Banking Finance
Top 5 fixed deposits offering 7-8% interest, ET BFSI
~ Samriddhi Singh Mahar As the country grapples with inflation and economic uncertainty, senior citizens are seeking secure investment options to safeguard their savings. Fixed Deposits (FDs) have long been a preferred choice for this demographic, offering a steady...
Jio Financial forms JV with BlackRock Advisors Singapore; to invest Rs 3 crore towards initial share subscription, ET BFSI
Reliance's NBFC arm, Jio Financial Services, and BlackRock Advisors Singapore Pte. Ltd formed joint venture company named “Jio BlackRock Investment Advisers Private Limited' to undertake investment advisory business, company said through stock exchange filing.Jio...
Deposit growth in India expected to slow to 11.2 pc YoY in 2025: Report, ET BFSI
New Delhi [India], September 9 (ANI): The deposit growth in the country will decelerate to 11.2 per cent YoY in fiscal year 2025, as banks face slower mobilisation of new deposits, highlights a report by B&K Securities.As per the report at the end of fiscal year...
Shriram Finance plans to raise $1 bn from overseas in next 6 months, ET BFSI
NBFC Shriram Finance plans to raise USD 1 billion (about Rs 8,300 crore) from overseas in the next 6 months to fund its business growth. "We are planning to raise USD 300 million in the next few weeks, may be by October and rest USD 500-700 million during the...
Bandhan Bank launches facility to collect GST through online, offline modes, ET BFSI
Financial service provider Bandhan Bank on Monday launched the facility to collect Goods and Services Tax (GST), through the online and offline modes from its customers as well as noncustomers. Under this authorsisation, people can pay their GST through the bank’s...
Rupee may dip on risk aversion; Fed uncertainty persists, BFSI News, ET BFSI
By Nimesh VoraMUMBAI - The Indian rupee is likely to open weaker on Monday, tracking the decline in Asian equities and currencies fuelled by U.S. slowdown worries. The 1-month non-deliverable forward indicated that the rupee will open at 83.97-83.98 to the U.S. dollar...
Bajaj Housing Finance issue opens today; GMP signals 73% upside, ET BFSI
Bajaj Housing Finance is set to launch its initial public offering (IPO) on Monday, September 9. Ahead of the public issue, the grey market premium (GMP) for the company’s shares stands at Rs 51-52, indicating a potential upside of 73% above the issue price.The price...
Declining bank credit to hurt exporters; issue to figure in Sep 11 meeting with Goyal, ET BFSI
The declining bank credit to exporters will hurt the sector, and traders will flag the issue prominently during their meeting with Commerce and Industry Minister Piyush Goyal on September 11, an industry official said on Sunday. While exports grew by 15 per cent in...
Shriram Finance plans to raise $1 billion from overseas in next 6 months, ET BFSI
NEW DELHI: NBFC Shriram Finance plans to raise $1 billion (about Rs 8,300 crore) from overseas in the next 6 months to fund its business growth. "We are planning to raise $300 million in the next few weeks, may be by October and rest $500-700 million during the...
9 PSU banks stocks, 6 with an upside potential 36% to 48% in next 1 year, ET BFSI
There cannot be any doubt that the banking sector as whole is facing some headwinds and that is probably the reason why PSU banks have started to underperform. Right from rising cost of funds to higher operational cost to lower than expected growth. But the question...
Banks at disadvantage to mutual funds, says IBA chairman, ET BFSI
Banks are at a disadvantage to mutual funds (MFs) because they have to face regulatory restrictions like end use monitoring, which has made bank deposits unattractive, Indian Banks’ Association (IBA) chairman MV Rao said. Banks will need help from the government and...
Are banks open or closed this Saturday, September 7?, ET BFSI
It is the first Saturday of the month, but banks in several states are closed due to Ganesh Chaturthi, even though it's a regular working Saturday.Banks in India are closed on the second and fourth Saturdays of the month and on Sundays and other regional and national...
HDFC Bank, ICICI Bank, SBI Card, Kotak Mahindra Bank, Axis Bank, ET BFSI
By using a fuel credit card, you can conveniently buy petrol, diesel, and other fuels at fuel stations while enjoying various benefits that can enhance your travel experience and help you cut down on fuel costs.What is a fuel credit cardAccording to the Kotak Mahindra...
SBI chairman calls out a major ‘tech challenge’ that banks are facing, ET BFSI
State Bank of India (SBI) Chairman CS Setty has warned of growing cybersecurity challenges and the need for improved digital literacy in the banking sector. While investments in cybersecurity are on the rise, the availability of professional support for these...
Bankers on strengthening collection efficiency, ET BFSI
Sudipto Nag, President, Retail Portfolio Management Group at Axis Bank, began with the importance of understanding customer behavior to enhance collections. A large part of customers aren’t defaulting, they have shown credit hungriness. Banks will be able to read it....
Banks to hire young graduates as apprentices in a month; pay stipend of Rs 5,000, ET BFSI
Banks are mulling to hire graduates under 25 years of age as apprentices in a month, a top industry official said on Friday. Lenders will be paying a stipend of Rs 5,000 a month to such candidates who will get trained on a specialized skill set during the stint,...
Bank of Baroda raises Rs 5,000 crore through infra bonds at 7.26%, ET BFSI
Bank of Baroda on Friday raised Rs 5,000 crore through the sale of infrastructure bonds, garnering long-term funds to finance demand for loans amid a slower pace of deposit growth.The bank issued 10-year infrastructure bonds at a coupon rate of 7.26%, with the...
9 PSU banks stocks, 6 with an upside potential 36% to 48% in next 1 year, ET BFSI
There cannot be any doubt that the banking sector as whole is facing some headwinds and that is probably the reason why PSU banks have started to underperform. Right from rising cost of funds to higher operational cost to lower than expected growth. But the question...
What is the Public Provident Fund interest rate?, ET BFSI
The Public Provident Fund (PPF) is highly popular as a fixed income product because of its long-term guaranteed earnings and tax benefits. By contributing small amounts on a regular basis, the PPF scheme enables you to start saving and build a fund that aligns with...
Private credit market in India sees robust growth in H1 CY2024 with $6 bn in deals: EY report, ET BFSI
India's private credit market demonstrated robust growth in the first half of 2024 (H1 CY2024), with total investments amounting to $6 billion, according to EY report.This performance is a strong indicator of the market's vitality, especially when compared to the USD...
SATYA MicroCapital Limited Secures Rs 500 Cr (USD 60Mn) Debt Funding from Japan Based Sumitomo Mitsui Banking Corporation for Second Time, ET BFSI
NewsVoirNew Delhi [India], September 7: RBI-registered NBFC-MFI SATYA MicroCapital Limited has once again secured Rs 500 Cr (USD 60Mn) from Sumitomo Mitsui Banking Corporation (referred as SMBC hereafter), a renowned Japanese multinational financial services...
Indian FIs need granular climate risk models over countrywide approaches, says NABARD Chairman Shaji KV, ET BFSI
Shaji KV, Chairman of the National Bank for Agriculture and Rural Development (NABARD), stated the need for more granular climate risk models, pointing out that a one-size-fits-all, countrywide approach is insufficient, requiring localised solutions to effectively...
India cenbank continues selling bonds but quantum falls to eight-week low, ET BFSI
MUMBAI, Sept 6 - The Reserve Bank of India (RBI) sold government bonds from its portfolio for an eighth consecutive week, withdrawing liquidity from the banking system, but the sale was the smallest in this period, according to data released on Friday.The RBI sold...
SC notice to Chanda Kochhar, husband on CBI’s plea, ET BFSI
New Delhi, The Supreme Court on Friday sought responses from ICICI Bank's former Managing Director and Chief Executive Officer Chanda Kochhar and her businessman husband Deepak Kochhar on a plea filed against the Bombay High Court order declaring their arrest as...
India’s forex reserves hit a fresh high of $683.99 bn: RBI data, ET BFSI
India's foreign exchange reserves rose $2.3 billion in the week ending August 30 to a new record high of $683.99 billion, according to the latest data published by the Reserve Bank of India.This is the third consecutive weekly rise of forex reserves backed by healthy...
Deposit problem to ease if govt parks surplus funds with commercial banks instead of RBI, says Kotak MF’s Nilesh Shah, ET BFSI
Facilitating transfer of government funds to park funds as short-term deposits with banks could help ease the slowdown in deposits, according to Kotak Mutual Fund CEO Nilesh Shah.If the government parks funds with the banks instead of the Reserve Bank of India, the...
Sebi officers protest in Mumbai, demand chief Madhabi Buch’s resignation, ET BFSI
More than 500 Sebi officers across grades protested Thursday at the headquarters of the capital markets regulator in Mumbai’s financial nerve centre, demanding the resignation of chairperson Madhabi Puri Buch while also seeking withdrawal of the organization’s media...
Bajaj Housing Finance raises Rs 1,758 crore from anchor investors including JP Morgan, Morgan Stanley ahead of IPO, ET BFSI
Bajaj Housing Finance has raised Rs 1758 crore from marquee anchor investors ahead of its IPO, which will open for subscription on September 9.The company allocated the shares at around Rs 70 apiece, which is the upper price band for the public offer.Marquee anchor...
Sanjeev Mehta quits Standard Chartered Bank, set to launch new venture, ET BFSI
Sanjeev Mehta Sanjeev Mehta has stepped down as Standard Chartered Bank's managing director and head of transaction banking sales for corporate, commercial and institutional Banking for South Asia after a 17-year career at the bank. Mehta resigned in July this year...
Max Fin Services promoter firm sells 3.19 pc stake to repay debt, ET BFSI
Max Financial Services on Friday said its promoter group firm has sold a 3.19 per cent stake to repay their debt. Max Ventures Investment Holdings Pvt Ltd, a promoter company of Max Financial Services Ltd, sold 1.10 crore equity shares or 3.19 per cent in Max...
RBI imposes monetary penalties on Godrej Housing Finance, Aadhar Housing Finance over non-compliance, ET BFSI
The Reserve Bank of India on Friday imposed monetary penalties on Godrej Housing Finance Ltd and Aadhar Housing Finance Ltd over non-compliance with certain provisions of the 'Non-Banking Financial Company - Housing Finance Company (Reserve Bank) Directions, 2021'...
HDFC Bank, ICICI Bank, SBI Card, Kotak Mahindra Bank, Axis Bank, ET BFSI
By using a fuel credit card, you can conveniently buy petrol, diesel, and other fuels at fuel stations while enjoying various benefits that can enhance your travel experience and help you cut down on fuel costs.What is a fuel credit cardAccording to the Kotak Mahindra...
Banks at disadvantage to mutual funds, says IBA chairman, ET BFSI
Banks are at a disadvantage to mutual funds (MFs) because they have to face regulatory restrictions like end use monitoring, which has made bank deposits unattractive, Indian Banks’ Association (IBA) chairman MV Rao said. Banks will need help from the government and...
Deposit problem to ease if govt parks surplus funds with commercial banks instead of RBI, says Kotak MF’s Nilesh Shah, ET BFSI
Facilitating transfer of government funds to park funds as short-term deposits with banks could help ease the slowdown in deposits, according to Kotak Mutual Fund CEO Nilesh Shah.If the government parks funds with the banks instead of the Reserve Bank of India, the...
Africa’s biggest insurer eyes India wealth management as BlackRock, Jio join fray, ET BFSI
Sanlam Ltd. is joining the race to enter India’s burgeoning asset- and wealth-management industry as Africa’s biggest insurer by market value seeks to tap opportunities in the world’s fastest-growing major economy.The insurer plans to build out its partnership with...
More external benchmarked loans help private banks outperform on margins front, ET BFSI
India’s private sector banks are outperforming public sector lenders in maintaining and even expanding their net interest margins (NIMs) as they deftly manage balance sheets amid a challenging economic environment. The latest data from the Reserve Bank of India (RBI)...
Rupee inches up on hopes of weak US jobs report, BFSI News, ET BFSI
By Nimesh VoraMUMBAI - The Indian rupee rose on Friday after disappointing U.S. private payrolls data fuelled expectations of a weaker jobs report, prompting traders to avoid the U.S. dollar.The rupee was at 83.9350 to the U.S. dollar at 9:30 a.m. IST, up from 83.9825...
India’s credit card industry on track to reach 200 million cards by FY28-29: PwC, ET BFSI
The number of credit cards in India is projected to reach 200 million by FY28-29, driven by a compound annual growth rate (CAGR) of 15%, according to a report by PwC. Over the past five years, the credit card industry has experienced a 100% increase in the number of...
A bigger share of bank deposits comes at higher rates now, BFSI News, ET BFSI
Mumbai: More than two-thirds of the deposits mobilised by banks by the end of June 2024 were contracted at interest rates of 7% and above compared with 45% a year ago, latest central bank data showed, pointing to the higher returns lenders are now having to offer to...
Canara Bank raises USD 300 mn via its IFSC Banking Unit, BFSI News, ET BFSI
New Delhi, State-owned Canara Bank on Wednesday said it has mobilised USD 300 million via the IFSC Banking Unit. The net proceeds from the issue of the notes will be applied by the Issuer's IFSC Banking Unit at Gandhinagar towards the general corporate purposes,...
Ashok Leyland partners with Bandhan Bank for customised vehicle finance solutions, ET BFSI
Ashok Leyland offers a wide range of commercial vehicles, including intercity light commercial vehicles, long-haul trucks, and various types of buses. Ashok Leyland, India's leading commercial vehicle manufacturer and the flagship of the Hinduja Group, signed a...
These four banks have revised fixed deposit rates in September 2024, ET BFSI
Some banks have recently revised their fixed deposit (FD) interest rates for deposits under Rs 3 crore, effective from September 2024. The latest banks to revise their FD rates are Bank of India, City Union Bank, Bank of Baroda and Karnataka Bank. Let's take a look at...
What are the new Public Provident Fund rules?, BFSI News, ET BFSI
The Department of Economic Affairs under the Ministry of Finance has issued new guidelines concerning Public Provident Fund (PPF) accounts for minors, multiple PPF accounts, and the extension of PPF accounts by Non-Resident Indians (NRIs). These revisions, part of the...
Here is why, ET BFSI
India accounts for 46% of digital payments in the world, and UPI accounts for 80% of digital transactions that take place in India. In fact, Digital Payment Dashboard has been integrated with Integrated with 118 public sector, private sector, payments, and regional...
Personal loans grow 26% in Mar’24, home & auto loans slump: Report, ET BFSI
SOURCE: CRIF HIGH MARKPortfolio outstanding of consumption loans increased by 15.2 per cent YoY to Rs 90.3 Lakh crore as of March 2024. Consumption Lending includes home loans, personal loans, two-wheeler loans, auto loans, consumer durable loans and credit cards....
Hindujas’ acquisition of RCap hits tax dues hurdle, BFSI News, ET BFSI
Mumbai: Hinduja-owned IndusInd International Holdings' (IIHL) ₹9,861-crore acquisition of Anil Ambani-promoted Reliance Capital has hit another roadblock, with the Mauritius based company saying the final payment to creditors would have to be adjusted for more than...
Delhi High Court directs Axis Bank to review questionable debit freeze, ET BFSI
The Delhi High Court has instructed Axis Bank to treat the writ petition as a formal representation from the petitioner concerning the operation of their bank account. The court ordered the bank to make a reasoned decision within 15 days, after conducting a hearing...
Financial services sector must grow 20 times towards $30 trillion GDP goal by 2047: Report, ET BFSI
Mumbai, In order to achieve a $30 trillion GDP by 2047, India will require a 20 times growth in the financial services sector, with banks playing a pivotal role, a report showed on Thursday.Future growth will require $4 trillion of capital base in banks, one-third of...
Satin Creditcare Network raises Rs 120 cr in a securitization deal with HSBC India, ET BFSI
Kolkata: Microfinance company Satin Creditcare Network has raised Rs 120 crore in a securitization deal with HSBC India.The transaction was concluded with a coupon rate of 9.30%, the company said Wednesday. The deal involved issuance of pass-through certificates (PTC)...
Bank of India launches new FD tenure, Star Dhan Vriddhi, with higher interest fixed deposit rates, ET BFSI
Bank of India has revised its fixed deposit (FD) interest rates for amounts less than Rs 3 crore and launched a new special fixed deposit tenure with higher interest rates. The revised FD rates are effective from September 1, 2024.Aadhaar free update, new credit card...
Banks ready list of 3,000 entities involved in fraudulent practices, ET BFSI
New Delhi: Banks have drawn up a long list of around 3,000 entities involved in fraud that they will share and update on a real-time basis amid a spike in banking frauds, people familiar with the developments said. The list includes lawyers, builders, and gold loan...
AU Small Finance Bank submits application to RBI for voluntary transition to universal bank, ET BFSI
Kolkata: AU Small Finance Bank has formally made an application to the Reserve Bank of India for voluntary transition to universal bank, the bank announced Tuesday."We wish to inform (you) that the bank has submitted an application to the Reserve Bank of India to seek...
Recovery rate drops to 32%, timelines continue to increase, ET BFSI
The overall recovery rate till Q4FY24 was 32.10% implying a haircut of approximately 68%. The cumulative recovery rate has been on a downtrend, decreasing from 43% in Q1FY20 and 32.06% in Q1FY25 as larger resolutions have already been executed and a significant number...
SMFG India credit eyes AUM growth after capital infusion, BFSI News, ET BFSI
Sumitomo Mitsui Financial Group (SMFG), Japan's second largest bank with close to $2 trillion in assets has taken full control of its non banking finance company (NBFC) SMFG India Credit Co (SMICC) increasing its stake to 100% after infusing Rs 1,300 crore this...
Pwc, BFSI News, ET BFSI
New Delhi [India], September 4 (ANI): The number of credit cards in India is expected to reach 200 million with a CAGR of 15 per cent, highlighted a report by PwC.The report stated that the credit card industry has experienced significant expansion, doubling the...
Education loan AUM of NBFCs to top Rs 60,000 crore this fiscal, ET BFSI
Education loans, primarily those to fund courses overseas, will continue to be among the fastest-growing segments for non-banking financial companies (NBFCs) because of rising demand for higher education.After robust growth of over 80% and 70% in fiscals 2023 and...
