Banking Finance
These 3 banks have revised fixed deposit rates in March 2024, ET BFSI
When you open an FD account, the interest rate given is used to calculate guaranteed returns. Depending on the duration and amount you choose, interest rates will vary depending on the bank. Here are small finance banks (SFBs) which have revised fixed deposit interest...
Fitch puts IIFL Finance on ‘Rating Watch Negative’ after RBI action, ET BFSI
Fitch Ratings has placed IIFL Finance on 'Rating Watch Negative' following a Reserve Bank's order, which asked the company to stop new gold-backed lending and related off-balance-sheet funding transactions.The ratings agency said the impact of the restrictions will...
Greaves Finance lending platform evfin joins with Muthoot Capital for E2W financing, ET BFSI
The collaboration entails a total deal size of up to INR 150 crore (USD 18 million.)Greaves Finance Limited, a non-banking financial company (NBFC) and a wholly owned subsidiary of Greaves Cotton Ltd., through its 100% ev-focused lending platform evfin, has partnered...
Deutsche Bank CEO’s 2023 pay dips to 8.7 mn euros, BFSI News, ET BFSI
FRANKFURT - Deutsche Bank CEO Christian Sewing earned 8.7 million euros ($9.52 million) in 2023, down slightly from 8.9 million euros in 2022 after a fall in profit, the bank said in its annual report on Thursday.Germany's biggest bank saw its 2023 profit fall to 4.21...
India second-largest region for VC investments in Asia-Pacific: Report, ET BFSI
Representative imageNew Delhi: India retained its position as the second-largest destination for venture capital and growth funding within the Asia-Pacific region last year, a report showed on Thursday.Despite facing headwinds, India's VC landscape exhibited...
Delhi HC seeks reply from RBI, SEBI on unlawful lending practices carried by Paisalo Digital, ET BFSI
New Delhi: The Delhi High Court has sought response from the Reserve Bank of India and Securities and Exchange Board of India and others on a plea seeking independent inquiry into the alleged “unethical and unlawful lending practices” carried by Paisalo Digital, a...
Yes Bank share price jumps over 8%. Here’s why, ET BFSI
Shares of Yes Bank jumped 8.5% to Rs 22.75 in Thursday's trade on BSE amid reports that the private lender is looking for a new promoter.According to a report by Livemint, the bank is considering selling up to 51% of its stake, aiming for a target valuation ranging...
Investors become richer by Rs 8 lakh crore as Sensex rebounds 335 points to reclaim 73K, ET BFSI
Indian benchmark equity indices recovered from a weak start to finish higher on Thursday, led by IT and energy stocks, while small and midcaps also surged after tumbling in the previous session as investors ignored valuation-related worries.The 30-share BSE benchmark...
Muthoot FinCorp partners with Veefin Solutions to start supply chain finance operations, ET BFSI
Non-banking finance company Muthoot FinCorp has picked Veefin Solutions Ltd as a technology partner to start supply chain finance (SCF) operations in India. Muthoot Fincorp will deploy Veefin's suite of solutions across all SCF products, which include onboarding...
5 flouting PSBs laid out action plan to meet minimum public shareholding requirement: Official, ET BFSI
New Delhi [India], March 14 (ANI): Five out of 12 Public Sector Banks (PSBs) are still not complying with the minimum public shareholding (MPS) norm (25 per cent), a senior government official said on Thursday.Speaking to ANI, Vivek Joshi, Secretary at the Department...
Scaled startups could drive venture capital investment activity in 2024: Report, ET BFSI
Scaled startups that raised money in the boom period of 2020 and 2021 could come back to the market this year for more funds, driving growth in venture capital investment activity in 2024, according to a report by Bain & Company and Indian Venture and Alternate...
NCLT directs IIHL to complete Reliance Capital’s resolution plan within 90 days, ET BFSI
The Mumbai bench of the National Company Law Tribunal (NCLT) on Wednesday allowed an application filed by the administrator of Reliance Capital and directed Hinduja Group-owned IndusInd International Holdings Ltd (IIHL) to implement the resolution plan for the...
Standard Chartered’s head of investment banking Cooper to leave, ET BFSI
LONDON, - Standard Chartered's head of investment banking Simon Cooper is to leave, the lender said on Tuesday as part of a management reshuffle that will see Roberto Hoornweg and Sunil Kaushal take over as co-heads of corporate and investment banking.As part of the...
Rs 14 lakh-crore shock! Sensex crashes 900 points. Is the smallcap bubble bursting?, ET BFSI
Sensex on Wednesday ended 906 points to crack below the 73,000-level while Nifty also fell below 22,000 but the pain was unbearable on the other end of the market comprising smaller stocks. The smallcap index fell over 5% to record the worst single-day fall since...
PSU banks lead decline in complaints with regulator, BFSI News, ET BFSI
MUMBAI: RBI's integrated ombudsman has recorded a decline in the volume of grievances from regulated entities in FY23. Grievances dropped to 2.35 lakh in FY23 - a nearly 39% reduction from the 3.8 lakh recorded in FY21. This marks the second year in a row with a...
Rupee logs worst day in 3 weeks as outflows, weak Asian peers weigh, ET BFSI
The Indian rupee logged its worst day against the dollar in nearly three weeks on Wednesday, pressured by foreign outflows, while weakness in regional peers following hotter-than-expected inflation data in the United States also weighed.The rupee closed at 82.8625 to...
Bandhan Bank appoints Rajinder Kumar Babbar as executive director & chief business officer, ET BFSI
Kolkata: Bandhan Bank has appointed Rajinder Kumar Babbar as executive director & chief business officer. Babbar will oversee all business verticals, including digital banking and treasury portfolio, of the bank. With an experience of 35 years, Babbar has handled...
Is crypto a future competition to local equity markets? Here’s what Uday Kotak says, ET BFSI
With a rebound in the cryptocurrency market and Bitcoin hitting record highs, Uday Kotak on Wednesday said the future competition for equity markets could be coming from the digital currency."Capital formation in India has a lot to do with development and regulation...
Airtel Payments Bank appoints Anuj Bansal as chief financial officer, ET BFSI
Airtel Payments Bank has appointed Anuj Bansal as its chief financial officer. Prior to his new role, Bansal was vice president for financial planning & analysis at MasterCard India.Bansal will be responsible for overall financial strategy, including corporate...
Global shares trade mixed despite Wall Street’s record rally, ET BFSI
TOKYO - Global shares were mixed in muted trading Wednesday as optimism set off by a record rally on Wall Street gradually ran out of momentum. France's CAC 40 edged up nearly 0.1% in early trading to 8,095.34, while Germany's DAX was little changed, up less than 0.1%...
CARE Ratings, BFSI News, ET BFSI
Chennai, Credit off-take from banks continued to grow, increasing by 20.5 per cent year-on-year (y-o-y) to reach Rs 162.1 lakh crore, for the fortnight ending February 23, 2024, said CARE Ratings. In its latest report, CARE Ratings said the rise can continue to be...
B2B, manufacturing tech drove IPO market in past five years: report, ET BFSI
Business-to-business (B2B) and manufacturing technology sectors constituted 56% of the new listings on the mainboard over the last five years, Boston Consulting Group and venture capital firm Matrix Partners said in a joint report.According to the latest ‘Digitizing...
UP CM Yogi Adityanath distributes Rs 30,826 crore loan to MSME sector, ET BFSI
Uttar Pradesh chief minister Yogi Adityanath on Wednesday participated in the distribution of loans for the MSME sector. Updated On Mar 13, 2024 at 04:19 PM IST NEW DELHI: Uttar Pradesh chief minister Yogi Adityanath on Wednesday participated in the distribution of...
Public sector banks asked to reassess gold loan process amid debt risk concerns, ET BFSI
New Delhi [India], March 13 (ANI): The Ministry of Finance has written to public sector banks to reassess their gold loan procedures amid concerns over risky debt as gold prices surge, according to a senior government official.This comes against the backdrop of a rise...
Capex has emerged as a key growth driver in India: Morgan Stanley, ET BFSI
New Delhi: A decade after steadily decline in investment to GDP, capex has emerged as a key growth driver in India, global brokerage, Morgan Stanley said."We think the capex cycle has more room to run, therefore the current expansion closely resembles that of...
L&T Finance signs $125-million pact with JICA to aid farmers and women entrepreneurs, ET BFSI
L&T Finance Holdings Ltd. has signed a pact with Japan International Cooperation Agency (JICA) for $125 million to fund mostly farmers and women entrepreneurs in rural and semi urban India. This is the second such fund raise by the company in the past four months....
You can’t use mobile banking app if you don’t have this, ET BFSI
HDFC Bank has announced the addition of new security features to the latest version of the HDFC Bank Mobile Banking App. According to an email from HDFC Bank sent to its customers, the new version would be available to all customers in a staged manner beginning March...
Where to invest Rs 40 lakh to get regular income, BFSI News, ET BFSI
I am 57 years old. I have about Rs 3 crore in mutual funds, gold bonds and shares, Rs 1.5 crore as gratuity and PF corpus, PPF corpus of Rs 70 lakh, Ulips worth Rs 30 lakh, and a Bajaj Allianz term policy that will give me about Rs 50 lakh when I turn 65. I have a...
Godrej Capital Stepping up Operations in Rajasthan to Increase State’s Contribution, ET BFSI
Jaipur: Godrej Capital is stepping up its operations in Rajasthan to increase the state’s contribution to 10% of its total balance sheet of Rs 50,000 crore that it intends to reach by 2028, said Manish Shah, MD and CEO of the company here. The financial services arm...
RuPay card set to gain market share after RBI directive to give consumers a choice of card network, ET BFSI
Market share of RuPay cards is set to improve within months of banks implementing the latest Reserve Bank of India (RBI) directive of giving customers an option to choose card networks, said people from the banking industry.The banking regulator has asked banks to...
ONDC, USOF, Prasar Bharati join hands to digitally empower rural India, ET BFSI
New Delhi: In a bid to provide affordable and accessible digital services in rural parts of the country, Universal Service Obligation Fund (USOF) under Department of Telecommunications (DoT) on Tuesday collaborated with Prasar Bharati and Open Network for Digital...
Bank of Japan makes no ETF purchases despite Topix slump, BFSI News, ET BFSI
TOKYO - The Bank of Japan (BOJ) made no purchases of Japan stock exchange-traded funds (ETF) on Monday, data from the central bank showed, despite Japanese stocks dropping below the central bank's usual threshold for stepping in to buy stocks.The Topix index closed...
How NPS investment of Rs 50,000 can help you save more income tax, ET BFSI
The tax saving season is in full swing. The last date to complete the tax savings exercise for the current financial year, 2023-24, is March 31, 2024. Various deductions and exemptions are available to save income tax if you have or are planning to opt for the old tax...
SBI meets Supreme Court deadline, sends electoral bonds data to Election Commission, ET BFSI
In accordance with the Supreme Court order, the State Bank of India on Tuesday submitted details of electoral bonds. The bank has issued Electoral Bonds worth Rs 16,518 crore in 30 tranches since the inception of the scheme in 2018.The bank's Chairman and Managing...
Bitcoin’s rally is creating around 1,500 ‘millionaire wallets’ daily, ET BFSI
Bitcoin’s record-breaking rally appears to be creating around 1,500 new “millionaire wallets” daily, according to crypto analytics firm Kaiko Research.The wallets are digital addresses on the Bitcoin blockchain, in which users can store cryptocurrency. Data such as...
British banks given more time to check payments for scams, ET BFSI
LONDON - British banks will be allowed to hold up payment transfers for an extra three days if they have grounds to suspect a customer is being scammed, the government said on Tuesday.Regulators are cracking down on 'authorised push payment' fraud, when people are...
ITR portal shows inflated income to some taxpayers; Rs 450 showed as Rs 45000. Here’s what to do if you face similar issue, ET BFSI
The ‘Compliance Portal’ launched by the Income-tax department is showing inaccurate/inconsistent financial information for several taxpayers, as per numerous complaints on social media and chartered accountants. As per chartered accountants, the compliance portal is...
5 State Bank of India special fixed deposits offering higher rates, ET BFSI
The State Bank of India (SBI) provides customers with a range of financial services and special deposit schemes. The bank offers a various special fixed deposit for regular citizens and senior citizens such as SBI Amrit Kalash, SBI Wecare, SBI Green Deposits, SBI...
Best tax saving mutual funds or ELSS to invest in March 2024, BFSI News, ET BFSI
Most taxpayers finalise their investments in the last three months of the financial year (January-March). Most of them look for investment options available under Section 80C of the Income Tax Act. The Section 80C of the Income Tax Act allows tax deduction of up to Rs...
REC to finance power, infra projects in Rajasthan worth ₹20,000 cr annually for next 6 years, ET BFSI
REC provides loans of various maturities to state, Central and private companies for creation of infrastructure assets in the country.Maharatna CPSE and leading NBFC under the Ministry of Power, REC Ltd, has signed a memorandum of understanding (MoU) with the...
Bank liquidity conditions to ease soon due to high govt expenditure: Goldman Sachs, ET BFSI
Goldman Sachs in a report titled Asia Economics Analyst: Changing dynamics of banking system liquidity in India, expected the liquidity conditions to ease on drawdown of cash balances and rising government expenditure going forward. We expect some intermittent...
NSE to cut cash, derivative transaction charges by 1%; rival BSE stock slumps, ET BFSI
MUMBAI - The National Stock Exchange (NSE) will cut the transaction charges on trades in both cash and derivatives segments by 1%. Currently, the transaction charge in the equity delivery or cash segment is 0.00325% and in the derivatives segment, it is 0.0019%.The...
IREDA gets ‘Excellent’ rating for third year in row, celebrates 38th foundation day, ET BFSI
CMD Pradip Kumar Das during IREDA's 38th Foundation Day celebration on Monday.Indian Renewable Energy Development Agency (IREDA) celebrated its 38th Foundation Day on March 11, 2024, marking a significant milestone in its journey towards fostering renewable energy...
What is the FD rate?, ET BFSI
The State Bank of India (SBI) offers a special fixed deposit for senior citizens known as SBIWeCare, which gives higher interest rates to senior citizens for terms ranging from 5 to 10 years.When is the last date to invest in SBI Wecare? The last date to invest in SBI...
Small cap stocks down 7.8% from the peak, BFSI News, ET BFSI
New Delhi: Small cap stocks continue to sink on regulator warnings about froth building up. BSE Small Cap index is down almost 2 per cent on Tuesday even as the benchmark Sensex is up 0.31 per cent.There can be redemptions from small cap funds adding to the downside,...
Former Bank of Maharashtra CEO assumes charge as Vigilance Commissioner, ET BFSI
It was during his tenure the bank emerged out of the RBI's restrictive prompt corrective action. Published On Mar 12, 2024 at 08:39 AM IST Mumbai: Former Bank of Maharashtra CEO AS Rajeev took charge as a vigilance commissioner at the Central Vigilance Commission on...
Top 20 equity mutual funds which offered over 10% in 2024 so far, ET BFSI
Most equity mutual fund investors look for best performing mutual fund schemes in a longer horizon, say five and 10 years. ETMutualFunds did some data crunching and found out that around 64 equity mutual funds have offered more than 10% in 2024 so far. We considered...
L&T Fin among 7 non-banks to forgo licences, BFSI News, ET BFSI
MUMBAI: L&T Finance, L&T Infra Credit, and five other non-banking financial companies have surrendered their certificates of registration to RBI. Following this, the central bank cancelled their certificates of registration as they ceased to be a legal entity...
Indian Banks Five-day Work Week: Will banks switch to a five-day work week soon? What IBA has agreed upon
Soon you may not be able to visit your bank on a Saturday! Banking in India might soon witness a shift in its operational schedule. Currently, banks open on the first and third Saturdays but stay closed on the second and fourth Saturdays. Soon, bank employees might...
Was Public Provident Fund rate hiked for April-June 2024 quarter?, ET BFSI
The government announced the interest rates for small savings plans for the quarter April-June 2024 and has decided to keep the rates of all schemes unchangedThe Public Provident Fund (PPF) is one of the most popular savings instruments. Note that only one PPF account...
Aditya Birla Capital, Aditya Birla Finance announce a Scheme of Amalgamation for creation of a large NBFC, ET BFSI
The Boards of Aditya Birla Capital Limited (ABCL) and Aditya Birla Finance (ABFL) on Monday approved the Scheme of Amalgamation (Scheme) of the two companies, to further create a large unified operating NBFC. It is to be noted that while, ABCL is a listed systemically...
HDFC Bank gears up to list NBFC arm HDB Financial, ET BFSI
Mumbai: HDFC Bank has set the ball rolling for the much-anticipated initial public offering of its subsidiary HDB Financial Services. The country's largest lender by market capitalisation intends to schedule the launch of the share sale in its financial services arm...
Europe’s stocks fall from record highs, inflation data in focus, ET BFSI
LONDON -European stock indexes fell from recent record highs on Monday, and Wall Street looked set for losses, as traders grappled with an uncertain economic outlook and waited for U.S. inflation data later in the week.U.S. stocks started to fall from record highs on...
HDFC Bank gears up to list NBFC arm HDB Financial, ET BFSI
Mumbai: HDFC Bank has set the ball rolling for the much-anticipated initial public offering of its subsidiary HDB Financial Services. The country's largest lender by market capitalisation intends to schedule the launch of the share sale in its financial services arm...
HSBC to hire almost 50 bankers for startup, venture lending in US, ET BFSI
NEW YORK - HSBC is planning to recruit about 50 more bankers in its U.S. commercial bank to lend to startup companies, mainly in the technology and healthcare sectors, according to a senior executive.The London-headquartered bank hired about 40 people from Silicon...
10-year bond yield at 9-month low, cost of borrowing eases, BFSI News, ET BFSI
Yield on the 10-year benchmark government paper yield slid to its lowest level in nine months, bringing down cost of borrowing across the economy, as a fall in US bond yields and a favourable view on domestic demand-supply dynamics for bonds spurred appetite for...
Deposit-taking NBFCs may shrink further amid RBI glare, BFSI News, ET BFSI
With the Reserve Bank of India (RBI) tightening its scrutiny on the activities of non-banking financial companies (NBFCs), industry experts predict that many NBFCs will reconsider their reliance on deposits. While larger NBFCs with good credit ratings and established...
Bank of Baroda Launches bob Earth Green Deposits, to offer up to 7.5% interest rates, ET BFSI
The public sector bank, Bank of Baroda on Monday announced the launch of bob Earth Green Term Deposit Scheme, in a press note. The objective is to raise deposits deployed towards financing eligible environment-friendly projects and sectors, the bank said. With...
Rupee ends higher on inflows, likely RBI intervention caps rise, ET BFSI
The Indian rupee rose for a third straight session on Monday on the back of dollar inflows, but its rally was run into by likely intervention from the central bank.The rupee closed at 82.7575, up from its previous close of 82.7850.The local unit had hit an over...
Amid RBI tightening noose over NBFCs, FIDC releases advisory, ET BFSI
Amid the Reserve Bank of India’s tightening noose over the NBFCs with its recent circulars to IIFL Finance and JM Financial, the representative body of the NBFC, FIDC, on Monday has released an advisory for the entities. RBI had put curb on the IIFL gold loan business...
Dhanaraj T assumes position of Executive Director at Indian Overseas Bank, ET BFSI
Dhanaraj T, Executive Director, Indian Overseas bankThe Indian Overseas Bank on Monday announced the appointment of Dhanaraj T as its Executive Director. He has assumed the role from Sunday, March 10, 2024 and his tenure will be for a period of three years. Starting...
Japan’s Nikkei falls 3% on stronger yen, BFSI News, ET BFSI
Tokyo, Mar 11, 2024 -Japanese stocks fell as much as three percent on Monday as the yen strengthened against the dollar and semiconductor stocks suffered a sell-off.The Nikkei index sank to 38,496.66 in afternoon trade before bouncing back to sit 2.91 percent...
MD & CEO of JM Financial Home Loans, ET BFSI
Here are the edited excerpts: Q: What are the factors that contributed to the growth of JM Financial Home Loan businesses?Since inception in 2017, JM Financial Home Loans has been witnessing steady growth in AUM, targeting the underserved market segments. Our Retail...
PPF, Senior Citizen Savings Scheme, Sukanya Samriddhi and other small savings schemes’ rates announced for April-June quarter; check here, ET BFSI
The government announced the interest rates applicable to small savings schemes for the quarter April-June 2024. The government said that it has decided to keep the rates unchanged. "The rates of interest on various Small Savings Schemes for the first quarter of FY...
HDFC Bank gears up to list NBFC arm HDB Financial, BFSI News, ET BFSI
Mumbai: HDFC Bank has set the ball rolling for the much-anticipated initial public offering of its subsidiary HDB Financial Services. The country's largest lender by market capitalisation intends to schedule the launch of the share sale in its financial services arm...
A year later, what are the lessons from Silicon Valley Bank’s epic collapse?, ET BFSI
March 10, 2023, should’ve been a day to celebrate for Eric Vogel. He was about to sign a funding deal for his recycling startup, Circularr, after five months of due diligence. The investor just wanted to talk to one last reference, a formality before the deal...
Mcap of 7 of top-10 most valued firms climbs Rs 71,301 crore; Bharti Airtel shines, ET BFSI
The combined market valuation of seven of the top-10 most valued firms climbed Rs 71,301.34 crore in the holiday-shortened last week, with Bharti Airtel emerging as the lead gainer. In a record-breaking rally last week, the BSE benchmark climbed 374.04 points or 0.50...
Next 6-8 months, should you go long private banks and take some profits off for NBFCs? Shreyash Devalkar explains, ET BFSI
Shreyash Devalkar, Head-Equity, Axis MF, says "rather than calling out a segment like PSU versus private versus NBFC, etc, I would like to more focus on which end use or which end segment these lending entities are catering to and the outlook on the credit growth in...
What is it, how it works and more, BFSI News, ET BFSI
A WhatsApp investment scam is a deceptive scheme where criminals exploit your desire for financial gain by tricking you into investing in fake or risky ventures through the WhatsApp messaging platform. Scammers utilise various tactics to lure you in and steal your...
FDI into China collapses, BFSI News, ET BFSI
The European Central Bank left interest rates unchanged for a fourth meeting as a softer outlook for inflation and economic growth bolstered expectations for cuts starting in June. Separate data showed the euro-area economy stagnated at the end of last year,...
Israel’s digital brokerage eToro considers New York IPO, seeks $3.5 billion valuation: report, ET BFSI
Israeli digital brokerage eToro is seeking a valuation of more than $3.5 billion and considers the U.S. a potential destination to list its shares, the Financial Times reported on Sunday.The retail trading platform is weighing an initial public offering (IPO) in New...
With over 62% returns, this asset class is leading returns in 2024 so far, ET BFSI
Investors in gold would be laughing their way to the banks with the back-to-back lifetime highs in the yellow metal this week. Its returns in March and 2024 so far have surpassed those of the S&P BSE Sensex. However, Bitcoin (BTC) remained the showstopper with...
27 Indian startups raise $308 million in funding this week, ET BFSI
Digital lending platform mPokket raised up to Rs 500 crore (around $60 million) in debt capital from BPEA Credit's private credit platform.At least 27 startups in India raised about $307.8 million this week, which includes 17 early-stage and seven growth-stage...
FPIs inject over Rs 6,100 crore in equities in March on strong economic growth, market resilience, ET BFSI
Foreign Portfolio Investors (FPIs) are turning steady buyers as they bought Indian equities worth Rs 6,139 crore so far this month driven by strong economic growth, market resilience and decline in US bond yields. This came following a modest investment of Rs 1,539...
Macroeconomic data, global cues, IPOs among 6 factors that will steer D-Street this week, ET BFSI
After clocking moderate gains last week, the overall bias for Indian equities remains positive, but the primary market will see more action as a plethora of companies will hit the market to raise capital, while as many as eight stocks are set to debut on Dalal...
How to use NPS benefit from employer to save Rs 80,000 in tax, ET BFSI
Bengaluru-based software professional B. Raghu earns well, but almost 15% of his income goes in tax. TaxSpanner estimates that Raghu can reduce his tax by Rs.80,000 if he opts for the NPS benefit offered by his company, and his pay structure is rejigged to include...
These investment options can help you create retirement corpus of Rs 5.62 crore
The Portfolio Doctor assesses the health of the fund portfolio, examines the schemes and their suitability with regard to the goals and, if required, recommends corrective measures. The advice given is based on the performance of the funds, the risk profile of the...
Next 6-8 months, should you go long private banks and take some profits off for NBFCs? Shreyash Devalkar explains, ET BFSI
Shreyash Devalkar, Head-Equity, Axis MF, says "rather than calling out a segment like PSU versus private versus NBFC, etc, I would like to more focus on which end use or which end segment these lending entities are catering to and the outlook on the credit growth in...
US embrace of remote working empties offices, weighs on banks, ET BFSI
WASHINGTON: The popularity of remote work in the United States has emptied office buildings, a cause for worry as their value falls and owners risk losses on property loans -- in turn putting pressure on smaller banks."There will be bank failures, but this is not the...
Institutional investors may help Bitcoin sustain new heights, ET BFSI
As traditional institutions pour money into bitcoin, the cryptocurrency's latest meteoric rally to a record high may have more legs than in 2021, experts say. The world's largest cryptocurrency, notorious for its volatility, touched $69,202 on Tuesday, driven by...
Goldman Sachs India to train over 1,000 non-engineers in AI, ET BFSI
American investment bank Goldman Sachs has set up a facility in India to train both engineers and non-engineers in generative artificial intelligence (GenAI) to explore the usage of the technology in its businesses.Since 2006, Goldman Sachs has invested more than $7...
Sensex, Nifty end flat after record highs; M&M, RIL drag, ET BFSI
After hitting new record highs, Indian equity indices closed flat in a volatile market on Thursday, weighed down by Mahindra & Mahindra, Reliance Industries and private banking stocks. However, the blue-chips extended their rally to record highs for a second...
SC to hear on Monday SBI plea on poll bond data disclosure, BFSI News, ET BFSI
NEW DELHI: A five-judge constitution bench of SC will hear on March 11 an application filed by State Bank of India (SBI) seeking extension of time till June 30 to disclose details of each electoral bond encashed by political parties before the scheme was scrapped last...
Gold Price Touches Record High of 67,500 per 10g
Ahmedabad: Continuing its rally in the international market for the seventh consecutive day, gold price in the local markets rose to a new record high on Friday, reaching Rs 67,500 per 10g. Analysts attribute this spike to the weakening of the US dollar, fuelled by...
PSU banks ordered to test purity of gold loan book, BFSI News, ET BFSI
The finance ministry ordered state-run banks to review gold loan processes amid fears about risky debt given a rally in prices of the metal, said people familiar with the matter. The worry is that the surge led to lenders giving top-up loans over existing debt, said...
Forex kitty jumps USD 6.55 bn to USD 625.63 bn, BFSI News, ET BFSI
Mumbai, India's forex reserves jumped USD 6.55 billion to USD 625.626 billion for the week ended March 1, the Reserve Bank of India said on Friday. In the previous reporting week, the overall reserves had risen by USD 2.975 billion to USD 619.072 billion. It can be...
Bank employees to get 17% annual wage hike; 5-day work week awaits govt approval, ET BFSI
The revised working hours will be effective after notification by the government, it saidNew Delhi: Indian Banks' Association and bank employee unions agreed on an annual wage hike of 17 per cent, a move that will result in an additional yearly outgo of around Rs...
Multiple-price Method for Bond Auctions Likely, BFSI News, ET BFSI
The Reserve Bank of India (RBI) has sought the industry's views on reviving the multiple-price method for government bond auctions instead of a Covid-era practice that was initially intended to have only a temporary run.Another point discussed between the RBI and...
Bank employees to get 17% annual wage hike; 5-day work week awaits govt approval, ET BFSI
New Delhi, Indian Banks' Association and bank employee unions on Friday agreed on an annual wage hike of 17 per cent, a move that will result in an additional yearly outgo of around Rs 8,284 crore for public sector banks. As many as 8 lakh bank employees are set to...
Rupee ends slightly higher, notches fourth straight weekly gain, ET BFSI
MUMBAI - The Indian rupee ended marginally stronger on Thursday after hitting its highest level in six months earlier in the session, as likely intervention from the central bank limited the currency's rise.The rupee closed at 82.7850 against the U.S. dollar, higher...
In June, July, RBI could consider the first cut in interest rates: Keki Mistry, ET BFSI
Keki Mistry, Non-executive Director, HDFC Bank, says “I continue to hold the view that if RBI believes that the monsoon forecast is reasonable, that we are not going to see any abnormal monsoon and therefore not any sharp increase in food prices, somewhere in June,...
Markets struggle ahead of key US jobs data, BFSI News, ET BFSI
Hong Kong, Mar 07, 2024 - Equities were mixed on Thursday as investors try to assess the Federal Reserve's plans for interest rates after boss Jerome Powell indicated they would start to come down this year.Focus is also on the release of key US jobs data due Friday,...
Banks closed in these states on Friday, March 8, ET BFSI
Banks in many states will be closed on the occasion of Mahashivratri which falls on March 8 (Friday). The holidays are determined by the state governments and the Reserve Bank of India (RBI)The Reserve Bank of India holiday list shows that banks across states will be...
Equity mutual fund inflows increase by 23% in February to Rs 26,866 crore, smallcaps record decline, ET BFSI
The inflows in the equity category surged by approximately 23%, according to the AMFI data released on Friday. The inflows in February stood at Rs 26,866 crore against Rs 21,780.56 crore in January. Among the equity categories, all categories except for focused funds...
Innovation and prudence combined necessary in the current regulatory environment: SBI MD, ET BFSI
Financial organisations should accelerate innovation with speed, break down team barriers and have agile operating models to make an impact, said State Bank of India CS Shetty.Delivering the keynote address at the ETBFSI CIO Digital Conclave 2024, he said, "To be...
Can credit cards be used beyond the sanctioned credit limit? Check RBI’s latest FAQs, ET BFSI
Using a credit card can help you improve your financial situation and develop better money management skills. Just utilise your credit cards to pay your expenses and make sure you pay off your credit card debt on time to raise your credit score.The Reserve Bank of...
Bank of Baroda announces special benefits on women-centric accounts, ET BFSI
Bank of Baroda introduced special offerings to celebrate International Women's Day, extending exclusive benefits to its female customers who opt for the bob Mahila Shakti Savings Account or the bob Women Power Current Account. These accounts cater specifically to...
Tata Sons trying to avoid IPO. Is it Ok Tata Bye Bye for multi-billion-dollar rally?, ET BFSI
This week's multi-billion-dollar rally in several Tata group stocks, sparked by a what-if bull case scenario, might fade away soon with India's most valued conglomerate now trying to avoid Tata Sons IPO. The worst affected would, undoubtedly, be Tata Chemicals which...
Are banks closed this Saturday, March 9, 2024?, ET BFSI
The Reserve Bank of India holiday list shows that banks across states will be closed for 14 days in March 2024 including Sundays, second Saturdays and fourth Saturdays of the month.Many citizens get confused about whether the upcoming Saturday is a bank holiday or...
Sebi bars JM Fin from managing fresh debt public issues, ET BFSI
Mumbai: The Securities and Exchange Board of India (Sebi) Thursday barred JM Financial from taking new mandates as a merchant banker for debt public issues due to alleged rule violations. The latest curbs follow those ordered this week by the banking regulator, which...
Goldman Sachs says it will exit Japan transaction banking, BFSI News, ET BFSI
The financial group will close Goldman Sachs Bank USA Tokyo Branch, whose sole purpose was to support transaction banking in Japan, it said in an emailed statement."While remaining focused on growing transaction banking as a strategic priority, we are stepping back...
Sebi bars JM Financial from managing bond offers, BFSI News, ET BFSI
MUMBAI: Markets regulator Sebi on Thursday barred JM Financial from taking on any new mandate to act as a lead manager to public issue of debt securities over its NBFC arm JM Financial Products's irregularities. JM Financial can, however, continue to manage issues...
Elara Capital appoints Manoj Kohli as Non-Executive Chairman of Board, ET BFSI
Elara Capital India announced the appointment of Manoj Kohli, former Country Head of Softbank India, Softbank Group International and Ex-MD and CEO, Airtel, as Non-Executive Chairman of the Board.Manoj Kohli has held leadership positions across the globe, he was...
Banks asked to list stalled housing projects, BFSI News, ET BFSI
Looking to push for faster resolution and completion of stressed housing projects, the government has asked banks to compile and share a list of stalled legacy projects under the SWAMIH fund.After discussions with all stakeholders, it was pointed out that procedural...
Yes Securities records strong growth in women investors, BFSI News, ET BFSI
Yes Securities has announced a record high of women investors, with growth in women investor accounts exhibiting a steady rise. The company recorded a 75% YoY growth in accounts opened by women investors in FY24 so far (period compared is 1st April 2023 till 31st...
As RBI acts tough, NBFCs fear banks may turn wary of lending, BFSI News, ET BFSI
Finance companies would moderate loan disbursals as they look to boost internal control systems after the banking regulator recently ordered curbs on two high-margin - but potentially risky - business lines: Gold loans and securities financing. Such restrictions would...
Bank profitability to remain healthy despite some moderation: Moody’s, ET BFSI
Indian Banks' profitability will remain at healthy levels despite slight moderation on account of declines in net interest margins (NIMs) according to global ratings firm Moody’s.Also, higher risk weights for exposures to non-bank finance companies (NBFCs) and...
Put your money in Bank Nifty; 4 banks you can bet on now: Sanjiv Bhasin, ET BFSI
Sanjiv Bhasin, Director, IIFL Securities, says “the next few days, weeks, months belong to banks. We think the proxy play of weaker dollar, weaker bond yields is playing out exceptionally well and banks are going to lead the market. So Bank Nifty is where you should...
CBI raids 62 locations in Rajasthan, Maharashtra, ET BFSI
The Central Bureau of Investigation (CBI) has conducted raids across 62 locations in Rajasthan and Maharashtra in connection with the suspicious IMPS transactions worth Rs 820 crore reported at UCO Bank.On March 6, the CBI raided ‘extensive search operations’ in...
IT minister:30-plus countries want to adopt India’s UPI payment system, ET BFSI
Union IT minister Ashwini Vaishnaw is upbeat on the global adoption of digital payment system Unified Payment Interface (UPI). Speaking to Times Now media at the third edition of the FinTech Festival India in New Delhi, the IT minister said that as many as 30...
Global banking watchdog cracks down on big lenders gaming capital rules, ET BFSI
LONDON - Global banking regulators proposed measures on Thursday to crack down on "unacceptable" attempts by the world's biggest banks to game rules in a bid to avoid heavier capital requirements.About 30 globally systemic banks (G-SIBs), such as JPMorgan, HSBC, BNP...
Goldilocks gone? Rs 40,000 crore FII sell-off in banks, other financial stocks, ET BFSI
While the most common advice for long-term investors on Dalal Street is to buy largecap bank stocks, FIIs have been selling financial stocks incessantly to the extent of nearly Rs 40,000 crore in just 2 months amid fears that the proverbial Goldilocks period could be...
HDFC Bank revises interest rates on these loans; check latest loan rates, ET BFSI
HDFC Bank has increased the benchmark marginal cost of funds-based lending rates (MCLR) by up to 5 basis points on select tenures. The new rates are effective from March 7, 2024, according to the HDFC Bank website.Latest HDFC Bank MCLRHDFC Bank’s MCLR ranges between...
Best mid cap mutual funds to invest in March 2024, BFSI News, ET BFSI
Many mutual fund investors are worried about the valuations in the mid cap segment. Mid cap stocks have witnessed a robust rally in the last few months. Investors made handsome returns on their investments in mid cap funds. Mid cap funds offered an average return of...
MD Sanjay Agarwal, ET BFSI
AU Small Finance Bank, which has remained a western regional player, is set to expand into South as it is confident of replicating its model amid strong demand for credit, said managing director Sanjay Agarwal in an interview. Here's an edited excerpt: Q. Let me first...
Wall Street indexes advance as Fed’s Powell fuels hopes for rate cuts this year, ET BFSI
Wall Street's three major indexes closed higher on Wednesday as economic data and comments from Federal Reserve Chair Jerome Powell reinforced expectations that the U.S. central bank would reduce its benchmark interest rate this year.Powell said on Wednesday he...
One third of all new jobs created by women-owned MSMEs went to female employees: Study, ET BFSI
New Delhi: Women-owned MSMEs hired 11 per cent more women employees than male-owned MSMEs, as per a data analysis of women-owned MSMEs by Kinara Capital. The analysis further revealed that 1/3rd of all new jobs created by women-owned MSMEs went to women employees,...
Put your money in Bank Nifty; 4 banks you can bet on now: Sanjiv Bhasin, ET BFSI
Sanjiv Bhasin, Director, IIFL Securities, says “the next few days, weeks, months belong to banks. We think the proxy play of weaker dollar, weaker bond yields is playing out exceptionally well and banks are going to lead the market. So Bank Nifty is where you should...
Asian shares broadly higher; BOJ chatter lifts yen, dents Nikkei, ET BFSI
SYDNEY -Asian stocks were mostly up on Thursday as investors took comfort from growing signs the Federal Reserve will soon embark on rate cuts, while chatter of an imminent policy shift in Japan lifted the yen and pulled the Nikkei off its all-time highs. Markets were...
Shriram Finance plans to raise $200 million, BFSI News, ET BFSI
Mumbai: Non-banking finance company Shriram Finance is set to borrow $200 million through a external commercial borrowing (ECB) facility from a clutch of foreign banks as early as next week as it shores up its funding to feed credit demand.The company has sought...
RBI is more proactive, acting ahead of time; we have to be in step with regulation: Shanti Ekambaram, ET BFSI
Shanti Ekambaram, Dy MD, Kotak Mahindra Bank, says for me, financial independence, financial literacy, financial planning, and actually being involved in the nuances of financial life or ecosystem is very important and that is the message I want to give all women. I...
Kotak Securities was ordered by NCDRC to refund Rs 5.67 lakh lost in F&O trading to NRI after 13 years of long fight, ET BFSI
A retired non-resident Indian (NRI) has allegedly lost Rs 5.67 lakh when representatives of Kotak Securities dabbled in futures and options (F&O) with his money without his knowledge. In this regard, the National Consumer Disputes Redressal Commission (NCDRC) has...
Nine states get nod for strategic investment plan for MSME units, ET BFSI
NEW DELHI: The Centre Wednesday approved Strategic Investment Plans (SIPs) of nine states, including Rajasthan, West Bengal and Gujarat, that seek to bring down the cost of compliance and improve access to credit for micro, small and medium enterprises there, a...
SC assures listing of ADR’s contempt plea against SBI, after bank’s ‘mala fide’ extension request, ET BFSI
The Supreme Court on Thursday assured the listing of ADR's contempt plea against the State Bank of India (SBI) in the electoral bonds case on March 11, 2024.In its plea, the ADR said that the application is "mala fide" and demonstrates a wilful and deliberate...
FPI Flows Into Indian Shares Positive In February: FPI flows into Indian shares turn positive in February
BENGALURU - Foreign portfolio investors (FPI) turned net buyers of Indian stocks in February, adding 15.39 billion rupees (~$186 million) led by inflows into auto and pharma, data from the National Securities Depository Ltd (NDSL) showed, while weightage hike in a key...
Banks go big on renewables, reduce credit exposure to fossil fuel projects, ET BFSI
India is witnessing a significant shift in the financing landscape, with a decline in bank credit towards non-renewable energy sectors and a simultaneous rise in support for renewable energy projects. According to the recent data released by the Reserve Bank of India...
The Role of Government Policies in Enhancing Financial Literacy, ET BFSI
Financial literacy has no longer remained a rare luxury. Ever since the pandemic and lockdown in 2020, more and more people are becoming aware about how important it is to plan one’s financial well-being. To make this wave of financial literacy, I still believe a few...
