Banking Finance
Profit jumps 25% to record, fuelled by investment banking, ET BFSI
JPMorgan Chase's profit rose 25% in the second quarter, buoyed by rising investment banking fees and an $8 billion accounting gain from a share exchange deal with Visa.The lender beat estimates for second-quarter profit on Friday as a resurgence in dealmaking and...
Profit beats on surge in investment banking, services strength; but shares fall 3%, ET BFSI
Citigroup beat Wall Street expectations for second-quarter profit on Friday, boosted by a 60% jump in investment banking revenue and gains in its services division, but shares fell 2.9% amid investor worries about expenses and market share.The third largest U.S....
Govt may tweak laws to push banking sector reforms in Budget session, ET BFSI
The government is likely to introduce amendments to Banking Regulation Act 1949 and other laws to push banking sector reforms during the upcoming Budget session. Apart from this, amendments in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970,...
Axis Bank services to be affected this Saturday, Sunday due to Citibank migration; full list of services you can, cannot use, ET BFSI
Axis Bank informed its customers via email and SMS that their banking services might be interrupted on the internet banking and mobile banking platforms as they are in the last stages of the transition of Citi's consumer business in India to Axis Bank.Citibank credit...
NABARD set to introduce Rs 750 crore agri fund for startups, rural enterprises, ET BFSI
The National Bank for Agriculture and Rural Development (NABARD) is all set to introduce a Rs 750 crore ‘Agri-SURE’ fund, an agri fund for start-ups and rural enterprises.The fund is being launched by NABVENTURES, a subsidiary of NABARD with an initial corpus of Rs750...
These 7 banks have revised loan interest rates in July, ET BFSI
The proportional risk factor of each consumer is taken into account while determining loan interest rates. In the past, banks took a while to adjust their lending rates for borrowers when the RBI lowered the repo rate. Under the marginal cost-based lending rates...
India’s forex reserves hit an all-time high of $657.16 bn, BFSI News, ET BFSI
India’s forex reserves jumped by $5.16 billion to hit an all-time high of $657.16 billion as of July 5, data shared by the Reserve Bank of India showed on Friday.Previously, forex reserves dipped by $1.71 billion to $652 billion for the week ending on June...
HDFC Bank has this ‘UPI transactions and Fastag’ message for its customers, ET BFSI
HDFC Bank customers, attention! If you are experiencing temporary disruptions to online banking services, fret not! The bank has scheduled a system upgrade for Saturday, July 13, which has temporarily impacted several services, including UPI transactions and Fastag...
Budget history telling traders to not chase prices higher this week: Anand James, ET BFSI
The pre-Budget rally that has seen Sensex and Nifty touch unclaimed peaks this week may not sustain in the run-up to the D-Day, according to historical market trends ahead of the Budget.“If history were to repeat, we should see a dip prior to the Budget announcement....
These 7 banks have revised loan interest rates in July, ET BFSI
The proportional risk factor of each consumer is taken into account while determining loan interest rates. In the past, banks took a while to adjust their lending rates for borrowers when the RBI lowered the repo rate. Under the marginal cost-based lending rates...
Quant Mutual Fund clarifies CFO resigned in February before Sebi’s raid, ET BFSI
Quant Mutual Fund, which has been under Sebi’s investigation in a suspected front-running case, has informed investors that its Chief Financial Officer (CFO) Harshal Patel resigned in February before the market regulator’s raid last month.“Shashi Kataria has been...
NABARD set to introduce Rs 750 crore agri fund for startups, rural enterprises, ET BFSI
The National Bank for Agriculture and Rural Development (NABARD) is all set to introduce a Rs 750 crore ‘Agri-SURE’ fund, an agri fund for start-ups and rural enterprises.The fund is being launched by NABVENTURES, a subsidiary of NABARD with an initial corpus of Rs750...
Is chasing momentum stocks a good bet at market peaks?, BFSI News, ET BFSI
Amid a runaway stock market, momentum has outrun almost everything else. Over the past five years, the Nifty200 Momentum 30 index has clocked 25.7%, compared to 17.4% by the Nifty 200 index. The underlying strategy of chasing recent winners has worked like a charm,...
Shriram Finance Offers Fixed Deposit Plans Tailored for Senior Citizens, ET BFSI
NewsVoirMumbai (Maharashtra) [India], July 13: Shriram Finance, a leading name in the financial services sector, is now offering fixed deposit plans designed to meet the financial needs of senior citizens. This initiative comes at a pivotal time when the financial...
Union Bank of India is investing in becoming a next-generation digital bank, says ED Nitesh Ranjan, ET BFSI
Union Bank of India (UBI) is ramping up its tech infrastructure to become a next generation digital bank as it strives to stay competitive and relevant in the digital-first era, with the bank investing Rs 1,000 crore as a first step to drive this transformation, UBI...
Rupee settles marginally higher at 83.53 against US dollar; 10-year G-Sec ends flat, ET BFSI
Mumbai: The rupee strengthened marginally versus the US dollar on Friday as lower-than-expected US inflation data bolstered the expectation of a rate cut by the Federal Reserve. The rupee closed at 83.53/$1 on Friday, versus 83.56/$1 on Thursday, Reuters data showed....
Piramal Capital eyes up to $400 million via bond issue, BFSI News, ET BFSI
Mumbai: Non-bank lender Piramal Capital, which had acquired Dewan Housing Finance in one of the few successful debt resolutions of a finance company, is set to raise up to $400 million in its first overseas bond issue, with Deutsche Bank, Barclays, Standard Chartered,...
Yes Bank stake not being evaluated by us, says First Abu Dhabi Bank, ET BFSI
First Abu Dhabi Bank on Thursday clarified that it was not evaluating any possible offer for a stake in Indian private lender Yes Bank, as per news agency Reuters.The Middle Eastern lender was apparently among those evaluating a $5 billion stake in Yes Bank for around...
HDFC Bank, Axis plan outage this weekend, BFSI News, ET BFSI
MUMBAI: HDFC Bank and Axis Bank have announced scheduled downtime of their systems for some services over the weekend. HDFC Bank's downtime will be in the early hours of July 13, while Axis's outage will stretch through July 13 and July 14. Published On Jul 12, 2024...
High court refuses bail to Chhabria in Yes Bank-DHFL laundering case, ET BFSI
MUMBAI: Bombay high court refused bail to developer Sanjay Chhabria of Radius Group who was arrested by ED in the Yes Bank and DHFL money laundering case, reports ."This court is unable to record its satisfaction that there are reasonable grounds for believing that...
Punjab National Bank signs pact with SAIL to offer loans, ET BFSI
State-owned Punjab National Bank has signed a pact with Steel Authority of India to provide home loan, car loan and education loan to the latter's employees at concessional rates. This strategic partnership aims to enhance the financial well-being of Steel Authority...
Moody’s upgrades YES Bank outlook to positive, affirms ratings, ET BFSI
Mumbai: Moody's Ratings has affirmed private lender YES Bank’s Ba3 long-term foreign currency and local currency ratings. The agency also changed the outlook to positive from stable.The change in outlook reflects Moody’s expectations that a gradual improvement in YES...
Canara Bank MD hands Rs 1,838 cr cheque to FM Nirmala Sitharaman, ET BFSI
Canara Bank MD & CEO K Satyanarayana Raju has handed a dividend cheque of Rs 1838 crore to Finance Minister Nirmala Sitharaman for the financial year 2023-24. Raju handed the cheque at an event in Delhi on Wednesday attended by Prashant Kumar Goyal, joint...
Special focus areas explained, ET BFSI
By Bikash Narayan MishraIndian banks are all set to chart a new course. As India aspires to be a $5 trillion economy in the next three years and touch $7 trillion by 2030, the banking system needs to be strong and resilient so that it can power the economy and absorb...
Deposits grow faster than loans in June quarter, BFSI News, ET BFSI
MUMBAI: The banking sector's outstanding loans rose 4.8% in the first quarter - from Rs 168.7 lakh crore as of end-March 2024 to Rs 176.8 lakh crore on June 28. During the same period, deposits grew 5.3% to Rs 220.6 lakh crore from Rs 209.3 lakh crore. In the past...
How to avail, interest rate, processing fee, ET BFSI
State Bank of India (SBI) launches an online loan facility against mutual fund (MF) units via Internet Banking (INB) and the YONO App. This digital solution allows consumers to apply for loans from the comfort of their own homes, with a completely paperless and...
Are banks open or closed this Saturday, July 13?, ET BFSI
In India every month on the second and fourth Saturdays, all private and PSU will be closed along with Sundays, national and regional holidays, as per the Reserve Bank of India rules. So bank customers must make sure that their bank related work is not hampered on...
LRS for foreign currency accounts in GIFT city, BFSI News, ET BFSI
The Reserve Bank of India this week widened the ambit – or the list of permissible transactions – of the liberalised remittances scheme (LRS) for foreign currency accounts in the GIFT city. The LRS, first introduced a decade after liberalization, has been a pronounced...
MF exposure to NBFCs’ commercial paper hits pre-pandemic levels, ET BFSI
Mutual fund debt exposure to NBFCs, including Commercial Papers (CPs) and Corporate Debt, remained above the Rs 2 lakh crore mark for the second consecutive month touching Rs 2.09 lakh crore in May 2024.This marks an increase of 22.0% y-o-y and 0.5% sequentially, with...
Fully invested in market; banks continue to remain reasonably priced: Anand Shah, ET BFSI
"They still remain expensive relative to the market. The growth is still muted relative to the market and everybody is hoping, because they have done very well prior to 2020 and it is large part of people's portfolio, they are hoping that they will start doing well,"...
RBI’s decision on LRS enhances attractiveness of GIFT IFSC: Tapan Ray, ET BFSI
New Delhi: The Reserve Bank has significantly enhanced the attractiveness and utility of GIFT IFSC by clarifying the use of LRS for investments and enabling transactions like insurance and education loan payments in foreign currency, said GIFT City MD and group CEO...
Jio Financial Services gets RBI nod to become core investment company, ET BFSI
The Reserve Bank of India on Thursday approved the conversion of Jio Financial Services from a Non-Banking Financial Company (NBFC) to a Core Investment Company (CIC), the company said in a filing.Jio Financial Services is the demerged entity of energy-to-telecom...
Inside Goldman Sachs’ expanding but risky financing engine, BFSI News, ET BFSI
A Goldman Sachs bet put in place in 2021 on lending to private funds has helped drive record revenues in fixed-income financing. Now, the Wall Street bank is pushing even deeper into the growing but risky market.The fund finance unit, housed in the bank's global...
Rupee settles marginally lower at 83.6 against dollar, ET BFSI
Mumbai: The Indian rupee weakened by four paise versus the US dollar on Thursday due to dollar demand from local oil companies and state-run banks amid volatility in oil prices. The rupee closed at 83.56/$1 on Thursday, marginally lower versus the previous close of...
LIC Housing Finance accepts bids for over 2-year bonds, bankers say, ET BFSI
MUMBAI, - India's LIC Housing Finance has accepted bids worth 7.50 billion rupees ($89.78 million) for bonds maturing in two years and one month, three bankers said on Friday. The company will pay 7.8650% coupon and had invited bids from bankers and investors for the...
ICICI Bank, SBI among Nomura’s 4 preferred banking stocks ahead of Q1 results, ET BFSI
Stating that LDR-led growth disparities are likely to become more pronounced, global brokerage firm Nomura picked ICICI Bank, SBI, Kotak Mahindra Bank and Federal Bank as its preferences in the banking sector ahead of the Q1FY25 results.The global brokerage firm has a...
HSBC reshapes investment banking to look more like rivals, BFSI News, ET BFSI
HSBC Holdings Plc is revamping parts of its investment bank in a move that will make it look more like rivals such as Citigroup Inc.Executives in HSBC’s global banking business will winnow its existing sector teams into five larger groups, according to a memo to staff...
Banks seek hike in interest subvention on farm loans, ET BFSI
Banks have urged the government to increase the interest subvention on short-term agriculture loans, said people aware of the matter.Currently, lenders receive an interest subvention relief of 1.5% on short-term farm loans of up to ₹3 lakh. Banks have argued that a...
Indian Bank pays Rs 1,193 crore dividend to Centre, BFSI News, ET BFSI
CHENNAI: Public sector Indian Bank paid a dividend of Rs 1,193.5 crore to the Centre for the financial year 2023-24. Its MD & CEO S L Jain handed over the dividend cheque to Union finance minister Nirmala Sitharaman, Indian Bank said in a statement on Wednesday....
Four PSU banks pay Rs 6,481 cr dividend to Govt, BFSI News, ET BFSI
New Delhi, Four public sector banks, including Canara Bank and Indian Bank, on Wednesday presented dividend cheques worth Rs 6,481 crore to Finance Minister Nirmala Sitharaman for financial year 2023-24. "Smt @nsitharaman receives a dividend cheque of Rs 2,514.22...
All India Bank Officers’ Confederation re-elects Rupam Roy as general secretary, ET BFSI
New Delhi, All India Bank Officers' Confederation (AIBOC), the largest officers' trade union, has re-elected Rupam Roy as general secretary. Balachandran P M was also re-elected president of AIBOC during 13th Triennial General Council Meeting held in Guwahati. The...
Registration for 1,500 Apprentice posts begins, direct link here, ET BFSI
The Indian Bank has commenced the registration process for the post of Apprentice under the Apprentices Act, 1961. Interested and eligible candidates can visit the official website of Indian Bank, indianbank.in, to complete the registration. The bank is conducting...
Retail securitisation market contracts 13% in Q1, may emerge stronger in FY25, ET BFSI
The retail asset securitisation market for Q1FY25 contracted by around 13% compared to the same period in the previous year likely due to surfeit of liquidity available with originators."In Q1FY25, the market witnessed a total volume of approximately Rs 48,000 crore,...
Satin Creditcare Network raises 15 million euros from Development Bank of Austria, ET BFSI
Microfinance company Satin Creditcare Network has raised 15 million euros in debt from OeEB – Oesterreichische Entwicklungsbank AG – the Development Bank of Austria.The external commercial borrowing with a tenure of five years is raised at a rate linked to Euribor and...
Dispute at Bandhan Employees Welfare Trust grows, ET BFSI
Members of the Bandhan Employees’ Welfare Trust have escalated their agitation against Bandhan founder Chandra Shekhar Ghosh and the Trust’s management, seeking legal help to fight for their rights allegedly violated. They are also alleging possible misappropriation...
Residents can open foreign currency a/cs at GIFT City under LRS, ET BFSI
Resident Indians can open foreign currency accounts (FCA) at Gift City under the liberalized remittances scheme (LRS) even for sending gifts to friends abroad, buy property abroad, buy insurance, make fixed deposits, education loan payments, and also fund for overseas...
Banks and MFs increase debt exposure to NBFCs amidst market growth, ET BFSI
In a notable trend, mutual funds' debt exposure to Non-Banking Financial Companies (NBFCs), including Commercial Papers (CPs) and Corporate Debt, remained above the ₹2 lakh crore mark for the second consecutive month, touching ₹2.09 lakh crore in May 2024. This marks...
Indian shares drop on profit booking, banks’ drag, ET BFSI
By Bharath RajeswaranBENGALURU -Indian shares reversed course to trade lower on Thursday, dragged by heavyweight bank stocks on earnings worries and due to profit-booking with the benchmarks near record highs.The NSE Nifty 50 fell 0.29% to 24,256.8 as of 11:17 a.m....
Discount brokers grow client base as demat accounts hit 162 mln in June, ET BFSI
In June 2024, the total number of demat accounts in India reached 162 million, witnessing a significant jump of 4.2 million new accounts, with an average of 3.4 million accounts added monthly so far in FY25, according to Motilal Oswal Financial Services.The Central...
Muthoot re-taps May bond to raise $100 million, ET BFSI
Muthoot Finance has re-tapped its May bond issue, raising an additional $100 million from offshore investors. This re-tap involves a 7.125% bond due in 2028, with a final price guidance of 6.73%.Deutsche Bank and Standard Chartered were the arrangers for this...
BNP Paribas, Mistral AI ink partnership deal, BFSI News, ET BFSI
BNP Paribas has entered into a comprehensive partnership agreement with Mistral AI, covering all its current and future commercial models, the French bank said on Tuesday.The deal, which expands a relationship that started in September, will see BNP Paribas implement...
Rupee to inch up before US inflation print, tracking Asian peers, ET BFSI
By Nimesh VoraMUMBAI - The Indian rupee is poised to open marginally higher on Thursday, in the wake of an uptick on Asian peers before data that may be key to the Federal Reserve cutting or holding rates at its September meeting. Non-deliverable forwards indicate the...
Piramal Capital raises $100-million social loan, BFSI News, ET BFSI
Piramal Capital & Housing Finance raised its maiden dollar syndicated social loan of $100 million (₹835 crore). The entire loan is pre-funded by Standard Chartered Bank and the foreign lender is expected to syndicate the loan in the next few months.The loan has a...
Foreign banks’ dealing rooms buzz with G-Sec trades as PSBs mind their gap, ET BFSI
Public sector banks, the traditional heavyweights in bond trading, are ceding ground to foreign lenders as a scramble for deposits compels state-owned players to liquidate bond holdings while the international players aggressively court rising global interest in local...
Kerala Bank records net profit of Rs 209 crore this year, says Minister V N Vasavan, ET BFSI
Thiruvananthapuram, Kerala Bank has posted a net profit of Rs 209 crore in the year 2023-24, with deposits, loans and overall business showing a rising trend, state Cooperation Minister V N Vasavan said on Monday. Vasavan was responding to a submission moved by Leader...
AU Small Finance Bank shares tumble over 4% as total deposits decline QoQ, ET BFSI
Shares of AU Small Finance Bank fell 4.25% to the day’s low of Rs 644 on the BSE after the bank reported a marginal decline of 0.4% quarter-on-quarter (QoQ) in its total deposits, amounting to Rs 97,290 crore for the first quarter ended June 2024.The company's CASA...
RBI, BFSI News, ET BFSI
MUMBAI: RBI has raised concerns again over misuse of 'internal' accounts in some banks. The central bank's inspections have revealed that some internal accounts - which are used by a bank for its own operations - have been used as a conduit for fraud and...
Bandhan Bank’s CS Ghosh bids adieu as MD & CEO, BFSI News, ET BFSI
Kolkata, Chandra Sekhar Ghosh, the Managing Director and CEO of Bandhan Bank, has announced his retirement from the post, expressing gratitude to the account holders for their support over the past nine years. In a letter addressed to the lender's customers, Ghosh...
Finmin ask private banks to give more thrust on serving the marginalised sections of society, ET BFSI
Financial Services Secretary Vivek Joshi on Tuesday chaired a review meeting on the progress of financial inclusion schemes with senior executives of private sector banks and exhorted them to give more thrust on serving the marginalised sections of the society and...
SBI raises Rs 10,000 Cr via sixth 15-year infra bond, ET BFSI
State Bank of India (SBI) raised Rs. 10,000 crores today at a coupon rate of 7.36 per cent through its sixth infrastructure bond issuance.The issue attracted overwhelming response from investors with bids in excess of Rs. 18,145 crores and was oversubscribed by around...
Company says Axis Bank refused to accept demonetised notes, Supreme Court issues notice, ET BFSI
NEW DELHI: One-and-a-half years after validating the Union govt's Nov 8, 2016, decision to demonetise Rs 1,000 and Rs 500 currency notes, SC has entertained a petition by a company which complained that Axis Bank had refused to accept demonetised notes worth Rs 3.2...
Margin squeeze to dent banks’ Q1 profits, loan growth may offer silver lining, ET BFSI
State-run and private sector banks may face modest earnings growth in the fiscal first quarter squeezed by pressures on net interest margin (NIM) mainly due to higher deposit costs. While compressed NIM can hurt profitability, this will be partially offset by loan...
PNB introduces Safety Ring mechanism to enhance security for internet, mobile banking users, ET BFSI
State-owned Punjab National Bank (PNB) on Tuesday introduced a new security feature 'Safety Ring' within its internet banking system and mobile banking system in response to the increasing number of cyber frauds. This mechanism provides an additional safety layer to...
BofA downgrades HDFC Bank, cuts target price after 20% rally from Feb-lows, ET BFSI
Following a 20% rally in shares of HDFC Bank on the back of value buying and optimism around the likely increase in MSCI weightage, global brokerage firm BofA has downgraded the private sector lender to neutral from buy and also reduced the target price to Rs 1,830...
Gold shines! RBI adds $5.6 billion in gold reserves in April-June quarter; value of reserve gold up $3.8 billion, ET BFSI
India’s Forex Reserves: The Reserve Bank of India (RBI) saw a significant increase in its gold reserves during the April-June quarter, accounting for 69 percent of the total reserves pile-up. The central bank benefited from both increased gold purchases and valuation...
This new RBI rule can lower loan costs for you; comparison of home loan charges of SBI, HDFC Bank, ICICI Bank, PNB, Kotak Mahindra Bank, ET BFSI
The Reserve Bank of India released the Fair Practices Code guidelines a few months ago, requiring all lenders to charge interest from the date of actual disbursement of funds to the customer, following an annual inspection that revealed instances of lenders engaging...
ESG financing in India ahead of target, says DBS, ET BFSI
Mumbai: DBS Bank, which had planned 60% growth this year for its one billion Singapore dollar Environmental Social and Governance (ESG) finance book in India is far ahead of that target, with the country featuring in the top three markets for the foreign lender, a top...
NBFCs set to post tepid results in Q1 on poll, heatwave disruptions, ET BFSI
Non-banking financial companies (NBFCs) are likely to experience a slowdown in disbursements during the April-June period due to prolonged electoral activities and disruptions caused by extreme heatwaves. Despite this temporary setback, the long-term outlook for the...
Yes Bank stake sale report is factually incorrect, got no approval from RBI: Bank clarifies, ET BFSI
Calling a media report 'factually incorrect', private lender Yes Bank on Tuesday clarified in a stock exchange clarification that it hasn't received any in-principle approval from the Reserve Bank of India for a stake sale.Earlier today, Mint reported that the RBI...
Rupee flat; state-run banks’ dollar sales support as Asian peers slip, ET BFSI
By Jaspreet KalraMUMBAI - The Indian rupee was largely flat in early trading on Tuesday as mild dollar sales from state-run banks supported the currency even as most of its Asian peers slipped.The rupee was at 83.4775 against the U.S. dollar as of 10:10 a.m. IST,...
DBS CEO says bank hunting for bolt-on deals, not game-changing ones, ET BFSI
(Rewrites story, leading on M&A comments)By Sameer Manekar and Una GalaniSINGAPORE, - DBS Group is looking for bolt-on acquisitions that would support its geographic and business strategy but has ruled out making a major buy to save itself from distraction, Piyush...
Bulk of rise in forex reserves in Q1 due to gold, BFSI News, ET BFSI
Gold accounted for 69 percent of reserves pile-up for the Reserve Bank of India during the April-June quarter benefitting from both volumes in terms of gold purchases and valuation gains due to price rise.Reserve Bank of India added $5.6 billion to its stock of...
Bandhan Bank launches products to facilitate international trade, ET BFSI
Kolkata, Private lender Bandhan Bank on Tuesday said it has launched an array of products to facilitate international trade. The bank said in a statement that the products have been designed to streamline various aspects of global trade by catering both to importers...
Investors shift to Singapore after Indian central bank’s curbs on local rupee futures, ET BFSI
By Nimesh VoraMUMBAI, - The jump in open interest on rupee/dollar currency futures on the Singapore Exchange indicates that investors are shifting their arbitrage and hedging activity to the city-state after the Indian central bank imposed restrictions on local...
Till when can you use your Citibank credit card post migration?, ET BFSI
Axis Bank has informed that the migration of Citibank credit cards to Axis Bank credit cards will be completed by July 15, 2024. This is as per migration FAQs available on the Axis Bank website. After the migration is finished, which is on or before July 15, 2024,...
Neo Asset Management appoints Neeraj Sanghi as MD, BFSI News, ET BFSI
New Delhi, Neeraj Sanghi has joined Neo Asset Management as managing director and operating partner to lead infrastructure operations and build-out of Neo's infrastructure platforms. Sanghi was CEO of Highway Concessions One (HC1) -- a road platform originally owned...
Securitisation volumes grow 17% to Rs 45,000 crore in Q1 as bank originations gather pace, ET BFSI
Securitisation volume rose to Rs 45,000 crore in the first quarter of the current fiscal, marking a 17% on-year, like-to-like growth (adjusted for the exit of a large HFC and regulatory measures on gold loan securitisation). Over 95 originators, including NBFCs and...
Many HDFC Bank services to be down for almost 14 hours on July 13, ET BFSI
HDFC Bank is conducting a system upgrade on Saturday, July 13, 2024, to upgrade and enhance customers' banking experience by improving performance speed, expanding capacity for high traffic and boosting overall reliability.HDFC Bank increases loan interest rates by up...
LIC Mutual Fund appoints Nikhil Rungta as Co-Chief Investment Officer–Equity, ET BFSI
LIC Mutual Fund appointed Nikhil Rungta as co-chief investment officer – equity (Co-CIO) starting June 19, 2024. The fund informed unitholders of this change through a notice-cum-addendum.Nikhil Rungta has over 16 years of experience in the equity and capital markets...
Sebi puts SK Finance’s Rs 2,200-cr IPO in abeyance, BFSI News, ET BFSI
Capital markets regulator Sebi has kept in 'abeyance' the proposed initial share sale of vehicle finance and business loan-focused non-bank lender SK Finance. Without disclosing the reason, Securities and Exchange Board of India (Sebi) said "issuance of observations...
Many HDFC Bank services to be down for almost 14 hours on July 13, ET BFSI
HDFC Bank is conducting a system upgrade on Saturday, July 13, 2024, to upgrade and enhance customers' banking experience by improving performance speed, expanding capacity for high traffic and boosting overall reliability.HDFC Bank increases loan interest rates by up...
Equity MF inflows cross Rs 40,000 crore mark in June, debt outflows above Rs 1 lakh crore, ET BFSI
In June, inflows into equity mutual funds rose 17% to Rs 40,608 crore, up from Rs 34,697 crore in May, with more than half of the inflows coming from sectoral/thematic funds.Sectoral/thematic funds saw a 16% increase in inflows, reaching Rs 22,351 crore. Meanwhile,...
RBI cancels licenses of 2 NBFCs for breach of rules, BFSI News, ET BFSI
The RBI on Monday announced that it has cancelled the licenses of two non-banking financial companies (NBFCs) for violating its guidelines. The NBFCs include Polytex India Ltd, based in Mumbai, and Finserv India Ltd which operates out of Banjara Hills in Hyderabad.The...
Lenders face NIM pressure, rising credit costs, ET BFSI
In the April-June 2024 quarter, analysts predict a moderate decline of 10-15 basis points (bps) in net interest margins (NIM), a crucial profitability metric. HDFC Bank and YES Bank are set to kick off the reporting period on July 20 with their Q1 results. Concerns...
Retailers call out rampant fraud, press no on easy EMIs for phones, ET BFSI
New Delhi: Mobile phone retailers have called for scrapping of the popular financing schemes that allow individuals to purchase products without any down payment, saying 10-12% of all such purchases were fraudulent. These frauds, they said, result in financial losses...
Piramal Finance plans up to $500 million debut dollar-bond issue, ET BFSI
India’s Piramal Capital and Housing Finance is planning its maiden dollar-bond sale as tighter regulations by the nation’s central bank stifle domestic funding sources for shadow lenders, according to people familiar with the matter.Billionaire Ajay Piramal’s firm is...
Chandra Shekhar Ghosh likely to be Bandhan Group’s executive head, ET BFSI
Kolkata: Bandhan Bank founder Chandra Shekhar Ghosh is likely to get an executive role in Bandhan Financial Services, which is the promoter of Bandhan Financial Holding and Bandhan Bank. Ghosh, who will retire from the bank on July 9 as managing director, will oversee...
Bandhan Bank appoints Ratan Kumar Kesh as interim MD and CEO, BFSI News, ET BFSI
Kesh's appointment as Interim MD & CEO is subject to the approval of the Shareholders of the bank, it addedNew Delhi: Private sector Bandhan Bank on Saturday said its board has approved the appointment of Ratan Kumar Kesh as interim MD and CEO from July 10, a day...
Private sector banks in India lead market cap surge; Axis Bank shines with 20.9 pc growth: S&P GCI, ET BFSI
New Delhi [India], July 8 (ANI): India's private sector banks have emerged as significant gainers in market capitalization over the last quarter, with Axis Bank Ltd. stood out with 20.9 per cent rise in market capitalization, reaching 3.911 trillion rupees, according...
HDFC Bank increases loan interest rates by up to 10 basis points; loan EMIs to rise further, ET BFSI
HDFC Bank has increased its marginal cost of funds-based lending rates (MCLR), according to its official website on July 8, 2024. The bank has increased the lending rates by up to 10 basis points (bps) on certain tenures. HDFC Bank MCLR interest rates will now range...
Bandhan Bank appoints Ratan Kumar Kesh as interim MD and CEO, BFSI News, ET BFSI
Kesh's appointment as Interim MD & CEO is subject to the approval of the Shareholders of the bank, it addedNew Delhi: Private sector Bandhan Bank on Saturday said its board has approved the appointment of Ratan Kumar Kesh as interim MD and CEO from July 10, a day...
Dealmaker DAM Capital Advisors plans public issue, ET BFSI
Mumbai: Boutique Indian dealmaker DAM Capital Advisors is considering a public float, demonstrating Mumbai's rapid emergence as a top investment-banking hub that's feeding the massive funding appetite in Asia's third-largest economy through numerous public issues,...
HDFC Bank increases loan interest rates by up to 10 basis points; loan EMIs to rise further, ET BFSI
HDFC Bank has increased its marginal cost of funds-based lending rates (MCLR), according to its official website on July 8, 2024. The bank has increased the lending rates by up to 10 basis points (bps) on certain tenures. HDFC Bank MCLR interest rates will now range...
Gold lingers near one-month high on Fed rate-cut bets, BFSI News, ET BFSI
Gold prices eased on Monday but hovered near a more than one-month high scaled in the previous session, after softer U.S. data boosted prospects of an interest rate cut by the Federal Reserve in September.FUNDAMENTALS* Spot gold was down 0.2% at $2,386.58 per ounce,...
Bank of Baroda declines 3.72% as Sensex slides , ET BFSI
Shares of Bank of Baroda traded at Rs 263.5 on BSE at 02:11PM (IST) on Monday, down 3.72 per cent from previous close. The stock quoted a 52-week low price of Rs 185.75 and a high of Rs 298.45. Earlier, the stock saw a gap down opening in the morning. A total of...
Sebi likely to act against ‘silent’ PMS firms, BFSI News, ET BFSI
The 'silence' of many 'portfolio management service' (PMS) firms has raised the regulator's hackles in a runaway market. The Securities and Exchange Board of India (Sebi) is unable to reach out to a large number of PMS service providers who are not responding to...
Bajaj Finance bucks industry trend, cuts deposit rates by 20 basis points in its top slab, ET BFSI
Kolkata: At a time when several banks are facing stiff challenges in garnering public deposits, leading non-bank company Bajaj Finance has decided to lower deposit rates by 20 basis points on its highest rate slab, bucking the industry trend. One basis point is a...
SBI wants tax parity on bank FDs with mutual funds & equity markets in Budget, ET BFSI
As bank credit growth exceeded the increase in deposits in FY24 by Rs 2 lakh crore, the State Bank of India (SBI) has sought income tax parity on bank fixed deposits (FDs) in line with other asset classes in Budget 2024."In line with mutual funds and equity markets,...
Demand for travel loans soars after pandemic, BFSI News, ET BFSI
PUNE: Vacation-related expenses have been soaring and many are now opting for personal loans for travel. “Everything has become more expensive post-pandemic. Flights, hotels and even food has become costlier. We took a loan in January this year for our trip to the US....
Ex-Citi chief Vikram Pandit to exit Kampani’s fin biz in Rs 3k crore deal, ET BFSI
MUMBAI: Former Citigroup CEO Vikram Pandit is set to exit the real estate financing business established by veteran dealmaker Nimesh Kampani. INH Mauritius, an investment fund managed by Pandit, will sell 49% in JM Financial Credit Solutions (JMFCS) - the realty...
Mashreq appoints Tushar Vikram as Country Head and CEO of India, ET BFSI
Mashreq, a prominent financial institution in the MENA region, has announced the appointment of Tushar Vikram as its new Country Head and CEO of India, effective June 2024. In this role, Tushar Vikram will oversee Mashreq's operations in India, driving strategic...
How fraudsters are using WhatsApp, Facebook, X and Telegram for investment scams in India, ET BFSI
Various reports in the past have suggested how fraudsters are targeting Indians with investment scams. They defraud people by offering high returns, convincing them to invest huge amounts of money and the victims later realise that they have been scammed. According to...
HDFC Capital bets big on affordable housing, to invest $2 billion by 2025 end, ET BFSI
HDFC Capital Advisors is betting big on affordable and mid-income housing with plans to invest more than $2 billion in this segment across India's top property markets by the end of 2025 to support easing of supply side constraints, said a top company executive.The...
Incremental credit slows down until mid-June, BFSI News, ET BFSI
Bank lending slowed down in the June quarter compared to last year’s levels, likely reflecting a wait and watch attitude by the investors pending election results during the quarter.Incremental loans increased Rs 2.79 lakh crore or 1.7 % this fiscal year up to June 14...
Mcap of BSE-listed firms hit all-time high of Rs 449.88 lakh crore, ET BFSI
New Delhi, The market capitalisation of BSE-listed firms hit a record peak of Rs 449.88 lakh crore on Friday despite equity benchmark Sensex slipping marginally in a volatile trade. The 30-share BSE Sensex dropped 53.07 points or 0.07 per cent to settle at 79,996.60,...
Only 7 pc of MSME credit to women; low female labour force participation drag on growth: RBI ED, ET BFSI
Mumbai, Reserve Bank's executive director Neeraj Nigam on Friday said low labour force participation among women is a barrier to financial inclusion efforts and also to broader economic growth. He said there is also a need to up the credit supply to women, pointing...
RBI imposes Rs 1.31 cr penalty on Punjab National Bank, BFSI News, ET BFSI
The RBI on Friday said it has imposed a monetary penalty of Rs 1.31 crore on Punjab National Bank for non-compliance with certain directions related to KYC and 'loans and advances'. The Reserve Bank said it conducted a statutory inspection of the bank with reference...
RBI, BFSI News, ET BFSI
NEW DELHI: India's foreign exchange reserves declined by $1.7 billion to $652 billion, in the week ending June 28, coinciding with the inclusion of the country's debt in JPMorgan's emerging market index, as per the recent data released by the Reserve Bank of...
Securitisation volumes in India reach Rs 45,000 crore in Q1 FY25: Report, ET BFSI
New Delhi, The overall securitisation volumes stood at Rs 45,000 crore in the first quarter of the current fiscal (FY25), down 20 per cent from the same period last year, largely due to the exit of a large housing finance company (HFC) in 2023, a report showed on...
RBI penalizes PNB, four other banks for regulatory non-compliance in first week of July, ET BFSI
In the first week of July, the Reserve Bank of India (RBI) penalized Punjab National Bank (PNB) and four other banks for non-compliance with various RBI directions. PNB was penalized with a penalty of Rs 1.31 crore, becoming the fifth bank for getting the brunt of the...
Sebi issues new guidelines to streamline operations of credit rating agencies, ET BFSI
Markets regulator Sebi has issued new guidelines to streamline operations and enhance the ease of doing business for credit rating agencies. The circular introduces specific timelines for dealing with appeals made by companies regarding rating actions carried out...
Greaves Finance appoints P B Sunil Kumar as its new ED & CEO, BFSI News, ET BFSI
Previously Kumar worked in diverse sectors like finance, consulting, and healthcareMumbai: Greaves Finance has appointed P B Sunil Kumar as its new Executive Director and Chief Executive Officer to accelerate financing in the electric vehicle segment, the company said...
Indian banks know climate is their biggest threat, BFSI News, ET BFSI
Twice a year, the Reserve Bank of India reviews the stability of the country’s financial system. Its latest report made for good headlines: The proportion of loans that have gone sour is at a multiyear low, and likely to decline further.But buried in the report is a...
EU banks likely to seek more time for CCIL trade cut-off, BFSI News, ET BFSI
Four foreign banks caught in a regulatory stalemate between European Union and Indian regulators are likely to make a request to their individual home authorities in the coming days to extend a deadline to trade with the principal local clearing house for government...
Bandhan Bank shows strong growth in deposits and Advances for June, ET BFSI
Leading private bank Bandhan Bank has reported impressive year-on-year growth in loans & advances, reaching Rs 1,25,619 crore in June 2024, marking a 21.8 per cent surge from the previous year's figure of Rs 1,03,169 crore. The Bank's total deposits also...
Bank of Maharashtra logs 19 pc loan growth in Apr-Jun, BFSI News, ET BFSI
New Delhi, State-owned Bank of Maharashtra (BoM) on Friday reported a 19 per cent growth in credit to Rs 2.09 lakh crore for the April-June quarter. The outstanding credit was Rs 1.75 lakh crore at the end of June 30, 2023, BoM said in a regulatory filing. The...
SBI announces initiatives to mitigate risks in agri loan portfolio, ET BFSI
New Delhi, The country's largest lender SBI on Thursday announced 11 new initiatives -- including enhancement of its digital banking features and opening of 35 new Agricultural Centralised Processing Cells -- to mitigate risks in its agricultural loan portfolio. On...
HDFC Bank falls as India’s top private bank posts sequentially weak Q1 loans, deposit growth, ET BFSI
BENGALURU - Shares of India's top private lender HDFC Bank fell over 3% on Friday, a day after it reported a drop in loans during the three months ended June 30, and no rise in deposits from the previous three months.HDFC Bank on Thursday said its gross advances...
Manish Kothari, Kotak Mahindra Bank, ET BFSI
With the Indian economy expected to see a growth rate of 7.2% in FY25, the firms in the MSME segment too would see good growth. This presents a great opportunity for banks, says Manish Kothari, Head, Commercial Banking, Kotak Mahindra Bank. Banks would also have to...
Ujjivan Small Finance Bank raises secured business share, BFSI News, ET BFSI
Kolkata: Ujjivan Small Finance Bank has scaled up its secured loan business by 440 basis points over the past one year to 31.5% at the end of June as part of its diversification plans while its overall loan portfolio rose 19% to Rs 30,091 crore.About 27% of its gross...
PSU banks will continue to ride on strong loan growth & benign credit cycle in FY25: Rahul Malani, ET BFSI
Rahul Malani, Equity Research Analyst, Sharekhan, says PSU banks are reporting strong loan growth versus their private peers right now. In terms of PNB has reported a sequential pickup in the loan growth versus the numbers also. So, Sharekhan continues to believe that...
HDFC Bank mulling loan portfolio sale amid growth scrutiny, BFSI News, ET BFSI
HDFC Bank Ltd. is mulling the sale of a loans portfolio, according to people familiar with the matter, amid heightened regulatory scrutiny on the nation’s lenders as their credit growth surges.India’s biggest private sector bank has approached public sector lenders,...
Bajaj Finance AUM jumps 31% as aggressive customer acquisition pays, ET BFSI
Bajaj Finance, a leading non-banking finance company (NBFC), reported a 31 percent year-on-year increase in its Assets Under Management (AUM) for the quarter ended June 30, 2024. The company's AUM rose to Rs 3.54 trillion, up from Rs 2.70 trillion in the same period...
