ET BFSI
LONDON - UBS will look to increase lending to the shipping sector and run off some loans to fossil fuel clients inherited from Credit Suisse, executives told Reuters, in the biggest test yet of the impact of a mega-merger on banks' sustainability commitments.The...
Behind London Stock Exchange’s move to list crypto ETNs in May, ET BFSI
After the US’s financial regulator allowed trading of cryptocurrency securities this year, the UK has become the second financial market to follow suit. The London Stock Exchange, on Monday, notified the launch of a market for bitcoin (BTC) and Ethereum (ETH)...
P2P lending platforms shift focus to fixed-tenure products after RBI glare, ET BFSI
As the Reserve Bank of India (RBI) expresses concerns over liquid funds and instant withdrawal products, peer-to-peer (P2P) lending platforms are redirecting their attention towards fixed-tenure offerings. A significant portion of customers has transitioned from...
US flags data gap as banks deploy AI in fraud prevention, BFSI News, ET BFSI
The US financial sector faces a "significant" data gap between big and small banks as they deploy AI to fight fraud, the Treasury Department said Wednesday, noting that smaller institutions are disadvantaged.While big banks have more internal data to develop AI models...
Rupee ends slightly lower, falls 1.5% over fiscal year, ET BFSI
MUMBAI - The Indian rupee closed slightly weaker on Thursday, pressured by weak Asian peers and strong dollar demand from local companies, but likely intervention from the Reserve Bank of India (RBI) limited losses.The rupee ended at 83.40 against the U.S. dollar,...
Kotak Mahindra Bank acquires Sonata Finance for Rs 537 crore, BFSI News, ET BFSI
Kotak Mahindra Bank has acquired 100% of the issued and paid-up capital of Sonata Finance Pvt Ltd for a total consideration of approximately Rs 537 crore, the private setor lender said on Thursday.Sonata Finance is a non-banking finance company, or a micro finance...
Banking transactions you can do on March 30, 31, ET BFSI
The Reserve Bank Of India (RBI) has said that all agency banks should keep their designated branches open for over the counter transactions related to government transactions up to the normal working hours on March 30 and March 31, 2024According to the RBI...
South African brokerage firm Banxso announces plan to enter Indian market, ET BFSI
South African brokerage firm Banxso has announced plans to enter the Indian market. According to the company, it has secured licenses in multiple countries, aiming to capitalize on India's growing digital economy.Banxso emphasized the importance of fostering...
Piramal Capital set to add gold, micro business loans to portfolio next fiscal, ET BFSI
Mumbai: Piramal Capital and Housing Finance will add gold loans, micro business loans and unsecured microfinance loans to its portfolio next fiscal to broaden its consumer finance focus as it continues to move away from its original avatar as a real estate lender, a...
Banks to be closed for 14 days in April 2024, BFSI News, ET BFSI
Banks to be shut for as many as 14 days in April 2024 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. April will see some significant festivals across...
RBI keen to further build up record high forex reserves: Sources, ET BFSI
MUMBAI - India's central bank will keep building its forex reserves as it seeks to build larger buffers, and strong inflows into the country's equity and debt markets give it an opportunity to do so, two sources familiar with the bank's thinking said.The Reserve Bank...
Shriram Housing may see $260 million in inflows post Nifty inclusion, ET BFSI
Mumbai: Shriram Housing Finance will receive flows worth $260 million as part of its inclusion into the Nifty on March 28, according to a brokerage Nuvama Research. UPL, which is being excluded from the benchmark index, could see outflows to the tune of $95 million....
Axis Bank revises rules for accessing airport lounges and others; these debit cards to be less rewarding, ET BFSI
Axis Bank has revised its rules regarding airport lounge access of its Burgundy, Delight, Priority, and other debit cards. Further, the bank has also revised BookMyShow offers, reward point rules (EDGE rewards) and a specific feature-related to international usage of...
Yen hits 34-year low against dollar, BFSI News, ET BFSI
Tokyo, Mar 27, 2024 - The yen hit a 34-year low against the dollar on Wednesday, just over a week after the Bank of Japan announced a much-anticipated interest rate hike in a shift away from years of ultra-loose monetary policy.The unit weakened to 151.97 per dollar,...
ED attaches assets worth Rs 124 crore in Religare Finvest case, ET BFSI
Representative ImageNEW DELHI: The Enforcement Directorate on Tuesday said it has attached assets worth more than Rs 124 crore belonging to various companies as part of a money laundering investigation against Religare Finvest Limited (RFL) and others.The properties...
UBS sells $8 bn of Credit Suisse assets to Apollo, BFSI News, ET BFSI
ZURICH - UBS has sealed the sale of the securitised products business of Credit Suisse to Apollo Global Management, as part of efforts to wind down non-core assets after its takeover of the collapsed banking giant.Apollo will purchase $8 billion of "senior secured...
6 important money-related changes that will come into effect in April 2024, ET BFSI
April is the start of the new financial year 2024-25 and with comes a few important money-related changes that can have an impact on the way you spend money and invest. Let us look at five such important financial changes that will come into effect in April 2024The...
Shriram Finance may see $260 million in inflows post Nifty inclusion, ET BFSI
Mumbai: Shriram Finance will receive flows worth $260 million as part of its inclusion into the Nifty on March 28, according to a brokerage Nuvama Research. UPL, which is being excluded from the benchmark index, could see outflows to the tune of $95 million. The rejig...
Citi lays off 10 research staff in Asia Pacific as part of global revamp, sources say, ET BFSI
HONG KONG - Citigroup Inc has laid off at least 10 people in its equities research department in Asia Pacific this week, two sources with knowledge of the matter said, as the bank pushes through the last phase of a sweeping global overhaul.The bank, which has hundreds...
Best gilt mutual funds to invest in March 2024, BFSI News, ET BFSI
Many mutual fund advisors are recommending gilt funds to ‘aggressive’ or ‘sophisticated’ debt investors as they believe that gilt funds are likely to offer superior returns in the coming months. This is based on the assumption that the RBI may start cutting interest...
Incremental bank lending to NBFCs may fall after RBI’s increase in risk weights, ET BFSI
Bank direct lending to non-banking finance companies (NBFCs) in the upcoming financial year (FY25) is anticipated to range between Rs 1.7 trillion to Rs 1.9 trillion, according to rating agency ICRA. In the current financial year (FY24), incremental direct bank...
Indian banks expected to maintain profitability amid margin pressure: Fitch Ratings, ET BFSI
New Delhi [India], March 27 (ANI): Fitch Ratings has projected that Indian banks will sustain their profitability despite facing margin pressure in the medium term.According to Fitch, while net interest margins (NIMs) are anticipated to narrow by 10 to 20 basis points...
Good time to enter Reliance; IndiGo like HDFC Bank 8-10-year ago: Hemang Jani, ET BFSI
Hemang Jani, Independent Market Expert, says “InterGlobe is in a position that HDFC Bank probably was in maybe 8-10 years back where people questioned the valuations but the company kept on delivering and it became one of the best wealth creation stories. Of course,...
Indiabulls raises $350 million through dollar bonds, ET BFSI
Indiabulls Housing Finance, has raised $350 million through its first overseas bond issue in more than four years as it seeks to diversify funding after years of reducing liabilities to deal with after effects of the IL&FS collapse.The bonds were raised on Tuesday...
Banks closed for 14 days across states; check state-wise list of bank holidays in April, ET BFSI
Banks will be closed for 14 days in the month of April in different states including Sundays, second and fourth Saturdays, according to the Reserve Bank of India (RBI)holiday listBank customers should make sure to check the bank holiday list in the state their are...
RBI permits Innoviti to operate as online payment aggregator, ET BFSI
Innoviti is targeting Link for SME merchants in tier 3 and 4 cities, and for its existing marquee offline customers.Bengaluru-based Innoviti Technologies, a payments-centric retail SaaS platform for enterprise brands and their SME channel partners, announced on...
Aye Finance raises Rs 137 crore debt from German fund Invest in Visions, ET BFSI
Non-bank lender Aye Finance has received Rs 137 crore of debt funding from German impact and portfolio management firm Invest in Visions.The funding has come from IIV Mikrofinanzfonds and another private fund managed by Invest in Visions, Aye Finance said on...
Digital must, but branches remain the ‘soul’ to retail deposit mobilization: Report, ET BFSI
The rising digital transactions reduce cash dependence and, thus, deposit leakage at the macro level, while helping banks tap digitally savvy new-age customers and their transaction flow, leading to better customer float/deposit growth.However, branches remain the...
Housing finance cos’ AUMs poised to grow in double-digits in FY24 and FY25, ET BFSI
Continued growth momentum in housing loans coupled with an expected revival in developer loans is likely to lead to 12-14% AUM growth for HFCs."Segment-wise, while the share of wholesale financing of HFCs is expected to rise in the medium term, it is broadly expected...
Indian shares set to open higher tracking Asian peers, ET BFSI
BENGALURU - Indian shares are likely to open marginally higher on Tuesday, kicking off a holiday-truncated week in line with Asian peers.The Gift Nifty was trading at 22,124 as of 8:07 a.m. IST, indicating that the Nifty 50 will open above Friday's close of...
PSU banks surpassing private sector counterparts in stock market surge, ET BFSI
Recent market dynamics have seen a notable trend emerge, with Government Banks (PSBs) in India outshining their private sector counterparts in stock market performance. This deviation from traditional expectations begs the question: What factors are driving this...
Profit booking could weigh on Nifty, BFSI News, ET BFSI
Technical analysts continue to maintain a cautious outlook on Nifty for the truncated trading week ahead. According to analysts, profit-taking may resume until the index decisively reclaims 22,200. Some of the stocks recommended by analysts for short-term trades...
Private Banks Expand Atm Network, Psbs Reduce, BFSI News, ET BFSI
Mumbai: The share of public sector banks in ATMs deployed in the country has shrunk as they consolidate their network and push digital services, while private lenders have been on expansion mode in a war for deposits.In the 12 months ended Jan 2024, PSU banks shrunk...
Rupee likely to lean on RBI help; bond yields to track US Treasuries, ET BFSI
By Dharamraj Dhutia and Jaspreet KalraMUMBAI - The Indian rupee's direction this week is likely to be determined by whether the country's central bank steps in to cap depreciation after the currency fell to a historical low on Friday, while bond yields will track U.S...
Tata Capital raises $200 million via overseas term loans, ET BFSI
Mumbai: Tata Capital, the flagship financial services company of the ₹31-lakh crore Tata Group, has raised $200 million through a three-year loan from Singapore's DBS Bank and Taiwan's CTBC Bank.The company has the flexibility to price the loan 120 basis points above...
CBI, banks differ over fair hearing to ‘old’ cases of ‘fraud’, ET BFSI
Mumbai: A silent tussle is going on between high-street banks and the Central Bureau of Investigation (CBI) over ‘old’ cases of ‘fraud’. The central agency, it is understood, is insisting on what could be a retrospective application of last year’s Supreme Court (SC)...
INDIA RUPEE-Rupee likely to recover slightly after fall to record low, all eyes on RBI, ET BFSI
By Jaspreet KalraMUMBAI, - The Indian rupee is likely to open mildly higher on Tuesday after slumping to a record low last week, with traders keeping a close eye on possible intervention from the Reserve Bank of India (RBI) to curb pressure on the local...
Star Housing Finance inks co-lending partnership with Tata Capital Housing Finance, ET BFSI
NEW DELHI: Star Housing Finance (Star HFL) has partnered with Tata Capital Housing Finance (TCHFL) to serve customers across multiple geographies with differential origination capabilities and differential level of franchise on the borrower base.Kalpesh Dave, CEO of...
RBL Bank aims to grow retail with new products, cut back on wholesale book, ET BFSI
RBL Bank turned shaky a few years ago and the regulator intervened by nominating one of its members to its board of directors to boost sagging confidence. In a management shakeout, the CEO was replaced. The new CEO, R Subramaniakumar, details the proposed turnaround...
PSU banks offer better risk reward with the entire PSU theme: Mayuresh Joshi, ET BFSI
Mayuresh Joshi, Head of Research, MarketSmith, says “our take is that PSU banks still offer a reasonable amount of risk reward. A lot of cleanup has probably happened. As the rate cuts will start happening even in the Indian context in the second half, the NIM...
DPI, bankruptcy law, tax code make India attractive investment destination: WEF official, ET BFSI
A combination of policy changes such as bankruptcy law and taxation code and the enabling environment created by the digital public infrastructure has made India an attractive investment destination for the financial technology sector, a senior World Economic Forum...
FPIs infuse over Rs 38,000 cr in equities in March so far amid strong domestic economic outlook, ET BFSI
FPIs have shown a significant resurgence in their investment activity within the Indian equity markets this month, injecting over Rs 38,000 crore, mainly driven by favourable shifts in the global economic scenario and strong domestic macroeconomic outlook. The...
EPFO adds 16.02 lakh members in January; 8.08 lakh enroll for 1st time, ET BFSI
Retirement fund body EPFO added a net 16.02 lakh subscribers in January 2024, according to payroll data released on Sunday. Around 8.08 lakh members were enrolled for the first time in January 2024, a labour ministry statement said on Sunday. The Employees'' Provident...