Indian banks’ gross NPAs hit all-time low; may fall below 3% by FY24 end, ET BFSI
Gross Non-Performing Assets (GNPAs) of Scheduled Commercial Banks (SCBs) reduced by 21.1% y-o-y to Rs. 4.85 lakh crore as of December 31, 2023, due to lower slippages, steady recoveries & upgrades, and some write-offs. Meanwhile, advances grew by 20.3% y-o-y in...
Can you settle unclaimed deposits using RBI’s UDGAM portal?, ET BFSI
The Reserve Bank of India (RBI) announced the launch of a Centralised Web Portal UDGAM (Unclaimed Deposits - Gateway to Access inforMation) on August 17, 2023 for the general public to make it simpler for them to look for their unclaimed deposits at several banks at...
Earn up to 7.6% on SBI Amrit Kalash special FD; check last date to invest, who is eligible, ET BFSI
The State Bank of India (SBI) has extended the last date to invest in its Amrit Kalash special fixed deposit scheme many times. SBI Amrit Kalash special FD offers investors a higher interest rate compared to regular SBI FDsWhat is the last date to invest in SBI Amrit...
Seven-step guide for women investors in 2024, BFSI News, ET BFSI
Being financially independent is not just a dream; it is a crucial way to empower women. As we celebrate Women's Day in 2024, we must remember that achieving financial independence and security is not just a goal but a necessary step towards empowerment.Powerful...
Banks turn to bulk deposits to meet credit demand on tepid retail FDs, ET BFSI
Banks, struggling with slow growth in deposits, have tapped the bulk deposit market aggressively in the last few months, resulting in the outstanding certificates of deposit (CDs) in the banking system rising to a decadal high.Reserve Bank of India (RBI) data show...
Venugopal Garre, Bernstein, ET BFSI
Venugopal Garre, MD, Bernstein, says the entire India shining story, which is real as well, is being very well articulated by foreign investors. They are going around sending LinkedIn posts saying, hey, I was in India, I saw this bridge! The reality is they are not...
RBI says banks have to offer customers a choice of credit card network, ET BFSI
The Reserve Bank of India (RBI) has directed banks and credit card companies like American Express, Diners Club, MasterCard, Rupay, and Visa not to enter into any exclusive agreement to issue credit cards.In a notification the central bank has directed banks to...
NPCI joins hands with IISc for joint research on blockchain, AI tech, ET BFSI
National Payments Corporation of India (NPCI) on Wednesday announced a long term agreement with the Indian Institute of Science (IISc), Bangalore, for conducting joint research on blockchain and Artificial Intelligence (AI) technology. The collaboration will also...
RBI’s punitive actions will keep NBFCs on the edge, BFSI News, ET BFSI
New Delhi: In continuation with its system clean-up mission, the RBI imposed an embargo on IIFL's gold loan business on March 4 and on JM Financial Products' (subsidiary of JM Financial) loan against shares & IPO financing business the next day, citing persistent...
Banks closed in these states on Friday, March 8, ET BFSI
Banks in many states will be closed on the occasion of Mahashivratri which falls on March 8 (Friday). The holidays are determined by the state governments and the Reserve Bank of India (RBI).The Reserve Bank of India holiday list shows that banks across states will be...
Global bond inclusion inflows help rupee buck EM currency losses, ET BFSI
The Indian rupee outperformed all its emerging market peers in the first two months of the year, setting the stage for a strong 2024 as the nation’s inclusion in global bond indexes spur inflows.The rupee was broadly steady versus the dollar in the past two months,...
Al Rajhi Bank sells $1 bn in 5-year sustainable sukuk, document shows, ET BFSI
Al Rajhi Bank, the largest Islamic lender in the world, has raised $1 billion from sale of 5-year sustainable Islamic Bonds or 'sukuk', an arranging bank document showed on Tuesday.The spread for the U.S. dollar-denominated sukuk was narrowed to 90 basis points (bps)...
Pending income tax refunds relating to AY 2021-22 would be processed by this date; check email for confirmation, ET BFSI
There is good news for those taxpayers who are still waiting to get their income tax refund for FY 2020-21 (AY 2021-22). In an order dated March 1, 2024, the Central Board of Direct Taxes (CBDT) has said that these individuals can get their income tax refund by April...
Greece’s Eurobank eyes presence in India, may set up office in Mumbai, ET BFSI
Athens-headquartered Eurobank is looking to establish a presence in India and is in the process of consulting with advisors and the Reserve Bank of India to open a representative office in Mumbai, said people close to the bank.With 80.5 billion euros of assets and 540...
Rs 100 lakh crore stock frenzy crushes record, propels India towards Rs 4 trillion, ET BFSI
As the India stock rally remains unstoppable with Mr Retail behaving like the biggest bull of Dalal Street, investors have been left richer by nearly Rs 100 lakh crore in 8 months. The market capitalisation of all BSE-listed stocks, as a result, is now within kissing...
2 booked for duping Navi Mumbai bank of Rs 18.6 lakh by mortgaging fake jewellery, ET BFSI
Thane: Police have registered a case against two persons for allegedly cheating a bank in Navi Mumbai township in Maharashtra of Rs 18.61 lakh by mortgaging fake jewellery, an official said on Tuesday. A woman mortgaged the jewellery at the branch of a cooperative...
Top banks’ credit cards with low annual fee, BFSI News, ET BFSI
Low annual fee credit cards are usually basic entry-level cards, offering benefits across multiple spending categories, with some being co-branded with popular merchants. Though the benefits on low-fee cards are not on par with those on premium cards, they can still...
RBI bars JM Fin from doing any form of financing against shares & debentures after it finds ‘serious deficiencies’, ET BFSI
The Reserve Bank of India on Wednesday barred JM Financial Products from doing any form of financing against shares and debentures after it found 'serious deficiencies' that are detrimental to the interest of the customers, during a review of its books.With immediate...
Asian traders give bitcoin blast-off, BFSI News, ET BFSI
Bitcoin's runaway rally is being driven by investors in Asia. Traders in South Korea, China and other Asian countries are responsible for roughly 70% of bitcoin trading volumes, much like they were in 2021 when bitcoin last hit such heady highs, according to crypto...
Earn up to 9.25% FD interest rate; this bank hikes fixed deposit rates by up to 41 bps, ET BFSI
Suryoday Small Finance Bank (SSFB) has revised interest rates on fixed deposits on select tenures for amounts below Rs 2 crore. The new rates are effective from March 1, 2024. Interest rates in 25 months tenor was revised by 41 basis points (bps), according to the...
Bandhan Mutual Fund files draft document for healthcare index fund, ET BFSI
Bandhan Mutual Fund has filed a draft document with Sebi for Bandhan S&P BSE Healthcare Index Fund. It will be an open‐ended scheme tracking S&P BSE Healthcare Index. The objective is to replicate the S&P BSE Healthcare Index by investing in securities of...
Top banks’ credit cards with low annual fee, BFSI News, ET BFSI
Low annual fee credit cards are usually basic entry-level cards, offering benefits across multiple spending categories, with some being co-branded with popular merchants. Though the benefits on low-fee cards are not on par with those on premium cards, they can still...
Amount you need to save in 10 years to create a Rs 10 crore retirement corpus, ET BFSI
I am 40 years old and our monthly household income is about Rs 3.5 lakh. We have saved close to Rs 2.4 crore in equities and nearly Rs 50 lakh in the Provident Fund. How much should we save in the next 10 years to create a Rs 10 crore retirement corpus? We also need...
Over 1.50 crore informal micro enterprises registered on Udyam assist platform, ET BFSI
Udyam Assist Platform was launched by the Ministry of Micro, Small and Medium Enterprises on January 11, 2023 to facilitate registration of informal micro enterprises (IMEs) through generation of Udyam Assist Certificate.Udyam Assist Platform was launched by the...
Bank of India strengthens its Leadership; Adds M R Kumar and Rajiv Mishra, ET BFSI
M. R. Kumar after having assumed the role of Non-Executive Chairman, chaired the Board meeting on 29 February, 2024. Kumar will be responsible for overseeing the overall growth trajectory of the bank.A science graduate from the University of Madras, the industry...
Billion dollar boost! Bloomberg to add Indian bonds to EM indices from 2025, ET BFSI
Leading to the inflow of billions of dollars into India, Bloomberg Index Services has decided to include Indian bonds in the Bloomberg Emerging Market Local Currency Index and related indices in a phased manner from January 31, 2025."Indian FAR bonds will be included...
NBFC sector witness uptrend in credit growth fueled by personal & agri loans: Report, ET BFSI
The NBFC sector has continued to witness an upward trend in credit growth between September 2022 and September 2023. The gross advances grew by 20.8 per cent— a substantial increase from 10.8 per cent a year ago, revealed a recent report by Mazars.This growth was...
Standard Chartered appoints Sanjay Gurjar as Co-Head, Client Coverage – CCIB, India & South Asia, ET BFSI
Standard Chartered Bank, India on Tuesday announced the appointment of Sanjay Gurjar as the Co-Head, Client Coverage - Corporate, Commercial and Institutional Banking (CCIB) for India and South Asia.Sanjay’s remit will cover Local Corporates & Middle Markets in...
High valuations of market can constrain further rally, say analysts, ET BFSI
New Delhi: While the market is steady, the small cap index is showing some strain with a cut of 0.5 per cent on Monday, says V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.Perhaps there is some selling happening in small caps in response to...
NCLT approves Aditya Birla group plan to merge NBFCs: Sources, ET BFSI
Aditya Birla Group plans to consolidate its non-banking finance companies (NBFCs) to create better synergies and ensure optimal utilisation of resources and greater economies of scale, following approval by the National Company Law Tribunal (NCLT), said people aware...
Amid calls for 5-day week in banks, IBA invites employee unions for wage settlement signing, ET BFSI
The Indian Banks Association or IBA has invited bank unions to sign the wage revision settlement at Chennai on 11th March, 2024. CH Venkatachalam, the general secretary of AIBEA of All India Bank Employees' Association has informed this through a post on social...
Rupee rises 2 paise to settle at 82.89 against US dollar, ET BFSI
Mumbai: The rupee appreciated 2 paise to settle at 82.89 (provisional) against the US dollar on Monday, tracking a weak American currency overseas and positive equity market sentiment. However, volatile crude oil prices and foreign fund outflows weighed on the Indian...
Advisory to mutual funds likely to restrain performance of broader market, says analyst, ET BFSI
New Delhi: The massive 350-point rally in the Nifty on Friday was primarily driven by the far better-than-expected Q3 GDP numbers which came at 8.4 per cent year on year, says V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services. This hot number...
ARCIL buys Saraswat’s NPAs at 86% haircut, ET BFSI
US-based Avenue Capital-backed Asset Reconstruction Company (India) (ARCIL) has bought nearly ₹400 crore worth of bad loans or non-performing assets (NPAs) of Saraswat Bank with a haircut of nearly 86%.Saraswat Bank, one of the largest cooperative banks in the...
Angel One ropes in top Kotak executive Srikanth Subramanian to lead wealth management biz, ET BFSI
Leading broking firm Angel One has roped in a group of seasoned wealth managers as co-founders to lead its private wealth management business.Former Kotak Cherry executive Srikanth Subramanian has joined Angel One Wealth as co-founder and CEO of Angel One. Subramanian...
NCLT approves Aditya Birla group plan to merge NBFCs: Sources, ET BFSI
Aditya Birla Group plans to consolidate its non-banking finance companies (NBFCs) to create better synergies and ensure optimal utilisation of resources and greater economies of scale, following approval by the National Company Law Tribunal (NCLT), said people aware...
Term deposits yielding over 7% capture a bigger share of deposits even as CASA growth plummets, ET BFSI
Term deposits captured an impressive 98% of incremental deposits from April to December 2023 even as there has been a notable shift in credit growth across key sectors in January 2024 as compared to the same period in the previous year, the Reserve Bank of India (RBI)...
Value investors in Indian stocks face few options in retail banks, consumer sectors, Mirae says, ET BFSI
MUMBAI - Surging valuations of Indian stocks have left investors with few value-investing options, with retail-oriented private banks and firms catering to rural consumption among those that seem likely reasonable bets, a fund manager at Mirae Asset Investment...
CM Yogi launches ‘MYUVA Scheme’ to empower youth entrepreneurs in Uttar Pradesh, ET BFSI
LUCKNOW: Chief Minister Yogi Adityanath is poised to launch the "Mukhyamantri Yuva Udyami Vikas Abhiyan (MYUVA)" scheme in Uttar Pradesh, aimed at nurturing entrepreneurship among the state's youth. This ambitious initiative reflects the government's commitment to...
Rising interest rates prompting more people to go in for term deposits, ET BFSI
New Delhi, Rising interest rates seem to be driving more people to go in for term savings plans as the share of such instruments in total bank deposits increased to 60.3 per cent in December 2023 from 57.2 per cent in March 2023, according to the Reserve Bank data. On...
NFRA chairman Ajay Bhushan Pandey, ET BFSI
The annual inspections of major audit firms planned by the National Financial Reporting Authority (NFRA) will help bolster compliance with auditing standards and protect the interests of investors and shareholders, said its chairman Ajay Bhushan Pandey. In an...
RBI bans IIFL Finance from sanctioning fresh gold loans, BFSI News, ET BFSI
RBI bans IIFL Finance from sanctioning fresh gold loansThe Reserve Bank of India on Monday crackdowns on the IIFL Finance Ltd. banning the sanctioning or disbursing of gold loans by the financier with immediate effect. It directed the company to cease and desist, with...
Banks to remain shut for 14 days this month, check full list, ET BFSI
NEW DELHI: The holiday schedule from the Reserve Bank of India indicates that banks in various states will be closed for a total of 14 days in March 2024.In March, several states are poised to experience two consecutive long weekends, each spanning three days of bank...
Flipkart Internet receives $111 million in new fund infusion, BFSI News, ET BFSI
Flipkart Internet, the marketplace arm of Walmart-owned ecommerce firm Flipkart, received a cash infusion of about Rs 924 crore ($111 million) in two parts from its related entities based in Singapore in January, regulatory filings with the Registrar of Companies...
Instead of banks, time to bet more on NBFCs; bottom fish in chemicals: Vinay Jaising, ET BFSI
Vinay Jaising, MD and Co-Head, Portfolio Management Services, JM Financial Ltd, says “for us, capex and industrials put together, had north of a 50-55% growth. Railways, again, fantastic growth. So that space, in terms of earnings trajectory, did really well. In...
ICICI Bank branch manager forged signatures, siphoned off ‘Rs 11.95 crore’ by transfer and cash, alleges the customer; case in EOW’s net, ET BFSI
The branch manager of an ICICI Bank branch has admitted having committed fraud by forging the signature of an NRI customer. In a complaint letter dated January 6, 2024, to Vikas Puri Police Station in Delhi, ICICI Bank said, "It is pertinent to mention that the...
Friends Lose 27L in Online Forex Fraud, BFSI News, ET BFSI
Rajkot: A resident of Mundra town in Kutch and his friend lost Rs 27.42 lakh after falling prey to a fraudulent online investment offer of foreign exchange trading.They were lured with handsome returns and the fraudsters, who created the mobile application, also...
LIC Housing Finance plans to raise funds via green bonds in next financial year, ET BFSI
New Delhi: LIC Housing Finance, the mortgage arm of insurance behemoth LIC, plans to mobilise funds through green bonds in the coming financial year with an aim to finance environmentally-sustainable housing projects. "Green financing is something that we will look at...
Want higher rate on your tax-saving FD? Book it right now, ET BFSI
If you are planning to invest your hard-earned money before March 31, 2024, to save some tax, you must be looking for suitable options. Among the fixed income instruments, tax-saving fixed deposits (FDs) are one of the investment options that will offer a deduction of...
India’s forex reserves dip by $1.13 bn to $616.1 bn as of Feb 16, ET BFSI
India's foreign exchange reserves dipped by $1.13 billion to $616.1 billion for the week ending on February 16, latest data by Reserve Bank of India (RBI) showed on Friday.According to the Weekly Statistical Supplement released by the RBI, Foreign currency assets...
8 major money deadlines, changes in March 2024, ET BFSI
With the current financial year coming to an end, there are certain significant money deadline that shouldn't be overlooked as it can have an impact on your financial matters. These dates pertain to a few regulations that taxpayers and investors must follow in order...
Rupee ends flat after shedding early gains, logs third straight weekly rise, ET BFSI
The Indian rupee ended little changed on Friday after rising to its highest level in a week as dollar demand from importers and a mild uptick in the dollar index eroded gains driven by inflows, traders said.The rupee closed at 82.90 after ending at 82.9125 on...
Stock Market New High: BSE Sensex surges 1,245 points to cross 73,000; Nifty50 ends above 22,300
Stock market today: BSE Sensex and Nifty50, the Indian stock market indices, surged in trade on Friday. The stock market witnessed a strong surge today as the BSE Sensex soared over 1,200 points and ended the day at 73,745.35. NSE Nifty50 also hit a milestone by...
These 5 midcap mutual funds have given over 50% returns in last one year, ET BFSI
Even as the talks of froth in small and midcap stocks have regained ground following market regulator Sebi issuing an advisory to industry body Association of Mutual Funds in India (Amfi) to moderate flows and rebalance portfolios, an ETMarkets analysis found that...
Simple steps to merge multiple EPF account UANs, ET BFSI
Merging multiple EPF account UANs: When employees switch jobs, they may end up with multiple Universal Account Numbers (UANs). Combining all your old UANs with the newest one can help avoid potential losses. The UAN is a unique 12-digit number given by the Employees’...
NEFT records 4.1 cr transactions on Feb 29, highest single-day volume, ET BFSI
The National Electronic Funds Transfer (NEFT) recorded its highest ever single-day transactions on February 29, with the payment system processing 4.10 crore transactions on that day, the Reserve Bank of India said.The NEFT processed 4,10,61,337 transactions on...
Record highs for Sensex & Nifty on glitch-free special session, ET BFSI
Indian headline indices ended Saturday in the green recording their third successive session gains led by uptick in metal, auto and FMCG stocks. While The S&P BSE Sensex recorded a new lifetime high of 73,994.7 before settling at 73,806.15, higher by 60.80 points...
Bank fixed deposits may gain from taxation on debt MFs and big-ticket insurance products, ET BFSI
The introduction of taxation on debt mutual funds and high-value participatory life insurance policies may make bank fixed deposits more attractive. Earlier, interest on bank deposits was taxed at individual rates, while debt mutual funds enjoyed LTCG of 20% with...
7 new issues, 8 listings to kickstart a busy month for primary market, ET BFSI
The primary market is all set for a busy month ahead with several new public offerings scheduled to debut on the Street. Next week, as many as seven companies will launch their issues — three of them will be from the mainboard segment.The mainboard IPOs of RK Swamy,...
Banks use liquid assets to fund credit growth as deposit growth lags; face NIM hit, ET BFSI
The banking industry operating at a deficit has led to a lowering of the Liquidity Coverage Ratio (LCR) with liquid assets being used to fund credit growth. The lowering LCR along with slower deposit growth may affect credit expansion and limit NIMs, according to a...
74 BSE500 stocks gave double-digit returns in February; can gains sustain?, ET BFSI
While the Sensex gave moderate returns in February, as many as 74 stocks on the BSE 500 clocked double-digit gains of up to 32%.In the last month, benchmark Sensex net gained just 1%, amid volatility and selling pressure, particularly towards the end of the...
Ind-Ra maintains neutral outlook on banking, BFSI News, ET BFSI
Mumbai: Fitch Group company India Ratings & Research (Ind-Ra) on Thursday said that it has maintained a neutral outlook on the banking sector, with lenders likely to face challenges in mobilising deposits while ensuring a minimal impact on margins."The lagging...
How to spot and safeguard your money from fraudsters, ET BFSI
There has been a concerning rise in mule accounts in India, according to a report '2024 Digital Banking Fraud Trends in India' by BioCatch, a leader in digital fraud detection powered by behavioural biometric intelligence. What is even more concerning is that most of...
Report, BFSI News, ET BFSI
The BFSI sector recorded a steady credit with strong growth in overall outstanding loans increasing by approximately 20 per cent on a yoy basis in January, 2024. Deposit growth picked up yoy and is likely to see further uptick in the current rising interest rate...
India-Nepal enhance financial cooperation; digital payment to be inaugurated soon, ET BFSI
Nepal's Ambassador to India, Shankar Sharma on Saturday appreciated the new guidelines of the Reserve Bank of India, which allow multiple financial services between the people of India and Nepal.He said that now Nepal citizens can send Rs 2 lakh per transaction to...
Swiss central bank head steps down in surprise move, ET BFSI
The head of Switzerland's central bank, Thomas Jordan, will step down in September after 12 years in charge, the bank said in a surprise statement Friday. "The Bank Council and the Governing Board greatly regret Thomas Jordan's decision, and express their sincere...
Shah launches NUCFDC, sets target to establish one urban cooperative bank in each town, ET BFSI
New Delhi: Cooperation Minister Amit Shah on Saturday launched the National Urban Cooperative Finance and Development Corporation (NUCFDC) and asked the umbrella body to set up one urban cooperative bank in each town. NUCFDC has received the RBI approval to function...
Banks to remain shut for 14 days this month, check full list, ET BFSI
NEW DELHI: The holiday schedule from the Reserve Bank of India indicates that banks in various states will be closed for a total of 14 days in March 2024.In March, several states are poised to experience two consecutive long weekends, each spanning three days of bank...
GDP numbers propels Sensex and Nifty to new peaks, BFSI News, ET BFSI
MUMBAI: India’s GDP growth rate for Oct-Dec, which at 8.4% beat estimates by every economist and analyst by wide margins, enthused Dalal Street investors and the subsequent buying pushed sensex and Nifty to new all-time peaks on Friday. The day’s rally also lifted...
Bank credit to NBFCs dips even as credit card debt continues to grow, ET BFSI
MUMBAI: Banks are reducing credit to NBFCs after RBI increased the risk weightage on some of these loans even as credit cards outstanding, which are primarily consumer-driven, continue to grow, RBI data showed. According to data released on Thursday, bank credit to...
Kotak Mahindra Bank aims to grow gold loan book faster than the industry, ET BFSI
Kotak Mahindra Bank’s senior officials on Thursday said that it aims to grow its gold loan book faster than the industry.Speaking to the media, Manish Kothari, president and head of commercial banking, indicated that there is significant scope for them to expand their...
5 post office savings schemes that do not offer tax saving benefit under section 80C, ET BFSI
Those looking to save taxes should note that not all post office schemes offer tax benefits under section 80C of Income-tax Act, 1961The schemes that do not come with section 80C benefit are:Kisan Vikas Patra (KVP)Post Office Time deposits (except 5-year tenure)Post...
Growth in bank credit to industry decelerates to 7.8% in January: RBI, ET BFSI
Growth in bank credit to industry decelerated to 7.8 per cent year-on-year in January compared to 8.7 per cent in the same month last year, according to Reserve Bank data released on Thursday. The RBI's data on 'Sectoral Deployment of Bank Credit - January 2024' also...
How to avoid rejection of EPF withdrawal claim; Steps provident fund member should take, ET BFSI
Many Employees’ Provident Fund (EPF) members are facing issues while making withdrawal claims from their EPF accounts. The Employees’ Provident Fund Organisation (EPFO) rejects the EPF claim when the information in their database does not match the information shared...
RBI approves appointment of ex-Sebi executive director Ravindran as TMB’s part-time chairman, ET BFSI
CHENNAI: The Reserve Bank of India (RBI) has approved the appointment of S Ravindran as the part-time chairman of the Tamilnad Mercantile Bank (TMB).The bank said in a regulatory filing on Friday that RBI approved his appointment with effect from February 29, 2024...
Some common questions answered, BFSI News, ET BFSI
The Unified Payments Interface (UPI) is a real-time payment system created by the National Payments Corporation of India (NPCI), which operates under the regulatory oversight of the Reserve Bank of India (RBI). Leveraging the IMPS infrastructure, UPI enables immediate...
Some common questions answered, BFSI News, ET BFSI
The Unified Payments Interface (UPI) is a real-time payment system created by the National Payments Corporation of India (NPCI), which operates under the regulatory oversight of the Reserve Bank of India (RBI). Leveraging the IMPS infrastructure, UPI enables immediate...
How much should you save? 50-30-20 rule in financial planning explained, ET BFSI
Looking to better manage your finances amidst increasing inflation and living costs? Embrace the straightforward 50/30/20 budgeting rule. This approach, widely recognized for its simplicity, is adaptable to any income level, fostering essential financial...
Decline in debit cards transaction volume by 16%, credit cards witness uptick, 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 decreased by approximately 7 per cent in January 2024. However, month-on-month, the total debit cards transaction...
Japan’s Nikkei closes at record high as tech heavyweights surge, ET BFSI
Japan's Nikkei share average soared to all-time peaks and closed 2% higher on Friday, as tech-related stocks tracked record-high closings among their U.S. peers after comments from Federal Reserve officials provided cues on the interest rate trajectory.The Nikkei...
HDFC Bank vs ICICI Bank vs Kotak Mahindra Bank; which bank is offering highest RD rates in February 2024, ET BFSI
In February 2024, HDFC Bank, ICICI Bank, and Kotak Mahindra Bank revised their fixed deposit and recurring deposit interest rates. With the help of a recurring deposit (RD) plan, you can save money over time by making consistent monthly payments of a predetermined...
Razorpay’s payments entity reports profit of Rs 7.3 crore in FY23, ET BFSI
Merchant-focused payments provider Razorpay has reported a flat net profit of Rs 7.3 crore for the fiscal year 2022-2023 (FY23), despite its revenues seeing a jump.Revenue from operations for Razorpay Software Pvt Ltd (RSPL) stood at Rs 2,279 crore in FY23, a 54%...
Top tips to avoid banking and financial frauds in the name of KYC updation, ET BFSI
The Reserve Bank of India (RBI) has repeatedly issued warnings to the public regarding scams related to KYC (Know Your Customer) updates. Given the ongoing instances of customers being deceived by fraudulent activities under the guise of KYC updates, the RBI has...
43 equity-oriented hybrid schemes which have never posted negative returns in last 6 years, ET BFSI
Around 43 equity oriented hybrid schemes have never offered negative returns in the last years (2018-2023), an analysis by ETMutualFunds showed. Around 83 equity oriented hybrid schemes have completed six years of existence.ETMutualFunds considered all equity-oriented...
Thomas Jordan, head of Switzerland’s central bank, to step down after 12 years, ET BFSI
Thomas Jordan, the head of Switzerland's central bank, will be stepping down in September after serving for 12 years, according to an announcement made by the bank on Friday.The Bank Council and the Governing Board thanked him for his dedicated service in maintaining...
CloudSEK alerts CERT-In, RBI, agencies about app handling financial fraud operations, ET BFSI
According to the report released by CloudSEK, cyber criminals are operating through an app XHelper to manage a network of money mules for loan scams, e-commerce scams, Illegal gambling apps, etc.Cyber security firm CloudSEK has informed watchdog CERT-In, banking...
Lenders push to stay ahead of the curve in climate financing, BFSI News, ET BFSI
Mumbai: Several banks including State Bank of India, Axis Bank, ICICI Bank and HDFC Bank have taken the lead in funding green projects even as the Reserve Bank of India comes up with norms for lenders to disclose their actions on climate risk.RBI has given a glide...
SBI Life, Biocon among top 3 trading ideas for 1 March 2024, ET BFSI
Indian market is expected to open higher on Friday tracking positive global cues.The Nifty future closed positive with gains of 0.28% at 21983 levels on Thursday. India VIX was down by 4.65% from 16.33 to 15.57 levels. Volatility cooled off after steaming in the...
HDFC Bank, ICICI Bank vie for slice of index flows into India, ET BFSI
Large Indian lenders are vying with their global peers for a share of the billions of dollars that are expected to flow following the inclusion of the nation’s bonds in JPMorgan Chase & Co’s emerging markets debt index.ICICI Bank Ltd. and HDFC Bank Ltd. are...
Rupee ends little changed, logs third consecutive monthly gain, ET BFSI
The Indian rupee ended little changed on Thursday, as dollar demand from foreign and state-run banks eroded positive cues from an uptick in most Asian currencies, traders said.The rupee closed at 82.9125 against the U.S. dollar, barely changed from its previous close...
Lagged deposit growth to constrain credit growth for banks in FY25: India Ratings, ET BFSI
Mumbai: Lagging deposit accretion poses the risk of constraining credit growth for banks in FY25, India Ratings and Research said on Thursday. Maintaining its "neutral" outlook on the banking sector for FY25, the agency said the deposit growth is likely to moderate to...
Mutual funds showing red flags to smallcap investors. Ignore at your risk!, ET BFSI
Even before market regulator Sebi directed AMCs to find ways to protect the interest of smallcap investors in a frothy market, mutual fund houses have been trying to tame down the euphoria. AMCs like SBI, Tata and Nippon already do not accept lumpsum investments in...
5 things to know if you have a bank locker or plan to open one, ET BFSI
Bank locker rules: Do you have a bank locker or are you considering opening one? This article is essential for understanding the intricacies and your entitlements as a customer. The objective is to provide comprehensive understanding regarding bank locker agreements,...
Will Sebi-AMFI nudge derail the story in the broader market? Aashish Somaiyaa answers, ET BFSI
Aashish Somaiyaa, CEO, White Oak Capital Management, says “as portfolio managers or AMCs any which way, we continuously keep monitoring how many days it would need us to liquidate a particular stock. How many days would it need us to liquidate say 5%, 10%, 15%, 20% of...
When does a bank account go dormant? Reactivate it at no cost, ET BFSI
Have a dormant bank account? The Reserve Bank of India (RBI) has rules for inactive bank accounts. Here's an overview of what this means and how to avoid penalties.Recognising dormancy A bank account, whether it's a savings or current account, becomes dormant if there...
Jio Financial Services shares rise over 4% on inclusion in Nifty Next 50, ET BFSI
Jio Financial Services (JFSL) shares rose 4.4% to Rs 322 in Thursday trade on BSE amid inclusion in the Nifty Next 50 index. The National Stock Exchange (NSE) announced the change in its semi-annual review of broad market indices. JFSL will enter the index on March...
ICICI Bank branch manager booked for siphoning off customer’s Rs 16 crore, ET BFSI
However, it is claimed that the accused subsequently misappropriated the entire sum without the couple's awarenessNew Delhi: A private bank manager has been booked by the Delhi Police's Economic Offence Wing (EOW) for allegedly siphoning off a customer's entire...
8 major money deadlines, changes in March 2024, ET BFSI
With the current financial year coming to an end, there are certain significant money deadline that shouldn't be overlooked as it can have an impact on your financial matters. These dates pertain to a few regulations that taxpayers and investors must follow in order...
Why RBI cancelled licence of Sumerpur Mercantile Urban Cooperative Bank?, ET BFSI
NEW DELHI: The Reserve Bank of India (RBI) has revoked the licence of the Sumerpur Mercantile Urban Cooperative Bank Limited located in Sumerpur, Pali district of Rajasthan. This decision has immediate effects, leading to the cessation of all banking activities by the...
Paytm shares extend losses, fall 10% in three sessions, ET BFSI
Shares of One 97 Communications fell 5% to the day's low of Rs 385.90 on Thursday, witnessing their third successive decline and losses extending to 10%.Vijay Shekhar Sharma's resignation as the part-time non-executive chairman and board member at Paytm Payments Bank...
SBI dominates debit cards market, HDFC Bank leads credit cards share in Jan’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 January 2024, revealed latest data by 1Lattice.Top banks followed the list like Bank of Baroda which held about 10 per...
More mid and small cap funds likely to impose restrictions on lump sum investments, ET BFSI
New Delhi: More mid and small cap funds are likely to impose restrictions on lump sum investments into the mid and small cap schemes, says V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services. A significant development is the communication from SEBI...
Guard steals 12.7 lakh from bank and blows it on horse races, ET BFSI
BENGALURU: In a case of fence eating the crop, an armed guard of a State Bank of India (SBI) branch on Residency Road allegedly stole Rs 12.7 lakh from its strongroom recently.After spending most of the money betting on horse races, the guard dialled the bank’s...
Fortunes of startup founders swing with stock prices in past 12-14 months, ET BFSI
The worth of startup founders has fluctuated along with stock prices over the last 12-14 months. Some like Zomato’s Deepinder Goyal and Policybazaar’s Yashish Dahiya and Alok Bansal have reaped mega rewards while Paytm founder Vijay Shekhar Sharma has seen his wealth...
Relief sought over hike in risk weights on infrastructure finance companies’ loans to NBFCs, ET BFSI
Some lenders have reached out to the Reserve Bank of India (RBI) seeking exemption for government-backed infrastructure finance companies such as IREDA and IIFCL from the higher risk weights imposed on their loans to non-banking finance companies (NBFCs).In November...
Axis Bank gets RBI nod for appointing Munish Sharda as executive director, ET BFSI
Axis Bank on Tuesday received approval from the Reserve Bank of India (RBI) to appoint Munish Sharda as the executive director of the company."We refer to our letter no. AXIS/CO/CS/390/2023-24 dated October 26, 2023, informing that the Board of Directors of the Bank...
Rs 6 lakh investment doubles in 5 years with this large & midcap mutual fund scheme. Check details, ET BFSI
HDFC Large and Mid Cap Fund mutual fund scheme formerly known as the HDFC Growth Opportunities Fund has given an extended internal rate of returns (XIRR) of over 27% in the last five years. This means that an investment of Rs 10,000 via monthly systematic investment...
Tata Capital plans to raise $750 million in debut foreign funding next fiscal year, ET BFSI
MUMBAI: Tata Capital is looking at overseas fundraising for the very first time and hopes to raise around $750 million via offshore bonds or loans in the next fiscal year starting in April, a senior company official told Reuters on Wednesday."The company, as a part of...
Citigroup’s new banking chief must relish a challenge. Here’s why, ET BFSI
Viswas Raghavan is a great hire for Citigroup Inc. but, boy, does he have his work cut out to help his new employer along its road to renewal. Raghavan is a 20-plus-year veteran of JPMorgan Chase & Co. who held a string of senior leadership roles over the past...
Here’s why you need to invest, rather than just saving, ET BFSI
Bhanu Pratap Singh, a 35-year-old father of two, is a responsible individual who values the financial security of his family. With a stable job and his wife working as a teacher, they have taken the necessary steps to plan for the future. Singh has diligently...
Fintech powers banks to storm NBFC bastion, ET BFSI
High-street banks are harnessing fintechs to build disproportionately dominant market shares in India's burgeoning consumption credit market, once considered the bailiwick of non-banking financial companies (NBFCs) and home financiers, which are now ceding ground in...
EU deal on euro clearing ‘light’ on banks but a first step, EU official says, ET BFSI
LONDON - The European Union's deal this month on rules to end the bloc's "over-reliance" on London for clearing derivatives is "light" on big banks, but just a first step if they do not shift enough business, EU financial services chief Mairead McGuinness said on...
Why mutual fund investors must track the riskometer for an MF scheme, ET BFSI
The Securities and Exchange Board of India (Sebi), the market regulator, has mandated that all mutual funds display a riskometer in their scheme documents. This riskometer is a standardized scale that helps investors understand the risk associated with a particular...
Mahindra Finance forays into MSME focused co-lending partnership with Lendingkart, ET BFSI
MUMBAI: Mahindra & Mahindra Financial Services Limited, (MMFSL), a Non Banking Financial Corporation (NBFC), on Monday announced collaboration with Lendingkart,a fintech company. This co-lending partnership is set to provide business loans for the Small &...
SBI Chairman Dinesh Khara, ET BFSI
Much-needed private investments to quicken the pace of economic expansion are just ‘around the corner’, State Bank of India (SBI) chairman Dinesh Kumar Khara tells Joel Rebello and MC Govardhana Rangan, pointing to aggregate capacity utilisation reaching thresholds...
Feb 29 last date to update FASTag KYC; step-by-step guide on how to update FASTag KYC, ET BFSI
The deadline for updating FASTags KYC is February 29; else, banks will deactivate/blacklist accounts that do not have comprehensive KYC details. The National Highway Authority of India (NHAI) has taken this step in response to recent reports of the issuance of more...
Kedaara close to raising $1.7 billion for India’s biggest PE fund, sources say, ET BFSI
MUMBAI -Kedaara Capital is set to raise $1.7 billion for what would be India's biggest-ever private equity fund, two people with direct knowledge of the matter said, highlighting huge interest in the country's fast-growing economy amid a shift away from China.The...
Check when banks will be closed, ET BFSI
The Reserve Bank of India holiday list shows that banks across states would be closed for 14 days in March 2024. In March, many states will observe three days of consecutive bank holidays twice, i.e., there are two long holiday weekends.The holidays are determined by...
Sensex plunges 800 points, smallcaps bleed most. 6 factors behind Rs 6 lakh crore crash, ET BFSI
Just ahead of the monthly derivative expiry, Nifty gave up its hold over the 22,000 level while Sensex fell around 800 points or 1% to the day's low at 72,300 on Wednesday. The sell-off was deeper in the broader market where midcaps, smallcaps and microcap indices...
Will shareholders get money after Reliance Capital delists from stock exchanges?, ET BFSI
The Anil Ambani-led Reliance Capital Limited (RCL) announced on Wednesday that its shares might be delisted from stock exchanges as part of the approved resolution plan.Notably, the trading in the stock has been restricted, and the shares of Reliance Capital last...
Citigroup’s new big hire is a no nonsense, hard-charging dealmaker, ET BFSI
As Citigroup Inc. Chief Executive Officer Jane Fraser shrinks Wall Street’s underdog into a leaner competitor, her newest big hire is a dealmaker known for his scrappy streak — and little tolerance of laggards.In one of his less conventional achievements in almost 24...
Most active stocks of the day in terms of total traded value, ET BFSI
NEW DELHI: Vodafone Idea(Rs. 1212.36 crore), Tata Motors(Rs. 770.22 crore), Mazagon Dock Ship(Rs. 658.88 crore), Jio Financial Servic(Rs. 645.66 crore), Indus Towers(Rs. 635.38 crore), Railtel Corp(Rs. 519.20 crore), Cochin Shipyard(Rs. 515.51 crore), HDFC Bank(Rs....
NCLT Approves Hinduja’s Rs 9,650 crore Bid to Buy Reliance Capital, ET BFSI
Mumbai: The National Company Law Tribunal has approved the Rs 9,650-crore resolution plan submitted by Hinduja’s IndusInd International Holdings (promoter of IndusInd Bank) for bankrupt Reliance Capital.IIHL will bring in upfront Rs 9,650 crore in cash within 90 days...
Banks branch out as deposits hard to come by on apps, ET BFSI
India's determined digital drive, which linked its villages to the internet at breakneck speed, also prompted what now seems to be rather premature obituaries of branch banking. More banks, contrary to expectations, are busy building brick-and-mortar presence across...
Take a small exposure to Canara’s new fund to gain from manufacturing push, ET BFSI
Mumbai: Long-term equity investors eyeing a thematic allocation and believe India is well positioned to become the next manufacturing hub, can consider a small allocation to the new fund offer of the Canara Robeco Manufacturing Fund. Conservative equity mutual fund...
Banks closed for 14 days across states; check state-wise list of bank holidays in March, ET BFSI
In March 2024, banks across states will be closed for 14 days, according to the Reserve Bank of India holiday list. The holidays are set by the respective state governments and the Reserve Bank of India (RBI). These include all Sundays, the second and fourth...
Nvidia adds record $277 billion in stock market value, ET BFSI
Nvidia added $277 billion in stock market value on Thursday, Wall Street's largest one-day gain in history after the heavyweight chipmaker's quarterly report beat expectations and reignited a rally fueled by optimism about artificial intelligence.The company's stock...