RBL Bank shares tumble 4% after Q1 update disappoints, BFSI News, ET BFSI
Shares of RBL Bank fell by 4.2% to a low of Rs 255 after the company’s June quarter update disappointed D-street. The bank’s total deposits recorded a 2% quarter-on-quarter (QoQ) decline in its total deposits at Rs 1.01 lakh crore.However, the number was an 18%...
Sebi extends deadline for annual submissions by stock brokers, depository participants till Oct 31, ET BFSI
Capital markets regulator Sebi on Thursday extended the deadline till October 31 for submitting the annual audited accounts and net worth certificates by stock brokers and depository participants. According to a circular issued by Sebi, the markets watchdog has...
Indian banks know climate is their biggest threat, BFSI News, ET BFSI
Twice a year, the Reserve Bank of India reviews the stability of the country’s financial system. Its latest report made for good headlines: The proportion of loans that have gone sour is at a multiyear low, and likely to decline further.But buried in the report is a...
Indian shares open lower dragged by HDFC Bank, BFSI News, ET BFSI
BENGALURU -Indian shares opened lower on Friday, dragged by top private lender HDFC Bank, which reported a sequential decline in loans in the June quarter.The NSE Nifty 50 was down 0.45% at 24,193.05 points, while the S&P BSE Sensex shed 0.58% to 79,591.47 points...
Banks report credit card and forex spends separately in AIS, ET BFSI
Representational imageIn a move to enhance transparency and ensure accurate reporting of financial transactions, banks have begun to report credit card and foreign exchange (forex) spends separately in the Annual Information Statement (AIS). This move aims to provide...
Banks in a bind over Trai mandate on digital consent, BFSI News, ET BFSI
Banks are in a fix over the latest regulation from the Telecom Regulatory Authority of India (Trai) that mandates digital consent for sending commercial communication.Lenders have reached out to the government, seeking clarity on whether consent is needed even for...
Bandhan Bank shows strong growth in deposits and Advances for June, ET BFSI
Leading private bank Bandhan Bank has reported impressive year-on-year growth in loans & advances, reaching Rs 1,25,619 crore in June 2024, marking a 21.8 per cent surge from the previous year's figure of Rs 1,03,169 crore. The Bank's total deposits also...
Bank of Maharashtra logs 19 pc loan growth in Apr-Jun, BFSI News, ET BFSI
New Delhi, State-owned Bank of Maharashtra (BoM) on Friday reported a 19 per cent growth in credit to Rs 2.09 lakh crore for the April-June quarter. The outstanding credit was Rs 1.75 lakh crore at the end of June 30, 2023, BoM said in a regulatory filing. The...
Why did Zomato exit NBFC, payments space?, BFSI News, ET BFSI
Zomato, a major player in the Indian food tech industry, has decided to exit the financial services sector. Zomato's wholly-owned subsidiary, Zomato Financial Services Limited (ZFCL), announced the voluntary withdrawal of its application to operate as a non-banking...
Bank of Maharashtra, Uco report low deposit growth, while advances rose much faster, ET BFSI
Kolkata: A day after the Reserve Bank of India (RBI) urged banks to bridge the gap between deposit and credit growth, two public sector banks reported subdued deposit mobilisation yet again.Bank of Maharashtra (BoM) and Uco Bank declared sub-10% deposit growth in...
Jump in FII long-short ratio sans correction may be a new Normal, ET BFSI
The market current rally has enough elements to confuse even veteran traders. The FII long-short ratio, now beyond all traditional parameters, is probably the most puzzling of the lot.Until recently, the FII long-short ratio - a measure of the number of bullish bets...
Federal Bank leads in loan expansion among Kerala banks in Q1, ET BFSI
Kolkata: Federal Bank led the way in gross loan expansion among Kerala-headquartered lenders that have published their business numbers for the quarter ended June while CSB Bank showed the highest deposit growth.Federal Bank reported a 20% year-on-year rise in gross...
Report, BFSI News, ET BFSI
Mumbai, Investors are bullish on India as the economic growth rate is the fastest in the world. Private equity (PE) and venture capital (VC) funds invested $6.9 billion in May 2024 which is 54 per cent more on a year-on-year (YoY) basis, according to the EY-IVCA...
NABARD partners with Online PSB Loans Ltd to digitalize Jan Suraksha Schemes for regional rural banks, ET BFSI
New Delhi, National Bank for Agriculture and Rural Development (NABARD) and Online PSB Loans Limited have signed an agreement to promote financial inclusion through regional rural banks. The collaboration seeks to smoothen the process of enrolment and claim settlement...
Sensex breaches 80,000 level for 1st time, Nifty at record high on gains in banking shares, ET BFSI
Mumbai, Benchmark BSE Sensex breached the historic 80,000 level intraday for the first time while Nifty raced more than 162 points to close at a fresh lifetime high on Wednesday following heavy buying in banking and FMCG shares amid firm global market trends. The...
Indiabulls Housing Finance rebrands itself, name changed to Sammaan Capital, ET BFSI
Non-banking finance company Indiabulls Housing Finance has changed its name to Sammaan Capital following the receipt of Certificate of Incorporation from the Registrar of Companies (RoC) and Certificate of Registration as an NBFC-ICC (Investment and Credit Company)...
Mitsubishi UFJ’s talks for stake in HDFC Bank said to hit snag, ET BFSI
Mitsubishi UFJ Financial Group Inc.’s negotiations for a minority stake in HDFC Bank Ltd.’s consumer lending unit are stalling due to differences over how much say it will have in company strategy, according to people familiar with the matter.While MUFG is still...
Rupee to trade in narrowest range in about 30 years on RBI’s actions, ET BFSI
By Anant ChandakBENGALURU -The Indian rupee will trade within the narrowest range in nearly three decades over the coming year as the Reserve Bank of India (RBI) continues to maintain its tight grip on the currency's movements, according to a Reuters poll.While most...
Growth in NBFC sanctions slows to 1.8% in Q4FY24 on RBI measures, ET BFSI
Mumbai: Lending by NBFCs grew 1.8% year on year on the fourth quarter of FY24 reflecting a moderation that was induced by the Reserve Bank of India. In November 2023, RBI made bank lending to NBFCs more expensive by increasing risk weightage for some segments.The...
Bank credit offtake remains robust and broadbased in May, personal loans cool down, ET BFSI
Gross bank credit offtake (ex-HDFC merger basis) witnessed an increase of 16.1% in May 2024, higher by 70 bps on a y-o-y basis.The services sector experienced strong credit growth of 20.7% y-o-y in May 2024, slightly lower than the 21.3% recorded in May 2023. This...
3 reasons why bank and financial services stocks may bounce back, ET BFSI
Stating that the banking and financial services sector is a structural long-term theme with potential to grow faster than the economy, domestic brokerage firm WhiteOak Capital said the sector is likely to bounce back soon.Below are the three reasons why the domestic...
HDFC Bank shares may gain amid potential MSCI Index weight change, ET BFSI
HDFC Bank shares are expected to attract significant attention in the near term due to a potential change in their weight in the MSCI Standard Index. Analysts estimate that a 50 basis points decline in foreign institutional investors' (FII) stake in the June 2024...
Sebi’s levy order likely to erode Rs 2,000 crore from discount brokers’ income, hit client base, ET BFSI
The regulatory order to stock exchanges to collect uniform levies could shrink brokerage incomes by more than ₹2,000 crore, disproportionately affecting discount platforms and dashing popular zero-brokerage plans.Shares of several brokerages fell up to nearly 9% on...
Banks to be closed for 13 days in August 2024, BFSI News, ET BFSI
The fifth month of the new financial year will have as many as 13 bank holidays as per the list of holidays released by the Reserve Bank of India (RBI). This includes the weekend holidays, i.e., the second and fourth Saturdays and all Sundays.The month of August will...
Groww aims to debunk misinformation to over 1.5 crore customers amid concerns, ET BFSI
New Delhi, As multiple customers juggled to validate their Groww portfolio on mutual fund transfer agencies CAMS and Kfintech amid concerns, the financial services platform on Monday said some of the customers are not able to see all their investments because there...
AI is changing banking, UBS executive says, BFSI News, ET BFSI
ZURICH - UBS is seeing a shift in the way clients are interacting with their bankers powered by artificial intelligence, the head of the Swiss bank's domestic business Sabine Keller-Busse said on Tuesday.She likened the shift to the way in which patients go to the...
India’s cost of capital to slide further, says Axis Capital, ET BFSI
MUMBAI, - Demand for Indian federal and state bonds is expected to exceed supply for next few years, driving down the cost of funds for the current, as well as next financial year, a top analyst at brokerage Axis Capital said.Though combined borrowings of central and...
What’s Kotak Bank’s role in the Hindenburg-Adani saga?, BFSI News, ET BFSI
Hindenburg Research has strongly refuted allegations made by India's securities regulator, the Securities and Exchange Board of India (Sebi), accusing the US-based short-seller of colluding with a US asset manager to use non-public information for its short bet...
Unstoppable bulls! HDFC Bank drives Sensex past 80,000 for the first time, Nifty hits record high, ET BFSI
Indian stock market surged to an all-time high on Wednesday, driven by index heavyweight HDFC Bank following a likely increase in its MSCI weightage. Sensex jumped over 570 points to cross the 80,000 level for the first time ever. The 50-componenet Nifty was on the...
More banks to line up infrastructure bond issues after SBI, ICICI Bank fundraises, ET BFSI
Indian banks are swiftly moving to raise infrastructure bonds with the State Bank of India and ICICI Bank raising such bonds at a time when lenders face increased pressure to mobilize funds due to credit growth outpacing deposit growth.SBI set a new benchmark by...
Rule changes can help onboard customers from anywhere in India: Deutsche Bank, ET BFSI
Mumbai, German lender Deutsche Bank will be focussing on the digital channel over the branch model to grow its business in the country, a top official said. Changes in rules by the RBI mandating geographical location restrictions while onboarding customers will be of...
Credit, deposit growth remain robust despite marginal sequential dip, ET BFSI
Credit offtake continued to grow at 19.2% year-on-year (y-o-y) to reach Rs 167.1 lakh crore, for the fortnight ending June 14, 2024. This rise can continue to be attributed to the impact of HDFC’s merger with HDFC Bank along with the growth in personal loans....
Nine NBFCs surrender license to RBI, BFSI News, ET BFSI
The Reserve Bank of India (RBI) on Tuesday stated that nine Non-Banking Financial Companies (NBFCs) have surrendered their Certificates of Registration (CoR).The RBI, exercising its authority under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has...
Hindenburg was never a client or investor in K-India Fund, says Kotak Mahindra Bank, ET BFSI
In response to allegations by Hindenburg Research, Kotak Mahindra International Ltd (KMIL) has said that Hindenburg Research has never been a client or investor in its fund, K-India Opportunities Fund Ltd (KIOF)."Kotak Mahindra International Limited (KMIL) and KIOF...
Bajaj Housing Finance launches Sambhav Home Loans for first-time home buyers, ET BFSI
Bajaj Housing Finance is venturing into the affordable housing finance sector and has launched Sambhav Home Loans today targeting first time home buyers with affordable income criteria. The income norm for first-time homebuyers, under this new product, starts from Rs....
ESAF Small Finance Bank creates micro banking vertical with 5,200 staff, ET BFSI
ESAF Small Finance Bank on Monday absorbed about 5,200 employees from ESAF Swasraya Multi-State Agro Co-operative Society Ltd (ESMACO), a corporate business correspondent of the bank, as part of a strategic business restructuring. The bank will now directly manage the...
Staff associations of mainstream lenders and regional rural banks at loggerheads over merger proposal, ET BFSI
Kolkata: Staff associations at mainstream lenders and their linked rural counterparts appear to have a vertical split in their ranks – and the feared loss of identity for the latter through proposed mergers has turned one-time comrades into future combatants.The All...
Credit Card issuance soars despite worries over unsecured loans, ET BFSI
Credit card base grew 18% year on year (y-o-y) to reach an outstanding base of 103 million as on end May 2024, with HDFC bank adding the highest number of new cards, and Kotak Mahindra bank seeing a sharp drop amid RBI restrictions. Spendings by credit cards also grew...
HDFC Bank scheduled downtime next week for more than 12 hours; UPI, ATM withdrawals, other banking services to be impacted, ET BFSI
HDFC Bank has emailed its customers to inform them that an upcoming system upgrade will improve their banking experience by enhancing performance speed, extending capacity to manage high traffic, and increasing overall dependability.HDFC Bank scheduled downtime is on...
Tight liquidity forces banks to tap debt markets, shell out more, ET BFSI
Bank borrowings through money markets and certain types of bonds jumped 60% from a year earlier during April-June as tighter cash conditions compelled lenders to take the debt route to raise money, with the cost of funds rising after a multi-year era of easy liquidity...
PSBs on the margins in credit cards, but NPAs ahead by a wide margin, ET BFSI
Mumbai: Indian public sector lenders have been late entrants into credit cards, and the latest data on delinquencies and expenditures showed they remain relative stragglers in a revenue stream dominated by privately owned banks. But, at the same time, the state-run...
Hindenburg faces Sebi scrutiny, Kotak Bank dragged in Adani saga, ET BFSI
U.S-based short-seller Hindenburg Research said on Monday that India's securities regulator had sent it a letter outlining suspected violations over its short bet against Adani Group last year and revealed it may "barely come out above breakeven" on its trade....
REC loan sanctions grow 24% to Rs 1.12 lakh crore in Q1; Rs 40K cr for renewables, ET BFSI
State-owned REC Ltd on Monday said it sanctioned Rs 1,12,747 crore worth of loans during April-June FY25, posting a year-on-year growth of 24.17 per cent. It had sanctioned Rs 90,797 crore as loan during the year-ago period, the company said in an exchange filing....
Amitabh Chaudhry, MD, Axis Bank, ET BFSI
Axis Bank may have cleaned up its bad loans and reoriented the business, but it has a long way to go in terms of market share and dominance in various segments, says chief executive Amitabh Chaudhry. The Reserve Bank of India would only tighten and not loosen...
Punjab & Sind Bank plans to raise Rs 2,000 cr via QIP likely in H2 FY25, ET BFSI
State-owned Punjab & Sind Bank plans to raise Rs 2,000 crore in the second half of this fiscal via Qualified Institutional Placement (QIP) to fund business growth. "The board has already given approval, and merchant bankers should be on-boarded by August," Punjab...
Banks put on alert! RBI warns banks of ‘credible threat intelligence’ regarding cyberattacks, ET BFSI
Banks on alert! The Reserve Bank of India (RBI) has cautioned banks across the nation to be vigilant against potential cyberattacks, following credible intelligence reports. Banks have been instructed to actively monitor their systems round the clock to detect any...
Banks scanning proprietor A/Cs to spot ‘money mules’, BFSI News, ET BFSI
Wary bankers and deceptive 'mules' are playing a cat-and-mouse game. Several high-street banks have either stopped or slowed down opening sole proprietorship and individual current accounts of firms that are less than a year old amid suspicion that they could be...
Card dues & gold loans beat bank credit growth of 20%, BFSI News, ET BFSI
MUMBAI: For banks, credit card outstanding and gold loans remain outliers in growth. The segments recorded a year-on-year increase of 26.2% and 29.7% respectively as of May 2024.This is much higher than the 19.8% growth in overall bank credit which - adjusting bank's...
Tight liquidity forces banks to tap debt markets, shell out more, ET BFSI
Bank borrowings through money markets and certain types of bonds jumped 60% from a year earlier during April-June as tighter cash conditions compelled lenders to take the debt route to raise money, with the cost of funds rising after a multi-year era of easy liquidity...
FPIs invested Rs 26,565 cr in June after selling in April and May in stock market, ET BFSI
New Delhi[India], June 30 (ANI): The Foreign Portfolio Investors (FPIs) significantly increased their investments in the Indian stock markets in the last week of June, according to data from the National Securities Depository Limited (NSDL).The net investment by FPIs...
CS Setty gets FSIB approval to head SBI as next chairman, ET BFSI
Challa Sreenivasulu Setty has been selected as the next chairman of State Bank of India (SBI) by the Financial Services Institution Bureau (FSIB), an arm of the central government. The two other contenders were Ashwini Tiwari and Vinay Tonse. Setty will succeed...
Analysts, BFSI News, ET BFSI
Nifty could extend its gains as momentum remains strong with technical charts suggesting a positive bias. If the Index crosses and sustains above the 24,200 level, the momentum could push it towards 24,500-24,600. Analysts recommend stocks such as Reliance, ICICI...
For people’s man Challa Sreenivasulu Setty, the challenge is to take high-flying SBI to newer heights, ET BFSI
Mumbai: Soft spoken, versatile and a people's man are some of the adjectives current and former colleagues use to describe Challa Sreenivasulu Setty, the State Bank of India managing director who is set to take over as the lender's 27th chairman at the end of...
Groww aims to debunk misinformation to over 1.5 crore customers amid concerns, ET BFSI
New Delhi, As multiple customers juggled to validate their Groww portfolio on mutual fund transfer agencies CAMS and Kfintech amid concerns, the financial services platform on Monday said some of the customers are not able to see all their investments because there...
SBI launches online quick loan solution for MSMEs, BFSI News, ET BFSI
Mumbai (Maharashtra) [India], July 1 (ANI): Lender State Bank of India (SBI) has unveiled a web-based digital business loans solution for MSMEs' Invoice Financing, aimed at facilitating MSME loans with a fast turn-around-time.The solution, named "MSME Sahaj - End to...
Fresh capital raised via IPOs surges to a 9-year high, hints at private capex revival, ET BFSI
Mumbai: Amid massive selling by promoters and private equity players in the secondary market, fresh capital raised via initial public offerings (IPOs) in the first-half of the year has surged to the highest in nine years, indicating a slow revival in capital...
Banks put on alert! RBI warns banks of ‘credible threat intelligence’ regarding cyberattacks, ET BFSI
Banks on alert! The Reserve Bank of India (RBI) has cautioned banks across the nation to be vigilant against potential cyberattacks, following credible intelligence reports. Banks have been instructed to actively monitor their systems round the clock to detect any...
How to Choose the Best eLITE Credit Cards; pros and cons, BFSI News, ET BFSI
Imagine going on a luxury vacation, shopping from your favourite brands, having early access to special events, enjoying premium benefits and rewards, and more!Well, why imagine when you can enjoy these with an eLITE credit card?eLITE credit card is an all-rounder...
Banks scanning proprietor A/Cs to spot ‘money mules’, BFSI News, ET BFSI
Wary bankers and deceptive 'mules' are playing a cat-and-mouse game. Several high-street banks have either stopped or slowed down opening sole proprietorship and individual current accounts of firms that are less than a year old amid suspicion that they could be...
Niva Bupa Health Insurance files for Rs 3,000 crore IPO, ET BFSI
Niva Bupa Health Insurance Ltd (formerly Max Bupa) has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO) worth Rs 3,000 crore.The IPO will comprise a fresh...
Axis Bank and Piramal Finance partner for co-lending business, ET BFSI
India’s private sector lender, Axis Bank, and Piramal Finance, a Mumbai-based NBFC-HFC, announced a co-lending partnership on Monday.Through this partnership, both lenders will offer loans to middle and low-income segment borrowers, focusing on rural and semi-urban...
Bandhan Bank commences online collection of direct taxes, BFSI News, ET BFSI
Kolkata: Bandhan Bank on Friday said it has launched a facility for online collection of direct taxes, enabling its customers and others to pay taxes seamlessly across India. As an RBI-appointed agency bank, it also accepts offline payments through its 1,700 branches,...
Banks told to stay vigilant amid intel on cyberattack threat, ET BFSI
Banks across the country have been put on alert amid tip-offs received by the regulator on possible cyberattacks.They have been told to proactively monitor their systems for threat detection on a 24/7 basis."In the light of credible threat intelligence received...
Ten big banks settle US interest rate swaps rigging litigation, ET BFSI
Ten large banks including Bank of America, Goldman Sachs and JPMorgan Chase will pay $46 million to settle a long-running antitrust lawsuit accusing them of conspiring to rig the now $465.9 trillion market for interest rate swaps.Lawyers for investors filed a...
Bank of Maharashtra to issue tier-II bonds, bankers say, ET BFSI
India's Bank of Maharashtra plans to raise up to 10 billion rupees ($119.88 million), including a greenshoe of 7.5 billion rupees, through Basel III compliant tier 2 bonds maturing in 10 years, three people said on Friday. The state-run bank has invited bids from...
Personal loans dearer post RBI risk nudge, BFSI News, ET BFSI
Mumbai: Private lenders such as HDFC Bank, ICICI Bank, Kotak Mahindra Bank and Axis Bank have raised lending rates on personal loans by 30-50 basis points (bps) in the past few months after the Reserve Bank of India (RBI) increased the risk weighting for such loans to...
RBI imposes Rs 29.6 lakh penalty on HSBC, BFSI News, ET BFSI
The RBI on Friday said it has imposed a penalty of Rs 29.6 lakh on The Hongkong and Shanghai Banking Corporation Limited (HSBC) for non-compliance with certain directions related to cards. The penalty has been imposed on HSBC for non-compliance with certain directions...
Rate sensitivity on the rise in PSB portfolios, BFSI News, ET BFSI
Mumbai: The interest rate sensitivity of a major trading portfolio for state-owned public sector banks and foreign banks increased from September 2023 to March this year, implying greater exposure to the impact that volatility in bond yields can have on profits and...
Decline in debit cards transaction volume by 16%, credit cards witness uptick in May’24, ET BFSI
According to latest data by 1Lattice, on a year on year basis, debit cards transaction volume has decreased by a massive 16 per cent while the value of transactions decreased by approximately 9 per cent in May 2024. On the other hand, credit cards transaction volume...
Retail loans moderate for the 10th straight month, ET BFSI
Bank lending to the retail sector continued to moderate for the tenth straight month in May (to 17.8% from 19.1 percent in the same period a year ago) over the previous comparable period according to the latest data released by the Reserve bank of India on...
States to sell 2.64 lakh crore of bonds in July-Sept, BFSI News, ET BFSI
State governments and Union Territories plan to raise funds worth Rs 2.64 lakh crore through bond sales in July-September, while the Centre aims to raise Rs 2.60 lakh crore through the sale of Treasury Bills in the second quarter, the Reserve Bank of India said.In an...
Rates on fresh loans and deposit moderate sequentially in May, ET BFSI
Weighted average lending rates on fresh loans and deposits fell marginally by 16bps and one bps ( one basis point is 0.01 percent) respectively in May according to the latest data released by the Reserve Bank of India.The weighted average lending rate (WALR) on fresh...
Sensex rally takes breather after crossing record 79k, BFSI News, ET BFSI
MUMBAI: The sensex and Nifty ended their four-day rally in Friday's session. After hitting new highs in the first half of the day, profit booking in banking and IT stocks led to both indices closing in the red.The sensex declined 210 points to close at 79,033 after...
Citi urges dismissal of ex-managing director’s whistleblower lawsuit, ET BFSI
Citigroup urged a judge to dismiss a lawsuit by a former managing director who accused the bank of firing her in retaliation for refusing to give regulators false information.Citi said Kathleen Martin was lawfully terminated because she lacked the leadership and...
Government bonds enter JP Morgan’s index, BFSI News, ET BFSI
MUMBAI: Indian govt bonds made their entry into the JP Morgan emerging market bond index on Friday, a development that can reduce the cost of long-term borrowings for businesses, add stability to the rupee and improve the country's balance of payments position.The...
M&M Finance CFO Vivek Karve resigns, BFSI News, ET BFSI
Mahindra Finance announced that Vivek Karve, the Chief Financial Officer, has tendered his resignation from the company to pursue personal, social, and professional interests beyond full-time employment.Karve joined Mahindra Finance as its CFO in 2020. He has agreed...
Credit card industry adds 0.76 million cards in May 2024, BFSI News, ET BFSI
The credit card industry saw a net addition of 0.76 million credit cards in May’24 (0.74 million in April 2024 and 1.2 million in March 2024), led by healthy traction by HDFC Bank, ICICI Bank, Axis Bank, and SBI Card. HDFC Bank added the highest numbers of new cards...
Bank Unions write to Finance Minister for merger of RRBs with Sponsor Banks, ET BFSI
New Delhi: Two bank unions -- AIBOC and AIBEA -- have demanded the merger of Regional Rural Banks (RRBs) with their respective Sponsor Banks to ensure overall efficiency and viability of the banking sector. It is imperative that for ensuring the desired level of...
Banks well capitalised to handle macro shocks, BFSI News, ET BFSI
Mumbai: Various tests reveal that banks are well capitalised and capable of absorbing macroeconomic shocks, with lenders likely to report higher-than-required capital ratios even under the most severe stress scenarios, the Reserve Bank of India (RBI) said."Under the...
AU Small Fin Bank plans to raise up to Rs 11,000 crore, ET BFSI
Kolkata: AU Small Finance Bank board on Thursday approved a plan of raising up to Rs 5,000 crore by selling equities and mobilising up to Rs 6000 crore in debts.The equity may be raised through private placement or qualified institutions placement (QIP) or...
RBI’s new valuation rule may hit banks’ trading gains in Q1, BFSI News, ET BFSI
Mumbai: Banks, which tend to reap trading profits when government bond yields fall, may be deprived of large gains on that account in the June quarter due to recently implemented regulatory changes but the new norms will likely strengthen capital ratios for...
RBL Bank to raise Rs 65 billion via institutional placement of shares, debt issue, ET BFSI
Indian private lender RBL Bank said on Thursday it will raise up to 65 billion rupees ($779 million) through a combination of qualified institutional placement (QIP) of shares and debt sale. The bank will raise 35 billion rupees through QIP and 30 billion rupees...
HDFC Bank sets new terms for credit card holders from August 1, ET BFSI
HDFC Bank has announced significant updates to the terms and charges for its credit card holders. These changes, which take effect on August 1, 2024, are detailed on the bank's official website. The revisions cover a range of transaction types and fees.Customers using...
HSBC taps metaverse to win business from India’s rich diaspora, ET BFSI
HSBC Holdings Plc is testing a range of new products and services as part of its push to win a larger share of business from India’s affluent diaspora, who sent more than $100 billion back home last year.The bank plans to offer dollar-denominated products to...
RBI cautions against surge in private credit between corporates and non-banks, ET BFSI
The Reserve Bank of India has cautioned against surge in private credit with a potential interconnectedness between banks and non-banks could create systemic risk in the financial system. In the latest edition of the financial stability report, the regulator said that...
Pranav Gundlapalle, Sanford C Bernstein, ET BFSI
Pranav Gundlapalle, Senior Research Analyst, Sanford C Bernstein, says expects private sector banks to outperform the public sector banks from now onwards, both in terms of the EPS growth numbers or even the fundamental metrics. What has not helped them from a stock...
HDFC Bank frontrunner in credit cards market, SBI leads in debit cards in May’24, ET BFSI
India's largest public sector lender, the State Bank of India, remained the front runner in the Debit cards market, holding a whopping 24 per cent market share in May 2024 while in credit cards HDFC Bank maintained the top position with a 20 per cent market share,...
Banks may relatively underperform compared to rest of the market: Ajay Srivastava, ET BFSI
"It is good for everybody, good for investors, good for savers, good interest rate and with the rains coming I think we finally can hear sigh of relief that what was the biggest question mark in the economy possibly will get addressed in the next 30-60 days," says...
Sensex breaches historic 79,000-mark; Nifty hits new record peak, ET BFSI
Mumbai, Benchmark indices rebounded after falling in early trade on Thursday, with the Sensex breaching the historic 79,000-mark for the first time and the Nifty hitting its fresh record high, amid buying in blue-chip stocks. The 30-share BSE Sensex jumped 339.51...
Globalization of MSMEs critical for India to achieve the $5 trillion economy goal, ET BFSI
It's not just a good opportunity for Indian MSMEs to go global, it's necessary for a developed India.The 27th day of June is commemorated as World MSME Day 2024 to acknowledge the contribution of Micro, Small, and Medium Enterprises towards the achievement of the...
Are banks open or closed this Saturday, June 29, 2024?, BFSI News, ET BFSI
The Reserve Bank of India plays a crucial role in determining the bank holidays for the entire year in India. This includes all types of banks, such as cooperative, rural, regional, private, and public sector banks. As per the regulations, all banks will be closed on...
These government employees to get higher salary, ET BFSI
The Employees' Provident Fund Organisation (EPFO) has decided to discontinue the deductions under the Group Insurance Scheme (GIS) with immediate effect for government employees who joined service after September 1, 2013."It is directed to discontinue the deductions...
SIDBI bats for sustainable development of MSMEs, BFSI News, ET BFSI
Kolkata: Small Industries Development Bank of India (SIDBI) has been making efforts for sustainable development of the MSME sector, which plays a key role in the economy, a senior official of the financial institution said on Thursday. Deputy Managing Director of...
Big US banks withstand Fed’s commercial real estate shock scenario, ET BFSI
Big U.S. banks survived a hypothetical 40% drop in commercial real estate values as a part of the U.S. Federal Reserve's annual health test, easing fears about the banking sector as landlords struggle in a higher-for-longer interest rate world.As risks mount in the...
Over 1.5 lakhs money laundering accounts across APAC, 108% rise in voice scams: Report, ET BFSI
According to a latest report by BioCatch, a total of over 1.5 lakhs money laundering accounts were found across APAC. Further, it is to be noted that there was an increase in voice scams of about 108 per cent.Across the APAC region, mobile frauds has grown...
Fairfax Group likely to sell 9.72% in CSB Bank, BFSI News, ET BFSI
Mumbai: Indian-born Canadian billionaire Prem Watsa's Fairfax Group is likely to sell a 9.72% stake in CSB Bank on Thursday through block deals to raise about ₹595 crore. According to the term sheet issued by the banker IIFL, FIH Mauritius Investments, an entity...
World Bank report, ET BFSI
Washington, India received USD 120 billion in remittances in 2023, which is almost twice of USD 66 billion received by Mexico during the same period, the World Bank said in a report released on Wednesday. China (USD 50 billion), the Philippines (USD 39 billion), and...
Banks will be closed for 12 days in July; here’s the full state-wise bank holiday list, ET BFSI
Banks will be closed for 12 days in July 2024 across different states, according to the Reserve Bank of India (RBI) holiday list. The holidays include regional, national holidays as well as both the second and fourth Saturdays as well as Sundays.Banks will be closed...
Gilts to shine brighter from tomorrow, BFSI News, ET BFSI
Mumbai: From Friday, a new era of global interconnectedness begins for the Indian sovereign debt market with government bonds' inclusion in an international bond index set to attract billions of dollars of foreign money and increase worldwide scrutiny on the country's...
Bandhan Employees’ Welfare Trust to move court following allegation against Chandra Shekhar Ghosh, ET BFSI
Bandhan Employees' Welfare Trust, which is in the midst of a storm following agitations by a section of its members against Bandhan group founder Chandra Shehar Ghosh for alleged irregularities in running the trust, has termed the agitation "baseless and motivated,...
Sadaf Sayeed, CEO of Muthoot Microfin, appointed as Co-Chair of Sa-Dhan, ET BFSI
Sadaf Sayeed, CEO of the Kochi-based Muthoot Microfin, has been appointed as the Co-Chair of Sa-Dhan, the largest and oldest association of microfinance and impact finance institutions in India.The re-election took place during Sa-Dhan's 26th Annual General Body...
Banks’ gross NPAs at 12-yr low, may fall further to 2.5 pc: RBI report, ET BFSI
Mumbai, The bad assets or gross NPAs of commercial banks fell to a 12-year low of 2.8 per cent in March 2024 and may go down further to 2.5 per cent by the end of the current fiscal, said the RBI's Financial Stability Report (FSR) released on Thursday. Scheduled...
Emkay Investment Managers launches new AIF; eyes Rs 500 crore, ET BFSI
\New Delhi, Portfolio management firm Emkay Investment Managers Ltd (EIML) on Thursday announced the launch of an alternative investment fund -- Emkay Capital Builder Fund-- through which it is aiming to mobilise Rs 500 crore in the next 6 to 8 months. The open-ended...
AI-led credit assessment APIs essential to address $530bn MSME credit gap, ET BFSI
As India is aspiring to become a $7 trillion economy by 2030, the country’s MSME sector needs to grow by 40-50% as it has contributed roughly one-third of India’s GDP in the last decade. In order to empower the MSME sector, it is essential to address the credit gap,...
SBI raises Rs 10,000 cr via bond sales to fund infra projects, ET BFSI
Mumbai: State Bank of India on Wednesday raised ₹10,000 crore through a sale of infrastructure bonds, with the lender's first debt issuance of the current financial year witnessing firm demand from the investors.Separately, ICICI Bank is likely to carry out a sale of...
FIIs have sold Rs 1 lakh crore worth of stocks from these 5 sectors in H1 of CY24, ET BFSI
A large bulk of selling by foreign institutional investors (FIIs) have been concentrated in the five big sectors of financials, oil & gas, FMCG, IT and construction so far in the first 6 months of calendar year 2024. The cumulative outflow from these 5 sectors has...
Indian financiers’ debt lures buyers on widest spread since 2020, ET BFSI
Indian shadow lenders are luring some of the nation’s biggest fund managers as their notes offer the biggest premium in nearly four years over sovereign bonds.Asset managers such as ICICI Prudential Life Insurance Co., Edelweiss Asset Management Ltd. and Star Health...
ICICI Bank hits $100 billion market cap, what’s driving the performance?, ET BFSI
ICICI Bank has been demonstrating impressive growth and strategic development, outpacing system credit growth with a strong focus on quality underwriting and diversification. This performance is driven by a combination of robust loan growth, technological...
How rupee went from most to least volatile in Asia, BFSI News, ET BFSI
The rupee has gone from being one of Asia's most volatile currencies to among its most stable in the span of a decade. The turnaround reflects India's growing economic heft and RBI's interventions to manage the rupee's wild swings. With Indian bonds set to join an...
Akme Fintrade shares list at 6% premium over issue price, BFSI News, ET BFSI
The shares of Akme Fintrade listed on the exchanges on Wednesday with a premium of 6% on NSE. The stock debuted at Rs 127 on the NSE and at Rs 125.70 on BSE (up 4.75%) against an issue price of Rs 120.Ahead of the listing, the company's shares were trading with a GMP...
Yes Bank restructures workforce, lays off 500 employees in cost-cutting move, ET BFSI
Yes Bank confirmed that it’s looking to become operationally efficient by optimising its workforcePrivate sector lender Yes Bank has given marching orders to at least 500 employees in a restructuring exercise that could see more such layoffs in the coming days,...
YES Bank board to consider fundraising via debt, ET BFSI
YES Bank's board of directors on Tuesday approved borrowing/raising funds by issue of debt securities, the company said in its filing to the exchanges.The lender plans to raise funds in Indian/foreign currency through the issue of debt securities. The options could be...
Banks seek clarity from RBI on credit card network norms, BFSI News, ET BFSI
Some banks have approached the Reserve Bank of India (RBI) for clarity on guidelines requiring them to offer existing credit card customers a choice of networks such as Rupay, Visa, and MasterCard. According to the Reserve Bank guidelines issued in March, card issuers...
ICICI Bank 6th Indian company to join the league, ET BFSI
Mumbai: ICICI Bank on Tuesday became the sixth Indian company to achieve a market capitalisation of $100 billion after the stock rose by 2.48% to close at a record high of ₹1,199.05. The private lender is the second-largest bank in India by market capitalisation,...
Kogta Financial raises USD 148 Mn from Ontario Teachers’ Pension Plan, ET BFSI
Creador and Morgan Stanley PE-backed NBFC, Kogta Financial, announced on Wednesday that it has secured USD 148 million (INR 1230 crore) in Series E funding from the Ontario Teachers’ Pension Plan.This investment will see Rahul Mukim, Director of Private Capital,...
RBI downgrades Kerala Bank, curbs on personal loans, BFSI News, ET BFSI
THIRUVANANTHAPURAM: The Reserve Bank of India has downgraded Kerala Bank to 'C' class, based on a report from Nabard. As per the latest classification, the bank will not be eligible to give personal loans above Rs 25 lakh.Kerala Bank has written to its branches,...
Sensex breaches 78,000 mark for 1st time, Nifty at record high as bank stocks surge, ET BFSI
MUMBAI: The BSE Sensex rose 712.4 points (0.9%) to cross the 78,000 mark for the first time. It hit a high of 78,053.5 on Tuesday, led by a surge in bank and finance stocks that had been underperforming earlier in the year. The NSE Nifty also climbed by 183.5 points...
Yes Bank sacks at least 500 employees; more staff may be laid off in coming days, ET BFSI
Yes Bank, a private sector lender, has recently laid off at least 500 employees as part of a restructuring exercise, according to multiple sources familiar with the situation. The layoffs, which could continue in the coming days, have affected various departments,...
Exempt selectively sovereign funds, RBI, BFSI News, ET BFSI
The Centre is seeking carve-outs on merits from provisioning rules for banks and NBFCs to curb evergreening of loans through alternative investment funds (AIF). Last year, RBI closed a loophole in the discovery of dodgy loans by pulling bank lending out of investment...
Banks seek clarity from RBI on credit card network norms, BFSI News, ET BFSI
Some banks have approached the Reserve Bank of India (RBI) for clarity on guidelines requiring them to offer existing credit card customers a choice of networks such as Rupay, Visa, and MasterCard. According to the Reserve Bank guidelines issued in March, card issuers...
How Quant Mutual Fund took India’s stock market by storm, ET BFSI
Quant Mutual Fund took India’s market by storm in recent years, using computer models to generate 560% returns and boost assets by almost 400-fold. That spectacular growth is under threat in India’s latest regulatory probe. The Securities and Exchange Board of India...
Akme Fintrade shares to list tomorrow. What GMP signals ahead of listing?, ET BFSI
The shares of Akme Fintrade will list on the exchanges on Wednesday. Ahead of the listing, the company's shares were trading with a GMP of Rs 18 in the unlisted market.Considering the upper price band of Rs 120, the stock is expected to list at a premium of 15% over...
16% uptick in overall outstanding loans in May’24, ET BFSI
BFSI sector recorded a steady credit with strong growth in overall outstanding loans increasing by approximately 16 per cent on a yoy basis in May, 2024. Deposit growth picked up yoy and is likely to see further uptick in the current rising interest rate regime. On a...
Digital Rupee transactions slump after reaching initial RBI target, ET BFSI
Usage of India's digital currency, the e-rupee, has slumped to just a tenth of the peak hit in December, four sources said, reflecting the struggles several countries have experienced in trying to generate public support for digital currencies.The Reserve Bank of...
How big is the MSME lending opportunity for banks and NBFCs?, BFSI News, ET BFSI
With about 64 million MSMEs in India overall, the total funding requirement for the sector is projected to reach Rs 134.40 lakh crore. Of this, total debt demand is estimated at Rs 106.11 lakh crore, of which Rs 56.24 lakh crore or 53% is anticipated to be the...
Big US banks expected to be cautious on shareholder payouts, BFSI News, ET BFSI
Big U.S. lenders are expected to show they have ample capital to weather any renewed turmoil during this week's Federal Reserve health checks, but will be conservative on investor payouts amid economic and regulatory uncertainties, analysts said.The central bank on...
RBI appoints additional director for Bandhan Bank, BFSI News, ET BFSI
Mumbai: The Reserve Bank of India has appointed Arun Kumar Singh as additional director on the board of Bandhan Bank for a term of one year, the bank said late Monday evening. The move is likely to guide the bank in succession planning. Bandhan Bank’s founder MD &...