Four financial and investment schemes for women launched by the government in India, ET BFSI
The government of India has launched many schemes for the empowerment of women. Last year, in Budget 2024, the Mahila Samman Scheme was launched for women investors and girl children. Sukanya Samriddhi was launched in 2015 as a part of the Beti Bachao Beti Padhao...
BlackSoil Capital and Caspian Debt announce share swap merger, Creating AUM of INR 2,000 Crore, ET BFSI
BlackSoil Capital, an alternative credit provider, and Caspian Debt, an impact investment lender, on Wednesday, announced a strategic merger through a share swap. This decision has received unanimous approval from their respective Boards of Directors and the combined...
Centralised system to enable pension withdrawal from any bank across India from Jan: Mandaviya, ET BFSI
New Delhi, Pensioners under Employees' Pension Scheme 1995 run by retirement fund body EPFO will be able to get pension from any bank or branch across India from January, Labour Minister Mansukh Mandaviya said on Wednesday. Mandaviya, who is also the chairperson of...
RBI DG highlights ‘huge addressable market’ in MSME lending; What data says?, ET BFSI
Michael Debabrata Patra, Deputy Governor of Reserve Bank of India has highlighted potentional addressable market for banks, FinTechs and NBFCs in terms of MSME lending.He said that the overall finance demand of India’s MSMEs is around US$ 1,955 billion, and out of...
Which banks offer the best fixed deposit rates for 1-year FDs? Check list, ET BFSI
Highest Fixed Deposit Interest Rates: A fixed deposit (FD) is a financial instrument that allows individuals to invest a predetermined sum of money for a specific duration. The tenure of the fixed deposit can be chosen by the investor, providing flexibility in...
Flipkart Fashion head set to join Angel One as CBO, BFSI News, ET BFSI
Representative ImageMumbai-based stock broking company Angel One is set to appoint Arief Mohamad as its new chief business officer, two people in the know said.Mohamad has already put in his papers at Flipkart, where he was heading the fashion vertical, the second...
ICRA predicts dip in NBFC-MFIs’ AUM growth to 17-19% in FY2025, ET BFSI
Rating agency ICRA on Wednesday said the evolving asset quality risks will dampen sectoral growth and earnings in the current fiscal, and expected the NBFC-MFIs’ AUM growth to dip to 17-19% in FY2025 from 29% in FY2024.Notably, in its recent report, ICRA highlighted...
Loan-to-deposit ratio to subside on its own in coming months: Motilal Oswal, ET BFSI
New Delhi [India], September 4 (ANI): Amid questions on the depleting loan-to-deposit ratio in Indian banks, a recent report by Motilal Oswal, a financial service company suggests that the loan-to-deposit (LD) ratio is likely to subside on its own in the coming...
Rupee’s decline capped by central bank’s recent behaviour, ET BFSI
Indian rupee declined on Tuesday.The Indian rupee declined on Tuesday, tracking weak Asian peers, but the central bank's repeated intervention at current levels in the recent past meant that the losses were fairly limited.The rupee was at 83.9475 to the U.S. dollar at...
HDB Financial Services taps global I-Banks for IPO, BFSI News, ET BFSI
HDB Financial Services, the non-banking finance arm of HDFC Bank, is in talks with Bank of America Securities, Morgan Stanley and Nomura to shortlist advisors to a proposed initial public offering (IPO), said people aware of the development. More banks may come on...
There is noticeable resurgence of dealmaking in 2024: Sanjay Singh, ET BFSI
BNP Paribas, the biggest French lender, is looking to expand its India client base, step up the ticket size of loans and take a strategic bet on the country. Sanjay Singh, CEO and head of territory, BNP Paribas India, also confirmed the bank has recently received a...
PSBs lose market share in credit as private banks gain ground: RBI, ET BFSI
Public Sector Banks (PSBs) have continued to lose ground in India's credit market, with their share in total credit declining to 53.1% as of June 2024, down from 55.8% a year earlier, according to the Reserve Bank of India's (RBI) latest quarterly data. In contrast,...
Credit growth slows across banks, may drop to 12.5% in FY25, BFSI News, ET BFSI
Systemic loan growth will decelerate to 12.5% in FY25, with private banks and public sector banks (PSBs) expected to see reduced growth rates, driven by a continued slowdown in unsecured retail lending and weaker corporate credit demand.The high credit-deposit (CD)...
Here’s all you need to know about the initiative, ET BFSI
Union Minister Shivraj Singh Chouhan on Tuesday launched the AgriSURE Fund and Krishi Nivesh Portal in New Delhi. The AgriSURE Fund aims to support those start ups that works towards the development in agriculture-boosting ideas and plans. Through this, the government...
India’s AU Small Finance Bank seeks cenbank nod for universal bank license, ET BFSI
BENGALURU - India's AU Small Finance Bank has sought approval for a universal bank license from the country's central bank, the lender said on Tuesday. In April, the Reserve Bank of India released a set of criteria that small lenders needed to meet to become universal...
AU Small Finance Bank submits application to RBI for voluntary transition to universal bank, ET BFSI
Kolkata: AU Small Finance Bank has formally made an application to the Reserve Bank of India for voluntary transition to universal bank, the bank announced Tuesday."We wish to inform (you) that the bank has submitted an application to the Reserve Bank of India to seek...
NPA provisions continue to rise sequentially in Q2 amid seasonal weakness, ET BFSI
The aggregate loan loss provisioning by publicly listed banks in the June quarter increased to a four-quarter high led by a select banks including public sector banks (PSBs) such as State Bank of India (SBI) and Central Bank of India and private sector banks such as...
Sebi study finds 54% of IPO shares allotted to investors sold within a week, ET BFSI
New Delhi, A study by markets regulator Sebi highlighted flipping behaviour among investors in the initial share-sale market with investors (excluding anchor) selling 54 per cent of IPO shares allotted to them by value within a week. The study found a strong...
How PM Mudra Yojana is transforming lives in Uttar Pradesh, ET BFSI
Lucknow, The Pradhan Mantri Mudra Yojana is benefitting a large chunk of people in Uttar Pradesh, as more than 11 lakh residents have received loans to the tune of Rs 11,000 crore in the financial year 2024-25 alone. The penetration of the Central government scheme...
Payment aggregators to develop centralised database to combat rising fraud, ET BFSI
In response to the growing incidence of payment fraud, payment aggregators are planning to establish a centralized "negative database" to track and prevent fraudulent transactions. This initiative aims to create a repository containing information on fraudulent...
HDFC Bank, ICICI Bank, SBI, Kotak, Axis lead list of banks with top m-cap, ET BFSI
~ Samriddhi Singh MaharAccording to latest data by the Bombay Stock Exchange, released on the last week of August, private banks HDFC Bank and ICICI Bank and public sector bank SBI lead the race in list of banks with highest market capitalisation.While various metrics...
Sebi member Bhatia, ET BFSI
The financial sector needs a detailed and joint approach to address various challenges faced by MSMEs, Sebi Whole-Time Member Ashwani Bhatia said on Monday. In a special address on 'Unlocking the True Potential of MSMEs: Financing Options' session at the Financing...
List of all bank hirings in September, BFSI News, ET BFSI
IDBI Bank, Union Bank, Bank of Baroda, Indian Overseas Bank and MP Apex Bank have declared vacancies for multiple positions in their organizations. Candidates are advised to submit their applications within the given deadline. Vacant positions and last date to apply:...
15% uptick in overall outstanding loans in July 2024, ET BFSI
The BFSI sector recorded a steady credit with strong growth in overall outstanding loans increasing by approximately 15 per cent on a yoy basis in July, 2024. Deposit growth picked up yoy and is likely to see further uptick in the current rising interest rate regime....
Sanjiv Bajaj just set his sights on the ‘HDFC of the future’, BFSI News, ET BFSI
Bajaj Finserv's chairman Sanjiv Bajaj is setting his sights on developing an "HDFC of the future" through Bajaj Housing Finance, ToI reported on September 3. According to the report (by Mayur Shetty), this comes after HDFC's reverse merger with its banking subsidiary...
Here’s the full list, ET BFSI
The month of September will have as many as 16 bank holidays as per the list of holidays released by the Reserve Bank of India (RBI). The month will observe festivities like Ganesh Chaturthi, Onam and more.These closures include weekend holidays, national festivals,...
SK Finance, Belstar Microfinance, Transrail Lighting gets Sebi’s go ahead to float IPOs, ET BFSI
New Delhi, Vehicle finance and business loans-focused non-bank lender SK Finance, Muthoot Finance's microfinance arm Belstar Microfinance and Transrail Lighting have received Sebi's go ahead to float initial public offerings (IPOs), an update with markets regulator...
India’s Bajaj Housing Finance targets $7 bln valuation in IPO, ET BFSI
BENGALURU, Sept 3 - India's Bajaj Housing Finance is targeting a valuation of 582.97 billion rupees ($6.94 billion) through its $782 million initial public offering, a term sheet showed on Tuesday.The home loan financing unit of Bajaj Finance has set a price band of...
India Post Payments Bank disbursed over Rs 45,000 cr in DBT in last 7 years, ET BFSI
New Delhi:India Post Payments Bank (IPPB) has successfully disbursed over Rs 45,000 crore in Direct Benefit Transfers (DBT) to beneficiaries under various government schemes, said the Ministry of Communication while marking IPPB's seventh Foundation Day on...
MUFG open to any opportunities it may have in India: Masakazu Osawa, ET BFSI
Mitsubishi UFJ Financial Group (MUFG), Japan's largest mega bank with close to $3 trillion in assets, last week placed its biggest bet in India: It doubled an existing investment with a further commitment of ₹4,712 crore on DMI Finance. Masakazu Osawa, Asia Pacific...
Corporate credit picks up in July 2024; personal, vehicle loans drop, ET BFSI
Credit to industry experienced a sharp rise of 10.2% year-on-year (Y-o-Y) in July 2024, up from 4.6% in July 2023, indicating strong economic growth, according to data from the Reserve Bank of India (RBI).Non-food bank credit also saw an increase, growing by 15.1% in...
Who can use it and more, ET BFSI
State Bank of India (SBI) has launched a new design for its FASTag which aims to reduce the travel time for commuters. According to a press release dated August 30, 2024, "The bank has introduced a new design for SBI FASTag in the Vehicle Class (VC-04) category. The...
Fund houses to ask Sebi to cut maturity time for AT-1 bonds, BFSI News, ET BFSI
Mumbai: Mutual funds plan to request the Securities and Exchange Board of India to relax maturity norms for additional tier-1 bonds to encourage fund houses to invest in these relatively high-yielding debt instruments that banks issue to shore up equity capital."The...
Want to open a bank locker? How to choose, eligibility, cost, other details, ET BFSI
A bank locker is a safe place to store valuable items, such as jewellery, important documents and other precious assets. Here’s how one can open a bank locker.Choosing the right bankMost banks offer lockers, but availability may vary. It’s advisable to choose a bank...
Personal loans grow 14% driven by cards & gold, BFSI News, ET BFSI
MUMBAI: Credit card dues have emerged as the fastest-growing segment among sectors that account for over 1% of total bank loans as of July end. Outstanding credit card balances grew 22% year-on-year to nearly Rs 2.8 lakh crore. The fastest growing segment in personal...
FSIB selects Rama Mohan Rao Amara for MD of SBI, BFSI News, ET BFSI
New Delhi, FSIB, the headhunter for directors of state-owned banks and financial institutions, on Monday recommended Rama Mohan Rao Amara for the position of managing director of State Bank of India (SBI). Amara is currently Deputy Managing Director of the bank. He...
HDFC Bank dominates credit cards market, SBI leads in debit cards in July’24, ET BFSI
India's largest public sector lender, the State Bank of India, remained the front runner in the Debit cards market, holding a whopping 24 per cent market share in July 2024 while in credit cards HDFC Bank maintained the top position with a 21 per cent market share,...
HDFC Bank has taken ‘temporary break’ from its Apple iPhone partnership, bank says ‘you can judge the quality of relationship by …’, ET BFSI
HDFC Bank has temporarily suspended its partnership with Apple, citing cost-to-income considerations. The move comes after a five-year collaboration that offered exclusive cashback and EMI benefits to HDFC Bank credit card holders on Apple products.Parag Rao, Group...
Sachin Seth appointed as Regional Managing Director, India and South Asia at CRIF, ET BFSI
CRIF S.p.A. on Monday announced its newest senior appointment, Sachin Seth as Regional Managing Director, India and South Asia.Sachin will report to Marco Benvenuto, Senior Advisor at CRIF Group. According to the company, he aims to drive growth by utilizing the CRIF...
Personal loan sees 14% growth; cards, gold major factors behind surge, ET BFSI
As of July's end, credit card dues emerged as the fastest-growing sector among those accounting for over 1% of total bank loans, increasing 22% year-on-year to nearly Rs 2.8 lakh crore, ToI reported on September 2. Loans against gold jewellery, however, grew the...
Wealth Management industry AUM could hit $ 1.8 trillion in next 4-5 years; 360 ONE top pick, ET BFSI
Wealth management in India is experiencing rapid expansion, becoming one of the fastest-growing sectors within the financial services industry.This growth is fuelled by the country's robust economic development and a rising number of ultra-high-net-worth individuals...
Bajaj Housing Finance Rs 6,560-crore IPO to open on September 9, ET BFSI
Bajaj Housing Finance is set to float its much-awaited Rs 6,560-crore initial share-sale for public subscription on September 9. The initial public offering (IPO) will conclude on September 11 and the bidding for anchor investors will open for a day on September 6,...
Bank of India launches new FD tenure, Star Dhan Vriddhi, with higher interest fixed deposit rates, ET BFSI
Bank of India has revised its fixed deposit (FD) interest rates for amounts less than Rs 3 crore and launched a new special fixed deposit tenure with higher interest rates. The revised FD rates are effective from September 1, 2024.Aadhaar free update, new credit card...
India’s foreign exchange reserves hit record high, BFSI News, ET BFSI
India's foreign exchange reserves reached a new all-time high of $681.688 billion, $7.023 billion more than the previous record of $674.919 billion, according to the latest data released by the Reserve Bank of India's latest data. The forex in 2024 alone increased by...
MD Girish Kousgi, ET BFSI
Mumbai: Carlyle-backed PNB Housing Finance aims to close FY27 with an affordable category loan book of ₹15,000 crore, the mortgage lender's chief executive told ET, underscoring the role these high-yield exposures would play in driving growth. The category now...
Indian banks’ body to seek easing of proposed norms for retail deposits, sources say, ET BFSI
The Indian Banks' Association is likely to ask the central bank to reduce the amount of additional funds lenders will need to set aside against some retail deposits and also seek a delayed and gradual implementation of the proposal, seven sources told Reuters.The...
Deposit and lending rates rise sequentially in July, BFSI News, ET BFSI
In a likely impact of the nudge given by RBI to banks to focus on deposit growth, both deposit and lending rates increased sequentially in July according to the latest data on lending and deposit rates of commercial banks released by the Reserve Bank of India. The...
Retail, services loans slow as RBI measures make banks cautious, ET BFSI
The impact of Reserve Bank's regulatory measures cautioning and restricting banks on loans to NBFCs and unsecured lending is seen on lending patterns of commercial banks.While loans to services and retail which were holding on to the banking sector's loan book are...
RBI imposes Rs 2.68 cr penalty on UCO Bank, BFSI News, ET BFSI
Reserve Bank of India on Friday said it has imposed a penalty of Rs 2.68 crore on UCO Bank for contravention of certain provisions, including on opening of current accounts, interest rate on deposits and frauds classification. The RBI has also imposed a penalty of Rs...
Axis chief aims at ultra personalisation, ET BFSI
"We want each customer to feel like they are the only one we’re serving. Personalisation is the key to achieving this vision. Axis Bank has invested heavily in technology, with 15 AI pilots currently running,” stated Amitabh Chaudhry, CEO, Axis Bank.These are...
Mastercard launches payment passkey service in India, enhancing online payment security, ET BFSI
Mastercard has made the global debut of its Payment Passkey Service, a pioneering solution designed to enhance the security and convenience of online shopping, in India. The service was unveiled at the Global Fintech Fest in Mumbai and is being piloted with major...
PE-VC investments reach around $20 billion till Aug CY2024, BFSI News, ET BFSI
CHENNAI: With 579 deals, India's private equity-venture capital (PE-VC) investments reached nearly $20 billion between Jan and Aug this year (CY2024). However, it is less by $4 billion when compared with the corresponding eight-month period of CY2023 at $24...
Jio Financial to launch home loans soon, BFSI News, ET BFSI
Jio Financial Limited (JFL), the financial services arm of Reliance Industries Ltd., is in the final stages of launching its home loan products, currently being rolled out in beta mode, according to the company's management at its first annual general meeting...
SBI introduces 3 new offerings to ease payments for commuters, ET BFSI
The State Bank of India (SBI) on Friday introduced three new offerings targeting the daily commuters.These include the MTS RuPay NCMC prepaid card, which provides an offline payment solution; the One View mobile app, a one-stop solution to manage all SBI NCMC prepaid...
RBI data, BFSI News, ET BFSI
Mumbai, Bank credit to industry strengthened significantly at 10.2 per cent in July 2024 compared with 4.6 per cent in the year-ago month, the Reserve Bank said on Friday. Credit to agriculture and allied activities remained robust, registering a growth of 18.1 per...
Axis Bank, Indian Bank eye infra bond route for fund-raise next month, ET BFSI
Axis Bank and Indian Bank are likely to raise funds worth up to Rs 9,000 crore through the sale of infrastructure bonds next month, as lenders continue to rely on debt issuances to mobilise funds amid a slower pace of deposit growth than credit growth.Private sector...
Are banks open or closed this Saturday, August 31st?, ET BFSI
Banks in India are closed on the second and fourth Saturdays of the month, as well as on Sundays and other regional and national holidays, per the guidelines set by the Reserve Bank of India (RBI).Saturday, August 31st: Are banks open on the fifth Saturday of the...