RBI imposes monetary penalty on State Bank of India, Canara Bank, ET BFSI
NEW DELHI: The Reserve Bank of India (RBI) has imposed a monetary penalty on the State Bank of India (SBI) Rs 2 crore under the relevant section of the Banking Regulation Act. According to a statement, this action was taken due to shortcomings in regulatory compliance...
NPS investment can save you tax on income up to Rs 9.5 lakh under old, new tax regime: Here’s how, ET BFSI
Many people invest in the National Pension System (NPS) to save for retirement. The additional advantage of NPS is that it offers tax benefits in the old as well as new tax regime. Under the old tax regime, NPS offers tax benefits under three sections of the Income...
SIDBI’s Sivasubramanian Ramann, ET BFSI
Mumbai: The first day of the IVCA Conclave 2024 in Mumbai featured a panel discussion with , the Chairman and Managing Director of the Small Industries Development Bank of India (SIDBI). Indian Venture and Alternate Capital Association (IVCA) is a not-for-profit, apex...
RBI approves reappointment of Ajay Kanwal as the MD & CEO of Jana SFB, ET BFSI
The Reserve Bank of India (RBI) on Monday approved the re-appointment of Ajay Kanwal as the Managing Director and CEO of Jana Small Finance Bank. Kanwal’s tenure has been extended by three years starting from March 21, 2024.He has been serving as Jana SFB’s MD and CEO...
IT, auto stocks trigger revival as Sensex jumps 305 points, reclaims 73,000, ET BFSI
Indian headline indices snapped their two-session losing streak on Tuesday reversing the bearish opening trends mainly led by a rebound in IT stocks as investors await key domestic and US economic data due later in the week. While the Nifty ended at 22,198, gaining...
Banks warily warm up to Fed repo backstop, BFSI News, ET BFSI
Federal ReserveBanks are finally signing up for a U.S. Federal Reserve funding backstop that has been lying nearly dormant for more than two years, putting them in a stronger position to deal with any stress. But it is unclear whether they will want to use it in a...
Rupee closes flat, wedged between inflows and local oil companies’ dollar demand, ET BFSI
MUMBAI - The Indian rupee ended flat on Tuesday after drifting in a tight band throughout the session as dollar demand from domestic oil companies eroded room for gains on the back of sustained inflows.The rupee closed at 82.8975 against the U.S. dollar, barely...
Mizuho courting India elite shows Japan banks’ global ambition, ET BFSI
Mizuho Financial Group Inc.’s showcase of its business ties at Mumbai’s luxury St Regis hotel this month underscored its growing foothold in India, a market that has lately been endorsed by Wall Street giants.An awards ceremony to fete financial professionals drew...
Dollar droops before key data, bitcoin soars above $57,000, ET BFSI
TOKYO - The dollar traded on the back foot on Tuesday, as markets looked ahead to a week of U.S. economic data that will provide fresh signals on how soon the Federal Reserve may begin cutting interest rates.Leading cryptocurrency bitcoin soared to a more than...
ICICI Bank customer accuses manager of stealing Rs 16 crore from her FDs. Bank responds, ET BFSI
A Gurgaon woman has accused an ICICI Bank manager of embezzling Rs 16 crore from her account. This was reported by BBC. Shveta Sharma alleged that she transferred funds from her US account to ICICI Bank for fixed deposits, but the bank official created fake accounts,...
Avanse Financial Services appoints Vikrant Gandhi as CFO, ET BFSI
Education-focused non-banking financial company Avanse Financial Services on Tuesday said it has brought on board Vikrant Gandhi as its chief financial officer.Gandhi has over 28 years of experience across BFSI, automobile, and other consumer brand sectors. In his...
Mahindra Finance forays into MSME focused co-lending partnership with Lendingkart, ET BFSI
This pan India collaboration marks the foray of Mahindra Finance, which is part of the M&M Group, into the co-lending space exclusively for the SME sector under an 80:20 structureMahindra & Mahindra Financial Services Limited, (MMFSL), a Non Banking Financial...
RBI imposes monetary penalty on State Bank of India, Canara Bank, ET BFSI
NEW DELHI: The Reserve Bank of India (RBI) has imposed a monetary penalty on the State Bank of India (SBI) Rs 2 crore under the relevant section of the Banking Regulation Act. According to a statement, this action was taken due to shortcomings in regulatory compliance...
HDFC Focused 30 mutual fund has returned 35.25% in one year; should you invest?, ET BFSI
ET Wealth collaborates with Value Research to analyse top mutual funds. We examine the key fundamentals of the fund, its portfolio and performance to help you make an informed investment decision. BASIC FACTSDATE OF LAUNCH17 SEPTEMBER 2004CATEGORYEQUITYTYPEFLEXI...
Investors can earn up to 8.85% on FDs in this bank, ET BFSI
The RBL Bank has revised the fixed deposit interest rate for amounts below Rs 2 crore. The revised FD interest rates are effective from February 14, 2024.RBL Bank offers the highest interest rate of 8.10% on FDs maturing between 18 months and 24 months. On the same FD...
IT, metal stocks drag Sensex 353 points lower; Nifty below 22,150 mark, ET BFSI
Indian headline indices ended in the red for the second straight session on Monday amid selling pressure in IT, metals, and pharma stocks. While Nifty ended at 22,122, down by 91 points or 0.41%, the 30-stock S&P BSE Sensex dropped over 350 points or 0.48% to...
Bandhan Financial Holdings acquire Aegon Life, BFSI News, ET BFSI
Digital life insurance company, Aegon Life has announced the transfer of the shareholdings of Aegon India Holding B.V. (“Aegon”) and Bennett, Coleman & Company Limited ("BCCL”) to Bandhan Financial Holdings Limited (BFHL). With this, Bandhan Financial Holdings is...
EU adopts euro instant payments rules to take on Visa, Mastercard, ET BFSI
BRUSSELS - The European Union Council on Monday adopted rules to make instant payments in the euro currency fully available round-the-clock in a move it expected to help European payments companies compete against U.S. firms Visa and Mastercard.The new regulation will...
5-day work week for banks? Here’s what the proposal from United Forum of Bank Unions states, ET BFSI
5-day week for banks soon? The United Forum of Bank Unions, a coalition of bank employee unions, has written a letter to Finance Minister Nirmala Sitharaman, urging for the implementation of a five-day working week in banks. The proposal assures that there will be no...
Sterling heads for longest streak of daily gains of 2024, ET BFSI
LONDON - The pound edged up against the dollar on Monday, heading for a fifth straight daily gain, its longest unbroken streak so far this year, but volatility was subdued, as investors took a breather from a spate of influential economic data and earnings.Sterling...
Religare Finvest ready for business, completes debt repayment of over Rs 9,000 Cr, ET BFSI
Religare Enterprises Limited (REL) on Monday announced that its wholly-owned subsidiary, RFL, has successfully cleared all its debts with external lenders, effectively resolving all legacy issues. The debt resolution initiative has resulted in clearing the default...
CEO Prashant Kumar, ET BFSI
MUMBAI - Indian private lender Yes Bank will boost lending to small- and mid-sized companies as it tries to push up its return on assets (RoA), its chief executive officer said on Monday."The single agenda (for the bank) is to focus on profitability without doing...
RBI’s Financial Literacy Week kicks-off today targeting young adults, students, ET BFSI
The Reserve Bank of India (RBI) is observing the Financial Literacy Week (FLW) this year from February 26 to March 1, 2024. The theme for this year’s RBI FLW is “Make a Right Start – Become Financially Smart” focussing especially towards the young adults and students....
High valuations of the market creeping into PSU stocks, say analysts, ET BFSI
New Delhi: The overall high valuations of the market is creeping into PSU stocks too. If the markets correct significantly, there can be steep corrections in PSU stocks that are highly valued, says V K, Vijayakumar, Chief Investment Strategist, Geojit Financial...
JGB yields fall amid slide in US peers, fiscal year-end buying, ET BFSI
TOKYO - Japanese government bond (JGB) yields fell to multi-week lows on Monday, pressured by declines in U.S. Treasury yields and as domestic long-term investors bought longer-dated bonds into the fiscal year-end.The 10-year JGB yield declined 3 basis points (bps) to...
YES Bank shares fall over 7% in two sessions on Goldman’s downgrade, ET BFSI
Shares of YES Bank fell nearly 4% to the day's low of Rs 25.25 on Monday, extending their losses to the second straight session and falling over 7% following last week's downgrade by Goldman Sachs, where it issued a 'Sell' rating.The development comes ahead of YES...
How investors can plan to do income tax planning to avoid the last minute rush, ET BFSI
Tax season often brings a frantic rush of investments in tax-saving instruments, but a strategic approach to tax planning can significantly enhance your financial health. This detailed guide will delve into incorporating tax planning into your broader financial...
IL&FS moves NCLAT to avoid wilful defaulter tag, BFSI News, ET BFSI
The IL&FS Group is seeking judicial intervention to restrain banks from declaring it a "wilful defaulter" and taking action against the members of its board that took control of the infrastructure financier after it went bankrupt in October 2018.The group has...
‘Entrepreneurial acumen inherent in women’, says Bandhan Bank’s Chandra Shekhar Ghosh, ET BFSI
Illuminating the essence of women's empowerment, Chandra Shekhar Ghosh, Managing Director and CEO of Bandhan Bank on Monday emphasized the pivotal role of financial support in elevating women and nurturing their entrepreneurial spirit."Every woman possesses innate...
Best debt mutual funds to buy now; how to choose the right debt MF, ET BFSI
Do you think interest rates are very high right now? Amit Goel certainly feels so. That’s why the Delhi-based finance professional is gorging on long-duration debt funds. “I started buying long-term debt funds last year, when bond yields were close to 7.5%,” he says....
LIC Housing Finance hopes to earn Rs 5,000 crore profit in FY24, ET BFSI
NEW DELHI: LIC Housing Finance, the mortgage arm of insurance behemoth LIC, is expecting a net profit of Rs 5,000 crore in the current financial year on the back of robust loan demand and expansion in non-core business.The non-core business includes Loan Against...
More savers ditch bank deposits to flirt with equity, ET BFSI
Mumbai: Indian banks' biggest collective strength - exclusive access to low-cost current and savings account (CASA) deposits - can no longer be taken for granted with the average urban saver increasingly tilting in favour of higher-yielding Dalal Street instruments,...
Mcap of 8 of top-10 valued firms soars to Rs 1.10 lakh crore; RIL biggest gainer, ET BFSI
Market valuation of eight of the 10 most valued firms jumped Rs 1,10,106.83 crore last week, with Reliance Industries Ltd (RIL) emerging as the biggest gainer. Last week, the 30-share BSE Sensex benchmark rose 716.16 points or 0.97 per cent. RIL, ICICI Bank, Life...
Bank employee unions press for 5-day week ahead of IBA settlement. What is the alternative proposed?, ET BFSI
The United Forum of Bank Unions, a coalition representing bank employee unions, has written a letter to Finance Minister Nirmala Sitharaman, urging for the implementation of a five-day working week in banks. Presently, banks operate with closures on the second and...
Lured by promise of big returns from stock trading, ET BFSI
NAVI MUMBAI: The wife of a BARC employee from New Panvel was duped of Rs 1.93 crore to a gang of cyber fraudsters offering huge returns on stock market trading.An FIR of cheating has been registered against nine people on Feb 20. According to the FIR, on Dec 7 last...
Security Lapses at Banks Under Lens After PNB Cashier Shot at Jaipur, ET BFSI
Jaipur: As head cashier Narendra Singh Shekhawat(49) fights for his life following a brave stand against two armed robbers at Punjab National Bank (PNB) on Friday, concerns regarding the spotty security measures within leading banks have come under intense scrutiny....
FPIs infuse Rs 18,500 cr in debt market in Feb, ET BFSI
New Delhi: Foreign Portfolio Investors (FPIs) continued their bullish stance on the country's debt markets with a net infusion of over Rs 18,500 crore so far this month, driven by upcoming inclusion of Indian government bonds in the JP Morgan Index. This came...
Bank manager behind ₹50cr fraud held from Nepal border Mohali, ET BFSI
Mohali: On the run for the past 10 days, the bank manager allegedly involved in fraudulently withdrawing Rs 50 crore (approx) from bank accounts of several customers was finally arrested by the Mohali police from near Nepal border late on Friday night.The accused,...
Because it is all about valuing what you have created and earned, ET BFSI
The recent consultation paper by Securities & Exchange Board of India (SEBI) points out that 70% of the demat accounts with a single holder have opted out of appointing a nominee. This observation from the Sebi has triggered a discussion about the importance of...
InCred AMC is holding 26% in cash. CEO Mrinal Singh explains why, ET BFSI
Mrinal Singh, CEO & CIO, InCred AMC, says “one can look at our cash as a proxy largecap allocation. We have kept that largely in anticipation of volatility in the market and we would look to deploy it as the market offers volatility at interesting prices.”Did you...
IDBI Bank looks to sell Rs 280-crore MSME loans, BFSI News, ET BFSI
MUMBAI: IDBI Bank has come out with a portfolio of micro, small and medium enterprises (MSME) loans for sale. It has put Rs 280-crore of MSME loans up for sale and received interest from seven asset reconstruction companies, including JC Flowers ARC, ARCIL, Omkara and...
How to trade HCL Tech, Canara Bank today, BFSI News, ET BFSI
Led by continued investor optimism, Nifty on Friday hit yet another record high level of 22,297.50. Until the support of 21,800 is defended, the upside bias remains intact, chart readers say. The RSI is far from the overbought territory, suggesting more room for an...
Unsecured retail loans building up stress in financial system, ET BFSI
MUMBAI: Indian banks in general may have reported strong earnings growth and a drop in gross bad loans, but the numbers hide the building stress in the unsecured credit portfolio of banks such as IndusInd Bank, Bandhan Bank and Yes Bank, among others.The rise in bad...
India market value to reach $10 trillion by 2030, says Jefferies, ET BFSI
India’s stock market value is set to more than double to $10 trillion by 2030, going by its history of delivering double-digit returns and expectations of continued economic reforms, according to Jefferies Financial Group Inc. The nation’s market, currently the...
SBI fails to draw buyers for Hindusthan National Glass’ Rs 1,703-cr bad debt, ET BFSI
MUMBAI: State Bank of India (SBI) failed to attract investors at an auction held on Thursday to sell Rs 1,703 crore debt of Hindusthan National Glass & Industries (HNGIL), the country's largest glass bottle maker, whose debt resolution has been delayed by more...
Get Rs 1 lakh interest-free loan for budding entrepreneurs, ET BFSI
The Government of Odisha has recently launched the Odisha Swayam Yojana 2024. The initiative provides interest-free bank loans of up to Rs 1 lakh to budding entrepreneurs aged 18-35 years (or 18-40 years for special categories) - to help them start new businesses....
Goldman says Goldilocks period over for banks, downgrades, SBI, ICICI, Yes Bank, ET BFSI
Global investment banking firm Goldman Sachs has downgraded State Bank of India (SBI) and ICICI Bank, saying the Goldilocks period for banks is over. The report highlights a 5% to 2% cut in earnings estimates across the coverage universe for FY25E/26E, with an...
Sensex ends flat, Nifty retreats from record high; TCS, SBI among laggards, ET BFSI
Indian equity index Sensex closed flat after lacklustre trade on Friday, dragged down by shares of Tata Consultancy Services and State Bank of India, while benchmark Nifty50 hit a new record high for the fifth consecutive session in early trade.The BSE benchmark...
Lowballed, banks may seek better offer for Go First; liquidation a possibility, ET BFSI
New Delhi | Mumbai: Lenders to Go First may ask bidders in the resolution process for the airline to improve their offers in order to maximise recoveries, people involved in the process said. The lenders may opt for liquidation if the bids aren’t good enough, said the...
Rupee falls 8 paise to close at 82.93 against US dollar, ET BFSI
Mumbai: The rupee consolidated in a narrow range and depreciated by 8 paise to close at 82.93 (provisional) against the US dollar on Friday, tracking a strong American currency and muted trend in domestic equities. Forex traders said the Indian currency depreciated as...
ED attaches shops worth over Rs 13 crore in Pune mall, ET BFSI
New Delhi: The Enforcement Directorate on Friday said it has attached shops worth more than Rs 13 crore in a Pune mall in the Punjab and Maharashtra Cooperative (PMC) Bank loan fraud-linked money laundering case. The "fraud" worth Rs 6,117.93 crore (principal Rs...
Want to have financial independence and retire early? Anil Rego on how to go about it, ET BFSI
Anil Rego, Founder & CEO, Right Horizons, says “if you want to retire early, you should make your money work for you and that was simple, one liner and avenues which can help you do that, which can help you beat inflation, which can also grow well, it also means...
How to open tax saving fixed deposit in ICICI Bank, BFSI News, ET BFSI
It is last leg of the tax-saving season for the current financial year. The majority of investment plans that come with tax benefits come under Section 80C of the Income-tax Act, 1961, which allows the taxpayer to claim an exemption of up to Rs 1,50,000 during an FY....
FPIs’ financial stock holdings drop below Nifty sector weighting, ET BFSI
Foreign Portfolio Investors (FPIs) have substantially reduced their exposure to the financial services sector below the sector’s 33% weighting in the benchmark National Stock Exchange Nifty50 Index, though it remains in line with the Nifty 500. Their share of...
CEIB launches portal for antecedent verification of prospective borrowers, NPAs, ET BFSI
New Delhi, The Central Economic Intelligence Bureau (CEIB) on Friday launched a portal for antecedent verification of prospective borrowers and bad loans to streamline intelligence clearance process for banks for loan disbursement. The portal was launched earlier this...
India’s forex reserves hit two-month low, BFSI News, ET BFSI
BENGALURU: India's foreign exchange reserves dropped for a second straight week and stood at a two-month low of $616.10 billion as of Feb 16, data from the Reserve Bank of India (RBI) showed on Friday. The reserves fell by $1.13 billion in the reporting week, after...
Go First liquidation a possibility; lowballed banks may seek better offer, ET BFSI
Lenders to Go First may ask bidders in the resolution process for the airline to improve their offers in order to maximise recoveries, people involved in the process said. The lenders may opt for liquidation if the bids aren’t good enough, said the people cited above....
New enrollment in EPF and ESIC hit over three-month high; NPS declines, ET BFSI
New enrollments to Employees’ Provident Fund (EPF) and Employees' State Insurance Corporation hit the highest level in over three months in December, as formal job additions picked up after the festive season, according to government data released Friday.The average...
HDFC Bank, ICICI Bank increase FD rates in February 2024; compare latest FD interest, ET BFSI
In February, many big banks including HDFC Bank and ICICI Bank revised their fixed deposit interest rates. How do they compare with each other? Take a lookICICI Bank has revised its fixed deposit (FD) interest rates with effect from February 17, 2024, for amounts...
FTSE 100 rises on Standard Chartered boost, BFSI News, ET BFSI
Feb 23 (Reuters) - Britain's FTSE 100 edged higher at open on Friday, propped by financial stocks following Standard Chartered's results, though the index was on course for marginal losses in the week as markets digested a raft of mixed earnings updates.The FTSE 100...
Sell YES Bank, says Goldman and downgrades SBI, ICICI Bank. Goldilocks period over?, ET BFSI
While arguing that the proverbial Goldilocks period is over for the financial sector, investment banker Goldman Sachs has issued a sell call on retail favourite YES Bank and downgraded two other banks - SBI and ICICI Bank. But when it comes to HDFC Bank, it sees a 33%...
Indian mutual fund industry likely to hit Rs 100 lakh crore by 2030: Axis Capital, ET BFSI
The Indian mutual fund industry is expected to become Rs 100 lakh crore in valuation by 2030, according to a report by Axis Capital.India’s mutual fund industry has doubled its AUM in just four years to reach a landmark Rs 50 lakh crore in December 2023. Prior to...
StanChart lowers income target, launches $1 bln share buyback as profit jumps 18%, ET BFSI
HONG KONG/LONDON - Standard Chartered PLC on Friday rewarded shareholders with dividends and a fresh $1 billion buyback as profit rose 18%, but set out underwhelming growth forecasts that will concern investors amid worries about global banks' exposure to China.The...
France proposes starting EU Capital Markets Union with small group of countries, ET BFSI
European Union France proposed on Friday that European Union member states which back the creation of Capital Markets Union should initially go it alone to accelerate a project that has dragged on for a decade.Speaking before a meeting of EU finance ministers in the...
RBI shares tips, ET BFSI
The number of frauds in the banking sector has increased significantly in the last few years. To protect customers against scams, the Reserve Bank of India (RBI) has time and again come up with various guidelines and to-do lists. What are things you need to keep in...
International funds offer 2.3% average return in three years. Should you invest?, ET BFSI
International funds have offered an average return of around 2.32% in three years, data crunching by ETMutualFunds showed. There were around 32 schemes in the category that have completed three years of existence in the market.In three years, around 12 schemes offered...
Robbery attempt in Jaipur, cashier shot at in PNB Bank, ET BFSI
Jaipur: Two masked men carrying weapons attempted to loot a bank here on Friday and shot at the cashier, but were forced to give up on their plan as people rushed in.The two barged in a branch of the Punjab National Bank in the Jhotwara area of Jaipur on Friday at...
Now you can UPI abroad, but don’t leave cards behind, ET BFSI
Good news for millions of UPI (unified payments interface) users is that most mainstream payment apps have been enabled for global transactions. UPI payment rails for QR scan-and-pay are in place in six countries. But do not leave your cards at home just yet. While...
Shriram looks to raise up to Rs 2,400 crore to buy Piramal stake in group firms, ET BFSI
Mumbai: The promoter entity of the Shriram Group is seeking to raise ₹2,000-2,400 crore in debt to fund the planned purchase of Piramal Enterprises' stake in Shriram Investment Holdings and other group businesses, said people aware of the plan.Shriram Ownership Trust...
ED raids SP leader, his company, BFSI News, ET BFSI
Lucknow: The Enforcement Directorate on Friday raided locations in Uttar Pradesh, Gujarat and Haryana as part of an alleged Rs 750 crore bank loan fraud linked money laundering probe against a road construction and toll plazas operating company promoted by SP leader...
Mastercard sued by digital wallet startup over access to payment tech, ET BFSI
Mastercard Inc is facing a new lawsuit by a technology startup that accused the payments giant of stymying its efforts to build a "universal" digital wallet for consumers that can work across different mobile device platforms.Massachusetts-based OV Loop Inc filed the...
Mubadala leads Rs 1100 crore funding round in Avanse, BFSI News, ET BFSI
MUMBAI: Abu Dhabi's Mubadala Investment Co, Kotak Pre-IPO Opportunities Fund and Avendus Future Leaders Fund are all set to deploy Rs 1100 crore of primary capital into Warburg Pincus backed Avanse Financial Services, said people aware of the developments. The...
More savers ditch bank deposits to flirt with equity, ET BFSI
Indian banks' biggest collective strength – exclusive access to low-cost current and savings account (CASA) deposits - can no longer be taken for granted with the average urban saver increasingly tilting in favour of higher-yielding Dalal Street instruments, such as...
Techie and bizman lose 56L in online share trading frauds, BFSI News, ET BFSI
Pune: A software engineer from Pimple Saudagar and a Wakad businessman collectively lost Rs56 lakh in online share trading frauds between Jan-end and Feb 20. An officer from the Wakad police said the businessman (44) stated in his complaint that he came across an...
Jio Financial Services hits m-cap of Rs 2 lakh crore, share price at record high, ET BFSI
The market capitalisation of Jio Financial Services (JFS) exceeded Rs 2 lakh crore for the first time on Friday, driven by a 35% surge in its share price this year.JFS shares have rallied more than 48% in the past three months and over 40% on a year-to-date (YTD)...
Are banks next in line for big RBI action for flouting KYC norms?, ET BFSI
In a significant move to curb potential fraud within the financial sector, the Reserve Bank of India took action against Paytm, signaling a broader crackdown. Last month, RBI suspended most activities of Paytm's banking affiliate. The suspension was a result of...
Is flexi loan or dropline overdraft better than a personal loan and conventional overdraft?, ET BFSI
It is not uncommon to get a call from lending institutions offering a flexi loan, also known as dropline overdraft facility. However, not many are aware how this loan works and whether it is a better option than the conventional overdraft facility or a personal loan....
Union Bank QIP lapped up by global funds, BFSI News, ET BFSI
State owned Union Bank of India has raised Rs 3000 crore through a qualified institutional placement (QIP) allowing the bank to deepen its capital and also reduce its government holding below the regulatory ceiling of 75%, multiple people aware of the details...
ADB approves USD 23 million loan to boost fintech in Gujarat, ET BFSI
New Delhi: The Asian Development Bank (ADB) on Thursday said it has approved a USD 23 million loan to enhance access to quality fintech education, research, and innovation at the Gujarat International Finance Tec-City (GIFT) in India. GIFT is a state-owned enterprise...
European Central Bank books first loss since 2004 as rate hikes bite, ET BFSI
The European Central Bank said Thursday its series of interest rate hikes had led it to a loss in 2023, its first in nearly two decades, with no swift return to profit expected.The Frankfurt-based institution lost 1.3 billion euros ($1.4 billion) last year, after...
Rs 22,500-crore dent! FPIs remain in sell mode, 6 sectors face the brunt, ET BFSI
Foreign institutional investors (FIIs) remained net sellers in the Indian market this month, with six sectors seeing outflows of over Rs 22,500 crore ($2.71 billion) in the first fortnight.However, the pace of selling slowed down from the previous fortnight when FIIs...
RBI to meet banks to examine grey areas in overseas investment rules, ET BFSI
MUMBAI: The Reserve Bank of India (RBI) will meet banks to sort out the grey areas in overseas investment (OI) regulations which have stalled the plans of several wealthy Indians, business families, and startups from taking exposures to foreign securities, funds and...
NIIF to acquire Morgan Stanley-backed in-building connectivity firm iBus for Rs 1600 crore, ET BFSI
MUMBAI: National Investment and Infrastructure Fund Ltd (NIIF), the India government-backed infrastructure fund, will acquire a majority stake in iBus Networks, a leading provider of in-building wireless solutions, for Rs 1600 crore ($200 million), said multiple...
Q3 housing loan uptake at five-year high in Ahmedabad, ET BFSI
Representative ImageAHMEDABAD: The desire to own a house of one’s dreams is becoming a reality for many across the state, considering the sharp growth in home loan disbursals and the number of takers. Rising disposable incomes and growing aspirations have collectively...
SBI becomes 5th most valuable firm; surpasses Infosys, BFSI News, ET BFSI
New Delhi, Public sector lender State Bank of India (SBI) has surpassed IT major Infosys to become the country's fifth most valued firm by market valuation on Wednesday. The scrip of the state-owned company gained 1.51 per cent to close at Rs 771.55 apiece on the BSE....
Rupee ends at over 5-month high, tracking Asian peers, foreign fund inflows, ET BFSI
The Indian rupee closed at its strongest level in more than five months on Thursday, aided by an uptick in its Asian peers and on the back of dollar inflows into the domestic share and bond markets.The rupee settled at 82.84 to the U.S. dollar, its highest closing...
Regulators need not be too conservative, should respond fast to ‘accidents’ in financial sector: Uday Kotak, ET BFSI
Veteran banker Uday Kotak on Wednesday said regulators should not be too conservative and cautious but should respond fast to "accidents" in the financial sector. "Zero accident policy is also dangerous. If you are wanting to grow fast, there will be need for good...
‘Thousands’ of new ETFs seen in $8 trillion market’s next leap, ET BFSI
New York: Outside the Fontainebleau Hotel in Miami, Florida last week, dozens of drones moved slowly through the night sky, projecting the Bitcoin symbol far and wide above one of the largest ETF gatherings of the year.But inside the annual Exchange conference,...
MSMEs demand centralised, single window system for licences and registration, ET BFSI
About 23.4 million MSMEs are currently registered on the MSME ministry’s UDYAM portal. Sections of MSMEs working across multiple states are petitioning the Union government to come up with a single window compliance and registration system, freeing them from the...
SBI crosses 50 crores customer milestone, Dinesh Khara expresses gratitude, ET BFSI
State Bank of IndiaIndia's largest public sector lender, the State Bank of India on Thursday announced over social media that it crossed about 50 crore customers, making it a monumental milestone for the bank."The Banker to Every Indian celebrates a monumental...
Can India catch up with China’s weight in MSCI index over next 5-6 years? Nilesh Shah explains, ET BFSI
Nilesh Shah, MD, Kotak AMC, says “if our governance standards falter like it has faltered in Russia, China, Brazil and South Africa, then certainly the premium valuation which we are enjoying will not be available. So as long as the 3G of growth, governance, and green...
Dvara KGFS secures USD 27 million in debt financing, BFSI News, ET BFSI
Chennai, Non-banking finance company Dvara Kshetriya Gramin Financial Services of the Dvara group has raised USD 27 million through debt funds, to fuel its growth plans in the country, the company said on Wednesday. Dvara KGFS secured USD 20 million as External...
Who will win the race in the tale of two opposites?, ET BFSI
While bulls aren't yet ready to give up on the potential of PSU bank stocks given the sharp earnings turnaround, the case for the underdogs is getting louder as the valuations of PSU banks are at historical highs while private banks are languishing near decade-long...
Nifty hits fresh record high, holds 22,200 level on gains in banking & auto stocks, ET BFSI
Indian equity indices opened marginally higher for the seventh straight session on Wednesday, with the benchmark Nifty 50 hitting fresh all-time highs, led by banking, financial and auto stocks.The BSE Sensex was trading 68 points or 0.09% higher at 73,125. Nifty50...
HSBC reports ‘record profit’ of $30.3 bn in 2023, ET BFSI
Hong Kong, Feb 21, 2024 - HSBC said Wednesday it achieved "record profit" in 2023 as pre-tax gains soared by nearly 80 percent, with the banking giant also announcing further share buybacks.The Asia-focused lender and its peers have been buoyed by rising interest...
Here’s how to increase your chances of IPO allotment, ET BFSI
There has been a trend lately, especially among retail investors to apply for an IPO. While some prefer to sell it immediately after listing while some prefer to hold it for a longer period. The number of people who wish to take advantage of any possible listing gains...
Indian SMEs expect human interaction to remain critical within a digital corporate world: HSBC survey, ET BFSI
Small and Medium Enterprises (SMSe) in India believe that the power of human interaction will continue to play a critical role in the coming decade, even as technology such as AI, robotics and quantum computing dramatically reshapes entire sectors and business models,...
Paytm bank RBI crackdown may just be the start? Banks’ rush for clients set for reckoning, ET BFSI
For Indian regulators seeking to crack down on potential fraud in the financial sector, Paytm may just be the beginning.India stunned investors last month by abruptly suspending most activities of the banking affiliate of Paytm, a once high-flying fintech star that...
Sensex snaps 6-day winning streak, slides 434 points; IT, energy stocks drag, ET BFSI
After a 6-day winning streak, benchmark equity indices took a breather on Wednesday, dragged down by information technology stocks on fading hopes of early US rate cuts and energy stocks.Barring metal, PSU bank, and realty, all major sectoral indices closed in the...
BlackRock, SBI Life among investors in Union Bank QIP, ET BFSI
State owned Union Bank of India has raised Rs 3000 crore through a qualified institutional placement (QIP) allowing the bank to deepen its capital and also reduce its government holding below the regulatory ceiling of 75%, multiple people aware of the details...
Mirae Asset Mutual Fund file draft document for Nifty MidSmallcap400 Momentum Quality 100 ETF, ET BFSI
Mirae Asset Mutual Fund has filed a draft document with Sebi for the Nifty MidSmallcap400 Momentum Quality 100 ETF. Mirae Asset Nifty MidSmallcap400 Momentum Quality 100 ETF will be an open-ended scheme replicating/tracking Nifty MidSmallcap400 Momentum Quality 100...
Indian banks seek tweaks to cenbank liquidity management to align call and repo rates, ET BFSI
MUMBAI - Cash conditions in the Indian banking system could tighten further in the coming weeks and require more active management if the central bank intends to keep the overnight cash rates close to the policy rate, several market participants said.The weighted...
Rupee ends flat as importers’ dollar demand erodes gains; Fed meeting minutes eyed, ET BFSI
The Indian rupee ended little changed on Tuesday despite rising to its highest in nearly three weeks in the session as dollar demand from state-run banks, likely on behalf of importer clients, eroded the local unit's gains, traders said.The rupee ended at 82.97...
No pledge creates absolute right for bank to recover any amount: Court, ET BFSI
CHANDIGARH: Punjab and Haryana high court has made it clear that an undertaking given by a pensioner does not create an absolute right in favour of a bank to recover any amount assessed and paid by them.HC said that in such cases the bank, in view of the undertaking,...
Best gilt mutual funds to invest in February 2024, BFSI News, ET BFSI
Mutual fund advisors are recommending gilt funds to ‘aggressive’ or ‘sophisticated’ debt investors as they believe that gilt funds are likely to offer superior returns in the coming months. This is based on the assumption that the RBI may start cutting interest rates...
Union Bank of India share price jumps 7% on Rs 3000 crore QIP, ET BFSI
Union Bank of India's share price jumped 7% to Rs 151 in Wednesday's trade on BSE after the state-owned bank approved a Rs 3,000 crore share sale proposal at a floor price of Rs 142.78 per share to fund its business growth.The floor price is at a marginal premium...
Motilal Oswal Alternates raises Rs 1,250 cr as first close of sixth realty fund, ET BFSI
MUMBAI: Motilal Oswal Alternates (MO Alts), the alternative investments arm of Motilal Oswal Financial Services, has raised over Rs 1,250 crore as the first close of its sixth real estate fund India Realty Excellence Fund VI (IREF VI) to invest across the top eight...
Kotak Bank’s rejig seen to help retain key executives and ensure stability, ET BFSI
The stock climbed 1.8% Tuesday, reflecting investor confidence in the appointmentsThe first management rejig at Kotak Mahindra Bank by its new CEO, Ashok Vaswani, has preempted potential exits of top executives who were seen as internal contenders for the top job,...
World Bank, others issue offshore India rupee bonds as demand soars, ET BFSI
MUMBAI: The World Bank's lending arm and other global institutions have issued $1.4 billion worth of offshore rupee-denominated bonds so far this year to meet strong demand spurred by India's inclusion in JP Morgan's widely tracked emerging market debt index, two...
Religare, BFSI News, ET BFSI
Mumbai: Religare Enterprises has told financial regulators there is "no occasion" for the company to approach them to seek approval for the Burman family, the financial services firm's largest shareholders, to increase their stake. The management of Religare led by...
Banks report robust home loan growth in Q3 despite high interest rates, ET BFSI
Banks reported robust growth in their home loan portfolios in the third quarter of the current fiscal year, showcasing an expansion of over 15%. Despite consistent increases in interest rates on home loans over the past two years, with the weighted average lending...
Most Indian financial institutions have a clean white shirt: Uday Kotak, ET BFSI
As the NPA levels of Indian banks are at multi-year low levels, billionaire banker Uday Kotak believes that most financial institutions now have a clean white shirt after a difficult decade 2009-19.While speaking at the Chasing Growth 2024 Investor Conference...
Bank liable for fraud ATM withdrawals
Govind Lal Sharma held a Pension Account at State Bank of India's Special Branch in the Court Complex. He was also issued an ATM card for the account.On Feb 12, 2019, at around 4.00pm Sharma received a call from 911412822408, informing him of daily debits of Rs...
Financials lift Nifty to record high for second day; Sensex reclaims 73,000, ET BFSI
Benchmark equity index Sensex closed with gains for the sixth consecutive session on Tuesday while Nifty50 hit a record high for the second session in a row, led by HDFC Bank, Axis Bank and Power Grid Corporation.The BSE benchmark Sensex advanced 349 points or 0.48%...
UK bank Barclays logs falling profit but shares rally, ET BFSI
London, Feb 20, 2024 -UK bank Barclays said on Tuesday its annual profit slid on a large restructuring charge, but shares rallied on a £10-billion ($12.6-billion) plan to return cash to investors.Profit after tax slid 15 percent to £4.3 billion last year on a...
Japan extends Rs 12,814 crore loan for 9 infra projects in India, ET BFSI
New Delhi: The Government of Japan on Tuesday committed Official Development Assistance (ODA) loan to the tune of approximately Rs 12,814 crore for nine projects across various sectors in India.The notes for the agreement were exchanged between Vikas Sheel, Additional...
Nifty Bank reclaims 47K; buy on dips for a target of 48,000, suggest experts, ET BFSI
The Nifty Bank closed in the green for the sixth day in a row to close above the 47,000 level on Tuesday. The index rose over 500 points to close at 47,094. The Nifty50, on the other hand, hit a fresh record high, ending a tad below 22,200.HDFC Bank, Axis Bank, Kotak...
Does earnings growth justify investment in small & midcap stocks?, ET BFSI
There is one segment in the investing world where greed and fear are both ruling at the same time - Indian Small and Midcap (SMID) stocks.The monster rally in SMID indices has led to their outperformance in relation to the most watched benchmark indices - the Nifty...
Kotak Mahindra Bank appoints Devang Gheewalla as CFO, ET BFSI
Kotak Mahindra Bank appoints Devang Gheewallla as CFKotak Mahindra Bank has announced the appointment of Devang Gheewalla as its new Group Chief Financial Officer (CFO), effective April 1, 2024. Gheewalla will succeed Jaimin Bhatt, who will be retiring on March 31,...
Mutual funds join multi-billion dollar PSU rally, eye 2014 record in election year, ET BFSI
The multi-billion dollar rags-to-riches story of Indian PSU stocks is leaving mutual fund managers with no option but to join the party even if they are late than momentum-chasing retail investors. The ownership of PSUs in mutual funds has just crossed a 3-year high...
SBI recruiting for Specialist Cadre Officers on regular basis, ET BFSI
State Bank of IndiaThe State Bank of India (SBI) announced the recruitment for Specialist Cadre Officer posts on regular basis, through a notification released on its website.The online applications for about 80 posts opened on Tuesday, February 13, 2024 and the...
Rupee inches higher as importers cap gains from foreign banks’ dollar sales, ET BFSI
The Indian rupee ended slightly higher on Tuesday as dollar demand from importers capped gains that came on the back of likely inflows, traders said.The rupee ended at 82.9625 against the U.S. dollar, higher by 0.06% compared to its close at 83.0150 in the previous...
Bank of America expects India fundraising to be busier than ever, ET BFSI
Fundraising activity in India will be stronger than ever over the next two years as conglomerates, tech firms and financial services providers hunt for capital to fuel growth and owners seize the moment to sell holdings, Bank of America Corp.’s co-head of investment...
At Rs 376, Paytm shares hit upper circuit for third straight session, ET BFSI
PaytmNew Delhi: Shares of Paytm's parent firm One97 Communications rallied 5 per cent and touched upper circuit for the third straight session on Tuesday. According to reports, the Directorate of Enforcement (ED), which has been probing One97 Communications' arm Paytm...
Kotak Mahindra Bank shares rally as management rejig reduces attrition risk, ET BFSI
Shares of Kotak Mahindra Bank rallied 2% on Tuesday after the private sector lender rejigged top management, elevating KVS Manian as joint managing director and Shanti Ekambaram as deputy MD.This follows shortly after Ashok Vaswani took over as MD and CEO of the bank...
Best corporate bond mutual funds to invest in February 2024, BFSI News, ET BFSI
Are you planning to invest in relatively-safe debt schemes to take care of your near-term goals? Or are you searching for ‘relatively safe’ debt funds to invest for three years or more? If the answer is yes, you can consider investing in corporate bond funds in...