HDFC Bank launches SmartWealth app, BFSI News, ET BFSI
HDFC Bank has launched a new digital investment platform. The HDFC Bank SmartWealth app aims to take wealth services to every Indian and make investments simple and transparent. HDFC Bank SmartWealth is claimed to e targeted at both existing and new investors.With...
Banks in a GST fix over RBI’s directive to levy penal charges, ET BFSI
The ban on 'penal interest' on borrowers is posing a tax dilemma for banks. Banks fear that the Reserve Bank of India's (RBI) directive to levy penalty only in the form of 'penal charges' as against the hitherto practice of imposing 'penal interest' would attract the...
JPMorgan India bank CEO Singh quits before end of term, BFSI News, ET BFSI
Prabdev Singh, chief executive officer of JPMorgan Chase & Co.’s bank in India, has stepped down before the end of his term.Pranav Chawda, head of commercial banking for India, will expand his current responsibilities to become the head of India Corporate Banking...
Bank of Baroda appoints Chayani Sundar as the new Chief Financial Officer, ET BFSI
Bank of Baroda has named Chayani Manoj Sundar as its new Chief Financial Officer (CFO), effective from June 21, 2024. Chayani, a seasoned professional with over 19 years of experience in the banking sector, brings expertise in financial and credit operations. He holds...
FSIB to hold interview for SBI chairman’s position on June 29, ET BFSI
New Delhi: FSIB, the headhunter for directors of state-owned banks and financial institutions, is scheduled to hold interviews to select a suitable candidate for the post of State Bank of India (SBI) chairman. Last month, the interview was unexpectedly postponed...
AI may hit banking jobs more than any other sector: Citi report, ET BFSI
Approximately 54% of jobs within the banking sector have a high potential to be automated, with an additional 12% of roles capable of being augmented by artificial intelligence (AI), according to a report by Citigroup . The study underscores a growing trend among...
NHB invites applications for managerial positions. Here are the details, ET BFSI
The National Housing Bank (NHB) has announced the NHB Recruitment 2024, presenting a golden opportunity for bank job seekers across India. Known for its pivotal role in advancing housing finance institutions and ensuring sector stability, NHB aims to fill 48 vacancies...
BoB aims to double tech team headcount to 3,000 by FY26-end, BFSI News, ET BFSI
Apart from the 1,500 in-house workers, there are also contractual employees engaged by the bank in the IT function, Chand saidMumbai: State-owned Bank of Baroda is aiming to double its in-house technology team headcount to 3,000 in the next two years, a top official...
NeuCoins you will earn from UPI transactions on Tata Neu Infinity HDFC Bank Credit Card from August 1, 2024, ET BFSI
HDFC Bank has informed its Tata Neu Infinity credit card customers through mail regarding the change in Neucoins that will be issued on UPI transactions. The change is effective from August 1, 2024.“NeuCoins are the rewards a customer earns when transacting on the...
India & China’s banks’ efficiency erodes as expenses outpace income: Report, ET BFSI
The operating efficiency of lenders in mainland China and India eroded over the 12 months ended March 31 due to rising operating expenses, according to S&P Global Market Intelligence.It said that the Indian banks' aggregate cost-to-income ratio, a key measure of...
SAT stays Sebi order on former PTC India CMD Rajib Kumar Mishra, ET BFSI
The Securities Appellate Tribunal (SAT) has stayed a Sebi order that restrained former PTC India chairman and managing director Rajib Kumar Mishra from being a director in a listed entity for six months in a matter pertaining to corporate governance lapses. Following...
Citi appoints Jeegar Shah as the new Chief Financial Officer for India, ET BFSI
Citigroup today announced the appointment of Jeegar Shah as the new CFO for its India franchise, effective June 1, 2024.In this role, Shah will serve as the single point of contact for all financial matters in India. He will also be responsible for providing strategic...
Reliance Capital lenders set out conditions to grant extension to Hindujas, ET BFSI
Lenders to Anil Ambani-promoted Reliance Capital have filed an affidavit with the bankruptcy court stating that the winning bidder - a Hinduja Group entity - can be granted a 90-day extension only if it deposits Rs 2,750 crore in a lender's escrow account and pays 12%...
Share of bank term deposits offering 7-8% doubles in FY24, BFSI News, ET BFSI
Approximately 58.9 percent of banks' term deposits carried an interest rate between 7 and 8 percent, a substantial increase from 30.3 percent a year earlier. Additionally, 5.5 percent of TDs offered interest rates above 8 percent, up from 3.4 percent in March 2023.In...
Latest gold loan interest rates of 24 banks, ET BFSI
A gold loan is a flexible financial instrument that meets a range of objectives, from supporting your foreign trips to handling unforeseen bills. Unlike other loans, which need a complicated approval procedure and a lot of paperwork, gold loans are convenient.The...
Northern Arc Capital secures $75 mln from FMO via Senior Secured Debentures, ET BFSI
Northern Arc Capital Limited, a diversified non-banking financial company (NBFC) in India, has successfully raised $75 million (INR 620 crore) through the issuance of senior secured, listed Non-Convertible Debentures (NCDs). This substantial investment comes from FMO,...
Canara Bank”s X account “compromised”, investigation underway, ET BFSI
Bengaluru: State-owned Canara Bank on Sunday said that its account on social media platform X has been "compromised"."Canara Bank would like to inform all concerned that the bank's official X (formerly Twitter) account has been compromised. All concerned teams are...
Mcap of three of top-10 most valued firms jumps Rs 1.06 lakh cr; HDFC Bank, ICICI Bank shine, ET BFSI
The combined market valuation of three of the top-10 most valued firms jumped Rs 1,06,125.98 crore in holiday-shortened last week, with HDFC Bank and ICICI Bank emerging as the biggest gainers. Last week, the BSE benchmark Sensex climbed 217.13 points or 0.28 per...
Government asks PSBs to identify non-performing vendors, create negative list, ET BFSI
New Delhi: Service providers to public sector banks (PSBs), including vendors, law and consulting firms, and IT companies, may face challenges securing contracts from all PSBs if they underperform or delay projects of any one bank. The government has asked lenders to...
Few takers for banks’ green deposit schemes, more incentives needed, say experts, ET BFSI
Lenders including the State Bank of India (SBI) are grappling with challenges in mobilising green deposits, despite efforts to promote environmentally friendly financing options. More than a year after the Reserve Bank of India (RBI) introduced guidelines for banks to...
Consumer durables demand sparks bank lending boom in India, BFSI News, ET BFSI
The demand for consumer durable loans in metro cities has surged dramatically over the past five years, driven by robust consumer spending on electronic gadgets and home appliances. According to Reserve Bank of India (RBI) data, these loans have skyrocketed from Rs...
Bank of Baroda appoints Chayani Sundar as the new Chief Financial Officer, ET BFSI
Bank of Baroda has named Chayani Manoj Sundar as its new Chief Financial Officer (CFO), effective from June 21, 2024. Chayani, a seasoned professional with over 19 years of experience in the banking sector, brings expertise in financial and credit operations. He holds...
Kotak Mahindra Bank to add up to 200 branches in FY25, ET BFSI
India's Kotak Mahindra Bank will increase its pace of opening new branches and add about 175 to 200 branches in the financial year 2024-25, a senior official at the bank said, months after the central bank barred the private lender from sourcing new customers...
GT Force partners with ESAF Small Finance Bank to simplify E-2W Financing, ET BFSI
ESAF Small Finance Bank, headquartered in Thrissur, Kerala, is providing banking services and small loans to the underbanked, making it an ideal partner for GT Force in expanding its customer base.New Delhi: GT Force, a pioneer in electric two-wheeler manufacturing,...
India’s Kotak Mahindra Bank to add up to 200 branches in FY25, official says, ET BFSI
By Siddhi NayakMUMBAI - India's Kotak Mahindra Bank will increase its pace of opening new branches and add about 175 to 200 branches in the financial year 2024-25, a senior official at the bank said, months after the central bank barred the private lender from...
Chairman Dinesh Khara, ET BFSI
(Representative Image)As part of the network expansion plan, State Bank of India (SBI) is planning to open 400 branches across the country in the current financial year. The country's biggest lender opened 137 branches last fiscal. Of the total, 59 new rural branches...
Thanks a bullion, RBI will take it from here; overseas gold reserves at 6-yr low, ET BFSI
The Reserve Bank of India's gold reserves parked overseas dropped to a six-year low at the end of March - 47% of total. This is the lowest since it started accumulating the precious metal in December 2017. Data shows that the RBI started bringing the gold to India in...
Hinduja rejigs fundraise plan for Reliance Capital deal, BFSI News, ET BFSI
Mumbai: Hinduja Group, the winning bidder for Reliance Capital (RCap), has reworked its fundraising plan by splitting it into two blocks: domestic and overseas. The group is looking to raise ₹7,500 crore funds from a mix of domestic and overseas private credit funds...
This bank revises savings account interest rates; now earn up to 7.75% interest rate, ET BFSI
The digital-first, new-age bank Unity Small Finance Bank Limited (Unity Bank) has raised the interest rate slabs on savings accounts, according to the bank press release dated June 24, 2024.Latest interest rates of PPF, Sukanya Samriddhi Yojana, Senior Citizen Saving...
FII action, GST Council outcome among 10 factors to weigh on D-Street this week, ET BFSI
Nifty ended with 0.4% gains in a week-long holiday shortened by Bakri Eid. When markets resume trading on Monday, a host of important domestic and global events lined up during the holiday-truncated week are likely to impact them."The Indian stock markets exhibited...
Resilient NBFCs Driving Innovation and Sustainability, ET BFSI
In an era defined by rapid technological advancements and evolving customer expectations, NBFCs are at a pivotal juncture. To remain competitive and drive sustainable growth, they must adopt a comprehensive strategy encompassing digital adoption, strategic...
BoB aims to double tech team headcount to 3,000 by FY26-end, ET BFSI
Mumbai: State-owned Bank of Baroda is aiming to double its in-house technology team headcount to 3,000 in the next two years, a top official has said. The new additions to the current team strength of 1,500 employees will be done both through the regular hiring...
Chairman Dinesh Khara, ET BFSI
New Delhi: As part of the network expansion plan, State Bank of India (SBI) is planning to open 400 branches across the country in the current financial year. The country's biggest lender opened 137 branches last fiscal. Of the total, 59 new rural branches were...
Bank of Maharashtra pays Rs 857 cr dividend to govt, BFSI News, ET BFSI
New Delhi, State-owned Bank of Maharashtra (BoM) on Friday presented Rs 857 crore dividend cheque to Finance Minister Nirmala Sitharaman. The cheque was handed over by BoM managing director Nidhu Saxena and executive director Asheesh Pandey in the presence of...
U.S. bank regulators find flaws in four big bank ‘living wills’, ET BFSI
By Pete SchroederWASHINGTON, - U.S bank regulators dinged Bank of America, Citigroup, Goldman Sachs and JPMorgan Chase Friday for shortcomings in required plans for how they could be safely resolved in bankruptcy.Specifically, the Federal Reserve and Federal Deposit...
Morgan Stanley buys 1.7 cr shares of Axis Bank for Rs 2,083 crore, ET BFSI
New Delhi: US-based investment banking company Morgan Stanley on Friday bought 1.7 crore shares of private sector lender Axis Bank for Rs 2,083 crore through an open market transaction. According to the bulk deal data available with the National Stock Exchange (NSE),...
SBI MD, BFSI News, ET BFSI
Infrastructure investment trusts (InvITs) are enjoying immunity from insolvency proceedings and should be brought under the Insolvency and Bankruptcy Code, a top official from SBI said on Friday. Ashwini Kumar Tewari, the managing director of the bank, said lenders...
SBI pays Rs 6,959 crore dividend to govt, BFSI News, ET BFSI
New Delhi, The country's biggest lender State Bank of India (SBI) on Friday paid a dividend of Rs 6,959 crore for the financial year 2023-24 to the government. The dividend cheque was presented to Finance Minister Nirmala Sitharaman by SBI Chairman Dinesh Kumar Khara...
Can private bank stocks lead from the front now?, BFSI News, ET BFSI
On June 19, 2024, the Bank Nifty reached a new high of 51,957. This milestone could be just the beginning, with potential for further acceleration and growth.It’s a known fact that due to improved operational efficiencies, the implementation of the Insolvency and...
Reliance shareholders approve retail unit’s $4 billion lease to Jio Financial, ET BFSI
Shareholders of India's Reliance Industries approved a deal worth $4.3 billion between its units Reliance Retail and Jio Financial Services (JFS), according to a disclosure with stock exchanges on Friday.JFS plans to acquire equipment worth 360 billion rupees from...
Unity Small Finance Bank inks pact to acquire office space worth Rs 393 crore, ET BFSI
Representative ImageCentrum Financial Services-promoted Unity Small Finance Bank has entered into agreements to purchase 168,000 sq ft of office space in Mumbai's Santacruz suburb and Navi Mumbai's Seawoods area for a total of nearly Rs 393 crore.Of this, the bank...
Foreign selling in Indian shares moderates in first half of June, ET BFSI
By Bharath RajeswaranBENGALURU, - Foreign selling in Indian shares moderated in the first half of June, after election results signalled policy continuity, while buying interest emerged in realty and telecom stocks, official data showed on Friday.Foreign portfolio...
HDFC Bank users, this ‘UPI change’ is coming starting June 25, ET BFSI
Starting June 25, HDFC Bank will stop sending text alerts for low-value UPI transactions. This means that HDFC Bank customers will receive SMS alerts for UPI transactions exceeding Rs 100 when sending money and similar notification for when received is above Rs 500....
Primary market to see 9 new issues and 11 listings next week in post-election boom, ET BFSI
The primary market continues to thrive post the election with as many as 9 public offers set to be launched next week. Among these, the IPOs of Allied Blenders and Vraj Iron and Steel will open in the mainboard segment.In the SME segment, a total of seven issues will...
NBFC unsecured loans grow twice as fast as retail credit, BFSI News, ET BFSI
MUMBAI: Unsecured loans by NBFCs expanded at a compound annual growth rate (CAGR) of about 32% during FY2017-2024. While this growth is on a lower base, it is double the growth rate of retail secured loans such as vehicle, home, gold and property loans during the same...
Banks return on assets to dip but stay healthy at 1.1-1.2% this fiscal: CRISIL, ET BFSI
The return on assets (RoA) of banks is expected to moderate to 1.1-1.2% this fiscal after touching a 20-year high of 1.3% in fiscal 2024. However, it will be healthy compared with the long-term sectoral average of 0.75% over 20 years (average of 0.5% over the past 10...
Indians’ money in Swiss Bank drops 70% to below Rs 10,000 crore, ET BFSI
Funds held by Indian individuals and firms in Swiss banks, including through local branches and other financial institutions, experienced a sharp decline of 70% in 2023, reaching a four-year low of 1.04 billion Swiss Francs (approximately Rs 9,771 crore), according to...
SoftBank CEO talks up firm’s AI ambitions, BFSI News, ET BFSI
TOKYO - SoftBank Group CEO Masayoshi Son said on Friday that the group's mission was to help in humanity's progress by realising artificial super intelligence, which he said would exceed human capabilities by a factor of 10,000."SoftBank Group has done many things...
HDFC Bank plans infra bond swap for securities of parent HDFC Ltd, ET BFSI
HDFC Bank is discussing with investors and the regulator a plan through which the country's most-valued lender would buy back some of the bonds issued by the erstwhile HDFC, and replace these instruments with new infrastructure bonds to be sold to the same set of...
India drops seven notches in global FDI ranking, inflows down 43% in 2023, ET BFSI
Foreign direct investment (FDI) inflows into India fell to $28.1 billion in 2023 from $49.3 billion in 2022 with the country slipping seven notches to rank 15 in the World Investment Ranking in 2023, the United Nations Conference on Trade and Development (UNCTAD) said...
Lending income at most Asia-Pacific banks set to decline in 2024: S&P Global, ET BFSI
Lending incomes at many large Asia-Pacific banks are expected to dip in 2024, as margins come under increasing pressure.Twelve of the region's 20 largest banks by assets are expected to post declines in net interest income (NII), according to analyst consensus...
Sebi confirms ban on JM Fin over managing debt issues, BFSI News, ET BFSI
MUMBAI: Markets regulator Sebi has confirmed interim directions against JM Financial following irregularities in a public issue of non-convertible debentures (NCDs) where it was a lead manager. The interim directions bar JM Financial from acting as a lead manager for...
NBFC lobby group demands dedicated refinance bank, more level playing field with banks, ET BFSI
Kolkata: The Finance Industry Development Council, the representative body of non-banking finance companies (NBFCs), has made a pitch for creation of a dedicated refinance window for its members so that their "over dependence" on bank funding and their liquidity...
Credit offtake remains high, CASA share continues to suffer, BFSI News, ET BFSI
Scheduled Commercial Banks’ (SCBs) credit offtake rose by 19.3% (y-o-y) in the last quarter of FY24. In absolute terms, credit expanded by R .26.6 lakh crore from March 2023, driven by personal loans and Non-Banking Finance Companies (NBFCs) and merger impact. The...
Zerodha faces outage, company ‘acknowledges glitch’, BFSI News, ET BFSI
Indian online brokerage platform Zerodha has reported a second outage this month. Zerodha and IIFL experienced technical issues today (June 21), causing disruptions for their users.The outage rendered users unable to place new orders or modify existing ones, leaving...
Curtains on Citibank India consumer biz on July 15 with migration of customers to Axis Bank, ET BFSI
Axis Bank has notified Citibank credit card customers that the migration of all relationships, including credit cards, will be completed by July 15, 2024.As of March 1, 2023, Citibank's consumer business in India has been transferred to Axis Bank, following the...
Dhanlaxmi Bank appoints Federal Bank’s President & CHRO Ajith Kumar KK as its MD & CEO, ET BFSI
Ajith Kumar KKNew Delhi, Private sector Dhanlaxmi Bank on Tuesday said it has appointed Ajith Kumar KK as Managing Director (MD) of the bank. He will take charge on June 20, Kerala-based Dhanlaxmi Bank said in a regulatory filing. The board at its meeting held on...
PM Modi lauds contribution of public sector banks, BFSI News, ET BFSI
New Delhi, Prime Minister Narendra Modi has lauded the performance of the country's public sector banks in a thread post on social media platform X by MyGovIndia. PM Modi has highlighted the contribution made by PSU banks to transforming the banking sector.The Prime...
Banks look at upping priority sector lending by 51% in FY25, BFSI News, ET BFSI
Hyderabad: Banks in the state are targeting a 161% increase in credit disbursement for the current financial year 2024-25 (FY25) at around 6,33,777 crore with priority sector advances projected to rise 51% to 2,80,551 crore as against the 2,28,988 crore in financial...
Bank Nifty soars to a record high above 51,000, BFSI News, ET BFSI
Private lenders surged in choppy trading on Wednesday helping the Bank Nifty index cross the 51,000-mark for the first time, bolstered by liquidation of bearish derivative bets.The index comprising nine private and three state-owned lenders hit an all-time high of...
Private banks lift Indian shares to record closing highs, BFSI News, ET BFSI
By Bharath Rajeswaran and Kashish TandonBENGALURU -Indian shares recovered from a muted start to log record closing highs on Thursday, led by private banks and metals, while a dip in pharma stocks capped gains.The NSE Nifty 50 settled 0.22% higher at 23,567, while the...
Equirus appoints Sahil Shah as CIO & fund manager of their Long Horizon Fund, ET BFSI
The Mumbai-based investment banking firm announced on Thursday the appointment of Sahil Shah as the Chief Investment Officer (CIO) and new Fund Manager of Equirus Long Horizon Fund (ELHF).Shah served as a fund manager at Edelweiss Small Cap Fund, overseeing assets...
What are its criteria, terms of recognition, ET BFSI
RBI invites SRO application for NBFCs: What are its criteria, terms of recognition The Reserve Bank of India (RBI) on Wednesday invited applications for recognition of SROs for the NBFC sector.The applications are invited under the aegis of RBI’s ‘Omnibus Framework...
Banks’ ATM expansion runs into machine shortage hurdle, ET BFSI
Banks are raising alarms with the government and the Reserve Bank of India (RBI) over a critical shortage of automated teller machines (ATMs), which they say is hindering their expansion efforts.Industry insiders attribute the primary cause of the ATM shortage to the...
Outward remittances from India show marginal fall of 2% in Apr’24, ET BFSI
According to latest data by 1Lattice, the outward remittances from India has witnessed a slight fall of approximately 1.98 per cent, month on month in April 2024 after a 14 per cent increase in March and 23 per cent dip in February. For the past 3 years, overseas...
General Atlantic, Asia Opportunities V to sell 4% stake worth Rs 830 crore in PNB Housing Finance, ET BFSI
US-based General Atlantic and Asia Opportunities V (Mauritius) are likely to sell shares worth Rs 830 crore in the housing finance firm PNB Housing Finance through open market transactions on Thursday, according to the term sheet issued by the bankers.These two funds...
Credit growth up by 19.3 pc, crosses deposit growth; PVBs outpace PSBs: CareEdge, ET BFSI
New Delhi [India], June 20 (ANI): The Scheduled Commercial Banks (SCBs) in India have reported a significant increase in credit offtake, with a year-on-year (y-o-y) growth of 19.3 per cent for the last quarter of FY24, according to CareEdge report.This growth...
DPIIT holds consultation on further promoting ease of doing business with industry, other depts, ET BFSI
New Delhi, The department for promotion of industry and internal trade (DPIIT) on Wednesday held discussions and sought inputs from industry and other ministries on further promoting ease of doing business in the country, an official said. Inputs were sought on issues...
Power Finance Corporation board okays Rs 15,000 crore loan to Shapoorji Pallonji Group companies, ET BFSI
The board of state-run Power Finance Corporation (PFC) has cleared a Rs 15,000-crore loan to the Shapoorji Pallonji group companies, said people familiar with the development. It marks a breakthrough for the group's promoters, the Mistry family, who are 18.37%...
Banks draw attention of Govt, RBI to ATM shortage, BFSI News, ET BFSI
Banks have sounded out the government and the banking regulator Reserve Bank about shortage in supply of automated teller machines (ATMs) while making a case for clarity in norms for procurement via the government e-marketplace, or GeM portal, people familiar with the...
Credit funds, family offices fill void left by banks at AIFs, BFSI News, ET BFSI
MUMBAI: Private wealth funds and family offices are stepping in to fill the gap left by banks and non-banking finance companies (NBFCs) in investments into alternative investment funds (AIFs) following the Reserve Bank of India's tightened norms for financial...
Aye Finance raises $30 million in debt from Dutch development bank, ET BFSI
Aye Finance on Tuesday announced it raised $30 million in debt funding from FMO, the Dutch entrepreneurial development bank. The proceeds from this funding, around Rs 250 crore in local currency, will be used to further Aye's mission of financial inclusion by...
Axis Bank entities to up stake in Max Life Insurance at Rs 336 crore, ET BFSI
Axis Bank and its various subsidiaries' boards have approved raising their stake in Max Life Insurance to 19.99 per cent at Rs 336 crore in a cash deal, the private lender said in a stock exchange filing on Wednesday.Axis Bank, its subsidiaries Axis Securities and...
Lack of depth in mid- & smallcap rally hints all’s not shining on D-Street, ET BFSI
Mid-cap and small-cap indices have been on a blistering run so far in 2024, breaking new records and defying cynics. But beneath the surface, the optimism may not be as widespread as the benchmarks show.In the Nifty Midcap 150 and Smallcap 250 indices, 20 stocks have...
India’s NBFC sector now world’s 3rd largest, next only to USA & UK, ET BFSI
New Delhi, India's non-banking financial sector has grown to become the third largest in the world, next only to the United States and the United Kingdom, according to an SBI report that highlights the growing strength of the country's financial sector.Non-banking...
How to apply, cashbank offers, reward points, ET BFSI
Federal Bank, in collaboration with National Payments Corporation of India (NPCI), has launched RuPay Wave Credit Card that empowers customers with the convenience of UPI-powered transactions on robust RuPay network, according to the bank press release.This offering...
Over 40% people prioritise savings; house buying, education key reasons: Survey, ET BFSI
A latest survey by Moneyview highlighted the savings inclination among people today for achieving financial security and realizing personal aspirations. The survey revealed that more than 2 out of 5 respondents prioritize savings indicating a growing awareness of...
UGRO raises Rs 1,265 cr as equity capital, BFSI News, ET BFSI
New Delhi, UGRO Capital, an NBFC focused on MSME lending, on Tuesday announced the successful completion of its equity capital raise and the allotment of Compulsory Convertible Debentures (CCD) and warrants worth Rs 1,265 crore. The company's board had approved an...
SBI approves raising up to Rs 20,000 crore through bonds in FY25, ET BFSI
The Board of India's leading lender State Bank of India on Wednesday approved to raise up to Rs 20,000 crore in the current fiscal year by issuing long-term bonds.The fundraising will be done through a public issue or a private placement."The Central Board at its...
Piramal Finance clocks Rs 50,000 crore retail book, aims to double AUM in 4 years, ET BFSI
Piramal Capital & Housing Finance today announced that it has surpassed Rs 50,000 Crore in retail assets under management. The company said it aims to double its retail loan book by financial year 2028. The non-bank lender aims for retail lending to constitute 75%...
Ummeed Housing Finance raises Rs 630 cr equity, BFSI News, ET BFSI
Morgan Stanley and Norwest Capital-backed Ummeed Housing Finance has raised ₹630 crore in a Series F round from investors including A91 Partners LLP, Mirae Asset Venture Investments (India), Anicut Capital and existing investors Norwest Venture Partners.The...
Kotak Bank bets big on MSME loan uptick, BFSI News, ET BFSI
Mumbai: Private-sector lender Kotak Mahindra Bank is betting big on the micro, small and medium enterprises (MSME) segment, and sees fresh demand for working capital and term loans in the second half of the current fiscal year, as rural uplift takes priority in the...
Navigating Disruptive Risk and Technological Advancements, ET BFSI
The shift has been so significant that the Chief Financial Officer of a leading bank believes that IFRS 9 has completely changed financial reporting and accounting. Notably, the RBI has also significantly strengthened its regulations and supervision of banks and other...
Building up a stake in HDFC Bank could bring a windfall, BFSI News, ET BFSI
Investors looking for safer bets on Dalal Street could consider HDFC Bank but they would be better off putting money in the stock in installments over the next few months. This is because the stock, despite cheaper valuations compared to its historical levels, could...
Shivalik SFB raises INR 100 Crore in equity investment by Lightspeed, Sorin, ET BFSI
Noida based Shivalik Small Finance Bank announced on Tuesday that it raised INR 100 Crore of funding through an equity investment co-led by global venture capital firm Lightspeed and Sorin Investments. The bank plans to use the funding to enhance its tech stack,...
Private banks further consolidate lending market share, BFSI News, ET BFSI
Kolkata: Private sector banks have further consolidated their position in the lending market over the past four years after Covid-led disruptions, backed by their expertise in retail and services sector lending. Their cumulative market share has risen to 42% at the...
Dhanlaxmi Bank appoints Ajith Kumar KK as MD and CEO, BFSI News, ET BFSI
New Delhi: Private sector Dhanlaxmi Bank on Tuesday said it has appointed Ajith Kumar KK as Managing Director (MD) of the bank. He will take charge on June 20, Kerala-based Dhanlaxmi Bank said in a regulatory filing. The board at its meeting held on Tuesday approved...
India New Issue-HDB Financial Services to reissue April 2026 bonds, bankers say, ET BFSI
MUMBAI, - India's HDB Financial Services plans to raise 20 billion rupees ($239.48 million), which will include a greenshoe option of 15 billion rupees through reissue of 8.0736% April 2026 bonds, three bankers said on Tuesday. The company has invited bids from...
How banks can be future-ready, BFSI News, ET BFSI
Across the world, we see companies beginning to size up the potential effects of climate change and its risks. The banking and financial services sector is no different.The volatile environment means, banks must certainly act on two fronts: one -look at managing their...
S&P 500, Nasdaq hit record closing highs ahead of data, Fed comments, ET BFSI
The S&P 500 and Nasdaq scored record closing highs on Monday as technology shares rallied on enthusiasm over artificial intelligence ahead of this week's economic data and Federal Reserve officials' speeches that could shed light on monetary policy.Megacaps Apple...
India’s non-banking financial sector grew by 10%; declined globally by 3 %, ET BFSI
India's non-banking financial sector registered a growth of 10 per cent however globally the sector declined by 3 per cent, highlights a report by SBI.The non-banking financial institutions are typically those that do not possess a full banking license and thus,...
FSIB recommends 5 Chief General Managers for position of EDs in PSU banks, ET BFSI
New Delhi The Financial Services Institutions Bureau (FSIB), the headhunter for directors of state-owned banks and financial institutions, on Monday recommended the elevation of five chief general managers for the post of executive directors in various banks. The FSIB...
FPIs offload Indian equities worth Rs 3,064 crore in June so far, ET BFSI
Despite Indian benchmark indices Nifty50 and Sensex gaining over 4% in June, Foreign Portfolio Investors (FPIs) have remained unenthusiastic, offloading Indian equities worth Rs 3,064 crore so far this month. In 2024 year-to-date, FPIs have sold stocks worth Rs 26,428...
IIFL Finance subsidiary raises Rs 216 crore through public bond issue, ET BFSI
IIFL Finance's microfinance subsidiary IIFL Samasta Finance has garnered Rs 216 crore through its second public bond issue against a Rs 1,000-crore target despite higher interest rates, as investors were likely concerned over the regulatory scrutiny on IIFL Finance's...
PSBs dominate India’s banking with over 50% share across market share, services, ET BFSI
A recent report by the State Bank of India (SBI) highlights the dominant position of Public Sector Banks (PSBs) in India, which account for more than 50 percent of the banking business in terms of market share, branches, and Automated Teller Machines (ATMs). The...
Balancing regulation and fairness, ET BFSI
SEBI's Power to Attach Bank Accounts: Balancing Regulation and FairnessThe Securities & Exchange Board of India (SEBI) had recently passed a confirmatory order dated April 26, 2024, in the matter of Growpital Platform, confirming its findings in the interim order...
Indian banks are better placed with strong balance sheet, low NPAs and higher profits: CLSA, ET BFSI
After suffering from seething government and disturbing bad loan difficulties, Indian banks have established themselves in a much stronger position, as balance sheets and profits have rebounded markedly, noted CLSA (formerly known as Credit Lyonnais Securities Asia),...
RBI wins ‘Risk Manager of the Year’ award by London’s Central Banking publication, ET BFSI
The Reserve Bank of India (RBI) has won the "Risk Manager of the Year Award 2024" by Central Banking, a leading publication based in London, UK. This accolade recognizes RBI's exemplary strides in enhancing its risk culture and awareness, affirming its pivotal role in...
These 6 banks have revised loan interest rates in June 2024, ET BFSI
Marginal Cost of the Fund-Based Lending Rate (MCLR) is the minimum interest rate below which a bank or a financial institution cannot lend you loans. It is calculated by the banks after considering the marginal cost of funds, operating costs, tenor premium, and...
M-cap of five of top-10 most valued firms jumps Rs 85,582 crore; LIC biggest gainer, ET BFSI
Five of the top-10 most valued firms together added Rs 85,582.21 crore in market valuation last week, with Life Insurance Corporation of India (LIC) emerging as the biggest gainer, in-line with positive trend in equities. Last week, BSE benchmark Sensex climbed 299.41...
Government has this ‘160’ number solution for online banking frauds, ET BFSI
Amidst the rising spam call frauds in the country, the government has finally introduced a new number series specifically for transactional and service voice calls. As per a Telecom Regulatory Authority of India (TRAI) release, all transactional and service voice...
Will Nifty touch 24,000 this week? Top 5 factors at play, ET BFSI
After ending last week with a surge of 0.75% following green endings seen on the last 4 days, Nifty remains locked within a narrow range of 23,200-23,500. If it breaks out above 23,600, the index can rally as much as 24,000 depending on news flow around the upcoming...
Public sector banks efficiency improves as private banks decline: SBI study, ET BFSI
Mumbai: A study by State Bank of India has said that public sector banks (PSBs) in India outperform private sector banks in terms of efficiency. The study measures efficiency by assessing how well banks utilize resources to generate output at an optimal scale.In the...
Foreign investors return to Indian markets with investment of Rs 2743 crore, ET BFSI
New Delhi [India], June 16 (ANI): Foreign portfolio investors (FPIs) returned to the Indian equity markets, with a net investment of Rs 2,743 crore on Friday. Despite this positive development, the overall net investment by FPIs remains negative. According to the...
How banks can be future-ready, BFSI News, ET BFSI
Across the world, we see companies beginning to size up the potential effects of climate change and its risks. The banking and financial services sector is no different.The volatile environment means, banks must certainly act on two fronts: one -look at managing their...
Markets need correction but current momentum indicates otherwise, ET BFSI
New Delhi, After the sharp gains witnessed in the previous week, markets were circumspect this time around but continued to post gains. Markets are at lifetime highs, and in the previous week, one saw the market breadth gaining substantially. One reason for the above...
IIFL Finance Q4 profit falls 6 pc to Rs 431 crore, BFSI News, ET BFSI
NEW DELHI: IIFL Finance on Sunday reported a 6 per cent decline in consolidated net profit to Rs 431 crore for the March quarter as the RBI barred the financial services firm from undertaking gold loan business. The company had earned a net profit of Rs 458 crore in...
RBI’s special audit over, IIFL Finance appoints team to implement corrective actions, ET BFSI
New Delhi [India], June 16 (ANI): IIFL Finance, which caught the eyes of the Reserve Bank of India (RBI) for the significant irregularities in its gold loan portfolio, said it has taken necessary measures to address the identified concerns and prevent their...
SBI to monetise subsidiaries after scaling up their businesses: Chairman Khara, ET BFSI
New Delhi, SBI Chairman Dinesh Kumar Khara has said the lender would wait for its subsidiaries like SBI General Insurance and SBI Payment to further scale up their operations before monetising them. Scaling up of their operation will increase valuation and ensure...
These 6 banks have revised loan interest rates in June 2024, ET BFSI
Marginal Cost of the Fund-Based Lending Rate (MCLR) is the minimum interest rate below which a bank or a financial institution cannot lend you loans. It is calculated by the banks after considering the marginal cost of funds, operating costs, tenor premium, and...
RBI slaps fine on Central Bank of India, Bangladesh bank on violations, ET BFSI
Mumbai: RBI has imposed penalties of Rs 1.5 crore and Rs 9.4 lakh on Central Bank of India and Bangladesh's Sonali Bank, respectively. The penalty on Centrl Bank is for its failure to comply with RBI directives on loans and advances and customer protection in...
HDFC Bank may take infra bond route to raise around Rs 15,000 crore, ET BFSI
Mumbai: HDFC Bank is making market enquiries about the issuance of infrastructure bonds worth around ₹10,000-15,000 crore as India's largest lender by market value looks to garner long-term capital and meet the reserve requirements arising out of its last-year merger...
9 banks make changes post RBI’s new guidelines on FDs, ET BFSI
Latest Fixed Deposit Terms: Following the Reserve Bank of India's (RBI) latest monetary policy meet, several major banks have adjusted their fixed deposit terms and interest rates in line with the new regulations. RBI governor Shaktikanta Das on Friday announced a...
Sebi cancels registration of Grovalue Fin Services for violating market norms, ET BFSI
Markets regulator Sebi on Friday cancelled the certificate of registration of Grovalue Financial Services for flouting regulatory norms. The Securities and Exchange Board of India (Sebi) inspected the matters of Grovalue Financial Services, a Sebi-registered research...
Bombay High Court orders Bank of Baroda to refund Rs 76 lakh in cyber fraud case, ET BFSI
In a significant ruling highlighting the growing issue of cyber fraud, the Bombay High Court directed the Bank of Baroda (BoB) to refund Rs 76 lakh to a company that had fallen victim to online fraud. This decision, based on a July 2017 Reserve Bank of India (RBI)...
Sensex, Nifty at all-time high as inflation cools this week, ET BFSI
Mumbai, Indian stock markets closed at an all-time high in the last week. This is the second consecutive week when Indian frontline indices Sensex and Nifty made a new all-time high of 77,145 and 23,490 respectively.In the last week that ended on June 14, Sensex...
AGS Transact looks to widen ATM footprint, BFSI News, ET BFSI
Mumbai: India's second largest ATM manufacturer AGS Transact Technologies is aiming to deploy more than 3,000 ATMs in the current fiscal year. After the industry stagnated during the Covid period, banks have once again started adding branches which is seen to give a...
Forex reserves surge by $4 billion to $655.8 billion, a record high, ET BFSI
Mumbai: The country's foreign exchange reserves surged to a record high of $655.8 billion on June 7, 2024, marking an increase of $4.3 billion over the week.The increase in reserve was largely because of the rise in foreign currency assets which rose by $3.8 billion...
NBFC Akme Fintrade’s IPO to open on June 19, announces price band, ET BFSI
Udaipur-based non-bank financial company Akme Fintrade (India)'s IPO will open for subscription on June 19 and close on June 21. The issue is completely a fresh equity sale of Rs 1.10 crore shares of face value Rs 10 each.The IPO is priced in the range of Rs 114-120...
9 banks make changes post RBI’s new guidelines on FDs, ET BFSI
Latest Fixed Deposit Terms: Following the Reserve Bank of India's (RBI) latest monetary policy meet, several major banks have adjusted their fixed deposit terms and interest rates in line with the new regulations. RBI governor Shaktikanta Das on Friday announced a...
RBI imposes Rs 1.45 Crore penalty on Central Bank of India, BFSI News, ET BFSI
The Reserve Bank of India has imposed a monetary penalty of ₹1,45,50,000 on the Central Bank of India, citing deficiencies in regulatory compliance.The penalty follows the findings of the Statutory Inspection for Supervisory Evaluation (ISE 2022) conducted by the RBI...
SBI sanctioned 20,000 digital small biz loans up to Rs 50 lakh since Dec: Official, ET BFSI
Mumbai, State Bank of India (SBI) has sanctioned around 20,000 loans of Rs 10 lakh to Rs 50 lakh for small businesses as part of a digital lending pilot that started in December, a senior official said on Friday. Having been satisfied with the results of the pilot,...
Yes Bank founder Rana Kapoor gets bail, walks out of jail after 4 years, ET BFSI
On Friday, Yes Bank co-founder Rana Kapoor walked out of Taloja Central Prison after over four years of undertrial incarceration. Special trial judge M G Deshpande of a sessions court granted him bail in the Avantha case on executing a personal bond of Rs 2 lakh,...
Bank of Maharashtra Makes NRI Banking Easier with Its NRI Banking Solutions, ET BFSI
SMPLNew Delhi [India], June 13: The rise of globalization has enabled individuals to work and live abroad, creating a need for cross-border financial management. Non-Resident Indians (NRIs), for instance, face a complex financial landscape that requires careful...
Axis Bank’s retail head quits; new compliance chief named, BFSI News, ET BFSI
Sumit Bali, the current group executive for retail lending at Axis Bank resigned from his role on Wednesday. His last working day will be June 16, the bank said.Bali had joined Axis in 2020. Before joining the bank, Bali was the CEO of IIFL Finance for two years. He...
India bond market to wait for fiscal roadmap clarity before next rally, says Citi, ET BFSI
Investors are likely to await clarity on India's fiscal consolidation path in the forthcoming government budget before propelling the next leg of a bond market rally, a top Citi India executive said.The benchmark bond yield was at 6.99%, down 19 basis points so far in...