The scramble for India’s retail investor, ET BFSI
India's largest lender, SBI, hopes that the stock market, which has been in a long bull run, corrects. SBI managing director Ashwini Tewari on Wednesday said a correction in the equity markets "over time" can help banks get back the deposits they have ceded. "As the...
Icra, BFSI News, ET BFSI
Liquidity coverage ratio (LCR) of banks is set to decline as the share of wholesale deposits is set to rise with the relative share of retail deposits declining. This will require banks to deploy deposits in high quality liquid assets (HQLA) than credit which could...
How does FedNow, the US payment system, compare with India’s UPI?, ET BFSI
While India's Unified Payments Interface (UPI) is the foremost payment system in the world, the US FedNow is a relatively new system. Both aim to modernize financial transactions, but their approaches and technologies reflect the distinct needs and infrastructures of...
Union Bank report, ET BFSI
Liquidity in the Indian banking system has seen a significant decline this month says a research report by the Union Bank of India. It says the banking liquidity has fallen to Rs 0.95 lakh crore as on 28th August from a peak of Rs 2.86 lakh crore.The report highlights...
MFIs record 22.8% spike in AUM, East & North-East dominate geographically, ET BFSI
Representational imageThe Non-Banking Financial Company-Microfinance Institution (NBFC-MFIs) have witnessed 16.4% spike in the number of client to 4 crore as on 30 June, 2024 as compared to the last year, the MFIN Micrometer said. The Asset Under Management (AUM) of...
A closer look at India’s deposit-credit growth gap. Is RBI to blame?, ET BFSI
It's been the third year running that deposit growth in India has lagged in credit growth. As of July, deposit growth has been 10.5%, while credit growth is over 13%. Deposit pricing has remained stickily high for banks but not high enough on a tax-adjusted basis for...
In India, banking access extended to population equalling EU: PM Modi, ET BFSI
Prime Minister Narendra Modi on Friday highlighted the development posted by the Indian banking sector and said there was a time when in rural areas it used to take more than a day to access a banking service. “In the past decade, we’ve connected a population the size...
Bank unions want old pension scheme back after govt unveils UPS, ET BFSI
Bank staff unions are set to raise the demand for the restoration of the Old Pension Scheme (OPS) in their upcoming meeting with the Indian Banks’ Association (IBA). This move comes shortly after the central government announced the Unified Pension Scheme (UPS) for...
GST department penalises Yes Bank; levies penalty of Rs. 24 Lac, ET BFSI
The Yes Bank has been penalised by Goods and Services Tax (GST) department, Maharashtra raising demand for disallowance of input tax credit (ITC) along with interest and levy of a penalty of Rs. 24,92,978/-. The penalty is in accordance with Section 73 of the Central...
Jan Dhan accounts has propelled financial inclusion from 25 pc in 2008 to over 80 pc now, ET BFSI
New Delhi [India], August 28 (ANI): The Pradhan Mantri Jan Dhan Yojana (PMJDY) which completed ten years of its implementation on Wednesday has had a profound impact on every corner of the country.The scheme launched in 2014, has proven to be the foundation stone in...
Is there a nationwide bank strike today? Check if banks are open or closed today, August 28?, ET BFSI
On August 19, 2024, the All India Bank Employees Association (AIBEA) had called for a nationwide strike today, August 28, which could impact banking services and transactions nationwide. CH Venkatchalam, General Secretary of AIBEA, has tweeted about the same from his...
Deposit growth outpaces credit growth in August after RBI risk weights and comments, ET BFSI
Credit growth is trending down and continues to converge with deposit growth on an annual basis.Credit offtake increased by 5.8% compared to December 2023, to reach Rs. 168.8 lakh crore as of August 9, 2024, while deposits rose at 6.2% compared to December 2023 and...
Canara Bank’s Tier I bond sale paves way for more issues, SBI may follow suit, ET BFSI
Canara Bank's successful issuance of Basel-III compliant tier-I bonds marks a significant moment for the bond market, potentially paving the way for other banks to follow suit.The bank raised Rs 3000 crore through these bonds at a coupon rate of 8.27%, demonstrating...
Foreign lenders lured by rare stake sales in India banks, but tighter rules weigh, ET BFSI
Talks to sell majority stakes in two Indian banks have attracted interest from foreign peers in Japan and the Middle East betting on a fast-growing economy, but tighter regulations and valuation concerns could curb their appetite, analysts and sources say.The rare...
Union Bank freezes accounts of state-run telecom firm MTNL over non-payment of dues, ET BFSI
Union Bank of India has frozen all accounts of state-run telecom company MTNL for non-payment of dues, a regulatory filing said on Wednesday. Union Bank of India informed the company on August 21 about freezing of all its accounts over non-payment of loans,...
Banks offering cheapest interest rates for home loans up to Rs 75 lakh, ET BFSI
A home represents stability, wealth, and a portion of one's aspirations for many Indians. Most of the people use home loans to fulfill this desire. There are two types of interest rates for home loans: fixed and floating.Note that many loan interest rates are linked...
ESAF Bank launches INORI-RuPay Credit Card, BFSI News, ET BFSI
New Delhi, ESAF Small Finance Bank has launched the INORI RuPay Platinum Credit Card, a premium financial product designed in collaboration with the National Payments Corporation of India (NPCI) to offer cardholders exclusive benefits and privileges. "The card's name,...
SEBI issues notice to Religare Ent’s Rashmi Saluja, ET BFSI
The Securities and Exchange Board of India has issued a show cause notice to Religare Enterprises chairperson Rashmi Saluja in connection with its investigation into alleged violations of insider trading regulations, people familiar with the matter said.The...
India’s Axis Bank likely to issue infra bonds in September, sources say, ET BFSI
By Siddhi Nayak and Dharamraj DhutiaMUMBAI - India's Axis Bank is set to join several other lenders in raising funds through infrastructure bonds and may announce the issue in September, three sources, including two merchant bankers, said.The Indian government's...
Paytm shares rally 5% on getting govt nod for downstream investment in payments arm, ET BFSI
Paytm shares jumped 5% on the BSE in Thursday's early trade, reaching a high of Rs 565, after the company received approval from the finance ministry to invest in its payment services business.After this approval, the payment services business, Paytm Payments Services...
Latest HDFC Bank, IDFC FIRST Bank credit card rules effective from September 2024, ET BFSI
HDFC Bank has modified the loyalty program for specific credit cards. IDFC FIRST has made major changes to its credit card payment terms, such as the minimum amount due (MAD) and payment due date. The updated regulations will take effect on September 1, 2024.A...
Senior Citizen Fixed Deposit rates: Top 5 senior citizen bank FDs
Top Senior Citizen Bank Fixed Deposits: Bank fixed deposits are the go-to savings option for risk averse investors. Most banks offer a higher interest rate on bank fixed deposits to senior citizens.Senior citizens can usually benefit from an additional 0.50 percent...
Shriram Finance to raise up to $1.5 billion from overseas, CEO says, ET BFSI
Indian non-banking lender Shriram Finance plans to raise up to $1.5 billion from the overseas market in the current fiscal year in a bid to diversify borrowings, its chief executive told Reuters on Tuesday."We are targeting to raise anywhere between $1.25 billion to...
SBI MD hopes market correction over time will get funds back to banking system, ET BFSI
Mumbai, SBI Managing Director Ashwini Tewari on Wednesday said a correction in the equity markets "over time" can help banks get back the deposits it has ceded. He also said the country's largest lender is betting on the small-ticket Prime Minister Jan Dhan Yojana...
How will the Unified Pension Scheme impact India’s finances?, ET BFSI
The newly announced Unified Pension Scheme (UPS) is set to increase the fiscal deficit by 15 basis points (bps) to 5.1% for the financial year 2025 (FY25), up from the budgeted 4.9%, according to a recent report by the Macquarie Group. The report estimates that the...
Aditya Birla Capital Digital Launches DigiGold Gifting, Family Health Scan and SIMPLiNVEST at GFF 2024, ET BFSI
NewsVoirMumbai (Maharashtra) [India], August 28: Aditya Birla Capital Digital Limited ("ABCDL"), the digital-first arm of India's leading financial services conglomerate, Aditya Birla Capital, today, announced the launch of a suite of three new product offerings -...
Will strive to make SBI most valued financial institution: Chairman Setty, ET BFSI
New Delhi, State Bank of India (SBI) will strive to become the most valued financial institution and also increase its net profit, the lender's new Chairman, C S Setty said on Wednesday as he asserted that this is India's decade. Soon after taking charge of the...
How UPI can become a global remittance channel as envisaged by RBI Governor Shaktikanta Das, ET BFSI
The Unified Payments Interface (UPI), India’s pioneering digital payment system, has the potential to transform into a global remittance channel. RBI Governor Shaktikanta Das has highlighted UPI’s potential to offer a more efficient and cost-effective alternative to...
Fusion Finance likely to face short term challenges amid rising credit costs, lower collection efficiency, ET BFSI
The stock of Fusion Finance (formerly Fusion Microfinance) has gained over 9% in three trading sessions to August 28 following the company’s announcement on exchanges that the Odisha State Tax department has dropped the show cause notice issued in May directing the...
Sailing SBI from Covid to 2nd largest profit-maker, ET BFSI
SBI Chairman Dinesh Kumar Khara retires Dinesh Kumar Khara, also called the ‘profit king’ as he led the State Bank of India (SBI) to impressive achievements during his tenure, retires on Wednesday. Khara’s tenure has been marked by extraordinary financial performance,...
Women are more likely to adopt digital financial services when introduced by local agents or women community influencers, ET BFSI
Mumbai (Maharashtra) [India], 28 August (ANI): Nalin Bansal, Chief Relationship Management at the National Payments Corporation of India (NPCI), speaking at the Global Fintech Festival 2024 on Wednesday, emphasized that only 25 per cent of payment users are women,...
Shriram Capital appoints Subhasri as its managing director & CEO, ET BFSI
Chennai, Subhasri's journey with Shriram Group began in 1991 as an officer in the non-banking finance business and in her over three decades of service she played a pivotal role in the company's growth and expansion, a press release said on Wednesday. "We are...
Deposit rate hikes higher than lending rates since RBI began tightening, ET BFSI
The tightening of monetary policy has led to a more significant increase in term deposit rates compared to lending rates. Since May 2022, the Reserve Bank of India's (RBI) monetary policy committee (MPC) has raised the policy rate by 250 basis points (bps). This has...
How many accounts opened, avg deposit & RuPay cards issued?, ET BFSI
10 years of PMJDY: How many accounts opened, avg deposit & RuPay cards issued?The Pradhan Mantri Jan Dhan Yojana (PMJDY), one of the largest financial inclusion initiatives, has completed its 10 years on August 28. Launched by Prime Minister Narendra Modi in 2014...
Heatwave, elections caused a sequential squeeze in India’s microfinance sector, ET BFSI
Kolkata: The severe heat wave in North India and the two-month long general elections have led to a sequential squeeze in the country's microfinance sector for the first time in 12 quarters with the sector's outstanding gross loan portfolio shrinking to Rs 4.33 lakh...
RuPay credit card reward point rules from September 1, ET BFSI
The National Payments Corporation of India (NPCI) has directed all banks issuing RuPay credit cards to ensure that the rewards points, benefits, features and other offers should not be lower for RuPay Credit Cards on UPI transactions. This directive by NPCI is...
Finarkein Analytics raises $4.75 million in funding from Nexus Venture Partners, others, ET BFSI
Data analytics firm Finarkein Analytics has raised $4.75 million in a pre-series A funding round led by Nexus Venture Partners. Existing investors IIFL Fintech Fund and Eximius Ventures also participated in the round, along with angel investors like Nitin Gupta of Uni...
L&T Finance Limited penalised for excess claim of input tax credit, ET BFSI
The L&T Finance Limited has been penalised Rs. 28 Lakh under Section 73 of the Central Goods and Service Tax Act, 2017 by the Deputy Commissioner of State Tax, Special Circle, Patna, Bihar, according to the exchange filling.The penalty is levied on the violations...
Spurt in travel spurs credit card spends overseas, BFSI News, ET BFSI
Overseas credit card spending increased more than prepaid payment instruments (PPIs) and debit cards over the past two years due to a spurt in travel after the easing of travel restrictions after the Covid-19 pandemic and higher reward points given by card issuers....
Banks are closed for 15 days in September; check complete state-wise holiday list, ET BFSI
In September 2024, banks will remain closed for 15 days in various states, including the second and fourth Saturdays as well as Sundays. The Reserve Bank of India (RBI) releases a monthly list of bank holidays to ensure that customers are not inconvenienced and can...
Yes Bank ousts its country head of financial markets Amit Sureka, ET BFSI
Yes Bank on Tuesday relieved Amit Sureka from his duties as the country head of its financial markets division.The lender, in a statement, did not mention the reason for Sureka's removal.Sureka, based in the lender's Mumbai branch, had joined Yes Bank in 2005.Yes...
Muthoot Microfin secures $15 million from Triple Jump, nears $35 million deal with BlueOrchard, ET BFSI
Muthoot Microfin has finalised a deal with Dutch development finance institution Triple Jump to raise $15 million in non-convertible debentures, while it is in advanced stage of discussions to raise another $35 million from Swiss impact investor BlueOrchard even as...
HSBC ramps up funding corpus for tech startups to $600 million from $250 million, ET BFSI
HSBC India has expanded its funding programme for local tech startups to $600 million as the UK-based bank bets on robust growth in the sector, which would prompt more and more firms to opt for global exposure, a senior executive said to ET.“What the bank decided five...
India Shelter Finance Corporation Limited Receives Upgraded Credit Rating from ICRA, ET BFSI
Gurugram, Haryana, India (NewsVoir) India Shelter Finance Corporation Limited, a one of the premier housing finance companies announces that ICRA Limited has upgraded the credit ratings of its Non-Convertible Debentures (NCD) and term loans. The rating for India...
report, BFSI News, ET BFSI
Cobranded credit cards are expected to account for about 25% of the Indian credit card market in terms of issuances by the end of FY28, growing at a compound annual growth rate of 35-40%, according to a report by fintech startup Hyperface and consultancy firm...
India’s Shriram Finance plans to raise up to $1.5 billion from overseas, CEO says, ET BFSI
BENGALURU -Indian non-banking lender Shriram Finance plans to raise up to $1.5 billion from the overseas market in the current fiscal year in a bid to diversify its borrowings, its chief executive told Reuters on Tuesday."We are targeting to raise anywhere between...
Small finance banks credit growth expected to slow down to 26% this fiscal, ET BFSI
Growth in small finance banks (SFB) is expected to slow down by a few percentage points to 26% this fiscal, from 28% in previous fiscal, as these banks are likely to explore alternate non deposit avenues to fund credit growth, said a report by Crisil.This estimates...
Convin secures $6.5 million in funding for expansion plan, BFSI News, ET BFSI
Convin, an AI-powered conversation intelligence platform, has raised $6.5 million in a funding round led by India Quotient.The money will be used for expanding the Bengaluru-based company’s core team and distribution channels, its chief executive, Ashish Santhalia,...
Yes Bank ties up with Newtap Finance to Offer Financing Solutions, ET BFSI
Private sector lender Yes Bank, has entered into a co-lending partnership with Newtap Finance to provide personalised financing solutions to creditworthy individuals on CRED.Dreamplug Technologies Private Limited (DTPL), which operates CRED, will serve as the Lending...
How TapFin is opening the funding tap for startups in sustainability space, ET BFSI
The focus on sustainability has in the past couple of years led to the rise of startups working to mitigate climate change. Mumbai-based sustainable financing platform TapFin is working on removing the financial barriers of these startups and also promoting more...
Reliance Home Finance, Reliance Power shares hit lower circuit limits, ET BFSI
New Delhi: Shares of Anil Ambani-led group firms -- Reliance Home Finance Ltd, Reliance Power and Reliance Communications -- hit their lower circuit limits on Monday as investors continued to desert the counters after markets regulator Sebi barred the industrialist...
Banks leaning on CDs for near-term funding needs, ET BFSI
Mumbai: With deposit mobilisation becoming a challenge, Indian banks are relying heavily on certificates of deposit (CDs) to meet their near-term funding needs, according to central bank data.In July, CDs issued by banks grew by more than 38% year-on-year to ₹4.3 lakh...
Domestic banks and NBFCs increase exposure to Adani Group to 36% of total debt, ET BFSI
Domestic banks and non-banking financial companies (NBFCs) now account for 36% of the Adani Group's total debt mix, having raised their exposure to the group by around 500 basis points through 2023-24, data showed. Debt at the Indian conglomerate rose on account of...
Banks up tech hiring with RBI pushing for enhanced risk management, ET BFSI
As India’s central bank steps up the emphasis on financial sector stability, banks are beefing up their technology teams and enhancing IT spending, as cybersecurity concerns and the need for AI-led services are increasingly becoming core to the sector.Even as overall...
Earn High Interest Rates with NBFC Fixed Deposits on Bajaj Markets, ET BFSI
HT SyndicationNew Delhi [India], August 26: Bajaj Markets, an online financial marketplace, offers a wide range of Fixed Deposits (FDs) through its partnerships with some of the leading Non-banking Financial Companies (NBFCs) in India. It allows investors to...
Latest HDFC Bank, IDFC FIRST Bank credit card rules effective from September 2024, ET BFSI
HDFC Bank has modified the loyalty program for specific credit cards. IDFC FIRST has made major changes to its credit card payment terms, such as the minimum amount due (MAD) and payment due date. The updated regulations will take effect on September 1, 2024.A...
REC to fund JNPA projects up to ₹45000 crore; MoU covers development of Vadhavan Port, ET BFSI
Rahul Dwivedi, Executive Director, REC, signed the MoU with Unmesh Sharad Wagh, Chairman, JNPA, in New Delhi on Monday.REC Ltd, Maharatna PSU under Ministry of Power and a leading NBFC, signed an MoU with Jawaharlal Nehru Port Authority (JNPA) for financing upto...