Kotak Bank rejigs senior management roles, BFSI News, ET BFSI
MUMBAI: Ashok Vaswani, MD & CEO of private sector lender Kotak Mahindra Bank who took over on Jan 1 this year, on Monday announced top-level changes in the bank's top management.KVS Manian, a veteran with the bank and whole-time director now, has been designated...
Three flexi cap funds fail to beat benchmark in four consecutive years, ET BFSI
Around three flexi cap funds have failed to beat their respective benchmarks in four consecutive years, an analysis of performance of the flexi cap category showed. Around 24 flexi cap schemes have completed four years of existence in the market. Out of these 24 flexi...
Siemens, SBI among top 2 stocks that could give 12-14% return in next 12 months, ET BFSI
The 3QFY24 corporate earnings ended on a strong note, with widespread outperformance across aggregates, driven by continued margin tailwinds.Domestic cyclicals such as Autos and Financials, along with global cyclicals (i.e., Metals and O&G) drove the beat....
2k Fake Currency Notes Found in 16 Banks, BFSI News, ET BFSI
Ahmedabad: As many as 1,904 counterfeit notes in various denominations were deposited in 17 different banks in the city. The counterfeit notes, with a face value of Rs 7.29 lakh, comprised denominations including Rs 2,000, Rs 500, Rs 200, Rs 100, Rs 50, and Rs 20. A...
Small and mid cap index continue to outperform large cap index, ET BFSI
New Delhi: Mid-cap and small cap index continue to outperform the large cap index on both one month and one year period, as per a report by Tata Mutual Fund. For the year ending January 2024, Realty (108%) and PSU Bank (57%) made the highest gains while Bank (13%) was...
Despite RBI measures, banking liquidity stays tight, overnight borrowing rates climb, ET BFSI
Short-term borrowing rates have hit uncomfortably high levels days after the Reserve Bank of India's assurances to manage liquidity in the banking system.The weighted average call money rate, a crucial indicator for the RBI's monetary policy, had briefly eased towards...
Why the rupee was most stable emerging market currency?, ET BFSI
The Indian rupee was the most stable emerging market currency in the past year amid global economic uncertainty. What are the factors that contributed to its relative stability? It is largely the narrowing current account deficit (CAD), besides robust economic...
PropTech startup Crib to invest $1 million in digitising student housing and co-living market, ET BFSI
PropTech startup Crib, which specialise in technological solutions for co-living, hostels, Paying Guest (PG), and serviced apartments operators, has invested $1 million in 'Crib Plus' to digitize India's multi-billion-dollar student housing and co-living market.Crib’s...
HC calls out CBI for abuse of power while arresting former ICICI chief, husband, ET BFSI
The Bombay High Court, in an order made available on February 19, came down heavily on the Central Bureau of Investigation (CBI) over the manner in which the agency handled the loan fraud case involving former ICICI Bank chief Chanda Kochhar and her husband Deepak...
Tide aims to revolutionise SME finance in India, backed by learning & experience from UK, ET BFSI
Tide, a prominent business financial platform in the UK, has onboarded 200,000 SMEs in India since it entered the market a year ago. The fintech company serves the financial needs of small businesses, and claims to have a 10% market share among small businesses in the...
Tide aims to revolutionise SME finance in India, backed by learning & experience from UK, ET BFSI
Tide, a prominent business financial platform in the UK, has onboarded 200,000 SMEs in India since it entered the market a year ago. The fintech company serves the financial needs of small businesses, and claims to have a 10% market share among small businesses in the...
9 banks that offer high interest rates on fixed deposits, ET BFSI
Small finance banks (SFBs) often offer comparatively higher interest rates on fixed deposits (FDs) than what private and public sector banks offer. Interest rates on FDs usually range from 8 to 8.5% in small finance banks now. Higher returns can be lucrative for many...
NIIF commits Rs 207 crore to Amicus Capital, BFSI News, ET BFSI
National Investment and Infrastructure Fund Limited (NIIF) has announced a commitment of Rs207 crore ($25 million) from NIIF Fund of Funds – I, the first fund under its Private Markets business to Amicus Capital Partners India Fund II.With a target size of $200...
Indian Renewable Energy Development Agency, Punjab National Bank to co-finance green energy projects, ET BFSI
State-owned renewable sector non-banking finance company IREDA and Punjab National Bank have inked a pact to co-finance green energy projects across the country. "Indian Renewable Energy Development Agency (IREDA) and Punjab National Bank (PNB) have joined hands...
SC says no scope for belated payment, asks carrier to clear dues by March 15, ET BFSI
The Supreme Court on Monday asked low-cost carrier SpiceJet to clear all outstanding dues by March 15 in the ongoing Credit Suisse case.“There is no scope of belated payment. The respondent is not justified in saying so. The very fact that the respondent is in default...
4 mutual fund NFOs open for subscription this week, ET BFSI
Four mutual fund NFOs or new fund offers will open for subscription this week. Two multi-asset allocation funds, a dynamic asset allocation fund, and a fund of funds (overseas) will open for subscription, according to data by ACE MF.Bandhan US Treasury Bond 3-7 year...
Yasuhiro Kubota, Asia Pacific Co-CEO, Mizuho Bank, ET BFSI
Mizuho Bank, Japan’s third-largest ‘megabank’ with close to $2 trillion in assets, made its biggest bet in India with a Rs 4,100-crore capital infusion in November and followed it up with a Rs 1,200-crore investment in NBFC Credit Saison. Asia Pacific co-CEO Yasuhiro...
List of all the banks where you can get your new FASTag, ET BFSI
Following the Reserve Bank of India's (RBI) directives, the National Highway Authority of India (NHAI) has delisted Paytm from its approved Fastag providers. Despite the RBI extending the deadline for Paytm Payments Bank from February 29 to March 15, it has emphasized...
Affordable housing finance companies to see boom continuing; set for 29% growth in FY24, ET BFSI
Affordable Housing Finance Companies (AHFCs) which experienced a resurgence in growth during FY23 are expected to continue on the growth trajectory with a 29% growth in FY24 and a further 30% in FY25."The optimistic outlook for AHFCs is supported by several factors,...
Use these 6 financial, banking instruments to save taxes, ET BFSI
It doesn't have to be a hard chore for many people to save money on taxes. You may lower your tax liability and create a safe financial future with plenty of savings by making thoughtful investments in tax-saving products.Under Section 80C and other provisions of the...
PayNearby launches platform Digital Naari to generate self-employment for women, ET BFSI
PayNearby, a branchless banking and digital network, has launched a platform to generate sustainable self-employment for women, the company said in a statement on Saturday.The initiative, named by the company Digital Naari, is aimed at providing additional income...
FPI selling stands at Rs 29,519 crore for this year, ET BFSI
New Delhi: The spike in US bond yields triggered by the higher-than-expected consumer price inflation led to sustained selling by FPIs in the cash market, says V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services. In February through 16th, FPIs had...
NFRA’s first annual inspection of key audit firms to start by April, ET BFSI
The National Financial Reporting Authority (NFRA) will initiate the first annual inspection of key audit firms-including the Big Five-latest by April, focussed on their processes and standards adopted, people aware of the regulator's thinking told ET.The regulator...
Are banks closed for Chhatrapati Shivaji Maharaj Jayanti on Monday, February 19?, ET BFSI
Banks in India are closed on public holidays, with some being closed for state-specific holidays. In February banks will be closed for 11 days, according to the RBI holiday list.Banks are closed in Maharashtra. While, in other states, banks will work as regular...
FPIs sell equities worth Rs 3,776 crore in February so far, ET BFSI
After turning net sellers in January, foreign portfolio investors remained net sellers during the first fortnight in February, offloading Indian equities worth Rs 3,776 crore. With this, the net outflows in 2024 have risen to Rs 29,520 crore. The FPIs bought shares...
HDFC Bank to launch savings linked home loan, BFSI News, ET BFSI
MUMBAI: Mumbai: HDFC Bank said that home loans were growing faster than the industry post-merger and that the home loan business is helping to scale up deposits.The bank will introduce a seamless journey for home refurbishment loans by mid-March, followed by a Home...
High-flying Nvidia’s earnings could test US stock market’s AI dreams, ET BFSI
Next week's earnings report from chipmaker Nvidia could prove a gut check for one of the market's hottest names, and for the artificial intelligence fever that has helped power gains for U.S. stocks in recent months.Excitement over the business potential of AI has...
SBM Bank India appoints Ashish Vijayakar as MD & CEO, BFSI News, ET BFSI
Ashish Vijayakar, MD & CEO, SBM Bank IndiaSBM Bank India on Friday announced the appointment of Ashish Vijayakar as its Managing Director and Chief Executive Officer for a period of three years from February 17.The appointment has been made as per the approval...
BofA’s Hartnett says US tech in a bubble that’s waiting to pop, ET BFSI
A host of similarities between tech stocks now and previous bubbles suggest the Magnificent Seven is nearing — but not yet at — levels that may lead it to pop, according to Bank of America Corp. strategists.They cite a handful of indicators, such as bond yields,...
Are banks closed today, February 17?, BFSI News, ET BFSI
Banks in India are closed on national and public holidays depending on the state. In India banks are closed on Sundays, second and fourth Saturdays of the month, according to the RBI guidelines. While banks will work as usual on first, third and fifth in some...
Number of smallcaps with double-digit gains drop with some signs of profit booking, ET BFSI
Despite a subdued beginning to the week, Indian equity markets continued their resilient rally, unlike other Asian peers, buoyed by weaker-than-expected inflation data from the US.Largecaps gained traction during the week, with mid and small caps seeing some profit...
Karnataka MSMEs seek reservation in state government procurement, ET BFSI
Sections of Karnataka’s MSMEs have petitioned the state government ahead of the budget on Friday to come up with a policy for the latter to procure goods and services from them, on the lines of the Central policy. In a pre-budget memorandum, the Federation of...
Bandhan Bank authorised to collected revenues of West Bengal govt, ET BFSI
Bandhan Bank has been authorized by the West Bengal government to collect tax and non-tax receipts through the Government Receipt Portal System (GRIPS). This mandate allows people to pay taxes such as property tax, motor vehicle tax, and professional tax through the...
L&T Finance Holdings Ltd. Achieves its Highest CDP Score of ‘A-‘, ET BFSI
Mumbai, Maharashtra, India (NewsVoir) L&T Finance Holdings Ltd. (LTFH), one of the top retail financiers in the country, is thrilled to announce that the Company has achieved highest ever Carbon Disclosure Project (CDP) score of 'A-' in the 'Leadership' band. For...
Bandhan Bank stock price up 3.42 per cent as Sensex climbs , ET BFSI
Shares of Bandhan Bank Ltd. rose 3.42 per cent to Rs 204.1 at 10:05AM hours (IST) on Friday. Earlier in the day, the stock saw a gap up start to the session. As per data available on BSE, total traded quantity on the counter stood at 462,923 shares with a turnover of...
Are banks closed today?, BFSI News, ET BFSI
Amid continuous farmer demonstrations calling for the enactment of laws about minimum support prices (MSPs) and other agricultural reforms, Samyukat Kisna and the Kisan Mazdoor Morcha have unitedly called for a Bharat Bandh on February 16, 2024, as per an Economic...
Au Small Fin Bank shares gain 0.32% as Sensex rises , BFSI News, ET BFSI
Shares of Au Small Finance Bank Ltd. traded 0.32 per cent up at Rs 583.6 at 01:39PM (IST) on Friday, even as BSE benchmark Sensex gained 412.77 points to 72463.15. The scrip had settled at Rs 581.7 in the previous session. The stock quoted a 52-week high price of Rs...
These investors can get 7.25% on 444-day fixed deposit tenure, ET BFSI
IDBI Bank has revised the interest rates on its term deposits. According to the bank's website, these rates will come into effect on February 15, 2024. IDBI Bank provides interest rates ranging from 3% to 7% on FDs maturing in seven days to five years to regular...
HDFC Bank to launch savings linked home loan, BFSI News, ET BFSI
MUMBAI: Mumbai: HDFC Bank said that home loans were growing faster than the industry post-merger and that the home loan business is helping to scale up deposits.The bank will introduce a seamless journey for home refurbishment loans by mid-March, followed by a Home...
Govt to waive interest on overdue loans of district cooperative banks, ET BFSI
The Karnataka government has decided to waive interest on medium and long-term overdue loans of District Cooperative Central and Primary Cooperative Agriculture and Rural Development banks, Chief Minister Siddaramaiah said on Friday, claiming that it would benefit...
Now, card networks face stringent RBI’s KYC norms, asked to halt commercial card transactions, ET BFSI
The Reserve Bank of India (RBI) has instructed card networks to halt commercial card transactions under the Business Payment Solution Providers (BPSP) business segment. This directive from the central bank arises from concerns regarding the legitimacy and...
SBM Bank India names Ashish Vijayakar MD & CEO, BFSI News, ET BFSI
Private sector lender SBM Bank India Friday said it has appointed Ashish Vijayakar as managing director and chief executive officer.The appointment is for three years starting February 17, the bank said in a statement.Vijayakar is a veteran banker with a track record...
Sensex climbs 300 points tracking global peers, Nifty reclaims 22K, ET BFSI
In line with the rise in global peers, benchmark equity indices opened higher for the fourth consecutive day on Friday, led by banking, auto, and IT stocks.The BSE Sensex was trading 302 points or 0.42% higher at 72,353. Nifty50 was trading at 22,007, up 97 points or...
How Digital Public Infrastructure propelled growth of MSME businesses?, ET BFSI
The micro, small and medium Enterprises (MSMEs) sector contributes to nearly 30% of India’s GDP, and is a key in India’s growth journey. According to the International Finance Corporation, the credit gap for MSMEs in 128 developing countries was estimated at $5.2...
SBI announces Clerk Prelims Exam 2023 results, dates for main exam, ET BFSI
The State Bank of India (SBI) has announced the results of the Junior Associates (Customer Support & Sales) Exam. The SBI Clerk Prelims Exam 2023 took place on January 5, 6, 11, and 12, 2024. Candidates who appeared for the exam can check their results on the...
What is the interest rate of Sovereign Gold Bond, ET BFSI
Sovereign Gold Bond (SGBs) are substitutes for holding physical gold and are government securities denominated in grams of gold. The investors must pay the issue price in cash and the bonds will be redeemed in cash on maturity. SGB is issued by the Reserve Bank of...
How National Housing Bank plans to drive expansion in Indian RMBS Market?, ET BFSI
India's housing finance market, valued at around Rs 30 lakh crores in FY23, is expected to double up in next 5 years. With the demand for housing loans reaching unprecedented levels, the traditional avenues of funding may face inherent limitations. In a strategic move...
Will SBI snatch the most India’s profitable firm tag from HDFC Bank?, ET BFSI
The ongoing financial year's race for the most profitable company is anticipated to be closely monitored by analysts with HDFC Bank edging past State Bank of India to emerge as the most profitable company during the initial nine months of the current fiscal year, with...
Bearish bets on HDFC Bank rise to record levels, BFSI News, ET BFSI
Mumbai: Bearish bets on stock futures of HDFC Bank, India's most valuable lender, are at the highest level ever as concerns that the firm's profitability is under pressure are seen weighing down its share price.Total open interest, or outstanding positions, in HDFC's...
PNB, Bandhan Bank among 13 stocks under trade ban on Tuesday, ET BFSI
Thirteen stocks are under the F&O ban list on Tuesday, February 13 viz. Aditya Birla Fashion and Retail (ABFRL), Ashok Leyland, Aurobindo Pharma, Balrampur Chini, Bandhan Bank, Biocon, Delta Corp, Hindustan Copper, India Cements, Indus Towers, Punjab National Bank...
HDFC Bank taps HDFC customers for banking account, shoring up CASA, ET BFSI
After successfully completing the merger of its mortgage lender parent seven months ago, HDFC Bank is now strategically targeting customers of HDFC Ltd to expand its customer base. The technical and system integration required for this initiative has been completed,...
Sensex climbs over 450 pts, Nifty above 21,700 ahead of US inflation data, ET BFSI
Indian equity indices traded rose on Tuesday ahead of crucial U.S. inflation data, with easing domestic inflation and hopes of potential inflows after the addition of five Indian stocks into a key MSCI index aiding sentiment. The BSE Sensex was trading 462 points...
Indian banks’ margins set to fall, credit growth to moderate in FY25: S&P, ET BFSI
Funding conditions in India are likely to play a crucial role in constraining loan growth for many banks in the country, and credit expansion could moderate by 200 basis points in the next fiscal year, S&P Global Ratings said in note on Thursday.The rating agency...
No need to go to ATM; use OTP to get cash from nearby shop; how to use, ET BFSI
Unified Payments Interface (UPI) has become so popular that many do not carry cash nowadays when stepping out. All they need is a suitable phone and Internet connectivity to make payments online. This convenience has created a complication: many do not carry their...
HDFC Bank to launch home saver and home refurbishment loans, BFSI News, ET BFSI
HDFC Bank plans to launch the Home Saver product in April and Home Refurbishment loans in the coming months, said a senior bank official speaking to the media on Thursday. The Home Saver product is like an overdraft facility and will directly compete with the State...
Real-time payment service between India and US banks soon? NPCI in talks for linking, ET BFSI
The National Payments Corporation of India (NPCI) and banks in the US and India are in advanced discussions to establish a real-time payment link between the two countries, according to sources familiar with the matter. The initiative aims to leverage NPCI's expertise...
NBFCs continue to dominate market share in microfinance, banks follow : 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.The microfinance sector in India today is growing rapidly, allowing small borrowers access to...
Banks to club home loans with funding for rooftop solar gear, BFSI News, ET BFSI
Banks will bundle housing loans with rooftop solar installations, following a government push to revise and enhance these schemes to boost solar energy usage in the country, said people aware of the developments.Lenders will also consider developing and revising...
IFSCA on the job to set up international arbitration centre at IFSC, says chairman, ET BFSI
New Delhi, The International Financial Services Centres Authority (IFSCA) is "on the job" to set up an international arbitration centre at the IFSC, Gandhinagar, to speed up dispute resolution, its chairman K Rajaraman said on Wednesday. Finance Minister Nirmala...
Private equity funds close in on deal, ET BFSI
Mumbai | Kolkata: Bain Capital, Advent International and CVC Capital are among the private equity funds that are competing to buy Shriram Housing Finance Ltd (SHFL), an arm of Chennai-based non-banking finance company (NBFC) Shriram Finance, said people with knowledge...
Canara Bank raises Rs 2,000 cr from bonds, BFSI News, ET BFSI
New Delhi, State-owned Canara Bank on Wednesday said it has raised Rs 2,000 crore by issuing bonds to fund business growth. The fund has been raised through non-convertible, taxable, perpetual, subordinated, fully paid up, unsecured Basel III compliant Additional Tier...
Card networks seek clarity from RBI on compliance lapses in card-based B2B payments, ET BFSI
Global card payment players like Visa and Mastercard are reaching out to the Reserve Bank of India for clarifications on business payments made through their networks, industry insiders said.Simultaneously, fintechs offering business payment solutions are looking at...
Private equity funds close in on deal to acquire Shriram Housing Finance, ET BFSI
Representative ImageMUMBAI | KOLKATA: Bain Capital, Advent International and CVC Capital are among the private equity funds that are competing to buy Shriram Housing Finance Ltd (SHFL), an arm of Chennai-based non-banking finance company (NBFC) Shriram Finance, said...
Bearish bets on HDFC Bank rise to record levels, BFSI News, ET BFSI
Mumbai: Bearish bets on stock futures of HDFC Bank, India's most valuable lender, are at the highest level ever as concerns that the firm's profitability is under pressure are seen weighing down its share price.Total open interest, or outstanding positions, in HDFC's...
AIIMS Delhi switches to cashless system with launch of digital patient care card service, ET BFSI
The digital patient care or smart card facility was inaugurated by Union Health Minister Dr Mansukh Mandaviya in the presence of Dr M Srinivas, Director of AIIMS New Delhi, and SBI General Manager Manjeet Singh.Aiming to transition all payments to digital mode and...
Yes Bank set to recover 50% of dues from sale of Katerra India debt, ET BFSI
Yes Bank is set to recover about half of its dues from Katerra India by selling loans of the company undergoing corporate insolvency. Prudent ARC on Monday matched a counter-offer by Asset Reconstruction of India (Arcil) for Katerra India at a Swiss challenge auction...
Rebound in financials drives Sensex 483 points higher; investors gain Rs 1.93 lakh crore, ET BFSI
Benchmark equity indices closed higher on Tuesday, led by a rebound in financials, while easing domestic inflation and hopes of an increase in foreign inflows aided sentiment. IT stocks also contributed to the rally, ahead of a key US inflation report that could help...
Jana Small Finance Bank shares list with 4% discount to IPO price, ET BFSI
The shares of Jana Small Finance Bank debuted with a discount of 4.35% on the exchanges on Wednesday. The stock listed at Rs 396 on BSE as against an issue price of Rs 414.Ahead of the listing, the company's shares traded with a premium of Rs 30 in the unlisted...
Rupee ends flat tracking subdued Asian peers in lead up to US inflation data, ET BFSI
MUMBAI - The Indian rupee closed unchanged on Tuesday after hovering in a narrow range through the day's session as traders awaited the release of U.S. inflation data which may modestly spur the local unit but is not expected to cause sharp moves.The rupee ended at...
Capital Small Finance Bank debuts with 7% discount to IPO price, ET BFSI
The shares of Capital Small Finance Bank debuted with a discount of 7% on the exchanges on Wednesday. The stock listed at Rs 435 on BSE as against an issue price of Rs 468. Meanwhile, the stock listed at Rs 430.20, down 8% on NSE.Ahead of the listing, the company's...
India narrows gap with China in key MSCI index with weight hitting new high, ET BFSI
BENGALURU -India has narrowed the gap with China in MSCI's Global Standard index, which tracks emerging market stocks for investors, after the latest revision.Index provider MSCI raised India's weightage in the index to an all-time high of 18.2% on Tuesday, which...
Capital Small Finance Bank makes a disappointing debut. What should investors do now?, ET BFSI
Capital Small Finance Bank made a disappointing debut on the bourses on Wednesday, mainly on account of muted investor sentiments and current sluggishness in the market.The stock has listed at an 8% discount as against an issue price of Rs 468.Analysts said the...
Jana Small Finance Bank shares list with xx% premium/discount over IPO price, ET BFSI
The shares of Jana Small Finance Bank debuted with a premium/discount of xx% on the exchanges on Wednesday. The stock listed at Rs xx on NSE/BSE as against an issue price of Rs 414.Ahead of the listing, the company's shares traded with a premium of Rs 30 in the...
Banks’ exposure to NBFCs rises slower compared to that of MFs, ET BFSI
The credit exposure of banks to Non-Banking Financial Companies (NBFCs) stood at Rs 15.2 lakh crore in December 2023, indicating a 15.1% year-on-year (y-o-y) growth, much slower than the rate witnessed inNovember 2023 and the approximately 27% average growth for the...
Bank of America names Infosys US unit for over 57,000 users data leak, ET BFSI
Top American lender Bank of America has named Infosys McCamish Systems (IMS), the US subsidiary of Indian software services giant Infosys, as the source of a data leak owing to a ransomware attack suffered by over 57,000 of its users in November, according to...
Gold drops as traders eye US CPI data for Fed clues, ET BFSI
By Anushree Ashish Mukherjee- Gold prices slipped on Monday ahead of U.S. inflation data and comments from Federal Reserve officials that could offer insight into the central bank's interest rate plans. Spot gold was down 0.2% to $2,020.97 per ounce at 01:47 p.m. ET...
Mizuho takes 15% stake in Credit Saison as it dives deeper into India, ET BFSI
Mizuho Bank, Japan's third largest bank by assets has invested Rs 1200 crore for a 15% stake in Bangalore based non-banking finance company (NBFC) Credit Saison as it seeks to diversify into lending to small enterprises and consumer finance in India even as it expands...
Indian banks face profit squeeze as deposits lag, says S&P Global, ET BFSI
Indian banks face a slowdown in growth and profit margins as deposits lag despite higher interest rates, according to S&P.In the 2023 October-to-December quarter, most major banks reported income gains, but net interest margins (NIM) declined due to tighter...
FIIs dumped Rs 7K-crore worth Paytm shares before RBI ban. Look, what else they sold, ET BFSI
Many on Dalal Street have been dumping Paytm shares since the Reserve Bank of India (RBI) ordered its unit Paytm Payments Bank to stop many of its activities, citing non-compliance and supervisory concerns. But call it premonition or foresight, foreign institutional...
PFC incorporates subsidiary at GIFT City in Gujarat, BFSI News, ET BFSI
New Delhi, State-owned PFC Ltd on Tuesday said it has incorporated a wholly-owned subsidiary at the International Financial Services Centre (IFSC) GIFT City, Gujarat. The subsidiary, PFC Infra Finance IFSC Ltd, was officially incorporated on February 11 following a...
EY to audit 51 lakh microfinance accounts of Bandhan Bank, BFSI News, ET BFSI
E&Y is conducting audit on Bandhan Bank's 51 lakh microfinance borrower accounts as part of its mandate to examine the Rs 22750 crore worth of loans against which the bank sought insurance claims from the government. Bandhan Bank managing director Chandra Shekhar...
PM Modi & UAE President introduce UPI services in Abu Dhabi, ET BFSI
Prime Minister Narendra Modi and United Arab Emirates President Sheikh Mohammed Bin Zayed Al Nahyan on Tuesday introduced UPI (Unified Payment Interface) services in Abu Dhabi. The Indian Prime Minister is on a two-day visit to the Gulf nation where he is set to...
31 equity mutual funds offer over 50% returns in one year, ET BFSI
Around 31 equity mutual fund schemes have offered more than 50% in one-year horizon, an analysis by ETMutualFunds showed. There were around 245 equity mutual fund schemes that have completed one year in the market.These 31 equity schemes were from small cap, value...
HUDCO recruiting for Assistant and Deputy Executives across various departments, ET BFSI
The Indian public sector undertaking, Housing and Urban Development Corporation (HUDCO), which engages in housing finance and infrastructure project finance, announced the applications for the posts of Assistant Executive, Deputy Executive and Executives, through a...
Can the India-US tax treaty help you save more on your investments?, ET BFSI
In the complex landscape of Indian tax laws, an individual's residential status holds the key to understanding the scope of taxable income and reporting obligations. According to Section 6 of the Income-tax Act, 1961, individuals can be categorized as Ordinarily...
Slower growth seen in NBFC and other personal loans in December on RBI tightening, ET BFSI
Gross bank credit offtake witnessed an increase of 19.9% year-on-year (y-o-y) in December 2023 propped by sustained demand from the personal loans and services segments. However, both categories have moderated compared to prior periods and the impact of the merger...
Countries Where Indians Can Use UPI for Payments and Future Support, ET BFSI
Unified Payment Interface, commonly known as UPI, services are now available in two more countries: Sri Lanka and Mauritius. During a virtual ceremony, Prime Minister Narendra Modi said that the countries are connecting historical relations in a modern digital...
Msme Units Seek Level-playing Field, BFSI News, ET BFSI
The medium-sized units are demanding they should be included as beneficiaries under section 43B(H).While micro and small enterprises (MSEs) are seeking deferment in the implementation of section 43B(H) of the Income Tax Act that directs buyers to make payment within...
Axis Bank and Paytm Partnership for New Business Opportunities, ET BFSI
Mumbai: Axis Bank, which claims leadership in the merchant acquiring space, is in talks with Paytm regarding partnerships across business lines. The bank, which has partnered with Paytm earlier, is now discussing newer areas for collaboration following RBI’s action...
Is it possible to save Rs 2 crore in 12 years for my retirement?, ET BFSI
I am 46 years old and plan to increase my SIPs from Rs 40,000 to Rs 65,000 a month for my daughter’s education, wedding and my retirement. For her education, I need Rs 45 lakh in eight years, and for her wedding, I need Rs 40 lakh in 12 years (both current costs). I...
Mahindra Finance partners with IBM to build a Super App for financial inclusion, ET BFSI
Representative Image Mahindra & Mahindra Financial Services Limited and IBM announced their partnership to create a “Super App” aiming to provide customers with a single digital financial services platform, through a press note on Tuesday, February 13, 2024.The...
List of banks that have revised loan interest rates in February 2024, ET BFSI
Many banks have revised their loan interest rates in February 2024. Here is a list of banks that have revised their loan interest rates this month.Bank of Baroda lending rates The bank has not changed the previous rate. The overnight MCLR is at 8.05%. The one-month...
15% uptick in overall outstanding loans in Dec’23, ET BFSI
BFSI sector recorded a steady credit with strong growth in overall outstanding loans increasing by approximately 15 per cent on a yoy basis in December, 2023. Deposit growth picked up yoy and is likely to see further uptick in the current rising interest rate regime....
Japan’s Mizuho Bank acquires 15 pc stake in Credit Saison India for Rs 1,200 crore, ET BFSI
Digital non-banking finance company Credit Saison (CS) India on Tuesday said Japan's Mizuho Bank has acquired 15 per cent stake in it for Rs 1,200 crore. This is Credit Saison's first investment from an external investor, a statement from CS India said. This strategic...
Nifty Bank index advances 1.13% in an upbeat market, ET BFSI
NEW DELHI: The Nifty Bank index traded positive around 11:00AM(IST)on Tuesday in an upbeat market. Punjab National Bank(up 2.84 per cent), ICICI Bank Ltd.(up 2.24 per cent), Axis Bank Ltd.(up 1.55 per cent), Kotak Mahindra Bank Ltd.(up 1.21 per cent) and State Bank of...
List of countries where Indians can use UPI to make payments; how to activate, make payments using UPI International, ET BFSI
The Unified Payment Interface (UPI) services are now available in Sri Lanka and Mauritius, the Ministry of External Affairs announced today. Prime Minister Narendra Modi attended a virtual event marking the inauguration of Unified Payment Interface (UPI) and Rupay...
SC refuses to interfere with HCs’ orders in Indiabulls Housing’s case, ET BFSI
Representative ImageNEW DELHI: Supreme Court on Monday turned down Enforcement Directorate’s plea challenging Delhi and Bombay HC orders quashing police and ED investigation against Indiabulls Housing Finance Ltd (IHFL) and asked the agency to resort to alternative...
Canara Bank plans to seek RBI’s permission for credit card subsidiary this month, ET BFSI
Kolkata: Canara Bank will soon seek regulatory approval to convert an IT subsidiary into a credit card company as the state-owned lender aims to leverage its existing customer base for selling credit cards with unbridled focus to tap this potential growth...
BSE Sensex ends 523 points down; Nifty50 below 21,650, ET BFSI
Stock market crash today: BSE Sensex and Nifty50 were dragged down by banking stocks and Reliance Industries stock in trade on Monday. Benchmark equity indices experienced significant selling pressure in the afternoon session on Monday. The losses in bank stocks...
PSU bank stocks outshine private peers, BFSI News, ET BFSI
Mumbai: Investors who had almost written off public sector banks in favour of their private peers are being forced to reconsider some of their choices, at least for now. As state-owned lenders witness a on better asset quality and improved profitability, their shares...
udaanCapital disburses over Rs 170 cr to Saint Gobain’s distribution network, ET BFSI
New Delhi: Fintech platform udaanCaptial on Monday said it has facilitated disbursal of over Rs 170 crore working capital to the distribution network of Saint Gobain, via its channel financing programme for MSMEs. Saint Gobain, a global glass manufacturer, partnered...
A bank for transaction of ‘spirituality & inner peace’, ET BFSI
AYODHYA: There is a unique bank in the land of Lord Ram where money does not matter and the only return its 35,000 account holders get is peace of mind, faith and spirituality.Catching the attention of devotees and tourists visiting the newly-constructed Ram temple is...
NRI home buyer gets a relief from paying income tax on imposed income of Rs 40.45 lakh, due to delayed registry, ET BFSI
The Delhi bench of the Income-tax Appellate Tribunal (ITAT) has spared a non-resident Indian (NRI) from paying any tax in a case dealing with underpayment of stamp value related to the purchase of a flat in Mumbai, where payment period was three years. The assessing...
Here’s how you can check status, ET BFSI
The share allotment of Jana Small Finance Bank is likely to be finalised today. On the allotment date, investors get to know about the number of shares allotted to them as against the bids made.They can check the allotment status through the BSE or by visiting the...
Sachin Bansal’s Navi Finserv to raise Rs 600 crore through NCDs, ET BFSI
Flipkart cofounder Sachin Bansal’s lending startup Navi Finserv is looking to raise Rs 600 crore through non-convertible debentures (NCDs), the company said in a statement on Monday.The bonds will have tenors of 18, 27 and 36 months with effective yields ranging from...
Why public sector banks are beating private banks on the stock market, ET BFSI
Public sector banks, once overshadowed by their private counterparts, are now regaining investor interest due to improved asset quality and profitability. Recent market trends show state-owned lenders outperforming private banks, with shares of banks like State Bank...
7 NFOs open for subscription this week, BFSI News, ET BFSI
Seven mutual fund NFOs or new fund offers will open for subscription this week. While Mirae Asset Nifty Smallcap 250 Momentum Quality 100 ETF, and Kotak Technology Fund have already kicked off, Union Business Cycle Fund, Edelweiss Technology Fund, Baroda BNP Paribas...
Yes Bank shares fall 11% on profit booking post 40% rally. Should you buy, sell or hold?, ET BFSI
Yes Bank shares fell nearly 11% in the intraday trade to the day's low of Rs 28.05 on the NSE on Monday amid profit booking, having witnessed a near 40% rally in the past four trading sessions. The stock has been on a strong uptrend after the Reserve Bank of India's...
Rupee ends little changed as dollar’s uptick erodes early gains, ET BFSI
MUMBAI - The Indian rupee ended little changed on Monday as an uptick in the dollar index eroded the local currency's early gains which were aided by mild dollar sales from foreign and local private banks, traders said.The rupee ended at 83.0025 against the U.S....
Ex-bank Exec Dupes 85-Yr-Old of Rs 9.4 Crore in Name of Stocks, ET BFSI
MUMBAI: A former executive of a multinational bank has been arrested for transferring an 85-year-old customer’s Rs 9.4 crore into his own personal accounts from 2019-23 after convincing him to invest in stocks.The alleged swindler, Ravi Sharma, was arrested by Gamdevi...
Tata Power, RBL Bank among 5 stocks with short buildup, ET BFSI
In Monday’s trading session, the following five stocks witnessed a build of fresh short positions. Lets first understand how this conclusion is reached that whether the stock has seen a buildup of fresh short position or not. To understand it we have to look at what “...
Here’s how you can check status, ET BFSI
The share allotment of Capital Small Finance Bank will likely be finalised today. On the allotment date, investors get to know about the number of shares allotted to them as against the bids made.They can check the allotment status through the BSE or by visiting the...
Luxury car financing market surges as more Indians trade up, BFSI News, ET BFSI
The consumer behaviour has changed since Covid, with more wealthy and higher-middle-class Indians now open to splurge on luxury.Sales of luxury vehicles are growing at a quick pace in India, so is the demand for loans to finance those purchases.Banks such as HDFC...
Businesses navigate new tax law impacting MSE payments, seek government intervention, ET BFSI
Many big and small businesses are playing a cat-and-mouse game. Some are taking an aggressive stance, while most are waiting it out, knocking on the government's doors, as a well-meaning, yet unsettling, law aims to move the wheels of commerce faster. Under the law -...
Banks ask RBI to permit foreign ETPs to execute g-sec trades, ET BFSI
Ahead of Indian sovereign debt’s inclusion in global bond indices, some banks have on behalf of their overseas clients requested the Reserve Bank of India to permit international electronic trading platforms to execute trades in domestic government securities in order...
EPF interest rate hiked to 8.25% for FY 23-24; 4 ways to check your EPF balance, ET BFSI
The Central Board of Trustees (CBT) EPF has proposed an annual rate of interest on EPF accounts for the fiscal year 2023-24. This interest rate will be formally announced in the government gazette if approved by the Ministry of Finance. EPFO will then credit the...
NSE Q3 net profit rises 8 pc to Rs 1,975 cr, BFSI News, ET BFSI
New Delhi: The National Stock Exchange (NSE) on Saturday reported an 8 per cent rise in consolidated net profit to Rs 1,975 crore for three months ended December 2023. The consolidated income from operations stood at Rs 3,517 crore for the October-December quarter of...
IndusInd Bank Staff Arrested for Misappropriating 7.33 Crore
Coimbatore: The city crime branch police on Friday arrested the deputy branch manager and two cashiers of IndusInd Bank’s Coimbatore branch and three customers for misappropriation of 7.33 crore. Police also have formed a special team to arrest 10 more accused in the...
FIIs sell Indian stocks worth Rs 29,000 crore so far in 2024. What’s the stress point?, ET BFSI
Adding to the selling pressure on Sensex and Nifty, foreign institutional investors or FIIs have been net sellers on Dalal Street to the tune of Rs 28,819 crore so far in the calendar year 2024. However, on the other hand, dollar money has been flowing into debt with...
Canara Bank may join Team Nifty Bank, inflows of $73 million expected, ET BFSI
At the expense of Bandhan Bank, PSU stock Canara Bank is likely to make it to Nifty Bank, which may lead to inflows worth $73 million from passive funds. The semi-annual index rejig will come into effect from March 31 but an announcement on this is expected from Nifty...
Interest rates on provident funds for 2023-24 recommended at 8.25%, ET BFSI
New Delhi [India], February 10 (ANI): An interest rate of 8.25 per cent would be provided on Employees' Provident Fund (EPF) deposits for 2023-24, and a decision around it was taken at the 235th meeting of Central Board of Trustees held on Saturday.In 2022-23, the...
MD & CEO Ajay Kumar Srivastava, ET BFSI
Public sector Indian Overseas Bank has drawn up expansion plans to open 88 new branches during the year commemorating the 88th Foundation Day celebrations, a top official said on Saturday. The Chennai-headquartered bank marking the occasion unveiled RuPay Credit Card...
Inflation, industrial production data, global trends to drive market trends this week: Analysts, ET BFSI
New Delhi: Stock markets would take cues from the upcoming macroeconomic data announcements and global trends besides keeping a watch on the trading activity of foreign investors, analysts said. The last batch of the ongoing earnings calendar would trigger...
YES Bank shares jump 32% in 1 week. What should traders do?, ET BFSI
YES Bank shares jumped 32% in the week to witness a breakout with strong volumes, indicating a significant base formation on the technical chart. “The support for the stock is established at Rs 27, and any pullbacks towards this support level present an opportunity to...
FPIs infuse over Rs 15,000 cr in debt mkt in Feb, ET BFSI
New Delhi: Foreign Portfolio Investors (FPIs) continued their bullish stance on the country's debt markets with a net infusion of over Rs 15,000 crore so far this month, on the back of inclusion of Indian government bonds in the JP Morgan Index along with relatively...
India Shelter Finance Corporation releases maiden result post IPO, registers strong AUM growth of 42%, ET BFSI
NEW DELHI: India Shelter Finance Corporation Limited (ISFC) reported impressive first financial results for FY 2024, reflecting robust performance after its successful IPO. The company's board approved unaudited results for the quarter and nine months ending December...
Punjab & Sind bank partners with WDRA to offer low-interest loans against e-NWRs for farmers, ET BFSI
PUNE: In a bid to empower farmers and traders with accessible financing options, the Warehousing Development Regulatory Authority (WDRA) has sealed a Memorandum of Understanding (MoU) with Punjab & Sind Bank (PSB). The collaboration, aimed at bolstering awareness...
Market cap of 4 most valued firms jumps Rs 2.18 lakh crore; LIC, SBI lead gainers, ET BFSI
NEW DELHI: Four of the top-10 most valued firms together added Rs 2.18 lakh crore in market valuation last week, with Life Insurance Corporation and State Bank of India emerging as the biggest gainers. From the top-10 pack, Reliance Industries, Tata Consultancy...