Are banks open on Saturday, June 15?, ET BFSI
In India, the second and fourth Saturdays of each month as well as all Sundays are closed to operations for both private and public sector banks. Bank customers must thus confirm that the banks are open on that specific Saturday prior to visiting the branch.The...
10-year benchmark sovereign bond yield slips below 7% as inflation cools in India and US, ET BFSI
India’s 10-year benchmark sovereign bond yield retreated below 7% on lower than expected domestic and US inflation prints, although calling the formal start to an easing cycle is rather difficult still after last week's Mint Road assertion that domestic conditions...
Rajib Kumar Mishra ceases to be chairman of PFS, CMD of PTC India after Sebi’s order, ET BFSI
Rajib Kumar Mishra ceased to be chairman of PTC India Financial Services Ltd (PFS) as well as CMD of PTC India Ltd following the order passed by markets regulator Sebi that restrained him from holding the director's post for six months, the two companies said on...
Banks closed for 13 days in June 2024, BFSI News, ET BFSI
The fourth month of the new financial year will have as many as 13 bank holidays as per the list of holidays released by the Reserve Bank of India (RBI). This includes the weekend holidays, i.e., the second and fourth Saturdays and all Sundays. The month of July will...
Sensex declines 200 pts, Nifty below 23,400 on losses in banking & IT stocks, ET BFSI
After hitting fresh record highs the previous day, benchmark indices Sensex and Nifty50 traded in the red on Friday, dragged down by banking and IT stocks.The BSE Sensex was trading 198 points, lower at 76,611. The Nifty50 was down 44 points, trading at 23,354 around...
HDB Financial awaits parent’s approval to begin IPO journey, ET BFSI
HDB Financial services, the non-banking financing arm of HDFC Bank, is awaiting the signal from its parent to begin the listing process. The lender also has plans to open nearly 200 branches in the current fiscal year as it aims to grow its loan book."We are ready;...
HDFC Bank raises FD rates by 20bps, BFSI News, ET BFSI
HDFC Bank raised fixed deposit rates on retail deposits by 20 basis points on various tenors effective June 10. The bank will offer 7.25% for 18 months to less than 21 months, 7.10% for 15 to 18 months and 6.60% for a one year to 15 months bucket. Published On Jun 12,...
Dearness allowance from May to July 2024 announced; latest update on 5-day bank workweek, ET BFSI
Dearness allowance for bank employees will be 15.97% for May, June and July 2024. In a circular dated June 10, 2024, the Indian Bank's Association (IBA) said, "In terms of clause 13 of the 12th Bipartite Settlement dated 08.03.2024 and clause 2 (i) of the Joint Note...
Banks to RBI, ET BFSI
MUMBAI: Indian lenders have told the banking regulator that creating 5% provision buffers for all infrastructure projects would hurt both the financiers and viability of the proposed development initiatives, seeking about a dozen such amendments to a draft Mint Road...
Union Bank board approves plan to raise Rs 10,000 cr, BFSI News, ET BFSI
New Delhi, State-owned Union Bank of India on Tuesday approved a proposal to raise Rs 10,000 crore, including Rs 6,000 crore from share sale, to fund its business growth. The board approved raising equity capital not exceeding Rs 6,000 crore in tranche(s) within the...
SBI Mutal Fund hikes holding in Kotak Mahindra Bank to over 5 pc, ET BFSI
New Delhi, SBI Mutual Fund has increased its stake in Kotak Mahindra Bank to over 5 per cent. In a regulatory filing on Tuesday, Kotak Mahindra Bank said that the fund house purchased 21.57 lakh shares through the open market on June 5. With the fresh addition, SBI...
State Bank of India Board approves raising up to $3 billion via debt, ET BFSI
The State Bank of India (SBI), the nation's biggest lender, announced on Tuesday that its board has given the green light to raise up to $3 billion through debt instruments in the present fiscal year.The government-run bank will secure the funds in one or more...
SBI to use IT, GST data for quick sanction of MSME loans, ET BFSI
State Bank of India (SBI), has launched a new SME Digital Business Loans through which the bank will use data from sources such as income tax and GST returns and bank statements, for credit assessment of micro small and medium enterprises (MSMEs) and sanction loans...
Deposits in the time of MFs, real estate, BFSI News, ET BFSI
Banks are seeking innovative solutions to rebalance their credit-deposit ratio. These include reducing the minimum lock-in period for tax-saving deposits to three years to bring about parity with similar equity-linked savings schemes. There may be some merit in this...
FIU imposes over Rs 1.66 cr fine on Axis Bank for failing to detect fraud NSG account, ET BFSI
The Financial Intelligence Unit has slapped a fine of more than Rs 1.66 crore on Axis Bank for "failing" to put in place a mechanism to detect and report suspicious transactions carried out at one of its branches by creating a "fraud" account in the name of...
India’s stock rebound from election upset is fastest in a decade, ET BFSI
Indian stocks got over the election shock at the fastest speed in recent history, as domestic investors used the near-$400 billion selloff last week as an opportunity to buy the dip. The benchmark NSE Nifty 50 Index sank almost 6% on June 4 after Prime Minister...
Banks, NBFCs well placed to seize opportunity from India’s strong economic prospects: ICRA, ET BFSI
Indian banks and Non Banking Finance Companies are well placed to seize the opportunity from the country's strong economic prospects through lending in various sectors, even though loan growth is expected to moderate by about three percent, according to a report by...
Rules for direct listing in GIFT to be out in a month, BFSI News, ET BFSI
MUMBAI: International Financial Services Centres Authority chairman K Rajaraman has said that regulations for direct listing of Indian companies in the GIFT IFSC will be out in a month. Govt had in Jan amended laws to permit the direct listing of unlisted companies in...
ATM operators seek Rs 2 hike in interchange fee for viability, ET BFSI
Mumbai: India's ATM operators have approached the Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI) for an increase in the interchange fee paid by customers on cash withdrawals.The Confederation of ATM Industry, or CATMI, wants this fee...
Will Modi 3.0 see an overhaul of Insolvency and Bankruptcy Code?, ET BFSI
With Finance and Corporate Affairs Minister Nirmala Sitharaman taking charge of her responsibilities, attention is drawn towards potential reforms in the implementation of the Insolvency and Bankruptcy Code (IBC). Experts highlight the urgency for the Modi 3.0...
Muthoot Microfin raises $38 million in ECB on higher investor interest, ET BFSI
Muthoot Microfin has raised $38 million in external commercial borrowing from Union Bank of India (DIFC branch), Bank of Bahrain and Kuwait, Bank of India (DIFC branch, Dubai), Mega International Commercial Bank Co (Labuan Branch).The lender raised the fund with three...
SBI hikes FD interest rates. What should debt mutual fund investors do?, ET BFSI
Increasing the appeal of bank fixed deposits by a notch, SBI has increased FD interest rates by 75 basis points. However, the decision to switch from debt mutual funds to FDs depends on your investment goals and risk appetite and investors should not be in a hurry to...
Hindujas seek more time from NCLT to pay Reliance Capital lenders, ET BFSI
Hinduja Group, which acquired Anil Ambani-promoted Reliance Capital, has submitted an application to the National Company Law Tribunal (NCLT) seeking more time to make the final payments to the lenders.The group cited delays in obtaining approval from the Department...
Hindujas seek more time from NCLT to pay Reliance Capital lenders, ET BFSI
Hinduja Group, which acquired Anil Ambani-promoted Reliance Capital, has submitted an application to the National Company Law Tribunal (NCLT) seeking more time to make the final payments to the lenders.The group cited delays in obtaining approval from the Department...
Rare ARC bids for SBI’s claims on Reliance naval loan guarantees, ET BFSI
A little-known asset reconstruction company (ARC) from Ahmedabad is the frontrunner to acquire State Bank of India's claims arising from the personal guarantees issued by Nikhil Gandhi and Bhavesh Gandhi, the promoters of SKIL Infrastructure.The Gandhi brothers issued...
JPMorgan hires former PayPal executive Sri Shivananda as its CTO, ET BFSI
Tech workers comprise 20% of the bank's global workforce of almost 312,000 employeesBy Nupur AnandNEW YORK: JPMorgan Chase hired former PayPal executive Sri Shivananda as its new chief technology officer (CTO), the bank said in a memo on Monday, the latest senior hire...
Morgan Stanley CEO, ET BFSI
Morgan Stanley was testing a genAI chatbot developed with OpenAI.The use of artificial intelligence (AI) could save Morgan Stanley's financial advisers between 10 and 15 hours a week, the bank's CEO Ted Pick told investors at a conference on Monday."This is...
SEBI imposes Rs 35 lakh penalty on PTC India’s Pawan Singh, Rajib Kumar Mishra for corporate governance lapses, ET BFSI
New Delhi: The Securities and Exchange Board of India (SEBI) has imposed fines totaling Rs 35 lakh on senior officials from PTC India Financial Services (PFS), for severe lapses in corporate governance. Rajib Kumar Mishra and Pawan Singh, the company's director and...
Banks need to push CASA for deposit growth and protect margins, ET BFSI
Even as banks are pushing deposit growth to meet credit demand, the route has been a bit costly.Term deposits have grown faster than CASA deposits for many banks.At the system level, the share of low cost CASA- Current and Savings Accounts - deposits have dipped 271...
Deposit rates peaks; to move downwards in medium term: SBI Chairman, ET BFSI
New Delhi, State Bank of India (SBI) Chairman Dinesh Kumar Khara has said that deposit rates have peaked and will move southward in the medium term. The country's largest lender also said the RBI may start easing the interest rate cycle from the third quarter of the...
Bain Capital, others to likely offload shares in L&T Finance in Rs 1,530 crore block deal: Report, ET BFSI
L&T Finance is expected to see a block deal where Bain Capital and other funds will likely sell their shares worth Rs 1,530 crore. The block deal could happen at a discount of 1% to the current market price of the shares and BNP Paribas could be the broker to the...
Indian banks to ask regulator to not raise provisioning for infra loans, sources say, ET BFSI
By Siddhi NayakMUMBAI - The Indian Banks' Association (IBA) will ask the central bank to keep provisioning for infrastructure project loans unchanged in its feedback to the latter's recent proposal to raise the amount of capital lenders should set aside against such...
Bajaj Housing Finance files papers for Rs 7,000 crore IPO, ET BFSI
Bajaj Housing Finance Limited (BHFL) has filed Draft Red Herring Prospectus (DRHP) with the Indian market regulator to launch a Rs 7,000 crore initial public offering (IPO). The public issue will comprise a fresh issue of equity shares of up to Rs 4,000 crore and an...
Federal Bank shortlists three Candidates for MD & CEO post, BFSI News, ET BFSI
Kochi-based Federal Bank has reportedly shortlisted three candidates for the post of MD & CEO. The list comprises a combination of internal and external contenders.This private sector lender has already submitted the names to the Reserve Bank of India.According to...
Report, BFSI News, ET BFSI
Portfolio outstanding of the Microfinance sector at Rs 442.7k crore as of March 24 rose 26.8 per cent in FY' 2023-24 according to a report by credit bureau CRIF Highmark.Despite regulatory restrictions , personal loans grew the second fastest among retail assets which...
Will Modi 3.0 go full throttle on PSB divestment?, BFSI News, ET BFSI
The Centre has decided against merging public sector banks (PSBs) in FY25 but is set to proceed with privatising PSBs during the fiscal year. Currently, there are no proposals to merge additional PSBs, nor are there any plans to abandon the privatisation agenda.As of...
IPO season is back with more than 2 dozen companies chase Rs 30,000 crore, ET BFSI
Mumbai: India's primary market is poised to see a flurry of IPOs with more than two dozen companies expecting to go public over the next two months, aiming to raise more than ₹30,000 crore. Investor hopes have renewed with the Modi government returning for a third...
After a robust FY24, credit offtake moderates in April 2024, BFSI News, ET BFSI
Gross bank credit offtake witnessed an increase of 19% year-on-year (y-o-y) in April 2024 propped by the impact of the merger between the HDFC twins and by growth in personal loans and commercial real estate.Without considering the merger, the y-o-y growth stood at...
IBBI proposes simplified compliance framework for insolvency resolution process, ET BFSI
The Insolvency and Bankruptcy Board of India (IBBI) has proposed simplifying the forms used in the corporate insolvency resolution process (CIRP) by resolution professionals (RPs). This proposal, outlined in a discussion paper released earlier this week, aims to...
9 banks have revised fixed deposit terms, rates after new RBI rule, ET BFSI
Many big banks have revised their fixed deposit interest rates and terms in accordance with new rule set by the Reserve bank of India (RBI) in its latest monetary policy meet.The RBI announced the proposal to revise the definition of bulk fixed deposits. As per the...
Rupee logs new record low of 83.57 vs dollar, BFSI News, ET BFSI
Mumbai: The rupee weakened to a new low of 83.57 against the dollar in the interbank foreign exchange market on Tuesday. The dollar gained against most Asian currencies ahead of the US Fed's meeting on Wednesday.The rupee has been under pressure this week. After...
NBFC body urges RBI to review provisions on infra loans, ET BFSI
NBFC body urges RBI to review provisions on infra loansThe Finance Industry Development Council (FIDC) on Tuesday urged the Reserve Bank of India (RBI) to review its recent proposal calling for an increase in the provisions that lenders have to set aside against...
SBI, other public sector banks suggest steps to boost deposits, ET BFSI
State Bank of India and other public sector lenders are urging the government to allow them to offer incentives to bolster deposits, which have slumped hitting credit flows.Banks' deposit growth in FY24 was well below the rise in credit, forcing them to meet the...
Bank of India acquires over 6 pc stake in CCIL IFSC, BFSI News, ET BFSI
State-owned Bank of India on Monday said it has acquired a 6.125 per cent stake in the recently incorporated CCIL IFSC, listed in GIFT SEZ, reflecting its commitment to the growth of IFSC. The announcement was made by Bank of India's Executive Director (International...
RBL Bank revises savings, FD interest rates, ET BFSI
RBL Bank has revised the interest rates of fixed deposits for amounts below Rs 2 crore. The revised FD interest rates are effective from June 8, 2024. The bank has also revised savings account interest rates, and the new rates are effective July 1, 2024.Up to 7.75% FD...
Bank of Baroda launches GenAI Hackathon in collaboration with Microsoft, ET BFSI
Bank of Baroda, in collaboration with Microsoft, has announced the launch of a nationwide hackathon focused on Generative Artificial Intelligence (GenAI).Open to individuals and teams, including developers, students, professionals, start-ups, and fintechs, this...
IDBI Bank shares jump over 5% on receiving income tax refund order worth Rs 2,702 crore, ET BFSI
Shares of IDBI Bank climbed 5.4% to Rs 90.15 in Monday's intraday trade on BSE after the lender received an income tax refund order amounting to Rs 2,701.6 crore for the assessment year 2016-17."We wish to inform you that IDBI Bank Ltd has received an Order under...
PSBs lean less on OIS as a hedgeon uncertain local rate outlook, ET BFSI
owned banks, with significant ownership in government bonds, aren't relying as much on the derivatives market to hedge domestic interest rate risks amid increasingly evident signs Mint Road would largely be decoupled from global peers while finalising its rate...
IBC changes set to lift ARC recovery from residential realty by 500-700 bps, ET BFSI
Asset reconstruction companies (ARCs) are set to see an increase in the cumulative recovery rate for stressed residential real estate projects by 500-700 bps to 16-18% as on March 31, 2025, from 11% as on March 31, 2024.This will be driven by improved viability of...
SBI, other public sector banks suggest steps to boost deposits, ET BFSI
State Bank of India and other public sector lenders are urging the government to allow them to offer incentives to bolster deposits, which have slumped hitting credit flows.Banks' deposit growth in FY24 was well below the rise in credit, forcing them to meet the...
Julius Baer targets rich Indians in Dubai with UBS, JPMorgan hires, ET BFSI
Swiss wealth manager Julius Baer Group Ltd. hired senior bankers from UBS Group AG and JPMorgan Chase & Co. to beef up its business catering to rich Indians in Dubai.Sanjay Advani has joined from UBS as a managing director and team head of Julius Baer’s global...
RBL Bank revises savings, FD interest rates, ET BFSI
RBL Bank has revised the interest rates of fixed deposits for amounts below Rs 2 crore. The revised FD interest rates are effective from June 8, 2024. The bank has also revised savings account interest rates, and the new rates are effective July 1, 2024.Up to 7.75% FD...
Sensex, Nifty breach record levels but settle lower amid profit-booking, ET BFSI
Mumbai, Benchmark equity indices Sensex and Nifty ended lower on Monday after hitting their all-time high levels in early trade amid selling in blue-chip IT stocks and HDFC Bank. After breaching the 77,000-mark during the early trade, the 30-share BSE Sensex came...
Bank of India acquires over 6 pc stake in CCIL IFSC, BFSI News, ET BFSI
State-owned Bank of India on Monday said it has acquired a 6.125 per cent stake in the recently incorporated CCIL IFSC, listed in GIFT SEZ, reflecting its commitment to the growth of IFSC. The announcement was made by Bank of India's Executive Director (International...
MF investors keep faith in equity, invest Rs 34k cr in May, BFSI News, ET BFSI
Mutual fund investors committed record funds to equities in May, looking beyond the event risk posed by the election outcome, as several new fund offers (NFO) of sectoral funds hit the market to eventually draw ₹34,697 crore to the category.By comparison, investors...
Targeting to hit milestone of Rs 20,000 cr loan book in 8-10 quarters: Shachindra Nath, ET BFSI
"UGRO is now expanding from its current base of 105 locations to 250 locations this year and 400 next year and all of these physical infrastructure which we are building is in tier II to tier V town," says Shachindra Nath, Founder & MD, UGRO Capital.We have heard...
Fino Payments Bank eyes tripling digital banking revenue by FY25, ET BFSI
Fino Payments Bank is sharpening its focus on digital banking to spur growth, hoping to tap the market space caused by the exit of Paytm Payments Bank, formerly the largest player in this segment.The rural focused bank aims to get about 15% of revenue this fiscal from...
Banks ask RBI to ease liquidity rule to keep credit taps open, ET BFSI
Mumbai: Indian banks want the industry regulator to ease the existing liquidity coverage mandate to free up more funds for lending at a time when Mint Road has cautioned financiers about deposits trailing credit disbursements in a booming economy, potentially creating...
NBFC Arthan Finance raises Rs 50 crore in equity funding, BFSI News, ET BFSI
Arthan Finance, a non-banking finance company focused on lending to micro and small businesses, has raised Rs 50 crore in equity funding from Incofin India Progress Fund and the Michael and Susan Dell Foundation.The proceeds will help the Mumbai-based startup grow its...
New govt formation to end election spending drought, ease banking liquidity, ET BFSI
As the incoming government prepares to assume office, banks are expecting relief from the tight liquidity conditions that have prevailed in recent times. Last month, the banking system faced significant liquidity deficits due to reduced government spending and...
Microfinance active loan accounts witnessed uptick, 7.8 cr unique borrowers served in FY24: Report, ET BFSI
Ever since the AP crisis in 2010 and the creation of a new category of NBFC-MFIs in December 2011, the regulations have carefully nurtured the growth of microfinance in India. According to a latest report by Microfinance Industry Network (MFIN), the microfinance...
Banks ask RBI to ease liquidity rule to keep credit taps open, ET BFSI
Mumbai: Indian banks want the industry regulator to ease the existing liquidity coverage mandate to free up more funds for lending at a time when Mint Road has cautioned financiers about deposits trailing credit disbursements in a booming economy, potentially creating...
Taking a home loan? 5 ways you can reduce cost of borrowing and save money, ET BFSI
1.Keep loan tenure as short as possibleThe longer the tenure of a loan, the higher the interest burden. The compounding works against the borrower and inflates the interest outgo. For instance, if you take a Rs.50 lakh loan at 9% for 10 years, you will pay a total...
Latest HDFC Bank FD rates: HDFC Bank raises fixed deposit, recurring deposit interest rates
Latest HDFC Bank FD interest rates: HDFC Bank has revised upwards its fixed deposit rates for FDs under Rs 2 crore, following a similar move by the State Bank of India (SBI). The revised rates will come into effect from June 10, 2024.For general customers, HDFC Bank...
Green flavour not enticing enough for bond investors, ET BFSI
Green bonds appear to have got off to a circumspect start in India. More than a year after the first such instrument was sold by the government, follow-up issuances have dried up.The absence of financial institutions with a focus on green financing, expectations of...
Why, when and what all will be unavailable, ET BFSI
HDFC Bank has scheduled several maintenance periods in June 2024, during which various banking services will be temporarily unavailable. The maintenance aims to enhance the overall banking experience and ensure the smooth operation of HDFC Bank's platforms. Here is a...
Banks say growing reliance on Big Tech for AI carries new risks, ET BFSI
ING is testing an AI chatbot currently used for 2.5% of incoming customer service chats. The boom in artificial intelligence will increase banks' dependence on big U.S. tech firms, creating new risks for the industry, European banking executives said.Excitement around...
PNB plans to expand its overseas footprint, to open representative office in Dubai, ET BFSI
New Delhi, State-owned Punjab National Bank plans to open a representative office in Dubai, as part of its plan to expand its global footprint. The bank has got the board of directors' approval for opening a representative office in Dubai and the process is on for...
Rebalance high credit-deposit growth gap, ET BFSI
The Reserve Bank of India (RBI) reiterated its warning to banks on the elevated credit-deposit ratio, asking lenders to review their business plans to balance their assets and liabilities more evenly. However, the central bank stopped short of prescribing an ideal...
Why, when and what all will be unavailable, ET BFSI
HDFC HDFC Bank has scheduled several maintenance periods in June 2024, during which various banking services will be temporarily unavailable. The maintenance aims to enhance the overall banking experience and ensure the smooth operation of HDFC Bank's platforms. Here...
Public sector banks pin hopes on new Govt for higher PLI for employees, ET BFSI
State-run banks are hopeful of a more lucrative performance-linked incentive (PLI) for their employees as a new coalition government takes charge. They are also likely to push for a five-day banking week.Both bank unions and employee associations have been demanding a...
Why, when and what all will be unavailable, ET BFSI
HDFC HDFC Bank has scheduled several maintenance periods in June 2024, during which various banking services will be temporarily unavailable. The maintenance aims to enhance the overall banking experience and ensure the smooth operation of HDFC Bank's platforms. Here...
Sebi recognised for innovative regulatory practices by The Asian Banker, ET BFSI
Sebi has been given 'Best Conduct of Business Regulator' award in Asia Pacific by The Asian Banker for its role in enhancing the regulatory framework for securities markets in India. The award was received by Sebi's Whole Time Member Kamlesh Chandra Varshney in a...
Africa Development Bank calls for $25 billion and better terms to avoid ‘lost decade’, ET BFSI
LONDON: Africa needs quicker debt restructurings, more favorable lending terms, and some $25 billion for the Africa Development Fund to avoid a lost decade, the head of its development bank said.The continent was suffering from "long fiscal COVID" and the world was...
Zerodha’s Nithin Kamath praises SEBI for making market safer, investor-friendly, ET BFSI
New Delhi, Praising the Securities and Exchange Board of India (SEBI) for making markets safer and more investor-friendly, Zerodha's Co-founder and CEO Nithin Kamath on Friday said that the new regulation will ease operations at a broker's end.SEBI's latest regulation...
Banks say growing reliance on Big Tech for AI carries new risks, ET BFSI
ING is testing an AI chatbot currently used for 2.5% of incoming customer service chats. The boom in artificial intelligence will increase banks' dependence on big U.S. tech firms, creating new risks for the industry, European banking executives said.Excitement around...
Gold tumbles on solid US nonfarm payroll report, China slowing down gold buying, ET BFSI
Buoyed by rate cut expectations after the Bank of Canada and the European Central Bank (ECB) cut rates earlier this week, spot gold rose to $2,387 on Friday, the highest level since May 22. However, the metal crashed on a robust US nonfarm payroll report. Spot gold...
RBI cautions micro finance lenders against usurious interest rates, ET BFSI
MUMBAI: The central bank cautioned lenders, especially in the microfinance space, from charging ‘usurious’ interest rates by exploiting the freedom the regulator offered after pushback from states in the past.The RBI has observed that while most lenders adhere to...
JPMorgan, Citi scrap Fed rate-cut bets for July after jobs data, ET BFSI
Economists at Citigroup Inc. and JPMorgan Chase & Co., some of the last holdouts predicting a Federal Reserve interest-rate cut in July, have relented.After Friday’s release of stronger-than-anticipated May employment data, Citigroup now sees US policymakers...
Foreign exchange reserves climb to record $651.5 billion, BFSI News, ET BFSI
India's foreign exchange reserves climbed to a record of $651.5 billion by the end of last week, demonstrating resilience despite an uncertain geopolitics."Overall, we remain confident of meeting our external financing requirements comfortably," Reserve Bank of India...
Asirvad MFI appoints Satish Nair as President and CEO, BFSI News, ET BFSI
PRNewswireKochi (Kerala) [India], June 7: Asirvad Micro Finance Limited ('Asirvad'), a subsidiary of Manappuram Finance Limited (MAFIL) (BSE: 531213) (NSE: MANAPPURAM), has appointed Satish Nair as President and Chief Executive Officer (CEO).Asirvad, headquartered in...
IDBI Bank seeks ROC help over nominee director dispute with NTADCL, ET BFSI
IDBI Bank has written to the Registrar of Companies (ROC), over the exclusions of nominee directors from board meetings of New Tirupur Area Development Corporation Ltd (NTADCL) post-loan repayment. The public sector bank has raised governance concerns, in its letter...
Indian shares set to open higher ahead of central bank policy decision, ET BFSI
- Indian shares are set to open slightly higher on Friday, ahead of the Reserve Bank of India's policy meeting at which it is widely expected to keep interest rates unchanged.The Gift Nifty was trading at 22,905 as of 07:40 a.m IST, indicating that the benchmark Nifty...
If not equity, corp FDs offer 1-1.5% over debt MFs and banks, ET BFSI
For investors looking to cut exposure to equities amid wild swings, corporate deposits with higher credit ratings could be good alternatives to debt mutual funds and bank deposits. Wealth advisors said deposits from top finance companies like Bajaj Finance and Shriram...
Outstanding PSB spreads hit 10-year low on divergence in lending & deposit rates, ET BFSI
In April 2024, the banking sector witnessed significant pressure on outstanding (o/s) spreads due to growing competition among banks and a slowdown in unsecured lending growth.Public sector banks (PSBs) experienced a new 10-year low in o/s spreads, reaching 2.25%,...
Sebi notice to PolicyBazaar over Dubai buy, BFSI News, ET BFSI
MUMBAI: Markets regulator Sebi is investigating PB Fintech, the company that runs insurance-tech platform PolicyBazaar, for non-disclosure of a $2-million investment in a Dubai-based company. Sebi has issued a show cause notice to Yashish Dahiya, chairperson & CEO...
Are banks closed on Saturday, June 8, 2024?, ET BFSI
In India, all private and public sector banks are closed on the second and fourth Saturdays and all Sundays of the month. The first, third, and fifth Saturdays of the month are bank working days. So, bank customers must make sure that banks are working on that...
Holani Group’s SME Fund Reaches ₹184 Crore Milestone, BFSI News, ET BFSI
Mumbai (Maharashtra) [India], June 5: Holani Venture Capital Fund, a ₹300 crore fund targeting the SME sector, has achieved a significant milestone by raising ₹184 crores just a month after its launch. Launched on April 27, 2024, in Jaipur, this fund is promoted by...
Bajaj Finance Housing Fin arm to raise Rs 4,000 crore, BFSI News, ET BFSI
Bajaj Finance's housing finance subsidiary will raise ₹4,000 crore through an initial public offer (IPO) to comply with Reserve Bank of India (RBI) regulations, the company said in a stock exchange filing. "Board of the company has approved an IPO of equity shares......
Indian Overseas Bank sets up dedicated branch to serve startups; to open five more, ET BFSI
Chennai, Public sector Indian Overseas Bank has set up an exclusive branch to serve startups and budding entrepreneurs in the city. The branch inaugurated by top officials on Thursday would offer a suite of financial products and services. Indian Overseas Bank has...
BlackRock stays bullish on Indian bonds after narrow Modi win, ET BFSI
The coalition of parties led by Modi is unlikely to deviate from the path of fiscal consolidation, and cooling inflation will allow the Reserve Bank of India to embark on easing later this year, according to Neeraj Seth, chief investment officer and head of APAC...
FD interest rates of Yes Bank, SBI, HDFC Bank, ICICI Bank, PNB, Canara Bank compared, ET BFSI
Banks revise their fixed deposit interest rates now and then without prior intimation. Recently, Yes bank revised its fixed deposit interest rate. SBI also revised its fixed deposit interest rates last month. Now let's compare these revised FD rates with the interest...
CBIC starts electronic disbursal of duty drawback directly to exporters’ bank accounts, ET BFSI
New Delhi, Central Board of Indirect Taxes and Customs (CBIC) has started to electronically disburse duty drawback amounts directly to the bank accounts of exporters in order to facilitate trade, the Finance Ministry said on Wednesday.''The payment of duty drawback...
NBFCs’ funding costs to rise as banks cut back, BFSI News, ET BFSI
The cost of funds for non-banks could rise 200 to 300 basis points as banks squeeze funding to this segment. Recent data show that bank funds to the non-bank segment dropped to 15% in April from 22% seen in the same period last year.Non-banks are also likely to face a...
Banks’ drive to ‘tokenise’ assets moves slower than expected, BFSI News, ET BFSI
By Elizabeth HowcroftAMSTERDAM - Banks which for years have talked about creating 'tokenised' versions of assets like bonds and currencies say a shift to blockchain-based trading is taking longer than expected, with some investors cautious about the idea.By creating...
Rupee ends higher; RBI intervention, foreign banks’ dollar sales help, ET BFSI
The Indian rupee closed stronger on Wednesday, partially recovering from its slump in the previous session, aided by dollar sales from foreign banks and likely intervention from the Reserve Bank of India.The rupee closed at 83.37 against the U.S. dollar, up nearly...
India’s Bajaj Housing Finance approves IPO to raise 40 billion rupees, ET BFSI
BENGALURU - India's Bajaj Housing Finance approved to file for an initial public offering (IPO) with a fresh issue of shares worth 40 billion rupees ($479.2 million) on Thursday.The firm, a unit of non-banking finance company (NBFC) Bajaj Finance, said the IPO would...
Govt’s ‘just in time’ release of state funds impacting banks: SBI Research, ET BFSI
Banks are set to be impacted by the central revised procedure of "just in time" release of funds to states under CSS (Centrally Sponsored Schemes) ."The designated banks have been keeping the float funds in interest bearing Savings Bank accounts (paying differential...
SEBI eases timelines for material event disclosures by FPIs, BFSI News, ET BFSI
Financial markets regulator Securities and Exchange Board of India (SEBI) has relaxed timelines for disclosure of certain material changes or events by Foreign Portfolio Investors (FPIs).It categorised material changes into two categories - Type I and Type II.In the...
Vistaar Finance Receives USD 50M in Debt Financing from DFC, BFSI News, ET BFSI
BusinessWire IndiaBangalore (Karnataka) [India], June 5: One of India's leading MSME lending institutions, Vistaar Finance, has received funding of US $25M, out of a committed loan of US $50mn, from the U.S. government's development finance institution, U.S....
Banks for lower provisioning for infra loans as default rates falling, ET BFSI
Lenders want the Reserve Bank of India (RBI) to reduce provisioning requirements for infrastructure loans, due to a consistent decline in the probability of default (PD) in the sector to 2% or less over the past five years.Under the RBI’s draft guidelines for project...
BNPL startup Simpl undertakes another round of layoffs, rejigs senior leadership, ET BFSI
Bengaluru-based consumer credit startup Simpl has laid off another 30 employees a month after it fired 160 executives. The company conveyed this to employees over one-to-one meetings today, people aware of the development told ET.The development comes after the firm,...
Bank lending to NBFCs spikes 4x in 6 years, MF debt exposure crosses Rs 2 trn mark, ET BFSI
Bank lending to NBFCs spikes 4x in 6 years, MF debt exposure cross Rs 2 trn markMutual Fund (MF) debt exposure to NBFCs crossed the Rs 2 lakh crore mark after 55 months to reach Rs 2.08 lakh crore in April, highlighted a recent report by CareEdge Ratings.This marks an...
Top skills, cities; salaries and more, ET BFSI
The banking, financial services and insurance (BFSI) sector has been undergoing a digital revolution, driven by artificial intelligence (AI) and machine learning (ML) since the past few years. The recent Reserve Bank of India's (RBI) annual report too heavily talks...
Investors to get direct payout of securities now, BFSI News, ET BFSI
The Securities and Exchange Board of India (Sebi) has mandated that investors should receive their securities directly to their demat account from clearing corporations. The move is aimed to protect clients' securities and to ensure that the stock broker segregates...
NBFCs’ funding costs to rise as banks cut back, BFSI News, ET BFSI
The cost of funds for non-banks could rise 200 to 300 basis points as banks squeeze funding to this segment. Recent data show that bank funds to the non-bank segment dropped to 15% in April from 22% seen in the same period last year.Non-banks are also likely to face a...
How to update KYC of bank account online in HDFC Bank, SBI, Canara Bank, ICICI Bank, ET BFSI
Most financial actions need the submission of KYC data. "Know your customer"—or KYC for short—is a handy tool that helps an organisation confirm a customer's identity.Many banks have provided facilities to customers to update their Know Your Customer (KYC) details...
Rupee to count on central bank’s help amid portfolio outflows, ET BFSI
By Nimesh VoraMUMBAI - The Indian rupee will rely on the central bank stepping in to defend the currency on Wednesday, amid likely foreign portfolio outflows following the unexpected outcome of the country's general election.Non-deliverable forwards indicate the rupee...
Deutsche Bank ties up with Bitpanda in ‘cautious’ crypto shift, ET BFSI
(Corrects to show Bitpanda is a broker (not an exchange), in paragraphs 1 and 12)By Elizabeth HowcroftAMSTERDAM - Deutsche Bank will work with Bitpanda to process customer deposits and withdrawals for the Austrian crypto broker, the companies told Reuters.The crypto...
Analysts warn, ‘Don’t jump in yet, Market dip may deepen’, ET BFSI
Election Results: The BJP, which secured 303 seats in 2019 and 282 in 2014, found itself struggling to attain a complete majority this time around. Falling short of their past performances, the BJP now faces the challenge of forming a coalition government.This marks...
Citi’s new banking head Viswas Raghavan begins as CEO hails his ‘intensity’, ET BFSI
Viswas Raghavan joined Citigroup as its new head of banking this week in New York, the lender said on Tuesday, after it hired the former head of investment banking from JPMorgan earlier this year.Citi's CEO Jane Fraser has expressed high hopes for Raghavan, who...
Foreign portfolio investors sold over Rs 12,000 crore India stocks on poll results day, ET BFSI
New Delhi [India], June 4 (ANI): Foreign portfolio investors (FPIs) heavily sold stocks off their portfolio in India on Tuesday, as the broader market witnessed a bloodbath, tracking initial trends in Lok Sabha results.As per data available on NSE website, foreign...
Swiss financial regulator wants to be able to name and shame banks, ET BFSI
ZURICH, - Swiss financial regulator FINMA wants to be able to name and shame banks which breach its rules, Chief Executive Stefan Walter told newspaper NZZ in an interview published on Tuesday.The call is one of FINMA's demands for increased powers after the authority...
Rupee plunges by 42 paise, most in a year, to 83.53 vs $, BFSI News, ET BFSI
MUMBAI: The rupee fell the most in over a year to close at 83.53 against the dollar, down 42 paise over Monday's close. Prices of govt bonds also fell sharply, with the yields on the benchmark 10-year bond rising by over 5 basis points (100bps = 1 percentage point) to...
Tata Motors Finance merges with Tata Capital, ET BFSI
The Board of Directors of Tata Motors Limited (TML), Tata Capital Limited (TCL) and Tata Motors Finance Ltd (TMFL) on Tueaday approved the merger of TMFL with TCL through an NCLT scheme of arrangement. As consideration for the merger, TCL will issue its equity shares...
Most bank frauds are third-party scams on customers: IBA chief, ET BFSI
Mumbai: The chairman of the Indian Banks Association, MV Rao, has said that the threefold increase in bank frauds reported in the RBI's annual reports is largely due to customers being cheated by third parties, not breaches in banking systems. Rao called for increased...
Adani makes credit card foray, ties up with ICICI Bank, BFSI News, ET BFSI
MUMBAI: Adani Group chairman Gautam Adani has introduced a credit card in alliance with ICICI Bank, marking his foray into retail finance. The partnership will take on competitors like Tata, Reliance and Aditya Birla groups in a crowded Indian market. The billionaire,...
Punjab National Bank, IIFCL sign pact for financing infra projects, ET BFSI
Punjab National Bank (PNB) and India Infrastructure Finance Company Ltd (IIFCL) on Monday signed an agreement to offer long-term financial assistance to viable infrastructure projects. With this, both the institutions will collaborate to fund the infrastructure...
It’s a party on Dalal Street as India m-cap soars to Rs 426 lakh crore, ET BFSI
Mumbai: Indian equities soared to new closing highs, the rupee firmed up and bond yields fell to two-year lows on Monday as investors cheered the likelihood of the Bharatiya Janata Party (BJP) returning to power with a strong majority, based on exit poll numbers. The...
Risk weighting slows unsecured loan growth, BFSI News, ET BFSI
Mumbai | Kolkata: The pace of expansion in unsecured credit, such as personal loans and credit-card outstanding, has continued to slide in India after the central bank enhanced the risk weighting on such exposures to minimise the likelihood of mounting delinquencies...
BJP’s potential coalition government sparks market sell-off, ET BFSI
On election result day, Indian equities opened weak and saw panic selling throughout the morning. Although there was a brief recovery mid-session, another round of selling in the final session led to a massive drop, with the Index falling 1,379.40 points to close at...
IBA chief explains what bank frauds really are, stresses on critical ‘golden hour’, ET BFSI
The Chairman of the Indian Banks' Association (IBA) underlined on June 3 that most bank frauds highlighted by the recent RBI annual report are third-party scams.According to M V Rao, the Chairman of the IBA, the significant rise in bank frauds reported in the RBI's...
US dollar sinks to three-week low on signs of slowing economy, ET BFSI
By Gertrude Chavez-DreyfussNEW YORK -The dollar fell to a three-week low on Monday after data showed the U.S. economy is gradually slowing down with weaker-than-expected readings on manufacturing and construction spending, suggesting that the Federal Reserve is on...
Delayed rate cuts to gradually affect Indian bank margins: Report, ET BFSI
The anticipated rate cuts in October 2024 are expected to provide a gentle boost to banking margins, but not immediate relief. Repo-linked mortgages and most prime corporate loans are likely to reprice quickly, setting the stage for a gradual margin expansion due to...
Pick from a buffet of 50+ counters from 5 brokerages, ET BFSI
While earnings are the single largest trigger for share prices to move in the long run, a lot of revenue potential for companies also hinges on government policies. And therefore, investors have fine-tuned their equity portfolios to factor in major structural reform...
PSU bank stocks tumble up to 10% as early counting trends lower than exit poll predictions, ET BFSI
PSU bank stocks fell sharply by up to 10% on Tuesday in intraday trade on the BSE, following early trends showing the BJP-led NDA coalition with an upper edge. However, the early numbers were not in line with exit polls, causing investor concerns.Shares of Central...