Small Savings Schemes: 6 new rules from October 1 for PPF, NSS, Sukanya Samriddhi Yojana & other schemes
Small Savings schemes latest news: The Ministry of Finance's Department of Economic Affairs has issued guidelines for regularizing irregularly opened accounts under the National Small Savings (NSS) schemes through Post Offices. These changes were announced in a...
Reliance Capital lenders move NCLAT over IIHL’s payment delay, ET BFSI
The secured lenders of Reliance Capital have moved the National Company Law Appellate Tribunal seeking to modify the tribunal's order to include interest on the delayed payment by Hinduja Group-owned IndusInd International Holdings (IIHL).The committee of creditors of...
HDFC Bank partners with Zeta for its credit line on UPI offerings, ET BFSI
HDFC's association with Zeta includes working together on PayZapp, the Bank’s payments app, the acceptance of which continues to grow at a very rapid pace.Zeta, a provider of next-gen banking technology to financial institutions globally, on Monday announced its...
Jio Financial Services gets nod to raise foreign investment limit to 49%, ET BFSI
Jio Financial Services Ltd Sunday said it has received approval from the Department of Economic Affairs to increase its aggregate limit of foreign investment (including FPIs) to 49% of the paid-up equity share capital on fully diluted basis.Foreign investors currently...
An initiative to connect MSMEs globally, ET BFSI
Representative ImageThe Union Government has recently initiated the creation of Trade Connect ePlatform, an initiative that aims to connect the Indian enterprises, specially the MSMEs to global platform.Union Minister of State for Commerce and Industry, Jitin Prasada...
Banks to remain closed in these states today, ET BFSI
This Monday the banks will remain closed in certain states across India due to Janmashtami. The festival varies differently from state to state, hence some states will not observe a holiday on 26th August.The following are the states where the banks will be closed...
Financing platform Velocity commits Rs 400 cr to fuel festive growth for digital brands, ET BFSI
Velocity founders -Abhiroop Medhekar, Atul Khichariya, and Saurav Swaroop New Delhi: In anticipation of a significant surge in festive season demand, debt financing startup Velocity has set aside Rs 400 crore to support digital-first brands with their inventory,...
60-65 per cent of India’s household gold loans market still untapped, goes to unorganised market: Jefferies, ET BFSI
New Delhi [India], August 25 (ANI): The gold loan market in India remains largely untapped. According to a report by investment banking and capital market firm Jefferies organized gold financiers account for just 5-6 per cent of the country's household gold tonnages...
Decline in loan to deposits ratios in banks is because of lower money creation by RBI and substantial increase in banks profits: Nomura, ET BFSI
New Delhi [India], August 26 (ANI): The decline in loan-to-deposit ratios (LDR) within the banking system has been attributed to lower money creation by the Reserve Bank of India (RBI) and higher profits accrued by banks over the past two years, according to Nomura...
NITI Aayog conducts study to transform Mumbai into a global financial hub, ET BFSI
New Delhi [India], August 24 (ANI): NITI Aayog conducted a study to make Mumbai and its adjacent areas a "global financial hub" and double the metropolis' GDP in the next five years, the policy body said on Saturday.The policy body said in a post on the social media...
How is it different from National Pension Scheme, ET BFSI
NEW DELHI: The Cabinet on Saturday approved the Unified Pension Scheme (UPS) for 23 lakh central government employees. The UPS ensures that all central government employees receive 50 per cent of their last drawn salary from the past 12 months as pension who have...
Which banks offer the best fixed deposit rates? Check List, ET BFSI
Bank Fixed Deposit Rates: Which banks offer the best FD rates? Which are the top 5 bank fixed deposits? Bank Fixed deposits or FDs are a favored investment option for risk-averse investors. Financial experts suggest that the present high interest rate environment may...
Why banks need to innovate to bridge credit-deposit gap, BFSI News, ET BFSI
India's banking sector is witnessing one of its best times in terms of profitability and asset quality, but the lagging deposit growth has emerged as a pain point in the last year or so. With bank credit growth continuing to outpace deposit growth, banks will have to...
HDFC Bank rejects MUFG’s $2 billion cheque for NBFC arm, BFSI News, ET BFSI
The largest foreign direct investment (FDI) proposal in financial services in the country—involving the biggest banks in Japan and India by market capitalisation—is now dead.The board of HDFC Bank on Wednesday rejected a proposed $2 billion purchase of a 20% stake in...
Are banks open or closed this Saturday, August 24?, ET BFSI
Private and public sector banks in India are closed on the second and fourth Saturdays of every month, as well as on Sundays, national and regional holidays, according to the Reserve Bank of India (RBI). Additionally, banks will be open on the first, third, and fifth...
HDFC Bank, ICICI Bank, SBI among 12 ‘buy’ ideas from brokerages post Q1 results, ET BFSI
While the banking sector witnessed a moderation in the April-June quarter earnings at around 10% with most banks reporting contraction in their margins and credit cost going up, brokerages remain positive on this sector. ETMarkets brings 12 stocks with buy ratings and...
ex-RBI deputy governor, ET BFSI
Former deputy governor of Reserve Bank of India (RBI) S S Mundra on Friday said that partnership between banks and fintech companies is a win-win proposition. Speaking at the foundation day lecture of private lender Bandhan Bank, Mundra said that data security and...
Which banks offer the best fixed deposit rates? Check List, ET BFSI
Bank Fixed Deposit Rates: Which banks offer the best FD rates? Which are the top 5 bank fixed deposits? Bank Fixed deposits or FDs are a favored investment option for risk-averse investors. Financial experts suggest that the present high interest rate environment may...
HSBC aims to duplicate its British wealth business, plans to reach among top five in UK banking, ET BFSI
HSBC’s head of wealth and personal banking, Jose Carvalho said that the bank is eyeing one of the top five positions in the United Kingdom supported by its global presence to attract customers in more than one market or who are from overseas. "International...
Centre moots NBFC under Sagarmala to tide over shipping woes, BFSI News, ET BFSI
The shipping ministry has proposed to launch a non-banking finance company (NBFC) under its Sagarmala initiative to meet the financing needs of the shipping and shipyard sectors, two senior officials familiar with the matter said.The finance ministry is currently...
Are banks open or closed today?, BFSI News, ET BFSI
Private and public sector banks in India are closed on the second and fourth Saturdays of every month, as well as on Sundays, national and regional holidays, according to the Reserve Bank of India (RBI). Additionally, banks will be open on the first, third, and fifth...
Rupee strengthens marginally, closes at 83.93 vs US dollar, BFSI News, ET BFSI
The Indian rupee strengthened marginally versus the US dollar on Friday and closed at 83.89/$1, due to mild corporate inflows into the domestic market.The local currency was stronger by 6 paisa, ending at 83.89 versus the US dollar, as against its previous close of...
Religare confirms ED raids on its senior officials, BFSI News, ET BFSI
Financial servicec provider Religare on Friday confirmed that the Enforcement Directorate (ED) had raided the residences of its top officials, including Dr. Rashmi Saluja, Executive Chairperson, Mr. Nitin Agarwal, Group CFO, Mr. Nishant Singhal, Group General Counsel...
Banks won’t send pre-debit notifications for these two types of recurring payment e-mandates, ET BFSI
The Reserve Bank of India (RBI) has announced that there will not be any pre-debit notification on auto-replenishment of FASTag and NCMC, as and when the balance falls below the preset limit.In its monetary policy meeting held in June 2024, the RBI announced the...
Banks, financial stocks suffer Rs 15,000 crore shock from FIIs. Should you go against the wind?, ET BFSI
Amid worries related to the timing of Fed rate cuts, foreign institutional investors (FIIs) pulled out Rs 14,790 crore from financial stocks in the first fortnight of August and chose to raise exposure to defensives like healthcare, FMCG and consumer services.As...
Scrutiny on top-up loans ensure money used for productive purposes: Lenders, ET BFSI
The Reserve Bank of India (RBI) Governor Shaktikanta Das has recently asked the banks and NBFCs to be well-advised to review top-up housing loans and gold loans. He said the entities to be aware of the practices and also take remedial action.The Governor observed that...
Leveraging the “zero tolerance” approach from the aerospace industry to fortify financial institutionsin India, ET BFSI
(Credits - Producer: Nilanjana Mookherjee & Vishal Oza; Video Editor: Jasmeet Rayat)India has emerged as the one of the fastest growing economies in the world, propelled by a competitive business environment and technology-led innovation. The country’s financial...
India’s ‘sweet spot’ lures bond funds amid global market turmoil, ET BFSI
Global funds have poured money into India’s debt market for 14 weeks in a second streak of buying this year, evidence of the country’s appeal amid the ructions of worldwide financial markets.With the prospect of interest rate cuts on the horizon and the rupee treading...
ED conducts searches on premises of Religare’s Rashmi Saluja, other officials, ET BFSI
Mumbai: The Enforcement Directorate (ED) conducted searches earlier this week at multiple premises linked to the senior officials at Religare Enterprises (REL), including its chairperson Rashmi Saluja, and seized several documents, official sources told ET. Among the...
SBI able to support loan growth, lower deposit growth not a challenge: Dinesh Khara, ET BFSI
Amid concerns over the continuing gap between deposit and loan growth, SBI Chairman Dinesh Khara on Friday said it is not posing any challenges for the country's largest lender as it is able to support the uptick in advances. The bank is unwinding a part of its excess...
RBI cancels registration of UP-based Margdarshak Financial Services over payment defaults, ET BFSI
Mumbai, The Reserve Bank of India (RBI) has cancelled the registration of Lucknow-headquartered Margdarshak Financial Services Ltd over high net NPAs and defaults on repayment to lenders. As on March 31, 2021, the company failed to maintain the minimum regulatory net...
FM Sitharaman urges SIDBI, Rural Regional Banks to ensure credit to MSMEs, ET BFSI
New Delhi [India], August 23 (ANI): Union Finance Minister Nirmala Sitharaman reiterated the Government's commitment to expand banking services for the benefit of small entrepreneurs.She emphasized this during an interaction with MSME (Micro, Small, and Medium...
Repco Bank gives ₹19.08 cr towards dividend to Union minister Amit Shah, ET BFSI
Repco Bank officials hand over a cheque for ₹19.08 crore towards dividend to Union Home Minister Amit Shah in New Delhi on Friday.Repco Bank handed over a cheque for ₹19.08 crore towards dividend to Union Home Minister and Minister of Cooperation Amit Shah in New...
Rupee weakens to 83.95 against US dollar on local demand, rising dollar index, ET BFSI
The Indian rupee weakened moderately on Thursday and ended at 83.952 versus the US dollar due to dollar demand from local banks and corporates. A moderate rise in the dollar index also added to the weakness in the rupee.The local currency ended weaker by 3 paisa,...
Sebi bans Anil Ambani, 24 other entities from securities market for 5 years, ET BFSI
Markets regulator Sebi has barred industrialist Anil Ambani, 24 other entities, including former key officials of Reliance Home Finance from the securities market for five years for diversion of funds from the company. Sebi has imposed a penalty of Rs 25 crore on...
Tata Power Solar Systems, ICICI Bank tie up to finance solar units, ET BFSI
New Delhi, Tata Power Solar Systems Ltd (TPSSL) has signed an agreement with ICICI Bank to provide financing for solar units to residential and corporate customers. As part of the agreement, the customers can avail themselves of loans up to Rs 90 lakh with...
Insurance and mutual funds to be soon available on ONDC, BFSI News, ET BFSI
The Open Network for Digital Commerce (ONDC), the aggregator platform that runs on open-source technology, is set to launch insurance and mutual fund products in the next two months and will partner MasterCard for credit cards. ONDC also launched six-minute digital...
Piramal Finance enters into co-lending partnership with Central Bank of India, ET BFSI
Piramal Capital and Housing Finance Limited and Central Bank of India have announced on Friday a strategic partnership to expand their co-lending business.The collaboration will provide loans to middle and low-income borrowers, focusing on middle and low-income...
Yes Bank offers for Agriculture and Food Businesses, ET BFSI
Leveraging on a firm national footprint with around 350 operational branches crosswise India, Yes Bank takes a step ahead to provide comprehensive financial solutions for MSMEs involved in the Agri and Food business. Different loan & finance plans offered under...
What are ONDC’s financial services expansion plans?, BFSI News, ET BFSI
The Open Network for Digital Commerce (ONDC), a government-backed initiative to enhance e-commerce penetration in India, is expanding its financial services venture. After successfully launching its digital lending platform, ONDC is now gearing up to offer sachetised...
Bank credit to NBFCs slows as RBI’s risk weight hike takes effect, ET BFSI
Bank credit to non-banking financial companies (NBFCs) has significantly slowed down following the Reserve Bank of India's (RBI) decision to increase risk weights on such loans last year. According to RBI data, the growth in bank loans to NBFCs dropped to 8.5% in...
Kotak Mahindra Bank to outperform Nifty, says JM Financial, BFSI News, ET BFSI
With Kotak Mahindra Bank having fallen from its previous swing high from 1,870 level to a swing low of 1,729 level, domestic brokerage firm JM Financial sees the bank stock outperforming the Nifty50 index in ratio trade.Kotak Bank has managed to move above the...
Asian equities climb ahead of central bank events: Markets wrap, ET BFSI
Stocks in Asia edged higher ahead of key events from the Federal Reserve and the Bank of Japan that will help define the global rates trajectory.The MSCI Asia Pacific Index climbed 0.2% as benchmarks in Japan, Australia and South Korea rose. That came after the...
S&P Global Market Intelligence, ET BFSI
Dividend growth at some of India's largest banks is expected to slow after surging in the fiscal year ended March 31, as per an analysis by S&P Global Market Intelligence. The anticipated slowdown comes as the rising cost of deposits and heightened competition for...
NCLT approves delisting of ICICI Securities, dismisses petition by minority shareholders, ET BFSI
The Mumbai bench of the National Company Law Tribunal (NCLT) on Wednesday approved the delisting application of ICICI Securities from the stock exchanges and also rejected objections filed by minority shareholders. The NCLT in an oral order approved the Scheme of...
Bandhan Bank aims to raise women customer base, BFSI News, ET BFSI
Kolkata, Private lender Bandhan Bank on Thursday said it plans to raise the customer base of women by launching products specifically tailored for them. The bank launched a women-specific debit card in collaboration with Mastercard with facilities like accident...
FPIs sell off big in financial services sector in August, BFSI News, ET BFSI
Foreign investors dumped shares in financial services companies worth ₹14,790 crore during the first-half of August. This is the highest selling by FPIs across sectors in this period. These investors sold shares worth ₹28,642 crore across 15 sectors between August 1...
8. Why deposits not keeping up with loans needs a rethink on tax front
Finance minister Nirmala Sitharaman’s call to state-run banks to step up deposit mobilisation has put the spotlight on an issue RBI has flagged in recent weeks.
Tax breaks are India’s lure as green debt misses bond frenzy, ET BFSI
India is making new efforts to ignite interest in its green debt as the category misses out on a torrent of foreign flows into local sovereign bonds.The nation will allow the trading of sovereign green debt from its newest finance hub in Prime Minister Narendra Modi’s...
NBFCs beat high cost of funds by increasing rates and reducing dependence on bank loans, ET BFSI
After facing persistent increase in funding costs non-bank lenders are looking at newer avenues of raising capital. Experts say that increasingly non-banks are diversifying away from bank lending and increasing proportion of higher yielding segments in their book."To...
Banks won’t send pre-debit notifications for these two types of recurring payment e-mandates, ET BFSI
The Reserve Bank of India (RBI) has announced that there will not be any pre-debit notification on auto-replenishment of FASTag and NCMC, as and when the balance falls below the preset limit.In its monetary policy meeting held in June 2024, the RBI announced the...
Gold loan market projected to double in 5 years to Rs 14.19 lakh crore: PwC India, ET BFSI
India's organised gold loan market is projected to double in next five years to Rs 14.19 lakh crore despite expected moderation in growth due to stricter regulations, said a PwC India report. In fiscal 2023-24, the organised gold loan market demonstrated substantial...
MUFG doubles down on DMI Finance investment with $334 million bet, ET BFSI
Japanese banking giant Mitsubishi UFG Financial Group (MUFG) has invested Rs 2798 crore ($334 million) in Delhi based digital lending company DMI Finance Pvt Ltd in yet another example of increasing appetite from Asia's second largest economy in India's financial...
Are banks open or closed on Monday, August 26?, ET BFSI
Banks will be closed in a few states for three days in a row starting this Saturday, August 24, 2024. Some states will observe a bank holiday on Monday, August 26 in observance of Krishna Janmashtami. Therefore, it is important for bank customers to verify if there is...
SEBI moots changes to debenture trustee norms, BFSI News, ET BFSI
New Delhi, Markets regulator SEBI on Wednesday proposed certain changes to regulations related to debenture trustees. A consultation paper has been issued to provide clarity on the term 'pecuniary relationship' of Debenture Trustee (DT) with the issuer under the...
CCI nod sought for merger of Tata Motors Finance with Tata Capital, ET BFSI
Tata Capital Ltd (TCL) has sought the Competition Commission of India's (CCI) approval for its proposal to absorb Tata Motors Finance Ltd (TMFL).In a filing with the antitrust regulator last week, the company said: "The proposed transaction involves the merger of TMFL...
Foreign banks await Fed speak on ‘soft or hard’ landing to gauge pace of India bond flows, ET BFSI
Foreign investment in Indian bonds has held firm amid global headwinds that have roiled markets and prompted overseas players to sell local stocks. Going ahead, what will determine whether local bonds turn into overseas favourites or see some volatility is the reasons...
Rupee dips; forward premiums rise amid near certainty on Fed rate cuts, ET BFSI
By Nimesh VoraMUMBAI, - The Indian rupee was marginally weaker on Thursday amid a pause in the rally in Asian peers, while forward premiums rose after Federal Reserve minutes and downward revisions to U.S. payrolls made it almostThe rupee was quoted at 83.9425 to the...
Offering healthcare benefits can help MSMEs attract and retain top talent, ET BFSI
MSMEs struggle with a variety of issues because of lack of access to finance, technology and raw materials. Talent availability is also a problem, and one of the barriers in employee development and retention is the absence of health insurance coverage.“Historically,...