Consumer Panel, BFSI News, ET BFSI
Raipur: The Chhattisgarh State Consumer Disputes Redressal Commission has upheld a district commission's order, stating that the State Bank of India (SBI) has committed gross negligence and deficiency in service, facilitating an illegal withdrawal of Rs 1,33,890...
US Short-seller alleges accounting fraud by Fairfax, ET BFSI
Indian-Canadian entrepreneur Prem Watsa's Fairfax Financial Holdings has faced a short seller attack from US hedge fund Muddy Waters, which alleged wrongdoing on the part of the Toronto Stock Exchange-listed company and sent its shares tumbling by 12% on Thursday. The...
Bandhan Bank aims to increase secured loan portfolio to 50% by FY26, says CEO Chandra Shekhar Ghosh, ET BFSI
Bandhan Bank is targeting to increase its share of the secured loan portfolio to 50% of the total loan book by FY26, Chandra Shekhar Ghosh, MD and CEO of Bandhan Bank, informed analysts soon after declaring its Q3 results. Last November, the Reserve Bank of India...
Last leg of Q3 earnings among 5 factors to dictate Nifty mood this week, ET BFSI
Led by the downside in private bank stocks, Nifty slipped 0.33% lower and broadly consolidated in the 21,600–22,000 range during the week. PSU banks outshined with SBI leading with a 12% upside in just five days.Going ahead, analysts expect the consolidation to...
SoftBank Group posts $6.6 bln profit, first in five quarters, BFSI News, ET BFSI
TOKYO: SoftBank Group posted its first profit in five quarters on Thursday thanks to the increased value of publicly listed investments, marking a turnaround for the Japanese company after a period of slashing investment activity and selling off...
Repo rate left unchanged at 6.5%; Sensex slide over 700 points, ET BFSI
MUMBAI - The Reserve Bank of India on Thursday left the repo rate unchanged at 6.50% following the conclusion of its three-day monetary policy meeting. This is the sixth consecutive time the central bank has left policy rates untouched. The Monetary Policy Committee...
RBI Hikes Cap on Bank Directors’ Fees, BFSI News, ET BFSI
MUMBAI: The RBI has increased the ceiling on fees paid to non-executive directors of banks to Rs 30 lakh per year from the existing level of Rs 20 lakh. The revision comes two years after RBI came out with new guidelines for directors as a part of corporate...
Sensex rises 140 points, Nifty above 21,760; LIC jumps 5%, Zomato 4%, ET BFSI
After the Reserve Bank of India (RBI) kept the interest rate unchanged, Indian benchmark indices traded marginally higher in a volatile market on Friday, led by Reliance Industries, and ICICI Bank.The BSE Sensex was trading 144 points or 0.20% higher at 71,582....
Profit surges 2.5 times YoY to Rs 733 crore, ET BFSI
Lower provisions helped private sector Bandhan Bank report an over two-and-a-half fold jump in net profit at Rs 733 crore for the third quarter to December 31, 2023 against Rs 291 crore in the year-ago period, while a fall in other income put pressure on operating...
Rupee falls 5 paise to 83.01 against US dollar in early trade, ET BFSI
The rupee depreciated 5 paise to 83.01 against the US dollar in early trade on Friday, tracking a strong American currency and elevated crude oil prices in the international market. Forex traders said a negative trend in domestic equities and foreign fund inflows...
Three ways to invest in HDFC Bank tax-saving FDs, BFSI News, ET BFSI
Investing in a tax-saving Fixed Deposit (FD) with a bank stands out as a highly favored choice among investors seeking to leverage the benefits of Section 80C within the ambit of the Income Tax Act. Many individuals opt for this investment avenue for tax-saving...
Govts must recognize potential of innovative finance in clean technology, ET BFSI
The government's detailed framework and financial incentives for BESS projects, along with initiatives like IndiGrid's awarded 20 MW/40 MWh project in Delhi, further emphasise BESS as a critical element for grid reliability and decarbonization.In the pursuit of a...
Check subscription on last day, GMP and other details, ET BFSI
The initial public offer (IPO) of Capital Small Finance Bank was subscribed 4 times on the third day of the bidding process. All the categories reserved for the Rs 523-cr IPO were fully subscribed.The IPO is a fresh equity issue of Rs 450 crore and an offer for sale...
Multi-billion dollar PSU stock rally and the hidden hand of low free float, ET BFSI
Imagine a stock worth Rs 28,000 crore but free float as low as 1%, which means shares worth only Rs 280 crore are available for trading in the open market. Low public float means less supply and when even a few investors start buying, the stock price can skyrocket...
Jana Small Finance Bank IPO booked 18.5 times on last day. Check GMP and other details, ET BFSI
Jana Small Finance Bank IPO was subscribed 18.5 times on Friday, the third day of the bidding process, led by robust bidding from non-institutional and institutional investors. The categories of QIBs and NIIs were booked 38 times and 25 times, respectively. The retail...
Rs 40,000-crore blow! FPIs dumped stocks from 7 sectors in January, but one bore the brunt of it, ET BFSI
After pumping in billions of dollars into Indian equities during November and December, 2023, foreign portfolio investors went on a reverse mode in January, as they dumped stocks worth about Rs 40,300 crore ($4.8 billion) across seven sectors. But, one sector bore the...
HDFC Bank increases FD interest rates by up to 25 bps; now earn 7.75% on this fixed deposit tenure, ET BFSI
HDFC Bank has increased fixed deposit interest rates on certain tenures by up to 25 basis points (bps) for deposits below Rs 2 crore. The new FD rates are effective from February 9, 2024, as per the HDFC Bank website. Which FD tenure interest rate has HDFC Bank?The...
Sensex rises 167 points in volatile trade on gains in RIL and banking stocks, ET BFSI
Indian equity indices closed with gains in a highly volatile market on Friday, led by the index heavyweights Reliance Industries, banking and financial stocks.The S&P BSE Sensex rose 167 points or 0.23% to settle at 71,595. The broader NSE Nifty gained 64 points...
IDBI Bank Announces Results for Executive Post Exam 2024, Cut-off Marks Revealed; Direct Link, ET BFSI
IDBI Executive Result 2024: The Industrial Development Bank of India (IDBI) has recently declared the results for the Executive post examination held on December 30, 2024. Aspirants who participated in the exam can now access their IDBI Bank results 2024 by logging in...
Rupee falls 7 paise to close at 83.03 against US dollar, BFSI News, ET BFSI
MUMBAI: The rupee depreciated by 7 paise to 83.03 (provisional) against the US dollar on Friday, tracking a strong American currency and elevated crude oil prices in the international market. Forex traders said the Indian rupee depreciated as foreign fund outflows...
YES Bank shares surge 9%, hit fresh 52-week high. Here’s why, BFSI News, ET BFSI
YES Bank shares shot up over 9% in the early trade on Friday and hit a fresh 52-week high on the buzz that State Bank of India (SBI) was mulling booking partial profits in the private lender by selling a stake via block deals. YES Bank shares settled marginally lower...
What is the last date of completing tax-savings investments?, ET BFSI
If you still have not completed the tax-saving exercise for the financial year 2023-24, then you should hurry up as March 31, 2024 is the last date to do it. Remember, if the tax-saving related investments and expenditures are not made by you by this date, then your...
Cashinvoice partners with HDFC Bank to enhance supply chain finance solutions, ET BFSI
Mumbai-based supply chain financing platform Cashinvoice has raised $3.4 million in its Series A round from HDFC Bank, Pravega Ventures and Accion Venture Labs. Founded in 2019, the fintech firm operates a digital marketplace for invoice discounting, providing...
Employer deals earn BofA more than $10 bln in deposits, investments, ET BFSI
Some banks, NBFCs and finance institutions like SIDBI and NIIF may be affected due to the provisioning rules, especially if the AIF's investment involves stressed loans of the investee NBFCs or banksBank of America has brought in $10.5 billion in deposits and...
Bank of India MF aims to raise Rs 500 crore from multi-asset allocation fund in NFO period, ET BFSI
NEW DELHI: Bank of India Mutual Fund is targeting to garner at least Rs 500 crore through its newly launched multi-asset allocation fund during the primary subscription period.The new fund offer (NFO) of Bank of India Multi Asset Allocation Fund, which opened for...
Net Profit 7.33 Billion Rupees, BFSI News, ET BFSI
India's Bandhan Bank Q3 Net Profit 7.33 Billion Rupees Updated On Feb 9, 2024 at 04:21 PM IST Bandhan Bank Ltd:* INDIA'S BANDHAN BANK Q3 NET PROFIT 7.33 BILLION RUPEES* BANDHAN BANK Q3 GROSS NPA 7.02%* BANDHAN BANK Q3 INTEREST EARNED 46.65 BILLION RUPEES* BANDHAN BANK...
More Indian asset managers shift overseas business to GIFT City, ET BFSI
Several Indian asset managers said they are moving, or planning to move, some offshore fund business from financial centres such as Dubai and Singapore to a finance hub in the western state of Gujarat to gain better access to India's capital markets.The Indian...
UGRO Capital NCDs offer effective yields up to 11.03%; subscription open until February 21, ET BFSI
UGRO Capital's non-convertible debentures (NCDs) opened on February 8 for subscription and the investors of this issue have the opportunity to earn between 10.72% and 11.03% income per annum across categories. The face value of each NCD is Rs 1,000 (1 NCD).It will...
Three ways to invest in HDFC Bank tax-saving FDs, BFSI News, ET BFSI
Investing in a tax-saving Fixed Deposit (FD) with a bank stands out as a highly favored choice among investors seeking to leverage the benefits of Section 80C within the ambit of the Income Tax Act. Many individuals opt for this investment avenue for tax-saving...
Hero MotoCorp, Mamaearth, Tata Power among 350 companies to announce earnings, ET BFSI
Over 350 companies will be announcing their December quarter earnings on Friday, with Street tracking the results of Hero MotoCorp, Mamaerath’s parent Honasa Consumer and Tata Power.Among other important results will be those by Alkem Laboratories, Bajaj Hindusthan...
SC adjourns hearing on CBI’s plea against interim bail to ex-ICICI Bank chief Chanda Kochhar, ET BFSI
New Delhi: The Supreme Court on Friday adjourned till February 12 the hearing on the CBI's petition challenging interim bail granted by the Bombay High Court to former ICICI Bank chief Chanda Kochhar in the alleged Videocon loan fraud case. At the very outset, a Bench...
IMF urges Bank of Japan to end bond yield control, huge asset buying, ET BFSI
TOKYO: The Bank of Japan should consider ending its yield curve control and massive asset purchases now, then gradually raise short-term interest rates, the IMF said on Friday, as markets ramp up bets on a near-term turn in the central bank's ultra-easy policy.As...
Home loan EMIs may fall 3.5% this year despite RBI MPC holding repo rate, ET BFSI
Home loan borrowers’ wait for a fall in their EMIs got longer with the RBI deciding to keep the repo rate unchanged for the sixth consecutive MPC meeting since February 2023. The borrowers have been eagerly waiting for the interest rate cycle to reverse so that they...
Credit still king of shopper street, BFSI News, ET BFSI
Credit-driven purchases picked up pace in 2023, with credit card dues surging to a six-year high, gold loans increasing in high teens and vehicle and home loans expanding in double digits year-on-year, showed the latest RBI data.Chief executives said last year saw...
Zomato, LIC, Grasim among 270 companies to announce earnings, ET BFSI
Over the halfway mark into the earnings season, 270 companies will be announcing their December quarter earnings on Thursday with Street tracking the results of food delivery platform Zomato and state-run insurer Life Insurance Corporation (LIC) along with one by...
Yes Bank shares rally for 3rd straight session, extend gains to 43%, ET BFSI
Shares of Yes Bank continued their winning run for the third session in a row on Thursday, hitting a fresh 52-week high of Rs 32.70 on the NSE. The private lender's stock has rallied nearly 43% during this period after the Reserve Bank of India's (RBI) nod to HDFC...
Modi effect? LIC shares zoom 9% to become 4th largest stock, bigger than ICICI Bank, ET BFSI
A day after Prime Minister Narendra Modi highlighted the success of Life Insurance Corporation of India (LIC) openly in the Rajya Sabha, the PSU stock jumped 9.5% to a fresh all-time peak of Rs 1,144 on BSE. LIC's market capitalisation crossed the Rs 7 lakh crore mark...
New York Community Bank woes renew banking sector fears, BFSI News, ET BFSI
New York, Feb 08, 2024 - The US regional bank NYCB, which took over Signature Bank last year, saw its share price plummet and then rebound on Wednesday after posting disappointing earnings results and a downgrade by Moody's.New York Community Bank's shares plummeted...
Private banks pull Sensex 724 points lower as RBI holds rates steady, ET BFSI
Sensex fell 724 points on Thursday, while Nifty tumbled below 21,750 levels with rate-sensitive banks and auto stocks leading the downside after the Reserve Bank of India (RBI) kept interest rate unchanged, as was expected, but fell short of keeping a dovish tone.The...
Finmin to PSU banks, ET BFSI
Financial Services Secretary Vivek Joshi has asked public sector banks and insurance companies to deal with sensitivity the cases of trade finance and insurance to exporters who are facing problems on account of the Red Sea crisis. "In view of the Red Sea crisis, we...
LIC Mutual Fund launches LIC MF Nifty Midcap 100 ETF, BFSI News, ET BFSI
LIC Mutual Fund on Thursday launched LIC MF Nifty Midcap 100 ETF, an open-ended scheme, replicating/tracking the Nifty Midcap 100 Total Return Index.The new fund offer or the NFO of the scheme is open for subscription and will close on February 12. The scheme will...
Karnataka Bank launches centenary campaign, BFSI News, ET BFSI
Karnataka BankThe Mangaluru-headquartered Karnataka Bank, one of India's oldest private sector banks, has launched its centenary campaign, 'Bharat Ka Karnataka Bank,' marking a hundred years of its service to the nation. Commemorating a century of banking legacy, the...
Online facility to ease onboarding and seeding of Aadhaar for APY subscribers, ET BFSI
The government of India launched the Atal Pension Yojana (APY) to promote a society inclusive of pensions and give all Indian citizens working in the unorganised sector a way to guarantee their income in old age. The Pension Fund and Regulatory and Development...
Full List of Closure Dates State-Wise, ET BFSI
Bank holidays February 2024: The Reserve Bank of India (RBI) has released a schedule detailing bank closures for the month. Across various states in India, banks will be closed for a total of 10 days in February 2024. These closures include the routine second and...
Govt launches DigiReady Certification portal to empower MSMEs, small retailers, ET BFSI
The Quality Council of India (QCI) and Open Network for Digital Commerce (ONDC) announced the launch of the DigiReady Certification (DRC) portal, Ministry of Commerce & Industry said on Thursday. By leveraging this online self-assessment tool, MSMEs can evaluate...
Eligibility, fees and charges, features, ET BFSI
In an effort to expand its card business and reach small and medium-sized businesses (SME), HDFC Bank introduced four credit cards. The four credit cards are BizFirst, BizGrow, BizPower, and BizBlack, as per an HDFC Bank press release issued on February 6,...
60 equity mutual fund schemes fail to beat benchmark in three, five, seven, and 10 years, ET BFSI
Around 60 equity mutual fund schemes have failed to beat their respective benchmarks in three, five, seven, and 10 year horizons, an analysis of performance showed. For the study, we considered the trailing returns of 146 equity schemes that have completed three years...
Bank & other rate-sensitive stocks fall up to 8% post RBI policy decision, ET BFSI
Shares of rate-sensitive sectors like banking, finance, auto, and real estate fell as much as 8% after the Reserve Bank of India’s (RBI) policy decision.The RBI on Thursday left the repo rate unchanged at 6.50% following the conclusion of its three-day monetary policy...
Sensex falls over 700 points after RBI announcement. How did Shaktikanta Das spook the market?, ET BFSI
Sensex on Thursday fell over 700 points, while Nifty tumbled close to 21,700 levels with rate-sensitive banks and auto stocks leading the downside after the Reserve Bank of India (RBI) kept interest rate unchanged, as expected, but fell short of keeping a dovish...
Despite RBI MPC holding repo rate, home loan EMIs may fall 3.5% this year, ET BFSI
Home loan borrowers’ wait for a fall in their EMIs got longer with the RBI deciding to keep the repo rate unchanged for the sixth consecutive MPC meeting since February 2023. The borrowers have been eagerly waiting for the interest rate cycle to reverse so that they...
Check subscription on Day 1, GMP and other details, ET BFSI
The initial public offer (IPO) of Jana Small Finance Bank was subscribed 59% on Wednesday, the first day of the bidding process. The retail portion of the issue was booked the most at 91%, followed by non-institutional investors at 66%. There were no bids yet in the...
PSU bank shares jump up to 13% ahead of RBI MPC outcome; IOB top gainer, ET BFSI
Shares of PSU banks jumped up to 13% on Wednesday ahead of Thursday's monetary policy meeting by the Reserve Bank of India (RBI) where the Central Bank is expected to strike a dovish note. Moreover, bond yields drifted lower on Wednesday which led to heightened...
HDFC Bank raises $700 mn from two international bond issues via Gift City IFSC, ET BFSI
Mumbai: HDFC Bank has raised $700 million from two tranches of a foreign bond issuance, which includes a $300 million sustainable bond issue. The sustainable bond issuance is part of an overall raise of $750 million through Regulation S Bonds.Of the $700 million...
Capital Small Finance Bank IPO subscribed 50 pc on Day 1 of offer, ET BFSI
New Delhi: The initial share sale of Capital Small Finance Bank Ltd received 50 per cent subscription on the first day of bidding on Wednesday. The Rs 523 crore-IPO got bids for 40,77,696 shares against 81,47,373 shares on offer, as per data available with the NSE....
Online application for 500 posts to begin on Feb 12; check how to apply, ET BFSI
IDBI JAM recruitment 2024: The Industrial Development Bank of India (IDBI) has released the notification for IDBI Bank JAM recruitment 2024. The recruitment drive aims to fill 500 Junior Assistant Manager posts in the IDBI.Eligible candidates will be able to apply for...
Jana Small Finance Bank IPO subscribed 88 pc on first day of bidding, ET BFSI
New Delhi: The Initial Public Offering (IPO) of Jana Small Finance Bank was subscribed 88 per cent on the first day of subscription on Wednesday. Private equity majors TPG and Morgan Stanley-backed IPO received bids for 89,11,404 shares against 1,01,16,284 shares on...
Manappuram Finance tops Q3 profit view on strong loan demand, BFSI News, ET BFSI
BENGALURU - Manappuram Finance, one of India's biggest gold-loan providers, reported a bigger-than-expected rise in third-quarter profit on Wednesday, aided by strong demand in its non-gold business like auto and housing loans.The gold-loan financier's profit rose...
IndusInd Bank revises FD interest rates; now earn 8.25% on this fixed deposit tenure, ET BFSI
IndusInd Bank has revised the interest rates on fixed deposits under Rs 2 crore. The new rates came into effect on February 6, 2024, according to the bank's official website.The bank now offers an interest rate of 3.50 per cent on FDs with maturities between 7 days to...
Sensex ends flat after volatile session as IT drags; cenbank policy in focus, ET BFSI
Indian equity indices closed flat on Wednesday as gains from index heavyweights Reliance Industries, SBI and Axis Bank were offset by Infosys, TCS, and HDFC Bank.Information technology stocks dropped after global major Cognizant's quarterly results and commentary...
Yes Bank shares jump 23% in two days after RBI allows HDFC Bank to pick 9.5% stake, ET BFSI
Shares of Yes Bank continued their winning run for the second session in a row on Wednesday, gaining nearly 23% following a rally in stock after Reserve Bank of India's (RBI) nod to HDFC Bank for acquiring up to 9.50% of the paid-up share capital or voting rights of...
Rupee rises 9 paise to close at 82.96 against US dollar, BFSI News, ET BFSI
Mumbai, The rupee appreciated 9 paise to close at 82.96 (provisional) against the US dollar on Wednesday, tracking a correction in the greenback against major currencies and fresh foreign capital inflows. However, a rise in crude oil prices and muted domestic markets...
Yes Bank, LeRemitt in pact to enable smooth cross-border transactions for MSMEs, ET BFSI
Fintech startup LeRemitt and Yes Bank have partnered to introduce a cross-border platform that enables micro, small and medium enterprises (MSMEs) to conduct international transactions in key currencies, including US dollars and euro, according to a statement released...
Corporate loan demand gets stronger as govt focuses on infra development, ET BFSI
Corporate loan demand in banks has surged during the third quarter, driven by increasing requests from companies in the infrastructure and power sectors. This growth is attributed to the anticipation of a faster-paced economy and the government's focus on...
Retail loan growth moderates in Sept qtr; unsecured loan NPAs go up: Report, ET BFSI
Mumbai: Lenders tightened credit supply in the September quarter, leading to a slowdown in retail credit growth, a credit information company said on Tuesday. The unsecured loans of personal loans and credit cards, which have come under intense regulatory scrutiny,...
Singapore bank DBS cuts CEO pay on digital disruptions despite record profit, ET BFSI
SINGAPORE: DBS Group cut CEO Piyush Gupta's pay by S$4.1 million ($3.05 million), penalising him for last year's digital banking disruptions, even as Singapore's largest lender posted a record 2023 profit and its fourth quarter earnings beat expectations.The pay cut...
Juspay, Zoho, Decentro secure RBI nod for payment aggregator business, ET BFSI
Even at a time when the Reserve Bank of India is tightening controls over the fintech industry, fintech startups are getting the regulatory nod to operate as payment aggregators.Two fintech startups Juspay and Decentro have received the final licence to operate as...
Jana Small Finance Bank IPO opens for subscription. Should you bid?, ET BFSI
The initial public offer (IPO) of Jana Small Finance Bank opened for subscription today. Through the issue, the company plans to raise about Rs 570 crore. Ahead of the issue opening, the company raised Rs 167 crore from anchor investors.Jana SFB is the fourth-largest...
With 9.9% growth, Nifty Microcap 250 emerged as best performing index in Jan, ET BFSI
New Delhi: In January 2024, Nifty Microcap 250 emerged as the best performing Index with an impressive growth of 9.9%, according to a report by Motilal Oswal Asset Management Company.The Index has been performing well since the past year and has given 26.8%, 41.9%,...
SBI leads debit cards market, HDFC Bank dominates credit cards share in Dec’23, 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 December 2023, revealed latest data by 1Lattice.Top banks followed the list like Bank of Baroda which held about 10 per...
Record sales in Indian financial stocks snap FPI buying streak in January, ET BFSI
BENGALURU - Foreign portfolio investors (FPI) sold a record amount of Indian financials in January - the sector in which they have the largest holdings - after the country's largest lender HDFC Bank posted disappointing earnings, according to National Securities...
US appeals court to weigh fate of $12 bn bank collusion case, BFSI News, ET BFSI
A U.S. appeals court on Monday said it will hear a challenge to a judge's order allowing American cities to band together in a $12 billion class action accusing eight major banks of artificially inflating interest rates on a popular municipal bond.The New York-based...
Three IPOs to hit primary market on Wednesday; aim to raise Rs 1,700 cr, ET BFSI
New Delhi: The IPO lane is getting busy with three entities -- Rashi Peripherals, Jana Small Finance Bank and Capital Small Finance Bank-- set to float their maiden public issues on Wednesday to collectively mobilise around Rs 1,700 crore. Additionally, Entero...
UBS to reward shareholders as Credit Suisse-linked losses narrow, ET BFSI
Zurich, Feb 06, 2024 - Swiss banking giant UBS said Tuesday it would hand shareholders up to $1 billion in share buybacks as it posted a smaller-than-expected quarterly loss stemming from the costs of absorbing fallen rival Credit Suisse.Presenting its fourth-quarter...
GrowthCap Ventures secures initial funding of Rs 20 crore, ET BFSI
GrowthCap Ventures, a category II AIF fund, has secured an initial funding of Rs 20 crore. The firm is now poised to make investments in early-stage startups specializing in Fintech, SaaS and Deeptech, offering funding in the range of Rs 2 crore Rs 6 crore. The...
Deutsche Bank no longer expects U.S. recession in 2024, BFSI News, ET BFSI
Deutsche Bank no longer expect the U.S. economy to tip into recession this year, given cooling inflation and the labor market returning to a "better balance" without unemployment rising significantly.The brokerage earlier expected the economy to enter a mild recession...
Tata Group first Indian conglomerate to cross Rs 30 lakh crore market capitalisation, ET BFSI
Tata Group first Indian conglomerate to cross Rs 30 lakh crore market capitalisationTata Group achieved a historic milestone as its combined market capitalization surpassed Rs 30 lakh crore on February 6, making it the first Indian business house to reach this...
Here’s all you need to know, ET BFSI
Jana Small Finance Bank is coming up with its maiden public offer, which will open for subscription on February 7. The issue closes on February 9. The company had received approval for the Rs 570 crore IPO in November last year. Jana SFB boasts of marquee investors...
Mufin Green Finance raises Rs 140 cr in series B funding, expands EV financing, ET BFSI
New Delhi: Mufin Green Finance announced today the successful closure of its Series B equity funding round, raising Rs 140 cr. This round adds to the Rs 530 Cr debt financing secured in the previous fiscal year. The equity infusion received substantial backing from...
Here are the 10 things to know about Rs 523-crore issue, ET BFSI
Apart from Jana Small Finance Bank, another small banking lender Capital SFB is also launching its public offer on February 7. The issue will be available for public subscription till February 9. Through the IPO, the company plans to raise about Rs 523 crore.All you...
Hong Kong, Shanghai rally on China pledges but Asia markets mixed, ET BFSI
Hong Kong, Feb 06, 2024 -Hong Kong and Shanghai stocks rallied Tuesday after Chinese authorities pledged to boost their investment as part of a drive to staunch a long-running rout, though Asian markets were mixed following a drop on Wall Street.Traders in the Chinese...
SBI issues Electoral Bonds worth Rs 16,518 cr in 30 tranches, ET BFSI
State Bank of India (SBI) has issued Electoral Bonds worth Rs 16,518 crore in 30 tranches since the inception of the scheme in 2018, Parliament was informed on Monday. The objective of the Electoral Bond Scheme is to ensure clean tax-paid money is coming into the...
Can you use Paytm for UPI after RBI action?, BFSI News, ET BFSI
In line with its jurisdiction under Section 35A of the Banking Regulation Act of 1949, the Reserve Bank of India has directed Paytm Payments Bank Ltd. (PPBL or the bank) to immediately suspend onboarding new clients. After February 29, 2024, no more deposits, credit...
Three ways to invest in HDFC Bank tax-saving FDs, BFSI News, ET BFSI
Investing in a tax-saving Fixed Deposit (FD) with a bank stands out as a highly favored choice among investors seeking to leverage the benefits of Section 80C within the ambit of the Income Tax Act. Many individuals opt for this investment avenue for tax-saving...
Jio Financial Services shares drop over 7% on denying Paytm wallet acquisition talks, ET BFSI
Shares of billionaire Mukesh Ambani's Jio Financial Services on Tuesday fell up to 7% to the day's low at Rs 268.20 after both the NBFC and One 97 Communications clarified that there are no talks on Paytm wallet business acquisition.Jio Financial shares ended 14%...
Net profit surges 23% YoY to Rs 126 crore, ET BFSI
Kolkata: Fusion MicroFinance on Monday reported a 23.4% year-on-year rise in net profit to Rs 126.5 crore against Rs 102.5 crore in the year-ago period, backed by a steady rise in business and earnings.The net interest margin for the quarter improved to 11.54%, a good...
BoM records highest growth in deposit mobilisation among PSU banks in Q3, ET BFSI
NEW DELHI: Bank of Maharashtra (BoM) has recorded the highest growth rate in terms of deposit mobilisation among public sector lenders at a time when most lenders are facing difficulty in achieving double-digit growth. Out of 12 public sector banks, only BoM and State...
Paytm shares crash over 42% in 3 days; investors lose Rs 20,500 crore, ET BFSI
Shares of troubled fintech One 97 Communications or Paytm fell another 10% on Monday to its lower circuit limit at Rs 438.35 on BSE as the regulatory crisis deepened with fresh allegations of money laundering and investigation by the Directorate of Enforcement (ED)...
Former Swiss finance minister Maurer defends his role in Credit Suisse collapse, ET BFSI
NEW DELHI: Former Swiss finance minister Ueli Maurer defended his response to the Swiss banking crisis, stating that temporary nationalisation was never a realistic option for Credit Suisse."The state would suddenly have to run a globally active bank that is dirty...
Ambanis eyeing Paytm wallet? Jio Financial shares jump 13%, ET BFSI
Shares of Jio Financial Services on Monday rallied up to 14% to day's high at Rs 288.75 on BSE after a newspaper report said crisis-ridden One 97 Communications is in talks with the Mukesh Ambani-owned NBFC and private sector lender HDFC Bank to sell its wallet...
CASA deposit slip is bigger for private banks than PSBs, BFSI News, ET BFSI
In the past year, private sector banks have experienced a more pronounced decline in their Current Account Savings Account (CASA) deposit ratio compared to public sector banks (PSBs), primarily driven by an increased demand for credit and a growing preference for term...
11 ways of tax savings for salaried individuals for FY 2023-24, ET BFSI
There are multiple deductions and exemptions available in the Income-tax Act, 1961 which individuals can take advantage to save taxes on the income earned during FY 2023-24. However, the amount of tax that an individual can save would depend upon two factors- the tax...
IOB Puts MSME Bad Loans on the Block, Eyes 60% Debt Recovery, BFSI News, ET BFSI
Mumbai: Banks are selling bad loans in micro, small and medium enterprises (MSMEs), with Indian Overseas Bank (IOB) deciding to sell loans in the segment comprising 41 accounts worth ₹208 crore. The bank is looking to recover 60% of the debt. It has invited potential...
RIL, financials weigh on shares amid spike in volatility; Sensex closes 354 points lower, ET BFSI
Tracking a decline in Asian peers, Indian benchmark equity indices closed lower on Monday after succumbing to selling pressure in a volatile session. A pullback in financials after a recent rally weighed and fading hopes of an early US rate cut also hurt...
Capital Small Finance Bank management on company growth, business outlook and more, ET BFSI
"The key important point is our average ticket size of our asset business is 1.3 million. And we are here in a pure secure lending play or rather I will add it, out of the 99.8% secured we have more than 84% of the book which is collateralised by immovable property,"...
Outward remittances from India witnessed 14% degrowth in Nov’23, ET BFSI
According to latest data by 1Lattice, the outward remittances from India has witnessed a downfall of approximately 14 per cent, month on month in November 2023. For the past 3 years, overseas travel and leisure has had the highest share in outward remittances from...
Borrowing costs likely to fall after govt cuts its take, BFSI News, ET BFSI
Mumbai: Raising money through bonds for corporates is set to turn much cheaper as the government's decision to announce a lower-than-expected quantum of gross borrowing for FY25 is seen pushing down sovereign bond yields, which determine the cost of borrowing for...
Rupee ends weaker on dollar demand from oil companies, higher US bond yields, ET BFSI
The Indian rupee closed lower on Monday weighed down by dollar demand from local oil companies and a jump in U.S. Treasury yields.The rupee ended at 83.0550 against the U.S. dollar, lower by 0.17% compared to its close of 82.9175 in the previous session.The dollar...
Affordable segment to be the focus next fiscal, says LIC Housing Finance MD, ET BFSI
Kolkata: LIC Housing Finance is planning to raise its stake with the affordable segment of the housing loan market to boost business growth and net interest margin further."The affordable segment is going to be the focus next fiscal," managing director Tribhuwan...
HDFC Bank to hold roadshows in Europe, Asia for $750 mn bond issue, ET BFSI
HDFC Bank will hold roadshows in Europe and Asia starting today to gauge investors' interest in their proposed USD 750mn bond issuance planned later this week, said people with knowledge.The private lender will issue the dollar bonds out of its branch in Gujarat...
Ambanis eyeing Paytm wallet? Jio Financial shares jump 4% on report saying so, ET BFSI
Shares of Jio Financial Services on Monday rallied 4% to the day's high at Rs 263.30 on BSE after a newspaper report said crisis-ridden One 97 Communications is in talks with Jio Financial Services and HDFC Bank to sell its wallet business.Quoting senior fintech and...
Northern Arc Capital Limited files DRHP with SEBI for IPO, BFSI News, ET BFSI
Diversified financial services platform Northern Arc Capital Limited has filed Draft Red Herring prospectus with market regulator Security Exchange Board of India (SEBI). The company plans to raise funds via IPO through issue of equity share of face value Rs 10 each...
HDFC Bank appoints bankers for likely dollar bond issue, BFSI News, ET BFSI
MUMBAI - HDFC Bank, India's largest private-sector lender, has appointed banks for a likely dollar bond sale, two bankers said on Monday.The bank is looking to issue three-year sustainability dollar bonds and five-year conventional notes, they added.It has appointed...
FPIs investment in debt market over 6-year high at Rs 19,800 crore in January, ET BFSI
Foreign Portfolio Investors (FPIs) have injected over Rs 19,800 crore in the country's debt market in January, making it the highest monthly inflow in more than six years, on the back of inclusion of Indian government bonds in the JP Morgan Index. On the other hand,...
Private equity giant EQT revives plans for $20 bn Galderma IPO, ET BFSI
Swedish private equity giant EQT is reviving plans for an initial public offering of Swiss skincare group Galderma, the Financial Times reported on Sunday, citing people familiar with the matter.Galderma is preparing for an IPO in Switzerland as soon as the first half...
SBI happy to welcome merchants looking to shift from Paytm bank: Dinesh Khara, ET BFSI
State Bank of India (SBI) is reaching out to merchants to support payment systems in light of the regulatory action on PayTM Payments Bank, chairman Dinesh Khara said. The nation's largest lender will be happy to welcome merchants and is also open to a one-time...
5 held for duping woman of Rs 3.16 cr in stock market trading fraud, ET BFSI
Hyderabad (Telangana) [India], February 4 (ANI): Hyderabad Cyber Crime Police arrested five accused persons who were associated with a trading fraud case, and cheated the complainant in the guise of getting high returns by investing in the stock market.The arrested...
SBI says wage hike provisions to reach Rs 26,000 crore by March, ET BFSI
Mumbai: State Bank of India, which saw a sharp 35 per cent fall in its December quarter net profit due to a one-time expenditure towards increased salaries and pensions, said the burden will jump to around Rs 26,000 crore by March this year. The country's largest...
Exchanges lower Paytm’s circuit limits to 10% after price crash, ET BFSI
Stock exchanges have revised the circuit limits for Paytm owner One97 Communications after a steep price crash following RBI's regulatory crackdown on Paytm Payments Bank.Both BSE and NSE have changed the circuit limits to 10% for the stock, according to circulars put...
Paytm to delink from Payments Bank, will partner with others, BFSI News, ET BFSI
MUMBAI: One97 Communication (OCL), the parent company of Paytm brand, said it would disassociate from Paytm Payments Bank (PPBL) and partner with other banks. This move comes in the aftermath of RBI's actions against PPBL, which led to a 20% drop in OCL's...
Exclusive-World Bank to offer countries access to emergency funds from existing loans, ET BFSI
By David LawderWASHINGTON - The World Bank on Thursday said it approved new initiatives to allow member countries hit by natural disasters and other shocks to quickly access emergency funds from their existing loan programs to help them respond to an increasingly...
Banking tycoon Bao Fan steps down as head of China Renaissance, ET BFSI
Beijing, Feb 02, 2024 -Billionaire financier Bao Fan has stepped down as head of investment bank China Renaissance, the company said Friday, almost a year after he was revealed to be cooperating in an investigation by authorities.Bao rose to fame as a key player in...
Sensex falls 107 points as Budget fails to cheer bulls; Nifty below 21,700, ET BFSI
Indian equity market closed marginally lower on Thursday as the finance minister Nirmala Sitharaman presented the interim budget without any major announcements, ahead of the general elections this year.The 30-share BSE benchmark Sensex fell 106 points or 0.15% to...
Citi expects big year for India M&As with capital flowing from far and wide, ET BFSI
Merger and acquisition activity in India should grow this year as a wide array of companies attract capital from sovereign wealth funds, the Middle East and elsewhere, Citigroup Inc.’s top executive in the country said. Investments will range from outright...
3 key factors behind D-Street rally, ET BFSI
Indian headline indices traded in the green on Friday led by strong gains in bank and IT stocks tracking its Asian peers.While the S&P BSE Sensex was trading at 72,486, up by 841 points, the broader Nifty at 21,948, higher by 250 points, at 9.26 am.The bias was...
Breaches piling up for seven years at Paytm Payments Bank, ET BFSI
The regulatory action that brought Paytm Payments Bank (PPB) to a grinding halt on January 31 was as sudden as it was unexpected but it had been brewing for the past seven years or so since its launch, according to several people who spoke to ET on the matter....
Rupee strengthens aided by uptick in Asian peers, forward premiums slip, ET BFSI
The Indian rupee strengthened on Friday, aided by gains in its Asian peers and positive sentiment following the presentation of the domestic budget.The rupee was at 82.87 against the U.S. dollar as of 10:25 a.m. IST, higher by 0.11%, compared to its close at 82.9650...
PAT down 35% at Rs 9,164 crore on one time exceptional item, ET BFSI
Leading public sector lender State Bank of India (SBI) reported a standalone net profit of Rs 9,164 crore which was down by over 35% from 14,205.34 crore reported by the state lender in the year ago period.The bank earned Rs 105,733.78 crore in interest income in the...
Nifty 50 hits all-time high, lifted by IT stocks, Reliance, BFSI News, ET BFSI
India's benchmark Nifty 50 index hit an all-time high on Friday, lifted by gains in Reliance and information technology (IT) stocks, and as the government's fiscal prudence in its budget also boosted sentiment.The NSE Nifty 50 index hit a high of 22,126.80 points,...
SBI chief Dinesh Khara says will provide all support to merchants, ET BFSI
Chairman of the State Bank of India, Dinesh Khara on Saturday in an exclusive interaction with ETBFSI, on the Paytm crisis said SBI is reaching out to Paytm customers through its subsidiary SBI payments. “We will provide all the support to merchants and offer QR scan...
Capital Small Finance Bank, Jana IPOs to open for subscription on Feb 7, ET BFSI
Kolkata: Two small finance banks -- Capital and Jana -- will compete with each other to attract investors as both their initial public offers are set to hit the market on February 7.Capital Small Finance Bank has fixed the price band for its IPO at Rs 445 to Rs 468...
RBI penalises Bajaj Housing Finance, BFSI News, ET BFSI
The Reserve Bank of India (RBI) on Friday said it has imposed a penalty of Rs 5 lakh on Bajaj Housing Finance Ltd (BHFL) for failing to obtain prior written permission before a management reshuffle that changed more than 30% of its directors, excluding independent...
Borrowing costs ease sharply in banking system, BFSI News, ET BFSI
Mumbai: Borrowing costs in the banking system eased sharply on Friday, exhibiting movement equivalent to a rate cut by the Reserve Bank of India, as the rate for the most widely used overnight funding instrument by banks fell much below the central bank's policy repo...
Nifty hits new high of 22,126, Sensex revisits 73,000 levels, BFSI News, ET BFSI
Mumbai: Indian equities ended firm on Friday after a roller-coaster trading session as traders cut their bearish bets on the market following the government's announcement in the interim budget the previous day to cut borrowings in FY25. The stock benchmarks rose as...
IIFL Finance looks to raise funds abroad, charts roadshows, BFSI News, ET BFSI
Mumbai: IIFL Finance is testing the waters in the international market to raise funds, said people familiar with the matter. The move follows Shriram Finance raising $750 million at 6.625%. IIFL Finance is meeting with investors in Singapore and Hong Kong this week to...