Rupee set to rally after exit polls predict Modi win, BFSI News, ET BFSI
By Nimesh VoraMUMBAI - The Indian rupee is expected to rally at the open on Monday after exit polls indicated a third term for Prime Minister Narendra Modi.Non-deliverable forwards indicate the rupee will open at 83.10-83.12 to the U.S. dollar, compared with 83.4625...
Now, a ‘Bank Clinic’ to guide you on complaints, ET BFSI
Bank employees have come together to launch a complaint redressal platform - Bank Clinic - to guide retail customers about their rights and remedies.Banksclinic.com is a website where a retail customer can register a complaint. Within five days, the platform will...
Ashish Gupta, Axis Asset Management, ET BFSI
Corporate balance sheets and banks are in great shape, laying the foundation for a vigorous private capex cycle, Ashish Gupta, CIO, Axis Asset Management tells ET Wealth.Do you think the delay in interest rate cuts by global central banks will affect equity...
Modi 3.0 boost! PSU banks soar up to 8% as exit polls signal BJP-led NDA’s majority, ET BFSI
After exit polls indicated a clear majority for the BJP-led NDA, shares of PSU banks rallied up to 8% in Monday’s intraday trade on the BSE.Shares of Bank of Baroda surged 8% to Rs 286, while Indian Overseas Bank saw a 6% rise in early trade. India’s largest PSU bank,...
Brokers make trading costlier to discourage risky bets, ET BFSI
Mumbai: Brokers have increased the cost of trading in shares and equity derivatives as part of their risk mitigation measures in anticipation of sharp swings in the stock market on account of the election results. While some raised upfront margins - the minimum amount...
FD interest rates increased by 80 bps on this tenure; check Indian Bank’s latest fixed deposit rates, ET BFSI
Indian Bank has revised its fixed deposit interest rates for amounts below Rs 2 crore. The new rates are effective from June 3, 2024. Rates of which FD tenure has been hiked?The bank has hiked FD interest rate on a single tenure by 80 basis points (bps) from 6.30...
Forex remittances worth Rs 50,000 crore under ED scanner, ET BFSI
The Enforcement Directorate (ED) is investigating suspected illegal remittances of foreign exchange totalling ₹50,000 crore as part of its scrutiny of transactions by fintech firms, people familiar with the matter told ET.These entities reported fake transactions like...
Several banking stocks touch new highs ahead of Lok Sabha Election results, ET BFSI
Banking stocks touch new highs ahead of Lok Sabha Election resultsA day before the announcement of Lok Sabha Elections result, the Stock Market has responded with nearly 3% spike on Monday. The key reason behind the jump has been the Exit Polls prediction with showed...
Nifty Bank crosses 50,000 for first time in all-round rally, BFSI News, ET BFSI
The Nifty Bank crossed the 50,000 mark for the first time on Monday after exit polls indicated Modi's return for a third term.The Nifty Bank rose as much as 4.1% in Monday's trade to reach 50,990 led by strong performances from Bank of Baroda, SBI, Axis Bank, and...
Federal Bank rises 2.06% as Sensex climbs , BFSI News, ET BFSI
Shares of Federal Bank Ltd. traded at Rs 165.3 on BSE at 12:07PM (IST) on Monday, up 2.06 per cent from previous close. The stock quoted a 52-week low price of Rs 120.9 and a high of Rs 170.25. Earlier, the stock saw a gap up opening in the morning. A total of 592,569...
Nifty Bank index advances 3.18% in an upbeat market, ET BFSI
NEW DELHI: The Nifty Bank index traded positive around 10:34AM(IST)on Monday in an upbeat market. Bank of Baroda(up 9.03 per cent), State Bank of India(up 6.56 per cent), Axis Bank Ltd.(up 4.52 per cent), Punjab National Bank(up 4.33 per cent) and IndusInd Bank...
HDFC Bank debit, credit cards will not be working on these two days: Check details, ET BFSI
HDFC Bank has informed its customers via email and SMS that all its HDFC Bank debit, credit and prepaid card transactions will be temporarily unavailable during an upgrade window. “HDFC Bank debit, credit and prepaid card transactions will not be available on June 4,...
Some Indian brokers impose higher trading margins to withstand election volatility, ET BFSI
Some large Indian brokerage firms have asked clients to furnish higher margins against trades this week to limit the risk of default ahead of the results of India's national elections, due on Tuesday.India's benchmark equity indexes hit record highs on Monday after...
SBI emerges as seventh Indian listed company to surpass Rs 8 lakh crore m-cap, ET BFSI
Amid the ongoing rally in the stock market due to the exit polls predicting landslide victory for the BJP-led NDA government, the State Bank of India (SBI) emerged as the seventh Indian listed company to have surpassed Rs 8 lakh crore market capitalisation on...
Shriram Finance raises USD 468-mn multi-currency social loan, BFSI News, ET BFSI
New Delhi, Shriram Finance Limited (SFL) on Monday said it has raised USD 468-million (about Rs 3.880 crore) in multi-currency to fund business growth. The three-year (External Commercial Borrowing) ECB facility was structured as a social loan anchored by BNP Paribas,...
JM Financial to fund realty projects through AIF, syndications, ET BFSI
JM Financial Group has decided to fund real estate projects through the alternative investment fund (AIF) route and syndications, moving away from its on-balance business model.JM Financial non-executive vice chairman Vishal Kampani said in an investors call that the...
IBA, BFSI News, ET BFSI
Threefold increase in bank frauds reported in RBI's annual reports.Indian Banks' Association chairman M V Rao has said that the threefold increase in bank frauds reported in RBI's annual reports is largely due to customers being cheated by third parties, not breaches...
Mcap of 8 of 10 most valued firms erodes by Rs 2.08 lakh cr; Reliance, TCS biggest laggards, ET BFSI
The combined market valuation of eight of the top-10 most valued firms declined by Rs 2,08,207.93 crore last week, with bellwether Reliance Industries, TCS and Infosys taking the biggest hit. While these three firms along with ITC, Life Insurance Corporation (LIC),...
MD Atul Kumar Goel, ET BFSI
With legacy issues behind, Punjab National Bank (PNB) is on the right path to outpace the competition and achieve greater heights in terms of profitability during the current fiscal and subsequent years, the bank's managing director Atul Kumar Goel said. PNB topped...
Brokerage firms give BJP a thumping majority, markets ‘poised’ for a rally on Monday, ET BFSI
New Delhi, As the voting for the seventh and final phase of the Lok Sabha elections concluded on Saturday, brokerage firms predicted absolute majority for the Bharatiya Janata Party (BJP), even bettering its last-time tally of 303 seats as the single-largest...
Three GMs to oversee TMB operations as MD&CEO seeks to be relieved, ET BFSI
CHENNAI: Private sector Tamilnad Mercantile Bank (TMB) has constituted a three-member Committee of Executives (CoE) comprising general managers to oversee its administration and operations. The interim arrangement comes in the backdrop of the incumbent MD&CEO, S...
UPI sets new record with over 14 billion transactions, Rs 20.45 trillion in amount, ET BFSI
UPI sets new record with over 14 billion transactions, Rs 20.45 trillion in amount Marking a record surge in the month of May, the Unified Payments Interface (UPI) network set a new record by processing 14.04 billion transactions, up from 13.3 billion in April. The...
RBI imposes monetary penalty on SBM Bank (India), BFSI News, ET BFSI
The Reserve Bank of India (RBI) on Friday said it has imposed a penalty of Rs 88.70 lakh on SBM Bank (India) for non-compliance with certain regulatory norms. In a statement, the central banks said the penalty has been imposed for non-compliance with licensing...
Centre to take decisive steps to strengthen banking system, says Finance Minister, ET BFSI
Finance minister Nirmala Sitharaman Friday said the government will continue to take decisive measures to strengthen and stabilise the banking system, "ensuring banks' support India's growth path to Viksit Bharat by 2047".In a post on X, Sitharaman said India's...
Kotak Bank’s credit profile to improve over next 12 months: S&P, ET BFSI
Kotak Mahindra Bank will be able to improve its credit and funding profile over the next 12 months despite some impact on growth and profitability because of the RBI's restriction on onboarding new customers online, S&P Global Ratings credit analyst Nikita Anand...
Canara Bank starts IPO process to take Canara HSBC Life public, ET BFSI
Canara Bank on Friday said it has initiated the process of IPO for its subsidiary Canara HSBC Life Insurance Company and through the public offer, the lender will dilute about 14.5% of its stake.The IPO, if approved by the regulators including RBI, the Department of...
Canara Bank board approves fund raising of Rs 8,500 crore via bonds in FY25, ET BFSI
New Delhi, State-owned Canara Bank on Friday said the board of the bank has given approval for raising Rs 8,500 crore through bonds to fund business growth in 2024-25. The decision in this respect was taken in a meeting held on Friday. The board of the bank has...
Home loan borrowers may have repaid higher amounts, BFSI News, ET BFSI
Mortgage disbursals are far exceeding the amount of outstanding home loans, indicating faster industry-level growth and a pronounced revival in incomes that has prompted end-users to prepay liabilities or reduce debt through lump-sum part payments ahead of schedule.An...
SBI changes gears, links car dealer commissions to their performance, ET BFSI
In a first for the bank, State Bank of India, the country's largest lender, is set to link the commission it pays to car dealers, for sourcing loans, to sales as opposed to the current practice of paying them a fixed percentage as a commission, according to a bank's...
RBI, govt accept no bids at first sovereign green bond auction of FY25, ET BFSI
MUMBAI: The government did not raise any funds through the first sovereign green bond auction of the current financial year as the Reserve Bank of India – the Centre’s debt manager – accepted no bids at the sale.Bond traders said that the decision to accept no bids...
M1xchange surpasses Rs 1,00,000 crore in invoice discounting throughput, ET BFSI
Online invoice discounting and factoring solutions provider M1xchange surpasses Rs 1,00,000 crore in throughput value. M1xhange, a TReDS (trade receivables discounting system) platform has expanded the scope of TReDS through Small-to-Small (S2S) financing. This...
Credit Suisse ceases to exist as UBS wraps up takeover, BFSI News, ET BFSI
UBS Group AG completed the historic acquisition of its former rival Credit Suisse, marking a new chapter for the Swiss financial sector as the defunct bank's legal existence has formally ended."Today, Credit Suisse AG has been deregistered in the Commercial Register...
India’s forex reserves down $2 bn to come off all-time record high, ET BFSI
India’s forex reserves dipped by $2 billion to $646.67 billion as of May 24, latest data by the Reserve Bank of India showed on Friday.Previously, forex reserves expanded by $4.54 billion to reach an all-time high of $648.7 billion for the week ended on May 17,...
Muthoot Finance’s AUM grows 25% to Rs 89,079 cr in FY24, ET BFSI
The consolidated assets under management of Muthoot Finance have grown 25% Y-o-Y to Rs. 89,079 crores in FY24 as against Rs. 71,497 crores last year. During the Q4 of FY 24, consolidated loan assets under management increased by 8%. The consolidated profit after tax...
SBI Sarvottam FD with 7.9% interest rate vs Canara Bank vs Bank of Baroda fixed deposits, ET BFSI
Banks can offer higher interest rates on deposits of over Rs 15 lakh wherein the customers do not withdraw prematurely, according to the Reserve Bank of India (RBI).According to the HDFC Bank website, “The Fixed Deposits does not have any premature withdrawal facility...
RBI Annual Report, ET BFSI
MUMBAI: The Reserve Bank of India (RBI) along with NPCI international payments ltd (NIPL) will work towards taking UPI to 20 countries by FY29. RBI Annual report says possibilities will be explored for increasing the global footprints of UPI and RuPay."In light of...
M1xchange surpasses Rs 1,00,000 crore in invoice discounting throughput, ET BFSI
Online invoice discounting and factoring solutions provider M1xchange surpasses Rs 1,00,000 crore in throughput value. M1xhange, a TReDS (trade receivables discounting system) platform has expanded the scope of TReDS through Small-to-Small (S2S) financing. This...
JPMorgan to grow India headcount by 5-7% for next few years, BFSI News, ET BFSI
Moreover, since India accounts for roughly 50% of the global GCC market, the country has become a hotbed for talentBy Ashwin Manikandan and Haripriya SureshBENGALURU: JPMorgan Chase plans to grow its headcount in India by 5%-7% annually over the next few years, a...
Why RBI moved 100 tonnes of gold from the UK to domestic vaults, ET BFSI
The share of gold in the total foreign exchange reserves rose to 8.7% by the end of April 2024.In a significant strategic development, the Reserve Bank of India (RBI) has recently moved over 100 tonnes of gold from the UK to its domestic vaults. This marks the first...
Muthoot Finance’s AUM grows 25% to Rs 89,079 cr in FY24, ET BFSI
The consolidated assets under management of Muthoot Finance have grown 25% Y-o-Y to Rs. 89,079 crores in FY24 as against Rs. 71,497 crores last year. During the Q4 of FY 24, consolidated loan assets under management increased by 8%. The consolidated profit after tax...
SBI Card, HDFC Bank, ICICI Bank, HSBC, ET BFSI
If you fail to settle your credit card bill by the due date, you will incur a late payment fee and finance charges on the outstanding amount. The late payment fee is typically a fixed amount based on your total outstanding balance, while finance charges are calculated...
IDFC First Bank to raise Rs 3,200 cr via preferential issue to LIC, others, ET BFSI
To capitalise on upcoming growth opportunities, IDFC First Bank Board has approved raising around Rs 3,200 crore through a preferential issue.Under the scheme, the bank will allot around 39.68 crore shares to some of the biggest institutional investors in India,...
EU has a ‘warning’ for banks, investment firms using AI, BFSI News, ET BFSI
The European Union (EU) has a warning for banks and investment firms operating in the region. In its first statement on AI, the EU’s securities watchdog, the European Securities and Markets Authority (ESMA) said that financial institutions that are using artificial...
HDFC Bank leads credit cards market, SBI maintains highest share in debit cards in Apr’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 April 2024, revealed latest data by 1Lattice.Top banks followed the list like Bank of Baroda which held...
Are banks closed this Saturday, June 1, 2024?, ET BFSI
Banks across India are closed on national holidays, state-specific holidays along with second and fourth Saturdays in the month and all Sundays, according to the Reserve Bank of India holiday list.The central bank designates certain holidays under the Negotiable...
Ujjivan SFB report, ET BFSI
A recent survey by Ujjivan Small Finance Bank highlights significant differences in banking preferences between metro and non-metro customers. While non-metro customers prioritize insurance and transparency, metro customers favor lifestyle perks and exclusive...
Robust growth in MSME credit riding on collateral free loans: RBI Report, ET BFSI
The Reserve Bank of India (RBI) in its Annual Report said that there was a robust increase in the credit to micro, small and medium enterprises (MSMEs) at 14.1% YoY growth in March 2024. This growth was supported by the availability of collateral-free loans, the RBI...
Newgen launches AI-powered hyper-personalization platform for banks, ET BFSI
Newgen Software has unveiled LumYn, a GenAI-powered hyper-personalization platform specifically designed for the banking sector. This innovative platform aims to enhance profitability and significantly improve customer experiences by providing banks with a deeper...
Govt bond buybacks continue to face weak participation, ET BFSI
In line with the trend observed for the last few weeks, the Reserve Bank of India, on behalf of the government, accepted bids that represented only a fraction of the total amount of bonds that the Centre had offered to repurchase at a scheduled auction.At Thursday’s...
Hero Fin could raise over Rs 5,000 cr in IPO, largest by an NBFC, ET BFSI
Mumbai: Hero FinCorp, the financial services arm of India's leading two-wheeler maker Hero MotoCorp, will likely file its draft red herring prospectus (DRHP) next month for an initial public offering (IPO), according to investment banking sources. The share sale could...
SBI vs HDFC Bank vs ICICI Bank vs Canara Bank vs PNB, ET BFSI
In order to protect your possessions, safe deposit lockers are often made of unbreakable material and have many physical and digital lock combinations. Let's read the article below to learn more about safe deposit boxes.According to the IDBI First Bank website, “A...
Banks seek one more month to comply with international card spend rule, ET BFSI
Lenders have sought a one-month extension from the government to comply with the Liberalised Remittance Scheme (LRS) for international credit card spends, said people familiar with the matter.The scheme allows Indian residents to remit up to $250,000 abroad in a...
Govt planning new way to save you from bank and other financial scams, ET BFSI
As cases of phone call scams rises, the Department of Telecom (DoT) has introduced a new tool to identify genuine calls from those made by fraudsters. The department has allocated a dedicated 10-digit numbering series starting with 160 for service and transactional...
FM, cites RBI, WB, ET BFSI
IBC helped banks recover from ‘Congress-created’ NPA crisis: FM, cites RBI, WBIntensifying her attack on the opposition Congress as the last phase of the Lok Sabha Elections is coming close, Finance Minister Nirmala Sitharaman on Thursday said the Insolvency and...
Outlook on 6 Indian banks, state-owned firms revised to positive, ratings affirmed, ET BFSI
New Delhi, S&P Global Ratings on Wednesday revised outlook on six Indian banks, including SBI and ICICI Bank to positive from stable, mirroring the rating action on the sovereign. S&P also revised the rating outlook to positive from stable on state-owned NTPC,...
Indian private banks now ‘ex-growth’, multiples near-halve for leading banks: Report, ET BFSI
Private banks, once considered growth engines across various metrics including loans, revenues, profits, and book value per share (BVPS), are now labelled as "ex-growth", according to a new Emkay report."Our Gordon Growth model analysis indicates that the intrinsic...
SBI to sell guarantees of Reliance Naval promoter, BFSI News, ET BFSI
Mumbai: State Bank of India (SBI) has initiated the process of selling personal guarantees given by Nikhil Gandhi, the erstwhile promoter of Reliance Naval and Engineering. The bank has set a reserve price of ₹3.48 crore, which is less than 1% of the ₹1,160 crore...
Deposit growth nearly twice that of credit growth as banks shift focus, ET BFSI
Efforts by banks to bolster their deposit bases appear to be yielding results, as evidenced by the robust incremental deposit growth observed in fiscal year 2025. Data from the Reserve Bank of India (RBI) indicates that between March 22 and May 3, deposit growth...
Unclaimed deposits with banks rise 26 pc to Rs 78,213 crore, BFSI News, ET BFSI
Mumbai, Unclaimed deposits with banks have witnessed a 26 per cent jump year on year to Rs 78,213 crore at the end of March 2024, as per the RBI Annual Report released on Thursday. The amount with the Depositor Education and Awareness Fund stood at Rs 62,225 crore at...
Bank frauds up nearly 300% in last two years, digital frauds up 708%: RBI, ET BFSI
An analysis of frauds reported across banks has shown that the number of fraud cases reported in FY24 were 36,075, up nearly 300 per cent from the 9,046 cases reported in FY22. However, the amount involved has fallen from Rs 45,358 crore to Rs 13,930 crore, the...
Capital and asset quality of banks, NBFCs remain healthy, says RBI in its annual report, ET BFSI
The Reserve Bank of India (RBI) on Thursday released its annual report stating that the capital and asset quality of banks and NBFCs have remained healthy, supporting the growth in bank credit and domestic activity in FY24.It said that the pre-emptive regulatory...
Sebi tells big four firms, BFSI News, ET BFSI
Mumbai: The Big Four accountancy firms will have to burn the midnight oil to give foreign portfolio investors (FPIs) the chance to move money faster.At a meeting on Tuesday, the Indian capital market regulator has told the accounting biggies in no uncertain terms to...
Shinhan Bank gets CCI nod to acquire 11 pc stake in HDFC Credila, ET BFSI
New Delhi, The Competition Commission of India (CCI) has cleared South Korea-based Shinhan Bank's proposed acquisition of an 11 per cent stake in HDFC Credila Financial Services. Part of the Shinhan Financial Group, Shinhan Bank Co Ltd is a multinational bank, which...
Bank frauds jump nearly 300% in 2 years, amount involved halved: RBI, ET BFSI
According to RBI's annual report released on Thursday, the number of fraud cases reported in FY24 were 36,075, up nearly 300 per cent from the 9,046 cases reported in FY22. However, the total amount involved in these frauds nearly halved, having reduced by 46.7 per...
RBI Annual Report highlights surge in FDI and INR stability amid global turbulence, ET BFSI
The Reserve Bank of India (RBI) has released its Annual Report for 2023-24, shedding light on India's strong performance in attracting foreign direct investment (FDI) and maintaining the stability of the Indian Rupee (INR) amidst a volatile global economic...
IIFL Samasta aims to raise Rs 1000 crore in bonds, to pay 9.2-10.5%, ET BFSI
Kolkata: IIFL Finance's microfinance subsidiary IIFL Samasta Finance is all set to hit the market next week to raise Rs 1000 crore by selling bonds in public issues.The company, registered as a non-banking finance company-microfinance institution (NBFC-MFI), will be...
RBI imposes monetary penalty on HSBC for LRS reporting violations, ET BFSI
The Reserve Bank of India imposed a monetary penalty of Rs 36.38 lakh crore HSBC Limited for violation of reporting requirements under the Liberalised Remittance Scheme.The Reserve Bank found that the violations were substantiated and warranted imposition of penalty...
Govt bodies and banks to use 160 and 161 numbering series for service calls: DoT, ET BFSI
In an attempt to reduce pesky calls, the telecom department has allocated 160 and 161 numbering series for transactional and service calls made by businesses for commercial purposes.All central and state government entities shall use 10-digit phone numbers telephone...
Poonawalla Fincorp launches eLITE Rupay Platinum credit card in partnership with IndusInd Bank, ET BFSI
Mumbai: Poonawalla Fincorp Limited has partnered with IndusInd Bank to introduce the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card.Some key features of the credit card include no joining fee and no annual fees, rewards on every Rs 100 spent...
You can now earn up to 8.25% rate on fixed deposits, ET BFSI
IndusInd Bank has revised the interest rates on fixed deposits (FDs) under Rs 2 crore. The new rates came into effect on May 27, 2024, according to the bank's official website. Find out the revised FD rates in the IndusInd Bank.The bank offers a fixed deposit interest...
SBI asks staff to seek nod for opening demat accounts with other brokerages, ET BFSI
Mumbai: State Bank of India, the country's largest bank, is nudging its employees and their dependents to operate a stock demat account with its brokerage arm, SBI Securities. Any employee wishing to open a demat account with any other brokerage will have to seek...
HDFC to stop SMS alerts for UPI payments below Rs 100, BFSI News, ET BFSI
MUMBAI: HDFC Bank has said it will stop sending text alerts for low-value UPI transactions - so customers will get SMS alerts only if they send more than Rs 100 or if they receive over Rs 500 via UPI. Email alerts will continue to be sent to HDFC Bank customers for...
Bank credit growth to stay healthy, but slip 200 bps to 14%, says Crisil, ET BFSI
Bank credit growth is expected to moderate ~200 basis points (bps) to ~14% this fiscal after an estimated robust growth of 16%1 in fiscal 2024.Strong economic activity and retail credit demand drove loan growth last fiscal. This fiscal, growth will be tempered by a...
Gold prices inch lower as US rate cut bets cool, BFSI News, ET BFSI
Gold prices eased on Wednesday, as traders pared bets of rate cuts by the U.S. Federal Reserve this year following remarks by some policymakers, while the market awaited key U.S. inflation data due later this week.FUNDAMENTALS* Spot gold was down 0.1% at $2,357.70 per...
Cosmos to meet RBI’s target for small sized loans at 50% loan book this year, ET BFSI
Pune-based Cosmos Bank is looking to meet the Reserve Bank of India’s target of maintaining 50 percent of its loan portfolio comprising ticket size less than Rs one crore this fiscal.“ We are looking at meeting the RBI’s target of 50 percent of the banks loans...
IIFL Securities to foray into wealth management, BFSI News, ET BFSI
Mumbai: Financial services firm IIFL Securities is set to venture into the wealth management business. The company has roped in industry veterans Raghav Gupta, Prakash Bulusu and Amit Srivastava from ASK Asset and Wealth Management to drive the unit.Gupta and Bulusu...
Decline in debit cards transaction volume by 16%, credit cards witness uptick in Apr’24, ET BFSI
According to latest data by 1Lattice, on a year on year basis, debit cards transaction volume has decreased by a massive 16 per cent while the value of transactions increased by approximately 8 per cent in April 2024. However, on a month-on-month basis, the total...
Muthoot Pappachan Group announces Shah Rukh Khan as new brand ambassador, ET BFSI
Shaji Varghese - CEO of Muthoot FinCorp with Shah Rukh KhanMuthoot Pappachan Group (MPG), known as Muthoot Blue has announced Shah Rukh Khan as its brand ambassador. This strategic collaboration represents a significant milestone for MPG, reinforcing its brand...
RBI imposes penalty on Yes Bank and ICICI Bank, BFSI News, ET BFSI
The Reserve Bank of India imposed penalties on two private banks—ICICI Bank and Yes Bank—for lapses in compliance, the regulator said in a statement Monday evening. The penalty on Yes Bank is Rs 91 lakh, while that on ICICI Bank is Rs 1 crore. Yes Bank The penalty is...
Banks are closed for 10 days in June 2024; check dates, full state-wise list, ET BFSI
All private and public sector banks will be closed for 10 days in the month of June 2024, according to the Reserve Bank of India (RBI) holiday list. Holidays include state-wise regional holidays along with second and fourth Saturdays in the month and all Sundays. Note...
No indemnity clause in NPA sale pact between banks and ARCs, ET BFSI
Mumbai: After year-long negotiations, high-street banks and stressed asset firms last week adopted a 'model agreement' for selling loans, but were unable to reach a meeting point on the tricky issue of 'indemnity' which banks typically refuse to give once sticky...
Some big banks ask more staff to return to office five days a week, Bloomberg reports, ET BFSI
Citi has asked about 600 U.S. employees, who were earlier eligible to work remotely, to commute to company offices full-time, the report said, citing a statement from the lenderCitigroup, HSBC Holdings and Barclays are ordering more staffers to report to company...
Latest Fixed deposit interest rates in May 24: 7 banks revise FD rates
Latest Fixed Deposit Rates May 2024: Several banks have adjusted their fixed deposit interest rates in May, including SBI, DCB Bank, IDFC FIRST Bank, Utkarsh Small Finance Bank, City Union Bank, RBL, and Capital Bank Small Finance Bank.According to an ET report, DCB...
Sensex tops 76,000, then beats a retreat, BFSI News, ET BFSI
Mumbai: India's benchmark indices made fresh highs on Monday but gave up early gains as the sentiment remained edgy in the run-up to the election results on June 4. The Sensex crossed 76,000 and the Nifty crossed 23,100 for the first time but failed to close above...
HSBC and StanChart step up GIFT City play, buy stakes in CCIL-IFSC, ET BFSI
Mumbai: British lenders HSBC and Standard Chartered have acquired stakes in the Clearing Corporation of India-IFSC, which is the proposed entity to operate a real-time foreign currency settlement system at GIFT City."Being the global bank that we are, what we do,...
₹1,750 crore lost to cyber fraud in 2024 so far, BFSI News, ET BFSI
Rise in the number of cases cbetween 2019 to 2024.Indians lost more than Rs 1,750 crore to cyber criminals in the first four months of 2024 with over 7 lakh 40 thousand cybercrime complaints being registered on the National Cybercrime Reporting Portal run by the...
Goldman Sachs raises growth forecast for 2024 to 6.7%, BFSI News, ET BFSI
NEW DELHI: Global investment bank Goldman Sachs has raised India's GDP growth forecast for the calendar year 2024 to 6.7 per cent, citing robust indicators that point to the growth momentum sustaining, but pushed back its forecast by a quarter for the RBI to move on...
Sovereign yield falls to near 1-year low post RBI’s dividend payout, ET BFSI
Mumbai: Sovereign bond yields eased Monday, with the 10-year yield falling to a near-one-year low, as the record surplus dividend transfer by the Reserve Bank of India (RBI) to the government stoked expectations of lower North Block borrowing - and, consequently, a...
RBI imposes monetary penalty on Yes Bank and ICICI Bank, BFSI News, ET BFSI
NEW DELHI: The Reserve Bank of India (RBI) has imposed monetary penalties on Yes Bank and ICICI Bank for non-compliance with certain directives. Yes Bank has been fined Rs 91 lakh, while ICICI Bank has been penalized Rs 1 crore.Yes Bank failed to adhere to the...
Outward remittances from India witnessed 14% uptick in Mar’24, ET BFSI
Image for representationAccording to latest data by 1Lattice, the outward remittances from India has witnessed an increase of approximately 14 per cent, month on month in March 2024 after a 23 per cent dip in February. For the past 3 years, overseas travel and leisure...
Satin Creditcare Network raises Rs 332 crore from Dutch development bank, ET BFSI
Microfinance lender Satin Creditcare Network has raised Rs 332 crore from Dutch Entrepreneurial Development Bank FMO as it looks to continue the growth momentum it achieved last fiscal.The funds are mobilised through issuance of non convertible debentures carrying...
PSU banks, select HFC & NBFCs to see tailwinds in earnings in next few quarters & years: Anshul Saigal, ET BFSI
Anshul Saigal, Founder, Saigal Capital, says if the current dispensation comes back, then there will be a mad rush to get back into the Indian market at whatever valuation. So, I am not a votary for taking money off the table just now. I think the individual investor...
Rupee bonds likely to outperform US and other developed markets, ET BFSI
Mumbai: Foreign investors in local markets have historically factored in the rupee's depreciation versus the US dollar, but stronger macroeconomic fundamentals, sweeping improvements in market infrastructure, and formidable central bank reserves have started to...
NCLT admits Srei’s insolvency plea against Supreme Infrastructure BOT, ET BFSI
The National Company Law Tribunal (NCLT) has admitted SREI Infrastructure Finance’s petition to initiate a corporate insolvency resolution process (CIRP) against Supreme Infrastructure BOT after it defaulted on repayment of loan.SREI Infrastructure Finance had granted...
Most SFBs would not clamour to become universal banks if RBI eases some curbs, says ex-Secy, ET BFSI
New Delhi, Highlighting the importance of small finance banks (SFBs) in fostering financial inclusion, former Financial Services Secretary D K Mittal said most of them would not clamour to become universal banks if some restrictions are eased by the Reserve Bank. To...
No indemnity clause in NPA sale pact between banks and ARCs, ET BFSI
Mumbai: After year-long negotiations, high-street banks and stressed asset firms last week adopted a 'model agreement' for selling loans, but were unable to reach a meeting point on the tricky issue of 'indemnity' which banks typically refuse to give once sticky...
PSBs seek changes to rules for Infra loans, may approach govt, ET BFSI
State-owned lenders plan to approach the government seeking changes to terms governing performance bank guarantees (PBGs), timely compensation from concessioning authorities, and greater immunity for board members sanctioning funds for infrastructure projects as they...
These 4 banks have revised their credit card rules, ET BFSI
A few banks and card issuers have revised their credit card related fees, charges and rules in May 2024. Credit card customers should be aware of the changes and make sure to follow the latest fee and guidelines set by the bank or credit card company. The top banks...
Govt’s cash balance surges, banks starve, ET BFSI
The ongoing general elections have thrown up a problem of plenty for the government - its cash balances are much higher than before the previous two Lok Sabha polls, but curbs on spending mean that banks are parched of funds while the Centre tries hard to prevent the...
Are HDFC Bank’s best days over? FIIs & mutual funds are confusing investors, ET BFSI
From investor darling to a hard sell, it has been a frustrating few years for HDFC Bank investors. Once the darling of the Big Boys club, lapped up at almost every opportunity, it was again dumped by foreign institutional investors (FIIs) in the January-March...
South African regulator fines SBI’s branch, BFSI News, ET BFSI
Mumbai: The Prudential Authority of the South African Reserve Bank has imposed a financial penalty of 10 million rand (₹4.5 crore) on the State Bank of India's South Africa branch, the bank said in a notice to the exchange.The bank informed the stock exchange that the...
PSBs seek changes to rules for Infra loans, may approach govt, ET BFSI
State-owned lenders plan to approach the government seeking changes to terms governing performance bank guarantees (PBGs), timely compensation from concessioning authorities, and greater immunity for board members sanctioning funds for infrastructure projects as they...
India’s GDP is USD 3.95 trillion, says Union Minister Hardeep Singh Puri, ET BFSI
Chandigarh: Union Minister Hardeep Singh Puri lauded the government's efforts to strengthen the Indian economy in the past 10 years under the Prime Ministership of Narendra Modi. While speaking in Chandigarh on Sunday, Puri said, "As per the public data released by...
NCLT admits Srei’s insolvency plea against Supreme Infrastructure BOT, ET BFSI
The National Company Law Tribunal (NCLT) has admitted SREI Infrastructure Finance’s petition to initiate a corporate insolvency resolution process (CIRP) against Supreme Infrastructure BOT after it defaulted on repayment of loan.SREI Infrastructure Finance had granted...
Indian Overseas Bank plans to open 88 new branches in FY24, ET BFSI
Public sector Indian Overseas Bank has drawn up plans to set up 88 new branches across India this financial year, a top official has said. The Chennai-headquartered bank under its expansion drive recently inaugurated a new branch in Nagapattinam and the 126th ATM in...
Union Bank invests Rs 250 crore in Hyderabad realty co’s luxury housing project, ET BFSI
Union Bank of India has invested Rs 250 crore in Navanaami Projects Private Ltd, a Hyderabad based developer for their luxury housing project, two people aware of the development said. Company’s project 'The Megaleio' will be spread in over one million sq ft area and...
Karnataka Bank Q4 profit slips 23 pc to Rs 274 cr, BFSI News, ET BFSI
New Delhi, Karnataka Bank on Friday posted a 23 per cent decline in net profit to Rs 274 crore for the fourth quarter ended March 2024 due to a one-time staff cost increase. The private sector bank had earned a net profit of Rs 354 crore in the same quarter a year...
Dvara KGFS raises $10 million debt financing, BFSI News, ET BFSI
CHENNAI: NBFC Dvara KGFS on Friday announced raising $10 million debt financing from BlueOrchard Microfinance Fund, a global impact investor. The fund would be used for the company's expansion plans. The debt was raised through the issuance of listed non-convertible...
SBI jumps the gun, sets out to make infra loans costlier, BFSI News, ET BFSI
Mumbai: State Bank of India (SBI), the country's largest lender, has kicked off the new project funding regime with a loan clause that enables it to transfer to the borrower any increase in cost resulting from implementation of proposed tighter provisioning...
Nifty Bank rallies 1.6%; short covering may take index to 49,500 next week: Experts, ET BFSI
The Nifty Bank rose 1.6% for the week ended May 24, 2024, but it failed to close above 49,000. The index rose over 200 points to close at 48,971 while Nifty50 failed to hold on to record highs and closed marginally flat but with a negative bias.HDFC Bank led the gains...
Sundaram Finance reports Q4 net profit at Rs 386 cr, BFSI News, ET BFSI
Chennai, Non-banking finance company Sundaram Finance has reported a net profit of Rs 386 crore for the quarter ending March 31, 2024, a top official said on Friday. The city-headquartered company for the financial year ending March 31, 2024, reported the highest ever...
Unclaimed bank deposits more than doubled during pandemic to over Rs 39,000 crore, ET BFSI
Unclaimed deposits in banks surged during the pandemic, according to recent data released by the Reserve Bank of India (RBI). As of December 2022, unclaimed balances across various accounts, including current, savings, and fixed deposits (FDs), reached Rs 39,900...
Rupee gains by most in 5 months on stocks, RBI dividend, BFSI News, ET BFSI
The Indian rupee strengthened by the most in five months, as the country’s key equities gauges hit a record high and amid a larger-than-expected dividend payout to the government.The rupee rose as much as 0.3% to 83.03 against the dollar on Friday, the most since...
Profit rises 23% YoY to Rs 320 crore, ET BFSI
Indiabulls Housing Finance has reported 23% higher consolidated net profit at Rs 320 crore for the March quarter compared with 261 crore in the year-ago period even as its assets under management shrunk 2.5% year-on-year to Rs 65,335 crore at the end of March.The...
RBI approves appointment of Pradeep Kumar Sinha as Part-time Chairman of ICICI Bank, ET BFSI
The Reserve Bank of India has granted its approval for the appointment of Pradeep Kumar Sinha as the Part-time Chairman of ICICI Bank. Sinha is set to assume this role for a term of three years, starting from July 1, 2024.Pradeep Kumar Sinha joined the Indian...
Gold’s march likely to continue, use price corrections to buy, ET BFSI
Mumbai: It appears to be a goldilocks scenario for gold - and ignoring its allure could prove costly for savers.Gold hoarding by emerging market central banks as West Asia remains on the boil adds lustre to this traditional store of value, as does the near certainty...
Jio Financial plans Rs 36,000 cr deal with Reliance Retail, ET BFSI
Jio Financial Services (JFS) is seeking shareholder approval for its unit to acquire equipment worth 360 billion rupees ($4.33 billion) from the retail arm of Reliance Industries as the financial services provider plans to enter the device leasing business, a postal...
Dhanalaxmi Bank FY24 net profit up 8.4%, ET BFSI
Mumbai: Dhanalaxmi Bank reported ₹58 crore net profit for the full year ending March 2024, up 8.4% over FY23. Total deposit rose 7% to ₹14,290 crore while advances rose 5.5% to ₹ 10,397 crore. The share of low-cost deposits (current and savings accounts) was 30.6%....
StepTrade Share Services launches SME focused PMS, BFSI News, ET BFSI
A leader in the investment management, StepTrade Share Services, has recently launched its SME focussed Portfolio Management Services (PMS), marking a major milestone in its journey.At the launch event, the Director and Fund Manager at StepTrade Share Services, Ankush...
Service charge by new-age private banks, SFBs seen as reasonable, ET BFSI
Mumbai: Axis Bank and Canara Bank appear to be relative stragglers in a comparative statistical study on the reasonableness of service charges, with several new-age and small-finance lenders populating the upper quartiles on this 25-strong list of financiers.IDFC...
16% uptick in overall outstanding loans in Apr’24, ET BFSI
BFSI sector recorded a steady credit with strong growth in overall outstanding loans increasing by approximately 16 per cent on a yoy basis in April, 2024. Deposit growth picked up yoy and is likely to see further uptick in the current rising interest rate regime. On...
HDFC Bank net banking, mobile banking, UPI will be down during this time, ET BFSI
HDFC Bank has informed its customers that net banking, mobile banking will not be working on May 25 for a certain period of time.According to an SMS sent my HDFC Bank to its customers, “Scheduled Maintenance: Some transactions on HDFC Bank NetBanking &...
PE/VC investments drop by 35% in April at $4.4 bn, BFSI News, ET BFSI
Investments by private equity and venture capital funds declined by 35 per cent to USD 4.4 billion in April compared with USD 6.8 billion in the year-ago period, a report said on Thursday. The number of deals in April stood at 98, which was 56 per cent higher than the...
Bank of Baroda hikes interest rates and late payment fees on this credit card, ET BFSI
Bank of Baroda has hiked the interest rate and late payment fees on its BOBCARD One co-branded Credit Card. The hiked rates are effective June 26, 2024, as per the Most Important Terms and Conditions pages on the GetOnecard website.According to the One website, “As...
Capital Group buys 3.22 lakh shares of Coforge for Rs 163 crore, ET BFSI
New Delhi, Financial services company Capital Group on Thursday bought shares of IT company Coforge for Rs 163 crore through an open market transaction. US-based Capital Group through its affiliate New World Fund Inc acquired shares of Coforge through a bulk deal on...
Service charge by new-age private banks, SFBs seen as reasonable, ET BFSI
Mumbai: Axis Bank and Canara Bank appear to be relative stragglers in a comparative statistical study on the reasonableness of service charges, with several new-age and small-finance lenders populating the upper quartiles on this 25-strong list of financiers.IDFC...