Indian banks’ borrowings inching towards Rs 10 lakh crore amid credit-deposit gap, ET BFSI
Indian banks saw a significant increase in borrowing through market instruments, surpassing the Rs 9 lakh crore mark as of late July as they struggled to raise funds through deposits. According to data from the Reserve Bank of India (RBI), scheduled commercial banks,...
RBI’s new guidelines may hit investments, growth, but bring transparency, ET BFSI
The Reserve Bank of India's (RBI) recent overhaul of regulations for Peer-to-Peer (P2P) lending platforms is poised to reshape the industry, potentially leading to a decline in new investments and subdued growth. However, lenders and borrowers might benefit from...
The curious case of banking sector performance, BFSI News, ET BFSI
The first quarter earnings season for fiscal year 2025 (Q1FY25) drew to an end. The financial results were quite lacklustre.The overall data from the Nifty 500 Index shows a year-over-year (YoY) revenue growth of 6.6%, an operating profit increase of 3.3% YoY, and a...
L&T Finance partners with Cred to offer fast, unsecured personal loans, ET BFSI
L&T Finance has partnered with Cred to offer unsecured personal loans to Cred members who have high credit score and positive repayment history.L&T Finance (LTF) will be offering these loans with its co-lending partner Newtap Finance, a non bank finance...
S&P Global Market Intelligence, ET BFSI
New Delhi [India], August 21 (ANI): The banking sector in India could face "significant" liquidity risks due to the ongoing widening gap between credit and deposit growth, said S&P Global Market Intelligence.The gap between credit growth and deposit growth at...
Rupee closes higher boosted by inflows, broadly weaker dollar, ET BFSI
The Indian rupee ended stronger on Tuesday, lifted by likely inflows and a slump in the dollar index that helped Asian currencies across the board.The rupee closed at 83.7925 against the U.S. dollar, up nearly 0.1% from its close of 83.87 in the previous session.The...
Problems of over-lending in microfinance surface again, BFSI News, ET BFSI
The fault lines of overleveraging in microfinance has come to the fore again, a little over two years after the Reserve Bank of India brought out the uniform microfinance regulation trying to curb the possibility of it.Leaders in the microfinance sector pointed...
Highest Fixed Deposit Rates: Private vs Public sector banks FD interest rates compared
Highest Fixed Deposit Interest Rates: Fixed deposits (FDs) offered by banks are secure and interest-generating investment options. With FDs, you can expect a guaranteed return on your invested funds, which remain unaffected by market fluctuations. This is the reason...
FDI inflows increase 26% in Q1 amid signs of pickup globally, BFSI News, ET BFSI
NEW DELHI: Foreign direct inflows went up 26.4% to $22.4 billion during April-June, marking the fastest pace of expansion in nearly five quarters, amid signs that cross-border investment is rising globally.Although gross inflows had gone up around 23% in the previous...
evfin partners with River Mobility to offer financing solutions, ET BFSI
evfin to offer River customers loans starting at a competitive interest rate.New Delhi: Greaves Finance Limited, a non-banking financial company (NBFC) and a subsidiary of Greaves Cotton Ltd., has partnered with Bengaluru-based startup River Mobility Private Ltd. to...
Aditya Birla Finance and AU Small Finance Bank Launch Co-branded Credit Cards with Significant Reward Benefits for Customers, ET BFSI
NewsVoirMumbai (Maharashtra) [India], August 21: Aditya Birla Finance Limited ("ABFL"), a wholly owned subsidiary of Aditya Birla Capital, India's leading financial services conglomerate and AU Small Finance Bank Limited (SFB), India's largest small finance bank, has...
NRI deposits surge $4 billion in Q1 in contrast with a 24% drop in outward remittances, ET BFSI
Overseas Indians deposited approximately $4 billion into non-resident Indian (NRI) deposit schemes between April and June FY25, representing a significant 79% increase compared to the same period last year, as per data from the Reserve Bank of India (RBI) released on...
CCI clears Rs 4,630 cr deal between Warburg Pincus, Shriram Housing Finance, ET BFSI
The Competition Commission of India (CCI) has cleared Warburg Pincus' acquisition of Shriram Housing Finance through its affiliate Mango Crest Investment. The deal value was earlier pegged at Rs 4,630 crore.In a statement on Tuesday, the antitrust regulator said the...
SEBI announces expansion to its sustainable finance framework, ET BFSI
The Securities and Exchange Board of India (SEBI) has announced a significant expansion to its sustainable finance framework.It has unveiled plans to introduce a range of new financial instruments including Social Bonds, Sustainable Bonds, and Sustainability-linked...
General Atlantic set to sell up to 5.1% stake in PNB Housing via open market on Wednesday, ET BFSI
Mumbai: General Atlantic is set to sell up to a 5.1% stake in PNB Housing Finance through an open market transaction on Wednesday. According to a term sheet issued by IIFL Securities, General Atlantic Singapore Fund FII Pte will sell 1.33 crore shares at a floor price...
HDFC Bank taps retail bankers as wealth managers amid talent crunch, ET BFSI
Mumbai-based HDFC’s wealth business has about 800 relationship managers serving customers in about 100 cities and townsHDFC Bank Ltd.’s wealth management business is looking to retail bankers to help cover its wealthy clients amid an industrywide talent...
Reforming Delivery in the Financial Services Sector, ET BFSI
Pranesh K Babu, Global Practise Head – Network Managed Services, Sify Technologies Limited Nowadays, where digital transformation has become a mandatory part of every business operation, banks are also on a steady path to building a strong digital ecosystem with...
Aye Finance raises about $25 million from Goldman Sachs (India) Finance, ET BFSI
Kolkata: British International Investment-backed Aye Finance has raised about $25 million from Goldman Sachs (India) Finance, the non-banking unit of Goldman Sachs in India, in a securitisation deal.The deal, valued Rs 212 crore in local currency, was announced...
Banks’ borrowings cross ₹9 lakh crore as credit growth outshines deposits, ET BFSI
Mumbai: Bank borrowing through market instruments has climbed to its highest levels, racing past ₹9 lakh crore and drawing the regulator's attention, as a persistently faster growth rate for credit over deposits compels lenders to rely on alternative fundraising...
Banks tapping alternative sources as deposit growth slows: RBI, ET BFSI
Mumbai, Banks are tapping alternative sources like commercial paper and certificates of deposit as deposit growth lags credit growth, RBI August Bulletin said on Monday. In the primary market, certificates of deposit (CD) issuances amounted to Rs 3.49 lakh crore...
Federal Bank, BFSI News, ET BFSI
Deposit growth is the Indian banking sector’s biggest challenge as customers choose from an increasingly diverse range of investment alternatives, according to Shalini Warrier, retail business head at Federal Bank Ltd. “There is no silver bullet for this,” Warrier...
Yes Bank appoints Sumit Bali to head its retail business, BFSI News, ET BFSI
Bali has almost three decades of experience in retail banking, and worked at Kotak Mahindra Bank before joining Axis Bank, where he worked in multiple rolesBy Ashwin Manikandan and Siddhi NayakBENGALURU/MUMBAI: Indian private lender Yes Bank has appointed veteran...
IndusInd Bank gets RBI nod to set up mutual fund asset management business, ET BFSI
IndusInd Bank has received the Reserve Bank of India’s (RBI’s) nod to set up a mutual fund asset management business. It will be a wholly-owned subsidiary, the bank said in its filing to the exchanges on Monday.RBI has also allowed the private sector lender to infuse...
Bank of Baroda pips PSB peers to bag ₹5,000-crore SAIL loan, ET BFSI
Mumbai: Bank of Baroda (BoB) has pipped larger public and private sector lenders in a keenly contested ₹5,000 crore loan deal for state-owned steelmaker SAIL.BoB's bid at 7.49% for a five-year loan was the lowest and linked to the 364-day treasury bill, people...
Banks offering cheapest interest rates on gold loans, ET BFSI
Gold loans have grown in popularity due to its numerous perks. With a gold loan, which is a secured loan, you can use the value of your gold jewelry or ornaments as collateral to get money. It's an easy and quick option to obtain liquidity without sacrificing the...
Bharat Bandh on August 21; are banks, post offices open tomorrow?, ET BFSI
In response to the recent verdict on SC/ST reservations by the Supreme Court, the Reservation Bachao Sangharsh Samiti has called for a Bharat Bandh on August 21, 2024. There will likely be a large turnout for the bandh, which has the backing of Rajasthan's SC/ST...
Shriram Finance in talks with climate-based funds to raise capital for EV financing, ET BFSI
Mumbai: Shriram Finance, the country’s largest auto-focused, non-bank lender, has begun an initial round of discussions with climate focused private equity funds to raise capital for financing electric vehicles. Currently, the share of EVs in the Rs2.33 lakh crore...
Check which bank is offering lowest car interest rates, ET BFSI
The majority of car buyers finance their purchase with a loan. Having a comfortable car gives you a sense of security and safety, especially on regular commutes. Thanks to low interest rates on auto loans, it's easier than ever to acquire a car. Loan interest rates in...
Mynd IFSC launches M1NXT in GIFT City to push trade finance, BFSI News, ET BFSI
Delhi/ Gandhinagar, 20th August: Mynd IFSC Pvt. Ltd. has received permission from International Financial Services Centres Authority (IFSCA) for commencement of commercial operations of its International Trade Financing Services (ITFS) Platform.Mynd IFSC Pvt Ltd, a...
Small ticket business loans driving Shriram Finance’s MSME growth, ET BFSI
Mumbai: Non-banking finance company Shriram Finance Ltd expects its strong growth in the micro and small enterprises to continue due to demand for small ticket loans from entrepreneurs even as its main commercial vehicle business has undergone a change with...
How the Sumpoorn index is helping banks & policymakers understand MSMEs better, ET BFSI
The goods and services tax (GST) has revolutionised the tax economics of the country by transforming the way policymakers understand the workings of small and medium businesses. Leveraging on this, Hyderabad-based Jocata, a financial technology firm, has created an...
Gold-loan NBFCs shine despite RBI’s cash disbursement restriction, ET BFSI
Non-banking financial companies (NBFCs) focusing on gold loans are expected to see reasonable growth in disbursements this fiscal as demand for credit remains strong. Their growth in the recent past has been underpinned by operational resilience, agility and...
IBPS recruiting for 4455 posts, applications open till tomorrow, ET BFSI
The Institute of Banking Personnel Selection (IBPS) has announced recruitment for 4455 Probationary Officer/Management Trainee positions in six public sector banks across India.The IBPS is accepting applications only till tomorrow, 21st August, 2024. The aspiring...
Indian rupee strengthens amid weaker dollar, falling crude oil prices, ET BFSI
The Indian rupee strengthened versus the US dollar, closing at 83.87/$1on Monday, due to a weaker dollar index and a fall in crude oil prices which softens India's inflation and trade deficit.The rupee closed at 83.87 against the US dollar, versus its previous close...
A Comprehensive Guide to Apply for a Home Loan for First-Time Homebuyers, ET BFSI
How to Apply for a Home Loan: A Comprehensive Guide for Homebuyers Applying for a home loan is the first exciting step in your journey to owning your dream home. In today’s dynamic financial landscape, there needs to be an overwhelming step-by-step guide to the home...
Bank cuts EMIs from Wayanad survivors’ relief aid, sparks row, ET BFSI
WAYANAD: Kerala Gramin Bank has deducted loan EMIs from emergency relief disbursed by state govt to those who survived the July 30 Wayanad landslides. The move has added to the shock of the survivors still grappling with their losses from the disaster that claimed...
Central Bank of India nears deal for FEL’s insurance stakes, ET BFSI
Mumbai: Central Bank of India is on the verge of acquiring Future Enterprises' (FEL) stakes in two insurance joint ventures, as the debt-ridden conglomerate undergoes insolvency proceedings.The state-owned bank is likely to take over Future Enterprises' 25% stake in...
How risk-based premiums for bank deposits can lead to financial system stability, ET BFSI
Deposit insurance plays a crucial role in maintaining the stability of the financial system by protecting depositors in the event of a bank collapse. Traditionally, the Deposit Insurance and Credit Guarantee Corporation (DICGC) in India has charged banks a uniform...
Bank borrowings cross Rs 9 lakh crore mark; lenders face pressure to raise funds, ET BFSI
Banks’ borrowing through market instruments has climbed to its highest levels, jumping past the Rs 9 lakh crore mark, as a persistently faster pace of credit growth than deposit growth compels lenders to rely on other routes to raise funds – a phenomenon that has...
EU banks expect India bond trades to go on, BFSI News, ET BFSI
Mumbai : Four European banks are confident their national regulators will allow them to continue trading ahead of the deadline to stop transacting with India’s sovereign bond clearing house, while recent communications between domestic and Paris-based authorities have...
Chinese stock investors lose a key indicator to gauge sentiment, ET BFSI
London : China may see its first yearly outflow from equities in 2024 — but if and when it happens, investors won’t know from exchange data.That’s because the country’s stock exchanges will stop releasing daily data on overseas fund flows starting Monday, depriving...
TFCI plans to enter Short-Term Retail Lending segment, BFSI News, ET BFSI
New Delhi, Tourism Finance Corporation of India (TFCI), a non-banking finance company, on Monday announced its diversification into retail lending through FinTech platforms and its plans to establish an Alternative Investment Fund. "Partnering with FinTech companies...
Bank deposit growth at all time high, expanded by Rs 61 tln since FY22: SBI Report, ET BFSI
In FY23, all scheduled commercial banks (ASCBs) had registered the highest amount of growth in deposits and credit since 1951-52. Deposits grew by Rs 15.7 lakh crore and credit by Rs 17.8 lakh crore, which has pushed the incremental CD Ratio to 113 per cent. The same...
FPIs pull out Rs 21k crore from equities in August, BFSI News, ET BFSI
NEW DELHI: Foreign investors continued their relentless selling in the Indian equity markets in August, offloading shares worth Rs 21,201 crore due to the unwinding of the yen carry trade, recession fears in the US and ongoing geopolitical conflicts.This came after an...
Tourism Finance Corporation looks to set up alternative investment fund, ET BFSI
New Delhi: Tourism Finance Corporation of India (TFCI) will set up an alternative investment fund as it plans to enter retail lending, said its managing director Anoop Bali.The firm is also exploring ways to raise funds through long-term bonds and debentures, he told...
Banks offering cheapest interest rates on gold loans, ET BFSI
Gold loans have grown in popularity due to its numerous perks. With a gold loan, which is a secured loan, you can use the value of your gold jewelry or ornaments as collateral to get money. It's an easy and quick option to obtain liquidity without sacrificing the...
RBI introduces provisions for ‘Sovereign Green Bonds’, BFSI News, ET BFSI
On August 13, The Reserve Bank of India (RBI) has introduced provisions for 'Sovereign Green Bonds' providing that a person resident outside India who maintains a securities account with a depository in IFSC in India would be able to purchase or sell Sovereign Green...
Credit offtake cools in June 2024 on RBI crackdown on unsecured credit, NBFCs, ET BFSI
Gross bank credit offtake (ex-merger) slowed to 6.4% for the December-June period compared to the growth of 8.1% for the same period last year as RBI announcement on unsecured consumer credit and NBFCs took effect. Meanwhile, credit growth also slowed to 13.9% in June...
FM Sitharaman bats for critical multilateral development banks reforms, ET BFSI
New Delhi: India Saturday made a case for reform in multilateral development banks (MDBs) to allow them mobilise additional funds to help developing countries meet their development needs and address global challenges."It is critical that the financing requests made...
Amid deposit mobilisation challenges, Canara Bank on expansion mode: CEO, ET BFSI
Canara Bank chief executive and managing director K Satyanarayana Raju on Saturday said here that the bank is concentrating on expanding its business by launching new branches as deposit mobilisation has become a challenge in India nowadays. The chief executive noted...
Nisus Finance Services Co Limited Files DRHP With BSE SME, BFSI News, ET BFSI
PNNMumbai (Maharashtra) [India], August 17: Nisus Finance Services Co. Limited (Nifco, the Company), engaged in Fund and Asset Management and Transaction Advisory Services, has filed its Draft Red Herring Prospectus with the BSE SME in preparation for its IPO. The IPO...
Understanding Fixed Deposits and FD Calculation Methods, BFSI News, ET BFSI
Mumbai, Maharashtra, India (NewsVoir) Fixed Deposits (FDs) have long been a preferred investment option among Indian investors, providing a straightforward way to grow wealth with predictable returns. Shriram Finance, a trusted name in the NBFC space, offers investors...
RBI approves former SBI DMD Salee Nair as TMB CEO, BFSI News, ET BFSI
MUMBAI: Reserve Bank of India (RBI) has approved the appointment of former State Bank of India (SBI) deputy managing director (DMD) Salee Sukumaran Nair for a three year term, the bank in a stock market notice.Nair retired from SBI as DMD and chief credit officer...
Karnataka pauses its circular for 15 days after two banks pledge to resolve issue, ET BFSI
BENGALURU: Chief Minister Siddaramaiah on Friday asked the Finance department to keep its August 12 circular asking all departments, universities, PSUs and local bodies to withdraw their deposits from State Bank of India (SBI) and Punjab National Bank (PNB) and end...
Karur Vysya Bank announces lowering of lending rates, BFSI News, ET BFSI
Kolkata: Karur Vysya Bank announced lowering of lending rates on Friday, a day after the country's largest lender State Bank of India made loans costlier.The private sector lender reduced its repo linked external benchmark rate by 15 basis points to 9.90%. The new...
NII, NIM, CRR — what do these key banking terms mean?, ET BFSI
As India's banking sector continues to evolve, understanding the intricacies of banking terminology has become essential for individuals and businesses alike. From NIM to NPA, and CRR to CASA, the world of banking is filled with acronyms and jargon that can leave even...