Public sector banks’ dividend payout may exceed Rs 15,000 crore in FY24, ET BFSI
New Delhi, Public sector banks (PSBs) are likely to pay a dividend in excess of Rs 15,000 crore for the financial year ending March 2024 on the back of improved profitability, according to sources. In the first three quarters of the current financial year, all 12 PSBs...
Tata Investment: What to do with Zomato, Tata Investment and 4 other stocks? Aamar Deo Singh of Angel One decodes, ET BFSI
Amid a fierce competition between bears and the bulls, selling is being witnessed at higher levels, Aamar Deo Singh, Senior Vice President-Equity, Commodity & Currency at Angel One said. Given that the current trading week is truncated, investors are expected to...
Banks get ready to count int’l credit card spend in liberalised remittance scheme, ET BFSI
Mumbai: Splashing cold water on lavish holidays may be the last thing now on New Delhi's mind. But banks are not taking chances despite the poll fever hotting up. They have been told by the banking regulator to be ready for a possible inclusion of international credit...
JGB yields inch down as investors await further BOJ policy clues, ET BFSI
TOKYO - Japanese government bond (JGB) yields ticked down on Monday, as investors looked ahead this week for clues on the timing of further rate hikes in Japan.The 10-year JGB yield fell 1.5 basis points (bps) to 0.725%, tracking a drop in U.S. Treasury yields...
Money supply growth settled at lower levels for Indian banks, led to liquidity tightness: Emkay, ET BFSI
Broader Money Supply (M3) growth and deposit growth in the Indian banking system have settled at a lower level (<15 per cent) over the past decade and even slipped below 10 per cent for a few years, leading to current liquidity tightness, revealed a latest report...
Global Stock Market: GLOBAL MARKETS
SYDNEY - Asian shares dithered on Monday as investors worried U.S. inflation data this week could derail the outlook for lower interest rates, while the risk of currency intervention from Japan stalled the yen's decline for the moment.China's central bank also...
Rbi To Conduct Special Audit Of Iifl Fin, Jm Fin, BFSI News, ET BFSI
New Delhi: IIFL Finance and JM Financial Products (JMFPL) will undergo a special audit to further probe their regulatory breaches, as the Reserve Bank of India (RBI) has initiated the process for the appointment of auditors. The RBI has floated two separate tenders...
NPA levels fall among majority of banks in last six months, finds FICCI-IBA survey, ET BFSI
A substantial 77 per cent of respondent banks reported a decline in non-performing asset (NPA) levels over the past six months, according to the eighteenth round of the FICCI-IBA Bankers’ survey conducted for the period of July to December 2023. Notably, all...
Asian shares trade mixed after Wall Street closes near record finish, ET BFSI
TOKYO - Asian shares were trading mixed on Monday, as investors awaited further indications the Federal Reserve might begin cutting interest rates. Japan's Nikkei 225 shed 0.7% to 40,619.40, as investors sold shares to lock in profits after the benchmark recently hit...
Il&fs Looks To Sell Stake In Insolvent Cos’ With A ‘haircut’, ET BFSI
New Delhi: IL&FS group has approached the NCLAT to seek permission to sell its stake with a “haircut” and without shareholders’ approval in its companies, which are insolvent with unsustainable debt and placed under Category II list of resolution framework.Govt...
Card spending in S.Korea slow in 2023 amid slump in private spending: Report, ET BFSI
Seoul: Daily card spending in South Korea gained 6.2 per cent last year, but its growth slowed from the previous year amid a slump in domestic demand, central bank data showed on Monday. Holders of credit and debit cards spent an average 3.3 trillion won ($2.46...
How to build a well-diversified mutual fund portfolio for next 10 years?, ET BFSI
Hello. I am 28 years old. My risk appetite is high for another 10 years since I am at a very young age. I have a lumpsum amount with me from which I am planning to do SIP. Kindly let me know if it is a well-diversified portfolio:1) UTI Midcap Fund Growth2) ICICI...
Serial gifter! IDFC First Bank CEO gifts 7 lakh shares to retired Air Force officer, 4 others, ET BFSI
Known for generously gifting shares to friends and for philanthropic reasons, IDFC First Bank MD and CEO V Vaidyanathan is at it once again. The banker has gifted 7 lakh shares worth nearly Rs 5.5 crore of the private sector lender to five people, including an Air...
Union Bank of India announces resignation of its CDO Rajnish Khare, ET BFSI
Union Bank of India has announced the resignation of its Chief Digital Officer (CDO) Rajnish Khare. In a regulatory disclosure submitted on Friday, the bank said that Khare has submitted his resignation and will no longer be associated with the services from April 12,...
BAT’s stake sale in ITC to trigger $50 million inflows as Sensex adjustment comes into effect: Nuvama, ET BFSI
FMCG major ITC's weight will go up in the S&P BSE Sensex, resulting in likely inflows of $50 million, according to estimates by Nuvama. Today, Sensex will adjust ITC's free float factor as a result of British American Tobacco's (BAT) 3.5% stake sale in the...
Only strong bank FDs, guarantees may be used to settle trades, ET BFSI
Mumbai: Only stronger banks could be chosen for accepting fixed deposits and guarantees that back the trading and settlement in the equity market, according to a proposal under discussion between Sebi and institutions such as stock exchanges and clearing houses.The...
Expect one more rally before elections; bullish on midcap PSUs: Sanjiv Bhasin, ET BFSI
Sanjiv Bhasin, Director, IIFL Securities, says “artificial corrections never last too long, but they are painful. In bull markets, the retracement is sharper. The Dow, the Nasdaq, the S&P, the Japanese Nikkei, all are in upward momentum. It is about time India...
Changes to credit card rules of SBI Card, ICICI Bank, Axis Bank, Yes Bank, ET BFSI
Many big credit card issuers have made major changes in their credit card rules which may impact customers if ignored. So credit card holders of SBI Card, ICICI Bank, Axis Bank, Yes bank should note the following changes that will come into effect in April 2024Also...
Outward remittances from India witnessed 9% uptick in Jan’24, BFSI News, ET BFSI
According to latest data by 1Lattice, the outward remittances from India has witnessed an uptick of approximately 9 per cent, month on month in January 2024. For the past 3 years, overseas travel and leisure has had the highest share in outward remittances from India....
Banks will be closed in these states on Monday, March 25, ET BFSI
In March 2024, banks across states will be closed for 14 days, according to the Reserve Bank of India holiday list. With the upcoming festival of colors, many bank customers are confused when are banks closed in their state for HoliLet us take a look at the states...
How investors can benefit, ET BFSI
The government in the interim budget 2024 announced its intention to reduce its borrowings in the upcoming fiscal year, 2024-25. According to the Interim Budget speech 2024, "The gross and net market borrowings through dated securities during 2024-25 are estimated at...
DBS Bank India commits USD 250 million lending support for new economy startups, ET BFSI
The bank's advanced risk assessment framework, which combines traditional metrics with modern analytical tools, ensures a balanced approach to financing.DBS Bank India on Thursday announced a lending commitment of USD250 million for new-age start-ups today. The...
ED freezes Rs 16.43 crore during raids at payment aggregators in Bengaluru, Pune, ET BFSI
New Delhi [India], March 22 (ANI): The Enforcement Directorate (ED) has frozen amounts totalling Rs 16.43 crore in a web-based mobile application called "DData" and others.The amount was frozen under the Prevention of Money Laundering Act, 2002 after the Ahmedabad...
Changes to credit card rules of SBI Card, ICICI Bank, Axis Bank, Yes Bank, ET BFSI
Many big credit card issuers have made major changes in their credit card rules which may impact customers if ignored. So credit card holders of SBI Card, ICICI Bank, Axis Bank, Yes bank should note the following changes that will come into effect in April 2024Also...
Young Indians’ online purchases pay off for credit card companies, ET BFSI
Credit card transactions surged 30% year-on-year in January despite regulatory restrictions on some business payments through this mode as reward points offered by banks were lucrative, as were the repayment terms, said experts.Reserve Bank of India (RBI) data showed...
Some banks will open on Sunday, March 31! Check full list of RBI’s Agency Banks here, ET BFSI
March 2024 bank holidays: Certain bank branches will be open to cater to government transactions for the fiscal year 2023–2024 on Sunday, March 31. This decision comes from the Government of India, which has asked all bank branches handling government receipts and...
Sebi wants stock brokers to use only strong bank FDs, guarantees to settle trades, ET BFSI
Mumbai: Only stronger banks could be chosen for accepting fixed deposits and guarantees that back the trading and settlement in the equity market, according to a proposal under discussion between Sebi and institutions such as stock exchanges and clearing houses.The...
HDFC bank raises $1 billion in 3-yr syndicated loan, BFSI News, ET BFSI
HDFC Bank, the country's largest lender by market value and the biggest Nifty constituent by weight, has doubled its overseas borrowing through a term loan syndication from a clutch of 23 global banks in a greenshoe option to the primary facility, having initially...
India’s forex reserves hit record high of $642.5 bn: RBI data, ET BFSI
India's foreign exchange reserves rose for a fourth straight week to hit a record high of $642.49 billion as of March 15, central bank data showed on Friday.The reserves rose by $6.4 billion in the reporting week, after rising $20 billion in the previous three...
Standard Chartered Bank elevates Tanuj Kapilashrami to Chief Strategy & Talent Officer, ET BFSI
Tanuj Kapilashrami, Global Chief Human Resources Officer, Standard Chartered BankStandard Chartered Bank has announced the appointment of Tanuj Kapilashrami as its Chief Strategy and Talent Officer, effective April 1.Kapilashrami is currently working at the...
All-tolerant Powell sends Wall Street into a buying frenzy, ET BFSI
Arguments on Wall Street rage anew over Federal Reserve policy — and how Jerome Powell should handle soaring asset prices. Yet for traders there’s no debate about what to do right now as they sink money across markets of all stripes.More cash has been sent to...
India reaches out to multilateral development banks to draw road map for becoming developed nation by 2047, ET BFSI
India has asked multilateral development banks (MDBs) to share their project implementation expertise and help draw the road map for becoming a developed nation by 2047.The finance ministry held a meeting with multilateral lenders on March 7 and sought their inputs on...
Dollar strengthens after big shift in global rate outlook, ET BFSI
The dollar headed toward a second week of gains on Friday, after a slight rate hike in Japan gave the yen a slight reprieve and a surprise cut in Switzerland highlighted the gap in interest rate policy between the Federal Reserve and other central banks.The week...
Top 10 NBFCs in Q2 FY24 in terms of AUM, BFSI News, ET BFSI
In the second quarter of FY24, top NBFCs managed Rs 7,65,753 crores in assets, up 18.2 per cent from Rs 6,47,855 crores in Q2 FY23. Capri Loans led with a 59.1 per cent AUM growth to Rs 12,358.5 crores, followed by Satin Creditcare and Bajaj Finance with 38.6 per cent...
Is it a bank holiday today?, BFSI News, ET BFSI
As per the Reserve Bank of India rules Sundays, second and fourth Saturdays of the month are a bank holidays. Many people are uncertain as to whether this Saturday is a bank holiday. The holidays are determined by the state governments and the Reserve Bank of India...
Should you invest in MF based on stress test results? Kshitiz Mahajan explains, ET BFSI
“The stress test results provide insights into the liquidity profile of mutual fund portfolios, indicating the fund's ability to convert assets into cash within specific time frames under stress conditions,” says Kshitiz Mahajan, CEO of Complete Circle Wealth.In an...
Cash-rich NBFCs lure banking professionals for CXO roles amid rapid growth, ET BFSI
MUMBAI: Leading non-banking finance companies (NBFCs), flush with funds from global and local private equity firms, are increasingly poaching CEO and CXO talent from large Indian banks amid a rise in loan demand, higher credit spending, and large-scale digitisation...
HDFC bank raises $1 billion in 3-yr syndicated loan, BFSI News, ET BFSI
HDFC Bank, the country’s largest lender by market value and the biggest Nifty constituent by weighting, has doubled its overseas borrowing through a term loan syndication from a clutch of 23 global banks in a greenshoe option to the primary facility, having initially...
Smallcaps make a striking comeback with 52 double-digit gainers. Are valuation concerns over?, ET BFSI
After a steep decline a week earlier, the broader market, particularly smallcap stocks, bounced back following improved investor sentiments and an overall rally in the equities.The BSE small and midcap indices rose over 1% during the week with improved buying led by...
How innovation solutions can help fix the Sec 43B conundrum for MSMEs, ET BFSI
The Micro, Small, and Medium Enterprises (MSME) industry stands as the growth engine of the Indian economy, contributing significantly to the nation’s GDP, exports, and employment. Currently the sector accounts for 30% of the country’s GDP, 48% of total exports, and...
Serial gifter! IDFC First Bank CEO gifts 7 lakh shares to retired Air Force officer, 4 others, ET BFSI
Known for generously gifting shares to friends and for philanthropic reasons, IDFC First Bank MD and CEO V Vaidyanathan is at it once again. The banker has gifted 7 lakh shares worth nearly Rs 5.5 crore of the private sector lender to five people, including an Air...
Sensex rises for 3rd day, ends 191 pts higher despite Accenture worries; Nifty above 22,050, ET BFSI
Benchmark equity indices recovered from a weak start to finish higher for a third straight session on Friday, as sector bellwether Accenture's revenue warning offset optimism around US Federal Reserve rate cuts.The BSE benchmark Sensex gained 191 points or 0.26% to...