Sensex & Nifty scale new peaks, spurred by RBI dividend and FII buying, ET BFSI
MUMBAI: Sensex and Nifty, the two leading indices, hit new all-time highs in late trades on Thursday as RBI's record Rs 2.1 lakh crore dividend payment to the govt boosted investor sentiment on Dalal Street. Strong foreign fund buying through the session and short...
Jio Financial Services seeks shareholders nod to raise FDI limit up to 49%, ET BFSI
New Delhi, Jio Financial Services, an arm of Reliance Industries Ltd (RIL), is seeking shareholders' nod for raising the foreign direct investment limit in the company up to 49 per cent, a filing said on Thursday. The company agenda for e-voting by shareholders to...
Creditors recover just 2.16% of claims from personal guarantors under IBC, ET BFSI
Creditors have managed to recover only 2.16 percent, or Rs 102.78 crore, of their admitted claims from personal guarantors under the Insolvency and Bankruptcy Code (IBC), according to the latest data from the Insolvency and Bankruptcy Board of India (IBBI).The...
Study finds numerous bank charges fail to meet RBI’s `reasonability’ prescription, ET BFSI
There is a considerable variation in the service charges imposed by banks on transactions, which are neither `reasonable’ nor `reflecting the costs’ as prescribed by the Reserve Bank of India according to a study. The most painful charges for underprivileged customers...
Indian Bank approves to raise Rs 12,000 crore, BFSI News, ET BFSI
CHENNAI: State-owned Indian Bank has been approved by its board to raise Rs 12,000 crore.In a stock exchange filing on Wednesday, the bank said, its board has given the nod to raise equity capital aggregating upto Rs 5,000 crore (including premium) through different...
PSBs ask US to route advisories via finance ministry, ET BFSI
New Delhi: Indian banks have suggested to the US Treasury that its advisories to them should be routed via the finance ministry to ensure speedy implementation, people privy to the development said.Executives from some of the top lenders, including State Bank of...
Nifty Bank closes below 48000; crucial support placed at 47750-47500: Experts, ET BFSI
The Nifty Bank index closed below its crucial psychological level of 48,000 on Wednesday, and the next big support is placed at 47750-47500 levels.The banking index fell 266 points to close at 47,781 while the Nifty50 rose 68 points to close at 22,597.HDFC Bank and...
Indian Bank approves to raise Rs 12,000 crore, BFSI News, ET BFSI
CHENNAI: State-owned Indian Bank has been approved by its board to raise Rs 12,000 crore.In a stock exchange filing on Wednesday, the bank said, its board has given the nod to raise equity capital aggregating upto Rs 5,000 crore (including premium) through different...
Financial services, IT top on FPI selloff list in May, BFSI News, ET BFSI
Mumbai: Overseas investors were sellers of Indian equities worth ₹27,258 crore across 14 sectors between May 1 and 15, as per NSDL data. Financial services and information technology sectors witnessed the highest selloff in the same period. Foreign investors offloaded...
This big bank now offers interest rate up to 8% on savings account, 8.55% on fixed deposits, ET BFSI
DCB Bank has revised its savings account and fixed deposit interest rates (for amounts below Rs 2 crore). According to the DCB Bank website, the new rates are effective May 22, 2024.The bank is offering the highest FD interest rate of 8% to general customers and 8.55%...
IFSCA sets up expert committee to position Gift-IFSC as global trading hub, ET BFSI
AHMEDABAD: The International Financial Services Centre Authority (IFSCA), on Wednesday announced it has established an expert committee to position the country's first IFSC at Gift City in Gandhinagar, as a ‘Global Trading Hub’. The 21-member committee will be chaired...
Banking sector is the place to be, don’t be put off by FII selling: Andrew Holland, ET BFSI
Andrew Holland, CEO, Avendus Capital Public Markets Alternate Strategies LLP, says he does not think there is anything wrong with the results season so far. The bank stocks have been victims of FII selling who have been using the banking sector as a very liquid and...
Swiggy HDFC Bank Credit Card revised cashback structure effective from June 21, 2024, ET BFSI
HDFC Bank has updated the cashback system of one of its most popular credit cards, the Swiggy HDFC Bank Credit card, according to various news report. This comes at a time when many card issuers have been reducing credit card rewards and advantages. The new cashback...
Mahindra Finance appoints Mahesh Rajaraman as Chief Risk Officer, ET BFSI
The change in CRO at the NBFC came after the company detected fraud in the March quarter at one of its branches in the north-eastern statesNew Delhi: Mahindra & Mahindra Financial Services on Tuesday said it has appointed Mahesh Rajaraman as Chief Risk Officer...
Morgan Stanley’s Gorman says banking industry consolidation is “inevitable”, ET BFSI
NEW YORK, - Morgan Stanley executive chairman James Gorman said on Tuesday consolidation in the U.S. banking industry is "inevitable" as large lenders face competitive pressure to get bigger.Gorman was speaking at a conference at the Federal Reserve Bank of New York....
City Union Bank MD, ET BFSI
Private sector City Union Bank expects significant growth in the income contributed from the insurance vertical during the current financial year, a top official has said. The Tamil Nadu-based bank was on track to reach pre-Covid level in slippages and recovery, the...
HDFC Bank exits Protean eGov Technologies; sells entire stake for Rs 150 crore, ET BFSI
New Delhi: Private sector lender HDFC Bank on Tuesday sold its entire 3.20% stake in Protean eGov Technologies for Rs 150 crore through an open market transaction. According to the bulk deal data available with the BSE, HDFC Bank sold 12,94,326 shares, amounting to a...
J&K Bank announces 276 apprentice vacancies, applications open until May 28: Direct link, ET BFSI
The Jammu and Kashmir Bank (J&K Bank) has announced a recruitment drive for Apprentices in various branches and offices across the districts. Eligible candidates can apply online through the official J&K Bank website at jkbank.com. The application process...
City Union Bank MD, ET BFSI
Private sector City Union Bank expects significant growth in the income contributed from the insurance vertical during the current financial year, a top official has said. The Tamil Nadu-based bank was on track to reach pre-Covid level in slippages and recovery, the...
Gold, silver retreat from record levels amid profit taking, ET BFSI
New Delhi, Gold and silver prices retreated from record highs in the national capital on Tuesday, with the yellow metal plunging by Rs 550 per 10 grams due to profit-taking and weak global trends. According to HDFC Securities, gold prices were impacted by hawkish...
Bank of Baroda shares drop 0.43% as Sensex rises , ET BFSI
Shares of the Bank of Baroda traded at Rs 264.3 on BSE at 12:01PM (IST) on Wednesday, down 0.43 per cent. The stock quoted a 52-week low price of Rs 179.35 and a high of Rs 285.5. Earlier in the day, the stock saw a gap up opening. At the prevailing price, the stock...
India’s mcap crosses $5tn for 1st time, $1tn added in 6 mths, ET BFSI
MUMBAI: For the first time, the total market value of all listed companies in India rose above the $5-trillion mark in intraday trades on Tuesday. At close of the day's trade, however, it settled just a tad below the milestone. Tuesday's feat made India the fifth...
J&K Bank announces 276 apprentice vacancies, applications open until May 28: Direct link, ET BFSI
The Jammu and Kashmir Bank (J&K Bank) has announced a recruitment drive for Apprentices in various branches and offices across the districts. Eligible candidates can apply online through the official J&K Bank website at jkbank.com. The application process...
Nifty stuck between 22,400-22,600. What should traders do on Wednesday, ET BFSI
Nifty on Tuesday ended 27 points higher to form a small positive candle on the daily chart while consolidating in a range between 22,400-22,600 levels.The index continues to hold above the 20 and 50-day SMA, which is a positive signal. The 14-day RSI at 56.38 is...
Moneyboxx Finance reports increase in Q4 net profit, BFSI News, ET BFSI
New Delhi, Moneyboxx Finance, an NBFC providing small business loans to micro entrepreneurs, on Tuesday reported multi-fold increase in net profit to Rs 4.12 crore for the March quarter. The company had reported a profit of Rs 0.42 crore in the year-ago period....
Slow spending by govt may prompt more cash infusion into banking system: Sources, ET BFSI
The government, meanwhile, has seen strong tax revenue due to a buoyant economy.Spending by India's federal government is likely to remain slower for a few more months, which may prompt more steps to infuse cash into the banking system, two sources familiar with the...
Sebi proposes tweaking rules for buybacks, merchant bankers, BFSI News, ET BFSI
New Delhi, To facilitate ease of doing business, capital markets regulator Sebi on Tuesday proposed tweaking norms governing buyback of shares, merchant bankers and bankers to an issue. The proposals are based on recommendations given by a committee chaired by Sebi's...
IREDA mulls FPO to raise funds to meet future capital requirement, future lending, ET BFSI
New Delhi, State-owned non-banking finance firm Indian Renewable Energy Development Agency (IREDA) is mulling follow-on public offer (FPO) as well as perpetual debt to meet its future capital requirements and onward lending for renewables. The Rs 2,150 crore initial...
Bank of Maharashtra tops PSBs in biz and deposit mobilisation growth in FY24, ET BFSI
Bank of Maharashtra has emerged as the best performer among public sector banks in the last fiscal year, boasting the highest growth rates in both total business and deposit mobilisation. According to published financial data, the Pune-based lender recorded a...
Gold loan market going strong despite regulatory action, BFSI News, ET BFSI
Various financial entities, including banks, non-banking financial companies (NBFCs), dedicated gold loan firms, and fintech companies, are eyeing the gold loan market opportunity.Data from the Reserve Bank of India (RBI) revealed a 15% growth in the gold loan market...
Modi, BFSI News, ET BFSI
Mumbai: PM Narendra Modi said on Monday that record profits made by banks in FY24 would increase availability of credit to the poor, farmers, and MSMEs, hailing the turnaround of financial entities, which were facing a burden of bad loans some years ago.Posting a link...
Banks to RBI, ET BFSI
Mumbai: Banks will have only a 'limited ability' to pass on the impact of the proposed increase in project loan provisions due to the intense competition among lenders and the pressure to maintain relationships with large corporates. Officials from some of the large...
FSIB to interview candidates for SBI Chairman post on Tuesday, ET BFSI
FSIB, the headhunter for directors of state-owned banks and financial institutions, is scheduled to interview eligible candidates for the post of SBI chairman on Tuesday, sources said. Financial Services Institutions Bureau (FSIB) will interview the eligible MDs of...
Traditional financial services catch the super app bug, ET BFSI
If the likes of Amazon Pay, PhonePe and Paytm tried to go the super app way in the first fintech wave, traditional financial services are taking a stab at it now.Businesses like Aditya Birla Capital, Angel One and Muthoot Fincorp are building one-stop applications for...
SBI, ICICI Bank, Axis Bank, PNB, AU Small Finance Bank warn customers about banking frauds; different scams, ways to safeguard yourself, ET BFSI
As more individuals turn to digital banking, fraudsters continuously devise new tactics to deceive them. Instances of banking-related scams have been increasing, prompting numerous banks, such as the State Bank of India (SBI), to caution their customers about these...
Motilal Oswal Financial Services hires 455 people, BFSI News, ET BFSI
MOFSL currently employs over 10,000 employeesMotilal Oswal Financial Services Limited (MOFSL) on Monday announced the hiring of 455 candidates in its recently completed annual Mega Recruitment Drive 2024.This year's mega recruitment drive has registered a year on year...
Chandra Shekhar Ghosh explains Bandhan Bank’s extra provisioning, opex issues and sees credit cost @1.5-1.8% next FY, ET BFSI
Chandra Shekhar Ghosh, MD & CEO, Bandhan Bank, says last financial year the bank had opened 300 branches and for that recruited 2,000 people. That cost is showing in the book but they had not given the full business of last year. Their business will be forwarded...
Check status, GMP, listing date and other details, ET BFSI
After a strong response for the IPO, Virat Kohli-backed Go Digit Insurance is likely to finalise the share allotment on Tuesday. The issue was booked nearly 10 times at close on strong interest from retail and institutional buyers. Investors can check the status of...
Mahindra Finance appoints Mahesh Rajaraman as CRO, BFSI News, ET BFSI
New Delhi, Mahindra & Mahindra Financial Services on Tuesday said it has appointed Mahesh Rajaraman as Chief Risk Officer (CRO) of the company with effect from August 1, 2024. In a regulatory filing, Mahindra Finance said Mallika Mittal has tendered her...
FSIB defers interview for SBI chairman’s position, BFSI News, ET BFSI
FSIB -- the headhunter for directors of state-owned banks and financial institutions -- in an unexpected move has deferred the scheduled interview to select a suitable candidate for the post of SBI chairman. The last-minute postponement comes hours before the...
NFRA imposes Rs 2.5 crore fine on two auditors in Reliance Commercial Finance case, ET BFSI
The National Financial Reporting Authority (NFRA) has slapped penalties totalling Rs 2.5 crore on two auditors for professional misconduct and auditing lapses in the Reliance Commercial Finance case for FY2018-19. The audit regulator imposed a fine of Rs 2 crore on...
Clarification likely on GST on NBFC co-lending, BFSI News, ET BFSI
New Delhi: The government has assured non-banking financial companies (NBFCS) that it will examine the concerns around levy of goods and services tax (GST) on their co-lending arrangements with banks. A clarification could be issued after the issue is looked into,...
Where to invest for higher returns?, ET BFSI
Around six debt mutual funds have outperformed against the return offered on fixed deposits for a tenure of one year. These six categories offered returns ranging between 6.81% - 7.46% in the last one year against the interest rate of 6.8% offered by SBI on fixed...
Why alarm bells over F&O trading by retail investors?, BFSI News, ET BFSI
FM Nirmala Sitharaman and CEA V Anantha Nageswaran recently flagged the growing risk of futures & options (F&O) trading for retail traders. Why are policymakers cautioning retail investors on F&O, also called derivatives trading? Here is an...
IFSC regulator looking to allow NBFCs operate as risk aggregators, ET BFSI
Mumbai: At a time when trade in offshore interest rate derivatives in Gujarat International Finance Tec-City (GIFT City) is gaining momentum, the International Financial Services Centres Authority is working on a proposal to let non-bank financial players set up shop...
Bank of Maharashtra tops among PSU banks in business growth in FY24, ET BFSI
New Delhi, State-owned Bank of Maharashtra recorded the highest growth rate last fiscal in terms of total business and deposit mobilisation among public sector lenders at a time when most banks are facing difficulty in achieving double-digit growth. The...
Banks want to regain power to issue lookout notices, to move FinMin, ET BFSI
MUMBAI: State-owned banks will jointly move the government to regain their power to stop dodgy borrowers from fleeing the country.Last week, several high-street banks took a decision to make a joint representation to the finance ministry for obtaining a statutory...
U.S. regulators reconsider capital hike for big banks, WSJ reports, ET BFSI
The Federal Reserve and two other U.S. regulators are moving toward a new plan that would significantly reduce a nearly 20% mandated increase in capital for the country's biggest banks following lobbying efforts by industry CEOs like JPMorgan Chase's Jamie Dimon, the...
Banking sector net crosses Rs 3 lakh crore for first time in FY24, ET BFSI
MUMBAI: For the first time, the banking sector's net profit crossed Rs 3 lakh crore in FY24. The net profit of listed public and private sector banks rose 39% to Rs 3.1 lakh crore from Rs 2.2 lakh crore in FY23.While public sector banks generated a record Rs 1.4 lakh...
Banks closed today in these cities for phase 5 of elections, ET BFSI
The fifth phase of voting for the 18th Lok Sabha elections is happening today, May 20. On the days of voting, banks in various cities will be closed. Here is a look at the cities where banks will be closed for the fifth phase of the elections.Cities where banks will...
Banking sector net crosses Rs 3 lakh crore for first time in FY24, ET BFSI
MUMBAI: For the first time, the banking sector's net profit crossed Rs 3 lakh crore in FY24. The net profit of listed public and private sector banks rose 39% to Rs 3.1 lakh crore from Rs 2.2 lakh crore in FY23.While public sector banks generated a record Rs 1.4 lakh...
Banks want to regain power to issue lookout notices, to move FinMin, ET BFSI
MUMBAI: State-owned banks will jointly move the government to regain their power to stop dodgy borrowers from fleeing the country.Last week, several high-street banks took a decision to make a joint representation to the finance ministry for obtaining a statutory...
Which bank is offering highest fixed deposit rate for senior citizens?, ET BFSI
The State Bank of India has hiked its fixed deposit interest rates on select tenures below one year for senior citizens. The new rates are effective from May 15, 2024. Banks usually offer higher interest rates for its senior citizen customers. Here is a comparison of...
Banking sector achieves ‘historic turnaround’, PM Modi applauds progress, ET BFSI
Prime Minister Narendra Modi applauded the remarkable turnaround in India's banking sector, highlighting the crossing of the Rs 3 lakh crore net profit milestone in FY24. Private sector banks recorded a net profit of Rs 1.78 lakh crore, outstripping state-owned...
FPIs offload Rs 28,200cr in equities in May, BFSI News, ET BFSI
NEW DELHI: Foreign investors have pulled out a massive Rs 28,200 crore from Indian equities so far this month, owing to uncertainties about the outcome of the general elections and attractive valuations of Chinese markets.The withdrawal was higher than a net pullout...
Hindujas’ acquisition of Reliance Capital hits financing hurdle, ET BFSI
MUMBAI: The financing of Hindujas' acquisition of Reliance Capital has hit the coupon hurdle as lenders including Standard Chartered Bank and Barclays are seeking a 15.5% coupon on a Rs 2,000 crore loan each, people familiar with the matter said.Hinduja Group's...
Indian banking sector pips IT as net profit tops Rs 3 lakh crore in FY24, rises 39% YoY, ET BFSI
India's banking sector achieved a milestone as its net profit surpassed Rs 3 lakh crore for the first time in FY24. The combined net profit of listed public and private sector banks surged by 39 per cent, reaching Rs 3.1 lakh crore compared to Rs 2.2 lakh crore in...
Indian stock markets will remain shut on Monday for Lok Sabha polls, ET BFSI
New Delhi [India], May 19 (ANI): The stock market will remain closed on Monday for the Lok Sabha elections in Mumbai. The normal trade will resume on Tuesday. The next holiday after May 20 is scheduled for June 17 for Bakrid.The six seats in Mumbai that go to the...
PNB Housing Finance expects 17% loan growth in FY25 aided by increase in branch network, ET BFSI
PNB Housing Finance aims to grow its portfolio by 17 per cent during the current fiscal on the back of the increase in branch network and focus on affordable housing loan. The housing finance company has enough capital to sustain this kind of high growth, PNB Housing...
Banks want to regain power to issue lookout notices, to move FinMin, ET BFSI
MUMBAI: State-owned banks will jointly move the government to regain their power to stop dodgy borrowers from fleeing the country.Last week, several high-street banks took a decision to make a joint representation to the finance ministry for obtaining a statutory...
Mutual Funds invest Rs 1.3 lakh crore in equities in 2024 on strong mkt performance, ET BFSI
New Delhi, Mutual funds (MFs) showed strong confidence in Indian equities this year, injecting around Rs 1.3 lakh crore, driven mainly by significant retail investor interest and the robust performance of the stock market. Mutual funds, which manage long-term wealth...
Hindujas’ acquisition of Reliance Capital hits financing hurdle, ET BFSI
The financing of Hindujas' acquisition of Reliance Capital has hit the coupon hurdle as lenders including Standard Chartered Bank and Barclays are seeking a 15.5% coupon on a Rs 2,000 crore loan each, people familiar with the matter said.Hinduja Group's holding...
SBI, HDFC Bank, ICICI Bank, Axis Bank, IDFC FIRST Bank, DBS Bank India, ET BFSI
The Liberalised Remittance Scheme (LRS) for resident Indians limits forex outbound remittances under FEMA and RBI guidelines. This regulation authorises the external transfer of money up to USD 250,000 per calendar year for defined purposes.It means that as per the...
YES Bank launches YES Grandeur for elite customers, BFSI News, ET BFSI
New Delhi, 18 May 2024: YES Bank has launched YES Grandeur, a banking program targeted at the emerging affluent section of the society. So, only banking customers with an average monthly balance (AMB) of Rs 5 lakh or a net relationship value (NRV) of Rs 20 lakh will...
SBI, HDFC Bank, ICICI Bank, Axis Bank, IDFC FIRST Bank, DBS Bank India, ET BFSI
The Liberalised Remittance Scheme (LRS) for resident Indians limits forex outbound remittances under FEMA and RBI guidelines. This regulation authorises the external transfer of money up to USD 250,000 per calendar year for defined purposes.It means that as per the...
Yes Bank launches Grandeur account with travel and lifestyle benefits, ET BFSI
Mumbai: Yes Bank has launched Grandeur, a banking program for the emerging affluent segment in India. The program is available for those with an average monthly balance (AMB) of Rs 5 lakh or a net relationship value of Rs 20 lakh. The bank will also offer this...
Net profit slumps 93% YoY to Rs 55 crore, ET BFSI
Sharply higher provisioning dragged Bandhan Bank's March quarter net profit down by 93% at Rs 55 crore against Rs 808 crore in the year-ago period.Its operating profit saw a muted 2.4% rise at Rs 1839 crore due to higher expenditure. Its net interest margin for the...
Japan’s Mizuho hires Sanjay Nayar as advisor for Mizuho Bank India, ET BFSI
The appointment of Sanjay Nayar, effective March 31, 2024, will support the development of Mizuho’s local growth strategy, it saidMizuho Financial Group, Japan's third largest lender with $2 trillion in assets, has hired private equity veteran Sanjay Nayar as external...
Twin balance sheet problem of 2013-14 now an ‘advantage’ situation: Nirmala Sitharaman, ET BFSI
Finance Minister Nirmala Sitharaman Finance Minister Nirmala Sitharaman on Friday highlighting government’s resolution on the twin balance sheet problem said from those twin balance sheet problems of 2013-14, today it is twin balance sheet advantage situation. “The...
SBI rate hike set to trigger fresh deposit war among banks, ET BFSI
The State Bank of India (SBI) has raised rates retail domestic term deposits (below Rs 2 crore) ranging from 25 to 75 basis points for deposits with less than one-year tenure, which may trigger fresh bout of rate hikes by other banks. SBI has also increased interest...
Banks with highest FD rates, up to 7.25%: SBI, HDFC Bank, ICICI Bank, PNB and compared
Highest fixed deposit rates: State Bank of India hiked its fixed deposit rates for certain terms under one year, effective May 15, 2024. HDFC Bank, Canara Bank, and ICICI Bank made changes to their FD rates in February 2024, while Axis Bank updated its rates in May,...
Visa reinvents the card, unveils new products for digital age, ET BFSI
Visa has unveiled new products and services that will revolutionise the card and address the future needs of businesses, merchants and consumers and the financial institutions that serve them.“The industry is at a pivotal point - new technologies like Gen AI are...
PSBs profits cross Rs 1.4 lakh crore in FY24, SBI takes lion’s share, ET BFSI
Public sector banks in India have posted a stellar performance, with cumulative profits crossing Rs 1.4 trillion for the fiscal year ended March 2024, a robust growth of 35% over the previous year, which was based on a high profit base of Rs 1 trillion.The 12 major...
ICICI Bank appoints Soumendra Mattagajasingh as Group CHRO, BFSI News, ET BFSI
ICICI Bank has appointed Soumendra Mattagajasingh as its Group Chief Human Resources Officer.ICICI Bank has announced that its Board has approved the inclusion of Soumendra Mattagajasingh in the category of senior management personnel, effective May 1.The Bank has...
ICICI Bank appoints Soumendra Mattagajasingh as Group CHRO, BFSI News, ET BFSI
ICICI Bank has appointed Soumendra Mattagajasingh as its Group Chief Human Resources Officer.ICICI Bank has announced that its Board has approved the inclusion of Soumendra Mattagajasingh in the category of senior management personnel, effective May 1.The Bank has...
RBI Approves Pradeep Natarajan as Whole Time Director of IDFC FIRST Bank, ET BFSI
The Reserve Bank of India (RBI) has granted approval for Pradeep Natarajan to assume the position of Whole Time Director at IDFC FIRST Bank Limited. Natarajan, an esteemed professional with a wealth of experience in the banking sector, will embark on a three-year...
Religare moves HC over Sebi ‘inaction’, BFSI News, ET BFSI
Mumbai: Religare Enterprises has moved the Delhi High Court against the Securities and Exchange Board of India (Sebi) for its alleged inaction on the complaints made against the Burman family, the Dabur promoters who have emerged as the largest Religare shareholders...
Which bank is offering highest fixed deposit rate; SBI HDFC Bank, ICICI Bank, PNB, Canara Bank, Axis Bank, ET BFSI
The State Bank of India has hiked its fixed deposit interest rates on select tenures below one year. The new rates are effective from May 15, 2024. HDFC Bank, Canara Bank and ICICI Bank revised their FD interest rates in February 2024. Axis Bank revised its FD rates...
RBI warns NBFCs a mode they use for giving loans may bring grief, ET BFSI
The Reserve Bank of India has cautioned the country's non-bank finance companies against getting over-reliant on algo-based credit models or they may regret later."It is crucial to recognize that rule-based credit engines are only as effective as the data and criteria...
Axis Bank to groom LGBTQIA+ talent for careers in banking, ET BFSI
Mumbai: Axis Bank has launched a new talent acquisition programme that would tap individuals from the LGBTQIA+ community from any college campus in India for grooming them for a career in banking.The ‘ARISE ComeAsYouAre’ open campus programme is focused on...
Private bank margins endure despite transmission on deposit rates, ET BFSI
The Net Interest Margin (NIM) for PVBs declined by 34 bps y-o-y and stood at 3.60%, as the rising cost of deposits impacted the NIM margin.Net Interest Income (NII) of select Private Banks (PVBs) grew by 16.3% year-on-year (y-o-y) to Rs. 0.75 lakh crore in Q4FY24 due...
PVBs bullish on branch expansion while public sector banks go slow, ET BFSI
While banks from SBI to Bank of Maharashtra are making significant investments in digital infrastructure to improve their customer experience, data gathered by ETBFSI suggests that private banks have been investing heavily on branch expansion, and are more bullish on...
IIFL Finance raises Rs 1,271 crore through rights issue, BFSI News, ET BFSI
New Delhi, IIFL Finance on Wednesday said it has raised Rs 1,271 crore through a rights issue as part of efforts to raise capital to fund business growth. The decision to raise capital through a rights issue was made following the RBI's ban on March 4, which...
PFC examining RBI’s draft norms on project financing, sees no impact on profitability, ET BFSI
State-run Power Finance Corporation (PFC), the country's largest lender to the power sector, said the Reserve Bank's recent draft guidelines on infrastructure project financing will not impact its profitability.The company said it has sufficient capital adequacy to...
HDFC Bank says 6-7 % of overall annual expenses are on tech, BFSI News, ET BFSI
MUMBAI: Country's largest private sector lender HDFC Bank spends 6-7 per cent of its overall expenses on technology-related aspects every year, a senior official said on Tuesday. Parag Rao, HDFC Bank head for payments and consumer finance, said the bank has been...
SC holds that interest free/concessional loans provided to bank employees is a taxable perquisite, ET BFSI
MUMBAI: In its recent order, a division bench of the Supreme Court (SC) has held that provision of interest free or concessional loans provided by banks to its employees shall be taxable in their hands as a perquisite under section 17 of the Income-tax (I-T) Act. This...
PSU banks’ profit jumps over 4 times in 3 years to Rs 1.4 lakh crore in FY24, ET BFSI
Showcasing a sharp earnings turnaround on asset quality improvements, robust margins and strong loan book growth in a multi-year credit upcycle, the combined net profit of all 12 PSU banks has zoomed nearly 4.5 times in just 3 years to record high levels of Rs 141,203...
Amazing to build pan-India bank when country on cusp of exponential growth, says AU SFB founder, MD & CEO Sanjay Agarwal, ET BFSI
Recently, AU SFB completed seven years as a bank. It merged with Fincare last year, significantly strengthening its pan-India play. The bank’s MD and CEO Sanjay Agarwal in an interview with TOI said they always wanted to decode India. With 2,400 touch points, more...
Take these steps to ensure branch manager or any other employee does not run away with your money, ET BFSI
In recent times, there have been numerous reports of bank branch managers and their accomplices absconding with depositors' funds held at the bank. Most of these cases involve bank employees committing fraud against both customers and the bank itself. Hence if you...
State Bank of India raises fixed deposit rates by up to 0.75%; check list, ET BFSI
Latest SBI FD rates: Effective May 15, 2024, the State Bank of India (SBI) has increased its fixed deposit (FD) interest rates for both retail fixed deposits below Rs 2 crore and for bulk deposits above Rs 2 crore.Latest SBI Fixed Deposit (FD) Interest RatesFor...
Govt advisory over prevailing fake call menace leading to financial frauds, ET BFSI
Representative ImageThe Union Government warned the citizens about the prevailing fake call menace leading to siphoning off of their money. Issuing an advisory on Tuesday, the Department of Telecommunications (DoT), Ministry of Communications, asked citizens not to...
PFC registers highest annual PAT at 25%, continues as largest NBFC Group, ET BFSI
Power Finance Corporation (PFC) for the Financial Year 2024 registered the highest annual Profit After Tax (PAT) with 25% increase from Rs 21,179 crores in FY’23 to Rs 26,461 crores in FY’24. The company also reported loan growth of 14% year-on-year to Rs 4.81 lakh...
Canara Bank shares surge nearly 5% as stock split comes into effect today, ET BFSI
Canara Bank shares surged 4.6% to the day’s high of Rs 118.40 on BSE in Wednesday’s trade as the board’s decision to split the stock in 1:5 ratio came into effect today.For each share equivalent to a face value of Rs 10, the investors were to receive 5 shares of face...
16 fund houses vote in favour of plan and 7 against, ET BFSI
Mumbai: Sixteen domestic mutual funds, which held shares of ICICI Securities, voted in favour of parent ICICI Bank's proposal to delist the broking arm, according to data compiled by primeinfobase.com. Seven fund houses opposed the plan in the voting process held on...
NBFCs’ profitability to moderate on higher borrowing costs: Moody’s, ET BFSI
NBFCs’ profitability will moderate somewhat in the next 12-18 months as funding costs for them will increase according to ratings firm Moody’s. but the loans extended by them will increase by 15 percent during the period, it said. “ We expect loans at NBFCs to grow...
Are private banks’ valuations attractive?, BFSI News, ET BFSI
Amid challenges private banks are poised to witness improved cost-to-income outcomes as operating leverage comes into play. Steady fee growth and stable credit costs are expected to support return metrics (RoAs/RoEs) comparable to March 2023 levels through FY26....
Investors ‘most bullish’ since Nov 2021
Expectations over interest rate cuts rather than earnings optimism has made investors the "most bullish" since November 2021, Bank of America's monthly fund manager survey for May showed on Tuesday.The survey of global fund managers with $562 billion in asset under...
Shriram Finance shares climb over 5% on sale of housing finance subsidiary, ET BFSI
Shares of Shriram Finance climbed 5% to Rs 2,419 in Tuesday's trade on BSE after the NBFC firm's board approved complete sale of its housing finance unit - Shriram Housing Finance (SHFL) to US private equity firm Warburg Pincus for Rs 4,630 crore.Shriram Finance holds...
US, Japanese banks lead fossil fuel financing, BFSI News, ET BFSI
PARIS: The world's biggest banks financed fossil fuels to the tune of $705 billion in 2023, with US and Japanese lenders leading the way, an annual report by climate campaigners said Monday.Since the 2015 Paris climate agreement, the top 60 banks have provided a total...
Union Bank and Bank of India shares drop up to 10% after Q4 results, ET BFSI
Shares of Union Bank and Bank of India slipped 6% and 10%, respectively in Monday’s trade on BSE after the banks’ Q4 results failed to meet Street’s expectations. Union Bank share price fell to the day’s low of Rs 133.40 while Bank of India fell to Rs 123.70.Union...
Net profit jumps 35% YoY to Rs 456 crore, ET BFSI
Private sector Karur Vysya Bank on Monday reported a 35% year-on-year jump in March quarter net profit at Rs 456 crore against Rs 338 crore in the year ago quarter, backed by healthy earnings growth.The bank's net interest income for the quarter improved by 11.5% to...
Senior citizen FD rates: Banks offering up to 8.6%
Senior citizen FD rates: For senior citizens looking to grow their savings through fixed deposits (FDs), there's good news: several banks are offering higher interest rates on FDs tailored specifically for them. Plus, seniors benefit from a slightly higher interest...
Tighter regulations on personal loans and project finance may hurt banks in FY25, ET BFSI
Mumbai: Indian banks, led by state-owned ones, had their best year in fiscal 2024 as growth remained robust and bad loans were at a decadal low, but the current fiscal could be more challenging amid a likely slowdown in credit growth, analysts said.Regulatory changes...
Edelweiss, Phoenix among ARCs vying for IOB’s Rs 13,472-crore NPAs, ET BFSI
Mumbai: Several asset reconstruction companies have shown interest in acquiring a nearly ₹13,500-crore loan portfolio of Indian Overseas Bank (IOB), three sources familiar with the development said. Among the ARCs expressing interest are Edelweiss ARC, Phoenix ARC,...
PSBs to identify one ‘champion sector’ in their business plans, ET BFSI
Public sector banks (PSBs) will identify one "champion sector" in their business plans, to expand significant presence in it by developing specific sector capabilities, said officials. The lenders will also look to design tailored products for segment-specific lending...
Morgan Stanley to create 100 new jobs in Paris, BFSI News, ET BFSI
Le Maire told reporters that the new jobs from the U.S. bank, and from First Abu Dhabi Bank and Nigeria's Zenith Bank highlighted Paris' role as a leading financial hub within EuropePARIS: Morgan Stanley will open a new European office in Paris that will create 100...
Global mobile banking malware grew 32 percent in 2023, BFSI News, ET BFSI
2023 witnessed a substantial rise in the number of users encountering mobile banking Trojans, with attacks on Android users surging by 32 percent, compared to 2022, according to the annual Financial Threats Report for 2023 by Kaspersky.The report reveals significant...
PNB warns customers not to trust phone numbers, addresses found through these modes; puts limits on these transactions, ET BFSI
The Punjab National Bank (PNB) has requested its customers not to trust phone numbers/addresses or other bank related information found through a search engine or on third-party websites.PNB has noticed that some unscrupulous individuals have pretended to be Punjab...
Up to 5% cashback, Rs 500 annual fee; check all features, ET BFSI
HDFC Bank has launched a new digital credit card called Pixel Play Credit Card that allows allows you to customize benefits to fit your lifestyle and select merchants of your choice to earn cashback, choose card design, and select your preferred billing cycle...
Risk-off sentiment brings big selloff in FPI-heavy counters, BFSI News, ET BFSI
Mumbai: Shares of many companies with higher foreign ownerships have been under pressure amid the heightened selling of Indian stocks by overseas investors so far in May.Foreign portfolio investors (FPIs) have sold shares worth over ₹22,000 crore this month after...
Banks in Hong Kong face credit risks from property downturn: Report, ET BFSI
Representative ImageBEIJING: The protracted property downturn in Hong Kong and mainland China could weaken credit strength of banks in Hong Kong, a Moody's report said on Tuesday.With over half of their total loan portfolios tied to real estate, Hong Kong banks are...
PSU banks’ profit jumps over 4 times in 3 years to Rs 1.4 lakh crore in FY24, ET BFSI
Showcasing a sharp earnings turnaround on asset quality improvements, robust margins and strong loan book growth in a multi-year credit upcycle, the combined net profit of all 12 PSU banks has zoomed nearly 4.5 times in just 3 years to record high levels of Rs 141,203...
SBI, PNB, HDFC Bank, ICICI Bank, Axis Bank, Bank of Baroda, ET BFSI
Gold loans are incredibly convenient in contrast to other loans, like home loans, which need a lot of paperwork and a convoluted approval process. A gold loan is secured by gold ornaments or jewellery you may pledge to any bank or lender.The approval process is short,...
Sebi probing charges of ‘coerced’ voting to delist broking arm of ICICI, ET BFSI
Securities and Exchange Board of India (Sebi) is examining allegations made by some minority shareholders of ICICI Securities that they were coerced by the relationship managers (RMs) of its parent ICICI Bank to vote in favour of a proposal to delist the stock broking...
Net profit doubles to Rs 1,245 crore, ET BFSI
Aditya Birla Capital on Monday reported a two-fold rise in profit to Rs 1,245 crore on a consolidated basis for the fourth quarter ended March 2024. The company posted a net profit of Rs 609 crore in the same period a year ago. The consolidated profit after tax,...
How Punjab National Bank has revamped loan recovery with Data Analytics, ET BFSI
Punjab National Bank (PNB) is leveraging technology and inclusivity to improve loan recovery. The bank has implemented data analytics to identify customers at risk of delayed payments."We can pinpoint which borrowers need a gentle reminder, require follow-up calls, or...
Piramal Alternatives invests Rs 600 crores in Annapurna Finance, ET BFSI
Piramal Alternatives, the fund management division of the Piramal Group, on Monday announced an investment of Rs 600 crores (USD 75 Million) in Annapurna Finance Private Limited.The deal involved a combination of secondary purchase of shares and providing Tier – 2...
SBI’s 85% hires to be engineering graduates in FY25, BFSI News, ET BFSI
After training the over 3,000 POs and over 8,000 associates with some banking knowledge, they will be channelised into various business rolesMumbai: Eighty-five per cent of about 12,000 freshers set to join the country's largest lender SBI in FY25 are engineering...
How will RBI’s Rs 20K cap on cash loans impact gold NBFCs, BFSI News, ET BFSI
The recent Reserve Bank of India (RBI) directive of capping cash loans at Rs 20,000 is likely to have a limited impact on gold loan non-banking financial companies (NBFCs) due to the growing prevalence of digital transactions in the sector. Industry players are...
Bandhan Bank shares rise 1.33% as Sensex slides , BFSI News, ET BFSI
Shares of the Bandhan Bank Ltd. traded at Rs 189.55 on BSE at 01:13PM (IST) on Monday, up 1.33 per cent from previous close. The stock quoted a 52-week low price of Rs 170.35 and a high of Rs 272.0. Earlier, shares of the company saw a gap up opening in the morning. A...
Shriram Finance announces sale of stake in housing finance to Warburg Pincus, ET BFSI
Shriram Finance on Monday announced the sale of its entire stake in Shriram Housing Finance Limited (SHFL) to Warburg Pincus for Rs 4,630 crore.At a meeting, the Board of Directors of the Company considered and approved the proposal for disinvestment/sale/transfer of...
Here’s for how many days banks will remain closed, ET BFSI
The third month of the new financial year will have 10 bank holidays as per the list of holidays released by the Reserve Bank of India (RBI). This includes the weekend holidays, i.e., the second and fourth Saturdays and all Sundays. The month of June will see some...
Rupee bonds likely to outperform US and other developed markets, ET BFSI
Mumbai: Foreign investors in local markets have historically factored in the rupee's depreciation versus the US dollar, but stronger macroeconomic fundamentals, sweeping improvements in market infrastructure, and formidable central bank reserves have started to...
IIHL seeks RBI approval to pledge 100% of RCap’s shares, ET BFSI
Mumbai: Hinduja Group-linked IIHL BFSI (India) has sought the banking regulator's approval to pledge 100% shares of Anil Ambani-promoted Reliance Capital, the company it acquired in a bankruptcy resolution, to raise ₹8,000 crore, people with knowledge of the matter...