Gold loan demand rises despite cash based disbursement curbs & price fluctuation, ET BFSI
MUMBAI: The demand for an analysis by rating agency Crisil showed that gold loans grew more than 20% in June over May 2024.Most banks and NBFC have maintained an LTV ratio of 60-65% despite regulatory requirement of 75% which gave them a cushion when gold prices fell...
Bank credit growth slows while deposit expansion lags, intensifying system-wide challenges, ET BFSI
Credit offtake continues to moderate and is converging with the deposit growth highlighting the system-wide challenge in shoring up deposits.Credit offtake increased by 5.3% compared to December 2023, to reach Rs 168.1 lakh crore as of July 26, 2024. Growth in...
What are HDFC Bank stock prospects after MSCI rebalancing?, BFSI News, ET BFSI
The HDFC Bank stock saw a drop after MSCI revealed an increase in weight of the stock below market expectations.The MSCI said that HDFC Bank’s weight in the index will be increased in two phases, with a modest 25 basis points adjustment in the upcoming rebalancing on...
RBI bars NBFC-P2P to flex features like assured returns, liquidity options, ET BFSI
RBIIn a bid to improve the transparency and compliance, the Reserve Bank of India (RBI) on Friday tightened norms for Non Banking Financial Company-Peer to Peer (NBFC-P2P) Lending Platforms. The central bank has issued a set of revised guidelines, a move in response...
SBI-led banks key to IBC case against Jaiprakash Associates, BFSI News, ET BFSI
MUMBAI: State Bank of India (SBI), ICICI Bank and IDBI Bank hold the key to the Jaiprakash Associates (JAL) insolvency resolution with admitted claims of more than Rs 51,000 crore, one of the biggest cases since the Insolvency and Bankruptcy Code (IBC) came into force...
RBI fines Poonawalla, Hinduja for pre-dated interest charge, KYC norms, ET BFSI
RBI fines Poonawalla, Hinduja for pre-dated interest charge, KYC normsTwo key NBFCs faced the heat of the Reserve Bank of India (RBI) as they wered fined by the central bank over violations of fair practices and KYC norms.A monetary penalty of Rs 10 lakh has been...
Canara Bank jumps at opportunity to tap deposits as Karnataka snaps ties with SBI, PNB, ET BFSI
Bengaluru-headquartered Canara Bank has drawn up a strategy and assigned a team of top officials to tap funds the Karnataka Government has decided to withdraw from the State Bank of India (SBI) and Punjab National Bank (PNB) to shore up its deposits.“I held a detailed...
Revised balance sheet, ET BFSI
New Delhi, IL&FS Financial Services (IFIN), a group company of debt-ridden IL&FS Ltd, has incurred a cumulative loss of Rs 5,654 crore for the five-consecutive fiscals -- from FY14 to FY18, according to the revised balance sheet of the firm undergoing...
Mahindra Finance appoints new CBO and CCO, BFSI News, ET BFSI
Mahindra Finance on Friday announced two senior leadership appointments viz. Bijoy Thaplial as the Chief Business Officer – Leasing, Partnerships, and Payments and Mod Narayan Singh as Chief Compliance Officer (CCO). The appointments will reinforce Mahindra Finance’s...
Karnataka suspends transactions with SBI and PNB over alleged embezzlement, ET BFSI
Mumbai/Bengaluru: A day after Karnataka finance department announced its decision to halt all transactions with State Bank of India (SBI) and Punjab National Bank (PNB) over alleged embezzlement of govt funds deposited with these financial entities, both the banks...
What are the minimum balance charges of savings account? HDFC Bank vs ICICI Bank vs PNB vs SBI vs Yes Bank compared, ET BFSI
Maintaining a minimum balance in your savings bank account is important since many banks charge customers in case they fail to maintain a minimum balance. This requirement ensures that account holders maintain a certain level of funds, which helps cover the cost of...
These 8 banks have revised loan interest rates in August, ET BFSI
The Reserve Bank of India (RBI) kept the repo rate unchanged at 6.50 percent at the latest monetary policy meeting. Many lenders have revised their marginal cost of lending rates (MCLR). Under the marginal cost-based lending rates (MCLR) regime, banks modify their...
Real estate creditors see Rs 3.4 lakh crore recoveries under IBC, ET BFSI
The Insolvency and Bankruptcy Code (IBC) has facilitated the resolution of 46% of the insolvency cases admitted in the real estate sector as of June 2024, according to data from the Insolvency and Bankruptcy Board of India (IBBI). Out of 1,400 insolvency cases...
Yes Bank appoints veteran banker Sumit Bali to head its retail business, ET BFSI
Indian private lender Yes Bank has appointed veteran banker Sumit Bali to head its retail business and collections, three sources directly familiar with the matter said on Friday.Bali will join Yes Bank from Aug. 26 and report to executive director Rajan Pental, one...
Shriram Finance in talks with climate-based funds to raise capital for EV financing, ET BFSI
Mumbai: Shriram Finance, the country’s largest auto-focused, non-bank lender, has begun an initial round of discussions with climate focused private equity funds to raise capital for financing electric vehicles. Currently, the share of EVs in the Rs2.33 lakh crore...
Special fixed deposit rates approach 9% as banks rush to raise funds, ET BFSI
Amid slow deposit growth, banks in India are increasingly turning to special fixed deposit (FD) schemes to attract funds. RBL Bank and Bandhan Bank launched new FD schemes this week, offering interest rates as high as 8.8% on tenures of 500 days, and one year and nine...
Gold-loan NBFCs grow in India despite cash disbursement restriction: Report, ET BFSI
New Delhi, Non-banking financial companies (NBFCs) focusing on gold loans are expected to see reasonable growth in disbursements this fiscal as demand for credit remains strong, a report showed on Friday.A CRISIL Ratings analysis of gold-loan NBFCs found that growth...
Lenders losing sleep over RBI’s new strictures, BFSI News, ET BFSI
Mumbai: Bankers are sweating over what is likely to be a tough time in the next fiscal year as the Reserve Bank of India (RBI) is expected to unleash stringent rules, tightening provisioning requirements for project finance, introducing a new expected credit loss...
Here’s the full list, BFSI News, ET BFSI
Banks to be shut for as many as 16 days in September 2024 according to the Reserve Bank of India. This includes the weekend holidays, that is, the second and fourth Saturdays and all Sundays. Internet banking services will continue to be operational during these days....
Karnataka government suspends all dealings with SBI, PNB, BFSI News, ET BFSI
BENGALURU: Close on the heels of back-to-back incidents of alleged embezzlement of public funds, Karnataka govt on Wednesday ordered suspension of all transactions with two public sector banks — State Bank of India (SBI) and Punjab National Bank (PNB) — with immediate...
Global banks’ tech revival sparks hope for $254 billion Indian IT sector, ET BFSI
By Sai Ishwarbharath B and Haripriya SureshBENGALURU - Global banks have started reviving the technology projects they put on ice in 2023, raising hopes for the $254 billion Indian IT sector that makes about a third of its revenue from banking, financial services and...
PM Modi, BFSI News, ET BFSI
New Delhi, Indian banks are among the few banks that are strong globally, owing to major reforms undertaken by his government, Prime Minister Narendra Modi said on Thursday. Addressing the nation from the ramparts of historic Red Fort, the Prime Minister said a strong...
SBI hikes interest rates on these loans by 10 bps; check latest State Bank of India lending rates, FD interest rates, ET BFSI
The State Bank of India (SBI) has increased the marginal cost of funds-based lending rate (MCLR) on loan by 10 basis points (bps) yer again for certain durations. This action will result in higher costs for most consumer loans, such as auto or home loans, for the...
PSU banks’ Q1 results decent, but are valuations supportive of next leg of the rally?, ET BFSI
Despite a decent Q1 performance, PSU bank stocks have struggled over the past month, falling nearly 6% (as of August 13), with concerns over valuations in the overall PSU sector weighing on the market. Experts ETMarkets spoke to anticipate stock-specific action rather...
RBI’s revised deposit norms unlikely to be onerous for housing finance companies, ET BFSI
Deposit-taking housing finance companies (HFCs) are unlikely to face difficulty in complying with the Reserve Bank of India’s (RBI) revised norms for raising public deposits issued on August 12, 2024.A CRISIL Ratings analysis of the 121 HFCs accepting public deposits...
Banks bat for frequent Lok Adalats to settle small-value loans, ET BFSI
New Delhi: Banks have reached out to the government, making a case for more frequent Lok Adalats to be held through Debt Recovery Tribunals, or DRTs, to settle distressed loans out of court. A representation was made by a few public sector banks (PSBs) last month on...
Chennai Metro commuters gets ready-to-use National Common Mobility Card, ET BFSI
Chennai Metro is now set to get instant issuance of ready-to-use mobility card enhancing their travel experience. Ongo, the digital payments platform of AGS Transact Technologies has announced the launch of ‘Ongo Ride’, an instant National Common Mobility Card (NCMC)...
IREDA may set up arm to help finance small biz, retail clients, ET BFSI
Indian Renewable Energy Development Agency Ltd (IREDA), the state-run shadow bank whose shares have risen four-fold since last year's listing, plans to form a subsidiary to help finance small businesses and retail customers seeking to set up rooftop solar and...
Muthoot Finance reports 28% growth in loan AUM, reaching Rs 98,048 cr in Q1 FY25, ET BFSI
The consolidated loan assets under management (AUM) of the gold loan company Muthoot Finance grew 28% Y-o-Y to Rs. 98,048 crores in Q1 FY25 as against Rs. 76,799 crores last year. During the quarter, consolidated loan AUM increased by 10% of Rs. 8,969 crores. The...
Standard Chartered names Aditya Mandloi as Head, Wealth and Retail Banking, India and South Asia, ET BFSI
Standard Chartered Bank on Wednesday announced the appointment of AdityaMandloi as Head, Wealth and Retail Banking (WRB), for India and South Asia.He will be responsible for driving the WRB business in India, Bangladesh, Sri Lanka, and Nepal. Aditya has already worked...
India’s biggest shadow bank Bajaj seeks up to $500 million loan, ET BFSI
India’s largest non-banking finance company by market value is planning to borrow up to $500 million offshore, people familiar with the matter said, the latest shadow financier to seek global funds after stricter regulations limited domestic options. Bajaj Finance...
PSU banks’ Q1 results decent, but are valuations supportive of next leg of the rally?, ET BFSI
Despite a decent Q1 performance, PSU bank stocks have struggled over the past month, falling nearly 6% (as of August 13), with concerns over valuations in the overall PSU sector weighing on the market. Experts ETMarkets spoke to anticipate stock-specific action rather...
Max Life total APE grows by 31 per cent and Profit before Tax by 46 per cent in Q1 FY25, ET BFSI
PRNewswireNoida (Uttar Pradesh) [India], August 14: Max Financial Services Limited has recorded consolidated revenue^ of Rs7,709 crore in Q1 FY25, a 21% growth buoyed by higher investment income. The consolidated revenue excluding investment income at Rs5,235 crore...
Investing in FDs with an NBFC? Check new RBI rules on premature withdrawal, nominations applicable from Jan 1, 2025, ET BFSI
The Reserve Bank of India (RBI) has issued a revised regulatory framework circular relating to HFCs (Housing finance companies) and NBFCs (Non-banking Finance Companies) on August 12, 2024. The revised guidelines include acceptance of public deposits like those...
Banks are intensifying measures to boost deposits amidst sluggish growth, ET BFSI
Amid Finance Minister Nirmala Sitharaman and the Reserve Bank of India's push to banks for raising deposits, banks are ramping up efforts to attract more depositors. To counter the challenge of losing deposits to other avenues such as mutual funds, banks are deploying...
Wise targets India’s $32 billion remittance market after infrastructure upgrade, ET BFSI
Money transfer company Wise is set to re-enter India's lucrative remittance market, estimated at $32 billion, after temporarily halting new customer sign-ups in the country. The London-based firm paused onboarding in recent months to enhance its infrastructure, a move...
RBI approves Tata Capital’s conversion into NBFC ICC from NBFC CIC, ET BFSI
The Reserve Bank of India (RBI) has approved the Tata Capital's conversion from non-banking finance company (NBFC)–investment credit company (ICC) from a NBFC–core investment company (CIC).Last year, the central bank categorised Tata Capital and its parent company...
RBI penalises CSB Bank, Union Bank of India, others, BFSI News, ET BFSI
The Reserve Bank of India on Monday imposed penalties on five entities, including CSB Bank, Union Bank of India and Muthoot Housing Finance for contravention of various regulatory norms. A penalty of Rs 1.86 crore has been imposed on CSB Bank for non-compliance with...
Rana AK Singh takes charge as MD at SBI, BFSI News, ET BFSI
Rana Ashutosh Kumar Singh has taken charge as managing director in charge of the risk compliance department and the stressed assets resolution group at State Bank of India after the government approved his appointment last week.Gajendra Singh Rana, former chief...
SBI aims to sell its Yes Bank stake worth Rs 18,420 cr by end-March, ET BFSI
State Bank of India (SBI), the country's largest lender, aims to strike a deal by end-March for the sale of its 24% stake worth 184.2 billion rupees ($2.2 billion) currently in smaller rival Yes Bank, four sources with direct knowledge said.Japanese lender Sumitomo...
Kotak Bank, BFSI News, ET BFSI
Kotak Mahindra Bank on Monday said Sonata Finance Private Ltd and BSS Microfinance Ltd, both wholly-owned subsidiaries of the bank, at their respective board meetings have approved a scheme of amalgamation. As per the scheme of amalgamation approved on Monday, Sonata...
Public sector banks hike MCLR following RBI Monetary Policy status quo, ET BFSI
Public sector banks, including Bank of Baroda (BoB), Canara Bank, and UCO Bank, have announced an increase in their marginal cost of fund-based lending rate (MCLR) following the Reserve Bank of India's (RBI) recent monetary policy statement. The rate hikes, effective...
RBI announces new regulations for NBFCs regarding deposit withdrawals, ET BFSI
Reserve Bank of India (RBI) has announced new regulations for non-banking financial companies (NBFCs) regarding deposit withdrawals. As per the statement, starting January 1, 2025, NBFCs will be required to return the full deposit amount to depositors within the first...
MSCI to increase HDFC Bank’s weightage in Global Standard Index in 2 tranches, ET BFSI
Global index service provider MSCI today announced that the India’s largest private lender HDFC Bank’s weightage will be increased in its Global Standard Index but in 2 tranches, leading to expected passive inflows of $1.8 billion in the Nifty stock.The long-awaited...
How will RBI’s proposed delegated payments feature in UPI work?, ET BFSI
The Reserve Bank of India (RBI) has announced a new feature for the Unified Payments Interface (UPI) called 'delegated payments." This feature is designed to enhance the reach and usability of UPI across India, particularly in areas where financial literacy is limited...
RBI tightens rules for housing finance companies, BFSI News, ET BFSI
The RBI on Monday issued revised guidelines as part of the phased transition towards tighter regulations for housing finance companies (HFCs) to harmonise them with Non-Banking Financial Companies (NBFCs).The revised regulations shall be applicable with effect from...
Why banks are being told to focus on small deposits
Finance minister Nirmala Sitharaman stressed the importance of mobilising small deposits, which she described as the “bread and butter” of banking operations.
ViewTrade Expands Global Presence with New Office in GIFT City, India and IFSC License, ET BFSI
PRNewswireJersey City (New Jersey) [US]/ Ahmedabad (Gujarat) [India], August 12: ViewTrade Holding Corporation ("ViewTrade") announced, today, the establishment of its newly licensed brokerage and fintech regional headquarters subsidiary, ViewTrade International IFSC...
PSU banks raise loan rates as deposit costs rise, ET BFSI
Public sector lenders Bank of Baroda (BoB), Canara Bank and UCO Bank on Sunday announced an increase in their benchmark marginal cost of fund-based lending rate (MCLR), a day after the Reserve Bank of India (RBI) released its monetary policy statement.BoB and Canara...
Jocata launches One Case Manager enabling Financial Institutions comply by RBI’s single dashboard circular, ET BFSI
VMPLNew Delhi [India], August 12: Jocata, a leading RegTech partner for the BFSI industry announces the pan-India rollout of its industry-first offering called 'One Case Manager'. Jocata One Case Manager comes at a time when RBI circular dated January 2024 directs the...
Check details of Banking Laws (Amendment) Bill, 2024, ET BFSI
Finance Minister Nirmala Sitharaman introduced the Banking Laws (Amendment) Bill, 2024, which includes a proposal to increase the number of nominees allowed per bank account and locker from the current limit of one to four.Bank locker charges 2024: SBI vs HDFC Bank vs...
Wealth management startup Neo Group secures Rs 400 crore from MUFG Bank, Euclidean Capital, ET BFSI
Wealth and asset management startup Neo Group has raised Rs 400 crore (around $47 million) in a fresh equity funding round led by Japanese lender MUFG Bank along with New York-based Euclidean Capital.Peak XV Partners, which had invested around $35 million in October...
IIHL transfers money to creditors in first step to take over Reliance Capital, ET BFSI
IndusInd International Holdings (IIHL), the winning bidder to take over Reliance Capital Ltd has transferred Rs 2750 crore to a designated escrow amount in line with the National Company Law Tribunal (NCLT) directions, one person with the direct knowledge of the...
Centre starts work to restore power of PSBs to issue look-out circulars, ET BFSI
The government and banks have held consultations with attorney general R Venkataramani on restoring the powers of public sector banks (PSBs) to issue look-out circulars (LOCs) against defaulters.Lenders have submitted their arguments and are hopeful of a swift...
Bajaj Finance gets show-cause notice for ‘GST evasion’ of ₹341 crore, ET BFSI
Recently, Bajaj Finance has received a ₹341 crore show-cause notice from the Directorate General of Goods and Services Tax Intelligence (DGGI) alleging tax evasion on loan processing charges, as per an Economic Times report.The consumer finance company faces 100%...
RBI raises concern for top-up home loans, BFSI News, ET BFSI
Recently, The Reserve Bank of India (RBI) has expressed its concern about home loan top-up asking lenders to be vigilant and conduct due diligence while issuing home loan top-up.The allure of top-up housing finance is undeniable, offering additional funds on existing...