Private bank manager, five others held for duping UP woman of Rs 3.5 cr, ET BFSI
Varanasi (UP): The Varanasi police have arrested the regional head of a private bank, along with a cashier and four others, for orchestrating a scam under the guise of police personnel.The gang was busted after a retired teacher, Shampa Rakshit was duped of Rs 3.55...
Rupee falls to record low against the US dollar, BFSI News, ET BFSI
MUMBAI - The Indian rupee fell to its lowest level on record against the U.S. dollar on Friday, weighed down by broad weakness in its Asian peers and aggressive local dollar demand, traders said.The rupee fell to an intra-day low of 83.43, before ending marginally...
Spain’s Santander bank sees over 6 bn euros in dividends, buybacks on solid 2024 start, ET BFSI
MADRID - Spain's Santander on Friday said it expected to pay over 6 billion euros ($6.50 billion) in dividends and share buybacks against 2024 results and that it was on track to meet this year's targets.The lender's executive chair Ana Botin is set to tell...
Finish your tax saving investments well before March 31 this year: Here’s why, ET BFSI
March 31 is the deadline to complete tax saving investments/expenditures every financial year - and it is just a few days away in this financial year, 2023-24. However, the deadline falls on a Sunday this year. Further, there is a bank and stock market holiday on...
Collection efficiencies jump across asset classes, says ICRA, BFSI News, ET BFSI
Collection efficiencies ranging from 92% to 107% across all asset classes in FY2024 so far, aided by a favourable operating environment, rigorous collection efforts, and adoption of digitised processes, according to ratings agency ICRA. Housing Loans (HL) and Loans...
Can you change credit card billing cycle, due date multiple times now? What RBI says, ET BFSI
If you use a credit card, you may already know that you should pay the bill on time. Missing the due date of your credit card bill will have an impact on your credit score. Further, you will have to pay a hefty late payment fee for missing the due date over three...
Can you change credit card billing cycle, due date multiple times now? What RBI says, ET BFSI
If you use a credit card, you may already know that you should pay the bill on time. Missing the due date of your credit card bill will have an impact on your credit score. Further, you will have to pay a hefty late payment fee for missing the due date over three...
P2P lenders to stop ‘liquid funds’ as RBI peers into business, ET BFSI
In a concerted attempt at self-regulation, a grouping of the country’s peer-to-peer (P2P) lending platforms has asked its members — including Liquiloans, Lendbox and Faircent — to stop offering instant withdrawal products to customers after March 31, people aware of...
Check date, timings, alternate channels to use, ET BFSI
State Bank of India has informed that there would be non-availability of certain digital channels on March 23, 2024 for some time for scheduled activity, according to the SBI website.Which services will not be availableServices of Internet Banking, Yono Lite, Yono...
Government not in favour of regulatory intervention in stock markets: Report, ET BFSI
The finance ministry is not in favour of any major regulatory intervention in the stock market, and believes that over-regulation could lead to nervousness among participants, ETNow news channel reported, quoting sources. The news comes in the backdrop of the recent...
How UGRO Capital emerged as India’s largest co-lending NBFC partner for banks: Shachindra Nath, ET BFSI
Shachindra Nath, Founder & MD, UGRO Capital, says “UGRO is now becoming India's largest, most dedicated data tech driven MSME financing company and we keep saying MSME accha hai, which means the underlying MSME economy and especially the micro enterprises economy...
Is it a bank holiday on Saturday, March 23, 2024?, ET BFSI
As per the Reserve Bank of India rules Sundays, second and fourth Saturdays of the month are a bank holidays. Many people are uncertain as to whether this coming Saturday is a bank holiday. The holidays are determined by the state governments and the Reserve Bank of...
Japan’s Nikkei ends at record high on Wall Street gains, weaker yen, ET BFSI
TOKYO - Japan's Nikkei share average closed at an all-time high on Friday, underpinned by record gains on Wall Street overnight and strength in automakers' stocks on a weaker yen.The Nikkei rose 0.18% to end at 40,888.43, after hitting 41,087.75 earlier in the session...
CRISIL Ratings upgrades U GRO Capital Limited’s rating to CRISIL A/Stable, ET BFSI
Mumbai (Maharashtra) [India]: U GRO Capital, a DataTech NBFC focused on MSME lending marks a milestone as CRISIL Ratings upgraded its long-term rating on bank loans and non-convertible debentures to 'CRISIL A/Stable' from 'CRISIL A-/Positive', affirming the short-term...
Government to strengthen regional rural banks; Rs 6200 crore allotted for recapitalisation, ET BFSI
NEW DELHI: The Modi government has provided Rs 6212.03 crore to regional rural banks under the recapitalization scheme as of March 6.Regional Rural Banks (RRBs) are commercial banks owned by the Indian government that operate at the regional level in different states....
Over Rs 5 lakh crore added to investors’ kitty! Key factors behind 500-point rally in Sensex today, ET BFSI
After Fed chair Jerome Powell kept hopes alive for an interest rate cut in June, the Sensex closed 540 points higher, while the Nifty saw a jump of 0.8% on Thursday, with metals leading the charge on the back of a softer US dollar.Meanwhile, following the rally, the...
ICICI Bank says over a crore non-customers use its mobile pay app, ET BFSI
Mumbai: ICICI Bank's retail mobile banking app, iMobile Pay, has achieved a milestone with over one crore customers from other banks registering themselves on the app. The development comes within just three years of its launch. The app's interoperability, introduced...
Sebi asks mutual funds to stop fresh subscriptions in overseas ETFs from April, ET BFSI
As the $1 billion investment limit is about to get breached, markets regulator Sebi has told asset management companies (AMCs) to stop fresh subscriptions in overseas ETFs with effect from April 1, 2024, according to sources aware of the development.In a communique to...
Emkay Institutional Equities, ET BFSI
New Delhi [India], March 21 (ANI): Credit growth in India is expected to moderate down to 12-14 per cent on a yearly basis over the financial year 2024-25-2026-27 from the current 16.5 per cent, according to Emkay Institutional Equities.The loan-to-deposit ratio (LDR)...
India bond yields plunge as Fed sticks to rate cut forecast for 2024, ET BFSI
MUMBAI - Indian government bond yields plunged on Thursday, tracking a sharp fall in U.S. peers after the Federal Reserve maintained its outlook for three rate cuts this year. A surprise rate cut from the Swiss National Bank, making it the first major central bank to...
Banks’ export credit at Rs 20,489 crore surges to 12-month high amid global demand, ET BFSI
Kolkata: Bank loans to exporters late January reached their highest level in the past 12 months, in line with renewed global demand for Indian goods despite the Red Sea crisis that has affected trade since late autumn due to piracy raids and question marks over...
VC firm Alphatron Capital raises $30 mn in its first fund, BFSI News, ET BFSI
New Delhi: US-based venture capital (VC) firm Alphatron Capital (formerly SMK Ventures) on Thursday said that it raised $30 million (nearly Rs 249 crore) in its first fund. According to the company, the fund aims to provide access to a diversified pool of India's...
MV Rao, MD & CEO of Central Bank of India, appointed as IBA chief, ET BFSI
MV Rao, the Managing Director and CEO of Central Bank of India has been appointed as the Chairman of the Indian Banks’ Association (IBA) for the 2023–24 term, a release by the bank said. The decision was taken by the Managing Committee of the IBA in a meeting on...
New York keeps top spot, London second in Z/Yen financial centre survey, ET BFSI
LONDON - New York easily remains the world's top financial centre, cementing its position for the past six years after it overtook London, in second place ever since, ahead of Singapore, the latest Z/Yen rankings of global financial centres showed on Thursday.Hong...
Luminous Power Technologies teams up with Credit Fair to offer affordable solar financing options, ET BFSI
Energy solutions provider, Luminous Power Technologies announced a strategic partnership with Credit Fair, a fintech lender to offer affordable solar financing options to a diverse range of customers, including individuals, trust-run institutions, housing societies,...
Overall credit growth likely to moderate amid regulatory action: Report, ET BFSI
The Indian banking sector is structurally in stronger shape to ride the retail credit growth story over the next decade, amid rising consumerism. However, funding such growth via retail deposits at a reasonable cost among rising structural disruptions could emerge as...
Rupee rises 6 paise to close at 83.13 against US dollar, ET BFSI
Mumbai: The rupee appreciated 6 paise to close at 83.13 (provisional) against the US dollar on Thursday, supported by a firm trend in domestic equities and a weak greenback amid rising appetite for riskier assets. At the interbank foreign exchange market, the local...
Exporters seek exemption from 45-day payment to MSMEs rule, BFSI News, ET BFSI
Exporters across sectors have sought exemption from a new rule that requires them to pay any pending bills to micro and small units within 45 days.Around 150,000 exporters, represented by as many as 15 export promotion councils, including the Federation of Indian...
Banks should pass reasoned orders while declaring entity/person wilful defaulter, says Bombay HC, ET BFSI
The Bombay High Court has said banks and financial institutions should pass reasoned orders before declaring an entity or person a wilful defaulter under the Reserve Bank of India's Master Circular. A division bench of Justices B P Colabawalla and Somasekhar...
FTSE 100 hits over 10-month high on Fed stance boost; BoE decision eyed, ET BFSI
London equities opened higher on Thursday as investors welcomed the Federal Reserve sticking to its three rate-cut stance for 2024, while they switched focus to the Bank of England's monetary policy update.The internationally-focussed FTSE 100 was up 1.1% as of 0818...
IDFC FIRST Bank revises FD interest rates; offers 8.5% rate on this fixed deposit tenure, ET BFSI
IDFC FIRST Bank has revised fixed deposit interest rates on amounts less than Rs 2 crore, according to the bank website. The new FD interest rates are effective March 21, 2024.Following the change, the bank currently offers interest rates ranging from 3% to 8% on...
Motilal Oswal Private Wealth, ET BFSI
New Delhi [India], March 21 (ANI): The Indian stock market outlook continues to remain positive given the strength of corporate balance sheets and the healthy rise in capital expenditure, according to Motilal Oswal Private Wealth.The government proposes to increase...
Non-bank lender Sugmya Finance raises $3 million in funding from existing investors, ET BFSI
Sugmya Finance, a Delhi-based non-banking financial company (NBFC), has raised $3 million in a funding round led by its existing investors.The company's existing backers include Angelbay, an angel investment network, Kaptable Holdings Private Limited, PolicyBazaar...
PNB likely to raise up to Rs 2000 crore through AT-1 bonds this week, ET BFSI
Punjab National Bank is likely to raise up to Rs 2000 crore through the issuance of additional tier-1 bonds this week as the state-owned lender looks to raise capital amid firm credit growth.The bank’s bond issuance is likely to have a base size of Rs 500 crore and a...
Best aggressive hybrid mutual funds to invest in March 2024, ET BFSI
You might have heard from your favorite mutual fund manager or experts that hybrid funds are likely to show their mettle in the coming year. Hybrid mutual funds or schemes that invest mostly in equity and debt fare better in an uncertain or volatile environment....
All agency banks to remain open for public on Sunday, March 31, ET BFSI
In an effort to handle the huge volume of transactions, all agency banks will remain open to the public on Sunday, March 31, 2024, the Reserve Bank of India (RBI) sent a press release on Wednesday announcing the same."The government of India has made a request to keep...
Who holds the edge and top 5 funds in each category, ET BFSI
Focused funds are different from thematic funds in a way that the former allocate their holdings between a limited number of carefully researched securities while the latter invest in specific themes which may not have restrictions on the number of stocks in their...
NCLAT directs PSBs to not take coercive action against IL&FS, its board, ET BFSI
The National Company Law Appellate Tribunal (NCLAT) has directed 11 public sector lenders not to take coercive action against IL&FS and its group companies till its next hearing on May 14. A two-member NCLAT bench headed by Chairperson Justice Ashok Bhushan also...
Interest-free cash withdrawal, complimentary airport lounge access, ET BFSI
If you are someone travels frequently then it is advisable to get a credit card that offers lounge access, discounts on hotel and flight bookings, discount on fees and more"To save on their international travel spends, consumers generally look for a credit card with...
DBS Bank India announces $250 million lending support for start-ups, ‘new economy’ companies, ET BFSI
DBS Bank India announced a lending commitment of $250 million for new-age startups on Wednesday. The initiative is part of the bank's focus on fostering innovation and entrepreneurship within the country's thriving startup ecosystem.The Indian start-up sector, a...
Airtel Payments Bank joins Noise, Mastercard to launch smartwatch, ET BFSI
New Delhi: Airtel Payments Bank on Tuesday said that it collaborated with smartwatch brand Noise and global technology company in the payments space Mastercard to launch the new smartwatch to redefine and make contactless payments accessible to a larger consumer...
SBI to shift global back office from Kolkata to Mumbai, ET BFSI
State Bank of India is likely to shift its centralised global back office and some other foreign exchange related departments from Kolkata to Mumbai, the country's financial capital, in yet another move to centralize operations.The back office was set up in 2015 in...
6 ways Digital Public Infra can work for women when financial services are integrated, ET BFSI
DPIs can truly work for women when all financial services are integrated; they are seamlessly connected via digital processes; and are frictionless and efficient. Digital financial tools are growing in importance across economies as technology becomes universal,...