HDFC Bank, ICICI Bank and others to float residential mortgage-backed securities company, ET BFSI
HDFC Bank and ICICI Bank- two of the country’s largest private banks – have jointly floated a company to promote the residential mortgage-backed securities market.The two private banks have acquired a 7% stake each in a newly formed company - RMBS Development Company...
Reducing interest payments on operating loans, mortgage repayments may expand China’s financial risks, ET BFSI
Taipei [Taiwan], February 2 (ANI/CNA): China's mortgage interest rates have been reduced, and the number of people buying houses with higher interest rate loans has decreased. For interest expenses, select "House Loan to Business Loan". Although there are concerns...
PSU Bank stocks rally up to 20% post Budget day, BFSI News, ET BFSI
A day after the Budget 2024 announcement, shares of PSU Banks rallied up to 20% in Friday’s intraday trade on BSE as a sharp drop in bond yields is set to boost their treasury portfolio.Yields on government bonds slumped after Finance Minister Nirmala Sitharaman...
Stock market today: BSE Sensex closes 440 points up; Nifty50 hits record high
Stock market today: BSE Sensex and Nifty50, the Indian benchmark equity indices, surged in trade on Friday. Nifty50 reached a new record high on Friday, thanks to strong buying in Reliance Industries and IT stocks. The index hit a peak of 22,126.80 in the early...
Dinesh Kumar Khara, SBI, ET BFSI
Dinesh Kumar Khara, Chairman, SBI, says “deposit in the economy is a function of the overall liquidity in the system that is one part of the story. The other part is that if it is not in the banking system, it is either in mutual funds or life insurance. So the fact...
Fiscal deficit target of 5.1 per cent ambitious but achievable: Finance Secretary, ET BFSI
Finance Secretary T V Somanathan has said the government's resolve to bring down the fiscal deficit by 70 basis points to 5.1 per cent in 2024-25 is ambitious but achievable in view of the tax buoyancy and expenditure management. Finance Minister Nirmala Sitharaman in...
Net Profit Falls, BFSI News, ET BFSI
India's Dhanlaxmi Bank Dec-Quarter Net Profit Falls Updated On Feb 2, 2024 at 04:22 PM IST Dhanlaxmi Bank Ltd:* INDIA'S DHANLAXMI BANK DEC-QUARTER NET PROFIT 30.5 MILLION RUPEES VERSUS 217.3 MILLION RUPEES* DHANLAXMI BANK DEC-QUARTER GROSS NPA 4.81%* DHANLAXMI BANK...
Rupee Rises 7 Paise to Close at 82.91 Against US Dollar, BFSI News, ET BFSI
MUMBAI: The rupee appreciated 7 paise to close at 82.91 (provisional) against the US dollar on Friday, supported by a firm trend in domestic equities and a weak greenback against major currencies overseas amid rising appetite for riskier assets.The interim Budget...
Blackstone-owned Aadhar Housing Finance files draft papers for Rs 5,000-crore IPO, ET BFSI
Leading affordable housing finance company Aadhar Housing Finance has filed its draft papers with market regulator Sebi to raise around Rs 5,000 crore through an IPO.The issue comprises a fresh equity issue of Rs 1,000 crore and an offer for sale (OFS) of Rs 4,000...
PAT may fall on higher operating expenses; NII growth muted, ET BFSI
Leading public sector lender is expected to report muted earnings for the third quarter on Saturday mainly on account of higher operating expenses due to wage revision and pension costs.Net interest income is likely to grow around 6% year-on-year (YoY) in the December...
India’s forex reserves up by $591 mn to $616.73 bn for the week ending Jan 26, ET BFSI
India's foreign exchange reserves surged by $591 million to $616.73 billion for the week ending on January 26, the latest data by Reserve Bank of India (RBI) showed on Friday.Previously, forex reserves witnessed a dip of $2.79 billion, dragging the reserves to $618.94...
Consolidated Net Profit Rises, ET BFSI
Satin Creditcare Network Dec-Quarter Consol Net Profit Rises Published On Feb 2, 2024 at 05:20 PM IST Satin Creditcare Network Ltd:* SATIN CREDITCARE NETWORK LTD DEC-QUARTER CONSOL NET PROFIT 1.13 BILLION RUPEES VERSUS 587.1 MILLION RUPEES* SATIN CREDITCARE NETWORK...
British bank TSB to cut jobs and close branches, Spanish owner says, ET BFSI
TSB's restructuring costs set aside in 2023 results published on Thursday include 24.4 million pounds ($30.88 million) estimated employee severance costs, the bulk of which will fall this year, the bank said in its annual reportMADRID/LONDON: TSB, the British lender...
Budget boom! Sensex, Nifty wake up to smell the coffee a day late, ET BFSI
Stock traders were ready with "band, baaja" on Budget Day but the "baaraat" (party) came a day late as market participants were able to grasp the full implications of Nirmala Sitharaman's no-compromise Budget only the next day. Sensex jumped over 1,400 points on...
How Finance Minister’s announcement on PMAY-G will boost home loan market?, ET BFSI
Union Finance Minister Nirmala Sitharaman while presenting the Interim Budget 2024 has made a promising announcement for the affordable housing segment.The minister has announced that the government will launch a scheme to help deserving sections of the middle class...
Indian Overseas Bank becomes 5th PSU bank to cross Rs 1 lakh crore market cap, ET BFSI
State-owned Indian Overseas Bank's (IOB) market capitalization crossed the Rs 1 lakh crore mark for the first time following a 100% rally in the stock over the last six months.In Friday's trade, the stock rose over 6.5% to hit a 52-week high at Rs 55.5, backed by...
ITR-2, ITR-3 for FY 2023-24 notified by CBDT; More details required from certain taxpayers, ET BFSI
The Central Board of Direct Taxes (CBDT) has notified the income tax return (ITR) forms, ITR-2 and ITR-3. Many entities, including individuals, who have certain specific types of income are required to file their ITR using these forms for FY 2023-24 (AY 2024-25). The...
Msmes Keen On Rail Bogie Conversion, BFSI News, ET BFSI
Trichy: Micro, Small and Medium Enterprises (MSMEs) that have been eyeing railways and the defence sector for diversification are optimistic about the interim Union budget tabled in the parliament on Thursday. As 40,000 normal rail bogies are proposed to be upgraded...
Banks slow down unsecured lending growth slows after RBI measures, ET BFSI
There has been a moderation in unsecured lending growth to 22.9% year-on-year in December, down from the previous figure of 24.3% before the Reserve Bank of India's stringent measures came into effect.The RBI last year impose elevated risk weights on unsecured lending...
Mastercard launches generative AI model, to boost fraud detection by up to 300%, ET BFSI
Mastercard has announced a new proprietary generative artificial intelligence model. The company claims that it has built its own AI model that will help thousands of banks in its network to detect and root out fraudulent transactions. In a statement to CNBC, the...
Consolidated Profit Rises, ET BFSI
Aptus Value Housing Finance India Dec-Quarter Consol Profit Rises Updated On Feb 1, 2024 at 05:16 PM IST Aptus Value Housing Finance India Ltd :* DEC-QUARTER CONSOL PROFIT 1.58 BILLION RUPEES VERSUS PROFIT 1.26 BILLION RUPEES* DEC-QUARTER CONSOL TOTAL REVENUE FROM...
What is in store for Indian banks?, BFSI News, ET BFSI
Finance Minister Nirmala Sitharaman will announce measures in the Union Budget 2024 on February 1. With the health of public banks being relatively healthy, as pointed out by the Reserve Bank of India, executives and shareholders will keep a keen eye on the...
What is Section 80C tax deduction limit after Budget 2024?, BFSI News, ET BFSI
The finance minister has not announced any change in Section 80C limit in the interim Budget 2024 budget speech. The maximum limit on investment to claim a tax break under Section 80C remains Rs 1.5 lakh as it is now i.e. for current FY2023-24. This limit will...
Consolidated Profit Rises, BFSI News, ET BFSI
Aavas Financiers Dec-Quarter Consol Profit Rises Updated On Feb 1, 2024 at 05:42 PM IST Aavas Financiers Ltd:* DEC-QUARTER CONSOL PROFIT 1.17 BILLION RUPEES VERSUS PROFIT 1.07 BILLION RUPEES* DEC-QUARTER CONSOL TOTAL REVENUE FROM OPERATIONS 5.08 BILLION RUPEES VERSUS...
Deutsche Bank to cut 3,500 jobs and reward shareholders, ET BFSI
FRANKFURT - Deutsche Bank said on Thursday it would cut 3,500 jobs, buy back shares and pay dividends, in its latest pitch to investors that its turnaround remains on track.The news came as Germany's biggest bank, seeking to put years of turmoil behind it and focus on...
Rupee hits two-week high, forward premiums choppy; volumes improve, ET BFSI
MUMBAI: The Indian rupee reached a two-week high, aided by dollar sales by a UK-headquartered bank, while forward premiums were off their highs following the presentation of the budget earlier in the day.The rupee ended at 82.9650 to the U.S. dollar, up from 83.0425...
Interim Budget 2024, ET BFSI
The proposal to create an Entity DigiLocker for MSMEs, large business and charitable trusts is closer to being operationalised, said the Interim Budget 2024. Entity DigiLocker is expected to help businesses store and share documents online securely, whenever needed,...
Net Profit Rises, BFSI News, ET BFSI
City Union Bank Ltd:* CITY UNION BANK DEC-QUARTER NET PROFIT 2.53 BILLION RUPEES VERSUS PROFIT 2.18 BILLION RUPEES* CITY UNION BANK DEC-QUARTER INTEREST EARNED 13.26 BILLION RUPEES VERSUS 12.06 BILLION RUPEES* CITY UNION BANK DEC -QUARTER GROSS NPA 4.47% VERSUS 4.66%...
Consolidated Net Profit Falls, ET BFSI
Aditya Birla Capital Dec-Quarter Consol Net Profit Falls Updated On Feb 1, 2024 at 05:15 PM IST Aditya Birla Capital Ltd:* ADITYA BIRLA CAPITAL DEC-QUARTER CONSOL NET PROFIT 7.36 BILLION RUPEES VERSUS PROFIT 32.69 BILLION RUPEES* ADITYA BIRLA CAPITAL LTD DEC-QUARTER...
Rohit Pawar reaches ED office, questioning begins, ET BFSI
Mumbai (Maharashtra) [India], February 1 (ANI): Nationalist Congress Party (NCP) MLA Rohit Pawar, the grandnephew of party supremo Sharad Pawar, reached the Enforcement Directorate (ED) office in Mumbai as the NCP leader is set to be questioned on Thursday in...
FM Nirmala Sitharaman, ET BFSI
New Delhi [India], February 1 (ANI): Union Finance Minister Nirmala Sitharaman on Thursday has announced that PM SVANIDHI, a flagship initiative focusing on street vendors has extended credit assistance to 78 lakh street vendors across the country."PM SVANIDHI has...
Plans afoot to privatise a state-run bank and a general insurance firm, ET BFSI
New Delhi: The government is expected to announce its commitment to reforms in the financial sector in the upcoming interim budget, laying the roadmap for big bang announcements in 2024-25, including the privatisation of a state-run bank and a general insurance firm,...
No major PSU on block, govt cuts disinvestment target to Rs 30,000 crore, ET BFSI
Finance Minister Nirmala Sitharaman, in the Interim Budget, announced a significant revision to the divestment targets for the fiscal years 2024 and 2025. The divestment target for FY24 has been scaled down from the previously budgeted Rs 51,000 crore to Rs 30,000...
November measures on unsecured lending trims growth, BFSI News, ET BFSI
The Reserve Bank of India's clamping down on unsecured loans with higher capital requirements is beginning to bite. Such loans are growing at a slower pace of 22.9 percent, from 24.3 prior to the central bank's tightening. Also the growth in credit card outstanding to...
Sensex slips after presentation of Interim Budget 2024, ET BFSI
New Delhi: Markets pared morning gains after the presentation of Interim Budget on Thursday.BSE Sensex was at 71,826.36 points, up 74.25 points, as against 273.72 points in morning trade.Maruti was up more than 3 per cent, Powergrid is up more than 2 per cent, while...
Burman family hikes Religare stake to over 25%, increases grip on company, ET BFSI
The Burman family, the single largest shareholder in shadow bank Religare Enterprises (REL), consolidated its position by raising its stake to 25.18%, past the threshold for triggering an open offer for an additional 26% of the company.It bought 13.2 million shares...
ED raids in J-K, Punjab, UP in Bharat Papers Ltd case, ET BFSI
Jammu: The Enforcement Directorate on Wednesday raided locations in Jammu and Kashmir, Punjab and Uttar Pradesh in a Rs 200 crore alleged bank loan fraud case linked to the Bharat Papers Ltd. (BPL), official sources said. At least nine premises in these regions are...
MFs cut AT-1 bond holdings by over 90% in 3 years, banks face funding constraint, ET BFSI
Mumbai: For mutual funds, the value of their investments in additional tier-1 (AT-1) bonds of banks has plunged more than 90% over the past 3 years, leaving lenders with fewer capital sources, as stricter regulations after the Yes Bank crisis of 2020 have prompted...
North East Small Finance Bank appoints former RBI CGM Shrimohan Yadav as Independent Director, ET BFSI
Yadav's appointment to the NESFB board is a strategic step towards strengthening the bank’s leadership further.North East Small Finance Bank (NESFB) appointed Shrimohan Yadav as an Independent Director to its Board. Yadav, a seasoned veteran with 36 years of extensive...
ADB mobilises Rs 1,250 cr through issuance of green bonds in local market, ET BFSI
New Delhi: The Asian Development Bank on Wednesday said it has garnered Rs 1,250 crore (about USD 150 million) through its largest local currency green bond issue so far. The issue is structured as a 4-year currency linked bond, with a one-time repayment at maturity...
Gaps are closed and hoping RBI to revoke ban on BoB World says Debadatta Chand, ET BFSI
India's second largest public sector lender, Bank of Baroda reported a 19 per cent year-on-year (yoy) increase in third-quarter standalone net profit at Rs. 4,579 crore, against Rs 3,853 crore in the year-ago quarter. The bank's Net Interest Income (NII) grew by 2.6...
Transfer money with mobile no., bank name; No IFSC, beneficiary details required, ET BFSI
Going forward, all you need is a mobile number and the bank name of the receiver to transfer money online, said the National Payments Corporation of India (NPCI). Soon, you can transfer up to Rs 5 lakh from one bank account to another without adding a beneficiary. The...
These 3 banks offer green deposits in India, ET BFSI
Environmental and social problems have been growing all across the world. Banks are promoting sustainable practices by offering 'Green Fixed Deposits' to support social and environmental issues.Note that the deposits raised under the framework are covered by DICGC in...
Rupee rises 6 paise to close at 83.04 against US dollar, BFSI News, ET BFSI
MUMBAI: The rupee appreciated 6 paise to 83.04 (provisional) against the US dollar on Wednesday, supported by a firm trend in domestic equities.Market participants remained cautious ahead of the interim Budget, scheduled to be presented on February 1, traders said,...
Spain’s bank Santander posts record 11-bn-euro profit in 2023, ET BFSI
Banco Santender Madrid, Jan 31, 2024 - Spanish lender Banco Santander reported on Wednesday a record 11.1-billion-euro ($12 billion) net profit for 2023 on the back of higher interest rates and a rise in global clients.The strong results helped Banco Santander offset...
Markets Surge 1% on HDFC Bank & Reliance Industries Boost; Sensex Jumps 612.21 Points to Settle at 71,752, ET BFSI
Benchmark equity indices on Wednesday saw a significant uptick, rising nearly 1% fueled by robust buying in HDFC Bank and Reliance Industries. This surge comes as investors eagerly await two important events: the interim budget and the US Federal Reserve's interest...
Profit rises 19% to Rs 4,579 cr, BFSI News, ET BFSI
Bank of BarodaNew Delhi: State-owned Bank of Baroda (BoB) on Wednesday posted a 19 per cent increase in profit at Rs 4,579 crore for third quarter ended December 2023. The bank had earned a net profit of Rs 3,853 crore in the same quarter a year ago. Total income...
Sensex jumps over 700 points. It’s not just a pre-Budget rally as 3 other factors also in play, ET BFSI
In continuation of the one-day-up and one-day-down pattern seen for the sixth consecutive session, Sensex on Wednesday jumped over 700 points to the day's high of 71,851 while Nifty also scaled above the 21,700-levels with everyone busy forecasting the outcome of...
The $12.5 billion fraud that has shocked Vietnam, ET BFSI
Hanoi, Jan 31, 2024 -Retired nurse Nga put her life savings into a bond at Vietnam's SCB bank, but now cannot access her money after being caught up with tens of thousands in a multibillion-dollar scam that has shocked the nation.Now, property tycoon Truong My Lan is...
US bitcoin ETFs raise questions over broader financial system risks, ET BFSI
The launch of U.S. exchange-traded funds (ETFs) tracking bitcoin deepens ties between the volatile world of cryptocurrencies and the traditional financial system, potentially creating unforeseen new risks, some experts say.The Securities and Exchange Commission (SEC)...
Banks’ CASA deposit woes may continue for H1 of 2024, BFSI News, ET BFSI
Banks are likely to grapple with the ongoing challenge of a declining Current Account-Savings Account (CASA) ratio in the first half of the current calendar year. The expectation is that there won't be an immediate turnaround in the CASA ratio as high interest rates...
24 stocks that insiders are betting on ahead of Interim Budget 2024, ET BFSI
Sparking a bull run in multiple sectors, the Narendra Modi government's spending on infrastructure which has been growing at 30% CAGR in the last 4 years would be under investor radar when Finance Minister Nirmala Sitharaman presents the interim Budget tomorrow. While...
Muthoot Microfin lowers lending rates by 55 bps, ET BFSI
Muthoot Microfin, the newly-listed lender to the bottom of the pyramid segment, has decided to reduce lending rates by up to 55 basis points on fresh loans to existing customers, after nearly two years of upward movement.This would not affect its net interest margin,...
AU Small Finance Bank shares fall nearly 12% after December quarter earnings, ET BFSI
New Delhi: Shares of AU Small Finance Bank Ltd on Monday tumbled nearly 12 per cent after the company reported a 4 per cent decline in net profit at Rs 375 crore for the third quarter ended December 2023, mainly due to a rise in bad loans. The stock plunged 11.72 per...
Norway wealth fund posts record $213 bn profit, driven by tech stocks, ET BFSI
OSLO - Norway's $1.6 trillion sovereign wealth fund, the world's largest, reported a record profit of 2.22 trillion crowns ($213 billion) in 2023, driven by strong returns on its investments in technology stocks.The result compared with a record loss in 2022 of 1.64...
Russian banks made record $37 billion in profits in 2023, ET BFSI
MOSCOW: Russian banks made record profits of 3.3 trillion roubles ($36.96 billion) last year, the central bank said on Tuesday, driven by sharp rises in mortgage, consumer and corporate lending as the sector rebounded from a sanctions-induced slump in 2022.Profits...
Sensex nosedives 802 points on profit-booking in RIL, HDFC Bank, ET BFSI
Ahead of the US Federal Reserve policy decision due on Wednesday, Indian equity indices closed in the deep red on Tuesday, dragged by Bajaj twins and profit-booking in index heavyweights Reliance Industries and HDFC Bank after a surge in the previous sessionThe...
AU Small Finance Bank names former RBI Deputy Guv HR Khan as part-time chairman, ET BFSI
As per an official notification on Monday, AU Small Finance Bank (SFB) has announced the appointment of Reserve Bank of India's former Deputy Governor HR Khan as part-time chairman.It added that Raj Vikash Verma has completed his tenure on 29 January, 2024 and will...
Rupee rises 5 paise to 83.11 against US dollar, BFSI News, ET BFSI
Mumbai: The rupee appreciated 5 paise to 83.11 (provisional) against the US dollar on Tuesday, following a weak greenback against major currencies overseas amid a muted trend in domestic equities.At the interbank foreign exchange market, the local unit opened at 83.14...
Blackstone’s Aadhar Housing Finance targets $600 million India IPO-sources, ET BFSI
MUMBAI - Private equity group Blackstone-owned Indian home loans provider, Aadhar Housing Finance, is targeting a $600-650 million initial public offering (IPO) at a valuation of up to $3 billion, two people with direct knowledge said on Tuesday.Blackstone acquired...
Dutch online bank Bunq applies for British banking licence, BFSI News, ET BFSI
AMSTERDAM - Dutch online bank Bunq has filed for a permanent banking licence in Britain after years of operating with temporary permission, its founder Ali Niknam said on Tuesday.Also on Tuesday, Bunq reported its first annual net profit, of 53 million euros ($57.4...
Tata Investment shares soar 19% on Q3 results; multibagger extends gains to 30% in four sessions, ET BFSI
Shares of Tata Investment Corporation soared 19% to hit a 52-week high of Rs 5,749.70 on the NSE on Tuesday after the company posted a 62% year-on-year (YoY) jump in its standalone net profit for the quarter ended December 31, 2023, at Rs 24.08 crore.The non-banking...
Piramal Enterprises to sell entire stake in Shriram Investment for Rs 1,440 crore, ET BFSI
New Delhi, Piramal Enterprises has entered into share purchase agreement to sell its entire direct investment of 20 per cent of the fully paid-up equity share capital held in Shriram Investment Holdings Private Limited (formerly known as Shriram Investment Holdings...
Outlook for bank credit offtake remains positive in 2024: CareEdge Ratings, ET BFSI
Kolkata: Outlook for bank credit offtake remains positive in 2024 while deposit growth is expected to improve, according to the latest research report of CareEdge Ratings. The report said that credit offtake continued to grow, increasing 20.3 per cent year-on-year to...
D-Street investors’ wishlist from Nirmala Sitharaman, ET BFSI
After a brief underperformance last week, equity bulls on Dalal Street rejuvenated and this saw the BSE Sensex notching 1300 points of gains in a single session just three days prior to the Budget presentation. While this is an interim budget for 2024-25 (April-March)...
Assets under management grow by 20.7%, ET BFSI
MUMBAI - Indian non-banking finance company Shriram Finance expects its assets under management (AUM) to grow at 15% in fiscal 2025 from around 20% expected in the current year ending March 31, its executive vice chairman said on Monday."For this year, we may end up...
Banks grow high margin unsecured loans in Q3, despite RBI warning, ET BFSI
Despite recent warnings from the Reserve Bank of India (RBI) regarding the escalating risk associated with unsecured loans, major private banks in the country, including ICICI Bank, Kotak Mahindra Bank, and Axis Bank, have reported substantial year-on-year growth in...
Sebi returns IPO papers of Gretex Share Broking, ET BFSI
Capital markets regulator Sebi has returned the draft IPO papers of Gretex Share Broking, a move that might delay the company's initial share sale. The proposed IPO is a combination of a fresh issue of 1.67 crore equity shares and an offer-for-sale (OFS) component of...
MSMEs demand FM’s attention to resolve bank loan ratings system issues, ET BFSI
The MSME sector in India, which accounts for 30% of the country’s GDP and 50% of exports, wants the government to address an “unease in banking” for small businesses.Finance Minister Nirmala Sitharaman should resolve this issue in the interim budget, says the...
Deutsche Bank CEO warns rise of far right in Germany risks investment, ET BFSI
BERLIN - Deutsche Bank's chief executive on Monday warned about the threat of right-wing extremism in the lender's home market, saying the rise of the nationalist Alternative for Germany (AfD) risks investment in Europe's largest economy.The comments at a bank...
Invesco Mutual Fund changes names of eight schemes, BFSI News, ET BFSI
Invesco Mutual Fund has changed the names of eight schemes. The fund house informed about this to the investors through a notice cum addendum.The changes will be effective from January 31. Old nameNew nameInvesco India Focused 20 Equity FundInvesco India Focused...
PAT may rise 26% YoY led by robust loan growth, firm margins, ET BFSI
MUMBAI - Bajaj Finance is expected to report a strong double-digit growth in earnings for the quarter ended December, led by healthy loan growth, higher margins, and moderate costs. The non-bank finance major is seen reporting a 26.3% year-on-year (YoY) growth in net...
Bankers are pushing to unlock secret data for climate loans, BFSI News, ET BFSI
As the finance industry faces mounting pressure to play its part in fighting the climate crisis in the developing world, bankers point to a significant hurdle—one the World Bank and other public sector financiers have yet to remove.The problem, they say, is...
Goldman Sachs cuts Europe Inc’s 2024 profit growth forecast to 3%, ET BFSI
Goldman Sachs lowered its 2024 earnings growth forecast for European STOXX 600 companies to 3% from 7%, citing headwinds from lower oil prices and inflation.Oil prices gained last year amid geopolitical tensions. However, the Wall-Street brokerage anticipates a fall...
Industries Eye Booster Dose For Manufacturing Sector, Msmes, BFSI News, ET BFSI
FICCI said to further boost the manufacturing sector, the government should incentivise and attract large investments from global manufacturing companies.With the Union Budget 2024 just around the corner, industries eye a booster dose for the manufacturing sector and...
What is in store for Indian banks?, BFSI News, ET BFSI
Finance Minister Nirmala Sitharaman will announce measures in the Union Budget 2024 on February 1. With the health of public banks being relatively healthy, as pointed out by the Reserve Bank of India, executives and shareholders will keep a keen eye on the...
What is the per transaction limit for using contactless debit card, ET BFSI
With the evolution of technology, we no longer need to swipe our credit or debit cards into the point-of-sale (POS) machine when shopping; instead, we can just tap and pay the amount without entering our PIN. Many banks now offer their customers contactless credit...
Indiabulls Housing to raise Rs 3,693 crore via rights issue, ET BFSI
MUMBAI: Indiabulls Housing Finance on Sunday announced plans to raise ₹3,693 crore through a rights issue of equity shares with a face value of ₹2 each. The decision follows the approval by the company's board of directors during their meeting on January 17, 2024.The...
PSU banks vs private banks, ET BFSI
Home loan interest rates vary with each individual and it also depends on their credit score, income, tenure type of interest, Loan-to-Value (LTV) ratio, MCLR, RLLR etc,. When choosing a home loan, keeping these things in mind can help you acquire the best loan...
Asia stocks gain as China stimulus softens Evergrande blow, BFSI News, ET BFSI
TOKYO -Asian stocks started the week on the front foot, as new steps by Beijing to stabilise the local market outweighed the drag on sentiment from the liquidation of property giant China Evergrande.However, investors were also sensitive to geopolitical risks with oil...
Reliance Home Finance headed for voluntary liquidation, surrenders CoR, ET BFSI
In a move aimed towards voluntary liquidation, the Reserve Bank of India has approved Reliance Home Finance's decision to exit the home finance business, according to the disclosures made by the erstwhile Anil Ambani company to the stock exchange.Authum Investment and...
Net Profit Falls, BFSI News, ET BFSI
CSB Bank Ltd:* Q3 NET PROFIT 1.5 BILLION RUPEES VERSUS 1.56 BILLION RUPEES* Q3 GROSS NPA 1.22% VERSUS 1.27% PREV QUARTER* Q3 INTEREST EARNED 7.62 BILLION RUPEES VERSUS 5.92 BILLION RUPEES* Q3 PROVISIONS & CONTINGENCIES WRITE-BACK 45.4 MILLION RUPEES VERSUS...
BOB Financial Solutions is now ‘BOBCARD’, unveils new logo & positioning statement, ET BFSI
Wholly owned subsidiary of Bank of Baroda, BOB Financial Solutions Limited (BFSL) has unveiled its new corporate identity – BOBCARD Limited, with a new logo and revamped positioning statement "Credit Reimagined."The rebranding of BOBCARD embodies a revitalized...
NBFCs bat for credit guarantee scheme, among other measures in Interim Budget, ET BFSI
Gold loan non-banking finance companies (NBFCs), that are currently facing a liquidity crunch, have urged for fiscal measures in the upcoming Union Budget 2024 to infuse liquidity in the system and introduce a partial credit guarantee scheme to cover NBFC's onward...
Govt promoted term lender NaBFID’s profit double to Rs 632 crore in Q3 FY24, ET BFSI
The government promoted the National Bank for Financial Infrastructure and Development (NaBFID), which doubled its earnings in the quarter ending December 2023 on the back of higher interest income and lower operating profits.The youngest infrastructure finance...
Key factors behind the market rally, ET BFSI
After opening in the green, Indian benchmark indies Sensex and Nifty extended their gains sharply on the back of buying action in banking counters and firm global market cues. The BSE Sensex rose 1100 points to 71,800 level while the Nifty50 crossed the 21,650 mark in...
India New Issue-ICICI Home Finance accepts bids for over 2-year bonds
MUMBAI, - India's ICICI Home Finance has accepted bids worth 4.90 billion rupees ($58.94 million) for the sale of bonds maturing in two years and two months, three merchant bankers said on Monday. The company will pay an annual coupon of 8.0610% on the issue for which...
HDFC Bank’s era of premium valuations is over, BFSI News, ET BFSI
Rare things do command a premium. So did HDFC Bank. In an era when Indian lenders were funding projects worth thousands of crores to secure quick growth, Aditya Puri’s HDFC Bank was chasing thousands of individual salaried men to fund their car and mobile phone...
One format for data submission for banks to credit information companies, ET BFSI
New Delhi: Lenders are looking at standardising data submission to credit information companies such as TransUnion CIBIL, Equifax, CRIF High Mark and Experian after the Reserve Bank issued show-cause notices to individual banks over data discrepancies.The proposed...
MD Shanti Lal Jain, ET BFSI
Chennai: Public sector Indian Bank is engaged in floating a wholly-owned subsidiary with a capital infusion of Rs 10 crore and it is expected to commence operations in the next financial year, a top official said here on Thursday. The subsidiary would largely focus on...
Tanked up on capital, small finance banks set for strong growth; CASA a challenge, ET BFSI
While small finance banks (SFBs) have been building their deposit base by providing relatively higher interest rates, building up a stable Current Account and Savings Account (CASA) base will continue to remain a challenge with stiff competition from established...
What should investors do with SBI Life, Karnataka Bank and Tata Elxsi?, ET BFSI
Equity indices rebounded sharply by 1% on Wednesday after sliding for the past two sessions. The 30-share BSE Sensex jumped 689 points to settle at 71,060 and the broader Nifty also closed 215 points at 21,453.Stocks that were in focus included names like SBI Life,...
PAT soars 4x YoY to Rs 231 crore, NII rises 2.4%, ET BFSI
MUMBAI - YES Bank on Saturday reported robust growth in profit for the quarter ended December 2023, with the bottom line surging more than four times year-on-year (YoY) to Rs 231 crore. Net interest income, the difference between interest earned and interest expended,...
Litigation funding firm LegalPay launches credit line for small business owners to settle legal disputes, ET BFSI
New Delhi-based legal technology startup LegalPay launches a zero-interest credit line for enterprises, startups, individual business owners and freelancers to settle legal disputes while preserving their working capital. The firm plans to disburse about Rs 200 crore...
Which bank is offering highest NRE FD rate?, ET BFSI
A Non-resident Indian (NRI) can open a fixed deposit at a bank in India denominated in rupees. These FDs are funded by an NRI's overseas earnings, which are tax-free in India. Both the principal and interest of the NRE FD are completely repatriable. Additionally,...
India’s forex reserves fall $2.79 bn to $616.14 bn as of Jan 19, ET BFSI
India's foreign exchange reserves saw a dip of $2.79 billion to $616.14 billion for the week ending on January 19, latest data by Reserve Bank of India (RBI) showed on Friday. Previously, forex reserves were up by $1.6 billion, dragging the reserves to $618.94...
Check expected date, where to download and other details, ET BFSI
SBI Clerk Prelims Result 2024: The State Bank of India is expected to release the results of the SBI Clerk Recruitment Prelims Exam 2024 soon. Once declared, candidates who have appeared in the examination will be able to download it from the official website at...
Fiscal prudence likely to remain top priority yet again for FM Sitharaman?, ET BFSI
India's finance ministry led by Nirmala Sitharaman under the Narendra Modi government has time and again stressed that fiscal prudence remains a top priority for the dispensation with an eye on FY26 by when it targets to bring the fiscal deficit down to 4.5 per...
JPMorgan shuffles top bosses as Wall Street focuses on Dimon succession, ET BFSI
New York: JPMorgan Chase shuffled executives in its investment banking and consumer units on Thursday, giving them more experience running different businesses as Wall Street focuses on succession plans for CEO Jamie Dimon.The largest U.S. lender appointed Marianne...
US dollar slips after inflation data, Fed meeting looms next week, ET BFSI
The U.S. dollar inched lower on Friday, after data showed inflation rose modestly in December but was trending lower, which should keep the Federal Reserve on track to cut interest rates by the middle of the year.Volume faded in the afternoon ahead of the weekend and...
State Bank of India removes ‘fraud’ tag from Religare Finvest, ET BFSI
The State Bank of India has formally removed the 'fraud' tag from Religare Finvest Limited (RFL) following the Delhi High Court's December 2023 order asking the lender to do so. SBI had tagged RFL's record as 'fraud' in the Reserve Bank of India's Central Fraud...
RBL Bank targets 20% loan growth over next two financial years: CEO, ET BFSI
MUMBAI - Indian private lender RBL Bank expects a 20% growth in its loan book over the next two financial years, largely led by secured retail assets, its managing director and chief executive officer said on Wednesday."We are trying to get into areas which are...
Rupee little changed tracking mostly subdued Asian peers, ET BFSI
The Indian rupee was barely changed on Thursday, tracking rangebound moves in most of its Asian peers as focus turns to key U.S. economic data which could impact expectations of potential easing in policy rates by the Federal Reserve.The rupee was at 83.1125 against...
Nifty Bank index falls 0.88% in a weak market, ET BFSI
NEW DELHI: The Nifty Bank index traded negative around 10:29AM(IST)on Thursday in a weak market. IndusInd Bank Ltd.(up 1.37 per cent), Punjab National Bank(up 0.49 per cent), Bandhan Bank Ltd.(up 0.14 per cent) and IDFC First Bank Ltd.(up 0.13 per cent) were among the...
2024 is going to test your conviction; manage the bearish phases to make money in this bull market: Dipan Mehta, ET BFSI
Dipan Mehta, Director, Elixir Equities, says “I would be extremely cautious in 2024. It is good to be a bit liquid at this point of time. I am seeing that demand is slightly softening across sectors. Base effect is having a big impact on corporate earnings. And that...
ED questions Rohit Pawar for 11 hrs in bank scam case; Sharad Pawar waits for him at NCP office, ET BFSI
MUMBAI: Enforcement Directorate on Wednesday questioned NCP MLA Rohit Pawar for more than 11 hours in a money laundering case in connection with Maharashtra State Cooperative Bank (MSCB) scam while his party supporters shouted slogans the entire day. ED has summoned...
Net profit rises 4% YoY to Rs 1,874 crore, ET BFSI
Shriram Finance’s consolidated net profit increased by 4% to Rs 1,874 crore in the quarter ended December 2023 due to strong loan growth, even as the company hiked provisions during the quarter.The company’s assets under management increased 21% to Rs 2.14 lakh crore...
Banks to feel capital pain on ‘daylight deals’, ET BFSI
Banks will have to set aside capital on thousands of crores of funds they lend to corporates, brokers, asset managers and even clearing houses during the day.The move would impact several private sector and foreign banks whose capital requirement would go up. Better...
Net profit jumps 28% YoY to Rs 876 crore, ET BFSI
Cholamandalam investment and finance company posted a net profit of Rs 876 crore, up 28% year on year, in the quarter ended 31st December 2023, from Rs 684 crore in the same quarter last year. Profit increased because of higher interest income due to strong growth in...
State Bank of India removes ‘fraud’ tag from Religare Finvest, ET BFSI
The State Bank of India has formally removed the 'fraud' tag from Religare Finvest Limited (RFL) following the Delhi High Court's December 2023 order asking the lender to do so. SBI had tagged RFL's record as 'fraud' in the Reserve Bank of India's Central Fraud...
HDFC Bank’s era of premium valuations is over, BFSI News, ET BFSI
Rare things do command a premium. So did HDFC Bank. In an era when Indian lenders were funding projects worth thousands of crores to secure quick growth, Aditya Puri’s HDFC Bank was chasing thousands of individual salaried men to fund their car and mobile phone...
Warburg-backed Perfios weighing $500 million IPO, ET BFSI
Perfios Software Solutions Pvt., an Indian technology company backed by Warburg Pincus, is considering an initial public offering that could raise about $500 million in India, according to people familiar with the matter.A potential IPO could value the Bangalore-based...
Sudip Bandyopadhyay still prefers private banks to NBFCs; remains gung-ho on cement stocks, ET BFSI
Sudip Bandyopadhyay, Group Chairman, Inditrade Capital, says “the challenge as far as HDFC Bank is concerned is on the deposit mobilisation front. Traditionally, the fourth quarter is a better quarter for deposit mobilisation. I am pretty hopeful of HDFC Bank showing...
AU Bank’s Balance Sheet Crosses ₹1L Cr Mark, Deposits Reach ₹80k Cr
Jaipur: The Pink City-headquartered AU Small Finance Bank on Thursday said it achieved a significant milestone with its balance sheet surpassing Rs 1 lakh crore and deposits crossing Rs 80,000 crore. While announcing financial results for the October-December quarter,...
Profit rises 8% to Rs 549 cr, BFSI News, ET BFSI
New Delhi: SBI Cards and Payment Services Ltd on Thursday reported an 8 per cent rise in net profit to Rs 549 crore for the third quarter ended December 2023. The pure-play credit card company, promoted by SBI, had posted a net profit of Rs 509 crore during the...
Indian Bank Strengthens Cyber System to Boost Digital Transactions, ET BFSI
Chennai: Indian Bank is strengthening its cyber system as the public sector bank is looking at increasing the digital transactions. Its digital transactions will exceed Rs 70,000 crore by the end of this fiscal. Transactions have already touched Rs 52,000 crore up to...
Zomato, Stripe secure final RBI nod for online payment aggregator, ET BFSI
Food-delivery platform Zomato and international financial infrastructure provider Stripe are the latest entities to have received final approval from the regulator to operate as online payment aggregators. While Zomato received the nod from the Reserve Bank of India...
SC refuses bail to Radius Group’s MD in Yes Bank money laundering case, ET BFSI
NEW DELHI: The Supreme Court on Thursday refused to entertain a plea by realtor Sanjay Chhabria against an order of the Bombay High Court which refused to grant him default bail in the Yes Bank money laundering case. A bench of Justices Bela M Trivedi and Pankaj...
Sensex, Nifty log worst week since late Oct as financials extend losses, ET BFSI
Indian benchmark indices closed lower on Thursday, dragged by IT stocks following disappointing Q3 results from Tech Mahindra and as financial stocks continued to retreat.The 30-share BSE benchmark Sensex declined 360 points or 0.51% to settle at 70,700. The broader...
You will lose access unless your phone is updated and compliant for new verification process, ET BFSI
HDFC Bank has started intimating their mobile app users through email and other communication channels that the app is going to be updated with significant changes to have enhanced cyber security features. "We will soon be introducing Mobile Number Verification as a...
6 money changes in February 2024, ET BFSI
With Budget 2024 being around, there are also many other updates and changes which will see impact the financial matters. So, make sure you are aware of these changes and act accordingly. Here's a look at some of the major changes including NPS partial withdrawal,...
Profit jumps over three-fold to Rs 2,223 crore, ET BFSI
State-owned Punjab National Bank (PNB) on Thursday posted an over three-fold increase in its profit to Rs 2,223 crore for the third quarter ended December 2023. The bank had earned a net profit of Rs 629 crore in the same quarter a year ago. Its total income increased...