CVC Capital Partners pips EQT, set to buy Aavas Financiers for Rs 7,000 crore, ET BFSI
MUMBAI: CVC Capital Partners, one of the largest European private equity groups, has trumped EQT to emerge as the highest bidder for Aavas Financiers (formerly AU Housing Finance).Current promoters of the affordable housing finance company, private equity firms...
Declining bank deposits raise concerns about NBFC’s fund raising capacity: Report, ET BFSI
Amid the concerns of declining deposits at banks, CareEdge Ratings anticipated that the credit-deposit ratios may pose a concern to the Non-Banking Financial Companies (NBFCs)."Bank's credit-deposit ratios raise concerns about NBFCs' ability to secure funds," it...
SBI vs HDFC Bank vs ICICI Bank vs Canara Bank, ET BFSI
IMPS, or Immediate Payment Service, offers a real-time money transfer service accessible 24/7 through multiple channels, including mobile, the internet, branches, ATMs, and SMS. It is a cutting-edge service that enables quick and secure movement of funds between banks...
Bank business tepid in July as deposit growth slows, ET BFSI
Bank business remained tepid in July as both credit and deposits failed to keep pace with last year's levels, the latest Reserve Bank of India data indicates.While deposits rose 10.6 percent year-on-year as of July 26 compared to 12.9 percent in the same period a year...
Are banks open or closed this Saturday, August 10?, ET BFSI
Many individuals keep their bank related work for Saturday; however such individuals should note that banks are open only on the first, third and fifth (incase). Banks are closed on the second and fourth Saturdays of the month.August 2024 bank holidays: Banks are...
Kotak Mahindra Bank appoints Kedarswamy Ravangave as head of marketing for consumer and commercial bank, ET BFSI
Representative imageKotak Mahindra Bank has announced the appointment of Kedarswamy (Kedar) Ravangave as head of marketing for consumer and commercial bank.Ravangave joins Kotak Mahindra Bank from Amazon India, where he was a pivotal member of the leadership team,...
‘After merger in 2022, HDFC faced hostile banking landscape’, ET BFSI
MUMBAI: HDFC Bank MD & CEO Sashidhar Jagdishan said that the banking landscape had changed dramatically after the lender decided to merge parent HDFC with itself in April 2022, but the bank was not apologetic about the decision.In a candid admission of how things...
HDFC Bank will “break-out” from slow loan growth period, BFSI News, ET BFSI
India's largest private sector lender HDFC Bank is undergoing a period of “adjustment” which may lead to slowing down of credit growth, but will “break out” soon, its managing director Sashidhar Jagdishan said on Friday. Jagdishan added that the bank was focused on...
Canara Bank hikes lending rate by 5 bps across tenors, BFSI News, ET BFSI
State-owned Canara Bank on Friday raised the marginal cost of funds-based lending rate (MCLR) by 5 basis points (0.05 percentage point), across tenors, making most of the consumer loans costlier. The benchmark one-year tenor MCLR, which is used to price most consumer...
Kotak Mahindra Bank appoints Kedarswamy Ravangave as head of marketing for consumer and commercial bank, ET BFSI
Representative imageKotak Mahindra Bank has announced the appointment of Kedarswamy (Kedar) Ravangave as head of marketing for consumer and commercial bank.Ravangave joins Kotak Mahindra Bank from Amazon India, where he was a pivotal member of the leadership team,...
FM Nirmala Sitharaman, ET BFSI
New Delhi, Finance Minister Nirmala Sitharaman on Saturday asked banks to come up with innovative and attractive schemes to mobilise deposits. Addressing the media after the board meeting of the Reserve Bank of India, she said that deposits and lending are the two...
SBI vs HDFC Bank vs ICICI Bank vs Canara Bank, ET BFSI
IMPS, or Immediate Payment Service, offers a real-time money transfer service accessible 24/7 through multiple channels, including mobile, the internet, branches, ATMs, and SMS. It is a cutting-edge service that enables quick and secure movement of funds between banks...
Enabling framework needed to help companies issue ESG bonds domestically: RBI official, ET BFSI
Mumbai, There is a need to create an "enabling framework" to help Indian companies issue environmental, social and governance (ESG) bonds locally, a senior RBI official said on Friday. Underlining that capital markets regulator Sebi which looks after the regulations...
How central banks can help in reducing market volatility, BFSI News, ET BFSI
We have seen that the actions of a single central bank can swiftly influence market sentiment, capital flows, and economic stability across multiple countries. Central banks wield immense power to influence the stock market, with their policy decisions acting as...
India’s forex reserves touch a fresh high of $674.9 bn as of Aug 2, ET BFSI
The Reserve Bank of Indias’ foreign exchange reserves touched a fresh high of $674.9 billion in the week ended 2nd August, central bank data showed.The total reserves rose by $7.5 billion and were primarily driven by foreign currency assets which rose $5.1 billion to...
PFC gets ₹1,400 crore loan from Japanese Bank for green business, ET BFSI
Power Finance Corporation has secured a long-term loan of JPY25.5 billion (₹1,400 crore) from the Japan Bank for International Cooperation (JBIC).The loan proceeds will be used to finance a 300 MW wind energy project of Ostro Kannada Power Pvt Ltd in Karnataka. The...
List of PSU banks offering highest FD interest rates in August 2024, ET BFSI
Many public sector banks (PSU) have revised their fixed deposit interest rates in the last two months. PSU banks, also known as Public Sector Banks, are Indian banking in which the government holds more than 50% of the capital.Banks that have revised fixed deposit...
NaBFID set to raise at least Rs 1,000 crore via 20-year bond issue, ET BFSI
Mumbai: The National Bank for Financing Infrastructure and Development (NaBFID), which funds India's infrastructure sector, is raising at least '1,000 crore by issuing a rare 20-year bond, the first of its kind from a development finance institution (DFI) from the...
Sundaram Home Finance eyes Rs 450 cr disbursements in Maharashtra this year, ET BFSI
Sundaram Home Finance has inaugurated its second branch in Pune as it aims to make disbursements of Rs 450 crore in Maharashtra this year, the company said on Friday. The wholly owned subsidiary of non-banking finance company Sundaram Finance Ltd achieved...
Gpay, WhatsApp Pay, PayTM, HDFC Bank app will not be available on this day, ET BFSI
HDFC Bank is undergoing an essential system maintenance due to which UPI services will not be available for three hours on August 10, 2024. The bank sent an email to customers informing them about this scheduled downtime for UPI services.Here is a look at the timings...
Governor Shaktikanta Das warns banks on asset-liability risks, ET BFSI
Reserve Bank of India (RBI) governor Shaktikanta Das has warned banks about asset liability mismatches that could occur if banks raise a higher amount of short-term bulk deposits. He asked banks to be innovative in garnering deposits at a time when households are...
Ashwini Kumar Tewari | SBI: What is SBI doing to resurrect deposit growth? Ashwini Kumar Tewari answers, ET BFSI
Ashwini Kumar Tewari, MD, SBI, says rural growth is coming back, consumption is improving and of course, whether it has reached the levels that we want and whether it is sustainable is something we have to see. But with the agricultural growth doing good and the...
Indian banks need to quell a looming threat as savers flock to stocks, ET BFSI
In what could be music to Indian banks’ ears, deposit growth outpaced credit offtake for the fortnight ending July 12, 2024. The slower credit growth was due to the high base effect and banks' efforts to manage the credit-to-deposit (CD) ratio.Yet, don’t get too...
PFC gets ₹14,800 crore loan from Japanese Bank for green business, ET BFSI
Power Finance Corporation has secured a long-term loan of ₹25.5 billion (₹14,800 crore) from the Japan Bank for International Cooperation (JBIC).The loan proceeds will be used to finance a 300 MW wind energy project of Ostro Kannada Power Pvt Ltd in Karnataka. The...
Nirmala Sitharaman tables Banking Laws (Amendment) Bill, 2024; Here’s what new, ET BFSI
Finance minister Nirmala Sitharaman With an aim to make significant changes to several key banking regulations, the Finance Minister Nirmala Sitharaman on Friday tabled the Banking Laws (Amendment) Bill, 2024, in the Lok Sabha.Notably, the proposed amendments will...
A new red line for rupee is forming as pressure mounts, BFSI News, ET BFSI
The Indian currency tested a series of record lows in recent days but stopped short of crossing that key level on likely intervention by the Reserve Bank of India, according to ANZ Banking Group Ltd. and Nuvama Institutional. Even while emerging-market currencies came...
Piramal Capital gets creditor status in Radius Project’s 5.4-acre Mumbai project, ET BFSI
MUMBAI: The National Company Law Tribunal (NCLT) has affirmed the legality of the charge held by Piramal Capital & Housing Finance on realty developer Radius Estate Projects’ development spread over a prime 5.4-acre land parcel in Santacruz, Mumbai’s western...
Rajan Pental, Executive Director, YES BANK, ET BFSI
YES Bank has been focussing on addressing credit demands of MSMEs and startups. In an interaction with ET Online, Rajan Pental, Executive Director, talks about the various aspects of the lender’s approach to MSME lending and how the bank aims to facilitate seamless...
Rupee rises 8 paise to 83.89 against US dollar in early trade, ET BFSI
Mumbai, Rupee appreciated 8 paise to 83.89 against US dollar in early trade on Friday, supported by a positive trend in domestic equities and a decline in the US dollar index. Forex traders said post the Reserve Bank of India's monetary policy announcement, markets...
Aadhar Housing Finance net profit jumps 37% to Rs Rs 200 crore in Q1 FY25, ET BFSI
Aadhar Housing Finance posted a 37% on year increase in their profit after tax to Rs 200 crore in the first quarter of this fiscal, from Rs. 146 crore a year ago. The total assets under management for the housing finance company stood at Rs. 21,726 crore, a 21% growth...
Canara Bank plans overseas bond issue to raise $300 million, BFSI News, ET BFSI
Public sector Canara Bank plans to raise at least $300 million by issuing bonds to investors abroad as it seeks to shore up its liability franchise amid strong credit growth. The bank has hired Singapore's DBS Bank, Japan's Mitsubishi UFJ Financial Group and France's...
Borrowing costs soften amid rising surplus liquidity in banking system, ET BFSI
Mumbai: The Reserve Bank of India may or may not ease its stance of withdrawing monetary accommodation on Thursday but borrowing costs in the economy have softened nonetheless as a build-up of surplus banking system liquidity has brought down rates on a host of debt...
EMIs to rise further, ET BFSI
HDFC Bank has increased its marginal cost of funds-based lending rates (MCLR), according to its official website on August 8, 2024. The bank has increased the loan interest rates by up to 5 basis points (bps) on certain tenures. HDFC Bank MCLR interest rates will now...
DBS Bank CEO Piyush Gupta to step down in Mar 2025; Tan Su Shan to take over, ET BFSI
Singapore: Piyush Gupta, the Indian origin Chief Executive of Singapore's largest bank DBS Group, will step down in March 2025. He will be succeeded by Tan Su Shan, who was appointed as deputy CEO, in addition to her current role as the group head of institutional...
Rupee slips to record low as pressure from carry trade unwind lingers, ET BFSI
The Indian rupee weakened to yet another all-time on Wednesday, hurt by the continued unwinding of carry trades and on dollar demand from local importers.The rupee fell to its record low of 83.9725 to the dollar before closing at 83.9550, its weakest closing level...
SoftBank books small quarterly profit, unveils $3.4 billion buyback, ET BFSI
Japanese technology investor SoftBank Group said on Wednesday it plans to buy back a hefty $3.4 billion of its shares, answering in part calls from Elliott Management and other shareholders to bolster its stock price.Masayoshi Son's tech behemoth has been under...
FPIs invest $1.40 billion in Indian IT stocks in July, highest since 2022, ET BFSI
Foreign portfolio investors (FPIs) in July made significant investments in Indian IT stocks, purchasing a net worth of 117.63 billion rupees ($1.40 billion), according to data from the National Securities Depository (NSDL).This marks the highest investment since the...
Gpay, WhatsApp Pay, PayTM, HDFC Bank app will not be available on this day, ET BFSI
HDFC Bank is undergoing an essential system maintenance due to which UPI services will not be available for three hours on August 10, 2024. The bank sent an email to customers informing them about this scheduled downtime for UPI services.Here is a look at the timings...
Global financial services firm Charles Schwab picks Hyderabad for development center: Telangana CMO, ET BFSI
Hyderabad (Telangana) [India], August 8 (ANI): Charles Schwab, a global leader in financial services headquartered in Texas, has chosen Hyderabad as the prospective location for its first Technology Development Center in India."We are delighted to announce that...
Private banks struggle with declining CASA ratios as customers shift to fixed deposits, ET BFSI
Private banks are facing a significant decline in their current account-savings account (CASA) ratios as customers increasingly turn to fixed deposits (FDs) for higher interest rates. In the first quarter of the current financial year, private lenders experienced a...
Elon Musk’s X nears launch of payment service with new feature integration, ET BFSI
Social media platform X is reportedly advancing its efforts to introduce a comprehensive payment service. According to recent developments, the platform is working on adding a "Payments" button to its navigation bar, signifying its move towards becoming an "everything...
MFIs seek easier credit rating rules as they gasp for bank loans, ET BFSI
The microfinance sector has clamoured for easy credit rating rules from banks for the micro lenders with less than Rs 500 crore portfolio so that these entities get adequate doses of bank loans to grow their businesses.The small and medium sized micro lenders are...
ICICI Bank leads in pre-sanctioned limits as monthly credit transactions on UPI hit Rs 10K crore, ET BFSI
The National Payments Corporation of India (NPCI) is seeing significant growth in the use of its Unified Payments Interface (UPI) credit feature, with monthly transactions now reaching approximately Rs 10,000 crore. This uptick is primarily driven by the integration...
Investors make Rs 9 lakh crore as bulls return to D-St. 5 factors behind 875 pt Sensex rally, ET BFSI
Benchmark equity indices Sensex and Nifty closed over 1% higher on Wednesday, led by banking, metal and IT stocks, as global markets eased concerns about a US recession.The BSE benchmark Sensex advanced 875 points or 1.11% to settle at 79,468. The broader NSE Nifty...
Kotak’s auto financing arm bets on SUVs and used car business, ET BFSI
Mumbai: Kotak Mahindra Prime, the auto financing arm of Kotak Mahindra Bank, is betting big on the SUV and used car segment to expand its ₹30,000-crore book. The financing company expects the festive season to bring about a revival in the auto segment, which is seeing...
Mizuho plans to say no to Yes Bank deal; it’s SMBC vs Emirates NDB, ET BFSI
MUMBAI: Japanese financial giant Mizuho plans to exit the race for a significant stake in Yes Bank, leaving Sumitomo Mitsui Banking Corporation (SMBC) and Emirates NBD as the two serious contenders in the fray, said people with knowledge of the matter.India’s...
Govt wants sponsor banks to help RRBs upgrade technology, BFSI News, ET BFSI
The government has asked state-run banks to assist their regional rural arms in upgrading their technology and onboarding them to the National Payment Corporation of India's (NPCI) BASE platform that facilitates the direct benefit transfer (DBT) program.Last week,...
Govt appoints Rohit Das as RBI nominee director on board of Canara Bank, ET BFSI
New Delhi, State-owned Canara Bank on Tuesday said the government has nominated Rohit Das as RBI nominee director on its board. The central government vide notification dated August 5, 2024, has nominated Rohit Das as RBI Nominee Director in place of R Kesavan on the...
IDFC First Bank leases 4 entire floors of office space in Mumbai’s Goregaon, ET BFSI
IDFC First Bank has picked up an office spread over four entire floors of a commercial complex in Mumbai’s western suburb Goregaon through a long-term lease of over five years.The rentals for nearly 1.65 lakh sq ft office space in commercial tower Oberoi Commerz III,...
Banks write off loans worth Rs 9.90 lakh cr in last 5 financial years, ET BFSI
New Delhi, Banks have written off loans worth Rs 9.90 lakh crore in the last five financial years, Parliament was informed on Tuesday. During 2023-24, banks loan write off was at Rs 1.70 lakh crore, as against Rs 2.08 lakh crore in the previous fiscal, Minister of...
Restrictions on reward points, transactions that won’t earn points, ET BFSI
HDFC Bank has modified the loyalty program for specific credit cards. The updated regulations will take effect on September 1, 2024. A notification regarding these changes was sent to the relevant customers via email by the bank.New HDFC Bank credit card rules from...
Govt approves appointment of CS Setty as SBI chairman; Rana Ashutosh Kumar Singh to takeover as MD, ET BFSI
Challa Sreenivasulu Setty was appointed as the chairman of the State Bank of India on Tuesday. His tenure will be due to start for three years on or after August 28. The Appointments Committee of the Cabinet approved the decision. The government also appointed Rana...
No need to maintain minimum balance in Jan Dhan, basic savings accounts: FM, ET BFSI
New Delhi, Finance Minister Nirmala Sitharaman on Tuesday said there is no need to maintain minimum balance in Jan Dhan as well as basic savings accounts, and banks impose penalties only in cases where customers fail to maintain a requisite amount in their accounts....
Banks likely to boost AT-1 bond issues after SEBI’s valuation change, ET BFSI
The Securities and Exchange Board of India (SEBI) announced a significant change, stating that the valuation of additional tier-1 (AT-1) bonds by mutual funds will now be based on yield to call. This move, aligning with a long-standing market request, is expected to...
Why banks are offering higher deposit rates despite no fund crunch, ET BFSI
Several large banks have increased their medium-term deposit rates by 15-20 basis points over the last few weeks at a time when system liquidity remains sufficient, and the government expected to release funds after a temporary hold-up due to general elections.The...
Rupee hits record low for third day amid US growth concerns and equity outflows, ET BFSI
The rupee closed at a record low for the third consecutive day due to outflows in Indian equities and risk aversion due to signs of a growth slowdown in the USThe rupee closed at 83.96 versus the US dollar on Tuesday, a new record low, against the previous close of...