Which bank is offering lowest interest rate on personal loans?, ET BFSI
A personal loan is a loan that does not require collateral or security and you can avail it by providing minimal documentation to the lender. You can use the funds from this loan for any legitimate financial need, stated the HDFC Bank website. And like any other loan,...
Bajaj Markets Partners with L&T Finance for Housing Finance Solutions, ET BFSI
NewsVoirPune (Maharashtra) [India], March 20: Bajaj Markets takes another significant step in empowering homebuyers by introducing L&T Finance Home Loan and Loan Against Property on its digital platform. This adds to the range of financial products by L&T...
Will banks be closed for three days this weekend? Check March 2024 bank holidays, ET BFSI
Holi 2024 bank holiday in March 2024: In March 2024, banks are closed for 14 days across states, as per the Reserve Bank of India's holiday list. With Holi falling on a Monday, there will be an extended break for states. These holidays, including Sundays, second and...
LIC responds to the front-running case, says appropriate action taken, ET BFSI
The Securities and Exchange Board of India, the market regulator on 19 March, 2024 confirmed that an employee of the Life Insurance Corporation of India (LIC) was involved in the front-running of a big client's trades.Front running, also known as tailgating, refers to...
HSBC India CEO Hitendra Dave, ET BFSI
Whether it is the returns expectations or policy stability, India is at the top of the chart for global investors, said HSBC India CEO Hitendra Dave. The absence of global banks in Indian retail lending and the soaring wealth effect of the Indian middle class have...
Record Forex Spending Despite TCS Introduction in FY24, ET BFSI
Mumbai: Foreign exchange remittances for the first 10 months of FY24 stood at $27.4 billion, crossing the FY23 level of $27.1 billion. This is despite the introduction of tax collection at source (TCS) in the Budget.With average monthly remittances in FY24 touching...
Indian online banking users face shocking hidden charges and interface interference: Survey, ET BFSI
A recent survey conducted by LocalCircles sheds light on widespread concerns among online banking users in India regarding deceptive practices commonly referred to as "dark patterns." The survey, which garnered over 44,000 responses from users across 363 districts,...
What is the SSY interest rate for April-June 2024 quarter?, ET BFSI
The Sukanya Samriddhi Yojana Account (SSA) is designed to provide a bright future for your girl child and to promote welfare of Girl Child. Interest rate on Sukanya Samridhi Yojana (SSY) is revised every quarter by the government.What is the SSA interest rate for...
HDFC Bank’s home loan business head to lead Poonawalla Fincorp, ET BFSI
MUMBAI: HDFC Bank’s mortgage business head Arvind Kapil has filed papers to take charge as MD & CEO of Poonawalla Fincorp. Kapil is a 25-year veteran of HDFC Bank and was placed in charge of the legacy housing finance business of HDFC after its merger with the...
How can I increase my monthly income to Rs 3-4 lakh?, ET BFSI
I’m a 65-year-old homemaker and own two flats valued at Rs 5 crore. These generate a combined monthly rental income of Rs 1.5 lakh. Additionally, I have Rs 20 lakh invested in equities and a corpus of Rs 1.5 crore from a property re-development project. How can I...
HDFC Bank inaugurated 60 banking outlets at unbanked rural centres, ET BFSI
These solutions include AePS transactions, deposit services, government-backed insurance, and access to credit facilities, all of which are vital for the economic development of these regions.“We aim to empower these communities and contribute to the government's...
How investors can benefit, ET BFSI
The government in the interim budget 2024 announced its intention to reduce its borrowings in the upcoming fiscal year, 2024-25. According to the Interim Budget 2024, "The gross and net market borrowings through dated securities during 2024-25 are estimated at Rs...
DBS looks to be a banker to startups, BFSI News, ET BFSI
Mumbai: DBS Bank India has earmarked $250 million (about ₹2,000 crore) to lend to new-age startups as improved operating metrics and a sharper focus on profitability have enhanced the broader view on the sector facing a prolonged funding winter."It's not a bad time to...
SoftBank India elevates Sarthak Misra to partner role, BFSI News, ET BFSI
SoftBank India has elevated its investment director Sarthak Misra to a partner, per sources in the know of the matter. The technology-focussed investment fund’s India portfolio companies are also being informed of the same on Tuesday, according to people aware of the...
Apply online for 146 Specialist Officer posts, ET BFSI
NEW DELHI: Indian Bank has announced the commencement of the Indian Bank SO Recruitment 2024, providing 146 vacancies for Specialist Officer positions. Interested candidates can find the notification on the official website, www.. The application window opened on 12th...
Euro zone bond yields hold steady as BOJ ends negative rates, ET BFSI
LONDON - Euro zone bond yields were little changed on Tuesday, with the focus of global markets on the Bank of Japan, which ended eight years of negative interest rates. Germany's 10-year bond yield, the benchmark for the euro zone, was last up less than 1 basis point...
Interest-free cash withdrawal, complimentary airport lounge access, ET BFSI
If you are someone travels frequently then it is advisable to get a credit card that offers lounge access, discounts on hotel and flight bookings, discount on fees and more"To save on their international travel spends, consumers generally look for a credit card with...
DSP Mutual Fund launches DSP S&P BSE Liquid Rate ETF, ET BFSI
DSP Mutual Fund has launched DSP S&P BSE Liquid Rate ETF, an open-ended scheme replicating/ tracking the S&P BSE Liquid Rate Index. The new fund offer of the fund is open for subscription and will close on March 20.Also Read | Foreign flavour helping mutual...
IL&FS seeks to save group companies from wilful defaulter tag, ET BFSI
NEW DELHI: The newly appointed board of debt-ridden IL&FS has moved an urgent application before NCLAT to restrain 11 public sector lenders from initiating proceedings to declare its group companies as wilful defaulters.In its petition, IL&FS said it is...
YES Bank partners with Indian Olympic Association for Paris Olympics 2024, ET BFSI
The private sector bank, YES Bank on Tuesday announced its partnership with the Indian Olympic Association (IOA) as the official banking partner for the Indian Olympic team for the upcoming Paris Olympic 2024.Emphasising on the shared team efforts required for any...
I-T dept demanded income tax on Rs 1.48 crore surrendered policy payout, ET BFSI
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has exempted an non-resident Indian (NRI) from paying any income tax on gains made on surrender of pension policy bought from ICICI Prudential Life Insurance Company. The individual had purchased the pension...
Shriram Finance raises $300 million via innovative ABS transaction, ET BFSI
Mumbai: In a first-of-its-kind transaction, Shriram Finance Monday raised $300 million through an international transaction model using asset-backed securities (ABS) at a lower interest rate than the initial guidance, underpinned by firm investor demand for the debt...
SBI Chairman Dinesh Khara, ET BFSI
Much-needed private investments to quicken the pace of economic expansion are just ‘around the corner’, State Bank of India (SBI) chairman Dinesh Kumar Khara tells Joel Rebello and MC Govardhana Rangan, pointing to aggregate capacity utilisation reaching thresholds...
Mutual funds have Rs 1.3 lakh crore cash, Warren Buffett $168 billion. What about you?, ET BFSI
As investors continue to pour money into stocks and equity funds, asset managers are raising more cash in their portfolios. February month data shows that the total cash pile at equity mutual funds rose for the second consecutive month to 4.82% of total assets under...
L&T Finance board approves raising up to Rs 1.01 lakh crore through NCDs, ET BFSI
The board of L&T Finance Holdings on Monday approved raising of up to Rs 1.01 lakh crore through the issuance of non-convertible debentures in one or more tranches."The Board approved raising of funds by issuance of non-convertible debentures (including...
Public sector banks told to spell out 3-year business plans by March-end, ET BFSI
The government has directed state-owned banks to submit their business plans till 2026-27 by the end of this month, officials said, adding that these plans will be assessed on a quarterly basis by the government-nominated directors on the boards of the banks.The...
Are they even worth it?, BFSI News, ET BFSI
NFOs attract a lot of new investors but is investing in NFOs for you? How are these different from other funds and what is so special about it? ETMarkets spoke exclusively to Chirag Muni, Executive Director, Anand Rathi Wealth Ltd to decode everything for you. Excerpt...
Banks asked to check mis-selling, safeguard account holders’ interest: DFS secretary, ET BFSI
NEW DELHI: Financial services secretary Vivek Joshi has said that public sector banks have been asked to check mis-selling of insurance products and ensure protection of account holders' interest. Banks have been sensitised on the matter, as the Department of...
Digitise as many new asset classes as possible to boost capital formation, ET BFSI
At a seminar recently organized by SEBI and NISM, I participated in an interesting panel discussion on path-breaking ideas for capital formation. Remarkably, it was our regulators asking the panelists about out-of-the-box ideas for capital formation over a horizon of...
Which offers higher interest rate?, ET BFSI
The government revises small savings schemes interest rates every quarter. However, for the April- June 2024 quarter, the government has kept the rates unchanged of all the 10 small savings schemes which includes Post Office Time Deposit (POTD) of 5 year tenure. Many...
23% returns in five-year period; should you invest in the surging healthcare funds?, ET BFSI
The healthcare sector mutual funds have emerged as the third best equity category, with 59% average return in the past one-year period, marking a swift turnaround from losses in the previous 12 months. Though the recent positive performance may tempt investors eager...
Solar rooftop installation loans of SBI vs Canara Bank vs Union Bank of India vs Bank of Baroda vs Bank of India, ET BFSI
PM Surya Ghar Muft Bijli Yojana is a scheme that aims to provide free electricity to households who opt to install rooftop solar electricity units. The households will be able to get 300 units of electricity free every monthHow does PM Surya Ghar Muft Bijlee Yojana...
How to restructure your salary to reduce income tax outgo by more than Rs 1 lakh, ET BFSI
The average salary hike this year will be 9.5%, according to a study of 1,414 companies across 40 sectors by global HR firm, Aon India. However, the averages hide disparities, and increments depend on a range of factors, including the individual’s performance, how...
This bank now offers FD interest rate up to 9.25%, announces new fixed deposit schemes; check details, ET BFSI
The North East Small Finance Bank (NESFB) has announced the launch of enhanced fixed deposit (FD) schemes. The bank now offers FD rates of up to 8.50% for the general public and 9.25% for senior citizens, according to a press release issued by North East Small Finance...
Now transfer your shares to anyone through off market transfer just like money transfer in net banking, ET BFSI
Now it's easy to transfer your shares to other individuals in a way that is very similar to money transfer done through net banking. The off-market share transfer allows individuals to transfer shares without waiting for market hours. This transfer process from demat...
How do top Indian banks treat customer data privacy?, BFSI News, ET BFSI
A recent report by IDfy, an integrated identity verification and digital onboarding platform, has shed light on data privacy practices among India's top 10 banks. According to the report, Nine out of ten banks surveyed were found to have misleading or unclear privacy...
Now, National Common Mobility Card can be issued with a limit of Rs 3,000 without any KYC as RBI eases rules, ET BFSI
RBI eases rules for National Common Mobility Card: The National Common Mobility Card (NCMC), designed to streamline digital payments across various public transport systems in India, has seen limited adoption so far. However, recent regulatory changes may boost its...
Researchers warn that criminals are using eSIMs to hijack phone numbers and access bank accounts, ET BFSI
Bleeping Computers reports that F.A.C.C.T., a Russian cybersecurity company, has issued a caution regarding the exploitation of eSIM technology by SIM swappers to pilfer phone numbers and circumvent security protocols. Since autumn 2023, the firm has identified more...
Central bank meetings could influence global market trajectory, ET BFSI
New Delhi: Many events like the Fed meeting outcome on Wednesday, the spike in the US 10-year bond yield to 4.3 per cent and the possible SEBI directives based on the stress tests in mid- and small-cap schemes will influence the market in the near term, said V. K....
Cedar Capital announces first close of Rs 240 crore Fintech VC fund, ET BFSI
Cedar Capital, a joint investment venture of Cedar Consulting and fintech market intelligence platform IBS Intelligence, has announced the first close of its Rs 240 crore ($30 million) Fintech Venture Capital fund, raising capital in the range of Rs 50 to 75 crore,...
ETMarkets Smart Talk: FY25 is likely to see private banks doing well along with PSU utilities: Naveen Kulkarni, ET BFSI
“FY25 is likely to see private banks doing well, PSU utilities could continue their uptick, while Pharma and IT could be the sectors to watch out for” says Naveen Kulkarni, Chief Investment Officer, Axis Securities PMS.In an interview with ETMarkets, Kulkarni said:...
An $80 billion crash in smallcaps flashes warning signs, ET BFSI
A sharp correction in small-cap stocks portends souring risk appetite on the broader Indian market, which is now an underperformer in Asia Pacific after a multi-year rally.An index of small-cap stocks has lost more than $80 billion in market value in less than two...
Public sector banks told to spell out 3-year business plans by March-end, ET BFSI
The government has directed state-owned banks to submit their business plans till 2026-27 by the end of this month, officials said, adding that these plans will be assessed on a quarterly basis by the government-nominated directors on the boards of the banks.The...
FOMC, FII action among 10 factors to impact D-Street movement this week, ET BFSI
Nifty ended with weekly declines of 2.1% amid massive selling in state-owned company stocks along with energy, realty and financial stocks. However, the IT pack ended with weekly gains. When markets resume trading on Monday, a host of important domestic and global...