Lending businesses are on the table, but as portfolio managers staying out of banking space now: Kenneth Andrade, ET BFSI
Kenneth Andrade, Founder & CIO, Old Bridge Capital Management, says “I will be a little cautious about saying that foreign portfolio investors are going to continue to put money into a marketplace where valuations are trending high and there is a very low margin...
Equitas Small Finance Bank Q3 Net Profit Rises, ET BFSI
India's Equitas Small Finance Bank Q3 Net Profit Rises Updated On Jan 25, 2024 at 04:01 PM IST Equitas Small Finance Bank Ltd :* Q3 NET PROFIT 2.02 BILLION RUPEES VERSUS 1.70 BILLION RUPEES* Q3 GROSS NPA 2.53%* Q3 INTERST EARNED 14.29 BILLION RUPEES VERSUS 10.63...
What has been Modi govt’s stance on income tax?, ET BFSI
Budget's big headline that draws almost everyone's attention is what the country has done with income tax, which is a portion of money every beard earner has to part ways with and deposit on government's coffers.Read our full Budget 2024 coverage Announcements of...
MD Shanti Lal Jain, ET BFSI
Chennai: Public sector Indian Bank is engaged in floating a wholly-owned subsidiary with a capital infusion of Rs 10 crore and it is expected to commence operations in the next financial year, a top official said here on Thursday. The subsidiary would largely focus on...
Groww extends lead over Zerodha, adds a million active traders in December quarter, ET BFSI
Wealth management startup Groww has extended its lead in terms of active clients, according to the latest data from the NSE.Peak XV Partners and Tiger Global-backed fintech startup ended 2023 with 7.6 million active traders, racing ahead of its closest competitor...
Climate-focussed NBFC Ecofy secures Rs 90 crore in equity funding from Dutch bank FMO, ET BFSI
Green energy-focused non-banking finance company Ecofy has raised Rs 90 crore in an equity round from Dutch entrepreneurial development bank FMO.With this infusion, Ecofy plans to grow its loan book, diversify its product base and eventually improve its own credit...
Nifty Bank index falls 0.48%, BFSI News, ET BFSI
NEW DELHI: The Nifty Bank index closed on a negative note on Thursday. Shares of Punjab National Bank(up 2.26 per cent), IndusInd Bank Ltd.(up 1.42 per cent), ICICI Bank Ltd.(up 1.08 per cent) and IDFC First Bank Ltd.(up 0.57 per cent) ended the day as top gainers in...
Zomato gets RBI nod to operate as online payment aggregator, ET BFSI
Zomato Payment Pvt Ltd (ZPPL), a wholly-owned subsidiary of Zomato Limited, has received approval from the Reserve Bank of India (RBI) to operate as an online payment aggregator, the company said in an exchange filing on BSE on Thursday."We wish to inform that ZPPL...
Vivifi India Finance bags $75 million in Series B funding, BFSI News, ET BFSI
Hyderabad-based Fintech NBFC, Vivifi India Finance Private Limited, has successfully concluded its Series B funding round, securing an investment of $75 million, the company said in a press release on Wednesday. The funding, structured as a combination of debt and...
India Post Making Banking Services Available to All, BFSI News, ET BFSI
Prayagraj: In line with the vison of Prime Minister Narendra Modi to promote digital banking and finance, over 14,000 accounts were opened by the postal department during a special campaign in Prayagraj region to provide benefit of DBT facility. These paperless...
6 factors behind the selloff today, ET BFSI
Dragged by losses in index heavyweights and IT and banking counters, the equity benchmark indices swung back to losing ways on Thursday ahead of the monthly F&O expiry later today. Weak earnings from Tech Mahindra weighed on tech stocks while banking stocks...
CCI approves Burman Family’s acquisition of shareholding in Religare Enterprises, ET BFSI
New Delhi: Competition Commission of India (CCI) approved the acquisition of shareholding in Religare Enterprises Limited by Puran Associates Private Limited, M.B. Finmart Private Limited, and VIC Enterprises Private Limited, Milky Investment and Trading Company The...
Citigroup’s laid-off employees in New York to be paid through April, ET BFSI
NEW YORK: Some Citigroup employees who are being laid off this week in New York, part of one of the biggest job reductions at a bank since the financial crisis, are expected to be paid salaries through April, two sources with knowledge of the matter said.In meetings...
Zee under ban on Thursday; IRCTC, RBL Bank, 3 others exit, ET BFSI
Zee Entertainment Enterprises (ZEEL) is under the F&O ban list on Thursday, January 25. Meanwhile, all five stocks in ban on Wednesday have moved out viz. Balrampur Chini Mills, Indian Railway Catering and Tourism Corporation (IRCTC), National Aluminium Company,...
Affordable housing co SMFG Grihashakti secures Rs 300 cr from NHB, ET BFSI
Mumbai: Affordable housing finance company SMFG Grihashakti on Tuesday said it has secured Rs 300 crore funding from the National Housing Bank (NHB). This is the company's maiden long-term loan from the NHB and it opens up an additional avenue for long-term, low-cost...
HDFC Bank credit cards cross two crore mark, claims 28% marketshare, ET BFSI
Mumbai: HDFC Bank has become the first bank to achieve a milestone of two crore credit cards in force, the company said in a statement. According to RBI data, there were 9.6 crore cards issued by banks, giving the private lender a market share of almost 21%. The bank...
Vivifi India Finance bags $75 million in Series B funding, BFSI News, ET BFSI
Hyderabad-based Fintech NBFC, Vivifi India Finance Private Limited, has successfully concluded its Series B funding round, securing an investment of $75 million, the company said in a press release on Wednesday. The funding, structured as a combination of debt and...
Climate-focussed NBFC Ecofy secures Rs 90 crore in equity funding from Dutch bank FMO, ET BFSI
Green energy-focused non-banking finance company Ecofy has raised Rs 90 crore in an equity round from Dutch entrepreneurial development bank FMO.With this infusion, Ecofy plans to grow its loan book, diversify its product base and eventually improve its own credit...
Postal Agent and Family Cheat 14 People of Rs 4 Crore, BFSI News, ET BFSI
AHMEDABAD: A man from the Naranpura area of the city on Sunday filed a complaint with the Detection of Crime Branch (DCB) alleging that a postal agent, his two family members and an aide cheated him and 13 others of Rs 4 crore by withdrawing their saved incomes from...
Nisus-BCD Fund invests Rs 60 crore in Project High Cliff, BFSI News, ET BFSI
Nisus Finance, a real estate credit fund, has invested Rs 60 crore through listed non-convertible debentures in High Cliff, a late-stage residential development in Bellandur, Bengaluru.The recent investment in Project High Cliff will be utilised towards the...
Tata Capital forays into education loans for higher education, ET BFSI
MUMBAI: Tata Capital, the flagship financial services company of the Tata Group, has entered the Education Loans space. The company’s loans are available for higher education in India, the USA, Canada, the UK, Australia, New Zealand, Germany, Singapore, and Dubai...
RBL Bank targets 20% loan growth over next two financial years: CEO, ET BFSI
MUMBAI - Indian private lender RBL Bank expects a 20% growth in its loan book over the next two financial years, largely led by secured retail assets, its managing director and chief executive officer said on Wednesday."We are trying to get into areas which are...
Consolidated Net PAT Falls, ET BFSI
IndoStar Capital Finance Ltd:* APPROVED ISSUE OF NON-CONVERTIBLE DEBENTURES WORTH UPTO 75 BILLION RUPEES THROUGH PRIVATE PLACEMENT* INDOSTAR CAPITAL FINANCE DEC-QUARTER CONSOL PAT 168.7 MILLION RUPEES VERSUS PROFIT 366.6 MILLION RUPEES* INDOSTAR CAPITAL FINANCE...
IPO-bound SK Finance raises Rs 1,328 crore in fresh equity fundraise, ET BFSI
TPG Growth-backed SK Finance, an NBFC engaged in used and new vehicle financing and secured business loans, raised Rs 1,328 crore from existing investors along with few other new investors. Marquee investors who participated in the funding round include Norwest...
Indian Bank Q3 Net Profit Rises, BFSI News, ET BFSI
Indian Bank:* INDIAN BANK Q3 NET PROFIT 21.19 BILLION RUPEES VERSUS 13.96 BILLION RUPEES* INDIAN BANK Q3 GROSS NPA 4.47%* INDIAN BANK Q3 INTEREST EARNED 141.98 BILLION RUPEES VERSUS 118.34 BILLION RUPEES* INDIAN BANK Q3 PROVISIONS AND CONTINGENCIES 13.49 BILLION...
Investors pocket Rs 5.42 lakh crore as fag-end buying drives Sensex 690 points higher, ET BFSI
Snapping a two-day losing streak, Indian equity indices reversed early losses and closed with gains in a highly volatile market on Wednesday led by auto, FMCG, IT and energy stocks.The 30-share BSE benchmark Sensex advanced 690 points or 0.98% to settle at 71,060. The...
Ugro Capital Q3 Profit Rises, BFSI News, ET BFSI
Ugro Capital Dec-Quarter Profit Rises Updated On Jan 24, 2024 at 10:27 AM IST Ugro Capital Ltd:* DEC-QUARTER PROFIT 325.3 MILLION RUPEES VERSUS 131.2 MILLION RUPEES* DEC-QUARTER TOTAL INCOME 2.79 BILLION RUPEES VERSUS 1.90 BILLION RUPEES Source text for Eikon: Further...
Profit jumps 30% to Rs 723 crore as core income improves, ET BFSI
NEW DELHI: State-owned Indian Overseas Bank (IOB) on Wednesday reported 30 per cent rise in net profit at Rs 723 crore for December quarter 2023-24, on the back of improvement in core income and reduction in bad loans. The Chennai-based lender had earned a net profit...
Current high margin, high NIM business can’t last; banks will need to learn to do things in a lean way: KV Kamath, ET BFSI
KV Kamath, Chairman, Jio Fin Services & Chairperson, NaBFID, says “NIMs will have to correct because it should be affordable to the borrower also. Banks will need to learn to do things in a lean way. Lean in terms of their processes, lean in terms of technology...
Net Income up 47% YoY to Rs 279 crore, ET BFSI
The non-banking financial company, UGRO Capital, announced the Q3FY24 results on Tuesday. The company has reported a growth of net income, profit as well as the assets under management (AUMs). UGRO reported total income of Rs 279 crore for the third quarter,...
Axis Bank shares fall 5% post Q3 earnings. Should you buy, sell or hold?, ET BFSI
Axis Bank shares fell over 5% to the day's low of Rs 1,034.75 on Wednesday notwithstanding its December quarter earnings which were higher than what Street expected. Positive commentary by a couple of top brokerages failed to cheer the investors as selling pressure in...
Rupee ends lower weighed by foreign banks, oil cos’ dollar appetite, ET BFSI
The Indian rupee sidestepped gains in most of its Asian peers to end slightly weaker on Tuesday, weighed down by dollar demand from local oil companies and foreign banks.The rupee ended at 83.15 against the U.S. dollar, down 0.1% compared to its previous close of...
NBFCs bat for credit guarantee scheme and other measures, ET BFSI
Gold loan non-banking finance companies (NBFCs), that are currently facing a liquidity crunch, have urged for fiscal measures in the upcoming Union Budget 2024 to infuse liquidity in the system and introduce a partial credit guarantee scheme to cover NBFC's onward...
Armed men loot Rs 90 lakh from Axis Bank in Bihar, BFSI News, ET BFSI
PATNA: Six armed men took away at least 90 lakh from Axis Bank in Araria district of Bihar on Tuesday. "Around Rs 90 lakh was looted by armed men from the Axis Bank branch located at ADB Chowk in Araria city," police said.Police said that the armed men posed as...
Fin Sustainable Logistics buys bankrupt Urb-it to grow customer base, ET BFSI
Fin Sustainable Logistics said on Tuesday it has acquired Urb-it, giving it access to the bankrupt sustainable delivery company's customers including Alibaba's AliExpress, Inditex's Zara, and its technology.London-based Fin was launched in 2022 and uses a fleet of...
Indel Money to offer NCD worth Rs 200 crore yielding 12.25% for 6 years, ET BFSI
The non-banking financial company, Indel Money, on Tuesday announced the fourth public issue of Secured Non-Convertible Debentures (NCDs) of face value of Rs 1,000 each.This issue is set to open on Tuesday, January 30, 2024 and will close on Monday, February 12, 2024...
Axis Bank reports 3.7% rise in Q3 profit, ET BFSI
BENGALURU - India's Axis Bank reported a 3.7% rise in third-quarter profit on Tuesday, helped by higher loan growth.The Mumbai-based private bank reported a standalone net profit of 60.71 billion rupees ($730.19 million) in the three months ended Dec. 31, compared to...
ElectricPe and Greaves Finance Limited team up with to simplify EV ownership in India, ET BFSI
Greaves Finance Limited, under its electric vehicle ownership platform evfin and EV solutions provider, ElectricPe have joined forces to enhance the accessibility of electric vehicle (EV) ownership. Greaves Finance Limited is a non-banking financial company (NBFC) and...
Veefin Solutions sees 300 pc jump in demand for supply chain finance solutions in FY24, ET BFSI
New Delhi: Veefin Solutions on Tuesday said it has witnessed a 300 per cent increase in demand for its supply chain finance solutions from Indian and global financial institutions in the current fiscal. New-age Non-Banking Financial Companies (NBFCs), various private...
Net Profit Rises, BFSI News, ET BFSI
Karnataka Bank Ltd:* DEC-QUARTER NET PROFIT 3.31 BILLION RUPEES VERSUS PROFIT 3.01 BILLION RUPEES* DEC-QUARTER GROSS NPA 3.64% VERSUS 3.47% PREV QUARTER* DEC-QUARTER INTEREST EARNED 21.13 BILLION RUPEES VERSUS 18.51 BILLION RUPEES* DEC-QUARTER PROVISIONS AND...
6 reasons behind the Rs 8 lakh crore selloff, ET BFSI
Just after India beat Hong Kong to become the world's fourth largest stock market, the Sensex fell over 1,000 points to end at 70,371, while the Nifty also cracked 1.5% to end below the 21,250 mark. The sell-off was deeper in the broader market with mid and smallcap...
Spandana Sphoorty profit rises 79% in Q3, ET BFSI
Kolkata: Spandana Sphoorty Financial on Monday reported a 79% year-on-year jump in net profit at ₹127 crore for the December quarter, backed by steady business growth and asset quality improvement.The net profit was ₹71 crore in the year-ago period. Pre-provision...
Net profit rises 4% YoY to Rs 6,071 crore, beats estimate, ET BFSI
Leading private sector lender Axis Bank on Tuesday reported that its standalone net profit rose 4% year-on-year to Rs 6,071 crore in the October-December 2023 period. It was Rs 5,853 crore in the last-year period.The profit was marginally higher than the ET Now Poll...
MFs and FIIs increase stakes in 5 out of 6 new-age tech stocks, ET BFSI
New-age consumer technology stocks continued to grab eyeballs among Dalal Street investors, even as pre-IPO investors continued to book profits in some of the names.The latest shareholding data showed that mutual funds as well as foreign institutional investors...
Amit Sharma Bajaj Finserve Vp Hr: Amit Sharma joins Bajaj Finserv as VP
Bajaj Finserv has appointed Amit Sharma as Vice President - Human Resources for its Microfinance Business.This is Sharma’s second stint at Bajaj Finserv where he earlier worked as National Manager HR Business Partner from March 2016 to March 2018.“I am delighted to...
ICICI Bank hits record high on profit beat, margin comfort, BFSI News, ET BFSI
BENGALURU -Shares of India's ICICI Bank hit a record 1,059.4 rupees on Tuesday after its third-quarter profit beat estimates on robust loan growth and margins met expectations. The private lender rose as much as 5% in the session and was the sole stock posting gains...
Outward Remittances By Indians In Nov Fall To Lowest Level Since Feb ’22, ET BFSI
Mumbai: Outward remittances of foreign exchange by Indians — for various purposes including children’s education and foreign travel — dipped to nearly $1.9 billion in Nov last year – the lowest since February 2022’s $1.8 billion.Forex remittances had averaged over $3...
Railway stocks down up to 9%, BFSI News, ET BFSI
New Delhi, Railway stocks are sharply down in trade on Tuesday after a recent run up.Railtel is down 9.5 per cent at Rs 401.40 on BSE. Ircon is down 9.4 per cent at Rs 241.95. Rail Vikas Nigam is down 7.25 per cent at Rs 297. Rail Vikas Nigam stock is close to its...
What to expect, 5 things to watch out for, ET BFSI
Leading private lender Axis Bank will report its third quarter results today and analysts expect a modest growth in both net interest income and profit. The year-on-year figures are still not comparable because of Citi's acquisition.Net interest income (NII) for the...
To get section 80G income tax deduction, collect these documents, ET BFSI
Individuals can donate money online to the Shri Ram Janmabhoomi Teerth Kshetra Trust and help in renovation/repair of Ayodhya Ram Mandir. This donation made to the Ayodhya Ram Mandir Trust will also make an individual eligible for tax deduction under section 80G of...
What next for HDFC Bank after drubbing at the bourses?, BFSI News, ET BFSI
HDFC Bank witnessed a substantial drop of over 12% in a massive sell-off over the weekend, which was attributed to HDFC Bank's December quarter earnings, which revealed a combination of flat net interest margin (NIM) and slower deposit growth on a sequential basis....
NARCL offers INR 270 cr for Pink City Expressway, recovery likely at 15%, ET BFSI
PCEPL has INR 1,761 crore of outstanding loans and another INR 30 crore of bank guarantees, according to rating agency Care, which means lenders can recover about 15% of their claims from NARCL.The government-backed bad loan aggregator, National Asset Reconstruction...
Kotak Mahindra Bank explains why private capex is low and deposit growth is a challenge, ET BFSI
Mumbai based private lender, Kotak Mahindra Bank has said there is no momentum in private capex yet, which explains low deposit growth. “The private capex can be seen in two parts. We are already seeing brownfield capex. But what is happening is such kinds of capex...
VC firm BlackSoil’s investments reach over $30 mn in Q3 FY24, BFSI News, ET BFSI
New Delhi, Alternative credit platform BlackSoil on Monday said its portfolio investment reached more than $30 million in the third quarter of current fiscal year (FY24), a 35 per cent growth (year-on-year). The VC firm successfully exited six deals and strategically...
These banks have revised fixed deposit interest rates in January 2024, ET BFSI
Since the new year began, many banks have revised their fixed deposit interest rates and some banks have extended their special fixed deposit last date. PNB, BoB, Federal Bank and IDBI bank have revised their fixed deposit interest rates in January 2024. PNBPunjab...
World stocks extend rally, central banks seen on hold, ET BFSI
European equities jumped on Monday, following fresh highs in Japanese stock markets and Friday's record close in the Nasdaq, ahead of a week brimming with central bank meetings, major economic data and corporate earnings. Banks, industrial goods and services, tech...
Tamilnad Mercantile Bank logs Rs 284 crore PAT for Q3, BFSI News, ET BFSI
Chennai, Tamilnad Mercantile Bank (TMB) closed the third quarter of FY24 with a higher net profit of Rs 284.23 crore. In a regulatory filing on Monday, TMB said for the quarter ended December 31, 2023 it had earned a total interest income of Rs 1,229.15 crore (Q3FY23...
China, HK stocks tumble amid foreign outflows, surge in short selling, ET BFSI
SHANGHAI: China and Hong Kong shares slumped on Monday, as relentless foreign outflows and a surge in short selling pummelled confidence already hurt by the region's creaking economy.China's bluechip CSI300 Index dropped 1.6% to its lowest closing level in nearly five...
Karur Vysya Bank’s Oct-Dec 2023 net profit up 42.56% at Rs 412 cr, ET BFSI
Chennai, Private sector Karur Vysya Bank has reported a 42.56 per cent jump on its net profit for the October-December 2023 quarter to Rs 412 crore, the lender said on Monday. The Tamil Nadu-based bank had reported a net profit of Rs 289 crore during the corresponding...
India’s IPO market is busy. It’s also broken, ET BFSI
India is one of the world’s busiest markets for initial public offerings. It has had more companies debuting over the past year than China and Japan, combined. But if history is any guide, in the long run, most of them will turn out to be duds.Yet, such is the...
Cheque fraud victims to get Rs 74 lakh from Axis Bank after 15 years long legal fight, ET BFSI
Axis Bank was ordered by National Consumer Disputes Redressal Commission (NCDRC) to pay a collective amount of Rs 73.93 lakh (including compensation) to five individuals who were victims of a cheque fraud withdrawal incident. Here's what happened. On May 24, 2008 one...
Japan’s Nikkei scales 34-year peak on Wall Street record, ET BFSI
Japan's Nikkei share average rallied to a fresh 34-year peak on Monday as the U.S. S&P 500's record-high close on Friday buoyed investor sentiment, despite continued signs of overheating in the Asian market.After opening sharply higher, the Nikkei fell back a bit...
PAT up 18% yoy to Rs. 716 Crore, BFSI News, ET BFSI
MUMBAI: The Board of Directors of IDFC FIRST Bank, in its meeting held today, approved the unaudited financial results for the quarter and nine months ended December 31, 2023. Profitability* Net Profit grew 18% YOY from Rs. 605 crore in Q3-FY23 to Rs. 716 crore in...
Atul Mehra quits JM Financial Services, to join Axis Capital as MD & CEO, ET BFSI
Atul Mehra, MD & CEO, Axis Capital Investment banker Atul Mehra has resigned from his position as joint managing director at JM Financial Services after a 33-year tenure in the group, the company said in a filing with the stock exchanges on Saturday.He is set to...
Grow assets at 20%, deposits at 25%, ET BFSI
IDFC First Bank is set to double its branch network in five years and reduce bad loans. It aims to expand its assets by 20% annually over five years and deposits by 25%."I think a 20% loan growth target is comfortable to achieve when large banks which are 7-8 times...
Coforge, MRPL, IIFL Securities among 42 companies to announce earnings, ET BFSI
Even as stock exchanges will observe a trading holiday on Monday, January 22 on account of the Ayodhya Ram Mandir consecration ceremony, 42 companies listed on the BSE will announce their December quarter earnings.The Street will be keeping an eye on the results of...
Moody’s downgrades China’s bad banks, BFSI News, ET BFSI
China's largest bad-debt managers suffered Moody's Investors Service's rating downgrades that cut China Huarong Asset Management to junk status, over concerns about the property crisis. Huarong AMC's long-term rating was reduced one notch to Ba1. Three other peers -...
Yes Bank becomes first Indian bank to conduct export finance transaction on RXIL’s ITFS platform, ET BFSI
Yes Bank on Wednesday became the first Indian bank to execute an export finance transaction on the International Trade Financing Services Platform (ITFS) of RXIL Global IFSC Limited (RXIL), a leading cross-border fintech company registered under the International...
Big banks Q3 net up on higher other income, dip in provisions, ET BFSI
Half a dozen banks reported higher quarterly net profit Saturday, as growth in retail loans, increased non-interest income and a fall in provisions more than offset the impact of increasing cost of funds that weighed on their net interest margins (NIMs).ICICI Bank,...
Axis Bank, Bajaj Auto Q3 earnings among 10 factors to drive D-Street in holiday-shortened week, ET BFSI
Nifty ended with weekly declines of 1.5% amid a rout in banking stocks led by HDFC Bank. When markets resume trading on Tuesday, a host of important domestic and global events lined up during the holiday-truncated week are likely to impact them. "Nifty concluded the...
IDBI Bank net profit rises 57% in Q3, BFSI News, ET BFSI
IDBI Bank reported a 57% increase in net profit to Rs 1,458 crore in the third quarter of the financial year ended December 31, 2023.During the corresponding period in the previous year, net profit was at Rs 927 crore. Net Interest Income, the difference between...
FPIs unleash turbulence with Rs 21,000 cr weekly selloff in sudden shift, ET BFSI
After months of buying, foreign portfolio investors are turning a blind eye to Indian equities in the month of January amid concerns over high valuations and uncertainty around global interest rates trajectory.In the week gone by, FPIs net sold shares worth over Rs...
Kotak Mahindra Bank reports 8% increase in net profit in Q3, ET BFSI
Kotak Mahindra Bank today reported 8% year-on-year growth in net profit for the quarter ended December 31, 2023 to Rs 3,005 crore, due to provisioning towards alternative investment funds and loss in the fixed income book. During the same quarter in the previous year,...
States’ loan guarantee more than triples since FY17 to Rs 9.4 lakh cr in FY23, ET BFSI
Mumbai: The total loan guarantees extended by 17 major states to their entities have more than tripled to Rs 9.4 lakh crore by FY23 from Rs 3 lakh crore in FY17, says a report. While guarantees are contingent liabilities, they may pose a risk to states' fiscal health...
Kotak Mahindra Bank misses Q3 profit view on higher loan provisions, ET BFSI
India's Kotak Mahindra Bank reported lower-than-expected third-quarter net profit on Saturday, weighed down by higher bad loan provisions and shrinking lending margins.The private bank reported standalone net profit of 30.05 billion rupees ($361.7 million) in the...
Chinese syndicates to keep hurting India via loan app scams: Cyber expert, ET BFSI
Chinese criminal syndicates and gangs operating digital loan shark scams are expected to further dent the Indian economy in 2024, warns cybersecurity law expert Pavan Duggal. The surge in illegal activities, through Chinese loan apps, has raised concerns about the...
ICICI Bank net profit jumps 25.7% to Rs 11,053 crore in Q3, ET BFSI
MUMBAI: ICICI Bank on Saturday said its consolidated net profit for the December quarter jumped 25.7% to Rs 11,052.60 crore, up from Rs 8,792.42 crore. The second largest private sector lender posted a 23.6% rise in standalone net profit for the third quarter of the...
Mcap of five of top-10 most valued firms erode by Rs 1.67 lakh crore; HDFC Bank biggest laggard, ET BFSI
New Delhi: The combined market valuation of five of the top 10 valued firms eroded by Rs 1,67,936.21 crore last week, with HDFC Bank emerging as the biggest laggard. Last week, the 30-share BSE benchmark fell by 1,144.8 points 1.57 per cent. The NSE and BSE conducted...
Are all banks closed on January 22?, ET BFSI
In honour of the opening of the Ayodhya Ram Mandir on January 22, 2024, certain state governments have declared the day off for their offices and educational institutions. The Centre and PSU banks have both declared a half-day for all of their offices. However, even...
75 smallcaps shine with double-digit gains in extended trading week despite elevated valuations, ET BFSI
It seems investors are in no mood to let go of smallcap stocks despite elevated valuations. As many as 74 smallcaps delivered double-digit returns in the week gone by even as weak global cues dented overall market sentiments.RVNL was the top gainer in the smallcap...
Cyber fraudsters hacking bank accounts under name of Prasad, ET BFSI
A new wave of cyber fraud has been unleashed in recent weeks ahead of the consecration of Ram Mandir at Ayodhya, Uttar Pradesh. The nation is all decked-up to celebrate the auspicious day with the state and the central government declaring either half-day or full-day...
IREDA Q3 Net Profit Zooms 67% to ₹335 cr, BFSI News, ET BFSI
State-run IREDA on Saturday posted a 67% rise in net profit to ₹335.5 crore for the quarter ended in December 2023, bolstered by higher income.It had clocked ₹200.7-crore net profit during the October-December period of the preceding FY23, the company said in an...
Banks may alert RBI as rising funding costs sting amid sustained liquidity drainage, ET BFSI
Mumbai: Banks are likely to make representations to the Reserve Bank of India (RBI) on sustained liquidity drainage that has pushed up funding costs for lenders despite unchanged policy rates for nearly a year. Liquidity has steadily declined with the central bank...
NCLT clears ICICI Bank-ICICI Securities merger; EGM set for March 27, ET BFSI
Mumbai: The Ahmedabad bench of the National Company Law Tribunal has cleared ICICI Bank's proposed scheme of arrangements with ICICI Securities and directed it to conduct an extraordinary general meeting (EGM) on March 27 to seek approval from shareholders.The bank,...
Banks could prescribe debt-to-income ratio for healthy retail loan book: Study, ET BFSI
Policy researchers are suggesting an additional parameter - individuals' debt to income (DTI) - to judge a borrower's credit- worthiness while extending retail loans to avoid any adverse impact at the system level. "DTI limits along with restrictions on loan-to-value...
India’s Kotak Mahindra Bank misses Q3 profit view on higher loan provisions, ET BFSI
MUMBAI -India's Kotak Mahindra Bank reported lower-than-expected third-quarter net profit on Saturday, weighed down by higher bad loan provisions and shrinking lending margins.The private bank reported a standalone net profit of 30.05 billion rupees ($361.7 million)...
India’s ICICI Bank beats estimates with record high profit in Q3, ET BFSI
MUMBAI -India's ICICI Bank reported better-than-expected third-quarter profit on Saturday, helped by robust loan growth, although its net interest margin (NIM) shrank for the fourth straight quarter.The country's second-biggest private bank reported a record high...
IDBI Bank shares jump 11%, hit 52-week high post strong Q3 earnings, ET BFSI
Shares of IDBI Bank jumped over 11% to hit a 52-week high of Rs 77.50 on Saturday following the company's December quarter earnings. The lender reported a sharp 57.3% year-on-year (YoY) growth in net profit for the quarter ended December 2023 to Rs 1,458.20 crore.The...
J&K Bank Q3 net profit jumps 35 pc to Rs 421 cr, BFSI News, ET BFSI
New Delhi, J&K Bank on Saturday reported a 35 per cent rise in net profit to Rs 421 crore in the third quarter ended on December 2023 on the back of a decline in bad loans and improvement in core income. The bank had earned a net profit of Rs 311 crore in the...
US bonds keep bearish tone after strong jobs data, ET BFSI
U.S. Treasury yields were mostly higher on Thursday after data showing job growth remains solid, which strengthened the argument of central bank officials in recent days that changes towards lower interest rates will not be rushed.Yields, which move inversely to...
Net profit rises 18% YoY to Rs 716 crore, ET BFSI
IDFC First Bank on Saturday reported that its standalone net profit jumped 18% year-on-year to Rs 716 crore for the quarter ended December 2023. The same stood at Rs 605 crore a year ago.The net interest income (NII) of the lender rose 30% to Rs 4,287 crore in the...
ED issues fresh summons to former Kerala minister in KIIFB masala bonds case, ET BFSI
Kochi, The ED has issued a fresh summons to senior Kerala CPI(M) leader Thomas Issac for questioning in a FEMA case linked to a probe into the alleged violations in the financial dealings of KIIFB during his tenure as the finance minister in the previous LDF...
Profit jumps 77% to Rs 355 crore, BFSI News, ET BFSI
State-owned IREDA on Saturday posted a 77 per cent rise in net profit at Rs 355.54 crore during the quarter ended December 2023, pushed by higher income. It had clocked Rs 200.75 crore net profit during the October-December period of the preceding 2022-23 fiscal, the...
Net profit surges 60% to Rs 3,590 crore, ET BFSI
State-owned Union Bank of India on Saturday posted a 60 per cent jump in net profit to Rs 3,590 crore for the December quarter on the back of lower provisioning and better interest income. The bank had reported a net profit of Rs 2,249 crore in the year-ago period,...
IRFC’s m-cap zooms past 21 Nifty stocks, including Bajaj Auto, M&M, LTIM, ET BFSI
India's most valuable railway stock Indian Railway Finance Corporation (IRFC) is now more valuable than 19 Nifty stocks including Bajaj Auto, Mahindra & Mahindra, LTIMindtree and Tata Steel.On Friday, the market capitalisation of the company touched Rs 2.1 lakh...
PAT rises 8% YoY to Rs 3,005 crore, but trails estimates, ET BFSI
MUMBAI - Kotak Mahindra Bank on Saturday reported a nearly 8% year-on-year (YoY) growth in net profit for the quarter ended December to Rs 3,005 crore, but the figure was lower than the estimated Rs 3,250 crore.Net interest income, the difference between interest...
Suzuki Motorcycle India partners with SMFG India Credit Co for vehicle finance, ET BFSI
Suzuki Motorcycle India Pvt Ltd on Friday said it has partnered with SMFG India Credit Co Ltd (formerly Fullerton India Credit Co) to provide financing on purchase of its two-wheelers. The two companies have entered into an MoU for the same, Suzuki Motorcycle India...
Leaders bet high on affordable housing, PMAY, ET BFSI
The last Union Budget by the NDA government is set to roll out soon, with a mix of expectations from the industry. Since this will be the interim budget, less hopes are there from the Finance Minister Nirmala Sitharaman. The minister has already ruled out any...
PSBs want fair value rule eased for recap bonds, BFSI News, ET BFSI
New Delhi: State-run banks have asked the Reserve Bank of India (RBI) for the relaxation of a rule that requires them to set aside capital if the fair value of recapitalisation bonds issued to them falls below the acquisition cost, ET has learnt. Banks want clarity on...
Rupee rises 7 paise to settle at 83.06 against US dollar, ET BFSI
Mumbai: The rupee gained 7 paise to settle at 83.06 (provisional) against the US dollar on Friday, tracking robust buying in domestic equity markets and weak American currency overseas. However, strengthening crude oil prices and foreign capital outflows capped the...
Unclaimed deposits with banks rise by 28 pc to Rs 42,270 cr in FY23, ET BFSI
There has been a 28 per cent annual increase in unclaimed deposits with the banks to Rs 42,270 crore as on March 2023, Parliament was informed on Tuesday. As compared to Rs 32,934 crore unclaimed deposits with public and private sector banks in FY22, the amount...
$21-billion rout in India’s bank stocks signals heyday may be over, ET BFSI
The outlook has quickly soured for India’s $433 billion banking sector after a rare selloff in HDFC Bank Ltd., the country’s biggest private sector lender.A gauge of the country’s top 12 largest banks is set for its worst week since September, erasing nearly $21...
These banks have revised fixed deposit interest rates in January 2024, ET BFSI
Since the new year began, many banks have revised their fixed deposit interest rates and some banks have extended their special fixed deposit last date. PNB, BoB, Federal Bank and IDBI bank have revised their fixed deposit interest rates in January 2024. PNBPunjab...
IndusInd Bank, IDFC among 5 stocks with short buildup, ET BFSI
In Friday’s trading session, the following five stocks witnessed a build of fresh short positions. Lets first understand how this conclusion is reached that whether the stock has seen a buildup of fresh short position or not. To understand it we have to look at what “...
What were the drivers for Poonawalla Fincorp’s best ever performance? Abhay Bhutada answers, ET BFSI
Abhay Bhutada, MD, Poonawalla Fincorp, says “in the last eight quarters, there is a consistent performance in terms of disbursement as well as AUM growth. The most important thing here is that the base is very low. It is easy to achieve this number. And we have given...
PAT may grow 15% YoY on strong interest income, lower credit costs, ET BFSI
Kotak Mahindra Bank is expected to report a double-digit growth in net profit for the quarter ended December, led by strong interest income, healthy loan growth, lower credit costs, and stable asset quality. The private sector lender’s net profit for the quarter is...
Central Bank, 10 others file bids for Future Enterprises assets, ET BFSI
Mumbai: Eleven entities, including stressed asset aggregator JC Flowers, non-banking finance companies Capri Global and Authum Investment & Infrastructure, investment company Kotak Alternate Asset Managers besides the lead creditor Central Bank of India have...
IndusInd Bank shares fall 2% post Q3 earnings but brokerages remain upbeat. Here’s why, ET BFSI
Shares of IndusInd Bank fell nearly 2% to the day's low of Rs 1,582.40 on Friday following the bank's December quarter earnings which were broadly in line with the Street's expectations. However, slippages were up in the reported quarter which appeared to have...
Will Budget 2024 reconsider it?, ET BFSI
Virtual Digital Assets (VDAs) such as crypto, Non-Fungible Tokens (NFT) are encrypted digital holdings on blockchain. Chainalysis' 'Global Crypto Adoption Index' (2023) also suggests that India is currently leading the 'grassroot adoption' game in VDAs. India also has...
Govt declares half-day holiday for PSU banks, insurance companies on January 22, ET BFSI
NEW DELHI: Public sector banks, insurance companies, financial institutions and regional rural banks (RRBs) across the country will remain closed for half day on January 22 on the occasion of the Ram temple consecration ceremony in Ayodhya.Earlier in the day, the...
Sensex surges 496 points, boosting investor wealth by Rs 4.05 lakh crore, ET BFSI
Following positive cues from the global peers, Indian equity indices closed higher on Friday after a three-day losing streak, led by a rebound in financials and information technology stocks.The 30-share BSE benchmark Sensex surged 496 points or 0.70% to settle at...
New liquidity rules needed to handle bank runs, ET BFSI
A top U.S. banking regulator on Thursday called for new liquidity rules to help lenders respond to runs by depositors of the kind that felled Silicon Valley Bank and other mid-size banks last year.Hsu's remarks were the latest sign that regulators are continuing to...
RIL, Paytm, HUL, IndusInd Bank, HDFC Bank, BFSI News, ET BFSI
GIFT Nifty on the NSE IX traded 57.50 points, or 0.27 per cent, higher at 21,529, signaling that Dalal Street was headed for positive start on Friday. Here's a slew of stocks that will be in focus today for various reasons.Here's a slew of stocks that will be in focus...
Indian banks seek looser liquidity conditions going ahead
By Dharamraj DhutiaMUMBAI - Indian lenders want the Reserve Bank of India (RBI) to ease banking system liquidity conditions as overnight cash rates have exceeded the key policy rate for over five months, according to treasury officials, whose suggestions will be...
Central Bank, 10 others file bids for Future Enterprises assets, ET BFSI
Mumbai: Eleven entities, including stressed asset aggregator JC Flowers, non-banking finance companies Capri Global and Authum Investment & Infrastructure, investment company Kotak Alternate Asset Managers besides the lead creditor Central Bank of India have...
IndusInd Bank to open 4 more branches in Ayodhya, BFSI News, ET BFSI
Mumbai: Private sector lender Indusind Bank is mulling opening four more branches in Ayodhya, a top official said on Thursday.The city-based lender promoted by the Hindujas already has a branch in the temple town, which will be witnessing the consecration of the Ram...
3 concerns behind $13 bn rout in HDFC Bank; brokerages downgrade LTIMindtree, ET BFSI
Brokerage firm Bernstein maintained an outperform rating on HDFC Bank, Nomura maintained a buy rating on Apollo Hospitals, InCred downgraded LTIMindtree and Goldman Sachs maintained a neutral rating on Asian Paints.We have collated a list of recommendations from top...
HDFC Bank seeks Singapore bank license to grow overseas, BFSI News, ET BFSI
HDFC Bank Ltd, India’s biggest private sector lender, is seeking to open its first branch in Singapore, signaling its overseas ambitions after sewing up a landmark merger with mortgage financier Housing Development Finance Corp. last year.The bank has applied to the...
Premonition? Mutual funds sold 2.5 crore shares of HDFC Bank last month, ET BFSI
Wednesday's sharp drop of 8.5% in shares of India's largest private sector lender HDFC Bank has also left mutual fund investors worried as the Nifty stock is the single largest holding in equity MFs and forms about 7.1% or Rs 211,460 crore of the total assets under...
Why are HDFC Bank shares falling?, BFSI News, ET BFSI
HDFC Bank, India's top private sector bank, fell 9 percent on Wednesday and continued its fall on Thursday, wiping out over Rs 1 lakh crore from its market capitalisation, amid mayhem in the broader markets. The fall was on the back of disappointing results by the...
Foreign portfolio investors recorded highest-ever single-day selloff on Jan 17, ET BFSI
New Delhi: Foreign portfolio investors recorded their highest-ever single-day selloff on January 17, as they turned net sellers of Indian equities after two days. FPIs offloaded equities worth Rs 10,578.1 crore, according to provisional data from the National Stock...