How Used Car Finance Apps Are Changing the Car Buying Landscape, ET BFSI
Buying a used car can feel like navigating a maze. The excitement of finding the right vehicle often gets bogged down by the complexities of securing financing. The challenge is not only to find the right car, but also the right financier. No matter the price of the...
PSU banks report over threefold increase in compensation for fraud cases to Rs 140 crore, ET BFSI
Public sector banks have posted a significant rise in compensation payouts for frauds and electronic frauds, with the total amount jumping over three-fold to Rs 140 crore during the fiscal year 2023-24, according to information provided to Parliament on Tuesday....
D-Street investors’ wealth erodes by Rs 22 lakh crore in three days of market crash, ET BFSI
New Delhi, Investors' wealth eroded by a whopping Rs 22 lakh crore in three days of market slump with the BSE benchmark Sensex tanking 4 per cent. In three days, the Sensex tumbled 3,274.48 points or 3.99 per cent. The massive correction came after the benchmark index...
IIFL Finance Q1 profit falls 28 pc to Rs 338 cr, BFSI News, ET BFSI
New Delhi, IIFL Finance on Tuesday posted 28 per cent decline in consolidated profit at Rs 338 crore for June quarter FY25 as RBI imposed ban on its gold loan business. The NBFC had earned a profit of Rs 473 crore in the same quarter a year ago. The Reserve Bank of...
RBI expected to hold repo rate steady in upcoming MPC meeting: Care Edge, ET BFSI
New Delhi [India], August 7 (ANI): Amid the speculations on the policy stance of the upcoming Monetary Policy Committee (MPC), credit rating agency, Care Edge has anticipated a stable repo rate."The stance is anticipated to remain at 'withdrawal of accommodation,'...
Gold prices rebound as consumers rush to buy amid geopolitical tensions, ET BFSI
Consumers are rushing to buy gold, some even placing advance orders, on fears that prices may start rallying again after a recent decline, said jewellers and trade executives. Prices of the yellow metal fell after a customs duty cut in the budget but have since...
Net profit soars 77% YoY to Rs 46 crore, ET BFSI
Grihum Housing Finance, formerly Poonawala Housing Finance, reported a net profit after tax of Rs. 46 crore for the first quarter of this fiscal, up 77% on year. The housing finance company has assets under management of Rs. 8,700 crore, up 33% on year.“Our...
ICICI Bank to target self-employed, scale up its private banking to build deposit base, ET BFSI
Mumbai: India’s second largest lender ICICI Bank is gearing up to target the self-employed individuals, scale up its private banking and wealth management clientele and focus on family offices to build its deposit base. In an interaction with Macquarie Capital the...
Over Rs 177 crore lost on account of ATM/credit card, internet banking frauds, ET BFSI
New Delhi: As much as Rs 177 crore was lost on account of credit, debit card and internet banking frauds in the 2023-24 fiscal, Parliament was informed on Monday. In a written reply to the Lok Sabha, Minister of State for Finance Pankaj Chaudhary said the amount of...
Public sector banks’ NPAs on Mudra loans fall to 3.4 pc in 2023-24: Sitharaman, ET BFSI
Public sector banks' non-performing assets associated with the Mudra loan category have declined to 3.4 per cent in the 2023-24 fiscal, Finance Minister Nirmala Sitharaman said on Monday. This marks an improvement from 4.77 per cent in 2020-21, 4.89 per cent in...
Permitted and prohibited items, bank responsibilities, and locker operations, ET BFSI
Bank lockers provide a secure way to store valuable items, but there are specific guidelines on what can and cannot be kept inside them. The bank is responsible for losses due to its own negligence or fraudulent actions, with compensation up to one hundred times the...
Bank account nominees to be increased to four, amid other key amendments, ET BFSI
The government is set to introduce two key Bills in the Lok Sabha during the week starting August 5. One of these, the 'Banking Laws (Amendment) Bill 2024,' aims to bring substantial changes to banking regulations.The Union Cabinet approved the introduction of the...
ICICI Bank promoting strong compliance culture: Sandeep Bakhshi, ET BFSI
India’s second largest private lender ICICI Bank is promoting a strong compliance culture to ensure balance between risk and rewards, its managing director and CEO Sandeep Bakhshi has said in his annual address to shareholders. The comments by Bakhshi which are part...
Banks write off loans worth Rs 9.90 lakh cr in last 5 financial years, ET BFSI
New Delhi, Banks have written off loans worth Rs 9.90 lakh crore in the last five financial years, Parliament was informed on Tuesday. During 2023-24, banks loan write off was at Rs 1.70 lakh crore, as against Rs 2.08 lakh crore in the previous fiscal, Minister of...
Heist at WazirX sparks security overhaul in Indian crypto industry, ET BFSI
The recent security breach at WazirX, resulting in the theft of over $230 million, has sent shockwaves through the Indian cryptocurrency market, prompting a reassessment of security measures across the industry. The heist, which compromised 45% of WazirX's crypto...
PSU banks’ compensation against fraud rises over three-fold to Rs 140 crore in FY’24, ET BFSI
New Delhi: Public sector banks have reported over three-fold jump in compensation towards frauds or e-frauds reported by their customers to Rs 140 crore during 2023-24, Parliament was informed on Tuesday. The amount of compensation paid by these banks stood at Rs...
Bajaj Housing, Baazar Style among 5 IPOs approved by Sebi, BFSI News, ET BFSI
Capital markets regulator Sebi has approved the public offers of five companies, but also returned the offer document of Sanathan Textiles. The approved IPOs include that of Manba Finance, Baazar Style, Deepak Builders, Diffusion Engineers and Bajaj Housing...
Indian banks’ bad loan write-offs drop to Rs 1.70 lakh crore in FY24, ET BFSI
Write-offs by scheduled commercial banks in India have decreased significantly over the last five years, dropping to just over Rs 1.70 lakh crore at the end of FY 2023-24 from over Rs 2.34 lakh crore in FY 2019-20, marking a decline of more than 27%, according to data...
NITI Aayog to lay out roadmap for deepening of corporate bond market, ET BFSI
NITI Aayog has kick-started holistic research on India’s corporate bond market and will soon firm up its recommendations on ways to deepen the corporate bond market, seen as an alternative to bank finance for borrowers, the Aayog said in its Annual Report 2023-24.“The...
State Bank of India forms a team of 2,000 bankers to attract the rich clients, ET BFSI
State Bank of India (SBI), the largest lender in the country, is giving its wealth management business a renewed push amid a surge in the number of affluent individuals in India. Chairman Dinesh Khara announced in earnings call that SBI is deploying about 2,000...
Sensex crashes 2,223 points; 2nd biggest M-cap loss ever, BFSI News, ET BFSI
MUMBAI: A global market sell-off, triggered by weak employment data in US and fears of large speculative losses in the forex market due to a strengthening Japanese yen, also swept Dalal Street, sending investors into a panic-selling mode on Monday and pulling down the...
DBS Bank India launches exclusive banking program for senior citizens, ET BFSI
DBS Bank India has launched "DBS Golden Circle," a priority banking program for senior citizens. The program, designed for resident Indian citizens aged 60 and above, offers exclusive benefits and services, including attractive interest rates on savings accounts and...
Investors to gain 122%; check SGB redemption price, ET BFSI
The Reserve Bank of India (RBI) has announced that August 5, 2024 shall be the final redemption date for SGB 2016-17 Series I tranche. As per a press release issued by the RBI on August 2, 2024, this SGB completes eight years from its date of issuance and is...
JioFinance goes international, enables app payments in this global tourist destination, ET BFSI
Jio Financial Services has announced the entry of the JioFinance app in the French capital, Paris. "To make it convenient for Indian travellers to transact digitally, JioFinance will enable international payments for buying tickets to visit the Eiffel Tower through...
Banks may offer small loans on UPI against FDs, BFSI News, ET BFSI
Private banks are likely to target new-to-bank customers for credit on UPI against fixed deposits as collateral. Although the National Payments Corporation of India (NPCI) is yet to launch credit-line-on-UPI service, banks have begun working on their...
Deposit crunch forces banks to raise rates, BFSI News, ET BFSI
MUMBAI: Even as analysts are forecasting the monetary policy committee meeting this week to vote for another pause with a rate cut pushed to December, banks have been selectively raising deposits and lending rates.According to SBI chairman Dinesh Khara, markets can no...
Banks’ profits healthy, but margins may shrink and deposits could disappoint, ET BFSI
Mumbai: Banks saw an increase in stress in unsecured retail, micro finance and some rural advances as seasonal impact of the heatwave, election season slowdown and higher risk weights led to increase in slippages during the first quarter. However, analysts do not...
IDBI Bank sells distressed Rs 6151 cr portfolio to Omkara ARC, ET BFSI
IDBI Bank is selling its Rs 6,151 crore legacy stressed asset portfolio to Omkara Asset Reconstruction Company (ARC) in a move that will help the government fetch an improved valuation for the proposed stake sale in the lender, people with knowledge of the matter told...
Utkarsh Small Bank Q1 net surges 28%, BFSI News, ET BFSI
Kolkata: Utkarsh Small Finance Bank's net profit for the June quarter rose 28% at ₹137 crore against ₹107 crore in the year ago period backed by healthy core income growth. This rise in profit was despite higher provisions and contingencies of ₹125 crore against ₹77...
Delhi High Court assigns special CBI court to speed up trial in biggest bank fraud, ET BFSI
New Delhi: The Delhi High Court has designated a special CBI Court to expedite the trial of India's biggest bank fraud. The Central Bureau of Investigation (CBI) has charged Dheeraj Wadhawan, Kapil Wadhawan-promoters of embattled Dewan Housing Finance Ltd (DHFL)-and...
How Rs 60,000 cr losses from F&O give banks hope for a savings revival, ET BFSI
Rs 60,000 crore losses, Sebi crackdown, and a hope for banksAs India shifts its investing habits, the allure of high-risk, high-return options is strong. However, this isn't for everyone, as Indian households are losing about Rs 60,000 crore in derivatives trades in a...
Permitted and prohibited items, bank responsibilities, and locker operations, ET BFSI
Bank lockers provide a secure way to store valuable items, but there are specific guidelines on what can and cannot be kept inside them. The bank is responsible for losses due to its own negligence or fraudulent actions, with compensation up to one hundred times the...
BookMyForex launches zero fee remittance & bundled deals for international students, ET BFSI
BookMyForex, India’s leading online retail foreign exchange platform has announced the launch of the “BookMyForex Student Offer,” designed specifically for Indian students embarking on their studies abroad this academic term. This exclusive offer includes zero-fee...
Leading NBFC Muthoot Capital Bags Rs.100 Crore Impact Funding for Electric Vehicle Portfolio, ET BFSI
Kochi, Kerala, India - Business Wire India Muthoot Capital Services Limited (MCSL), one of India's fastest-growing NBFCs and a publicly traded entity of 137-year-old business conglomerate Muthoot Pappachan Group announces its partnership with UK-based Development...
Public sector banks’ NPAs on Mudra loans fall to 3.4 pc in 2023-24: Sitharaman, ET BFSI
Public sector banks' non-performing assets associated with the Mudra loan category have declined to 3.4 per cent in the 2023-24 fiscal, Finance Minister Nirmala Sitharaman said on Monday. This marks an improvement from 4.77 per cent in 2020-21, 4.89 per cent in...
Avoid aggressive bets as markets may see volatility spike, ET BFSI
Technical analysts advise avoiding aggressive bets until global market conditions stabilise. If Nifty stays below 24,800 and VIX remains above 14.5%, a correction is likely, with key support at 24,540 and 24,210. Stocks like Nykaa, HDFC Bank, Sun Pharma, TCS, GAIL,...
Banks, NBFCs are bound to adopt a restructuring process for MSMEs without following 2015 framework: SC, ET BFSI
The Supreme Court has held that the banks and Non-Banking Financial Companies (NBFCs) are bound to adopt a restructuring process for Micro, Small and Medium Enterprises (MSMEs) on their own without there being any application by the latter, as directed by the Central...
Dinesh Kumar Khara, ET BFSI
Dinesh Kumar Khara, Chairman, SBI, says the bank has to balance the interests of multiple stakeholders and the shareholders are very important stakeholders. The bank has to create value for them and that is the reason SBI always wants to grow but not at the cost of...
DIIs close in on FIIs in high-stakes battle, BFSI News, ET BFSI
The gap between foreign institutional investors (FIIs) and domestic institutional investors (DIIs) in corporate ownership in India shrank to a record low of 115 basis points in the April-June quarter, according to data from primeinfobase.com.A basis point is a...
Reliance Capital administrator accuses IIHL of non-compliance with NCLT order, ET BFSI
NEW DELHI: The administrator of Reliance Capital (RCAP) has accused IndusInd International Holdings Ltd (IIHL) of failing to comply with the National Company Law Tribunal (NCLT) order to deposit Rs 2,750 crore in designated escrow accounts. The allegations, presented...
Bank of India clocks 10 pc rise in Q1 net profit at Rs 1,703 crore, ET BFSI
New Delhi, Government-owned Bank of India on Saturday reported a 10 per cent increase in its net profit to Rs 1,703 crore in the April-June quarter of the current financial year, compared to Rs 1,551 crore in the same quarter last year. Net Interest Income (NII), a...
Buffett’s sales of Bank of America top $3.8 bln, ET BFSI
By Jonathan Stempel- Berkshire Hathaway, run by billionaire Warren Buffett, extended its selling of Bank of America shares, and has shed more than $3.8 billion of the second-largest U.S. bank's stock since mid-July.Berkshire sold approximately 19.2 million Bank of...
PAT rises marginally YoY to Rs 17,035 crore, beats estimates, ET BFSI
Public sector lender State Bank of India (SBI) on Saturday reported a standalone net profit of Rs 17,035 crore for the quarter ended June 30, 2024, which was up by 0.9% over Rs 16,884.29 crore reported by the company in the year-ago period. It was higher than the...
Will banks continue to do heavy lifting for indices amid earning challenges?, ET BFSI
The last two weeks have been unusually busy for analysts. On one side, they had to track and listen to numerous earning calls, while on the other, they had to deal with the Union govt’s Budget arriving right in the middle of the earning season. Since the Budget...
India’s forex reserves come off record highs, fall to $667.39 billion as on July 26, ET BFSI
After jumping to record-high, India’s forex reserves dipped by $3.47 billion to $667.39 billion for the week ending on July 26, data shared by the Reserve Bank of India (RBI) showed on Friday.Previously, country's forex reserves jumped by $4.00 billion to hit an...
Indian banks want customers, but no smartphones please, BFSI News, ET BFSI
In the past year, more than 600 Indian banks moved $2.5 trillion, or 80% of gross domestic product, between customer accounts. All these transactions originated on smartphones, with people paying a mobile number, or settling bills by scanning QR codes.It’s surprising,...
200+ cooperative, rural banks face outage after malware attack, ET BFSI
MUMBAI: More than 200 cooperative and regional rural banks are experiencing outages because of a ransomware attack. Following the attack, the National Payments Corporation of India disconnected their core banking provider C-Edge Technologies - a technology company...
Kotak to buy IDBI Bank? RBI identifies eligible bidders for state bank’s stake sale, ET BFSI
The Reserve Bank of India has completed its review of potential buyers for a majority stake in IDBI Bank, approving Fairfax Financial Holdings, Emirates NBD and Kotak Mahindra Bank as bidders, three sources aware of the development said on Thursday.The Indian...
Indian banks allocate only 5% revenue on IT spends, BFSI News, ET BFSI
Indian banks allocate a lower percentage of their revenue to IT spending compared to global peers, a report by Boston Consulting Group has pointed out. Global banks typically invest 7% - 9% of their revenue on IT costs while Indian banks allocate only up to 5%, it...
all you need to know, BFSI News, ET BFSI
A ransomware attack on C-Edge Technologies, a major banking technology provider in India, on Wednesday caused a temporary shutdown of payment systems at nearly 300 small local banks.The Mumbai-based technology company is in the advanced stage of hiring a forensic...
Decline in debit cards transaction volume by 13%, credit cards witness uptick in June 2024, ET BFSI
According to latest data by 1Lattice, on a year on year basis, debit cards transaction volume has decreased by a massive 13 per cent while the value of transactions decreased by approximately 7 per cent in June 2024. On the other hand, credit cards transaction volume...
RBI okay with Tata Sons road map to avoid street, BFSI News, ET BFSI
Mumbai: The Reserve Bank of India (RBI) is said to be agreeable to a restructuring plan proposed by Tata Sons seeking a waiver for the mandatory listing of the group’s holding company. The Tata Group holding company has already implemented parts of the plan, including...
HSBC India’s profit up 7% to $798 million, BFSI News, ET BFSI
Profit from Hong Kong and Shanghai Banking Corp Ltd’s (HSBC) Indian operations increased 4% year on year led by a 7 per cent growth in both its global banking and markets division and commercial banking business.Profit before tax from India increased to $798 million...
Aditya Birla Cap net profit rises 17 pc to Rs 759 cr in April-June, ET BFSI
Mumbai, Non-bank lender Aditya Birla Capital on Thursday reported a 17 per cent increase in its consolidated net profit in June 2024 quarter at Rs 759 crore. The city-headquartered firm, which houses all the financial services businesses of the Aditya Birla Group, had...
5 banks revise fixed deposit interest rates in August 2024, ET BFSI
Several banks revised their fixed deposit interest rates in August. Federal Bank, Punjab National Bank (PNB), Karnataka Bank, and Union Bank of India changed their FD rates on August 1 and 2, 2024. Below is a list of the five banks that have modified their fixed...
Banking’s Nifty lag an opportunity to consider some bets, BFSI News, ET BFSI
The sector indices for banking and finance companies have underperformed the benchmark indices over the past three months, six months and 12 months reflecting broader concerns such as margin pressure, slowing deposit growth and regulatory changes. With relatively...
Lenders warn of remedial action against Hinduja’s IIHL, ET BFSI
Lenders of debt-ridden Reliance Capital (RCAP) have cautioned Hinduja Group arm IndusInd International Holdings of remedial action as it has failed to comply with the NCLT-imposed conditions, including a deposit of Rs 250 crore in an escrow account. IndusInd...