ETMarkets Smart Talk: Retail money fueling rally in small & midcaps; expect modest return in FY25: Ramkumar K, ET BFSI
“There are pockets of exuberance emerging, so caution is advised in selecting sectors and scrips. Modest returns from equities should be anticipated in the next year.” says Ramkumar K, Chief Investment Officer, Reliance General Insurance.In an interview with...
Now transfer your shares to anyone through off market transfer just like money transfer in net banking, ET BFSI
Now it's easy to transfer your shares to other individuals in a way that is very similar to money transfer done through net banking. The off-market share transfer allows individuals to transfer shares without waiting for market hours. This transfer process from demat...
Bull market intact but corrections to continue for couple of months at least: Amisha Vora, ET BFSI
Amisha Vora, Chairperson & MD, Prabhudas Lilladher, says “for quite some time, the sentiment was intact and the correction was shallow and this was not so broad-based. In the last 7-10 days, there was a broader correction across market caps,, less in Nifty but of...
The everything rally comes to derivatives market, BFSI News, ET BFSI
Bond fund managers have so much cash they’re turning to the derivatives market to put it to work, pushing down the cost of protection against defaults close to levels that prevailed when central banks were just starting to raise interest rates.The bets on tightening...
Broking companies likely to give out generous increments, bonuses to top talent across the board, ET BFSI
MUMBAI: Brokerage executives and the thousands of bright young people that run Mumbai’s buzzing dealing rooms and research, sales and product desks will likely get record incentive payouts and bonuses this year, matching the handsome rewards for both D-Street veterans...
Market valuation of 5 of top 10 firms tanks Rs 2.23 lakh cr; Reliance, LIC biggest laggards, ET BFSI
New Delhi: Five of the top 10 valued firms faced a combined erosion of Rs 2,23,660 crore from their market valuation last week, with Reliance Industries and Life Insurance Corporation of India taking the steepest hit amid an overall bearish trend in equities. Last...
FPIs infuse over Rs 40,000 cr in equities on strong economic growth, ET BFSI
New Delhi: FPIs came back strongly to invest in the Indian equity markets, buying shares worth Rs 40,710 crore in the first fortnight of the month amid an improvement in the global economic landscape and robust domestic macroeconomic outlook. The inflows came...
What recent RBI crackdowns on JM Financial, IIFL and Paytm Payments Bank show, ET BFSI
When scores of companies complained to the Reserve Bank of India (RBI) that they lost hundreds of crores of rupees in currency derivatives manipulatively sold by banks, the central bank slapped the lenders with penalties in the range of Rs 5-15 lakh. That was 2011....
Federal Bank, South Indian Bank stop new co-branded card issuance, ET BFSI
KOLKATA: Federal Bank and South Indian Bank have said that they have stopped issuing co-branded credit cards following regulatory changes in credit card rules.The Reserve Bank of India has made amendments in master direction for credit and debit card issuance and...
Sensex falls 400 pts on weak global cues amid US rate cut concerns; Nifty below 22,050, ET BFSI
Indian equity indices opened in the red on Friday, tracking weakness from global peers on rising worries over future rate trajectory in the US, while investors brace for the results of stress test of small- and mid-cap mutual funds amid concerns of froth in these...
RBI imposes penalty on Bank of India, Bandhan Bank, ET BFSI
The Reserve Bank of India (RBI) on Wednesday said it has imposed a penalty of Rs 1.4 crore on Bank of India for non-compliance with certain regulatory norms. It has also imposed a penalty of Rs 29.55 lakh on private sector lender Bandhan Bank for non-compliance with...
Rupee falls 12 paise to 82.96 against US dollar in early trade, ET BFSI
The rupee depreciated 12 paise to 82.96 against the US dollar in early trade on Friday, weighed down by a strong American currency and a negative trend in domestic equities. Forex traders said foreign fund outflows and elevated crude oil prices in the international...
PSU bank stocks ride past private sector peers in 2024, but how long will good days last?, ET BFSI
MUMBAI - Private banks, which have always been the favourites of institutional investors, lost the spot to public sector banks who are touching the sky riding on retail bulls. So far in 2024, all public sector banks have given double-digit returns to investors. On the...
Paytm hits upper circuit as NPCI allows UPI operation via SBI, 3 other banks, ET BFSI
NEW DELHI: Shares of Paytm's parent company, One97 Communication, hit upper circuit on Friday following National Payments Corporation of India (NPCI) approval to join UPI as a Third-Party Application Provider (TPAP) under a multi-bank model.Paytm shares surged nearly...
UBS’s rescue of Credit Suisse has created new risks for Switzerland: OECD, ET BFSI
ZURICH - UBS's rescue takeover of Credit Suisse a year ago has created "new risks and challenges" for the Swiss economy, the Organisation for Economic Cooperation and Development said on Thursday, the latest international forum to raise concerns about the deal.The...
Indian market has maintained certain level of sanity, says Sitharaman, ET BFSI
New Delhi: Finance minister Nirmala Sitharaman on Friday said despite huge fluctuations globally, the Indian stock market has maintained "a certain level of sanity" and the market should be allowed to play on its own. The statement from the Finance minister comes days...
Banks’ credit-deposit ratio crosses 80% mark as credit demand shoots up, ET BFSI
The credit-deposit ratio which has been generally hovering around 80% since September 2023, saw an uptick of 26 bps, compared to the previous fortnight, and stood at 80.2% for the fortnight (February 23, 2024). Excluding the HDFC merger impact, the CD ratio for the...
India’s forex reserves surge by $6.55 bn to $625.63 bn as of March 1, ET BFSI
India's foreign exchange reserves are up by $6.55 billion to $625.63 billion for the week ending on March 1, latest data by the Reserve Bank of India (RBI) showed on Friday.Previously, forex reserves surged by $2.98 billion to $619.07 billion, for the week ended on...
Bank of Maharashtra former CEO AS Rajeev assumes charge as Vigilance Commissioner, ET BFSI
PNNMumbai (Maharashtra) [India], March 15: Bank of Maharashtra former CEO AS Rajeev took charge as a vigilance commissioner at the Central Vigilance Commission on 11-March-2024. Rajeev is a career banker with over 38 years of experience in four banks - Syndicate Bank,...
What is IPO financing?, BFSI News, ET BFSI
It is a loan given by finance cos to investors to apply for an IPO. It gives investors more flexibility to apply for more shares in an IPO, increasing their chances of a bigger allotment.How much can you borrow?There is a cap of Rs 1 crore per PAN for every IPO to...
Is RBI narrowing down on NBFCs after Fintechs?, BFSI News, ET BFSI
The Reserve Bank of India (RBI) has been aggressive over the Non-Banking Financial Companies (NBFCs) in the last week coming down on two key entities. RBI had put curb on the IIFL gold loan business directing the company to cease and desist, with immediate effect,...
Who can invest, interest rate, tenure of bob Earth Green Term Deposits, ET BFSI
After the State Bank of India, Bank of Baroda has now announced the launch of its green fixed deposit, bob Earth Green Term Deposit Scheme, to raise deposits to fund qualifying environmental initiatives and sectorsAlso read: SBI vs Bank of Baroda green fixed deposits...
Supreme Court issues notice to government on review pleas by Deloitte and BSR in IL&FS case, ET BFSI
The Supreme Court on Friday issued a notice to the government on various pleas led by Deloitte Haskins and Sells LLP, seeking review of its May judgment that allowed the Serious Fraud Investigation Office (SFIO) to resume criminal proceedings against it and BSR &...
Muthoot Microfin announces foray in Telangana, BFSI News, ET BFSI
New Delhi, Muthoot Microfin on Friday announced foray in Telangana and will inaugurate four branches in the state during March in the first phase of expansion. These branches will serve locations including Bhuvanagiri, Jangaon, Hanmakonda and Parakala, enhancing...
RBI reconstitutes Abhyudaya Coop Bank’s Committee of Advisors, ET BFSI
The Reserve Bank of India on Thursday reconstituted the Committee of Advisors of city-based Abhyudaya Cooperative Bank. In November last year, the RBI superseded the board of Abhyudaya Cooperative Bank on concerns emanating from "poor governance" and appointed an...
Four financial service firms purchase electoral bonds worth Rs 87 crore, ET BFSI
New Delhi: Financial services firms like Bajaj Finance, Piramal Enterprises, and Edelweiss Group together purchased electoral bonds worth Rs 87 crore between April 1, 2019 and January 2024. Piramal Enterprises, PHL Finvest Pvt Ltd and Piramal Capital and Housing...
Here’s the full list, BFSI News, ET BFSI
Banks across India would be closed for about 14 days in the first month of the new financial year, April 2024, national and region specific. This includes the weekend holidays, i.e., the second and fourth Saturdays and all Sundays.The first month of the new financial...
Sensex sinks 454 points, Nifty holds 22,000 as stress test jitters hit small & midcaps, ET BFSI
Indian equity indices closed lower on Friday, dragged by financial, auto and IT stocks on concerns about delays in US rate cuts, while small and midcap stocks declined as stress test results of mutual funds trickled in.The 30-share BSE benchmark Sensex declined 454...
How much value can HDFC Bank unlock through HDB Financial listing, ET BFSI
HDFC Bank is gearing up for the much-anticipated initial public offering (IPO) of its subsidiary, HDB Financial Services, according to reports.Holding an impressive 94.7% stake in HDB Financial Services, HDFC Bank is strategically planning to divest around 10% in the...
China appoints Zhang Jinliang as party chief of China Construction Bank, CCB says, ET BFSI
China appoints Zhang Jinliang as party chief of China Construction Bank Corp (CCB) , according to a statement released by CCB on Friday. Zhang, currently the president of CCB, will also be appointed as chairman of the bank, Reuters reported on Wednesday. Published On...
6 easy income tax saving tips, BFSI News, ET BFSI
Jan-Feb-March or JFM: It is that time of the year when many of us scramble to get our tax savings for the financial year. To help you with your tax-saving exercise for the financial year 2023-24, here are six easy tax-planning tips. Your complete tax-saving guide....
FIDC emphasises urge for NBFCs to unite, cooperate amid ambitious growth targets, ET BFSI
In a recent meeting convened by the Board of Directors of the Finance Industry Development Council (FIDC) in Jaipur, the imperative for collaborative partnerships, innovative funding structures, and the exchange of best practices among NBFCs were talked about.The...
Solar rooftop installation loans of SBI vs Canara Bank vs Union Bank of India vs Bank of Baroda vs Bank of India, ET BFSI
PM Surya Ghar Muft Bijli Yojana is a scheme that aims to provide free electricity to households who opt to install rooftop solar electricity units. The households will be able to get 300 units of electricity free every month.How does PM Surya Ghar Muft Bijlee Yojana...
Indian debt’s improving risk profile makes 30-year bonds alluring, Bandhan AMC says, ET BFSI
MUMBAI - Bandhan Asset Management has taken the unique stop of investing in 30-year Indian government bonds due to the structural reduction in the risk profile of domestic fixed income and the fund house's plan to cut reinvestment risks, its fixed income head...
MSMEs online registrations on Udyam, UAP cross 4 crore mark, ET BFSI
On July 1, 2020, a simple, online and free Udyam Registration Portal was launched for formalization of enterprises having PAN.As on March 15, the total number of registered enterprises on Udyam and UAP crossed four crore, which is a major milestone for the...
Axis Bank stops redemption of credit card reward points earned by these customers; asks for proof of usages, ET BFSI
Axis Bank has suspended the reward points redemption for some of its Atlas credit card users. The bank claims that it suspects these credit card users carried out 'commercial usage'. One of the affected customers Priyesh Sharma speaking exclusively to ET Wealth Online...
Rupee closes weaker tracking Asian peers, notches weekly decline, ET BFSI
MUMBAI - The Indian rupee closed lower on Friday, tracking a fall in Asian peers, after U.S. bond yields surged in light of data that signalled inflation in the world's largest economy could be sticky.The rupee closed at 82.8775 against the U.S. dollar, down from its...
Rupeek lays off 200 employees amid slowdown in funding, BFSI News, ET BFSI
In a written communication to employees on Tuesday morning, Rupeek founder and chief executive Sumit Maniyar said the company had taken a “decision to part ways with 10-15% of Rupeek’s colleagues and friends”Bengaluru: Gold loans provider Rupeek has become the latest...
RBI imposes penalty on Bank of India, Bandhan Bank, ET BFSI
The Reserve Bank of India (RBI) on Wednesday said it has imposed a penalty of Rs 1.4 crore on Bank of India for non-compliance with certain regulatory norms. It has also imposed a penalty of Rs 29.55 lakh on private sector lender Bandhan Bank for non-compliance with...
Largest smallcap MF scheme to take 27 days to liquidate 50% of portfolio, ET BFSI
Nippon India Mutual Fund stress test shows that for Nippon India Small Cap Fund, the largest scheme in the smallcap category based on assets managed, the number of days required to liquidate 50% and 25% portfolio is 27 days and 13 days respectively. The number of days...
Manba Finance files DRHP with Sebi for an IPO, BFSI News, ET BFSI
Manba Finance, an NBFC-BL providing financial solutions for auto loans, used cars, small business loans, filed a draft red herring prospectus with Sebi for an IPO.The IPO is completely a fresh equity issue of 1.25 crore shares with no offer for sale (OFS) segment.The...