SBI enters India’s Bullion Market; becomes first bank to attain TCM status at IIBX, ET BFSI
India's largest public sector bank, SBI, on Monday announced its achievement of gaining the status of Trading cum Clearing Member (TCM) at the India International Bullion Exchange (IIBX).IIBX stands as a visionary initiative, poised to elevate India's stature by...
Gurugram Cyber Police busts stock market investment scam, arrest a Punjab National Bank employee, ET BFSI
Gurugram Cyber Police arrested three men, including a bank employee, for a cyber fraud involving fake stock market investments. This brings the total number of bank employee arrests in cyber fraud cases to eleven, police said on Friday.The bank employee, identified as...
Hindujas get Irdai nod for buying Reliance Capital business; conditions apply, ET BFSI
The insurance regulator approved the Hinduja Group’s acquisition of Reliance Capital’s life, general and health insurance businesses on condition it will not pledge shares of the companies, said people with knowledge of the matter. The Hinduja Group is yet to receive...
Banks’ risk appetite through higher loan growth to be key in determining creditworthiness: Fitch, ET BFSI
New Delhi, Fitch Ratings on Monday said Indian banks' risk appetite through higher loan growth will remain a key consideration for their creditworthiness despite improved financial performance. It said asset quality pressures from the previous credit cycle are...
Gold loan market thriving in Indian states; Unimoni eyes Rs 1,000 crore loan book by FY25, ET BFSI
States of Kerala, Telangana, Tamil Nadu, Bihar, Maharashtra, and Punjab are more active in the gold loan market for raising funds, said CA Krishnan R, director & CEO of Unimoni Financial Services."Though our major customers are farmers who avail loans during...
IL&FS seeks fresh MMRDA approval for transfer of HQ in Mumbai’s BKC, ET BFSI
Beleaguered infrastructure lender IL&FS has applied for a fresh approval from the Mumbai Metropolitan Region Development Authority (MMRDA) for transfer of its headquarters, an iconic 10-storey property in Mumbai's business district Bandra-Kurla Complex (BKC), to...
How Punjab National Bank has revamped loan recovery with Data Analytics, ET BFSI
Punjab National Bank (PNB) is leveraging technology and inclusivity to improve loan recovery. The bank has implemented data analytics to identify customers at risk of delayed payments."We can pinpoint which borrowers need a gentle reminder, require follow-up calls, or...
Here’s how you can check status, ET BFSI
After a healthy response for the IPO, Aadhar Housing Finance is likely to finalise the share allotment tomorrow. The issue was booked nearly 26 times at close. Investors can check the status of their share allotment on the BSE or even by logging in to the registrar's...
SBI’s 85 pc hires to be engineering grads in FY25, BFSI News, ET BFSI
Eighty-five per cent of about 12,000 freshers set to join the country's largest lender SBI in FY25 are engineering graduates, its chairman Dinesh Khara has said. The bank is in the process of onboarding up to 12,000 freshers in the roles of probationary officers and...
Report, BFSI News, ET BFSI
New Delhi [India], May 12 (ANI): While the Rupee closed broadly unchanged in April, it briefly touched a record low during the month. Outflows of funds by foreign portfolio investors (FPIs) and the strength of the US dollar have kept the domestic currency under...
Bijith Bhaskar resigns as ICICI Bank’s cards and payments head, ET BFSI
Bijith Bhaskar on Friday resigned as ICICI Bank's head of Cards, Payment Solutions, E-Commerce Ecosystem, Merchant Ecosystem, Consumer Finance w.e.f May 18, 2024."We wish to inform you that Mr. Bijith Bhaskar, Head – Cards, Payment Solutions, E-Commerce Ecosystem,...
DBS Bank India rolls out initiative to support women re-entering the workplace, ET BFSI
This initiative is part of the bank's focus on developing a more diverse workforce and supporting employees through different life stagesDBS Bank India has rolled out a programme aimed at women who are transitioning back into the workspace, including new mothers.This...
This ‘bank message’ could be a scam; how to identify, save money, ET BFSI
One type of phishing attack — smishing (SMS phishing) is now being used to dupe customers of banks. If you have a bank account, you must be aware of it to avoid falling prey to this latest scam. What is it? How do fraudsters use it to empty your bank account? Find out...
SoftBank seen returning to loss in Q4 despite tech stock strength, ET BFSI
Japanese technology investor SoftBank Group is expected to slip back into the red when it reports earnings on Monday despite technology stocks including Arm Holdings , its core asset, performing well over the quarter.Analysts and investors are also eagerly awaiting...
Co-lending accelerates balance sheet growth and optimal fund utilisation, say NBFC leaders, ET BFSI
~ Shrishti SharmaIn 2018, the RBI introduced the co-lending model, which was later redefined in November 2020. Banks and non-banking financial companies (NBFCs) then joined forces to pursue financial inclusion by enhancing priority sector lending in India.At ETBFSI’s...
Most brokerages positive on SBI, many raise targets, BFSI News, ET BFSI
Mumbai: Analysts at most top brokerages raised or retained share price targets on State Bank of India after the lender reported strong March quarter results. The stock fell 0.36% to close at ₹816.85.Analysts said the state-owned lender's results, which beat estimates,...
HDFC Bank invests Rs 5 crore in this buzzing SME IPO in anchor round, ET BFSI
Leading private lender HDFC Bank has subscribed to the SME IPO of ABS Marine Services through the anchor round by investing Rs 5 crore. The bank was allotted 3.4 lakh shares at Rs 147 per share, furthering the recent trend of legacy institutional investors looking at...
RBI says 15 NBFCs surrendered registration certificates, BFSI News, ET BFSI
The Reserve Bank of India (RBI) announced on Friday that 15 Non-Banking Financial Companies (NBFCs), including Tata Capital Financial Services and Revolving Investments, have surrendered their certificates of registration for various reasons. Among these, nine NBFCs...
Banks in these cities will be closed for phase 4 of elections on Monday, May 13, ET BFSI
The fourth round of the seven-phase Lok Sabha 2024 elections is scheduled for May 13 according to the Election Commission of India's (ECI) timetable. The votes from all polls will be tallied on June 4. On election day, schools and institutions inside the...
Primary market to host Go Digit’s highly-anticipated issue, 4 SME IPOs & 12 listings next week, ET BFSI
After a hectic week, the primary market is geared up for one of the most-awaited IPOs of the year as Go Digit is set to launch its maiden public offer on May 15.Despite being the month of general elections, Dalal Street saw three companies raise over Rs 6,000 crore in...
RBI says 15 NBFCs surrendered registration certificates, BFSI News, ET BFSI
The Reserve Bank of India (RBI) announced on Friday that 15 Non-Banking Financial Companies (NBFCs), including Tata Capital Financial Services and Revolving Investments, have surrendered their certificates of registration for various reasons. Among these, nine NBFCs...
Union Bank of India Q4 net profit rises 18 pc on lower provisions, ET BFSI
Mumbai, State-owned Union Bank of India on Saturday reported an 18.36 per cent growth in its consolidated net profit for the March quarter to Rs 3,328 crore, helped by lower provisions. For the fiscal 2023-24, the lender reported a consolidated net profit of Rs 13,797...
Aadhar Housing Finance IPO subscribed 25.49 times on final day, ET BFSI
NEW DELHI: The initial public offer of Aadhar Housing Finance, which is backed by private equity major Blackstone, received 25.49 times subscription on the closing day of the share-sale on Friday. The Rs 3,000 crore initial share-sale received bids for 1,78,65,45,247...
IIFL Securities appoints Nemkumar as managing director, BFSI News, ET BFSI
New Delhi, Financial Services firm IIFL Securities Ltd on Friday said that it has appointed Nemkumar H as managing director for five years. He would replace R Venkataraman, currently the chairman and managing director, from May 15, 2024. The said appointment is...
Kotak Mahindra Bank plans to hire 400 engineers to ramp up tech transition, ET BFSI
With the hires this year, the bank will have achieved a “critical mass” in talent and additions would be gradual after that, he saidKotak Mahindra Bank Ltd. plans to hire around 400 engineers this year as it races to upgrade its technology systems after coming under...
US banking giants had ‘significant’ challenges estimating climate risks: Fed, ET BFSI
Washington, May 10, 2024 -Six US banking giants reported having "significant" challenges when estimating the financial risks from climate change because of a lack of good data, the Federal Reserve said Thursday. The six large banks, including Bank of America,...
Bandhan Bank in talks to raise $250-million debt from IFC, ET BFSI
Kolkata: Bandhan Bank is in talks with International Finance Corporation to raise about $200-250 million debt capital by issuing infrastructure bonds, primarily to grow its affordable housing portfolio, a person familiar with the matter said.The funding with a tenure...
Finance Ministry hosts workshop on best AI practices for bank chiefs, ET BFSI
New Delhi, The Finance Ministry on Thursday held a workshop for CEOs and MDs of 12 public sector banks and other financial institutions to provide them with insights into the best practices for AI adoption and risk mitigation in the banking sector.Vivek Joshi,...
Are banks closed on Saturday, May 11, 2024?, ET BFSI
Many Indians keep their bank-related work for Saturdays. In India, banks are closed on the second and fourth Saturdays and all Sundays of the month. The first, third and five Saturdays of the month are working days for banks. So, bank customers must make sure that...
Atul Kumar Goel, PNB, ET BFSI
"No, I do not foresee any challenges and guidance which we are giving for the next financial year 11% to 12%. It is easily achievable because our focus is on the RAM, that is our focus area," says Atul Kumar Goel, MD & CEO, PNB.First up, let us talk about the...
Bank of Baroda Q4 profit rises marginally to Rs 4,886 crore, BFSI News, ET BFSI
New Delhi, State-owned Bank of Baroda (BoB) on Friday posted a marginal 2.3 per cent rise in net profit at Rs 4,886 crore for the fourth quarter ended March 2024. The bank had earned a net profit of Rs 4,775 crore in the January-March quarter a year ago. The total...
100% provision by the bank in GoFirst case, will be able to recover the loans fully: Debadatta Chand, ET BFSI
After reporting a strong yoy performance, public sector lender Bank of Baroda MD & CEO Debdatta Chand revealed that the bank has a 100 per cent aviation provision with regards to the GoFirst bankruptcy case. The CEO highlighted that the bank would be able to...
PAT rises 2% YoY to Rs 4,886 crore; dividend declared at Rs 7.6/share, ET BFSI
State lender Bank of Baroda (BoB) on Friday reported a standalone net profit of Rs 4,886 crore for the quarter ended March 31, 2024, a marginal 2.3% uptick compared to the profit figure of Rs 4,775 crore reported by the bank in the same period last year.The board also...
Punjab National Bank to close dormant accounts starting June 1, ET BFSI
Punjab National Bank has announced its decision to close dormant or inactive accounts, as detailed in a recent public notice.This measure aims to mitigate the risk of potential misuse associated with dormant accounts.The bank will identify accounts meeting the...
Morgan Stanley notes operational changes for gold financiers following RBI directive, ET BFSI
Morgan Stanley notes operational changes for gold financiers following RBI directiveRecently, the Reserve Bank of India (RBI) has cautioned the non-banking finance companies (NBFCs) extending gold loans against breaching the Rs 20,000 cap on cash loan disbursal. RBI’s...
These four banks have revised fixed deposit interest rates in May 2024, ET BFSI
In May 2024, many banks, including Utkarsh Small Finance Bank (SFB), City Union Bank, RBL Bank, and Capital Small Finance Bank, revised their fixed deposit interest rates. Here is a list of banks and their revised FD rates in May, with the highest interest rates and...
Rupee helped by dip in US yields, while election uncertainty weighs, ET BFSI
While too much should not be read into one round of data, the incoming data will be watched very closely for further evidence that the labour market momentum may be slowing, ANZ Bank said in a note.The Indian rupee on Friday will be aided by the drop in U.S. Treasury...
TVS Holdings acquires 80.74% stake in Home Credit India Finance for ₹554 Crore, ET BFSI
In a significant development within the financial services sector, TVS Holdings Ltd has announced its acquisition of an 80.74% stake in Home Credit India Finance Pvt Ltd (HCIFPL), a leading player in the consumer financing and personal loans segment. The acquisition,...
Dinesh Kumar Khara, ET BFSI
Dinesh Kumar Khara, Chairman, SBI, says “our endeavour is to ensure that we maintain this level and we expect that when it comes to our deposit rates, we appear to have plateaued already. And henceforth we should be in a position to improve our yield on advances also...
Go Digit IPO opens on May 15, sets price band at ₹258-272 per share; Check details, ET BFSI
The Initial Public Offering (IPO) of Go Digit General Insurance Limited, a prominent player in the insurtech sector, is set to hit the market from May 15 to May 17. The IPO price band is fixed in the range of ₹258 to ₹272 per equity share, with a face value of ₹10...
Gold finance companies plunge on RBI cash advisory, BFSI News, ET BFSI
Mumbai: Shares of gold finance companies weakened on Thursday after the Reserve Bank of India reiterated an earlier advisory that requires non-banking finance companies (NBFCs) to cap the cash disbursal limit at ₹20,000. Muthoot Finance declined 3.73%, Manappuram...
Indian banks to step up IT spends as regulatory scrutiny tightens, ET BFSI
RBI had put some restrictions on Kotak Mahindra Bank last month due to IT-related deficiencies. Indian banks' plan to increase their technology spending to around 10% of their operating expenses to keep up with the surge in digital transactions as the central bank...
PAT jumps 24% YoY to Rs 20,698 crore, beats estimates, ET BFSI
State Bank of India (SBI) on Thursday reported a standalone net profit of Rs 20,698 crore for the quarter ended March 31, 2024, up 24% YoY compared to Rs 16,694 crore reported by the lender in the year-ago period. The profit was higher than the Street estimate of Rs...
Fitch affirms ratings of Axis Bank, ICICI Bank on supporting operating environment, ET BFSI
Fitch Ratings on Thursday affirmed the ratings of Axis Bank and ICICI Bank with a stable outlook citing supportive operating environment and large domestic franchise. Fitch Ratings has affirmed India-based Axis Bank and ICICI Bank's Long-Term Issuer Default Rating...
Aadhar Housing Finance IPO bets on affordable segment optimism, ET BFSI
Aadhar operates primarily in the affordable housing finance segment, targeting home buyers in economically weaker sections (EWS) and low-income groups (LIG). This niche market, supported by government initiatives and regulatory incentives, represents the...
DBS Bank India rolls out initiative to support women re-entering the workplace, ET BFSI
DBS Bank India has rolled out a programme aimed at women who are transitioning back into the workspace, including new mothers.This initiative is part of the bank's focus on developing a more diverse workforce and supporting employees through different life stages.The...
Millennials opting fractional investment as alternative investment: Report, ET BFSI
The alternative investment space has attracted early adopters and has been made mainstream by millennials dominating 60% of investors' base into fractional investments, a recent report by Grip Invest reveals. The report titled 'Gripping the Boom: Millennial in...
Muthoot Finance raises $650 million via offshore dollar bonds, ET BFSI
Muthoot Finance has raised $650 million through US dollar-denominated bonds, with global investors showing firm demand for the debt issued by the domestic gold financing heavyweight.The non-banking financial company raised the funds through bonds maturing in three...
Profit jumps nearly three-fold to Rs 3,010 crore, ET BFSI
State-owned Punjab National Bank (PNB) on Thursday posted a nearly three-fold increase in net profit to Rs 3,010 crore for the fourth quarter ended March 2024, aided by improvement in core income and decline in bad loans. The bank had earned a net profit of Rs 1,159...
L&T finance plays the complete home loan tune, BFSI News, ET BFSI
L&T Finance has unveiled TV commercials to revolutionise the way people perceive home loans. The TV commercials combine witty humour with relatable scenarios to create situations that are entertaining as well as informative, with the tagline, ‘Kum Nahi,...
Is your account affected? Check here to find out, ET BFSI
Punjab National Bank (PNB) has decided to close accounts where there has been no operation by the customer for the last three years and there is no balance in these accounts. The bank took this measure to avoid the security threat and to ensure that these accounts are...
India’s Manappuram Finance accepts bids worth $300 mln for dollar bond issue, ET BFSI
MUMBAI, - India's Manappuram Finance has accepted bids worth $300 million for U.S. dollar-denominated bonds maturing in four years, the gold financier informed the stock exchanges late on Wednesday.The company has set a coupon of 7.375%, it said.The coupon is within...
CASA share in banks’s deposits falls in Q4 amid high term deposit rates, ET BFSI
The CASA (current account and saving account) ratio, which measures the share of low-cost CASA deposits, declined year-on-year by 40-730 basis points (bps) for banks reporting their Q4 FY24 earnings. This decline occurred amid sustained high deposit rates due to tight...
Leading refiner begins gold futures trading on India INX, BFSI News, ET BFSI
New Delhi, BSE's arm India International Exchange (India INX) on Wednesday said India's leading gold refiner, which brings in up to 20 per cent of the country's gold, has started trading gold futures on its platform. This suggests that India INX, set up at GIFT City...
100% sure new RBI guideline on gold financing is not going to impact our volumes: Muthoot Finance, ET BFSI
George Alexander Muthoot, MD, Muthoot Finance, says “the RBI instruction is an universal one, applicable to all NBFCs. The Reserve Bank is clarifying that more than Rs 20,000 should not be paid in cash. I do not think there is any impact of that because even otherwise...
RBI lifts restrictions on Bank of Baroda’s ‘BoB World’ mobile app, allows onboarding customers, ET BFSI
The Reserve Bank of India (RBI) has decided to lift restrictions on Bank of Baroda's BoB World app with immediate effect, allowing it to onboard customers, the bank said in the exchange filing.The bank said, "We wish to inform that the RBI conveyed to the Bank its...
Financial services faces heavy FPI selloff, BFSI News, ET BFSI
Mumbai: Shares of financial services companies recorded the highest selling by overseas funds across sectors in the second-half of April. Foreign portfolio investors (FPIs) dumped shares in the sector worth ₹12,550 crore between April 16 and April 30 after purchases...
Piramal Enterprises approves merger of its housing finance arm to form Piramal Finance, ET BFSI
The board of directors of the Piramal Enterprises has approved its merger with wholly owned subsidiary Piramal Capital & Housing Finance (PCHFL), which will now be rechristened Piramal Finance.As a part of the merger consideration, for every share of Piramal...
Swiss National Bank exploring ways to tokenise financial assets, ET BFSI
ZURICH, - The Swiss National Bank is examining the best way that financial assets can be digitally tokenised as a way of making payments more secure and efficient, Chairman Thomas Jordan said on Monday.Jordan said central banks needed to decide how best to engage in...
Indian Bank to focus on mid-corporate business, BFSI News, ET BFSI
CHENNAI: Public sector Indian Bank will focus on the mid-corporate business and looks at 15% growth in the segment in FY25. The portfolio in this segment stood at Rs 41,000 crore in the end of FY24 against Rs 33,661 crore in FY23.Indian Bank MD & CEO S L Jain told...
‘Fresh capital infusion gives flexibility for expansion over 1.5 years’: Grihum MD&CEO, ET BFSI
Manish Jaiswal, the MD&CEO of Grihum Housing Finance Grihum Housing Finance, the erstwhile Poonawalla Housing Finance, has registered the highest ever yearly Profit After Tax (PAT) of Rs 140 crore, jumping 21% YoY and Rs 46 crore for Q4, up by 24% QoQ.Further,...
US Fed issues enforcement action with First Citizens Bank Of Butte -statement, ET BFSI
WASHINGTON, - The U.S. Federal Reserve Board has issued an enforcement action with First Citizens Bank of Butte in Montana, the board said in a statement on Tuesday.The enforcement action addresses issues with board management, anti-money laundering and suspicious...
CEO, BFSI News, ET BFSI
Rebello said that the company has started centralising operations in the last six months to overcome the challenges of decentralised operations - how it was structured historically. Updated On May 8, 2024 at 08:38 AM IST Mumbai: Mahindra & Mahindra Financial...
Indian lenders to appeal cenbank’s tough project finance proposal, sources say, ET BFSI
By Ira Dugal and Siddhi NayakMUMBAI -Indian lenders will appeal against a central bank proposal to tighten rules for infrastructure project loans, according to a banker and a source familiar with the matter.The Indian Banks Association (IBA) is gathering inputs and...
Japanese financial company SMFG to invest Rs 1.3k crore in Indian arm, ET BFSI
Mumbai: Japan's Sumitomo Mitsui Financial Group (SMFG) has invested Rs 1,300 crore in its Indian arm through a rights issue.SMFG India Credit (formerly Fullerton India Credit), in turn, has invested Rs 150 crore in its wholly-owned subsidiary SMFG India Home Finance....
PSBs’ spreads between lending and deposits rates hit 10-year low of 2.28%, ET BFSI
The spreads, or the difference between lending and deposit rates, for Public Sector Banks (PSBs) reached a new 10-year low of 2.28%, while Private Banks (PVBs) maintained a relatively higher spread of 3.81% compared to PSBs.In March 2024, India's Scheduled Commercial...
Waaree Energies, Ecofy partner to offer finance for solar rooftop projects, ET BFSI
New Delhi, Waaree Energies on Wednesday said it has partnered with Ecofy to provide financing solutions for installation of solar rooftop projects. "Ecofy is committing Rs 100 crore into the partnership, showcasing confidence in Waaree's capabilities and the renewable...
Profit jumps 18% YoY to Rs 3,757 crore; NII rises 11%, ET BFSI
Canara Bank on Wednesday posted 18% growth in its standalone net profit at Rs 3,757 crore for the quarter ended March 2024. The same stood at Rs 3,174 crore in the last year period.Net interest income (NII) for the reporting quarter increased 11% year-on-year (YoY) to...
RBI asks NBFCs to stick to loan cash payout limit of Rs 20,000, ET BFSI
India's central bank has asked non-bank finance companies (NBFC) to strictly adhere to a cap of 20,000 rupees ($240) in cash loans, according to a letter seen by Reuters and two people aware of the development, in a bid to deter cash transactions."Please refer to...
Earn up to 8.75% interest rate; check list of revised fixed deposit rates, ET BFSI
RBL Bank FD rates: RBL Bank has updated its fixed deposit (FD) interest rates for amounts below Rs 2 crore, effective from May 1, 2024. These revised rates could benefit a range of investors, including senior citizens and super senior citizens.Top interest rate: 8.75%...
22KT, 18KT, 14KT gold price today from Indian Bullion and Jewellers Association (IBJA), ET BFSI
The price of gold varies every day due to factors that affect the demand and supply of the precious metal. Investors prefer to invest in gold when there is recessionary pressure in the economy. Indians usually also buy gold for weddings or on auspicious days like...
Muthoot Microfin looking to raise $50 million in ECB, BFSI News, ET BFSI
Kolkata: Muthoot Microfin, the microfinance arm of Kerala-based financial services group Muthoot Pappachan Group, is looking to raise $50 million in external commercial borrowing (ECB) in a bid to diversify fund sources and elongate the liability profile.“We are in...
MD & CEO Shanti Lal Jain, ET BFSI
Indian Bank witnessed a 11 per cent increase year-on-year in total deposits and it touched Rs 6,88,000 crore as of March 31, 2024 while gross advances increased by 13 per cent to Rs 5,33,773 crore. Public sector Indian Bank has set a target to cross Rs 1 lakh crore...
Incred Alternatives raises Rs 330 cr PE fund, BFSI News, ET BFSI
Mumbai, Incred Alternative Investments on Tuesday said it has raised private equity fund worth Rs 330 crore. Incred Growth Partners Fund I, its maiden PE fund, has received commitments of Rs 330 crore in its first close and is targeting a final close of Rs 500 crore,...
Aadhar Housing Finance raises nearly Rs 900 crore from anchor investors, ET BFSI
Representative ImageNEW DELHI: Aadhar Housing Finance Ltd, which is backed by private equity major Blackstone, on Tuesday said it has mobilised Rs 898 crore from anchor investors, a day before the launch of its initial public offering (IPO). The company has decided to...
Banks’ commercial real estate exposure nears Rs 4 lakh crore, BFSI News, ET BFSI
Indian banks have shown a significant uptick in lending to the commercial real estate sector, indicating renewed confidence among lenders in the stability and appeal of the real estate market. According to the latest data from the Reserve Bank of India (RBI), the...
Saurabh Mukherjea | Saurabh Mukherjea Portfolio: Why Saurabh Mukherjea isn’t losing sleep over stress in HDFC Bank, Kotak and Bajaj Finance, ET BFSI
Three financial giants HDFC Bank, Kotak Mahindra Bank and Bajaj Finance, which is almost half of PMS fund manager Saurabh Mukherjea's Kings of Capital portfolio, are having a tough time. But the star stock picker isn't the one to switch sides when the going gets...
This bank offers up to 9.10% FD interest to senior citizens, 8.5% rate to others, ET BFSI
Utkarsh Small Finance Bank has revised interest rates of fixed deposit (FD) of less than Rs 2 crore. The revised rates are effective from May 1, 2024, according to the website. The revised rates are applicable for fresh fixed deposits as well as for the renewal of...
IndusInd sets itself a new Rs 4.2 lakh crore target, eyes 2030 timeline, ET BFSI
IndusInd International Holdings (IIHL) has set its sights on a new Rs 4.2 lakh crore target that it plans to fulfil by 2030, ToI reported on May 6.Under the new plan, IIHL is looking to set up a banking, financial services, and insurance portfolio worth $50 billion...
Recent trends driving the Housing Finance industry in India, ET BFSI
Recent trends driving the Housing Finance industry in IndiaDriven by rising incomes, enhanced affordability and substantial government support, the Indian housing finance industry is on a growth trajectory with a robust 13% Compound Annual Growth Rate (CAGR) over...
JPMorgan cuts at least six investment banking jobs in Hong Kong, ET BFSI
The job cuts were first reported by Bloomberg on TuesdayHONG KONG: JPMorgan Chase & Co has become the latest Wall Street firm to reduce its workforce in Hong Kong, two sources with knowledge of the matter said, amid a weaker market and dealmaking activities.The...
Belstar Microfin files papers for Rs 1,300-crore IPO, BFSI News, ET BFSI
The company is a NBFC-MFI (non-banking finance company - micro finance institution) offering loan products, such as micro enterprise, small enterprise, consumer goods, festival, education and emergency loans, and focuses on the lending model of 'self-help group'....
IDBI Bank gets Rs 2.97 crore GST demand order, ET BFSI
IDBI Bank disclosed that it has received a GST demand order of Rs 2.97 crore, including interest and penalty, for alleged excess availment of input tax credit (ITC). The order, issued by the Dehradun state tax department for the 2018-19 fiscal year, comprises a tax...
Rs 5 lakh crore wiped off! Poll jitters, banking & auto woes weigh on indices, ET BFSI
Amid nervousness in the market during voting for the third phase of the Lok Sabha election, Indian benchmark equity indices closed lower on Tuesday, dragged by index heavyweight Reliance Industries, banking and auto stocks.The 30-share BSE benchmark Sensex declined...
Securitisation volumes hit pre-Covid levels of Rs 1.9 lakh crore as NBFCs diversify funding, ET BFSI
Securitisation volumes in the financial year 2023-24 have surged back to record highs of Rs 1.9 trillion, reminiscent of pre-pandemic levels, despite notable market changes including HDFC Ltd's merger. This resurgence is largely attributed to non-banking financial...
J&K Bank records highest profit but high cost to income ratio and aggressive competition remain a challenge, ET BFSI
The Jammu and Kashmir Bank has reported a record profit of Rs 1767 crore for 2023-24 but the officials at the bank informed that cost to income ratio including the humongous costs on human resource remains a challenge for the bank, which they promise to address in a...
Wipro, Microsoft to launch GenAI-powered assistants for financial services, ET BFSI
New Delhi: Leading technology services and consulting company Wipro on Monday announced that it is teaming up with Microsoft to launch a suite of cognitive assistants for financial services powered by generative artificial intelligence (GenAI). According to the...
Net profit rises 24% YoY to Rs 46 crore, ET BFSI
Kolkata: Grihum Housing Finance, formerly Poonawalla Housing Finance, has earned Rs 46 crore net profit in the March quarter, registering a 24% sequential rise, backed by steady business expansion. The net profit rose 151% year-on-year over Rs 18 crore seen in the...
Axis Bank brings expats to India in push to woo global firms, BFSI News, ET BFSI
Axis Bank Ltd is on a lookout to hire Asian expatriates to help the lender win business from multinational companies. The bank, that recently overtook Kotak Mahindra Bank Ltd. to become the third largest private lender in India, is targeting mid-sized companies in...
FPSB India, IFSCA sign pact to promote GIFT IFSC as ‘Global Finance Hub’, ET BFSI
New Delhi, Financial Planning Standards Board India on Monday announced that it has signed a pact with the International Financial Services Centres Authority (IFSCA), GIFT City, Gandhinagar, to promote GIFT IFSC as a 'Global Finance Hub'. FPSB India and IFSCA aim to...
Net profit up 16% to Rs 133 crore, ET BFSI
Kolkata: Fusion MicroFinance on Monday reported a 16% year-on-year rise in March quarter net profit at Rs 133 crore against Rs 115 crore in the year ago period, supported by business expansion and higher earnings.The lender's net interest income was 32% higher at Rs...
PSBs set to develop road map for deploying GenAI systems, BFSI News, ET BFSI
State-run banks are set to develop a detailed strategy and road map for deploying generative artificial intelligence (GenAI) systems, with pilot use-cases to be rolled out within this financial year, said people familiar with the matter.The lenders will also establish...
GST has helped improve tax buoyancy, says Finance Minister, BFSI News, ET BFSI
New Delhi: Finance minister Nirmala Sitharaman on Monday said GST has helped improve the tax buoyancy from 0.72 (pre-GST) to 1.22 (2018-23), with the states' buoyancy estimated at 1.15, despite compensation ending two years ago. Tax buoyancy measures the change in tax...
Gift City allows non-banks to sell participatory notes, BFSI News, ET BFSI
Mumbai: International Financial Services Centres Authority (IFSCA), the regulatory body for the IFSC-GIFT City in Gujarat, has allowed non-banking entities like alternate investment funds and other fund managers to issue overseas derivative instruments from IFSC. ODIs...
Deutsche Bank CEO hopes for progress on EU capital markets union, ET BFSI
"The capital markets union is higher on the European policy agenda than it has been for years," Sewing, who is president of the German private bankers association BdB, told the German banking day on Monday. Updated On May 6, 2024 at 02:41 PM IST BERLIN - Deutsche Bank...
NCLAT dismisses Religare’s appeal against CCI nod, BFSI News, ET BFSI
Mumbai: The National Company Law Appellate Tribunal (NCLAT) has rejected Rashmi Saluja-led Religare Enterprises' appeal seeking a stay on the Competition Commission of India's (CCI) approval for the Burman family's proposed acquisition of shares of the financial...
M&M Fin Q4 net falls 10% on provisions, interest costs, ET BFSI
Mumbai: Mahindra & Mahindra Financial Services reported a 10% year-on-year fall in profit in the quarter to March amid a sharp rise in provisions and higher finance costs.Standalone net profit fell to ₹619 crore in the quarter from ₹684 crore a year ago, largely...
SNB raises minimum reserve requirement for banks, reducing interest costs, ET BFSI
ZURICH - The Swiss National Bank (SNB) is raising the minimum reserve requirement for domestic banks, it said on Monday, potentially saving it hundreds of millions of Swiss francs in interest payments each year.The SNB said in a statement that it is also raising the...
India’s forex reserves decline for third consecutive week, BFSI News, ET BFSI
India's foreign exchange reserves declined for the third week, after having risen for the seventh straight week to hit an all-time high of USD 648.562 billion.As per the latest data released by the Reserve Bank of India (RBI), the country's foreign exchange kitty...
REC gets RBI nod to set up subsidiary in GIFT City Gujarat, ET BFSI
The decision to expand operations into GIFT, a burgeoning hub for financial services in India, comes as REC continues to diversify its portfolio and explore new avenues for growth.REC Limited, a Maharatna Central Public Sector Enterprise under the Ministry of Power...
UPI Payments Now Available from ICICI Bank NRI Accounts with International Numbers, ET BFSI
Mumbai: ICICI Bank has enabled its non-resident customers to use their international mobile number for making UPI payments in India. This means that non-residents can now pay for utility bills, merchant and e-commerce transactions by linking their international mobile...
India’s exchanges spar for dominance in hot derivatives market, ET BFSI
By Jayshree P UpadhyayMUMBAI -India's top stock exchanges are luring investors with new products and lower fees as they battle for a share of the hot but fledgling derivatives market, in turn fuelling a surge in trading activity that is drawing regulatory scrutiny.The...
Shares of REC, PFC and IREDA plunge after RBI’s draft guidelines on project financing, ET BFSI
Shares of REC, PFC and IREDA plunge after RBI’s draft guidelines on project financingThe shares of REC Ltd., Power Finance Corporation Ltd. (PFC) and IREDA plunged on Monday to give up most of their previous week's gain after the Reserve Bank of India’s (RBI) draft...
HDFC Bank to keep margins at current levels, BFSI News, ET BFSI
HDFC Bank managing director Sashidhar Jagdishan said the lender "will not be chasing growth for the sake of growth" and "will be delighted even if the margins remain at the current levels". Addressing analysts on Saturday, soon after the bank declared its fourth...
Restatement of IL&FS accounts uncovers Rs 9,600cr loss instead of Rs 1,869 cr profit, ET BFSI
A major reworking of accounts has brought the scam-tainted IL&FS and two of its arms -- IL&FS Financial and ITNL -- back among big business headlines, ToI reported on May 6. Following the massive restatement of accounts, IL&FS’s loss has now been estimated...
IL&FS shows 9,600 crore loss in 5 years against 1,869 crore profit, ET BFSI
New Delhi: Fraud-tainted IL&FS, IL&FS Financial and ITNL have undertaken a massive restatement of accounts, with IL&FS's loss now estimated at Rs 9,600 crore during five financial years ending 2017-18, against a profit of Rs 1,869 crore estimated by the...
Macquarie’s banking unit to stop new car loans to focus on mortgage growth, ET BFSI
Australian financial conglomerate Macquarie Group said on Monday its banking and financial services unit will stop new car loans through direct, broker and novated lease channels in a bid to prioritise growth of home loan and deposit offerings."This decision will...
PSU bank stocks fall up to 6% as new RBI guidelines spoil mood, ET BFSI
Shares of PSU bank stocks, at least four of which have more than doubled in value in just 1 year, fell up to 6% today with Canara Bank, Punjab National Bank and Bank of Baroda leading the downside. India's largest lender State Bank of India (SBI) also fell over 3% as...
UGRO Capital Limited embraces Embedded Financing for credit need of small merchants, ET BFSI
PRNewswireMumbai (Maharashtra) [India], May 6: UGRO Capital Limited (NSE: UGROCAP) (BSE: 511742), a leading DataTech NBFC focused on MSME lending, today announced a significant development that underscores its commitment to growth, innovation, and delivering value to...
Banks may challenge CBI’s retro touch to fraud accounts, BFSI News, ET BFSI
Mumbai: The wrangle between the Central Bureau of Investigation (CBI) and high-street banks over crooked clients may soon boil over to the highest court. A few large banks are planning to move the Supreme Court to resolve the differences that have cropped up over...
Corporate earnings, global trends to guide trading in markets this week: Analysts, ET BFSI
New Delhi, May 4 (IANS) Markets are likely to turn volatile in the near term given the rising volatility index, analysts said.New Delhi, The ongoing fourth quarter earnings season, global factors and macroeconomic data would guide the trends in the equity markets this...
Sanjeev Nautiyal to be Ujjivan Small Finance Bank’s new MD & CEO, ET BFSI
Sanjeev NautiyalSanjeev Nautiyal, former deputy managing director of State Bank of India, will be taking the reins at Ujjivan Small Finance Bank from July 1 as the bank's managing director and chief executive officer.The Reserve Bank of India has approved his...
Wealth 360 One report, ET BFSI
New Delhi [India], May 5 (ANI): The business of striking deals in the country has been robust this year, with an average of three private investment deals being finalised daily.The number of deals and their total value had decreased by one-third compared to financial...
Muthoot Finance’s arm Belstar Microfinance files Rs 1,300-cr IPO papers with Sebi, ET BFSI
New Delhi, Muthoot Finance's microfinance arm, Belstar Microfinance Ltd, on Sunday filed preliminary papers with capital markets regulator Sebi to raise Rs 1,300 crore through an initial public offering (IPO). The Chennai-based entity's IPO is a combination of fresh...
CEO, BFSI News, ET BFSI
MUMBAI: Kotak Mahindra Bank’s CEO, Ashok Vaswani, said on Saturday that the bank will spend up to Rs 1,700 crore on technology upgrades to address Reserve Bank of India’s concerns regarding the bank’s technology capacity, risk management and resilience.Last month, RBI...
FPIs take cautious approach amid ongoing general elections; inject Rs 1,156 cr in May, ET BFSI
Foreign investors have adopted a "wait and watch" stance amidst the ongoing general elections and have infused just Rs 1,156 crore in the first two trading sessions of this month. This came after FPIs dumped equities worth Rs 8,700 crore in April, on concerns over a...
Management on RBI regulations, ET BFSI
Kotak Mahindra Bank on Saturday while announcing the results for the quarter ending March 31, 2024 said that the bank's focus is on customers, and that it is worried about the reputational risk more than that of the impact of its finance.While announcing the results,...
Carlyle sells 2% in Yes Bank for Rs 1,441 crore, BFSI News, ET BFSI
NEW DELHI: Carlyle Group on Friday divested nearly a 2% stake in private sector lender Yes Bank for Rs 1,441 crore through an open market transaction.US-based Carlyle Group, through its affiliate CA Basque Investments, offloaded shares in Yes Bank through a bulk deal...
Banks homing in on a bigger share of expanding real estate pie, ET BFSI
Bank loans to commercial real estate which also includes residential construction, last fiscal year nearly tripled at 23 percent, excluding the impact of the merger of HDFC with HDFC Bank. Outstanding loans amounted to Rs 3.97 lakh crore.If one includes the merger...
RBI approves reappointment of Atanu Chakraborty as part-time chairman of HDFC Bank for 3 years, ET BFSI
The Reserve Bank of India on Friday approved the reappointment of Atanu Chakraborty as part time chairman of HDFC Bank for a period of three years w.e.f. May 05, 2024 to May 04, 2027.Chakraborty served the Government of India for 35 years as a member of the Indian...
India’s Kotak Mahindra Bank beats estimates with 26% rise in Q4 net profit, ET BFSI
MUMBAI - India's Kotak Mahindra Bank reported a better-than-expected 26% increase in fourth-quarter net profit on Saturday, buoyed by higher core lending income and healthy loan growth. The private lender's standalone net profit, excluding subsidiaries, rose to 41.33...
HSBC has no plans to dispose of further businesses, says chairman Mark Tucker, ET BFSI
HSBC has no current plans to sell more assets, its chairman Mark Tucker said on Friday at the annual shareholder meeting of the bank, which has scaled back its presence in Western markets in recent years as part of a sweeping overhaul.HSBC shareholders met in London...
PSBs plan to set up ‘green cells’ for climate funding, BFSI News, ET BFSI
State-run lenders will look to set up specialised 'green cells' with dedicated employees for climate-specific initiatives. These measures are part of the Enhanced Access and Service Excellence (EASE) reform version 7.0, which was rolled out last week.A senior bank...