HDFC Bank shares tank 12% in 2 days in Rs 1.3 lakh-crore rout. No dip buyers left, ET BFSI
HDFC Bank shares on Thursday fell up to 3.7% to the day's low at Rs 1,480 on BSE as it failed to attract enough dip buyers after Wednesday's crash. In the last two trading days, the Nifty heavyweight stock has lost about Rs 1.3 lakh crore of its market capitalisation...
Could money move out of HDFC Bank to Bajaj Finance or is it time for sector rotation?, ET BFSI
Hemang Jani, Independent Market Expert, says The market is going to realign to the reality that in a large sector like BFSI, which is a 35-40% weight, if the actual earnings growth is not in line with the consensus, there is going to be that realignment and...
State Bank of India raises Rs 5,000 cr through AT1 bonds, BFSI News, ET BFSI
Mumbai, The nation's largest lender State Bank of India has raised Rs 5,000 crore through its second Basel III compliant additional tier 1 (AT1) bond sale this fiscal. The bank, in a statement on Thursday, said the perpetual bond with a call option after 10 years and...
92% passive large cap funds fail to beat benchmarks in 2023, BFSI News, ET BFSI
Around 92% passive or index-based large cap mutual funds failed to beat their respective benchmarks in 2023, an analysis of performance of large cap index funds showed. There were around 52 passive large cap schemes and 48 schemes failed to beat their respective...
Poonawalla Fincorp net profit rises 76% to Rs 265 crore, BFSI News, ET BFSI
Mumbai: Poonawalla Fincorp, a part of the Adar Poonawalla group, reported a net profit of Rs 265 crore for the quarter ending December 2023, reflecting a 76% increase compared to the previous year and a 15% growth within the quarter.The company's board declared an...
Nifty Bank continues to fall, HDFC disappoints again as price falls by 3.55%, ET BFSI
The decline for the Nifty Bank index continues the decline for yet another day as on Thursday, the index closed at around 45,700. The index also witnessed its day-low at 45,492 at the time of opening. HDFC Bank continued to remain the top loser in bank stocks as the...
Stocks that hit 52-week highs on NSE, BFSI News, ET BFSI
NEW DELHI: Shares of Oracle, Rane Eng Valve, Vertoz Advertising, Majesco L(PP)and PNB Housing, hit their fresh 52-week highs at 11:01AM(IST)on NSE. Benchmark NSE Nifty index fell 106.25 points to 21465.7 amid selling in frontline bluechip stocks. However, stocks such...
RBI approves Praveen Kutty as DCB Bank CEO, BFSI News, ET BFSI
The Reserve Bank of India (RBI) has approved the appointment of Praveen Kutty as the CEO of DCB Bank for a period of three years with effect from April 29, the bank said in a notice to the stock exchanges.The bank's board will meet soon to approve Kutty's appointment...
Stocks that hit 52-week lows on NSE, BFSI News, ET BFSI
NEW DELHI: Digidrive Distributo, Flair Writing Indust, Inox India, Muthoot Microfin and Stampede Cap(DVR)and others were among the stocks that touched their 52-week lows as of 11:11AM(IST)in Thursday's session. Domestic benchmark index NSE Nifty fell 85.11 points to...
Shriram Finance Raises $750mn, BFSI News, ET BFSI
Chennai: Shriram Finance Limited (SFL) on Wednesday announced the raising of $750 million through social bond from international bond markets. It marks the largest deal size by one of the largest retail financing NBFC in the country.A statement here said, the company...
Yes Bank becomes first Indian bank to conduct export finance transaction on RXIL’s ITFS platform, ET BFSI
Yes BankYes Bank on Wednesday became the first Indian bank to execute an export finance transaction on the International Trade Financing Services Platform (ITFS) of RXIL Global IFSC Limited (RXIL), a leading cross-border fintech company registered under the...
Oracle Financial shares zoom 20%, hit record high on strong Q3 results, ET BFSI
Shares of Oracle Financial Services Software rallied 20% to hit a new 52-week high at Rs 6,098 in Thursday's trade on BSE after the firm reported a 69.4% year-on-year (YoY) jump in net profit at Rs 740.8 crore for the third quarter that ended December 31, 2023.In the...
Kochi-based NBFC Indel Money to raise upto Rs 200 crore through NCDs, ET BFSI
Kochi-based gold loan NBFC Indel Money plans to raise up to Rs 200 crore through non-convertible debentures (NCDs) to shore up its capital and diversify lend-able resources at a coupon rate of 12.25%.Significantly the company's 4th issue comes at a time when NBFCs...
SBI has introduced green deposit scheme, how does it work?, ET BFSI
The State Bank of India (SBI) has introduced SBI Green Rupee Term Deposit, a special fixed deposit scheme. that goes beyond traditional investments, aiming to channel funds into environmentally-friendly projects. As part of a broader commitment to India's net carbon...
Rupee can be winner for first time in 7 years only if this one condition is met, ET BFSI
A heady year of capital inflows for India may only result in mild gains for the rupee as the nation’s central bank will likely continue to grip the currency tightly.On its own, the stars are aligned for the rupee — prospects of large bond and stocks inflows on the...
HDFC Bank raises $500 million from MUFG, BFSI News, ET BFSI
Mumbai: HDFC Bank has raised $500 million from Japan's largest lender MUFG Bank, as it shores up its liabilities after acquiring parent HDFC last year. The dollar loan from MUFG was financed through the Japanese lender's Gift City branch and was priced at 110 basis...
Sensex records worst single-day plunge in 16 months. Should you book profits?, ET BFSI
Helped by one of the worst single-day falls in HDFC Bank shares in the last three years, Sensex on Wednesday recorded its worst daily performance in the last 16 months. During the day, Sensex fell over 1,400 points or 1.95%. The previous worst percentage loss was...
Why personal loans may get pricier this year, BFSI News, ET BFSI
In a move to address the surge in unsecured loans, the Reserve Bank of India (RBI) has implemented significant changes that are poised to impact the landscape of personal loans in 2024. The increase in risk weight on consumer credit, from 100% to 125%, has...
CredAble partners with Aditya Birla Finance for MSME financing, ET BFSI
Fintech company CredAble, which specialises in supply chain finance, and Aditya Birla Finance Limited, announced a strategic partnership aiming at transforming Micro, Small, and Medium Enterprises (MSME) lending in India, through a press note released on Wednesday.The...
RBI preps India’s top banks to face a ‘de-dollarised’ world, BFSI News, ET BFSI
MUMBAI: The Reserve Bank of India (RBI) has alerted high-street banks to get ready for an emerging multi-currency world amid measures to internationalise the rupee.Banks were advised by senior RBI officials during an interaction in Kochi on Saturday to prepare...
SoftBank fully exits Policybazaar parent fetching $650 million in returns, ET BFSI
Japanese technology investor SoftBank has fully exited PB Fintech, the parent of insurance marketplace PolicyBazaar, according to people aware of the matter. SoftBank had invested close to $200 million in PB Fintech and sold its remaining stake in a mid-December...
RBI clears appointment of Praveen A Kutty as MD of DCB Bank, BFSI News, ET BFSI
New Delhi, Private sector DCB Bank on Tuesday said the Reserve Bank approved the appointment of Praveen Achuthan Kutty as its Managing Director and CEO. The appointment for a period of three years is effective from April 29, 2024, DCB Bank said in a regulatory filing....
Capital Small Finance Bank gets Sebi nod to launch IPO, BFSI News, ET BFSI
Capital Small Finance Bank, which is the first one to start operating in the small finance bank space, has received market regulator Securities & Exchange Board of India's permission to launch an initial public offer. The proposed IPO consists of a fresh issue of...
HSBC India unveils its largest branch in country, bets big on growing affluent customers, ET BFSI
New Delhi, HSBC India on Wednesday announced opening of its largest branch in the country in a bid to tap growing affluent customers. Located in Whitefield, Bengaluru, the branch is spread across 8,300 square feet, HSBC India said in a statement. This marks a...
Nifty Bank falls 1,800 points to record biggest single-day fall since March 2022, ET BFSI
India's largest lender and index heavyweight HDFC Bank engineered a 4% or 1,800 points fall in Nifty Bank which was its worst decline since March 2022. The stock fell 7.51% intraday, recording its second biggest decline in percentage terms since May 20, 2020, when it...
Profit, NII to grow in double digits; asset quality stable, ET BFSI
Leading private lender IndusInd Bank is expected to report healthy growth in net interest income (NII) for the quarter ended December on the back of solid loan growth.NII for the third quarter is likely to grow around 16% year-on-year, according to an average estimate...
Karnataka Bank & Clix Capital partner for co lending, BFSI News, ET BFSI
Private sector lender Karnataka Bank and non-banking finance company (NBFC) Clix Capital on Tuesday signed up for a strategic digital co-lending partnership through the platform Yubi Co.Lend.The partnership is focused on providing loans to the Indian MSME sector which...
Profit, NII to grow in double digits; asset quality stable, ET BFSI
Leading private lender IndusInd Bank is expected to report healthy growth in net interest income (NII) for the quarter ended December on the back of solid loan growth.NII for the third quarter is likely to grow around 16% year-on-year, according to an average estimate...
Sensex snaps 5-day winning streak, slides 199 points dragged by IT stocks, ET BFSI
After the recent rally to record highs, domestic benchmark equity indices snapped a 5-day winning streak and closed in the red in a volatile market on Tuesday, dragged by a pullback in high-weightage IT stocks and index-heavyweight Reliance Industries.The 30-share BSE...
Fitch to finalise crucial multilateral development bank changes in 6-9 months, ET BFSI
By Marc JonesLONDON, - Rating agency Fitch expects to finalise changes in the next 6-9 months that should allow the world's biggest multilateral development banks (MDBs) to significantly ramp up lending without jeopardizing their prized credit scores.Rating firms have...
Sebi penalises individual for violating insider trading rules, ET BFSI
Capital markets regulator Sebi on Tuesday slapped a fine of Rs 10 lakh on an individual for flouting insider trading norms in the matter of Magma Fincorp (now known as Poonawalla Fincorp Ltd). The individual (Abhijit Pawar) will have to pay the fine within 45 days,...
Over 8,600 bank accounts linked to cybercriminals frozen in Jharkhand, ET BFSI
JHARKHAND: As many as 8,674 bank accounts, allegedly linked to cybercriminals, have been frozen in Jharkhand on suspicion that these were being used for phishing activities, a CID official said on Tuesday. The maximum of 2002 accounts were frozen in Deoghar district,...
Rupee halts nine-day winning streak on broad dollar strength, ET BFSI
The Indian rupee snapped a nine-day winning streak on Tuesday, pressured by a broadly stronger dollar and a risk-off in regional markets amid high inflationary pressures continuing to cloud the interest rate outlook.The rupee ended at 82.07 to the U.S. dollar compared...
Federal Bank Q3 profit rises 25% to Rs 1,007 cr, ET BFSI
New Delhi: Federal Bank on Tuesday posted 25 per cent increase in profit at Rs 1,007 crore for the third quarter ended December 2023. The bank had earned a net profit of Rs 804 crore in the same quarter a year ago. Total income increased to Rs 6,593 crore during the...
India’s first $1 trillion stock is possible by 2032. Here are top 3 candidates, ET BFSI
A whisker away from occupying the coveted slot of the fourth-largest hub of equities by beating Hong Kong, India is being recognised as a stock market superpower. And now investors are waiting for Dalal Street to produce its first $1 trillion stock.Calculations done...
IBPS Exam Calendar 2024 released, check Clerk, PO exam dates here, ET BFSI
The Institute of Banking Personnel Selection (IBPS) has released the official tentative IBPS Exam 2024 calendar for various openings of clerk and probationary officers on its website on January 15, 2023.The aspiring candidates are advised to visit the official site to...
Capital SFB, Krystal Integrated Services and Vibhor Steel get Sebi nod to launch IPOs, ET BFSI
Three companies -- Capital Small Finance Bank, Krystal Integrated Services, and Vibhor Steel -- have received market regulator Sebi's approval to launch their respective IPOs.Those selling shares in the OFS include -- Oman India Joint Investment Fund II, PI Ventures...
HDFC Bank CFO, ET BFSI
Srinivasan Vaidyanathan, HDFC Bank CFOHDFC Bank on Tuesday reported a net profit of Rs 16,372 crore for the October-December quarter of 2023-24, which marks a 33.5 per cent jump from Rs 12,259 crore clocked a year ago.In the October-December FY24 quarter, total...
REC issues green bonds worth record 61 billion Japanese Yen in global market, ET BFSI
New Delhi: Maharatna public sector company REC Limited has successfully issued green bonds worth 61.1 billion Japanese Yen which is the largest ever Yen-denominated issue from India, according to an official statement released on Tuesday. The 5-year, 5.25-year and...
Karnataka Bank & Clix Capital enter into a co-lending partnership through Yubi platform, ET BFSI
New Delhi: Karnataka Bank (KBL), a leading private sector bank and Clix Capital, one of India's fastest growing new-age NBFCs, have entered into a strategic digital co-lending partnership through YubiCo.Lend platform. This partnership is focused on providing loans to...
Internal as well as external candidates to be on Federal Bank’s radar for new MD, ET BFSI
Private sector Federal Bank is in the process of exploring both internal and external candidates for the position of managing director and chief executive officer for the bank as the term for current head Shyam Srinivasan would come to an end on September 22.The bank...
SBI Mutual Fund eyes Rs 500 crore from new fund, BFSI News, ET BFSI
The largest fund house SBI Mutual Fund on Monday launched a new equal-weight index fund that will track the Nifty 50 index, and expects to garner at least Rs 500 crore during the primary subscription period. For investors, the open-ended fund comes with a relatively...
Jio Financial profit drops 56% to 294cr in Dec qtr, ET BFSI
Mumbai: Jio Financial Services has reported a consolidated net profit of Rs 294 crore for the December quarter — down 56% from Rs 668 crore in the preceding quarter. The decline in net profit was largely due to a revenue of Rs 217 crore in the previous quarter from...
PAT rises 34% YoY to Rs 16,373 crore, BFSI News, ET BFSI
MUMBAI: HDFC Bank on Tuesday reported a good set of numbers for the December quarter, with the net profit rising nearly 34% year-on-year (YoY) to Rs 16,372.54 crore. The bottomline was higher than an ETNow poll of Rs 15,846 crore.Net interest income (NII), the...
GIFT Nifty down 45 points; here’s the trading setup for today’s session, ET BFSI
Domestic equities surged to fresh all-time highs on the back of a continued rally in IT stocks and better-than-expected inflation data."Q3 earning season had a positive start and is further expected to be propelled by the BFSI segment, where many heavyweights are...
NBFC InPrime raises $3 million in funding round led by Matrix Partners India, ET BFSI
Non-banking finance company (NBFC) InPrime Finserv on Tuesday said it has raised $3 million in equity funding led by Matrix Partners India. Existing investors InfoEdge Ventures, Titan Capital and Kettleborough VC also participated in the round. The funds will be...
Bank Of Maharashtra Q3 Result: Bank of Maharashtra Q3 profit jumps 34% to Rs 1,036 crore
NEW DELHI: State-owned Bank of Maharashtra (BoM) on Tuesday posted a 34 per cent rise in its profit at Rs 1,036 crore in the third quarter ended December 2023.The Pune-based lender had posted a net profit of Rs 775 crore in the same quarter a year ago.Total income...
Jio Financial Services Q3 net profit falls 56% to Rs 294 crore, ET BFSI
Jio Financial Services Ltd on Monday reported a 56 per cent decline in consolidated net profit at Rs 294 crore for the third quarter ended December 2023, compared to the previous quarter. The company had earned a consolidated net profit of Rs 668 crore in the second...
RBI eases credit concentration norms for NBFCs, BFSI News, ET BFSI
The Reserve Bank of India (RBI) has eased the credit concentration risk norms for non banking finance companies (NBFCs) in the middle layer (ML) and base layer (BL) bringing them on par with their larger peers or upper layer (UL) NBFCs.In new directions effective...
Who can invest, interest rate, how to buy, ET BFSI
State Bank of India (SBI) has launched SBI Green Rupee Term Deposit (SGRTD) in an effort to raise money for projects and activities that promote the environment and help India's green finance ecosystem flourish.Who is eligible to invest in SBI Green Rupee Term...
Equity mutual fund redemptions jump 39% YoY in CY23, 49% MoM in December, ET BFSI
Mutual fund - representative imageMutual fund redemptions increased 39% year-on-year to Rs 332,300 crore in CY23 leading to a decline in net inflows to Rs 206,300 in the year from Rs 238,300 in CY22, a Motilal Oswal report said.On a month-on-month basis, the pace of...
PAT likely to rise 28% YoY, margin trajectory outlook eyed, ET BFSI
HDFC Bank is expected to report a double-digit year-on-year (YoY) growth in net profit for the quarter ended December, aided by the healthy rise in net interest income.The private sector lender’s net profit is seen rising 28.4% YoY to Rs 15,739 crore, according to the...
Stocks that hit 52-week lows on NSE in today’s trade, ET BFSI
NEW DELHI: M K Proteins, Digidrive Distributo, SKS Textiles, Raj Rayon and Happy Forgings and others were among the stocks that touched their 52-week lows in today's trade. Domestic benchmark index NSE Nifty ended 202.91 points up at 22097.45, while the BSE Sensex...
Fino Payments Bank to increase touchpoints in West Bengal, North-East, ET BFSI
Fino Payments Bank, which started operations in 2017, will increase the number of touchpoints across West Bengal and the North Eastern part of the country, an official said here on Monday. Presently, the bank has around 35,000 touchpoints across all the districts in...
Stocks that hit 52-week highs on NSE in today’s trade, ET BFSI
NEW DELHI: Shares of Dredging Corp, Tera Software, Tourism Finance, Dhanlaxmi Bank and SBC Exports, hit their fresh 52-week highs during Monday's trade on NSE. Benchmark NSE Nifty closed 202.91 points up at 22097.45 amid buying in frontline bluechip counters. However,...
RBI proposes tighter regulations for housing finance firms, ET BFSI
The Reserve Bank of India proposed a phased transition towards further tightening regulations for housing finance companies (HFCs) to ensure they are treated at par with non-banking financial companies (NBFCs), the central bank said on Monday.The RBI, in a draft...
Jio Financial, Angel One among 24 companies to announce earnings, ET BFSI
Into the second week of the earnings season, as many as 24 companies will announce their December quarter results on Monday. Street will be keeping a track on Mukesh Ambani promoted Jio Financial Services. The company is a subsidiary of the Reliance Industries (RIL)...
Anil Kaul, Ex-MD of Tata Capital Housing Finance, joins Satin Creditcare board, ET BFSI
Anil Kaul, Ex-MD Tata Capital Housing FinanceMicrofinance institution (MFI), Satin Creditcare Network Limited announced today the appointment of Anil Kaul as an Additional, Non-Executive Independent Director on its Board, in a press note. Anil Kaul has been the former...
Rupee gains for ninth session on speculative dollar selling, ET BFSI
The Indian rupee ended higher on Monday for a ninth straight session, fuelled by speculative bets its recent winning streak will continue.The rupee settled at 82.8800 to the U.S. dollar compared with its previous close of 82.9225. The rupee rose to 82.7800 intraday,...
Sensex, Nifty close at record highs for second session, ET BFSI
Benchmark equity indices closed at new record highs for the second straight session on Monday with Nifty50 and Sensex crossing the 22,000 and 73,000 mark for the first time ever, led by IT stocks after better-than-expected results from HCLTech and Wipro.The BSE Sensex...
Rupee rises 18 paise to 82.77 against US dollar in early trade, ET BFSI
The rupee appreciated 18 paise to 82.77 against the US dollar in early trade on Monday, supported by bullish domestic equities wherein domestic indices touched record highs. At the interbank foreign exchange, the domestic currency opened at 82.82 and touched 82.77...
Analysts, BFSI News, ET BFSI
Most technical indicators suggest a bullish formation in Nifty, indicating a potential test of the 22,400 level soon. However, technical analysts note that the ascent might be gradual due to the underperformance of bank shares. Infosys, Cipla, Aditya Birla Capital,...
Kotak Cherry senior executives leaving to join rival firm AngelOne, ET BFSI
At least four top executives of Kotak Cherry, the digital wealth management app run by Kotak Mahindra Bank, including its chief executive Srikanth Subramanian, are set to jump ship to join rival broking firm AngelOne, people aware of the development told ET.Besides...
Why credit card companies are slashing limits, curtailing benefits to cardholders?, ET BFSI
Scapia has this week slashed credit limits for many, causing concerns and uproar across various social media platforms. Some users reported a drastic reduction in their limits, plummeting from a substantial Rs 8 lakh to a mere Rs 20,000.Scapia, which has partnered...
Ocean freight rates from Asia to Europe more than double in weeks, ET BFSI
Bloomberg: The coming 12 months are shaping up as the year of the interest-rate cut, with the Federal Reserve poised to lead the charge for richer countries.Traders boosted bets on how aggressively the Fed will lower borrowing costs this year after a report showed...
Ifsca Nod To 100th Fund In Gift City, BFSI News, ET BFSI
Ahmedabad: The International Financial Services Centres Authority (IFSCA) recently authorized the 100th fund in GIFT IFSC. The 100th fund authorization has been granted to Chiratae Ventures International Fund-V, a private equity fund with a targeted corpus of $350...
REITs, InvITs experience robust growth; fund mobilisation rises to Rs 11,474 crore in 2023, ET BFSI
NEW DELHI: REITs and InvITs have gained popularity as preferred investment options, with fundraising, through the route, surging 10-fold year-on-year to Rs 11,474 crore in 2023, supported by measures taken by regulator Sebi and attractive returns offered by the...
Price wars help spark $157 billion rout in China consumer stocks, ET BFSI
The seemingly relentless decline in prices of Chinese goods amid tepid consumer demand is denting expectations that corporate earnings can revive the flagging stock market.From electric vehicles to fast food, companies are engaging in a battle of promotions aimed at...
Short covering rally in Nifty Bank depends on HDFC Bank results: Kunal Shah, ET BFSI
A short covering rally in Bank Nifty index hinges on the results of HDFC Bank, given its substantial 30% weightage, says Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities. “HDFC Bank faces an immediate hurdle at Rs 1680, where its 20-DMA is...
What to expect from HDFC Bank, IndusInd Bank earnings next week? Chakri Lokapriya answers, ET BFSI
"So against this overall backdrop, now operating margin leverages will kick in as the top line grows. I think this story will repeat itself across the IT pack. And the valuations are okay, earnings growth will start accelerating," says Chakri Lokapriya, CIO & MD,...
Retail inflation expected to come down to 5 pc by March: SBI report, ET BFSI
Representative imageNew Delhi: Retail inflation in India is unlikely to come down much but is expected to hold at nearly the same level in the January-March 2024 quarter.Once the CPI comes under control for fruits, vegetables, spices, and cereals, headline inflation...
Rs 2,400 crore dent! FPIs go in reverse mode on Dalal Street; will they shift gear?, ET BFSI
After the relentless buying in December, foreign portfolio investors took the slow lane on Dalal Street in January, eventhough markets hit record highs. In fact, data showed that foreign portfolio investors turned net sellers of equities in the last week after being...
Union MSME Minister Narayan Rane praises VGGS’s impact on state’s industrial growth and India’s development vision 2047, ET BFSI
The Union Minister was optimistic that the summit's influence would extend beyond Gujarat's borders, contributing to India's overall development.The grand culmination of the Vibrant Gujarat Global Summit 2024 witnessed Union Minister of Micro, Small, and Medium...
Retail asset securitisation market on track to cross Rs 2 lakh crore size in FY24, ET BFSI
The securitisation market is progressing steadily towards a record high in FY24, with total volumes reaching Rs 1,44,000 crore for the first nine months, and is on track to cross overall volumes of Rs 2 lakh crore in FY24. The initial half of FY24 (H1FY24) reported...
What is the set of code of conduct released by FIDC for NBFCs?, ET BFSI
The representative body of non-banking financial companies (NBFC) – The Finance Industry Development Council (FIDC) – has released a set of code of conduct for the entities. It focuses on the need to enhance responsible lending behaviour, and ensure ethical practices...
Sensex, Nifty hit fresh record highs; 4 factors behind high-tech rally, ET BFSI
India's sizzling stock rally just got hotter on Friday with Sensex and Nifty breaking its previous all-time high touched on the New Year day. Sensex ended with a gain of 847 points at 72,568 points while Nifty crossed the 21,900-level led by gains in heavyweights TCS...
Foreign investment into India tumbles even as economy booms, BFSI News, ET BFSI
Foreign direct investment into India has slumped in the past year, despite investors turning bullish on the world’s fastest-growing major economy. Net foreign investment in the year through September fell to $13 billion, according to calculations from HSBC Holdings...
US firm ACI Worldwide sees a spot in cross-border payments business here, ET BFSI
Florida: US-headquartered instant payments company ACI Worldwide is looking to tap into the emerging cross-border payments market in India with its instant payment software, said chief executive Thomas Warsop.“The regulator needs to think about making cross border...
India aims for instant stock settlement in global race for speed, ET BFSI
India’s regulator wants stock trades to be settled instantly, racing far ahead of other major markets in pushing reforms meant to attract more investors. The Securities and Exchange Board of India is proposing to start same-day settlement from March, before moving to...
Rupee rises 11 paise to settle at 82.90 against US dollar, ET BFSI
Mumbai: The rupee strengthened for the eighth consecutive session and settled with a gain of 11 paise at 82.90 (provisional) against the US dollar on Friday, buoyed by robust equity market sentiments. Forex traders said an upward move in crude oil prices and stronger...
REC closes largest sale of Yen bonds by an Indian company, raises Rs. 3500 crore, ET BFSI
REC Limited has closed the largest-ever sale of Yen bonds by an Indian company raising nearly Rs. 3500 crore (JPY 61 billion) from Japanese and global investors , according to stock exchange disclosures.ET had reported on Monday that REC, one of the largest...
IBL Finance IPO allotment to be finalised soon. Check status, GMP, listing date and other details, ET BFSI
The share allotment for the SME IPO of IBL Finance will be finalised later today. Investors will get shares on a lottery basis and the whole process would be supervised by the registrar.On the allotment date, investors get to know about the number of shares allotted...
Full-service brokers see exodus of clients to discount players, ET BFSI
Mumbai: Amid a market surge characterised by record volumes and the addition of over 30 million demat accounts in 2023, the majority of traditional brokerage firms saw a decline in the number of clients and market share last year.NSE data reveal that brokerage firms,...
MSMEs confident about India’s economy in 2024, project spike in profits: Report, ET BFSI
90% MSMEs are confident that India’s economy will be resilient or will further improve in 2024, creating an enabling environment to conduct business, a recent study has revealed. Further, supported by government initiatives to enhance ease of doing business and a...
Will spot Bitcoin ETF approval in the US spark a crypto party in India?, ET BFSI
The US Securities and Exchange Commission (SEC) has granted approval for the first batch of Bitcoin-based exchange-traded funds (ETFs) to be listed in the United States. This landmark decision not only provides easier access for US investors but also signifies a move...
Jio Financial Services leads to Mukesh Ambani’s wealth surge, re-enters $100 bn club, ET BFSI
Jio Financial Services (JFSL), the recently demerged Non-Banking Financial Company (NBFC), contributed to Mukesh Ambani's recent wealth surge leading him back to the $100 billion club on Friday.Jio Financial Services contributed to Mukesh Ambani's recent wealth surge....
FPI custodians finalise disclosure exemption rules, BFSI News, ET BFSI
Mumbai: In verifying the global assets under management (AUM) of foreign portfolio investors (FPIs), the custodians of the funds can rely on regulatory filings available on the websites of regulators for information about the regulated investment manager or trust bank...
Bond rally overlooking a soaring $2 trillion debt problem, BFSI News, ET BFSI
New York: Right around the start of November, two words suddenly disappeared from the chatter in the bond market: debt supply. As bond prices surged across the developed world day after day, sending yields tumbling and handing investors some much-needed profits, the...
Sensex climbs 250 pts, Nifty above 21,700; IT bluechips in focus ahead of earnings, ET BFSI
Indian benchmark equity indices opened higher for the third consecutive day on Thursday, tracking a rebound in Asian peers, with investors awaiting quarterly results and a key US inflation reading for cues on interest rates.The BSE Sensex was trading 284 points or...
“Indians can dream now, the potential is enormous” – Prem Watsa, Chairman, Fairfax Financial Holdings, ET BFSI
Indian-born Prem Watsa who helms the $84 billion Toronto-headquartered investment giant, Fairfax, has reiterated his commitment to the country while speaking to ET’s Mohit Bhalla on a recent visit with his family. Watsa spent two weeks and travelled across India...
Sensex ekes out marginal gains ahead of TCS, Infosys results; US inflation data, ET BFSI
Ahead of key US inflation data, Indian benchmark indices closed marginally higher on Thursday, led by energy and auto stocks.The BSE benchmark Sensex rose 63 points or 0.09% to settle at 71,721. The NSE Nifty gained 28 points or 0.13% to end at 21,647.From the Sensex...
35,000 after 34 years! Japan’s Nikkei raises hopes, here’s what’s happening, ET BFSI
Nikkei today: Tokyo's Nikkei ends above 35,000 for the first time since 1990! According to an AFP report, Tokyo's Nikkei index closed above 35,000 at the end of the trading session on Thursday, marking the first occurrence in nearly 34 years. This surge was propelled...
No consistency in FII, DII behaviour this month, ET BFSI
New Delhi: There is no consistency in FII and DII behaviour so far this month and they are doing alternative bouts of buying and selling which is restricting the market in a range, says V.K. Vijayakumar, Chief Investment Strategist, Geojit Financial Services.The...
Rupee settles flat at 83.04 against US dollar, ET BFSI
MUMBAI: The rupee settled on a flat note with a loss of just 1 paisa at 83.04 (provisional) against the dollar on Thursday on the back of strengthening American currency and sharp rise in crude oil prices.The domestic currency broke its six-day gaining streak despite...
Best short duration mutual funds to invest in 2024, BFSI News, ET BFSI
Short duration schemes invest in treasury bills, commercial papers, certificates of deposits and so on to take care of their liquidity needs. They also invest in corporate bonds, government securities, among others.According to the Sebi mandate, short duration funds...
How to avoid higher income tax under new, old tax regime, ET BFSI
Many employers have asked their employees to submit proof of the investments made during the year, to avoid higher tax deduction from salary income. Unlike in the previous years, the income tax laws have a lot of changes now and some of them came into effect from...
Finance Minister Nirmala Sitharaman unveils GIFT city’s financial landscape, ET BFSI
On the second day of the Vibrant Gujarat Global Summit, Finance Minister Nirmala Sitharaman provided a comprehensive overview of the current financial ecosystem within the Gujarat International Finance Tec-City (GIFT City).Emphasizing the city's strategic importance,...
Medi Assist sets Rs 397-418 price band for its Rs 1,172 crore IPO, ET BFSI
Mumbai: Medi Assist Healthcare Services, the Bessemer Ventures and Investcorp-backed third-party insurance administrator, on Wednesday fixed Rs 397-418 per share as the price band for its Rs 1,172 crore initial share sale. The Initial Public Offering (IPO), which will...
Rupee gains 2 paise to 83.01 against US dollar, ET BFSI
The rupee stayed firm for the seventh consecutive session and gained 2 paise to 83.01 against the US dollar in early trade on Thursday boosted by a weak American currency and softening crude oil prices. Sustained buying in the domestic equity markets also supported...
NASDAQ talks to India about overseas listings for local companies, ET BFSI
GANDHINAGAR: U.S. stock exchange Nasdaq has held talks with Indian authorities on potentially allowing local Indian companies to list directly on foreign stock exchanges, a senior Nasdaq executive said.Indian companies are currently not permitted to list their shares...
Sebi puts Manappuram Finance’s arm Asirvad Micro Finance IPO on hold, ET BFSI
Jan 10 Capital markets regulator Sebi has kept in "abeyance" the proposed Rs 1,500 crore Initial Public Offering (IPO) of Asirvad Micro Finance, a subsidiary of listed NBFC Manappuram Finance. However, the Securities and Exchange Board of India (Sebi) did not clarify...
SMFG India credit raises INR 6 bn in its first ever PDI issue via ECB route, ET BFSI
Sumitomo Mitsui Financial Group (SMFG) based in Tokyo recently extended a substantial credit of INR 6 billion on January 10, 2024, to its India-based subsidiary, SMFG India. This significant financial infusion took the form of a Perpetual Debt Instrument (PDI) through...
Fag-end buying drives Sensex 272 pts higher led by IT stocks; Nifty tops 21,600, ET BFSI
India's equity benchmark indices Sensex and Nifty50 closed higher owing to fag-end buying after a highly volatile session on Wednesday led by information technology (IT) stocks ahead of quarterly results and key inflation readings which could influence the interest...
PFC gets Reserve Bank nod to set up finance company in GIFT City, ET BFSI
Reserve Bank of India (RBI)Power Finance Corporation (PFC) on Tuesday received approval from the Reserve Bank of India (RBI) to set up a wholly-owned finance company in the GIFT City in Gujarat. The entity at the International Financial Services Centre (IFSC) will...
Fintech firm Mylapay raises Rs 4.6 crore in seed funding round led by CDM Capital, ET BFSI
Fintech firm Mylapay said it has raised Rs 4.6 crore in a seed funding round led by venture capital firm CDM Capital. Singapore-based Saison Capital, the venture arm of Credit Saison, and 77 Capital, led by fintech veteran Amit Goel.Mylapay addresses challenges in the...
India and Sri Lanka discuss early launch of UPI payment system, ET BFSI
When the unprecedented economic turmoil struck Sri Lanka last year, India swiftly extended a lifeline to the country with assistance of over USD 4 billion, surpassing the International Monetary Fund's 48-month bailout of about USD 3 billion.Six months after it was...
Rupee extends rising streak into sixth day on dollar inflows, ET BFSI
The Indian rupee recouped early losses to end higher for a sixth consecutive session on likely foreign inflows.The rupee settled at 83.0350 against the U.S. dollar, its highest closing level since Dec. 15, against its close of 83.1150 in the previous session. The...
Fintechs cornering SIP business as direct mutual funds gain ground, ET BFSI
Fintech platforms are leading a rapid expansion in mutual fund investor base, allowing small-value systematic investment plans (SIPs) starting as low as Rs 500 a month as their tech-first approach helps them distribute these products at lower costs, industry...
Japan’s Nikkei hits 33-year high as tech stocks surge, ET BFSI
TOKYO: Japan's Nikkei share average hit its highest level since March 1990 on Tuesday, as investors snapped up chip-related stocks tracking an overnight Wall Street rally in technology shares.The Nikkei was up 1.44% at 33858.63 by the mid-day break, after hitting a...
Axis Bank and GuarantCo facilitate INR 1 billion loan to Everest Fleet for electric taxis, ET BFSI
Axis Bank has extended a INR 1 billion (c. USD 12.1 million) loan to Everest Fleet, an independent fleet management provider, under its partnership with GuarantCo, part of the Private Infrastructure Development Group (PIDG). The loan, provided for over four years,...
Velocity announces Rs 300 cr growth capital fund for Indian B2B SaaS firms, ET BFSI
Homegrown fintech startup Velocity on Wednesday announced an ambitious Rs 300 crore growth capital fund dedicated to empowering the next wave of B2B software-as-a-service (SaaS) businesses in the country.According to the company, Velocity's offering of a fixed-term...
Kotak Investment Banking, ET BFSI
Mumbai, The IPO and deal-making activities are likely to be brisk this year and may even surpass the record set in 2021 with around USD 50 billion funds being raised across equity issuances and deals, according to Kotak Investment Banking. Addressing the media here,...
Gold holds steady ahead of US inflation print, BFSI News, ET BFSI
Gold prices held steady on Wednesday, as investors refused to make big bets ahead of a key U.S. inflation print that could offer more clarity on when the Federal Reserve might begin cutting interest rates.FUNDAMENTALS* Spot gold rose 0.1% to $2,031.30 per ounce, as of...
NBFCs to sustain earnings even as regulatory headwinds loom, BFSI News, ET BFSI
Mumbai: Earnings momentum in non-banking finance companies (NBFCs) is likely to continue due to sustained credit demand from the low-to-middle income and self-employed segments, even as higher cost of funds and tightening Reserve Bank of India (RBI) regulations will...
Big Tech rebuffs US consumer watchdog plans to supervise digital wallets, ET BFSI
A U.S. government watchdog's plans to supervise companies like Apple and Alphabet's Google that provide digital wallets and payment apps to consumers risks needlessly stifling innovation and keeping some players out of the market, a main tech lobby group said on...
Check out key metrics of the offer, BFSI News, ET BFSI
Mobikwik logoMobikwik Systems Limited refiled its draft red herring prospectus (DHRP) with the capital market regular, Securities and Exchange Board of India (SEBI) for a Rs 700 crore initial public offering (IPO) last week.The company has reduced the size of the IPO...
IBL Finance IPO subscribed 2.18 times so far on first day. Check GMP and other details, ET BFSI
The initial public offer (IPO) of IBL Finance was subscribed 2.18 times so far on Tuesday, the first day of the bidding process. The SME IPO, which closes on January 11, received bids for 1.42 crore shares as against 65.5 lakh shares on offer.The IPO is entirely a...
TDS deducted in wrong FY? New income tax form to help you get it corrected Oct 1 onwards, ET BFSI
If your bank, employer or any other financial institution has deducted tax in the wrong financial year, then now you can resolve this issue directly through the income tax department. You will not be required to approach the tax deductor to get the issue resolved.The...
Rupee closes little changed, awaits key US inflation data, BFSI News, ET BFSI
The Indian rupee ended little changed on Tuesday after dollar demand from state-run banks ate into the local unit's early gains in light of a proposal to include eligible Indian bonds in the Bloomberg Emerging Market Local Currency Index.The rupee ended at 83.1150...
Atleast 23 companies to see profits doubling YoY as earnings momentum continues, ET BFSI
With macro factors in India improving further in the quarter ended December, domestic-oriented sectors are seen leading the earnings for yet another quarter. Led by strong topline and improved profitability, atleast 23 companies are likely to see their profits more...
Hitachi Payment Services completes acquisition of Writer Corporation’s cash management biz, ET BFSI
MUMBAI: End-to-end payments and commerce solutions provider Hitachi Payment Services on Monday said it has completed its acquisition of Writer Corporation's cash management business and renamed it Hitachi Cash Management Services.Hitachi Cash Management Services,...
Nifty Bank forms bearish candle, falls below 20-DMA; support seen at 47,000, ET BFSI
The Nifty Bank underperformed the benchmark index and formed a Bearish candle for the third consecutive day in a row on Tuesday.The Nifty Bank fell more than 200 points to close at 47,242. The Nifty50 closed flat but with a positive bias.AU Small Finance Bank, IDFC...
Follow these 8 golden rules when taking a loan, ET BFSI
The banking sector has seen many technological advancements over the past few years. Online aggregators now assist customers in identifying the most cost-effective loans, while banks can approve and disburse loans in less than a minute.Even as technology transforms...
Indian companies took on larger forex risk in 2023 counting on RBI support, ET BFSI
Indian importers and exporters left a bigger portion of their foreign currency exposures unhedged in 2023, relying on the Reserve Bank of India (RBI) holding the rupee in a narrow range.Forward contracts purchased by importers to hedge future foreign currency payments...
Ericsson, MTN Group extend partnership to financially empower citizens in Africa, ET BFSI
NEW DELHI: Swedish telecom gear maker Ericsson and the MTN Group have strengthened their partnership to enhance mobile financial services and financially empower citizens across Africa.“The partnership is set to broaden the scope of financial inclusion from first-time...