Subramanian Swamy’s PIL for probe against Axis Bank not maintainable, HC told, ET BFSI
Axis Bank on Wednesday opposed before the Delhi High Court BJP leader Subramanian Swamy's public interest litigation (PIL) seeking a probe into an alleged fraud committed by the bank to make "undue profits" through sale and purchase of shares in Max Life Insurance....
New demat accounts surged to 4.3 million in February, BFSI News, ET BFSI
New Delhi: The total number of demat accounts increased to 148 million in February 2024, as per Motilal Oswal Financial Services.New account additions surged to 4.3 million in February 2024 versus average monthly additions of 2.1 million in FY23.In February 2024, CDSL...
IIFL Finance to raise up to Rs 1,500 cr from rights issue, ET BFSI
New Delhi, IIFL Finance on Wednesday said its board has approved raising of up to Rs 1,500 crore from rights issue amid the Reserve Bank of India (RBI) barring the NBFC from sanctioning or disbursing gold loans. The board has approved fund raising for an amount not...
FCA would not block an end to free banking in Britain, BFSI News, ET BFSI
LONDON - Britain's Financial Conduct Authority "would not stand in the way" of moves to end Britain's free banking model if lenders chose to offset rising regulation costs by charging fees for holding accounts, its CEO said on Thursday.In remarks prepared for a speech...
Greaves Finance lending platform evfin joins with Muthoot Capital for E2W financing, ET BFSI
The collaboration entails a total deal size of up to INR 150 crore (USD 18 million.)Greaves Finance Limited, a non-banking financial company (NBFC) and a wholly owned subsidiary of Greaves Cotton Ltd., through its 100% ev-focused lending platform evfin, has partnered...
Fitch places IIFL Finance on ‘Rating Watch Negative’, says other portfolio might affect, ET BFSI
The global ratings agency Fitch Ratings on Thursday placed IIFL Finance Limited's 'B+' Long-Term Issuer Default Rating (IDR) and medium-term note (MTN) programme rating on Rating Watch Negative (RWN).The RWN follows RBI’s directive on March 4 for IIFL Finance to cease...
These 3 banks have revised fixed deposit rates in March 2024, ET BFSI
When you open an FD account, the interest rate given is used to calculate guaranteed returns. Depending on the duration and amount you choose, interest rates will vary depending on the bank. Here are small finance banks (SFBs) which have revised fixed deposit interest...
Fitch puts IIFL Finance on ‘Rating Watch Negative’ after RBI action, ET BFSI
Fitch Ratings has placed IIFL Finance on 'Rating Watch Negative' following a Reserve Bank's order, which asked the company to stop new gold-backed lending and related off-balance-sheet funding transactions.The ratings agency said the impact of the restrictions will...
Greaves Finance lending platform evfin joins with Muthoot Capital for E2W financing, ET BFSI
The collaboration entails a total deal size of up to INR 150 crore (USD 18 million.)Greaves Finance Limited, a non-banking financial company (NBFC) and a wholly owned subsidiary of Greaves Cotton Ltd., through its 100% ev-focused lending platform evfin, has partnered...
Deutsche Bank CEO’s 2023 pay dips to 8.7 mn euros, BFSI News, ET BFSI
FRANKFURT - Deutsche Bank CEO Christian Sewing earned 8.7 million euros ($9.52 million) in 2023, down slightly from 8.9 million euros in 2022 after a fall in profit, the bank said in its annual report on Thursday.Germany's biggest bank saw its 2023 profit fall to 4.21...
India second-largest region for VC investments in Asia-Pacific: Report, ET BFSI
Representative imageNew Delhi: India retained its position as the second-largest destination for venture capital and growth funding within the Asia-Pacific region last year, a report showed on Thursday.Despite facing headwinds, India's VC landscape exhibited...
Delhi HC seeks reply from RBI, SEBI on unlawful lending practices carried by Paisalo Digital, ET BFSI
New Delhi: The Delhi High Court has sought response from the Reserve Bank of India and Securities and Exchange Board of India and others on a plea seeking independent inquiry into the alleged “unethical and unlawful lending practices” carried by Paisalo Digital, a...
Yes Bank share price jumps over 8%. Here’s why, ET BFSI
Shares of Yes Bank jumped 8.5% to Rs 22.75 in Thursday's trade on BSE amid reports that the private lender is looking for a new promoter.According to a report by Livemint, the bank is considering selling up to 51% of its stake, aiming for a target valuation ranging...
Investors become richer by Rs 8 lakh crore as Sensex rebounds 335 points to reclaim 73K, ET BFSI
Indian benchmark equity indices recovered from a weak start to finish higher on Thursday, led by IT and energy stocks, while small and midcaps also surged after tumbling in the previous session as investors ignored valuation-related worries.The 30-share BSE benchmark...
Muthoot FinCorp partners with Veefin Solutions to start supply chain finance operations, ET BFSI
Non-banking finance company Muthoot FinCorp has picked Veefin Solutions Ltd as a technology partner to start supply chain finance (SCF) operations in India. Muthoot Fincorp will deploy Veefin's suite of solutions across all SCF products, which include onboarding...
5 flouting PSBs laid out action plan to meet minimum public shareholding requirement: Official, ET BFSI
New Delhi [India], March 14 (ANI): Five out of 12 Public Sector Banks (PSBs) are still not complying with the minimum public shareholding (MPS) norm (25 per cent), a senior government official said on Thursday.Speaking to ANI, Vivek Joshi, Secretary at the Department...
Scaled startups could drive venture capital investment activity in 2024: Report, ET BFSI
Scaled startups that raised money in the boom period of 2020 and 2021 could come back to the market this year for more funds, driving growth in venture capital investment activity in 2024, according to a report by Bain & Company and Indian Venture and Alternate...
NCLT directs IIHL to complete Reliance Capital’s resolution plan within 90 days, ET BFSI
The Mumbai bench of the National Company Law Tribunal (NCLT) on Wednesday allowed an application filed by the administrator of Reliance Capital and directed Hinduja Group-owned IndusInd International Holdings Ltd (IIHL) to implement the resolution plan for the...
Standard Chartered’s head of investment banking Cooper to leave, ET BFSI
LONDON, - Standard Chartered's head of investment banking Simon Cooper is to leave, the lender said on Tuesday as part of a management reshuffle that will see Roberto Hoornweg and Sunil Kaushal take over as co-heads of corporate and investment banking.As part of the...
Rs 14 lakh-crore shock! Sensex crashes 900 points. Is the smallcap bubble bursting?, ET BFSI
Sensex on Wednesday ended 906 points to crack below the 73,000-level while Nifty also fell below 22,000 but the pain was unbearable on the other end of the market comprising smaller stocks. The smallcap index fell over 5% to record the worst single-day fall since...
PSU banks lead decline in complaints with regulator, BFSI News, ET BFSI
MUMBAI: RBI's integrated ombudsman has recorded a decline in the volume of grievances from regulated entities in FY23. Grievances dropped to 2.35 lakh in FY23 - a nearly 39% reduction from the 3.8 lakh recorded in FY21. This marks the second year in a row with a...
Rupee logs worst day in 3 weeks as outflows, weak Asian peers weigh, ET BFSI
The Indian rupee logged its worst day against the dollar in nearly three weeks on Wednesday, pressured by foreign outflows, while weakness in regional peers following hotter-than-expected inflation data in the United States also weighed.The rupee closed at 82.8625 to...
Bandhan Bank appoints Rajinder Kumar Babbar as executive director & chief business officer, ET BFSI
Kolkata: Bandhan Bank has appointed Rajinder Kumar Babbar as executive director & chief business officer. Babbar will oversee all business verticals, including digital banking and treasury portfolio, of the bank. With an experience of 35 years, Babbar has handled...
Is crypto a future competition to local equity markets? Here’s what Uday Kotak says, ET BFSI
With a rebound in the cryptocurrency market and Bitcoin hitting record highs, Uday Kotak on Wednesday said the future competition for equity markets could be coming from the digital currency."Capital formation in India has a lot to do with development and regulation...
Airtel Payments Bank appoints Anuj Bansal as chief financial officer, ET BFSI
Airtel Payments Bank has appointed Anuj Bansal as its chief financial officer. Prior to his new role, Bansal was vice president for financial planning & analysis at MasterCard India.Bansal will be responsible for overall financial strategy, including corporate...
Global shares trade mixed despite Wall Street’s record rally, ET BFSI
TOKYO - Global shares were mixed in muted trading Wednesday as optimism set off by a record rally on Wall Street gradually ran out of momentum. France's CAC 40 edged up nearly 0.1% in early trading to 8,095.34, while Germany's DAX was little changed, up less than 0.1%...
CARE Ratings, BFSI News, ET BFSI
Chennai, Credit off-take from banks continued to grow, increasing by 20.5 per cent year-on-year (y-o-y) to reach Rs 162.1 lakh crore, for the fortnight ending February 23, 2024, said CARE Ratings. In its latest report, CARE Ratings said the rise can continue to be...
B2B, manufacturing tech drove IPO market in past five years: report, ET BFSI
Business-to-business (B2B) and manufacturing technology sectors constituted 56% of the new listings on the mainboard over the last five years, Boston Consulting Group and venture capital firm Matrix Partners said in a joint report.According to the latest ‘Digitizing...
UP CM Yogi Adityanath distributes Rs 30,826 crore loan to MSME sector, ET BFSI
Uttar Pradesh chief minister Yogi Adityanath on Wednesday participated in the distribution of loans for the MSME sector. Updated On Mar 13, 2024 at 04:19 PM IST NEW DELHI: Uttar Pradesh chief minister Yogi Adityanath on Wednesday participated in the distribution of...
Public sector banks asked to reassess gold loan process amid debt risk concerns, ET BFSI
New Delhi [India], March 13 (ANI): The Ministry of Finance has written to public sector banks to reassess their gold loan procedures amid concerns over risky debt as gold prices surge, according to a senior government official.This comes against the backdrop of a rise...
Capex has emerged as a key growth driver in India: Morgan Stanley, ET BFSI
New Delhi: A decade after steadily decline in investment to GDP, capex has emerged as a key growth driver in India, global brokerage, Morgan Stanley said."We think the capex cycle has more room to run, therefore the current expansion closely resembles that of...
L&T Finance signs $125-million pact with JICA to aid farmers and women entrepreneurs, ET BFSI
L&T Finance Holdings Ltd. has signed a pact with Japan International Cooperation Agency (JICA) for $125 million to fund mostly farmers and women entrepreneurs in rural and semi urban India. This is the second such fund raise by the company in the past four months....
You can’t use mobile banking app if you don’t have this, ET BFSI
HDFC Bank has announced the addition of new security features to the latest version of the HDFC Bank Mobile Banking App. According to an email from HDFC Bank sent to its customers, the new version would be available to all customers in a staged manner beginning March...
Where to invest Rs 40 lakh to get regular income, BFSI News, ET BFSI
I am 57 years old. I have about Rs 3 crore in mutual funds, gold bonds and shares, Rs 1.5 crore as gratuity and PF corpus, PPF corpus of Rs 70 lakh, Ulips worth Rs 30 lakh, and a Bajaj Allianz term policy that will give me about Rs 50 lakh when I turn 65. I have a...
Godrej Capital Stepping up Operations in Rajasthan to Increase State’s Contribution, ET BFSI
Jaipur: Godrej Capital is stepping up its operations in Rajasthan to increase the state’s contribution to 10% of its total balance sheet of Rs 50,000 crore that it intends to reach by 2028, said Manish Shah, MD and CEO of the company here. The financial services arm...
RuPay card set to gain market share after RBI directive to give consumers a choice of card network, ET BFSI
Market share of RuPay cards is set to improve within months of banks implementing the latest Reserve Bank of India (RBI) directive of giving customers an option to choose card networks, said people from the banking industry.The banking regulator has asked banks to...
ONDC, USOF, Prasar Bharati join hands to digitally empower rural India, ET BFSI
New Delhi: In a bid to provide affordable and accessible digital services in rural parts of the country, Universal Service Obligation Fund (USOF) under Department of Telecommunications (DoT) on Tuesday collaborated with Prasar Bharati and Open Network for Digital...
Bank of Japan makes no ETF purchases despite Topix slump, BFSI News, ET BFSI
TOKYO - The Bank of Japan (BOJ) made no purchases of Japan stock exchange-traded funds (ETF) on Monday, data from the central bank showed, despite Japanese stocks dropping below the central bank's usual threshold for stepping in to buy stocks.The Topix index closed...
How NPS investment of Rs 50,000 can help you save more income tax, ET BFSI
The tax saving season is in full swing. The last date to complete the tax savings exercise for the current financial year, 2023-24, is March 31, 2024. Various deductions and exemptions are available to save income tax if you have or are planning to opt for the old tax...
SBI meets Supreme Court deadline, sends electoral bonds data to Election Commission, ET BFSI
In accordance with the Supreme Court order, the State Bank of India on Tuesday submitted details of electoral bonds. The bank has issued Electoral Bonds worth Rs 16,518 crore in 30 tranches since the inception of the scheme in 2018.The bank's Chairman and Managing...
Bitcoin’s rally is creating around 1,500 ‘millionaire wallets’ daily, ET BFSI
Bitcoin’s record-breaking rally appears to be creating around 1,500 new “millionaire wallets” daily, according to crypto analytics firm Kaiko Research.The wallets are digital addresses on the Bitcoin blockchain, in which users can store cryptocurrency. Data such as...