Forex reserves drop USD 2.41 bn to USD 637.92 bn in third consecutive week of decline, ET BFSI
Mumbai, India's forex reserves dropped USD 2.412 billion to USD 637.922 billion as on April 26, in the third consecutive weekly decline in the reserves, the Reserve Bank of India (RBI) said on Friday. In the previous reporting week, the overall reserves had declined...
Premji Invest in advanced talks for big stake in Bank of Baroda’s Nainital Bank, ET BFSI
Premji Invest, the family office of Wipro founder Azim Premji, is in advanced talks to acquire a majority stake in Nainital Bank, which is a subsidiary of the publicly owned Bank of Baroda, three people aware of the discussions said. The proposed investment is likely...
Airtel Payments Bank CEO, ET BFSI
Airtel Payments Bank has nearly 500,000 banking points spread across the country, today.Airtel Payments Bank CEO Anubrata Biswas is optimistic that the payments bank momentum in India will yield strong growth horizons and opportunities in the coming years, supported...
Indian Bank cuts TBLR-based loan rates, BFSI News, ET BFSI
New Delhi, State-owned Indian Bank on Thursday cut the Treasury Bills benchmark lending rates (TBLR) across tenure, with effect from May 3. The bank, however, retained the marginal cost of funds ( MCLR)-based lending rates. TBLR for loans of 3 months or less will have...
Private banks take NIM hit in Q4 due to higher deposit rates, ET BFSI
Private banks faced pressure on their Net Interest Margins (NIM) during the fourth quarter, as they offered higher deposit rates amid tight liquidity conditions.Lenders have reported a year-on-year decline in NIM ranging from 5 to 50 basis points in the fourth...
Stock market crash today: BSE Sensex plunges over 1,100 points to dip below 74,000; Nifty50 around 22,350 as bears growl
Stock market crash today: BSE Sensex and Nifty50, the Indian equity benchmark indices, tanked in trade on Friday, despite a strong opening and the Nifty reaching a new all-time high. Selling pressure in index heavyweights Reliance Industries (RIL) and HDFC Bank...
RBI lifts digital lending curbs on Bajaj Finance after 6 months, ET BFSI
MUMBAI: RBI has lifted digital lending restrictions on Bajaj Finance nearly six months after it imposed them for violation of its guidelines. RBI had, on Nov 15, 2023, directed Bajaj Finance to halt loan issuance through its 'eCOM' and 'Insta EMI Card'.RBI had imposed...
Ujjivan Small Finance Bank appoints Carol Furtado as executive director, ET BFSI
Kolkata: Ujjivan Small Finance Bank has appointed Carol Furtado as executive director for three years with effect from May 1.The Reserve Bank of India has approved the appointment.Ms Furtado has been with the bank since its inception and assumed various key positions...
16% uptick in overall outstanding loans in Mar’24, ET BFSI
BFSI sector recorded a steady credit with strong growth in overall outstanding loans increasing by approximately 16 per cent on a yoy basis in March, 2024. Deposit growth picked up yoy and is likely to see further uptick in the current rising interest rate regime. On...
What was Bajaj Finance’s Insta EMI Card controversy?, ET BFSI
What was Bajaj Finance’s Insta EMI Card controversy? Coming as a sigh of relief, the Reserve Bank of India (RBI) has lifted the restrictions on Bajaj Finance's two products eCOM and online digital Insta EMI Card, with immediate effect.With this development, the...
Indian Bank extends special FD deadlines to this date, ET BFSI
Indian Bank, a public sector bank, has extended the deadline to invest in its special fixed deposit offering higher interest rates. These special FDs are called “Ind Super 400” and “Ind Supreme 300 days”. What is the last date to invest in Indian Bank special FDsThe...
Thematic funds catch the eye of investors, draw Rs 1.22 lakh crore in FY24, ET BFSI
Mumbai: The popularity of mutual fund schemes betting on specific sectors and economic themes has shot through the roof in the past year as higher returns and aggressive push by asset managers have prompted investors to pump money into these schemes.Assets under...
Bajaj Finance shares jump over 7% as RBI lifts curbs in less than 6 months, ET BFSI
Shares of NBFC Bajaj Finance rallied 7.5% to the day's high at Rs 7,400 on BSE after the RBI lifted restrictions on the company's two key customer acquisition products eCOM and Insta EMI card with immediate effect."Investors can now be rest assured that Bajaj Finance...
Bank of Baroda shares drop 0.82% as Sensex falls , ET BFSI
Shares of the Bank of Baroda traded at Rs 277.0 on BSE at 11:58AM (IST) on Friday, down 0.82 per cent. The stock quoted a 52-week low price of Rs 172.85 and a high of Rs 285.5. Earlier in the day, the stock saw a gap up opening. At the prevailing price, the stock...
BSE Sensex plunges over 900 points to dip below 74,000; Nifty50 around 22,450 as bears growl, ET BFSI
Stock market crash today: BSE Sensex and Nifty50, the Indian equity benchmark indices, tanked in trade on Friday, despite a strong opening and the Nifty reaching a new all-time high. The decline was primarily influenced by losses in major index contributors such as...
Ugro Capital raises Rs 1,322 crore, acquires fintech lender MyShubhLife for Rs 45 crore, ET BFSI
Ugro Capital, a non-banking finance company catering to small and medium businesses, has raised fresh capital of Rs 1,322 crore from a mix of new and existing investors and family offices through compulsory convertible debentures and warrants.Samena Capital led the...
IDBI Bank seeks RoC help over board tussle with NTADCL, BFSI News, ET BFSI
Mumbai: IDBI Bank has written to the Registrar of Companies (RoC) alleging that New Tirupur Area Development Corporation (NTADCL), which underwent debt restructuring in 2011, has flouted an agreement regarding inclusion of the lender's nominee directors in its board...
Biz, trade caught between cyber cops & banks, BFSI News, ET BFSI
Mumbai: The plight of restaurants, retailers, small traders as well as larger companies, caught haplessly in the cross-hairs of banks and cops chasing the stolen money from cyber and phishing attacks is being called out by businesses whose funds are frozen. The...
Bank deposit rates rise, but yet to fully reflect repo hike, BFSI News, ET BFSI
Mumbai: While the regulator and the market may not agree on the extent of transmission of policy rates to lending and deposit rates, central bank data show that the full transmission of the 2.5-percentage-point hike in the benchmark repo rate since May 2022 is still...
Bank cuts rates by up to 15 bps; check latest fixed deposit rates, ET BFSI
Punjab National Bank (PNB) has revised FD interest rates on deposits below Rs 2 crore, according to the bank website. The new FD rates are effective from April 12, 2024.Latest Punjab National Bank FD ratesAfter revision, the bank offers FD interest rates between 3.50%...
Banks’ personal loans growth drops to 17.7% in FY24 after RBI tightens unsecured credit, ET BFSI
The growth of personal loans by banks slowed to 17.7 percent year-on-year in March 2024, down from 21 percent a year earlier, according to recent data from the Reserve Bank of India (RBI). This decline was primarily attributed to slower growth in vehicle loans and...
How is ICICI Bank placed in private banks’ race?, BFSI News, ET BFSI
ICICI Bank, one of India's leading private sector lenders, continues to shine in the market, showcasing robust profitability and investor appeal amidst challenges faced by its peers. Over the past two years, the bank has witnessed strengthened profitability, reduced...
ICICI Bank categorically denies report that said its CEO wanting to quit, ET BFSI
New Delhi [India], May 2 (ANI): ICICI Bank has categorically denied that Sandeep Bakshi, its MD and CEO, has indicated that he wanted to be relieved from his role, as reported by a news portal."We would like to categorically deny the information published in the...
PAT drops 11% QoQ to Rs 906 crore, BFSI News, ET BFSI
Federal Bank on Thursday reported a standalone net profit of Rs 906.30 crore for the quarter ended March 31, 2024, down by 11% on a quarter-on-quarter (QoQ) compared to Rs 1,006.74 crore reported in Q3FY24.The private lender has also announced a final dividend of Rs...
PAT drops 11% QoQ to Rs 906 crore, BFSI News, ET BFSI
Federal Bank on Thursday reported a standalone net profit of Rs 906.30 crore for the quarter ended March 31, 2024, down by 11% on a quarter-on-quarter (QoQ) compared to Rs 1,006.74 crore reported in Q3FY24.The private lender has also announced a final dividend of Rs...
More credit to large companies in FY24, personal loans slow, ET BFSI
Mumbai: The lending pattern of banks had seen a few changes in FY24.Lending to large companies that shrank during the Covid period recovered in the last fiscal year. The Reserve Bank of India stepped in to improve the quality of retail lending, asking lenders to...
Federal Bank in advanced stages for hiring new CEO, awaiting RBI approval: Shyam Srinivasan, ET BFSI
Private sector lender Federal Bank is in advanced stages of getting a new CEO appointed, replacing the current MD and CEO Shyam Srinivasan. "There is a board established search panel, and they are in advanced stages already. RBI had notified us in January and the...
Currency derivatives volumes dry up ahead of RBI deadline, BFSI News, ET BFSI
Mumbai: Volumes of exchange-traded currency derivatives on the National Stock Exchange (NSE) have plummeted by almost 90% ahead of the May 3 deadline to comply with the central bank's directive for trades to be backed by underlying exposures.Average daily turnover for...
‘Figment of imagination’, says ICICI Bank denying reports of MD & CEO wanting to quit, ET BFSI
The second-largest private sector bank of India, ICICI Bank, on Thursday, denied the reports of its MD & CEO Sandeep Bakhshi wanting to quit his current position.Calling the report published by The Morning Context as ‘baseless’ and a ‘figment of imagination’, the...
Axis Mutual Fund launches Axis Nifty Bank Index Fund, BFSI News, ET BFSI
Axis Mutual Fund has announced the launch of Axis Nifty Bank Index Fund, an open-ended index fund tracking the Nifty Bank TRI.This open-ended index fund aims to track the Nifty Bank TRI, providing investors with a mechanism to participate directly in the growth...
Will profit pool lie with PSU banks rather than private banks going ahead? Mahantesh Sabarad answers, ET BFSI
Mahantesh Sabarad, Independent Market Expert, says “when it comes to the corporate revival that is happening right now, it is being led by the capex theme and whenever there is a capex theme that comes up, you most often find the public sector banks take a lead when...
Think twice about selling in May and going away, BFSI News, ET BFSI
Mumbai: The old stock market adage 'Sell in May and go away' has not been proven true consistently for Indian equities for several years now. Benchmark Nifty, which closed at 22,604 on Tuesday after hitting a new high of 22,783 during the day, has closed positive in...
Shriram Housing Finance’s net profit grows 67% in Q4 FY24, BFSI News, ET BFSI
NEW DELHI: Shriram Housing Finance, an affordable housing finance company, registered a 67% growth in its profit after tax (PAT) to Rs 62.1 crore for the quarter ended March 31, 2024.The company's assets under management (AUM) grew to Rs 13,762 crore in Q4 FY24. It...
Profit jumps 41% to Rs 807 crore, ET BFSI
State-owned Central Bank of India on Tuesday reported a 41 per cent jump in its net profit to Rs 807 crore for the March quarter, helped by a decline in bad loans and a rise in interest income. The Mumbai-based lender had earned a net profit of Rs 571 crore in the...
How Indian banks are bolstering IT backbone amid RBI action on Kotak Mahindra Bank, ET BFSI
Banks in India are making substantial investments in information technology (IT) infrastructure to fortify their digital capabilities and ensure compliance with stringent regulatory requirements. These investments encompass a wide array of initiatives, including the...
Excluding the merger impact loans to services grew faster than retail in FY’24, ET BFSI
The year 2023-24 has seen a few changes in the lending pattern of banks. Lending to large corporates recovered after post COVID-19 contraction. The Reserve Bank stepped in to improve lending quality of retail loans which helped banks' loan books in recent years by...
PSBs told to speed up recovery at tribunals, BFSI News, ET BFSI
New Delhi: The Centre has directed state-owned lenders to avoid seeking unnecessary adjournments before debt recovery tribunals, a government official said.Banks have been asked to conduct monthly reviews to expedite the debt recovery process and reconcile cases that...
PSBs told to speed up recovery at tribunals, BFSI News, ET BFSI
The Centre has directed state-owned lenders to avoid seeking unnecessary adjournments before debt recovery tribunals, a government official said.Banks have been asked to conduct monthly reviews to expedite the debt recovery process and reconcile cases that have...
Neobanking startup Fi secures NBFC licence from RBI, BFSI News, ET BFSI
Neobanking startup Fi, backed by investors such as Peak XV and Temasek, has secured a non-banking finance company (NBFC) licence from the Reserve Bank of India, enabling it to provide loans from its own books.With this, Fi has joined the likes of Jupiter, Groww and...
KVS Manian likely to join Federal Bank after stepping down from Kotak Mahindra, ET BFSI
KVS Manian, earlier today, stepped down as the Joint MD of Kotak Mahindra Bank and is now likely to join Federal Bank, according to reports. At the time of the announcement, Manian said that he was tendering his resignation from Kotak Mahindra Bank to pursue other...
RBI cautions banks on gold loan disbursals through fintech startups, ET BFSI
The Reserve Bank of India (RBI) has cautioned banks about gold loan disbursals being made through fintech startups, according to people familiar with the matter. The central bank has flagged “concerns with the evaluation process” by these banks and fintechs,...
Manappuram Finance’s arm Asirvad Micro gets Sebi’s approval to float IPO, ET BFSI
New Delhi, Asirvad Micro Finance, a subsidiary of listed NBFC Manappuram Finance, has received Sebi's nod to raise funds through an initial public offer, an update with the markets regulator showed on Tuesday. The proposed initial public offering is only a fresh issue...
Report, BFSI News, ET BFSI
Generative AI could boost bank revenues by 6 per cent in the next three years. Banks which effectively adopt and scale generative AI could increase employee productivity by up to 30 per cent, streamlining numerous language-related tasks, revealed a latest report by...
1.3 crore mutual fund accounts on hold due to incomplete KYC; how MF investors can check KYC status online, ET BFSI
Around 1.3 crore mutual accounts are ‘on hold’ due to incomplete KYC, according to KYC registration entities (KRAs). The reason behind this is that the individuals have provided non-Aadhaar and non-officially valid documents (OVDs) during the initial KYC registration...
Aadhar Housing Finance’s Rs 3,000-crore IPO to open on May 8, BFSI News, ET BFSI
Representative ImageNEW DELHI: Aadhar Housing Finance Ltd, which is backed by private equity major Blackstone, is set to launch its Rs 3,000-crore initial public offering (IPO) on May 8. The initial share-sale will conclude on May 10 and the bidding for anchor...
Personal loan originations strong despite RBI clampdown on consumer credit growth, ET BFSI
During the festive season from October to December, personal loan origination volumes surged by 22.3% year-on-year (y-o-y), defying the Reserve Bank of India's (RBI) raised risk weight on unsecured consumer credit. A report by CRIF High Mark revealed that the total...
Gold’s correction extends to Rs 3000/10 gram in April. Has it made a near term top at life high?, ET BFSI
The recent sharp correction in Gold prices, where the yellow metal has corrected by nearly Rs 3000 per 10 gram or 4% from the lifetime high is its biggest fall in nearly two years. Can we expect the trends to reverse or a top has been made? This is what multiple...
Net profit jumps 24% YoY to Rs 1,058 crore, ET BFSI
Mumbai: Cholamandalam Investment and Finance Co’s net profit increased 24% year-on-year to Rs 1,058 crore in the quarter ended March 2024 from Rs 852 crore a year ago. Total loan disbursements increased 18% year-on-year during the quarter to a record Rs 24,784 crore...
Generative AI could boost bank revenues by 6% in next 3 years: Report, ET BFSI
About 25 per cent of bank employees, including customer service agents, could benefit from both automation and augmentation, thereby improving service quality and efficiency.Banks across the globe could witness a substantial increase in revenues over the next three...
Soaring prices no bar, demand for gold rises 8% in March quarter, ET BFSI
Kolkata: Demand for gold bars and coins, which are primarily bought as investment, rose 19% in the quarter ended March 31, at par with the first three months of 2022 when the growth was the strongest since 2014.Jewellery sales increased 4% to 95 tonnes, taking the...
Ambani’s Jio Financial plans to tap StanChart executive as unit CEO, ET BFSI
Among senior appointments, KV Kamath was tapped to be non-executive chairman for Jio Financial before it spun off from Ambani’s flagship company Reliance Industries LtdBillionaire Mukesh Ambani’s new financial services firm plans to tap Standard Chartered Plc’s India...
Standard Chartered Bank consumer banking head to join Jio Financial Services, ET BFSI
MUMBAI: The head of consumer banking (India) at Standard Chartered Bank, Kusal Roy, has tendered his resignation and is expected to join Jio Financial Services. The development comes amid Jio Financial Services' recent announcement of forthcoming consumer-focused...
Rupee declines on weakness in Asian peers, foreign banks’ dollar buys, ET BFSI
"Despite external pressures, the rupee is expected to maintain its resilience ... (and) may gradually strengthen to around 83.20 to 83.00," Amit Pabari.The Indian rupee weakened on Monday pressured by dollar demand from foreign banks and weakness in Asian currencies...
Kotak announces departure of KVS Manian, Joint MD, from the Group, ET BFSI
Kotak Mahindra Bank on Tuesday informed that its Joint Managing Director (designate), KVS Manian, has stepped down from his position.Manian, Whole Time Director designated as Joint Managing Director has stepped down from his position to pursue other opportunities in...
India Inc’s overseas bond listings treble amid rate cut uncertainty, ET BFSI
India Inc's overseas bond listings treble amid rate cut uncertaintyIndian companies have substantially increased their listings of foreign currency-denominated bonds on international exchanges in Gandhinagar during the first quarter of this year, totalling $3.74...
4 ways banks are overcharging borrowers on loan interest rates, as per RBI, ET BFSI
The Reserve Bank of India (RBI) has instructed banks, non-banking finance companies (NBFCs), and other financial institutions to carefully examine their practice of imposing interest charges on loans they disburse. The RBI issued the new directive after discovering...
Mutual fund investors are left with these options after RBI’s curb on overseas investments, ET BFSI
The once popular mutual fund route to foreign markets has largely closed due to the RBI restrictions on overseas investments. Many international funds have shut down or restricted inflows, only allowing investments to the extent of fund redemptions. Some accept SIP...
Banks are closed for 14 days across states; here is the state-wise holiday list for May, ET BFSI
Banks are closed for 14 days in May 2024, according to the Reserve Bank of India (RBI) holiday list. There are state-specific celebrations, national holidays, and significant observances among these holidays.Nonetheless, handling financial activities even over the...
Poonawalla Fincorp Reports Highest Ever Yearly PAT of Rs. 1027 Crore in FY24, Jumps 83% YoY, ET BFSI
BusinessWire IndiaPune (Maharashtra) [India], April 30: The Board of Directors of Poonawalla Fincorp Limited, a non-deposit taking systemically important NBFC focusing on consumer and MSME finance, today announced its audited financial results for the quarter and year...
Scam-struck UCO Bank lines up Rs 1,000 cr investment for digitisation drive, ET BFSI
Kolkata: Public sector UCO Bank has lined up Rs 1000 crore of investment for digitisation drive and upgradation of existing information technology system, managing director Ashwani Kumar said Tuesday.This is about 43% more than what the bank spent last year.Kumar said...
Decline in debit cards transaction volume by 14%, credit cards witness uptick in Mar’24, ET BFSI
According to latest data by 1Lattice, on a year on year basis, debit cards transaction volume has decreased by a massive 14 per cent while the value of transactions increased by approximately 29 per cent in March 2024. However, on a month-on-month basis, the total...
Standard Chartered Bank consumer banking head to join Jio Financial Services, ET BFSI
MUMBAI: The head of consumer banking (India) at Standard Chartered Bank, Kusal Roy, has tendered his resignation and is expected to join Jio Financial Services. The development comes amid Jio Financial Services' recent announcement of forthcoming consumer-focused...
Jana Small Finance Bank shares surge 19%, hit 52-week high post Q4 results, ET BFSI
Jana Small Finance Bank shares rallied 19% to hit a new 52-week high of Rs 592.8 in Tuesday's trade on BSE after the bank said it had doubled its March quarter net profit from ordinary activities to Rs 167 crore from Rs 81 crore in the year-ago period, backed by...
Abhay Bhutada, Poonawalla Fincorp, ET BFSI
"As you know we operate at 102 branches, but maximum we are gaining market share there and going forward whatever guidance we have given 35% to 40%, I think in the past also we have over-delivered. Going further, we will stick to our guidance and we are confident of...
Reliance Capital’s lenders want Hindujas to pay Rs 8,650 crore, finalise resolution, ET BFSI
Lenders of Reliance Capital (RCap) are pressing the Hinduja Group to expedite a cash payment of Rs 9,650 crore and finalise the resolution process by May 27, the deadline set for completion.During a meeting, representatives of the five-member Committee of Creditors...
The Indian banks’ tech you love is a banana peel for RBI battling potential scams, ET BFSI
After being saddled for years with the biggest bundle of bad loans anywhere in the world, the Indian financial system had only recently found its footing. But with profitability at a decade high and capitalization well in excess of the regulatory minimum, the...
Rupee counts on support from central bank before Fed policy decision, ET BFSI
The RBI will "in all likelihood" not want the rupee to slip below the all-time low of 83.5750, a trader at a different bank said.The Indian rupee will open broadly unchanged on Tuesday amid likely dollar demand and expectations that the central bank will not allow the...
Satin CreditCare Network reports 33% YoY jump in March quarter, ET BFSI
Microfinance company Satin CreditCare Network on Monday reported a 33% year-on-year jump in March quarter standalone net profit at Rs 125 crore, backed by robust business and revenue growth.The net profit was Rs 94 crore in the year ago period.The lender's net...
Banks may block your account for these fund transfers; here’s how to secure your account, ET BFSI
Imagine waking up to a notice that your hard-earned money is no longer accessible, all because your bank account or debit/credit card has been blocked. This was the reality for a customer of an Indian bank, who took to social media to share his ordeal. His credit card...
A HC ruling raises hopes of recovery for LVB bondholders, BFSI News, ET BFSI
In a landmark order, the Madras High Court directed the Reserve Bank of India (RBI) to conduct a fresh valuation exercise based on which the regulator should reconsider its decision to write off the tier-2 bonds of Lakshmi Vilas Bank (LVB), which was merged with DBS...
Private banks grapple with rising IT expenses amid surge in transactions, ET BFSI
NEW DELHI: Private banks are experiencing a significant increase in information technology expenses as most transactions are now conducted digitally. Unlike the one-time capital expenses incurred when they migrated to core banking, IT is now becoming a recurring cost...
Banks may block your account for these fund transfers; here’s how to secure your account, ET BFSI
Imagine waking up to a notice that your hard-earned money is no longer accessible, all because your bank account or debit/credit card has been blocked. This was the reality for a customer of an Indian bank, who took to social media to share his ordeal. His credit card...
Poonawalla Fincorp Q4 profit jumps 67 pc to Rs 332 cr, BFSI News, ET BFSI
New Delhi, Poonawalla Fincorp on Monday reported a 67 per cent jump in consolidated net profit to Rs 332 crore in the March quarter. The company had posted a net profit of Rs 199 crore during the corresponding quarter of the previous financial year. Its total income...
PSU banks will continue re-rating; SBI, ICICI Bank & Axis Bank poised for a breakout: Laurence Balanco, ET BFSI
"You can see from foreign flows perspective that that rebound in China is detracting from some of the investment in India. I do not think it changes the longer-term trends, but we are in one of those holding patterns similar to the fourth quarter of 2023," says...
Shareholders approach NCLT over ICICI Bank’s brokerage arm’s delisting plan, ET BFSI
Group of shareholders led by a Bengaluru-based investment manager has approached the National Company Law Tribunal over ICICI Bank's plan to delist its broking arm ICICI Securities from Indian bourses.ET on April 24 had reported Manu Rishi Guptha would approach the...
All About Digital Savings Accounts and How They Transform Your Banking Experience?, ET BFSI
In the digital landscape of India today, where technological advancements are shaping every aspect of life, the realm of banking is no exception. As the nation continues to embrace digitalisation with open arms, the traditional brick-and-mortar banking model is...
Minority shareholders of ICICI Securities file lawsuit against delisting move, ET BFSI
Minority shareholders of ICICI Securities led by Bengaluru-based investment manager Manu Rishi Guptha have filed a class action suit with National Company Law Tribunal (NCLT) against ICICI Bank's bid to delist its broking arm from the Indian bourses.Last month, nearly...
PNB Housing Finance Q4 profit rises 57 pc to Rs 444 crore, BFSI News, ET BFSI
New Delhi, PNB Housing Finance on Monday reported a 57 per cent jump in its net profit to Rs 444 crore in the fourth quarter ended March 2024. The housing finance company had posted a net profit of Rs 283 crore in the same quarter a year earlier. Total income during...
Expect a capital call from IDFC First Bank in FY25: V Vaidyanathan, ET BFSI
V Vaidyanathan, MD & CEO, IDFC First Bank, says: “You should expect a call to raise capital from us in FY25. Frankly, the markets have been quite giving for us in terms of the price to book. We are well-valued. We are running at a premium to the book. So,...
NBFC leaders bat for responsible lending and equitable partnership in co-lending with banks, ET BFSI
Non-banking finance company (NBFC) honchos have emphasised on responsible lending practices, equitable partnerships, and data-driven underwriting approaches in fostering co-lending between banks and NBFCs. Speaking at a panel discussion at ETBFSI NBFC Connect'24...
HDFC and SBI dominate credit and debit cards market, BoB records highest growth in Mar’24, ET BFSI
India's largest public sector lender, the State Bank of India, remained the front runner in the Debit cards market, holding a 24 per cent share in March 2024, revealed latest data by 1Lattice.Top banks followed the list like Bank of Baroda which held about 10 per cent...
Credit access exists for women entrepreneurs but with high degree of informal borrowing: Report, ET BFSI
A latest finding by FinTech company Tide revealed that while access to credit exists for women entrepreneurs, there is also a high degree of informal borrowing. About 52 per cent of women entrepreneurs have access to financial credit, indicating that 1 in 2...
Proactively engaging with regulators, says Indel Money CEO; IPO likely in 2027, ET BFSI
Indel Money CEO, Umesh MohananIn the recent past, the gold loan has no longer remained a taboo product but has become more of an optional product.Be it the business expansion plans or the personal requirements, gold loans have been trailing as the best and most secure...
RBI Innovation Hub is developing an AI model to reduce banking frauds using mule accounts, ET BFSI
The RBI Innovation Hub has embarked on a pioneering initiative to curb financial frauds, particularly those involving mule accounts, through the development and implementation of cutting-edge technological solutions.Mule accounts are bank accounts that serve as...
FIU notifies fresh money laundering, terror financing reporting alerts for capital markets, ET BFSI
A fresh set of 'alert indicators' have been issued by India's financial intelligence unit (FIU) for capital markets, insurance companies, online payment gateway intermediaries and crypto currency service providers for effective checking of suspicious transactions in...
Reliance Capital lenders urge Hinduja Group arm to stick to resolution plan deadline, ET BFSI
NEW DELHI: Concerned over slow progress, the lenders of debt-ridden Reliance Capital (RCAP) have asked the Hinduja Group arm, IndusInd International Holdings Ltd, to expedite the process of obtaining necessary regulatory approvals and stick to the resolution plan...
Bombay HC on LOCs, BFSI News, ET BFSI
MUMBAI: Public sector banks had become judge and executioner at once in having look out circulars or LOCs issued against defaulters, said Bombay high court while quashing the powers granted by Centre to such banks ostensibly in larger public interest.The fundamental...
Customer data leaked, BFSI News, ET BFSI
Many ICICI Bank customers have raised concerns on social media platform X (previously known as Twitter) about a glitch on the iMobile app. On their iMobile app, a number of users have claimed to be able to access details of other customers (people they don’t even...
India Yes Bank posts Q4 profit beat on lower provisions, ET BFSI
By Siddhi NayakMUMBAI -India's Yes Bank reported a bigger-than-expected rise in net profit for the January-March quarter on Saturday, helped by a drop in loan-loss provisions and higher non-interest income.The Mumbai-based private lender's standalone net profit more...
ICICI Bank beats Q4 profit estimates on strong loan growth, but margin shrinks, ET BFSI
By Siddhi NayakMUMBAI -ICICI Bank, India's second-largest private lender, reported a better-than-expected 17.4% increase in fourth-quarter net profit on Saturday, helped by robust loan growth even as its lending margin shrunk.The lender's standalone net profit,...
IDFC FIRST Bank Q4 profit falls 10% to Rs 724 cr on higher provisions, ET BFSI
IDFC First Bank reported an interest income of Rs 8,219.21 crore in the January-March quarter which was higher from Rs 6,424.35 crore reported in the year ago period. It was up by 28% on the year-on-year basis.New Delhi, IDFC FIRST Bank on Saturday reported 10 per...
Utkarsh SFB Q4 Results:Net profit jumps 19% YoY to Rs 160 crore on higher total income, ET BFSI
Kolkata: Utkarsh Small Finance Bank on Friday reported a 19% rise in March quarter net profit to Rs 160 crore, backed by higher business volume and total income. The net profit was Rs 134 crore in the year-ago period. Its operating profit was 35% higher at Rs 282...
Standalone PAT jumps 30% YoY to Rs 353 crore, ET BFSI
RBL Bank reported a net profit growth of 30% to Rs 353 crore for the quarter ended March 31, 2024 as against Rs 271 crore reported by the lender in the year ago period. The profit after tax (PAT) jumped 51% on the quarter-on-quarter basis versus 233 crore posted in...
Kotak Bank reveals how Indian banks fail to keep up with Modi’s ambitions, ET BFSI
Prime Minister Narendra Modi wants to export India’s digital payments system to the world. That plan now risks stumbling as clunky technology used by Indian lenders fails to keep up with his ambitions.In recent years, the fastest-growing major economy has invested in...
Motilal Oswal net profit soars, to issue bonus shares, BFSI News, ET BFSI
RBI action on Kotak Mahindra Bank may restrain credit growth, profitability: S&P, ET BFSI
S&P Global Ratings on Friday said RBI's regulatory action on Kotak Mahindra Bank could restrain the lender's credit growth and profitability. The RBI on Wednesday barred Kotak Mahindra Bank from issuing fresh credit cards and onboarding new customers online....
US inflation rises in line with expectations in March, BFSI News, ET BFSI
U.S. inflation rose moderately in March, but that is unlikely to change financial markets' expectations that the Federal Reserve will hold off cutting interest rates until September.The personal consumption expenditures (PCE) price index increased 0.3% last month, the...
Bajaj Finserv Q4FY24 net profit rises 19.8% to Rs 2118 crore, BFSI News, ET BFSI
Mumbai: Bajaj Finserv, the holding company for Bajaj group's financial services business, reported a net profit of Rs 2118 crore for the quarter ended March 2024, an increase of 19.8% over Rs 1769 in the corresponding quarter last year. The company's board has...
Small finance banks seeking universal banking license need at least Rs 1,000-crore net worth: RBI, ET BFSI
Kolkata: The Reserve Bank of India on Friday said that small finance banks willing to seek universal banking license need to have at least Rs 1000 crore of net worth while the regulator laid down a detailed set of eligibility rules for such transition.RBI said that...
Bajaj Finance outlook reverses market trend, drags Sensex 609 points down after 5-day win run, ET BFSI
After a five-session winning streak, Indian equity indices took a negative turn and closed sharply lower on Friday, with financials bearing the brunt of Bajaj Finance's weak outlook.The 30-share BSE benchmark Sensex declined 609 points or 0.82% to settle at 73,730....
IIFL Samasta Finance adds three members to its Board, ET BFSI
New Delhi, IIFL Samasta Finance, one of India's largest non-banking microfinance companies (NBFC-MFI), has announced the appointment of three members to its Board of Directors. This strategic move reflects the company's commitment to further strengthen its governance...
RBI lays out criteria for conversion of Small Finance Banks to Universal Banks, ET BFSI
New Delhi [India], April 26 (ANI): The Reserve Bank of India (RBI) has set out certain provisions fulfilling which Small Finance Banks (SFBs) can voluntarily convert themselves into Universal Banks.Such conversion shall be subject to the fulfilling net worth...
Norwest raises $3 billion global fund, ET BFSI
New Delhi: Norwest Venture Partners backed by US financial giant Wells Fargo has raised its 17th global fund of $3 billion, the Menlo Park, US-based firm said Thursday.The early-to-mid-stage investor that has backed 700 companies globally focuses on three major...
NBFCs focus on customer-centric innovations amid regulatory, technological changes, ET BFSI
Leaders from prominent non-banking financial companies (NBFCs) stressed on the pivotal role of customer-centric innovation in preparing for the future amid rapid technological advancements and regulatory changes. Speaking at the ETBFSI NBFC Connect'24 Summit,...
US regulators seize troubled lender Republic First, sell it to Fulton Bank, ET BFSI
U.S. regulators have seized Republic First Bancorp and agreed to sell it to Fulton Bank, the Federal Deposit Insurance Corp said on Friday, underscoring the challenges facing regional banks a year after the collapse of three peers.The Philadelphia-based bank, which...
Sebi asks BSE to pay regulatory fee on options contract, ET BFSI
The Securities and Exchange Board of India (Sebi) has asked BSE to pay a regulatory fee to the former based on the annual turnover fee considering "notional value" in the case of the options contract.BSE in its filing to the exchanges on Friday stated that the...
Won’t back down, says Religare’s Rashmi Saluja amid tiff with Burman family, ET BFSI
Rashmi Saluja, executive chairperson, Religare Enterprises, said she is confident of her performance and won't retreat under 'false' allegations made by the Burman family, the leading shareholder seeking majority control of the financial company, as she has the full...
Bombay HC rules banks can’t issue Look Out Circulars against defaulters, ET BFSI
The Bombay High Court has said that issuance of a Look Out Circular (LOC) at the instance of public sector banks against alleged default borrowers in the absence of a statute or law is violative of a person's fundamental rights.The court made the observation on April...
Profit surges 45% YoY to Rs 1,218 crore, ET BFSI
State-owned Bank of Maharashtra (BoM) on Friday reported a 45 per cent jump in its net profit to Rs 1,218 crore for the March quarter, helped by a decline in bad loans and a rise in interest income. The Pune-based lender had earned a net profit of Rs 840 crore in the...
Axis pips Kotak Bank as 3rd most valued private bank, BFSI News, ET BFSI
MUMBAI: Axis Bank overtook Kotak Mahindra Bank on Thursday to become India's third most valued private lender after a rout in the latter's stock. Kotak Bank's stock opened deep in the red on Thursday a day after RBI restricted the lender from onboarding customers...
Economic offences wing clears Ajit Pawar’s wife in bank scam case, ET BFSI
MUMBAI: The Economic Offences Wing has given a clean chit to deputy CM Ajit Pawar's wife Sunetra in the Rs 25,000 crore Maharashtra State Cooperative Bank scam case. There was no illegality involved in Jarandeshwar Sugar Mills Pvt Ltd taking on rent Jarandeshwar Co-Op...
RBI imposes curbs on Maharashtra-based Konark Urban Co-op Bank, ET BFSI
The RBI on Tuesday imposed several restrictions, including on withdrawals, on The Konark Urban Co-operative Bank, Ulhasnagar (Maharashtra), in the wake of the bank's deteriorating financial situation. The eligible depositors will be entitled to receive a deposit...
RBI action halts Kotak Bank’s digital-only zero-balance saving accounts expansion, ET BFSI
In a significant shift in India's banking sector, digital savings accounts have been rapidly reshaping traditional banking norms, offering unparalleled convenience and efficiency. Leading the forefront of this transformation was Kotak811, exemplifying how digital...
Profit jumps 15% YoY to Rs 2,347 crore, beats estimates, ET BFSI
Private sector lender IndusInd Bank on Thursday reported a 15% year-on-year (YoY) jump in its March quarter net profit at Rs 2,347 crore, which was higher than the Street estimate of Rs 2,041 crore. Its net interest income or NII rose 13.9% to Rs 5,376 crore during...
HDFC Life and Peerless Financial Products Distribution Ltd. (PFPDL) Enter into a Corporate Agency Tie-Up, ET BFSI
BusinessWire IndiaMumbai (Maharashtra) [India], April 25: HDFC Life, one of India's leading insurers, and Peerless Financial Products Distribution Ltd. (PFPDL) have entered into a corporate agency tie-up. This partnership would enable PFPDL to distribute life...
Credit card data of 17K ICICI Bank users exposed; bank blocks cards, assures compensation, ET BFSI
New Delhi, After credit card data of at least 17,000 new ICICI Bank customers was exposed and reached "wrong users", the bank said on Thursday that it has blocked these cards and is issuing new ones to the customers.The issue surfaced after some ICICI Bank customers...
Kotak MD & CEO’s assurance to customers after RBI’s curb, ET BFSI
The MD & CEO of Kotak Mahindra Bank, a day after the RBI curb, assured its customers that the bank is working to address the concerns raised and is in constant communication with the regulator (RBI) to resolve any issues promptly. Ashok Vaswani in a letter to its...
FSIB Recommends Rana Ashutosh for State Bank’s MD Post, ET BFSI
Mumbai: The Financial Services Institutions Bureau (FSIB), the nodal body to select directors and CEOs in public sector financial institutions, has recommended Rana Ashutosh Kumar Singh to take over as managing director (MD) at State Bank of India (SBI) when the...
How will RBI’s action on Kotak Mahindra Bank affect the bank’s customers?, ET BFSI
The recent Reserve Bank of India (RBI) order barring Kotak Mahindra Bank from onboarding new customers through online and mobile channels and issuing new credit cards has sparked concerns about the bank's image and its impact on customer trust. These restrictions,...
Financial services platform Northern Arc secures $80 mn funding from IFC, ET BFSI
New Delhi, Financial services platform Northern Arc on Wednesday said that it secured $80 million in funding from the International Finance Corporation (IFC), a member of the World Bank Group. The investment comprises an equal split of equity and debt, each...
Axis Bank snatches the crown of 4th largest bank from RBI-hit Kotak in market value terms, ET BFSI
Despite enjoying a higher valuation premium on risk management and overall governance practices, Kotak Mahindra Bank has now lost its status as the fourth largest banking stock on Dalal Street to rival Axis Bank in market value terms.While Axis Bank shares were...
Asset management JV with BlackRock progressing well, says Jio Financial Services, ET BFSI
Jio Financial Services on Tuesday said its joint venture with BlackRock is "progressing well" with the recruitment of a leadership team and infrastructure set up as the company awaits regulatory approval for the launch of its asset management business. Jio Financial...
RBI crackdown triggers crash in Kotak Bank shares, BFSI News, ET BFSI
Mumbai, Shares of Kotak Mahindra Bank crashed by as much as 12 per cent in morning trade on Thursday to Rs 1,620 on BSE as investors dumped the stock following the RBI crackdown on the lender. The RBI had, on Wednesday evening, barred Kotak Mahindra Bank, with...
Mahindra Finance detects about Rs 150 cr fraud in loan portfolio, defers FY24 financial results till May 30, ET BFSI
New Delhi, Mahindra Finance on Tuesday said it had in March detected about Rs 150 crore fraud in its loan portfolio at one of its branches and has postponed finalisation of results for the fourth quarter and also for the financial year till May 30. Mahindra &...
Several ICICI Bank customers are now seeing details of other users when using mobile app, ET BFSI
Many ICICI Bank customers have raised concerns on social media platform X (previously known as Twitter) about a glitch on the iMobile app. On their iMobile app, a number of users have claimed to be able to access details of other customers (people they don’t even...