British banks given more time to check payments for scams, ET BFSI
LONDON - British banks will be allowed to hold up payment transfers for an extra three days if they have grounds to suspect a customer is being scammed, the government said on Tuesday.Regulators are cracking down on 'authorised push payment' fraud, when people are...
ITR portal shows inflated income to some taxpayers; Rs 450 showed as Rs 45000. Here’s what to do if you face similar issue, ET BFSI
The ‘Compliance Portal’ launched by the Income-tax department is showing inaccurate/inconsistent financial information for several taxpayers, as per numerous complaints on social media and chartered accountants. As per chartered accountants, the compliance portal is...
5 State Bank of India special fixed deposits offering higher rates, ET BFSI
The State Bank of India (SBI) provides customers with a range of financial services and special deposit schemes. The bank offers a various special fixed deposit for regular citizens and senior citizens such as SBI Amrit Kalash, SBI Wecare, SBI Green Deposits, SBI...
Best tax saving mutual funds or ELSS to invest in March 2024, BFSI News, ET BFSI
Most taxpayers finalise their investments in the last three months of the financial year (January-March). Most of them look for investment options available under Section 80C of the Income Tax Act. The Section 80C of the Income Tax Act allows tax deduction of up to Rs...
REC to finance power, infra projects in Rajasthan worth ₹20,000 cr annually for next 6 years, ET BFSI
REC provides loans of various maturities to state, Central and private companies for creation of infrastructure assets in the country.Maharatna CPSE and leading NBFC under the Ministry of Power, REC Ltd, has signed a memorandum of understanding (MoU) with the...
Bank liquidity conditions to ease soon due to high govt expenditure: Goldman Sachs, ET BFSI
Goldman Sachs in a report titled Asia Economics Analyst: Changing dynamics of banking system liquidity in India, expected the liquidity conditions to ease on drawdown of cash balances and rising government expenditure going forward. We expect some intermittent...
NSE to cut cash, derivative transaction charges by 1%; rival BSE stock slumps, ET BFSI
MUMBAI - The National Stock Exchange (NSE) will cut the transaction charges on trades in both cash and derivatives segments by 1%. Currently, the transaction charge in the equity delivery or cash segment is 0.00325% and in the derivatives segment, it is 0.0019%.The...
IREDA gets ‘Excellent’ rating for third year in row, celebrates 38th foundation day, ET BFSI
CMD Pradip Kumar Das during IREDA's 38th Foundation Day celebration on Monday.Indian Renewable Energy Development Agency (IREDA) celebrated its 38th Foundation Day on March 11, 2024, marking a significant milestone in its journey towards fostering renewable energy...
What is the FD rate?, ET BFSI
The State Bank of India (SBI) offers a special fixed deposit for senior citizens known as SBIWeCare, which gives higher interest rates to senior citizens for terms ranging from 5 to 10 years.When is the last date to invest in SBI Wecare? The last date to invest in SBI...
Small cap stocks down 7.8% from the peak, BFSI News, ET BFSI
New Delhi: Small cap stocks continue to sink on regulator warnings about froth building up. BSE Small Cap index is down almost 2 per cent on Tuesday even as the benchmark Sensex is up 0.31 per cent.There can be redemptions from small cap funds adding to the downside,...
Former Bank of Maharashtra CEO assumes charge as Vigilance Commissioner, ET BFSI
It was during his tenure the bank emerged out of the RBI's restrictive prompt corrective action. Published On Mar 12, 2024 at 08:39 AM IST Mumbai: Former Bank of Maharashtra CEO AS Rajeev took charge as a vigilance commissioner at the Central Vigilance Commission on...
Top 20 equity mutual funds which offered over 10% in 2024 so far, ET BFSI
Most equity mutual fund investors look for best performing mutual fund schemes in a longer horizon, say five and 10 years. ETMutualFunds did some data crunching and found out that around 64 equity mutual funds have offered more than 10% in 2024 so far. We considered...
L&T Fin among 7 non-banks to forgo licences, BFSI News, ET BFSI
MUMBAI: L&T Finance, L&T Infra Credit, and five other non-banking financial companies have surrendered their certificates of registration to RBI. Following this, the central bank cancelled their certificates of registration as they ceased to be a legal entity...
Indian Banks Five-day Work Week: Will banks switch to a five-day work week soon? What IBA has agreed upon
Soon you may not be able to visit your bank on a Saturday! Banking in India might soon witness a shift in its operational schedule. Currently, banks open on the first and third Saturdays but stay closed on the second and fourth Saturdays. Soon, bank employees might...
Was Public Provident Fund rate hiked for April-June 2024 quarter?, ET BFSI
The government announced the interest rates for small savings plans for the quarter April-June 2024 and has decided to keep the rates of all schemes unchangedThe Public Provident Fund (PPF) is one of the most popular savings instruments. Note that only one PPF account...
Aditya Birla Capital, Aditya Birla Finance announce a Scheme of Amalgamation for creation of a large NBFC, ET BFSI
The Boards of Aditya Birla Capital Limited (ABCL) and Aditya Birla Finance (ABFL) on Monday approved the Scheme of Amalgamation (Scheme) of the two companies, to further create a large unified operating NBFC. It is to be noted that while, ABCL is a listed systemically...
HDFC Bank gears up to list NBFC arm HDB Financial, ET BFSI
Mumbai: HDFC Bank has set the ball rolling for the much-anticipated initial public offering of its subsidiary HDB Financial Services. The country's largest lender by market capitalisation intends to schedule the launch of the share sale in its financial services arm...
Europe’s stocks fall from record highs, inflation data in focus, ET BFSI
LONDON -European stock indexes fell from recent record highs on Monday, and Wall Street looked set for losses, as traders grappled with an uncertain economic outlook and waited for U.S. inflation data later in the week.U.S. stocks started to fall from record highs on...
HDFC Bank gears up to list NBFC arm HDB Financial, ET BFSI
Mumbai: HDFC Bank has set the ball rolling for the much-anticipated initial public offering of its subsidiary HDB Financial Services. The country's largest lender by market capitalisation intends to schedule the launch of the share sale in its financial services arm...
HSBC to hire almost 50 bankers for startup, venture lending in US, ET BFSI
NEW YORK - HSBC is planning to recruit about 50 more bankers in its U.S. commercial bank to lend to startup companies, mainly in the technology and healthcare sectors, according to a senior executive.The London-headquartered bank hired about 40 people from Silicon...
10-year bond yield at 9-month low, cost of borrowing eases, BFSI News, ET BFSI
Yield on the 10-year benchmark government paper yield slid to its lowest level in nine months, bringing down cost of borrowing across the economy, as a fall in US bond yields and a favourable view on domestic demand-supply dynamics for bonds spurred appetite for...
Deposit-taking NBFCs may shrink further amid RBI glare, BFSI News, ET BFSI
With the Reserve Bank of India (RBI) tightening its scrutiny on the activities of non-banking financial companies (NBFCs), industry experts predict that many NBFCs will reconsider their reliance on deposits. While larger NBFCs with good credit ratings and established...
Bank of Baroda Launches bob Earth Green Deposits, to offer up to 7.5% interest rates, ET BFSI
The public sector bank, Bank of Baroda on Monday announced the launch of bob Earth Green Term Deposit Scheme, in a press note. The objective is to raise deposits deployed towards financing eligible environment-friendly projects and sectors, the bank said. With...
Rupee ends higher on inflows, likely RBI intervention caps rise, ET BFSI
The Indian rupee rose for a third straight session on Monday on the back of dollar inflows, but its rally was run into by likely intervention from the central bank.The rupee closed at 82.7575, up from its previous close of 82.7850.The local unit had hit an over...
Amid RBI tightening noose over NBFCs, FIDC releases advisory, ET BFSI
Amid the Reserve Bank of India’s tightening noose over the NBFCs with its recent circulars to IIFL Finance and JM Financial, the representative body of the NBFC, FIDC, on Monday has released an advisory for the entities. RBI had put curb on the IIFL gold loan business...
Dhanaraj T assumes position of Executive Director at Indian Overseas Bank, ET BFSI
Dhanaraj T, Executive Director, Indian Overseas bankThe Indian Overseas Bank on Monday announced the appointment of Dhanaraj T as its Executive Director. He has assumed the role from Sunday, March 10, 2024 and his tenure will be for a period of three years. Starting...
Japan’s Nikkei falls 3% on stronger yen, BFSI News, ET BFSI
Tokyo, Mar 11, 2024 -Japanese stocks fell as much as three percent on Monday as the yen strengthened against the dollar and semiconductor stocks suffered a sell-off.The Nikkei index sank to 38,496.66 in afternoon trade before bouncing back to sit 2.91 percent...
MD & CEO of JM Financial Home Loans, ET BFSI
Here are the edited excerpts: Q: What are the factors that contributed to the growth of JM Financial Home Loan businesses?Since inception in 2017, JM Financial Home Loans has been witnessing steady growth in AUM, targeting the underserved market segments. Our Retail...
PPF, Senior Citizen Savings Scheme, Sukanya Samriddhi and other small savings schemes’ rates announced for April-June quarter; check here, ET BFSI
The government announced the interest rates applicable to small savings schemes for the quarter April-June 2024. The government said that it has decided to keep the rates unchanged. "The rates of interest on various Small Savings Schemes for the first quarter of FY...
HDFC Bank gears up to list NBFC arm HDB Financial, BFSI News, ET BFSI
Mumbai: HDFC Bank has set the ball rolling for the much-anticipated initial public offering of its subsidiary HDB Financial Services. The country's largest lender by market capitalisation intends to schedule the launch of the share sale in its financial services arm...
A year later, what are the lessons from Silicon Valley Bank’s epic collapse?, ET BFSI
March 10, 2023, should’ve been a day to celebrate for Eric Vogel. He was about to sign a funding deal for his recycling startup, Circularr, after five months of due diligence. The investor just wanted to talk to one last reference, a formality before the deal...
Mcap of 7 of top-10 most valued firms climbs Rs 71,301 crore; Bharti Airtel shines, ET BFSI
The combined market valuation of seven of the top-10 most valued firms climbed Rs 71,301.34 crore in the holiday-shortened last week, with Bharti Airtel emerging as the lead gainer. In a record-breaking rally last week, the BSE benchmark climbed 374.04 points or 0.50...
Next 6-8 months, should you go long private banks and take some profits off for NBFCs? Shreyash Devalkar explains, ET BFSI
Shreyash Devalkar, Head-Equity, Axis MF, says "rather than calling out a segment like PSU versus private versus NBFC, etc, I would like to more focus on which end use or which end segment these lending entities are catering to and the outlook on the credit growth in...
What is it, how it works and more, BFSI News, ET BFSI
A WhatsApp investment scam is a deceptive scheme where criminals exploit your desire for financial gain by tricking you into investing in fake or risky ventures through the WhatsApp messaging platform. Scammers utilise various tactics to lure you in and steal your...
FDI into China collapses, BFSI News, ET BFSI
The European Central Bank left interest rates unchanged for a fourth meeting as a softer outlook for inflation and economic growth bolstered expectations for cuts starting in June. Separate data showed the euro-area economy stagnated at the end of last year,...
Israel’s digital brokerage eToro considers New York IPO, seeks $3.5 billion valuation: report, ET BFSI
Israeli digital brokerage eToro is seeking a valuation of more than $3.5 billion and considers the U.S. a potential destination to list its shares, the Financial Times reported on Sunday.The retail trading platform is weighing an initial public offering (IPO) in New...
With over 62% returns, this asset class is leading returns in 2024 so far, ET BFSI
Investors in gold would be laughing their way to the banks with the back-to-back lifetime highs in the yellow metal this week. Its returns in March and 2024 so far have surpassed those of the S&P BSE Sensex. However, Bitcoin (BTC) remained the showstopper with...
27 Indian startups raise $308 million in funding this week, ET BFSI
Digital lending platform mPokket raised up to Rs 500 crore (around $60 million) in debt capital from BPEA Credit's private credit platform.At least 27 startups in India raised about $307.8 million this week, which includes 17 early-stage and seven growth-stage...
FPIs inject over Rs 6,100 crore in equities in March on strong economic growth, market resilience, ET BFSI
Foreign Portfolio Investors (FPIs) are turning steady buyers as they bought Indian equities worth Rs 6,139 crore so far this month driven by strong economic growth, market resilience and decline in US bond yields. This came following a modest investment of Rs 1,539...
Macroeconomic data, global cues, IPOs among 6 factors that will steer D-Street this week, ET BFSI
After clocking moderate gains last week, the overall bias for Indian equities remains positive, but the primary market will see more action as a plethora of companies will hit the market to raise capital, while as many as eight stocks are set to debut on Dalal...
How to use NPS benefit from employer to save Rs 80,000 in tax, ET BFSI
Bengaluru-based software professional B. Raghu earns well, but almost 15% of his income goes in tax. TaxSpanner estimates that Raghu can reduce his tax by Rs.80,000 if he opts for the NPS benefit offered by his company, and his pay structure is rejigged to include...
These investment options can help you create retirement corpus of Rs 5.62 crore
The Portfolio Doctor assesses the health of the fund portfolio, examines the schemes and their suitability with regard to the goals and, if required, recommends corrective measures. The advice given is based on the performance of the funds, the risk profile of the...
Next 6-8 months, should you go long private banks and take some profits off for NBFCs? Shreyash Devalkar explains, ET BFSI
Shreyash Devalkar, Head-Equity, Axis MF, says "rather than calling out a segment like PSU versus private versus NBFC, etc, I would like to more focus on which end use or which end segment these lending entities are catering to and the outlook on the credit growth in...
US embrace of remote working empties offices, weighs on banks, ET BFSI
WASHINGTON: The popularity of remote work in the United States has emptied office buildings, a cause for worry as their value falls and owners risk losses on property loans -- in turn putting pressure on smaller banks."There will be bank failures, but this is not the...
Institutional investors may help Bitcoin sustain new heights, ET BFSI
As traditional institutions pour money into bitcoin, the cryptocurrency's latest meteoric rally to a record high may have more legs than in 2021, experts say. The world's largest cryptocurrency, notorious for its volatility, touched $69,202 on Tuesday, driven by...
Goldman Sachs India to train over 1,000 non-engineers in AI, ET BFSI
American investment bank Goldman Sachs has set up a facility in India to train both engineers and non-engineers in generative artificial intelligence (GenAI) to explore the usage of the technology in its businesses.Since 2006, Goldman Sachs has invested more than $7...
Sensex, Nifty end flat after record highs; M&M, RIL drag, ET BFSI
After hitting new record highs, Indian equity indices closed flat in a volatile market on Thursday, weighed down by Mahindra & Mahindra, Reliance Industries and private banking stocks. However, the blue-chips extended their rally to record highs for a second...
SC to hear on Monday SBI plea on poll bond data disclosure, BFSI News, ET BFSI
NEW DELHI: A five-judge constitution bench of SC will hear on March 11 an application filed by State Bank of India (SBI) seeking extension of time till June 30 to disclose details of each electoral bond encashed by political parties before the scheme was scrapped last...
Gold Price Touches Record High of 67,500 per 10g
Ahmedabad: Continuing its rally in the international market for the seventh consecutive day, gold price in the local markets rose to a new record high on Friday, reaching Rs 67,500 per 10g. Analysts attribute this spike to the weakening of the US dollar, fuelled by...
PSU banks ordered to test purity of gold loan book, BFSI News, ET BFSI
The finance ministry ordered state-run banks to review gold loan processes amid fears about risky debt given a rally in prices of the metal, said people familiar with the matter. The worry is that the surge led to lenders giving top-up loans over existing debt, said...
Forex kitty jumps USD 6.55 bn to USD 625.63 bn, BFSI News, ET BFSI
Mumbai, India's forex reserves jumped USD 6.55 billion to USD 625.626 billion for the week ended March 1, the Reserve Bank of India said on Friday. In the previous reporting week, the overall reserves had risen by USD 2.975 billion to USD 619.072 billion. It can be...
Bank employees to get 17% annual wage hike; 5-day work week awaits govt approval, ET BFSI
The revised working hours will be effective after notification by the government, it saidNew Delhi: Indian Banks' Association and bank employee unions agreed on an annual wage hike of 17 per cent, a move that will result in an additional yearly outgo of around Rs...
Multiple-price Method for Bond Auctions Likely, BFSI News, ET BFSI
The Reserve Bank of India (RBI) has sought the industry's views on reviving the multiple-price method for government bond auctions instead of a Covid-era practice that was initially intended to have only a temporary run.Another point discussed between the RBI and...
Bank employees to get 17% annual wage hike; 5-day work week awaits govt approval, ET BFSI
New Delhi, Indian Banks' Association and bank employee unions on Friday agreed on an annual wage hike of 17 per cent, a move that will result in an additional yearly outgo of around Rs 8,284 crore for public sector banks. As many as 8 lakh bank employees are set to...
Rupee ends slightly higher, notches fourth straight weekly gain, ET BFSI
MUMBAI - The Indian rupee ended marginally stronger on Thursday after hitting its highest level in six months earlier in the session, as likely intervention from the central bank limited the currency's rise.The rupee closed at 82.7850 against the U.S. dollar, higher...
In June, July, RBI could consider the first cut in interest rates: Keki Mistry, ET BFSI
Keki Mistry, Non-executive Director, HDFC Bank, says “I continue to hold the view that if RBI believes that the monsoon forecast is reasonable, that we are not going to see any abnormal monsoon and therefore not any sharp increase in food prices, somewhere in June,...
Markets struggle ahead of key US jobs data, BFSI News, ET BFSI
Hong Kong, Mar 07, 2024 - Equities were mixed on Thursday as investors try to assess the Federal Reserve's plans for interest rates after boss Jerome Powell indicated they would start to come down this year.Focus is also on the release of key US jobs data due Friday,...
Banks closed in these states on Friday, March 8, ET BFSI
Banks in many states will be closed on the occasion of Mahashivratri which falls on March 8 (Friday). The holidays are determined by the state governments and the Reserve Bank of India (RBI)The Reserve Bank of India holiday list shows that banks across states will be...
Equity mutual fund inflows increase by 23% in February to Rs 26,866 crore, smallcaps record decline, ET BFSI
The inflows in the equity category surged by approximately 23%, according to the AMFI data released on Friday. The inflows in February stood at Rs 26,866 crore against Rs 21,780.56 crore in January. Among the equity categories, all categories except for focused funds...
Innovation and prudence combined necessary in the current regulatory environment: SBI MD, ET BFSI
Financial organisations should accelerate innovation with speed, break down team barriers and have agile operating models to make an impact, said State Bank of India CS Shetty.Delivering the keynote address at the ETBFSI CIO Digital Conclave 2024, he said, "To be...
Can credit cards be used beyond the sanctioned credit limit? Check RBI’s latest FAQs, ET BFSI
Using a credit card can help you improve your financial situation and develop better money management skills. Just utilise your credit cards to pay your expenses and make sure you pay off your credit card debt on time to raise your credit score.The Reserve Bank of...
Bank of Baroda announces special benefits on women-centric accounts, ET BFSI
Bank of Baroda introduced special offerings to celebrate International Women's Day, extending exclusive benefits to its female customers who opt for the bob Mahila Shakti Savings Account or the bob Women Power Current Account. These accounts cater specifically to...
Tata Sons trying to avoid IPO. Is it Ok Tata Bye Bye for multi-billion-dollar rally?, ET BFSI
This week's multi-billion-dollar rally in several Tata group stocks, sparked by a what-if bull case scenario, might fade away soon with India's most valued conglomerate now trying to avoid Tata Sons IPO. The worst affected would, undoubtedly, be Tata Chemicals which...
Are banks closed this Saturday, March 9, 2024?, ET BFSI
The Reserve Bank of India holiday list shows that banks across states will be closed for 14 days in March 2024 including Sundays, second Saturdays and fourth Saturdays of the month.Many citizens get confused about whether the upcoming Saturday is a bank holiday or...
Sebi bars JM Fin from managing fresh debt public issues, ET BFSI
Mumbai: The Securities and Exchange Board of India (Sebi) Thursday barred JM Financial from taking new mandates as a merchant banker for debt public issues due to alleged rule violations. The latest curbs follow those ordered this week by the banking regulator, which...
Goldman Sachs says it will exit Japan transaction banking, BFSI News, ET BFSI
The financial group will close Goldman Sachs Bank USA Tokyo Branch, whose sole purpose was to support transaction banking in Japan, it said in an emailed statement."While remaining focused on growing transaction banking as a strategic priority, we are stepping back...
Sebi bars JM Financial from managing bond offers, BFSI News, ET BFSI
MUMBAI: Markets regulator Sebi on Thursday barred JM Financial from taking on any new mandate to act as a lead manager to public issue of debt securities over its NBFC arm JM Financial Products's irregularities. JM Financial can, however, continue to manage issues...
Elara Capital appoints Manoj Kohli as Non-Executive Chairman of Board, ET BFSI
Elara Capital India announced the appointment of Manoj Kohli, former Country Head of Softbank India, Softbank Group International and Ex-MD and CEO, Airtel, as Non-Executive Chairman of the Board.Manoj Kohli has held leadership positions across the globe, he was...
Banks asked to list stalled housing projects, BFSI News, ET BFSI
Looking to push for faster resolution and completion of stressed housing projects, the government has asked banks to compile and share a list of stalled legacy projects under the SWAMIH fund.After discussions with all stakeholders, it was pointed out that procedural...
Yes Securities records strong growth in women investors, BFSI News, ET BFSI
Yes Securities has announced a record high of women investors, with growth in women investor accounts exhibiting a steady rise. The company recorded a 75% YoY growth in accounts opened by women investors in FY24 so far (period compared is 1st April 2023 till 31st...
As RBI acts tough, NBFCs fear banks may turn wary of lending, BFSI News, ET BFSI
Finance companies would moderate loan disbursals as they look to boost internal control systems after the banking regulator recently ordered curbs on two high-margin - but potentially risky - business lines: Gold loans and securities financing. Such restrictions would...
Bank profitability to remain healthy despite some moderation: Moody’s, ET BFSI
Indian Banks' profitability will remain at healthy levels despite slight moderation on account of declines in net interest margins (NIMs) according to global ratings firm Moody’s.Also, higher risk weights for exposures to non-bank finance companies (NBFCs) and...
Put your money in Bank Nifty; 4 banks you can bet on now: Sanjiv Bhasin, ET BFSI
Sanjiv Bhasin, Director, IIFL Securities, says “the next few days, weeks, months belong to banks. We think the proxy play of weaker dollar, weaker bond yields is playing out exceptionally well and banks are going to lead the market. So Bank Nifty is where you should...
CBI raids 62 locations in Rajasthan, Maharashtra, ET BFSI
The Central Bureau of Investigation (CBI) has conducted raids across 62 locations in Rajasthan and Maharashtra in connection with the suspicious IMPS transactions worth Rs 820 crore reported at UCO Bank.On March 6, the CBI raided ‘extensive search operations’ in...
IT minister:30-plus countries want to adopt India’s UPI payment system, ET BFSI
Union IT minister Ashwini Vaishnaw is upbeat on the global adoption of digital payment system Unified Payment Interface (UPI). Speaking to Times Now media at the third edition of the FinTech Festival India in New Delhi, the IT minister said that as many as 30...
Global banking watchdog cracks down on big lenders gaming capital rules, ET BFSI
LONDON - Global banking regulators proposed measures on Thursday to crack down on "unacceptable" attempts by the world's biggest banks to game rules in a bid to avoid heavier capital requirements.About 30 globally systemic banks (G-SIBs), such as JPMorgan, HSBC, BNP...
Goldilocks gone? Rs 40,000 crore FII sell-off in banks, other financial stocks, ET BFSI
While the most common advice for long-term investors on Dalal Street is to buy largecap bank stocks, FIIs have been selling financial stocks incessantly to the extent of nearly Rs 40,000 crore in just 2 months amid fears that the proverbial Goldilocks period could be...
HDFC Bank revises interest rates on these loans; check latest loan rates, ET BFSI
HDFC Bank has increased the benchmark marginal cost of funds-based lending rates (MCLR) by up to 5 basis points on select tenures. The new rates are effective from March 7, 2024, according to the HDFC Bank website.Latest HDFC Bank MCLRHDFC Bank’s MCLR ranges between...
Best mid cap mutual funds to invest in March 2024, BFSI News, ET BFSI
Many mutual fund investors are worried about the valuations in the mid cap segment. Mid cap stocks have witnessed a robust rally in the last few months. Investors made handsome returns on their investments in mid cap funds. Mid cap funds offered an average return of...
MD Sanjay Agarwal, ET BFSI
AU Small Finance Bank, which has remained a western regional player, is set to expand into South as it is confident of replicating its model amid strong demand for credit, said managing director Sanjay Agarwal in an interview. Here's an edited excerpt: Q. Let me first...
Wall Street indexes advance as Fed’s Powell fuels hopes for rate cuts this year, ET BFSI
Wall Street's three major indexes closed higher on Wednesday as economic data and comments from Federal Reserve Chair Jerome Powell reinforced expectations that the U.S. central bank would reduce its benchmark interest rate this year.Powell said on Wednesday he...
One third of all new jobs created by women-owned MSMEs went to female employees: Study, ET BFSI
New Delhi: Women-owned MSMEs hired 11 per cent more women employees than male-owned MSMEs, as per a data analysis of women-owned MSMEs by Kinara Capital. The analysis further revealed that 1/3rd of all new jobs created by women-owned MSMEs went to women employees,...
Put your money in Bank Nifty; 4 banks you can bet on now: Sanjiv Bhasin, ET BFSI
Sanjiv Bhasin, Director, IIFL Securities, says “the next few days, weeks, months belong to banks. We think the proxy play of weaker dollar, weaker bond yields is playing out exceptionally well and banks are going to lead the market. So Bank Nifty is where you should...
Asian shares broadly higher; BOJ chatter lifts yen, dents Nikkei, ET BFSI
SYDNEY -Asian stocks were mostly up on Thursday as investors took comfort from growing signs the Federal Reserve will soon embark on rate cuts, while chatter of an imminent policy shift in Japan lifted the yen and pulled the Nikkei off its all-time highs. Markets were...
Shriram Finance plans to raise $200 million, BFSI News, ET BFSI
Mumbai: Non-banking finance company Shriram Finance is set to borrow $200 million through a external commercial borrowing (ECB) facility from a clutch of foreign banks as early as next week as it shores up its funding to feed credit demand.The company has sought...
